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NTAC:3NS-20

Baring Investment Funds Plc

Interim Report & Unaudited Financial

Statements For the half year ended 31 October 2017

Table of Contents

Management and administration ...................................................................................................... 1

Introduction ...................................................................................................................................... 3

Key changes during the period ....................................................................................................... 15

This section includes the following: ....................................................................................................

- Investment Manager's report ...........................................................................................................

- Balance sheet ..................................................................................................................................

- Statement of changes in net assets attributable to holders of redeemable participating shares ......

- Profit and loss account .....................................................................................................................

Baring China Select Fund .............................................................................................................. 19

Baring Dynamic Absolute Return Fund .......................................................................................... 23

Baring Emerging Markets Debt Local Currency Fund .................................................................... 27

Baring Euro Dynamic Asset Allocation Fund .................................................................................. 31

Baring European Opportunities Fund ............................................................................................. 35

Baring Frontier Markets Fund......................................................................................................... 39

Baring Global Dividend Champions Fund ...................................................................................... 44

Baring Global Mining Fund ............................................................................................................. 48

Baring India Fund ........................................................................................................................... 52

Baring MENA Fund ........................................................................................................................ 56

Company balance sheet ................................................................................................................ 61

Company statement of changes in net assets attributable to holders of redeemable participating shares ............................................................................................................................................ 62

Company profit and loss account ................................................................................................... 63

Notes to the financial statements ................................................................................................... 64

Portfolio statements ...................................................................................................................... 97

Information for investors in Switzerland ...................................................................................... 131

Information for investors in Germany ........................................................................................... 134

General information ...................................................................................................................... 135

Appendix 1 - additional information Hong Kong code .................................................................. 137

Appendix 2 - significant portfolio movements ............................................................................... 147

Appendix 3 - securities financing transaction regulation .............................................................. 157

1

Management and administration

Manager

Baring International Fund Managers (Ireland) Limited

Registered Office

Georges Court

54-62 Townsend Street

Dublin 2

Ireland

Telephone: + 353 1 542 2930

Facsimile: + 353 1 670 1185

Investment Managers

Baring Asset Management Limited

155 Bishopsgate

London EC2M 3XY

United Kingdom

Telephone: + 44 20 7628 6000

Facsimile: + 44 20 7638 7928

Baring Asset Management (Asia) Limited*

35th Floor, Gloucester Tower

15 Queen’s Road Central

Hong Kong

Telephone: + 852 2 841 1411

Facsimile: + 852 2 973 3338

* Baring Asset Management (Asia) Limited is the delegated

Sub-Investment Manager for certain funds as detailed in the Investment

Manager’s reports of the relevant funds.

Depositary

Northern Trust Fiduciary Services (Ireland) Limited

Georges Court


Dublin 2

Ireland

Administrator and Registrar

Northern Trust International Fund Administration

Services (Ireland) Limited

Georges Court


Dublin 2

Ireland


Independent Auditors

PricewaterhouseCoopers

One Spencer Dock

North Wall Quay

Dublin 1

Ireland

Sponsoring Broker and Legal Advisers

Matheson

70 Sir John Rogerson’s Quay

Grand Canal Dock

Dublin 2

Ireland

Directors of the Company

Oliver Burgel** (German)

Peter Clark** (British)

Jim Cleary**† (Irish)

David Conway† (Irish)

Barbara Healy† (Irish)

Michel Schulz** (German)

Timothy Schulze** (United States)

Julian Swayne (British)

Mark Thorne**† (Irish)

** Jim Cleary was appointed as Director of the Manager with effect

from 18 May 2017.

** Michel Schulz has resigned from his position as Director of the

Manager with effect from 18 May 2017.

** Timothy Schulze was appointed as Director of the Manager with

effect from 18 May 2017.

** Mark Thorne has resigned from his position as Director of the


** Peter Clark was appointed as Director of the Manager with effect

from 26 September 2017.

** Oliver Burgel has resigned from his position as Director of the

Manager with effect from 24 October 2017.

† Non-executive Directors independent of the Investment Manager.

2

Management and administration (continued)

Paying Agents

UniCredit Bank Austria AG

Schottengasse 6-8

1010 Vienna

Austria

BNP Paribas Securities Services

9 rue du Débarcadère

93500 Pantin Cedex

France

Deutsche Bank AG

Global Transaction Banking

Issuer Services – Global Securities Services

Post IPO Services

Taunusanlage 12

60325 Frankfurt am Main

Germany

Northern Trust Global Services Limited

Luxembourg Branch

6, rue Lou Hemmer

L-1748 Senningerberg

Luxembourg

S.E. Banken

SkandiNet Asset Valueiska Enskilda Banken AB (publ)

Transaction Banking

KB BV, SE-106 40

Stockholm

Sweden


Succursale de Zurich

Selnaustrasse 16

8002 Zurich

Switzerland

Caceis Belgium SA

B-1000 Brussels

Avenue du Port 86 C b320

Belgium


Paying agents

BNP Paribas Securities Services (BNP Paribas

Succursale Italia)

Succursale di Milano

Via Ansperto, 5

20123 Milan

Italy

3

Introduction

Baring Investment Funds Plc (“the Company”) is an open-ended umbrella investment company with segregated

liability between Funds and with variable capital incorporated in Ireland on 18 October 2004 under the

Companies Act 2003, as amended. It is authorised by the Central Bank of Ireland (“the CBI”), pursuant to the

European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 (as

amended) (“the UCITS Regulations”). The Company’s registration number is 392526 and is designed to give

both individual and institutional investors the benefit of experienced professional portfolio management.

The Company is an umbrella fund in that different Funds may be issued from time to time by the Directors with

the prior approval of the CBI. The assets of each Fund are invested in accordance with the investment objective

and policy applicable to such Fund.

The Company has ten Funds, Baring China Select Fund, Baring Dynamic Absolute Return Fund, Baring

Emerging Markets Debt Local Currency Fund (closed 17 May 2017), Baring Euro Dynamic Asset Allocation

Fund, Baring European Opportunities Fund, Baring Frontier Markets Fund, Baring Global Dividend Champions

Fund, Baring Global Mining Fund (closed 31 October 2017), Baring India Fund and Baring MENA Fund. Further

details of the Funds are contained in individual supplements to the full Prospectus.

The trade receipt and valuation deadline for the interim accounts was 12pm on 31 October 2017, the last

business day of the period, with the exception of the Baring MENA Fund, which is always valued on the

Thursday.

The following Funds have been approved by the Central Bank of Ireland:

Fund Fund launch date

Baring China Select Fund 13/04/2008

Baring Dynamic Absolute Return Fund 23/06/2016

Baring Emerging Markets Debt Local Currency Fund (closed 17 May 2017) 14/12/2006

Baring Euro Dynamic Asset Allocation Fund 13/03/2013

Baring European Opportunities Fund 29/10/2013

Baring Frontier Markets Fund 24/04/2013

Baring Global Dividend Champions Fund 20/10/2016

Baring Global Mining Fund (closed 31 October 2017) 29/02/2012

Baring India Fund 07/12/2011

Baring MENA Fund 29/03/2010

4

Introduction (continued)

Baring China Select Fund

Investment objective and policy

The investment objective of the Baring China Select Fund (“the Fund”) is to achieve long-term capital growth in

the value of assets by investing in companies which Baring Investment Funds Plc (“the Company”) believes will

benefit from the economic growth and development of China.

The Fund will seek to achieve its investment objective by investing at least 70% of its total assets at any one

time in equities in companies quoted on recognised exchanges in China or Hong Kong or incorporated in China

or Hong Kong, or which have a significant proportion of their assets or other interests in China or Hong Kong.

Baring Asset Management Limited (“the Investment Manager”) may also invest in equities in companies

elsewhere in the Asia Pacific (ex Japan) region with the potential, in the opinion of the Investment Manager, to

benefit from the development of China. For this purpose, total assets exclude cash and ancillary liquidities.

Please refer to the Prospectus for the full investment objective and policy.

How the Fund is managed

The Manager of the Company, Baring International Fund Managers (Ireland) Limited, has appointed Baring

Asset Management Limited as the Investment Manager of the Fund. In turn, Baring Asset Management Limited

has appointed Baring Asset Management (Asia) Limited as Sub-Investment Manager to the Fund.

The Fund is managed using a “Growth at a Reasonable Price” (“GARP”) approach. This means that when

researching candidates for the portfolio, just as much emphasis is placed on the likely growth in corporate

earnings of a company as is placed on the share price valuation before deciding whether to invest or not. This

approach combines the best features of both “growth” and “value” investment styles, to the benefit of investors. A

significant emphasis is placed on fundamental research, looking for companies which have the potential to

deliver better-than-expected earnings growth. Over the long term, the Investment Manager aims to deliver the

majority of returns through active stock picking and expects to achieve most of the added value from stock

selection.

Risk profile

Please see detailed below some of the key risks applicable to the Fund:

Changes in exchange rates between the currency of the Fund and the currencies in which the assets of the

Fund are valued can have the effect of increasing or decreasing the value of the Fund and any income

generated.

Derivative instruments can make a profit or a loss and there is no guarantee that a financial derivative

contract will achieve its intended outcome. The use of derivatives can increase the amount by which the

Fund’s value rises and falls and could expose the Fund to losses that are significantly greater than the cost of

the derivative as a relatively small movement may have a larger impact on derivatives than the underlying

assets.

China may face more political, economic or structural challenges than developed countries. Coupled with less

developed regulation, this means your money is at greater risk.

Country-specific funds have a narrower focus than those which invest broadly across markets and are

therefore considered to be more risky.

The Fund can hold smaller company shares, which can be more difficult to buy and sell as they may trade

infrequently and in small volumes, so their share prices may fluctuate more than those of larger companies.

Losses may occur if an organisation through which we buy an asset (such as a bank) fails to meet its

obligations.

Please refer to the Prospectus for the full risk profile.

5


Baring Dynamic Absolute Return Fund


The Baring Dynamic Absolute Return Fund’s (“the Fund’s”) objective is to generate a positive absolute return.

The Fund invests in a diversified global portfolio of both physical and synthetic long position and synthetic short

positions. The Fund aims to produce, though has no guarantee of achieving, a return in excess of 3m US LIBOR

of approximately 4% over a rolling three-year period. It seeks to achieve this with a medium level of risk. The

Fund may apply leverage.



Baring International Fund Managers (Ireland) Limited (“the Manager”) uses a top-down fundamental approach. It

seeks out over and under-valuation across equities, currencies, bonds, credit and commodities, as well as

relative value opportunities between them. It is managed with a market-agnostic approach, in as much as there

is no systematic or permanent equity market beta, although the portfolio may assume some positive or negative

beta from time to time if opportunities emerge.

Risk profile






assets.

The rating of a bond can change. There is no guarantee that a bond issuer will pay the interest due or repay

the loan (bonds that produce a higher level of income are at a greater risk of default). Bond values are likely

to fall if interest rates rise.

Emerging markets countries may have less developed regulation and face more political, economic or

structural challenges than developed countries. This means your money is at greater risk.

If markets are disrupted or less liquid, the value of certain fund investments may fall or rise substantially in

short periods of time, and in some cases it may become difficult to buy or sell at an advantageous time or

price.



generated.


obligations.


6


Baring Emerging Markets Debt Local Currency Fund


The investment objective of the Baring Emerging Markets Debt Local Currency Fund (“the Fund”) was to

maximise total return by investing in local-currency-denominated emerging market debt securities.

The Fund sought to achieve its investment objective by investing at least 70% of its total assets at any one time

in local-currency-denominated emerging market debt securities issued by governments, supranationals,

agencies and companies domiciled in, or exercising the predominant part of their economic activity in, emerging

markets. Debt securities in which the Fund invested may have included, but were not limited to, fixed and floating

rate bonds, inflation-protected bonds, debentures, notes, asset and mortgage-backed securities, certificates of

deposit and commercial paper. For this purpose, total assets exclude cash and ancillary liquidities.



The Manager of the Company, Baring International Fund Managers (Ireland) Limited, appointed Baring Asset

Management Limited as the Investment Manager of the Fund.

Baring Asset Management Limited sought to maximise the total return by investing in local currency emerging

bond markets where we believed yields were likely to fall and avoiding those that were thought to be expensive.

The overall duration, or interest rate sensitivity, of the Fund fluctuated as our expectations for economic

developments changed. We also looked to add value through foreign exchange management, identifying those

markets where currencies were attractive, for example, due to sound economic fundamentals or rising interest

rates. There were no formal limits or restrictions on credit rating, maturity or duration of the debt securities which

may have been held by the Fund. The Fund could, but was not required to, hedge its exposure to non-US

currencies through the use of derivatives.

Our bond market and currency research embraced a full range of market drivers, including macroeconomic

analysis and fiscal policy, liquidity conditions and technical indicators. These drivers were analysed in order to

provide a framework for the assessment of relative value across markets and to assist us in developing the

scenarios that underpin our strategic work.

Risk profile


There is no guarantee that a bond issuer will pay the interest due or repay the loan. Bond values are likely to

fall if interest rates rise.

Where a bond market has a low number of buyers and/or a high number of sellers, it may be harder to sell

fund investments at an anticipated price or in a timely manner. This could have a negative impact on the

value of your investment. In extreme conditions, this could affect the Fund’s ability to meet investors’

redemption requests.





assets.

Emerging market countries may have less developed regulation and face more political, economic or


The fees and expenses are paid out of capital. This will constrain capital growth and may erode capital.


obligations.


7


Baring Euro Dynamic Asset Allocation Fund


The investment objective of the Baring Euro Dynamic Asset Allocation Fund (“the Fund”) is to generate a total

return consisting of capital and income appreciation which exceeds European cash rates over the medium to

long term.

In order to achieve its investment objective, the Fund will use a tactical asset allocation strategy which has no

formal limitations on exposure to any specific asset class, sector, country or region, including emerging markets.

In this regard, Baring Asset Management Limited (“the Investment Manager”) will seek to actively allocate the

Fund’s portfolio of investments across asset classes to diversify returns, manage risk and achieve the

investment objective. The asset allocation model will be adjusted dynamically in anticipation of and in response

to changes in economic and market conditions. Allocations will be made at the Investment Manager’s discretion,

based upon analysis of investment returns primarily from asset allocation but also from sector and security

selection. Investments within each asset class are then selected by analysing the profitability, cash flow,

earnings and valuations to determine their attractiveness.





Baring International Fund Managers (Ireland) Limited (“the Manager”) uses the ideas generated by the Strategic

Policy Group, our global macro research asset allocation group, to choose what we believe are the best

investments to achieve the investment objectives of the Fund. This means we construct a portfolio of stocks or

bonds from a mix of companies, countries and sectors to suit our current asset allocation policy at that point in

time.

We believe that asset allocation is the most important driver of returns. It is important to be in the right market at

the right time, and to be able to retreat to a more defensive poise to help manage risk. We follow a two-stage

investment process that accesses both long-term return opportunities, driven by slowly evolving macroeconomic

factors, and shorter-term opportunities generated by market volatility. We maintain a forward-looking approach

and are conscious that what proved to be a defensive asset in a previous downturn may not always be suitable.

We use our wide investment universe to ensure that we avoid over diversification and focus on assets that we

believe are appropriate for the prevailing economic and market cycle.

Risk profile




generated.


the loan. Bond values are likely to fall if interest rates rise.





assets.




obligations.


8


Baring European Opportunities Fund


The Baring European Opportunities Fund (“the Fund”) will seek to achieve long-term capital growth primarily

through investment in the securities of smaller European companies.

The Fund will seek to achieve its investment objective by investing at least 75% of its total assets in equities and

equity-related securities of smaller companies incorporated in, or exercising the predominant part of their

economic activity in, Europe, or quoted or traded on the stock exchanges in Europe.




Asset Management Limited as the Investment Manager of the Fund.

At Barings, our equity investment teams share the philosophy of quality “Growth at a Reasonable Price” or

GARP. We believe that earnings growth is the principal driver of equity market performance over the medium to

long term, and favour high-quality companies for their ability to outperform the market on a risk-adjusted basis. In

particular, we believe that structured fundamental research and a disciplined investment process combining

quality, growth and upside disciplines can allow us to identify attractively priced, long-term growth companies

which will outperform the market. Our approach emphasises quality criteria when looking at companies and a

three-to-five-year time horizon when forecasting company earnings. In determining upside, we use consistent

and transparent methods to place emphasis on discounted earnings models.

Risk profile




generated.





assets.




infrequently and in small volumes, so their share prices may fluctuate more than those of larger companies.


obligations.


9


Baring Frontier Markets Fund


The investment objective of the Baring Frontier Markets Fund (“the Fund”) is to seek to achieve long-term capital

growth primarily through investment in frontier markets. The Fund will seek to have at least 70% Net Asset Value

exposure to frontier markets in the form of a diversified portfolio of equities and equity-related securities of

companies incorporated in, and/or exercising the predominant part of their economic activity in, frontier market

countries, or derivatives, Investment Funds and equity-related instruments providing exposure to such frontier

markets companies.

Up to 30% of the total assets of the Fund may be invested in, or provide exposure to, equities and equity-related

securities in countries not classified as frontier market countries, in debt securities of issuers worldwide, including

frontier markets, or in cash and ancillary liquidities.

For these purposes, frontier markets are those markets not classified as developed markets or emerging

markets by Morgan Stanley Capital International (“MSCI”). Such frontier markets may include, but are not limited

to: Kuwait, Argentina, Nigeria, Pakistan, Bangladesh, Kazakhstan, Oman, Croatia, Slovenia, Kenya, Sri Lanka,

Vietnam, Lebanon, Romania, Mauritius, Trinidad and Tobago, Jordan, Ukraine, Tunisia, Bahrain, Estonia,

Serbia, Lithuania, Bulgaria, Botswana, Ghana and Saudi Arabia. These markets are subject to change.

For the full investment objective and policy, and a list of the markets and exchanges where the Fund may invest,

please refer to the Prospectus.












Risk profile




generated.





assets.

Emerging markets or less developed countries may face more political, economic or structural challenges

than developed countries. Coupled with less developed regulation, this means your money is at greater risk.

Investment in frontier markets tends to involve similar risks to those in emerging markets but to an even

greater extent as they tend to be smaller, less developed, have less liquidity and can be less accessible than

emerging markets.


infrequently and in small volumes, so their share price may fluctuate more than those of larger companies.


obligations.


10


Baring Global Dividend Champions Fund


The investment objective of Baring Global Dividend Champions Fund (“the Fund”) is to generate income together

with long-term capital growth through investment in the securities of companies worldwide.


time in equity and equity-related securities (as described further below) of companies worldwide. For this

purpose, total assets exclude cash and ancillary liquidities.

In addition, up to 30% of the total assets of the Fund may be invested in, or provide exposure to:

debt securities of issuers worldwide. The debt securities in which the Fund may invest may be fixed or

floating rate, issued by governments, supranationals, agencies and companies. Debt securities may be

rated investment grade or sub-investment grade by Standard & Poor’s (“S&P”) or another internationally

recognised rating agency, or be, in the opinion of the Manager, of similar credit status, or may be

unrated. There are no limits or restrictions on credit rating, maturity or duration of any debt or equity-

related security (such as debt securities convertible into equities) which may be held by the Fund;

however, investment in sub-investment grade debt securities and unrated debt securities together will not

exceed 10% of the Net Asset Value of the Fund.

cash and ancillary liquidities, including deposits, treasury bills, government bonds or short-term Money

Market Instruments, including commercial paper and certificates of deposit, in normal market conditions.




Our investment process is predominantly “bottom-up”. To find the exceptional businesses that make up the

strategy, we use a broad range of research inputs: Baring’s internal analytical resources, industry experts,

company meetings, quantitative research and company reports, among others. We are natural sceptics – rather

than buying into a “story”, we seek proof of a company’s excellence. Only our highest-conviction ideas make it

into the strategy, so robust debate and close analysis of fundamentals are key.

We evaluate candidate companies using the following three-stage process:

1. Quality: we scrutinise a company’s business model, looking for a range of features and competitive

advantages, including network effects, benefits to incumbency, large installed bases, leading brands or a

sustainable research and development (“R&D”) edge. Upon inspection, companies must earn attractive

returns on capital, possess excellent financial profiles and have a management team committed to its role as

the steward of shareholder wealth.

2. Growth: we assess our candidate companies’ ability to deliver long-term profit growth. Sustained growth of

both capital and dividends can only be achieved if the underlying business is flourishing. Our process leads

us to firms with stable and visible growth profiles rather than companies with more speculative growth

ambitions, or those businesses whose fortunes are heavily linked to external forces. The ideal investment is a

growing company with meaningful control of its own destiny.

3. Valuation and scenario analysis: financial statements are “cleaned” of any accounting distortions (such as off-

balance-sheet liabilities) which may obscure the true financial position of a business, and companies are put

through a series of business-specific stress tests. The aim is to ascertain the underlying risk that an

investment presents, and to gauge the scale of profit and dividend progression we can reasonably expect

under various circumstances. Many companies “fail” this stage of the process – businesses are often found to

present too much risk once their underlying fundamentals are “tested”. If a company does pass this stage, we

then ascertain the long-term value of the business using a highly consistent and cash-based set of valuation

techniques.

11


Baring Global Dividend Champions Fund (continued)

Risk profile




generated.



The annual management fee and other fees and expenses are paid out of capital. This will have the effect of

constraining capital growth and eroding capital, meaning investors may receive back less than originally

invested.





assets.


obligations.


Baring Global Mining Fund


The investment objective of the Baring Global Mining Fund (“the Fund”) was to achieve long-term capital growth

primarily through investment in the equity and equity-related securities of mining and mining-related companies.

The Fund sought to identify investments through the use of “top-down” asset allocation, based on major

economic and political factors rather than the specific circumstances of an individual company, and “bottom-up”

stock selection, based on analysing the profitability, cash flow, earnings and pricing power of companies to

determine their attractiveness as investments.

Qualitative and quantitative research was undertaken to identify those companies, industries and countries that

Baring Asset Management Limited ("the Investment Manager") expected to produce above-average investment

performance.


in equities and equity-related securities of companies worldwide engaged in the exploration, development and

production of base metals, gold or other precious metals or mineral mining, and of companies engaged in

enabling mining technologies. For this purpose, total assets exclude cash and ancillary liquidities.


12


Baring Global Mining Fund (continued)




At Barings, our equity investment teams shared the philosophy of quality “Growth at a Reasonable Price” or

GARP. We believed that earnings growth was the principal driver of equity market performance over the medium

to long term, and favoured high quality companies for their ability to outperform the market on a risk-adjusted

basis. In particular, we believed that structured fundamental research and a disciplined investment process

combining quality, growth and upside disciplines could have allowed us to identify attractively priced, long-term

growth companies which would have outperformed the market. Our approach emphasised quality criteria when

looking at companies and a three-to-five-year time horizon when forecasting company earnings. In determining

upside, we used consistent and transparent methods to place emphasis on discounted earnings models.

Risk profile




generated.





assets.



The value of commodities and the companies involved can be significantly affected by world events, trade

controls, political and economic conditions, international energy conservation, the success of explorations

projects, tax and other government regulations.


obligations.


Baring India Fund


The investment objective of the Baring India Fund (“the Fund”) is to achieve long-term capital growth by investing

in India.


time in Indian equities and equity-related securities of companies who are themselves, or whose underlying

equities are, domiciled in or exercising the predominant part of their economic activity in India, or which are

quoted and/or traded on the stock exchanges in India. Up to 30% may be invested outside India within the Indian

subcontinent. Please refer to the Prospectus for the full investment objective and policy.


The Manager of the Company, Baring International Fund Managers (Ireland) Limited, have appointed Baring


has delegated certain of its investment management duties to Baring Asset Management (Asia) Limited.

13


Baring India Fund (continued)

How the Fund is managed (continued)









Risk profile




generated.





assets.



Country Funds have a narrower focus than those which invest broadly across markets and are therefore

considered to be more risky.

For tax efficient purposes, the Fund will mainly invest through a Mauritian subsidiary. You should be aware

that this arrangement may be subject to renegotiation and reinterpretation in the future, and any change could

have a negative effect on the returns of the Fund.


obligations.


Baring MENA Fund


The investment objective of the Baring MENA Fund (“the Fund”) is to achieve long-term capital growth in the

value of assets by investing in the Middle East and North Africa (“MENA”).


time in equities and equity-related securities of companies domiciled in the MENA region or exercising the

predominant part of their economic activity in the MENA region. For this purpose, total assets exclude cash and

ancillary liquidities. Please refer to the Prospectus for the full investment objective and policy.

14


Baring MENA Fund (continued)






long-term, and favour high-quality companies for their ability to outperform the market on a risk-adjusted basis. In






Risk profile




generated.





assets.

The MENA region comprises emerging markets and less developed countries. These countries may

experience economic and political unrest. They also tend to lack transparent and reliable official data, have

low standards of corporate governance and an under-developed process for enforcing legal ownership of

investments. This means your money is at greater risk.

Regional Funds have a narrower focus than those which invest broadly across markets and are therefore



obligations.


15

Key changes during the period LIST OF CHANGES TO THE PROSPECTUS OF BARING INVESTMENT FUNDS plc (THE “COMPANY”)

DURING THE PREVIOUS ACCOUNTING PERIOD

Prospectus updates

- Baring China Bond Fund

- Baring China Select Fund

- Baring Dynamic Absolute Return Fund

- Baring Dynamic Emerging Markets Fund

- Baring Emerging Markets Corporate Debt Fund

- Baring Emerging Markets Debt Local Currency Fund Fund

- Baring Euro Dynamic Asset Allocation Fund

- Baring European Opportunities Bond Fund

- Baring Global Dividend Champions Fund

- Baring Global Mining Fund

- Baring India Fund

- Baring MENA Fund

Prospectus dated 06 September 2017 Material changes

For the purpose of this update we have deemed any change as to which shareholder approval was obtained or where shareholders were notified, to be “material”. There were no material changes in this period.

Non-material changes The following non material changes have been made to the Prospectus;

1. Updates have been made throughout to address disclosure requirements of the Regulation (EU) 2015/2365 (the Securities Financing Transactions Regulation). Additional risk factors were included to clarify that a Fund entering into total return swaps is subject to risks such as counterparty risk, liquidity risk, legal risk, operational risks and the risk of loss resulting from inadequate or failed internal processes, people and systems or from external events. Investors should pay attention to the enhanced risk disclosure in “Risks Associated with Securities Financing Transactions” in the “Risk Factors” section of the Prospectus. For the avoidance of doubt, please note that this will not affect the way the Funds are currently managed or the overall risk profile of the Funds and such disclosures have only been added to clarify the existing process;

2. The section headed “Definitions” has been updated with certain new insertions and other definitions have been updated to provide greater clarity;

3. References to “Dublin Time” throughout have been amended to refer to “Irish Time” for greater clarity;

4. The section headed “Administrator and Registrar” has been updated, including the description of the

Northern Trust Group to confirm the amount of assets they hold under custody;

5. The addresses of the Directors of the Company have been removed from the list of Directors of the Company and their biographies have been updated to reflect the current directors;

16

Key changes during the period (continued)

Non-material changes (continued)

6. The section headed “Investment Policy: General” has been updated to enable the Investment Manager to better manage liquidity under exceptional circumstances. The changes allow the Fund temporarily invest up to 100% of its total assets in cash, deposits, treasury bills, government bonds or short-term money market instruments or have substantial holdings in cash and cash equivalents under exceptional circumstances. In such a scenario, extraordinary market conditions include economic conditions, political risks or world events, high downside risks during uncertainties, or closure of relevant market(s) due to unexpected events, such as political unrest, war or bankruptcy of large financial institutions).

7. Additional disclosures have also been made to provide flexibility to invest in China A shares directly through the Shenzhen-Hong Kong Stock Connect Scheme in addition to investing through the Shanghai-Hong Kong Stock Connect Scheme (the “Connect Schemes”). Additional risk disclosures have also been included in this regard. For the avoidance of doubt, a Fund’s direct and indirect exposure to China A shares and B shares will remain unchanged as a result of this;

8. The section headed “Investment in Derivatives” has been updated to clarify that in relation to the costs and fees arising from efficient portfolio management techniques, information on the revenues generated under such transactions shall be disclosed in the annual and semi-annual reports of the Company, along with entities to whom direct and indirect operational costs and fees relating to such transactions are paid. Such entities may include the Managers, the Depositary or entities related to the Managers or Depositary;

9. Updates have been made to address ESMA’s Opinion on Share Classes (“ESMA’s Opinion”) to include clarifying which share classes of each Fund are hedged / not hedged and updating the previous wording to remove ambiguity in this regard. The disclosure regarding hedged classes has also been updated to include the lower hedging limit for hedged positions;

10. Updates have been made to the sections headed “Counterparty Procedures” and “Collateral management”;

11. “The section headed “Risk Factors” has been updated with certain new insertions and disclosures;

12. The section headed “Distribution Policy” has been updated to clarify that where distributions are less than US$100 (or equivalent) in value (depending on the relevant denomination of the Units), distributions may be made in cash or reinvested at the discretion of the Managers:

13. The section headed “Report and Accounts” has been updated to provide greater clarity as to how copies of the latest annual and semi-annual accounts may be obtained;

14. The sub-section headed “Commissions/Brokerage” under the section headed “Charges and Expenses” has been updated to reflect that the Investment Manager, as part of providing investment management services to the Funds, has entered into arrangements with certain brokers under which a proportion of the commission paid to them on equity transactions may be used to pay for execution and/or research services provided by the broker and/or a third party;

15. The sub-section headed “Preliminary Charge” under the section headed “Shareholder Fees” has been updated to clarify that the Preliminary Charge is charged on the Dealing Price (i.e. up to 6% of the Dealing Price) instead of up to 6% of the gross subscription proceeds. For the avoidance of doubt, there is no change to actual practice; the Preliminary Charge has been always been charged against the Dealing Price;

16. The subsection headed “Realisation Charge” under the section headed “Shareholder Fees” has been

updated to clarify that the Realisation Charge is charged on the Dealing Price instead of the Net Asset Value;

17



17. Updates have been made to the “Application Procedure”, to provide greater clarity to the investor on the procedure in place when applying for Shares including the charges applicable and the data protection requirements relating to same;

18. The section headed “Anti-Money Laundering and Counter Terrorist Financing Measures’” has been updated in relation to the use of umbrella cash accounts and their associated risks. Certain other updates have been made throughout the Prospectus to clarify the effects of the operation of umbrella cash accounts and collection accounts;

19. A sub-section section headed “Liquidity Risk Management” has been added under the section headed “Realisation of Units;

20. The section headed “Calculation of Net Asset Value” has been updated to provide, for example, that the Managers have delegated the determination of the Net Asset Value and the Net Asset Value per Unit to the Administrator and to also set out the duties and liabilities of the Administrator;

21. The section headed “Dilution Adjustment” has been updated to clarify that the Net Asset value of the Company or a Fund may be adjusted downward in respect of realisations or upward in respect of application for shares;

22. An enhancement of disclosure regarding data protection legislation and its applicability to an investment in the Company;

23. A section headed ”Taxation” has been updated (including additional disclosures relating foreign account tax compliance provisions (FATCA));

24. A sub-section headed “Common Reporting Standards” has been added under the heading “Taxation” to reflect the automatic exchange of information for international tax compliance;

25. The section headed “Winding up of the Company and Termination of a Fund” has been updated for clarificatory purposes;

26. Updates to the list of eligible markets and exchanges in Appendix II;

27. The section headed “Registration Status” in Appendix III has been updated;

28. The section headed “Class Information” in Appendix IV has been updated to clarify the withdrawal of approval for certain Funds, the approval and launch of other Funds, the fact that certain Funds are now closed to further subscriptions and that applications will be made to the central banks for the withdrawal of their approval.

29. Each supplement has been updated to refer to the most up-to-date information regarding the information on share classes and the applicable distribution policies;

30. The investment objective and policy wording of Baring European Opportunities Fund has been updated to better reflect how the Fund is managed. For the avoidance of doubt, there is no change to the way the Fund is managed or to its risk profile;

31. The investment objective and policy wording of Baring Euro Dynamic Asset Allocation Fund has been updated to better reflect how the Fund is managed and the asset allocation strategy is implemented. For the avoidance of doubt, there is no change to the way the Fund is managed or to its risk profile;

32. The list of directors relating to the Mauritian Subsidiary of Baring India Fund has been updated.

18



33. In respect of each of the Funds’ supplements, disclosure concerning the investment approach currently

employed and the approach as part of the investment strategy known as “Growth at a Reasonable Price”

has been enhanced to more fully describe the factors taken into account during the stock selection

process. The disclosure relating to the profile of a typical investor in each of the Funds has also been

enhanced;

34. Other miscellaneous formatting and administrative updates for clarificatory purposes or to address latest

regulatory requirements.

Director changes

Jim Cleary was appointed as Director of the Manager with effect from 18 May 2017.

Michel Schulz has resigned from his position as Director of the Manager with effect from 18 May 2017.

Timothy Schulze was appointed as Director of the Manager with effect from 18 May 2017.

Mark Thorne has resigned from his position as Director of the Manager with effect from 18 May 2017.

Peter Clark was appointed as Director of the AIFM with effect from 26 September 2017.

Oliver Burgel has resigned from his position as Director of the AIFM with effect from 24 October 2017.

Fund closures

Baring Emerging Market Debt Local Currency Fund closed on 17 May 2017.

Baring Global Mining Fund closed on 31 October 2017.

Share class closures

The following share classes closed on 15 June 2017:

Baring Euro Dynamic Asset Allocation Fund Class I EUR Inc

Baring European Opportunities Fund Class I EUR Inc

Baring Global Mining Fund Class I USD Acc

Baring India Fund Class I USD Acc

Baring MENA Fund Class I USD Acc

Share class launches

Baring Euro Dynamic Asset Allocation Fund Class I CHF Hedged Acc launched on 18 September 2017.

19

Baring China Select Fund – Investment Manager’s report

Performance

Baring China Select Fund (“the Fund”) registered a strong positive performance in absolute terms over the six-

month period to October 2017, but to a lesser extent when compared to the broader market.

The holding in Sunny Optical Technology was a notable positive contributor, as share price rallied on strong

earnings on the back of margin improvement and earnings guidance uplift, while shipments growth continued to

show strength. Data centre operator GDS and Sunonwealth Electric Machine Industry together constituted

another standout, with strong share price performance supported by an optimistic outlook, as the company is

well positioned as a direct beneficiary of the upcoming technology upcycle. Not being invested in China Mobile

and Bank of China was another notable positive contributor, as the stocks lagged in an up market. The existing

position in TAL Education also had a good run, based on strong growth of student enrolment.

However, inadequate exposure in internet giants Alibaba and Tencent, as well as holdings in ASM Pacific

Technology and cinema operator IMAX China, largely offset gains to the relative performance. Alibaba and

Tencent performed well on positive earnings momentum, while ASM Pacific Technology retreated after the

strong price performance earlier this year. Despite the short-term downward price movement, we believe that the

longer-term fundamentals of the company remain intact. Meanwhile, we have sold out the position in IMAX

China for more attractive bottom-up opportunities.

Market outlook

The better-than-expected GDP growth in China this year to date has further consolidated our view that China’s

economic growth is stabilising at the lower level, and we expect that the Chinese government will embark on

further fiscal policy easing (while maintaining neutral monetary policy) and reforms. Progress made on supply-

side reform should help alleviate the pressure from structural overhangs and is positive for longer-term economic

development.

As expected, up-beat corporate earnings continued in the second half of this year, and most of our stocks in the

portfolio reported outperforming earnings in the third quarter this year. Our investments are bottom-up driven and

oriented by proactively involving companies with good earning visibility at reasonable valuations, especially in

Consumer, Healthcare, Technology Automation and Financials.

Longer term, a stabilisation of both economic growth and currency trend will continue to provide support to

corporate earnings and the equity market. Ongoing structural reforms may provide further upside. Household

wealth reallocation to non-bank deposit and non-property sectors should continue to support equity market

development. We continue to look for opportunity to add well managed companies with positive earnings growth

prospects.

The 19th Party Congress held in October indicated that China’s economic growth would be driven more by

consumption trade-up, manufacturing upgrade, new technology adaptions, new energy and etc. in the next

decade. We continue to look for opportunity to add well managed companies with considerable exposure in

those areas.

Baring Asset Management (Asia) Limited,

appointed as Sub-Investment Manager by

Baring Asset Management Limited.

November 2017

Baring Asset Management Limited (“the Investment Manager”) gives its portfolio managers full authority to manage their funds as they see fit, within

the established guidelines set down. This includes the views that managers may take of the markets and sectors they invest in, which may differ

from the views of other Barings portfolio managers.

20

Balance sheet

As at 31 October 2017

Baring China Baring China

Select Fund Select Fund

31/10/2017 30/04/2017

Assets Notes US$ US$

Financial assets at fair value through profit or loss 2 49,934,718 43,833,326

Cash 232,877 253,528

Receivable for securities sold 808,396 396,182

Receivable for shares sold 22,936 24,386

Dividends and interest receivable - 8

Other assets 477 158

Total assets 50,999,404 44,507,588

Liabilities

Management fees payable 3 26,588 47,893

Payable for securities purchased 1,751,558 177,131

Payable for shares redeemed 78,546 85,566

Administration fee payable 3 17,020 14,417

Depositary fee payable 3 944 784

Other liabilities 3 63,353 68,227 Total liabilities (excluding net assets attributable to the

holders of redeemable participating shares) 1,938,009 394,018

Net assets attributable to holders of redeemable participating

shares 49,061,395 44,113,570

Shares in issue (Note 5) Class A USD Inc 2,129,563 2,173,369

Class A EUR Inc 375,174 466,468

Class A HKD Acc 271,451 254,125

Class I EUR Acc 151 151

Class I GBP Inc 21,660 18,992

Class I USD Acc 334,776 349,879

The accompanying notes form an integral part of these financial statements.

21

Statement of changes in net assets attributable to holders of redeemable participating

shares

For the period ended 31 October 2017



31/10/2017 31/10/2016

Notes US$ US$

Net assets attributable to holders of redeemable participating shares at

beginning of the period 44,113,570 * 56,817,564

Increase in net assets for the period from operations attributable

to holders of redeemable participating shares 6,839,283 4,364,363

Issue of redeemable participating shares for the period 5 14,364,803 7,807,985

Redemption of redeemable participating shares for the period 5 (16,238,951) (18,014,447)

Income equalisation 4 (17,310) (11,827)

Net assets attributable to holders of redeemable participating shares at the end of the period 49,061,395 50,963,638

* The opening net assets attributable to shareholders for 2017 differ from the closing position in 2016 by the change in the net assets attributable to

shareholders for the second half of the comparative financial year.


22

Profit and loss account




31/10/2017 31/10/2016

Investment income Notes US$ US$

Interest income 262 107

Dividend income 653,795 767,909

Net fair value gain on financial assets at fair value through profit

or loss 6,650,069 4,135,339

Total investment income 7,304,126 4,903,355

Expenses

Management fees 3 274,022 332,184

Administration fees 3 101,195 121,747

Depositary fees 3 5,299 5,932

General expenses 3 48,483 40,414

Total operating expenses 428,999 500,277

Net profit before finance costs and tax 6,875,127 4,403,078

Finance costs

Bank interest expense (2,010) (1,287)

Distributions 4 (21) (135)

Total finance costs (2,031) (1,422)

Profit for the financial period before tax 6,873,096 4,401,656

Tax

Withholding tax on dividends and other investment income (33,813) (37,293)

Total tax (33,813) (37,293)

Increase in net assets for the period from operationsattributable to holders of redeemable participating shares 6,839,283 4,364,363

Gains and losses arose solely from continuing operations. There were no gains or losses other than those dealt with in the profit and loss account.


23

Baring Dynamic Absolute Return Fund – Investment Manager’s report

Performance

Over the reporting period between April and October 2017, Baring Dynamic Absolute Return Fund (“the Fund”)

produced a positive absolute return. The largest contribution came from European banks, where we held a

relative value position. We bought a basket of European banks stocks which we believe will do relatively well in

anticipation of rising bond yields. Against this, we neutralised the exposure to European equities by selling short

the euro index. Of particular note was the strong performance of Unicredit within the basket of stocks held.

The second largest contributor over the period was our exposure to silver. Although volatile over the period, we

timed our exposure to the market well. We captured a large part of the rally in May and July/August while

avoiding exposure during the weaker performance in June.

The third significant contributor was our positioning in UK Gilts and Sterling. A dual position of being short the

ten-year gilt bond index future and long sterling against the US dollar and euro worked well. A general sell-off of

bonds, which included gilts, and a recovery in sterling added to performance.

A detractor from performance has been our short position in the ten-year French treasury bond futures. Initially

this position performed well, alongside our short gilt position, as bonds fell in value. However, we continued to

hold this position as bonds subsequently recovered, and the position detracted.

Market outlook

There are two major themes that are likely to drive markets over the next year, and one ‘wild card’ that could

have unpredictable results.

The US, Europe and Japan are all growing at very healthy rates, yet it seems that many market participants still

haven’t understood the magnitude nor the likely longevity of this economic picture. In Europe, our economic

analysis has shown that for at least the last two years intra-European growth has been strengthening rapidly and

shows little sign of slowing. In Japan, we have been impressed by the ability of Japanese firms to grow in the

face of both a strong yen and a weak reform agenda. With our view that the yen is likely to weaken, what has

been a headwind should turn into a tailwind.

One of the key surprises in 2017 has been the continuation of the disinflationary trends, even as the global

economic picture has improved. There are many secular reasons for this, such as globalisation, weak commodity

prices and sectoral specifics such as price wars in Telecommunications. The strength of these factors will ebb

significantly over the next year. Over the last few months, gasoline prices, food prices and housing rents have

increased in the US, while unemployment sits at 4.4%. Additionally, the recent natural disasters in the US are

likely to create an abrupt supply and demand shock in the south-east of the US similar to the impact of hurricane

Katrina in 2005. As a result, we believe the extreme disinflation environment of the last few years should come to

an end.

The big risks emanate from Asia where the gravitational pull of lower growth, especially as credit conditions dry

up, has thus far been avoided. China has been a big beneficiary of the low interest rate environment as debt has

been easier to roll over. Rising bond yields could change this. In addition, Asia is vulnerable to President

Trump’s clear intention to increase tariffs and it goes without saying that a US conflict with North Korea could

change everything.


November 2017




24

Balance sheet


Baring Dynamic

Absolute Return

Fund

Baring Dynamic

Absolute Return

Fund

31/10/2017 30/04/2017



Cash 1,442,405 1,399,714

Margin cash 53,102 188,712

Dividends and interest receivable 28,314 7,042

Other assets 1,919 10,238

Total assets 15,876,426 15,553,773

Liabilities

Financial liabilities at fair value through profit or loss 2 326,073 196,735

Management fees payable 3 (14,904) (9,187)



Other liabilities 3 85,085 54,452 Total liabilities (excluding net assets attributable to the holders of

redeemable participating shares) 398,101 243,423


shares 15,478,325 15,310,350

Shares in issue (Note 5)

100 100

1,465,000 1,475,000

1,000 1,000

2,783 1,609

Class A USD Acc

Class I USD Acc

Class I EUR Hedged Acc

Class I GBP Hedged Acc


25


shares

for the period ended 31 October 2017

Baring Dynamic

Absolute Return

Fund

Baring Dynamic

Absolute Return

Fund

31/10/2017 31/10/2016

Notes US$ US$


shares at the beginning of the period 15,310,350 * -

Increase in net assets for the period from operations attributable -

to holders of redeemable participating shares 257,993 274,560

Issue of redeemable participating shares for the period 5 15,182 14,751,400

Redemption of redeemable participating shares for the period 5 (105,200) -

Net assets attributable to holders of redeemableparticipating shares at the end of the period 15,478,325 15,025,960




26



Baring Dynamic

Absolute Return

Fund

Baring Dynamic

Absolute Return

Fund

31/10/2017 31/10/2016


Interest income 80,819 15,609


Net fair value gain on financial assets at fair value through profit or loss 226,936 295,293

Total investment income 345,549 321,598

Expenses

Management fees 3 (4,133) 1,427





Net profit before finance costs and tax 284,490 276,324

Finance costs

Bank interest expense (5,832) (160)

Total finance costs (5,832) (160)

Profit for the financial period before tax 278,658 276,164

Tax


Capital gains tax (15,542)

Total tax (20,665) (1,604)

Increase in net assets for the period from operationsattributable to holders of redeemable participating shares 257,993 274,560



27

Baring Emerging Markets Debt Local Currency Fund – Investment Manager’s report

Performance

The Baring Emerging Markets Debt Local Currency Fund (“the Fund”) outperformed during the month of April by

2.68% versus the performance comparator. Positions in Malaysia, Brazil, Turkey and Colombia were the

greatest outperformers while Mexico, Indonesia and Peru were underperformers.


November 2017




28

Balance sheet


Baring Emerging Baring Emerging

Markets Debt Local Markets Debt Local

Currency Fund Currency Fund

31/10/2017 30/04/2017Assets Notes US$ US$Financial assets at fair value through profit or loss 2 - 243,208

Cash 48,275 8,871,747

Management fee rebate due 3 - 539

Interest receivable - 170

Other assets - 9,150

Total assets 48,275 9,124,814

Liabilities

Financial liabilities at fair value through profit or loss 2 - 103,458

Bank overdraft - 69,137

Indonesian capital gains tax 4,857 4,873

Management fee payable 3 (38,247) (33,642)

Payable for shares redeemed 388 181,757

Administration fee payable 3 350 3,933

Depositary fee payable 3 - 207

Other liabilities 3 80,927 75,192

Total liabilities (excluding net assets attributable to

the holders of redeemable participating shares) 48,275 404,915

Net assets attributable to holders of redeemable

participating shares - 8,719,899


Class A USD Inc - 323,385

Class A EUR Acc - 251

Class A EUR Inc - 407,475

Class A GBP Hedged Inc - 92,616

Class A HKD Inc - 29,923

Class A USD Acc - 13,994

Class I EUR Inc - 1

Class I USD Acc - 10

Class I USD Inc - 59,863

Class X USD Acc - 10

The Baring Emerging Markets Debt Local Currency Fund was terminated on 17 May 2017. The financial statements have been prepared on a non-

going concern basis.


29


shares



Markets Debt Markets Debt

Local Currency Local Currency

Fund Fund

31/10/2017 31/10/2016

Notes US$ US$


shares at the beginning of the period 8,719,899 * 31,653,993

Decrease in net assets for the period from operations

attributable to holders of redeemable participating shares (20,729) (261,780)



Income equalisation 4 (127,108) 22,533

Net assets attributable to holders of redeemable participating shares at the end of the period - 19,277,178


shareholders for second half of the comparative financial year.




30






Fund Fund

31/10/2017 31/10/2016


Interest income 1,417 903,387

Dividend income - 584

Net fair value gain/(loss) on financial assets at fair value through profit or

loss 19,430 (478,748)

Management fee rebate 3 (539) 5,286


Expenses



Depositary fees 3 78 2,774



Net profit before finance costs and tax 17,057 257,627

Finance costs

Distributions 4 (35,681) (460,814)



Loss for the financial period before tax (20,729) (203,296)

Tax

Indonesian capital gains tax - (29,902)

Withholding tax on dividends and other investment income - (28,582)

Total tax - (58,484)

Decrease in net assets for the period from operations attributable to holders of redeemable participating shares (20,729) (261,780)


going concern basis. Gains and losses arose solely from discontinuing operations. There were no gains or losses other than those dealt with in the

profit and loss account.


31

Baring Euro Dynamic Asset Allocation Fund – Investment Manager’s report

Performance

Over the reporting period between May and October 2017, Baring Euro Dynamic Asset Allocation Fund (“the

Fund”) produced positive returns, with the largest contribution coming from European equities. Economic growth

in Europe is going from strength to strength and becoming broad-based, which has propelled corporate earnings.

The Fund benefited from this growth as we increased our exposure to this area during the period.

The second-largest contributor to the Fund was Japan equities. Japan is thriving in the current climate of globally

synchronised growth as its market is particularly global in nature. In the second half of 2016, we introduced a

Japanese banks theme to the portfolio, which we have been gradually increasing. Japanese banks are cheap

and offer good diversification against rising US bond yields.

Following a strong run supported by a weak US dollar and rising corporate earnings, emerging market equities

were the third-largest contributor to the Fund.

During the reporting period, precious metals were a detractor to the Fund. Whilst the performance of gold was

flat, platinum detracted as it struggled to perform due to several emission scandals from large car brands. In

addition, a shift is being seen from diesel to electric cars, which affects platinum negatively. For now, we remain

content to engage with precious metals as they offer a good diversifier to the Fund and have the potential to add

performance.

Market outlook

There are two major themes that are likely to drive markets over the next year, and one ‘wild card’ that could

have unpredictable results.

The US, Europe and Japan are all growing at very healthy rates, yet it seems that many market participants still

haven’t understood the magnitude nor the likely longevity of this economic picture. In Europe, our economic

analysis has shown that for at least the last two years intra-European growth has been strengthening rapidly and

shows little sign of slowing. In Japan, we have been impressed by the ability of Japanese firms to grow in the

face of both a strong yen and a weak reform agenda. With our view that the yen is likely to weaken, what has

been a headwind should turn into a tailwind.

One of the key surprises in 2017 has been the continuation of the disinflationary trends, even as the global

economic picture has improved. There are many secular reasons for this, such as globalisation, weak commodity

prices and sectoral specifics such as price wars in Telecommunications. The strength of these factors will ebb

significantly over the next year. Over the last few months, gasoline prices, food prices and housing rents have

increased in the US, while unemployment sits at 4.4%.

Additionally, the recent natural disasters in the US are likely to create an abrupt supply and demand shock in the

south-east of the US similar to the impact of hurricane Katrina in 2005. As a result, we believe the extreme

disinflation environment of the last few years should come to an end.

The big risks emanate from Asia where the gravitational pull of lower growth, especially as credit conditions dry

up, has thus far been avoided. China has been a big beneficiary of the low interest rate environment as debt has

been easier to roll over. Rising bond yields could change this. In addition, Asia is vulnerable to President

Trump’s clear intention to increase tariffs and it goes without saying that a US conflict with North Korea could

change everything.


November 2017




32

Balance sheet


Baring Euro Baring Euro

Dynamic Asset Dynamic Asset

Allocation Fund Allocation Fund

31/10/2017 30/04/2017Assets Notes € €Financial assets at fair value through profit or loss 2 64,627,157 52,790,676

Cash 2,657,382 5,292,733

Margin cash 2,313,992 228,411

Receivable for shares sold 1,396 826

Receivable for securities sold - 1,886


Interest receivable 647,308 411,596


Management fee rebate due 3 4,555 3,864

Total assets 70,324,517 58,779,487

Liabilities


Management fee payable 3 (5,570) 8,249


Depositary fee payable 3 1,425 1,045

Other liabilities 3 78,604 70,450Total liabilities (excluding net assets attributable to the holders of



shares 69,545,126 58,668,611


Class X EUR Acc 3,417,000 3,417,000

Class A EUR Acc 278,429 267,692

Class A EUR Inc 3,459 3,202

Class I CHF Hedge 2,013,167 -

Class I EUR Acc 2,535 680,631

Class I EUR Inc - 10


33


shares





31/10/2017 30/10/2016

Notes € €Net assets attributable to holders of redeemable participating shares at

the beginning of the period 58,668,611 * 52,984,023Increase in net assets for the period from operations attributable to

holders of redeemable participating shares 2,254,215 2,542,630

Issue of redeemable participating shares for the period 5 17,744,220 4,560

Redemption of redeemable participating shares for the period 5 (9,121,953) (572,516)

Income equalisation 4 33 -


shares at the end of the period 69,545,126 54,958,697




34






31/10/2017 31/10/2016Investment income Notes € €Interest income 648,290 521,074


Net fair value gain on financial assets at fair value through profit or loss 1,484,600 1,880,442

Management fee rebate 3 690 845


Expenses







Finance costs





Tax


Capital gains tax (20,153) -

Total tax (41,885) (33,026)

Increase in net assets for the period from operations attributable to




35

Baring European Opportunities Fund – Investment Manager’s report

Performance

Pan European smaller companies as measured by the MSCI Europe Small Cap Index, which is used for

performance comparison purposes, gained 5.9% over the six months to the end of October 2017. The Baring

European Opportunities Fund delivered a return that was ahead of the performance comparator over the period

under review.

Baring European Opportunities Fund’s (“the Fund”) performance during the period was primarily driven by strong

stock selection, as is usually the case, with country and sector allocation both having a minimal contribution

impact. The Fund’s UK investments produced the largest positive country contributions to performance over the

period, with particularly strong performance from Sophos, the Cyber-security software business, which released

strong financial figures but also benefited from the publicity surrounding recent global cyber-attacks such as

Wannacry. The Fund’s Danish stock selection was a significantly positive contributor, with DSV, the logistics and

freight-forwarding company, and Chr Hansen, which produces cultures and enzymes for food and health

products, both performing well following positive trading updates. Germany was the largest negative country

contributor to performance over the six-month period; German smaller companies, as a whole, recorded a

significant gain over the period. As the Fund had lower exposure to Germany than the performance comparator,

this resulted in weak attribution from this region.

Market outlook

Global equity markets have continued to see positive performance in the year to date, and European smaller

companies have continued to outperform their larger-cap peers. Economic growth has been strengthening

across most of continental Europe, buoyed by falling unemployment and widespread improvements in business

and consumer confidence. In the UK, headline economic data remains positive, but we still remain more cautious

on the UK relative to continental Europe, with ongoing concerns over the outcome of Brexit negotiations and the

impact of interest-rate increases.

Our outlook for European smaller companies remains positive with regard to the long-term potential for the asset

class, and more importantly, with regard to the stock-selection opportunities within this diverse and

entrepreneurial group of companies. Share prices, however, may be subject to increased volatility as a result of

other geopolitical influences, such as the ongoing tensions in Spain and Catalonia or the upcoming Italian

elections.

Given this balanced backdrop, and the fact that European Smaller Companies are trading at valuation levels

above their historic averages, the development of expectations for corporate-profits growth remains central to

share-price developments in the short term. In this context, our investment approach remains unchanged. Our

focus remains the stock-specific identification of investment opportunities in companies, particularly those whose

strategic positioning and competitive strengths can drive sustained improvements in their profitability and returns.


November 2017




36

Balance sheet


Baring Baring

European European

Opportunities Opportunities

Fund Fund

31/10/2017 30/04/2017

Assets Notes € €




Cash 1,251,074 280,986

Total assets 209,870,580 209,829,482

Liabilities





Total liabilities (excluding net assets attributable to holders of



shares 209,763,423 209,582,410


Class A EUR Acc 273,633 318,649

Class A USD Acc 10 10

Class I EUR Acc 2,324,078 3,192,043

Class I EUR Inc - 10

Class I GBP Inc 605,844 605,844

Class I USD Acc 10 10

Class X GBP Acc 7,933,917 7,933,917


37


shares


Baring Baring

European European


Fund Fund

31/10/2017 31/10/2016

Notes € €



Increase/(decrease) in net assets for the period from operations

attributable to holders of redeemable participating shares 14,211,204 (2,133,575)



Income equalisation 4 (1) 97






38



Baring Baring

European European


Fund Fund

31/10/2017 31/10/2016

Investment income Notes € €

Bank interest income 266 1,106

Dividend income 2,566,166 2,673,336

Net fair value gain/(loss) on financial assets and at fair value

through profit or loss 12,504,963 (3,550,129)

Total investment income/(expense) 15,071,395 (875,687)

Expenses






Net profit/(loss) before finance costs and tax 14,418,812 (1,733,205)

Finance costs

Bank interest expense (203) (1,316)

Distributions 4 (63,649) (130,240)


Profit/(loss) for the financial period before tax 14,354,960 (1,864,761)

Tax


Total tax (143,756) (268,814)

Increase/(decrease) in net assets for the period from operations attributable to holders of redeemable participating shares 14,211,204 (2,133,575)



39

Baring Frontier Markets Fund – Investment Manager’s report

Performance

During the six-month review period to 31 October 2017, frontier market equities, as illustrated by the MSCI

Frontier Market Index, posted a positive total US dollar return. As is typical, the dispersion of stock and country-

level performance were significant over the period, although most markets ended up in positive territory. Over

the review period, the Fund’s performance result was below its performance comparator. The investment result

was negatively impacted by country allocation, with exposure to Pakistan being a primary driver as the market

collapsed following an index categorisation change, which resulted in substantial short-term outflows from the

market. The move in the Pakistani market was exacerbated by political uncertainty.

African countries performed well in the six-month period. In Nigeria, the central bank’s decision to partially

liberalise the foreign exchange market was received well by the investment community, as investors had

previously avoided committing capital to the country. In Kenya, initial election results reflecting a win for

incumbent President Uhuru Kenyatta were annulled due to alleged irregularities and inadequate controls over

the ballot-counting, and a second election was proposed. Despite the political uncertainty, the Kenyan market

performed well, with heavy-weight Safaricom rebounding from a period of weak share-price performance,

following proposed regulatory changes to improve the competitive environment in the Telecomunications sector.

In Latin America, Argentina posted positive returns. The country continued to benefit from the reforms sponsored

by President Macri’s new government. Whilst some of the reforms promoted have been challenged through legal

channels, advances were made, and Macri’s popularity importantly registered strong levels of support.

In Asia, Vietnam continued to register strong economic growth from ongoing foreign direct investment. A lifting of

foreign ownership restrictions and the launch of new IPOs are all part of the country’s stock market reform

agenda as the State Capital Investment Corporation (SCIC) continues to divest its significant shareholdings.

Earnings delivery of companies in Bangladesh generally improved, for example BRAC Bank with its market-

leading mobile money platform registered positive growth surprise, whilst Grameenphone continued to increase

market share.

Our belief is that stock selection is the long-term driver of investment returns in Frontier markets. Stock selection

remains a key driver of risk and return in our Fund. Over the review period, key positive contributors to returns

included the Fund’s long-term holding in Bangladesh’s BRAC bank, as the company delivered strong quarterly

results driven by high loan growth in its profitable SME and retail segments, whilst not compromising on asset

quality. News that a strategic investor may acquire a minority shareholding in mobile financial service company

bKash, in which BRAC owns a 51% stake, added to the outperformance.

UAE hospital operator NMC Healthcare contributed meaningfully to returns following positive regulatory changes

that raised expectations for its EBITDA guidance this year. The company also provided an encouraging outlook

for 2018 on the back of new contracts. Plans to enter Saudi Arabia fuelled investors’ expectations of other

potential value-added acquisitions within the Gulf Cooperation Council (“GCC”), and for the overall growth

prospects for the company. The company’s recent FTSE 100 inclusion added to the positive sentiment.

Banco Macro, the Argentinean bank, also contributed to performance, being well capitalised to benefit from the

structural growth opportunities in the banking sector and an improving macroeconomic environment led by

President Mauricio Macri’s structural reforms.

Elsewhere within Financials, heavy index weights Zenith Bank and Guaranty Trust Bank generated positive

performance following easing dollar liquidity in Nigeria’s foreign exchange market that helped generate strong

earnings results though foreign exchange and trading gains.

Pakistani cement companies Lucky Cement and DG Khan detracted from performance as concerns over future

capacity additions and elevated raw material input costs weighed in on their share price performance. United

Bank Limited reported uninspiring results in the period, with net interest margin (“NIM”) contraction arising from

the maturity of its higher-yielding investments and limited balance sheet growth.

Saudi hospital operator Middle East Healthcare reported poor results during the period, impacted by revised

pricing lists that weighed on revenues and higher operating expenses arising from new facilities, caregivers’

salary increases and bad debt provisions.

40

Baring Frontier Markets Fund – Investment Manager’s report (continued)

Market outlook

We expect frontier markets to be driven by domestic issues rather than global factors, although these markets

will not be totally immune to any significant developments surrounding the global economy. We believe frontier

markets continue to offer strong growth opportunities at a reasonable relative valuation, and, in our view, they

offer investors one of the most compelling long-term opportunities.

Frontier market valuations now look reasonable when compared to historic levels and particularly attractive when

compared to peers in developed markets.

Many of the drivers that have supported markets in recent years, such as the potential for long-term structural

growth and the low correlation to other asset classes, remain intact. We are also encouraged by recent political

developments, which show that the countries in our investment universe continue to shift towards economic

liberalisation and democracy.

We are encouraged to see an increased flow of new companies coming to the market, which serves to increase

liquidity in the asset class, and we are optimistic that this trend will continue. The broadening and deepening of

frontier markets over time are key to increasing the investment opportunity set and building further strong

investor interest for the asset class.

Our investment strategy is focused on investing in high quality, growth companies that are attractively priced. We

aim to capitalise on the unique characteristics and investment potential offered by frontier market countries and

companies, where economic growth rates are typically at a substantial premium to developed market peers,

growth is underpinned by strong demographics, and there is an abundance of natural resources and increasingly

constructive policy and governance trends. At the same time, pent-up demand for goods and services is

underpinned by the relatively low number of people owning those goods or enjoying those services at the

moment, as well as rising levels of employment and participation in the economy, real wage growth and

increased levels of credit availability.

We have identified investment opportunities across an array of sectors, which include companies in the

consumer, financial, healthcare and telecommunications sectors. The Fund’s country exposure is well diversified

across all the major frontier market regions, including investments in countries such as Vietnam, Bangladesh,

Kenya, Nigeria, Romania and Saudi Arabia.


November 2017




41

Balance sheet


Baring Baring

Frontier Frontier

Markets Fund Markets Fund

31/10/2017 30/04/2017



Receivable for shares sold 12,607 -


Other assets 7,207 280

Cash 910,496 150,535

Total assets 32,927,009 32,651,455

Liabilities

Bank overdraft - 41,208


Payable for securities purchased - 383,351







shares 32,738,608 31,957,525


Class A USD Acc 30,951 26,171

Class A GBP Inc 73,198 74,153

Class I EUR Acc - 103,108

Class I GBP Inc 131,145 122,423


Class X USD Acc 2,015,685 2,071,819


42


shares


Baring Baring

Frontier Frontier


31/10/2017 31/10/2016

Notes US$ US$



Increase in net assets for the period from operations

attributable to holders of redeemable participating shares 3,285,701 1,208,700

Issue of redeemable participating shares for the period 5 584,057 601,707


Income equalisation 4 413 (475)






43



Baring Baring

Frontier Frontier


31/10/2017 31/10/2016


Interest income 8 487


Net fair value gain on financial assets and at fair value

through profit or loss 3,052,740 537,776


Expenses







Finance costs

Bank interest expense (1,715) -

Distributions 4 (65,726) (15,032)



Tax


Total tax (23,854) (67,949)

Increase in net assets for the period from operations attributable to holders of redeemable participating shares 3,285,701 1,208,700



44

Baring Global Dividend Champions Fund – Investment Manager’s report

Performance

The Baring Global Dividend Champions Fund (the “Fund”) posted a very strong absolute return, though lagged

the performance comparator on a relative basis. The top five contributors to performance in the period were 3M,

Unilever, Associated British Foods, Novo Nordisk and Amadeus IT. The top five detractors were Regal

Entertainment, TJX Companies, Kimberly-Clark, PepsiCo and Colgate-Palmolive. The Fund seeks to be a

cautious, long-term investor in a selection of high-quality businesses. Our focus is on identifying growing

companies with consistent business models and powerful competitive advantages. We believe such companies

are very rare indeed. Our approach is designed to: identify companies that are well placed to grow profits and

dividends over the next decade; ensure that we do not overpay for the great businesses in which we invest; and

to provide clients with an attractive income stream and strong total returns over the long run.

Over the period, we sold our stake in Johnson & Johnson at a profit, and started a new position in Tractor Supply

Company, a US-based operator of c.1500 stores selling products aimed at the rural farming and ranching

communities. The shares had derated significantly over the past year, providing a compelling entry point to this

high-quality, growing, e-commerce-resilient franchise. We hope to own the shares for many years to come.

Market outlook

We continue to pay close attention to the intrinsic value of our investments, rather than fixate on near-term

market price movements. The Fund is invested in a selection of companies with compelling microeconomic

drivers, rather than in businesses excessively dependent on unpredictable external forces (such as commodity

prices or the economic cycle). We retain our belief that by focusing on quality companies that can generate

attractive, growing and resilient cash-flow streams, the more patient investor can earn excellent long-term

returns versus a market enchanted by short-term outcomes.


November 2017




45

Balance sheet


Baring Global

Dividend

Baring Global

Dividend

Champions Fund Champions Fund

31/10/2017 30/04/2017



Cash 22,541 87,702

Receivable for securities sold 11,605 -


Other assets - 5,876

Management fee rebate due 3 1 2

Total assets 19,212,716 18,098,395

Liabilities





Total liabilities (excluding net assets attributable to the holders of



shares 19,102,673 18,050,074


Class A USD Acc 100 100

Class I USD Inc 1,673,812 1,673,338

Class I GBP Acc 281 100


46


shares

for the period ended 31 October 2017

Baring Global

Dividend

Baring Global

Dividend


31/10/2017 31/10/2016

Notes US$ US$


the beginning of the period 18,050,074 * -

Increase/(decrease) in assets for the period from operations attributable

to holders of redeemable participating shares 1,045,000 (317,168)



Net assets attributable to holders of redeemable participating shares at the end of the period 19,102,673 16,417,058




47



Baring Global

Dividend

Baring Global

Dividend


31/10/2017 31/10/2016

Notes US$ US$

Investment income

Bank interest income 10 519


Management fee rebate 3 4 -

Net fair value gain/(loss) on financial assets at fair value through

profit or loss 1,190,773 (320,800)


Expenses

Management fees 3 7,674 (1,274)

Administration fees 3 9,503 364

Depositary fees 3 2,233 86



Net gain/(loss) before finance costs and tax 1,352,361 (317,168)

Finance costs

Distributions 4 (260,792) -

Bank interest expense (55) -

Total finance costs (260,847) -

Gain/(loss) for the financial period before tax 1,091,514 (317,168)

Tax

Withholding tax on dividends and other investment income (46,514) -

Total tax (46,514) -

Increase/(decrease) in net assets for the period from

operations attributable to holders of redeemable participating

shares 1,045,000 (317,168)



48

Baring Global Mining Fund – Investment Manager’s report

Performance

During the period under review, the Baring Global Mining Fund (“the Fund”) returned better performance than the

performance comparator, principally driven by stock selection. In particular, our holdings in coal, copper,

diversified miners and gold were key contributors, in line with our focus on stocks that continued to deliver

positive earnings growth and stock-specific catalysts throughout the six months. Detractors to performance

mainly came from our sector allocation in the diversified miners and tin. Although in the case of diversified

miners, as noted above, negative sector contribution to performance was offset by positive stock selection.

At the stock level, the contribution to performance continued to be reasonably well-spread, with both mid-cap

and specific large-cap holdings contributing strongly. Our holdings in Norsk Hydro, Whitehaven Coal and Lundin

Mining in the mid-caps were notable contributors to performance. Once again, the lithium miners Orocobre and

Galaxy Resources were strong contributors to performance. We also saw our holding in diversified miner Anglo

American generate a strong return for the Fund, with a continued operational focus and the re-start of the

dividend at their mid-year results being key catalysts for the shares.

Market outlook

With the global economy now showing signs of synchronised growth, we are increasingly more positive on the

outlook for the underlying commodity fundamentals. We accept that the Chinese economy will see a period of

slower growth as the government focuses on the environment and the anti-pollution campaigns it has embarked

on, but note that there is enough tightness from the supply side in many commodities to offset this. In particular,

we are positive on the short-term fundamentals for aluminium, where supply-side reform in China is tightening

the global market balance. At the same time, the positive outlook for electric vehicles (EVs) remains a driver for

our investments in lithium and copper, where we are very positive on the long-term outlook, as supply tightness

could become very acute over the next three years. There is potential for this positive outlook to flow through into

commodities such as nickel, cobalt and graphite, although the outlook here is less certain for a number of

reasons, such as technological shift, concentration of supply and geographic risk.

As such, we continue to expect, at least in the short term, to see further upgrades to earnings for the companies

that we invest in, along with healthy free-cash-flow generation supporting sustainable investment in prudent,

high-returning growth options and returns to shareholders. The risk that the current optimism in the outlook could

see companies embark on an unconstrained acquisition campaign – which could ultimately be value-destructive

– looks to have abated for now, although we continue to be watchful for any change in this. As such, we believe

our consistent management contact both allows us to identify those companies where management teams

remain true to their core principals and supports our investment thesis.


November 2017




49

Balance sheet


Baring Global Baring Global

Mining Fund Mining Fund

31/10/2017 30/04/2017


Financial assets at fair value through profit or loss 2 56,000 9,882,441

Cash 6,409,807 1,045

Dividends and interest receivable - 10,324


Total assets 6,466,190 9,894,286

Liabilities

Bank overdraft - 910


Payable for units redeemed 3 6,421,326 -




Total liabilities (excluding net assets attributable to the holders

of redeemable participating shares) 6,466,190 48,791


shares - 9,845,495



Class A GBP Inc - 683,185

Class I GBP Inc - 22,914


Class X USD Acc - 769,443

The Baring Global Mining Fund was terminated on 31 October 2017. The financial statements have been prepared on a non-going concern basis.


50


shares




31/10/2017 31/10/2016

Notes US$ US$



Increase in assets for the period from operations attributable to

holders of redeemable participating shares 2,046,512 667,378



Income equalisation 4 (9,428) 1 Net assets attributable to holders of redeemable participating

shares at the end of the period - 9,303,000





51





31/10/2017 31/10/2016

Notes US$ US$

Investment income



Net fair value gain on financial assets at fair value through

profit or loss 2,003,077 698,152

Total investment income 2,144,341 765,543

Expenses



Depositary fees 3 1,142 983



Net profit before finance costs and tax 2,066,664 691,973

Finance costs

Distributions 4 (467) (15,337)

Bank interest expense (14) (1)

Total finance costs (481) (15,338)

Profit for the financial period before tax 2,066,183 676,635

Tax


Total tax (19,671) (9,257)


holders of redeemable participating shares 2,046,512 667,378




52

Baring India Fund – Investment Manager’s report

Performance

The performance comparator rose more than 11% for the half year ended 31 October 2017. Baring India Fund

(“the Fund”) lagged the performance comparator as it did not rise as much as the performance comparator.

Materials, Industrials, IT, Telecoms and Consumer Staples were the sectors that detracted from relative

performance. Healthcare, Consumer Discretionary, Energy and Financials reduced the relative drag to some

extent.

Amara Raja Batteries was the top detractor, due to pressure on the operating margins. Other key detractors

were Suzlon Energy, Yes Bank, Castrol India and PI Industries. Suzlon Energy, the wind equipment

manufacturer, came under pressure due to pressure on wind tariffs and consequent renegotiation in a few power

purchase agreements. Yes Bank was weak due to worries on asset quality post the divergence in non-

performing assets between company and regulator assessments. Castrol India struggled due to lesser-than-

anticipated volume growth. PI Industries was below its best due to lower than expected growth in both domestic

assets as well as exports. On the other hand, Motherson Sumi Systems, Dalmia Bharat and Divi’s Laboratories

reduced the drag somewhat. Dalmia Bharat continued to perform due to strong operating and financial leverage

playing out. Motherson Sumi Systems, an auto ancillary, continued to deliver consistent growth. Divi’s

Laboratories staged a comeback post the stabilisation of issues that had been raised by the US Drug regulator.

Market outlook

The Indian stock market has delivered a strong performance for more than a year now. At the same time, the

anticipated earnings recovery has been pushed back, last year due to demonetisation, and this year due to the

implementation of the Goods and Services Tax. This may have an impact on the short-term performance of the

Indian market. From a longer-term perspective, India is still one of the fastest-growing economies in the world.

This, we believe, will present many investment opportunities.

The Fund continues to hold its long-standing strong conviction in the private sector banks. Key positions are

HDFC Bank, IndusInd Bank, Yes Bank and Axis Bank. The banking sector in India is under penetrated and

within the banking sector, the private sector banks continue to gain market share due to better capitalisation,

better credit assessment and better deposit-gathering franchise. Our key position in the Consumer Discretionary

area is the auto ancillary Motherson Sumi Systems, which continues to show improvement in margins of its

European subsidiaries along with reasonable sales growth. Amara Raja Batteries remains one of the key

holdings, as we expect it to claw back to earlier margin levels. Arvind is another of our key holdings, on the

premise of growth picking up in its retail business. Divi’s Laboratories remains one of our key positions in

healthcare, as we anticipate further normalisation in its US generics business. In the IT sector, we have key

positions in HCL Technologies and Infosys, as we believe that the markets are too pessimistic in their

assessment of the growth prospects for this sector.




November 2017




53

Balance sheet


Baring India Baring India

Fund Fund

31/10/2017 30/04/2017



Cash 530,327 2,560,104


Total assets 23,900,802 25,944,693

Liabilities

Bank overdraft - 2,218,944

Management fee payable 3 28,473 14,174

Payable for shares redeemed - 84




redeemable participating shares) 193,184 2,408,379


shares 23,707,618 23,536,314


1,000,380 1,108,579

109,414 115,579

50,187 37,776

- 10

Class A USD Acc

Class A GBP Inc

Class I GBP Inc

Class I USD Acc


54


shares



Fund Fund

31/10/2017 31/10/2016

US$ US$


the beginning of the period 23,536,314 * 23,632,671

Increase in assets for the period from operations attributable to holders of

redeemable participating shares 1,858,113 3,488,182

Issue of redeemable participating shares for the period 5 2,607,941 1,022,030



Net assets attributable to holders of redeemable participating shares

at the end of the period 23,707,618 27,175,166

Notes




55




Fund Fund

31/10/2017 31/10/2016

Notes US$ US$

Investment income

Bank interest income 140 -


Net realised gain on financial assets at fair value through profit or loss 1,927,775 3,627,221


Expenses







Finance costs


Indian capital gains tax (10,208) -

Total finance costs (11,483) (12)





56

Baring MENA Fund – Investment Manager’s report

Performance

Over the six months to 31 October 2017, MENA equities generated marginally negative USD returns. The

region’s performance was disappointing in the context of rising emerging market equities. Despite tailwinds from

the rising oil price, political tension between Gulf Cooperation Council (“GCC”) member states overshadowed the

overall performance of the region. In June 2017, diplomatic relations with Qatar were cut as Saudi Arabia, UAE

and several other regional allies accused Qatar of sponsoring terrorism. Additionally, several economic sanctions

were imposed on Qatar, such as border closure and a closure of airspace to Qatari airlines. Unsurprisingly,

Qatar was the weakest performing market over the review period, as negative economic impacts resulted from

the political breakdown. By contrast, Kuwait was one of the best-performing markets, as it benefited from a

stable economic backdrop and some positive results from its banking stocks. The UAE was also a robust

performer, as companies such as DP World that are exposed to the global economy benefited from an improved

global economic backdrop. Egypt posted positive US dollar returns as investors grew more optimistic about

structural reform policy implementation, which will allow Egypt to become a competitive economy that can fulfil

its long-term potential.

The Fund outperformed its performance comparator over the review period. Amongst the main stock contributors

to performance over the period was NMC Healthcare, a healthcare provider that benefited from strong growth

within its UAE private hospitals. Avoiding Qatari stocks such as Ezdan, Qatar Insurance and Masraf Al-Rayan

also contributed strongly tor returns. The main detractor to performance was Middle East Healthcare, a Saudi

hospital operator that suffered from cost pressure to medical staff inflation and a bad-debt concern as certain

clients were slow to pay their outstanding invoices.

Market outlook

We continue to maintain our constructive stance towards MENA equities. We believe MENA markets continue to

offer strong growth opportunities at a reasonable relative valuation.

The MENA region offers investors potential for long-term structural growth given the abundance of resources,

strong demographic trends and the under-penetration of many goods and services, for example, education and

healthcare. We are encouraged by recent policy developments, which show that many countries in our

investment universe continue to shift towards economic liberalisation and a reform-based agenda. Signs of

social liberalisation are also apparent and could serve to unleash the immense human potential of the region.

More broadly, emerging markets had suffered five painful years underperforming developed markets by almost

50%, but which are now enjoying a renaissance that began in 2016 and accelerated in 2017. Despite pockets of

political volatility, emerging market equities have consistently outperformed developed markets over the year to

date, and inflows into the asset class have been strong.

Profit margins are beginning to recover as productivity growth is outpacing real wage growth due to investment in

labour-saving equipment and a renewed focus on cost management. Sales performance is also beginning to

improve, due to accelerating real GDP growth across emerging markets and rising inflation in many countries. As

a result, consensus earnings expectations for 2017 and 2018 have broken the pattern of the previous five years

and have exhibited a steadily rising trend. In our opinion, these positive drivers will continue to support corporate

profit performance over the coming years.

Markets have understandably taken notice of this inflection in corporate earnings, and as a result, flows into

emerging markets have been strong in the first half of 2017. Capital flows do, however, pale in significance

against the US$155 billion redeemed in recent years. Analysis of global equity fund weightings in emerging

markets also suggests that investor weighting remains significantly low versus historical levels.

57

Baring MENA Fund – Investment Manager’s report (continued)

Market outlook (continued)

Finally, the relative valuation of emerging markets versus the MSCI world indices remains attractive, particularly

on a price-to-book basis. Looking at absolute valuations, we observe that the cyclically adjusted price-to-

earnings (CAPE) of emerging markets is rebounding off levels that have historically been witness to periods of

continued positive returns for investors.


November 2017




58

Balance sheet


Baring Baring

MENA Fund MENA Fund

31/10/2017 30/04/2017



Cash 811 13,540

Receivable for securities sold - 74,289

Receivable for shares sold - 13

Dividends and interest receivable - 19,790


Total assets 4,329,823 4,955,305

Liabilities

Management fee payable 3 (26,927) -

Payable for shares redeemed 16,815 1,223






Net assets attributable to holders of redeemable participating shares 4,286,194 4,888,433



Class A EUR Acc 123,942 135,963





59


shares


Baring Baring

MENA Fund MENA Fund

31/10/2017 31/10/2016

Notes US$ US$

Net assets attributable to holders of redeemable participating shares at the

beginning of the period 4,888,433 * 6,301,300

Increase/(decrease) in assets for the period from operations attributable to

holders of redeemable participating shares 16,701 (417,798)


Redemption of redeemable participating shares for the period 5 (880,395) (829,889)

Income equalisation 4 - (1)


the end of the period 4,286,194 5,366,881




60



Baring Baring

MENA Fund MENA Fund

31/10/2017 31/10/2016

Notes US$ US$

Investment income

Bond and bank interest income 22 749


Net realised gain/(loss) on financial assets at fair value through profit or loss 57,875 (355,390)

Total investment income/(expense) 73,122 (330,394)

Expenses

Management fees 3 (355) 26,034


Depositary fees 3 545 586



Net gain/(loss) before finance costs and tax 25,131 (403,892)

Finance costs

Distributions 4 (6,867) (12,255)



Profit/(loss) for the financial period before tax 17,503 (416,157)

Tax

Withholding tax on dividends and other investment income (802) (1,641)

Total tax (802) (1,641)

Incease/(decrease) in net assets for the period from operations

attributable to holders of redeemable participating shares 16,701 (417,798)



61

Company balance sheet


Total Total

31/10/2017 30/04/2017Assets Notes US$ US$ Financial assets at fair value through profit or loss 2 460,803,648 433,094,884

Cash 14,146,789 19,544,161

Margin cash 2,746,474 249,859


Receivable for securities sold 821,626 472,534

Receivable for shares sold 35,543 25,303

Dividends and interest receivable 1,257,742 1,056,905


Total assets 479,893,892 454,705,301

Liabilities

Financial liabilities at fair value through profit or loss 2 1,136,924 326,962

Bank overdraft - 2,330,199

Management fees payable 3 (137,399) (30,255)


Payable for securities purchased 1,751,558 560,482

Payable for shares redeemed 6,517,075 277,327



Other liabilities 1,015,753 1,205,266


holders of redeemable participating shares) 10,417,730 4,843,738


participating shares 469,476,162 449,861,563

The accompanying notes form an integral part of these financial statements

62

Company statement of changes in net assets attributable to holders of redeemable

participating shares


Total Total

31/10/2017 31/10/2016

US$ US$



Notional exchange adjustment 18,910,278 (17,227,276)

Increase in net assets for the period from operations

attributable to holders of redeemable participating shares 34,315,939 13,564,618

Issue of redeemable participating shares for the period 39,201,192 100,511,536

Redemption of redeemable participating shares for the period (72,659,696) (66,616,602)

Income equalisation (153,114) 10,337


participating shares at the end of the period 469,476,162 540,967,292




63

Company profit and loss account


Total Total

31/10/2017 31/10/2016

Notes US$ US$ Investment income

Interest income 830,794 2,537,332

Dividend income 4,993,878 5,565,892

Management fee rebate 261 6,231

Net fair value gain on financial assets and liabilities at fair

value through profit or loss 31,260,967 9,450,838


Expenses

Management fees 3 599,195 1,251,306

Administration fees 3 797,960 1,051,312



Total operating expenses 1,923,025 2,786,129


Finance costs

Distributions 4 (443,402) (651,029)




Tax

Indonesian capital gains tax (48,990) (29,902)


Total tax (369,602) (544,048)

Increase in net assets for the period from

operations attributable to holders of redeemableparticipating shares 34,315,939 13,564,618

In the case of Baring Emerging Markets Debt Local Currency Fund, gains and losses arose solely from discontinuing operations. For all other funds

included in the financial statements, gains and losses arose solely from continuing activities. There were no gains or losses other than those dealt

with in the profit and loss account.


64

Notes to the financial statements

1. Principal accounting policies

The principal accounting policies adopted by Baring Investment Funds Plc (“the Company”) in the preparation

of the interim report and unaudited financial statements are as follows:

Basis of preparation

In preparing the condensed interim financial statements for the financial period ended 31 October 2017, the

Directors of Baring International Fund Managers (Ireland) Limited (“the Manager”) have applied Financial

Reporting Standard 104 (“FRS 104”) ‘Interim Financial Reporting’, and these financial statements comply with

that standard and Irish statute comprising the Companies Act 2014.

These condensed interim financial statements have been prepared in accordance with FRS 104, the

Companies Act 2014, and certain provisions of the European Communities (Undertakings for Collective

Investment in Transferable Securities) Regulations 2011.

The condensed interim financial statements should be read in conjunction with the annual financial

statements for the year ended 30 April 2017, which have been prepared in accordance with Financial

Reporting Standard FRS 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland

(“FRS 102”). Accounting standards generally accepted in Ireland are those published by the Institute of

Chartered Accountants in Ireland and issued by the Financial Reporting Council.

The Company has availed of the exemption under Section 7 of FRS 102 not to prepare a cash flow

statement.

Gains and losses arose solely from continuing operations.

The registered number for the Company is 392526.

Fair value measurement

By fully adopting FRS 102, in accounting for its financial instruments, a reporting entity is required to apply

either a) the full requirements of FRS 102 relating to Basic Financial Instruments and Other Financial

Instruments, b) the recognition and measurement provisions of IAS 39 Financial Instruments: Recognition and

only the disclosure requirements of FRS 102 relating to Basic Financial Instruments and Other Financial

Instruments, or c) the recognition and measurement provisions of IFRS 9 Financial Instruments and only the

disclosure requirements of FRS 102 relating to Basic Financial Instruments and Other Financial Instruments.

The Company has chosen to implement (b) the recognition and measurement provisions of IAS 39 Financial

Instruments: Recognition and only the disclosure requirements of FRS 102 relating to Basic Financial

Instruments and Other Financial Instruments.

The use of IAS 39 recognition and measurement provisions is in line with the pricing policy, which outlines

that the fair value of financial assets and financial liabilities be valued at the last traded prices.

Fair value estimation

Fair value is 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. Under the recognition and measurement

provisions of IAS 39 Financial Instruments, the fair value of financial assets and liabilities traded in active

markets (such as publicly traded derivatives and trading securities) are based on quoted market prices at the

close of trading on the reporting date.

Comparative information

FRS 104 requires that the profit and loss account and the statement of changes in net assets attributable to

holders of redeemable participating shares for the current interim period show the comparable interim period

of the immediately preceding financial year. The balance sheet as of the end of the current interim period is

required, under FRS 104, to disclose a comparable balance sheet as of the end of the immediately preceding

financial year.

65

Notes to the financial statements (continued)

2. Fair value information

Fair value hierarchy

FRS 102 (as amended) requires the Funds to classify fair value measurements using a fair value hierarchy

that reflects the significance of the inputs used in making the measurements. The fair value hierarchy has the

following levels:

Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2: Inputs other than quoted prices included within level 1 that are observable for the asset or liability,

either directly (that is, as prices) or indirectly (that is, derived from prices).

Level 3: Inputs for the asset or liability that are not based on observable market data (that is, unobservable

inputs).

The level in the fair value hierarchy within which the fair value measurement is categorised in its entirety is

determined on the basis of the lowest input that is significant to the fair value measurement in its entirety. For

this purpose, the significance of an input is assessed against the fair value measurement in its entirety. If a

fair value measurement uses observable inputs that require significant adjustment based on unobservable

inputs, that measurement is a level 3 measurement. Assessing the significance of a particular input to the fair

value measurement in its entirety requires judgement, considering factors specific to the asset or liability.

The determination of what constitutes ‘observable’ requires significant judgement by the Investment Manager.

The Investment Manager considers observable data to be market data that is readily available, regularly

distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are

actively involved in the relevant market.

The following table analyses within the fair value hierarchy the Funds’ financial assets and liabilities measured

at fair value as at 31 October 2017 and 30 April 2017.

As at 31/10/2017 Total Level 1 Level 2 Level 3

Baring China Select Fund US$ US$ US$ US$

Financial assets

Equities 48,716,308 48,716,308 - -

Investment Funds 1,218,410 - 1,218,410 -

Total 49,934,718 48,716,308 1,218,410 -



Financial assets

Equities 42,942,073 42,942,073 - -

Investment Funds 891,253 - 891,253 -

Total 43,833,326 42,942,073 891,253 -

66


2. Fair value information (continued)

Fair value hierarchy (continued)


Baring Dynamic Absolute Return Fund US$ US$ US$ US$

Financial assets

Credit default swaps 103,742 - 103,742 -

Equities 2,269,994 2,269,994 - -

Fixed interest 11,896,942 - 11,896,942 -

Forward foreign currency exchange contracts 59,020 - 59,020 -

Futures 20,988 20,988 - -

14,350,686 2,290,982 12,059,704 -

Financial liabilities

Credit default swaps (158,700) - (158,700) -

Forward foreign currency exchange contracts (5,037) - (5,037) -

Futures (162,336) (162,336) - -

(326,073) (162,336) (163,737) -

Total 14,024,613 2,128,646 11,895,967 -


Baring Dynamic Absolute Return Fund* US$ US$ US$ US$

Financial assets

Equities 2,012,524 2,012,524 - -

Fixed interest 11,615,388 - 11,615,388 -


Futures 172,005 172,005 - -

Options 61,200 - 61,200 -

13,948,067 2,184,529 11,763,538 -



Futures (145,673) (145,673) - -

(196,735) (145,673) (51,062) -

Total 13,751,332 2,038,856 11,712,476 -

* The Baring Dynamic Absolute Return Fund was launched on 23 June 2016.

67





Baring Emerging Markets Debt Local Currency Fund** US$ US$ US$ US$

Financial assets


243,208 - 243,208 -



(103,458) - (103,458) -

Total 139,750 - 139,750 -

** The Baring Emerging Markets Debt Local Currency Fund was terminated on 17 May 2017. The financial statements have been prepared on a non-

going concern basis. Total investments at fair value through profit or loss as at 31 October 2017 were nil.


Baring Euro Dynamic Asset Allocation Fund € € € €

Financial assets

Fixed interest 39,509,234 - 39,509,234 -

Equities 23,931,727 23,931,727 - -



Futures 222,544 222,544 - -

64,627,157 24,154,271 40,472,886 -



Futures (85,424) (85,424) - -

(696,637) (85,424) (611,213) -

Total 63,930,520 24,068,847 39,861,673 -

68






Financial assets

Fixed interest 30,101,852 - 30,101,852 -

Equities 20,937,310 20,937,310 - -



Futures 194,379 194,379 - -

52,790,676 21,131,689 31,658,987 -



(24,471) - (24,471) -

Total 52,766,205 21,131,689 31,634,516 -


Baring European Opportunities Fund € € € €

Financial assets

Equities 204,441,611 204,441,611 - -


Total 208,340,363 204,441,611 3,898,752 -



Financial assets

Equities 201,047,602 201,047,602 - -


Total 209,156,439 201,047,602 8,108,837 -

69





Baring Frontier Markets Fund US$ US$ US$ US$

Financial assets

Equities 30,143,652 30,143,652 - -


P-notes 1,741,403 - 1,741,403 -

Total 31,935,055 30,143,652 1,791,403 -



Financial assets

Equities 29,741,612 29,741,612 - -


P-notes 1,363,982 - 1,363,982 -

Total 32,436,594 29,741,612 2,694,982 -


Baring Global Dividend Champions Fund US$ US$ US$ US$

Financial assets

Equities 19,163,930 19,163,930 - -


Total 19,172,931 19,163,930 9,001 -


Baring Global Dividend Champions Fund*** US$ US$ US$ US$

Financial assets

Equities 17,569,669 17,569,669 - -


Total 17,985,831 17,569,669 416,162 -

*** The Baring Global Dividend Champion Fund was launched on 20 October 2016.


Baring Global Mining Fund US$ US$ US$ US$

Financial assets


Total 56,000 - 56,000 -



Financial assets

Equities 9,510,441 9,510,441 - -


Total 9,882,441 9,510,441 372,000 -

70





Baring India Fund US$ US$ US$ US$

Financial assets

Equities 23,306,577 - 23,306,577 -

Total 23,306,577 - 23,306,577 -



Financial assets

Equities 23,383,093 - 23,383,093 -

Total 23,383,093 - 23,383,093 -


Baring MENA Fund US$ US$ US$ US$

Financial assets

Equities 3,757,268 3,757,268 - -


P-notes 417,708 - 417,708 -

Total 4,326,976 3,757,268 569,708 -



Financial assets

Equities 4,189,091 4,189,091 - -


P-notes 424,176 - 424,176 -

Total 4,810,267 4,189,091 621,176 -

71




There have been no transfers during the period ending 31 October 2017 or the year ended 30 April 2017 from

level 1 to level 2 or from level 2 to level 1. At 31 October 2017, there were no financial assets or financial

liabilities classified at level 3.

30/04/2017

Level 3

Dynamic Emerging Markets Fund £

Balance at 30/04/2016 78,701

Sales (8,880)

Realised loss (67,427)

Movement in unrealised loss (2,394)

Balance at 30/04/2017 -

30/04/2017

Level 3

Baring Euro Dynamic Asset Allocation Fund €

Opening value at 30/04/2016 7,046,326

Transfer out of level 3 (7,046,326)

Closing value at 30/04/2017 -

3. Fees and related party disclosures

Management fees

The Manager currently charges a management fee in respect of each Fund at the following percentage rate

per annum of the value of the net assets of the Fund:

Baring China Select Fund - Class A USD Inc 1.50%

Baring Dynamic Absolute Return Fund - Class I

EUR Hedged Acc 0.55%

Baring China Select Fund - Class A EUR Inc 1.50%


GBP Hedged Acc 0.55%

Baring China Select Fund - Class A HKD Acc 1.50%


- Class A USD Inc* 1.25%

Baring China Select Fund - Class I EUR Acc 0.75%


- Class A EUR Acc* 1.25%

Baring China Select Fund - Class I GBP Inc 0.75%


- Class A EUR Inc* 1.25%

Baring China Select Fund - Class I USD Acc 0.75%


- Class A GBP Hedged Inc* 1.25%

Baring Dynamic Absolute Return Fund - Class A

USD Acc 1.10%


- Class A HKD Inc* 1.25%


USD Acc 0.55%


- Class A USD Acc* 1.25%

72


3. Fees and related party disclosures (continued)

Management fees (continued)


- Class I EUR Inc* 0.65% Baring Frontier Markets Fund - Class I USD Acc 1.25%


- Class I USD Acc* 0.65%

Baring Global Dividend Champions Fund - Class A

USD Acc 1.50%


- Class I USD Inc* 0.65%

Baring Global Dividend Champions Fund - Class I

USD Inc 0.75%

Baring Euro Dynamic Asset Allocation Fund - Class

A EUR Acc 1.25%

Baring Global Dividend Champions Fund - Class I

GBP Acc 0.75%

Baring Euro Dynamic Asset Allocation Fund - Class

A EUR Inc 1.25% Baring Global Mining Fund - Class A USD Acc* 1.50%

Baring Euro Dynamic Asset Allocation Fund - Class I

EUR Acc 0.65% Baring Global Mining Fund - Class A GBP Inc* 1.50%


EUR Inc* 0.65% Baring Global Mining Fund - Class I GBP Inc* 0.75%


CHF Hedged Acc** 0.65% Baring Global Mining Fund - Class I USD Acc* 0.75%

Baring European Opportunities Fund - Class A EUR

Acc 1.50% Baring India Fund - Class A USD Acc 1.50%

Baring European Opportunities Fund - Class A USD

Acc 1.50% Baring India Fund - Class A GBP Inc 1.50%

Baring European Opportunities Fund - Class I EUR

Acc 0.75% Baring India Fund - Class I GBP Inc 0.75%

Baring European Opportunities Fund - Class I GBP

Inc 0.75% Baring India Fund - Class I USD Acc* 0.75%

Baring European Opportunities Fund - Class I EUR

Inc* 0.75% Baring MENA Fund - Class A USD Acc 1.50%

Baring European Opportunities Fund - Class I USD

Acc 0.75% Baring MENA Fund - Class A EUR Acc 1.50%

Baring Frontier Markets Fund - Class A USD Acc 2.00% Baring MENA Fund - Class A GBP Inc 1.50%

Baring Frontier Markets Fund - Class A GBP Inc 2.00% Baring MENA Fund - Class I GBP Inc 0.75%

Baring Frontier Markets Fund - Class I EUR Acc 1.25% Baring MENA Fund - Class I USD Acc* 0.75%

Baring Frontier Markets Fund - Class I GBP Inc 1.25%

* The Baring Emerging Markets Debt Local Fund was closed on 17 May 2017.

* The Baring Global Mining Fund was closed on 31 October 2017.

* The Baring Euro Dynamic Asset Allocation Fund Class I EUR Inc was closed on 15 June 2017.

* The Baring Global Mining Fund Class I USD Acc was closed on 15 June 2017.

* The Baring India Fund Class I USD Acc was closed on 15 June 2017.

* The Baring Mena Fund Class I USD Acc was closed on 15 June 2017.

* The Baring European Opportunities Fund Class I EUR Inc was closed on 17 June 2017.

** The Baring Euro Dynamic Asset Allocation Fund Class I CHF Hedged Acc was launched on 18 September 2017.

The Manager will not charge a management fee in respect of Class X of each Fund.

73




The Company is managed by Baring International Fund Managers (Ireland) Limited (“the Manager”). Oliver

Burgel, Peter Clark, Michel Schulz, Timothy Schulze and Julian Swayne are/were connected to the Manager

through employment with the Manager and its associated companies. The Manager will discharge the fees

and expenses of Baring Asset Management Limited (“the Investment Manager”) out of its own fee. The

Investment Manager is an investment management company incorporated in London on 6 April 1994. The

Investment Manager is part of the Barings LLC group and is a wholly-owned subsidiary of Massachusetts

Mutual Life Insurance Company (“MassMutual”). The outstanding amounts payable as at the end of the

period for management fees are disclosed on each Fund’s balance sheet. Parties are considered to be

related if one party has the ability to control the other party or exercise significant influence over the other

party in making financial or operational decisions.

The management fee is payable monthly in arrears and is calculated by reference to the value of the net

assets of each Fund as at each day as at which the value of the net assets of the relevant Fund is calculated.

The foregoing charges may be increased up to the relevant amount specified in the Prospectus on giving no

less than three months’ notice to shareholders.

The fee is subject to a separate agreement with the Investment Manager and is not paid from the Net Asset

Value of the X share class. These fees also accrue daily and are paid monthly in arrears. Any increase in the

current rate of the management fee up to the maximum permitted rate of 2.50% in respect of Class A of the

Funds will only be implemented upon giving no less than three months’ notice to the affected shareholders.

Any increase in the maximum permitted rate of the management fee will only be implemented with the

approval of the affected shareholders by a special resolution of shareholders of the relevant class.

The amounts of the management fees paid during the period are disclosed on each Fund’s profit and loss

account.

The Manager will also be entitled to be repaid all of their out-of-pocket expenses out of the assets of the

Company, which shall include legal fees, courier’s fees and telecommunication costs and expenses. Where

the Net Asset Value of any Fund includes interests in any investment fund managed by a subsidiary of the

parent company (a “Barings Fund”), the fee payable to the Manager relating to the holding will be reduced by

the percentage rate (if any) charged to the Barings Fund for comparable management services. Baring Euro

Dynamic Asset Allocation Fund received a management rebate in relation to an investment in Baring Europe

(ex UK) Equity Component Fund.

Administration fees

Until 6 September 2017 the administration fees were as follows:

In respect of each Class the Managers will be entitled to receive an administration fee (in addition to the

management fee) as set out in the relevant Fund’s Supplement out of which the Managers will then pay the

Administrator. The fee will be accrued daily and paid monthly in arrears.

For Baring China Select Fund, Baring Emerging Markets Corporate Debt Fund, Baring European

Opportunities Fund, Baring Frontier Markets Fund, Baring Global Mining Fund*, Baring India Fund and Baring

MENA Fund the Manager was entitled to receive a fee of 0.45% per annum for all Share Classes, subject to a

monthly minimum fee of £2,500 at fund level.

For Baring Emerging Markets Debt Local Currency Fund* the Manager was entitled to receive a fee of 0.45%

per annum for all Share Classes, subject to a monthly minimum fee of £2,750 at fund level.

For Baring Euro Dynamic Asset Allocation Fund the Manager was entitled to receive a fee of 0.45% per

annum for all A Share Classes and 0.10% per annum for all I and X Share Classes, subject to a monthly

minimum fee of £2,500 at Fund level.

For Baring Dynamic Absolute Return Fund and Baring Global Dividend Champions Fund, the Manager was

entitled to receive a fee of 0.10% per annum for all Share Classes.

74



Administration fees (continued)

From 6 September 2017, the administration fees were updated as follows:

The Manager is entitled to receive an administration fee out of which it will then pay the Administrator. The fee

will be accrued daily and paid monthly in arrears.

For Baring Emerging Markets Debt Local Currency Fund*, the Manager was entitled to receive a fee of 0.45%

per annum for all Share Classes, subject to a monthly minimum fee of £2,750 at fund level.

For Baring Euro Dynamic Asset Allocation Fund, the Manager shall be entitled to receive a fee of 0.45% per

annum for all A Share Classes and 0.10% per annum for all I and X Share Classes, subject to a monthly

minimum fee of £2,500 at Fund level.

For Baring European Opportunities Fund, Baring Global Mining Fund*, Baring India Fund and Baring MENA

Fund, the Manager shall be entitled to receive a fee of 0.45% per annum for all A Share Classes and 0.25%

per annum for all I and X Share Classes, subject to a monthly minimum fee of £2,500 at Fund level.

For Baring China Select Fund and Baring Frontier Markets Fund, the Manager shall be entitled to receive a

fee of 0.45% per annum for all A Share Classes and 0.35% per annum for all I and X Share Classes, subject

to a monthly minimum fee of £2,500 at Fund level.

For Baring Dynamic Absolute Return Fund and Baring Global Dividend Champions Fund, the Manager shall

be entitled to receive a fee of 0.10% per annum for all Share Classes.

* The Baring Emerging Markets Debt Local Currency Fund was closed on 17 May 2017.


Depositary fees

Northern Trust Fiduciary Services (Ireland) Limited (“the Depositary”) shall be entitled to receive out of the

assets of the Company the following:

0.0235% of the Net Asset Value of the Company on the first £500 million;

0.0175% of the Net Asset Value of the Company on the next £500 million; and

0.0105% of the Net Asset Value of the Company thereafter.

In addition, the Depositary will receive a charge of £150 per transaction in respect of single-line assets and an

annual active account charge of £3,000 per Fund.

These fees are payable monthly in arrears. The Depositary is entitled to be reimbursed for all fees and

charges of the Depositary and sub-custodians appointed by it and all other expenses incurred by it.

Legal fees

Mark Thorne is a partner of Dillon Eustace, the Company’s legal advisers and sponsoring broker, and was a

Director of the Company and a Director of the Manager. The fees paid to Dillon Eustace during the period

amounted to US$6,726 (31 October 2016: US$38,019). As of 14 December 2016, Matheson replaced Dillon

Eustace as the Company’s Legal Adviser. Mark Thorne resigned from his position as Director of the Manager

with effect from 18 May 2017.

75



Other expenses

The Company pays out of the assets, the above fees and expenses, stamp duties, taxes, brokerage or other

expenses of acquiring and disposing of investments, the fees and expenses of the auditors, listing fees and

legal expenses of the Directors. The costs of printing and distributing reports, accounts and any

Prospectuses, as well as publishing prices and any costs incurred as a result of a change in law or the

introduction of any new law (including any costs incurred as a result of compliance with any code relating to

share holdings, whether or not having the force of law), are also paid out of the assets of the Company.

Expenses are charged to the Fund in respect of which they are incurred or, where an expense is not

considered by the Company to be attributable to any one Fund, the expense will normally be allocated by the

Company to all Funds pro rata to the value of the net assets of the relevant Funds.

From 1 August 2017, expense caps have been applied to all the Funds of the Company.

Investment Funds

Some of the Funds invest in other Investment Funds managed by Investment Manager. These holdings are

detailed in the portfolio statement.

Trailer fees and reimbursements

Trailer fees (commissions for the marketing of the Funds) are paid to distributors, commission and sales

agents out of the management fees. Reimbursements to institutional investors, who, from a commercial

perspective, are holding the Funds’ redeemable participating shares for third parties, are also paid out of the

management fees.

Transaction costs

The transaction costs incurred by the Funds for the periods ended 31 October 2017 and 31 October 2016

were as follows:

Fund name 31/10/2017 31/10/2016

US$ US$Baring China Select Fund 171,717 144,025

Baring Dynamic Absolute Return Fund* 6,133 2,377

Baring Euro Dynamic Asset Allocation Fund 6,197 30,924

Baring European Opportunities Fund 87,174 294,122

Baring Frontier Markets Fund 68,360 83,516

Baring Global Dividend Champions Fund* 2,865 29,658

Baring Global Mining Fund** 11,571 4,933

Baring India Fund 20,047 31,532

Baring MENA Fund 4,526 5,508


* The Baring Global Dividend Champion Fund was launched on 20 October 2016.

** The Baring Global Mining Fund was closed on 31 October 2017.

76



Significant shareholdings

The following table details significant concentrations in shareholdings of each Fund, or instances where the

shares are beneficially held by other investment funds managed by Baring Asset Management Limited or one

of its affiliates. As at 31 October 2017 and 30 April 2017, the following had significant shareholdings in each

Fund.

Fund name

Number of

shareholders with

beneficial interest

greater that 20% of the

shares in issue

Total % of shares held by

shareholders with beneficial

interest greater than 20% of

shares in issue


investment funds managed

by Baring International Fund

Managers (Ireland) Limited or

affiliates

Baring China Select Fund Nil (30/04/2017: Nil) Nil (30/04/2017: Nil) 5.10% (30/04/2017: 4.73%)

Baring Dynamic Absolute

Return Fund 1 (30/04/2017: 1) 99.74% (30/04/2017: 99.14%) 99.89% (30/04/2017: 99.28%)

Baring Emerging Markets Debt

Local Currency Fund* Nil (30/04/2017: 1) Nil (30/04/2017: 36.25%) Nil (30/04/2017: 7.28%)

Baring Euro Dynamic Asset

Allocation Fund 2 (30/04/2017: 1) 95.02% (30/04/2017: 78.22%) 60.06% (30/04/2017: 78.51%)

Baring European Opportunities

Fund 2 (30/04/2017: 2) 78.98% (30/04/2017: 80.09%) 65.45% (30/04/2017: 60.50%)

Baring Frontier Markets Fund 2 (30/04/2017: 2) 81.63% (30/04/2017: 78.97%) 85.37% (30/04/2017: 82.48%)

Baring Global Dividend

Champions Fund 1 (30/04/2017: 1) 72.87% (30/04/2017: 72.90%) 81.20% (30/04/2017: 81.20%)

Baring Global Mining Fund* 1 (30/04/2017: 2) 82.31% (30/04/2017: 62.14%) 85.28% (30/04/2017: 82.49%)

Baring India Fund 2 (30/04/2017: Nil) 40.29% (30/04/2017: Nil) 68.83% (30/04/2017: 66.77%)

Baring MENA Fund 1 (30/04/2017: 1) 33.75% (30/04/2017: 32.96%) 0.26% (30/04/2017: 0.23%)

* The Baring Emerging Markets Debt Local Currency Fund was closed on 17 May 2017.


77


4. Distributions

In the period ended 31 October 2017, the following Funds declared and paid distributions as follows:

Distribution

frequency

Income

available for

distribution*

Distributed

amount paid**

Income

equalisation

***

Baring China Select Fund US$ US$ US$

Class A USD Inc Annual (179,543) - (11,399)

€ € €

Class A EUR Inc Annual (54,706) - (5,561)

£ £ £

Class I GBP Inc Annual 16 (16) 264

US$ US$ US$

Total Baring China Select Fund (242,589) (21) (17,310)


€ € €

Class A EUR Inc Monthly 77,462 (13,429) (63,604)

£ £ £

Class A GBP Hedged Inc Monthly 14,972 (2,775) (11,997)

HK$ HK$ HK$

Class A HKD Inc Monthly 35,876 (7,863) (27,512)

US$ US$ US$

Class A USD Inc Monthly 49,811 (10,789) (38,365)

€ € €

Class I EUR Inc Quarterly - - -

US$ US$ US$

Class I USD Inc Quarterly 5,654 (5,653) -

US$ US$ US$168,862 (35,681) (127,108)

Baring Euro Dynamic Asset Allocation Fund € € €

Class A EUR Inc Annual 387 (387) 33

Class I EUR Inc Annual 3 (3) -

Total Baring Euro Dynamic Asset Allocation Fund 390 (390) 33

Baring European Opportunities Fund £ £ £

Class I GBP Inc Annual 53,934 (53,932) -

€ € €

Class I EUR Inc Annual 2 (2) (1)

€ € €Total Baring European Opportunities Fund 70,250 (63,649) (1)

Total Baring Emerging Markets Debt Local Currency Fund

78


4. Distributions (continued)

Distribution

frequency

Income

available for

distribution*

Distributed

amount paid**

Income

equalisation

***

Baring Frontier Markets Fund £ £ £

Class A GBP Inc Annual 14,873 (14,873) (8)

Class I GBP Inc Annual 35,987 (36,115) 330

US$ US$ US$Total Baring Frontier Markets Fund 66,245 (65,726) 413

Baring Global Dividend Champions Fund US$ US$ US$

Class I USD Inc Quarterly 260,803 (260,792) 6

US$ US$ US$Total Baring Global Dividend Champions Fund 260,803 (260,792) 6

Baring Global Mining Fund £ £ £

Class A GBP Inc Annual (27,568) - (4,676)

Class I GBP Inc Annual 366 (362) (2,428)

US$ US$ US$Total Baring Global Mining Fund (35,430) (467) (9,428)

Baring India Fund £ £ £

Class A GBP Inc Annual (39,979) - -

Class I GBP Inc Annual (4,321) - 215

US$ US$ US$Total Baring India Fund (57,699) - 276

Baring MENA Fund £ £ £

Class A GBP Inc Annual 4,310 (4,310) -

Class I GBP Inc Annual 1,017 (1,017) -

US$ US$ US$Total Baring MENA Fund 6,939 (6,867) -

* Difference between the income available for distribution (ex-date) and the distributed amount (pay date) is due to exchange rate movements.

** Includes distributions with an ex-date of 1 May 2017 which were paid during the current financial period. These distributions with an ex-date of 1

May 2017 reflect the undistributed income on the Fund as at 30 April 2017.

*** Income equalisation relates to the dealing activity of distributing classes for the period from 1 May 2017 to 31 October 2017. The income

equalisation of the distributing classes is disclosed separately in the statement of changes in net assets attributable to holders of redeemable

participating shares for the period ended 31 October 2017.

79



Comparative 31/10/2016

In the period ended 31 October 2016, the following Funds declared and paid distributions as follows:

Distribution

frequency

Income

available for

distribution*

Distributed

amount

paid**

Income

equalisation***



€ € €


£ £ £

Class I GBP Inc Annual 887 (887) (165)

US$ US$ US$

Total Baring China Select Fund (144,282) (1,287) (11,827)

Baring Emerging Markets Debt Local Currency Fund € € €

Class A EUR Inc Monthly 631,274 (200,494) 684

£ £ £

Class A GBP Hedged Inc Monthly 76,211 (19,923) 14,216

HK$ HK$ HK$

Class A HKD Inc Monthly 201,103 (66,946) (247)

US$ US$ US$

Class A USD Inc Monthly 518,340 (171,015) 6,578

€ € €

Class I EUR Inc Quarterly 1 (1) -

US$ US$ US$

Class I USD Inc Quarterly 37,509 (29,711) (3,626)

US$ US$ US$

1,389,692 (460,814) 22,533


Class A EUR Inc Annual 237 (237) -


Total Baring Euro Dynamic Asset Allocation Fund 238 (238) -



€ € €


€ € €

Total Baring European Opportunities Fund 134,897 (130,240) 97


80



Comparative 31/10/2016 (continued)

Distribution

frequency

Income

available for

distribution*

Distributed

amount

paid**

Income

equalisation***


Class A GBP Inc Annual 658 (657) (805)


US$ US$ US$

Total Baring Frontier Markets Fund 14,001 (15,032) (475)


Class I USD Inc Quarterly 6,659 - -

Total Baring Global Dividend Champions Fund 6,659 - -



Class I GBP Inc Annual 75 (75) 1

US$ US$ US$

Total Baring Global Mining Fund 14,283 (15,337) 1



Class I GBP Inc Annual (1,826) - -

US$ US$ US$

Total Baring India Fund (40,530) - -




US$ US$ US$

Total Baring MENA Fund 11,242 (12,255) 1


** Includes distributions with an ex-date of 1 May 2016 which were paid during the following six month period. These distributions with an ex-date of

1 May 2016 reflect the undistributed income on the Fund as at 30 April 2016.

*** Income equalisation relates to the dealing activity of distributing classes for the period from 1 May 2016 to 31 October 2016. The income

equalisation of the distributing classes is disclosed separately in the statement of changes in net assets attributable to holders of redeemable

participating shares for the period ended 31 October 2016.

81


5. Shareholders’ funds

The authorised capital of the Company is €2 divided into two non-participating shares of €1 each and

500,000,000,000 shares of no par value.

Non-participating shares shall only be issued at par value and shall not participate in the dividends or assets

attributable to redeemable participating shares by the Company, and the dividends, if any, and net assets

attributable to the non-participating shares shall be segregated from and shall not form part of the other

assets of the Company, and non-participating shares may at the request of any of the holders thereof be

purchased by the Company directly or indirectly out of the Company’s assets.

Baring China Select Fund Class A Class A Class A Class I

Shares USD Inc EUR Inc HKD Acc EUR Acc

Shares in issue as at 01/05/2017 2,173,369 466,468 254,125 151

Shares issued during the period 903,937 7,054 99,864 -

Shares redeemed during the period (947,743) (98,348) (82,538) - Shares in issue as at 31/10/2017 2,129,563 375,174 271,451 151

Value US$ € HK$ €

Value of shares issued during the period 12,114,429 136,252 11,276,916 -

Value of shares redeemed during the period (12,376,060) (1,724,922) (8,595,267) - Net value of shares (redeemed)/issued during the

period (261,631) (1,588,670) 2,681,649 -

Baring China Select Fund Class I Class I

Shares (continued) GBP Inc USD Acc

Shares in issue as at 01/05/2017 18,992 349,879

Shares issued during the period 7,687 34,206

Shares redeemed during the period (5,019) (49,309)Shares in issue as at 31/10/2017 21,660 334,776

Value £ US$

Value of shares issued during the period 88,779 530,000

Value of shares redeemed during the period (57,327) (742,750)Net value of shares issued/(redeemed) during the

period 31,452 (212,750)

Class I Class I

Baring Dynamic Absolute Return Fund Class A Class I EUR Hedged GBP Hedged

Shares USD Acc USD Acc Acc Acc

Shares in issue as at 01/05/2017 100 1,475,000 1,000 1,609

Shares issued during the period - - - 1,174

Shares redeemed during the period - (10,000) - -


Value US$ US$ € £

Value of shares issued during the period - - - 11,800

Value of shares redeemed during the period - (105,200) - -

Net value of shares (redeemed)/issued during the period - (105,200) - 11,800

82


5. Shareholders’ funds (continued)

Baring Emerging Markets Debt Local

Currency Fund* Class A Class A Class A Class A GBP Class A

Shares USD Inc EUR Acc EUR Inc Hedged Inc HKD Inc

Shares in issue as at 01/05/2017 323,385 251 407,475 92,616 29,923

Shares issued during the period 186 27 37 12

Shares redeemed during the period (323,571) (251) (407,502) (92,653) (29,935)Shares in issue as at 31/10/2017 - - - - -

Value US$ € € £ HK$

Value of shares issued during the period 1,475 - 257 269 752

Value of shares redeemed during the period (2,570,949) (2,490) (3,870,145) (676,963) (1,860,310)Net value of shares redeemed during the

period (2,569,474) (2,490) (3,869,888) (676,694) (1,859,558)


Currency Fund Class A Class I Class I Class I Class X

Shares (continued) USD Acc EUR Inc USD Acc USD Inc USD Acc

Shares in issue as at 01/05/2017 13,994 1 10 59,863 10

Shares issued during the period 89 - - 678 -

Shares redeemed during the period (14,083) (1) (10) (60,541) (10)Shares in issue as at 31/10/2017 - - - - -

Value US$ € US$ US$ US$

Value of shares issued during the period 1,000 - - 5,509 -

Value of shares redeemed during the period (159,191) (18) (122) (492,329) (89)

Net value of shares redeemed during the

period (158,191) (18) (122) (486,820) (89)

* The Baring Emerging Markets Debt Local Currency Fund was closed on 17 May 2017

Baring Euro Dynamic Asset Allocation Fund Class X Class A Class A Class I

Shares EUR Acc EUR Acc EUR Inc CHF Hedged Acc**

Shares in issue as at 01/05/2017 3,417,000 267,692 3,202 -

Shares issued during the period - 13,521 767 2,013,167

Shares redeemed during the period - (2,784) (510) - Shares in issue as at 31/10/2017 3,417,000 278,429 3,459 2,013,167

Value € € € CHF

Value of shares issued during the period - 173,696 9,776 20,131,673

Value of shares redeemed during the period - (35,698) (6,417) - Net value of shares issued during the period - 137,998 3,359 20,131,673


83



Baring Euro Dynamic Asset Allocation Fund Class I Class I

Shares (continued) EUR Acc EUR Inc***

Shares in issue as at 01/05/2017 680,631 10

Shares issued during the period - -

Shares redeemed during the period (678,096) (10)Shares in issue as at 31/10/2017 2,535 -

Value € €

Value of shares issued during the period - 3

Value of shares redeemed during the period (9,079,705) (133)

Net value of shares redeemed during the period (9,079,705) (130)

*** The Baring Euro Dynamic Asset Allocation Fund Class I EUR Inc was closed on 15 June 2017.

Baring European Opportunities Fund Class A Class A Class I Class I

Shares EUR Acc USD Acc EUR Acc EUR Inc

Shares in issue as at 01/05/2017 318,649 10 3,192,043 10

Shares issued during the period 101 - 2,266 -

Shares redeemed during the period (45,117) - (870,231) (10)Shares in issue as at 31/10/2017 273,633 10 2,324,078 -

Value € $ € €

Value of shares issued during the period 1,513 - 34,814 2

Value of shares redeemed during the period (670,565) - (13,395,775) (178)

Net value of shares redeemed during the period (669,052) - (13,360,961) (176)

Baring European Opportunities Fund Class I Class I Class X

Shares (continued) GBP Inc USD Acc GBP Acc

Shares in issue as at 01/05/2017 605,844 10 7,933,917

Shares issued during the period - - -

Shares redeemed during the period - - - Shares in issue as at 31/10/2017 605,844 10 7,933,917

Value £ $ £

Value of shares issued during the period - - -

Value of shares redeemed during the period - - - Net value of shares issued/(redeemed) during the

period - - -

Baring Frontier Markets Fund Class A Class A Class I Class I Class I

Shares USD Acc GBP Inc EUR Acc GBP Inc USD Acc

Shares in issue as at 01/05/2017 26,171 74,153 103,108 122,423 421

Shares issued during the period 7,194 2,274 - 24,782 -

Shares redeemed during the period (2,414) (3,229) (103,108) (16,060) - Shares in issue as at 31/10/2017 30,951 73,198 - 131,145 421

Value US$ £ € £ US$

Value of shares issued during the period 90,863 31,716 - 348,493 -

Value of shares redeemed during the period (29,765) (45,031) (1,705,686) (227,109) - Net value of shares issued/(redeemed) during

the period 61,098 (13,315) (1,705,686) 121,384 -

84



Baring Frontier Markets Fund Class X

Shares (continued) USD Acc

Shares in issue as at 01/05/2017 2,071,819

Shares issued during the period -

Shares redeemed during the period (56,134)


Value US$

Value of shares issued during the period -

Value of shares redeemed during the period (734,794)

(734,794)Net value of shares redeemed during the period

Baring Global Dividend Champions Fund Class A Class I Class I

Shares USD Acc USD Inc GBP Acc

Shares in issue as at 01/05/2017 100 1,673,338 100

Shares issued during the period - 474 181

Shares redeemed during the period - - -


Value US$ US$ £

Value of shares issued during the period - 5,177 -

Value of shares redeemed during the period - - -

Net value of shares issued during the period - 5,177 -

Baring Global Mining Fund* Class A Class A Class I Class I Class X

Shares USD Acc GBP Inc GBP Inc USD Acc USD Acc

Shares in issue as at 01/05/2017 201,696 683,185 22,914 10 769,443

Shares issued during the period - 3,513 101,109 - -

Shares redeemed during the period (201,696) (686,698) (124,023) (10) (769,443)

Shares in issue as at 31/10/2017 - - - - -

Value US$ £ £ US$ US$

Value of shares issued during the period - 23,475 626,973 - -

Value of shares redeemed during the period (922,931) (4,641,809) (795,151) (72) (4,585,939)

Net value of shares redeemed during the period (922,931) (4,618,334) (168,178) (72) (4,585,939)


85



Baring India Fund Class A Class A Class I Class I

Shares USD Acc GBP Inc GBP Inc USD Acc


Shares issued during the period 81,878 4,995 32,881 -

Shares redeemed during the period (190,077) (11,160) (20,470) (10)Shares in issue as at 31/10/2017 1,000,380 109,414 50,187 -

Value US$ £ £ US$

Value of shares issued during the period 1,520,066 108,723 727,317 -

Value of shares redeemed during the period (3,405,552) (235,459) (447,563) (283)Net value of shares (redeemed)/issued during the period (1,885,486) (126,736) 279,754 (283)

Baring MENA Fund Class A Class A Class A Class I Class I

Shares USD Acc EUR Acc GBP Inc GBP Inc USD Acc


Shares issued during the period 9,118 4,919 1,560 1,176 -

Shares redeemed during the period (10,261) (16,940) (21,750) (1,540) (10)Shares in issue as at 31/10/2017 83,816 123,942 48,236 5,280 -

Value US$ € £ £ US$

Value of shares issued during the period 121,742 77,189 22,167 16,897 -

Value of shares redeemed during the period (136,294) (264,627) (313,610) (21,594) (188)

Net value of shares redeemed during the period (14,552) (187,438) (291,443) (4,697) (188)





Shares issued during the year 306,980 239,052 13,391 140

Shares redeemed during the year (1,016,228) (351,242) (84,912) - Shares in issue as at 30/04/2017 2,173,369 466,468 254,125 151


Value of shares issued during the year 3,413,640 3,321,741 1,196,437 2,588

Value of shares redeemed during the year (10,847,650) (5,065,622) (7,263,775) -

Net value of shares (redeemed)/issued during the year (7,434,010) (1,743,881) (6,067,337) 2,588

86






Shares in issue as at 01/05/2016 27,757 1,267,474

Shares issued during the year 58,353 191,018

Shares redeemed during the year (67,118) (1,108,613)Shares in issue as at 30/04/2017 18,992 349,879

Value £ US$

Value of shares issued during the year 546,099 2,275,940

Value of shares redeemed during the year (624,233) (13,476,445)Net value of shares redeemed during the year (78,134) (11,200,505)

Class I Class I

Baring Dynamic Absolute Return Fund** Class A Class I EUR Hedged GBP Hedged


Shares in issue as at 01/05/2016 - - - -

Shares issued during the period 100 1,475,000 1,000 1,609

Shares redeemed during the period - - - -



Value of shares issued during the year 1,000 14,750,400 10,000 16,000

Value of shares redeemed during the year - - - -

Net value of shares issued during the year 1,000 14,750,400 10,000 16,000

** The Baring Dynamic Absolute Return Fund was launched on 23 June 2016.


Currency Fund Class A Class A Class A Class A GBP Class A



Shares issued during the year 777,147 - 116,494 230,882 1,988

Shares redeemed during the year (1,252,228) - (518,187) (189,951) (12,555)Shares in issue as at 30/04/2017 323,385 251 407,475 92,616 29,923


Value of shares issued during the year 6,194,720 - 1,077,455 1,701,306 122,915

Value of shares redeemed during the year (9,895,862) - (4,906,834) (1,373,779) (770,728)Net value of shares (redeemed)/issued

during the year (3,701,142) - (3,829,379) 327,527 (647,814)

87







Shares in issue as at 01/05/2016 106,268 1 10 132,108 1,148,643

Shares issued during the year 187,527 - - 15,902 -

Shares redeemed during the year (279,801) - - (88,147) (1,148,633)Shares in issue as at 30/04/2017 13,994 1 10 59,863 10


Value of shares issued during the year 2,037,512 1 - 126,581 -

Value of shares redeemed during the year (3,056,220) - - (711,096) (13,519,410)Net value of shares (redeemed)/issued

during the year (1,018,708) 1 - (584,515) (13,519,410)

Baring Euro Dynamic Asset Allocation Fund Class X Class A Class A Class I Class I

Shares EUR Acc EUR Acc EUR Inc EUR Acc EUR Inc

Shares in issue as at 01/05/2016 3,417,000 306,392 3,190 681,476 10

Shares issued during the year - 15,684 29 - -

Shares redeemed during the year - (54,384) (17) (845) - Shares in issue as at 30/04/2017 3,417,000 267,692 3,202 680,631 10

Value € € € € €

Value of shares issued during the year - 191,736 335 - 1

Value of shares redeemed during the year - (631,221) (203) (10,900) - Net value of shares (redeemed)/issued during the

year - (439,485) 132 (10,900) 1



Shares in issue as at 01/05/2016 1,150,966 7,318 1,457,068 10

Shares issued during the year 228,086 4,107 3,156,383 -

Shares redeemed during the year (1,060,403) (11,415) (1,421,408) - Shares in issue as at 30/04/2017 318,649 10 3,192,043 10

Value € $ € €

Value of shares issued during the year 2,880,014 57,809 40,238,300 1

Value of shares redeemed during the year (14,105,122) (158,203) (19,021,666) - Net value of shares (redeemed)/issued during the

year (11,225,108) (100,394) 21,216,634 1

88







Shares issued during the year 1,620 - -

Shares redeemed during the year (321,225) - (1,413,180)Shares in issue as at 30/04/2017 605,844 10 7,933,917

Value £ $ £

Value of shares issued during the year 19,185 - -

Value of shares redeemed during the year (4,280,555) - (20,957,058)

Net value of shares redeemed during the year (4,261,371) - (20,957,058)




Shares issued during the year 21,976 6,708 20,612 51,967 -

Shares redeemed during the year (129,416) (25,394) (709,928) (29,712) - Shares in issue as at 30/04/2017 26,171 74,153 103,108 122,423 421


Value of shares issued during the year 228,560 86,128 313,909 653,462 -

Value of shares redeemed during the year (1,344,612) (314,347) (10,409,636) (374,266) - Net value of shares (redeemed)/issued during

the year (1,116,051) (228,219) (10,095,727) 279,195 -




Shares issued during the year -

Shares redeemed during the year (193,504)Shares in issue as at 30/04/2017 2,071,819

Value US$

Value of shares issued during the year -

Value of shares redeemed during the year (2,213,812)

Net value of shares redeemed during the year (2,213,812)

89




Baring Global Dividend Champions Fund* Class A Class I Class I

Shares USD Acc* USD Inc* GBP Acc*

Shares in issue as at 01/05/2016 - - -

Shares issued during the period 100 1,673,338 100



Value US$ US$ £

Value of shares issued during the period 1,000 16,733,366 1,000

Value of shares redeemed during the period - - - Net value of shares issued during the period 1,000 16,733,366 1,000

* The Baring Global Dividend Champions Fund was launched on 20 October 2016.

Baring Global Mining Fund Class A Class A Class I Class I Class X



Shares issued during the year 172,662 2,369 88,641 - -

Shares redeemed during the year (73,840) (515) (71,474) - (4,074)Shares in issue as at 30/04/2017 201,696 683,185 22,914 10 769,443


Value of shares issued during the year 782,535 9,773 566,232 - -

Value of shares redeemed during the year (386,183) (2,819) (449,816) - (19,454)Net value of shares issued/(redeemed) during the

year 396,352 6,954 116,416 - (19,454)




Shares issued during the year 21,145 19,836 81,879 -

Shares redeemed during the year (401,401) (39,610) (61,362) - Shares in issue as at 30/04/2017 1,108,579 115,579 37,776 10

Value US$ £ £ US$

Value of shares issued during the year 327,496 384,238 1,602,050 -

Value of shares redeemed during the year (6,398,219) (782,790) (1,175,249) -

Net value of shares (redeemed)/issued during the year (6,070,723) (398,552) 426,801 -

90











Value of shares redeemed during the year (858,113) (641,695) (233,526) (57,189) -

Net value of shares redeemed during the year (672,178) (406,834) (197,570) (16,699) -

6. Soft commission arrangements

The Manager and its associates will not receive cash from, or offer rebates to, brokers or dealers in respect of

transactions for the Investment Manager. The Investment Manager uses dealing commission generated on

equity transactions to purchase goods and services that relate to the execution of trades or the provision of

research for the benefit of the Funds. Execution of transactions will be consistent with best execution

standards. The following Funds within the Company had engaged in soft commission arrangements during

the period: Baring China Select Fund, Baring Dynamic Absolute Return Fund, Baring Euro Dynamic Asset

Allocation Fund, Baring European Opportunities Fund, Baring Frontier Markets Fund, Baring Global Dividend

Champions Fund, Baring Global Mining Fund, Baring India Fund and Baring MENA Fund.

7. Comparative statistics

31/10/2017 30/04/2017 30/04/2016

Total Net Asset Value

Baring China Select Fund $49,061,395 $44,113,570 $56,817,564

Net Asset Value per share

Baring China Select Fund - Class A USD Inc US$14.51 US$12.38 US$10.26

Baring China Select Fund - Class A EUR Inc €19.42 €17.64 €14.04

Baring China Select Fund - Class A HKD Acc HK$113.21 HK$96.35 HK$79.70

Baring China Select Fund - Class I EUR Acc €22.23 €20.11 €15.80

Baring China Select Fund - Class I GBP Inc £11.55 £10.03 £7.33

Baring China Select Fund - Class I USD Acc US$16.15 US$13.73 US$11.29

91


7. Comparative statistics (continued)

31/10/2017 30/04/2017 30/04/2016


Baring Dynamic Absolute Return Fund $15,478,325 $15,310,350 -


Baring Dynamic Absolute Return Fund - Class A USD Acc* US$10.45 US$10.31 -

Baring Dynamic Absolute Return Fund - Class I USD Acc* US$10.53 US$10.35 -

Baring Dynamic Absolute Return Fund - Class I EUR Hedged Acc* €9.99 €9.93 -

Baring Dynamic Absolute Return Fund - Class I GBP Hedged Acc* £10.07 £9.96 -


Baring Emerging Markets Debt Local Currency Fund** - $8,719,899 $31,653,993


Baring Emerging Markets Debt Local Currency Fund - Class A USD Inc - US$8.08 US$8.16

Baring Emerging Markets Debt Local Currency Fund - Class A EUR Acc - €9.91 €9.14

Baring Emerging Markets Debt Local Currency Fund - Class A EUR Inc - €9.69 €9.40

Baring Emerging Markets Debt Local Currency Fund - Class A GBP Hedged

Inc - £7.45 £7.65

Baring Emerging Markets Debt Local Currency Fund - Class A HKD Inc - HK$63.07 HK$63.56

Baring Emerging Markets Debt Local Currency Fund - Class A USD Acc - US$11.28 US$10.83

Baring Emerging Markets Debt Local Currency Fund - Class I EUR Inc - €16.04 €15.52

Baring Emerging Markets Debt Local Currency Fund - Class I USD Acc* - US$8.88 US$8.49

Baring Emerging Markets Debt Local Currency Fund - Class I USD Inc - US$8.20 US$8.36

Baring Emerging Markets Debt Local Currency Fund - Class X USD Acc - US$12.18 US$11.58


Baring Euro Dynamic Asset Allocation Fund €69,545,126 €58,668,611 €52,984,023


Baring Euro Dynamic Asset Allocation Fund - Class X EUR Acc €14.13 €13.56 €12.11

Baring Euro Dynamic Asset Allocation Fund - Class A EUR Acc €13.13 €12.71 €11.53

Baring Euro Dynamic Asset Allocation Fund - Class A EUR Inc €12.90 €12.61 €11.52

Baring Euro Dynamic Asset Allocation Fund - Class I CHF Hedged Acc* CHF 10.13 - -

Baring Euro Dynamic Asset Allocation Fund - Class I EUR Acc €13.57 €13.07 €11.75

Baring Euro Dynamic Asset Allocation Fund - Class I EUR Inc* - €13.07 €11.76


Baring European Opportunities Fund €209,763,423 €209,582,410 €194,430,791


Baring European Opportunities Fund - Class A EUR Acc €15.83 €14.87 €12.88

Baring European Opportunities Fund - Class A USD Acc* US$18.36 US$16.22 US$14.65

Baring European Opportunities Fund - Class I EUR Acc €16.34 €15.28 €13.14

Baring European Opportunities Fund - Class I EUR Inc* - €17.74 €15.25

Baring European Opportunities Fund - Class I GBP Inc £16.39 £14.80 £11.85

Baring European Opportunities Fund - Class I USD Acc* US$18.88 US$16.54 US$14.73

Baring European Opportunities Fund - Class X GBP Acc £17.33 £15.50 £12.20

92



31/10/2017 30/04/2017 30/04/2016


Baring Frontier Markets Fund $32,738,608 $31,957,525 $41,718,487


Baring Frontier Markets Fund - Class A USD Acc US$12.86 US$11.69 US$10.26

Baring Frontier Markets Fund - Class A GBP Inc £14.58 £13.74 £10.68

Baring Frontier Markets Fund - Class I EUR Acc - €16.71 €13.96

Baring Frontier Markets Fund - Class I GBP Inc £14.52 £13.72 £10.68

Baring Frontier Markets Fund - Class I USD Acc* US$20.14 US$18.24 US$15.89

Baring Frontier Markets Fund - Class X USD Acc US$14.09 US$12.68 US$10.90


Baring Global Dividend Champions Fund $19,102,673 $18,050,074 -


Baring Global Dividend Champions Fund - Class I USD Inc* US$11.41 US$10.79 -

Baring Global Dividend Champions Fund - Class A USD Acc* US$11.53 US$10.79 -

Baring Global Dividend Champions Fund - Class I GBP Acc* £10.78 £10.26 -


Baring Global Mining Fund** - $9,845,495 $8,236,785


Baring Global Mining Fund - Class A USD Acc - US$4.64 US$4.14

Baring Global Mining Fund - Class A GBP Inc - £5.60 £4.43

Baring Global Mining Fund - Class I GBP Inc* - £5.67 £4.46

Baring Global Mining Fund - Class I USD Acc* - US$7.43 US$6.53

Baring Global Mining Fund - Class X USD Acc - US$4.93 US$4.33


Baring India Fund $23,707,618 $23,536,314 $23,632,671


Baring India Fund - Class A USD Acc US$18.95 US$17.45 US$13.68

Baring India Fund - Class A GBP Inc £22.40 £21.06 £14.62

Baring India Fund - Class I GBP Inc £22.79 £21.34 £14.70

Baring India Fund - Class I USD Acc* - US$27.74 US$21.51

93



31/10/2017 30/04/2017 30/04/2016


Baring MENA Fund $4,286,194 $4,888,433 $6,301,300


Baring MENA Fund - Class A USD Acc US$13.18 US$13.15 US$13.00

Baring MENA Fund - Class A EUR Acc €15.25 €16.25 €15.43

Baring MENA Fund - Class A GBP Inc £13.89 £14.26 £12.59

Baring MENA Fund - Class I GBP Inc £13.87 £14.30 £12.62

Baring MENA Fund - Class I USD Acc* - US$18.62 US$18.33

* The Baring Dynamic Absolute Return Fund Class A USD Acc and Class I USD Acc were launched on 23 June 2016.

* The Baring Dynamic Absolute Return Fund Class I EUR Hedged Acc and Class I GBP Hedged Acc were launched on 30 December 2016.

* The Baring Dynamic Emerging Markets Fund Class I USD Acc was launched on 20 January 2016.

* The Baring Emerging Markets Debt Local Currency Fund Class I USD Acc was launched on 20 January 2016.

* The Baring Euro Dynamic Asset Allocation Fund Class I CHF Hedged Acc was launched on 18 September 2017.

* The Baring Euro Dynamic Asset Allocation Fund Class I EUR Inc was launched on 20 January 2016 and subsequently closed on 15 June

2017.

* The Baring European Opportunities Fund Class A USD Acc was launched on 25 June 2015.

* The Baring European Opportunities Fund Class I EUR Inc was launched on 2 November 2015 and subsequently closed on 17 June 2017.

* The Baring European Opportunities Fund Class I USD Acc was launched on 2 November 2015.

* The Baring Frontier Markets Fund Class I USD Acc was launched on 20 January 2016.

* The Global Dividend Champions Fund Class A USD Acc, Class I USD Inc and Class I GBP Acc were launched on 20 October 2016.

* The Baring Global Mining Fund Class I GBP Inc was launched on 30 September 2015.

* The Baring Global Mining Fund Class I USD Acc was launched on 20 January 2016 and subsequently closed on 15 June 2017.

* The Baring India Fund Class I USD Acc was launched on 20 January 2016 and subsequently closed on 15 June 2017.

* The Baring MENA Fund Class I USD Acc was launched on 20 January 2016 and subsequently closed on 15 June 2017.

** The Baring Emerging Markets Debt Local Currency Fund was closed on 17 May 2017.

** The Baring Global Mining Fund was closed on 31 October 2017.

94


8. Exchange rates (continued)

As at 31/10/2017

The exchange rates used at the period-end were:

31/10/2017 31/10/2017 31/10/2017 30/04/2017 30/04/2017 30/04/2017

Exchange

rate

Exchange rate Exchange rate Exchange

rate

Exchange rate Exchange rate

to 1 EUR to 1 GBP to 1 US$ to 1 EUR to 1 GBP to 1 US$Australian dollar 1.5198 1.7261 1.3057 1.4640 1.7320 1.3383

Bangladesh taka - 109.7509 83.0250 - 108.2233 83.6250

Brazilian real 3.8157 4.3335 3.2783 3.4820 4.1195 3.1832

Canadian dollar 1.4954 1.6983 1.2848 1.4932 1.7666 1.3651

Chilean peso - 843.0691 637.7700 - 856.6044 661.9050

Chinese yuan - 8.7608 6.6274 - 8.9263 6.8974

Colombian peso - - 3,023.5450 - - 2,940.7500

Czech koruna - - 22.0452 - - 24.6600

Danish kroner 7.4412 - 6.3931 7.4384 - 6.7999

Egyptian pound - . 17.6448 - - 18.0500

Euro 1.0000 1.1357 0.8591 1.0000 1.1831 0.9142

Hong Kong dollar 9.0792 10.3112 7.8003 8.5086 10.0662 7.7783

Hungarian forint - 353.7034 267.5717 - 369.6532 285.6340

Indian rupee - 85.6212 64.7713 - 83.2527 64.3300

Indonesian rupiah - 17,928.2895 13,562.5000 - 17,249.7252 13,329.0000

Israeli shekel - - 3.5200 - - 3.6216

Japanese yen 131.9105 - 113.3300 121.9261 - 111.4600

Kenyan shilling - 137.2134 103.8000 - 133.4916 103.1500

Kuwait dinar - 0.3999 0.3025 - 0.3937 0.3043

Malaysian ringgit - 5.5963 4.2335 - 5.6179 4.3410

Mexican peso 22.3322 25.3627 19.1866 20.8265 24.6390 19.0388

Moroccan dirham - 12.5670 9.5068 - 12.8126 9.9004

Nigerian naira - 475.8846 360.0000 - 395.4275 305.5500

Norwegian krone 9.5218 - 8.1806 9.3318 - 8.5308

Omani rial - 0.5089 0.3850 - 0.4982 0.3850

Pakistani rupee - 139.2425 105.3350 - 135.5687 104.7550

Peruvian sol - - 3.2500 - - 3.2455

Philippine peso - 68.2432 51.6250 - 64.6622 49.9650

Polish zloty 4.2480 4.8245 3.6497 4.2214 4.9941 3.8590

Pound sterling 0.8805 1.0000 0.7565 0.8453 1.0000 0.7727

Qatari rial - - 3.6415 - - 3.6415

Romanian new leu - 5.2240 3.9519 - 5.3643 4.1451

Russian rouble 67.8656 77.0751 58.3063 62.1733 73.5547 56.8363

New zealand dollar 1.7002 1.9309 1.4607 1.5932 1.8849 1.4565

Singapore dollar - 1.8006 1.3622 - 1.8062 1.3957

South African rand 16.4292 18.6586 14.1150 14.5243 17.1831 13.2775

South Korean won - 1,480.9924 1,120.3500 - 1,472.6133 1,137.9000

Sri Lanka rupee - 203.0771 153.6250 - 197.0343 152.2500

Swedish krona 9.7383 - 8.3665 9.6392 - 8.8118

Swiss franc 1.1617 - 0.9981 1.0834 - 0.9904

Taiwan dollar 35.1042 39.8679 30.1595 33.0041 39.0458 30.1710

95



As at 31/10/2017

The exchange rates used at the period-end were:

31/10/2017 31/10/2017 31/10/2017 30/04/2017 30/04/2017 30/04/2017

Exchange

rate


rate


to 1 EUR to 1 GBP to 1 US$ to 1 EUR to 1 GBP to 1 US$Thai baht - 43.9136 33.2200 - 44.7647 34.5900

Turkish lira 4.4116 5.0103 3.7902 3.8754 4.5849 3.5428

UAE dirham - 4.8553 3.6730 - 4.7534 3.6730

US dollar 1.1640 1.3219 1.0000 1.0939 1.2942 1.0000

Vietnamese new dong - 30,023.6885 22,712.5000 - 29,433.5003 22,743.5000

9. Transactions with connected persons

The UCITS Regulations require that any transaction carried out with the Company by a Promoter, Manager,

Depositary, Investment Manager and/or associate of these (“connected persons”) must be carried out as if

negotiated at arm’s length. Transactions must be in the best interests of the shareholders.

The Board of Directors of the Company are satisfied that there are arrangements (evidenced by written

procedures) in place to ensure that the obligations set out in Regulation 41(1) of the Central Bank UCITS

Regulations are applied to all transactions with connected persons, and are satisfied that transactions with

connected persons entered into during the year complied with the obligations set out in Regulation 41(1) of

the Central Bank UCITS Regulations.

10. Segregated liability of Funds

The Company is an umbrella fund with segregated liability between Funds. As a result, and as a matter of

Irish law, any liability attributable to a particular Fund may only be discharged out of the assets of that Fund

and the assets of other Funds may not be used to discharge that liability.

11. Bank facilities

There is a bank overdraft facility in place with The Northern Trust Company (“TNTC”). An “uncommitted”

multi-currency loan facility has been made available by TNTC to the Funds. As at 31 October 2017, Baring

China Select Fund, Baring European Opportunities Fund, Baring Frontier Markets Fund, Baring Global

Dividend Champions Fund, Baring Global Mining Fund, Baring India Fund and Baring MENA Fund have

drawn down on this facility (30 April 2017: Baring China Select Fund, Baring Emerging Markets Corporate

Debt Fund, Baring Emerging Markets Debt Local Currency Fund, Baring European Opportunities Fund,

Baring Frontier Markets Fund, Baring Global Mining Fund and Baring MENA Fund).

96


12. Taxation

Under current law and practice, the Company qualifies as an investment undertaking as defined in Section

739B of the Taxes Consolidation Act, 1997, as amended (“the TCA”). On that basis, it is not chargeable to

Irish tax on its income or gains.

However, Irish tax can arise on the happening of a "chargeable event" in the Company. A chargeable event

includes any distribution payments to shareholders or any encashment, redemption, transfer or cancellation of

shares and any deemed disposal of shares for Irish tax purposes arising as a result of holding shares in the

Company for a period of eight years or more.

No Irish tax will arise on the Company in respect of chargeable events due to a shareholder who is an exempt

Irish investor (as defined in Section 739D of the TCA) or who is neither Irish resident nor ordinarily a resident

in Ireland for tax purposes at the time of the chargeable event, provided, in each case, that appropriate valid

declaration in accordance with Section 2B of the TCA is held by the Company or where the Company has

been authorised to make gross payments in absence of appropriate declarations.

Capital gains, dividends and interest received on investments made by the Company may be subject to

withholding taxes imposed by the country of origin and such taxes may not be recoverable by the Company or

its shareholders.

13. Significant events during the period

Please refer to the key changes during the period on pages 15 to 18.

14. Subsequent events

Notice was sent to the investors of Baring India Fund effective 18 October 2017, informing them of the closure

which will become effective 19 December 2017.

Notice was sent to the investors of Baring MENA Fund effective 18 October 2017, informing them of the

closure which will become effective 19 December 2017.

As at 6 December 2017 the registered address for the Company has changed to;

Matheson


Dublin 2

Ireland.

There have been no other events subsequent to the period-end which, in the opinion of the Directors, may

have had an impact on the financial statement for the period ended 31 October 2017.

15. Approval of financial statements

The financial statements were approved by the Board of Directors of the Company on 14 December 2017.

97

Portfolio statements



Financial assets at fair value through profit or loss

Nominal Fair value % of

Investment Funds: 2.48% (30 Apr 2017: 2.02%) Currency holdings US$ NAV

China: 1.48% (30 Apr 2017: 1.44%)

Baring China A-Share Fund Plc - AIF USD 34,262 728,410 1.48

728,410 1.48

Ireland: 1.00% (30 Apr 2017: 0.58%)

NT Global Funds - US Dollar Fund USD 490,000 490,000 1.00

490,000 1.00

Total Investment Funds 1,218,410 2.48

Equities: 99.30% (30 Apr 2017: 97.35%)

China: 74.81% (30 Apr 2017: 61.85%)

3SBio HKD 181,000 323,932 0.66

AAC Technologies HKD 53,500 979,424 2.00

Alibaba ADR USD 24,764 4,496,647 9.16

Aluminumof China HKD 632,000 508,821 1.04

Baidu ADR USD 4,700 1,111,174 2.26

Brilliance China Automotive HKD 768,000 1,941,587 3.96

China Construction Bank HKD 1,086,000 969,009 1.98

China International Capital HKD 228,000 470,013 0.96

China Life Insurance HKD 245,000 810,353 1.65

China Mengniu Dairy HKD 294,000 814,123 1.66

China Merchants Bank HKD 189,500 722,745 1.47

China Resources Beer HKD 231,333 667,281 1.36

China Resources Cement HKD 2,010,000 1,357,986 2.77

China Resources Land HKD 228,000 679,589 1.39

China State Construction International HKD 579,250 813,889 1.66

Dongfang Electric HKD 462,600 450,721 0.92

GDS ADR USD 44,031 678,077 1.38

Great Wall Motor HKD 569,500 717,688 1.46

Haitian International HKD 192,000 574,747 1.17

Hengan International HKD 55,500 547,152 1.12

Industrial & Commercial Bank of China HKD 1,094,000 868,154 1.77

JD.com ADR USD 26,628 996,420 2.03

Li Ning HKD 902,500 787,922 1.61

Momo ADR USD 9,930 292,538 0.60

NetEase ADR USD 3,077 850,821 1.73

New Century Healthcare HKD 377,000 453,833 0.93

New Oriental Education & Technology ADR USD 7,263 601,013 1.22


98

Portfolio statements (continued)





Equities: 99.30% (30 Apr 2017: 97.35%) (continued) Currency holdings US$ NAV

China: 74.81% (30 Apr 2017: 61.85%) (continued)

Nexteer Automotive HKD 447,000 874,482 1.78

Qudian ADR USD 9,050 200,820 0.41

Shenzhen International HKD 419,000 800,367 1.63

Shenzhen Sunway Communication CNH 126,870 956,701 1.95

Sun Art Retail HKD 609,000 615,222 1.25

Sunny Optical Technology HKD 107,000 1,566,529 3.19

TAL Education ADR USD 16,208 440,533 0.90

Tencent HKD 96,600 4,331,972 8.83

Tencent Rights HKD 70 - -

Weibo ADR USD 5,553 499,048 1.02

Wenzhou Kangning Hospital HKD 88,600 404,364 0.82

Wisdom Education International HKD 1,258,000 737,031 1.50

ZTE HKD 227,400 788,581 1.61

36,701,309 74.81

Hong Kong: 18.56% (30 Apr 2017: 28.90%)

AIA HKD 142,200 1,070,105 2.18

ASM Pacific Technology HKD 131,800 1,917,785 3.91

Crystal International HKD 394,247 379,069 0.77

Jacobson Pharma HKD 1,985,000 514,044 1.05

MGM China HKD 290,400 654,492 1.33

Regina Miracle International HKD 825,000 792,181 1.61

Samsonite International HKD 211,800 883,824 1.80

Techtronic Industries HKD 143,500 841,650 1.72

Ten Pao HKD 2,804,000 718,947 1.47

United Laboratories International HKD 676,000 588,444 1.20

Yue Yuen Industrial HKD 195,000 747,472 1.52

9,108,013 18.56

Singapore: 0.08% (30 Apr 2017: 0.00%)

Sea ADR USD 2,822 39,790 0.08

39,790 0.08

Taiwan: 5.85% (30 Apr 2017: 6.60%)

Largan Precision TWD 8,000 1,515,940 3.09

Sunonwealth Electric Machine Industry TWD 281,000 626,111 1.28

Taiwan Semiconductor Manufacturing TWD 90,000 725,145 1.48

2,867,196 5.85

Total equities 48,716,308 99.30


99




Fair value % of

US$ NAV

Total financial assets at fair value through profit and loss 49,934,718 101.78

Total investments at fair value through profit and loss 49,934,718 101.78

Cash 232,877 0.47

Other net liabilities (1,106,200) (2.25) Total net assets attributable to holders of redeemable participating shares 49,061,395 100.00

Analysis of portfolio % of Total assets*

Deposits with credit institutions 0.95

UCITS and Non-UCITS Collective Investment Schemes 2.37

Transferable securities admitted to an official stock exchange listing or traded on a recognised

market. 94.56

Other assets 2.12

100.00

* Calculation based on the total assets of the Fund (excluding liabilities). This summary is a UCITS requirement.


100






Fixed interest: 76.87% (30 Apr 2017: 75.87%) Currency holdings US$ NAV

Brazilian real: 4.66% (30 Apr 2017: 0.00%)

Brazil Notas do Tesouro Nacional Serie B 6% 15/08/2050 BRL 70,000 720,788 4.66

720,788 4.66

Italian lira: 0.00% (30 Apr 2017: 4.48%)

Turkish lira: 4.19% (30 Apr 2017: 0.00%)

Turkey Government Bond 6.3% 14/02/2018 TRY 2,500,000 648,483 4.19

648,483 4.19

US dollar: 68.02% (30 Apr 2017: 71.39%)

United States Treasury Bill 0% 09/11/2017 USD 2,350,000 2,349,514 15.18




United States Treasury Bill 0% 29/03/2018 USD 1,000,000 995,035 6.43

United States Treasury Bill 0% 26/04/2018 USD 900,000 894,604 5.78

10,527,671 68.02

Total fixed interest 11,896,942 76.87

Equities: 14.66% (30 Apr 2017: 13.14%)

Belgium: 0.49% (30 Apr 2017: 0.00%)

Cofinimmo REITS EUR 600 76,153 0.49

76,153 0.49

Finland: 0.00% (30 Apr 2017: 0.93%)

France: 1.51% (30 Apr 2017: 2.54%)

Gecina REITS EUR 500 81,139 0.52

Klepierre REITS EUR 1,950 77,565 0.50

Unibail-Rodamco REITS EUR 300 75,087 0.49

233,791 1.51

Germany: 1.00% (30 Apr 2017: 1.39%)

Alstria office REITS EUR 5,200 73,632 0.48

TAG Immobilien EUR 4,650 79,982 0.52

153,614 1.00

Ireland: 0.50% (30 Apr 2017: 1.40%)

Green REITS EUR 44,500 77,501 0.50

77,501 0.50


101





Nominal Fair value % ofEquities: 14.66% (30 Apr 2017: 13.14%) (continued) Currency holdings US$ NAV

Italy: 0.57% (30 Apr 2017: 1.53%)

Beni StabiliSIIQ REITS EUR 100,000 88,536 0.57

88,536 0.57

Japan: 6.00% (30 Apr 2017: 2.16%)

Chiba Bank JPY 16,000 121,376 0.78

Japan Post Bank JPY 8,500 107,045 0.69

Mitsubishi UFJ Financial JPY 17,000 114,076 0.74

Mizuho Financial JPY 61,100 110,177 0.71

Resona JPY 21,500 115,078 0.74

Shizuoka Bank JPY 13,000 125,504 0.81

Sumitomo Mitsui Financial JPY 3,000 119,255 0.77

Sumitomo Mitsui Trust JPY 3,000 117,355 0.76

929,866 6.00

Netherlands: 0.50% (30 Apr 2017: 0.00%)

Eurocommercial Properties EUR 1,850 77,047 0.50

77,047 0.50

Spain: 0.96% (30 Apr 2017: 1.25%)

Lar Espana Real Estate Socimi REITS EUR 7,650 75,074 0.49

Merlin Properties Socimi REITS EUR 5,550 73,254 0.47

148,328 0.96

United Kingdom: 0.00% (30 Apr 2017: 1.94%)

World: 3.13% (30 Apr 2017: 0.00%)

ETFS Physical Silver ETF USD 15,000 237,338 1.53

Source Physical Gold P-ETC ETF USD 2,000 247,820 1.60

485,158 3.13


Credit default swaps: 0.67% (30 Apr 2017: 0.00%)


Description Currency holdings US$ NAV

CDX 1684682 5.000000% 20-DEC-2022 USD (1,250,000) 103,742 0.67

Total credit default swaps - unrealised gains 103,742 0.67

Options: 0.00% (30 Apr 2017: 0.40%)


102





Unrealised % of

Futures contracts*: 0.14% (30 Apr 2017: 1.12%) Currency Fair value Contracts gain US$ NAV

Future Stoxx 600 Bank December 2017 EUR 379,599 35 20,988 0.14

Total futures contracts - unrealised gains 20,988 0.14

Open forward foreign currency transactions: 0.38% (30 Apr 2017: 0.57%)

Currency Currency Currency Maturity Unrealised % of

sold bought rate Counterparty date gain US$ NAV

EUR 395,116 GBP 359,200 1.3026 Standard Chartered Bank 09/11/2017 16,655 0.11

JPY 97,240,000 USD 872,894 0.0090 State Street 18/01/2018 13,743 0.09

JPY 27,128,000 USD 249,739 0.0092 Standard Chartered Bank 09/11/2017 10,951 0.07

USD 467,100 GBP 359,200 1.3004 Standard Chartered Bank 09/11/2017 9,965 0.06

EUR 406,850 USD 480,212 1.1803 Standard Chartered Bank 20/12/2017 5,011 0.03

AUD 991,500 NZD 1,113,873 0.6952 Standard Chartered Bank 18/01/2018 2,347 0.02

USD 36,415 GBP 27,672 1.3159 State Street 14/11/2017 343 -

EUR 244 USD 288 1.1772 State Street 14/11/2017 3 -

USD 198 GBP 150 1.3219 State Street 14/11/2017 1 -


Total fair value gains on forward currency contracts 59,020 0.38

Total financial assets at fair value through profit or loss 14,350,686 92.72

Financial liabilities at fair value through profit or loss

Credit default swaps: (1.03%) (30 Apr 2017: (0.00%))


Description Currency holdings US$ NAV

CDX 1684683 5.000000% 20-DEC-2022 EUR 1,050,000 (158,700) (1.03)

Total credit default swaps - unrealised losses (158,700) (1.03)

Unrealised % of

Futures contracts*: (1.05%) (30 Apr 2017: (0.93%)) Currency Fair value Contracts loss US$ NAV

Future Euro-Bund December 2017 EUR (1,327,169) (7) (6,689) (0.04)

Future S&P CME Emini December 2017 USD 742,188 19 (13,275) (0.09)

Future Stoxx Europe December 2017 EUR (390,934) (17) (21,299) (0.14)

Future Euro-Oat December 2017 EUR (2,201,196) (12) (22,067) (0.14)

Future S&P500 Emini December 2017 USD (771,810) (6) (32,415) (0.21)

Future Nikkei 225 Sgx December 2017 JPY (579,645) (6) (66,591) (0.43)

Total futures contracts - unrealised losses (162,336) (1.05)


103





Open forward foreign currency transactions: (0.03%) (30 Apr 2017: (0.34%))


sold bought rate Counterparty date loss US$ NAV

USD 12,023 EUR 10,213 1.1772 State Street 14/11/2017 (119) -

EUR 273,430 SEK 2,625,112 0.1231 Northern Trust 20/12/2017 (4,918) (0.03)

Total fair value losses on forward currency contracts (5,037) (0.03)

Total financial liabilities at fair value through profit or loss (326,073) (2.11)

Total investments at fair value through profit or loss 14,024,613 90.61

Cash 1,442,405 9.32

Margin cash 53,102 0.34

Other net liabilities (41,795) (0.27)

Net assets attributable to holders of redeemable participating shares 15,478,325 100.00

Analysis of portfolio % of Total assets**

Transferable securities admitted to official stock exchange listing or traded on a recognised market 89.23

Financial derivative instruments dealt in on a regulated exchange 0.79

Financial derivative instruments dealt in on the OTC market 0.37

Other assets 9.61

100.00

* The counterparty for the future contracts and options is UBS.

** Calculation based on the total assets of the Fund (excluding liabilities). This summary is a UCITS requirement.


104




Fair value % of

US$ NAV

Forward currency contracts: 0.00% (30 Apr 2017: 2.78%)

Forward currency contracts: 0.00% (30 Apr 2017: (1.18%))

Total investments at fair value through profit or loss - -

Cash 48,275 -

Other net liabilities (48,275) -

Total net assets attributable to holders of redeemable participating shares - -


Deposit with credit institutions -

Other assets -

-



105






Investment Funds: 1.31% (30 Apr 2017: 1.55%) Currency holdings € NAV

Europe: 1.31% (30 Apr 2017: 1.55%)

Baring Europe (ex UK) Equity Component Fund - UCITS EUR 80,000 908,800 1.31

908,800 1.31

Total Investment Funds 908,800 1.31

Equities: 34.42% (30 Apr 2017: 35.69%)

Austria: 0.14% (30 Apr 2017: 0.12%)

ANDRITZ EUR 1,333 65,344 0.09

Lenzing EUR 302 35,002 0.05

100,346 0.14

Belgium: 0.74% (30 Apr 2017: 0.81%)

Cofinimmo REITs EUR 2,475 269,651 0.39

Kinepolis EUR 897 51,192 0.07

Ontex EUR 2,477 75,090 0.11

Umicore EUR 3,182 121,155 0.17

517,088 0.74

Denmark: 0.57% (30 Apr 2017: 0.59%)

Chr Hansen DKK 1,518 114,444 0.16

DSV DKK 1,604 106,593 0.15

FLSmidth DKK 1,671 97,886 0.14

Tryg DKK 3,922 80,167 0.12

399,090 0.57

Europe: 0.76% (30 Apr 2017: 0.98%)

Chenavari Capital Solutions GBP 500,345 525,624 0.76

525,624 0.76

Finland: 0.34% (30 Apr 2017: 0.58%)

Cargotec EUR 1,313 65,913 0.09

Elisa EUR 2,719 95,029 0.14

Valmet EUR 4,645 77,432 0.11

238,374 0.34


106






Equities: 34.42% (30 Apr 2017: 35.69%) (continued) Currency holdings € NAV

France: 2.22% (30 Apr 2017: 2.61%)

Elior EUR 2,932 71,336 0.10

Euronext EUR 1,766 90,296 0.13

Gecina REITs EUR 2,457 341,032 0.49

Imerys EUR 926 72,311 0.10

Klepierre EUR 7,150 242,778 0.35

Nexity EUR 790 41,515 0.06

Orpea EUR 856 88,081 0.13

Sopra Steria EUR 345 55,925 0.08

Teleperformance EUR 871 109,528 0.16

UBISOFT Entertainment EUR 990 64,825 0.09

Unibail-Rodamco REITs EUR 1,175 251,744 0.36

Worldline EUR 2,795 116,020 0.17

1,545,391 2.22

Germany: 1.52% (30 Apr 2017: 1.79%)

Aareal Bank EUR 2,230 79,176 0.11

Alstria office REITs EUR 22,650 275,311 0.40

Carl Zeiss Meditec EUR 838 38,347 0.06

Freenet EUR 1,813 52,006 0.07

Gerresheimer EUR 934 63,736 0.09

HUGO BOSS EUR 907 69,694 0.10

Norma EUR 698 40,770 0.06

Software EUR 802 35,055 0.05

Stabilus EUR 391 30,490 0.04


Wirecard EUR 894 75,588 0.11

1,059,533 1.52

Global Emerging Markets: 4.20% (30 Apr 2017: 4.50%)

Amundi ETF MSCI Em Asia UCITS ETF - USD ETF USD 50,000 1,464,195 2.11

Amundi ETF MSCI Emerging Markets UCITS ETF - USD ETF USD 350,000 1,451,931 2.09

2,916,126 4.20

Ireland: 0.53% (30 Apr 2017: 0.56%)

Dalata Hotel EUR 14,250 77,057 0.11

Green REITs EUR 135,000 202,811 0.29

Kingspan EUR 2,432 87,747 0.13

367,615 0.53


107







Italy: 1.50% (30 Apr 2017: 1.49%)

Banca Generali EUR 3,274 92,687 0.13

Beni StabiliSIIQ REITs EUR 450,000 337,500 0.49

DiaSorin EUR 1,374 107,172 0.15

FinecoBank Banca Fineco EUR 3,798 30,574 0.04

Hera EUR 31,950 88,438 0.13

Infrastrutture Wireless Italiane EUR 7,258 42,096 0.06

Maire Tecnimont EUR 14,272 68,791 0.10

MARR EUR 2,369 52,094 0.07

Prysmian EUR 3,492 103,154 0.15

Recordati EUR 3,104 124,191 0.18

1,046,697 1.50

Japan: 7.58% (30 Apr 2017: 5.07%)

Asahi Kasei JPY 18,000 186,809 0.27

Bridgestone JPY 6,300 257,425 0.37

Chiba Bank JPY 27,000 176,438 0.25




Nissan Motor JPY 18,000 149,897 0.22

Resona JPY 135,000 622,444 0.90




Tokio Marine JPY 5,500 202,429 0.29

Toyota Motor JPY 4,100 217,261 0.31

W-Scope JPY 6,800 109,596 0.16

5,266,203 7.58

Netherlands: 1.16% (30 Apr 2017: 1.35%)

Aalberts Industries EUR 1,853 78,002 0.11

AMG Advanced Metallurgical EUR 929 38,368 0.06

ASM International EUR 1,811 103,227 0.15

ASR Nederland EUR 1,973 69,321 0.10


GrandVision EUR 2,518 55,245 0.08

IMCD EUR 2,082 111,429 0.16

Refresco EUR 4,028 79,956 0.11

804,536 1.16


108







Norway: 0.33% (30 Apr 2017: 0.20%)

Borregaard NOK 3,181 26,309 0.04

Schibsted NOK 1,920 42,648 0.06

Storebrand NOK 10,079 74,202 0.11

TGS NOPEC Geophysical NOK 4,196 83,111 0.12

226,270 0.33

Spain: 1.05% (30 Apr 2017: 1.18%)

Applus Services EUR 7,856 93,564 0.13

CIE Automotive EUR 1,717 43,251 0.06

Indra Sistemas EUR 2,730 34,098 0.05

Lar Espana Real Estate Socimi REITs EUR 35,500 296,425 0.43

Merlin Properties Socimi REITs EUR 19,000 214,510 0.31

Prosegur Cash EUR 18,549 51,344 0.07

733,192 1.05

Sweden: 0.42% (30 Apr 2017: 0.44%)

AAK SEK 1,059 73,784 0.11

Ahlsell SEK 8,203 46,582 0.07

Bravida SEK 5,599 32,513 0.05

Hexpol SEK 5,963 51,344 0.07

Intrum Justitia SEK 2,760 82,985 0.12

287,208 0.42

Switzerland: 0.58% (30 Apr 2017: 0.76%)

Ascom CHF 1,888 36,810 0.05

Cembra Money Bank CHF 921 70,438 0.10

DKSH CHF 1,218 86,810 0.13

Dufry CHF 605 77,387 0.11

Temenos CHF 1,336 132,020 0.19

403,465 0.58


Arrow Global GBP 19,750 94,093 0.14

Ascential GBP 10,549 41,057 0.06

Ashtead GBP 4,762 104,487 0.15

B&M European Value Retail GBP 19,581 88,970 0.13

Beazley GBP 11,650 66,882 0.10

Cineworld GBP 9,514 71,476 0.10

CVS GBP 6,017 97,036 0.14

Dignity GBP 2,280 62,327 0.09


109







United Kingdom: 7.80% (30 Apr 2017: 9.28%) (continued)

Doric Nimrod Air Three Pref GBP 1,185,984 1,362,266 1.96

DS Smith GBP 11,972 70,702 0.10

Fevertree Drinks GBP 2,598 62,493 0.09

Galliford Try GBP 5,151 70,960 0.10

HomeServe GBP 11,505 110,867 0.16

Informa GBP 8,933 70,763 0.10

Intermediate Capital GBP 9,195 101,608 0.15

JD Sports Fashion GBP 16,126 65,162 0.09

Jpel Private Equity USD 1,439,187 1,672,323 2.40

Jupiter Fund Management GBP 11,664 79,064 0.11

Kier GBP 4,805 56,972 0.08

McBride GBP 30,768 77,312 0.11

Micro Focus International GBP 2,152 64,058 0.09

NMC Health GBP 2,195 72,218 0.10

Paragon of Cos GBP 16,330 87,648 0.13

RPC GBP 8,897 96,395 0.14

Sophos GBP 14,583 102,767 0.15

SSP GBP 16,384 108,946 0.16

St James's Place GBP 4,123 55,207 0.08

Synthomer GBP 15,037 83,578 0.12

Tate & Lyle GBP 7,880 57,768 0.08

TBC Bank GBP 1,734 33,478 0.05

UDG Healthcare GBP 8,250 87,277 0.13

WH Smith GBP 3,529 82,042 0.12

ZPG GBP 16,085 63,809 0.09

5,422,011 7.80

World: 2.98% (30 Apr 2017: 3.38%)

Source Physical Gold P-ETC ETF USD 10,750 1,148,073 1.65

Source Physical Platinum P-ETC Class E ETF USD 12,000 924,885 1.33

2,072,958 2.98


Fixed interest: 56.81% (30 Apr 2017: 51.31%)

Belgium: 0.03% (30 Apr 2017: 0.03%)

Cofinimmo 0.188% 15/09/2021 EUR 121 17,285 0.03

17,285 0.03


110






Fixed interest: 56.81% (30 Apr 2017: 51.31%) (continued) Currency holdings € NAV

Brazil: 6.30% (30 Apr 2017: 5.91%)

EUR 1,000,000 1,036,503 1.49

Brazil Notas do Tesouro Nacional Serie F 10% 01/01/2023 BRL 6,500,000 1,738,099 2.50

Brazilian Government International Bond 2.875% 01/04/2021 EUR 1,500,000 1,604,357 2.31

4,378,959 6.30

Croatia: 1.61% (30 Apr 2017: 0.00%)

Croatia Government International Bond 3.875% 30/05/2022 EUR 1,000,000 1,122,303 1.61

1,122,303 1.61

France: 1.41% (30 Apr 2017: 1.65%)

La Banque Postale FRN 23/04/2026 EUR 300,000 319,265 0.46

Orange 2.5% 01/03/2023 EUR 400,000 446,476 0.64

RCI Banque 2.25% 29/03/2021 EUR 200,000 214,203 0.31

979,944 1.41

Indonesia: 3.69% (30 Apr 2017: 1.78%)

Indonesia Government International Bond 2.875% 08/07/2021 EUR 1,000,000 1,083,950 1.56

Indonesia Government International Bond 5.875% 15/01/2024 USD 1,500,000 1,482,319 2.13

2,566,269 3.69

Italy: 4.77% (30 Apr 2017: 1.18%)

Hera 5.2% 29/01/2028 EUR 100,000 134,076 0.19

LKQ Italia Bondco 3.875% 01/04/2024 EUR 325,000 360,493 0.52

Italy Buoni Poliennali Del Tesoro 3.75% 01/08/2021 EUR 2,500,000 2,825,375 4.06

3,319,944 4.77

Luxembourg: 0.00% (30 Apr 2017: 7.84%)

Mexico: 5.22% (30 Apr 2017: 2.73%)

Mexican Bonos 10% 05/12/2024 MXN 35,000,000 1,815,653 2.61

Mexican Bonos 2.375% 09/04/2021 EUR 1,500,000 1,606,682 2.31

Petroleos Mexicanos 3.75% 16/04/2026 EUR 200,000 205,661 0.30

3,627,996 5.22

Netherlands: 2.29% (30 Apr 2017: 2.70%)

Enel Finance International 1.375% 01/06/2026 EUR 360,000 369,345 0.53

Gas Natural Fenosa Finance 3.875% 17/01/2023 EUR 200,000 235,601 0.34

Grupo Antolin Dutch 5.125% 30/06/2022 EUR 300,000 317,257 0.46

Vonovia Finance 3.625% 08/10/2021 EUR 390,000 444,500 0.64

Wolters Kluwer 2.5% 13/05/2024 EUR 200,000 222,269 0.32

1,588,972 2.29

Banco Nacional de Desenvolvimento Economico e Social 3.625%

21/01/2019


111







Portugal: 9.52% (30 Apr 2017: 6.40%)

Portugal Obrigacoes do Tesouro OT 2.875% 15/10/2025 EUR 1,500,000 1,627,397 2.34




6,616,399 9.52

Russia: 2.35% (30 Apr 2017: 2.87%)

Russian Foreign Bond - Eurobond 3.625% 16/09/2020 EUR 1,500,000 1,636,550 2.35

1,636,550 2.35

South Africa: 0.00% (30 Apr 2017: 1.97%)

Spain: 0.49% (30 Apr 2017: 0.59%)

Cirsa Funding Luxembourg 5.875% 15/05/2023 EUR 325,000 342,469 0.49

342,469 0.49

Switzerland: 0.48% (30 Apr 2017: 0.57%)

Matterhorn Telecom 3.875% 01/05/2022 EUR 325,000 335,955 0.48

335,955 0.48

Tunisia: 1.53% (30 Apr 2017: 0.00%)

Banque Centrale de Tunisie International Bond 5.625% 17/02/2024 EUR 1,000,000 1,066,560 1.53

1,066,560 1.53

Turkey: 2.36% (30 Apr 2017: 0.00%)

Turkey Government International Bond 5.125% 18/05/2020 EUR 1,500,000 1,643,925 2.36

1,643,925 2.36


Anglo American Capital 3.25% 03/04/2023 EUR 200,000 223,964 0.32

NGG Finance FRN 18/06/2076 EUR 215,000 234,561 0.34

458,525 0.66

United States: 14.10% (30 Apr 2017: 14.32%)

CSC 6.75% 15/11/2021 USD 350,000 333,025 0.48

Digicel 6% 15/04/2021 USD 400,000 340,650 0.49

DISH DBS 5.875% 15/11/2024 USD 400,000 344,087 0.49

HCA 5.875% 15/03/2022 USD 350,000 329,116 0.47


112







United States: 14.10% (30 Apr 2017: 14.32%) (continued)

Hertz 5.875% 15/10/2020 USD 375,000 320,568 0.46

MGM Resorts International 6.625% 15/12/2021 USD 350,000 336,784 0.48

SG Issuer FRN 10/01/2020 USD 5,000 4,272,907 6.15

United States Treasury Note/Bond 2.125% 30/06/2021 USD 3,300,000 2,864,743 4.12

Verizon Communications 2.625% 01/12/2031 EUR 300,000 326,373 0.47

VWR Funding 4.625% 15/04/2022 EUR 325,000 338,926 0.49

9,807,179 14.10


Number of Unrealised % of

Futures contracts*: 0.31% (30 Apr 2017: 0.33%) contracts gain € NAV

Germany: 0.20% (30 Apr 2017: 0.09%)

Future Euro Stoxx 50 December 2017 60 145,200 0.20

145,200 0.20

Hong Kong: 0.00% (30 Apr 2017: 0.02%)

Singapore: 0.00% (30 Apr 2017: 0.03%)



Future ICUS MSCI EMG December 2017 30 30,410 0.04

Future US 10Yr Note (Cbt) December 2017 (25) 46,934 0.07

77,344 0.11


Forward currency contracts: 0.08% (30 Apr 2017: 1.10%)


sold bought rate Counterparty date gain € NAV

EUR 2,372,857 USD 2,800,000 0.8474 Northern Trust 09/11/2017 31,816 0.05

USD 866,500 GBP 666,339 1.1004 Standard Chartered Bank 09/11/2017 12,464 0.02

CHF 421,000 EUR 372,504 0.8848 Northern Trust 09/11/2017 10,087 0.01

CHF 49,535 EUR 43,130 0.8707 State Street 14/11/2017 485 -


Total assets at fair value through profit or loss 64,627,157 92.93


113





Number of Unrealised % of

Futures contracts: (0.12%) (30 Apr 2017: (0.00%)) contracts loss € NAV

Germany: (0.07%) (30 Apr 2017: (0.00%))

Future Euro-Bund Eux December 2017 (45) (49,400) (0.07)

(49,400) (0.07)

United Kingdom: (0.05%) (30 Apr 2017: (0.00%))

Future FTSE 100 Idx Icf December 2017 (24) (36,024) (0.05)

(36,024) (0.05)


Forward currency contracts: (0.88%) (30 Apr 2017: (0.04%))


sold bought rate Counterparty date loss € NAV

USD 21,945,000 EUR 18,562,394 0.8459 Standard Chartered Bank 09/11/2017 (284,226) (0.41)

EUR 17,565,541 CHF 20,173,479 0.8707 State Street 14/11/2017 (198,208) (0.28)

GBP 2,739,000 EUR 3,012,870 1.1000 Standard Chartered Bank 09/11/2017 (97,251) (0.14)

EUR 1,380,810 SEK 13,258,000 0.1041 Northern Trust 09/11/2017 (19,361) (0.03)

JPY 605,606,000 EUR 4,577,083 0.0076 State Street 05/01/2018 (12,167) (0.02)


Total liabilities at fair value through profit or loss (696,637) (1.00)


Cash 2,657,382 3.82

Margin cash 2,313,992 3.33

Other net assets 643,232 0.92




Transferable securities admitted to an official stock exchange listing or traded on a regulated market 90.19



Other assets 8.12

100.00




114






Investment Funds: 1.86% (30 Apr 2017: 3.87%) Currency holdings € NAV

Ireland: 1.86% (30 Apr 2017: 3.87%)

NT Global Funds - Euro Liquidity Fund EUR 849,128 836,900 0.40

NT Global Funds - Sterling Fund GBP 2,696,000 3,061,852 1.46


Equities: 97.46% (30 Apr 2017: 95.92%)

Austria: 1.44% (30 Apr 2017: 0.97%)

ANDRITZ EUR 40,158 1,968,545 0.94

Lenzing EUR 9,014 1,044,723 0.50

3,013,268 1.44

Belgium: 2.90% (30 Apr 2017: 2.52%)

Kinepolis EUR 25,207 1,438,563 0.69

Ontex EUR 77,677 2,354,778 1.12

Umicore EUR 60,064 2,286,937 1.09

6,080,278 2.90

Denmark: 5.65% (30 Apr 2017: 4.78%)

Chr Hansen DKK 44,864 3,382,349 1.61

DSV DKK 47,842 3,179,312 1.51

FLSmidth DKK 49,370 2,892,062 1.38

Tryg DKK 117,809 2,408,049 1.15

11,861,772 5.65

Finland: 3.30% (30 Apr 2017: 5.02%)

Cargotec EUR 40,496 2,032,899 0.97

Elisa EUR 80,791 2,823,645 1.35

Valmet EUR 123,158 2,053,044 0.98

6,909,588 3.30

France: 9.63% (30 Apr 2017: 9.75%)

Elior EUR 86,599 2,106,954 1.00

Imerys EUR 26,263 2,050,878 0.98

Nexity EUR 25,465 1,338,186 0.64

Euronext EUR 53,282 2,724,309 1.30

Orpea EUR 22,663 2,332,023 1.11

Sopra Steria EUR 10,201 1,653,582 0.79

Teleperformance EUR 27,482 3,455,861 1.65

UBISOFT Entertainment EUR 24,829 1,625,803 0.78

Worldline EUR 69,951 2,903,666 1.38

20,191,262 9.63


115



Baring European Opportunities Fund Financial assets at fair value through profit or loss

Nominal Fair value % ofEquities: 97.46% (30 Apr 2017: 95.92%) (continued) Currency holdings € NAV

Germany: 6.93% (30 Apr 2017: 8.20%)

Aareal Bank EUR 65,671 2,331,649 1.11

Carl Zeiss Meditec EUR 27,016 1,236,252 0.59

Freenet EUR 35,568 1,020,268 0.49

Gerresheimer EUR 27,911 1,904,647 0.91

HUGO BOSS EUR 32,447 2,493,227 1.19

Norma EUR 20,631 1,205,057 0.57

Software EUR 25,009 1,093,143 0.52

Stabilus EUR 13,174 1,027,308 0.49

Wirecard EUR 26,379 2,230,344 1.06

14,541,895 6.93

Ireland: 2.28% (30 Apr 2017: 2.03%)

Dalata Hotel EUR 423,263 2,288,795 1.09

Kingspan EUR 69,050 2,491,324 1.19

4,780,119 2.28

Italy: 9.96% (30 Apr 2017: 9.44%)

Banca Generali EUR 101,169 2,864,094 1.37

DiaSorin EUR 40,662 3,171,636 1.51

FinecoBank Banca Fineco EUR 113,981 917,547 0.44

Hera EUR 969,232 2,682,834 1.28

Infrastrutture Wireless Italiane EUR 211,127 1,224,537 0.58

Maire Tecnimont EUR 469,876 2,264,802 1.08

MARR EUR 77,485 1,703,895 0.81

Prysmian EUR 91,783 2,711,270 1.29

Recordati EUR 83,709 3,349,197 1.60

20,889,812 9.96

Netherlands: 7.51% (30 Apr 2017: 7.29%)

Aalberts Industries EUR 55,631 2,341,787 1.12

AMG Advanced Metallurgical EUR 27,716 1,144,671 0.54

ASM International EUR 58,895 3,357,015 1.60

ASR Nederland EUR 59,204 2,080,133 0.99

GrandVision EUR 57,298 1,257,118 0.60

IMCD EUR 59,412 3,179,730 1.52

Refresco EUR 120,905 2,399,964 1.14

15,760,418 7.51


116






Norway: 3.24% (30 Apr 2017: 1.84%)

Borregaard NOK 95,854 792,764 0.38

Schibsted NOK 57,369 1,274,297 0.61

Storebrand NOK 302,521 2,227,187 1.06

TGS NOPEC Geophysical NOK 125,933 2,494,390 1.19

6,788,638 3.24

Spain: 2.80% (30 Apr 2017: 1.63%)

Applus Services EUR 186,280 2,218,595 1.06

CIE Automotive EUR 31,953 804,896 0.38

Indra Sistemas EUR 101,630 1,269,359 0.61

Prosegur Cash EUR 569,030 1,575,075 0.75

5,867,925 2.80

Sweden: 4.00% (30 Apr 2017: 3.57%)

AAK SEK 34,587 2,409,806 1.15

Ahlsell SEK 182,388 1,035,716 0.49

Bravida SEK 172,642 1,002,532 0.48

Hexpol SEK 178,986 1,541,138 0.73

Intrum Justitia SEK 80,527 2,421,207 1.15

8,410,399 4.00

Switzerland: 5.05% (30 Apr 2017: 6.22%)

Ascom CHF 51,822 1,010,355 0.48

Cembra Money Bank CHF 22,146 1,693,731 0.81

DKSH CHF 27,852 1,985,081 0.94

Dufry CHF 19,487 2,492,616 1.19

Temenos CHF 34,595 3,418,589 1.63

10,600,372 5.05


Arrow Global GBP 627,089 2,987,620 1.42

Ascential GBP 316,782 1,232,931 0.59

Ashtead GBP 153,004 3,357,177 1.60

B&M European Value Retail GBP 494,244 2,245,704 1.07

Beazley GBP 344,029 1,975,061 0.94

Cineworld GBP 350,282 2,631,552 1.26

CVS GBP 178,000 2,870,600 1.37

DS Smith GBP 354,731 2,094,917 1.00

Fevertree Drinks GBP 77,224 1,857,559 0.89

Galliford Try GBP 152,372 2,099,086 1.00

HomeServe GBP 336,279 3,240,529 1.54

Informa GBP 318,750 2,524,984 1.20

Intermediate Capital GBP 269,121 2,973,889 1.42


117






United Kingdom: 32.77% (30 Apr 2017: 32.66%) (continued)

JD Sports Fashion GBP 484,267 1,956,839 0.93

Jupiter Fund Management GBP 381,505 2,586,007 1.23

Kier GBP 136,105 1,613,760 0.77

McBride GBP 1,146,655 2,881,246 1.37

Micro Focus International GBP 80,146 2,385,685 1.14

Paragon Banking GBP 471,391 2,530,109 1.21

RPC GBP 271,151 2,937,811 1.40

Sophos GBP 454,986 3,206,300 1.53

SSP GBP 388,152 2,581,030 1.23

St James's Place GBP 133,265 1,784,408 0.85

Synthomer GBP 427,769 2,377,593 1.13

Tate & Lyle GBP 262,857 1,926,993 0.92

TBC Bank GBP 52,589 1,015,332 0.48

UDG Healthcare GBP 214,435 2,268,521 1.08

WH Smith GBP 100,792 2,343,194 1.12

ZPG GBP 569,555 2,259,428 1.08

68,745,865 32.77


Total financial assets at fair value through profit or loss 208,340,363 99.32 Cash 1,251,074 0.60 Other net assets 171,986 0.08 Total net assets attributable to holders of redeemable participating shares 209,763,423 100.00

Analysis of portfolio % of


Transferable securities admitted to official stock exchange listing or traded on a recognised market 97.41

Other assets 0.73

100.00



118







Ireland: 0.15% (30 Apr 2017: 4.16%)


50,000 0.15


Equities: 92.08% (30 Apr 2017: 93.07%)

Argentina: 19.97% (30 Apr 2017: 13.84%)

Adecoagro USD 53,415 546,435 1.67

Banco Macro ADR USD 11,155 1,419,585 4.34

Globant USD 12,377 463,766 1.41

Grupo Financiero Galicia ADR USD 18,517 1,014,176 3.10

Pampa Energia ADR USD 20,242 1,345,081 4.11

YPF ADR USD 71,461 1,748,651 5.34

6,537,694 19.97

Australia: 0.00% (30 Apr 2017: 0.34%)

Bangladesh: 8.36% (30 Apr 2017: 7.70%)

BRAC Bank BDT 1,156,050 1,400,766 4.28

GrameenPhone BDT 98,430 519,625 1.59

Square Pharmaceuticals BDT 227,858 816,200 2.49

2,736,591 8.36

Cambodia: 0.00% (30 Apr 2017: 1.43%)

Egypt: 1.41% (30 Apr 2017: 0.00%)

Raya Contact Center EGP 544,541 460,452 1.41

460,452 1.41

Kazakhstan: 1.39% (30 Apr 2017: 1.13%)

Halyk Savings Bank of Kazakhstan GDR USD 48,102 456,007 1.39

456,007 1.39

Kenya: 6.59% (30 Apr 2017: 7.92%)

East African Breweries KES 153,800 363,015 1.11

Equity Bank KES 1,195,100 443,269 1.35

Safaricom KES 5,341,600 1,350,838 4.13

2,157,122 6.59


119







Kuwait: 10.43% (30 Apr 2017: 8.15%)

Human SoftKSC KWD 48,045 626,412 1.91

Mezzan KWD 149,792 402,086 1.23

National Bank of Kuwait KWD 941,526 2,387,274 7.29

3,415,772 10.43

Nigeria: 9.34% (30 Apr 2017: 9.40%)

Dangote Cement NGN 942,375 573,278 1.75

Guaranty Trust Bank NGN 10,291,467 1,200,671 3.67

Nigerian Breweries NGN 1,026,723 427,801 1.31

Zenith Bank NGN 12,028,371 855,685 2.61

3,057,435 9.34

Oman: 0.00% (30 Apr 2017: 0.07%)

Pakistan: 4.08% (30 Apr 2017: 12.12%)

Engro PKR 121,000 319,366 0.98

Hum Network PKR 2,261,000 183,310 0.56

Lucky Cement PKR 57,000 263,439 0.80

United Bank PKR 335,000 569,565 1.74

1,335,680 4.08

Philippines: 2.09% (30 Apr 2017: 0.19%)

GMA Network PHP 3,185,700 346,185 1.06

Megawide Construction PHP 1,030,200 335,651 1.03

681,836 2.09

Qatar: 1.01% (30 Apr 2017: 0.00%)

Ooredoo QPSC QAR 14,080 332,140 1.01

332,140 1.01

Romania: 5.54% (30 Apr 2017: 7.40%)

Banca Transilvania RON 1,100,213 606,922 1.85

BRD-Groupe Societe Generale RON 103,260 318,780 0.97

Fondul Proprietatea RON 12 3 -

Globalworth EUR 37,805 378,428 1.16

SC Electrica SA RON 157,421 509,088 1.56

1,813,221 5.54


120







Sri Lanka: 3.47% (30 Apr 2017: 3.15%)

Hatton National Bank LKR 271,482 476,783 1.45

John Keells LKR 635,527 660,245 2.02

1,137,028 3.47

Ukraine: 0.87% (30 Apr 2017: 1.53%)

MHP GDR USD 24,214 283,304 0.87

283,304 0.87

United Arab Emirates: 2.62% (30 Apr 2017: 1.17%)

Air Arabia AED 1,085,899 366,598 1.12

Emaar Malls AED 780,397 490,802 1.50

857,400 2.62


BGEO GBP 7,810 366,711 1.12

Georgia Healthcare GBP 34,930 162,763 0.50

TBC Bank GBP 17,333 389,512 1.19

918,986 2.81


EPAM Systems USD 5,540 504,805 1.54

504,805 1.54

Vietnam: 10.56% (30 Apr 2017: 9.62%)

Airports of Vietnam VND 110,000 342,896 1.05

Dry Cell & Storage Battery VND 146,390 313,244 0.95

FPT VND 240,749 534,232 1.63

Masan VND 214,825 562,778 1.72

Military Commercial Joint Stock Bank VND 63,000 62,688 0.19

Vietnam Dairy Products VND 247,031 1,642,341 5.02

3,458,179 10.56


P-Notes: 5.32% (30 Apr 2017: 4.27%)

Saudi Arabia: 3.72% (30 Apr 2017: 4.27%)

Goldman Sachs P-Note Apr 18 (Al Rajhi) USD 40,880 701,354 2.14

HSBC Bank P-Note Aug 19 (Middle East Healthcare) USD 20,480 272,506 0.83

Merrill Lynch P-Note Mar 18 (Bupa Arabia) USD 8,424 244,395 0.75

1,218,255 3.72


121






P-Notes: 5.32% (30 Apr 2017: 4.27%) (continued) Currency holdings US$ NAV

Vietnam: 1.60% (30 Apr 2017: 0.00%)

Vietnam Prosperity Bank P-Note July 27 USD 292,300 523,148 1.60

523,148 1.60

Total P-Notes 1,741,403 5.32



Cash 910,496 2.78


Total net assets attributable to holders of redeemable participating shares 32,738,608 100.00




market. 91.42


Other assets 3.15

100.00



122







Ireland: 0.05% (30 Apr 2017: 2.31%)

NT Global Funds - Euro Liquidity Fund EUR 1 1 -



Equities: 100.32% (30 Apr 2017: 97.33%)

Australia: 5.64% (30 Apr 2017: 5.61%)

Dulux AUD 102,230 577,018 3.02

Sonic Healthcare AUD 30,020 500,510 2.62

Total Australia 1,077,528 5.64

Denmark: 2.51% (30 Apr 2017: 0.00%)

Novo Nordisk DKK 9,637 479,208 2.51

Total Denmark 479,208 2.51

Finland: 1.19% (30 Apr 2017: 1.07%)

Kone EUR 4,170 226,327 1.19

Total Finland 226,327 1.19

France: 9.35% (30 Apr 2017: 9.96%)

Air Liquide EUR 3,312 421,352 2.21

Danone EUR 4,688 381,962 2.00

Essilor International EUR 1,370 173,095 0.91

Klepierre REITs EUR 9,870 390,081 2.04


Total France 1,785,442 9.35

Germany: 1.96% (30 Apr 2017: 1.93%)

Henkel EUR 2,970 374,040 1.96

Total Germany 374,040 1.96

Italy: 3.83% (30 Apr 2017: 4.83%)

MARR EUR 13,825 353,854 1.85

Snam EUR 74,480 379,186 1.98

Total Italy 733,040 3.83

Norway: 0.97% (30 Apr 2017: 1.30%)

Orkla NOK 18,986 186,250 0.97

Total Norway 186,250 0.97


123






Equities: 100.32% (30 Apr 2017: 97.33%) Currency holdings US$ NAV

Spain: 4.31% (30 Apr 2017: 3.80%)

Amadeus IT EUR 6,930 472,274 2.47

Red Electrica EUR 15,830 351,832 1.84

Total Spain 824,106 4.31

Switzerland: 8.76% (30 Apr 2017: 9.05%)

Chocoladefabriken Lindt & Spruengli CHF 5 346,533 1.81

Givaudan CHF 300 671,175 3.51

Nestle CHF 2,278 190,461 1.00

SGS CHF 190 465,815 2.44

Total Switzerland 1,673,984 8.76


Associated British Foods GBP 13,690 605,881 3.17

Compass GBP 30,971 673,882 3.53

Reckitt Benckiser GBP 6,265 562,493 2.95

Sage Group GBP 37,340 367,237 1.92

Unilever GBP 17,510 985,345 5.16

Total United Kingdom 3,194,838 16.73


3M USD 3,450 797,019 4.17

Becton Dickinson USD 2,910 607,172 3.18

Cintas USD 2,910 434,230 2.27

Colgate-Palmolive USD 15,605 1,079,866 5.65

Costco Wholesale USD 1,680 269,186 1.41

Crown Castle International REITs USD 3,615 383,588 2.01

Ecolab USD 2,756 360,816 1.89

Genuine Parts USD 3,470 305,499 1.60

Home Depot USD 3,557 588,008 3.08

International Flavors & Fragrances USD 3,220 472,599 2.47

Kimberly-Clark USD 2,080 231,442 1.21

PepsiCo USD 6,627 726,651 3.80

Procter & Gamble USD 2,627 226,631 1.19

Regal Entertainment USD 25,810 415,799 2.18

Stryker USD 4,370 678,967 3.56

TJX Cos USD 8,907 617,700 3.23

Tractor Supply USD 6,844 413,994 2.17

Total United States 8,609,167 45.07



124





Total investments at fair value through profit or loss 19,172,931 100.37 Cash 22,541 0.12





Transferable securities admitted to an official stock exchange listing or traded on a recognised market. 99.64

Other assets 0.31

100.00



125







Ireland: 0.00% (30 Apr 2017: 3.78%)

NT Global Funds - US Dollar Fund USD 56,000 56,000 -

56,000 -

Total Investment Funds 56,000 -

Equities: 0.00% (30 Apr 2017: 96.60%)

Australia: 0.00% (30 Apr 2017: 24.46%)

Canada: 0.00% (30 Apr 2017: 21.53%)

Norway: 0.00% (30 Apr 2017: 3.44%)

Sweden: 0.00% (30 Apr 2017: 4.16%)



Total financial assets at fair value through profit or loss 56,000 -

Total investments at fair value through profit or loss 56,000 -

Cash 6,409,807 -

Other net liabilities (6,465,807) -

Total net assets attributable to holders of redeemable participating shares - -


Deposit with credit institutions 0.87

Other assets 99.13

100.00


The Baring Global Mining Fund was closed on 31 October 2017.


126



Baring India Fund



Equities: 98.31% (30 Apr 2017: 99.35%) Currency holdings US$ NAV

Consumer Discretionary: 21.56% (30 Apr 2017: 24.90%)

Arvind INR 83,000 512,185 2.16 Mahindra CIE Automotive INR 167,000 641,731 2.70 Maruti Suzuki India INR 4,125 522,853 2.21 Motherson Sumi Systems INR 187,000 1,050,456 4.43 SRF INR 22,000 573,237 2.42 Suprajit Engineering INR 75,000 315,356 1.33 Tata Motors INR 118,000 777,991 3.28 Zee Entertainment Enterprises INR 86,000 717,711 3.03

5,111,520 21.56

Energy: 9.18% (30 Apr 2017: 8.85%)

Reliance Industries INR 150,000 2,175,726 9.18

2,175,726 9.18

Financials: 30.19% (30 Apr 2017: 32.12%)

Axis Bank INR 128,000 1,031,166 4.34 Bharat Financial Inclusion INR 25,000 375,822 1.59 HDFC Bank INR 79,500 2,218,085 9.36 Housing Development Finance INR 31,000 816,526 3.44 IndusInd Bank INR 63,500 1,593,887 6.72 Yes Bank INR 232,500 1,123,160 4.74

7,158,646 30.19

Health Care: 5.62% (30 Apr 2017: 5.01%)

Divi's Laboratories INR 51,000 693,803 2.93 Sun Pharmaceutical Industries INR 75,000 638,648 2.69

1,332,451 5.62

Industrials: 10.02% (30 Apr 2017: 19.79%)

Adani Ports & Special Economic Zone INR 108,000 715,311 3.02 Amara Raja Batteries INR 57,000 614,471 2.59 Larsen & Toubro INR 18,000 339,302 1.43 Navkar INR 101,000 297,360 1.25 Suzlon Energy INR 1,700,000 409,352 1.73

2,375,796 10.02

Information Technology: 12.37% (30 Apr 2017: 7.59%)

HCL Technologies INR 79,000 1,042,149 4.40 Infosys INR 133,000 1,890,130 7.97

2,932,279 12.37


127



Baring India Fund


Nominal Fair value % ofEquities: 98.31% (30 Apr 2017: 99.35%) (continued) Currency holdings US$ NAV

Materials: 9.37% (30 Apr 2017: 1.09%)

Castrol India INR 44,000 270,739 1.14 Dalmia Bharat INR 8,000 369,398 1.56 Jindal Steel & Power INR 145,000 362,094 1.53 PI Industries INR 32,000 404,844 1.71 UPL INR 66,000 813,084 3.43

2,220,159 9.37



Total investments at fair value through profit or loss 23,306,577 98.31 Cash 530,327 2.24 Other net liabilities (129,286) (0.55)Total net assets attributable to holders of redeemable participating shares 23,707,618 100.00


Transferable securities admitted to an official stock exchange listing or traded on a recognised market 97.86 Other assets 2.14

100.00



128



Baring MENA Fund




Ireland: 3.55% (30 Apr 2017: 4.03%)


152,000 3.55


Equities: 87.66% (30 Apr 2017: 85.69%)

Egypt: 8.21% (30 Apr 2017: 7.65%)

Cleopatra Hospital EGP 49,443 67,863 1.58

Commercial International Bank Egypt USD 44,146 191,152 4.46

Raya Contact Center EGP 117,347 92,948 2.17

351,963 8.21

Kenya: 0.00% (30 Apr 2017: 2.18%)

Kuwait: 15.31% (30 Apr 2017: 10.30%)

HumanSoft KWD 12,399 164,034 3.83

Kuwait Projects Holding KWD 66,326 77,037 1.80

Mezzan KWD 35,669 97,966 2.28

National Bank of Kuwait KWD 122,867 317,129 7.40

656,166 15.31

Oman: 0.52% (30 Apr 2017: 0.47%)

Bank Muscat SAOG OMR 21,913 22,200 0.52

22,200 0.52

Qatar: 15.51% (30 Apr 2017: 14.96%)

Al Meera Consumer Goods QSC QAR 3,145 121,456 2.83

Ooredoo QAR 7,885 185,364 4.33

Qatar National Bank QAR 10,703 358,016 8.35

664,836 15.51

Turkey: 9.53% (30 Apr 2017: 13.67%)

Coca-Cola Icecek TRY 10,303 101,520 2.37

Turkiye Garanti Bankasi TRY 54,753 145,017 3.38

Ulker Biskuvi Sanayi TRY 30,623 161,809 3.78

408,346 9.53


129



Baring MENA Fund




United Arab Emirates: 36.18% (30 Apr 2017: 30.22%)

Abu Dhabi Commercial Bank AED 99,733 194,147 4.53

Air Arabia AED 302,324 101,242 2.36

Aldar Properties AED 319,834 207,246 4.84

DP World USD 9,098 214,076 4.99

Emaar Malls AED 154,237 97,843 2.28

Emaar Properties AED 122,137 281,654 6.57

Emirates Telecommunications PJSC AED 20,766 101,485 2.37

First Abu Dhabi Bank AED 125,924 353,127 8.24

1,550,820 36.18


DP Eurasia GBP 19,218 58,874 1.37

NMC Health GBP 1,151 44,063 1.03

102,937 2.40


P-Notes: 9.74% (30 Apr 2017: 8.68%)

Saudi Arabia: 9.74% (30 Apr 2017: 8.68%)

Citi Group P-Notes Nov 19 (Al Mouwasat) USD 2,689 115,298 2.69

Deutsche Bank P-Note Apr 18 (Bupa Arabia) USD 1,795 52,172 1.22

Goldman Sachs P-Note Apr 18 (Al Rhaji) USD 8,244 141,350 3.29

HSBC Bank P-Note Aug 19 (Middle East Health) USD 5,980 83,078 1.94

Merrill Lynch P-Note Mar 18 (Bupa Arabia) USD 888 25,810 0.60

417,708 9.74

Total P-Notes 417,708 9.74



Cash 811 0.02




130



Baring MENA Fund



Transferable securities admitted to an official stock exchange listing or traded on a recognised market. 85.38


Other assets 1.68

100.00



131

Information for investors in Switzerland

Baring International Fund Managers (Ireland) Limited (“the Company”) has appointed BNP Paribas Securities

Services, Paris, Succursale de Zurich, Selnaustrasse 16, CH-8002, Zurich, Switzerland, as representative and

paying agent for Switzerland. Shares are distributed in Switzerland by BNP Paribas Securities Services, Paris at

the above address. Investors can obtain, free of charge, the Prospectus, the Key Investor Information

Document(s) (“KIID(s)”), the last annual and interim reports, copies of the memorandum and articles of

association and of amendment to the memorandum and articles of association, if any, as well as a list of the

purchases and sales made on behalf of the Funds, in French, from the representative at the above address.

Official publications for the Funds are found on the internet at www.fundinfo.com and in the Swiss Official Trade

Gazette. Share prices (Net Asset Value with the words "plus commissions") are published daily on the internet at

www.fundinfo.com.

All the information appearing in these reports and accounts is solely with respect to those Funds of the Company

which are licensed for public offer and marketing in or from Switzerland, namely: Baring China Select Fund,

Baring Dynamic Absolute Return Fund, Baring Emerging Markets Debt Local Currency Fund (closed 17 May

2017), Baring Euro Dynamic Asset Allocation Fund, Baring European Opportunities Fund, Baring Frontier

Markets Fund, Baring Global Dividend Champions Fund, Baring Global Mining Fund (closed 31 October 2017),

Baring India Fund and Baring MENA Fund.

Representative and Paying Agent for Switzerland

BNP Paribas Securities Services, Paris


Selnaustrasse 16

CH-8002

Zurich

Switzerland

Total expense ratio

Pursuant to a guideline from the SFAMA dated 16 May 2008, the Funds are required to publish a total expense

ratio (“TER”) for the period ended 31 October 2017.

The TERs for each Fund for the periods ended 31 October 2017 and 30 April 2017 are as follows:

Name of Fund 31/10/2017 30/04/2017

TER in % TER in %

Baring China Select Fund - Class A USD Inc 1.95 2.19

Baring China Select Fund - Class A EUR Inc 1.95 2.19

Baring China Select Fund - Class A HKD Acc 1.95 2.19

Baring China Select Fund - Class I EUR Acc 1.10 1.44

Baring China Select Fund - Class I GBP Inc 1.10 1.44

Baring China Select Fund - Class I USD Acc 1.10 1.44

Baring Dynamic Absolute Return Fund - Class A USD Acc** 1.20 1.35

Baring Dynamic Absolute Return Fund - Class I EUR Hedged Acc** 0.66 1.01

Baring Dynamic Absolute Return Fund - Class I GBP Hedged Acc** 0.66 1.01

Baring Dynamic Absolute Return Fund - Class I USD Acc** 0.65 0.80

Baring Emerging Markets Debt Local Currency Fund - Class A USD Inc* N/A 1.50

Baring Emerging Markets Debt Local Currency Fund - Class A EUR Acc* N/A 1.50

Baring Emerging Markets Debt Local Currency Fund - Class A EUR Inc* N/A 1.50

Baring Emerging Markets Debt Local Currency Fund - Class A GBP Hedged Inc* N/A 1.50

Baring Emerging Markets Debt Local Currency Fund - Class A HKD Inc* N/A 1.50

Baring Emerging Markets Debt Local Currency Fund - Class A USD Acc* N/A 1.50

Baring Emerging Markets Debt Local Currency Fund - Class I EUR Inc* N/A 0.90

Baring Emerging Markets Debt Local Currency Fund - Class I USD Acc* N/A 0.90

Baring Emerging Markets Debt Local Currency Fund - Class I USD Inc* N/A 0.90

http://www.fundinfo.com/


132

Information for investors in Switzerland (continued)

Total expense ratio (continued)

Name of Fund 31/10/2017 30/04/2017

TER in % TER in %

Baring Emerging Markets Debt Local Currency Fund - Class X USD Acc* N/A 0.25

Baring Euro Dynamic Asset Allocation Fund - Class X EUR Acc 0.10 0.24

Baring Euro Dynamic Asset Allocation Fund - Class A EUR Acc 1.70 1.84

Baring Euro Dynamic Asset Allocation Fund - Class A EUR Inc 1.70 1.84

Baring Euro Dynamic Asset Allocation Fund - Class I CHF Hedged Acc 0.76 N/A

Baring Euro Dynamic Asset Allocation Fund - Class I EUR Acc 0.75 0.89

Baring Euro Dynamic Asset Allocation Fund - Class I EUR Inc* 0.75 0.89

Baring European Opportunities Fund - Class A EUR Acc 1.95 2.07

Baring European Opportunities Fund - Class A USD Acc 1.95 2.07

Baring European Opportunities Fund - Class I EUR Acc 1.00 1.32

Baring European Opportunities Fund - Class I EUR Inc* 1.00 1.32

Baring European Opportunities Fund - Class I GBP Inc 1.00 1.32

Baring European Opportunities Fund - Class I USD Acc 1.00 1.32

Baring European Opportunities Fund - Class X GBP Acc 0.25 0.57

Baring Frontier Markets Fund - Class A USD Acc 2.45 2.50

Baring Frontier Markets Fund - Class A GBP Inc 2.45 2.50

Baring Frontier Markets Fund - Class I EUR Acc 1.60 1.75

Baring Frontier Markets Fund - Class I GBP Inc 1.60 1.75

Baring Frontier Markets Fund - Class I USD Acc 1.60 1.75

Baring Frontier Markets Fund - Class X USD Acc 0.35 0.50

Baring Global Dividend Champions Fund - Class A USD Acc** 1.60 1.60

Baring Global Dividend Champions Fund - Class I USD Inc** 0.85 0.85

Baring Global Dividend Champions Fund - Class I GBP Acc** 0.85 0.85

Baring Global Mining Fund - Class A USD Acc 1.95 2.30

Baring Global Mining Fund - Class A GBP Inc 1.95 2.30

Baring Global Mining Fund - Class I GBP Inc 1.00 1.55

Baring Global Mining Fund - Class I USD Acc* 1.00 1.55

Baring Global Mining Fund - Class X USD Acc 0.25 0.80

Baring India Fund - Class A USD Acc 1.95 2.50

Baring India Fund - Class A GBP Inc 1.95 2.50

Baring India Fund - Class I GBP Inc 1.00 1.75

Baring India Fund - Class I USD Acc* 1.00 1.75

Baring MENA Fund - Class A USD Acc 1.95 2.50

Baring MENA Fund - Class A EUR Acc 1.95 2.50

Baring MENA Fund - Class A GBP Inc 1.95 2.50

Baring MENA Fund - Class I GBP Inc 1.00 1.75

Baring MENA Fund - Class I USD Acc* 1.00 1.75

* The Baring Emerging Markets Debt Local Currency Fund Class A USD Inc share class was closed on 17 June 2017.

* The Baring Emerging Markets Debt Local Currency Fund Class A EUR Acc share class was closed on 17 June 2017.

* The Baring Emerging Markets Debt Local Currency Fund Class A EUR Inc share class was closed on 17 June 2017.

* The Baring Emerging Markets Debt Local Currency Fund Class A GBP Hedged Inc share class was closed on 17 June 2017.

* The Baring Emerging Markets Debt Local Currency Fund Class A HKD Inc share class was closed on 17 June 2017.

* The Baring Emerging Markets Debt Local Currency Fund Class A USD Acc share class was closed on 17 June 2017.

* The Baring Emerging Markets Debt Local Currency Fund Class I EUR Inc share class was closed on 17 June 2017.

* The Baring Emerging Markets Debt Local Currency Fund Class I USD Acc share class was closed on 17 June 2017.

* The Baring Emerging Markets Debt Local Currency Fund Class I USD Inc share class was closed on 17 June 2017.

* The Baring Emerging Markets Debt Local Currency Fund Class X USD Acc share class was closed on 17 June 2017.

133

Information for investors in Switzerland (continued)


* The Baring Euro Dynamic Asset Allocation Fund Class I EUR Inc share class was closed on 15 June 2017.

* The Baring European Opportunities Fund Class I EUR Inc share class was closed on 17 June 2017.

* The Baring Global Mining Fund Class I USD Acc share class was closed on 15 June 2017.

* The Baring India Fund Class I USD Acc share class was closed on 15 June 2017.

* The Baring MENA Fund Class I USD Acc share class was closed on 15 June 2017.

** The Baring Dynamic Absolute Return Fund Class A USD Acc and Class I USD Acc were launched on 23 June 2016.

** The Baring Dynamic Absolute Return Fund Class I EUR Hedged Acc and Class I GBP Hedged Acc were launched on 30 December 2016.


** The Global Dividend Champions Fund Class A USD Acc, Class I USD Inc and Class I GBP Acc were launched on 20 October 2016.

This information was established by the Board of Directors based on the data contained in the profit and loss

account for the above reference period (Fund management fees, Depositary fees, taxes and duties, and all other

commissions and expenses appearing as per the breakdown of the profit and loss account and not already

included in any of the foregoing categories). The TER is calculated using the average daily Net Asset Value for

the period.


Trailer fees (Bestandespflegekommissionen) may only be paid to the sales agents/partners indicated below:

authorised sales agents(distributors) within the meaning of Article 19, Para 1, Collective Investments Scheme

Act (“CISA”);

sales agents (distributors)exempted from the authorisation requirement within the meaning of Article 19, Para

4, CISA and Article 8 Collective Investment Scheme Ordinance (“CISO”);

sales partners who place Fundshares exclusively with institutional investors with professional treasury

facilities; and/or

sales partners who place Fundshares with their clients exclusively on the basis of a written commission-

based asset management mandate.

Reimbursements (Rückvergütungen) may only be paid to the institutional investors detailed below who, from a

commercial perspective, are holding the Fund shares for third parties:

life insurance companies (inrespect of Fund shares held for the account of insured persons or to cover

obligations towards insured persons);

pension funds and other retirementprovision institutions (in respect of Fund shares held for the account of

beneficiaries);

investment foundations (in respectof Fund shares held for the account of in-house funds);

Swiss fund management companies (in respect of Fund shares held for the account of the funds managed);

foreign fund management companies and providers (in respect of Fund shares held for the account of

managed funds and investing shareholders); and/or

investment companies (in respect of the investment of the company assets).

Taxation

Please refer to the paragraph headed "European Union Taxation of Savings Income Directive" on pages 135 and

136 below. The attention of investors is drawn to the fact that Switzerland and the European Union have entered

into a bilateral agreement effective from 1 July 2005 based on which measures have been enacted in

Switzerland which correspond to the European Union Taxation of Savings Income Directive. Generally, these

measures require tax to be withheld on interest payments made by paying agents to EU residents.

134

Information for investors in Germany

The Prospectus and the Key Investor Information Document(s) (“KIID(s)”), a list of portfolio changes, the

memorandum and articles of association as well as the annual and interim reports are available free of charge in

hard copy at the office of the German Paying and Information Agent and the Further German Information Agent.

German Paying and Information Agent

Deutsche Bank AG



Post IPO Services

Taunusanlage 12


Germany

Further German Information Agent

Baring Asset Management GmbH

Ulmenstraße 37-39


Germany

Special risks resulting from tax publication requirements in Germany

Foreign investment companies (such as Baring International Fund Managers (Ireland) Limited (“the Manager”))

must provide documentation to the German fiscal authorities upon request, e.g. in order to verify the accuracy of

the published tax information. The basis upon which such figures are calculated is open to interpretation and it

cannot be guaranteed that the German fiscal authorities will accept the investment company’s calculation

methodology in every material respect. In addition, if it transpires that these publications are incorrect, any

subsequent correction will, as a general rule, not have retrospective effect and will, as a general rule, only take

effect during the current financial period. Consequently, the correction may positively or negatively affect the

investors who receive a distribution or an attribution of deemed income distributions in the current period.

135

General information

Market timing

Repeatedly purchasing and selling shares in the Funds in response to short-term market fluctuations – known as

‘market timing’ – can disrupt Baring Asset Management Limited’s (“the Investment Manager’s”) investment

strategy and increase the Funds’ expenses to the prejudice of all shareholders. The Funds are not intended for

market timing or excessive trading. To deter these activities, the Directors of the Company may refuse to accept

an application for shares from persons that it reasonably believes are engaged in market timing or are otherwise

excessive or potentially disruptive to the Funds.

The Directors of the Company reserve the right to redeem shares from a shareholder on the basis of the

circumstances of the shareholder concerned, or if it has reasonable grounds to believe that the shareholder is

engaging in any activity which might result in the Funds or their shareholders as a whole suffering any legal,

regulatory, reputational or other material disadvantage which the Funds or their shareholders as a whole might

not otherwise have suffered.

UK reporting fund status

Applications were made with effect from the accounting year commencing 1 May 2011 for UK reporting fund

status for those share classes in the Funds which previously had UK distributor status, while further applications

are being made from time to time for certain new share classes when they are launched. Applications may also

be made from time to time for UK reporting fund status in respect of share classes which did not previously have

UK distributor status. UK taxable investors in UK reporting funds are subject to tax on their share of the UK

reporting funds’ income attributable to their holdings in the Funds, whether or not distributed, while typically any

gains on disposal of their holdings are subject to capital gains tax.

Details of the share classes which currently have UK reporting fund status are available at the Her Majesty's

Revenue and Customs (“HMRC”) Investment Funds Centre website:

http://www.hmrc.gov.uk/cis/offshore-funds.htm.

As stated above, UK tax payers should note that for each share class with reporting fund status, their share of

any amounts of income, if any, that have not been distributed will be subject to tax. Further details will be made

available on the Baring Asset Management Limited website: www.barings.com/uk.

European Union taxation of savings income directive

On 3 June 2003, the European Commission published a new directive regarding the taxation of savings income

(“the Directive”). From 1 July 2005, member states have been required to provide to the tax authorities of

another member state details of payments of interest or other similar income paid by a person within its

jurisdiction to an individual resident in that other member state, subject to the right of certain member states to

opt instead for a withholding tax system in relation to such payments. For the purposes of the Directive, interest

payments include distributions made by certain collective investment funds to the extent that any relevant Fund

has invested more than 15% of its assets directly or indirectly in interest-bearing securities and income realised

upon the sale, refund or redemption of fund shares to the extent that the Fund has invested more than currently

25% directly or indirectly in interest-bearing securities.

Accordingly, the Depositary, Administrator, paying agent or such other entity considered a “paying agent” (for the

purposes of the Directive, a “paying agent” is the economic operator who pays interest to or secures the

payment of interest for the immediate benefit of the beneficial owner) for the purposes of the Directive may be

required to disclose details of, or withhold tax on, distributions and/or realisation payments by the Funds to

shareholders who are individuals or residual entities (located in another EU member state) to the taxation

authority in the home jurisdiction of the paying agent who will pass such details or tax to the member state where

the investor resides.

As Ireland has opted for an exchange of information rather than a withholding tax system, since the Directive

became effective, the principle consequence for shareholders will be that details of relevant savings income are

disclosed to the EU member states in which shareholders are resident. The Directive has now been enacted into

Irish legislation and the reporting of any relevant payments of interest made by the Company, together with

various specified information relating to recipients who are individuals or residual entities resident in EU states

other than Ireland, applied with effect from 1 July 2005.

http://www.barings.com/uk

136

General information (continued)

European Union taxation of savings income directive (continued)

Set out below are those Funds subject to disclosures and the disclosures to which they are currently, and are

expected to remain, subject to under the Directive.


Fund Disclosure of distribution to the tax authorities of the underlying shareholder (15% rule)

Disclosure of redemption proceeds to the tax authorities of the underlying shareholder (25% rule)


137

Appendix 1 - additional information Hong Kong Code


Highest issue and lowest redemption prices

Highest issue price during the period/years*

31/10/2017 30/04/2017 30/04/2016 30/04/2015 30/04/2014

Class A USD Inc 14.88 12.41 14.07 13.79 10.92

Class A EUR Inc 19.71 17.88 20.10 20.41 12.62

Class A HKD Acc 116.24 96.59 109.16 106.95 84.68

Class A RMB Hedged Acc - - 90.19 88.10 65.88

Class I EUR Acc 22.56 20.38 22.34 22.66 13.65

Class I GBP Inc 11.85 10.30 9.47 9.83 N/A

Class I USD Acc 16.56 13.76 15.31 14.98 11.68

Class X USD Acc - - 15.69 15.35 11.90

Highest issue price during the period/years* (continued)

Class A USD Inc 30/04/2013 30/04/2012 30/04/2011 30/04/2010 30/04/2009

Class A EUR Inc 10.27 11.67 12.06 10.74 10.74

Class A HKD Acc 12.07 12.69 13.44 12.45 10.85

Class A RMB Hedged Acc 79.64 90.61 93.69 83.33 N/A

Class I EUR Acc N/A N/A N/A N/A N/A

Class I GBP Inc 12.94 13.36 14.13 12.92 10.93

Class I USD Acc N/A N/A N/A N/A N/A

Class X USD Acc 10.91 12.19 12.60 11.03 10.76

11.04 12.22 12.63 11.04 10.76

Lowest redemption price during the period/years*

31/10/2017 30/04/2017 30/04/2016 30/04/2015 30/04/2014

Class A USD Inc 12.15 9.59 8.69 9.69 8.49

Class A EUR Inc 16.96 13.26 11.95 10.93 10.13

Class A HKD Acc 94.66 74.55 67.78 75.15 65.84

Class A RMB Hedged Acc - - 66.82 60.28 61.73

Class I EUR Acc 19.34 14.94 13.41 11.88 10.89

Class I GBP Inc 9.77 6.83 6.04 6.50 N/A

Class I USD Acc 13.48 10.55 9.53 10.41 9.04

Class X USD Acc - - 11.62 10.63 9.18

Lowest redemption price during the period/years* (continued)

30/04/2013 30/04/2012 30/04/2011 30/04/2010 30/04/2009

Class A USD Inc 8.01 7.31 8.54 6.81 4.60

Class A EUR Inc 10.01 8.62 10.69 8.04 5.76

Class A HKD Acc 62.19 56.93 66.66 70.51 N/A

Class A RMB Hedged Acc N/A N/A N/A N/A N/A

Class I EUR Acc 10.67 9.12 11.13 8.15 5.79

Class I GBP Inc N/A N/A N/A N/A N/A

Class I USD Acc 8.48 7.67 8.83 6.92 4.65

Class X USD Acc 8.55 7.71 8.82 6.93 4.65

* The above highest issue prices and lowest redemption prices during the period/years are quoted in their respective share classes’ denomination

currency.

138

Appendix 1 - additional information Hong Kong Code (continued)

Baring China Select Fund (continued)

Statement of movements in portfolio holdings

31/10/2017 30/04/2017 30/04/2016 30/04/2015

% of NAV** % of NAV** % of NAV** % of NAV**

Equities and Investment Funds 101.78 99.37 100.35 100.00

Total investments at fair value through profit and loss 101.78 99.37 100.35 100.00

Cash/(bank overdraft) 0.47 0.57 0.12 (0.40)

Other net assets/(liabilities) (2.25) 0.06 ( 0.47) 0.40

Total net assets 100.00 100.00 100.00 100.00

** Movement in portfolio holdings have been analysed above based on a percentage of Net Asset Value invested in each geographic location. The

movement in each country’s position between the period/years has to be inferred.

Portfolio information

Top ten holdings % of NAV

Alibaba ADR 9.16

Tencent 8.83

Brilliance China Automotive 3.96

ASM Pacific Technology 3.91

Sunny Optical Technology 3.19

Largan Precision 3.09

China Resources Cement 2.77

Baidu ADR 2.26

AIA 2.18

JD.com ADR 2.03

139





31/10/2017** 30/04/2017 30/04/2016 30/04/2015 30/04/2014

Class A USD Inc 8.08 17.79 9.19 11.18 12.66

Class A EUR Acc 9.98 10.16 9.89 10.33 10.48

Class A EUR Inc 9.72 9.96 10.75 11.33 12.64

Class A GBP Hedged Inc 7.44 7.77 8.65 10.51 11.90

Class A HKD Inc 63.06 65.06 71.49 87.06 98.65

Class A USD Acc 11.31 11.43 11.53 13.41 14.29

Class I EUR Inc 16.03 16.45 17.44 18.26 18.05

Class I USD Acc 8.91 9.00 8.49 N/A N/A

Class I USD Inc 8.20 8.44 9.37 11.41 12.74

Class X USD Acc 12.22 12.34 12.19 14.02 14.73


30/04/2013 30/04/2012 30/04/2011 30/04/2010

Class A USD Inc 12.53 13.36 13.41 12.31

Class A EUR Acc 10.37 9.65 N/A N/A

Class A EUR Inc 12.89 12.30 12.69 12.04

Class A GBP Hedged Inc 11.78 12.67 12.72 11.72

Class A HKD Inc 97.67 104.67 104.79 N/A

Class A USD Acc 14.10 13.93 13.83 N/A

Class I EUR Inc 17.85 16.30 15.70 14.40

Class I USD Acc N/A N/A N/A N/A

Class I USD Inc 12.70 13.55 13.61 12.48

Class X USD Acc 14.53 14.01 13.86 12.19


31/10/2017** 30/04/2017 30/04/2016 30/04/2015 30/04/2014

Class A USD Inc 8.04 7.31 7.01 8.62 10.16

Class A EUR Acc 9.79 8.81 8.08 8.75 8.37

Class A EUR Inc 9.53 8.99 8.43 9.70 9.82


Class A HKD Inc 62.82 56.90 55.03 67.16 79.27

Class A USD Acc 11.27 10.03 9.16 10.71 11.80

Class I EUR Inc 15.55 14.71 13.71 15.39 14.56


Class I USD Inc 8.10 7.40 7.18 8.76 10.24

Class X USD Acc 12.17 10.78 9.77 11.31 12.28

140



Highest issue and lowest redemption prices (continued)


30/04/2013 30/04/2012 30/04/2011 30/04/2010

Class A USD Inc 10.99 11.09 11.39 9.84

Class A EUR Acc 9.27 8.54 N/A N/A

Class A EUR Inc 11.67 10.97 11.68 9.64

Class A GBP Hedged Inc 10.35 10.50 10.83 9.38

Class A HKD Inc 85.65 86.86 94.71 N/A

Class A USD Acc 11.92 11.72 12.18 N/A

Class I EUR Inc 15.74 14.37 14.13 10.85


Class I USD Inc 11.09 11.15 11.45 9.88

Class X USD Acc 12.14 11.86 11.17 9.63


currency.

** The Baring Emerging Markets Debt Local Currency Fund was terminated on 17 June 2017.


31/10/2017 30/04/2017 30/04/2016 30/04/2015


Equities and Investment Funds - - 6.81 3.44

Fixed interest - - 89.63 93.41

Open forward foreign currency transactions - 1.60 0.03 (0.06)

Total investments at fair value through profit and loss - 1.60 96.47 96.79

Cash - 100.95 0.21 0.80

Other net (liabilities)/assets - (2.55) 3.32 2.41

Total net assets - 100.00 100.00 100.00

** Movement in portfolio holdings have been analysed above based on a percentage of Net Asset Value invested in each currency. The movement

in each currency position between the period/years has to be inferred.

141





31/10/2017 30/04/2017 30/04/2016 30/04/2015 30/04/2014

Class A EUR Acc 15.18 13.59 14.38 13.73 11.21

Class I EUR Acc 14.31 15.28 14.63 13.90 11.25

Class I EUR Inc 16.45 16.22 16.92 N/A N/A

Class I GBP Inc 14.15 13.53 12.14 11.65 10.86

Class X GBP Acc 14.96 14.17 12.48 11.82 10.89

Class A USD Acc 15.77 14.83 15.59 N/A N/A



30/04/2013 30/04/2012 30/04/2011 30/04/2010

Class A EUR Acc N/A N/A N/A N/A

Class I EUR Acc N/A N/A N/A N/A

Class I EUR Inc N/A N/A N/A N/A

Class I GBP Inc N/A N/A N/A N/A

Class X GBP Acc N/A N/A N/A N/A

Class A USD Acc N/A N/A N/A N/A



31/10/2017 30/04/2017 30/04/2016 30/04/2015 30/04/2014

Class A EUR Acc 12.35 10.42 11.58 9.42 9.88

Class I EUR Acc 12.24 11.79 11.80 9.50 9.89

Class I EUR Inc 15.54 12.31 13.67 N/A N/A

Class I GBP Inc 12.96 10.12 10.60 8.83 9.67

Class X GBP Acc 13.69 10.52 10.90 8.92 9.68

Class A USD Acc 14.24 11.52 12.96 N/A N/A



30/04/2013 30/04/2012 30/04/2011 30/04/2010

Class A EUR Acc N/A N/A N/A N/A

Class I EUR Acc N/A N/A N/A N/A

Class I EUR Inc N/A N/A N/A N/A


Class X GBP Acc N/A N/A N/A N/A

Class A USD Acc N/A N/A N/A N/A



currency.

142


Baring European Opportunities Fund (continued)


31/10/2017 30/04/2017 30/04/2016 30/04/2015




Cash 0.60 0.14 0.32 0.37

Other net assets 0.08 0.07 0.65 1.45

Total net assets 100.00 100.00 100.00 100.00





Teleperformance 1.65

Temenos 1.63

Chr Hansen 1.61

Ashtead 1.60

ASM International 1.60

Recordati 1.60

HomeServe 1.54

Sophos 1.53

IMCD 1.52

DSV 1.51

143

Appendix 1 - additional Information Hong Kong Code (continued)

Baring India Fund



31/10/2017 30/04/2017 30/04/2016 30/04/2015 30/04/2014

Class A USD Acc 19.20 17.48 15.44 17.59 16.36

Class A GBP Inc 22.64 21.67 15.48 15.45 13.96

Class I GBP Inc 22.99 21.95 15.48 15.39 13.95


Class X USD Acc N/A N/A N/A N/A N/A


30/04/2013 30/04/2012 30/04/2011

Class A USD Acc 12.58 10.53 11.35

Class A GBP Inc 11.93 9.51 11.02

Class I GBP Inc N/A N/A N/A

Class I USD Acc N/A N/A N/A

Class X USD Acc 12.53 10.70 11.48


31/10/2017 30/04/2017 30/04/2016 30/04/2015 30/04/2014

Class A USD Acc 16.94 13.28 11.66 14.01 12.26

Class A GBP Inc 20.41 14.20 12.72 12.62 11.25

Class I GBP Inc 20.70 14.29 12.77 12.59 12.60




30/04/2013 30/04/2012 30/04/2011

Class A USD Acc 9.39 8.71 8.84

Class A GBP Inc 8.79 8.04 8.14



Class X USD Acc 9.71 8.91 8.93


currency.

144




31/10/2017 30/04/2017 30/04/2016 30/04/2015




Cash 2.24 10.88 2.34 2.08

Other net liabilities (0.55) (10.23) (0.86) (0.35)

Total net assets 100.00 100.00 100.00 100.00

** Movement in portfolio holdings have been analysed above based on a percentage of Net Asset Value invested in each sector. The movement in

each country’s position between the period/years has to be inferred.



HDFC Bank 9.36

Reliance Industries 9.18

Infosys 7.97

IndusInd Bank 6.72

Yes Bank 4.74

Motherson Sumi Systems 4.43

HCL Technologies 4.40

Axis Bank 4.34

Housing Development Finance 3.44

UPL 3.43

145


Baring MENA Fund



31/10/2017 30/04/2017 30/04/2016 30/04/2015 30/04/2014

Class A USD Acc 13.70 13.15 16.14 17.59 16.36

Class A EUR Acc 16.54 16.77 19.50 19.88 15.91

Class A GBP Inc 14.71 14.76 14.71 15.45 13.96

Class I GBP Inc 14.66 14.78 14.72 15.39 13.95




30/04/2013 30/04/2012 30/04/2011 30/04/2010

Class A USD Acc 12.58 10.53 11.35 10.40

Class A EUR Acc 12.95 10.45 11.76 10.53

Class A GBP Inc 11.93 9.51 11.02 10.17



Class X USD Acc 12.53 10.70 11.48 10.42


31/10/2017 30/04/2017 30/04/2016 30/04/2015 30/04/2014

Class A USD Acc 13.07 11.69 10.61 14.01 12.26

Class A EUR Acc 14.94 14.38 13.11 15.04 12.50

Class A GBP Inc 13.62 11.84 10.60 12.62 11.25

Class I GBP Inc 13.58 11.78 10.60 12.59 12.60




30/04/2013 30/04/2012 30/04/2011 30/04/2010

Class A USD Acc 9.39 8.71 8.84 9.96

Class A EUR Acc 10.05 8.37 8.62 9.96

Class A GBP Inc 8.79 8.04 8.14 9.86



Class X USD Acc 9.71 8.91 8.93 9.96


currency.

146




31/10/2017 30/04/2017 30/04/2016 30/04/2015



P-Notes & warrants 9.74 8.68 18.56 19.75

Debt instruments - - 0.18 0.17


Cash 0.02 0.28 0.87 1.15

Other net assets/(liabilities) (0.97) 1.32 0.02 (2.42)

Total net assets 100.00 100.00 100.00 100.00





Qatar National Bank 8.35

First Abu Dhabi Bank 8.24

National Bank of Kuwait 7.40

Emaar Properties 6.57

DP World 4.99

Aldar Properties 4.84

Abu Dhabi Commercial Bank 4.53

Commercial International Bank Egypt 4.46

Ooredoo 4.33

HumanSoft 3.83

147

Appendix 2 - significant portfolio movements


Cost Proceeds

Purchases US$'000 Sales US$'000

NT Global Funds - US Dollar Fund 7,906 NT Global Funds - US Dollar Fund 7,671

Tencent 2,520 Hisense Kelon Electrical 1,179

Alibaba ADR 2,190 Nexteer Automotive 1,142

JD.com ADR 1,557 TAL Education ADR 1,090

Baidu ADR 1,249 Belle International 1,073

Hisense Kelon Electrical 1,242 Yanzhou Coal Mining 996

TAL Education ADR 1,115 Longfor Properties 967

Industrial & Commercial Bank of China 931 China Resources Beer 910

Shenzhen International 898 Wynn Macau 904

Yanzhou Coal Mining 887 Haitian International 898

Jiangxi Copper 821 Cathay Financial Class C 871

Sunonwealth Electric Machine Industry 821 China Jinmao 858

Shenzhen Sunway Communication Class A 817 Tsingtao Brewery 853

Li Ning 770 Jiangxi Copper 830

Hengan International 763 Techtronic Industries 812

China Resources Land 761 China Unicom Hong Kong 788

Great Wall Motor 751 Yangtze Optical Fibre and Cable Joint Stock 767

Semiconductor Manufacturing International 745 Tongda 764

New World Development 739 CK Hutchison 748

China Mengniu Dairy Class C 736 China Life Insurance 745

CK Hutchison 734 New World Development 734

ZTE 725 PetroChina 725

China Merchants Bank 719 Sunny Optical Technology 688

China Jinmao 700 China Communications Construction 681

MGM China 643 SIM Technology 667

New Oriental Education & Technology ADR 633 United Laboratories International 658

China Life Insurance 574 Semiconductor Manufacturing International 658

Yangtze Optical Fibre and Cable Joint Stock 558 BOC Aviation 643

Pou Sheng International 555 Cafe de Coral 622

Wisdom Education International 535 Huatai Securities 609

United Laboratories International 525 China Oilfield Services 596

Dongfang Electric 510

Universal Medical Financial & Technical Advisory

Services 594

Regina Miracle International 500 Guangzhou Baiyunshan Pharmaceutical 574

Aluminumof China 498 Jacobson Pharma 571

China International Capital 486 Sinotrans 529

Sinotrans 483 Guangdong Investment 509

Weibo ADR 471 Sunonwealth Electric Machine Industry 505

Momo ADR 452 Lenovo 494

IMAX China 493

NetEase ADR 489

Pou Sheng International 465

148

Appendix 2 - significant portfolio movements (continued)


Cost


United States Treasury Bill 0.00% 07/12/2017 2,885 United States Treasury Bill 0.00% 22/06/2017 2,900




Secretaria do Tesouro Nacional 6.00% 15/08/2050 1,154 United States Treasury Bill 0.00% 12/10/2017 1,300

United States Treasury Bill 0.00% 29/03/2018 994 United States Treasury Bill 0.00% 14/09/2017 1,000

United States Treasury Bill 0.00% 26/04/2018 894

Italy Buoni Poliennali Del Tesoro 3.10%

15/09/2026 732

ETFS Physical Silver ETF 752 ETFS Physical Silver ETF 560

Turkey Government Bond 6.30% 14/02/2018 656

Secretaria do Tesouro Nacional 6.00%

15/08/2050 498

Source Physical Gold P-ETC ETF 251 UniCredit 273

Shizuoka Bank 112 TAG Immobilien 222

Japan Post Bank 106

iShares USD High YieldBond UCITS ETF

Distributing ETF 212

Chiba Bank 106 Unibail-Rodamco REITs 197

Resona 106 Gas Natural 194

Sumitomo Mitsui Trust 102 Engie 180

Beni StabiliSIIQ REITs 79 Drax 159

Klepierre 78 Fortum 147

Eurocommercial Properties 78 Centrica 137

Green REITs 78

Cofinimmo 77

Proceeds

149



The Baring Emerging Markets Debt Local Currency Fund was terminated on 17 May 2017, therefore, there are no significant portfolio movements for the period 1 May 2017 to 17 May 2017.

150



Cost Proceeds

Purchases €'000 Sales €'000

Italy Buoni Poliennali Del Tesoro 3.75% 01/08/2021 2,816

United States Treasury Note/Bond 0.875%

31/03/2018 2,369

Turkey Government International Bond 5.125%

18/05/2020 1,652 Russian Federal Bond - OFZ 8.15% 03/02/2027 1,536

Portugal Obrigacoes do Tesouro OT 3.875%

15/02/2030 1,645 South Africa Government Bond 10.5% 21/12/2026 1,444

Russian Foreign Bond - Eurobond 3.625%

16/09/2020 1,642


15/04/2021 1,121

Mexican Bonos 2.375% 09/04/2021 1,610


14/06/2019 1,083


15/10/2025 1,602 Jpel Private Equity 450


21/07/2026 1,584 UniCredit 3.625% 24/01/2019 211

Croatia Government International Bond 3.875%

30/05/2022 1,131 GamesaTecnologica 88

Indonesia Government International Bond 2.875%

08/07/2021 1,081 MTU Aero Engines 86

Banque Centrale de Tunisie International Bond

5.625% 17/02/2024 1,042 Plastic Omnium 81

Brazil Notas do Tesouro Nacional Serie F 10%

01/01/2023 939 Helvetia 80

Resona 575 Entertainment One 60

Mexican Bonos 10% 05/12/2024 558 Moncler 57

Indonesia Government International Bond 5.875%

15/01/2024 512 Nokian Renkaat 52

South Africa Government Bond 10.5% 21/12/2026 383 Virgin Money UK 51

Sumitomo Mitsui Trust 307 Symrise 49

Mizuho Financial 301 Bekaert 45

Sumitomo Mitsui Financial 294 PostNL 44

Doric Nimrod Air Three Pref 283 Ascential 41

Shizuoka Bank 273 Sophos 39

Japan Post Bank 272

Source Physical Gold P-ETC ETF 250

151



Cost Proceeds

Purchases €'000 Sales €'000

NT Global Funds - Sterling Fund 10,276 NT Global Funds - Sterling Fund 13,258

NT Global Funds - Euro Liquidity Fund 9,917 NT Global Funds - Euro Liquidity Fund 10,948

JD Sports Fashion 2,056 MTU Aero Engines 2,888

ASR Nederland 2,008 Helvetia 2,486

DS Smith 1,901 Entertainment One 2,141

Hexpol 1,578 Plastic Omnium 2,025

Sopra Steria 1,469 Moncler 1,859

Bekaert 1,459 Virgin Money UK 1,749

Lenzing 1,458 Nokian Renkaat 1,740

Prosegur Cash 1,448 Sophos 1,690

Schibsted 1,210 Symrise 1,668

Software 1,066 PostNL 1,498

Norma 1,056 Bekaert 1,313

TBC Bank 1,050 Amer Sports 1,068

AMG Advanced Metallurgical 1,045 Aalberts Industries 1,056

Freenet 1,001 Aareal Bank 1,033

Borregaard 994 Tarkett 871

FLSmidth 957 DSV 867

FinecoBank Banca Fineco 811 B&M European Value Retail 864

CIE Automotive 738 Wirecard 857

Ascential 853

Fugro 849

Gerresheimer 773

UDG Healthcare 737

152



Cost Proceeds



Grupo Financiero Galicia ADR 996 NMC Health 1,397

Human Soft KSC 650 Banco Macro ADR 981

YPF ADR 584 Banca Transilvania 658

Adecoagro 551 Bank Alfalah 557

Vietnam Prosperity Bank P-Note July 27 524 United Bank 533

National Bank of Kuwait 519 Safaricom 513

Globant 483 NagaCorp 472

Raya Contact Center 430 Kuwait Projects 400

Dry Cell & Storage Battery 418 BGEO 400

Goldman Sachs P-Note Apr 18 (Al Rajhi) 389 Lucky Cement 386

BRD-Groupe Societe Generale 348 Randgold Resources 378

TBC Bank 346 Dry Cell & Storage Battery 370

Air Arabia 335 Merrill Lynch P-Note Jan 18 (Abdullah) 347

Ooredoo QPSC 331 Fondul Proprietatea 333

Megawide Construction 329 DG Khan Cement 317

GMA Network 314 BRAC Bank 302

SC Electrica SA 228 Guaranty Trust Bank 296

GrameenPhone 168 East African Breweries 289

Emaar Malls 167 Nigerian Breweries 287

Engro 166 Edenor SA 282

Georgia Healthcare 165 Equity Bank 277

Masan 267

MHP GDR 265

GrameenPhone 261

153



Cost Proceeds

Purchases £'000 Sales £'000

NT Global Funds - US Dollar Fund 620 NT Global Funds - US Dollar Fund 972

PepsiCo 489 Johnson & Johnson 563

Novo Nordisk 375 MARR 228

Colgate-Palmolive 373 Danone 105

Tractor Supply 372 Crown Castle International REITs 98

TJX Cos 244 NT Global Funds - Euro Liquidity Fund 91

NT Global Funds - Euro Liquidity Fund 63 Nestle 88

NT Global Funds - Sterling Fund 13 Home Depot 69

Orkla 69

Ecolab 47

Cintas 47

NT Global Funds - Sterling Fund 40

Air Liquide 34

Compass 25

Reckitt Benckiser 22

Procter & Gamble 22

SGS 22

154



Cost Proceeds



Aurubis 191 Rio Tinto 1,047

AMG Advanced Metallurgical 167 Glencore 1,032

Agnico Eagle Mines 60 Anglo American 838

Randgold Resources 56 BHP Billiton 681

Boliden 50 Lundin Mining 630

Johnson Matthey 49 Boliden 577

Centamin 34 Newmont Mining 483

Evolution Mining 22 Norsk Hydro 470

Wheaton Precious Metals 20 South32 445

NT Global Funds - Sterling Fund 3 First Quantum Minerals 413

Teck Resources 388

Agnico Eagle Mines 384

Evolution Mining 383

Orocobre 365

Randgold Resources 348

Franco-Nevada 342

Wheaton Precious Metals 292

Alumina 290

Metals X 287

Newcrest Mining 262

Whitehaven Coal 259

Goldcorp 217

Johnson Matthey 208

Galaxy Resources 199

Westgold Resources 199

AMG Advanced Metallurgical 191

Aurubis 189

Petra Diamonds 187

Fortescue Metals 184

155


Baring India Fund

Cost Proceeds


Tata Motors 786 Maruti Suzuki India 1,057

HDFC Bank 165 Reliance Industries 540

IndusInd Bank 153 HDFC Bank 444

Divi's Laboratories 149 Suprajit Engineering 408

SRF 139 Motherson Sumi Systems 298

Sun Pharmaceutical Industries 139 Sun Pharmaceutical Industries 243

HCL Technologies 137 Dalmia Bharat 235

Yes Bank 121 Suzlon Energy 162

Suzlon Energy 119 HCL Technologies 150

Infosys 115 IndusInd Bank 146

Mahindra CIE Automotive 112 PI Industries 139

Arvind 118

Castrol India 117

Amara Raja Batteries 96

156


Baring MENA Fund

Cost ProceedsPurchases US$'000 Sales US$'000NT Global Funds - US Dollar Fund 939 NT Global Funds - US Dollar Fund 984

HumanSoft 166 NMC Health 341

HSBC Bank P-Note Aug 19 (Middle East Health) 124 Commercial International Bank Egypt 136

Citigroup Global Markets Nov 19 (Al Mouwasat) 110 Safaricom 127

Emirates Telecommunications PJSC 99 Agthia 112

Raya Contact Center 95 Citi Group P-Notes Jul 17 (Al Mouwasat) 110

Air Arabia 93

Merrill Lynch P-Note Jan 18 (Abdullah Al

Othaim) 102

National Bank of Kuwait 65 Turkiye Garanti Bankasi 99

DP Eurasia 49 Tupras Turkiye Petrol Rafinerileri 98

Abu Dhabi Commercial Bank 49 Emaar Properties 91

Qatar National Bank 44 Ford Otomotiv Sanayi 79

Goldman Sachs P-Note Apr 18 (Al Rhaji) 44 Cleopatra Hospital 67

Kuwait Projects Holding 44

Deutsche Bank P-Note Apr 18 (Bupa Arabia) 32

157

Appendix 3 - securities financing transactions regulation

The Securities Financing Transactions Regulation requires Baring International Fund Managers (Ireland) Limited

(“the Manager”) of a UCITS Fund to comply with a series of obligations. In particular, the Manager is required to

provide investors with information on the use of securities financial transactions (“SFTs”) and total return swaps

(“TRSs”) by the Fund in all interim and annual reports published from 13 January 2017.

During the period 1 May 2017 to 31 October 2017, the Fund did not enter into SFTs and TRSs. Should this

change in the future, the interim and annual reports for the Fund will disclose all required information of the use

of SFTs and TRSs.

Registered address: Baring International Fund Managers (Ireland) Limited Georges CourtTownsend StreetDublin 2Ireland

Contact: Tel: +353 1 542 2930 Fax: +353 1 670 1185 www.barings.com

Important information: This document is approved and issued by Baring International Fund Managers (Ireland) Limited.

Disclosure: Baring International Fund Managers (Ireland) Limited Authorised and Regulated by the Central Bank of IrelandGeorges Court, Townsend Street, Dublin 2, Ireland

BISLDCLS\PUBLIC\SALES-MARKETING\HIDDEN-LABELS

http://www.barings.com/


1

Baring Investment Funds Plc Annual Report & Audited Financial Statementsfor the year ended 30 April 2017

Table of Contents

Management and administration ...................................................................................................... 1

Introduction ...................................................................................................................................... 3

Report of the Directors ................................................................................................................... 18

Independent Auditors' report to the members of Baring Investment Funds Plc .............................. 23

Report of the Depositary to the shareholders for the year ended 30 April 2017 ............................. 25

Key changes during the year.......................................................................................................... 26

This section includes the following: ....................................................................................................

- Investment Manager's report ...........................................................................................................

- Balance sheet ..................................................................................................................................

- Statement of changes in net assets attributable to holders of redeemable participating shares ......

- Profit and loss account .....................................................................................................................

Baring China Bond Fund ................................................................................................................ 27

Baring China Select Fund .............................................................................................................. 31

Baring Dynamic Absolute Return Fund .......................................................................................... 35

Baring Dynamic Emerging Markets Fund ....................................................................................... 39

Baring Emerging Markets Corporate Debt Fund ............................................................................ 43

Baring Emerging Markets Debt Local Currency Fund .................................................................... 47

Baring Euro Dynamic Asset Allocation Fund .................................................................................. 51

Baring European Opportunities Fund ............................................................................................. 55

Baring Frontier Markets Fund......................................................................................................... 59

Baring Global Dividend Champions Fund ...................................................................................... 63

Baring Global Mining Fund ............................................................................................................. 67

Baring India Fund ........................................................................................................................... 71

Baring MENA Fund ........................................................................................................................ 75

Company balance sheet ................................................................................................................ 79

Company statement of changes in net assets attributable to holders of redeemable participating shares ............................................................................................................................................ 80

Company profit and loss account ................................................................................................... 81

Notes to the financial statements ................................................................................................... 82

Portfolio statements .................................................................................................................... 134

Information for investors in Switzerland - Unaudited .................................................................... 170

Information for investors in Germany - Unaudited ........................................................................ 188

General information - Unaudited .................................................................................................. 189

Appendix 1 - additional information Hong Kong code - Unaudited ............................................... 191

Appendix 2 - significant portfolio movement - Unaudited ............................................................. 201

Appendix 3 - Securities financing transaction regulation - Unaudited .......................................... 214

Appendix 4 - remuneration disclosure - Unaudited ...................................................................... 215

1


Manager

Baring International Fund Managers (Ireland) Limited

Registered Office

Georges Court


Dublin 2

Ireland

Telephone: + 353 1 542 2930

Facsimile: + 353 1 670 1185

Investment Managers

Baring Asset Management Limited

155 Bishopsgate

London EC2M 3XY

United Kingdom

Telephone: + 44 20 7628 6000

Facsimile: + 44 20 7638 7928

Baring Asset Management (Asia) Limited*

35th Floor, Gloucester Tower

15 Queen’s Road Central

Hong Kong

Telephone: + 852 2 841 1411

Facsimile: + 852 2 973 3338

* Baring Asset Management (Asia) Limited is the delegated

Sub-Investment Manager for certain funds as detailed in the Investment

Manager’s reports of the relevant funds.

Depositary

Northern Trust Fiduciary Services (Ireland) Limited

Georges Court


Dublin 2

Ireland

Administrator and Registrar

Northern Trust International Fund Administration

Services (Ireland) Limited

Georges Court


Dublin 2

Ireland


PricewaterhouseCoopers

One Spencer Dock

North Wall Quay

Dublin 1

Ireland

Sponsoring Broker and Legal Advisers

Dillon Eustace


Dublin 2

Ireland

Directors of the Company

Oliver Burgel* (German)

John Burns* (British)

Jim Cleary*† (Irish)

David Conway† (Irish)

Nicola Hayes* (British)

Barbara Healy*† (Irish)

Michel Schulz* (German)

Timothy Schulze* (United States)

Julian Swayne* (British)

Mark Thorne*† (Irish)

* Oliver Burgel was appointed as Director of the Manager with effect

from 29 November 2016.

* John Burns has resigned from his position as Director of the Manager

with effect from 9 December 2016.

* Nicola Hayes has resigned from her position as Director of the

Manager with effect from 18 December 2016.

* Barbara Healy was appointed as Director of the Manager with effect

from 9 February 2017.

* Julian Swayne was appointed as Director of the Manager with effect

from 9 February 2017.

* Jim Cleary was appointed as Director of the Manager with effect from

18 May 2017.

* Michel Schulz has resigned from his position as Director of the


* Timothy Schulze was appointed as Director of the Manager with effect

from 18 May 2017.

* Mark Thorne has resigned from his position as Director of the Manager

with effect from 18 May 2017.

† Non-executive Directors independent of the Investment Manager.

2


Paying agents

UniCredit Bank Austria AG

Schottengasse 6-8

1010 Vienna

Austria


9 rue du Débarcadère

93500 Pantin Cedex

France

Deutsche Bank AG



Post IPO Services

Taunusanlage 12


Germany

Northern Trust Global Services Limited

Luxembourg Branch

6, rue Lou Hemmer

L-1748 Senningerberg

Luxembourg

S.E. Banken

SkandiNet Asset Valueiska Enskilda Banken AB (publ )

Transaction Banking

KB BV, SE-106 40

Stockholm

Sweden



Selnaustrasse 16

8002 Zurich

Switzerland

Caceis Belgium SA

B-1000 Brussels

Avenue du Port 86 C b320

Belgium

agement and administration (continued)

Paying agents

BNP Paribas Securities Services (BNP Paribas

Succursale Italia)

Succursale di Milano

Via Ansperto, 5

20123 Milan

Italy

3

Introduction

Baring Investment Funds Plc (“the Company”) is an open-ended umbrella investment company with segregated

liability between Funds and with variable capital incorporated in Ireland on 18 October 2004 under the

Companies Act 2014. It is authorised by the Central Bank of Ireland (“the CBI”), pursuant to the European

Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 (as

amended) (“the UCITS Regulations”). The Company’s registration number is 392526 and is designed to give

both individual and institutional investors the benefit of experienced professional portfolio management.

The Company is an umbrella fund in that different Funds may be issued from time to time by the Directors with

the prior approval of the CBI. The assets of each Fund are invested in accordance with the investment objective

and policy applicable to such Fund.

The Company has thirteen Funds, Baring China Bond Fund (closed 23 January 2017), Baring China Select

Fund, Baring Dynamic Absolute Return Fund, Baring Dynamic Emerging Markets Fund (closed 18 April 2017),

Baring Emerging Markets Corporate Debt Fund (closed 6 February 2017), Baring Emerging Markets Debt Local

Currency Fund (closed 17 May 2017), Baring Euro Dynamic Asset Allocation Fund, Baring European

Opportunities Fund, Baring Frontier Markets Fund, Baring Global Dividend Champions Fund, Baring Global

Mining Fund, Baring India Fund and Baring MENA Fund. Further details of the Funds are contained in individual

supplements to the full Prospectus.

The trade receipt and valuation deadline for the annual accounts was 12pm on 28 April 2017, the last business

day of the year, with the exception of Baring MENA Fund which is valued on the Thursday.

The following Funds have been approved by the Central Bank of Ireland:

Fund Fund launch date

Baring China Bond Fund (closed 23 January 2017) 06/12/2012

Baring China Select Fund 13/04/2008

Baring Dynamic Absolute Return Fund 23/06/2016

Baring Dynamic Emerging Markets Fund (closed 18 April 2017) 29/06/2011

Baring Emerging Markets Corporate Debt Fund (closed 6 February 2017) 17/10/2012

Baring Emerging Markets Debt Local Currency Fund (closed 17 May 2017) 14/12/2006

Baring Euro Dynamic Asset Allocation Fund 13/03/2013

Baring European Opportunities Fund 29/10/2013

Baring Frontier Markets Fund 24/04/2013

Baring Global Dividend Champions Fund 20/10/2016

Baring Global Mining Fund 29/02/2012

Baring India Fund 07/12/2011

Baring MENA Fund 29/03/2010

Baring China Bond Fund


The investment objective of the Baring China Bond Fund (“the Fund”) was to maximise total return in the long

term, consisting of income, capital appreciation and currency gains, by investing in China-related debt securities

and renminbi-denominated debt securities.

4


Baring China Bond Fund (continued)

Investment objective and policy (continued)


in:

China-related debt securities issued or guaranteed by governments, supranationals, agencies, institutions

and companies domiciled in, or exercising the predominant part of their economic activity in, a China-related

market, or listed and/or traded on an eligible China-related market; or

Renminbi-denominated debt securities issued or guaranteed by governments, supranationals, agencies,

institutions or companies worldwide.

Currency exposure within the Fund was flexibly managed. The Fund used forward currency contracts, including

non-deliverable forwards, to gain exposure to the Chinese currency (“CNH”) where Chinese debt securities were

denominated in US dollars. Where investment was made in CNH-denominated assets, this currency exposure

was hedged back to the base currency of the Fund (US dollars).




Management Limited as the Investment Manager of the Fund. In turn, Baring Asset Management Limited

appointed Baring Asset Management (Asia) Limited as Sub-Investment Manager to the Fund.

The Fund sought to identify investments primarily through the use of “top-down” asset allocation, based on

analysis of economic and political factors, rather than the specific circumstances of an individual company.

“Bottom-up” analysis, both qualitative and quantitative, of debt securities focusing on the company-specific

fundamentals is then undertaken to identify the debt securities of those companies, industries and countries that

the Investment Manager expected to produce above-average investment performance. Qualitative analysis took

into account factors such as market sentiment and the perceived quality of the management of a company,

quantitative analysis includes factors such as profitability, cash flow and debt levels.

Risk profile




generated.





assets.



Country specific funds have a narrower focus than those which invest broadly across markets and are


The Fund can hold smaller company shares which can be more difficult to buy and sell as they may trade

infrequently, in small volumes and their share prices may fluctuate more than those of larger companies.


obligations.


5




The investment objective of the Baring China Select Fund (“the Fund”) is to achieve long-term capital growth in

the value of assets by investing in companies which Baring Investment Funds Plc (“the Company”) believes will

benefit from the economic growth and development of China. The Fund will seek to achieve its investment

objective by investing at least 70% of its total assets at any one time in equities in companies quoted on

recognised exchanges in China or Hong Kong or incorporated in China or Hong Kong, or which have a

significant proportion of their assets or other interests in China or Hong Kong. Baring Asset Management Limited

(“the Investment Manager”) may also invest in equities in companies elsewhere in the Asia Pacific (ex Japan)

region with the potential, in the opinion of the Investment Manager, to benefit from the development of China. For

this purpose, total assets exclude cash and ancillary liquidities.





has appointed Baring Asset Management (Asia) Limited as Sub-Investment Manager to the Fund.

The Fund is managed using a “bottom-up” investment approach. This means that we focus more on the

individual merits of a specific company rather than taking a stance on sectors or macroeconomic trends such as

interest rate rises. Within this, we manage the Fund using a quality “Growth at a Reasonable Price” (“GARP”),

approach. This means that when researching candidates for the portfolio, we place just as much emphasis on

the likely growth in corporate earnings at a company as we do on the share price valuation before deciding

whether to invest or not.

Risk profile




generated.





assets.



Country specific funds have a narrower focus than those which invest broadly across markets and are





obligations.


6




The Baring Dynamic Absolute Return Fund’s (“the Fund’s”) objective is to generate a positive absolute return.

The Fund invests in a diversified global portfolio of both physical and synthetic long position and synthetic short

positions. The fund aims to produce, though has not guarantee of achieving, a return in excess of 3m US LIBOR

of approximately 4% over a rolling three-year period. It seeks to achieve this with a medium level of risk. The

fund may apply leverage. Please refer to the Prospectus for the full investment objective and policy.


The Fund is managed using a top-down fundamental approach. It seeks out over and under-valuation across

equities, currencies, bonds, credit and commodities, as well as relative value opportunities between them. It is

managed with a market-agnostic approach, in as much as there is no systematic or permanent equity market

beta, although the portfolio may assume some positive or negative beta from time to time if opportunities

emerge.

Risk profile






assets.


the loan (bonds that produce a higher level of income are at a greater risk of default). Bond values are likely

to fall if interest rates rise.



If markets are disrupted or less liquid the value of certain fund investments may fall or rise substantially in

short periods of time and in some cases it may become difficult to buy or sell at an advantageous time or

price.



generated.


obligations.


7


Baring Dynamic Emerging Markets Fund


The investment objective of the Baring Dynamic Emerging Markets Fund (“the Fund”) was to deliver emerging

market equity-like returns with less than emerging market equity risk over a long-term investment horizon. The

Fund aimed to achieve this through the use of a tactical asset allocation strategy.

The Fund sought to achieve its investment objective by investing to obtain at least 70% Net Asset Value

exposure to emerging markets. The Fund tactically allocated assets across a range of asset classes including

equities, fixed income, currencies, commodities (indirect exposure), money market instruments and/or cash.





The Investment Manager used the ideas generated by our global macro research asset allocation, emerging

market equity and debt teams to choose what it believed were the best investments to achieve the investment

objectives of the Fund. This meant that the Investment Manager constructed a portfolio of stocks or bonds of

companies, countries and sectors that suited our current asset allocation policy at that point in time.

Risk profile




generated.







assets.





invested.


obligations.


8


Baring Emerging Markets Corporate Debt Fund


The investment objective of the Baring Emerging Markets Corporate Debt Fund (“the Fund”) was to maximise

total return, consisting of income, capital appreciation and currency gains, by investing in emerging market

corporate debt securities.


in emerging market debt securities issued by companies domiciled in, or exercising the predominant part of their

economic activity in, emerging markets or listed or traded on an eligible emerging market.

Debt securities in which the Fund invested included, but were not limited to, fixed and floating rate bonds (which

may be rated or unrated), inflation-protected bonds, debentures, credit-linked notes, structured notes, total return

notes, participation notes, asset and mortgage-backed securities, convertible bonds, certificates of deposit and

commercial paper. For this purpose, total assets exclude cash and ancillary liquidities.





We believed that basing an investment strategy entirely on one set of expected market forecasts carried

significant risk. In building portfolios, we aimed to avoid excessive volatility, identifying the full range of market

environments and adopting a strategy that was robust across a range of likely market outcomes.

In keeping with all areas of Barings’ fixed income range, we utilised our unique scenario-based approach to

investing with rigorous macroeconomic analysis used to extract maximum value from emerging markets local

currency debt. For security selection, we used “bottom-up” credit analysis skills to build a portfolio of mainly high-

quality companies operating primarily in emerging countries.

Risk profile












assets.





obligations.


9




The investment objective of the Baring Emerging Markets Debt Local Currency Fund (“the Fund”) is to maximise

total return by investing in local currency-denominated emerging market debt securities.


time in local currency-denominated emerging market debt securities issued by governments, supranationals,

agencies and companies domiciled in, or exercising the predominant part of their economic activity in, emerging

markets. Debt securities in which the Fund will invest may include, but are not limited to, fixed and floating rate

bonds, inflation-protected bonds, debentures, notes, asset and mortgage-backed securities, certificates of

deposit and commercial paper. For this purpose, total assets exclude cash and ancillary liquidities.





Baring Asset Management Limited seek to maximise the total return by investing in local currency emerging

bond markets where we believe yields are likely to fall and avoiding those that are thought to be expensive. The

overall duration, or interest rate sensitivity, of the Fund will fluctuate as our expectations for economic

developments change. We will also look to add value through foreign exchange management, identifying those

markets where currencies are attractive, for example, due to sound economic fundamentals or rising interest

rates. There are no formal limits or restrictions on credit rating, maturity or duration of the debt securities which

may be held by the Fund. The Fund may, but is not required to, hedge its exposure to non-US currencies

through the use of derivatives.

Our bond market and currency research embraces a full range of market drivers, including macroeconomic

analysis and fiscal policy, liquidity conditions and technical indicators. These drivers are analysed in order to

provide a framework for the assessment of relative value across markets and to assist us in developing the

scenarios that underpin our strategic work.

Risk profile












assets.





obligations.


10




The investment objective of the Baring Euro Dynamic Asset Allocation Fund (“the Fund”) is to generate a total

return consisting of capital and income appreciation which exceeds European cash rates over the medium to

long term.

In order to achieve its investment objective, the Fund will use a tactical asset allocation strategy which has no

formal limitations on exposure to any specific asset class, sector, country or region including emerging markets.

In this regard, Baring Asset Management Limited (“the Investment Manager”) will seek to actively allocate the

Fund’s portfolio of investments across asset classes to diversify returns, manage risk and achieve the

investment objective. The asset allocation model will be adjusted dynamically in anticipation of and in response

to changes in economic and market conditions. Allocations will be made at the Investment Manager’s discretion,

based upon analysis of investment returns primarily from asset allocation but also from sector and security

selection. Investments within each asset class are then selected by analysing the profitability, cash flow,

earnings and valuations to determine their attractiveness.





The Investment Manager uses the ideas generated by our global macro research asset allocation, emerging

market equity and debt teams to choose what it believes are the best investments to achieve the investment

objectives of the Fund. This means that the Investment Manager constructs a portfolio of stocks or bonds of

companies, countries and sectors that suit our current asset allocation policy at that point in time.

Risk profile




generated.

An organisation from which we buy an asset (such as a bank) may fail to carry out its obligations, which could

cause losses to the Fund.







assets.




obligations.


11




The Baring European Opportunities Fund (“the Fund”) will seek to achieve long-term capital growth primarily

through investment in the securities of smaller European companies.


time in equity and equity-related securities of smaller companies incorporated and/or exercising the predominant

part of their economic activity in Europe and/or listed or traded on eligible European stock exchanges or markets.

For this purpose, total assets exclude cash and ancillary liquidities. Smaller European companies are those not

included in European large cap performance comparison indices such as the STOXX Europe 50 or FTSE

Eurotop 100.







long term, and favour high quality companies for their ability to outperform the market on a risk-adjusted basis. In






Risk profile




generated.





assets.






obligations.


12




The investment objective of the Baring Frontier Markets Fund (“the Fund”) is to seek to achieve long-term capital

growth primarily through investment in frontier markets. The Fund will seek to have at least 70% Net Asset Value

exposure to frontier markets in the form of a diversified portfolio of equities and equity-related securities of

companies incorporated in, and/or exercising the predominant part of their economic activity in, frontier market

countries, or derivatives, Investment Funds and equity-related instruments providing exposure to such frontier

markets companies.

Up to 30% of the total assets of the Fund may be invested in, or provide exposure to, equities and equity-related

securities in countries not classified as frontier market countries, in debt securities of issuers worldwide, including

frontier markets, or in cash and ancillary liquidities.

For these purposes, frontier markets are those markets not classified as developed markets or emerging

markets by Morgan Stanley Capital International (“MSCI”). Such frontier markets may include, but are not limited

to: Kuwait, Argentina, Nigeria, Pakistan, Bangladesh, Kazakhstan, Oman, Croatia, Slovenia, Kenya, Sri Lanka,

Vietnam, Lebanon, Romania, Mauritius, Trinidad and Tobago, Jordan, Ukraine, Tunisia, Bahrain, Estonia,

Serbia, Lithuania, Bulgaria, Botswana, Ghana and Saudi Arabia. These markets are subject to change.

For the full investment objective and policy, and a list of the markets and exchanges where the Fund may invest,

please refer to the Prospectus.












Risk profile




generated.





assets.



Investment in frontier markets tends to involve similar risks to those in emerging markets but to an even

greater extent as they tend to be smaller, less developed, have less liquidity and can be less accessible than

emerging markets.


infrequently, in small volumes and their share price may fluctuate more than those of larger companies.


obligations.


13




The investment objective of Baring Global Dividend Champions Fund (“the Fund”) is to generate income together

with long-term capital growth through investment in the securities of companies worldwide.


time in equity and equity-related securities (as described further below) of companies worldwide. For this

purpose, total assets exclude cash and ancillary liquidities.

In addition, up to 30% of the total assets of the Fund may be invested in, or provide exposure to: debt securities

of issuers worldwide. The debt securities in which the Fund may invest may be fixed or floating rate, issued by

governments, supranationals, agencies and companies. Debt securities may be rated investment grade or sub-

investment grade by Standard & Poor’s (“S&P”) or another internationally recognized rating agency, or which

are, in the opinion of the Managers, of similar credit status or may be unrated. There are no limits or restrictions

on credit rating, maturity or duration of any debt or equity-related security (such as debt securities convertible

into equities) which may be held by the Fund; however’ investment in sub-investment grade debt securities and

unrated debt securities together will not exceed 10% of the Net Asset Value of the Fund.

Cash and ancillary liquidities, including deposits, treasury bills, government bonds or short-term Money Market

Instruments, including commercial paper and certificates of deposit, in normal market conditions.




Our investment process is predominantly “bottom-up”. To find the exceptional businesses that make up the

strategy, we use a broad range of research inputs: Baring’s internal analytical resources, industry experts,

company meetings, quantitative research and company reports, among others. We are natural sceptics – rather

than buying into a “story”, we seek proof of a company’s excellence. Only our highest-conviction ideas make it

into the strategy, so robust debate and close analysis of fundamentals are key.

We evaluate candidate companies using the following three-stage process:

1. Quality: we scrutinise a company’s business model, looking for a range of features and competitive

advantages, including network effects, benefits to incumbency, large installed bases, leading brands or a

sustainable research and development (“R&D”) edge. Upon inspection, companies must earn attractive

returns on capital, possess excellent financial profiles and have a management team committed to its role as

the steward of shareholder wealth.

2. Growth: we assess our candidate companies’ ability to deliver long-term profit growth. Sustained growth of

both capital and dividends can only be achieved if the underlying business is flourishing. Our process leads

us to firms with stable and visible growth profiles rather than companies with more speculative growth

ambitions, or those businesses whose fortunes are heavily linked to external forces. The ideal investment is a

growing company with meaningful control of its own destiny.

3. Valuation and scenario analysis: financial statements are “cleaned” of any accounting distortions (such as off-

balance sheet liabilities) which may obscure the true financial position of a business, and companies are put

through a series of business-specific stress tests. The aim is to ascertain the underlying risk that an

investment presents, and to gauge the scale of profit and dividend progression we can reasonably expect

under various circumstances. Many companies “fail” this stage of the process – businesses are often found to

present too much risk once their underlying fundamentals are “tested”. If a company does pass this stage, we

then ascertain the long-term value of the business using a highly consistent and cash-based set of valuation

techniques.

The wording for the ‘How the Fund is managed’ section included in the Interim Report & Unaudited Financial

Statements (for the period ended 31 October 2016) for the Baring Global Dividend Champions Fund was

incorrect. The wording as per above is now correct.

14


Baring Global Dividend Champions Fund (continued)

Risk profile




generated.





invested.





assets.


obligations.




The investment objective of the Baring Global Mining Fund (“the Fund”) is to achieve long-term capital growth

primarily through investment in the equity and equity-related securities of mining and mining-related companies.

The Fund will identify investments through the use of “top-down” asset allocation, based on major economic and

political factors rather than the specific circumstances of an individual company, and “bottom-up” stock selection,

based on analysing the profitability, cash flow, earnings and pricing power of companies to determine their

attractiveness as investments.

Qualitative and quantitative research is undertaken to identify those companies, industries and countries that

Baring Asset Management Limited ("the Investment Manager") expects to produce above-average investment

performance.

The Fund will aim to achieve its investment objective by investing at least 70% of its total assets at any one time

in equities and equity-related securities of companies worldwide engaged in the exploration, development and

production of base metals, gold or other precious metals or mineral mining, and of companies engaged in

enabling mining technologies. For this purpose, total assets exclude cash and ancillary liquidities.


15


Baring Global Mining Fund (continued)












Risk profile




generated.





assets.



The value of commodities and the companies involved can be significantly affected by world events, trade

controls, political and economic conditions, international energy conservation, the success of explorations

projects, tax and other government regulations.


obligations.


Baring India Fund


The investment objective of the Baring India Fund (“the Fund”) is to achieve long-term capital growth by investing

in India. The Fund will seek to achieve its investment objective by investing at least 70% of its total assets at any

one time in Indian equities and equity-related securities of companies who are themselves, or whose underlying

equities are, domiciled in or exercising the predominant part of their economic activity in India, or which are

quoted and/or traded on the stock exchanges in India. Up to 30% may be invested outside India within the Indian

subcontinent. Please refer to the Prospectus for the full investment objective and policy.




has delegated certain of its investment management duties to Baring Asset Management (Asia) Limited.

16


Baring India Fund

How the Fund is managed (continued)









Risk profile




generated.





assets.



Country Funds have a narrower focus than those which invest broadly across markets and are therefore


For tax efficient purposes, the Fund will mainly invest through a Mauritian subsidiary. You should be aware

that this arrangement may be subject to renegotiation and reinterpretation in the future and any change could

have a negative effect on the returns of the Fund.


obligations.


Baring MENA Fund


The investment objective of the Baring MENA Fund (“the Fund”) is to achieve long-term capital growth in the

value of assets by investing in the Middle East and North Africa (“MENA”). The Fund will seek to achieve its

investment objective by investing at least 70% of its total assets at any one time in equities and equity-related

securities of companies domiciled in the MENA region or exercising the predominant part of their economic

activity in the MENA region. For this purpose, total assets exclude cash and ancillary liquidities. Please refer to

the Prospectus for the full investment objective and policy.

17








long-term, and favour high quality companies for their ability to outperform the market on a risk-adjusted basis. In






Risk profile




generated.





assets.

The MENA region comprises emerging markets and less developed countries. These countries may

experience economic and political unrest. They also tend to lack transparent and reliable official data, have

low standards of corporate governance and an under developed process for enforcing legal ownership of

investments. This means your money is at greater risk.

Regional Funds have a narrower focus than those which invest broadly across markets and are therefore



obligations.


18

Report of the Directors

The Directors present herewith their annual report and audited financial statements of the Baring Investment

Funds Plc (“the Company”) for the year ended 30 April 2017.

Statement of Directors' responsibilities

The Directors are responsible for preparing the annual report and the financial statements in accordance with

applicable Irish law and regulations.

Irish company law requires the Directors to prepare financial statements for each financial year. Under the law,

the Directors have elected to prepare the financial statements in accordance with Financial Reporting Standard

102, the “Financial Reporting Standard applicable in the UK and Republic of Ireland”. Under Company Law, the

Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of

the assets, liabilities and financial position of the Company as at the financial year-end date and of the profit or

loss of the Company for the financial year and otherwise comply with the Companies Act 2014.

In preparing these financial statements, the Directors are required to:

select suitable accounting policies for the Company’s financial statements and then apply them consistently;

make judgements and estimates that are reasonable and prudent;

state whether the financial statements have been prepared in accordance with applicable accounting

standards, identify those standards, and note the effect and the reasons for any material departure from those

standards; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the

Company will continue in business.

The Directors confirm that they have complied with the above requirements in preparing the financial statements.

The Directors are responsible for ensuring that the Company keeps or causes to be kept adequate accounting

records which correctly explain and record the transactions of the Company, enable at any time the assets,

liabilities, financial position and profit or loss of the Company to be determined with reasonable accuracy, enable

them to ensure that the financial statements and Directors’ report comply with the Companies Act 2014, and

enable the financial statements to be audited. They are also responsible for safeguarding the assets of the

Company and hence for taking reasonable steps for the prevention and detection of fraud and other

irregularities.

The financial statements are published at www.barings.com. The Directors together with Baring International

Fund Managers (Ireland) Limited (“the Manager”) and Baring Asset Management Limited (“the Investment

Manager”) are responsible for the maintenance and integrity of the website as far as it relates to Barings Funds.

Legislation in the Republic of Ireland governing the presentation and dissemination of the financial statements

may differ from legislation in other jurisdictions.

Risk management objectives and policies

An investment in the Company involves a high degree of risk, including, but not limited to, the risks as outlined

below. An investment in the Company is only suitable for investors who are in a position to take such risks.

There can be no assurance that the Company will achieve its objectives, and the value of shares can go down

as well as up. The principal risks and uncertainties faced by the Company are market price risk, foreign currency

risk, liquidity risk, credit risk and interest rate risk, which are outlined in Note 8 to these financial statements.

Directors’ statement on adequate accounting records

The measures taken by the Directors to secure compliance with the Company’s obligation to keep adequate

accounting records are the use of appropriate systems and procedures and the employment of competent

persons. Adequate accounting records of the Company are maintained by Northern Trust International Fund

Administration Services (Ireland) Limited, Georges Court, 54-62 Townsend Street, Dublin 2, Ireland.

https://urldefense.proofpoint.com/v2/url?u=http-3A__www.ishares.com&d=DQMBAg&c=K5gMqH44tVpW9Mb7NvpzqAFAhrpSdUITR819D8huNsU&r=4zHVvpi0-rePmKMi6QWRGhc2fXC2khdAOaQdGe3XT9g&m=YZaUj_CTie852YrnqRBeDd9h223SjpJT8-vWQ4oUNwg&s=M5bb_j0D9-N6bzv_WJpO6bUjaE6D54O1r4-DzViK1fc&e=

19

Report of the Directors (continued)

Business review and principal activities

A detailed review of the Company’s activities for the year ended 30 April 2017 is included in the Investment

Manager’s reports.

Directors during the year

The Directors of the Company are/were Oliver Burgel*, John Burns*, Jim Cleary*, David Conway, Nicola Hayes*,

Barbara Healy*, Michel Schulz*, Timothy Schulze*, Julian Swayne* and Mark Thorne*. Unless stated otherwise,

the Directors served for the entire year.

* Oliver Burgel was appointed as Director of the Manager with effect from 29 November 2016.

* John Burns has resigned from his position as Director of the Manager with effect from 9 December 2016.

* Nicola Hayes has resigned from her position as Director of the Manager with effect from 18 December 2016.

* Barbara Healy was appointed as Director of the Manager with effect from 9 February 2017.

* Julian Swayne was appointed as Director of the Manager with effect from 9 February 2017.

* Jim Cleary was appointed as Director of the Manager with effect from 18 May 2017.

* Michel Schulz has resigned from his position as Director of the Manager with effect from 18 May 2017.

* Timothy Schulze was appointed as Director of the Manager with effect from 18 May 2017.

* Mark Thorne has resigned from his position as Director of the Manager with effect from 18 May 2017.

Directors' interests in the shares of the Company

None of the Directors nor the Company secretary had any interest in the share capital of the Company at any

time during the year or at 30 April 2017 (30 April 2016: Nil).

Transactions involving Directors

Other than as stated in Note 2, “Fees and related party disclosures”, there were no contracts or arrangements of

any significance in relation to the business of the Company in which the Directors had any interest, as defined in

the Companies Act 2014, at any time during the year ended 30 April 2017 (30 April 2016: None). Oliver Burgel*

John Burns*, Nicola Hayes* and Michel Schulz* were employees of Baring Asset Management Limited (“the

Investment Manager”) during the year. David Conway and Mark Thorne* are both non-executive Directors,

independent of the Investment Manager.

* Oliver Burgel was appointed as Director of the Manager with effect from 29 November 2016.

* John Burns has resigned from his position as Director of the Manager with effect from 9 December 2016.

* Nicola Hayes has resigned from her position as Director of the Manager with effect from 18 December 2016.

* Michel Schulz has resigned from his position as Director of the Manager with effect from 18 May 2017.


Revenue

The results of operations for the year are set out in the profit and loss account.

Distributions

Distributions declared for the year are as set out in Note 3.

20


Directors’ compliance statement

The Directors, in accordance with Section 225(2) of the Companies Act 2014, acknowledge that they are responsible for securing the Company’s compliance with certain obligations specified in that sector arising from the Companies Act 2014, where applicable, the Market Abuse (Directive 2003/6/EC) Regulations 2005, the Prospectus (Directive 2003/71/EC) Regulations 2015, the Transparency (Directive 2004/109/EC) Regulations 2007 and Tax laws (‘relevant obligations’).The Directors confirm that:

• a compliance policy statement has been drawn up setting out the Company’s policies with regard to such compliance; • appropriate arrangements and structures that, in their opinion, are designed to secure material compliance with the Company’s relevant obligations, have been put in place; and • a review has been conducted, during the financial year, of the arrangements and structures that have been put in place to secure the Company’s compliance with its relevant obligations.

Audit committee statement

Due to the size and nature of the Company, the Directors have decided that it is not appropriate to establish a

dedicated Audit Committee. There is an Audit Committee established in the US at the Barings LLC covering the

Barings group.

Relevant Audit Information

The Directors believe that they have taken all steps necessary to make themselves aware of any relevant audit

information and have established that the Company’s statutory auditors are aware of that information. In so far

as they are aware, there is no relevant audit information of which the Company’s statutory auditors are unaware.

Corporate governance

Although there is no specific statutory corporate governance code applicable to Irish Investment Funds whose

shares are listed on the Irish Stock Exchange (“ISE”), the Company is subject to corporate governance practices

imposed by:

(i) The Irish Companies Act 2014, which are available for inspection at the registered office of the Company

and may also be obtained at: http://www.irishstatutebook.ie/home.html;

(ii) The Articles of Association of the Company, which are available for inspection at the registered office of the

Company at Georges Court, 54-62 Townsend Street, Dublin 2, Ireland and at the Companies Registration

Office in Ireland;

(iii) The Central Bank of Ireland (“the CBI”) in their UCITS Regulations, which can be obtained from the CBI’s

website at: http://www.centralbank.ie/regulation/industry-sectors/funds/Documents/UCITS%20NOTICES.pdf

and are available for inspection at the registered office of the Company; and

(iv) The ISE through the ISE Code of listing requirements and procedures, which can be obtained from the ISE’s

website at: http://www.ise.ie/Investment

Funds/Listing_Rules_Publications_/Listing_Requirements_Procedures_for_Investment_Funds.

The Board of Directors has voluntarily complied with the Corporate Governance Code for Irish domiciled

Investment Funds as published by the Irish Funds (“IF”) as the Company’s corporate governance code (“IFIA

Code”). The Board of Directors has assessed the measures included in the IFIA Code as being consistent with

its corporate governance practices and procedures for the financial year.

The Board of Directors is responsible for establishing and maintaining adequate internal control and risk

management systems of the Company in relation to the financial reporting process. Such systems are designed

to manage rather than eliminate the risk of error or fraud in achieving the Company’s financial reporting

objectives and can only provide reasonable and not absolute assurance against material misstatement or loss.

The Board of Directors has procedures in place to ensure that all relevant adequate accounting records are

properly maintained and are readily available, including the production of annual and semi-annual financial

statements. The annual and semi-annual financial statements of the Company are required to be approved by

the Board of Directors of the Company and the annual and semi-annual financial statements of the Company are

required to be filed with the CBI and the ISE. The statutory financial statements are required to be audited by

independent auditors who report annually to the Board of Directors on their findings.

http://www.irishstatutebook.ie/home.html

http://www.ise.ie/Investment

21


Corporate governance (continued)

The Board of Directors evaluates and discusses significant accounting and reporting issues as the need arises.

The Board of Directors has appointed Northern Trust International Fund Administration Services (Ireland) Limited

as its Administrator (“the Administrator”). The Administrator maintains the books and records of the Company.

The Administrator is authorised and regulated by the CBI and must comply with the rules imposed by the CBI.

From time to time, the Board of Directors also examines and evaluates the Administrator’s financial accounting

and reporting routines and monitors and evaluates the external auditors’ performance, qualifications and

independence.

The convening and conduct of shareholders’ meetings are governed by the Articles of Association of the

Company and the Companies Act 2014. Although the Directors may convene an extraordinary general meeting

of the Company at any time, the Directors are required to convene an annual general meeting of the Company

within eighteen months of incorporation and within fifteen months of the date of the previous annual general

meeting thereafter. Any Director or any two holders may convene an extraordinary general meeting in the same

manner as general meetings may be convened by the Directors. No less than twenty-one days’ notice of every

annual general meeting and any meeting convened for the passing of a special resolution must be given to

shareholders, and fourteen days’ notice must be given in the case of any other general meeting unless the

auditors of the Company and all the shareholders of the Company entitled to attend and vote agree to a shorter

notice period.

Two members present either in person or by proxy constitutes a quorum at a general meeting, provided that the

quorum for a general meeting convened to consider any alteration to the class rights of shares is two

shareholders holding or representing by proxy at least one-third of the issued shares of the relevant Fund or

class.

Every holder of participating shares present in person or by proxy who votes on a show of hands is entitled to

one vote. On a poll, every holder of participating shares present in person or by proxy is entitled to one vote in

respect of each share held. The Chairman of a general meeting of the Company or at least two members

present in person or by proxy or any holder or holders of participating shares present in person or by proxy

representing at least one-tenth of the shares in issue having the right to vote at such meeting may demand a

poll.

Unless otherwise determined by an ordinary resolution of the Company in general meeting, the number of

Directors may not be less than two. Currently, the Board of Directors of the Company is composed of five

Directors, being those listed in the directory in these financial statements.

The business of the Company is managed by the Directors, who exercise all such powers of the Company as

are required by the Companies Act 2014 or by the Articles of Association of the Company to be exercised by the

Company in a general meeting.

A Director may, and the company secretary of the Company on the requisition of a Director will, at any time

summon a meeting of the Directors. Questions arising at any meeting of the Directors are determined by a

majority of votes. In the case of an equality of votes, the Chairman has a second or casting vote. The quorum

necessary for the transaction of business at a meeting of the Directors is two. There are no sub-committees of

the Board of Directors.

Transactions with connected persons

The UCITS Regulations require that any transaction carried out with the Company by a Promoter, Manager,

Depositary, Investment Manager and/or associate of these (“connected persons”) must be carried out as if

negotiated at arm’s length. Transactions must be in the best interests of the shareholders.

The Board of Directors of the Company are satisfied that there are arrangements (evidenced by written

procedures) in place to ensure that the obligations set out in Regulation 41(1) of the Central Bank UCITS

Regulations are applied to all transactions with connected persons, and are satisfied that transactions with

connected persons entered into during the year complied with the obligations set out in Regulation 41(1) of the

Central Bank UCITS Regulations.

22


Remuneration code

The UCITS V provisions, which became effective on 18 March 2016, require Management Companies to

establish and apply remuneration policies and practices that promote sound and effective risk management, and

do not encourage risk taking which is inconsistent with the risk profile of the UCITS.

The Manager has a Remuneration Policy in place, details of which are available on the Barings website at

http://www.barings.com/investment-policies.

The purpose of the Manager’s remuneration policy is to seek to ensure that the remuneration arrangements of

“Identified Staff”:

(i) are consistent with and promote sound and effective risk management and do not encourage risk-taking

which is inconsistent with the risk profile, rules or instruments of incorporation of the Company or any

fund which the Company is the manager of; and

(ii) are consistent with the Company’s business strategy, objectives, values and interests and include

measures to avoid conflicts of interest.

The Company has a business model, policies and procedures which by their nature do not promote excessive

risk taking and which take account of the nature, scale and complexity of the Manager and any of the Funds.

Quantitative remuneration information will be included once the Manager has completed its first annual

performance period (31/12/16) to ensure the disclosure provides a reliable basis for comparison.

Please see the remuneration disclosure in Appendix 5.

Baring India Fund

With regards to the Baring India Fund (“the Fund”), to achieve efficient portfolio management of the assets, the

Fund will invest substantially in India by subscribing and redeeming directly in Baring Investments (Mauritius)

Limited (“the Subsidiary"), a private limited liability company incorporated on 29 January 2010 under the laws of

Mauritius. The Subsidiary is registered with the Securities and Exchange Board of India (“SEBI”) as a sub-

account of the Investment Manager, which is registered as a Foreign Institutional Investor with SEBI. It will

pursue the same investment objective as the Fund and will generally be subject to the same investment policies,

restrictions and guidelines of the Fund.

For full information please refer to the Prospectus of the Fund and the supplements to the Prospectus.

Events subsequent to the year-end

Jim Cleary was appointed a Director of the Manager with effect from 18 May 2017.

Timothy Schulze was appointed a Director of the Manager with effect from 18 May 2017.


Notice was sent to the investors of Baring Emerging Market Debt Local Currency Fund effective 17 March 2017,

informing them of the closure which will become effective 17 May 2017.

There have been no other events subsequent to the year-end which, in the opinion of the Directors, may have

had an impact on the financial statements for the year ended 30 April 2017.


The Independent Auditors, PricewaterhouseCoopers, Chartered Accountants and Registered Auditors have

indicated their willingness to continue in office in accordance with Section 160 (2), of the Companies Act 2014.

On behalf of the Board:

David Conway Barbara Healy 21 August 2017

http://www.barings.com/investment-policies

23

Independent Auditors’ report to the members of Baring Investment Funds Plc

Report on the financial statements

Our opinion

In our opinion, Baring Investment Funds Plc’s financial statements (the “financial statements”):

give a true and fair view of the Company’s and Funds’ assets, liabilities and financial position as at 30 April

2017 and of their results for the year then ended;

have been properly prepared in accordance with Generally Accepted Accounting Practice in Ireland; and

have been properly prepared in accordance with the requirements of the Companies Act 2014 and the

European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations

2011 (as amended).

What we have audited

The financial statements, included within the Annual Report and Audited Financial Statements, comprise:

the Balance sheet as at 30 April 2017;

the Profit and loss account for the year then ended;

the Statement of changes in net assets attributable to holders of redeemable participating shares for the

year then ended;

the Portfolio statement for each of the Funds as at 30 April 2017; and

the notes to the financial statements for the Company and for each of its Funds which include a summary of

significant accounting policies and other explanatory information.

The financial reporting framework that has been applied in the preparation of the financial statements is Irish law

and accounting standards issued by the Financial Reporting Council and promulgated by the Institute of

Chartered Accountants in Ireland (Generally Accepted Accounting Practice in Ireland), including FRS 102 “The

Financial Reporting Standard applicable in the UK and Republic of Ireland”.

In applying the financial reporting framework, the directors have made a number of subjective judgements, for

example in respect of significant accounting estimates. In making such estimates, they have made assumptions

and considered future events.

Matters on which we are required to report by the Companies Act 2014

We have obtained all the information and explanations which we consider necessary for the purposes of our

audit.

In our opinion the accounting records of the Company were sufficient to permit the financial statements to be

readily and properly audited.

The financial statements are in agreement with the accounting records.

In our opinion the information given in the Report of the Directors is consistent with the financial statements.

24

Independent Auditors’ report to the members of Baring Investment Funds Plc (continued)

Matters on which we are required to report by exception

Directors’ remuneration and transactions

Under the Companies Act 2014 we are required to report to you if, in our opinion, the disclosures of directors’

remuneration and transactions specified by sections 305 to 312 of that Act have not been made. We have no

exceptions to report arising from this responsibility.

Responsibilities for the financial statements and the audit

Our responsibilities and those of the directors

As explained more fully in the Statement of Directors' responsibilities set out on page 18 the directors are

responsible for the preparation of the financial statements and for being satisfied that they give a true and fair

view.

Our responsibility is to audit and express an opinion on the financial statements in accordance with Irish law and

International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing

Practices Board’s Ethical Standards for Auditors.

This report, including the opinions, has been prepared for and only for the Company’s members as a body in

accordance with section 391 of the Companies Act 2014 and for no other purpose. We do not, in giving these

opinions, 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.

What an audit of financial statements involves

We conducted our audit in accordance with International Standards on Auditing (UK and Ireland). An audit

involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give

reasonable assurance that the financial statements are free from material misstatement, whether caused by

fraud or error. This includes an assessment of:

whether the accounting policies are appropriate to the Company’s circumstances and have been

consistently applied and adequately disclosed;

the reasonableness of significant accounting estimates made by the directors; and

the overall presentation of the financial statements.

We primarily focus our work in these areas by assessing the directors’ judgements against available evidence,

forming our own judgements, and evaluating the disclosures in the financial statements.

We test and examine information, using sampling and other auditing techniques, to the extent we consider

necessary to provide a reasonable basis for us to draw conclusions. We obtain audit evidence through testing

the effectiveness of controls, substantive procedures or a combination of both.

In addition, we read all the financial and non-financial information in the Annual Report and Audited Financial

Statements to identify material inconsistencies with the audited financial statements and to identify any

information that is apparently materially incorrect based on, or materially inconsistent with, the knowledge

acquired by us in the course of performing the audit. If we become aware of any apparent material

misstatements or inconsistencies we consider the implications for our report.

Pat Candon

for and on behalf of PricewaterhouseCoopers

Chartered Accountants and Statutory Audit Firm

Dublin

21 August 2017

25

Report of the Depositary to the shareholders for the year ended 30 April 2017

We, Northern Trust Fiduciary Services (Ireland) Limited, appointed Depositary to Baring Investment Funds Plc

(“the Company”), provide this report solely in favour of the shareholders of the Company for the year ended 30

April 2017 (“the Annual Accounting Period”). This report is provided in accordance with the UCITS Regulations –

European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 (SI

No 352 of 2011), as amended, which implemented Directive 2009/65/EU into Irish Law (“the Regulations”). We

do not, in the provision of this report, accept nor assume responsibility for any other purpose or person to whom

this report is shown.

In accordance with our Depositary obligation as provided for under the Regulations, we have enquired into the

conduct of the Company for the Annual Accounting Period and we hereby report thereon to the shareholders of

the Company as follows:

We are of the opinion that the Company has been managed during the Annual Accounting Period, in all material

respects:

(i) in accordance with the limitations imposed on the investment and borrowing powers of the Company by

the constitutional documents and by the Regulations; and

(ii) otherwise in accordance with the provisions of the constitutional document and the Regulations.

_____________________________________________

For and on behalf of

Northern Trust Fiduciary Services (Ireland) Limited 16 August 2017

Georges Court


Dublin 2

Ireland

26

Key changes during the year

Oliver Burgel was appointed Director of the Manager with effect from 29 November 2016.

John Burns has resigned from his position as Director of the Manager with effect from 9 December 2016.

Nicola Hayes has resigned from her position as Director of the Manager with effect from 18 December 2016.

Barbara Healy was appointed Director of the Manager with effect from 9 February 2017.

Julian Swayne was appointed Director of the Manager with effect from 9 February 2017.


Notice was sent to the investors of Baring China Bond Fund effective 23 December 2016, informing them of the

closure on 23 January 2017. The Fund is now closed.


Notice was sent to the investors of Baring Emerging Market Corporate Debt Fund effective 6 January 2017,

informing them of the closure on 6 February 2017. The Fund is now closed.


Notice was sent to the investors of Baring Dynamic Emerging Markets Fund effective 17 March 2017, informing

them of the closure on 18 April 2017. This Fund is now closed.

Baring Emerging Market Debt Local Currency Fund

Notice was sent to the investors of Baring Emerging Market Debt Local Currency Fund effective 17 March 2017,

informing them of the closure which became effective on 17 May 2017.

New Funds launched

The below listed Funds were launched during the year:

Baring Dynamic Absolute Return Fund – 23 June 2016

Baring Global Dividend Champions Fund – 20 October 2016

Share Class Registrations

Baring Dynamic Absolute Return Fund Class I EUR Hedged Acc was launched on 23 June 2016.

Baring Dynamic Absolute Return Fund Class I GBP Hedged Acc was launched on 23 June 2016.

New Registrations

Baring Dynamic Absolute Return Fund and Baring Global Dividend Champion Fund were registered in

Switzerland on 19 February 2017.

From 1 April 2017, the Funds currently listed transfered their Irish Stock Exchange (ISE) listing from the ISE

Main Securities Market (MSM) to the ISE Global Exchange Market.

27

Baring China Bond Fund - Investment Manager’s report - Unaudited

Performance

We have maintained a yield carry strategy to benefit from the tightening yield spreads during the year. Our

exposure in sectors such as real estate benefited from the strong property market recovery; the consumer sector

was supported by improved overall market liquidity and the wealth effect from rising asset prices, and our

holdings in policy banks was underpinned by the continued reform and monetary operation efforts conducted

through these institutions.

Market outlook

Credit spreads have continued to remain tight in the face of market volatility, while equity market valuations have

also held strong in Asia. There are limited foreseeable events that could derail the current market sentiment now,

with major political transitions having already crystalized. The stabilisation of China’s currency and growing

development in the renminbi bond market are positive to global investors looking for diversification.




May 2017




28

Balance sheet

As at 30 April 2017

Baring Baring

China China

Bond Fund Bond Fund

30/04/2017 30/04/2016



Cash 1 10,075 240,510

Interest receivable 1 - 208,962

Total assets 20,075 18,444,785

LiabilitiesManagement fee payable 2 (45,266) (15,989) Payable for shares redeemed 343 - Administration fee payable 2 202 6,539


Other liabilities 2 64,796 47,600Total liabilities (excluding net assets attributable to holders of



shares - 18,406,084



Class I GBP Inc - 1,473

Class I USD Acc - 1,760,505

The Baring China Bond Fund was terminated on 23 January 2017, the financial statements have been prepared on a non-going concern basis.


29


shares

For the year ended 30 April 2017

Baring Baring

China China

Bond Fund Bond Fund

30/04/2017 30/04/2016

Notes US$ US$


beginning of the year 18,406,084 19,208,919

Decrease in assets for the year from operations attributable to holders of

redeemable participating shares (807,967) (171,906)

Issue of redeemable participating shares for the year 46,876 2,320,883

Redemption of redeemable participating shares for the year (17,644,748) (2,951,846)

Income equalisation 3 (245) 34 Net assets attributable to holders of redeemable participating shares

at the end of the year - 18,406,084



30



Baring Baring

China China

Bond Fund Bond Fund

30/04/2017 30/04/2016


Interest income 1 427,575 719,845Net fair value loss on financial assets and at fair value through profit or

loss 1 (1,140,377) (747,361)

Total investment expense (712,802) (27,516)

Expenses






Net loss before finance costs (807,140) (170,198)

Finance costs

Bank interest expense 1 (4) (404)

Distributions 3 (823) (1,304)

Total finance costs (827) (1,708)

Decrease in net assets for the year from operations attributable to

holders of redeemable participating shares (807,967) (171,906)


Gains and losses arose solely from discontinuing operations. There were no gains or losses other than those dealt with in the profit and loss

account.


31

Baring China Select Fund - Investment Manager’s report - Unaudited

Performance

The offshore Chinese market posted strong positive return during the reporting period. Market sentiment was

positive on the announcement of Shenzhen Hong Kong Stock Connect and earnings result announcements of

large cap companies ‘ which were in line with market expectation. Global macro events such as a relief rally in

global markets after the Brexit vote, OPEC’s discussion about cutting oil production and the US Federal

Reserve’s (“the Fed’s”) decision to keep the interest rate unchanged also strengthened market sentiment. The

strong investment momentum via the Stock Connect programme has also helped propel the offshore Chinese

equities higher so far in 2017, as onshore investors continue to be allured by the availability of high dividend

yield stocks and find Hong Kong listed companies an attractive medium for asset diversification. Among the

sectors, the Information Technology, Materials and Consumer Discretionary sectors were key drivers of the

strong market return in the period. On the other hand, the Telecoms and Consumer Staples sectors registered

negative/ less positive returns and lagged the overall market.

The Baring China Select Fund (“the Fund”) was behind the performance comparator over the reporting period.

Inadequate exposure of internet giant Tencent was a key detractor for relative performance, as well as were

holdings in intimate and sports apparel maker Regina Miracle International and automobile component maker

Tung Thih Electronic. Tencent played a part in offsetting the relative gains in performance due to a defensive

large cap stock in a volatile market, while both Tung Thih Electronic and Regina Miracle underperformed amid

near-term concerns on growth. Otherwise, our high-conviction holdings in Technology (Sunny Optical

Technology, ASM Pacific Technology, Taiwan Semiconductor Manufacturing, etc.) all contributed positively. Not

being invested in China Mobile also added value, as the stock lagged in an up market.

Market outlook

We believe that China’s economic growth is stabilising at the lower level and expect that the Chinese

government will embark on further fiscal policy easing (while maintaining neutral monetary policy) and reforms.

The recent emphasis on supply-side reform should help alleviate the pressure from structural overhangs and is

positive for longer-term economic development, although it might bring short-term pressure on employment and

credit risks. As expected, we have seen up-beat corporate earnings since the fourth quarter of 2016 and this

continued in the first quarter of this year. Thus we are proactively involved in companies with good earning

visibility at reasonable valuations, especially in the Consumer, Pharmaceuticals, Technology Automation and

Financials.

Longer term, a stabilisation of both economic growth and currency trends will continue to provide support to

corporate earnings and the equity market. Ongoing structural reforms may provide further upside potential.

Household wealth reallocation to non-bank deposit and non-property sectors should continue to support equity

market development. We continue to look for opportunity to add well-managed companies with positive earnings

growth prospects.




May 2017




32

Balance sheet

As at 30 April 2017



30/04/2017 30/04/2016



Cash 1 253,528 66,161

Receivable for securities sold 1 396,182 283,616

Receivable for shares sold 1 24,386 2,039

Dividends and interest receivable 1 8 -

Other assets 1 158 3,295

Total assets 44,507,588 57,373,479

Liabilities

Management fees payable 2 47,893 52,084

Payable for securities purchased 1 177,131 298,488

Payable for shares redeemed 1 85,566 111,072


Depositary fee payable 2 784 2,576


holders of redeemable participating shares) 394,018 555,915


shares 44,113,570 56,817,564

Shares in issue (Note 4) Class A USD Inc 2,173,369 2,882,617

Class A EUR Inc 466,468 578,658

Class A HKD Acc 254,125 325,646

Class I EUR Acc 151 11

Class I GBP Inc 18,992 27,757 Class I USD Acc 349,879 1,267,474


33


shares




30/04/2017 30/04/2016

Notes US$ US$



Increase/(decrease) in net assets for the year from operations

to holders of redeemable participating shares 8,675,788 (22,195,588)

Issue of redeemable participating shares for the year 10,300,016 45,842,201


Income equalisation 3 (14,760) (28,847)

Net assets attributable to holders of redeemable participating shares at the end of the year 44,113,570 56,817,564


34





30/04/2017 30/04/2016


Interest income 1 116 1,532

Dividend income 1 848,004 1,255,550

Net fair value gain/(loss) on financial assets at fair value through profit

or loss 1 8,840,125 (22,180,310)

Total investment income/(expense) 9,688,245 (20,923,228)

Expenses





Total operating expenses 972,743 1,200,046


Finance costs

Distributions 3 (1,277) (3,453)

Bank Interest expense 1 (437) (424)


Profit/(loss) for the financial year before tax 8,713,788 (22,127,151)

Tax


Total tax (38,000) (68,437)

Increase/(decrease) in net assets for the year from operationsattributable to holders of redeemable participating shares 8,675,788 (22,195,588)


account.


35

Baring Dynamic Absolute Return Fund – Investment Manager’s report

Performance

Over the period, which does not yet represent a full year since inception, the Fund performed broadly in line with

its objectives, outperforming the performance comparator. This performance came from a wide range of asset

classes (equities, forward contracts (“FX”), commodities and Real Estate Investment Trust (“REITs”)) as well as

from long, short and relative value positions. Positive performance highlights included relative value positions in

European banks, relative value positions in European oil stocks versus US oil stocks, short positions in

European bonds, short positions in the Japanese yen and long positions in the Swedish Krona. Negative

performers included holdings in volatile US equity and in some emerging-market currencies earlier in the period.

Over the period, the portfolio maintained its neutral positioning, in order to weather a range of different potential

market regimes. We took advantage of sell-offs in the most-value-orientated European equity sectors of Utilities

and REITs, and in currencies such as the Krona. In relative value, we typically focused on sector dislocation

between expensive bond substitutes and cheaper value sectors such as Financials. In general, the portfolio

remains positioned with an outright short position in interest rates globally, in line with our view of synchronised

global growth and of over-valuation in these sectors.

Market outlook

Economic growth remains positive and more synchronised than in the recent past. At the same time, inflation

has eased as the fall in the oil price feeds through. However, the period of substantial falls in inflation, almost

bordering on deflation, seems to have passed, making bonds vulnerable. Political events can still be a source of

unexpected/adverse developments, with the evolving policy of President Trump, elections in Europe and global

tension, so vigilance will be required to mitigate the risks from these events, and we are maintaining an overall

neutral stance to equity market direction in the Fund.


May 2017




36

Balance sheet

As at 30 April 2017

Baring Dynamic

Absolute Return

Fund

30/04/2017

Assets Notes US$

Financial assets at fair value through profit or loss 13,948,067

Cash 1,399,714

Margin cash 188,712

Dividends and interest receivable 7,042

Other assets 10,238

Total assets 15,553,773

Liabilities

Financial liabilities at fair value through profit or loss 196,735

Management fees payable 2 (9,187)

Administration fee payable 2 1,160

Depositary fee payable 2 263

Other liabilities 2 54,452 Total liabilities (excluding net assets attributable to the holders of redeemable

participating shares) 243,423

Net assets attributable to holders of redeemable participating shares 15,310,350


100

1,475,000

1,000

1,609

Class A USD Acc

Class I USD Acc

Class I EUR Hedged Acc

Class I GBP Hedged Acc

The Baring Dynamic Absolute Return Fund was launched on 23 June 2016, therefore there are no comparative figures for the year ended 30 April

2016.


37


shares for the period from 23 June 2016 to 30 April 2017

Baring Dynamic

Absolute Return

Fund

30/04/2017

Notes US$

Net assets attributable to holders of redeemable participating shares at the beginning

of the period -

Increase in net assets for the period from operations attributable

to holders of redeemable participating shares 528,565

Issue of redeemable participating shares for the period 3 14,781,785

Net assets attributable to holders of redeemableparticipating shares at the end of the period 15,310,350


38


For the period from 23 June 2016 to 30 April 2017

Baring Dynamic

Absolute Return

Fund

30/04/2017

Investment income Notes US$

Interest income 1 61,181

Dividend income 1 38,755

Net fair value gain on financial assets at fair value through profit or loss 1 544,465

Total investment income 644,401

Expenses

Management fees 2 (196)

Administration fees 2 12,656

Depositary fees 2 2,974

General expenses 2 96,474

Total operating expenses 111,908

Net profit before finance costs and tax 532,493

Finance costs

Bank Interest expense 1 (767)

Total finance costs (767)

Profit for the financial period before tax 531,726

Tax

Withholding tax on dividends and other investment income (3,161)

Total tax (3,161)

Increase in net assets for the period from operationsattributable to holders of redeemable participating shares 528,565



39

Baring Dynamic Emerging Markets Fund – Investment Manager’s report - Unaudited

Performance

The Fund delivered a strong positive return over the period against a positive backdrop for the emerging

markets.

The largest contributions to returns came from emerging market government bonds and equities listed in the

emerging parts of the Asian markets.

Other contributors to returns came from equity positions in other emerging markets, such as Latin America.

In order to reduce the risk of some of the government bond positions, we hedged some of the currency. Whilst

this did detract from returns over the period, the contribution from these government bond positions remained

positive.

Market outlook

2017 has so far been a benign year for markets. While political risk continues to attract a lot of comment, the

economic reality has been pretty decent. While this doesn’t offer any certainties for the future, it is a promising

enough start. For us, the economic momentum began accelerating in the spring of last year. This acceleration

was not triggered by the election of Donald Trump, but from the oil price rebounding from its $25 low. We are

content to believe economic momentum will continue, at least for the time being.

Importantly, inflation remains well behaved. Of course, at this point in the cycle, inflationary pressures are

building. It would be strange if they were not. But it is a slow and steady build-up, not a picture of pricing

pressure spiralling. US equities are up strongly and government bonds are down. The result is that, even in the

US, where the recovery is most entrenched, core inflation is not screeching higher, but moving up only gently.

This will continue to allow the US Federal Reserve (“the Fed”) to “go slow” in terms of interest rate hikes, which

should give some comfort to markets.

In conclusion, the economic backdrop is good. Corporates can expect to see decent earnings growth this year.

Policymakers remain supportive. The main risk continues to be valuations. Here the worst examples are to be

found in the US. Far better prices can be paid for assets just as good elsewhere in the world. Other areas are

also likely to experience earnings growth every bit as strong as in the US, which is far more likely to be an upside

surprise. For now, we remain content to engage with equities, but remain alert to the risks which will of course

flare up at some stage, as they always do.


May 2017




40

Balance sheet

As at 30 April 2017

Baring Dynamic Baring Dynamic

Emerging Emerging


30/04/2017 30/04/2016

Assets Notes £ £

Financial assets at fair value through profit or loss 1 - 15,631,503

Cash 1 68,737 1,575,691

Margin cash 1 - 907,694

Receivable for securities sold 1 - 224,043

Dividends and interest receivable 1 3,246 133,521

Other assets 1 - 986

Total assets 71,983 18,473,438

Liabilities

Financial liabilities at fair value through profit or loss 1 - 258,779


Payable for securities purchased 1 - 1,098,808

Payable for shares redeemed 1 6,086 -



Other accrued expenses 2 59,641 52,418 Total liabilities (excluding net assets attributable to the

holders of redeemable participating shares) 71,983 1,428,107


shares - 17,045,331


- 1,582,924

- 264,041

- 7,311

- 10

Class I GBP Acc

Class A EUR Acc

Class I USD Acc

Class A GBP Acc

The Baring Dynamic Emerging Markets Fund was terminated on 18 April 2017, the financial statements have been prepared on a non-going

concern basis.


41


shares



Emerging Emerging


30/04/2017 30/04/2016

Notes £ £


shares at the beginning of the year 17,045,331 17,028,978

Increase/(decrease) in assets for the year from operations



Redemption of redeemable participating shares for the year 3 (20,601,974) (414,459)


shares at the end of the year - 17,045,331


concern basis.


42




Emerging Emerging


30/04/2017 30/04/2016

£ £

Investment income

Interest income 1 379,265 496,734

Dividend income 1 238,697 222,200

Net fair value gain/(loss) on financial assets at fair value

through profit or loss 1 2,438,630 (2,471,035)


Expenses




General expenses 2 56,122 (29,786)



Finance costs

Bank interest expense 1 (6,714) (6,314)



Tax


Total tax (27,808) (9,687)



Notes


concern basis.


account.


43

Baring Emerging Markets Corporate Debt Fund – Investment Manager’s report - Unaudited

Performance

The Baring Emerging Markets Corporate Debt Fund outperformed the performance comparator during the

period, as emerging markets corporates rallied on the back of strong inflows into emerging markets debt,

accommodative central bank policies, and higher commodity prices. The Fund’s outperformance was a result of

select positioning and increased holdings in Indian, Chinese, Indonesian and Russian credits, as well as

decreased holdings in South Korea, Singapore and Hong Kong. The Fund’s reduced positioning in Brazil, and

increased positioning in Turkey, Philippines, and Colombia detracted from returns.

Market outlook

Emerging markets corporate debt should continue to perform well over the second half of 2017 given the

favorable macro trends, meaningful steps to strengthen balance sheets and deleverage, stable commodity prices

and improving sovereign stories across Europe and Latin America.

Emerging markets corporate fundamentals are improving and will likely continue to benefit from an increasingly

stable macroeconomic environment. Technicals remain favorable and over the next year, we do not expect to

see sharp reversals in fund flows, which are at their strongest levels since 2012. Net financing is expected to

stay subdued as a result of continued liability management among emrging market corporates. Also supportive

of the asset class, cash flows from amortisations and coupons are expected to remain robust in the coming

years. As we look towards the second half of 2017, selectivity and active management are critical. In our view, a

disciplined, bottom-up approach to credit selection is paramount to seeking the most attractive risk-reward

opportunities in the growing emerging market corporate asset class.


May 2017




44

Balance sheet

As at 30 April 2017


Markets Corporate Markets

Debt Fund Debt Fund

30/04/2017 30/04/2016



Management fee rebate due 1 2,177 -

Cash 1 10,121 -

Dividends and interest receivable 1 - 192,123

Total assets 30,298 17,584,912

Liabilities

Bank overdraft 1 - 478,625


Payable for shares redeemed 1 478 -




holders of redeemable participating shares) 30,298 506,138


participating shares - 17,078,774

- -


Class I USD Acc - 1,575,100

Class A EUR Hedged Acc - 28,506


Class A USD Inc - 111

The Baring Emerging Markets Corporate Debt Fund was terminated on 6 February 2017, the financial statements have been prepared on a non-



45


shares



Markets Corporate Markets Corporate

Debt Fund Debt Fund

30/04/2017 30/04/2016

Notes US$ US$



Increase in assets for the year from operations attributable

to holders of redeemable participating shares 856,387 437,957

Issue of redeemable participating shares for the year 38 152

Redemption of redeemable participating shares for the year (17,935,198) (665,717)

Income equalisation 3 (1) (1)Net assets attributable to holders of redeemable

participating shares at the end of the year - 17,078,774




46




Markets Corporate Markets Corporate

Debt Fund Debt Fund

30/04/2017 30/04/2016

Notes US$ US$

Investment income

Interest income 1 671,497 918,744

Management fee rebate 2 4,320 -

Net fair value gain/(loss) on financial assets at fair value

through profit or loss 1 310,139 (306,327)


Expenses






Net profit before finance costs 856,441 438,022

Finance costs



Total finance costs (54) (65)

Increase in assets for the year from operations attributable to

holders of redeemable participating shares 856,387 437,957




account.


47

Baring Emerging Markets Debt Local Currency Fund – Investment Manager’s report -

Unaudited

Performance

The Baring Emerging Markets Debt Local Currency Fund outperformed the performance comparator during the

period. Outperformance for the Fund was as a result of its increased positions in select Latin American and

Asian countries, where rates and currencies rallied as commodities recovered from their February 2016 lows,

and where countries made significant fiscal adjustments in reaction to overall lower commodity prices from 2014-

early 2016. The Fund also outperformed as a result of its positioning in Russia, which successfully dealt with

sanctions and lower commodity prices through effective fiscal adjustments and supporting the domestic

economy. After Turkey experienced a failed coup d’état in July 2016, the Fund took a reduced position, which

was of benefit during the latter half of 2016 as the Turkish lira sold off in reaction to President Erdogan’s power

grab and higher inflation.

The Fund underperformed in Mexico following the US presidential election, as investors feared a newly elected

President Trump would push through the protectionist trade agenda of his campaign. Following the November

election, Mexican rates and the peso sold off, with the latter beginning to retrace some of its losses following

Trump’s cabinet announcements and after Trump took office. The peso had recovered most of its post-election

losses as of 31 March 2017.

Market outlook

We believe emerging market local debt will continue to deliver strong performance over the next 12 months.

Emerging market countries continue to see meaningful adjustments to their current accounts to accommodate

lower commodity revenues and continue to diversify and compete for export market share. Developed market

fiscal policies are likely to remain expansionary for the next 12 months, providing further support for global

growth, which should continue to benefit emerging markets. Global inflation may rise but will likely remain

relatively subdued and manageable over the next several years. Due to the reduced inflationary pressures, we

expect to see lower overall interest rates in countries with floating currencies and credible central bank policies,

where nominal yields offer significant compensation for risk.


May 2017




48

Balance sheet

As at 30 April 2017


Markets Debt Local Markets Debt Local

Currency Fund Currency Fund

30/04/2017 30/04/2016Assets Notes US$ US$Financial assets at fair value through profit or loss 1 243,208 30,604,967

Cash 1 8,871,747 67,384

Management fee rebate due 2 539 2,271

Receivable for shares sold 1 - 319,465

Interest receivable 1 170 869,497

Other assets 1 9,150 410

Total assets 9,124,814 31,863,994

Liabilities


Bank overdraft 1 69,137 -



Payable for shares redeemed 1 181,757 22





the holders of redeemable participating shares) 404,915 210,001




Class A USD Inc 323,385 798,466

Class A EUR Acc 251 251

Class A EUR Inc 407,475 809,168

Class A GBP Hedged Inc 92,616 51,685

Class A HKD Inc 29,923 40,490


Class I EUR Inc 1 1


Class I USD Inc 59,863 132,108

Class X USD Acc 10 1,148,643

The Baring Emerging Markets Debt Local Currency Fund was terminated on 17 May 2017, the financial statements have been prepared on a non-



49


shares





Fund Fund

30/04/2017 30/04/2016

Notes US$ US$



Decrease in net assets for the year from operations

attributable to holders of redeemable participating shares (261,079) (6,926,856)




Net assets attributable to holders of redeemable participating shares at the end of the year 8,719,899 31,653,993


50






Fund Fund

30/04/2017 30/04/2016


Interest income 1 1,406,497 2,730,742

Dividend income 1 708 286

Net fair value loss on financial assets at fair value through profit or loss 1 (438,568) (8,078,057)

Management fee rebate 2 7,812 12,470

Total investment income/(expense) 976,449 (5,334,559)

Expenses






Net profit/(loss) before finance costs and tax 690,983 (5,890,365)

Finance costs

Distributions 3 (840,701) (953,963)

Bank interest expense 1 (309) (3,747)


Loss for the financial year before tax (150,027) (6,848,075)

Tax



Total tax (111,052) (78,781)

Decrease in net assets for the year from operations attributable to holders of redeemable participating shares (261,079) (6,926,856)


account.


51

Baring Euro Dynamic Asset Allocation Fund – Investment Manager’s report - Unaudited

Performance

The Fund delivered a strong positive return over the period against a positive backdrop for markets.

The largest contributions to returns came from equities in both developed and emerging markets, currency

movements and precious metals.

Other contributors to returns came from high-yield bonds and local currency emerging bonds.

Market outlook

2017 has so far been a benign year for markets. While political risk continues to attract a lot of comment, the

economic reality has been pretty decent. While this doesn’t offer any certainties for the future, it is a promising

enough start. For us, the economic momentum began accelerating in the spring of last year. This acceleration

was not triggered by the election of Donald Trump, but from the oil price rebounding from its $25 low. We are

content to believe economic momentum will continue, at least for the time being.

Importantly, inflation remains well behaved. Of course, at this point in the cycle, inflationary pressures are

building. It would be strange if they were not. But it is a slow and steady build-up, not a picture of pricing

pressure spiralling. US equities are up strongly and government bonds are down. The result is that, even in the

US, where the recovery is most entrenched, core inflation is not screeching higher, but moving up only gently.

This will continue to allow the US Federal Reserve (“the Fed”) to “go slow” in terms of interest rate hikes, which

should give some comfort to markets.

In conclusion, the economic backdrop is good. Corporates can expect to see decent earnings growth this year.

Policymakers remain supportive. The main risk continues to be valuations. Here the worst examples are to be

found in the US. Far better prices can be paid for assets just as good elsewhere in the world. Other areas are

also likely to experience earnings growth every bit as strong as in the US, which is far more likely to be an upside

surprise. For now, we remain content to engage with equities, but remain alert to the risks which will of course

flare up at some stage, as they always do.


May 2017




52

Balance sheet

As at 30 April 2017




30/04/2017 30/04/2016Assets Notes € €Financial assets at fair value through profit or loss 1 52,790,676 45,962,810

Cash 1 5,292,733 4,257,158

Margin cash 1 228,411 527,954

Receivable for shares sold 1 826 -

Receivable for securities sold 1 1,886 1,998,606


Interest receivable 1 411,596 418,641



Total assets 58,779,487 53,271,587

Liabilities



Payable for securities purchased 1 - 46,820






shares 58,668,611 52,984,023


Class X EUR Acc 3,417,000 3,417,000

Class A EUR Acc 267,692 306,392

Class A EUR Inc 3,202 3,190

Class I EUR Acc 680,631 681,476

Class I EUR Inc 10 10

0


53


shares





30/04/2017 30/04/2016

Notes € €Net assets attributable to holders of redeemable participating shares at

the beginning of the year 52,984,023 69,309,498Increase/(decrease) in net assets for the year from operations



Redemption of redeemable participating shares for the year (642,323) (15,244,265)

Income equalisation 3 - 71


shares at the end of the year 58,668,611 52,984,023


54






30/04/2017 30/04/2016Investment income Notes € €Interest income 1 1,121,170 821,908


Net fair value gain/(loss) on financial assets at fair value through profit or

loss 1 4,798,194 (4,739,659)



Expenses







Finance costs





Tax


Total tax (54,522) (46,579)





55

Baring European Opportunities Fund – Investment Manager’s report - Unaudited

Performance

During the period the Fund delivered a return slightly below that of the performance. During the second half of

the financial year, the Fund’s UK investments produced the largest positive country contribution to performance

comparator. Within the Fund’s UK holdings, Sophos, the Cybersecurity software developer, was the largest

positive contributor, with strong sales growth driving the share price performance. Amongst the other significant

positive contributors in the UK was Synthomer, the manufacturer of aqueous polymers, which released a trading

statement that stated that profit growth would be ahead of previous expectations. The Fund’s Danish

investments delivered the largest negative country contribution, with Royal Unibrew, the producer and distributor

of beverages, being particularly weak following the sudden resignation of the Chief Executive.

Market outlook

Over the coming months, political and economic news flow, including upcoming elections in Germany and the

U.K, as well as Brexit negotiations, and, in Asia Korean peninsula tensions and uncertainty about Japanese and

Chinese economic growth, has the potential to inspire nervousness in investors. Pan-European smaller

companies remain attractively valued relative to other asset classes, and optimism about profits growth for

smaller companies has increased this year. However, recent share price rises have taken the valuation level of

the asset class, on a range of measures, towards historic highs. During the first few months of 2017, there has

been evidence that corporate profitability should deliver strong growth over the year, with company trading

updates for the first quarter of the year, in general, expressing confidence for the future. It seems reasonable to

expect some increased volatility in the coming months: our view is that profit growth developments will prove an

important driver of share price performance for the rest of this year.

Our investment approach will remain unchanged: to focus on “bottom-up” stock selection. We will continue to try

to identify, from a wide range of potential opportunities, well-managed companies with strong balance sheets

and earnings prospects where the current valuation does not fully reflect these attributes. Our view is that in the

long term, this approach should help mitigate the risks of smaller company investment and allow us to identify

companies with undiscounted growth opportunities and attractive valuations.


May 2017




56

Balance sheet

As at 30 April 2017

Baring Baring

European European


Fund Fund

30/04/2017 30/04/2016

Assets Notes € €


Receivable for securities sold 1 - 2,183,140

Receivable for shares sold 1 - 1,370


Other assets 1 130 703

Cash 1 280,986 615,153

Total assets 209,829,482 195,935,654

Liabilities


Payable for securities purchased 1 - 1,207,649 Payable for shares redeemed 1 - 24,130 Administration fee payable 2 77,777 69,164




redeemable participating shares) 247,072 1,504,863


shares 209,582,410 194,430,791


Class A EUR Acc 318,649 1,150,966

Class A USD Acc 10 7,318

Class I EUR Acc 3,192,043 1,457,068

Class I EUR Inc 10 10

Class I GBP Inc 605,844 925,449


Class X GBP Acc 7,933,917 9,347,097

-


57


shares


Baring Baring

European European


Fund Fund

30/04/2017 30/04/2016

Notes € €











58



Baring Baring

European European


Fund Fund

30/04/2017 30/04/2016

Investment income Notes € €

Bank interest income 1 1,298 546

Dividend income 1 4,725,541 3,788,899

Net fair value gain/(loss) on financial assets and at fair value



Expenses







Finance costs

Bank interest expense 1 (1,418) (389)

Distributions 3 (127,880) (56,325)



Tax


Total tax (592,608) (413,241)

Increase/(decrease) in net assets for the year from operations attributable to holders of redeemable participating shares 35,439,237 (4,293,645)



59

Baring Frontier Markets Fund – Investment Manager’s report - Unaudited

Performance

Frontier markets were supported by global considerations such as an improved outlook for global growth and a

more supportive outlook for commodity prices. Local factors were of great significance and resulted in a notable

dispersion of returns across the key frontier markets over the review period. Argentina was amongst the

strongest performing markets, as an economic and structural reform agenda was promoted by the new Macri-led

government. In Asia, the Pakistani equity market benefitted from continued strong corporate earnings growth, an

improving domestic economy and increased interest from a broader international investor base. Other Asian

frontier markets were also strong, including Bangladesh and Sri Lanka. African markets were challenged, with

Nigeria in the doldrums as its economy and corporate sector struggled to adjust to the lower-oil-price

environment and pressure on its currency. Kenya performed slightly better but still faced difficulties; the banking

sector in particular saw weakness as policy makers introduced punitive regulations. The MENA markets were

generally weak relative performers; Saudi Arabia continued to undergo fiscal tightening, which negatively

impacted the corporate sector and consumer spending. In Eastern Europe, Romania posted strong gains; the

country remains one of the fastest-growing European economies, underpinned by structural factors. Companies

operating in the market have opportunities to benefit from this trend.

The Fund outperformed its performance comparator over the review period. Selecting the right stocks was a key

driver for the outperformance. The most significant contributor to the investment result was Vietnam Dairy

Products, Vietnam’s leading dairy producer. The company delivered strong earnings growth and attracted an

increased international investor base following an enlarged foreign ownership limit. BRAC Bank, one of the

leading banks in Bangladesh, which also operates the country’s largest mobile payment platform, called BKash

witnessed strong share price appreciation as a new CEO delivered strong results. NMC Health was another

strong contributor to returns; the Middle Eastern private healthcare operator generated growth through the

expansion of its hospital network.

Market outlook

Despite the strong performance of the past 12 months, we continue to maintain our constructive stance towards

frontier market equities. We expect frontier markets to be driven by domestic issues rather than global factors,

although frontier markets will not be totally immune from any significant developments surrounding the global

economy. We believe frontier markets continue to offer strong growth opportunities at a reasonable relative and,

in our view, offer investors one of the most compelling long-term opportunities.

frontier market valuations now look compelling when compared to historic levels and when compared to peers in

both emerging and developed markets.

Many of the drivers that have supported markets in recent years, such as the potential for long-term structural

growth and the low correlation to other asset classes, remain intact. We are also encouraged by recent political

developments, which show that the countries in our investment universe continue to shift towards economic

liberalisation and democracy.



frontier markets over time are key to increasing the investment opportunity set and building further strong

investor interest for the asset class.


May 2017




60

Balance sheet

As at 30 April 2017

Baring Baring

Frontier Frontier


30/04/2017 30/04/2016



Receivable for securities sold 1 - 237,025



Cash 1 150,535 349,696

Total assets 32,651,455 42,171,743

Liabilities

Bank overdraft 1 41,208 -


Payable for securities purchased 1 383,351 276,167







shares 31,957,525 41,718,487




Class I EUR Acc 103,108 792,424

Class I GBP Inc 122,423 100,168


Class X USD Acc 2,071,819 2,265,323


61


shares


Baring Baring

Frontier Frontier


30/04/2017 30/04/2016

Notes US$ US$







Income equalisation 3 1,751 1,155




62



Baring Baring

Frontier Frontier


30/04/2017 30/04/2016


Interest income 1 1,117 73

Dividend income 1 1,503,879 1,356,557

Net fair value gains/(losses) on financial assets and at fair value


Total investment expense 5,169,822 (5,140,092)

Expenses







Finance costs


Distributions 3 (15,038) (10,099)



Tax


Total tax (108,902) (112,721)

Increase/(decrease) in net assets for the year from operations attributable to holders of redeemable participating shares 4,778,744 (5,849,276)



63

Baring Global Dividend Champions Fund – Investment Manager’s report - Unaudited

Performance

The Baring Global Dividend Champions Fund (the “Fund”) launched on the 20 October 2016. Over the period

from launch to 30 April 2017, the Fund posted a very strong absolute return, though lagged the performance

comparator on a relative basis. The top five contributors to performance in the period were Unilever, Home

Depot, Marr, Stryker and 3M. The top five detractors were Red Electrica, Klepierre, Regal Entertainment, Orkla

and Givaudan.

The Fund seeks to be a cautious, long-term investor in a selection of high-quality businesses. Our focus is on

identifying growing companies with consistent business models and powerful competitive advantages. We

believe such companies are very rare indeed. Our approach is designed to: identify companies that are well

placed to grow profits and dividends over the next decade; ensure that we do not overpay for the great

businesses in which we invest; and to provide clients with an attractive income stream and strong total returns

over the long run.

We sold our stakes in Automatic Data Processing and Six Flags Entertainment in January. In April, we started a

new position in Novo Nordisk, a leading pharmaceutical company specialising primarily in diabetes care.

Market outlook

We continue to pay close attention to the intrinsic value of our investments, rather than fixate on near-term

market price movements. The Fund is invested in a selection of companies with compelling microeconomic

drivers, rather than in businesses excessively dependent on unpredictable external forces (such as commodity

prices or the economic cycle). We retain our belief that by focusing on quality companies that can generate

attractive, growing and resilient cash-flow streams, the more patient investor can earn excellent long-term

returns versus a market enchanted by short-term outcomes.


May 2017




64

Balance sheet

As at 30 April 2017

Baring Global

Dividend

Champions Fund

30/04/2017

Assets Notes US$

Financial assets at fair value through profit or loss 1 17,985,831

Cash 1 87,702

Dividends and interest receivable 1 18,984

Other assets 1 5,876

Management fee rebate due 2 2

Total assets 18,098,395

Liabilities

Management fee payable 2 (28,347)

Administration fee payable 2 1,349

Depositary fee payable 2 317

Other liabilities 2 75,002

Total liabilities (excluding net assets attributable to the holders of redeemable

participating shares) 48,321

Net assets attributable to holders of redeemable participating shares 18,050,074


Class A USD Acc 100

Class I USD Inc 1,673,338

Class I GBP Acc 100

The Baring Global Dividend Champions Fund was launched on 20 October 2016, therefore there are no comparative figures for the year ended 30

April 2016.


65


shares for the period from 20 October 2016 to 30 April 2017

Baring Global

Dividend

Champions Fund

30/04/2017

Notes US$

Net assets attributable to holders of redeemable participating shares at the beginning of the

period -

Increase in assets for the period from operations attributable to holders of redeemable

participating shares 1,314,481

Issue of redeemable participating shares for the period 16,735,592

Income equalisation 3 1

Net assets attributable to holders of redeemable participating shares at the end of the period 18,050,074


April 2016.


66


For the period from 20 October 2016 to 30 April 2017

Baring Global

Dividend

Champions Fund

30/04/2017

Notes US$

Investment income


Dividend income 1 249,070

Management fee rebate 2 7

Net fair value gain on financial assets at fair value through profit or loss 1 1,262,680

Total investment expense 1,512,293

Expenses

Management fees 2 (39,054)

Administration fees 2 8,692

Depositary fees 2 2,043

General expenses 2 102,179

Total operating expenses 73,860

Net gain before finance costs and tax 1,438,433

Finance costs

Distributions 3 (69,271)

Bank interest expense (78)

Total finance costs (69,349)

Gain for the financial period before tax 1,369,084

Tax

Withholding tax on dividends and other investment income (54,603)

Total tax (54,603)

Increase in net assets for the period from operations attributable to holders of

redeemable participating shares 1,314,481



April 2016.


67

Baring Global Mining Fund – Investment Manager’s report - Unaudited

Performance

Although the global mining sector continued to experience above-average levels of volatility in the period under

review, the Fund managed to perform relatively robustly during this period, only moderately trailing the

performance comparator. Whilst stock selection was a positive contributor to performance, we faced headwinds

in asset allocation. Macro volatility and uncertainty over the durability of the recovery were the main negative

drivers of this, as investors were rapidly moving between “themes” within the mining sector, driven by news flow

rather than fundamental analysis in many cases. The largest negative detractors to performance from asset

allocation came from our positioning in gold, coal and “other” (cash and unallocated holdings).

The key contributors to performance at a stock level were our holdings in the mid-cap sector, where our in-depth,

research-driven investment process identified a number of mispriced opportunities in names such as South32,

Lundin Mining, Boliden and Metals X. Negative contributors to performance mainly came from those names

where there was a breakdown in the investment case or where a sector fell out of favour (Nevsun Resources,

Polymet, for example) or in stocks which investors had used as a proxy for thematically driven trades (Newcrest

Mining, Goldcorp, Umicore, for example).

Market outlook

We believe that the Mining sector has reached a turning point, with the strong cash flow outlook a key driver of

an increasingly attractive investment outlook. The rally that we saw in many commodity prices during the period

under review enabled the companies to deleverage balance sheets at a significantly greater pace than forecast

by many analysts, with levels of gearing and absolute debt levels now below long-term targets, leaving many

companies in a healthy financial position and able to weather a period of low commodity prices. This increased

financial strength has combined with companies focusing on the “value over volume” mantra, driving stronger

returns to shareholders and a more disciplined supply response to an incrementally more robust global demand

outlook.

With demand looking robust in the main consuming economies (although we accept there are a number of

speed bumps to navigate such as the withdrawal of credit from the Chinese economy, transition of a new

Chinese government in 2017, the durability of the US reflation trade and the scale of infrastructure spending

increase for example) we believe that the lack of new supply coming to the market over the next five years will

see many commodity markets in a deficit under even a slow demand environment. This supports our more

robust commodity price outlook, stronger earnings profiles, attractive valuations and returns to shareholders at

the companies we are investing in.

.

Looking further ahead, we believe that although it may take time for investors to realise the strength of the

investment case that is developing in the sector and the companies, a combination of slowly tightening

fundamentals, increased free-cash-flow generation and ultimately strong returns to shareholders will drive

increased interest in the mining companies as an attractive investment opportunity.


May 2017




68

Balance sheet

As at 30 April 2017



30/04/2017 30/04/2016



Cash 1 1,045 92,070



Total assets 9,894,286 8,271,688

Liabilities

Bank overdraft 1 910 -





Total liabilities (excluding net assets attributable to the holders

of redeemable participating shares) 48,791 34,903


shares 9,845,495 8,236,785


Class A USD Acc 201,696 102,874

Class A GBP Inc 683,185 681,331



Class X USD Acc 769,443 773,517


69


shares




30/04/2017 30/04/2016

Notes US$ US$



Increase/(decrease) in assets for the year from operations



Redemption of redeemable participating shares for the year (964,672) (4,443,542)

Income equalisation 3 (251) (9,643)Net assets attributable to holders of redeemable participating



70





30/04/2017 30/04/2016

Notes US$ US$

Investment income

Bank interest income 1 1,282 3,575


Net fair value gain/(loss) on financial assets at fair value through

profit or loss 1 1,108,915 (3,393,644)

Total investment income(expense) 1,277,137 (3,130,070)

Expenses







Finance costs

Distributions 3 (15,457) (33,848)




Tax


Total tax (20,232) (34,304)





71

Baring India Fund – Investment Manager’s report - Unaudited

Performance

Baring India Fund (“the Fund”) outperformed the performance comparator during the period. Consumer

Discretionary, Financials and Industrials contributed positively to the performance relative to the performance

comparator. Materials and Healthcare were the sectors that detracted the relative performance.

Yes Bank, one of the fastest-growing private sector banks, was the top contributor as it continued to gain market

share with reasonable asset quality. Other private sector banks like HDFC Bank and IndusInd Bank were also

major positive contributors as they continue to grow much faster than the sector. Dalmia Bharat, the cement

manufacturer, was also a significant contributor as it witnessed huge margin improvements. Motherson Sumi

Systems, the auto ancillary stock, also contributed positively as the concerns some of its clients’ business

suffering due to emissions concerns did not materialize. Maruti Suzuki India, the passenger car leader in India,

was also a positive contributor due to strong volume growth. On a relative basis, there were negative

contributions from Sun Pharmaceutical Industries and Divi’s Laboratories due to US-drug-regulator-related

issues and them having no holdings in Material stocks like Hindalco and Vedanta, which were part of the

performance comparator.

Market outlook

India’s gross domestic product growth is strong and it remains one of the fastest growing large economies in the

World. Recent high-frequency data are now showing signs of improvement in many sectors, though some

sectors are still showing tepid performance. Foreign trade is showing double-digit growth year over year for the

last couple of months. Passenger car sales and foreign tourist arrivals are showing double-digit growths year

over year for the last few months. Freight Traffic, commercial vehicle sales, coal production and Telecom

subscribers are also showing signs of improvement. The consumer inflation has come down and is now hovering

in the 3%-4% band. On the other hand, diesel consumption, cement consumption and new capital expenditure

project activity are still showing tepid growth. The markets have done reasonably well in the last year, and now

the valuations are slightly above long-term averages.

The Fund remains positive on private sector banks. Key positions here are HDFC Bank, IndusInd Bank, Yes

Bank and Axis Bank. The banking sector in India is under penetrated, and within it, the private sector will

continue to gain market share due to better capitalisation, better credit assessment processes and better liability

franchises. Our key position in the Consumer Discretionary area is the passenger-car leader Maruti Suzuki India,

as we believe that passenger car volume growth will continue to be strong, leading to strong earnings growth.

We continue to remain positive on Motherson Sumi Systems for its margin improvement in European and

American businesses. The battery manufacturer Amara Raja Batteries is our key position in Industrials as we

believe that it will sustain its above-market growth.




May 2017




72

Balance sheet

As at 30 April 2017


Fund Fund

30/04/2017 30/04/2016



Cash 1 2,560,104 552,235

Other assets 1 1,496 3,384

Total assets 25,944,693 23,836,530

Liabilities

Bank overdraft 1 2,218,944 -


Payable for shares redeemed 1 84 142




redeemable participating shares) 2,408,379 203,859


shares 23,536,314 23,632,671


1,108,579 1,488,835

115,579 135,353

37,776 17,259

10 10

Class A USD Acc

Class A GBP Inc

Class I GBP Inc

Class I USD Acc


73


shares



Fund Fund

30/04/2017 30/04/2016

US$ US$


the beginning of the year 23,632,671 25,953,691

Increase/(decrease) in assets for the year from operations attributable to

holders of redeemable participating shares 5,957,656 (909,070)



Income equalisation 3 5 (61)

Net assets attributable to holders of redeemable participating shares

at the end of the year 23,536,314 23,632,671

Notes


74




Fund Fund

30/04/2017 30/04/2016

Notes US$ US$

Investment income

Bank interest income 1 39 1


Net realised gain/(loss) on financial assets at fair value through profit or loss 1 6,368,346 (558,032)


Expenses






Net profit/(loss) before finance costs and tax 5,957,740 (908,867)

Finance costs


Total finance costs (84) (203)

Increase/(decrease) in net assets for the year from operations attributable

to holders of redeemable participating shares 5,957,656 (909,070)



75

Baring MENA Fund – Investment Manager’s report - Unaudited

Performance

The MENA region was supported by some stabilisation in the oil price following the collapse in the prior two

years. An improved outlook for global growth was also supportive for the region given its dependence on energy

prices. The Gulf Cooperation Council (“GCC”) countries in particular promoted measures to repair ballooning

fiscal deficits post the oil price crash. Cuts in subsidies and transfers, whilst painful in the short term are vital to

promote the long-term success of the region’s economies. Over the review period, the United Arab Emirates

(“UAE”) was the strongest performing GCC equity market. The UAE’s lower reliance on hydro carbons and

diversification into services sectors such as Tourism and Logistics underpinned the resilience of the market.

Consolidation in the banking sector following moves to merge two major banks was also supportive of the equity

market in the UAE. Elsewhere, the Saudi Arabian stock market performance disappointed as both the consumer

and corporate sector struggled to adjust to diminished state support. Egypt posted positive US dollar returns

despite a significant and long-overdue devaluation of the Egyptian pound currency. Investors took the

devaluation as a positive step that is required to allow Egypt to become a competitive economy that can fulfil its

long term potential.

The Baring MENA Fund (“the Fund”) moderately underperformed its performance comparator over the review

period. Selecting the right stocks was a key positive contributor to performance. NMC Health was a strong

contributor to returns as the UAE-based private healthcare operator generated growth through the expansion of

its hospital network. Saudi Arabian fast food retailer Herfy, food retailer Abdullah Al Othaim and medical service

provider Al Mouwasat also contributed positively to returns. Country allocation results offset the positive impact

of stock selection as the Fund’s high relative exposure to both Turkey and Saudi Arabia both made negative

contributions. Turkey was impacted by a political crisis following an unsuccessful attempted military coup against

President Erdogan’s rule.

Market outlook

We continue to maintain our constructive stance towards MENA equities. We believe MENA markets continue to

offer strong growth opportunities at a reasonable relative valuation.

The MENA region offers investors potential for long-term structural growth given the abundance of resources,

strong demographic trends and the under-penetration of many goods and services, for example Education and

Healthcare. We are encouraged by recent policy developments, which show that many countries in our

investment universe continue to shift towards economic liberalisation and a reform-based agenda. Signs of

social liberalisation are also apparent and could serve to unleash the immense human potential of the region.



MENA markets over time are key to increasing the investment opportunity set and building further strong investor

interest for the asset class.


May 2017

Baring Asset Management Limited (“the Investment Manager”) gives itsportfolio managers full authority to manage their funds as they see fit, within



76

Balance sheet

As at 30 April 2017

Baring Baring

MENA Fund MENA Fund

30/04/2017 30/04/2016



Cash 1 13,540 54,487

Receivable for securities sold 1 74,289 -

Receivable for shares sold 1 13 -


Other assets 1 37,406 5,820

Total assets 4,955,305 6,336,227

Liabilities

Management fee payable 2 - (15,915)

Payable for shares redeemed 1 1,223 -






Net assets attributable to holders of redeemable participating shares 4,888,433 6,301,300



Class A EUR Acc 135,963 162,743





77


shares


Baring Baring

MENA Fund MENA Fund

30/04/2017 30/04/2016

Notes US$ US$



Decrease in assets for the year from operations attributable to holders of

redeemable participating shares (19,841) (2,175,407)

Issue of redeemable participating shares for the year 540,239 796,289


Income equalisation 3 (7) 349


the end of the year 4,888,433 6,301,300


78



Baring Baring

MENA Fund MENA Fund

30/04/2017 30/04/2016

Notes US$ US$

Investment income

Bond and bank interest income 1 545 69,749


Net realised loss on financial assets at fair value through profit or loss 1 (25,270) (2,195,582)

Total investment income/(expense) 134,912 (1,911,945)

Expenses






Net loss before finance costs and tax (1,248) (2,145,512)

Finance costs

Distributions 3 (12,255) (13,843)



Loss for the financial year before tax (13,525) (2,159,369)

Tax


Total tax (6,316) (16,038)

Decrease in net assets for the year from operations attributable to

holders of redeemable participating shares (19,841) (2,175,407)



79

Company balance sheet

As at 30 April 2017

Total Total

30/04/2017 30/04/2016Assets Notes US$ US$ Financial assets at fair value through profit or loss 1 433,094,884 496,842,192

Cash 1 19,544,161 9,289,169

Margin cash 1 249,859 1,928,323


Receivable for securities sold 1 472,534 849,652

Receivable for shares sold 1 25,303 5,087,233

Dividends and interest receivable 1 1,056,905 2,897,066

Other assets 1 65,998 20,794

Total assets 454,705,301 516,919,313

Liabilities


Bank overdraft 1 2,330,199 478,625

Management fees payable 2 (30,255) 90,401


Payable for securities purchased 1 560,482 3,610,274

Payable for shares redeemed 1 277,327 138,736



Other liabilities 1,205,266 957,454


holders of redeemable participating shares) 4,843,738 6,194,634



The financial statements were approved by the Board of Directors on 21 August 2017 and signed on its behalf by:

Directors:

David Conway Barbara Healy

The accompanying notes form an integral part of these financial statements

80

Company statement of changes in net assets attributable to holders of redeemable

participating shares


Total Total

30/04/2017 30/04/2016

Notes US$ US$



Notional exchange adjustment (14,190,622) 4,325,778







participating shares at the end of the year 449,861,563 510,724,679


81

Company profit and loss account


Total Total

30/04/2017 30/04/2016

Notes US$ US$ Investment income

Interest income 1 4,285,514 6,124,264

Dividend income 1 9,177,639 8,555,630


Net fair value gain/(loss) on financial assets and liabilities at fair

value through profit or loss 1 65,171,001 (59,770,000)


Expenses

Management fees 2 2,163,404 2,757,666

Administration fees 2 1,995,821 2,023,444


General expenses 2 1,065,571 1,009,829



Finance costs

Distributions 3 (1,094,757) (1,095,668)


Total finance costs (1,122,304) (1,124,355)


Tax


Withholding tax on dividends and other investment income (1,042,532) (780,767)

Total tax (1,084,761) (835,152)

Increase/(decrease) in net assets for the year from

operations attributable to holders of redeemableparticipating shares 71,098,604 (52,948,153)

In the case of Baring China Bond Fund, Baring Dynamic Emerging Markets Fund, Baring Emerging Markets Corporate Debt Fund and Baring

Emerging Markets Debt Local Currency Fund, gains and losses arose solely from discontinuing operations. For all other funds included in the

financial statements, gains and losses arose solely from continuing activities. There were no gains or losses other than those dealt with in the profit

and loss account.

The financial statements were approved by the Board of Directors on 21 August 2017 and signed on its behalf

by:

Directors:

David Conway Barbara Healy


82

Notes to the financial statements

1. Principal accounting policies

The principal accounting policies adopted by Baring Investment Funds Plc (“the Company”) are as follows:

Basis of preparation

The financial statements have been prepared in accordance with accounting standards generally accepted in

Ireland including Financial Reporting Standard 102 (“FRS 102”), the “Financial Reporting Standard applicable

in the UK and Republic of Ireland” and Irish statute comprising the Companies Act 2014 and certain

provisions of the European Communities (Undertakings for Collective Investment in Transferable Securities)

Regulations 2011 (“the UCITS Regulations”). Accounting standards generally accepted in Ireland in preparing

financial statements giving a true and fair view are those published by the Institute of Chartered Accountants

in Ireland and issued by the Financial Reporting Council (“FRC”).

The Company meets all the conditions set out in FRS 102, Section 7, and consequently has availed of the

exemption available to certain funds not to prepare a statement of cash flows.

The preparation of financial statements requires management to make judgements, estimates and

assumptions that affect the application of policies and the reported amounts of assets, liabilities, income and

expenses. The estimates and associated assumptions are based on historical experience and various other

factors that are believed to be reasonable under the circumstances, the results of which form the basis of

judgements made about carrying values of assets and liabilities that are not readily apparent from other

sources. Actual results may differ from these estimates.

The registered number for Baring Investment Funds Plc (“the Company”) is 392526.

Historical cost convention

The financial statements have been prepared under the historical cost convention as modified by the

revaluation of financial assets and financial liabilities, including derivative financial instruments held at fair

value through profit or loss. Baring China Bond Fund, Baring Dynamic Emerging Markets Fund, Baring

Emerging Markets Corporate Debt Fund and Baring Emerging Markets Debt Local Currency Fund have been

prepared on a non-going concern basis. All other funds in the financial statements have been prepared on a


Fair value measurement

By fully adopting FRS 102, in accounting for its financial instruments, a reporting entity is required to apply

either a) the full requirements of FRS 102 relating to Basic Financial Instruments and Other Financial

Instruments, b) the recognition and measurement provisions of IAS 39 Financial Instruments: Recognition and

only the disclosure requirements of FRS 102 relating to Basic Financial Instruments and Other Financial

Instruments, or c) the recognition and measurement provisions of IFRS 9 Financial Instruments and only the

disclosure requirements of FRS 102 relating to Basic Financial Instruments and Other Financial Instruments.

The Company has chosen to implement (b) the recognition and measurement provisions of IAS 39 Financial

Instruments: Recognition and only the disclosure requirements of FRS 102 relating to Basic Financial

Instruments and Other Financial Instruments.

The use of IAS 39 recognition and measurement provisions is in line with the pricing policy which outlines that

the fair value of financial assets and financial liabilities be valued at the last traded prices.

83


1. Principal accounting policies (continued)

Foreign exchange translation

(a) Functional and presentation currency

Items included in the financial statements of the separate Funds of the Company are measured using the

currency of the primary economic environment in which they operate (“the functional currency”). The

functional currency of Baring China Bond Fund, Baring China Select Fund, Baring Dynamic Absolute Return

Fund, Baring Emerging Markets Corporate Debt Fund, Baring Emerging Markets Debt Local Currency Fund,

Baring Frontier Markets Fund, Baring Global Dividend Champions Fund, Baring Global Mining Fund, Baring

India Fund and Baring MENA Fund is the US dollar, as the majority of share classes are subscribed in US

dollars. The functional currency of the Baring Dynamic Emerging Markets Fund is the pound sterling, and that

of the Baring Euro Dynamic Asset Allocation Fund and Baring European Opportunities Fund is the euro, and

all three are based on the same rationale. The functional and presentation currency of the overall Company is

the US dollar.

(b) Transactions and balances

Foreign currency transactions are translated into the functional currency using the exchange rates prevailing

at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such

transactions and from the translation at year-end exchange rates of monetary assets and liabilities

denominated in foreign currencies are recognised in the profit and loss account. A notional currency

adjustment arises as disclosed in the statement of changes in net assets attributable to redeemable

participating shareholders from the re-translation of the opening net assets at the year-end exchange rate.

The method of translation has no effect on the value of the net assets allocated to the individual Funds. The

average rate for the year is used to translate the profit and loss account and statement of changes in net

assets attributable to holders of redeemable participating shares.

Financial assets and liabilities at fair value through profit or loss

(a) Classification

The Funds, referring collectively to each Fund within the Company (“the Funds”), classify their investments in

equity securities, fixed interest securities and derivative instruments as financial assets or financial liabilities at

fair value through profit or loss. The reference to Funds above relates to all Funds of the Company. These

financial assets and financial liabilities are classified as held for trading or designated by the Board of

Directors at fair value through profit or loss at inception.

Financial assets or financial liabilities held for trading are those acquired or incurred principally for the

purposes of selling or repurchasing in the short term. Financial assets and financial liabilities designated at

fair value through profit or loss at inception are those that are managed and whose performance is evaluated

on a fair value basis in accordance with the Funds’ documented investment strategies. The Funds’ policy is

for Baring Asset Management Limited (“the Investment Manager”) and the Board of Directors of the Company

to evaluate the information about these financial assets on a fair value basis together with other related

financial information. These financial assets and financial liabilities are expected to be realised within 12

months of the balance sheet date.

84



Financial assets and liabilities at fair value through profit or loss (continued)

(b) Recognition/derecognition

Purchases and sales of investments are recognised on the trade date – the date on which the Funds commit

to purchasing or selling the investment. The financial statements include all the trades received up until the

valuation point for each Fund as disclosed on page 3. Any trades received subsequent to these points are not

reflected in the financial statements. Investments are de-recognised when the rights to receive cash flows

from the investments have expired or the Funds have transferred substantially all risks and rewards of

ownership. Realised gains and losses on disposals of financial assets and financial liabilities classified as 'at

fair value through profit or loss' are calculated using the First In First Out (“FIFO”) method. They represent the

difference between an instrument's initial carrying amount and disposal amount, or cash payments or receipts

made on derivative contracts (excluding payments or receipts on collateral margin accounts for such

instruments).

(c) Measurement

Financial assets and financial liabilities at fair value through profit or loss are initially recognised at fair value.

Transaction costs are expensed in the profit and loss account. Subsequent to initial recognition, all financial

assets and financial liabilities at fair value through profit or loss are measured at fair value at the relevant

valuation point for each Fund as disclosed on page 3. Gains and losses arising from changes in the fair value

of the ‘financial assets or financial liabilities at fair value through profit or loss’ category are presented in the

profit and loss account in the year in which they arise.

(d) Fair value estimation

Fair value is 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. Under the recognition and measurement

provisions of IAS 39 Financial Instruments, the fair value of financial assets and liabilities traded in active

markets (such as publicly traded derivatives and trading securities) are based on quoted market prices at the

close of trading on the reporting date. The Company’s fair valuation input utilises the last traded market price

for both financial assets and financial liabilities where the last traded price falls within the bid-ask spread. In

circumstances where the last traded price is not within the bid-ask spread, management will determine the

point within the bid-ask spread that is most representative of fair value.

Fair value pricing (“FVP”) is the application of the Manager’s best estimate of the amount a Fund might

receive on a sale, or expect to pay on a purchase, of one or more securities, or even an entire portfolio of

securities, at the time of a Fund's valuation point, with the intention of producing a fairer dealing price,

thereby protecting ongoing, incoming and outgoing investors. In the opinion of the Manager, where market

conditions may be such that the last applicable real-time quoted price or the valuation point does not capture

the best reflection of the buying and selling price of a stock, FVP may be applied.

85



Financial assets and liabilities at fair value through profit or loss (continued)

(d) Fair value estimation (continued)

Due to the time differences between the closing of the relevant securities exchanges and the time of a

Fund's valuation point, a Fund may fair value its investments more frequently than it does other securities,

and on some Funds this may occur on a daily basis. The Manager has determined that movements in

relevant indices or other appropriate market indicators, after the close of the securities exchanges, may

demonstrate that market quotations are unreliable and may trigger fair value pricing for certain securities.

Therefore the fair values assigned to a Fund's investments may not be the quoted or published prices of the

investments on their primary markets or exchanges.

The Investment Manager instructed that a fair value reduction be included in the Net Asset Value of Baring

Euro Dynamic Asset Allocation Fund in respect of all Japanese securities held by the Fund at 30 April 2016.

The fair value of financial instruments that are not traded in an active market (for example, over-the-counter

derivatives) is determined by using valuation techniques. Unquoted investments are valued in accordance

with the most recent valuation made by the Baring International Fund Managers (Ireland) Limited (“the

Manager”). In the absence of a price being available for a security, the Directors of the Company can

determine such a valuation where appropriate.

The Funds use a variety of methods and makes assumptions that are based on market conditions existing at

each balance sheet date. Valuation techniques used include the use of comparable recent arm’s length

transactions, discounted cash flow analysis, option pricing models and other valuation techniques commonly

used by market participants.

(e) Forward foreign currency transactions

Forward foreign currency transactions (“FFCTs”) are measured at fair value based on the closing prices of the

FFCTs contract rates on the relevant foreign exchange market on a daily basis. Realised and unrealised

gains and/or losses are reported in the profit and loss account.

(f) Futures contracts

Futures contracts is an agreement between two parties to buy and sell a security, index or currency at a

specific price or rate at a future date. Upon entering into a futures contract, the Funds are required to deposit

with a broker an amount of cash or cash equivalents equal to a certain percentage of the contract amount.

This is known as “initial cash margin”. Subsequent payments (“variation margin”) are made or received by the

Funds each day, depending upon the daily fluctuation in the value of the contract.

The daily changes in contract value are recorded as unrealised gains or losses and the Funds recognise a

realised gain or loss when the contract is closed. Unrealised gains and losses on futures contracts are

recognised in the profit and loss account.

(g) Options

When a Fund purchases an option, an amount equal to fair value which is based on the premium paid is

recorded as an asset. When the Fund writes an option, an amount equal to fair value which is based on the

premium received by the Fund is recorded as a liability. When options are closed, the difference between the

premium and the amount paid or received, net of brokerage commissions, or the full amount of the premium if

the option expires worthless, is recognised as a gain or loss and is presented in the profit and loss account

within the net fair value gain/(loss) on financial assets and liabilities at fair value through profit or loss account.

86



Income from investments and interest expense

Interest income and expense are recognised in the profit and loss account for all debt instruments and cash

using the effective interest method. The effective interest method is a method of calculating the amortised

cost of a financial asset or financial liability and of allocating the interest income or interest expense over the

relevant year. The effective interest rate is the rate that exactly discounts estimated future cash payments or

receipts throughout the expected life of the financial instrument, or a shorter year where appropriate, to the

net carrying amount of the financial asset or financial liability.

Once a financial asset or a group of similar financial assets has been written down as a result of an

impairment loss, interest income is recognised using the rate of interest used to discount the future cash flows

for the purpose of measuring the impairment loss.

Dividends are credited to the profit and loss account on the dates on which the relevant securities are listed

as "ex-dividend". Dividend income is shown gross of any irrecoverable withholding taxes, which are disclosed

separately in the profit and loss account, and net of any tax credits.

Operating expenses

The Company is responsible for all normal operating expenses, including audit fees, stamp and other duties

and charges incurred on the acquisition and realisation of investments. Expenses are accounted for on an

accruals basis. The Baring Dynamic Emerging Markets Fund may deduct fees and expenses from capital.

Where fees are deducted from the Fund’s capital rather than income generated by the Fund, this may

constrain capital growth and could erode capital.

Transaction costs

Transaction costs are costs incurred to acquire financial assets or liabilities at fair value through profit or loss.

They include fees and commissions paid to agents, advisers, brokers or dealers. Transaction costs are

included in the ‘net fair value gain/(loss) on financial assets at fair value through profit or loss’ in the profit and

loss account for each individual Fund. See Note 2, ‘Fees and related party disclosures’, for further information

on transaction costs.

87



Distributions

Note 3 discloses all distributions declared and paid during the year.

Up to the termination date of 23 January 2017, a dividend in respect of Class A HKD Inc, Class A RMB Inc,

Class A USD Inc and Class I RMB Inc of the Baring China Bond Fund was paid on the last business day of

each month. Class A EUR Hedged Inc, Class A GBP Inc, Class D GBP Inc, Class I GBP Inc, Class R GBP

Inc and Class X USD Inc were paid twice-yearly, no later than 31 January and 31 July each year. The other

classes of shares were accumulating and will therefore not pay any distributions.

Any dividend in respect of Class A USD Inc, Class A EUR Inc, Class I GBP Inc, Class D GBP Inc and Class R

GBP Inc of the Baring China Select Fund will normally be paid no later than 31 July in each year. The other

classes of shares will be accumulating and will therefore not pay any distributions.

Any dividend in respect of Class A EUR Hedged Inc, Class I EUR Hedged Inc and Class I GBP Hedged Inc of

the Baring Dynamic Absolute Return Fund will normally be paid annually, no later than 31 July in each year.

All other share classes are accumulating and will therefore not pay any distributions.

Up to the termination date of 18 April 2017, distributions (if any) in respect of Class A HKD Inc shares of the

Baring Dynamic Emerging Markets Fund were normally paid no later than the last business day in each

month. Distributions (if any) in respect of Class A EUR Inc, Class D GBP Inc, Class I EUR Inc and Class R

GBP Inc of the Fund were normally paid annually, no later than 31 July in each year. Other share classes are

accumulating and therefore did not pay any distributions.

Up to the termination date of 6 February 2017, any dividend in respect of Class A AUD Hedged Inc, Class A

CAD Hedged Inc, Class A EUR Hedged Inc, Class A GBP Hedged Inc, Class A HKD Inc, Class A NZD

Hedged Inc, Class A RMB Hedged Inc and Class A USD Inc of the Baring Emerging Markets Corporate Debt

Fund were paid on the last business day of each month. The other classes of shares were accumulating and

therefore did not pay any distributions. Any dividend in respect of Class A EUR Inc, Class A GBP Inc, Class D

GBP Inc and Class R GBP Inc of the Fund were normally paid twice-yearly, no later than 31 January and 31

July in each year. Other share classes were accumulating and therefore did not pay any distributions.

Any dividend in respect of Class A CAD Hedged Inc, Class A USD Inc, Class A EUR Inc, Class A GBP

Hedged Inc, Class A HKD Inc and Class A RMB Hedged Inc of the Baring Emerging Markets Debt Local

Currency Fund will be paid on the last business day of each month. Any dividend in respect of Class D GBP

Hedged Inc, Class I GBP Inc and Class R GBP Hedged Inc of the Fund will normally be paid twice-yearly, no

later than 31 January and 31 July in each year. Any dividend in respect of every other classes of this Fund will

normally be paid quarterly and no later than 28 February, 31 May, 31 August and 30 November in each year.

Any dividend in respect of Class A EUR Inc and Class I EUR Inc of the Baring Euro Dynamic Asset Allocation

Fund will normally be paid annually, no later than 31 July in each year. The other classes of shares will be

accumulating and will therefore not pay any distributions. It is intended that distributions for Class A EUR Inc,

Class D GBP Inc, Class I EUR Inc, Class I GBP Inc, Class I GBP Hedged Inc and Class R GBP Inc shares of

the Baring European Opportunities Fund will normally be paid annually, no later than 31 July in each year.

It is intended that distributions for Class A GBP Inc, Class D GBP Inc, Class I GBP Inc and Class R GBP Inc

shares of the Baring Frontier Markets Fund will normally be paid annually, no later than 31 July in each year.

All other available classes in the Fund are accumulating and will therefore not pay any distributions.

Any dividend in respect of Class A USD Inc, Class A EUR Inc, Class A CHF Inc, Class F USD Inc, Class F

GBP Inc, Class I USD Inc, Class I EUR Inc, Class I GBP Inc and Class I CHF Inc of the Baring Global

Dividend Champions Fund will normally be paid quarterly and no later than 31 January, 30 April, 31 July and

31 August in each year. The other classes of shares will be accumulating and will therefore not pay any

distributions.

It is intended that distributions for Class A GBP Inc, Class D GBP Inc, Class I GBP Inc and Class R GBP Inc

shares of the Baring Global Mining Fund will normally be paid annually, no later than 31 July in each year.

The other classes of shares will be accumulating and will therefore not pay any distributions.

88



Distributions (continued)

It is intended that distributions for Class A GBP Inc, Class A HKD Inc, Class D GBP Inc, Class I GBP Inc,

Class R GBP Inc and Class X GBP Inc shares of the Baring India Fund will normally be paid annually, no later

than 31 July in each year. The other classes of shares will be accumulating and will therefore not pay any

distributions.

Any dividend in respect of Class A GBP Inc, Class D GBP Inc, Class I GBP Inc and Class R GBP Inc of the

Baring MENA Fund will normally be paid annually, and no later than 31 July in each year. The other classes

of shares will be accumulating and will therefore not pay any distributions.

The Company will automatically re-invest any distribution entitlements in further shares of the same class:

(i) Unless distributions are in excess of US$100, £50 or €100, and instructions in writing to the contrary are

received from the shareholder at least 21 days prior to the relevant distribution date.

(ii) In all cases where the shareholder’s anti-money laundering documentation is incomplete or has not been

completed to the satisfaction of the Administrator.

The Company will automatically re-invest any distribution entitlements in excess of US$100 (or the HK$

equivalent) or £50 in further shares of the relevant class, unless instructions in writing to the contrary are

received from the shareholder at least 21 days prior to the distribution payment date. The Company will

automatically reinvest any distribution entitlements of less than US$100 (or the HK$ equivalent) or £50.

Distributions will be paid out of surplus net income and/or any capital gains less realised and unrealised

capital losses attributable to the Fund or a class of the Fund in respect of each accounting period.

Dividends in respect of each class of shares will be paid out of surplus net income and/or any capital gains

less realised and unrealised capital losses attributable to the Fund or a class of the Fund in respect of each

accounting year. The distribution on these shares is recognised in the profit and loss account as a finance

cost and they are recognised in the period when they are declared.

Cash, margin cash and bank overdrafts

Cash, margin cash and bank overdrafts are valued at their face value together with interest accrued, where

applicable. Margin cash is held at the broker as this is restricted cash. This restricted cash is valued at face

value.

Receivables

Receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an

active market. Receivables are recognised initially at fair value plus transaction costs that are directly

attributable to their acquisition origination. They are subsequently measured at amortised cost using the

effective interest method, less provision for impairment.

Payables

Payables are recognised initially at fair value and subsequently stated at amortised cost using the effective

interest method. The difference between the proceeds and the amounts payable are recognised over the year

of the payable using the effective interest method.

89



Redeemable participating shares

Redeemable participating shares are redeemable at the shareholders’ option and are classified as financial

liabilities. The accounting policy for recognition of subscriptions and redemptions is that they are recorded

effective from the trade date for financing reporting purposes.

The redeemable participating share can be put back into the Company at any business day of the Fund for

cash equal to a proportionate share of the Company’s Net Asset Value. The redeemable participating share is

carried at the redemption amount that is payable at the balance sheet date if the shareholder exercised their

right to put the share back into the Company.

Net income equalisation

Net income equalisation is accrued net income included in the price of shares purchased and redeemed

during the accounting year. The subscription price of redeemable participating shares is deemed to include an

equalisation payment calculated by reference to the accrued net income of the relevant Fund, and the first

distribution in respect of any share will include a payment of capital usually equal to the amount of such

equalisation payment. The redemption price of each redeemable participating share will also include an

equalisation payment in respect of the accrued net income of the relevant Fund up to the date of redemption.

Income equalisation is detailed on the statement of changes in net assets of each Fund where applicable.

2. Fees and related party disclosures

Management fees

The Manager currently charges a management fee in respect of each Fund at the following percentage rate

per annum of the value of the net assets of the Fund:

Baring China Bond Fund - Class A USD Acc* 1.25%

Baring Emerging Markets Debt Local Currency

Fund - Class A USD Inc* 1.25%

Baring China Bond Fund - Class I GBP Inc* 0.65%


Fund - Class A EUR Acc* 1.25%

Baring China Bond Fund - Class I USD Acc* 0.65%


Fund - Class A EUR Inc* 1.25%

Baring China Select Fund - Class A USD Inc 1.50%


Fund - Class A GBP Hedged Inc* 1.25%

Baring China Select Fund - Class A EUR Inc 1.50%


Fund - Class A HKD Inc* 1.25%

Baring China Select Fund - Class A HKD Acc 1.50%


Fund - Class A USD Acc* 1.25%

Baring China Select Fund - Class I EUR Acc 0.75%


Fund - Class I EUR Inc* 0.65%

Baring China Select Fund - Class I GBP Inc 0.75%


Fund - Class I USD Acc* 0.65%

Baring China Select Fund - Class I USD Acc 0.75%


Fund - Class I USD Inc* 0.65%

90




Baring Dynamic Absolute Return Fund - Class A USD

Acc 1.10%

Baring Frontier Markets Fund - Class A USD

Acc 2.00%

Baring Dynamic Absolute Return Fund - Class I USD

Acc 0.55% Baring Frontier Markets Fund - Class A GBP Inc 2.00%

Baring Dynamic Absolute Return Fund - Class I EUR

Hedged Acc 0.55% Baring Frontier Markets Fund - Class I EUR Acc 1.25%

Baring Dynamic Absolute Return Fund - Class I GBP

Hedged Acc 0.55% Baring Frontier Markets Fund - Class I GBP Inc 1.25%

Baring Dynamic Emerging Markets Fund - Class I GBP

Acc 0.75% Baring Frontier Markets Fund - Class I USD Acc 1.25%

Baring Dynamic Emerging Markets Fund - Class A EUR

Acc 1.50%

Baring Global Dividend Champions Fund -

Class A USD Acc 1.50%

Baring Dynamic Emerging Markets Fund - Class I USD

Acc 0.75%


Class I USD Inc 0.75%

Baring Dynamic Emerging Markets Fund - Class A GBP

Acc 1.50%


Class I GBP Acc 0.75%

Baring Euro Dynamic Asset Allocation Fund - Class A

EUR Acc 1.25% Baring Global Mining Fund - Class A USD Acc 1.50%

Baring Euro Dynamic Asset Allocation Fund - Class A

EUR Inc 1.25% Baring Global Mining Fund - Class A GBP Inc 1.50%


EUR Acc 0.65% Baring Global Mining Fund - Class I GBP Inc 0.75%


EUR Inc 0.65% Baring Global Mining Fund - Class I USD Acc 0.75%

Baring European Opportunities Fund - Class A EUR Acc 1.50% Baring India Fund - Class A USD Acc 1.50%

Baring European Opportunities Fund - Class A USD Acc 1.50% Baring India Fund - Class A GBP Inc 1.50%

Baring European Opportunities Fund - Class I EUR Acc 0.75% Baring India Fund - Class I GBP Inc 0.75%

Baring European Opportunities Fund - Class I GBP Inc 0.75% Baring India Fund - Class I USD Acc 0.75%

Baring European Opportunities Fund - Class I EUR Inc 0.75% Baring MENA Fund - Class A USD Acc 1.50%

Baring European Opportunities Fund - Class I USD Acc 0.65% Baring MENA Fund - Class A EUR Acc 1.50%

Baring Emerging Markets Corporate Debt Fund - Class I

USD Acc 1.25% Baring MENA Fund - Class A GBP Inc 1.50%

Baring Emerging Markets Corporate Debt Fund - Class

A EUR Hedged Acc 1.25% Baring MENA Fund - Class I GBP Inc 0.75%


A USD Acc 1.25% Baring MENA Fund - Class I USD Acc 0.75%


A USD Inc 1.25%

* The Baring China Bond Fund was closed on 23 January 2017.

* The Baring Emerging Markets Corporate Debt Fund was closed on 6 February 2017.

* The Baring Dynamic Emerging Markets Fund was closed on 18 April 2017.

* Notice was sent to the investors of Baring Emerging Market Debt Local Currency Fund effective 17 March 2017, informing them of the closure

which will become effective 17 May 2017.

91




The Manager will not charge a management fee in respect of Class X of each Fund.

The Baring Dynamic Absolute Return Fund was launched on 23 June 2016

The Baring Global Dividend Champions Fund was launched on 20 October 2016

The Company is managed by Baring International Fund Managers (Ireland) Limited (“the Manager”). Oliver

Burgel**, John Burns**, Nicola Hayes**, Michel Schulz and Julian Swayne** are/were connected to the

Manager through employment with the Manager and its associated companies. The Manager will discharge

the fees and expenses of Baring Asset Management Limited (“the Investment Manager”) out of its own fee.

The Investment Manager is an investment management company incorporated in London on 6 April 1994.

The Investment Manager is part of the Barings LLC group and is a wholly-owned subsidiary of Massachusetts

Mutual Life Insurance Company (“MassMutual”). The outstanding amounts payable as at the end of the

period for management fees are disclosed on each Fund’s balance sheet. Parties are considered to be

related if one party has the ability to control the other party or exercise significant influence over the other

party in making financial or operational decisions.

The management fee is payable monthly in arrears and is calculated by reference to the value of the net

assets of each Fund as at each day as at which the value of the net assets of the relevant Fund is calculated.

The foregoing charges may be increased up to the relevant amount specified in the Prospectus on giving no

less than three months’ notice to shareholders.

The fee is subject to a separate agreement with the Investment Manager and is not paid from the Net Asset

Value of the X share class. These fees also accrue daily and are paid monthly in arrears. Any increase in the

current rate of the management fee up to the maximum permitted rate of 2.50% in respect of Class A of the

Funds will only be implemented upon giving no less than three months’ notice to the affected shareholders.

Any increase in the maximum permitted rate of the management fee will only be implemented with the

approval of the affected shareholders by a special resolution of shareholders of the relevant class.

The amounts of the management fees paid during the year are disclosed on each Fund’s profit and loss

account.

The Manager will also be entitled to be repaid all of their out-of-pocket expenses out of the assets of the

Company, which shall include legal fees, courier’s fees and telecommunication costs and expenses. Where

the Net Asset Value of any Fund includes interests in any investment fund managed by a subsidiary of the

parent company (a “Barings Fund”), the fee payable to the Manager relating to the holding will be reduced by

the percentage rate (if any) charged to the Barings Fund for comparable management services. Baring Euro

Dynamic Asset Allocation Fund received a management rebate in relation to an investment in Baring Europe

(ex UK) Equity Component Fund.

** Oliver Burgel was appointed as Director of the Manager with effect from 29 November 2016.

** John Burns has resigned from his position as Director of the Manager with effect from 9 December 2016.

** Nicola Hayes has resigned from her position as Director of the Manager with effect from 18 December 2016.

** Julian Swayne was appointed as Director of the Manager with effect from 9 February 2017.

92



Administration fees

The administrator was entitled to receive a fee of 0.45% per annum in respect on the Baring Emerging

Markets Debt Local Currency Fund*, subject to a monthly minimum fee of £2,750 on all the share classes out

of which the Manager will pay the Administrator. For the Baring Dynamic Emerging Markets Fund* and the

Baring Euro Dynamic Asset Allocation Fund, the Manager was/shall be entitled to receive a fee of 0.45% per

annum for all Classes A and 0.10% per annum for all Classes I & X. In relation to the Baring China Bond

Fund*, Baring China Select Fund, Baring Emerging Markets Corporate Debt Fund*, Baring European

Opportunities Fund, Baring Frontier Markets Fund, Baring Global Mining Fund, Baring India Fund and Baring

MENA Fund, the Manager shall be entitled to receive a fee of 0.45% per annum subject to a monthly

minimum fee of £2,500 on all the share classes and out of which the Manager will pay the Administrator. In

respect of the Baring Dynamic Absolute Return Fund and Baring Global Dividend Champions Fund, of all

share classes the administration fee will be 0.10% per annum of the Net Asset Value of each class.






Depositary fees

Northern Trust Fiduciary Services (Ireland) Limited (“the Depositary”) shall be entitled to receive out of the

assets of the Company the following:

0.0235% of the Net Asset Value of the Company on the first £500 million;

0.0175% of the Net Asset Value of the Company on the next £500 million*; and

0.0105% of the Net Asset Value of the Company thereafter**.

In addition, the Depositary will receive a charge of £150 per transaction in respect of single line assets and an

annual active account charge of £3,000 per Fund.

These fees are payable monthly in arrears. The Depositary is entitled to be reimbursed for all fees and

charges of the Depositary and sub-custodians appointed by it and all other expenses incurred by it.

* This fee changed from 0.015% to 0.0175% on 18 August 2016.

** This fee changed from 0.008% to 0.0105% on 18 August 2016.

Legal adviser

Mark Thorne, a Director of the Company and a Director of the Manager, is also a partner of Dillon Eustace,

the Company’s legal advisers and sponsoring broker. The fees paid to Dillon Eustace during the year

amounted to US$79,685 (2016: US$18,379). There were no legal fees or listing fees outstanding at the year-

end.

Other expenses

The Company pays out of the assets of the above fees and expenses, stamp duties, taxes, brokerage or

other expenses of acquiring and disposing of investments, the fees and expenses of the auditors, listing fees

and legal expenses of the Directors. The costs of printing and distributing reports, accounts and any

Prospectuses, as well as publishing prices and any costs incurred as a result of a change in law or the

introduction of any new law (including any costs incurred as a result of compliance with any code relating to

share holdings, whether or not having the force of law), are also paid out of the assets of the Company.

Expenses are charged to the Fund in respect of which they are incurred or, where an expense is not

considered by the Company to be attributable to any one Fund, the expense will normally be allocated by the

Company to all Funds pro rata to the value of the net assets of the relevant Funds.

93



Investment funds

Some of the Funds invest in other Investment Funds managed by Investment Manager. These holdings are

detailed in the portfolio statement.


Trailer fees (commissions for the marketing of the Funds) are paid to distribution, commission and sales

agents out of the management fees. Reimbursements to institutional investors, who, from a commercial

perspective, are holding the Funds’ redeemable participating shares for third parties, are also paid out of the

management fees.

Transaction costs

The transaction costs incurred by the Funds for the years ended 30 April 2017 and 30 April 2016 were as

follows:

Fund name 30/04/2017 30/04/2016

US$ US$Baring China Select Fund 300,939 174,529 Baring Dynamic Absolute Return Fund* 10,413 - Baring Dynamic Emerging Markets Fund 30,690 35,892 Baring Euro Dynamic Asset Allocation Fund 55,991 60,173 Baring European Opportunities Fund 524,515 553,309 Baring Frontier Markets Fund 136,337 87,476 Baring Global Dividend Champions Fund* 31,654 - Baring Global Mining Fund 10,507 36,113 Baring India Fund 58,762 52,156 Baring MENA Fund 10,585 26,153



Directors’ fees

The Directors’ fees are paid by the Manager. Directors’ fees paid in respect of Mark Thorne* and David

Conway amounted to €25,000 during the year. All other Directors are not entitled to fees for the year.


Auditors’ remuneration

The remuneration for all work carried out by the statutory auditors in respect of the financial year is as follows:

30/04/2017 30/04/2016

US$ US$

Statutory audit fee 169,465 176,623

Tax advisory services 181,697 24,531

351,162 201,154

94



Significant shareholdings

The following table details significant concentrations in shareholdings of each Fund, or instances where the

shares are beneficially held by other investment funds managed by Baring Asset Management Limited or one

of its affiliates. As at 30 April 2017 and 30 April 2016, the following had significant shareholdings in each

Fund.

Fund name

Number of

shareholders with

beneficial interest

greater that 20% of the

shares in issue


shareholders with beneficial

interest greater than 20% of

shares in issue


investment funds managed

by Baring International Fund

Managers (Ireland) Limited or

affiliates

Baring China Bond Fund** Nil (30/04/2016: 2) Nil (30/04/2016: 49.16%) Nil (30/04/2016: 52.86%)

Baring China Select Fund Nil (30/04/2016: Nil) Nil (30/04/2016: Nil) 4.73% (30/04/2016: 5.45%)

Baring Dynamic Absolute

Return Fund* 1 (30/04/2016: Nil) 99.14% (30/04/2016: Nil) 99.28% (30/04/2016: Nil)

Baring Dynamic Emerging

Markets Fund** Nil (30/04/2016: 2) Nil (30/04/2016: 85.28%) Nil (30/04/2016: 85.28%)

Baring Emerging Markets

Corporate Debt Fund** Nil (30/04/2016: 1) Nil (30/04/2016: 87.21%) Nil (30/04/2016: 0.40%)

Baring Emerging Markets Debt

Local Currency Fund** 1 (30/04/2016: 2) 36.25% (30/04/2016: 61.80%) 7.28% (30/04/2016: 42.18%)

Baring Euro Dynamic Asset

Allocation Fund 1 (30/04/2016: 1) 78.22 % (30/04/2016: 77.52%) 78.51% (30/04/2016: 77.80%)

Baring European Opportunities

Fund 2 (30/04/2016: 1) 80.09% (30/04/2016: 58.43%) 60.50% (30/04/2016: 66.66%)

Baring Frontier Markets Fund 2 (30/04/2016: 1) 78.97% (30/04/2016: 37.67%) 82.48% (30/04/2016: 63.87%)

Baring Global Dividend

Champions Fund* 1 (30/04/2016: Nil) 72.90% (30/04/2016: Nil) 81.20% (30/04/2016: Nil)

Baring Global Mining Fund 2 (30/04/2016: 3) 62.14% (30/04/2016: 87.20%) 82.49% (30/04/2016: 88.59%)

Baring India Fund Nil (30/04/2016: 1) Nil (30/04/2016:24.55%) 66.77% (30/04/2016: 65.35%)

Baring MENA Fund 1 (30/04/2016: 1) 32.96% (30/04/2016: 24.72%) 0.23% (30/04/2016: 9.67%)



** The Baring China Bond Fund was closed on 23 January 2017.

** The Baring Emerging Markets Corporate Debt Fund was closed on 6 February 2017.

** The Baring Dynamic Emerging Markets Fund was closed on 18 April 2017.

** Notice was sent to the investors of Baring Emerging Market Debt Local Currency Fund effective 17 March 2017, informing them of the closure


3. Distributions

In the year ended 30 April 2017, the following Funds declared and paid distributions as follows:

Distribution

frequency

Income

available for

distribution*

Distributed

amount paid**

Income

equalisation

***

Baring China Bond Fund £ £ £

Class I GBP Inc Semi Annual 619 (619) (201)

US$ US$ US$

Total Baring China Bond Fund 798 (823) (245)

95



Distribution

frequency

Income

available for

distribution*

Distributed

amount paid**

Income

equalisation

***



€ € €


£ £ £


US$ US$ US$

Total Baring China Select Fund (143,502) (1,277) (14,760)

Baring Emerging Markets Corporate Debt Fund US$ US$ US$Class A USD Inc Monthly 42 (42) (1)


€ € €

Class A EUR Inc Monthly 1,451,651 (509,217) (79,437)

£ £ £

Class A GBP Hedged Inc Monthly 240,469 (72,606) 649

HK$ HK$ HK$


US$ US$ US$

Class A USD Inc Monthly 1,123,708 (405,245) (72,355)

€ € €


US$ US$ US$

Class I USD Inc Quarterly 59,734 (63,372) (6,697)

US$ US$ US$3,139,558 (840,701) (163,667)


Class A EUR Inc Annual 237 (237) -


Total Baring Euro Dynamic Asset Allocation Fund 238 238 -


Class I GBP Inc Annual 100,620 100,615 (22,247)

Class I EUR Inc Annual € € €

1 1 -

Total Baring European Opportunities Fund 129,868 (127,880) (26,373)


96



Distribution

frequency

Income

available for

distribution*

Distributed

amount paid**

Income

equalisation

***


Class A GBP Inc Annual 658 (657) (1,350)

Class I GBP Inc Annual 9,747 (9,785) 2,799

US$ US$ US$Total Baring Frontier Markets Fund 13,430 (15,038) 1,751


Class I USD Inc Quarterly 69,303 (69,271) 1

US$ US$ US$Total Baring Global Dividend Champions Fund 69,303 (69,271) 1




US$ US$ US$Total Baring Global Mining Fund 13,750 (15,457) (251)



Class I GBP Inc Annual (1,826) - 4

US$ US$ US$Total Baring India Fund (39,019) - 5


Class A GBP Inc Annual 7,202 (7,201) 1

Class I GBP Inc Annual 1,184 (1,184) (7)

US$ US$ US$Total Baring MENA Fund 10,823 (12,255) (7)


** Includes distributions with an ex-date of 1 May 2016 which were paid during the current financial year. These distributions with an ex-date of 1

May 2016 reflect the undistributed income on the Fund as at 30 April 2016.

*** Income equalisation relates to the dealing activity of distributing classes for the year from 1 May 2016 to 30 April 2017. The income equalisation

of the distributing classes is disclosed separately in the statement of changes in net assets attributable to holders of redeemable participating shares

for the year ended 30 April 2017.

97




Distribution

frequency

Income

available for

distribution*

Distributed

amount paid**

Income

equalisation

***

Baring Asian Debt Fund AU$ AU$ AU$

Class A AUD Hedged Inc Monthly 7,189 (7,187) (174)

HK$ HK$ HK$

Class A HKD Inc Monthly 7 (7) -

US$ US$ US$

Class A USD Inc Monthly 11,504 (11,338) (428)

US$ US$ US$

Total Baring Asian Debt Fund 16,789 (16,636) (560)

Baring China Bond Fund £ £ £

Class I GBP Inc Semi Annual 844 (844) 7

US$ US$ US$

Total Baring China Bond Fund 1,266 (1,304) 34


Class A USD Inc Annual - - (7,538)

€ € €

Class A EUR Inc Annual 452 (448) (18,217)

£ £ £

Class I GBP Inc Annual 1,908 (1,908) (659)

US$ US$ US$

Total Baring China Select Fund 3,365 (3,453) (28,847)

Baring Emerging Markets Corporate Debt Fund US$ US$ US$

Class A USD Inc Monthly 54 (54) (1)

98



Distribution

frequency

Income

available for

distribution*

Distributed

amount paid**

Income

equalisation

***

Baring Emerging Markets Debt Local Currency Fund € € €

Class A EUR Inc Monthly 865,935 (507,955) (6,412)

£ £ £

Class A GBP Hedged Inc Monthly 68,826 (39,360) (2,569)

HK$ HK$ HK$


US$ US$ US$

Class A USD Inc Monthly 399,411 (250,126) 23,510

€ € €


US$ US$ US$

Class I USD Inc Quarterly 46,811 (29,122) -

US$ US$ US$

Total Baring Emerging Markets Debt Local Currency

Fund 1,528,183 (953,963) 12,758

Baring Euro Dynamic Asset Allocation Fund Annual € € €

Class A EUR Inc 32 (33) 71


Class I GBP Inc Annual 40,052 (40,051) 34,425

€ € €

Total Baring European Opportunities Fund 60,124 (56,325) 46,569

99



Distribution

frequency

Income

available for

distribution*

Distributed

amount paid**

Income

equalisation

***


Class A GBP Inc Annual 21,835 (21,834) (6,313)

US$ US$ US$

Total Baring Global Mining Fund 32,777 (33,848) (9,643)


Class A GBP Inc Annual - -

Class I GBP Inc Annual - - (39)

US$ US$ US$

Total Baring India Fund - - (61)


Class A GBP Inc Annual 7,831 (7,831) (3)


US$ US$ US$

Total Baring MENA Fund 13,408 (13,843) 349


** Includes distributions with an ex-date of 1 May 2015 which were paid during the financial year. These distributions with an ex-date of 1 May 2015

reflect the undistributed income on the Fund as at 30 April 2015.

*** Income equalisation relates to the dealing activity of distributing classes for the year from 1 May 2015 to 30 April 2016. The income equalisation

of the distributing classes is disclosed separately in the statement of changes in net assets attributable to holders of redeemable participating shares

for the year ended 30 April 2016.

100


4. Shareholders’ funds

The authorised capital of the Company is €2 divided into two non-participating shares of €1 each and

500,000,000,000 shares of no par value.

Non-participating shares shall only be issued at par value and shall not participate in the dividends or assets

attributable to redeemable participating shares by the Company, and the dividends, if any, and net assets

attributable to the non-participating shares shall be segregated from and shall not form part of the other

assets of the Company, and non-participating shares may at the request of any of the holders thereof be

purchased by the Company directly or indirectly out of the Company’s assets.

Baring China Bond Fund* Class A Class I Class I

Shares USD Acc GBP Inc USD Acc

Shares in issue as at 01/05/2016 9,667 1,473 1,760,505

Shares issued during the year 2,512 1,587 -

Shares redeemed during the year (12,179) (3,060) (1,760,505)Shares in issue as at 30/04/2017 - - -

Value US$ £ US$

Value of shares issued during the year 24,896 17,607 -

Value of shares redeemed during the year (115,458) (33,651) (17,488,048)

Net value of shares (redeemed)/issued during the year (90,562) (16,044) (17,488,048)






Shares redeemed during the year (1,016,228) (351,242) (84,912) - Shares in issue as at 30/04/2017 2,173,369 466,468 254,125 151


Value of shares issued during the year 3,413,640 3,321,741 1,196,437 2,588

Value of shares redeemed during the year (10,847,650) (5,065,622) (7,263,775) -

Net value of shares (redeemed)/issued during the year (7,434,010) (1,743,881) (6,067,337) 2,588



Shares in issue as at 01/05/2016 27,757 1,267,474

Shares issued during the year 58,353 191,018

Shares redeemed during the year (67,118) (1,108,613)Shares in issue as at 30/04/2017 18,992 349,879

Value £ US$

Value of shares issued during the year 546,099 2,275,940

Value of shares redeemed during the year (624,233) (13,476,445)

Net value of shares (redeemed)/issued during the year (78,134) (11,200,505)

101



Class I Class I

Baring Dynamic Absolute Return Fund** Class A Class I EUR Hedged GBP Hedged


Shares in issue as at 01/05/2016 - - - -

Shares issued during the period 100 1,475,000 1,000 1,609

Shares redeemed during the period - - - -Shares in issue as at 30/04/2017 100 1,475,000 1,000 1,609


Value of shares issued during the year 1,000 14,750,400 10,000 16,000

Value of shares redeemed during the year - - - -

Net value of shares (redeemed)/issued during the year 1,000 14,750,400 10,000 16,000


Baring Dynamic Emerging Markets Fund*** Class I Class I Class A Class A

Shares GBP Acc USD Acc EUR Acc GBP Acc

Shares in issue as at 01/05/2016 1,582,924 10 264,041 7,311

Shares issued during the year 6,171 - 68,425 216

Shares redeemed during the year (1,589,095) (10) (332,466) (7,527)Shares in issue as at 30/04/2017 - - - -

Value £ US$ € £

Value of shares issued during the year 64,426 - 832,837 2,153

Value of shares redeemed during the year (16,891,379) (135) (4,173,121) (78,393)Net value of shares (redeemed)/issued during

the year (16,826,953) (135) (3,340,284) (76,239)

*** The Baring Dynamic Emerging Markets Fund was closed on 18 April 2017.

Baring Emerging Markets Corporate Debt Class A

Fund**** Class I EUR Hedged Class A Class A

Shares USD Acc Acc USD Acc USD Inc


Shares issued during the year - - - 4

Shares redeemed during the year (1,575,100) (28,506) (116,268) (115)Shares in issue as at 30/04/2017 - - - -

Value US$ € US$ US$

Value of shares issued during the year - - - 38

Value of shares redeemed during the year (16,462,652) (272,780) (1,177,795) (1,013)Net value of shares redeemed during the year (16,462,652) (272,780) (1,177,795) (975)

**** The Baring Emerging Markets Corporate Debt Fund was closed on 6 February 2017.

102




Currency Fund† Class A Class A Class A Class A GBP Class A



Shares issued during the year 777,147 - 116,494 230,882 1,988

Shares redeemed during the year (1,252,228) - (518,187) (189,951) (12,555)Shares in issue as at 30/04/2017 323,385 251 407,475 92,616 29,923


Value of shares issued during the year 6,194,720 - 1,077,455 1,701,306 122,915

Value of shares redeemed during the year (9,895,862) - (4,906,834) (1,373,779) (770,728)Net value of shares issued/ (redeemed)

during the year (3,701,142) - (3,829,379) 327,527 (647,814)




Shares in issue as at 01/05/2016 106,268 1 10 132,108 1,148,643

Shares issued during the year 187,527 - - 15,902 -

Shares redeemed during the year (279,801) - - (88,147) (1,148,633)Shares in issue as at 30/04/2017 13,994 1 10 59,863 10


Value of shares issued during the year 2,037,512 1 - 126,581 -

Value of shares redeemed during the year (3,056,220) - - (711,096) (13,519,410)Net value of shares issued/ (redeemed)

during the year (1,018,708) 1 - (584,515) (13,519,410)

† Notice was sent to the investors of Baring Emerging Market Debt Local Currency Fund effective 17 March 2017, informing them of the closure which will

become effective 17 May 2017.


Shares EUR Acc EUR Acc EUR Inc EUR Acc EUR Inc

Shares in issue as at 01/05/2016 3,417,000 306,392 3,190 681,476 10

Shares issued during the year - 15,684 29 - -

Shares redeemed during the year - (54,384) (17) (845) - Shares in issue as at 30/04/2017 3,417,000 267,692 3,202 680,631 10

Value € € € € €

Value of shares issued during the year - 191,736 335 - 1

Value of shares redeemed during the year - (631,221) (203) (10,900) - Net value of shares (redeemed)/issued during the

year - (439,485) 132 (10,900) 1

103





Shares in issue as at 01/05/2016 1,150,966 7,318 1,457,068 10

Shares issued during the year 228,086 4,107 3,156,383 -

Shares redeemed during the year (1,060,403) (11,415) (1,421,408) - Shares in issue as at 30/04/2017 318,649 10 3,192,043 10

Value € $ € €



year (11,225,108) (100,394) 21,216,634 1




Shares issued during the year 1,620 - -

Shares redeemed during the year (321,225) - (1,413,180)Shares in issue as at 30/04/2017 605,844 10 7,933,917

Value £ $ £

Value of shares issued during the year 19,185 - -

Value of shares redeemed during the year (4,280,555) - (20,957,058)

Net value of shares issued during the year (4,261,371) - (20,957,058)








Value of shares redeemed during the year (1,344,612) (314,347) (10,409,636) (374,266) - Net value of shares (redeemed)/issued during

the year (1,116,051) (228,219) (10,095,727) 279,195 -

104








Value US$


Value of shares redeemed during the year (2,213,812)

Net value of shares redeemed during the year (2,213,812)

Baring Global Dividend Champions Fund* Class A Class I Class I

Shares USD Acc* USD Inc* GBP Acc*

Shares in issue as at 01/05/2016 - - -

Shares issued during the period 100 1,673,338 100



Value US$ US$ £

Value of shares issued during the year 1,000 16,733,366 1,000

Value of shares redeemed during the year - - - Net value of shares issued during the year 1,000 16,733,366 1,000





Shares issued during the year 172,662 2,369 88,641 - -

Shares redeemed during the year (73,840) (515) (71,474) - (4,074)Shares in issue as at 30/04/2017 201,696 683,185 22,914 10 769,443


Value of shares issued during the year 782,535 9,773 566,232 - -

Value of shares redeemed during the year (386,183) (2,819) (449,816) - (19,454)Net value of shares issued/(redeemed) during the

year 396,352 6,954 116,416 - (19,454)

105






Shares issued during the year 21,145 19,836 81,879 -


Value US$ £ £ US$

Value of shares issued during the year 327,496 384,238 1,602,050 -

Value of shares redeemed during the year (6,398,219) (782,790) (1,175,249) -

Net value of shares (redeemed)/issued during the year (6,070,723) (398,552) 426,801 -








Value of shares redeemed during the year (858,113) (641,695) (233,526) (57,189) -

Net value of shares redeemed during the year (672,178) (406,834) (197,570) (16,699) -

106




Baring China Bond Fund Class A Class I Class I

Shares USD Acc GBP Inc USD Acc

Shares in issue as at 01/05/2015 12,011 1,118 1,822,260

Shares issued during the year 459 2,772 224,642

Shares redeemed during the year (2,803) (2,417) (286,397)Shares in issue as at 30/04/2016 9,667 1,473 1,760,505

Value US$ £ US$

Value of shares issued during the year 4,641 27,282 2,273,800

Value of shares redeemed during the year (27,616) (23,717) (2,890,056)

Net value of shares (redeemed)/issued during the year (22,975) 3,565 (616,256)

Class A

RMB

Baring China Select Fund Class A USD Class A EUR Class A Hedged

Shares Inc Inc HKD Acc Acc


Shares issued during the year 1,656,843 1,057,976 420,299 -

Shares redeemed during the year (1,894,039) (1,128,585) (401,277) (10)Shares in issue as at 30/04/2016 2,882,617 578,658 325,646 -

Value US$ € HK$ ¥

Value of shares issued during the year 18,968,438 16,940,504 41,189,259 -

Value of shares redeemed during the year (20,987,309) (16,863,603) (34,341,676) (707)

Net value of shares (redeemed)/issued during the year (2,018,871) 76,901 6,847,583 (707)

Baring China Select Fund Class I Class I Class I Class X

Shares (continued) EUR Acc GBP Inc USD Acc USD Acc

Shares in issue as at 01/05/2015 11 58,511 1,241,693 10

Shares issued during the year - 37,737 211,072 -

Shares redeemed during the year - (68,491) (185,291) (10)Shares in issue as at 30/04/2016 11 27,757 1,267,474 -

Value € £ US$ US$

Value of shares issued during the year - 286,767 2,409,160 -

Value of shares redeemed during the year - (555,634) (2,333,320) (123)

Net value of shares (redeemed)/issued during the year - (268,867) 75,840 (123)

107



Baring Dynamic Emerging Markets Fund Class I Class I Class A Class A Class X

Shares GBP Acc USD Acc* EUR Acc GBP Acc GBP Acc

Shares in issue as at 01/05/2015 1,602,349 - 30,116 9,341 10

Shares issued during the year 5,083 10 252,844 2,764 -

Shares redeemed during the year (24,508) - (18,919) (4,794) (10)Shares in issue as at 30/04/2016 1,582,924 10 264,041 7,311 -

Value £ US$ € £ £

Value of shares issued during the year 46,745 115 3,146,362 25,698 -

Value of shares redeemed during the year (211,775) - (217,042) (42,510) 98 Net value of shares (redeemed)/issued during

the year (165,030) 115 2,929,320 (16,812) 98

* The Baring Dynamic Emerging Markets Fund Class I USD Acc share class was launched on 20 January 2016.

Baring Emerging Markets Corporate Debt Fund Class I Class A Class A Class A

Shares USD Acc

EUR Hedged

Acc USD Acc USD Inc


Shares issued during the year 11 - - 6

Shares redeemed during the year (21) (17,200) (52,635) (19)Shares in issue as at 30/04/2016 1,575,100 28,506 116,268 111

Value US$ € US$ US$

Value of shares issued during the year 100 - - 52

Value of shares redeemed during the year (200) (153,882) (494,502) (161)Net value of shares redeemed during the year (100) (153,882) (494,502) (109)


Currency Fund Class A Class A Class A Class A GBP Class A


Shares in issue as at 01/05/2015 524,627 1,417,737 910,432 111,534 49,294

Shares issued during the year 607,113 10,493 118,536 32,419 464

Shares redeemed during the year (333,274) (1,427,979) (219,800) (92,268) (9,268)Shares in issue as at 30/04/2016 798,466 251 809,168 51,685 40,490


Value of shares issued during the year 4,809,390 92,756 1,104,363 263,451 27,177

Value of shares redeemed during the year (2,664,387) (12,210,612) (1,956,761) (709,063) (594,690)Net value of shares issued/(redeemed)

during the year 2,145,003 (12,117,856) (852,398) (445,612) (567,513)

108





Shares (continued) USD Acc EUR Inc USD Acc* USD Inc USD Acc

Shares in issue as at 01/05/2015 30,897 1 - 117,630 3,069,743

Shares issued during the year 132,555 - 10 22,510 139

Shares redeemed during the year (57,184) - - (8,032) (1,921,239)Shares in issue as at 30/04/2016 106,268 1 10 132,108 1,148,643


Value of shares issued during the year 1,384,520 1 72 180,570 1,474

Value of shares redeemed during the year (596,795) - - (67,622) (21,315,340)Net value of shares issued/(redeemed)

during the year 787,725 1 72 112,948 (21,313,866)

* The Baring Emerging Markets Debts Local Currency Fund Class I USD Acc share class was launched on 20 January 2016.


Shares EUR Acc EUR Acc EUR Inc EUR Acc EUR Inc*

Shares in issue as at 01/05/2015 3,417,000 286,464 426 1,780,740 -

Shares issued during the year - 53,870 3,356 159,649 10

Shares redeemed during the year - (33,942) (592) (1,258,913) - Shares in issue as at 30/04/2016 3,417,000 306,392 3,190 681,476 10

Value € € € € €

Value of shares issued during the year - 652,889 40,609 1,929,014 112

Value of shares redeemed during the year - (392,528) (7,089) (14,844,648) - Net value of shares issued/ (redeemed) during the

year - 260,361 33,519 (12,915,634) 112

* The Baring Euro Dynamic Asset Allocation Fund Class I Euro Inc share class was launched on 20 January 2016.


Shares EUR Acc USD Acc* EUR Acc EUR Inc**

Shares in issue as at 01/05/2015 1,426,496 - 2,235,317 -


Shares redeemed during the year (691,994) (14,432) (983,597) - Shares in issue as at 30/04/2016 1,150,966 7,318 1,457,068 10

Value € $ € €



year (3,659,545) 110,662 (9,955,902) 160

* The Baring European Opportunities Fund Class A USD Acc share class was launched on 31 July 2015.

**The Baring European Opportunities Fund Class I EUR Inc and Class I USD Acc share classes were launched on 02 November 2015.

109




Shares (continued) GBP Inc USD Acc** GBP Acc

Shares in issue as at 01/05/2015 455,855 - 3,703,441

Shares issued during the year 469,594 10 5,817,750

Shares redeemed during the year - - (174,094)Shares in issue as at 30/04/2016 925,449 10 9,347,097

Value £ $ £

Value of shares issued during the year 5,310,214 150 68,080,375

Value of shares redeemed during the year - - (2,064,600)

Net value of shares issued during the year 5,310,214 150 66,015,775

* The Baring European Opportunities Fund Class A USD Acc share class was launched on 31 July 2015.

**The Baring European Opportunities Fund Class I EUR Inc and Class I USD Acc share classes were launched on 02 November 2015.


Shares USD Acc GBP Inc EUR Acc GBP Inc USD Acc*

Shares in issue as at 01/05/2015 316,762 124,543 548,221 69,888 -




Value of shares issued during the year 1,302,904 71,729 4,238,378 543,486 6,599

Value of shares redeemed during the year (3,211,412) (412,097) (623,767) (223,169) - Net value of shares (redeemed)/issued during

the year (1,908,508) (340,368) 3,614,611 320,317 6,599






Value US$


Value of shares redeemed during the year (538,947)

Net value of shares redeemed during the year (538,947)

* The Baring Frontier Markets Fund Class I USD Acc share class was launched on 20 January 2016.

110




Shares USD Acc GBP Inc GBP Inc* USD Acc** USD Acc

Shares in issue as at 01/05/2015 10 955,940 - - 450,000

Shares issued during the year 884,029 4,565 5,747 10 422,040

Shares redeemed during the year (781,165) (279,174) - - (98,523)Shares in issue as at 30/04/2016 102,874 681,331 5,747 10 773,517


Value of shares issued during the year 4,138,347 23,061 22,464 43 1,374,077

Value of shares redeemed during the year (2,601,279) (1,008,228) - - (303,449)Net value of shares issued/(redeemed) during the

year 1,537,068 (985,167) 22,464 43 1,070,628

* The Baring Global Mining Fund Class I GBP Inc share class was launched on 30 September 2015.

** The Baring Global Mining Fund Class I USD Acc share class was launched on 20 January 2016.


Shares USD Acc GBP Inc GBP Inc USD Acc*

Shares in issue as at 01/05/2015 1,512,037 155,204 51,847 -



Value US$ £ £ US$

Value of shares issued during the year 3,944,231 71,348 203,623 194

Value of shares redeemed during the year (4,170,627) (351,964) (699,648) -

Net value of shares (redeemed)/issued during the year (226,396) (280,616) (496,025) 194

* The Baring India Fund Class I USD Acc share class was launched on 20 January 2016.


Shares USD Acc EUR Acc GBP Inc GBP Inc USD Acc*

Shares in issue as at 01/05/2015 195,912 308,726 99,878 6,356 -




Value of shares issued during the year 236,951 385,221 38,637 50,182 152

Value of shares redeemed during the year (991,765) (2,804,711) (240,856) (41,324) - Net value of shares (redeemed)/issued during the

year (754,814) (2,419,490) (202,219) 8,858 152

* The Baring MENA Fund Class I USD Acc share class was launched on 20 January 2016.

111


5. Soft commission arrangements

The Manager and its associates will not receive cash from, or offer rebates to, brokers or dealers in respect of

transactions for the Investment Manager. The Investment Manager uses dealing commission generated on

equity transactions to purchase goods and services that relate to the execution of trades or the provision of

research for the benefit of the Funds. Execution of transactions will be consistent with best execution

standards. The following Funds within the Company had engaged in soft commission arrangements during

the year: Baring China Select Fund, Baring Dynamic Absolute Return Fund, Baring Dynamic Emerging

Markets Fund, Baring Euro Dynamic Asset Allocation Fund, Baring European Opportunities Fund, Baring

Frontier Markets Fund, Baring Global Dividend Champions Fund, Baring Global Mining Fund, Baring India

Fund and Baring MENA Fund.

6. Comparative statistics

30/04/2017 30/04/2016 30/04/2015


Baring China Bond Fund*** - $18,406,084 $19,208,919


Baring China Bond Fund - Class A USD Acc - US$10.09 US$10.26

Baring China Bond Fund - Class I GBP Inc - £10.22 £10.15

Baring China Bond Fund - Class I USD Acc - US$10.38 US$10.46


Baring China Select Fund $44,113,570 $56,817,564 $80,418,755


Baring China Select Fund - Class A USD Inc US$12.38 US$10.26 US$13.75

Baring China Select Fund - Class A EUR Inc €17.64 €14.04 €19.14

Baring China Select Fund - Class A HKD Acc HK$96.35 HK$79.70 HK$106.60

Baring China Select Fund - Class A RMB Hedged Acc* - - ¥87.91

Baring China Select Fund - Class I EUR Acc €20.11 €15.80 €21.25

Baring China Select Fund - Class I GBP Inc £10.03 £7.33 £9.27

Baring China Select Fund - Class I USD Acc US$13.73 US$11.29 US$14.94

Baring China Select Fund - Class X USD Acc* - - US$15.31


Baring Dynamic Absolute Return Fund $15,310,350 - -


Baring Dynamic Absolute Return Fund - Class A USD Acc** US$10.31 - -

Baring Dynamic Absolute Return Fund - Class I USD Acc** US$10.35 - -

Baring Dynamic Absolute Return Fund - Class I EUR Hedged Acc** €9.93 - -

Baring Dynamic Absolute Return Fund - Class I GBP Hedged Acc** £9.96 - -

112



30/04/2017 30/04/2016 30/04/2015


Baring Dynamic Emerging Markets Fund*** - £17,045,331 £17,028,978


Baring Dynamic Emerging Markets Fund - Class I GBP Acc - £9.17 £10.37

Baring Dynamic Emerging Markets Fund - Class A EUR Acc - €11.89 €14.16

Baring Dynamic Emerging Markets Fund - Class A GBP Acc - £9.20 £10.52

Baring Dynamic Emerging Markets Fund - Class I USD Acc** - US$13.42 -

Baring Dynamic Emerging Markets Fund - Class X GBP Acc* - - £11.06


Baring Emerging Markets Corporate Debt Fund*** - $17,078,774 $17,306,383


Baring Emerging Markets Corporate Debt Fund - Class I USD Acc- US$9.93 US$9.66

Baring Emerging Markets Corporate Debt Fund - Class A EUR Hedged

Acc - €9.23 €9.12

Baring Emerging Markets Corporate Debt Fund - Class A USD Acc- US$9.74 US$9.57

Baring Emerging Markets Corporate Debt Fund - Class A USD Inc- US$8.70 US$9.04


Baring Emerging Markets Debt Local Currency Fund $8,719,899 $31,653,993 $72,005,054


Baring Emerging Markets Debt Local Currency Fund - Class A USD Inc US$8.08 US$8.16 US$9.18

Baring Emerging Markets Debt Local Currency Fund - Class A EUR

Acc €9.91 €9.14 €9.86

Baring Emerging Markets Debt Local Currency Fund - Class A EUR Inc €9.69 €9.40 €10.76

Baring Emerging Markets Debt Local Currency Fund - Class A GBP

Hedged Inc £7.45 £7.65 £8.64

Baring Emerging Markets Debt Local Currency Fund - Class A HKD Inc HK$63.07 HK$63.56 HK$71.38

Baring Emerging Markets Debt Local Currency Fund - Class A USD

Acc US$11.28 US$10.83 US$11.46

Baring Emerging Markets Debt Local Currency Fund - Class I EUR Inc €16.04 €15.52 €17.44Baring Emerging Markets Debt Local Currency Fund - Class I USD

Acc** US$8.88 US$8.49 -

Baring Emerging Markets Debt Local Currency Fund - Class I USD Inc US$8.20 US$8.36 US$9.37

Baring Emerging Markets Debt Local Currency Fund - Class X USD

Acc US$12.18 US$11.58 US$12.11

113



30/04/2017 30/04/2016 30/04/2015


Baring Euro Dynamic Asset Allocation Fund €58,668,611 €52,984,023 €69,309,498


Baring Euro Dynamic Asset Allocation Fund - Class X EUR Acc €13.56 €12.11 €12.75

Baring Euro Dynamic Asset Allocation Fund - Class A EUR Acc €12.71 €11.53 €12.33

Baring Euro Dynamic Asset Allocation Fund - Class A EUR Inc €12.61 €11.52 €12.36

Baring Euro Dynamic Asset Allocation Fund - Class I EUR Acc €13.07 €11.75 €12.46

Baring Euro Dynamic Asset Allocation Fund - Class I EUR Inc** €13.07 €11.76 -


Baring European Opportunities Fund €209,582,410 €194,430,791 €115,381,231


Baring European Opportunities Fund - Class A EUR Acc €14.87 €12.88 €13.32

Baring European Opportunities Fund - Class A USD Acc** US$16.22 US$14.65 -

Baring European Opportunities Fund - Class I EUR Acc €15.28 €13.14 €13.48

Baring European Opportunities Fund - Class I EUR Inc** €17.74 €15.25 -

Baring European Opportunities Fund - Class I GBP Inc £14.80 £11.85 £11.40

Baring European Opportunities Fund - Class I USD Acc** US$16.54 US$14.73 -

Baring European Opportunities Fund - Class X GBP Acc £15.50 £12.20 £11.57


Baring Frontier Markets Fund $31,957,525 $41,718,487 $46,062,632


Baring Frontier Markets Fund - Class A USD Acc US$11.69 US$10.26 US$11.92

Baring Frontier Markets Fund - Class A GBP Inc £13.74 £10.68 £11.76

Baring Frontier Markets Fund - Class I EUR Acc €16.71 €13.96 €16.40

Baring Frontier Markets Fund - Class I GBP Inc £13.72 £10.68 £11.76

Baring Frontier Markets Fund - Class I USD Acc** US$18.24 US$15.89 -

Baring Frontier Markets Fund - Class X USD Acc US$12.68 US$10.90 US$12.42


Baring Global Dividend Champions Fund $18,050,074 - -


Baring Global Dividend Champions Fund - Class I USD

Inc**+++++++++ US$10.79 - -

Baring Global Dividend Champions Fund - Class A USD Acc** US$10.79 - -

Baring Global Dividend Champions Fund - Class I GBP Acc** £10.26 - -

114



30/04/2017 30/04/2016 30/04/2015


Baring Global Mining Fund $9,845,495 $8,236,785 $10,471,173


Baring Global Mining Fund - Class A USD Acc US$4.64 US$4.14 US$5.32

Baring Global Mining Fund - Class A GBP Inc £5.60 £4.43 £5.42

Baring Global Mining Fund - Class I GBP Inc** £5.67 £4.46 -

Baring Global Mining Fund - Class I USD Acc** US$7.43 US$6.53 -

Baring Global Mining Fund - Class X USD Acc US$4.93 US$4.33 US$5.49


Baring India Fund $23,536,314 $23,632,671 $25,953,691


Baring India Fund - Class A USD Acc US$17.45 US$13.68 US$14.14

Baring India Fund - Class A GBP Inc £21.06 £14.62 £14.31

Baring India Fund - Class I GBP Inc £21.34 £14.70 £14.28

Baring India Fund - Class I USD Acc** US$27.74 US$21.51 -


Baring MENA Fund $4,888,433 $6,301,300 $12,210,704


Baring MENA Fund - Class A USD Acc US$13.15 US$13.00 US$16.02

Baring MENA Fund - Class A EUR Acc €16.25 €15.43 €19.27

Baring MENA Fund - Class A GBP Inc £14.26 £12.59 £14.71

Baring MENA Fund - Class I GBP Inc £14.30 £12.62 £14.72

Baring MENA Fund - Class I USD Acc** US$18.62 US$18.33 -

* The Baring China Select Fund Class A RMB Hedged Acc share class was closed on 7 August 2015.

* The Baring China Select Fund Class X USD Acc share class was closed on 7 August 2015.

* The Baring Dynamic Emerging Markets Fund Class X GBP Acc share class was closed on 7 August 2015.

** The Baring Dynamic Absolute Return Fund Class A USD Acc and Class I USD Acc were launched on 23 June 2016.

** The Baring Dynamic Absolute Return Fund Class I EUR Hedged Acc and Class I GBP Hedged Acc were launched on 30 December 2016.

** The Baring Dynamic Emerging Markets Fund Class I USD Acc was launched on 20 January 2016.

** The Baring Emerging Markets Debt Local Currency Fund Class I USD Acc was launched on 20 January 2016.

** The Baring Euro Dynamic Asset Allocation Fund Class I EUR Inc was launched on 20 January 2016.

** The Baring European Opportunities Fund Class A USD Acc was launched on 25 June 2015.

** The Baring European Opportunities Fund Class I EUR Inc was launched on 2 November 2015.

** The Baring European Opportunities Fund Class I USD Acc was launched on 2 November 2015.

** The Baring Frontier Markets Fund Class I USD Acc was launched on 20 January 2016.

** The Global Dividend Champions Fund Class A USD Acc, Class I USD Inc and Class I GBP Acc were launched on 20 October 2016.

** The Baring Global Mining Fund Class I GBP Inc was launched on 30 September 2015.

** The Baring Global Mining Fund Class I USD Acc was launched on 20 January 2016.

** The Baring India Fund Class I USD Acc was launched on 20 January 2016.

** The Baring MENA Fund Class I USD Acc was launched on 20 January 2016.

*** The Baring China Bond Fund was closed on 23 January 2017.

*** The Baring Dynamic Emerging Markets Fund was closed on 18 April 2017.

*** The Baring Emerging Markets Corporate Debt Fund was closed on 6 February 2017.

115


7. Exchange rates

As at 30/04/2017

The exchange rates used at the year-end were:

30/04/2017 30/04/2017 30/04/2017 30/04/2016 30/04/2016 30/04/2016

Exchange

rate


rate


to 1 EUR to 1 GBP to 1 US$ to 1 EUR to 1 GBP to 1 US$Australian dollar 1.4640 1.7320 1.3383 1.4923 - 1.3094

Bangladesh taka - 108.2233 83.6250 - 114.5490 78.3750

Brazilian real 3.4820 4.1195 3.1832 3.9749 5.0977 3.4879

Canadian dollar 1.4932 1.7666 1.3651 1.4250 1.8275 1.2504

Chilean peso - 856.6044 661.9050 - 967.4732 661.9500

Chinese yaun - 8.9263 6.8974 - 9.4827 6.4881

Colombian peso - - 2,940.7500 - - 2,875.7300

Czech koruna - - 24.6600 - - 23.7253

Danish kroner 7.4384 - 6.7999 7.4438 - 6.5317

Egyptian pound - - 18.0500 - - 8.8800

Euro 1.0000 1.1831 0.9142 1.0000 1.2825 0.8775

Hong Kong dollar 8.5086 10.0662 7.7783 8.8409 11.3380 7.7576

Hungarian forint - 369.6532 285.6340 - 400.0171 273.6937

Indian rupee - 83.2527 64.3300 - 96.9446 66.3300

Indonesian rupiah - 17,249.7252 13,329.0000 - 19,274.9249 13,188.0000

Israeli shekel - - 3.6216 - - 3.7467

Japanese yen 121.9261 - 111.4600 121.9711 - 107.0250

Kenyan shilling - 133.4916 103.1500 - 147.8066 101.1300

Kuwait dinar - 0.3937 0.3043 - 0.4401 0.3011

Malaysian ringgit - 5.6179 4.3410 - 5.7095 3.9065

Mexican peso 20.8265 24.6390 19.0388 19.5635 25.0893 17.1663

Moroccan dirham - 12.8126 9.9004 - 14.0737 9.6293

Nigerian naira - 395.4275 305.5500 - 291.2139 199.2500

Norwegian krone 9.3318 - 8.5308 9.2165 - 8.0872

Omani rial - 0.4982 0.3850 - 0.5628 0.3851

Pakistani rupee - 135.5687 104.7550 - 153.1632 104.7950

Peruvian sol - - 3.2455 - - 3.2775

Philippine peso - 64.6622 49.9650 - 68.5284 46.8875

Polish zloty 4.2214 4.9941 3.8590 4.4079 5.6530 3.8678

Pound sterling 0.8453 1.0000 0.7727 0.7798 1.0000 0.6842

Qatari rial - - 3.6415 - - 3.6399

Romanian new leu - 5.3643 4.1451 - 5.7416 3.9284

Russian rouble 62.1733 73.5547 56.8363 73.1257 93.7804 64.1650

New zealand dollar 1.5932 1.8849 1.4565 1.6318 2.0927 1.4318

Singapore dollar - 1.8062 1.3957 - 1.9618 1.3423

South African rand 14.5243 17.1831 13.2775 16.1731 20.7412 14.1913

South Korean won - 1,472.6133 1,137.9000 - 1,665.2904 1,139.4000

Sri Lanka rupee - 197.0343 152.2500 - 213.3863 146.0000

116



As at 30/04/2017

The exchange rates used at the year-end were:

30/04/2017 30/04/2017 30/04/2017 30/04/2016 30/04/2016 30/04/2016

Exchange

rate


rate


to 1 EUR to 1 GBP to 1 US$ to 1 EUR to 1 GBP to 1 US$Swedish krona 9.6392 - 8.8118 9.1697 - 8.0461

Swiss franc 1.0834 - 0.9904 1.0967 - 0.9624

Taiwan dollar 33.0041 39.0458 30.1710 36.7571 47.1394 32.2530

Thai baht - 44.7647 34.5900 - 51.0520 34.9300

Turkish lira 3.8754 4.5849 3.5428 3.1963 4.0991 2.8047

UAE dirham - 4.7534 3.6730 - 5.3682 3.6730

US dollar 1.0939 1.2942 1.0000 1.1397 1.4616 1.0000

Vietnamese new dong - 29,433.5003 22,743.5000 - 32,577.9554 22,290.0000

8. Financial risk management

Strategy in using financial instruments

The Funds of the Company, with the exception of Baring China Bond Fund, Baring Dynamic Emerging

Markets Fund and Baring Emerging Markets Corporate Debt Fund, which have terminated, are exposed to a

variety of financial risks in pursuing their stated investment objective and policy. These risks include, but are

not limited to, credit risk, liquidity risk and market risk (which in turn includes foreign currency risk, interest

rate risk and market price risk). The Funds assume exposure to these risks to generate investment returns on

their portfolios, although these risks can also potentially result in a reduction in the Funds’ net assets. The

Investment Manager will use its best endeavours to minimise the potentially adverse effects of these risks on

the Funds’ performance where it can do so, while still managing the investments of the Funds in a way that is

consistent with the Funds’ investment objectives and policies.

The investment objective of the Funds is disclosed in the Prospectus and in the introduction to the financial

statements. The risks, and the measures adopted by the Funds for managing these risks, are detailed below.

The Manager reviews and agrees policies for managing each of these risks and they are summarised below.

These policies have remained substantially unchanged since the beginning of the year to which these

financial statements relate.

a) Market price risk

Market price risk is defined in FRS 102 as “the risk that the fair value of a financial instrument or its future

cash flows will fluctuate because of changes in market prices”.

The Funds’ assets consist principally of equity instruments except for Baring Dynamic Absolute Return Fund,

Baring Emerging Market Debt Local Currency Fund and Baring Euro Dynamic Asset Allocation Fund, which

primarily consist of bonds, futures and FFCTs. The values of these instruments are determined by market

forces and there is accordingly a risk that market prices can change in a way that is adverse to the Funds’

performance. The Funds have adopted a number of investment restrictions, which are set out in the

Company’s Prospectus, which limit the exposure of the Funds to adverse changes in the price of any

individual financial asset.

117


8. Financial risk management (continued)

Strategy in using financial instruments (continued)

a) Market price risk (continued)

In accordance with the Funds’ policies, the Investment Manager monitors the Funds’ positions on a daily

basis and reports regularly to the Board of Directors of the Manager, which reviews the information on the

Funds’ overall market exposures provided by the Investment Manager at its periodic meetings.

The Investment Manager uses three techniques to help in the risk management process: monitoring of

compliance and quantitative limits, prevention of limit breaches and trade monitoring. These techniques allow

the Investment Manager to ensure that the Funds remain in compliance with the restrictions in the

Prospectus and with the undertakings for the UCITS regulations by which the Funds are governed.

In addition, the Investment Manager manages the exposure of the portfolio to the risk of adverse changes in

the general level of market prices through adhering to its formal risk management process, which includes

the use of systems and technology to monitor overall market and position risk on a daily basis. The maximum

risk arising from an investment is determined by the fair value of the financial instruments. The overall market

exposures and concentration of risk can be seen on the portfolio statement and balance sheet of each Fund.

The Funds’ market price risk is affected by two main components: changes in market prices and currency

exchange rates. The Funds’ exposure to market risk is disclosed in the portfolio statements.

The method used to determine the global exposure is Value at Risk (“VaR”). VaR is calculated daily using

Risk Metrics (one of the leading suppliers of risk management software).

For relative VaR: The Funds’ VaR is shown as a percentage of the VaR of the performance comparator or

reference portfolio to ensure that the relative figure is within an internal limit. This limit is set lower than a

multiple of two (or 200%) of the performance comparison or reference portfolio VaR.

For absolute VaR: The Funds’ VaR is shown as a percentage of the Funds’ Net Asset Value and is

monitored against an internal limit. This limit is set lower than 20%.

For data prior to 01/07/2016:

The VaR calculation uses a historic methodology and utilises a 99% confidence interval, a 20-day holding

period and three years of daily returns. The VaR Calculations are both absolute and relative (depending if the

specific fund has a risk benchmark).

For data post 01/07/2016:

The VaR calculation uses a Monte Carlo methodology and utilises a 99% confidence interval, a 10-day

holding period, one year of daily returns and an 11-day half-life.

118





Fund name

30/04/2017 30/04/2016 Lowest Highest Mean

Baring China Bond Fund* - - - - -

Baring China Select Fund 91.69% 89.46% 75.05% 111.57% 90.30% MSCI China

Dynamic Absolute Return Fund** - - - - - US LIBOR 3M

Baring Dynamic Emerging Markets Fund* - 59.10% - - -

Baring Emerging Markets Corporate Debt

Fund*- 109.33% - - -


Currency Fund12.98% 113.22% 5.69% 150.47% 117.24%

JP GBI EM Global

Diversified

Baring Euro Dynamic Asset Allocation Fund 51.41% 68.18% 37.15% 115.53% 62.12%

27.5% MSCI UK,

15% MSCI Europe ex

UK, 12.5% MSCI EM

Asia, 7.5% MSCI

USA, 10% JPM GBI

EM Composite, 10%

BarCap HY B1, 5%

BarCap US Agg Govt

7-10Y, 2.5% ML EMU

Broad Market, 7%

FTSE Property, 3%

Gold, 35% Cash

EUR, -35% Cash

GBP

Baring European Opportunities Fund 111.86% 100.01% 85.62% 113.48% 99.72%MSCI Europe Small

Cap

Baring Frontier Markets Fund 132.73% 104.92% 61.17% 141.70% 103.33%MSCI Frontier

Markets Index

Baring Global Mining Fund 101.52% 98.05% 85.30% 119.30% 100.44%HSBC Global Mining

Total Return Index

Baring Global Dividend Champion Fund** 94.62% - 85.76% 177.63% 123.06%MSCI World USD

(net)

Baring India Fund 98.44% 105.61% 75.74% 122.91% 104.04%MSCI India Total

Return Index 10/40

Baring MENA Fund 91.01% 118.94% 65.13% 182.80% 107.67%

MSCI Arabian

Markets ex Saudi

Arabia Total Net

Return Index

Fund relative VaR over the past financial year. Performance

comparator or

reference portfolio

119





Fund Name

30/04/2017 30/04/2016 Lowest Highest Mean

Baring China Bond Fund* - 2.75% - - -

Baring China Select Fund 4.45% 9.77% 3.82% 9.87% 6.30%

MSCI China 4.85% 10.93% 4.34% 10.94% 6.98%

Dynamic Absolute Return Fund - - 0.05% 2.69% 1.24%

US LIBOR 3 Month 1.60% 0.05% - - -

Baring Dynamic Emerging Markets Fund* - 3.46% - - -

60% MSCI Emerging Markets Index and 40% JP Morgan

Government Bond Index - Emerging Markets- 5.85% - - -

Baring Emerging Markets Corporate Debt Fund* - 1.47% - - -

JPM CEMBI Broad Diversified - 1.35% - - -

Baring Emerging Markets Debt Local Currency Fund 0.38% 5.10% 0.18% 9.86% 5.28%

JP GBI EM Global Diversified 2.95% 4.50% 2.94% 7.57% 4.50%

Baring Euro Dynamic Asset Allocation Fund 1.43% 3.88% 1.08% 5.41% 2.43%

27.5% MSCI UK, 15% MSCI Europe ex UK, 12.5% MSCI

EM Asia, 7.5% MSCI USA, 10% JPM GBI EM

Composite, 10% BarCap HY B1, 5% BarCap US Agg

Govt 7-10Y, 2.5% ML EMU Broad Market, 7% FTSE

Property, 3% Gold, 35% Cash EUR, -35% Cash GBP

2.78% 5.69% 2.07% 5.73% 3.84%

Baring European Opportunities Fund 3.71% 7.14% 2.73% 16.52% 5.84%

MSCI Europe Small Cap Total Gross Return 3.32% 7.14% 2.91% 16.96% 5.88%

Baring Frontier Markets Fund 2.48% 4.66% 1.82% 6.25% 3.07%

MSCI Frontier Markets 1.87% 4.44% 1.78% 6.29% 3.00%

Baring Global Dividend Champions Fund - - 1.98% 5.37% 3.65%

MSCI World USD (net) 3.40% 4.53% 2.00% 4.40% 3.00%

Baring Global Mining Fund 7.79% 11.83% 6.74% 14.49% 10.33%

HSBC Global Mining Index 7.68% 12.06% 6.44% 14.88% 10.32%

Absolute VaR over the past financial year.





** The Global Dividend Champions Fund was launched on 20 October 2016.

Some limitations of VaR analysis are:

the methodology is based on historical data and cannot take account of the fact that future market price

movements, correlations between markets and levels of market liquidity in conditions of market stress may

bear no relation to historical patterns; and

the VaR is a point-in-time calculation, and does not necessarily reflect the risk position of the Funds at any

time other than the date and time at which it is calculated.

120




b) Foreign currency risk

Currency risk is defined in FRS 102 as “the risk that the fair value or future cash flows of a financial

instrument will fluctuate because of changes in foreign exchange rates”. The Funds are exposed to currency

risk as assets and liabilities of the Funds may be denominated in a currency other than the functional

currencies of the Funds, which are the euro, pound sterling and US dollar.

The fluctuations in the rate of exchange between the currency in which the asset or liability is denominated

and the functional currency could result in an appreciation or depreciation in the fair value of those assets and

liabilities. The Investment Manager is permitted but not obliged to use hedging techniques to attempt to offset

market and currency risk.

In accordance with the Company’s policy, the Investment Manager monitors the Funds’ currency exposures

on a daily basis and reports regularly to the Board of Directors of the Company, which reviews the information

provided by the Investment Manager on any significant exposures at its periodic meetings.

The Funds’ sensitivity to changes in foreign currency rates is included in the VaR risk analysis in Note 8a. The

Funds’ portfolio statements detail the currency, and therefore currency risk, of the underlying investments.

Foreign exchange transactions and other currency contracts may also be used to provide protection against

exchange risks or to actively overlay currency views onto the Funds’ currency exposure resulting from

investing in foreign markets. Such contracts may, at the discretion of the Investment Manager, be used to

hedge some or all of the exchange risk/currency risk arising as a result of the fluctuation between the

denominated currency of the Funds and the currencies in which the Funds’ investments are denominated, or

to pursue an active currency overlay strategy.

A Fund may (but is not obliged to) enter into certain currency-related transactions in order to hedge the

currency exposure of the assets of a Fund attributable to a particular class into the currency of denomination

of the relevant class. Any financial instruments used to implement such strategies with respect to one or more

class shall be assets/liabilities of a Fund as a whole but will be attributable to the relevant class(es), and the

gains/losses on, and the costs of, the relevant financial instruments will accrue solely to the relevant class.

The currency exposure of the assets attributable to a class may not be allocated to other classes. A class will

not be leveraged as a result of currency hedging transactions so that the use of such hedging instruments

shall in no case exceed 100% of the Net Asset Value attributable to the relevant class of a Fund.

c) Interest rate risk

This risk is defined as “the risk that the fair value or future cash flows of a financial instrument will fluctuate

because of changes in market interest rates”.

Baring Dynamic Absolute Return Fund and Baring Euro Dynamic Asset Allocation Fund hold fixed interest

rate debt securities which are exposed to fair value interest rate risk where the value of these securities may

fluctuate as a result of a change in market interest rates.

These Funds also hold a number of floating interest rate debt securities which are re-priced periodically in line

with market interest rate movements prior to the maturity date and are exposed to cash flow interest rate

risks.

All other financial assets and financial liabilities, with the exception of cash at bank balances and overdrawn

cash, held by the Funds are not directly exposed to interest rate risk. The Funds are exposed to interest rate

risk on the interest earned on their cash and bank balances and paid on overdrawn cash. This exposure is not

considered to be significant.

Interest rate risks are managed by the Investment Manager, whose management of interest rate risk is

monitored through regular performance reviews with senior managers as well as through monthly peer

reviews of positioning held with senior managers. Individual managers are authorised to initiate fixed income

trades within pre-set limits.

121




c) Interest rate risk (continued)

Baring Dynamic Absolute Return and Baring Euro Dynamic Asset Allocation Fund`s sensitivity to changes in

interest rates is included in the VaR Analysis on pages 118 to 119.

d) Liquidity risk

Liquidity risk is defined in FRS 102 as “the risk that an entity will encounter difficulty in meeting obligations

associated with financial liabilities as they fall due”.

The Funds are exposed to daily cash redemptions of shares; however, the Board of Directors is entitled, with

the approval of the Depositary, to limit the number of shares of any class realised on any dealing day to 10%

of the total number of shares of that class in issue. There are also a number of circumstances where the

Board of Directors may, with the approval of the Depositary, temporarily suspend the right of shareholders to

require the realisation of shares of any class and/or may delay the payment of any monies in respect of any

such realisation.

The Funds invest the majority of their assets in securities and other instruments that are traded on an active

market and which are considered to be liquid as they can be readily disposed of in the event that cash needs

to be raised to meet redemptions or to pay expenses.

In accordance with the Funds’ policies, the Investment Manager monitors the Funds’ liquidity on a daily basis

and reports regularly to the Board of Directors, which reviews the information provided by the Investment

Manager on significant exposures at its periodic meetings. The Funds have agreed to a temporary overdraft

facility (if required) with their Depositary to allow for temporary timing/matching differences on trades and

subscriptions and redemptions.

During the year ended 30 April 2017, Baring China Bond Fund, Baring China Select Fund, Baring Emerging

Markets Corporate Debt Fund, Baring Emerging Markets Debt Local Currency Fund, Baring European

Opportunities Fund, Baring Frontier Markets Fund, Baring Global Mining Fund and Baring MENA Fund had

drawn down on this facility.

As at 30 April 2017 and 30 April 2016, the Funds’ liabilities as disclosed on the balance sheet were all due

within one month, with the exception of forward foreign currency exchange contracts, which are due within

one to three months.

122




d) Liquidity risk (continued)

The tables below analyse the Funds’ financial derivative instruments that will be settled on a gross basis into

relevant maturity groupings based on the remaining period at the balance sheet to the contractual maturity

date.

Baring China Bond Fund* < 1 month 1-3 Months < 1 month 1-3 Months

30/04/2017 30/04/2017 30/04/2016 30/04/2016

Forward foreign currency exchange contracts US$ US$ US$ US$

Inflow - - 411,641 711,615

Outflow - - (411,512) (710,112)

Baring Dynamic Absolute Return Fund < 1 month 1-3 Months < 1 month 1-3 Months

30/04/2017 30/04/2017 30/04/2016 30/04/2016


Inflow 3,990,203 3,753,597 - -

Outflow (3,960,425) (3,747,487) - -

Baring Dynamic Emerging Markets Fund* < 1 month 1-3 Months < 1 month 1-3 Months

30/04/2017 30/04/2017 30/04/2016 30/04/2016

Forward foreign currency exchange contracts £ £ £ £

Inflow - - 4,145,941 7,209,049

Outflow - - (4,335,691) (7,165,986)

Baring Emerging Markets Corporate Debt Fund* < 1 month 1-3 Months < 1 month 1-3 Months

30/04/2017 30/04/2017 30/04/2016 30/04/2016


Inflow - - - 298,406

Outflow - - - (295,245)

Baring Emerging Markets Debt Local Currency < 1 month 1-3 Months < 1 month 1-3 Months

Fund 30/04/2017 30/04/2017 30/04/2016 30/04/2016

Forward foreign currency exchange contracts US$ - US$ US$

Inflow 9,661,803 - 1,867,039 1,467,156

Outflow (9,522,053) - (1,870,322) (1,457,382)

Baring Euro Dynamic Asset Allocation Fund < 1 month 1-3 Months < 1 month 1-3 Months

30/04/2017 30/04/2017 30/04/2016 30/04/2016


Inflow 26,643,688 2,920,099 6,956,932 13,725,342

Outflow (26,074,888) (2,866,635) (7,025,341) (13,699,948)






123




e) Credit risk

Credit risk is defined in FRS 102 as “the risk that one party to a financial instrument will cause a financial loss

for the other party by failing to discharge an obligation”.

As the Funds invest primarily in publicly traded equity and bond securities, the Funds are not exposed to

significant credit risk from these positions.

However, the Funds will be exposed to a credit risk on parties with whom they trade and will bear the risk of

settlement default. All transactions in listed securities are settled/paid for upon delivery using approved

brokers. The risk of default is considered minimal, as delivery of securities sold is only made once the broker

has received payment. Payment is made on a purchase once the securities have been received by the

broker. The trade will fail if either party fails to meet its obligation. The Funds are exposed to credit risk on

cash and investment balances held with the Depositary.

Substantially, all of the cash assets are held with The Northern Trust Company (“TNTC”). Cash deposited

with TNTC is deposited as banker and is held on its statement of financial position. Accordingly, in

accordance with usual banking practice, the Bank’s liability to the Funds in respect of such cash deposits

shall be that of debtor and the Funds will rank as a general creditor of TNTC. The financial instruments held in

custody are held with the Depositary, Northern Trust Fiduciary Services (Ireland) Limited. These assets are

held distinct and separately from the proprietary assets of the Depositary. Securities are clearly recorded to

ensure they are held on behalf of the Funds. Bankruptcy or insolvency of the Depositary and or one of its

agents or affiliates may cause the Funds rights with respect to the securities held by the Depositary to be

delayed.

Both the Depositary and TNTC are wholly-owned subsidiaries of Northern Trust Corporation.

As at 30 April 2017, the Northern Trust Corporation had a long-term rating from Standard & Poor’s (“S&P”) of

A+ (30 April 2016: A+).

Risk is managed by monitoring the credit quality and financial positions of the Depositary the Funds use.

Northern Trust acts as its own sub-custodian in the U.S., the U.K., Ireland and Canada. In all other markets,

Northern Trust appoints a local sub-custodian. Northern Trust continually reviews its sub-custodian network to

ensure that clients have access to the most efficient, creditworthy and cost-effective provider in each market.

The Investment Manager reviews concentrations of credit risk on a fortnightly basis. All exposures to

counterparty credit risk are monitored by the Baring Asset Management Limited Counterparty Credit

Committee and are subject to Barings Asset Management Limited’s Counterparty Credit Policy (“CCP”).

Baring Asset Management Limited requires a minimum credit rating of Dunn and Bradstreet (“D&B”) 3, but

also actively avoids exposure to entities having an S&P rating of less than AA-, even where the D & B rating

is 3 or better. Adherence to the CCP is very rigidly enforced. Any changes to ratings which cause divergence

from CCP are acted on immediately without exception. Application for initial public offerings, for example, is

subject to the credit rating of the entity to whose balance sheet the application will expose the investing fund.

Where no satisfactory rating is applied, the Investment Manager insists that monies are paid into a ring-

fenced “Client Money” account, hence avoiding exposure not permitted by the CCP.

The Funds minimise concentrations of credit risk by undertaking transactions with a large number of regulated

counterparties on recognised and reputable exchanges.

Credit risk arising from receivables relating to unsettled trades is considered small due to the short settlement

period involved. The maximum exposure related to unsettled trades equals the amounts shown on the

balance sheet. There were no past due or impaired assets as of 30 April 2017 (30 April 2016: Nil).

The Funds are exposed to counterparty risk on parties with whom it trades and will bear the risk of settlement

default. The Funds minimise concentration of credit risk by undertaking transactions with a large number of

customers and counterparties on recognised and reputable exchanges. The Funds may enter into

transactions with over the counter (“OTC”) counterparties, including counterparties to OTC derivative

instruments, whereby margin or collateral is posted or received by the Fund with the counterparty, outside of

the control of the Depositary or the Depositary’s agents.

124



e) Credit risk (continued)

As at 30 April 2017, certain funds had significant portfolio exposure to credit risk as detailed below:

Portfolio by rating category

Baring China

Bond Fund*

Baring

Dynamic

Absolute

Return

Fund**

Baring

Dynamic

Emerging

Markets

Fund*

Baring

Emerging

Markets

Corporate

Debt Fund*

Baring

Emerging

Markets Debt

Local

Currency

Fund

Baring Euro

Dynamic

Asset

Allocation

Fund

Rating

Investment grade - 94.10% - - - 53.16%

Non-investment grade - - - - - 30.74%

Non-rated - 5.90% - - - 16.10%

0.00% 100.00% 0.00% 0.00% 0.00% 100.00%


Portfolio by rating category

Baring China

Bond Fund

Baring

Dynamic

Absolute

Return Fund

Baring

Dynamic

Emerging

Markets

Fund

Baring

Emerging

Markets

Corporate

Debt Fund

Baring

Emerging

Markets Debt

Local

Currency

Fund

Baring Euro

Dynamic

Asset

Allocation

Fund

Rating

Investment grade 64.55% - 70.40% 27.12% 50.99% 44.97%

Non-investment grade - - 29.60% 42.55% 49.01% 36.08%

Non-rated 35.45% - - 30.33% - 18.95%

100.00% 0.00% 100.00% 100.00% 100.00% 100.00%





f) Fair value hierarchy

FRS 102 (as amended) requires the Funds to classify fair value measurements using a fair value hierarchy

that reflects the significance of the inputs used in making the measurements. The fair value hierarchy has the

following levels:

Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2: Inputs other than quoted prices included within level 1 that are observable for the asset or

liability, either directly (that is, as prices) or indirectly (that is, derived from prices).

Level 3: Inputs for the asset or liability that are not based on observable market data (that is,

unobservable inputs).

The level in the fair value hierarchy within which the fair value measurement is categorised in its entirety is

determined on the basis of the lowest input that is significant to the fair value measurement in its entirety. For

this purpose, the significance of an input is assessed against the fair value measurement in its entirety. If a

fair value measurement uses observable inputs that require significant adjustment based on unobservable

inputs, that measurement is a level 3 measurement. Assessing the significance of a particular input to the fair

value measurement in its entirety requires judgement, considering factors specific to the asset or liability.

125



f) Fair value hierarchy (continued)

The determination of what constitutes ‘observable’ requires significant judgement by the Investment Manager.

The Investment Manager considers observable data to be market data that is readily available, regularly

distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are

actively involved in the relevant market.

The following table analyses within the fair value hierarchy the Funds’ financial assets and liabilities measured

at fair value as at 30 April 2017.

Financial assets and liabilities at fair value through profit or loss


Baring China Bond Fund* US$ US$ US$ US$

Financial assets


10,000 - 10,000 -


Baring China Bond Fund US$ US$ US$ US$

Financial assets

Fixed interest 17,993,680 - 17,993,680 -


17,995,313 - 17,995,313 -

* The Baring China Bond Fund was terminated on 20 January 2017.



Financial assets

Equities 42,942,073 42,942,073 - -


43,833,326 42,942,073 891,253 -



Financial assets

Equities 54,566,102 54,566,102 - -


57,018,368 54,566,102 2,452,266 -

126





Baring Dynamic Absolute Return Fund** US$ US$ US$ US$

Financial assets

Equities 2,012,524 2,012,524 - -

Fixed interest 11,615,388 - 11,615,388 -


Futures 172,005 172,005 - -

Options 61,200 - 61,200 -

13,948,067 2,184,529 11,763,538 -



Futures (145,673) (145,673) - -

(196,735) (145,673) (51,062) -

Total 13,751,332 2,038,856 11,712,476 -



Baring Dynamic Emerging Markets Fund*** £ £ £ £

Financial assets

Fixed interest 10,150,230 - 10,150,230 -

Equities 5,303,320 5,065,549 159,070 78,701


Futures 73,377 73,377 - -

15,631,503 5,138,926 10,413,876 78,701



Futures (7,516) (7,516) - -

(258,779) (7,516) (251,263) -

Total 15,372,724 5,131,410 10,162,613 78,701

*** The Baring Dynamic Emerging Markets Fund was terminated on 18 April 2017. The total investments at fair value through profit or loss as at

30 April 2017 were nil.

127





Baring Emerging Markets Corporate Debt Fund**** US$ US$ US$ US$

Financial assets


Total 18,000 - 18,000 -


Baring Emerging Markets Corporate Debt Fund US$ US$ US$ US$

Financial assets

Fixed interest 16,104,628 - 16,104,628 -



Total 17,392,789 - 17,392,789 -

**** The Baring Emerging Markets Corporate Debt Fund was terminated on 6 February 2017.


Baring Emerging Markets Debt Local Currency Fund US$ US$ US$ US$

Financial assets


243,208 - 243,208 -



(103,458) - (103,458) -

Total 139,750 - 139,750 -

128





Baring Emerging Markets Debt Local Currency Fund US$ US$ US$ US$

Financial assets

Fixed interest 28,372,145 - 28,372,145 -



30,604,967 - 30,604,967 -



(70,296) - (70,296) -

Total 30,534,671 - 30,534,671 -



Financial assets

Fixed interest 30,101,852 - 30,101,852 -

Equities 20,937,310 20,937,310 - -



Futures 194,379 194,379 - -

52,790,676 21,131,689 31,658,987 -



(24,471) - (24,471) -

Total 52,766,205 21,131,689 31,634,516 -

129






Financial assets

Fixed interest 24,661,158 - 24,661,158 -

Equities 19,203,850 12,157,524 - 7,046,326



Futures 10,775 10,775 - -

45,962,810 12,168,299 26,748,185 7,046,326



Futures (26,462) (26,462) - -

(164,504) (26,462) (138,042) -

Total 45,798,306 12,141,837 26,610,143 7,046,326



Financial assets

Equities 201,047,602 201,047,602 - -


Total 209,156,439 201,047,602 8,108,837 -



Financial assets

Equities 187,620,492 187,620,492 - -


Total 192,549,042 187,620,492 4,928,550 -

130






Financial assets

Equities 29,741,612 29,741,612 - -


P-notes 1,363,982 - 1,363,982 -

Total 32,436,594 29,741,612 2,694,982 -



Financial assets

Equities 37,467,078 37,065,600 401,478 -


Fixed interest 20,316 - 20,316 -

P-notes and warrants 3,152,229 - 3,152,229 -

Total 41,447,623 37,065,600 4,382,023 -


Baring Global Dividend Champions Fund** US$ US$ US$ US$

Financial assets

Equities 17,569,669 17,569,669 - -


Total 17,985,831 17,569,669 416,162 -

** The Baring Global Dividend Champion Fund was launched on 20 October 2016.



Financial assets

Equities 9,510,441 9,510,441 - -


Total 9,882,441 9,510,441 372,000 -



Financial assets

Equities 8,129,312 8,129,312 - -


Total 8,174,312 8,129,312 45,000 -

131






Financial assets

Equities 23,383,093 - 23,383,093 -

Total 23,383,093 - 23,383,093 -



Financial assets

Equities 23,280,911 - 23,280,911 -

Total 23,280,911 - 23,280,911 -



Financial assets

Equities 4,189,091 4,189,091 - -


P-Notes 424,176 - 424,176 -

4,810,267 4,189,091 621,176 -



Financial assets

Debt instruments 11,612 - 11,612 -

Equities 4,974,270 4,974,270 - -


P-Notes and warrants 1,169,650 - 1,169,650 -

6,245,532 4,974,270 1,271,262 -

There have been no transfers during 2017 or 2016 from level 1 to level 2 or from level 2 to level 1. At 30 April 2017, there were no financial assets or financial liabilities classified at level 3.

30/04/2017

Level 3


Balance at 30/04/2016 78,701

Sales (8,880)



Balance at 30/04/2017 -

132




30/04/2017

Level 3


Opening value at 30/04/2016 7,046,326


Closing value at 30/04/2017 -

At 30 April 2016, the Baring Dynamic Emerging Markets Fund’s holdings in Kaisa were transferred from level

1 to level 3, the Baring Euro Dynamic Asset Allocation Fund’s holdings in SG Issuer FRN 10/01/2020 were

transferred from level 3 to level 2 and the Japanese securities were transferred from level 1 to level 3.

30/04/2016

Level 3


Balance at 30/04/2015 -

Transfer in to level 3 74,630

Movement in unrealised gain 4,072

Balance at 30/04/2016 78,702

30/04/2016

Level 3


Opening value at 01/05/2015 6,442,235


Transfer in to level 3 7,046,326

Sales (2,000,000)



Movement in unrealised gain 55,240

Closing value at 30/04/2016 7,046,326

133


9. Segregated liability of Funds

The Company is an umbrella fund with segregated liability between Funds. As a result, and as a matter of

Irish law, any liability attributable to a particular Fund may only be discharged out of the assets of that Fund

and the assets of other Funds may not be used to discharge that liability.

10. Bank Facilities

There is a bank overdraft facility in place with The Northern Trust Company (“TNTC”). An “uncommitted”

multi-currency loan facility has been made available by TNTC to the Funds. As at 30 April 2017, Baring

China Bond Fund, Baring China Select Fund, Baring Emerging Markets Corporate Debt Fund, Baring

Emerging Markets Debt Local Currency Fund, Baring European Opportunities Fund, Baring Frontier Markets

Fund, Baring Global Mining Fund and Baring MENA Fund have drawn down on this facility (30 April 2016:

Baring Emerging Markets Corporate Debt Fund).

11. Taxation

Under current law and practice, the Company qualifies as an investment undertaking as defined in Section

739B of the Taxes Consolidation Act, 1997, as amended (“the TCA”). On that basis, it is not chargeable to

Irish tax on its income or gains.

However, Irish tax can arise on the happening of a "chargeable event" in the Company. A chargeable event

includes any distribution payments to shareholders or any encashment, redemption, transfer or cancellation

of shares and any deemed disposal of shares for Irish tax purposes arising as a result of holding shares in

the Company for a period of eight years or more.

No Irish tax will arise on the Company in respect of chargeable events due to a shareholder who is an

exempt Irish investor (as defined in Section 739D of the TCA) or who is neither Irish resident nor ordinarily a

resident in Ireland for tax purposes, at the time of the chargeable event, provided, in each case, that

appropriate valid declaration in accordance with Section 2B of the TCA is held by the Company or where the

Company has been authorised to make gross payments in absence of appropriate declarations.

Capital gains, dividends and interest received on investments made by the Company may be subject to

withholding taxes imposed by the country of origin and such taxes may not be recoverable by the Company

or its shareholders.

12. Significant events during the year

The Sponsoring Broker and Legal Advisers changed on 14 December from Dillon Eustace to Matheson.

There have been no other events during the year, which, in the opinion of the Directors of the Company,

may have had an impact on the financial statements for the year ended 30 April 2017.

13. Subsequent events

Jim Cleary was appointed as Director of the Manager with effect from 18 May 2017.

Michel Schulz resigned from his position as Director of the Manager with effect from 18 May 2017.

Timothy Schulze was appointed as Director of the Manager with effect from 18 May 2017.


Notice was sent to the investors of Baring Emerging Market Debt Local Currency Fund effective 17 March

2017, informing them of the closure which will become effective 17 May 2017.

There have been no other events subsequent to the year-end which, in the opinion of the Directors, may

have had an impact on the financial statement for the year ended 30 April 2017.

14. Approval of financial statements

The financial statements were approved by the Board of Directors of the Company on 21 August 2017.

134

Portfolio statements

As at 30 April 2017




Investment Funds: 0.00% (2016: 0.00%) Currency holdings US$ NAV

Ireland: 0.00% (2016: 0.00%)

Northern Trust Global Funds - US Dollar Fund USD 10,000 10,000 -


Total investments at fair value through profit and loss 10,000 -

Cash 10,075 -


Total net assets attributable to holders of redeemable

participating shares - -


Deposits with credit institutions** 49.81

Other assets 50.19

100.00


** Transferable securities admitted to an official stock exchange listing or traded on a recognised market.

The Baring China Bond Fund was closed on 23 January 2017.


135


As at 30 April 2017





China: 1.44% (2016: 4.04%)

Baring China A-Share Fund Plc - AIF USD 38,962 636,253 1.44

636,253 1.44

Ireland: 0.58% (2016: 0.27%)

Northern Trust Global Funds - US Dollar Fund USD 255,000 255,000 0.58

255,000 0.58


Equities: 97.35% (2016: 96.04%)

China: 61.85% (2016: 77.72%)

AAC Technologies HKD 56,000 822,190 1.86

Alibaba ADR USD 11,878 1,371,078 3.11

ANTA Sports Products HKD 148,000 415,749 0.94

Belle International HKD 1,380,000 934,992 2.12

Brilliance China Automotive HKD 780,000 1,307,646 2.96

China Communications Construction HKD 522,000 718,079 1.63

China Construction Bank HKD 1,131,000 918,962 2.08

China Life Insurance HKD 296,000 899,997 2.04

China Oilfield Services HKD 660,000 609,237 1.38

China Resources Beer HKD 579,333 1,394,287 3.16

China Resources Cement HKD 1,664,000 911,341 2.07

China State Construction International HKD 580,000 1,052,885 2.39

China Unicom Hong Kong HKD 552,000 712,510 1.62

GDS ADR USD 54,869 444,439 1.01

Guangdong Investment HKD 360,000 557,246 1.26

Guangzhou Baiyunshan Pharmaceutical HKD 202,000 577,829 1.31

Guotai Junan Securities HKD 99,200 202,016 0.46

Haitian International HKD 495,000 1,212,959 2.75

Huatai Securities HKD 313,800 608,376 1.38

IMAX China HKD 163,900 771,220 1.75

Lenovo HKD 760,000 486,588 1.10

Longfor Properties HKD 476,000 824,926 1.87

NetEase ADR USD 4,026 1,069,668 2.42

New Century Healthcare HKD 467,500 443,564 1.01

Nexteer Automotive HKD 1,117,000 1,740,499 3.95

PetroChina HKD 1,044,000 735,528 1.67

Skyworth Digital HKD 502,000 291,716 0.66

Sun Art Retail HKD 632,500 652,158 1.48

Sunny Optical Technology HKD 177,000 1,456,369 3.30

Tencent HKD 36,500 1,142,172 2.59

Tsingtao Brewery HKD 184,000 827,950 1.88

Universal Medical Financial & Technical Advisory Services HKD 741,000 633,517 1.44

Wenzhou Kangning Hospital HKD 109,900 529,136 1.20

27,276,829 61.85


136


As at 30 April 2017




Equities: 97.35% (2016: 96.04%) (continued) Currency holdings US$ NAV

Hong Kong: 28.90% (2016: 9.20%)

AIA HKD 137,200 949,856 2.15

ASM Pacific Technology HKD 138,900 2,067,897 4.69

BOC Aviation HKD 127,500 680,262 1.54

Cafe de Coral HKD 196,000 637,521 1.45

Honma Golf HKD 266,000 202,110 0.46

Jacobson Pharma HKD 3,813,000 838,264 1.90

Minth HKD 114,000 423,566 0.96

Regina Miracle International HKD 243,000 189,945 0.43

Samsonite International HKD 229,200 885,477 2.01

SIM Technology HKD 13,220,000 645,852 1.46

Techtronic Industries HKD 302,500 1,298,943 2.94

Ten Pao HKD 2,708,000 658,004 1.49

Tongda HKD 2,590,000 1,018,918 2.31

United Laboratories International HKD 1,018,000 638,684 1.45

Wynn Macau HKD 409,600 900,481 2.04

Yangtze Optical Fibre and Cable Joint Stock HKD 84,500 176,643 0.40

Yue Yuen Industrial HKD 136,500 539,630 1.22

12,752,053 28.90

Taiwan: 6.60% (2016: 7.53%)

Cathay Financial Class C TWD 541,000 867,866 1.97

Largan Precision TWD 8,000 1,329,754 3.01

Taiwan Semiconductor Manufacturing TWD 111,000 715,571 1.62

2,913,191 6.60

United States: 0.00% (2016: 1.59%)



Total investments at fair value through profit and loss 43,833,326 99.37

Cash 253,528 0.57




137


As at 30 April 2017





96.48

Other assets 1.52

100.00


Comparative figures in brackets relate to 30 April 2016.


market.


138


As at 30 April 2017




Fixed interest: 75.87% Currency holdings US$ NAV

Italian lira: 4.48%

Italy Buoni Poliennali Del Tesoro 3.10% 15/09/2026 EUR 500,000 685,288 4.48

685,288 4.48

US dollar: 71.39%

United States Treasury Bill 0.00% 25/05/2017 USD 2,350,000 2,348,960 15.34




United States Treasury Bill 0.00% 14/09/2017 USD 1,000,000 996,770 6.51


10,930,100 71.39


Equities: 13.14%

Finland: 0.93%

Fortum EUR 9,800 142,574 0.93

142,574 0.93

France: 2.54%

Engie EUR 11,940 168,377 1.10

Unibail-Rodamco REITS EUR 900 220,953 1.44

389,330 2.54

Germany: 1.39%


213,489 1.39

Ireland: 1.40%

iShares USD High YieldBond UCITS ETF Distributing ETF USD 2,000 214,260 1.40

214,260 1.40

Italy: 1.53%

UniCredit EUR 14,400 234,272 1.53

234,272 1.53

Japan: 2.16%




330,747 2.16

Spain: 1.25%

Gas Natural EUR 8,440 190,800 1.25

190,800 1.25


139


As at 30 April 2017




Equities: 13.14% (continued) Currency holdings US$ NAV

United Kingdom: 1.94%

Centrica GBP 54,000 138,257 0.90

Drax GBP 38,000 158,795 1.04

297,052 1.94


Options*: 0.40%

Description Base Strike No. of Maturity Fair value % of

currency price contracts date US$ NAV

Option S&P 500 Index Call USD 26.0000 10 16/06/2017 26,000 0.17

Option S&P 500 Index Put USD 35.0000 10 16/06/2017 35,200 0.23

Total options purchased 61,200 0.40

Unrealised % of

Futures contracts*: 1.12% Currency Fair value Contracts gain US$ NAV

Future Stoxx 600 Industry June 2017 EUR 1,046,764 37 83,162 0.54

Future Stoxx 600 Oil June 2017 EUR 1,077,652 65 28,599 0.19

Future Eurx Stxx 600 June 2017 EUR 543,522 55 28,238 0.18

Future Xae Energy June 2017 USD (1,016,250) (15) 14,700 0.10

Future Xai Emini Industry June 2017 USD 728,860 11 14,190 0.09

Future Euro-Bund June 2017 EUR (880,852) (5) 2,544 0.02

Future Rhm7 Stxx 600 P&H June 2017 EUR (336,121) (7) 572 -


Open forward foreign currency transactions: 0.57%


sold bought Rate Counterparty date gain US$ NAV

CAD 807,000 USD 616,201 0.7636 Chase Manhattan Bank 24/05/2017 25,839 0.17

USD 1,523,366 SEK 13,669,000 0.1114 12/07/2017 25,743 0.17

USD 760,977 EUR 719,250 1.0580 Chase Manhattan Bank 23/05/2017 22,924 0.15

USD 305,927 EUR 284,750 1.0744 Standard Chartered Bank 24/05/2017 4,435 0.03

SEK 4,027,000 USD 460,416 0.1143 State Street 12/07/2017 4,035 0.03

JPY 39,055,200 USD 353,876 0.0091 Northern Trust 05/07/2017 2,666 0.02

EUR 283,000 USD 309,174 1.0925 23/05/2017 736 -

USD 19,931 GBP 15,840 1.2583 Northern Trust 05/05/2017 562 -

USD 10,694 EUR 9,830 1.0879 Northern Trust 05/05/2017 10 -



Canadian Imperial Bank of Commerce



140


As at 30 April 2017



Unrealised % of

Futures contracts*: (0.93%) Currency Fair value Contracts loss US$ NAV

Euro-Bund Call EUR 436 10 (3,162) (0.02)

Future Stoxx Europe 600 June 2017 EUR (1,691,330) (81) (75,319) (0.49)

Future Euro-Oat June 2017 EUR (815,841) (5) (20,673) (0.14)

Future Long Gilt Icf June 2017 GBP (1,493,544) (9) (20,051) (0.13)

Future Euro-Btp June 2017 EUR (717,128) (5) (18,878) (0.12)

Future S&P500 Emini June 2017 USD (833,175) (7) (6,090) (0.04)

Future Xap Cons Staples June 2017 USD 331,440 6 (1,500) (0.01)


Open forward foreign currency transactions: (0.34%)


sold bought rate Counterparty date loss US$ NAV

JPY 27,128,000 USD 242,322 0.0089 Northern Trust 24/05/2017 (1,204) (0.01)

CZK 11,495,115 EUR 427,200 1.0731 Standard Chartered Bank 24/05/2017 (1,321) (0.01)

EUR 427,200 CZK 11,425,332 0.0397 Standard Chartered Bank 24/05/2017 (1,514) (0.01)

EUR 273,430 SEK 2,621,601 0.1115 12/07/2017 (1,654) (0.01)

GBP 244,000 USD 306,658 1.2568 24/05/2017 (9,180) (0.06)

EUR 433,200 USD 460,654 1.0634 State Street 24/05/2017 (11,509) (0.08)

EUR 1,023,000 USD 1,093,089 1.0685 12/07/2017 (24,680) (0.16)


Total financial liabilities at fair value through profit or loss (196,735) (1.29)

Fair value % ofUS$ NAV

Total investments at fair value through profit or loss 13,751,332 89.81 Cash 1,399,714 9.14

Margin cash 188,712 1.24Other net liabilities (29,408) (0.19) Net assets attributable to holders of redeemable participating shares 15,310,350 100.00


87.53



Other assets 10.41

100.00



Transferable securities admitted to an official stock exchange listing or traded on a recognised market.





141


As at 30 April 2017


Fair value % of

US$ NAV

Total investments at fair value through profit and loss - - Cash 71,983 - Other net liabilities (71,983) - Total net assets attributable to holders of redeemable



Other assets 100.00

100.00



142


As at 30 April 2017





Ireland: 0.00% (2016: 0.00%)

Northern Trust Global Funds - US Dollar Fund USD 18,000 18,000 -


Total investments at fair value through profit and loss 18,000 -

Cash 10,121 -






Other assets 40.59 100.00




143


As at 30 April 2017



Forward currency contracts: 2.78% (2016: 0.25%)



USD 642,771 MXN 13,707,000 21.3249 Chase Manhattan Bank London 02/05/2017 77,182 0.89

USD 1,708,177 GBP 1,373,700 0.8042 State Street 17/05/2017 70,394 0.81

USD 375,585 RUB 22,930,000 61.0515 Standard Chartered Bank 02/05/2017 27,855 0.32

USD 622,211 TRY 2,293,725 3.6864 Northern Trust 05/05/2017 24,663 0.28

USD 474,960 PLN 1,926,500 4.0561 Northern Trust 02/05/2017 24,262 0.28

USD 577,314 HUF 167,313,836 289.8143 Northern Trust 02/05/2017 8,449 0.10

COP 1,770,000,000 USD 609714 2,903.0000 Northern Trust 05/05/2017 8,072 0.09

USD 31029 GBP 24,957 0.8043 State Street 17/05/2017 1,284 0.01

MXN 2,100,000 USD 110,703 18.9698 Northern Trust 02/05/2017 401 -

MXN 1,500,000 USD 79,155 18.9502 Northern Trust 02/05/2017 368 -





Total assets at fair value through profit or loss 243,208 2.78


Forward currency contracts: (1.18%) (2016: (0.22%))



GBP 594,620 USD 739,403 0.8042 State Street 17/05/2017 (30,469) (0.35)

ZAR 8,130,000 USD 596,632 13.6265 Bank of Montreal 05/05/2017 (15,334) (0.17)

TRY 940,000 USD 250,402 3.7540 Northern Trust 05/05/2017 (14,696) (0.17)

USD 622,212 ZAR 8,130,000 13.0663 Northern Trust 05/05/2017 (10,245) (0.12)

USD 610,345 COP 1,770,000,007 2,900.0000 Standard Chartered Bank 05/05/2017 (8,702) (0.10)

PLN 504,000 USD 125,783 4.0069 Northern Trust 02/05/2017 (4,821) (0.05)

TRY 1,353,725 USD 376,981 3.5910 State Street 05/05/2017 (4,795) (0.05)

HUF 46,709,856 USD 160,000 291.9366 State Street 02/05/2017 (3,531) (0.04)

RUB 8,150,000 USD 140,105 58.1700 Northern Trust 02/05/2017 (3,288) (0.04)


GBP 59,557 USD 75,451 0.7894 State Street 17/05/2017 (1,659) (0.02)


RUB 7,680,000 USD 134,430 57.1300 Northern Trust 02/05/2017 (695) (0.01)

HUF 22,800,000 USD 79,248 287.7043 Northern Trust 02/05/2017 (574) (0.01)

GBP 10,081 USD 12,595 0.8004 State Street 17/05/2017 (457) (0.01)

GBP 29,518 USD 37,807 0.7807 State Street 17/05/2017 (410) -

GBP 26,177 USD 33,573 0.7797 State Street 17/05/2017 (319) -

HUF 21,000,000 USD 73,342 286.3300 Northern Trust 02/05/2017 (179) -




144


As at 30 April 2017


Fair value % of

US$ NAV

Total investments at fair value through profit and loss 139,750 1.60

Cash 8,802,610 100.95



participating shares 8,719,899 100.00





Notice was sent to the investors of Baring Emerging Market Debt Local Currency Fund effective 17 March, 2017, informing them of the closure which will

become effective 17 May, 2017.


145


As at 30 April 2017




Investment Funds: 1.55% (2016: 3.76%) Currency holdings € NAV

Europe: 1.55% (2016: 3.76%)

Baring Europe (ex UK) Equity Component Fund - UCITS EUR 80,000 910,400 1.55


Equities: 35.69% (2016: 36.25%)

Austria: 0.12% (2016: 0.00%)

ANDRITZ EUR 1,333 67,490 0.12

67,490 0.12

Belgium: 0.81% (2016: 0.97%)

Cofinimmo REITs EUR 2,475 274,354 0.47

Kinepolis EUR 757 39,076 0.07

Ontex EUR 2,477 75,672 0.13

Umicore EUR 1,591 85,294 0.14

474,396 0.81

Denmark: 0.59% (2016: 0.51%)

Chr Hansen DKK 1,518 94,242 0.16

DSV DKK 2,208 111,641 0.19

FLSmidth DKK 948 52,011 0.09

Tryg DKK 5,002 88,159 0.15

346,053 0.59

Europe: 0.98% (2016: 0.25%)

Chenavari Capital Solutions GBP 531,981 575,870 0.98

575,870 0.98

Finland: 0.58% (2016: 0.44%)

Amer Sports EUR 1,496 30,309 0.05

Cargotec EUR 1,746 95,506 0.16

Elisa EUR 2,719 85,295 0.15

Nokian Renkaat EUR 1,389 54,824 0.09

Valmet EUR 4,645 78,686 0.13

344,620 0.58

France: 2.61% (2016: 3.20%)

Elior EUR 3,047 70,310 0.12

Euronext EUR 1,589 71,569 0.12

Gecina REITs EUR 2,150 280,252 0.48

Imerys EUR 926 73,469 0.13

Klepierre EUR 7,150 258,615 0.44

Nexity EUR 790 39,579 0.07

Orpea EUR 856 80,464 0.14

Plastic Omnium EUR 2,399 86,340 0.15

Tarkett EUR 1,014 43,272 0.07


146


As at 30 April 2017




Equities: 35.69% (2016: 36.25%) (continued) Currency holdings € NAV

France: 2.61% (2016: 3.20%) (continued)

Teleperformance EUR 1,166 135,956 0.23

UBISOFT Entertainment EUR 990 43,421 0.07


Worldline EUR 2,795 83,990 0.14

1,531,906 2.61

Germany: 1.79% (2016: 2.38%)

Aareal Bank EUR 2,736 101,054 0.17

Alstria office REITs EUR 22,650 274,518 0.47

Carl Zeiss Meditec EUR 838 35,016 0.06

Gerresheimer EUR 1,152 82,771 0.14

HUGO BOSS EUR 907 63,318 0.11

MTU Aero Engines EUR 682 89,922 0.15

Stabilus EUR 391 25,599 0.05

Symrise EUR 813 52,601 0.09


Wirecard EUR 1,101 59,718 0.10

1,050,018 1.79

Global Emerging Markets: 4.50% (2016: 0.00%)

Amundi ETF MSCI Em Asia UCITS ETF - USD ETF USD 50,000 1,307,423 2.23

Amundi ETF MSCI Emerging Markets UCITS ETF - USD ETF USD 350,000 1,332,617 2.27

2,640,040 4.50

Ireland: 0.56% (2016: 0.76%)

Dalata Hotel EUR 11,836 58,292 0.10

Green REITs EUR 135,000 184,950 0.32

Kingspan EUR 2,628 82,506 0.14

325,748 0.56

Italy: 1.49% (2016: 1.54%)

Banca Generali EUR 3,274 87,056 0.15

Beni StabiliSIIQ REITs EUR 450,000 265,050 0.45

DiaSorin EUR 1,200 82,020 0.14

Hera EUR 29,633 77,520 0.13

Infrastrutture Wireless Italiane EUR 5,966 30,397 0.05

Maire Tecnimont EUR 14,272 52,521 0.09

MARR EUR 2,369 52,236 0.09

Moncler EUR 2,375 54,102 0.09

Prysmian EUR 2,722 71,208 0.12

Recordati EUR 3,104 106,219 0.18

878,329 1.49


147


As at 30 April 2017





Japan: 5.07% (2016: 13.31%)

Asahi Kasei JPY 18,000 156,857 0.27

Bridgestone JPY 6,300 240,165 0.41

Chiba Bank JPY 27,000 165,198 0.28




Nissan Motor JPY 18,000 156,267 0.27




Tokio Marine JPY 5,500 211,653 0.36

Toyota Motor JPY 4,100 202,939 0.35

W-Scope JPY 6,800 83,713 0.14

2,973,671 5.07

Netherlands: 1.35% (2016: 1.46%)

Aalberts Industries EUR 2,494 90,944 0.15

ASM International EUR 2,345 129,725 0.22


Fugro EUR 2,016 27,276 0.05

GrandVision EUR 2,518 59,966 0.10

IMCD EUR 2,082 103,163 0.18

PostNL EUR 11,085 50,304 0.09

Refresco EUR 3,523 62,392 0.11

790,057 1.35

Norway: 0.20% (2016: 0.00%)

Storebrand NOK 7,541 45,698 0.08

TGS NOPEC Geophysical NOK 3,585 71,494 0.12

117,192 0.20

Spain: 1.18% (2016: 1.29%)

Applus Services EUR 7,856 89,676 0.15

GamesaTecnologica EUR 4,783 94,464 0.16

Indra Sistemas EUR 2,730 34,603 0.06

Lar Espana Real Estate Socimi REITs EUR 35,500 270,190 0.46

Merlin Properties Socimi REITs EUR 19,000 204,915 0.35

693,848 1.18

Sweden: 0.44% (2016: 0.56%)

AAK SEK 1,059 70,203 0.12

Ahlsell SEK 8,203 50,890 0.09

Bravida SEK 5,599 36,594 0.06

Intrum Justitia SEK 2,760 100,244 0.17

257,931 0.44


148


As at 30 April 2017





Switzerland: 0.76% (2016: 0.49%)

Ascom CHF 1,408 24,433 0.04

Cembra Money Bank CHF 624 48,640 0.08

DKSH CHF 1,218 89,433 0.15

Dufry CHF 605 90,130 0.16

Helvetia CHF 171 87,836 0.15

Temenos CHF 1,336 106,298 0.18

446,770 0.76

United Kingdom: 9.28% (2016: 6.22%)

Arrow Global GBP 19,750 86,102 0.15

Ascential GBP 21,074 87,087 0.15

Ashtead GBP 4,762 92,112 0.16

B&M European Value Retail GBP 19,581 78,299 0.13

Beazley GBP 9,461 49,171 0.08

Cineworld GBP 9,514 79,015 0.13

CVS GBP 5,330 81,911 0.14

Dignity GBP 2,280 67,381 0.11

Doric Nimrod Air Three Pref GBP 935,984 1,172,381 2.00

Entertainment One GBP 23,482 66,868 0.11

Fevertree Drinks GBP 2,100 40,670 0.07

Galliford Try GBP 4,144 71,382 0.12

HomeServe GBP 9,373 74,018 0.13

Informa GBP 8,933 67,796 0.12

Intermediate Capital GBP 9,195 85,340 0.15

Jpel Private Equity USD 1,771,182 2,068,457 3.53

Jupiter Fund Management GBP 11,664 65,629 0.11

Kier GBP 4,184 66,329 0.11

McBride GBP 30,768 69,889 0.12

Micro Focus International GBP 2,324 71,403 0.12

NMC Health GBP 3,261 76,426 0.13

Paragon of Cos GBP 14,935 81,436 0.14

RPC GBP 8,122 77,495 0.13

Sophos GBP 22,997 92,530 0.16

SSP GBP 16,384 86,256 0.15

St James's Place GBP 4,123 56,143 0.10

Synthomer GBP 15,037 88,059 0.15

Tate & Lyle GBP 7,880 70,571 0.12

UDG Healthcare GBP 8,250 72,665 0.12

Virgin Money UK GBP 17,694 67,739 0.12

WH Smith GBP 2,861 60,519 0.10

ZPG GBP 16,085 70,676 0.12

5,441,755 9.28


149


As at 30 April 2017





World: 3.38% (2016: 2.87%)

Source Physical Gold P-ETC ETF USD 8,500 962,126 1.64

Source Physical Platinum P-ETC Class E ETF USD 12,000 1,019,490 1.74

1,981,616 3.38


Fixed interest: 51.31% (2016: 46.54%)

Belgium: 0.03% (2016: 0.00%)

Cofinimmo 0.188% 15/09/2021 EUR 121 17,079 0.03

17,079 0.03

Brazil: 5.91% (2016: 0.00%)

EUR 1,000,000 1,039,453 1.77

Brazil Notas do Tesouro Nacional Serie F 10% 01/01/2023 BRL 3,000,000 856,071 1.46

Brazilian Government International Bond 2.875% 01/04/2021 EUR 1,500,000 1,574,790 2.68

3,470,314 5.91

France: 1.65% (2016: 1.83%)

La Banque Postale FRN 23/04/2026 EUR 300,000 313,146 0.53

Orange 2.5% 01/03/2023 EUR 400,000 442,416 0.76

RCI Banque 2.25% 29/03/2021 EUR 200,000 213,470 0.36

969,032 1.65

Indonesia: 1.78% (2016: 1.89%)

Indonesia Government International Bond 5.875% 15/01/2024 USD 1,000,000 1,043,562 1.78

1,043,562 1.78

Italy: 1.18% (2016: 2.14%)

Hera 5.2% 29/01/2028 EUR 100,000 134,674 0.23

LKQ Italia Bondco 3.875% 01/04/2024 EUR 325,000 347,542 0.59

UniCredit 3.625% 24/01/2019 EUR 200,000 212,241 0.36

694,457 1.18

Luxembourg: 7.84% (2016: 8.21%)

SG Issuer FRN 10/01/2020 USD 5,000 4,602,020 7.84

4,602,020 7.84

Mexico: 2.73% (2016: 4.11%)

Mexican Bonos 10% 05/12/2024 MXN 25,000,000 1,399,636 2.39

Petroleos Mexicanos 3.75% 16/04/2026 EUR 200,000 200,238 0.34

1,599,874 2.73

Banco Nacional de Desenvolvimento Economico e Social 3.625%

21/01/2019


150


As at 30 April 2017




Fixed interest: 51.31% (2016: 46.54%) (continued) Currency holdings € NAV

Netherlands: 2.70% (2016: 2.98%)

Enel Finance International 1.375% 01/06/2026 EUR 360,000 357,697 0.61

Gas Natural Fenosa Finance 3.875% 17/01/2023 EUR 200,000 234,848 0.40

Grupo Antolin Dutch 5.125% 30/06/2022 EUR 300,000 322,138 0.55

Vonovia Finance 3.625% 08/10/2021 EUR 390,000 443,395 0.76

Wolters Kluwer 2.5% 13/05/2024 EUR 200,000 221,791 0.38

1,579,869 2.70

Norway: 0.00% (2016: 3.19%)

Poland: 0.00% (2016: 2.13%)

Portugal: 6.40% (2016: 7.74%)




3,755,317 6.40

Russia: 2.87% (2016: 0.00%)

Russian Federal Bond - OFZ 8.15% 03/02/2027 RUB 100,000,000 1,681,511 2.87

1,681,511 2.87

South Africa: 1.97% (2016: 1.29%)

South Africa Government Bond 10.5% 21/12/2026 ZAR 15,000,000 1,155,337 1.97

1,155,337 1.97

Spain: 0.59% (2016: 0.62%)

Cirsa Funding Luxembourg 5.875% 15/05/2023 EUR 325,000 344,541 0.59

344,541 0.59

Switzerland: 0.57% (2016: 0.60%)

Matterhorn Telecom 3.875% 01/05/2022 EUR 325,000 334,567 0.57

334,567 0.57

United Kingdom: 0.77% (2016: 1.12%)

Anglo American Capital 3.25% 03/04/2023 EUR 200,000 217,405 0.37

NGG Finance FRN 18/06/2076 EUR 215,000 232,738 0.40

450,143 0.77


151


As at 30 April 2017




Fixed interest: 51.31% (2016: 46.54%) (continued) Currency holdings € NAV

United States: 14.32% (2016: 8.69%)

CSC 6.75% 15/11/2021 USD 350,000 350,752 0.60

Digicel 6% 15/04/2021 USD 400,000 349,820 0.60

DISH DBS 5.875% 15/11/2024 USD 400,000 383,490 0.65

HCA 5.875% 15/03/2022 USD 350,000 355,151 0.61

Hertz 5.875% 15/10/2020 USD 375,000 323,956 0.55

MGM Resorts International 6.625% 15/12/2021 USD 350,000 359,103 0.61



Verizon Communications 2.625% 01/12/2031 EUR 300,000 319,392 0.54

VWR Funding 4.625% 15/04/2022 EUR 325,000 340,582 0.58

8,404,229 14.32


Futures contracts*: 0.33% (2016: 0.02%) Number of Unrealised % of

contracts gain € NAV

Germany: 0.09% (2016: 0.02%)

Future Euro-Bobl Eux June 2017 (24) 13,200 0.02

Future Eurx E-Stxx 50 June 2017 30 41,400 0.07

Total Germany 54,600 0.09

Hong Kong: 0.02% (2016: 0.00%)

Future H-Shares Idx Hkg May 2017 14 9,019 0.02

Total Hong Kong 9,019 0.02

Singapore: 0.03% (2016: 0.00%)

Future Nikkei 225 Sgx June 2017 10 19,869 0.03

Total Singapore 19,869 0.03

United Kingdom: 0.06% (2016: 0.00%)

Future Ftse 100 Idx Icf June 2017 (24) 31,700 0.06

Total United Kingdom 31,700 0.06

United States: 0.13% (2016: 0.00%)

Future ICUS MSCI EMG June 2017 40 71,429 0.12

Future US 10Yr Note (Cbt) June 2017 (20) 7,762 0.01

Total United States 79,191 0.13



152


As at 30 April 2017



Forward currency contracts: 1.10% (2016: 0.18%)



USD 19,580,000 EUR 18,401,201 0.9398 Northern Trust 24/05/2017 522,308 0.89

USD 2,400,000 EUR 2,253,737 0.9391 Northern Trust 24/05/2017 62,249 0.11

JPY 349,770,000 EUR 2,920,099 0.0083 Northern Trust 20/07/2017 53,464 0.09

CHF 523,000 EUR 491,620 0.9400 Brown Brothers Harriman 24/05/2017 8,714 0.01


Total assets at fair value through profit or loss 52,790,676 89.98


Futures contracts*: 0.00% (2016: (0.05%))

Forward currency contracts: (0.04%) (2016: (0.26%))



EUR 1,393,221 SEK 13,258,000 0.1051 Northern Trust 24/05/2017 (17,711) (0.03)

GBP 3,410,700 EUR 4,027,440 1.1808 HSBC Bank 24/05/2017 (5,681) (0.01)

EUR 95,260 CHF 102,000 0.9339 24/05/2017 (1,079) -




Cash 5,292,733 9.02

Margin cash 228,411 0.39





86.83



Other assets 10.19

100.00




Canadian Imperial Bank of

Commerce



153


As at 30 April 2017




Investment Funds: 3.87% (2016: 2.53%) Currency holdings € NAV

Ireland: 3.87% (2016: 2.53%)

Northern Trust Global Funds - Euro Liquidity Fund EUR 1,893,948 1,872,925 0.89

Northern Trust Global Funds - Sterling Fund GBP 5,271,000 6,235,912 2.98


Equities: 95.92% (2016: 96.50%)

Austria: 0.97% (2016: 0.00%)

ANDRITZ EUR 40,158 2,033,200 0.97

2,033,200 0.97

Belgium: 2.52% (2016: 3.63%)

Kinepolis EUR 25,207 1,301,185 0.62

Ontex EUR 77,677 2,373,032 1.13

Umicore EUR 30,032 1,610,016 0.77

5,284,233 2.52

Denmark: 4.78% (2016: 4.35%)

Chr Hansen DKK 49,788 3,090,996 1.48

DSV DKK 61,238 3,096,308 1.48

FLSmidth DKK 31,893 1,749,773 0.83

Tryg DKK 117,809 2,076,352 0.99

10,013,429 4.78

Finland: 5.02% (2016: 3.60%)

Amer Sports EUR 51,770 1,048,860 0.50

Cargotec EUR 40,496 2,215,131 1.06

Elisa EUR 89,534 2,808,682 1.34

Nokian Renkaat EUR 46,318 1,828,171 0.87

Valmet EUR 154,922 2,624,379 1.25

10,525,223 5.02

France: 9.75% (2016: 12.62%)

Elior EUR 103,402 2,386,001 1.14

Euronext EUR 53,282 2,399,821 1.15

Imerys EUR 26,263 2,083,706 0.99

Nexity EUR 25,465 1,275,797 0.61

Orpea EUR 22,663 2,130,322 1.02

Plastic Omnium EUR 59,622 2,145,796 1.02

Tarkett EUR 26,088 1,113,305 0.53

Teleperformance EUR 31,850 3,713,710 1.77

UBISOFT Entertainment EUR 24,829 1,089,000 0.52

Worldline EUR 69,951 2,102,028 1.00

20,439,486 9.75


154


As at 30 April 2017





Germany: 8.20% (2016: 9.39%)

Aareal Bank EUR 92,891 3,430,929 1.64

Carl Zeiss Meditec EUR 27,016 1,128,864 0.54

Gerresheimer EUR 38,254 2,748,550 1.31

HUGO BOSS EUR 32,447 2,265,125 1.08

MTU Aero Engines EUR 22,649 2,986,271 1.42

Symrise EUR 27,419 1,774,009 0.85

Wirecard EUR 36,731 1,992,289 0.95

Stabilus EUR 13,174 862,502 0.41

17,188,539 8.20

Ireland: 2.03% (2016: 2.60%)

Dalata Hotel EUR 423,263 2,084,570 1.00

Kingspan EUR 69,050 2,167,825 1.03

4,252,395 2.03

Italy: 9.44% (2016: 8.71%)

Banca Generali EUR 101,169 2,690,084 1.28

DiaSorin EUR 40,662 2,779,248 1.33

Hera EUR 969,232 2,535,511 1.21

Infrastrutture Wireless Italiane EUR 211,127 1,075,692 0.51

Maire Tecnimont EUR 469,876 1,729,144 0.83

MARR EUR 77,485 1,708,544 0.82

Moncler EUR 77,682 1,769,596 0.84

Prysmian EUR 91,783 2,401,043 1.15

Recordati EUR 90,238 3,087,944 1.47

19,776,806 9.44

Netherlands: 7.29% (2016: 7.80%)

Aalberts Industries EUR 84,964 3,098,212 1.48

ASM International EUR 58,895 3,258,071 1.55

Fugro EUR 74,226 1,004,278 0.48

GrandVision EUR 57,298 1,364,552 0.65

IMCD EUR 59,412 2,943,865 1.40

PostNL EUR 373,725 1,695,964 0.81

Refresco EUR 108,477 1,921,128 0.92

15,286,070 7.29

Norway: 1.84% (2016: 0.00%)

Storebrand NOK 255,854 1,550,458 0.74

TGS NOPEC Geophysical NOK 115,508 2,303,529 1.10

3,853,987 1.84

Spain: 1.63% (2016: 1.46%)

Applus Services EUR 186,280 2,126,386 1.01

Indra Sistemas EUR 101,630 1,288,160 0.62

3,414,546 1.63


155


As at 30 April 2017


Financial assets at fair value through profit or lossNominal Fair value % of


Sweden: 3.57% (2016: 4.93%)AAK SEK 34,587 2,292,828 1.09 Ahlsell SEK 182,388 1,131,502 0.54 Bravida SEK 172,642 1,128,352 0.54 Intrum Justitia SEK 80,527 2,924,768 1.40

7,477,450 3.57

Switzerland: 6.22% (2016: 4.40%)Ascom CHF 51,822 899,257 0.43 Cembra Money Bank CHF 22,146 1,726,262 0.82 DKSH CHF 27,852 2,045,071 0.98 Dufry CHF 19,487 2,903,088 1.39 Helvetia CHF 5,281 2,712,646 1.29 Temenos CHF 34,595 2,752,532 1.31

13,038,856 6.22

United Kingdom: 32.66% (2016: 33.01%)Arrow Global GBP 627,089 2,733,844 1.30 Ascential GBP 533,209 2,203,449 1.05 Ashtead GBP 153,004 2,959,563 1.41 B&M European Value Retail GBP 700,248 2,800,113 1.34 Beazley GBP 315,576 1,640,107 0.78 Cineworld GBP 350,282 2,909,122 1.39 CVS GBP 178,000 2,735,496 1.30 Entertainment One GBP 831,863 2,368,835 1.13 Fevertree Drinks GBP 65,000 1,258,836 0.60 Galliford Try GBP 152,372 2,624,663 1.25 HomeServe GBP 336,279 2,655,572 1.27 Informa GBP 318,750 2,419,100 1.15 Intermediate Capital GBP 309,675 2,874,128 1.37 Jupiter Fund Management GBP 381,505 2,146,590 1.02 Kier GBP 136,105 2,157,674 1.03 McBride GBP 1,146,655 2,604,600 1.24 Micro Focus International GBP 86,523 2,658,340 1.27 Paragon of Cos GBP 471,391 2,570,366 1.23 RPC GBP 271,151 2,587,156 1.23 Sophos GBP 821,444 3,305,153 1.58 SSP GBP 388,152 2,043,473 0.98 St James's Place GBP 133,265 1,814,673 0.87 Synthomer GBP 427,769 2,505,079 1.20 Tate & Lyle GBP 262,857 2,354,086 1.12 UDG Healthcare GBP 293,903 2,588,664 1.24 Virgin Money UK GBP 603,407 2,310,074 1.10 WH Smith GBP 100,792 2,132,066 1.02 ZPG GBP 569,555 2,502,561 1.19

68,463,383 32.66



156


As at 30 April 2017


Fair value % of

€ NAV


Cash 280,986 0.14





95.81

Other assets 0.33

100.00




market.


157


As at 30 April 2017





Ireland: 4.16% (2016: 1.94%)

Northern Trust Global Funds - US Dollar Fund USD 1,331,000 1,331,000 4.16


Equities: 93.07% (2016: 89.81%)

Argentina: 13.84% (2016: 6.84%)

Banco Macro ADR USD 19,101 1,623,585 5.08

Edenor SA USD 9,207 311,657 0.98

Grupo Financiero Galicia ADR USD 4,330 171,728 0.54

Pampa Energia ADR USD 20,242 1,113,107 3.48

YPF ADR USD 47,223 1,201,825 3.76

4,421,902 13.84

Australia: 0.34% (2016: 0.54%)

Orocobre AUD 46,790 110,129 0.34

110,129 0.34

Bangladesh: 7.70% (2016: 3.00%)

BRAC Bank BDT 1,411,153 1,235,234 3.87

GrameenPhone BDT 111,232 448,652 1.40

Square Pharmaceuticals BDT 227,858 776,011 2.43

2,459,897 7.70

Botswana: 0.00% (2016: 1.32%)

Cambodia: 1.43% (2016: 2.63%)

NagaCorp HKD 824,000 456,586 1.43

456,586 1.43

Egypt: 0.00% (2016: 0.90%)

Europe: 0.00% (2016: 0.78%)

Kazakhstan: 1.13% (2016: 0.80%)

Halyk Savings Bank of Kazakhstan GDR USD 48,102 360,765 1.13

360,765 1.13

Kenya: 7.92% (2016: 9.87%)

East African Breweries KES 271,100 609,745 1.91

Equity Bank KES 1,595,500 514,303 1.61

Safaricom KES 7,598,400 1,406,975 4.40

2,531,023 7.92

Korea: 0.00% (2016: 0.68%)


158


As at 30 April 2017



Nominal Fair value % ofEquities: 93.07% (2016: 89.81%) (continued) Currency holdings US$ NAV

Kuwait: 8.15% (2016: 5.84%)

Kuwait Projects KWD 345,094 470,712 1.47

Mezzan KWD 149,792 487,409 1.53

National Bank of Kuwait KWD 736,526 1,646,139 5.15

2,604,260 8.15

Nigeria: 9.40% (2016: 9.56%)

Dangote Cement NGN 906,405 478,907 1.50

Guaranty Trust Bank NGN 13,222,227 1,151,076 3.60

Nigerian Breweries NGN 1,587,047 639,442 2.00

Zenith Bank NGN 15,056,941 736,216 2.30

3,005,641 9.40

Oman: 0.07% (2016: 0.00%)


21,906 0.07

Pakistan: 12.12% (2016: 12.60%)

Bank Alfalah PKR 1,424,000 530,151 1.66

DG Khan Cement PKR 176,000 401,345 1.26

Engro PKR 124,700 420,210 1.31

Hum Network PKR 2,261,000 297,855 0.93

Lucky Cement PKR 120,900 1,022,552 3.20

United Bank PKR 506,500 1,201,520 3.76

3,873,633 12.12

Philippines: 0.19% (2016: 0.00%)

GMA Network PHP 525,100 60,429 0.19

60,429 0.19

Qatar: 0.00% (2016: 0.95%)

Romania: 7.40% (2016: 7.71%)

Banca Transilvania RON 1,863,322 1,227,215 3.84

Fondul Proprietatea USD 29,526 323,310 1.01

Fondul Proprietatea RON 12 3 -

Globalworth EUR 37,805 315,331 0.99

SC Bursa de Valori Bucuresti RON 23,303 179,338 0.56

SC Electrica SA RON 92,318 320,269 1.00

2,365,466 7.40

Slovenia: 0.00% (2016: 2.63%)

Sri Lanka: 3.15% (2016: 4.05%)

Hatton National Bank LKR 232,699 351,532 1.10

John Keells LKR 617,859 653,774 2.05

1,005,306 3.15


159


As at 30 April 2017



Nominal Fair value % ofEquities: 93.07% (2016: 89.81%) (continued) Currency holdings US$ NAV

Thailand: 0.00% (2016: 0.96%)

Turkey: 0.00% (2016: 1.78%)

Ukraine: 1.53% (2016: 1.29%)

MHP GDR USD 48,071 490,324 1.53

490,324 1.53

United Arab Emirates: 1.17% (2016: 2.21%)

Emaar Malls AED 535,697 374,833 1.17

374,833 1.17

United Kingdom: 6.90% (2016: 6.14%)

BGEO GBP 16,395 762,772 2.39

NMC Health GBP 42,960 1,101,370 3.45

Randgold Resources GBP 3,891 339,899 1.06

2,204,041 6.90

United States: 1.01% (2016: 0.00%)

EPAM Systems USD 4,170 321,674 1.01

321,674 1.01

Vietnam: 9.62% (2016: 6.73%)

Airports of Vietnam VND 142,600 310,988 0.97

Dry Cell & Storage Battery VND 100,000 167,081 0.52

FPT VND 209,347 427,558 1.34

Masan VND 352,725 689,367 2.16

Vietnam Dairy Products VND 227,251 1,478,803 4.63

3,073,797 9.62


Fixed interest: 0.00% (2016: 0.05%)

P-Notes: 4.27% (2016: 7.00%)

Saudi Arabia: 4.27% (2016: 7.00%)

Merrill Lynch P-Note Jan 18 (Abdullah) USD 11,094 312,822 0.98

Merrill Lynch P-Note Mar 18 (Bupa Arabia) USD 13,365 415,345 1.30

Goldman Sachs P-Note Apr 18 (Al Rajhi) USD 18,647 313,787 0.98

HSBC Bank P-Note Aug 19 (Middle East Healthcare) USD 15,440 322,028 1.01

1,363,982 4.27

Total P-Notes 1,363,982 4.27


160


As at 30 April 2017



Fair value % of

Warrants: 0.00% (2016: 0.55%) US$ NAV


Total value of investments 32,436,594 101.50

Cash 109,327 0.34

Other net liabilities (588,396) (1.84) Net assets attributable to holders of redeemable participating shares 31,957,525 100.00



91.08




Comparative figures shown in brackets relate to 30 April 2016.


market.


161


As at 30 April 2017




Investment Funds: 2.31% Currency holdings US$ NAV

Ireland: 2.31%

Northern Trust Global Funds - Euro Liquidity Fund EUR 25,870 27,985 0.16

Northern Trust Global Funds - Sterling Fund GBP 21,000 27,177 0.15



Equities: 97.33%

Australia: 5.61%

Dulux AUD 102,230 517,135 2.87

Sonic Healthcare AUD 30,020 495,500 2.74

1,012,635 5.61

Finland: 1.07%

Kone EUR 4,170 192,954 1.07

192,954 1.07

France: 9.96%

Air Liquide EUR 3,280 395,038 2.19

Danone EUR 5,990 419,751 2.33

Essilor International EUR 1,370 178,039 0.99

Klepierre EUR 9,870 390,520 2.16


1,797,302 9.96

Germany: 1.93%

Henkel EUR 2,970 348,443 1.93

348,443 1.93

Italy: 4.83%

MARR EUR 22,450 541,505 3.00

Snam EUR 74,480 329,642 1.83

871,147 4.83

Norway: 1.30%

Orkla NOK 25,770 234,870 1.30

234,870 1.30

Spain: 3.80%

Amadeus IT EUR 6,930 375,019 2.08

Red Electrica EUR 15,830 311,003 1.72

686,022 3.80


162


As at 30 April 2017




Equities: 97.33% (continued) Currency holdings US$ NAV

Switzerland: 9.05%

Chocoladefabriken Lindt & Spruengli CHF 5 335,622 1.86

Givaudan CHF 300 585,521 3.24

Nestle CHF 3,320 259,124 1.44

SGS CHF 200 453,352 2.51

1,633,619 9.05

United Kingdom: 16.44%

Associated British Foods GBP 13,690 498,908 2.76

Compass GBP 32,210 652,780 3.62

Reckitt Benckiser GBP 6,500 594,390 3.29

Sage Group GBP 37,340 322,801 1.79

Unilever GBP 17,510 899,623 4.98

2,968,502 16.44

United States: 43.34%

3M USD 3,450 676,580 3.75

Becton Dickinson USD 2,910 531,221 2.94

Cintas USD 3,280 406,523 2.25

Colgate-Palmolive USD 10,470 767,451 4.25

Costco Wholesale USD 1,680 298,116 1.65

Crown Castle International REITs USD 4,560 433,291 2.40

Ecolab USD 3,110 402,341 2.23

Genuine Parts USD 3,470 323,855 1.79

Home Depot USD 3,990 622,919 3.45

International Flavors & Fragrances USD 3,220 449,931 2.49

Johnson & Johnson USD 4,350 538,269 2.98

Kimberly-Clark USD 2,080 270,400 1.50

PepsiCo USD 2,350 264,704 1.47

Procter & Gamble USD 2,870 251,670 1.39

Regal Entertainment USD 25,810 566,530 3.14

Stryker USD 4,370 591,567 3.28

TJX Cos USD 5,430 428,807 2.38

7,824,175 43.34




163


As at 30 April 2017


Fair value % of

US$ NAV


Cash 87,702 0.49


Total net assets attributable to holders of redeemable participating

shares 18,050,074 100.00



97.08

Other assets 0.62

100.00




164


As at 30 April 2017





Ireland: 3.78% (2016: 0.55%)



Equities: 96.60% (2016: 98.69%)

Australia: 24.46% (2016: 22.09%)

Alumina AUD 164,975 226,816 2.30

Evolution Mining AUD 200,946 343,836 3.49

Fortescue Metals AUD 47,682 189,185 1.92

Galaxy Resources AUD 349,208 110,894 1.13

Metals X AUD 519,223 285,153 2.90

Newcrest Mining AUD 16,792 265,494 2.70

Orocobre AUD 92,679 218,137 2.22

South32 AUD 175,468 364,485 3.70

Westgold Resources AUD 154,910 224,553 2.28

Whitehaven Coal AUD 87,696 179,542 1.82

2,408,095 24.46

Canada: 21.53% (2016: 28.24%)

Agnico Eagle Mines CAD 6,972 301,547 3.06

First Quantum Minerals CAD 31,989 300,428 3.05

Franco-Nevada CAD 4,251 284,012 2.88

Goldcorp USD 16,276 224,609 2.28

Lundin Mining CAD 78,545 403,356 4.10

Silver Wheaton CAD 13,372 265,569 2.70

Teck Resources CAD 16,523 340,616 3.46

2,120,137 21.53

Norway: 3.44% (2016: 1.92%)

Norsk Hydro NOK 59,400 338,543 3.44

338,543 3.44

South Africa: 0.00% (2016: 1.69%)

Sweden: 4.16% (2016: 1.96%)

Boliden SEK 14,195 409,655 4.16

409,655 4.16


165


As at 30 April 2017





United Kingdom: 38.82% (2016: 38.01%)

Acacia Mining GBP 18,614 95,370 0.97

Anglo American GBP 42,159 604,526 6.14

BHP Billiton GBP 35,878 546,963 5.56

Centamin GBP 53,554 122,673 1.25

Gemfields GBP 250,889 133,934 1.36

Glencore GBP 202,657 800,968 8.13

Johnson Matthey GBP 4,658 180,905 1.84

Petra Diamonds GBP 142,833 238,453 2.42

Randgold Resources GBP 2,885 252,020 2.56

Rio Tinto GBP 21,123 845,376 8.59

3,821,188 38.82

United States: 4.19% (2016: 4.78%)

Newmont Mining USD 12,544 412,823 4.19

412,823 4.19




Cash 135 -



participating shares 9,845,495 100.00



96.12

Other assets 0.12

Total 100.00




166


As at 30 April 2017

Baring India Fund



Equities: 99.35% (2016: 98.52%) Currency holdings US$ NAV

Consumer Discretionary: 24.90% (2016: 15.83%)

Mahindra CIE Automotive INR 138,000 524,928 2.23

Maruti Suzuki India INR 13,800 1,399,704 5.95

Motherson Sumi Systems INR 167,000 1,041,641 4.43

PI Industries INR 43,000 581,600 2.47

SRF INR 16,000 440,578 1.87

Suprajit Engineering INR 166,000 607,953 2.58

Suzlon Energy INR 1,750,000 560,392 2.38

Zee Entertainment Enterprises INR 86,000 704,323 2.99

5,861,119 24.90

Energy: 8.85% (2016: 8.59%)

Reliance Industries INR 96,000 2,082,064 8.85

2,082,064 8.85

Financials: 32.12% (2016: 32.25%)

Axis Bank INR 128,000 1,014,071 4.31

Bharat Financial Inclusion INR 25,000 312,315 1.33

HDFC Bank INR 91,000 2,187,650 9.29

Housing Development Finance INR 31,000 740,738 3.15

IndusInd Bank INR 63,000 1,415,076 6.01

UPL INR 66,000 827,078 3.51

Yes Bank INR 42,000 1,064,364 4.52

7,561,292 32.12

Healthcare: 5.01% (2016: 9.60%)

Divi's Laboratories INR 36,000 351,662 1.49

Sun Pharmaceutical Industries INR 83,000 828,258 3.52

1,179,920 5.01

Industrials: 19.79% (2016: 19.71%)

Adani Ports & Special Economic Zone INR 108,000 550,157 2.34

Amara Raja Batteries INR 65,000 899,370 3.82

Arvind INR 102,000 633,120 2.69

Castrol India INR 64,000 435,753 1.85

Dalmia Bharat INR 14,000 472,742 2.01

HCL Technologies INR 80,000 1,012,405 4.30

Larsen & Toubro INR 12,000 326,404 1.39

Navkar INR 101,000 326,174 1.39

4,656,125 19.79


167


As at 30 April 2017

Baring India Fund




Information Technology: 7.59% (2016: 10.93%)

Infosys INR 125,000 1,785,617 7.59

1,785,617 7.59

Materials: 1.09% (2016: 1.61%)

Jindal Steel & Power INR 145,000 256,956 1.09

256,956 1.09



Cash 341,160 1.45


Total net assets attributable to holders of redeemable participating

shares 23,536,314 100.00


99.35

Other assets 0.65

100.00



market.


168


As at 30 April 2017

Baring MENA Fund




Ireland: 4.03% (2016: 1.43%)


Total investment funds 197,000 4.03

Equities: 85.69% (2016: 78.94%)

Egypt: 7.65% (2016: 4.85%)

Cleopatra Hospital EGP 49,443 68,453 1.40

Commercial International Bank Egypt USD 72,330 305,594 6.25

374,047 7.65

Kenya: 2.18% (2016: 0.00%)

Safaricom KES 578,100 106,330 2.18

106,330 2.18

Kuwait: 10.30% (2016: 9.15%)

Kuwait Projects Holding KWD 123,224 168,245 3.44

Mezzan KWD 35,669 116,178 2.38

National Bank of Kuwait KWD 97,867 218,949 4.48

503,372 10.30

Oman: 0.47% (2016: 0.16%)


22,878 0.47

Qatar: 14.96% (2016: 12.40%)

Al Meera Consumer Goods QSC QAR 3,145 135,507 2.77

Ooredoo QAR 7,885 224,760 4.60

Qatar National Bank QAR 9,401 371,238 7.59

731,505 14.96

Turkey: 13.67% (2016: 14.51%)

Coca-Cola Icecek TRY 10,303 104,127 2.13

Ford Otomotiv Sanayi TRY 7,211 78,225 1.60

Tupras Turkiye Petrol Rafinerileri TRY 2,768 68,615 1.40

Turkiye Garanti Bankasi TRY 91,255 247,099 5.06

Ulker Biskuvi Sanayi TRY 30,623 170,314 3.48

668,380 13.67


169


As at 30 April 2017

Baring MENA Fund




United Arab Emirates: 30.22% (2016: 31.50%)

Abu Dhabi Commercial Bank AED 75,169 141,623 2.90

Agthia AED 79,024 134,470 2.75

Aldar Properties AED 319,834 186,347 3.81

DP World USD 10,487 214,354 4.38

Emaar Malls AED 154,237 107,921 2.21

Emaar Properties AED 161,470 315,647 6.46

First Abu Dhabi Bank AED 125,924 377,126 7.71

1,477,488 30.22

United Kingdom: 6.24% (2016: 6.37%)

NMC Health GBP 12,116 305,091 6.24

305,091 6.24


P-Notes: 8.68% (2016: 18.56%)

Saudi Arabia: 8.68% (2016: 18.56%)

Citi Group P-Notes Jul 17 (Al Mouwasat) USD 2,689 102,904 2.11

Deutsche Bank P-Note Apr 18 (Bupa Arabia) USD 3,184 99,756 2.04

Goldman Sachs P-Note April 18 (Al Rhaji) USD 5,797 97,767 2.00

Merrill Lynch P-Note Jan 18 (Abdullah Al Othaim) USD 3,394 95,928 1.96

Merrill Lynch P-Note Mar 18 (Bupa Arabia) USD 888 27,821 0.57

Total P-Notes 424,176 8.68

Debt Instruments: 0.00% (2016: 0.18%)

Total investments at fair value through profit or losses 4,810,267 98.40

Cash 13,540 0.28





84.54


Other assets 2.92

100.00




170

Information for investors in Switzerland - Unaudited

Baring International Fund Managers (Ireland) Limited (“the Company”) has appointed BNP Paribas Securities

Services, Paris, Succursale de Zurich, Selnaustrasse 16, CH-8002, Zurich, Switzerland, as representative and

paying agent for Switzerland. Shares are distributed in Switzerland by BNP Paribas Securities Services, Paris at

the above address. Investors can obtain, free of charge, the Prospectus, the Key Investor Information

Document(s) (“KIID(s)”), the last annual and interim reports, copies of the memorandum and articles of

association and of amendment to the memorandum and articles of association, if any, as well as a list of the

purchases and sales made on behalf of the Funds, in French, from the representative at the above address.

Official publications for the Funds are found on the internet at www.fundinfo.com and in the Swiss Official Trade

Gazette. Share prices (Net Asset Value with the words "plus commissions") are published daily on the internet at

www.fundinfo.com.

All the information appearing in these reports & accounts is solely with respect to those Funds of the Company

which are licensed for public offer and marketing in or from Switzerland, namely: Baring China Bond Fund

(closed 23 January 2017), Baring China Select Fund, Baring Dynamic Absolute Return Fund, Baring Dynamic

Emerging Markets Fund (closed 18 April 2017), Baring Emerging Markets Corporate Debt Fund (closed 6

February 2017), Baring Emerging Markets Debt Local Currency Fund, Baring Euro Dynamic Asset Allocation

Fund, Baring European Opportunities Fund, Baring Frontier Markets Fund, Baring Global Dividend Champions

Fund, Baring Global Mining Fund, Baring India Fund and Baring MENA Fund.

Representative and Paying Agent for Switzerland



Selnaustrasse 16

CH-8002

Zurich

Switzerland

Performance

Following a guideline from the Swiss Funds and Asset Management Association (“the SFAMA”) dated 16 May

2008, the Board of Directors are supplying performance data in conformity with the said guideline. This data can

be found below and under each of the Funds’ reports on pages 175 to 187. Furthermore, the Board of Directors

are required to provide the below additional information on performance.

There are no appropriate performance comparators for the Funds. The following comparative indices are used

as, in the Board of Director’s opinion, and in the light of the investment policy of the relevant Fund, they are the

most appropriate selection for comparison.


MSCI China Total, Gross Return Index


US LIBOR 3 month


MSCI Emerging Markets Total, Gross Return


JPM CEMBI Broad Diversified Index


JPM GBI-EM Global Diversified Index


3 Month EURIBOR +3% p.a.


MSCI Europe Small Cap Total, Gross Return


MSCI Frontier Markets Total, Net Return Index



171

Information for investors in Switzerland - Unaudited (continued) Performance (continued)


MSCI World USD (net)


Euromoney Global Mining Index, Total Return

Baring India Fund

MSCI India 10/40 Total, Gross Return

Baring MENA Fund

MSCI Arabian Markets (ex Saudi Arabia) Total, Net Return Index

Investors should contact the Swiss representative at the above address should they require additional

information, e.g. on performance including the composition of the relevant indices where applicable.

Class X Shares: No management fees are taken in the Fund. Fees are charged outside of the Fund under a

separate agreement between the investor and the Investment Manager.

Total expense ratio

Pursuant to a guideline from the SFAMA dated 16 May 2008, the Funds are required to publish a total expense

ratio (“TER”) for the year ended 30 April 2017.

The TERs for each Fund for the years ended 30 April 2017 and 30 April 2016 are as follows:

Name of Fund 30/04/2017 30/04/2016

TER in % TER in %

Baring China Bond Fund - Class A USD Acc* 1.80 1.80

Baring China Bond Fund - Class I GBP Inc* 1.20 1.20

Baring China Bond Fund - Class I USD Acc* 0.90 0.90

Baring China Select Fund - Class A USD Inc 2.19 2.13

Baring China Select Fund - Class A EUR Inc 2.19 2.13

Baring China Select Fund - Class A HKD Acc 2.19 2.13

Baring China Select Fund - Class A RMB Hedged Acc* 2.19 2.13

Baring China Select Fund - Class I EUR Acc 1.44 1.38

Baring China Select Fund - Class I GBP Inc 1.44 1.38

Baring China Select Fund - Class I USD Acc 1.44 1.00

Baring Dynamic Absolute Return Fund - Class A USD Acc** 1.35 N/A

Baring Dynamic Absolute Return Fund - Class I EUR Hedged Acc** 1.01 N/A

Baring Dynamic Absolute Return Fund - Class I GBP Hedged Acc** 1.01 N/A

Baring Dynamic Absolute Return Fund - Class I USD Acc** 0.80 N/A

Baring Dynamic Emerging Markets Fund - Class I GBP Acc* 1.29 1.15

Baring Dynamic Emerging Markets Fund - Class A EUR Acc* 2.39 2.25

Baring Dynamic Emerging Markets Fund - Class A GBP Acc* 2.39 2.25

Baring Dynamic Emerging Markets Fund - Class I USD Acc* 1.29 1.15

Baring Emerging Markets Corporate Debt Fund - Class I USD Acc* 0.90 0.90

Baring Emerging Markets Corporate Debt Fund - Class A EUR Hedged Acc* 1.50 1.50

Baring Emerging Markets Corporate Debt Fund - Class A USD Acc* 1.50 1.50

Baring Emerging Markets Corporate Debt Fund - Class A USD Inc* 1.50 1.50

Baring Emerging Markets Debt Local Currency Fund - Class A USD Inc 1.50 1.50

Baring Emerging Markets Debt Local Currency Fund - Class A EUR Acc 1.50 1.50

Baring Emerging Markets Debt Local Currency Fund - Class A EUR Inc 1.50 1.50

Baring Emerging Markets Debt Local Currency Fund - Class A GBP Hedged Inc 1.50 1.50

Baring Emerging Markets Debt Local Currency Fund - Class A HKD Inc 1.50 1.50

172

Information for investors in Switzerland - Unaudited (continued)


Name of Fund 30/04/2017 30/04/2016

TER in % TER in %

Baring Emerging Markets Debt Local Currency Fund - Class A USD Acc 1.50 1.50

Baring Emerging Markets Debt Local Currency Fund - Class I EUR Inc 0.90 1.43

Baring Emerging Markets Debt Local Currency Fund - Class I USD Acc** 0.90 1.43

Baring Emerging Markets Debt Local Currency Fund - Class I USD Inc 0.90 1.43

Baring Emerging Markets Debt Local Currency Fund - Class X USD Acc 0.25 0.78

Baring Euro Dynamic Asset Allocation Fund - Class X EUR Acc 0.24 0.27

Baring Euro Dynamic Asset Allocation Fund - Class A EUR Acc 1.84 1.87

Baring Euro Dynamic Asset Allocation Fund - Class A EUR Inc 1.84 1.87

Baring Euro Dynamic Asset Allocation Fund - Class I EUR Acc 0.89 0.92

Baring Euro Dynamic Asset Allocation Fund - Class I EUR Inc** 0.89 0.92

Baring European Opportunities Fund - Class A EUR Acc 2.07 2.09

Baring European Opportunities Fund - Class A USD Acc** 2.07 2.09

Baring European Opportunities Fund - Class I EUR Acc 1.32 1.34

Baring European Opportunities Fund - Class I EUR Inc** 1.32 1.34

Baring European Opportunities Fund - Class I GBP Inc 1.32 1.34

Baring European Opportunities Fund - Class I USD Acc** 1.32 1.34

Baring European Opportunities Fund - Class X GBP Acc 0.57 0.59

Baring Frontier Markets Fund - Class A USD Acc 2.50 2.50

Baring Frontier Markets Fund - Class A GBP Inc 2.50 2.50

Baring Frontier Markets Fund - Class I EUR Acc 1.75 1.75

Baring Frontier Markets Fund - Class I GBP Inc 1.75 1.75

Baring Frontier Markets Fund - Class I USD Acc** 1.75 1.93

Baring Frontier Markets Fund - Class X USD Acc 0.50 0.50

Baring Global Dividend Champions Fund - Class A USD Acc** 1.60 N/A

Baring Global Dividend Champions Fund - Class I USD Inc** 0.85 N/A

Baring Global Dividend Champions Fund - Class I GBP Acc** 0.85 N/A

Baring Global Mining Fund - Class A USD Acc 2.30 2.30

Baring Global Mining Fund - Class A GBP Inc 2.30 2.30

Baring Global Mining Fund - Class I GBP Inc** 1.55 1.55

Baring Global Mining Fund - Class I USD Acc** 1.55 1.55

Baring Global Mining Fund - Class X USD Acc 0.80 0.80

Baring India Fund - Class A USD Acc 2.50 2.50

Baring India Fund - Class A GBP Inc 2.50 2.50

Baring India Fund - Class I GBP Inc 1.75 1.75

Baring India Fund - Class I USD Acc** 1.75 1.75

Baring MENA Fund - Class A USD Acc 2.50 2.50

Baring MENA Fund - Class A EUR Acc 2.50 2.50

Baring MENA Fund - Class A GBP Inc 2.50 2.50

Baring MENA Fund - Class I GBP Inc 1.75 1.75

Baring MENA Fund - Class I USD Acc** 1.75 2.24

* Baring China Bond Fund Class A USD Acc share class was closed on 23 January 2017.

* Baring China Bond Fund Class I GBP Inc share class was closed on 23 January 2017.

* Baring China Bond Fund Class I USD Acc share class was closed on 23 January 2017.

173



* Baring China Select Fund Class A RMB Hedged Acc share class was closed on 7 August 2015

* Baring China Select Fund Class X USD Acc share class was closed on 7 August 2015.

* Baring Dynamic Emerging Markets Fund Class I GBP Acc share class was closed on 18 April 2017.

* Baring Dynamic Emerging Markets Fund Class A EUR Acc share class was closed on 18 April 2017.

* Baring Dynamic Emerging Markets Fund Class A GBP Acc share class was closed on 18 April 2017.

* Baring Dynamic Emerging Markets Fund Class I USD Acc share class was closed on 18 April 2017.

* Baring Dynamic Emerging Markets Fund Class X GBP Acc share class was closed on 7 August 2015.

* Baring Emerging Markets Corporate Debt Fund Class I USD Acc share class was closed on 6 February 2017.

** Baring Dynamic Absolute Return Fund Class A USD Acc share class was launched on 23 June 2016.

** Baring Dynamic Absolute Return Fund Class I USD Acc share class was launched on 23 June 2016.

** Baring Dynamic Absolute Return Fund Class I EUR Hedged Acc share class was launched on 30 December 2016.

** Baring Dynamic Absolute Return Fund Class I GBP Hedged Acc share class was launched on 30 December 2016.

** Baring Emerging Markets Debt Local Currency Fund Class I USD Acc share class was launched on 20 January 2016.

** Baring Euro Dynamic Asset Allocation Fund Class I EUR Inc share class was launched on 20 January 2016.

** Baring European Opportunities Fund Class A USD Acc was launched on 25 June 2015.

** Baring European Opportunities Fund Class I EUR Inc was launched on 2 November 2015.

** Baring European Opportunities Fund Class I USD Acc was launched on 2 November 2015.

** Baring Frontier Markets Fund Class I USD Acc was launched on 20 January 2016.

** Baring Global Dividend Champions Fund Class A USD Acc share class was launched on 20 October 2016.

** Baring Global Dividend Champions Fund Class I USD Inc share class was launched on 20 October 2016.

** Baring Global Dividend Champions Fund Class I GBP Acc share class was launched on 20 October 2016.

** Baring Global Mining Fund Class I GBP Inc was launched on 30 September 2015.

** Baring Global Mining Fund Class I USD Acc was launched on 20 January 2016.

** Baring India Fund Class I USD Acc was launched on 20 January 2016.

** Baring MENA Fund Class I USD Acc was launched on 20 January 2016.

This information was established by the Board of Directors based on the data contained in the profit and loss

account for the above reference year (Fund management fees, Depositary fees, taxes and duties, all other

commissions and expenses appearing as per the breakdown of the profit and loss account and not already

included in any of the foregoing categories). The TER is calculated using the average daily Net Asset Value for

the year.

174



Trailer fees (Bestandespflegekommissionen) may only be paid to the sales agents/partners indicated below:

authorised sales agents(distributors) within the meaning of Article 19, Para 1, Collective Investments Scheme

Act (“CISA”);

sales agents (distributors)exempted from the authorisation requirement within the meaning of Article 19, Para

4, CISA and Article 8 Collective Investment Scheme Ordinance (“CISO”);

sales partners who place Fundshares exclusively with institutional investors with professional treasury

facilities; and/or

sales partners who place Fundshares with their clients exclusively on the basis of a written commission-

based asset management mandate.

Reimbursements (Rückvergütungen) may only be paid to the institutional investors detailed below who, from a

commercial perspective, are holding the Fund shares for third parties:

life insurance companies (inrespect of Fund shares held for the account of insured persons or to cover

obligations towards insured persons);

pension funds and other retirementprovision institutions (in respect of Fund shares held for the account of

beneficiaries);

investment foundations (in respectof Fund shares held for the account of in-house funds);

Swiss fund management companies (in respect of Fund shares held for the account of the funds managed);

foreign fund management companies and providers (in respect of Fund shares held for the account of

managed funds and investing shareholders); and/or

investment companies (in respect of the investment of the company assets).

Taxation

Please refer to the paragraph headed "European Union Taxation of Savings Income Directive" on page 189

below. The attention of investors is drawn to the fact that Switzerland and the European Union have entered into

a bilateral agreement effective from 1 July 2005 based on which measures have been enacted in Switzerland

which correspond to the European Union Taxation of Savings Income Directive. Generally, these measures

require tax to be withheld on interest payments made by paying agents to EU residents.

175


Performance data

Baring China Bond Fund (including distribution payments where applicable)

01/05/2016 - 23/01/2017

%

01/05/2015 - 30/04/2016

%

01/05/2014 - 30/04/2015

%

01/05/2013 - 30/04/2014

%

06/12/2012 - 30/04/2013

%

Baring China Bond Fund - Class A

USD Acc (USD terms)* (2.68) (1.66) 2.60 (1.96) 2.00

Baring China Bond Fund - Class I

GBP Inc (GBP terms)* 17.67 4.38 12.23 (9.32) 6.60

Baring China Bond Fund - Class I

USD Acc (USD terms)* (2.22) (0.76) 3.26 (1.17) 2.50

Performance figures are shown net of fees and charges, on a NAV per share basis, with gross income

reinvested.

Source: Morningstar/Barings.

For data sourced from Morningstar: © Morningstar. All Rights Reserved. The information contained herein: (1) is

proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not

warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for

any damages or losses arising from any use of this information.

* The Class A USD Acc share class was closed on 23 January 2017. The performance data relates to the period from 1 May 2016 to the

termination date.

* The Class I GBP Inc share class was closed on 23 January 2017. The performance data relates to the period from 1 May 2016 to the termination

date.

* The Class I USD Acc share class was closed on 23 January 2017. The performance data relates to the period from 1 May 2016 to the termination

date.

The Fund was launched on 6 December 2012.

Past performance is no indication of current or future performance. The performance data does not take

account of the commissions and costs incurred on the issue and redemption of shares. Please note that

changes in the rates of exchange may have an adverse effect on the value, price or income of an

investment.

176


Performance data (continued)

Baring China Select Fund (including distribution payments where applicable)

01/05/2016 - 30/04/2017

%

01/05/2015 - 30/04/2016

%

01/05/2014 - 30/04/2015

%

01/05/2013 - 30/04/2014

%

01/05/2012 - 30/04/2013

%

Baring China Select Fund - Class

A USD Inc (USD terms) 20.66 (25.33) 38.53 3.22 4.00

MSCI China Total, Gross Return

Index (USD terms) 23.38 (30.42) 48.46 (0.95) 4.42


A EUR Inc (EUR terms) 25.64 (26.64) 70.40 (2.43) 4.73


A HKD Acc (HKD terms) 20.89 (25.23) 38.46 3.11 4.03


A RMB Hedged Acc (RMB

terms)*

N/A (19.59) 42.41 (4.41) N/A


I EUR Acc (EUR terms) 27.28 (25.65) 74.04 (1.29) 6.27


I GBP Inc (GBP terms)** 37.44 (20.93) 41.53*** N/A N/A


I USD Acc (USD terms) 21.61 (24.43) 40.15 4.10 4.92


X USD Acc (USD terms)* N/A (19.79) 40.72 4.82 5.60


reinvested.

Source: Morningstar/Barings/MSCI.





Source: MSCI. The MSCI data is for Barings’ use only and may not be redistributed or used in connection with

creating or offering any securities, financial products or indices.

* The Class A RMB Hedged Acc share class was closed on 7 August 2015. The performance data relates to the period from 4 April 2014 (launch

date) to the termination date.

* The Class X USD Acc share class was closed on 7 August 2015. The performance data relates to the period from 18 April 2008 (launch date) to

the termination date.

** The Class I GBP Inc share class was launched on 30 May 2014.

*** The Class I GBP Inc share class performance figure is calculated from 30 May 2014.

The Fund was launched on 13 April 2008.




investment.

177




23/06/2016

- 30/04/2017 %

Baring Dynamic Absolute Return Fund - Class A USD Acc* 3.10

US Libor 3M 0.79

Baring Dynamic Absolute Return Fund - Class I EUR Hedged Acc** (0.60)

Baring Dynamic Absolute Return Fund - Class I GBP Hedged Acc** (0.30)

Baring Dynamic Absolute Return Fund - Class I USD Acc* 3.60


reinvested.






The Fund was launched on 23 June 2016.

* The Class A USD Acc share class was launched on 23 June 2016.

* The Class I USD Acc share class was launched on 23 June 2016.

** The Class I EUR Hedged Acc share class was launched on 30 December 2016.

** The Class I GBP Hedged Acc share class was launched on 30 December 2016.




investment.

178




01/05/2016 - 18/04/2017

%

01/05/2015 - 30/04/2016

%

01/05/2014 - 30/04/2015

%

01/05/2013 - 30/04/2014

%

01/05/2012 - 30/04/2013

%

Baring Dynamic Emerging Markets Fund - Class I GBP Acc (GBP terms)*

16.58 (11.57) 14.71 (10.58) 6.76

MSCI Emerging Markets Total, Gross Return (GBP terms)

34.30 (13.52) 18.85 (9.20) 8.87

Baring Dynamic Emerging Markets Fund - Class A EUR Acc (EUR terms)*

7.40 (16.03) 26.43 (9.31) 1.81

Baring Dynamic Emerging Markets Fund - Class A GBP Acc (GBP terms)*

15.33 (12.55) 13.61 (11.56) 5.54

Baring Dynamic Emerging Markets Fund - Class I USD Acc (USD terms)*

0.30 16.49 N/A N/A N/A

Baring Dynamic Emerging Markets Fund - Class X GBP Acc (GBP terms)**

N/A (11.48) 15.45 (9.62) 8.27

Baring Dynamic Emerging Markets Fund - Class X USD Acc (USD terms)**

N/A N/A 6.34 4.20 N/A


reinvested.








* The Class I GBP Acc share class was closed on 18 April 2017. The performance data is disclosed up to the termination date.

* The Class A EUR Acc share class was closed on 18 April 2017. The performance data is disclosed up to the termination date.

* The Class A GBP Acc share class was closed on 18 April 2017. The performance data is disclosed up to the termination date.

* The Class I USD Acc share class was closed on 18 April 2017. The performance data is disclosed up to the termination date.

** The Class X USD Acc share class was closed on 3 September 2014. The performance data relates to the period from 11 September 2013

(launch date) to 3 September 2014.

** The Class X GBP Acc share class was closed on 7 August 2015. The performance data is disclosed up to the termination date.

The Fund was launched on 29 June 2011.




investment.

179



Baring Emerging Markets Corporate Debt Fund (including distribution payments where applicable)

01/05/2016

- 06/02/2017 %

01/05/2015 - 30/04/2016

%

01/05/2014 - 30/04/2015

%

01/05/2013 - 30/04/2014

%

17/10/2012 - 30/04/2013

%

Baring Emerging Markets Corporate Debt Fund - Class I USD Acc (USD terms)*

5.26 2.80 (3.78) (3.37) 3.90

JPM CEMBI Broad Diversified (USD terms)

5.57 2.83 (4.50) (1.93) 5.31

Baring Emerging Markets Corporate Debt Fund - Class A EUR Hedged Acc (EUR terms)*

3.63 1.21 (4.90) (4.77) 0.70

Baring Emerging Markets Corporate Debt Fund - Class A USD Acc (USD terms)*

4.73 1.78 (4.78) (4.47) 5.62

Baring Emerging Markets Corporate Debt Fund - Class A USD Inc (USD terms)*

4.88 1.75 (4.78) (4.39) 4.70


reinvested.

Source: Morningstar/Barings/JPM.





* The Class I USD Acc share class was closed on 6 February 2017 (termination date). The performance data is disclosed up to the termination

date.

* The Class A EUR Hedged Acc share class was closed on 6 February 2017 (termination date). The performance data is disclosed up to the

termination date.

* The Class A USD Acc share class was closed on 6 February 2017 (termination date). The performance data is disclosed up to the termination

date.

* The Class A USD Inc share class was closed on 6 February 2017 (termination date). The performance data is disclosed up to the termination

date.

The Fund was launched on 17 October 2012.




investment.

180



Baring Emerging Markets Debt Local Currency Fund (including distribution payments where applicable)

01/05/2016 - 30/04/2017

%

01/05/2015 - 30/04/2016

%

01/05/2014 - 30/04/2015

%

01/05/2013 - 30/04/2014

%

01/05/2012 - 30/04/2013

%

Baring Emerging Markets Debt Local Currency Fund - Class A USD Inc (USD terms)

4.06 (5.50) (10.32) (9.27) 7.75

JPM GBI-EM Global Diversified Index (USD terms)

4.03 (1.98) (9.35) (9.42) 10.31

Baring Emerging Markets Debt Local Currency Fund - Class A EUR Acc (EUR terms)

8.42 (7.30) 10.91 (14.27) 8.93

Baring Emerging Markets Debt Local Currency Fund - Class A EUR Inc (EUR terms)

8.47 (7.23) 10.94 (14.19) 8.88

Baring Emerging Markets Debt Local Currency Fund - Class A GBP Hedged Inc (GBP terms)

2.33 (5.86) (10.13) (9.40) 7.60

Baring Emerging Markets Debt Local Currency Fund - Class A HKD Inc (HKD terms)

4.39 (5.43) (10.46) (9.36) 7.80

Baring Emerging Markets Debt Local Currency Fund - Class A USD Acc (USD terms)

4.16 (5.50) (10.47) (9.22) 7.72

Baring Emerging Markets Debt Local Currency Fund - Class I EUR Inc (EUR terms)

10.20 (5.58) 12.37 (13.05) 10.39

Baring Emerging Markets Debt Local Currency Fund - Class I USD Acc (USD terms)*

4.59 17.57 N/A N/A N/A

Baring Emerging Markets Debt Local Currency Fund - Class I USD Inc (USD terms)

4.58 (5.06) (9.93) (8.67) 8.47

Baring Emerging Markets Debt Local Currency Fund - Class X USD Acc (USD terms)

5.18 (4.38) (9.29) (8.12) 9.17


reinvested.

Source: Morningstar/Barings/JPM.





The Fund was launched on 14 December 2006 as the Baring Emerging Market Income Fund and converted to

the Baring Emerging Markets Debt Local Currency Fund on 17 June 2010.

* The Class I USD Acc share class was launched on 20 January 2016.




investment.

181



Baring Euro Dynamic Asset Allocation Fund (including distribution payments where applicable)

01/05/2016 - 30/04/2017

%

01/05/2015 - 30/04/2016

%

01/05/2014 - 30/04/2015

%

01/05/2013 - 30/04/2014

%

13/03/2013 - 30/04/2013

%

Baring Euro Dynamic Asset Allocation Fund - Class X EUR Acc (EUR terms)

11.97 (5.02) 22.13 2.25 2.10

3 Month EURIBOR + 3% p.a. (EUR terms)

2.68 2.90 3.12 3.26 0.42

Baring Euro Dynamic Asset Allocation Fund - Class A EUR Acc (EUR terms)*

10.23 (6.49) 20.18 0.69 1.19

Baring Euro Dynamic Asset Allocation Fund - Class A EUR Inc (EUR terms)*

10.18 (6.22) 14.98** N/A N/A

Baring Euro Dynamic Asset Allocation Fund - Class I EUR Acc (EUR terms)*

11.23 (5.70) 21.44 0.69 N/A

Baring Euro Dynamic Asset Allocation Fund - Class I EUR Inc (EUR terms)*

11.72 5.19** N/A N/A N/A


reinvested.






The Fund was launched on 13 March 2013.

* The Class A EUR Acc share class was launched on 15 March 2013.

* The Class I EUR Acc share class was launched on 11 December 2013.

* The Class A EUR Inc share class was launched on 15 September 2014.

* The Class I EUR Inc share class was launched on 20 January 2016.

** The Class A EUR Inc share class performance figure is calculated from 15 September 2014.

** The Class I EUR Inc share class performance figure is calculated from 20 January 2016.




investment.

182



Baring European Opportunities Fund (including distribution payments where applicable)

01/05/2016 - 30/04/2017

%

01/05/2015 - 30/04/2016

%

01/05/2014 - 30/04/2015

%

29/10/2013 - 30/04/2014

%

Baring European Opportunities Fund - Class A EUR Acc (EUR terms)

15.45 (3.30) 24.60 6.90

MSCI Europe Small Cap Total, Gross Return (EUR terms)

19.50 (1.50) 21.93 10.19

Baring European Opportunities Fund - Class A USD Acc (USD terms)*

10.72 (6.03) N/A N/A

Baring European Opportunities Fund - Class I EUR Acc (EUR terms)

16.29 (2.52) 25.51 7.40

Baring European Opportunities Fund - Class I EUR Inc (EUR terms)*

16.93 (4.81) N/A N/A

Baring European Opportunities Fund - Class I GBP Inc (GBP terms)

26.05 4.74 10.79 3.20

Baring European Opportunities Fund - Class I USD Acc (USD terms)*

12.29 (1.73) N/A N/A

Baring European Opportunities Fund - Class X GBP Acc (GBP terms)

27.05 5.45 11.68 3.60


reinvested.









* The Class A USD Acc share class was launched on 25 June 2015.

* The Class I EUR Inc share class was launched on 2 November 2015.

* The Class I USD Acc share class was launched on 2 November 2015.




investment.

183



Baring Frontier Markets Fund (including distribution payments where applicable)

01/05/2016 - 30/04/2017

%

01/05/2015 - 30/04/2016

%

01/05/2014 - 30/04/2015

%

01/05/2013 - 30/04/2014

%

24/04/2013 - 30/04/2013

%

Baring Frontier Markets Fund - Class A USD Acc (USD terms)

13.94 (13.93) (4.64) 24.75 0.20

MSCI Frontier Markets Total, Net Return Index (USD terms)

10.78 (13.13) (5.40) 27.52 1.25

Baring Frontier Markets Fund - Class A GBP Inc (GBP terms)

28.74 (9.18) 3.97 14.98 (1.20)

Baring Frontier Markets Fund - Class I EUR Acc (EUR terms)*

19.70 (14.88) 18.67 6.47 N/A

Baring Frontier Markets Fund - Class I GBP Inc (GBP terms)*

29.65 (8.47) 4.65 4.80 N/A

Baring Frontier Markets Fund - Class I USD Acc (USD terms)*

14.79 11.35 N/A N/A N/A

Baring Frontier Markets Fund - Class X USD Acc (USD terms)

16.33 (12.24) (2.74) 27.45 0.20


reinvested.








The Fund was launched on 24 April 2013.

* The Class I EUR Acc share class was launched on 30 January 2014.

* The Class I GBP Inc share class was launched on 6 March 2014.





investment.

184



Baring Global Dividend Champions Fund (including distribution payments where applicable)

20/10/2016 - 30/04/2017

%

Baring Global Dividend Champions Fund - Class A USD Acc* 7.90

MSCI World USD (net) 11.12

Baring Global Dividend Champions Fund - Class I USD Inc* 8.36

Baring Global Dividend Champions Fund - Class I GBP Acc* 2.60


reinvested.







* The Class A USD Acc share class was launched on 20 October 2016.

* The Class I USD Inc share class was launched on 20 October 2016.

* The Class I GBP Acc share class was launched on 20 October 2016.




investment.

185



Baring Global Mining Fund (including distribution payments where applicable)

01/05/2016 - 30/04/2017

%

01/05/2015 - 30/04/2016

%

01/05/2014 - 30/04/2015

%

01/05/2013 - 30/04/2014

%

01/05/2012 - 30/04/2013

%

Baring Global Mining Fund - Class A USD Acc (USD terms)

12.08 (22.18) (14.47) 2.98 (32.29)

Euromoney Global Mining Index, Total Return (USD terms)

14.72 (14.33) (17.81) (0.29) (21.14)

Baring Global Mining Fund - Class A GBP Inc (GBP terms)

26.86 (17.93) (6.75) (5.95) (28.91)

Baring Global Mining Fund - Class I GBP Inc (GBP terms)*

27.51 23.89 N/A N/A N/A

Baring Global Mining Fund - Class I USD Acc (USD terms)*

13.78 50.46 N/A N/A N/A

Baring Global Mining Fund - Class X USD Acc (USD terms)

13.86 (21.13) (13.81) 3.75 (31.32)


reinvested.

Source: Morningstar/Barings/Euromoney.





The Fund was launched on 29 February 2012.

* The Class I GBP Inc share class was launched on 30 September 2015.





investment.

186



Baring India Fund (including distribution payments where applicable)

01/05/2016 - 30/04/2017

%

01/05/2015 - 30/04/2016

%

01/05/2014 - 30/04/2015

%

01/05/2013 - 30/04/2014

%

01/05/2012 - 30/04/2013

%

Baring India Fund - Class A USD Acc (USD terms)

27.56 (3.25) 21.48 6.89 8.36

MSCI India 10/40 Total, Gross Return (USD terms)

20.68 (6.82) 14.55 1.34 11.76

Baring India Fund - Class A GBP Inc (GBP terms)

44.05 2.17 32.87 (1.64) 13.71

Baring India Fund - Class I GBP Inc (GBP terms)*

45.17 2.94 32.47 3.26 N/A

Baring India Fund - Class I USD Acc (USD terms)*

28.96 10.88 N/A N/A N/A


reinvested.








The Fund was launched on 7 December 2011.

* The Class I GBP Inc share class was launched on 19 March 2014.





investment.

187



Baring MENA Fund (including distribution payments where applicable)

01/05/2016 - 30/04/2017

%

01/05/2015 - 30/04/2016

%

01/05/2014 - 30/04/2015

%

01/05/2013 - 30/04/2014

%

01/05/2012 - 30/04/2013

%

Baring MENA Fund - Class A USD Acc (USD terms)

1.15 (18.85) (0.62) 28.65 23.45

MSCI Arabian Markets (ex Saudi Arabia) Total Net Return Index (USD terms)

4.22 (13.46) (8.96) 35.36 8.42

Baring MENA Fund - Class A EUR Acc (EUR terms)

5.31 (19.93) 22.74 21.61 24.73

Baring MENA Fund - Class A GBP Inc (GBP terms)

14.08 (13.95) 8.24 18.55 29.58

Baring MENA Fund - Class I GBP Inc (GBP terms)*

14.94 (13.25) 9.13 7.18 N/A

Baring MENA Fund - Class I USD Acc (USD terms)*

1.58 20.28 N/A N/A N/A


reinvested.








The Fund was launched on 29 March 2010.

* The Class I GBP Inc share class was launched on 24 February 2014.





investment.

188

Information for investors in Germany - Unaudited

The Prospectus and the Key Investor Information Document(s) (“KIID(s)”), a list of portfolio changes, the

memorandum and articles of association as well as the annual and interim reports are available free of charge in

hard copy at the office of the German Paying and Information Agent and the Further German Information Agent.

German Paying and Information Agent

Deutsche Bank AG



Post IPO Services

Taunusanlage 12


Germany

Further German Information Agent

Baring Asset Management GmbH

Ulmenstraße 37-39

60325 Frankfurt

Germany

Special risks resulting from tax publication requirements in Germany

Foreign investment companies (such as Baring International Fund Managers (Ireland) Limited (“the Manager”))

must provide documentation to the German fiscal authorities upon request, e.g. in order to verify the accuracy of

the published tax information. The basis upon which such figures are calculated is open to interpretation and it

cannot be guaranteed that the German fiscal authorities will accept the investment company’s calculation

methodology in every material respect. In addition, if it transpires that these publications are incorrect, any

subsequent correction will, as a general rule, not have retrospective effect and will, as a general rule, only take

effect during the current financial period. Consequently, the correction may positively or negatively affect the

investors who receive a distribution or an attribution of deemed income distributions in the current year.

189

General information - Unaudited

Market timing

Repeatedly purchasing and selling shares in the Funds in response to short-term market fluctuations – known as

‘market timing’ – can disrupt Baring Asset Management Limited’s (“the Investment Manager’s”) investment

strategy and increase the Funds’ expenses to the prejudice of all shareholders. The Funds are not intended for

market timing or excessive trading. To deter these activities, the Directors of the Company may refuse to accept

an application for shares from persons that it reasonably believes are engaged in market timing or are otherwise

excessive or potentially disruptive to the Funds.

The Directors of the Company reserve the right to redeem shares from a shareholder on the basis of the

circumstances of the shareholder concerned, or if it has reasonable grounds to believe that the shareholder is

engaging in any activity which might result in the Funds or their shareholders as a whole suffering any legal,

regulatory, reputational or other material disadvantage which the Funds or their shareholders as a whole might

not otherwise have suffered.

UK reporting fund status

Applications were made with effect from the accounting year commencing 1 May 2011 for UK reporting fund

status for those share classes in the Funds which previously had UK distributor status, while further applications

are being made from time to time for certain new share classes when they are launched. Applications may also

be made from time to time for UK reporting fund status in respect of share classes which did not previously have

UK distributor status. UK taxable investors in UK reporting funds are subject to tax on their share of the UK

reporting funds’ income attributable to their holdings in the Funds, whether or not distributed, while typically any

gains on disposal of their holdings are subject to capital gains tax.

Details of the share classes which currently have UK reporting fund status are available at the Her Majesty's

Revenue and Customs (“HMRC”) Investment Funds Centre website:

http://www.hmrc.gov.uk/cis/offshore-funds.htm.

As stated above, UK tax payers should note that for each share class with reporting fund status, their share of

any amounts of income, if any, that have not been distributed will be subject to tax. Further details will be made

available on the Baring Asset Management Limited website: www.barings.com/uk.

European Union taxation of savings income directive

On 3 June 2003, the European Commission published a new directive regarding the taxation of savings income

(“the Directive”). From 1 July 2005, member states have been required to provide to the tax authorities of

another member state details of payments of interest or other similar income paid by a person within its

jurisdiction to an individual resident in that other member state, subject to the right of certain member states to

opt instead for a withholding tax system in relation to such payments. For the purposes of the Directive, interest

payments include distributions made by certain collective investment funds to the extent that any relevant Fund

has invested more than 15% of its assets directly or indirectly in interest-bearing securities and income realised

upon the sale, refund or redemption of fund shares to the extent that the Fund has invested more than currently

25% directly or indirectly in interest-bearing securities.

Accordingly, the Depositary, Administrator, paying agent or such other entity considered a “paying agent” (for the

purposes of the Directive, a “paying agent” is the economic operator who pays interest to or secures the

payment of interest for the immediate benefit of the beneficial owner) for the purposes of the Directive may be

required to disclose details of, or withhold tax on, distributions and/or realisation payments by the Funds to

shareholders who are individuals or residual entities (located in another EU member state) to the taxation

authority in the home jurisdiction of the paying agent who will pass such details or tax to the member state where

the investor resides.

As Ireland has opted for an exchange of information rather than a withholding tax system, since the Directive

became effective, the principle consequence for shareholders will be that details of relevant savings income are

disclosed to the EU member states in which shareholders are resident. The Directive has now been enacted into

Irish legislation and the reporting of any relevant payments of interest made by the Company, together with

various specified information relating to recipients who are individuals or residual entities resident in EU states

other than Ireland, applied with effect from 1 July 2005.

http://www.barings.com/uk

190

General information - Unaudited (continued)

European Union taxation of savings income directive (continued)

Set out below are those Funds subject to disclosures and the disclosures to which they are currently, and are

expected to remain, subject to under the Directive.


Fund Disclosure of distribution to the tax authorities of the underlying shareholder (15% rule)

Disclosure of redemption proceeds to the tax authorities of the underlying shareholder (25% rule)



191

Appendix 1 - additional information Hong Kong Code - Unaudited



Highest issue price during the year*

30/04/2017 30/04/2016 30/04/2015 30/04/2014 30/04/2013

Class A USD Inc 12.41 14.07 13.79 10.92 10.27

Class A EUR Inc 17.88 20.10 20.41 12.62 12.07

Class A HKD Acc 96.59 109.16 106.95 84.68 79.64

Class A RMB Hedged Acc - 90.19 88.10 65.88 N/A

Class I EUR Acc 20.38 22.34 22.66 13.65 12.94

Class I GBP Inc 10.30 9.47 9.83 N/A N/A

Class I USD Acc 13.76 15.31 14.98 11.68 10.91

Class X USD Acc - 15.69 15.35 11.90 11.04

Highest issue price during the year* (continued)

Class A USD Inc 30/04/2012 30/04/2011 30/04/2010 30/04/2009 30/04/2008

Class A EUR Inc 11.67 12.06 10.74 10.74 10.48

Class A HKD Acc 12.69 13.44 12.45 10.85 10.57

Class A RMB Hedged Acc 90.61 93.69 83.33 N/A N/A

Class I EUR Acc N/A N/A N/A N/A N/A

Class I GBP Inc 13.36 14.13 12.92 10.93 10.65

Class I USD Acc N/A N/A N/A N/A N/A

Class X USD Acc 12.19 12.60 11.03 10.76 10.49

12.22 12.63 11.04 10.76 10.49

Lowest redemption price during the year*

30/04/2017 30/04/2016 30/04/2015 30/04/2014 30/04/2013

Class A USD Inc 9.59 8.69 9.69 8.49 8.01

Class A EUR Inc 13.26 11.95 10.93 10.13 10.01

Class A HKD Acc 74.55 67.78 75.15 65.84 62.19

Class A RMB Hedged Acc - 66.82 60.28 61.73 N/A

Class I EUR Acc 14.94 13.41 11.88 10.89 10.67

Class I GBP Inc 6.83 6.04 6.50 N/A N/A

Class I USD Acc 10.55 9.53 10.41 9.04 8.48

Class X USD Acc - 11.62 10.63 9.18 8.55

Lowest redemption price during the year* (continued)

30/04/2012 30/04/2011 30/04/2010 30/04/2009 30/04/2008

Class A USD Inc 7.31 8.54 6.81 4.60 10.00

Class A EUR Inc 8.62 10.69 8.04 5.76 10.00

Class A HKD Acc 56.93 66.66 70.51 N/A N/A

Class A RMB Hedged Acc N/A N/A N/A N/A N/A

Class I EUR Acc 9.12 11.13 8.15 5.79 10.00

Class I GBP Inc N/A N/A N/A N/A N/A

Class I USD Acc 7.67 8.83 6.92 4.65 10.00

Class X USD Acc 7.71 8.82 6.93 4.65 10.00

* The above highest issue prices and lowest redemption prices during the year are quoted in their respective share classes’ denomination currency.

192

Appendix 1 - additional information Hong Kong Code - Unaudited (continued)

Baring China Select Fund (continued)


30/04/2017 30/04/2016 30/04/2015 30/04/2014




Cash/(bank overdraft) 0.57 0.12 (0.40) 0.39

Other net assets/(liabilities) 0.06 ( 0.47) 0.40 0.54

Total net assets 100.00 100.00 100.00 100.00


movement in each country’s position between the years has to be inferred.



ASM Pacific Technology 4.69

Nexteer Automotive 3.95

Sunny Optical Technology 3.30

China Resources Beer 3.16

Alibaba ADR 3.11

Largan Precision 3.01

Brilliance China Automotive 2.96

Techtronic Industries 2.94

Haitian International 2.75

Tencent 2.59

193





30/04/2017 30/04/2016 30/04/2015 30/04/2014 30/04/2013

Class A USD Inc 17.79 9.19 11.18 12.66 12.53

Class A EUR Acc 10.16 9.89 10.33 10.48 10.37

Class A EUR Inc 9.96 10.75 11.33 12.64 12.89


Class A HKD Inc 65.06 71.49 87.06 98.65 97.67

Class A USD Acc 11.43 11.53 13.41 14.29 14.10

Class I EUR Inc 16.45 17.44 18.26 18.05 17.85

Class I USD Acc 9.00 8.49 N/A N/A N/A

Class I USD Inc 8.44 9.37 11.41 12.74 12.70

Class X USD Acc 12.34 12.19 14.02 14.73 14.53


30/04/2012 30/04/2011 30/04/2010

Class A USD Inc 13.36 13.41 12.31

Class A EUR Acc 9.65 N/A N/A

Class A EUR Inc 12.30 12.69 12.04

Class A GBP Hedged Inc 12.67 12.72 11.72

Class A HKD Inc 104.67 104.79 N/A

Class A USD Acc 13.93 13.83 N/A

Class I EUR Inc 16.30 15.70 14.40


Class I USD Inc 13.55 13.61 12.48

Class X USD Acc 14.01 13.86 12.19


30/04/2017 30/04/2016 30/04/2015 30/04/2014 30/04/2013

Class A USD Inc 7.31 7.01 8.62 10.16 10.99

Class A EUR Acc 8.81 8.08 8.75 8.37 9.27

Class A EUR Inc 8.99 8.43 9.70 9.82 11.67


Class A HKD Inc 56.90 55.03 67.16 79.27 85.65

Class A USD Acc 10.03 9.16 10.71 11.80 11.92

Class I EUR Inc 14.71 13.71 15.39 14.56 15.74


Class I USD Inc 7.40 7.18 8.76 10.24 11.09

Class X USD Acc 10.78 9.77 11.31 12.28 12.14

194



Highest issue and lowest redemption prices (continued)


30/04/2012 30/04/2011 30/04/2010

Class A USD Inc 11.09 11.39 9.84

Class A EUR Acc 8.54 N/A N/A

Class A EUR Inc 10.97 11.68 9.64

Class A GBP Hedged Inc 10.50 10.83 9.38

Class A HKD Inc 86.86 94.71 N/A

Class A USD Acc 11.72 12.18 N/A

Class I EUR Inc 14.37 14.13 10.85


Class I USD Inc 11.15 11.45 9.88

Class X USD Acc 11.86 11.17 9.63



30/04/2017 30/04/2016 30/04/2015 30/04/2014


Equities and Investment Funds - 6.81 3.44 5.59

Fixed interest - 89.63 93.41 91.59

Open forward foreign currency transactions 1.60 0.03 (0.06) 0.10


Cash 100.95 0.21 0.80 0.49

Other net (liabilities)/assets (2.55) 3.32 2.41 2.23

Total net assets 100.00 100.00 100.00 100.00

** Movement in portfolio holdings have been analysed above based on a percentage of Net Asset Value invested in each currency. The movement

in each currency position between the years has to be inferred.

195





30/04/2017 30/04/2016 30/04/2015 30/04/2014 30/04/2013

Class A EUR Acc 13.59 14.38 13.73 11.21 N/A

Class I EUR Acc 15.28 14.63 13.90 11.25 N/A

Class I EUR Inc 16.22 16.92 N/A N/A N/A

Class I GBP Inc 13.53 12.14 11.65 10.86 N/A

Class X GBP Acc 14.17 12.48 11.82 10.89 N/A

Class A USD Acc 14.83 15.59 N/A N/A N/A



30/04/2012 30/04/2011 30/04/2010

Class A EUR Acc N/A N/A N/A

Class I EUR Acc N/A N/A N/A

Class I EUR Inc N/A N/A N/A


Class X GBP Acc N/A N/A N/A

Class A USD Acc N/A N/A N/A



30/04/2017 30/04/2016 30/04/2015 30/04/2014 30/04/2013

Class A EUR Acc 10.42 11.58 9.42 9.88 N/A

Class I EUR Acc 11.79 11.80 9.50 9.89 N/A

Class I EUR Inc 12.31 13.67 N/A N/A N/A

Class I GBP Inc 10.12 10.60 8.83 9.67 N/A

Class X GBP Acc 10.52 10.90 8.92 9.68 N/A

Class A USD Acc 11.52 12.96 N/A N/A N/A



30/04/2012 30/04/2011 30/04/2010

Class A EUR Acc N/A N/A N/A

Class I EUR Acc N/A N/A N/A

Class I EUR Inc N/A N/A N/A


Class X GBP Acc N/A N/A N/A

Class A USD Acc N/A N/A N/A



196


Baring European Opportunities Fund (continued)


30/04/2017 30/04/2016 30/04/2015 30/04/2014




Cash 0.14 0.32 0.37 0.16

Other net assets 0.07 0.65 1.45 0.37

Total net assets 100.00 100.00 100.00 100.00





Northern Trust Global Funds - Sterling Fund 2.98

Teleperformance 1.77

Aareal Bank 1.64

Sophos 1.58

ASM International 1.55

Aalberts Industries 1.48

Chr Hansen 1.48

DSV 1.48

Recordati 1.47

MTU Aero Engines 1.42

197

Appendix 1 - additional Information Hong Kong Code - Unaudited (continued)

Baring India Fund



30/04/2017 30/04/2016 30/04/2015 30/04/2014 30/04/2013

Class A USD Acc 17.48 15.44 17.59 16.36 12.58

Class A GBP Inc 21.67 15.48 15.45 13.96 11.93

Class I GBP Inc 21.95 15.48 15.39 13.95 N/A


Class X USD Acc N/A N/A N/A N/A 12.53


30/04/2012 30/04/2011

Class A USD Acc 10.53 11.35

Class A GBP Inc 9.51 11.02

Class I GBP Inc N/A N/A

Class I USD Acc N/A N/A

Class X USD Acc 10.70 11.48


30/04/2017 30/04/2016 30/04/2015 30/04/2014 30/04/2013

Class A USD Acc 13.28 11.66 14.01 12.26 9.39

Class A GBP Inc 14.20 12.72 12.62 11.25 8.79

Class I GBP Inc 14.29 12.77 12.59 12.60 N/A




30/04/2012 30/04/2011

Class A USD Acc 8.71 8.84

Class A GBP Inc 8.04 8.14

Class I GBP Inc N/A N/A

Class I USD Acc N/A N/A

Class X USD Acc 8.91 8.93


198




30/04/2017 30/04/2016 30/04/2015 30/04/2014



Futures - - - -


Cash 10.88 2.34 2.08 1.88

Other net liabilities (10.23) (0.86) (0.35) (1.52)

Total net assets 100.00 100.00 100.00 100.00

** Movement in portfolio holdings have been analysed above based on a percentage of Net Asset Value invested in each sector. The movement in

each country’s position between the years has to be inferred.



HDFC Bank 9.29

Reliance Industries 8.85

Infosys 7.59

IndusInd Bank 6.01

Maruti Suzuki India 5.95

Yes Bank 4.52

Motherson Sumi Systems 4.43

Axis Bank 4.31

HCL Technologies 4.30

Amara Raja Batteries 3.82

199


Baring MENA Fund



30/04/2017 30/04/2016 30/04/2015 30/04/2014 30/04/2013

Class A USD Acc 13.15 16.14 17.59 16.36 12.58

Class A EUR Acc 16.77 19.50 19.88 15.91 12.95

Class A GBP Inc 14.76 14.71 15.45 13.96 11.93

Class I GBP Inc 14.78 14.72 15.39 13.95 N/A




30/04/2012 30/04/2011 30/04/2010

Class A USD Acc 10.53 11.35 10.40

Class A EUR Acc 10.45 11.76 10.53

Class A GBP Inc 9.51 11.02 10.17



Class X USD Acc 10.70 11.48 10.42


30/04/2017 30/04/2016 30/04/2015 30/04/2014 30/04/2013

Class A USD Acc 11.69 10.61 14.01 12.26 9.39

Class A EUR Acc 14.38 13.11 15.04 12.50 10.05

Class A GBP Inc 11.84 10.60 12.62 11.25 8.79

Class I GBP Inc 11.78 10.60 12.59 12.60 N/A




30/04/2012 30/04/2011 30/04/2010

Class A USD Acc 8.71 8.84 9.96

Class A EUR Acc 8.37 8.62 9.96

Class A GBP Inc 8.04 8.14 9.86



Class X USD Acc 8.91 8.93 9.96


200




30/04/2017 30/04/2016 30/04/2015 30/04/2014



P-Notes & warrants 8.68 18.56 19.75 15.08

Debt instruments - 0.18 0.17 0.10


Cash 0.28 0.87 1.15 3.89

Other net assets/(liabilities) 1.32 0.02 (2.42) (1.64)

Total net assets 100.00 100.00 100.00 100.00





First Abu Dhabi Bank 7.71

Qatar National Bank 7.59

Emaar Properties 6.46

Commercial International Bank Egypt 6.25

NMC Health 6.24

Turkiye Garanti Bankasi 5.06

Ooredoo 4.60

National Bank of Kuwait 4.48

DP World 4.38

Northern Trust Global Funds - US Dollar Fund 4.03

201

Appendix 2 - significant portfolio movements - Unaudited


Cost Proceeds


Northern Trust Global Funds - US Dollar Fund 1,352 Northern Trust Global Funds - US Dollar Fund 1,342

Australia & New Zealand Banking FRN 30/01/2025 299 Export-Import Bank of China 4.15% 18/06/2027 850

China Overseas Finance 5.375% 29/10/2023 221 Global Logistic Properties 3.38% 11/05/2016 765

CGNPC International 4.00% 19/05/2025 209 China Development Bank 4.30% 02/08/2032 751

Li & Fung 5.25% 29/12/2049 200 Air Liquide Finance 3.00% 19/09/2016 750

JD.com 3.875% 29/04/2026 186 Mitsui 4.25% 01/03/2017 723

Fonterra Co-operative 4.50% 17/07/2025 148 BP Capital Markets 3.95% 08/10/2018 716

Northern Trust Global Funds - Sterling Fund 8 Wharf Finance No.1 4.00% 27/03/2018 716

Tingyi Cayman Islands 4.38% 06/08/2018 716

Industrial & Commercial Bank of China Asia 6.00%

04/11/2021 617

Rosy Capital Global 5.25% 30/07/2018 576

AVIC International Finance & Investment 4.80%

10/04/2017 576

China Development Bank 4.20% 19/01/2027 571

Fonterra Co-operative 3.60% 29/01/2019 565

China Government Bond 3.48% 29/06/2027 525

SK Global Chemical Investment Hong Kong 4.13%

26/09/2016 449

Charter Style International 5.80% 15/09/2024 443

Huarui Investment Holding 5.25% 26/11/2018 435

Starway Assets Enterprises 4.10% 22/01/2017 435

Jingneng Clean Energy Investment 4.30%

23/12/2017 433

BSH Bosch und Siemens Hausgeraete 4.00%

28/09/2018 432

Bestgain Real Estate Lyra 4.50% 04/12/2018 430

Caterpillar Financial Services 3.55% 23/06/2018 429

Sinochem Offshore Capital 3.55% 13/05/2017 429

Shanghai Baosteel 4.15% 01/03/2017 347

ICICI Bank/Bahrain 4.00% 24/11/2017 320

China Development Bank 4.35% 19/09/2024 304

ICICI Bank/Dubai 4.00% 25/06/2016 301

JD.com Inc 3.13% 29/04/2021 297

Province of British Columbia Canada 2.85%

13/11/2016 293

China CITIC Bank 4.13% 27/02/2017 290

Renault 4.38% 11/12/2017 288

Veolia Environment 4.50% 28/06/2017 288

Australia & New Zealand Banking FRN 30/01/2025 286

Fonterra Co-operative 4.00% 22/06/2020 283

China Overseas Finance 5.375% 29/10/2023 226

CGNPC International 4.00% 19/05/2025 211

Nan Fung Treasury 4.50% 20/09/2022 209

Franshion Investment 4.70% 26/10/2017 204

202

Appendix 2 - significant portfolio movements - Unaudited (continued)


Cost Proceeds



ASM Pacific Technology 1,553 Tencent 4,269

Largan Precision 1,489 Ping An Insurance Group of China 3,014

China Railway Signal & Communication 1,273 Baring China A-Share Fund 1,750

Minth 1,137 Nine Dragons Paper 1,738

NetEase ADR 1,107 Sunny Optical Technology 1,597

China Everbright International 1,094 Baidu ADR 1,545

Haitian International 1,084 China Taiping Insurance 1,485

China Resources Cement 1,061 AAC Technologies 1,485

China Oilfield Services 989 China Biologic Products 1,462

Belle International 975 Shenzhou International 1,429

Wynn Macau 965 Brilliance China Automotive 1,423

Ennoconn 947 China Railway Signal & Communication 1,372

China Life Insurance 936 China Everbright 1,301

Jacobson Pharma 901 Alibaba 1,262

Tongda 894 Uni-President China 1,210

Huatai Securities 878 Semiconductor Manufacturing International 1,197

China Construction Bank 874 JD.com 1,190

China Unicom Hong Kong 853 China Resources Land 1,159

Samsonite International 853 China Everbright International 1,152

Cafe de Coral 848 Zhuzhou CSR Times Electric 1,129

PetroChina 837 Great Wall Motor 1,113

Cathay Financial Class C 829 Bizlink 1,105

BOC Aviation 826 Link REITs 1,088

Great Wall Motor 820 Bank of China 1,076

Eclat Textile 815 Ennoconn 1,071

Tsingtao Brewery 804 Sinopec Shanghai Petrochemical 1,063

Skyworth Digital 803 Tung Thih Electronic 1,051

3SBio 781 Pou Sheng International 1,027

L'Occitane International 780 China Shipping Development 1,015

Alibaba ADR 755 BBMG 1,008

Sino Biopharmaceutical 735 Guangzhou Automobile 1,001

United Laboratories International 701 China State Construction International 995

China Communications Construction 694 CSPC Pharmaceutical 928

Ctrip.Com International 690 China Resources Beer 919

Taiwan Semiconductor Manufacturing 687 Hota Industrial Manufacturing 911

Ten Pao 677 CNOOC 885

Universal Medical Financial & Technical Advisory

Services 671 Orient Overseas International 861

GDS ADR 654 Sino Biopharmaceutical 852

Orient Overseas International 651 Eclat Textile 847

China Biologic Products 649 Largan Precision 808

Logan Property 609

Sun Art Retail 604

Guangzhou Baiyunshan Pharmaceutical 592

203



Cost


United States Treasury Notes 0.625% 15/01/2026 3,066 United States Treasury Notes 0.625% 15/01/2026 2,991









United States Treasury Bill 0.00% 20/07/2017 1,395

iShares Emerging Markets Local Government

Bond UCITS ETF Distributing ETF 833

United States Treasury Bill 0.00% 12/10/2017 1,295 Mexican Bonos 7.75% 13/11/2042 537

United States Treasury Bill 0.00% 05/01/2017 1,049 SPDR Gold Shares 444



Distributing ETF 390

United States Treasury Bill 0.00% 24/07/2017 998 ETFS Physical Gold 326

United States Treasury Bill 0.00% 14/09/2017 997 Alstria office REIT 288

iShares Emerging Markets Local Government Bond

UCITS ETF Distributing ETF 845 Eurocommercial Properties 283

Italy Buoni Poliennali Del Tesoro 3.10% 15/09/2026 687 Mitsubishi UFJ Financial 118


Distributing ETF 593 Sumitomo Mitsui Financial 114

Mexican Bonos 7.75% 13/11/2042 461 Resona Holdings 114

SPDR Gold Shares 423 Sumitomo Mitsui Trust 113

Proceeds

204



Cost

Purchases £'000 Sales £'000

Amundi ETF MSCI Emerging Markets UCITS ETF -

USD ETF 4,116


USD ETF 4,361

United Kingdom Treasury Bill 0.00% 31/10/2016 3,199 United Kingdom Treasury Bill 0.00% 31/10/2016 3,200



Mexican Bonos 4.75% 14/06/2018 1,381 Indonesia Treasury Bond 6.25% 15/04/2017 1,546

Indonesia Treasury Bond 6.25% 15/04/2017 1,374 United Kingdom Treasury Bill 0.00% 31/05/2016 1,400

Brazil Federative Republic 0.00% 01/04/2017 1,223 Mexican Bonos 4.75% 14/06/2018 1,374

Brazil Federative Republic 0.00% 01/01/2017 1,185 Brazil Federative Republic 0.00% 01/04/2017 1,281

MSCI India Index UCITS ETF - GBP ETF 1,142 MSCI India Index UCITS ETF - GBP ETF 1,276

Brazil Federative Republic 0.00% 01/10/2016 1,128 Brazil Federative Republic 0.00% 01/01/2017 1,249

United Kingdom Treasury Bill 0.00% 18/04/2017 1,099 Brazil Federative Republic 0.00% 01/10/2016 1,184

United States Treasury Bill 0.00% 08/12/2016 1,017 Brazil Federative Republic 0.00% 01/07/2016 1,171

United States Treasury Bill 0.00% 22/09/2016 907 United Kingdom Treasury Bill 0.00% 01/08/2016 1,100

iShares Gold Producers UCITS ETF 904 United Kingdom Treasury Bill 0.00% 18/04/2017 1,100

APQ Global 800 United States Treasury Bill 0.00% 08/12/2016 1,071

United Kingdom Treasury Bill 0.00% 02/05/2017 700 iShares Gold Producers UCITS ETF 1,035

iShares China Large Cap UCITS ETF ETF 683 Indonesia Treasury Bond 10.75% 15/05/2016 1,032

Turkey Government Bond 6.30% 14/02/2018 608 United States Treasury Bill 0.00% 22/09/2016 1,017

Source Physical Gold P-ETC ETF 553 iShares China Large Cap UCITS ETF ETF 981

United States Treasury Bill 0.00% 22/06/2017 548 Source Physical Gold P-ETC ETF 951

ETFS Physical Silver ETF 409 United States Treasury Bill 0.00% 23/06/2016 892

Russian Federal Bond - OFZ 7.50% 15/03/2018 399 Mexican Bonos 10.00% 05/12/2024 765

Mexico Government Bond 4.125% 21/01/2026 387 Brazil Federative Republic 10.00% 01/01/2023 725

APQ Global 721

United Kingdom Treasury Bill 0.00% 02/05/2017 700


Turkey Government Bond 6.30% 14/02/2018 615

ETFS Physical Silver ETF 606

South Africa Government 7.75% 28/02/2023 584

Russian Federal Bond - OFZ 7.00% 25/01/2023 583



Russian Foreign Bond - Eurobond 4.88% 16/09/2023 518

Proceeds

205



Cost Proceeds

Purchases US$'000 Sales US$'000Northern Trust Global Funds - US Dollar Fund 2,089 Northern Trust Global Funds - US Dollar Fund 3,356Transnet 4.00% 26/07/2022 240 BBVA Bancomer 6.75% 30/09/2022 548Vale Overseas 6.88% 21/11/2036 216 ABJA Investment Co Pte Ltd 5.95% 31/07/2024 519361 Degrees International 7.25% 03/06/2021 198 Bancolombia 5.13% 11/09/2022 518Samarco Mineracao 4.125% 01//11/2022 125 SM Investments Corp 4.88% 10/06/2024 518

MTS International Funding 5.00% 30/05/2023 517Saudi Electricity Global 5.06% 08/04/2043 502FPC Treasury 4.50% 16/04/2023 499Transnet 4.00% 26/07/2022 479Turk Telekomunikasyon 4.88% 19/06/2024 475JD.com 3.89% 29/04/2026 529Akbank 5.13% 31/03/2025 466DP World 6.85% 02/07/2037 447

Banco Nacional de Desenvolvimento Economico e

Social 5.75% 26/09/2023 415

Mashreqbank 1.40% 24/01/2017 400

Emirates Airline 5.13% 08/06/2016 400

Hutchison Whampoa International 12 6.00%

31/12/2049 354Dah Sing Bank 6.63% 11/02/2020 327Indian Overseas Bank 4.63% 21/02/2018 306KOC 5.25% 15/03/2023 293Shimao Property 8.38% 10/02/2022 279Kazakhstan Temir Zholy Finance 6.38% 06/10/2020 270NTPC 4.75% 03/10/2022 266GTH Finance 6.25% 26/04/2020 265Vale Overseas 6.88% 21/11/2036 264Golden Legacy PTE 9.00% 24/04/2019 264Metalloinvest Finance 5.63% 17/04/2020 263GPB Eurobond Finance 4.96% 05/09/2019 260Gazprom Gaz Capital 4.95% 19/07/2022 259Evergrande Real Estate 8.75% 30/10/2018 259Shimao Property 6.63% 14/01/2020 259Itau Unibanco 5.13% 13/05/2023 254Pertamina Persero 4.30% 20/05/2023 254KazMunayGas National 4.40% 30/04/2023 252Turkiye Vakiflar Bankasi 5.75% 24/04/2017 252Yapi ve Kredi Bankasi 6.75% 08/02/2017 250Eskom Holdings 5.75% 26/01/2021 250JSW Steel 4.75% 12/11/2019 248Pelabuhan Indonesia II 4.25% 05/05/2025 245CNOOC Finance 2013 3.00% 09/05/2023 243Transnet 4.00% 26/07/2022 240GTH Finance 7.25% 26/04/2023 219Steel Capital 5.90% 17/10/2022 217Marquee Land PTE 9.75% 05/08/2019 215361 Degrees International 7.25% 03/06/2021 214Greentown China 8.00% 24/03/2019 210Finansbank AS/Turkey 6.25% 30/04/2019 208Steel Capital 4.45% 19/03/2018 205

Sri Lanka Government International Bond 5.13%

11/04/2019 205Finansbank 5.15% 01/11/2017 203TBG Global Pte 4.63% 03/04/2018 203

206



Cost Proceeds



Poland Government 4.00% 25/10/2023 1,331 Poland Government 3.25% 25/07/2025 2,265

Poland Government 5.75% 25/04/2029 1,006 United Mexican States 10.00% 05/12/2024 2,251

Hungary Government 6.75% 24/11/2017 851 South Africa Government 10.50% 21/12/2026 2,074

United Mexican States 10.00% 05/12/2024 516 Brazil Federative Republic 10.00% 01/01/2023 1,764

Poland Government 3.25% 25/07/2025 308 Colombia Government 10.00% 24/07/2024 1,727

South Africa Government 10.50% 21/12/2026 287 Baring China Bond Fund 1,548

Colombia Government 10.00% 24/07/2024 244 Brazil Federative Republic 10.00% 01/01/2017 1,398

Russian Government 8.15% 03/02/2027 223 Poland Government 4.00% 25/10/2023 1,319

Hungary Government 5.50% 24/06/2025 218 Brazil Federative Republic 10.00% 01/01/2025 1,207

South Africa Government 6.50% 28/02/2041 203 United Mexican States 8.50% 18/11/2038 1,017

Mexican Bonos 7.50% 03/06/2027 203 Poland Government 5.75% 25/04/2029 979

Turkey Government 9.00% 24/07/2024 177 South Africa Government 6.25% 31/03/2036 964

Russian Government 7.60% 20/07/2022 169 Colombia Government 6.00% 28/04/2028 936

Brazil Federative Republic 10.00% 01/01/2025 160 Hungary Government 6.75% 24/11/2017 831

Mexican Bonos 5.00% 15/06/2017 117 Poland Government 5.25% 25/10/2020 756

Indonesia Government 10.00% 15/09/2024 112 Turkey Government 9.00% 24/07/2024 699

Romania Government 5.85% 26/04/2023 97 Russian Government 7.60% 20/07/2022 683

Brazil Federative Republic 10.00% 01/01/2018 51 Hungary Government 7.00% 24/06/2022 644

Indonesia Government 8.38% 15/03/2024 49 Russian Government 8.15% 03/02/2027 623

Indonesia Government 9.50% 15/07/2031 615

Brazil Federative Republic 10.00% 01/01/2018 597

Romania Government 5.85% 26/04/2023 581

Hungary Government 5.50% 24/06/2025 558

Turkey Government 7.10% 08/03/2023 530






Russian Government 7.00% 16/08/2023 448


207



Cost Proceeds

Purchases EUR'000 Sales EUR'000


30/06/2021 3,158

United States Treasury Inflation Indexed Bonds

2.125% 15/02/2041 3,759


31/03/2018 2,644


30/09/2017 2,568


30/09/2017 2,485 Source Physical Palladium P-ETC USD ETF 2,042


USD ETF 2,242 Russian Federal Bond - OFZ 7.00% 25/01/2023 1,670

United States Treasury Inflation Indexed Bonds

2.125% 15/02/2041 1,964 Norway Government Bond 4.25% 19/05/2017 1,661

Source Physical Platinum P-ETC Class E ETF 1,702 Baring Europe (ex UK) Equity Component Fund 1,152

Source Physical Palladium P-ETC USD ETF 1,671


USD ETF 1,036

Russian Federal Bond - OFZ 7.00% 25/01/2023 1,651 Italy Buoni Poliennali Del Tesoro 3.10% 15/09/2026 1,003


15/02/2024 1,570


16/10/2017 999

Russian Federal Bond - OFZ 8.15% 03/02/2027 1,548 Poland Government Bond 1.5% 25/04/2020 787

Brazilian Government International Bond 2.875%

01/04/2021 1,532 Poland Government Bond 5.75% 25/04/2029 764

Italy Buoni Poliennali Del Tesoro 3.10% 15/09/2026 1,033 Source Physical Platinum P-ETC Class E ETF 672

Banco Nacional de Desenvolvimento Economico e

Social 3.625% 21/01/2019 1,025 Resona 562

Amundi ETF MSCI Em Asia UCITS ETF - USD ETF 991


14/06/2019 492

Source Physical Gold P-ETC ETF 983


15/04/2021 482

Brazil Notas do Tesouro Nacional Serie F 10%

01/01/2023 755

Hellenic Republic Government Bond 4.75%

17/04/2019 479


14/06/2019 606 Mitsubishi UFJ Financial 476


15/04/2021 545 Chiba Bank 441

Chiba Bank 498 Intesa Sanpaolo 4% 09/11/2017 437

Sumitomo Mitsui Trust 494 HCA 5.875% 15/03/2022 359

Japan Post Bank 482

Shizuoka Bank 480

Mizuho Financial 470

Sumitomo Mitsui Financial 468

Hellenic Republic Government Bond 4.75%

17/04/2019 453

Chenavari Capital Solutions 453

Resona 452

208



Cost Proceeds

Purchases EUR'000 Sales EUR'000Northern Trust Global Funds - Sterling Fund 73,218 Northern Trust Global Funds - Sterling Fund 71,178

Northern Trust Global Funds - Euro Liquidity Fund 61,442

Northern Trust Global Funds - Euro Liquidity

Fund 60,218

Tryg 3,324 NMC Health 3,273

Helvetia 2,923 Gamesa Tecnologica 3,253

Greencore 2,681 Eurofins Scientific 3,072

TGS NOPEC Geophysical 2,513 Koninklijke Vopak 2,771

NMC Health 2,409 Unite Group 2,699

Ascential 2,368 Huhtamaki 2,698

Just Eat 2,341 SEB 2,544

Imerys 2,310 Corbion 2,409

Entertainment One 2,300 Just Eat 2,311

Synthomer 2,297 Glanbia 2,294

Valmet 2,274 Dignity 2,263

Cineworld 2,256 Drillisch 2,242

CVS 2,237 Bpost 2,238

Dignity 2,221 SCOR 2,044

HomeServe 2,206 Royal Unibrew 1,976

Prysmian 2,205 Tecan 1,965

B&M European Value Retail 2,175 KION 1,954

Cargotec 2,139 SPIE 1,929

209



Cost Proceeds

Purchases US$'000 Sales US$'000 Northern Trust Global Funds - US Dollar Fund 15,412 Northern Trust Global Funds - US Dollar Fund 14,889

YPF ADR 1,100 NMC Health 1,172

Aldar Properties 818 Lucky Cement 1,114

Pampa Energia ADR 784 Krka dd Novo mesto 1,044

Square Pharmaceuticals 724 Merrill Lynch P-Note Feb 17 (Abdullah) 822

GrameenPhone 665 Vietnam Dairy Products 816

Northern Trust Global Funds - Euro Fund 599 SC Electrica SA 750

Merrill Lynch P-Note Apr 17 (Bupa Arabia) 583 Aldar Properties 723

Merrill Lynch P-Note Jan 18 (Abdullah) 566 Coca-Cola 664

Citigroup Global P-Note Jul 17 (Al Mouwsat) 544 Banco Macro ADR 646

Mezzan 514 Emaar Properties 642

Dangote Cement 486 Bank Alfalah 638

Globant 438 Morgan Stanley P-Note Feb 18 (Herfy Foods) 627

Cleopatra Hospital 429 Adecoagro 615

Merrill Lynch P-Note Mar 18 (Bupa Arabia) 420 Grupo Clarin 603

Emaar Malls 392 Safaricom 598

Hatton National Bank 358 Northern Trust Global Funds - Euro Fund 598

EPAM Systems 324 Citigroup Global P-Note Jul 17 (Al Mouwsat) 594HSBC Bank P-Note Aug 19 (Middle East

Healthcare)

323

Mega Lifesciences

569

DG Khan Cement

322 Deutsche P-Note Jan 18 (United International

Transportation)

557

National Bank of Kuwait 322 Engro Foods 540

Edenor SA 315 East African Breweries 532

Goldman Sachs P-Note Apr 18 (Al Rajhi) 315 Nestle Nigeria 521

Randgold Resources 312 Merrill Lynch P-Note Apr 17 (Bupa Arabia) 510

Airports of Vietnam 310 BGEO 489

Vietnam Dairy Products 305 John Keells 488

Grupo Financiero Galicia ADR 305 NagaCorp 473

Grupo Financiero Galicia ADR 456

Globant 446

Bata Shoe Bangladesh 438

Banca Transilvania 436

210



Cost Proceeds

Purchases £'000 Sales £'000 Unilever 752 Six Flags Entertainment 395

Colgate-Palmolive 745 Automatic Data Processing 388

Regal Entertainment 591 Chocoladefabriken Lindt & Spruengli (PTG Cert) 334

Givaudan 591 Northern Trust Global Funds - US Dollar Fund 180

Compass 591 Italgas 47

3M 586 Northern Trust Global Funds - Euro Liquidity Fund 10

Reckitt Benckiser 574 Northern Trust Global Funds - Sterling Fund 2

Northern Trust Global Funds - US Dollar Fund 541

Dulux 511

Sonic Healthcare 505

Home Depot 503

Becton Dickinson 501

Johnson & Johnson 501

Stryker 500

SGS 430

MARR 422

Klepierre 421

Associated British Foods 421

Unibail-Rodamco REITs 420

Danone 418

Crown Castle International 418

International Flavors & Fragrances 417

TJX Cos 402

Snam 380

Ecolab 367

Cintas 364

Six Flags Entertainment 336

Henkel 334

Automatic Data Processing 334

Amadeus IT 334

Air Liquide 334

Red Electrica 334

Sage Group 331

Chocoladefabriken Lindt & Spruengli 327

Chocoladefabriken Lindt & Spruengli (PTG Cert) 325

Genuine Parts 316

Orkla 253

Costco Wholesale 253

PepsiCo 250

Kimberly-Clark 249

Nestle 248

Procter & Gamble 245

Kone 201

211



Cost Proceeds



Anglo American 607 BHP Billiton 310

Newcrest Mining 303 Independence NL 269

Teck Resources 258 Acacia Mining 229

Whitehaven Coal 200 Cameco 211

Metals X 156 Sandfire Resources NL 184

Umicore 140 Nevsun Resources 181

Centamin 127 Fortescue Metals 178

Evolution Mining 107 Alumina 144

Norsk Hydro 104 PolyMet Mining 133

Boliden 99 Umicore 127

Galaxy Resources 98 Rio Tinto 125

Fortescue Metals 91 Glencore 118

Westgold Resources 62 Lundin Mining 114

Alumina 54 Orocobre 109

Petra Diamonds 52 AngloGold Ashanti 96

Randgold Resources 45 Randgold Resources 73

Goldcorp 43 First Quantum Minerals 69

Rio Tinto 43 Anglo American 43

Nevsun Resources 41 Northern Trust Global Funds - Sterling Fund 15

212


Baring India Fund

Cost Proceeds


Arvind 738 Reliance Industries 1,095

Castrol India 605 Kajaria Ceramics 844

PI Industries 537 Yes Bank 802

Axis Bank 377 Bharat Financial Inclusion 692

SRF 311 HDFC Bank 662

Navkar 296 Sun Pharmaceutical Industries 566

HCL Technologies 287 Axis Bank 542

Jindal Steel & Power 279 Dalmia Bharat 457

Aegis Logistics 261 Tata Consultancy Services 449

Reliance Industries 255 UltraTech Cement 428

Suzlon Energy 216 Motherson Sumi Systems 410

Suprajit Engineering 173 Maruti Suzuki India 383

Infosys 155 Greenply Industries 338

UPL 155 Aegis Logistics 335

Amara Raja Batteries 145 IndusInd Bank 316

Maruti Suzuki India 142 Arvind 307

Adani Ports & Special Economic Zone 119 Gateway Distriparks 307

Sun Pharmaceutical Industries 118 Amara Raja Batteries 306

Navin Fluorine International 100 Adani Ports & Special Economic Zone 299

Divi's Laboratories 87 Kajaria Ceramics 284

Mahindra CIE Automotive 86 Divi's Laboratories 275

Somany Ceramics 85 Housing Development Finance 269

Zee Entertainment Enterprises 77 Zee Entertainment Enterprises 215

Dalmia Bharat 68 UPL 199

Castrol India 189

Minda 174

Larsen & Toubro 151

Mahindra CIE Automotive 125

213


Baring MENA Fund

Cost ProceedsPurchases US$'000 Sales US$'000Northern Trust Global Funds - US Dollar Fund 1,883 Northern Trust Global Funds - US Dollar Fund 1,776

Ooredoo 217 Ulker Biskuvi Sanayi 317

Ulker Biskuvi Sanayi 214 NMC Health 281

Turkiye Garanti Bankasi 206

Merrill Lynch P-Note Feb 17 (Abdullah Al

Othaim) 271

Deutsche Bank P-Note Apr 18 (Bupa Arabia) 181 Aldar Properties 253

Citi Group P-Notes Jul 17 (Al Mouwasat) 177 Emaar Properties 253

Merrill Lynch P-Note Jan 18 (Abdullah Al Othaim) 165 Citi Group P-Note Jul 17 (Samba) 228

HSBC Bank P-Note Jul 19 (Al Khaleej) 154

Deutsche Bank P-Note Apr 17 (United

International) 218

Cleopatra Hospital 152 Qatar National Bank 210

First Gulf Bank 142 HSBC Bank P-Note Jul 16 (Al Khaleej) 154

Credit Suisse P-Note Aug 19 (Herfy) 130 Credit Suisse P-Note Aug 19 (Herfy) 145

Bim Birlesik Magazalar 127 Commercial International Bank Egypt 144

Mezzan 123 Turk Traktor ve Ziraat Makineleri 139

Safaricom 113 Abu Dhabi Commercial Bank 137

Coca-Cola Icecek Class A 111 Morgan Stanley P-Note Feb 18 (Herfy) 130

Goldman Sachs P-Note April 18 (Al Rhaji) 98 Credit Suisse P-Note Sep 16 (Herfy) 130

Commercial International Bank Egypt 97 Bim Birlesik Magazalar 123

Deutsche Bank P-Note Apr 17 (United

International) 91 Tupras Turkiye Petrol Rafinerileri 106

Merrill Lynch P-Note Feb 17 (Abdullah Al

Othaim) 82 First Gulf Bank 105

Aldar Properties 62 Cleopatra Hospital 101

Emaar Malls 50 HSBC Bank P-Note Jul 19 (Al Khaleej) 99

Emaar Properties 49 Turk Telekomunikasyon Class A 98

National Bank of Kuwait 95

Citi Group P-Notes Jul 17 (Al Mouwasat) 95

DP World 92

Al Meera Consumer Goods QSC 80

Merrill Lynch P-Note Jan 18 (Abdullah Al

Othaim) 74

Morgan Stanley P-Note Oct 17 (Fawaz

Abdulaziz) 71

214

Appendix 3 - securities financing transactions regulation - Unaudited

The Securities Financing Transactions Regulation requires the manager of a UCITS Fund to comply with a

series of obligations. In particular, the Manager is required to provide investors with information on the use of

securities financial transactions (“SFTs”) and total return swaps (“TRSs”) by the Fund in all interim and annual

report published from 13 January 2017.

During the year 1 May 2016 to 30 April 2017, the Fund did not enter into SFTs and TRSs. Should this change in

the future, the interim and annual reports for the Fund will disclose all required information of the use of SFTs

and TRSs.

215

Appendix 4 - remuneration disclosure

Baring Investment Funds Plc Remuneration

The Manager of the Baring Investment Funds Plc (“the Fund”) is Baring International Fund Managers (Ireland) Limited (“the Manager”), authorised by the Central Bank of Ireland as a UCITS Management Company under the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulation 2011 (S.I. No 352 of 2011) as amended (“UCITS”). The Manager’s Remuneration Policy ensures that the remuneration arrangements of “Identified Staff” as defined in the European Securities and Markets Authorities (“ESMA’s”) “Guidelines on sound remuneration policies under the UCITS directive” (the 'ESMA Guidelines'), (as amended) are: i) consistent with and promote sound and effective risk management and do not encourage risk-taking which is

inconsistent with the risk profile, rules or instruments of incorporation of the Manager or the Fund; and ii) consistent with the Manager’s business strategy, objectives, values and interests and includes measures to

avoid conflicts of interest. The Manager must comply with the UCITS remuneration principles in a way and to the extent that is appropriate to its size and business.

Remuneration Committee

Due to the size and nature of Baring International Fund Managers (Ireland) Limited (“the Manager”) the Board considers it appropriate to dis-apply the requirement to appoint a remuneration committee. Baring Asset Management Limited (“the Investment Manager”) employs and remunerates staff that carry out activities on behalf of the Manager. The Investment Manager is also the appointed delegate to carry out Investment Management and is authorised in the UK by the Financial Conduct Authority (“FCA”). Barings has an HR and Salaries Committee as well as a Remuneration Committee to ensure the fair and proportionate application of the remuneration rules and requirements across the Barings’ group, which includes the Investment Manager. The Committees ensure that potential conflicts arising from remuneration are managed and mitigated appropriately. All Investment Manager staff are subject to the Barings’ Performance Management Review process, which includes both financial and non-financial criteria as appropriate.

UCITS Remuneration Identified Staff

Baring International Fund Managers (Ireland) Limited (“the Manager”) must determine its Identified Staff. Identified Staff consists of staff whose professional activities have a material impact on the risk profiles of the Manager or the Fund, which includes senior managers, controlled functions and risk takers. The Manager has a year end of 31 December and remuneration is based on the Baring International Fund Managers (Ireland) Limited (“the Manager”) year end of 31 December 2016. a) Senior Managers and controlled functions

i) Two independent directors received a fixed director’s fee (they did not receive any variable remuneration

or performance based pay). The other directors, employed and remunerated by Baring Asset Management Limited, waived their entitlement to receive a director’s fee from the Manager.

ii) Designated persons perform the managerial functions of risk management and monitoring investment performance. The Designated Persons were seconded from Duff & Phelps Financial Services (Ireland) Limited, were not employed by the Manager and did not receive a salary from the Manager.

There were no other controlled functions, senior management or identified staff employed by the Manager.

b) Risk takers Investment Managers: Baring International Fund Managers (Ireland) Limited (“the Manager”) has delegated investment management to Baring Asset Management Limited (“the Investment Manager”) and accordingly the Investment Managers were remunerated by Barings under an equivalent remuneration regime (the Investment Manager and its subsidiaries are subject to remuneration rules contained in the Capital Requirements Directive (“CRD”) and these are considered to be equally as effective as those contained in the UCITS directive).

216

Appendix 4 - remuneration disclosure (continued)

Remuneration Disclosure: Baring Investment Funds Plc

The table below summarises the fixed and variable remuneration paid to Identified Staff as well as other Barings’ staff (remunerated by the Investment Manager) that carry out activities for Baring International Fund Managers (Ireland) Limited (“the Manager”), for the financial year ending 31 December 2016. The disclosures below show remuneration relevant to the Funds, apportioned using total Barings Assets under Management (“AUM”).

Number of beneficiaries

Total fixed remuneration for the period

Total variable remuneration for the period

Total remuneration


Staff 336 €131,432 €158,632 €290,063

Identified Staff 7 €77,704 €115,764 €193,468

Baring MENA Fund

Staff 336 €2,835 €1,901 €4,737


Baring India Fund

Staff 336 €400,520 €266,162 €666,681



Staff 336 €8,506 €5,704 €14,210



Staff 336 €25,518 €17,111 €42,629



Staff 336 €11,341 €7,605 €18,946



Staff 336 €14,177 €9,506 €23,683



Staff 336 €184,299 €123,577 €307,876



Staff 336 €51,037 €34,221 €85,258


Notes: 1. The disclosures assume all UK staff employed by Baring Asset Management Limited (“the Investment

Manager”) and global investment managers managing Baring International Fund Managers (Ireland) Limited (“the Manager”) carry out some activities on behalf of the Manager. Remuneration is apportioned based on the relevant AUM. Other than the Identified Staff noted above, none of the staff were considered to be senior managers or others whose actions may have a material impact on the risk profile of the Fund.

2. Identified Staff: These are as defined in the Manager’s Remuneration Policy; no direct payments from the Manager are received by Identified Staff (excluding the independent directors). Remuneration is paid by the Investment Manager and is apportioned on an AUM basis.

3. Variable remuneration consists of cash bonus and deferred awards awarded in the period.

4. The Fund does not pay either performance related fees or carried interests to any person.

Address: Baring International Fund Managers (Ireland) Limited Georges CourtTownsend StreetDublin 2Ireland

Contact: Tel: +353 1 542 2930 Fax: +353 1 670 1185 www.barings.com

Important information: This document is approved and issued by Baring International Fund Managers (Ireland) Limited.

Disclosure: Baring International Fund Managers (Ireland) Limited Authorised and Regulated by the Central Bank of IrelandGeorges Court, Townsend Street, Dublin 2, Ireland


http://www.barings.com/

Addendum to the Baring Investment Funds Plc Annual Report & Audited Financial Statements for the year ended 30 April 2017

Please note that Tax advisory services amount disclosed in the Auditors remuneration note on page 93 should read as follows:

Auditors’ remuneration

The remuneration for all work carried out by the statutory auditors in respect of the financial year is as follows:

30/04/2017 30/04/2016

US$ US$

Statutory audit fee 169,465 176,623

Tax advisory services 26,473 24,531

195,938 201,154

The incorrect figure for the tax advisory fee of US$181,697, originally disclosed in the Baring Investment Funds Plc Annual Report & Audited Financial Statements (“the Company’s Financial Statements”) for the year ended 30 April 2017 will be replaced by the correct figure of US$26,473 in the Company’s Financial Statements for the year ended 30 April 2018.

8 December 2017