Half Yearly Report - 30 Jun 2015

RNS Number : 0360W

NB Global Floating Rate Income Fund

14 August 2015

Company Overview

The investment objective of NB Global Floating Rate Income Fund Limited (the "Company") is to provide its shareholders with regular dividends, at levels that are sustainable, whilst preserving the capital value of its investment portfolio, utilising the investment skills of Neuberger Berman Europe Limited (the "Investment Manager") and Neuberger Berman Fixed Income LLC (the "Alternative Investment Fund Manager").

To pursue its investment objective, the Company invests mainly in floating rate senior secured loans issued in U.S. Dollars, Sterling and Euros by primarily North American and European Union corporations, partnerships and other business issuers. These loans are at the time of investment often non-investment grade. The Company considers debt instruments to be non-investment grade if, at the time of investment, they are rated below the four highest categories (Aaa, Aa, A and Baa) by at least two independent credit ratings agencies or, if unrated, are deemed by the Investment Manager to be of comparable quality.

For the purposes of efficient portfolio management, the Company has established a wholly-owned Luxembourg incorporated subsidiary, NB Global Floating Rate Income Fund (Lux) 1 S.à.r.l. which in turn holds a wholly-owned subsidiary, NB Global Floating Rate Income Fund (Lux) 2 S.à.r.l. Part of the portfolio of the Company is held through NB Global Floating Rate Income Fund (Lux) 2 S.à.r.l. All references to the Company in this document refer to the Company together with its wholly-owned Luxembourg subsidiaries.

Company

NB Global Floating Rate Income Fund Limited (the "Company")

· Guernsey incorporated, closed-ended investment company

· Admitted to the Official List of the UK Listing Authority with a premium listing and to trading on the Main Market of the London Stock Exchange on 20 April 2011

· The Company was admitted to the FTSE 250 in March 2012

· Pays dividends quarterly

· Dividend yield (annualised based on the dividend for the period 1 April 2015 to 30 June 2015 declared in July 2015)

- U.S. Dollar Ordinary Shares - 4.21% based on the 30 June 2015 share price of $0.9790

- Sterling Ordinary Shares - 4.23% based on the 30 June 2015 share price of £0.9750

· Shares in Issue at 30 June 2015

- U.S. Dollar Ordinary Shares - 59,229,916 (not including 50,000 shares in Treasury)

- Sterling Ordinary Shares - 1,225,386,879 (not including 16,775,634 shares in Treasury)

Investment Manager

and Alternative Investment Fund Manager

(as at 30 June 2015)

Neuberger Berman Europe Limited (the "Investment Manager")

Neuberger Berman Fixed Income LLC (the "Alternative Investment Fund Manager")

· A large team of over 141 fixed income investment professionals

· Total fixed income assets of approximately $107 billion

· Over $39 billion in high yield bonds and loans

· Non-investment grade research team of over 26 analysts

Key Figures

(US$ in millions, except per share data)	At 30 June 2015	At 31 December 2014

Net Asset Value attributable to U.S. Dollar shareholding
- Ordinary Shares	$59.0	$59.3

Net Asset Value attributable to Sterling shareholding
- Ordinary Shares	$1,903.2	$1,890.8

Net Asset Value per share attributable to U.S. Dollar shareholding
- Ordinary Shares	$0.9954	$0.9862

Net Asset Value per share attributable to Sterling shareholding
- Ordinary Shares	£0.9875	£0.9770


Investments	$1,880.7	$1,977.9

Cash and Cash Equivalents	$206.1	$46.7

Dividend Yield on dividends paid during the period 1 January 2015 to 30 June 2015 (annualised) - U.S. Dollar Ordinary Shares on the 30 June 2015 share price	3.78%	3.64%**
- Sterling Ordinary Shares on the 30 June 2015 share price	3.80%	3.65%**


Share Price - U.S. Dollar Ordinary Shares	$0.9790	$1.0013
- Sterling Ordinary Shares	£0.9750	£0.9975

(Discount)/Premium to Net Asset Value - U.S. Dollar Ordinary Shares	(1.65)%	1.53%
- Sterling Ordinary Shares	(1.27)%	2.10%

Total Return* - U.S. Dollar Ordinary Shares	2.81%	1.23%***
- Sterling Ordinary Shares	2.97%	1.16%***

*The total return is the NAV return per share plus dividends paid during the period.

** 2015 figures relate to dividend paid during the period 1 January to 30 June 2015 while 2014 comparative relates to dividend paid during the period 1 January 2014 to 31 December 2014

*** 2015 figures relate to a 1 January to 30 June 2015 while 2014 comparative relates to the period 1 January 2014 to 31 December 2014

Chairman's Statement

Dear Shareholder,

It is my pleasure to present to you the Report of NB Global Floating Rate Income Fund Limited ("the Company") for the six months ended 30 June 2015.

Portfolio and Company performance

Building on the solid start that your Company has made since April 2011, the Board remains pleased with the progress made by the Investment Manager during the first half of 2015. The portfolio remains fully invested, with a strong US bias. As of 30 June 2015, 94.67% of the Company was invested in US Dollar denominated assets, with 3.03% invested in Euro denominated assets and 2.30% in Sterling denominated assets (all excluding cash).

The Investment Manager has constructed a diversified portfolio of loan investments, across currencies, ratings and sectors. At the end of the reporting period, the portfolio had 314 holdings across 235 issuers in 32 different sectors.

Between 31 December 2014 and 30 June 2015, the Company's NAV per share rose by 0.91% and 1.07% for the U.S. Dollar Ordinary Share and Sterling Ordinary Share, respectively. The NAV return plus dividends declared in the period was 2.81% and 2.97% for the U.S. Dollar Ordinary Shares and Sterling Ordinary Shares, respectively. As at 30 June 2015, the share price was trading at a discount of 1.65% for the U.S. Dollar Ordinary Shares and 1.27% for the Sterling Ordinary Shares.

During the six-month reporting period, the annualised dividend yield of the Company on dividends paid during the period 1 January 2015 to 30 June 2015 was 3.78% (based on a share price of $0.9790) for the U.S. Dollar Ordinary Shares and 3.80% (based on a share price of £0.9750) for the Sterling Ordinary Shares, which we believe is attractive given current market conditions and consistent with the Company's investment objective of income generation whilst seeking to preserve investors' capital and give protection against rising interest rates

The Company's shares were trading at a modest discount to NAV towards the end of the financial year end and into the first half of this year. Notwithstanding the modest nature of the discount, the Board considered that it was undesirable for the Company's shares to trade at much wider than a 3% discount to NAV, in normal market conditions, given the low total return environment we all currently face. The Board has authorised the buyback of the Company's shares in this period and will continue to seek to address any temporary imbalances of supply and demand through the use of share buybacks in line with this policy.

Outlook for the rest of the financial year

Looking to the second half of 2015, your Board continues to be satisfied with the portfolio's performance to date and the strategy that is being applied by the Investment Manager. The Investment Manager will continue to update you on the Company's progress by way of the quarterly fact sheets and Investment Manager updates.

I would like to close by thanking you for your commitment and support.

___________________________

William Frewen

Chairman

13 August 2015

Investment Manager's Report

Market Environment

The US loan market, as measured by the S&P/LSTA Leveraged Loan Index (the "Index"), gained 2.83% for the reporting period. After a reasonably solid start in the first quarter, where it posted a 2.1% return, the second quarter was more restrained, particularly in June when it was affected by heavy market conditions arising from i) primarily the Greece uncertainty and secondarily from the Chinese market volatility and ii) expected supply from two $15 billion dollar merger and acquisition (M&A) announcements by Charter Communications and Avago Technologies. In terms of demand, collateralised loan obligation (CLO) issuance remained robust with $59 billion issued versus $61 billion for the same period last year and retail outflows slowed. Year-to-date supply was more muted with $142 billion of institutional issuance seen, some $100 billion below what was seen for the first half of 2014. At the end of the six-month period, the US trailing 12-month default rate, which by amount was 1.24% and by number was 0.81%, remained low and below the Index's long-term average of approximately 3.22% (by amount since 1999).

In Europe, the loan market, as measured by the S&P European Leveraged Loan Index (ELLI), gained 3.11% during the reporting period. Similar to the US, the first quarter started strongly with 2.1% recorded but slowed somewhat in quarter two given the issues in Greece. From an issuance perspective, the second quarter began as the first ended, with a weighting toward existing issuers returning to market. Year-to-date issuance was €22 billion versus €27 billion for the comparable period in 2014. The European trailing 12-month default rate continued to decline, falling to 2.1% by volume and 2.0% by issuer at the end of June, down from 4.9% and 3.7% respectively at the end of 2014. This was primarily as a result of last year's two large defaults, Vivarte and Autobar, no longer being included in the calculation.

Portfolio

The overall profile of the portfolio has remained relatively constant over the past six months, with our bond allocation remaining low at 3.55% against the 20% of net asset value (NAV) allowable, non-US dollar assets accounting for 5.33% of the portfolio, and we continued with an overweight to single B-rated loans. Barring a significant sell-off in the high yield market, our bond allocation is likely to remain in this range as we move closer to interest rate rises in the US. Our European weight, as has been the case in the past, will likely be driven by new issuance volumes, which have been depressed as of late. Finally, our single B overweight will remain driven by our default outlook, which continues to be benign.

Market Outlook

While we continue to see a level of nervousness in the credit markets generally given concerns around the recent volatility in China and uncertainty with regards to future interest rate levels, we maintain our full year asset class return forecast of 4%‒6%. This is comprised mostly of income, with the potential for some capital appreciation, as we believe there may be some further upside from the June closing S&P/LSTA Index price of 96.6. Additionally, the potential for interest rate rises in the US should clearly have a positive effect on the loan asset class. While we might see some defaults in the energy space, the overall default outlook remains very benign, as the companies in our investable universe maintain strong credit profiles and have very few near term maturities.

BOARD OF DIRECTORS

Directors

The Board is comprised of four independent non-executive Directors including the Chairman William Frewen. The biographical details of the Directors holding office at the date of this report are listed below and demonstrate a breadth of investment, accounting and professional experience. The performance of the Company is considered in detail at each board meeting. The Board is considered independent of the Investment Manager. The Board meets at least four times each year and deals with the important aspects of the Company's affairs, including the setting and monitoring of the investment strategy and the review of investment performance.

The Directors' details are as follows:

William Frewen, Richard Battey and Sandra Platts were appointed on 10 March 2011. Rupert Dorey was appointed on 1 March 2015. William Frewen was re-elected as Chairman, Richard Battey and Sandra Platts were re-elected as Directors at the Annual General Meeting held on 17 June 2015.

William Frewen (Chairman)

William Frewen is a resident of the United Kingdom and has extensive experience in the fixed income sector. William worked in a number of roles at Chemical Bank, Credit Suisse First Boston Limited ("CSFB") and HSBC Bank plc from 1984 to 1998 before becoming head of Fixed Income Trading and deputy head of Capital Markets at Nomura International plc from 1998 to 2001. He served as the non-executive Chairman of Playgolf Holdings plc from 2004 to 2007, a company that was admitted to AIM in 2004 under his chairmanship. William also acted as a consultant to Man Group plc from 2005 to 2006 before becoming an executive member of the board and head of Fixed Income at Threadneedle Asset Management from 2007 to 2010.

Richard Battey (Chairman of the Audit Committee and Senior Independent Director)

Richard Battey is a resident of Guernsey and is a non-executive Director and Chairman of the Audit Committees of AcenciA Debt Strategies Limited, Better Capital PCC Limited, Juridica Investments Limited, Pershing Square Holdings Limited, Princess Private Equity Holding Limited and Prospect Japan Fund Limited. He is a Fellow of the Institute of Chartered Accountants in England and Wales having qualified with Baker Sutton & Co. in London in 1977. Richard has been a non-executive Director of a number of investment companies and funds since leaving CanArgo Energy Corporation in 2006 where he was Chief Financial Officer. Prior to that role, he spent 27 years with the Schroder Group. Richard was a Director of Schroders (C.I.) Limited in Guernsey from April 1994 to December 2004 where he served as Finance Director and Chief Operating Officer. He was a Director of a number of the Schroder Group's Guernsey companies covering banking, investment management, trusts, insurance and private equity administration, retiring from his last Schroder Directorship in December 2008.

Rupert Dorey

Rupert Dorey is a resident of Guernsey and has over 30 years of experience in financial markets. Rupert was at CSFB for 17 years from 1988 to 2005 where he specialised in credit related products, including derivative instruments where his expertise was principally in the areas of debt distribution, origination and trading, covering all types of debt from investment grade to high yield and distressed debt. He held a number of senior positions at CSFB, including establishing CSFB's high yield debt distribution business in Europe, fixed income credit product coordinator for European offices and head of UK Credit and Rates Sales. Since 2005 he has been acting in a Non-Executive Directorship capacity for a number of Hedge Funds, Private Equity & Infrastructure Funds, for both listed and unlisted vehicles. Rupert is a former President of the Guernsey Chamber of Commerce and is a member of the Institute of Directors.

Sandra Platts (Chairman of the Management Engagement Committee and the Remuneration and Nomination Committee)

Sandra Platts is a resident of Guernsey and is a non-executive Director of Investec Bank (C.I.) Limited, UK Commercial Property Trust Limited and Starwood European Finance Partners Limited. Sandra was Managing Director of Kleinwort Benson in Guernsey and Chief Operating Officer for Kleinwort Benson Private Banking Group (UK and Channel Islands). She also held Directorships of the Kleinwort Benson Trust Company and Operating Boards, retiring from Kleinwort Benson boards in 2010. Sandra holds a Master's in Business Administration and The Certificate in Company Direction from the Institute of Directors.

Directors' Report and Responsibilities Statement

Related Parties

Other than fees payable in the ordinary course of business, there have been no material transactions with related parties, which have affected the financial position or performance of the Company in the financial period.

Going Concern

As the Company prepares to include a viability statement in the annual report to be issued in 2016 for the financial year ended 31 December 2015, the Directors are in the process of reassessing the principal risks faced by the Company. With this in mind and with the work done to date, the Directors considered it appropriate to adopt the going concern basis of accounting in preparing the interim financial information. This conclusion from the Directors has been on the basis of:

1. Working capital - As at 30 June 2015, there was a working capital surplus of approximately $82 million. The Directors noted that as at 30 June 2015 (i) the gross investment income for the period from 1 January 2015 to 30 June 2015 was approximately $44 million and (ii) the Company had no borrowings, as such it has sufficient capital in hand to cover all expenses (which mainly consist of Investment Manager's fees, Administration fees and Professional fees) and to meet all of its obligations as they fall due.

2. Closed-ended Company - The Company has been registered with the Guernsey Financial Services Commission as a Registered Closed-ended Collective Investment Scheme, as such there cannot be any shareholder redemptions, and therefore no cash flows out of the Company in this respect.

3. Investments - The Company has a tradable portfolio, therefore the investments can be sold for cash.

Based on the above assessments, the Directors are of the opinion that the Company is able to meet its liabilities as they fall due for payment because it has and is expected to maintain adequate cash resources. Accordingly, these Unaudited Consolidated Interim Financial Statements have been prepared on a going concern basis.

Principal Risks and Uncertainties

The principal risks and uncertainties of the Company remain unchanged from what was disclosed in the 2014 annual report. The Board's view is that these risks remain appropriate for the remainder of 2015.

We confirm that to the best of our knowledge:

The Unaudited Consolidated Interim Financial Statements, which have been prepared in conformity with US GAAP and the Financial Accounting Standards Board Accounting Standards Codification 270' "Interim Reporting", gives a true and fair view of the assets, liabilities, financial position and profits/(losses) of the Company, as required by DTR 4.2.4R.

The combination of the Chairman's Statement, the Investment Manager's Report and this Directors' Report meet the requirements of an Interim Management Report, and include a fair view of the information required by;

1. DTR 4.2.7R of the Disclosure and Transparency Rules, of the UK's Financial Conduct Authority, being an indication of important events that have occurred during the first six months of the year and their impact on the set of financial statements; and a description of the principal risks and uncertainties for the remaining six months of the year; and

2. DTR 4.2.8R of the Disclosure and Transparency Rules, of the UK's Financial Conduct Authority, being related party transactions that have taken place in the first six months of the current year and that have materially affected the financial position or performance of the Company during that period; and any material changes in the related party transactions described in the last annual report.

William Frewen Richard Battey

Chairman Director

13 08 2015 13 08 2015

Independent Review Report to the Directors of NB Global Floating Rate Income Fund Limited

Introduction

We have been engaged by the Company to review the interim financial statements in the half-yearly financial report for the six months ended 30 June 2015, which comprises the Consolidated Statement of Assets and Liabilities as at 30 June 2015 and the Consolidated Statement of Operations, Consolidated Statement of Changes in Net Assets, Condensed Consolidated Schedule of Investments, Consolidated Statement of Cash Flows for the period then ended and related notes. We have read the other information contained in the half-yearly financial report and considered whether it contains any apparent misstatements or material inconsistencies with the information in the condensed set of financial statements.

Directors' responsibilities

The half-yearly financial report is the responsibility of, and has been approved by, the directors. The directors are responsible for preparing the half-yearly financial report in accordance with the Disclosure and Transparency Rules of the United Kingdom's Financial Conduct Authority.

As disclosed in note 2, the annual financial statements of the Company are prepared in accordance with accounting principles generally accepted in the United States of America. The interim financial statements included in this half-yearly financial report have been prepared in accordance with the Financial Accounting Standards Board Accounting Standards Codification 270, "Interim Reporting".

Our responsibility

Our responsibility is to express to the Company a conclusion on the interim financial statements in the half-yearly financial report based on our review. This report, including the conclusion, has been prepared for and only for the Company for the purpose of the Disclosure and Transparency Rules of the Financial Conduct Authority and for no other purpose. We do not, in producing this report, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.

Scope of review

We conducted our review in accordance with International Standard on Review Engagements 2410, 'Review of Interim Financial Information Performed by the Independent Auditor of the Entity' issued by the International Auditing and Assurance Standards Board. A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the consolidated interim financial statements in the half-yearly financial report for the six months ended 30 June 2015 are not prepared, in all material respects, in accordance with Financial Accounting Standards Board Accounting Standards Codification 270, "Interim Reporting" and the Disclosure and Transparency Rules of the United Kingdom's Financial Conduct Authority.

PricewaterhouseCoopers CI LLP
Chartered Accountants, Guernsey, Channel Islands
13 08 2015

Unaudited Consolidated Statement of Assets and Liabilities

As at 30 June 2015

(Expressed in U.S. Dollars)

	Notes	30 June 2015 (unaudited)	31 December 2014 (audited)
Assets		$	$
Investments, at fair value (2015: cost of $1,910,487,332; 2014: $2,033,593,735)	5	1,880,660,854	1,977,893,115

Cash and cash equivalents:
- Sterling		1,736,516	9,427,617
- Euro		10,483,401	8,022,083
- U.S. Dollar		193,853,755	29,232,981
Total cash and cash equivalents		206,073,672	46,682,681
		2,086,734,526	2,024,575,796
Other assets:
Receivables for investments sold		5,911,241	62,614,902
Interest receivable		7,781,615	11,612,370
Other receivables and prepayments		303,208	84,957
		13,996,064	74,312,229
Total assets		2,100,730,590	2,098,888,025

Liabilities
Payables for investments purchased		133,376,339	92,990,478
Payables to Investment Manager and affiliates	3	3,556,165	3,705,040
Derivative liabilities	5	685,993	51,477,879
Accrued expenses and other liabilities	3	986,451	539,056
Total liabilities		138,604,948	148,712,453

Total assets less liabilities		1,962,125,642	1,950,175,572

Share capital	9	1,978,342,804	2,001,727,455
Accumulated reserves		(16,217,162)	(51,551,883)
Total net assets		1,962,125,642	1,950,175,572

30 June 2015	Net Asset Value	Number of Shares	NAV per Share
U.S. Dollar shareholding
- Ordinary Shares	$58,959,629	59,229,916	$0.9954

Sterling shareholding
- Ordinary Shares	£1,210,126,542	1,225,386,879	£0.9875

Sterling shareholding (in USD)
- Ordinary Shares	$1,903,166,013	1,225,386,879	$1.5531

The Unaudited Consolidated Interim Financial Statements were approved and authorised for issue by the Board of Directors on 13 August 2015, and signed on its behalf by:

_________________________ _________________________

William Frewen Richard Battey

The accompanying notes form an integral part of the Unaudited Consolidated Interim Financial Statements

Unaudited Consolidated Condensed Schedule of Investments

As at 30 June 2015

(Expressed in U.S. Dollars)

	Cost	Fair Value		Fair Value as % of Net Assets
	$	$
Portfolio of investments

Financial investments
Floating rate senior secured loans	1,844,787,638	1,817,817,985		92.64
Fixed rate bonds	48,777,484	47,435,393		2.42
Floating rate bonds	16,922,210	15,407,476		0.79
Total financial investments	1,910,487,332	1,880,660,854		95.85
Total portfolio of investments	1,910,487,332	1,880,660,854		95.85
Forwards
U.S. Dollar to Euro		470,283		0.02
Sterling to U.S.Dollar		(57,817)		0.00
U.S. Dollar to Sterling			(1,098,459)	(0.06)
			(685,993)	(0.04)

	Cost	Fair Value	Fair Value as % of Net Assets
	$	$
Geographic diversity of investment portfolio

North America	1,708,740,705	1,687,717,054	86.02
Australia / Oceania	17,065,823	15,120,757	0.77
Europe	184,680,804	177,823,043	9.06
	1,910,487,332	1,880,660,854	95.85

The accompanying notes form an integral part of the Unaudited Consolidated Interim Financial Statements

As at 31 December 2014

(Expressed in U.S. Dollars)

	Cost	Fair Value	Fair Value as % of Net Assets
	$	$
Portfolio of investments

Financial investments
Floating rate senior secured loans	1,984,319,801	1,931,699,875	99.05
Fixed rate bonds	35,544,581	35,045,282	1.80
Floating rate bonds	13,729,353	11,147,958	0.57
Total financial investments	2,033,593,735	1,977,893,115	101.42
Total portfolio of investments	2,033,593,735	1,977,893,115	101.42
Forwards
Euro to U.S. Dollar		4,444,940	0.23
Sterling to U.S. Dollar		3,978,123	0.20
U.S. Dollar to Euro		(1,455,505)	(0.07)
U.S. Dollar to Sterling		(58,445,437)	(3.00)
		(51,477,879)	(2.64)

	Cost	Fair Value	Fair Value as % of Net Assets
	$	$
Geographic diversity of investment portfolio

North America	1,828,254,930	1,786,052,315	91.58
Australia / Oceania	19,152,956	17,354,350	0.89
Europe	186,185,849	174,486,450	8.95
	2,033,593,735	1,977,893,115	101.42

The accompanying notes form an integral part of the Unaudited Consolidated Interim Financial Statements

As at 30 June 2015

(Expressed in U.S. Dollars)

	30 June 2015		31 December 2014
Industry diversity of Investment Portfolio	Cost ($)	Fair Value ($)	Cost ($)	Fair Value ($)
Aerospace & Defence	15,359,885	15,243,716	24,513,274	23,630,756
Air Transport	22,631,015	22,538,059	35,986,326	35,613,391
Automotive	33,922,969	33,953,507	37,951,395	37,619,630
Broadcast Radio and Television *	65,793,541	64,315,517	91,610,920	89,760,076
Business Equipment & Services	221,688,236	220,413,721	216,767,999	212,433,217
Building & Development	64,797,340	65,251,826	66,787,077	66,087,015
Cable & Satellite Television	63,337,870	59,848,448	84,880,041	81,391,606
Chemicals & Plastics	65,041,714	65,225,243	48,234,647	46,442,453
Conglomerates	6,228,758	6,220,106	3,030,079	3,023,841
Containers & Glass Products	95,149,230	95,136,695	65,464,879	64,621,473
Cosmetics/Toiletries	4,588,509	4,587,534	5,324,443	5,326,611
Drugs	65,391,065	65,546,799	23,736,780	23,279,150
Ecological Services & Equipment	13,741,593	13,619,487	12,615,710	12,221,716
Electronics/Electrical	141,058,224	139,624,752	148,581,914	145,935,628
Financial Intermediaries	88,995,076	88,161,657	107,641,110	103,729,525
Food Products	38,545,876	37,027,734	53,898,396	50,207,833
Food Service	16,585,996	16,707,211	24,312,585	24,369,063
Food/Drug Retailers	22,721,157	21,489,267	27,683,393	25,240,766
Health Care	123,235,090	123,306,778	121,056,939	119,499,466
Home Furnishings	16,445,418	16,501,508	17,341,772	17,110,223
Hotels & Casinos **	184,543,116	184,572,647	202,554,410	199,443,927
Industrial Equipment	84,827,617	83,563,498	105,536,652	102,061,536
Insurance	12,575,507	12,436,971	17,923,050	17,197,793
Leisure Goods/Activities/Movies	59,157,779	58,845,488	54,084,976	52,507,038
Nonferrous Metals/Minerals	18,424,018	15,259,753	27,704,685	23,689,558
Office Equipment and Materials	-	-	4,804,366	4,497,781
Oil & Gas	46,198,666	36,235,096	29,317,766	24,933,926
Publishing	38,548,083	38,839,432	60,157,750	59,076,004
Retailers (except food & drug)	107,804,499	106,000,487	100,590,201	98,368,622
Steel	30,202,661	28,138,078	32,265,843	29,746,843
Surface Transport	6,015,762	6,060,004	6,052,030	5,997,263
Telecommunications/Cellular Communications ***	66,547,520	65,346,405	87,975,286	86,436,654
Utilities	70,383,542	70,643,430	87,207,041	86,392,731
	1,910,487,332	1,880,660,854	2,033,593,735	1,977,893,115

* In 2014 this industry was categorized as "Radio & Television"

** In 2014 this industry was categorized as "Lodging & Casinos"

*** In 2014 this industry was categorized as "All Telecom"

The accompanying notes form an integral part of the Unaudited Consolidated Interim Financial Statements

30 June 2015

As at 30 June 2015, issuers with the following investments comprised of greater than 1% of Net Asset Value:

Securities	Country	Industry	Fair Value	%
SCIENTIFIC GAMES CORPORATION			29,706,335	1.52
Scientific Games T/L B-2 17/09/2021	United States	Hotels & Casinos *	19,529,852	1.00
Scientific Games T/ B 24/05/2020	United States	Hotels & Casinos *	10,176,483	0.52

VALEANT PHARMACEUTICALS			29,277,525	1.49
Valeant Pharmaceuticals T/L - F1 04/01/2022	United States	Drugs	29,277,525	1.49

NUMERICABLE YPSO.			26,515,644	1.35
Numericable B4 (2014)	France	Cable & Satellite Television	5,944,748	0.30
Numericable U.S. LLC T/L B2	United States	Cable & Satellite Television	6,459,508	0.33
Ypso Holdings SA TL B1 EUR 21/05/2020	France	Cable & Satellite Television	6,795,558	0.35
Ypso Holdings SA TL B11L 21/05/2020	United States	Cable & Satellite Television	7,315,830	0.37

FIRST DATA CORPORATION			22,498,684	1.15
First Data Corp New Term Loan B 21/10/2017	United States	Electronics/Electrical	3,193,558	0.16
First Data Corp Term Loan 24/03/2017	United States	Electronics/Electrical	9,574,347	0.49
First Data Corp Term Loan C 24/03/2018	United States	Electronics/Electrical	7,474,154	0.38
First Data Corp Term Loan B	United States	Electronics/Electrical	2,256,625	0.12

PETSMART.			21,948,475	1.12
Petsmart T/L B US 03/11/2022	United States	Retailers (except food & drug)	21,948,475	1.12

LEVEL 3 FINANCING.			21,291,398	1.09
Level 3 Communications TL B4 15/01/2020	United States	All Telecom	21,291,398	1.09

ADVANTAGE SALES AND MARKETING			20,626,160	1.05
Advantage Sales and Marketing T/L 2ND LIEN 15/07/2022	United States	Business Equipment & Services	6,667,128	0.34
Advantage Sales and Marketing T/L B DD 11/07/2021	United States	Business Equipment & Services	13,959,032	0.71

UNIVISION COMMUNICATION			19,831,014	1.01
Univision Communication T/L C 01/03/2020	United States	Broadcast Radio & TV	19,831,014	1.01

			191,695,235	9.78

* In 2014 this industry was categorized as "Lodging & Casinos"

The accompanying notes form an integral part of the Unaudited Consolidated Interim Financial Statements

31 December 2014

As at 31 December 2014, issuers with the following investments comprised of greater than 1% of Net Asset Value:

Securities	Country	Industry	Fair Value	%
SCIENTIFIC GAMES CORPORATION			39,477,513	2.02
Scientific Games T/L B 24/05/2020	United States	Lodging & Casinos	15,093,572	0.77
Scientific Games T/L B-2 17/09/2021	United States	Lodging & Casinos	19,338,941	0.99
SGMS Escrow Corp 7% 14-01/01/2022	United States	Lodging & Casinos	5,045,000	0.26

UNIVISION COMMUNICATIONS			34,353,071	1.76
Univision Communication 6.875% 11-15/05/2019	United States	Radio & Television	4,211,856	0.22
Univision Communication T/L C 01/03/2020	United States	Radio & Television	15,234,827	0.78
Univision Communication Re T/L 1^st Lien 01/03/2020	United States	Radio & Television	14,906,388	0.76

LEVEL 3 FINANCING			31,941,936	1.64
Level 3 Communications T/L B3 01/08/2019	United States	All Telecom	3,471,580	0.18
Level 3 Communications T/L B4 15/01/2019	United States	All Telecom	25,691,218	1.32
Level 3 Financing Inc T/L B5 31/01/2022	United States	All Telecom	2,779,138	0.14

FIRST DATA CORPORATION			30,402,537	1.56
First Data Corp T/L 24/03/2018	United States	Financial Intermediaries	9,413,569	0.48
First Data Corp T/L C 24/03/2018	United States	Financial Intermediaries	12,976,785	0.67
First Data Corp New Term Loan B 21/10/2017	United States	Financial Intermediaries	8,012,183	0.41

NUMERICABLE YPSO.			29,553,493	1.52
Ypso Holding SA T/L B11L 21/05/2020	United States	Cable & Satellite Television	7,150,654	0.37
Ypso Holding SA T/L B2 1L 21/05/2020	United States	Cable & Satellite Television	6,186,290	0.32
Ypso Holding SA T/L B1 EUR 21/05/2020	United States	Cable & Satellite Television	7,367,542	0.38
Ypso France SAS EURO B-4 T/L 21/05/2020	United States	Cable & Satellite Television	8,849,007	0.45

IHEART COMMUNICATIONS			23,854,524	1.22
Clear Channel T/L D Extended 22/01/2019	United States	Radio & Television	23,854,524	1.22

COLUMBUS MEDIA			20,300,909	1.04
Columbus Media Holdings T/L B 18/12/2020	United States	Radio & Television	20,300,909	1.04

STATION CASINOS			20,098,921	1.03
Station Casinos LLC T/L B 25/02/2020	United States	Lodging & Casinos	20,098,921	1.03

BURGER KING CORPORATION			20,033,685	1.03
Burger King Corporation T/L B 30/09/2021	Canada	Food Service	20,033,685	1.03
			250,016,589	12.82

The accompanying notes form an integral part of the Unaudited Consolidated Interim Financial Statements

As at 30 June 2015, the below were the largest 50 investments based on the Net Asset Value:

Securities

Country

Industry

Fair Value

Valeant Pharmaceuticals T/L - F101/04/2022

United States

Drugs

29,277,525

1.49

Petsmart T/LB US 11/03/2022

United States

Retailers (except food & drug)

21,948,475

1.12

Level 3 Communications T/L B4 15/01/2020

United States

Telecommunication

21,291,398

1.09

Univision Communication T/L C 01/03/2020

United States

Broadcast Radio and Television

19,831,014

1.01

Scientific Games T/L B-2 17/09/2021

United States

Lodging & Casinos

19,529,852

1.01

Mohegan Tribal Gaming T/L B 19/11/2019

United States

Lodging & Casinos

19,258,982

0.98

Walter Inv Mang Corp New T/L 11/12/2020

United States

Financial Intermediaries

17,952,416

0.92

Station Casinos Llc T/L B 25/02/2020

United States

Lodging & Casinos

17,083,671

0.87

Acosta Holdco Inc T/L 13/08/2021

United States

Business Equipment & Services

16,494,534

0.85

Bway Intermediate Co Inc T/L 07/08/2020

United States

Containers & Glass Products

16,141,950

0.82

The Serm Co 1St Ln Cov T/L 25/06/2021

United States

Business Equipment & Services

16,102,732

0.82

Citycenter Holdings Llc T/L B 09/10/2020

United States

Lodging & Casinos

15,590,945

0.79

Freescale Semiconductor T/L B 01/03/2020

United States

Electronics/Electrical

15,534,701

0.79

99 Cents Only Stores T/L 11/01/2019

United States

Retailers (except food & drug)

15,521,308

0.79

Burger King Corporation Term B 30/09/2021

Canada

Food Service

15,249,411

0.78

Fmg Res (Aug06) Pty Lc Nw T/L 30/06/2019

Australia

Steel

15,120,757

0.77

Cumulus Media Holdings T/L B 18/12/2020

United States

Broadcast Radio and Television

14,956,917

0.76

Energy Fut Int Hldg Dip T/L 10/06/2016

United States

Utilities

14,908,736

0.76

Zebra Technologies Corp T/L 30/09/2021

United States

Electronics/Electrical

14,602,222

0.74

Bmc Software Inc Term Loan B 09/08/2020

United States

Electronics/Electrical

14,587,022

0.74

Rite Aid Corp T/L 2Nd Lien 11/06/2021

United States

Food / Drug Retailers

14,551,488

0.74

Emerald Expositions Hldg Tl B 12/06/2020

United States

Leisure Goods/Activities/Movies

14,477,167

0.74

Clear Channel T/L D Extended 22/01/2019

United States

Broadcast Radio and Television

14,013,316

0.71

Twin River Mgt Grp T/L B 1L 30/06/2020

United States

Lodging & Casinos

14,011,999

0.71

Advant Sal&Markt T/L B Dd 11/07/2021

United States

Business Equipment & Services

13,959,032

0.71

Endo Pharma Term Loan B-1 13/06/2022

United States

Drugs

13,921,123

0.71

Aot Bedding Super Hg Llc Tl B 20/09/2019

United States

Home Furnishings

13,514,117

0.69

Springer Sci & Bus Med T/L B3 14/08/2020

Germany

Publishing

13,192,216

0.67

Intelsat Jackson T/L B2 30/06/2019

Luxembourg

Telecommunication

12,786,963

0.65

Virgin Media T/L E 07/06/2023

Great Britain

Cable & Satellite Television

12,776,005

0.65

Michaels Stores Inc T/L B 01/02/2020

United States

Retailers (except food & drug)

12,632,700

0.64

Syniverse Holdings T/L 10/04/2019

United States

Telecommunication

12,226,934

0.62

Spin Holdco Inc T/L 30/11/2019

United States

Retailers (except food & drug)

12,166,627

0.62

Pq Corporation 2014 T/L 07/08/2017

United States

Chemical

12,122,753

0.62

Iasis Hlthcare Corp T/L B 03/05/2018

United States

Health Care

12,115,168

0.62

Dell Tl-B2 29/04/2020

United States

Electronics/Electrical

12,064,132

0.61

Ocwen Financial Initial T/L 15/02/2018

United States

Financial Intermediaries

11,985,787

0.61

Mitchell Intl Inc T/L B 01/10/2020

United States

Business Equip & Services

11,890,708

0.61

Amscan Holdings T/L B 27/07/2019

United States

Retailers (except food & drug)

11,745,940

0.60

Immucor Inc Tl B2 19/08/2018

United States

Health Care

11,686,565

0.60

Chs/Community Health Incremental 2021 Term Loan

United States

Health Care

11,673,604

0.59

Brand Enr & Inf Ser Inc T/L B 22/11/2020

United States

Business Equipment & Services

11,644,929

0.59

La Frontera Generation T/L 30/09/2020

United States

Utilities

11,520,144

0.59

Jeld-Wen Inc Tl B 09/09/2021

United States

Building & Development

11,394,231

0.58

Crosby Worldwide Limited T/L 06/11/2020

United States

Industrial Equipment

11,366,732

0.58

Par Pharmaceutical Co Inc Tlb 28/09/2019

United States

Drugs

11,335,343

0.58

Filtration Gr Co 1St Lien T/L 13/11/2020

United States

Industrial Equipment

10,988,476

0.56

Datatel Inc T/L B 19/07/2018

United States

Electronics/Electrical

10,955,630

0.56

Aristocrat Leisure T/L B 31/10/2021

United States

Lodging & Casinos

10,927,658

0.56

Information Res Inc T/L B 26/09/2020

United States

Business Equipment & Services

10,851,070

0.55

721,483,125

36.77

The accompanying notes form an integral part of the Unaudited Consolidated Interim Financial Statements

As at 31 December 2014, the below were the largest 50 investments based on the Net Asset Value:

Securities

Country

Industry

Fair Value

Level 3 Communications T/L B4 15/01/2020

United States

All Telecom

25,691,218

1.32

Clear Channel T/L D Extended 22/01/2019

United States

Radio & Television

23,854,524

1.22

Cumulus Media Holdings T/L B 18/12/2020

United States

Radio & Television

20,300,909

1.04

Station Casinos Llc T/L B 25/02/2020

United States

Lodging & Casinos

20,098,921

1.03

Burger King Corporation T/L B 30/09/2021

Canada

Food Service

20,033,685

1.03

Scientific Games T/L B-2 17/09/2021

United States

Lodging & Casinos

19,338,941

0.99

Community Health System T/L D 27/01/2021

United States

Health Care

17,981,376

0.92

Mohegan Tribal Gaming T/L B 19/11/2019

United States

Lodging & Casinos

17,567,409

0.90

Fmg Res (Aug06) Pty Lc Nw T/L 30/06/2019

Australia

Steel

17,354,350

0.89

Acosta Holdco Inc T/L 13/08/2021

United States

Business Equipment & Services

16,621,198

0.85

Michaels Stores Inc T/L B 01/02/2020

United States

Retailers (except food & drug)

16,574,480

0.85

Bway Intermediate Co Inc T/L 07/08/2020

United States

Containers & Glass Products

16,142,358

0.83

Tribune Company T/L 21/11/2020

United States

Publishing

15,984,775

0.82

99 Cents Only Stores T/L 11/01/2019

United States

Retailers (except food & drug)

15,658,511

0.80

Walter Inv Mang Corp New T/L 11/12/2020

United States

Financial Intermediaries

15,537,005

0.80

Citycenter Holdings Llc T/L B 09/10/2020

United States

Lodging & Casinos

15,407,592

0.79

Ocwen Financial Initial T/L 15/02/2018

United States

Financial Intermediaries

15,354,987

0.79

Intelsat Jackson T/L B2 30/06/2019

Luxembourg

All Telecom

15,333,814

0.79

Univision Communication T/L C 01/03/2020

United States

Radio & Television

15,234,827

0.78

Freescale Semiconductor T/L B 01/03/2020

United States

Electronics/Electrical

15,209,280

0.78

Scientific Games Tl B 24/05/2020

United States

Lodging & Casinos

15,093,572

0.77

Zebra Technologies Corp T/L 30/09/2021

United States

Electronics/Electrical

15,065,020

0.77

The Serm Co 1St Ln Cov T/L 25/06/2021

United States

Business Equipment & Services

15,034,719

0.77

Rexnord Llc T/L B 14/08/2020

United States

Industrial Equipment

14,906,737

0.76

Univision Com Re T/L 1St Lien 01/03/2020

United States

Radio & Television

14,906,388

0.76

Emerald Expositions Hldg Tl B 12/06/2020

United States

Leisure Goods/Activities/Movie

14,751,624

0.76

Twin River Mgt Grp T/L B 1L 30/06/2020

United States

Lodging & Casinos

14,703,808

0.75

Rite Aid Corp T/L 2Nd Lien 11/06/2021

United States

Food/Drug Retailers

14,531,691

0.75

Amscan Holdings T/L B 27/07/2019

United States

Retailers (except food & drug)

14,484,502

0.74

Pharmaceutical Pdt Fac13 T/L 05/12/2018

United States

Health Care

14,393,139

0.74

Aot Bedding Super Hg Llc Tl B 20/09/2019

United States

Home Furnishings

14,147,611

0.73

Multiplan Inc T/L 19/03/2021

United States

Health Care

14,138,420

0.72

Charter Comm Operat Llc T/L G 12/08/2021

United States

Cable & Satellite Television

14,114,017

0.72

Realogy Corporation Nw T/L B 05/03/2020

United States

Building & Development

14,023,427

0.72

La Frontera Generation T/L 30/09/2020

United States

Utilities

14,023,015

0.72

Bmc Software Inc Term Loan B 09/08/2020

United States

Electronics/Electrical

13,415,008

0.69

Syniverse Holdings T/L 10/04/2019

United States

All Telecom

13,237,202

0.68

Springer Sci & Bus Med T/L B3 14/08/2020

Denmark

Publishing

13,037,157

0.67

First Data Corp T/L C 24/03/2018

United States

Financial Intermediaries

12,976,785

0.67

Par Pharmaceutical Co Inc Tlb 28/09/2019

United States

Drugs

12,945,486

0.66

Datatel Inc T/L B 19/07/2018

United States

Electronics/Electrical

12,786,398

0.66

Formula One Hldgs Ltd T/L 31/07/2021

United States

Leisure Goods/Activities/Movie

12,378,937

0.63

Ads Waste Holdings T/L Tra B2 10/09/2019

United States

Ecological Services & Equipment

12,221,716

0.63

United Air Lines Inc T/L B 31/03/2019

United States

Air Transport

12,209,977

0.63

Emi Music Publishing T/L B2 29/06/2018

United States

Publishing

12,085,129

0.62

Virgin Media T/L E 07/06/2023

United Kingdom

Cable & Satellite Television

12,078,916

0.62

Dell Inc Term Loan B 24/03/2020

United States

Electronics/Electrical

12,060,561

0.62

Iasis Hlthcare Corp T/L B 03/05/2018

United States

Health Care

12,045,752

0.62

Ceridian Corporat Initial T/L 15/09/2020

United States

Business Equipment & Services

12,003,295

0.62

Spin Holdco Inc T/L 30/11/2019

United States

Retailers (except food & drug)

11,994,042

0.62

761,074,211

39.04

The accompanying notes form an integral part of the Unaudited Consolidated Interim Financial Statements

Unaudited Consolidated Statement of Operations

For the six months ended 30 June 2015

(Expressed in U.S. Dollars)

	1 January 2015 to 30 June 2015 (unaudited)	1 January 2014 to 31 December 2014 (audited)
	$	$
Income
Interest income (net of withholding taxes, 2015: $Nil ; 2014: $Nil)	42,984,155	94,004,558
Other income from investments	1,391,261	1,566,971
	44,375,416	95,571,529

Expenses
Investment management and services	7,024,366	15,428,716
Administration and professional fees	663,444	2,600,808
Directors' fees and travel expenses	152,327	226,142
Total expenses	7,840,137	18,255,666

Net investment income	36,535,279	77,315,863

Realised and unrealised gains and losses
Net realised (loss)/gain on investments	(10,763,860)	1,625,070
Net realised (loss)/gain on derivatives	(26,076,008)	13,539,314
Total net realised (loss)/gain	(36,839,868)	15,164,384

Net change in unrealised appreciation/(depreciation) on investments	25,533,764	(77,496,788)
Net change in unrealised appreciation/(depreciation) on derivatives	50,791,886	(98,935,336)
Total net unrealised appreciation/(depreciation)	76,325,650	(176,432,124)

Realised and unrealised loss on foreign currency	(4,138,095)	(9,843,738)

Net realised and unrealised gain/(loss)	35,347,687	(171,111,478)

Net increase/(decrease) in net assets resulting from operations	71,882,966	(93,795,615)

The accompanying notes form an integral part of the Unaudited Consolidated Interim Financial Statements

Unaudited Consolidated Statement of Changes in Net Assets

For the six months ended 30 June 2015

(Expressed in U.S. Dollars)

30 June 2015

	Ordinary Shares ($)	Total ($)

Net assets as at 1 January 2015	1,950,175,572	1,950,175,572
Scrip issue	634,831	634,831
Dividends	(36,548,258)	(36,548,258)
Share buybacks	(24,019,469)	(24,019,469)
Net increase in net assets resulting from operations	71,882,966	71,882,966
Net assets as at 30 June 2015	1,962,125,642	1,962,125,642

31 December 2014

	C Shares ($)	Ordinary Shares ($)	Total ($)

Net assets as at 1 January 2014	693,505,258	1,419,799,535	2,113,304,793

Scrip issue	-	2,596,754	2,596,754
Conversion of C Shares into Ordinary Shares	(692,095,604)	692,095,604	-
Dividends	(1,409,654)	(70,520,706)	(71,930,360)
Net decrease in net assets resulting from operations	-	(93,795,615)	(93,795,615)

Net assets as at 31 December 2014	-	1,950,175,572	1,950,175,572

The accompanying notes form an integral part of the Unaudited Consolidated Interim Financial Statements

Unaudited Consolidated Statement of Cash Flows

For the six months ended 30 June 2015

(Expressed in U.S. Dollars)

	1 January 2015 to 30 June 2015 (unaudited)	1 January 2014 to 31 December 2014 (audited)
	$	$
Cash flows from operating activities:
Net increase/(decrease) in net assets resulting from operations	71,882,966	(93,795,615)
Adjustment to reconcile net increase/(decrease) in net assets resulting from operations to net cash used in operating activities:
Net realised (loss)/gain on investments	10,763,860	(1,625,070)
Net change in unrealised (appreciation)/ depreciation on investments and derivatives	(76,325,650)	176,432,124
Changes in receivables for investments sold	57,703,661	(31,724,385)
Changes in interest receivable	3,830,755	(3,076,642)
Changes in other receivables and prepayments	(218,251)	(13,392)
Changes in payables for investments purchased	40,385,861	(190,562,951)
Changes in payables to Investment Manager and affiliates	(148,875)	217,170
Changes in accrued expenses and other liabilities	447,395	(199,210)
Purchase of investments	(642,751,822)	(1,419,840,836)
Sale of investments	754,753,987	1,395,427,514
Net cash generated from/(used in ) operating activities	219,323,887	(168,761,293)


Cash flows from financing activities:
Payments for buybacks of shares	(24,019,469)	-
Dividends paid	(35,913,427)	(69,333,606)

Net cash used by financing activities	(59,932,896)	(69,333,606)

Net increase/(decrease) in cash and cash equivalents	159,390,991	(238,094,899)

Cash and cash equivalents at beginning of the period	46,682,681	284,777,580

Cash and cash equivalents at end of the period	206,073,672	46,682,681

The accompanying notes form an integral part of the Unaudited Consolidated Interim Financial Statements

Notes to the Unaudited Consolidated Interim Financial Statements

For the six months ended 30 June 2015

Note 1 - Description of Business

NB Global Floating Rate Income Fund Limited (the "Company") is a Guernsey Registered Closed-ended Collective Investment Scheme registered and incorporated in Guernsey under The Companies (Guernsey) Law, 2008 (as amended), on 10 March 2011, with registration number 53155. The Initial Public Offering of the Company took place on 15 April 2011, raising gross proceeds of approximately $507.3 million. The Company's shares were admitted to trading on the Main Market of the London Stock Exchange on 20 April 2011.

On 30 September 2011, the Company raised an additional $187 million by means of a Placing and Offer for Subscription of C Shares and were admitted to trading on the Main Market of the London Stock Exchange on 5 October 2011. On 21 March 2013 and 24 October 2013 the Company raised an additional $550 million and $705 million by means of a Placing and Offer for Subscription of C Shares and were admitted to trading on the Main Market of the London Stock Exchange on 26 March 2013 and 29 October 2013 respectively. On 22 July 2013, through a tap issue, the Company raised gross proceeds of $69 million. The Sterling C Shares issued on 21 March 2013 were converted into 360,521,605 Sterling Ordinary Shares on 16 July 2013 and the Sterling Ordinary Shares issued on 24 October 2013 were converted into 421,103,481 Sterling Ordinary on 21 January 2014.

At the annual general meeting of the Company held in June 2015, the Directors were granted the general authority to purchase in the market up to 14.99% of the Ordinary Shares of each class in issue (as at 17 June 2015). This authority will expire at the next AGM in 2016. Pursuant to this authority, and subject to the Companies (Guernsey) Law, 2008 and the discretion of the Directors, the Company may purchase shares of any of its classes in the market on an on-going basis with a view to addressing any imbalance between the supply of and demand for such shares, thereby increasing the Net Asset Value per share of the shares and assisting in controlling the discount to Net Asset Value per share of the shares in relation to the price at which the shares of such class may be trading.

The Company re-purchased 16,775,634 Sterling Ordinary shares in 28 tranches between 16 February 2015 and 30 June 2015, to be held in Treasury. The Company also re-purchased 50,000 U.S. Dollar Ordinary shares in 2 tranches between 18 June 2015 and 30 June 2015 to be held in Treasury.

The Company's investment objective is to provide its shareholders with regular dividends, at levels that are sustainable, whilst preserving the capital value of its investment portfolio, utilising the investment skills of the Investment Manager, Neuberger Berman Europe Limited and the Alternative Investment Fund Manager (the "AIFM"), Neuberger Berman Fixed Income LLC. To pursue its investment objective, the Company invests mainly in floating rate senior secured loans issued in U.S. Dollars, Sterling and Euros by primarily North American and European Union corporations, partnerships and other business issuers. These loans will at the time of investment often be non-investment grade. The Company considers debt instruments to be non-investment grade if, at the time of investment, they are rated below the four highest categories (Aaa, Aa, A and Baa) by at least two independent credit rating agencies or, if unrated, are deemed by the Investment Manager to be of comparable quality.

For the purposes of efficient portfolio management, the Company has established a wholly-owned Luxembourg incorporated subsidiary, NB Global Floating Rate Income Fund (Lux) 1 S.à.r.l. which in turn holds a wholly-owned subsidiary, NB Global Floating Rate Income Fund (Lux) 2 S.à.r.l. All references to the Company in this document refer to the Company and its wholly owned Luxembourg subsidiaries. The directors of these companies are unrelated to the Directors of the Company.

The Company's share capital is denominated in U.S. Dollars and Sterling and consists of U.S. Dollar Ordinary Shares and Sterling Ordinary Shares as at 30 June 2015.

Note 2 - Summary of Significant Accounting Policies

Basis of preparation

The accompanying Unaudited Consolidated Interim Financial Statements have been presented on a going concern basis and on the accrual basis of accounting in conformity with United States generally accepted accounting principles (US GAAP). The Company is regarded as an Investment Company and it follows the accounting and reporting requirements of ASC 946. The Board believes that the underlying assumptions are appropriate and that the Company's Unaudited Consolidated Interim Financial Statements therefore present a true and fair financial position.

Basis of consolidation

The Unaudited Consolidated Interim Financial Statements comprise the financial statements of the Company and its wholly owned subsidiary undertakings as at 30 June 2015. The Company and all its wholly owned subsidiaries have United States Dollars as their functional and reporting currency. The results of the subsidiary undertakings are included in the Consolidated Statement of Operations.

All intra-group balances, transactions, income and expenses are eliminated in full.

Use of estimates

The preparation of Unaudited Consolidated Interim Financial Statements in conformity with US GAAP requires that the Directors make estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. Such estimates and associated assumptions are generally based on historical experience and various other factors that are believed to be reasonable under the circumstances, and form the basis of making the judgments about attributing values of assets and liabilities that are not readily apparent from other sources. Actual results may vary from such accounting estimates in amounts that may have a material impact on the financial information of the Company.

Revenue recognition

Interest earned on debt instruments is accounted for net of applicable withholding taxes and is recognised as income over the terms of the loans. Discounts received or premiums paid in connection with the acquisition of loans are amortised into interest income using the effective interest method over the contractual life of the related loan. If a loan pays off prior to maturity, the recognition of the fees and costs is accelerated as appropriate. The Company raises a provision when the collection of interest is deemed doubtful.

Cash and cash equivalents

The Company's cash and cash equivalents comprise cash in hand and demand deposits and highly liquid investments with original maturities of less than 90 days that are both readily convertible to known amounts of cash and so near maturity that they represent insignificant risk of changes in value.

Valuation of investments

The Company carries investments on its Consolidated Statement of Assets and Liabilities at fair value in accordance with US GAAP, with changes in fair value recognised within the Consolidated Statement of Operations in each reporting period. Quoted investments are valued according to their bid price as at the close of the relevant reporting date. Investments in private securities are priced at the bid price using a pricing service for private loans. Asset backed securities are valued according to their bid price. If a price cannot be ascertained from the above sources, the Company will seek bid prices from third party broker/dealer quotes for the investments. The Investment Manager believes that bid price is the best estimate of fair value and is in line with the valuation policy adopted by the Company.

In cases where no third party price is available, or where the Investment Manager determines that the provided price is not an accurate representation of the fair value of the investment, the Sub-Investment Manager determines the valuation based on the AIFM's fair valuation policy. The overall criterion for fair value is a price at which the securities involved would change hands in a transaction between a willing buyer and a willing seller, neither being under compulsion to buy or sell and both having the same knowledge of the relevant facts.

Consistent with the above criterion, the following criteria is considered when applicable:

· Valuation of other securities by the same issuer for which market quotations are available;

· Reasons for absence of market quotations;

· The credit quality of the issuer and the related economics;

· Recent sales prices and/or bid and ask quotations for the security;

· Value of similar securities of issuers in the same or similar industries for which market quotations are available;

· Economic outlook of the industry;

· Issuer's position in the industry;

· The financial information of the issuer; and

· The nature and duration of any restriction on disposition of the security.

Derivative financial instruments

The Company may, from time to time, hold derivative financial instruments for the purposes of hedging foreign currency exposure. These derivatives are measured at fair value in accordance with US GAAP, with changes in fair value recognised within the Consolidated Statement of Operations in each reporting period.

Depending on the product and the terms of the transaction, the fair value of the over the counter (OTC) derivative products, such as foreign exchange contracts, can be modelled taking into account the counterparties' credit worthiness and using a series of techniques, including simulation models.

Many pricing models do not entail material subjectivity because the methodologies employed do not necessitate significant judgments and the pricing inputs are observed from actively quoted markets. The forward exchange contracts valued by the Company using pricing models fall into this category and are categorised within level 2 of the fair value hierarchy.

As shares are denominated in U.S. Dollars and Sterling and investments are denominated in U.S. Dollars, Euro or Sterling. Holders of any class of Shares are subject to foreign currency fluctuations between the currency in which such Shares are denominated and the currency of the investments made by the Company. Consequently, the Investment Manager seeks to engage in currency hedging between the U.S. Dollar and any other currency in which the assets of the Company or a class of Shares is denominated, subject to suitable hedging contracts such as forward currency exchange contracts being available in a timely manner and on terms acceptable to the Investment Manager, in their sole and absolute discretion.

Note 5 details the gross and net derivative asset and liability position by contract type and the amount for those derivative contracts for which netting is permissible under US GAAP. The derivative assets and liabilities have been netted where an enforceable master netting arrangement is in place.

Realised gains and losses on investments

All investment transactions are recorded on a trade date basis. Upon sale or maturity, the difference between the consideration received and the cost of the investment is recognised as a realised gain or loss. The cost is determined based on the average cost method.

Operating expenses

Operating expenses are recognised on an accruals basis. Operating expenses include amounts directly or indirectly incurred by the Company as part of its operations.

Issuance/buybacks cost

In line with the Prospectus, the expenses incurred for the initial placing and C Shares were borne by the Company up to a maximum of 2% of the Gross Issue Proceeds. These expenses include placing fees and commissions; registration, listing and admission fees; the cost of settlement and escrow arrangements; printing, advertising and distribution costs; legal fees, and any other applicable expenses incurred in connection with the offering of shares. All such expenses are charged to capital, reducing the issue proceeds received.

Any costs incurred by a share buyback will be charged to that share class.

Currency translation

Monetary assets and liabilities denominated in a currency other than U.S. Dollars are translated into U.S. Dollar equivalents using spot rates as at the reporting period end date. On initial recognition, a foreign currency transaction is recorded and translated at the spot exchange rate at the transaction date. Non-monetary assets and liabilities are translated at the historic exchange rate. There were no non-monetary assets held during the period. Transactions during the period, including purchases and sales of securities, income and expenses, are translated at the rate of exchange prevailing on the date of the transaction. The rates of exchange against U.S. Dollars at 30 June 2015 were 1.572700 USD: 1GBP and 1.114200 USD: 1EUR (31 December 2014: 1.559242 USD: 1GBP and 1.210050 USD: 1EUR).

Note 3 - Agreements and Related Parties

Investment Management Agreement

The Board is responsible for managing the business affairs of the Company but has delegated certain functions to the Investment Manager under the Investment Management Agreement ("the Agreement") dated 18 March 2011.

The Investment Manager of the Company is Neuberger Berman Europe Limited (which is a related party), an indirectly wholly owned subsidiary of NB Group. On 17 July 2014, the Company, the Investment Manager and the Sub Investment Manager made certain classificatory amendments to the Agreement for the purposes of the AIFM Directive.

The Sub Investment Management Agreement was terminated on 17 July 2014 and the Sub Investment Manager was appointed as the AIFM. The Investment Manager has for the duration of its appointment discharged its responsibility to the AIFM, Neuberger Berman Fixed Income LLC.

As per the Sub-Investment Management agreement dated 18 March 2011 and the Deed of Amendment dated 30 September 2013, the Investment Manager paid a management fee to the Sub-Investment Manager until 17 July 2014. As per the Amended and Restated Agreement dated 17 July 2014, the Investment Manager shall pay a fee to the AIFM out of the Investment Management fee received from the Company. The Company does not pay any fees to the AIFM.

The Investment Manager is responsible for the discretionary management of the assets held in the Company Portfolio and will conduct the day-to-day management of the Company's assets (including un-invested cash).The Investment Manager is not required to and generally will not submit individual investment decisions for approval by the Board.

As per the Agreement dated 18 March 2011 and the Deed of Amendment to the Agreement dated 30 September 2013, and the amended and restated agreement dated 17 July 2014, the Investment Manager is entitled to a management fee, which shall accrue daily, and be payable quarterly in arrears, at the following rate per annum of the Company's Net Asset Value.

On first £1bn of the Net Asset Value 0.75%

On £1bn - £2bn of the Net Asset Value 0.70%

Any amount greater than £2bn of the Net Asset Value 0.65%

For the six months ended 30 June 2015, the management fee expense was $7,024,366 (31 December 2014: $15,428,716), of which $3,556,165 (31 December 2014: $3,705,040) was unpaid at the period end.

The Investment Manager is not entitled to a performance fee.

Administration, Custody and Company Secretary Agreement

BNP Paribas Securities Services S.C.A., Guernsey Branch ("BNPP") was the Administrator, Custodian and Designated Manager until 28 February 2015. Effective 1 March 2015, the Company has entered into an Administration and Sub-Administrator agreement with U.S. Bancorp Fund Services (Guernsey) Limited ("Administrator") and Quintillion Limited ("Sub-Administrator"), both wholly owned subsidiaries of U.S. Bancorp. Under the terms of the agreement, Sub-Administration services are delegated to Quintillion Limited.

The Sub-Administrator is responsible for the day-to-day administration of the Company (including but not limited to the calculation and publication of the estimated daily Net Asset Value), general secretarial functions (including but not limited to the maintenance of the Company's accounting records).

For the period from 1 January 2015 to 28 February 2015, BNPP was entitled to an annual fee, accrued daily and paid monthly in arrears, in accordance with the schedule below and subject to an annual minimum of £100,000.

On first $100m of the Net Asset Value 0.08%

On $100m - $250m of the Net Asset Value 0.06%

On $250m - $500m of the Net Asset Value 0.03%

Any amount greater than $500m of the Net Asset Value 0.015%

From 1 March 2015, the Administrator is entitled to an annual fee, accrued daily and paid monthly in arrears, in accordance with the schedule below and subject to an annual minimum of $75,000.

On first $250m of the Net Asset Value 0.05%

On $250m - $500m of the Net Asset Value 0.04%

On $500m - $1bn of the Net Asset Value 0.03%

Any amount greater than $1bn of the Net Asset Value 0.02%

For the six months ended 30 June 2015, the administration fee was $231,949 (31 December 2014: $511,937) of which $218,836 (31 December 2014: $127,067) was unpaid at the period end.

C.L. Secretaries Limited, a wholly owned subsidiary of Carey Commercial Limited, as Company Secretary is entitled to an annual fee of £63,300 plus out of pocket expenses.

For the six months ended 30 June 2015, the secretarial fee was $68,021 (31 December 2014: $58,876) of which $23,312 (31 December 2014: $14,149) was unpaid at the period end.

For the period from 1 January 2015 to 28 February 2015, BNPP was entitled to a custodian fee of 0.02 per cent of the market value of the portfolio and a fee of 0.045% per annum on the market value of the loan assets (adjusted to 0.035% per annum if assets exceeded $500m), with a minimum annual fee of £50,000 in respect of portfolio and loan administration.

Effective 1 March 2015, US Bank National Association ("Custodian") became the Custodian of the Company.

For the period from 1 March 2015 to 30 June 2015, the Custodian is entitled to a fee of 0.025 per cent of the Market Value of the portfolio per annum, with a minimum annual fee of $25,000 in respect of portfolio and loan administration.

For the six months ended 30 June 2015, the custodian fee was $183,924 (31 December 2014: custodian and loan administration, $856,192) of which $184,149 (31 December 2014: $196,938) was unpaid, all of which was due to US Bank National Association at the period end.

Registrar's Agreement

Capita Registrars (Guernsey) Limited has been appointed as registrar of the Company. The fee charged is at a rate of £2.00 per holder of shares appearing on the registry during the fee period, with a minimum charge per annum of £9,000. For the six months ended 30 June 2015, the Registrars fees amounted to $80,375. Of these, $18,413 was unpaid at the period end.

Note 4 - Related Party Transactions

Directors

The Directors are related parties and are remunerated for their services at a fee of £35,000 per annum (£45,000 for the Chairman). In addition, the Chairman of the Audit Committee receives an additional £5,000 for his services in this role. The Chairman of the Management Engagement Committee and the Chairman of the Remuneration Committee receive an additional £2,500 each per annum. The Directors' fee for the two Luxembourg subsidiaries, whose Directors are unrelated to the Guernsey Board members, amounts to €17,847 per annum per subsidiary. Of these, $22,702 were prepaid at the period end. For the six months ended 30 June 2015, the Guernsey Directors' fees and travel expenses amounted to $129,208 (31 December 2014: $226,142). Of these, $Nil were prepaid at the period end (31 December 2014: $46,311 were unpaid).

Neuberger Berman Europe Limited

The contract with Neuberger Berman Europe Limited is classified as a related party transaction. Other than fees payable in the ordinary course of business and the additional fees disclosed in Note 3, there have been no material transactions with related parties, which have affected the financial position or performance of the Company in the financial period.

Note 5 - Fair Value of Financial Instruments

A financial instrument is defined by ASC 825, Disclosures about Fair Value of Financial Instruments, as cash, evidence of an ownership interest in an entity, or a contract that creates a contractual obligation or right to deliver to or receive cash or another financial instrument from a second entity on potentially favourable terms. Fair value estimates are made at a discrete point in time, based on relevant market data, information about the financial instruments, and other factors.

Fair value was determined using available market information and appropriate valuation methodologies. Estimates of fair value of financial instruments without quoted market prices are subjective in nature and involve various assumptions and estimates that are matters of judgment. Accordingly, fair values are not necessarily indicative of the amounts realised on disposition of financial instruments. The use of different market assumptions and/or estimation methodologies may have a material effect on estimated fair value amounts.

The following estimates and assumptions were used at 30 June 2015 to estimate the fair value of each class of financial instruments:

- Valuation of financial investments - The loans and bonds are valued at bid price. The Investment Manager believes that bid price is the best estimate of fair value and is in line with the valuation policy adopted by the Company.

- Cash and cash equivalents - The carrying value is a reasonable estimate of fair value due to the short-term nature of these instruments.

- Receivables for investments sold - The carrying value reasonably approximates fair value as they reflect the value at which investments are sold to a willing buyer and settlement period on their balances is short term.

- Interest receivables - The carrying value reasonably approximates fair value.

- Other receivables and prepayments - The carrying value reasonably approximates fair value.

- Derivatives - the Company estimates fair values of derivatives based on the latest available forward exchange rates.

- Payables for investments purchased - The carrying value reasonably approximates fair value as they reflect the value at which investments are purchased from a willing seller and settlement period on their balances is short term.

- Payables to the Investment Manager and affiliates - The carrying value reasonably approximates fair value.

- Accrued expenses and other liabilities - The carrying value reasonably approximates fair value.

A fair value hierarchy that prioritises the inputs to valuation techniques used to measure fair value is established under FASB ASC Topic 820. The objective of a fair value measurement is to determine the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). Accordingly, the fair value hierarchy gives the highest priority to valuations based upon unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to valuations based upon unobservable inputs that are significant to the valuation (Level 3). The levels of the fair value hierarchy under FASB ASC Topic 820-10-35-39 to 55 are as follows:

The guidance establishes three levels of the fair value hierarchy as follows:

Level 1: price quotations in active markets/exchanges for identical securities;

Level 2: other observable inputs (including but not limited to: quoted prices for similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and

Level 3: unobservable inputs based on the best information available in the circumstance, to the extent observable inputs are not available (including the Company's own assumption used in determining the fair value of investments).

The Company has adopted the authoritative guidance contained in FASB ASC 820-10, Fair Value Measurements and Disclosures, for estimating the fair value of the financial instruments that have calculated Net Asset Value per share in accordance with FASB ASC 946-10.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following table details the Company's financial instruments that were accounted for at fair value as at 30 June 2015.

Financial Instruments at Fair Value as at 30 June 2015
Financial investments		Level 1 ($)		Level 2 ($)	Level 3 ($)	Total ($)
Floating rate senior secured loans		-		1,817,817,985	-	1,817,817,985
Fixed rate bonds		-		47,435,393	-	47,435,393
Floating rate bonds		-		15,407,476	-	15,407,476
Total financial investments		-		1,880,660,854	-	1,880,660,854

	Level 1 ($)			Level 2 ($)	Level 3 ($)	Total ($)
Balance at start of the period		-		1,977,893,115	-	1,977,893,115
Purchases during the period		-		642,751,822	-	642,751,822
Sales during the period		-		(754,753,987)	-	(754,753,987)
Realised gain on investments		-		(10,763,860)	-	(10,763,860)
Unrealised gain/( loss) on revaluation		-		25,533,764	-	25,533,764
Balance at end of the period		-	1,880,660,854		-		1,880,660,854

Financial Instruments at Fair Value as at 30 June 2015 (continued)
		Level 1 ($)	Level 2 ($)	Level 3 ($)	Total ($)
Financial Assets	No of contracts
Derivatives (for hedging purposes only)	6	-	478,314	-	478,314
Financial liabilities
Derivatives (for hedging purposes only)	3	-	(1,164,307)	-	(1,164,307)
Total	9	-	(685,993)	-	(685,993)

Financial Instruments at Fair Value as at 31 December 2014
Financial investments	Level 1 ($)	Level 2 ($)	Level 3 ($)	Total ($)
Floating rate senior secured loans	-	1,931,699,875	-	1,931,699,875
Fixed rate bonds	-	35,045,282	-	35,045,282
Floating rate bonds	-	11,147,958	-	11,147,958
Total financial investments	-	1,977,893,115	-	1,977,893,115

	Level 1 ($)		Level 2 ($)	Level 3 ($)			Total ($)
Balance at start of the year		-	2,029,351,512	-			2,029,351,512
Purchases during the year		-	1,419,840,836	-			1,419,840,836
Sales during the year		-	(1,395,427,514)	-			(1,395,427,514)
Realised gain on investments		-	1,625,070	-			1,625,070
Unrealised loss on revaluation		-	(77,496,789)	-			(77,496,789)
Balance at end of the year		-	1,977,893,115	-			1,977,893,115
Financial Assets	No of contracts
Derivatives (for hedging purposes only)	8	-	8,442,433		-	8,442,433
Financial liabilities
Derivatives (for hedging purposes only)	8	-	(59,920,312)		-	(59,920,312)
Total	16	-	(51,477,879)		-	(51,477,879)

The Derivatives assets and liabilities are offset in accordance with the guidance in sections 210-20-45 and 815-10-45 to determine the net amounts presented in the Unaudited Consolidated Statement of Assets and Liabilities. All derivative trades have an enforceable master netting agreement so the net amount based on this is the same as the net amount disclosed in the Unaudited Consolidated Statement of Assets and Liabilities.

The following table presents the impact of derivative instruments on the Consolidated Statement of Operations in conformity with US GAAP.

Primary underlying risk	For the six months ended 30 June 2015	For the year ended 31 December 2014
	$	$
Net realised gain on derivatives	(26,076,008)	13,539,314
Net change in unrealised (depreciation)/appreciation on derivatives	50,791,886	(98,935,336)
Total	24,715,878	(85,396,022)

Primary underlying risks (credit risk, liquidity risk and market risk) associated with the derivatives are explained in Note 6.

There is no collateral for forward contracts.

The Company presents the gain or loss on derivatives in the Consolidated Statement of Operations.

Note 6 - Risks

The Company is subject to various risks, including, but not limited to, market risk, foreign exchange risk, credit risk, geographic concentration risk and liquidity risk. The Investment Manager attempts to monitor and manage these risks on an ongoing basis.

Market Risk and Price Risk

Market risk is the potential for changes in the value of investments. Categories of market risk include, but are not limited to interest rate, foreign exchange and price risk. Interest rate risk primarily results from exposures to changes in the level, slope and curvature of the yield curve, the volatility of interest rates and credit spreads. Investments in senior loans are subject to interest rate risk.

Price risk is the risk that the price of the security will fall. The Investment Manager manages the exposure to price risk by diversifying the portfolio.

Foreign Exchange Risk

Foreign exchange risk arises from various currency exposures, primarily with respect to Sterling and Euro investments and share issue proceeds. The Company makes use of hedging techniques, as part of its risk management strategy, including but not limited to the use of forward exchange contracts to mitigate its exposure to this risk. These instruments involve market risk, credit risk, or both kinds of risks. Risks arise from the possible inability of counterparties to meet the terms of their contracts and from movement in currency and securities values and interest rates.

Credit Risk

Credit risk is the risk of losses due to the failure of counterparty to perform according to the terms of a contract. Since the Company does not clear all of its own securities transactions, it has established accounts with other financial institutions for this purpose. This can, and often does, result in a concentration of credit risk with one or more of these institutions. Such risk, however, is partially mitigated by the obligation of certain of these financial institutions to comply with rules and regulations governing financial institutions in countries where they conduct their business activities.

The Company may invest in a range of bank debt investments and corporate and other bonds. Until such investments are sold or are paid in full at maturity, the Company is exposed to credit risk relating to whether the issuer will meet its obligations when the securities come due.

The cash and other liquid securities held can subject the Company to a concentration of credit risk. The Investment Manager attempts to mitigate the credit risk that exists with cash deposits and other liquid securities by regularly monitoring the credit ratings of such financial institutions and at times attempting to hold a significant amount of the Company's cash and cash equivalents in U.S. Treasuries or other highly liquid securities.

These rules and regulations generally require maintenance of minimum net capital and may also require segregation of customers' funds and financial instruments from the holdings of the financial institutions themselves. The Company actively reviews and attempts to manage exposures to various financial institutions in an attempt to mitigate these risks.

Geographic Concentration Risk

The Company may invest a relatively large percentage of its assets in issuers located in a single country, a small number of countries, or a particular geographic region. As a result, the Company's performance may be closely aligned with the market, currency or economic, political or regulatory conditions and developments in those countries or that region, and could be more volatile than the performance of more geographically - diversified investments.

Liquidity Risk

Liquidity risk is the risk that the Company will not be able to meet its obligations as and when these fall due. Liquidity risk is managed by the Investment Manager to ensure that the Company maintains sufficient working capital in cash or near cash form so as to be able to meet the Company's ongoing requirements as they fall due.

Participation Commitments

With respect to the senior loans the Company may: 1) invest in assignments; 2) act as a participant in primary lending syndicates; or 3) invest in participations. If a Company purchases a participation of a senior loan interest, the

Company would typically enter into a contractual agreement with the lender or other third party selling the participation, rather than directly with the borrower. As such, the Company not only assumes the credit risk of the borrower, but also that of the selling participant or other persons inter positioned between the Company and the borrower. As of 30 June 2015, there were no such outstanding participation commitments in the Company.

Other Risks

Legal, tax and regulatory changes could occur during the term of the Company that may adversely affect the Company. The regulatory environment for alternative investment companies is evolving, and changes in the regulation of investment companies may adversely affect the value of investments held by the Company or the ability of the Company to pursue its trading strategies. The effect of any future regulatory change on the Company could be substantial and adverse.

Note 7 - Income Taxes

The Company is exempt from Guernsey tax on income derived from non-Guernsey sources. However, certain of its underlying investments may generate income that is subject to tax in other jurisdictions, principally in the United States. The Fund does not file any tax returns.

In accordance with US GAAP, management is required to determine whether a tax position of the Company is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The tax benefit to be recognised is measured as the largest amount of benefit that it has 50% or higher chance of being realised upon ultimate settlement. De-recognition of a tax benefit previously recognised could result in the Company recording a tax liability that would reduce net assets.This policy also provides guidance on thresholds, measurement, de-recognition, classification, interest and penalties, accounting in periods, disclosure, and transition that is intended to provide better financial statement comparability among different entities.

As of 30 June 2015, the Company has recorded no liability for net unrecognised tax benefits relating to uncertain tax positions it has taken or expects to take in future tax returns (31 December 2014: Nil).

Note 8 - Financial Highlights

30 June 2015

Per share operating performance Net Asset Value per share at the beginning of the period	U.S. Dollar Ordinary Share as at 30/06/2015	Sterling Ordinary Share as at 30/06/2015
	$	£
	0.9862	0.9770
Shareholder activity during the period	(0.0110)	(0.0039)

Income from investment operations (a)
Net income per share for the period (b)	0.0189	0.0189
Net realised and unrealised loss from investments	0.0199	0.0182
Foreign currency translation	-	(0.0042)
Total gain from operations	0.0387	0.0329
Distribution per share during the period	(0.0185)	(0.0185)
Net asset value per share at the end of the period	0.9954	0.9875

Total return* (b)

U.S. Dollar

Ordinary Share as at 30/06/2015

Sterling

Ordinary Share as at 30/06/2015

Total return*

2.81%

2.97%

Ratios to average net assets (b)

U.S. Dollar

Ordinary Share as at 30/06/2015

Sterling

Ordinary Share as at 30/06/2015

Net income (c)

1.89%

1.91%

Expenses (c)

(0.37)%

(0.38)%

(a) Average shares outstanding were used for calculation.

(b) An individual shareholder's return may vary from these returns based on the timing of the shareholder's investments in the Company.

*The total return is the NAV return per share plus dividends paid during the period. This figure is for the six months period to 30 June 2015.

31 December 2014

Per share operating performance	U.S. Dollar Ordinary Share as at 31/12/2014	Sterling Ordinary Share as at 31/12/2014
	$	£
Net Asset Value per share at the beginning of the year	1.0102	1.0018
Shareholder activity during the year	(0.0032)	(0.0041)

Income from investment operations (a)
Net income per share for the year (b)	0.0374	0.0371
Net realised and unrealised loss from investments	(0.0218)	(0.0890)
Foreign currency translation	-	0.0676
Total gain from operations	0.0156	0.0157
Distribution per share during the year	(0.0364)	(0.0364)
Net asset value per share at the end of the year	0.9862	0.9770

Total return* (b)

U.S. Dollar

Ordinary Share as at 31/12/2014

Sterling

Ordinary Share as at 31/12/2014

Total return*

1.23%

1.16%

Ratios to average net assets (b)

U.S. Dollar

Ordinary Share as at 31/12/2014

Sterling

Ordinary Share as at 31/12/2014

Net income (c)

3.72%

3.68%

Expenses (c)

(0.92)%

(0.87)%

(a) Average shares outstanding were used for calculation.

(b) An individual shareholder's return may vary from these returns based on the timing of the shareholder's investments in the Company.

*The total return is the NAV return per share plus dividends paid during the year. This figure is for the 12 month period to 31 December 2014.

Note 9 - Share Capital

The share capital of the Company consists of an unlimited number of Ordinary Shares of no par value, which upon issue the Directors may classify as:

(i) U.S. Dollar Ordinary Shares, Sterling Ordinary Shares or Euro Ordinary Shares or as Shares of such other classes as the Directors may determine;

(ii) B Shares of such classes denominated in such currencies as the Directors may determine; and

(iii) C Shares of such classes denominated in such currencies as the Directors may determine.

The rights attached to the above shares are one vote in respect of each share held and, in the case of a general meeting of all Shareholders:

(a) One vote in respect of each U.S. Dollar Ordinary Share held by the shareholder;

(b) 1.6 votes in respect of each Sterling Ordinary Share held by the shareholder; and

(c) In respect of a Share of a class denominated in any currency other than U.S. Dollars or Sterling held by the shareholder, such number of votes per Share of such class as shall be determined by the Directors in their absolute discretion upon the issue for the first time of Shares of the relevant class.

The Directors may effect distributions of capital proceeds attributable to the Ordinary Shares to holders of Ordinary Shares by issuing B Shares of a particular class to holders of Ordinary Shares of a particular class pro-rata to their holding of Ordinary Shares of such class.

The B Shares are issued on terms that each B Share shall be compulsorily redeemed by the Company shortly following issue and the redemption proceeds paid to the holders of such B Shares on such terms and in such manner as the Directors may from time to time determine.

The Directors are authorised to issue C Shares of such classes (and denominated in such currencies) as they may determine in accordance with Article 4 and with C Shares of each such class being convertible into Ordinary Shares of such class as the Directors may determine at the time of issue of such C Shares.

The C Shares will not carry the right to attend and receive notice of any general meetings of the Company, nor will they carry the right to vote at such meetings.

The C Shares will be entitled to participate in a winding-up of the Company or on a return of capital in relation to the C share surplus as defined in the Prospectus.

The C Shares will be entitled to receive such dividends as the Directors may resolve to pay to such holders out of the assets attributable to such class of C Shares.

There were no Euro Ordinary Shares in issue as at 30 June 2015 (31 December 2014: No Euro Ordinary Shares).

As at 30 June 2015, there were no C Shares in issue (31 December 2014: No C Shares were in issue).

From 1 January 2015 to 30 June 2015	U.S. Dollar Ordinary Shares	Sterling Ordinary Shares	Total
Balance as at 1 January 2015	60,166,690	1,241,163,626	1,301,330,316
Scrip issue *	53,587	384,636	438,223
Monthly conversions**	(940,361)	614,251	(326,110)
Share buybacks	(50,000)	(16,775,634)	(16,825,634)
Balance as at 30 June 2015	59,229,916¹	1,225,386,879²	1,284,616,795

From 1 January 2014 to 31 December 2014	Sterling C Shares	U.S. Dollar Ordinary Shares	Sterling Ordinary Shares	Total
Balance as at 1 January 2014	425,571,132	51,280,525	824,544,205	1,301,395,862
Scrip issue *	-	191,701	1,461,013	1,652,714
Monthly conversions**	-	8,694,464	(5,945,073)	2,749,391
Conversion of C Shares into Ordinary Shares***	(425,571,132)	-	421,103,481	(4,467,651)

Balance as at 31 December 2014	-	60,166,690³	1,241,163,626⁴	1,301,330,316

Treasury Shares

As at 30 June 2015, the Company held the following Treasury Shares.

	30 June 2015	31 December 2014
Sterling Ordinary Treasury Shares****	16,775,634	-
U.S. Dollar Ordinary Treasury Shares****	50,000	-

The shares of no par value had the following issue proceeds net of any issue costs:

¹$943,309

²$22,441,329 (£15,085,252)

³ $57,779,555

⁴ $1,943,947,899 (£1,408,790,462)

* At the time of each quarterly dividend declaration, the Company offered a scrip dividend alternative for the distribution to those shareholders who wish to receive additional Ordinary Shares in lieu of a cash payment.

** The Company offers a monthly conversion facility pursuant to which Shareholders may elect to convert some or all of their Shares of a class into Shares of any other class.

*** On 6 January 2014, the Company announced a conversion ratio for the conversion of Sterling C Shares into Ordinary Shares. The conversion ratio, based on the NAV of each share class as at 31 December 2013, as calculated in accordance with the Company's prospectus dated 30 September 2013 was 0.98950222 Sterling Ordinary Shares for every one Sterling C Share held. Based on the conversion announcement on 20 January 2014, an application was made to the UK Listing Authority for 421,103,481 Sterling Shares (the "New Shares") to be admitted to the Official List. Application was also made for the New Shares to be admitted to trading on the London Stock Exchange, which became effective from and the dealings in the New Shares commenced from 21 January 2014. The Sterling C Shares were permanently removed from trading on the London Stock Exchange with effect from the opening of trading at 8:00 a.m. on 21 January 2014.

**** The Company has an approved share buy back programme and may elect to buy back ordinary shares at certain times during the year. Any shares purchased under this programmes are held as Treasury Shares. During the period, the Company purchased 1 lot of 50,000 U.S. Dollar Ordinary Shares at a price of $0.967 and 28 lots of Sterling Ordinary Shares with a high price of £0.965 and a low price of £0.949.

Note 10 - Subsequent Events

On 6 July 2015, the Company purchased 25,000 U.S. Dollar Ordinary shares to be held in Treasury.

Note 11 - Dividends

a) The following dividends were declared for Ordinary and C Shareholders since inception:

Period	Date Declared	Payment Date	Dividend per U.S. Dollar Share	Dividend per Sterling Share

Period 20 April 2011 to 30 September 2011	12 October 2011	9 December 2011	$0.01486	£0.01486
Quarter ended 31 December 2011	5 January 2012	24 February 2012	$0.01187	£0.01187
Quarter ended 31 December 2011- C Shares	5 January 2012	24 February 2012	$0.00323	£0.00323
Quarter ended 31 March 2012	12 April 2012	25 May 2012	$0.01260	£0.01260
Quarter ended 30 June 2012	5 July 2012	24 August 2012	$0.01310	£0.01310
Quarter ended 30 September 2012	3 October 2012	23 November 2012	$0.01210	£0.01210
Quarter ended 31 December 2012	9 January 2013	22 February 2013	$0.01160	£0.01160
Quarter ended 31 March 2013	8 April 2013	24 May 2013	$0.01220	£0.01220
Quarter ended 30 June 2013	4 July 2013	16 August 2013	$0.01110	£0.01110
Quarter ended 30 June 2013- C Shares	4 July 2013	26 July 2013	-	£0.00550

Quarter ended 30 September 2013	7 October 2013	22 November 2013	$0.00890	£0.00890
Quarter ended 31 December 2013	6 January 2014	21 February 2014	$0.00940	£0.00940
Quarter ended 31 December 2013- C Shares	6 January 2014	7 February 2014	-	£0.00200
Quarter ended 31 March 2014	4 April 2014	27 May 2014	$0.00860	£0.00860
Quarter ended 30 June 2014	3 July 2014	15 August 2014	$0.00890	£0.00890
Quarter ended 30 September 2014	3 October 2014	21 November 2014	$0.00950	£0.00950
Quarter ended 31 December 2014	7 January 2015	20 February 2015	$0.00960	£0.00960
Quarter ended 31 March 2015	7 April 2015	26 May 2015	$0.00890	£0.00890
Quarter ended 30 June 2015	3 July 2015	15 August 2015	$0.01030	£0.01030

The Company has issued the following Ordinary Shares under Scrip Dividend Alternative since inception:

Period	Number of U.S. Dollar Ordinary Shares	Number of Sterling Ordinary Shares			Rate per U.S. Dollar Ordinary Share		Rate per Sterling Ordinary Share

Quarter ended 30 September 2011	91,565	710,833			$0.95880		£0.96320
Quarter ended 31 December 2011	68,398	592,380			$0.95300		£0.95760
Quarter ended 31 March 2012	84,444	14,653			$0.99300		£1.00020
Quarter ended 30 June 2012	97,572	792,651			$0.97840		£0.97160
Quarter ended 30 September 2012	91,479	567,376			$1.00400		£0.99030
Quarter ended 31 December 2012	29,500	821,100			$1.02000		£1.00650
Quarter ended 31 March 2013	69,213	38,805			$1.05700		£1.05080
Quarter ended 30 June 2013	28,237	221,317			$1.06700		£1.03880
Quarter ended 30 September 2013	58,190	365,543			$1.03870		£1.03360
Quarter ended 31 December 2013	67,590	217,354			$1.06900		£1.04880
Quarter ended 31 March 2014	67,228		668,002	$1.03950		£0.99010
Quarter ended 30 June 2014	27,941		341,872	$1.00280		£0.99390
Quarter ended 30 September 2014	28,942		233,785	$0.98230		£0.97500
Quarter ended 31 December 2014	30,277		181,999	$0.99520		£0.97040
Quarter ended 31 March 2015	23,310		202,637	$0.99600		£0.98790
Quarter ended 30 June 2015	6,507		609,773	$0.98890		£0.98110

Note 12 - Other

The Company has determined that no accrual or loss contingency is required in the Unaudited Consolidated Interim Financial Statements.

Directors, Managers and Advisers

Directors

William Frewen (Chairman)

Sandra Platts

Richard Battey

Rupert Dorey

All c/o the Company's registered office.

Registered Office

1^st & 2^nd Floors, Elizabeth House

Les Ruettes Brayes

St Peter Port

Guernsey

GY1 4LX

Designated Manager, Administrator, Custodian (until 28 February 2015)

BNP Paribas Securities Services S.C.A., Guernsey Branch

BNP Paribas House

1 St. Julian's Avenue

St. Peter Port

Guernsey

GY1 1WA

Company Secretary

C.L. Secretaries Limited

1^st & 2^nd Floors, Elizabeth House

Les Ruettes Brayes

St Peter Port

Guernsey

GY 1 1EW

Designated Manager and Administrator (from 1 March 2015)

U.S. Bancorp Fund Services (Guernsey), Limited

1^st floor

Tudor House

Le Bordage

St Peter Port

Guernsey

GY1 1DB

Sub - Administrator (from 1 March 2015)

Quintillion

24/26 City Quay

Dublin

Ireland

Investment Manager

Neuberger Berman Europe Limited

4^th Floor, 57 Berkeley Square

London

United Kingdom

W1J 6ER

Alternative Investment Fund Manager

Neuberger Berman Fixed Income LLC

190 S LaSalle Street

Chicago IL 60603

United States of America

Joint Broker

Stifel Nicolaus Europe Limited

150 Cheapside

London

United Kingdom

EC2V 6ET

Joint Broker

Dexion Capital plc

1 Tudor Street

London

United Kingdom

EC4Y 0AH

Solicitors to the Company (as to English law and U.S. securities law)

Herbert Smith Freehills LLP
Exchange House
Primrose Street
London

United Kingdom

EC2A 2HS

Advocates to the Company (as to Guernsey law)

Carey Olsen

PO Box 98

Carey House

Les Banques

St. Peter Port

Guernsey

GY1 4BZ

Independent Auditors

PricewaterhouseCoopers CI LLP

Royal Bank Place

1 Glategny Esplanade

St. Peter Port

Guernsey

GY1 4ND

Registrar

Capita Registrars (Guernsey) Limited

Mont Crevelt House

Bulwer Avenue

St. Sampson

Guernsey

GY2 4LH

Principal Bankers (until 28 February 2015)

BNP Paribas Securities Services S.C.A., Guernsey Branch

BNP Paribas House

1 St. Julian's Avenue

St. Peter Port,

Guernsey GY1 1WA

Custodian and Principal Bankers (from 1 March 2015)

US Bank National Association

214 North Tryon Street

26th Floor, Charlotte

North Carolina 28202

Enquiries:

Claire McSwiggan
Carey Group
Tel: 01481 737281

A copy of the Company's Annual Report and Consolidated Financial Statements will shortly be available from the Company Secretary, C.L. Secretaries Limited, 1^st & 2^nd Floors, Elizabeth House, Les Ruettes Brayes, St Peter Port, Guernsey GY11EW or on the Company's website (WWW.NBGFRIF.COM).

Neither the contents of the Company's website nor the contents of any website accessible from hyperlinks on the Company's website (or any other website) is incorporated into, or forms part of, this announcement.

This information is provided by RNS

The company news service from the London Stock Exchange

END

IR PKNDKABKDCFD

Companies

NB Global Monthly Income Fund Limited Red Ord Shs NPV £ (NBMI)

Monday, 4th November 2024

COMPANIES COVERED:

AAL 0RYA CPH2

Another quiet start to the week for the larger cap companies, but Clean Power Hydrogen sees cheer for two positive news releases, Anglo American up on disposal news and Ryanair dips on softer air fares.

Full Archive

UK 100

Latest directors dealings

11 hours ago Legal & General Group
12 hours ago Schroder Income Growth Fund
12 hours ago Velocity Composites
13 hours ago Luceco
14 hours ago Artemis Alpha Trust

All directors dealings today