# The accompanying notes form an integral part of these financial statements.
## Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Units
For the financial period ended 31 October 2019
|  |  | Barings Developed |  |
| --- | --- | --- | --- |
|  |  | and Emerging Markets High Yield Bond Fund | Barings Eastern Europe Fund |
|  | Notes | 31 October 2019 US$ | 31 October 2019 US$ |
| Net assets attributable to holders of redeemable participating units at the beginning of the financial period |  | 553,992,269 | 873,984,655 |
| (Decrease)/increase in net assets attributable to holders of redeemable participating units |  | (6,669,401) | 61,854,478 |
| Issue of redeemable units during the financial period | 4 | 129,338,112 | 63,822,588 |
| Redemption of redeemable units during the financial period | 4 | (130,057,103) | (114,698,659) |
| Income equalisation | 5 | 	87,241 | 	(1,028,151) |
| Net assets attributable to holders of redeemable participating units at the end of the financial period |  | 	546,691,118 | 	883,934,911 |

The accompanying notes form an integral part of these financial statements.
|  |  | Barings Global Leaders Fund | Barings Global Resources Fund |
| --- | --- | --- | --- |
|  | Notes | 31 October 2019 US$ | 31 October 2019 US$ |
| Net assets attributable to holders of redeemable participating units at the beginning of the financial period |  | 49,375,924 | 362,011,618 |
| Increase/(decrease) in net assets attributable to holders of redeemable participating units |  | 101,116 | (14,367,393) |
| Issue of redeemable units during the financial period | 4 | 5,868,293 | 17,150,059 |
| Redemption of redeemable units during the financial period | 4 | (6,551,764) | (32,834,779) |
| Income equalisation | 5 | 	– | 	(37,902) |
| Net assets attributable to holders of redeemable participating units at the end of the financial period |  | 	48,793,569 | 	331,921,603 |

The accompanying notes form an integral part of these financial statements.
|  |  | Barings Developed |  |
| --- | --- | --- | --- |
|  |  | and Emerging Markets High Yield Bond Fund | Barings Eastern Europe Fund |
|  | Notes | 31 October 2018 US$ | 31 October 2018 US$ |
| Net assets attributable to holders of redeemable participating units at the beginning of the financial period |  | 600,989,821 | 937,219,458 |
| Decrease in net assets attributable to holders of redeemable participating units |  | (21,774,317) | (127,174,718) |
| Issue of redeemable units during the financial period | 4 | 78,950,369 | 44,624,832 |
| Redemption of redeemable units during the financial period | 4 | (113,253,153) | (57,444,911) |
| Income equalisation | 5 | 	(451,798) | 	(183,027) |
| Net assets attributable to holders of redeemable participating units at the end of the financial period |  | 	544,460,922 | 	797,041,634 |

The accompanying notes form an integral part of these financial statements.
|  |  | Barings Global Leaders Fund | Barings Global Resources Fund |
| --- | --- | --- | --- |
|  | Notes | 31 October 2018 US$ | 31 October 2018 US$ |
| Net assets attributable to holders of redeemable participating units at the beginning of the financial period |  | 58,121,825 | 423,161,023 |
| Decrease in net assets attributable to holders of redeemable participating units |  | (3,732,734) | (57,119,484) |
| Issue of redeemable units during the financial period | 4 | 4,083,790 | 51,535,542 |
| Redemption of redeemable units during the financial period | 4 | (5,223,673) | (62,029,134) |
| Income equalisation | 5 | 	– | 	(33,091) |
| Net assets attributable to holders of redeemable participating units at the end of the financial period |  | 	53,249,208 | 	355,514,856 |

The accompanying notes form an integral part of these financial statements.
- 
## Basis of measurement


## Notes to the financial statements
For the financial period ended 31 October 2019
The financial statements presented are unaudited condensed interim financial statements for the financial period ended 31 October 2019 that have been prepared in accordance with Financial Reporting Standard 104 ("FRS 104") "Interim Financial Reporting”.
The condensed interim financial statements should be read in conjunction with the annual financial statements for the year ended 30 April 2019, which have been prepared in accordance with accounting standards generally accepted in Ireland, including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and Irish statute, comprising the Unit Trusts Act, 1990, and the provisions of the Hong Kong Code on Unit Trusts and Mutual Funds.
The accounting policies applied in these condensed interim financial statements are consistent with those used in the Unit Trust most recent annual financial statements for the financial year ended 30 April 2019.
The condensed interim financial statements have been prepared under the historical cost convention as modified by the revaluation of financial assets and financial liabilities held at fair value through profit or loss. These financial statements were prepared on the going concern basis.
The Unit Trust 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 comparative figures included for the Statement of Financial Position relate to the previous financial year ended 30 April 2019, while the comparative figures included for the Statement of Comprehensive Income and Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares relate to the six month period ended 31 October 2018.
- 
## Significant accounting policies

(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 Measurement 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 Unit Trust has chosen to implement b) the recognition and measurement provisions of IAS 39 Financial Instruments: Recognition and Measurement and only the disclosure requirements of FRS 102 relating to Basic Financial Instruments and Other Financial Instruments.
The use of the IAS 39 recognition and measurement provisions is in line with the pricing policy set out in the Trust Deed, which outlines that the fair value of financial assets and financial liabilities be valued at the last traded prices.
- 
## Cash and cash equivalents, collateral cash and bank overdrafts

Cash and cash equivalents, collateral cash and bank overdrafts are valued at fair value with interest accrued, where applicable. Cash deposits are maintained with The Northern Trust Company (“TNTC”), London branch, with uninvested cash balances being swept daily into the Northern Trust Global Funds. Any collateral cash is held by the broker as this is restricted cash. As at 31 October 2019 and 30 April 2019, the following collateral cash was held by Barings Developed and Emerging Markets High Yield Bond Fund:
|  | 31 October 2019 | 30 April 2019 |
| --- | --- | --- |
|  | US$ | US$ |
| State Street* | 2,670,000 | (2,060,000) |
| Total | 	2,670,000	 | (2,060,000) |

- 
## Cash and cash equivalents, collateral cash and bank overdrafts (continued)

* All cash held with State Street is cash held as collateral for derivative purposes.
- Redeemable unitsFinancial period ended 31 October 2019Barings Developed and Emerging Markets High Yield Bond Fund

|  | Class A AUD Hedged Inc Monthly Dividend No. of Units |  | Class A CAD Hedged Inc Monthly Dividend No. of Units |  | Class A CHF Hedged Acc No. of Units |
| --- | --- | --- | --- | --- | --- |
| Balance as at 1 May 2019 | 1,902,175 |  | 1,758,709 |  | 4,931 |
| Issued | 225,795 |  | 148,186 |  | – |
| Redeemed | (550,104) |  | (274,272) |  | – |
| Balance as at 31 October 2019 | 	1,577,866 |  | 	1,632,622 |  | 	4,931 |

|  | Class A EUR Hedged Inc No. of Units |  | Class A EUR Inc No. of Units |  | Class A GBP Hedged Inc No. of Units |
| --- | --- | --- | --- | --- | --- |
| Balance as at 1 May 2019 | 605,086 |  | 2,862,876 |  | 2,878,530 |
| Issued | 118,965 |  | 267,609 |  | 322,780 |
| Redeemed | (188,318) |  | (168,963) |  | (261,073) |
| Balance as at 31 October 2019 | 	535,733 |  | 	2,961,522 |  | 	2,940,236 |

|  | Class A HKD Inc Monthly Dividend No. of Units |  | Class A NZD Hedged Inc Monthly Dividend No. of Units |  | Class A RMB Hedged Inc Monthly Dividend No. of Units |
| --- | --- | --- | --- | --- | --- |
| Balance as at 1 May 2019 | 644,882 |  | 677,365 |  | 454,381 |
| Issued | 34,793 |  | 117,436 |  | 346,410 |
| Redeemed | (69,821) |  | (97,750) |  | (106,528) |
| Balance as at 31 October 2019 | 	609,855 |  | 	697,051 |  | 	694,263 |

|  | Class A USD Acc No. of Units |  | Class A USD Inc Monthly Dividend No. of Units |  | Class A USD Inc No. of Units |
| --- | --- | --- | --- | --- | --- |
| Balance as at 1 May 2019 | 4,302,154 |  | 20,005,714 |  | 18,776,395 |
| Issued | 314,801 |  | 6,379,596 |  | 4,319,360 |
| Redeemed | (500,325) |  | (6,365,849) |  | (4,579,351) |
| Balance as at 31 October 2019 | 4,116,630 |  | 20,019,461 |  | 18,516,404 |

|  | Class I EUR Acc No. of Units |  | Class I GBP Hedged Inc No. of Units |  | Class I USD Acc No. of Units |
| --- | --- | --- | --- | --- | --- |
| Balance as at 1 May 2019 | 24,114 |  | 883,419 |  | 684,722 |
| Issued | 4,400 |  | 332,685 |  | 659,743 |
| Redeemed | – |  | (241,530) |  | (404,400) |
| Balance as at 31 October 2019 | 28,514 |  | 974,573 |  | 940,065 |

4.	Redeemable units (continued)
Barings Eastern Europe Fund
|  | Class A EUR Inc No. of Units |  | Class A GBP Inc No. of Units |  | Class A USD Acc No. of Units |
| --- | --- | --- | --- | --- | --- |
| Balance as at 1 May 2019 | 1,957,995 |  | 11,266 |  | 599,952 |
| Issued | 92,668 |  | 22,341 |  | 223,457 |
| Redeemed | (261,336) |  | (3,982) |  | (57,620) |
| Balance as at 31 October 2019 | 	1,789,327 |  | 	29,626 |  | 	765,789 |

|  | Class A USD Inc No. of Units |  | Class I EUR Acc No. of Units |  | Class I GBP Acc No. of Units |
| --- | --- | --- | --- | --- | --- |
| Balance as at 1 May 2019 | 7,622,315 |  | 10 |  | 11,946 |
| Issued | 349,789 |  | – |  | 8,453 |
| Redeemed | (960,134) |  | – |  | (6,720) |
| Balance as at 31 October 2019 | 	7,011,969 |  | 	10 |  | 	13,679 |

|  | Class I GBP Inc No. of Units |  | Class I USD Acc No. of Units |  | Class I USD Inc No. of Units |
| --- | --- | --- | --- | --- | --- |
| Balance as at 1 May 2019 | 4,184 |  | 13,727 |  | 545 |
| Issued | 3,603 |  | 15,950 |  | 2,702 |
| Redeemed | (1,223) |  | (16,350) |  | – |
| Balance as at 31 October 2019 | 	6,564 |  | 	13,327 |  | 	3,247 |

Barings Global Leaders Fund
|  | Class A EUR Inc No. of Units |  | Class A GBP Inc No. of Units |  | Class A USD Inc No. of Units |
| --- | --- | --- | --- | --- | --- |
| Balance as at 1 May 2019 | 239,647 |  | 102,242 |  | 2,089,989 |
| Issued | 70,497 |  | 35,405 |  | 191,638 |
| Redeemed | (40,439) |  | (57,449) |  | (228,212) |
| Balance as at 31 October 2019 | 269,705 |  | 80,198 |  | 2,053,415 |

|  | Class I USD Acc No. of Units |
| --- | --- |
| Balance as at 1 May 2019 | 25 |
| Balance as at 31 October 2019 | 25 |

Barings Global Resources Fund
|  | Class A EUR Inc No. of Units |  | Class A GBP Inc No. of Units |  | Class A USD Inc No. of Units |
| --- | --- | --- | --- | --- | --- |
| Balance as at 1 May 2019 | 2,543,708 |  | 85,665 |  | 14,910,487 |
| Issued | 92,182 |  | 367 |  | 755,700 |
| Redeemed | (114,312) |  | (10,023) |  | (1,187,454) |
| Balance as at 31 October 2019 | 2,521,578 |  | 76,009 |  | 14,478,733 |

4.	Redeemable units (continued)
|  | Class I GBP Acc No. of Units |  | Class I USD Acc No. of Units |
| --- | --- | --- | --- |
| Balance as at 1 May 2019 | 1,364,065 |  | 176,051 |
| Issued | 113,126 |  | – |
| Redeemed | (391,338) |  | (107,142) |
| Balance as at 31 October 2019 | 	1,085,852 |  | 	68,909 |


## Financial year ended 30 April 2019
Barings Developed and Emerging Markets High Yield Bond Fund
|  | Class A AUD Hedged Inc Monthly Dividend No. of Units |  | Class A CAD Hedged Inc Monthly Dividend No. of Units |  | Class A CHF Hedged Acc No. of Units |
| --- | --- | --- | --- | --- | --- |
| Balance as at 1 May 2018 | 1,909,672 |  | 1,843,433 |  | 5,457 |
| Issued | 611,177 |  | 233,931 |  | – |
| Redeemed | (618,674) |  | (318,655) |  | (526) |
| Balance as at 30 April 2019 | 	1,902,175 |  | 	1,758,709 |  | 	4,931 |

|  | Class A EUR Hedged Inc No. of Units |  | Class A EUR Inc No. of Units |  | Class A GBP Hedged Inc No. of Units |
| --- | --- | --- | --- | --- | --- |
| Balance as at 1 May 2018 | 552,852 |  | 2,936,556 |  | 3,206,640 |
| Issued | 335,182 |  | 291,827 |  | 406,445 |
| Redeemed | (282,948) |  | (365,507) |  | (734,555) |
| Balance as at 30 April 2019 | 	605,086 |  | 	2,862,876 |  | 	2,878,530 |

|  | Class A HKD Inc Monthly Dividend No. of Units |  | Class A NZD Hedged Inc Monthly Dividend No. of Units |  | Class A RMB Hedged Inc Monthly Dividend No. of Units |
| --- | --- | --- | --- | --- | --- |
| Balance as at 1 May 2018 | 705,801 |  | 783,663 |  | 400,131 |
| Issued | 104,888 |  | 90,720 |  | 231,580 |
| Redeemed | (165,807) |  | (197,018) |  | (177,330) |
| Balance as at 30 April 2019 | 	644,882 |  | 677,365 |  | 454,381 |

|  | Class A USD Acc No. of Units |  | Class A USD Inc Monthly Dividend No. of Units |  | Class A USD Inc No. of Units |
| --- | --- | --- | --- | --- | --- |
| Balance as at 1 May 2018 | 3,782,965 |  | 23,114,932 |  | 18,991,845 |
| Issued | 1,688,350 |  | 8,314,946 |  | 5,198,047 |
| Redeemed | (1,169,161) |  | (11,424,164) |  | (5,413,497) |
| Balance as at 30 April 2019 | 4,302,154 |  | 20,005,714 |  | 18,776,395 |

4.	Redeemable units (continued)
|  | Class I EUR Acc No. of Units |  | Class I GBP Hedged Inc No. of Units |  | Class I USD Acc No. of Units |
| --- | --- | --- | --- | --- | --- |
| Balance as at 1 May 2018 | 18,027 |  | 1,111,477 |  | 925,180 |
| Issued | 6,087 |  | 388,924 |  | 1,193,867 |
| Redeemed | – |  | (616,982) |  | (1,434,325) |
| Balance as at 30 April 2019 | 	24,114 |  | 	883,419 |  | 	684,722 |


## Barings Eastern Europe Fund
|  | Class A EUR Inc No. of Units |  | Class A GBP Inc No. of Units |  | Class A USD Acc No. of Units |
| --- | --- | --- | --- | --- | --- |
| Balance as at 1 May 2018 | 2,047,022 |  | 13,365 |  | 564,886 |
| Issued | 178,260 |  | 1,273 |  | 177,233 |
| Redeemed | (267,287) |  | (3,372) |  | (142,167) |
| Balance as at 30 April 2019 | 	1,957,995 |  | 	11,266 |  | 	599,952 |

|  | Class A USD Inc No. of Units |  | Class I EUR Acc No. of Units |  | Class I GBP Acc No. of Units |
| --- | --- | --- | --- | --- | --- |
| Balance as at 1 May 2018 | 8,001,087 |  | 10 |  | 17,595 |
| Issued | 775,163 |  | – |  | 6,617 |
| Redeemed | (1,153,935) |  | – |  | (12,266) |
| Balance as at 30 April 2019 | 	7,622,315 |  | 	10 |  | 	11,946 |

|  | Class I GBP Inc No. of Units |  | Class I USD Acc No. of Units |  | Class I USD Inc No. of Units |
| --- | --- | --- | --- | --- | --- |
| Balance as at 1 May 2018 | 8,339 |  | 14,768 |  | 815 |
| Issued | 3,089 |  | 23,571 |  | 99 |
| Redeemed | (7,244) |  | (24,612) |  | (369) |
| Balance as at 30 April 2019 | 4,184 |  | 13,727 |  | 545 |

Barings Global Leaders Fund
|  | Class A EUR Inc No. of Units |  | Class A GBP Inc No. of Units |  | Class A USD Inc No. of Units |
| --- | --- | --- | --- | --- | --- |
| Balance as at 1 May 2018 | 341,800 |  | 111,442 |  | 2,237,978 |
| Issued | 42,635 |  | 5,236 |  | 311,741 |
| Redeemed | (144,788) |  | (14,436) |  | (459,730) |
| Balance as at 30 April 2019 | 239,647 |  | 102,242 |  | 2,089,989 |

|  | Class I USD Acc No. of Units |
| --- | --- |
| Balance as at 1 May 2018 | 161,790 |
| Issued | 30,093 |
| Redeemed | (191,858) |
| Balance as at 30 April 2019 | 25 |

- Redeemable units (continued)


## Barings Global Resources Fund
|  | Class A EUR Inc No. of Units |  | Class A GBP Inc No. of Units |  | Class A USD Inc No. of Units |
| --- | --- | --- | --- | --- | --- |
| Balance as at 1 May 2018 | 2,722,585 |  | 87,649 |  | 15,720,936 |
| Issued | 127,468 |  | 408 |  | 2,844,354 |
| Redeemed | (306,345) |  | (2,392) |  | (3,654,803) |
| Balance as at 30 April 2019 | 	2,543,708 |  | 	85,665 |  | 	14,910,487 |

|  | Class I GBP Acc No. of Units |  | Class I USD Acc No. of Units |
| --- | --- | --- | --- |
| Balance as at 1 May 2018 | 1,388,837 |  | 206,256 |
| Issued | 340,641 |  | 14,830 |
| Redeemed | (365,413) |  | (45,035) |
| Balance as at 30 April 2019 | 	1,364,065 |  | 	176,051 |

- DistributionsThe following distributions were declared by the Funds during the financial periods ended 31 October 2019 and 31 October 2018.

|  | Distribution frequency | Distributed amount paid* |  | Income equalisation** |
| --- | --- | --- | --- | --- |
| Barings Developed and Emerging Markets High Yield Bond |  |  |  |  |
| Fund |  | AU$ |  | AU$ |
| Class A AUD Hedged Inc | Monthly | (527,582) |  | (505) |
|  |  | CA$ |  | CA$ |
| Class A CAD Hedged Inc | Monthly | (489,042) |  | (35) |
|  |  | € |  | € |
| Class A EUR Hedged Inc | Annually | (805,157) |  | 2,810 |
| Class A EUR Inc | Quarterly | (368,807) |  | 1 |
|  |  | £ |  | £ |
| Class A GBP Hedged Inc | Quarterly | (565,680) |  | 2,928 |
| Class I GBP Hedged Inc | Quarterly | (187,783) |  | 124 |
|  |  | HK$ |  | HK$ |
| Class A HKD Inc | Monthly | (1,458,977) |  | 29,972 |
|  |  | NZ$ |  | NZ$ |
| Class A NZD Hedged Inc | Monthly | (287,340) |  | 1,124 |
|  |  | US$ |  | US$ |
| Class A USD Inc | Monthly | (5,667,502) |  | 23,853 |
| Class A USD Inc | Quarterly | (5,699,927) |  | (996) |
|  |  | CNH |  | CNH |
| Class A RMB Hedged Inc | Monthly | (1,126,264) |  | 7,951 |
| Total distribution for the Barings Developed and Emerging |  | US$ |  | US$ |
| Markets High Yield Bond Fund |  | 	(14,891,505)  |  | 	87,241 |
|  | Distribution frequency | Distributed amount paid* |  | Income equalisation** |
|  |  | US$ |  | US$ |
| Total distribution for the Barings Eastern Europe Fund | Annual | 	(12,532,445)  |  | 	(1,028,151) |
|  | Annual | US$ |  | US$ |
| Total distribution for the Barings Global Resources Fund |  | 	(1,648,720)  |  | 	(37,902) |

* Includes distributions with an ex-date of 1 May 2019 which were paid during the current financial period. These distributions with an ex-date of 1 May 2019 reflect the undistributed income on the Fund as at 30 April 2019.
** Income equalisation relates to the dealing activity of distributing classes for the period from 1 May 2019 to 31 October 2019. The income equalisation of the distributing classes is disclosed separately in the statement of changes in net assets attributable to holders of redeemable participating units for the financial period ended 31 October 2019.
- Distributions (continued)In the financial period ended period, the following funds declared and paid distributions as follows:

|  | Distribution frequency | Distributed amount paid* |  | Income equalisation** |
| --- | --- | --- | --- | --- |
| Barings Developed and Emerging Markets High Yield Bond |  |  |  |  |
| Fund |  | AU$ |  | AU$ |
| Class A AUD Hedged Inc | Monthly | (643,140) |  | 27,475 |
|  |  | CA$ |  | CA$ |
| Class A CAD Hedged Inc | Monthly | (532,842) |  | (18,769) |
|  |  | € |  | € |
| Class A EUR Hedged Inc | Annually | (346,956) |  | (8,350) |
| Class A EUR Inc | Quarterly | (808,257) |  | (7,175) |
|  |  | £ |  | £ |
| Class A GBP Hedged Inc | Quarterly | (664,810) |  | (18,780) |
| Class I GBP Hedged Inc | Quarterly | (219,465) |  | (3,595) |
|  |  | HK$ |  | HK$ |
| Class A HKD Inc | Monthly | (1,589,335) |  | (52,096) |
|  |  | NZ$ |  | NZ$ |
| Class A NZD Hedged Inc | Monthly | (318,398) |  | (21,914) |
|  |  | US$ |  | US$ |
| Class A USD Inc | Monthly | (6,365,533) |  | (275,898) |
| Class A USD Inc | Quarterly | (6,125,806) |  | (102,309) |
|  |  | CNH |  | CNH |
| Class A RMB Hedged Inc | Monthly | (750,272) |  | (74,212) |
| Total distribution for the Barings Developed and Emerging |  | US$ |  | US$ |
| Markets High Yield Bond Fund |  | 	(16,412,159)  |  | 	(451,798) |
|  | Distribution frequency | Distributed amount paid* |  | Income equalisation** |
|  |  | US$ |  | US$ |
| Total distribution for the Barings Eastern Europe Fund | Annual | 	(19,089,296)  |  | 	(183,027) |
|  | Annual | US$ |  | US$ |
| Total distribution for the Barings Global Resources Fund |  | 	– |  | 	(33,091) |

* Includes distributions with an ex-date of 1 May 2018 which were paid during the current financial period. These distributions with an ex-date of 1 May 2018 reflect the undistributed income on the Fund as at 30 April 2018.
** Income equalisation relates to the dealing activity of distributing classes for the period from 1 May 2018 to 31 October 2018. The income equalisation of the distributing classes is disclosed separately in the statement of changes in net assets attributable to holders of redeemable participating units for the financial period ended 31 October 2018.
- 
## Significant agreements and fees

Management fees
The Manager is entitled under the Trust Deed to charge a management fee in respect of the Funds at the following percentage rate per annum of the Net Asset Value of the Funds:
| Fund/Class | Management fee |
| --- | --- |
| Barings Developed and Emerging Markets High Yield Bond Fund – Class A USD Inc | 1.00% |
| Barings Developed and Emerging Markets High Yield Bond Fund – Class A AUD Hedged Inc Monthly Dividend | 1.00% |
| Barings Developed and Emerging Markets High Yield Bond Fund – Class A CAD Hedged Inc Monthly Dividend | 1.00% |
| Barings Developed and Emerging Markets High Yield Bond Fund – Class A CHF Hedged Acc | 1.00% |
| Barings Developed and Emerging Markets High Yield Bond Fund – Class A EUR Inc | 1.00% |
| Barings Developed and Emerging Markets High Yield Bond Fund – Class A EUR Hedged Inc | 1.00% |
| Barings Developed and Emerging Markets High Yield Bond Fund – Class A GBP Hedged Inc | 1.00% |
| Barings Developed and Emerging Markets High Yield Bond Fund – Class A HKD Inc Monthly Dividend | 1.00% |
| Barings Developed and Emerging Markets High Yield Bond Fund – Class A NZD Hedged Inc Monthly Dividend | 1.00% |
| Barings Developed and Emerging Markets High Yield Bond Fund – Class A RMB Hedged Inc Monthly Dividend | 1.00% |
| Barings Developed and Emerging Markets High Yield Bond Fund – Class A USD Acc | 1.00% |
| Barings Developed and Emerging Markets High Yield Bond Fund – Class A USD Inc Monthly Dividend | 1.00% |
| Barings Developed and Emerging Markets High Yield Bond Fund – Class I EUR Acc | 0.75% |
| Barings Developed and Emerging Markets High Yield Bond Fund – Class I GBP Hedged Inc | 0.75% |
| Barings Developed and Emerging Markets High Yield Bond Fund – Class I USD Acc | 0.75% |
| Barings Eastern Europe Fund - Class A USD Inc | 1.50% |
| Barings Eastern Europe Fund - Class A EUR Inc | 1.50% |
| Barings Eastern Europe Fund - Class A GBP Inc | 1.50% |
| Barings Eastern Europe Fund - Class A USD Acc | 1.50% |
| Barings Eastern Europe Fund - Class I EUR Acc | 0.75% |
| Barings Eastern Europe Fund - Class I GBP Acc | 0.75% |
| Barings Eastern Europe Fund - Class I USD Acc | 0.75% |
| Barings Eastern Europe Fund - Class I GBP Inc | 0.75% |
| Barings Eastern Europe Fund - Class I USD Inc | 0.75% |
| Barings Global Leaders Fund - Class A USD Inc | 1.50% |
| Barings Global Leaders Fund - Class A EUR Inc | 1.50% |
| Barings Global Leaders Fund - Class A GBP Inc | 1.50% |
| Barings Global Leaders Fund - Class I USD Acc | 0.75% |
| Barings Global Resources Fund - Class A USD Inc | 1.50% |
| Barings Global Resources Fund - Class A EUR Inc | 1.50% |
| Barings Global Resources Fund - Class A GBP Inc | 1.50% |
| Barings Global Resources Fund - Class I GBP Acc | 0.75% |
| Barings Global Resources Fund - Class I USD Acc | 0.75% |

- Significant agreements and fees (continued)Management fees (continued)The Unit Trust is managed by the Manager, who has delegated investment responsibility to Baring Asset Management Limited (the “Investment Manager”). 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 financial period-end for management fees are disclosed on each Fund’s Statement of Financial Position. The management fees paid during the financial period amounted to US$10,185,750 (31 October 2018: US$12,802,327).

The Manager will discharge the fees and expenses of the Investment Manager out of its own fee. The management fee is payable monthly in arrears and is calculated by reference to the Net Asset Value of each Fund as at each business day (“valuation day”).
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.
Barings Eastern Europe Fund received a management rebate in relation to its investment in the Barings Russia Fund. The management fee rates have not changed from the previous year.

## Administration, Depositary and Operating fees
The Manager is entitled to receive an Administration, Depositary and Operating Expenses fee. The fee payable is a percentage of the Net Asset Value of each class and is accrued daily and paid monthly in arrears. The Manager will pay the aggregate fees and expenses of the Administrator and Depositary, in addition to certain other fees and ongoing expenses.
For all Funds, the Manager shall be entitled to receive a fee of 0.45% per annum for all A unit classes (A Hedged classes 0.4625%) and 0.25% per annum for all I unit classes (I hedged classes 0.2625%).
Please refer to the Prospectus for full details of the fees payable.

## Investment Funds
Some of the Funds invest in other Investment Funds managed by the Investment Manager. These holdings are detailed in the Schedule of Investments.

## Trailer fees and reimbursements
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’ units for third parties, are also paid out of the management fees.

## Transaction costs
The transaction costs incurred by the Funds for the financial periods ended 31 October 2019 and 31 October 2018 were as follows:
|  | 31 October 2019 | 31 October 2018 |
| --- | --- | --- |
|  | US$ | US$ |
| Barings Eastern Europe Fund | 316,526 | 246,534 |
| Barings Global Leaders Fund | 4,821 | 24,023 |
| Barings Global Resources Fund | 151,289 | 533,777 |

- 
## Related party transactions

Peter Clark is connected to the Manager through employment with Barings (U.K.) Limited. Timothy Schulze is connected to the Manager through employment with Barings LLC. Julian Swayne is connected to the Manager through employment with Baring Asset Management Limited. Alan Behen and Paul Smyth are employees of the Manager. The Manager will discharge the fees and expenses of the Investment Manager out of its own fee. The Investment Manager is part of the Barings LLC group and is a wholly owned subsidiary of Massachusetts Mutual Life Insurance Company (“MassMutual”). 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.

## Significant unitholdings
The following table details significant concentrations in unitholdings of each Fund or instances where the units were beneficially held by other Investment Funds managed by the Investment Manager or one of its affiliates. As at 31 October 2019 and 30 April 2019, the following had significant unitholdings in the Trust:
|  | Number of unitholders with beneficial interest greater than 20% of the units in issue | Total % of units held with unitholders beneficial interest greater than 20% of the units in issue | Total % of units held by Investment Funds managed by the Manager or affiliates of the Manager |
| --- | --- | --- | --- |
| Barings Developed and Emerging Markets High Yield Bond Fund | Nil (30 April 2019: Nil) | Nil (30 April 2019: Nil) | 3.72% (30 April 2019: 2.86%) |
| Barings Eastern Europe Fund | Nil (30 April 2019: Nil) | Nil (30 April 2019: Nil) | 0.00% (30 April 2019: 0.15%) |
| Barings Global Leaders Fund | 1 (30 April 2019: 1) | 68.28% (30 April 2019: 66.45%) | 0.00% (30 April 2019: 67.09%) |
| Barings Global Resources Fund | Nil (30 April 2019: Nil) | Nil (30 April 2019: Nil) | 0.00% (30 April 2019: 0.53%) |

- 
## Fair value hierarchy

FRS 102 requires the Fund 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 is 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 was 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 Manager. The 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 Fund’s financial assets and financial liabilities measured at fair value.
8.	Fair value hierarchy (continued)

## As at 31 October 2019
|  | Level 1 | Level 2 | Level 3 | Total |
| --- | --- | --- | --- | --- |
| Barings Developed and Emerging Markets High Yield Bond Fund | US$ | US$ | US$ | US$ |
| Financial assets |  |  |  |  |
| Fixed interest | – | 507,077,146 | – | 507,077,146 |
| Equities | – | 2,117,738 | – | 2,117,738 |
| Investment funds | – | 24,233,658 | – | 24,233,658 |
| Open forward foreign currency exchange contracts | – | 2,139,327 | – | 2,139,327 |
| Warrants | – | – | 13,172 | 13,172 |
|  | – | 535,567,869 | 13,172 | 535,581,041 |
| Financial liabilities |  |  |  |  |
| Open forward foreign currency exchange contracts | – | (3,413,649) | – | (3,413,649) |
|  | – | (3,413,649) | – | (3,413,649) |
|  |  |  |  |  |
| Total | – | 532,154,220 | 13,172 | 532,167,392 |

|  | Level 1 | Level 2 | Level 3 | Total |
| --- | --- | --- | --- | --- |
| Barings Eastern Europe Fund | US$ | US$ | US$ | US$ |
| Financial assets |  |  |  |  |
| Equities | 864,523,749 | – | – | 864,523,749 |
| Investment funds | – | 20,810,000 | – | 20,810,000 |
| Total | 864,523,749 | 20,810,000 | – | 885,333,749 |

|  | Level 1 | Level 2 | Level 3 | Total |
| --- | --- | --- | --- | --- |
| Barings Global Leaders Fund | US$ | US$ | US$ | US$ |
| Financial assets |  |  |  |  |
| Equities | 47,749,103 | – | – | 47,749,103 |
| Investment funds | – | 512,916 | – | 512,916 |
| Total | 47,749,103 | 512,916 | – | 48,262,019 |

|  | Level 1 | Level 2 | Level 3 | Total |
| --- | --- | --- | --- | --- |
| Barings Global Resources Fund | US$ | US$ | US$ | US$ |
| Financial assets |  |  |  |  |
| Equities | 330,710,099 | – | – | 330,710,099 |
| Investment funds | – | 4,365,001 | – | 4,365,001 |
| Total | 330,710,099 | 4,365,001 | – | 335,075,100 |

As at 30 April 2019
|  | Level 1 | Level 2 | Level 3 | Total |
| --- | --- | --- | --- | --- |
| Barings Developed and Emerging Markets High Yield Bond Fund | US$ | US$ | US$ | US$ |
| Financial assets |  |  |  |  |
| Fixed interest | – | 520,980,058 | – | 520,980,058 |
| Equities | 3,288,067 | – | – | 3,288,067 |
| Investment funds | – | 22,668,840 | – | 22,668,840 |
| Open forward foreign currency exchange contracts | – | 1,054,354 | – | 1,054,354 |
| Warrants | 13,172 | – | – | 13,172 |
|  | 3,301,239 | 544,703,252 | – | 548,004,491 |
| Financial liabilities |  |  |  |  |
| Open forward foreign currency exchange contracts | – | (411,006) | – | (411,006) |
|  | – | (411,006) | – | (411,006) |
|  |  |  |  |  |
| Total | 3,301,239 | 544,292,246 | – | 547,593,485 |

- Fair value hierarchy (continued)

|  | Level 1 | Level 2 | Level 3 | Total |
| --- | --- | --- | --- | --- |
| Barings Eastern Europe Fund | US$ | US$ | US$ | US$ |
| Financial assets |  |  |  |  |
| Equities | 854,877,023 | – | – | 854,877,023 |
| Investment funds | – | 22,568,443 | – | 22,568,443 |
| Total | 854,877,023 | 22,568,443 | – | 877,445,466 |

|  | Level 1 | Level 2 | Level 3 | Total |
| --- | --- | --- | --- | --- |
| Barings Global Leaders Fund | US$ | US$ | US$ | US$ |
| Financial assets |  |  |  |  |
| Equities | 49,007,350 | – | – | 49,007,350 |
| Investment funds | – | 32,823 | – | 32,823 |
| Total | 49,007,350 | 32,823 | – | 49,040,173 |

|  | Level 1 | Level 2 | Level 3 | Total |
| --- | --- | --- | --- | --- |
| Barings Global Resources Fund | US$ | US$ | US$ | US$ |
| Financial assets |  |  |  |  |
| Equities | 362,123,351 | – | – | 362,123,351 |
| Investment funds | – | 361,663 | – | 361,663 |
| Total | 362,123,351 | 361,663 | – | 362,485,014 |

There have been no transfers during the financial period ending 31 October 2019 or financial year ending 30 April 2019 from level 1 to level 2 or from level 2 to level 1. At 31 October 2019 and 30 April 2019, there were no financial assets or financial liabilities classified as level 3.
Transfer between levels, where applicable, occur at the end of the financial period.
Cash including deposits held with banks and other short-term investments in an active market are categorised as Level 1. All receivables and payables are categorised as Level 2.
- 
## Efficient portfolio management

The Funds may use Financial Derivative Instruments (“FDIs”) for efficient portfolio management. The efficient portfolio management purposes for which the Unit Trust intends to employ FDIs are reduction of risk, reduction of cost and the generation of additional capital or income for the relevant Funds with an appropriate level of risk, taking into account the risk profile of the Fund and the general provisions of the UCITS Regulations. The Unit Trust may use various types of derivatives for these purposes, including, without limitation, forwards, futures, options, swaps (including but not limited to total return swaps, credit default swaps, and IRSs) and contracts for differences for these purposes.
Risk Monitoring of Global Exposure
The Unit Trust has been classified as a non-sophisticated user of FDI (Financial Derivative Instruments) and, as permitted by the UCITS Regulations the Unit Trust has adopted a commitment approach (the “Commitment Approach”) in the calculation of global exposure for the fund during the financial period.
In accordance with the UCITS Regulations, the Commitment Approach has been calculated, in the case of forward currency contracts (“FCCTs”), by converting the FCCT position into an equivalent position based on the market value of the underlying asset. As the FDI are used for hedging purposes, the exposure of the FDI has been calculated and then netted against the instrument being hedged. The Global Exposure calculation is performed on a daily basis.
In no circumstances will the global exposure of the Fund exceed 100% of its Net Asset Value.
- 
## NAV per redeemable participating units

| Net assets attributable to holders of | 31 October 2019 | 30 April 2019 | 30 April 2018 |
| --- | --- | --- | --- |
| of redeemable participating units |  |  |  |
| Barings Developed and Emerging Markets High Yield Bond Fund | US$546,691,118 | US$553,992,269 | US$600,989,821 |
| NAV per redeemable units |  |  |  |
| Class A AUD Hedged Inc Monthly Dividend | AU$10.25 | AU$10.43 | AU$10.64 |
| Class A CAD Hedged Inc Monthly Dividend | CA$9.62 | CA$9.78 | CA$10.03 |
| Class A CHF Hedged Acc | CHF13.10 | CHF13.09 | CHF12.96 |
| Class A EUR Hedged Inc | €8.42 | €9.00 | €9.50 |
| Class A EUR Inc | €8.41 | €8.49 | €8.07 |
| Class A GBP Hedged Inc | £5.76 | £5.91 | £6.17 |
| Class A HKD Inc Monthly Dividend | HK$75.27 | HK$76.30 | HK$77.65 |
| Class A NZD Hedged Inc Monthly Dividend | NZ$13.44 | NZ$13.66 | NZ$13.94 |
| Class A RMB Hedged Inc Monthly Dividend | ¥66.31 | ¥67.09 | ¥67.61 |
| Class A USD Acc | US$15.65 | US$15.37 | US$14.72 |
| Class A USD Inc | US$9.40 | US$9.54 | US$9.74 |
| Class A USD Inc Monthly Dividend | US$9.46 | US$9.58 | US$9.79 |
| Class I EUR Acc | €13.92 | €13.57 | €11.99 |
| Class I GBP Hedged Inc | £5.86 | £6.00 | £6.23 |
| Class I USD Acc | US$15.58 | US$15.27 | US$14.56 |

| Net assets attributable to holders of | 31 October 2019 | 30 April 2019 | 30 April 2018 |
| --- | --- | --- | --- |
| of redeemable participating units |  |  |  |
| Barings Eastern Europe Fund | US$883,934,911 | US$873,984,655 | US$937,219,458 |
| NAV per redeemable units |  |  |  |
| Class A EUR Inc | €81.54 | €75.81 | €72.34 |
| Class A GBP Inc | £70.15 | £65.33 | £63.75 |
| Class A USD Acc | US$101.00 | US$92.98 | US$93.61 |
| Class A USD Inc | US$90.91 | US$85.00 | US$87.50 |
| Class I EUR Acc | €89.56 | €81.64 | €75.60 |
| Class I GBP Acc | £80.30 | £73.29 | £69.28 |
| Class I GBP Inc | £71.32 | £66.70 | £65.07 |
| Class I USD Acc | US$107.28 | US$98.31 | US$98.05 |
| Class I USD Inc | US$92.38 | US$86.73 | US$89.26 |

| Net assets attributable to holders of | 31 October 2019 | 30 April 2019 | 30 April 2018 |
| --- | --- | --- | --- |
| of redeemable participating units |  |  |  |
| Barings Global Leaders Fund | US$48,793,569 | US$49,375,924 | US$58,121,825 |
| NAV per redeemable units |  |  |  |
| Class A EUR Inc | €18.21 | €18.11 | €16.80 |
| Class A GBP Inc | £15.67 | £15.61 | £14.81 |
| Class A USD Inc | US$20.30 | US$20.30 | US$20.32 |
| Class I USD Acc | US$21.49 | US$21.37 | US$21.19 |

- NAV per redeemable participating units (continued)

| Net assets attributable to holders of | 31 October 2019 | 30 April 2019 | 30 April 2018 |
| --- | --- | --- | --- |
| of redeemable participating units |  |  |  |
| Barings Global Resources Fund | US$331,921,603 | US$362,011,618 | US$423,161,023 |
| NAV per redeemable units |  |  |  |
| Class A EUR Inc | €16.28 | €16.86 | €17.34 |
| Class A GBP Inc | £14.00 | £14.53 | £15.28 |
| Class A USD Inc | US$18.15 | US$18.91 | US$20.97 |
| Class I GBP Acc | £14.73 | £15.14 | £15.77 |
| Class I USD Acc | US$19.18 | US$19.80 | US$21.75 |

- 
## Exchange rates

The exchange rates used in the financial statements to convert to US dollars are as follows:
|  | As at 31 October 2019 | As at 30 April 2019 |
| --- | --- | --- |
| Australian dollar | 1.4506 | 1.4177 |
| Canadian dollar | 1.3171 | 1.3442 |
| Chinese yuan | 7.0354 | 6.7368 |
| Euro | 0.8969 | 0.8919 |
| Hong Kong dollar | 7.8359 | 7.8452 |
| Hungarian forint | 295.4705 | 288.0397 |
| Indo rupiah | 14,037.0000 | 14,250.0000 |
| Japanese yen | 108.1800 | 111.3250 |
| Mexican peso | 19.1445 | 19.0030 |
| New Zealand dollar | 1.5596 | 1.4986 |
| Norwegian krone | 9.2199 | 8.6284 |
| Polish zloty | 3.8218 | 3.8237 |
| Pound sterling | 0.7716 | 0.7686 |
| South African rand | 15.1665 | 14.3200 |
| South Korean won | 1,163.4500 | 1,168.1500 |
| Swedish krona | 9.6628 | 9.4836 |
| Swiss franc | 0.9874 | 1.0193 |
| Taiwan dollar | 30.4405 | 30.9010 |
| Turkish lira | 5.7243 | 5.9662 |

- 
## Soft commission arrangements

The Investment Manager will pay for research from their own books, as commission paid on trades will be “execution only”, which is the agreed cost for the broker to settle the trade (31 October 2018: same).
- 
## Contingent liabilities

There were no contingent liabilities at financial period-end 31 October 2019 and financial year-end 30 April 2019.
- 
## Transactions with connected persons

The UCITS Regulations require that any transaction carried out with the Manager 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 unitholders.
The Board of Directors of the Manager are satisfied that there are arrangements (evidenced by written procedures) in place to ensure that the obligations set out in Regulation 43(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 period complied with the obligations set out in Regulation 43(1) of the Central Bank UCITS Regulations.
- 
## Taxation

Under current law and practice, the Unit Trust 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 capital gains.
However, Irish tax can arise on the happening of a chargeable event in the Unit Trust. A chargeable event includes any distribution payments to unitholders, or any encashment, redemption, transfer or cancellation of units and any deemed disposal of units for Irish tax purposes arising as a result of holding units in the Unit Trust for a period of eight years or more, or the appropriation or cancellation of shares of a unitholder by the Unit Trust for the purposes of meeting the amount of tax payable on a gain arising on a transfer.
No Irish tax will arise on the Unit Trust in respect of chargeable events due to:
- a unitholder who is neither Irish resident nor ordinarily resident in Ireland for tax purposes at the time of the chargeable event, provided that a relevant declaration is in place (in accordance with Schedule 2b of the TCA) and the Unit Trust is not in possession of any information which would reasonably suggest that the information contained therein is no longer materially correct; or
- a unitholder who is an exempt Irish investor (as defined in Section 739D TCA).

Dividends, interest and capital gains (if any) received on investments made by the Unit Trust may be subject to withholding taxes imposed by the country from which the investment income/gains are received and such taxes may not be recoverable by the Unit Trust or its unitholders.
The Finance Act 2010 provides that the Revenue Commissioners may grant approval for Unit Trust Investment Undertakings marketed outside of Ireland to make payments to non-resident investors without deduction of Irish tax where no relevant declaration is in place, subject to meeting “equivalent measures”. The Unit Trust Investment Undertakings wishing to receive approval must apply in writing to the Revenue Commissioners, confirming compliance with the relevant conditions.
- 
## 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. During the financial period ended 31 October 2019, Barings Global Resources Fund had drawn down on this facility. (31 October 2018: Barings Eastern Europe Fund and Barings Global Resources).
- 
## Significant events

Barings Russia Fund merged with Barings Eastern Europe Fund on 16 October 2019.
- Significant events (continued)The consequences of the 2016 Brexit referendum continue to be uncertain and Barings continues to plan for a number of possible scenarios, including “no deal”. Barings is committed to ensuring continuity of service for its investors and protecting its business against potential regulatory or other market access barriers related to Brexit. In this regard, Baring International Fund Managers (Ireland) Limited (“BIFMI”), will continue as the Manager of the Unit Trust and the Sub-Funds will continue to be registered for distribution into relevant jurisdictions in EU27 and elsewhere. Portfolio management in respect of European investments will continue to be delegated to Baring Asset Management Limited, a UK entity and portfolio management of US investments will continue to be conducted by Barings LLC, a US entity. The custodians and administrators of the Funds are also EU27 entities. In addition, BIFMI has enhanced its presence in Dublin and recruited locally at all levels to staff its new office, reflecting the increased significance of BIFMI’s role within the Barings business.

Whilst the medium to long-term consequences of the decision to leave the EU remain uncertain in any scenario, there could be short-term volatility which could have a negative impact on general economic conditions, business and consumer confidence in both the UK and EU, which may in turn have negative political, economic and market impacts more widely. The longer-term consequences may be affected by the terms of any future arrangements the UK has with the EU27. Among other things, the UK's decision to leave the EU could lead to changes in the law and tax treatment of funds, instability in the equity, debt and foreign exchange markets, including volatility in the value of sterling or the euro.
There have been no other significant events to the financial period-end which, in the opinion of the Directors, may have had an impact on the financial statements for the financial period ended 31 October 2019.
- 
## Subsequent events

There have been no events subsequent to the financial period-end which, in the opinion of the Directors of the Manager, may have had a material impact on these financial statements for the financial period ended 31 October 2019.
- 
## Approval of financial statements

The financial statements were approved by the Directors of the Manager on 12 December 2019.

## Schedule of Investments
As at 31 October 2019

## Financial assets at fair value through profit or loss
| Nominal | Security | Fair value US$ |  | % of Net Assets |
| --- | --- | --- | --- | --- |
|  | Investment Funds: 4.43% (30 April 2019: 4.09%) |  |  |  |
|  | Euro: 0.42% (30 April 2019: 0.11%) |  |  |  |
| 2,139,095 | Northern Trust Global Funds - Euro Liquidity Fund | 	2,320,724 |  | 	0.42 |
|  | Pound sterling: 0.05% (30 April 2019: 0.04%) |  |  |  |
| 189,000 | Northern Trust Global Funds - Sterling Fund | 	244,934 |  | 	0.05 |
|  | US dollar: 3.96% (30 April 2019: 3.94%) |  |  |  |
| 21,668,000 | Northern Trust Global Funds - US Dollar Fund | 	21,668,000 |  | 	3.96 |
|  | Total Investment Funds (Cost: $24,226,720) | 	24,233,658 |  | 	4.43 |
|  | Equities: 0.39% (30 April 2019: 0.59%) |  |  |  |
|  | United States: 0.39% (30 April 2019: 0.59%) |  |  |  |
| 891,679 | Jupiter Resources | 	2,117,738 |  | 	0.39 |
|  | Total Equities (Cost: $9,416,255) | 	2,117,738 |  | 	0.39 |
|  | Fixed interest: 92.75% (30 April 2019: 94.04%) |  |  |  |
|  | Euro: 17.43% (30 April 2019: 18.93%) |  |  |  |
| 2,150,000 | Algeco Global Finance 6.50% Bonds 15/02/2023 | 2,395,453 |  | 0.44 |
| 1,850,000 | Avantor 4.75% Bonds 01/10/2024 | 2,199,746 |  | 0.40 |
| 4,325,000 | Blitz Weinhard 6.00% Bonds 30/07/2026 | 5,250,999 |  | 0.96 |
| 350,000 | Boparan Finance 4.38% Bonds 15/07/2021 | 226,325 |  | 0.04 |
| 300,000 | CBR Fashion Finance 5.13% Bonds 01/10/2022 | 335,961 |  | 0.06 |
| 400,000 | Constantin Investissement 3 SAS 5.38% Bonds 15/04/2025 | 451,535 |  | 0.08 |
| 2,450,000 | Constellium 4.25% Bonds 15/02/2026 | 2,846,228 |  | 0.52 |
| 1,600,000 | CTC BondCo 5.25% Bonds 15/12/2025 | 1,853,973 |  | 0.34 |
| 2,225,000 | Diamond BC 5.63% Bonds 15/08/2025 | 2,293,889 |  | 0.42 |
| 450,000 | eG Global Finance 4.38% Bonds 07/02/2025 | 489,601 |  | 0.09 |
| 1,135,000 | Eircom Finance 3.50% Bonds 15/05/2026 | 1,329,090 |  | 0.24 |
| 1,700,000 | eircom Finance DAC 1.75% Bonds 01/11/2024 | 1,888,801 |  | 0.35 |
| 2,800,000 | Energizer Gamma Acquisition 4.63% Bonds 15/07/2026 | 3,300,439 |  | 0.60 |
| 100,000 | Fabric BC FRN Bonds 30/11/2024 | 111,323 |  | 0.02 |
| 850,000 | Garfunkelux Holdco 3 FRN Bonds 01/09/2023 | 820,441 |  | 0.15 |
| 1,750,000 | Garrett LX I/Borrowing 5.13% Bonds 15/10/2026 | 1,827,182 |  | 0.33 |
| 1,250,000 | Getlink 3.63% Bonds 01/10/2023 | 1,459,892 |  | 0.27 |
| 500,000 | Hornbach Baumarkt 3.25% Bonds 25/10/2026 | 573,544 |  | 0.11 |
| 1,500,000 | INEOS Group 5.38% Bonds 01/08/2024 | 1,714,100 |  | 0.31 |
| 1,400,000 | Intrum 3.00% Bonds 15/09/2027 | 1,514,721 |  | 0.28 |
| 200,000 | Intrum 3.50% Bonds 15/07/2026 | 224,571 |  | 0.04 |
| 4,212,000 | LSF9 Balta Issuer 7.75% Bonds 15/09/2022 | 4,569,168 |  | 0.84 |
| 2,800,000 | Mauser Packaging Solutions 4.75% Bonds 15/04/2024 | 3,232,132 |  | 0.59 |
| 1,160,000 | Maxeda DIY Holding 6.13% Bonds 15/07/2022 | 1,237,960 |  | 0.23 |
| 3,000,000 | Metinvest 5.63% Bonds 17/06/2025 | 3,330,953 |  | 0.61 |
| 500,000 | Motion Bondco DAC 4.50% Bonds 15/11/2027 | 568,727 |  | 0.10 |
| 100,000 | Naviera Armas FRN Bonds 15/11/2024 | 81,026 |  | 0.01 |
| 100,000 | Naviera Armas FRN Bonds 31/07/2023 | 90,307 |  | 0.02 |
| 900,000 | Netflix 3.63% Bonds 15/06/2030 | 1,003,605 |  | 0.18 |

|  | Financial assets at fair value through profit or loss (continued) |  |  |
| --- | --- | --- | --- |
| Nominal | Security | Fair value US$ | % of Net Assets |
|  | Fixed interest: 92.75% (30 April 2019: 94.04%) (continued) |  |  |
|  | Euro: 17.43% (30 April 2019: 18.93%) (continued) |  |  |
| 1,050,000 | Netflix 3.88% Bonds 15/11/2029 | 1,202,112 | 0.22 |
| 1,450,000 | Nidda Healthcare 3.50% Bonds 30/09/2024 | 1,675,495 | 0.31 |
| 1,500,000 | Nordex 6.50% Bonds 01/02/2023 | 1,738,408 | 0.32 |
| 5,000,000 | OTP Bank Nyrt 2.88% Bonds 15/07/2029 | 5,754,780 | 1.05 |
| 400,000 | Panther BF Aggregator 2 4.38% Bonds 15/05/2026 | 451,111 | 0.08 |
| 1,300,000 | Playtech 4.25% Bonds 07/03/2026 | 1,550,955 | 0.28 |
| 2,000,000 | RESIDOMO Sro 3.38% Bonds 15/10/2024 | 2,320,013 | 0.42 |
| 1,530,000 | Rossini Sarl 6.75% Bonds 30/10/2025 | 1,892,624 | 0.35 |
| 1,650,000 | Samsonite Finco SARL 3.50% Bonds 15/05/2026 | 1,877,812 | 0.34 |
| 700,000 | SGL Carbon 4.63% Bonds 30/09/2024 | 714,281 | 0.13 |
| 800,000 | Smurfit Kappa Treasury ULC 1.50% Bonds 15/09/2027 | 892,241 | 0.16 |
| 1,600,000 | Sunshine Midco 6.50% Bonds 15/05/2026 | 1,845,491 | 0.34 |
| 3,550,000 | Synlab Unsecured Bondco 8.25% Bonds 01/07/2023 | 4,136,990 | 0.76 |
| 150,000 | Takko Luxembourg 2 FRN Bonds 15/11/2023 | 152,514 | 0.03 |
| 1,400,000 | Takko Luxembourg 2 5.38% Bonds 15/11/2023 | 1,453,565 | 0.27 |
| 2,850,000 | Tele Columbus 3.88% Bonds 02/05/2025 | 3,105,972 | 0.57 |
| 700,000 | Telecom Italia SpA/Milano 2.38% Bonds 12/10/2027 | 805,917 | 0.15 |
| 800,000 | Telecom Italia SpA/Milano 2.88% Bonds 28/01/2026 | 948,156 | 0.17 |
| 950,000 | Telecom Italia SpA/Milano 4.00% Bonds 11/04/2024 | 1,174,397 | 0.21 |
| 4,105,000 | Travelex Financing 8.00% Bonds 15/05/2022 | 4,590,349 | 0.84 |
| 500,000 | Trivium Packaging Finance 3.75% Bonds 15/08/2026 | 580,305 | 0.11 |
| 1,250,000 | UPCB Finance VII 3.63% Bonds 15/06/2029 | 1,470,476 | 0.27 |
| 2,200,000 | Verisure Midholding 5.75% Bonds 01/12/2023 | 2,535,218 | 0.46 |
| 1,100,000 | Veritas US 7.50% Bonds 01/02/2023 | 1,214,126 | 0.22 |
| 750,000 | Viridian Power & Energy 4.00% Bonds 15/09/2025 | 861,535 | 0.16 |
| 1,700,000 | WMG Acquisition 3.63% Bonds 15/10/2026 | 2,007,079 | 0.37 |
| 800,000 | Ziggo 2.88% Bonds 15/01/2030 | 906,414 | 0.17 |
| 180,000 | Ziggo Secured Finance 4.25% Bonds 15/01/2027 | 	216,721 | 0.04 |
|  |  | 95,296,749 | 17.43 |
|  | Pound sterling: 7.86% (30 April 2019: 12.77%) |  |  |
| 4,500,000 | AA 5.50% Bonds 31/07/2043 | 4,859,035 | 0.89 |
| 900,000 | AMC Entertainment Holdings 6.38% Bonds 15/11/2024 | 1,123,443 | 0.21 |
| 1,300,000 | AMC Entertainment Holdings 6.38% Bonds 15/11/2024 | 1,622,750 | 0.30 |
| 1,450,000 | Arqiva Broadcast Finance 6.75% Bonds 30/09/2023 | 2,019,019 | 0.37 |
| 2,750,000 | Arrow Global Finance 5.13% Bonds 15/09/2024 | 3,576,194 | 0.65 |
| 1,025,000 | Boparan Finance 5.50% Bonds 15/07/2021 | 767,347 | 0.14 |
| 3,150,000 | Cabot Financial Luxembourg 7.50% Bonds 01/10/2023 | 4,240,429 | 0.78 |
| 100,000 | Galaxy Bidco 6.50% Bonds 31/07/2026 | 131,782 | 0.02 |
| 6,929,000 | Garfunkelux Holdco 3 8.50% Bonds 01/11/2022 | 8,535,110 | 1.56 |
| 1,000,000 | Heathrow Finance 3.88% Bonds 01/03/2027 | 1,304,277 | 0.24 |
| 1,050,000 | House of Fraser Funding FRN Bonds 15/09/2020 | 47,626 | 0.01 |
| 1,450,000 | Iron Mountain UK 3.88% Bonds 15/11/2025 | 1,893,120 | 0.35 |
| 2,000,000 | Jerrold Finco 6.13% Bonds 15/01/2024 | 2,654,106 | 0.48 |
| 450,000 | Petrobras Global Finance 6.63% Bonds 16/01/2034 | 696,548 | 0.13 |
| 850,000 | Pinewood Finance 3.25% Bonds 30/09/2025 | 1,128,456 | 0.21 |
| 750,000 | Premier Foods Finance FRN Bonds 15/07/2022 | 974,262 | 0.18 |
| 150,000 | Premier Foods Finance 6.25% Bonds 15/10/2023 | 201,706 | 0.04 |
| 1,300,000 | RAC Bond 5.00% Bonds 06/05/2046 | 1,527,762 | 0.28 |
| 800,000 | Telecom Italia SpA/Milano 5.88% Bonds 19/05/2023 | 1,158,584 | 0.21 |
| 450,000 | TVL Finance FRN Bonds 15/07/2025 | 565,682 | 0.10 |
| 1,000,000 | Virgin Media Receivables Financing 5.50% Bonds 15/09/2024 | 1,331,661 | 0.24 |

|  | Financial assets at fair value through profit or loss (continued) |  |  |
| --- | --- | --- | --- |
| Nominal | Security | Fair value US$ | % of Net Assets |
|  | Fixed interest: 92.75% (30 April 2019: 94.04%) (continued) |  |  |
|  | Pound sterling: 7.86% (30 April 2019: 12.77%) (continued) |  |  |
| 1,975,000 | Viridian Group FinanceCo 4.75% Bonds 15/09/2024 | 	2,591,226 | 0.47 |
|  | 42,950,125 | 7.86 |
|  | US dollar: 67.46% (30 April 2019: 62.34%) |  |  |
| 1,190,000 | Adani Green Energy 6.25% Bonds 10/12/2024 | 1,264,305 | 0.23 |
| 1,900,000 | Advanz Pharma 8.00% Bonds 06/09/2024 | 1,828,750 | 0.33 |
| 1,000,000 | AES El Salvador Trust II 6.75% Bonds 28/03/2023 | 1,006,150 | 0.18 |
| 1,150,000 | Aker BP 4.75% Bonds 15/06/2024 | 1,198,875 | 0.22 |
| 885,000 | Albertsons Cos 5.88% Bonds 15/02/2028 | 952,481 | 0.17 |
| 615,000 | Allison Transmission 5.88% Bonds 01/06/2029 | 664,015 | 0.12 |
| 2,062,000 | American Airlines 5.00% Bonds 01/06/2022 | 2,150,192 | 0.39 |
| 4,243,000 | Apex Tool 9.00% Bonds 15/02/2023 | 3,585,335 | 0.66 |
| 1,000,000 | Arcelik 5.00% Bonds 03/04/2023 | 1,012,408 | 0.18 |
| 1,000,000 | Ardagh Packaging Finance 4.63% Bonds 15/05/2023 | 1,025,500 | 0.19 |
| 1,850,000 | Ardagh Packaging Finance 5.25% Bonds 15/08/2027 | 1,891,070 | 0.35 |
| 3,328,000 | Avantor 6.00% Bonds 01/10/2024 | 3,565,686 | 0.65 |
| 1,000,000 | Banco do Brasil 6.25% Bonds 31/12/2049 | 996,950 | 0.18 |
| 1,000,000 | Banco do Brasil SA 6.25% Bonds 31/12/2049 | 996,750 | 0.18 |
| 1,900,000 | Banco Mercantil del Norte SA 7.50% Bonds 31/12/2049 | 1,971,250 | 0.36 |
| 3,000,000 | Bank Dhofar 6.85% Bonds 31/12/2049 | 3,003,750 | 0.55 |
| 2,890,000 | Bank of Georgia 11.13% Bonds 31/12/2049 | 2,998,375 | 0.55 |
| 1,336,000 | BBA US 4.00% Bonds 01/03/2028 | 1,334,614 | 0.24 |
| 2,830,000 | Burgan Bank SAK 5.75% Bonds 31/12/2049 | 2,842,381 | 0.52 |
| 697,000 | Calumet Specialty Products Partners 7.63% Bonds 15/01/2022 | 683,060 | 0.12 |
| 2,500,000 | Calumet Specialty Products Partners 11.00% Bonds 15/04/2025 | 2,528,125 | 0.46 |
| 3,978,000 | Carlson Travel Holdings 9.50% Bonds 15/12/2024 | 4,027,725 | 0.74 |
| 4,000,000 | CCO Holdings 5.00% Bonds 01/02/2028 | 4,195,000 | 0.77 |
| 3,792,000 | CCO Holdings 5.13% Bonds 01/05/2027 | 4,019,520 | 0.74 |
| 326,000 | CCO Holdings 5.75% Bonds 15/01/2024 | 334,150 | 0.06 |
| 5,181,000 | CCO/ CCO Capital 4.75% Bonds 01/03/2030 | 5,291,096 | 0.97 |
| 196,000 | Centene 5.38% Bonds 01/06/2026 | 207,535 | 0.04 |
| 2,750,000 | CenturyLink 6.75% Bonds 01/12/2023 | 3,061,988 | 0.56 |
| 4,009,000 | CGG US 9.00% Bonds 01/05/2023 | 4,274,596 | 0.78 |
| 940,000 | Cheniere Energy Partners 4.50% Bonds 01/10/2029 | 962,325 | 0.18 |
| 736,000 | Clear Channel Holdings 9.25% Bonds 15/02/2024 | 810,112 | 0.15 |
| 1,356,000 | Clear Channel Worldwide 5.13% Bonds 15/08/2027 | 1,418,715 | 0.26 |
| 4,101,000 | Clearwater Paper 5.38% Bonds 01/02/2025 | 4,039,485 | 0.74 |
| 1,056,000 | CommScope Holdings 5.50% Bonds 01/03/2024 | 1,085,040 | 0.20 |
| 558,000 | CommScope Holdings 6.00% Bonds 01/03/2026 | 580,320 | 0.11 |
| 1,200,000 | CommScope Holdings 8.25% Bonds 01/03/2027 | 1,144,716 | 0.21 |
| 2,000,000 | Consolidated Energy Finance 6.50% Bonds 15/05/2026 | 1,935,000 | 0.35 |
| 1,232,000 | Consolidated Energy Finance 6.88% Bonds 15/06/2025 | 1,207,360 | 0.22 |
| 1,560,000 | CSC 5.75% Bonds 15/01/2030 | 1,636,050 | 0.30 |
| 1,986,000 | Diamond Sports Group/ Diamond Sports Finance 5.38% Bonds 15/08/2026 | 2,080,335 | 0.38 |
| 1,037,000 | Diamond Sports Group/ Diamond Sports Finance 6.63% Bonds 15/08/2027 | 1,075,887 | 0.20 |
| 2,835,000 | DISH DBS 7.75% Bonds 01/07/2026 | 2,908,568 | 0.53 |
| 2,250,000 | DKT Finance 9.38% Bonds 17/06/2023 | 2,415,375 | 0.44 |
| 10,500,000 | Energy Transfer Partners FRN Bonds 01/11/2066 | 7,927,500 | 1.45 |
| 3,925,000 | Envision Healthcare 8.75% Bonds 15/10/2026 | 2,178,375 | 0.40 |
| 2,593,000 | ESH Hospitality 4.63% Bonds 01/10/2027 | 2,609,491 | 0.48 |
| 1,800,000 | Eurotorg Via Bonitron DAC 8.75% Bonds 30/10/2022 | 1,942,200 | 0.36 |
| 500,000 | First Quantum Minerals 6.50% Bonds 01/03/2024 | 491,875 | 0.09 |

|  | Financial assets at fair value through profit or loss (continued) |  |  |
| --- | --- | --- | --- |
| Nominal | Security | Fair value US$ | % of Net Assets |
|  | Fixed interest: 92.75% (30 April 2019: 94.04%) (continued) |  |  |
|  | US dollar: 67.46% (30 April 2019: 62.34%) (continued) |  |  |
| 3,000,000 | First Quantum Minerals 7.25% Bonds 01/04/2023 | 3,033,000 | 0.55 |
| 1,492,000 | First Quantum Minerals 7.50% Bonds 01/04/2025 | 1,503,190 | 0.27 |
| 299,000 | Gates Global/ Gates Global 6.00% Bonds 15/07/2022 | 298,701 | 0.05 |
| 2,445,000 | Genesis Energy 6.50% Bonds 01/10/2025 | 2,338,031 | 0.43 |
| 5,804,000 | Global Aircraft Leasing 6.50% Bonds 15/09/2024 | 5,946,429 | 1.09 |
| 4,035,000 | Grupo Idesade 7.88% Bonds 18/12/2020 | 2,965,765 | 0.54 |
| 2,500,000 | Hughes Satellite Systems 5.25% Bonds 01/08/2026 | 2,684,625 | 0.49 |
| 2,000,000 | Icahn Enterprises LP / Icahn Enterprises Finance 4.75% Bonds 15/09/2024 | 2,025,000 | 0.37 |
| 2,626,000 | Icahn Enterprises LP / Icahn Enterprises Finance 6.25% Bonds 15/05/2026 | 2,800,629 | 0.51 |
| 1,500,000 | IHS Netherlands Holdco 8.00% Bonds 18/09/2027 | 1,567,500 | 0.29 |
| 1,581,000 | Intelsat Connect 9.50% Bonds 15/02/2023 | 1,515,784 | 0.28 |
| 3,157,000 | Intelsat Jackson 8.50% Bonds 15/10/2024 | 3,216,194 | 0.59 |
| 1,975,000 | JBS Investments II 5.75% Bonds 15/01/2028 | 2,062,789 | 0.38 |
| 2,758,000 | JBS Investments II 7.00% Bonds 15/01/2026 | 3,003,462 | 0.55 |
| 2,828,000 | JBS USA LUX 5.50% Bonds 15/01/2030 | 3,044,519 | 0.56 |
| 1,000,000 | JBS USA LUX 5.75% Bonds 15/06/2025 | 1,041,280 | 0.19 |
| 2,000,000 | JBS USA LUX 6.75% Bonds 15/02/2028 | 2,212,560 | 0.40 |
| 3,968,000 | Jonah Energy 7.25% Bonds 15/10/2025 | 1,230,080 | 0.22 |
| 3,000,000 | Kais 11.25% Bonds 09/04/2022 | 3,036,177 | 0.56 |
| 3,800,000 | KCA Deutag UK Finance 9.63% Bonds 01/04/2023 | 2,398,750 | 0.44 |
| 3,179,000 | Kinross Gold 4.50% Bonds 15/07/2027 | 3,362,905 | 0.61 |
| 3,000,000 | Kinross Gold 6.88% Bonds 01/09/2041 | 3,495,000 | 0.64 |
| 1,675,000 | Kissner Holdings 8.38% Bonds 01/12/2022 | 1,751,422 | 0.32 |
| 2,520,000 | Kosmos Energy 7.13% Bonds 04/04/2026 | 2,669,612 | 0.49 |
| 622,000 | Kraft Heinz Foods 3.75% Bonds 01/04/2030 | 627,590 | 0.11 |
| 2,776,000 | Laredo Petroleum 5.63% Bonds 15/01/2022 | 2,685,780 | 0.49 |
| 1,089,000 | LCPR Senior Secured Financing DAC 6.75% Bonds 15/10/2027 | 1,124,393 | 0.21 |
| 963,000 | Live Nation Entertainment 4.75% Bonds 15/10/2027 | 1,008,742 | 0.18 |
| 4,246,000 | LPL Holdings 5.75% Bonds 15/09/2025 | 4,415,840 | 0.81 |
| 2,398,000 | M/I Homes 5.63% Bonds 01/08/2025 | 2,505,910 | 0.46 |
| 1,424,000 | Mallinckrodt International Finance 5.50% Bonds 15/04/2025 | 484,160 | 0.09 |
| 657,000 | Mallinckrodt International Finance 5.63% Bonds 15/10/2023 | 234,877 | 0.04 |
| 188,000 | Mallinckrodt International Finance 5.75% Bonds 01/08/2022 | 73,320 | 0.01 |
| 1,500,000 | MARB BondCo 6.88% Bonds 19/01/2025 | 1,570,485 | 0.29 |
| 2,376,000 | Mattamy 6.50% Bonds 01/10/2025 | 2,530,440 | 0.46 |
| 929,000 | Mattamy 6.88% Bonds 15/12/2023 | 966,933 | 0.18 |
| 1,670,000 | Mattel 6.75% Bonds 31/12/2025 | 1,751,463 | 0.32 |
| 1,000,000 | Metinvest 8.50% Bonds 23/04/2026 | 1,049,535 | 0.19 |
| 703,000 | Midcontinent Communications 5.38% Bonds 15/08/2027 | 738,809 | 0.13 |
| 1,500,000 | Minerva Luxembourg 5.88% Bonds 19/01/2028 | 1,531,890 | 0.28 |
| 1,690,000 | Mong Duong Finance 5.13% Bonds 07/05/2029 | 1,715,924 | 0.31 |
| 541,000 | Motion Bondco DAC 6.63% Bonds 15/11/2027 | 551,685 | 0.10 |
| 3,349,000 | MPT Operating Partnership 5.00% Bonds 15/10/2027 | 3,549,237 | 0.65 |
| 3,795,000 | Muthoot Finance 6.13% Bonds 31/10/2022 | 3,858,566 | 0.71 |
| 3,620,000 | National Bank of Fujairah 5.88% Bonds 31/12/2049 | 3,718,645 | 0.68 |
| 1,000,000 | NBM US 6.63% Bonds 06/08/2029 | 1,046,000 | 0.19 |
| 2,400,000 | NBM US 7.00% Bonds 14/05/2026 | 2,553,204 | 0.47 |
| 3,620,000 | Neptune Energy Bondco 6.63% Bonds 15/05/2025 | 3,624,525 | 0.66 |
| 1,095,000 | Netflix 4.88% Bonds 15/06/2030 | 1,111,425 | 0.20 |
| 1,000,000 | Netflix 5.38% Bonds 15/11/2029 | 1,056,250 | 0.19 |
| 2,705,000 | Network i2i 5.65% Bonds 31/12/2049 | 2,544,052 | 0.47 |
| 1,000,000 | New Metro Global 7.13% Bonds 23/05/2021 | 993,249 | 0.18 |

|  | Financial assets at fair value through profit or loss (continued) |  |  |
| --- | --- | --- | --- |
| Nominal | Security | Fair value US$ | % of Net Assets |
|  | Fixed interest: 92.75% (30 April 2019: 94.04%) (continued) |  |  |
|  | US dollar: 67.46% (30 April 2019: 62.34%) (continued) |  |  |
| 553,000 | Nexstar Broadcasting 5.63% Bonds 15/07/2027 | 586,180 | 0.11 |
| 2,867,000 | Nielsen Finance 5.00% Bonds 15/04/2022 | 2,903,124 | 0.53 |
| 2,160,000 | Northwest Acquisitions 7.13% Bonds 01/11/2022 | 1,085,400 | 0.20 |
| 1,401,000 | NRG Energy 5.25% Bonds 15/06/2029 | 1,516,568 | 0.28 |
| 392,000 | Oasis Petroleum 2.63% Bonds 15/09/2023 | 268,365 | 0.05 |
| 1,478,000 | Oasis Petroleum 6.88% Bonds 15/01/2023 | 1,300,640 | 0.24 |
| 5,361,000 | Ortho-Clinical Diagnostics 6.63% Bonds 15/05/2022 | 5,226,975 | 0.96 |
| 1,500,000 | Oztel SPC 6.63% Bonds 24/04/2028 | 1,545,937 | 0.28 |
| 2,880,000 | Pampa Energia 9.13% Bonds 15/04/2029 | 2,332,800 | 0.43 |
| 2,432,000 | Par Pharmaceutical 7.50% Bonds 01/04/2027 | 2,328,397 | 0.43 |
| 3,423,000 | Peabody Energy 6.00% Bonds 31/03/2022 | 3,166,275 | 0.58 |
| 449,000 | Performance Food 5.50% Bonds 15/10/2027 | 478,185 | 0.09 |
| 2,950,000 | Petra 7.25% Bonds 01/05/2022 | 2,183,000 | 0.40 |
| 1,500,000 | Petroleos Mexicanos 5.35% Bonds 12/02/2028 | 1,466,340 | 0.27 |
| 1,925,000 | Petroleos Mexicanos 6.49% Bonds 23/01/2027 | 2,033,666 | 0.37 |
| 1,000,000 | Powerlong Real Estate Holdings 4.88% Bonds 15/09/2021 | 967,577 | 0.18 |
| 2,273,000 | Prime Security Services Borrower 9.25% Bonds 15/05/2023 | 2,393,753 | 0.44 |
| 3,166,825 | Provincia de Buenos Aires 10.88% Bonds 26/01/2021 | 1,583,413 | 0.29 |
| 921,000 | Prumo Participacoes e Investimentos S/A 7.50% Bonds 31/12/2031 | 960,143 | 0.18 |
| 2,250,000 | QNB Finansbank 6.88% Bonds 07/09/2024 | 2,373,638 | 0.43 |
| 663,000 | Realogy 9.38% Bonds 01/04/2027 | 660,547 | 0.12 |
| 1,484,000 | Ryman Hospitality Properties 4.75% Bonds 15/10/2027 | 1,535,940 | 0.28 |
| 1,358,000 | Service Corp International/US 5.13% Bonds 01/06/2029 | 1,456,455 | 0.27 |
| 2,356,000 | Sirius XM Radio 4.63% Bonds 15/07/2024 | 2,473,800 | 0.45 |
| 3,816,000 | Sirius XM Radio 5.50% Bonds 01/07/2029 | 4,140,360 | 0.76 |
| 830,000 | SM Energy 6.63% Bonds 15/01/2027 | 718,954 | 0.13 |
| 3,860,000 | Sovcombank Via SovCom Capital DAC 8.00% Bonds 07/04/2030 | 4,021,001 | 0.74 |
| 1,818,000 | Sprint 7.63% Bonds 01/03/2026 | 2,019,725 | 0.37 |
| 4,873,000 | Sprint 7.88% Bonds 15/09/2023 | 5,389,294 | 0.99 |
| 1,901,000 | Sprint Capital 6.88% Bonds 15/11/2028 | 2,079,219 | 0.38 |
| 1,000,000 | Sprint Capital 8.75% Bonds 15/03/2032 | 1,234,605 | 0.23 |
| 1,542,000 | SS&C Technologies 5.50% Bonds 30/09/2027 | 1,652,831 | 0.30 |
| 2,334,000 | Standard Industries 4.75% Bonds 15/01/2028 | 2,430,365 | 0.44 |
| 1,500,000 | Sunac China 7.88% Bonds 15/02/2022 | 1,537,397 | 0.28 |
| 5,000,000 | SunCoke Energy Partners 7.50% Bonds 15/06/2025 | 4,375,000 | 0.80 |
| 2,575,000 | TBC Bank 10.78% Bonds 31/12/2049 | 2,620,063 | 0.48 |
| 1,000,000 | Telecom Argentina 6.50% Bonds 15/06/2021 | 948,500 | 0.17 |
| 1,520,000 | Telecom Argentina 8.00% Bonds 18/07/2026 | 1,375,600 | 0.25 |
| 968,000 | Tenet Healthcare 4.63% Bonds 01/09/2024 | 1,000,670 | 0.18 |
| 2,500,000 | Tenet Healthcare 4.88% Bonds 01/01/2026 | 2,593,000 | 0.47 |
| 2,374,000 | Tenet Healthcare 5.13% Bonds 01/11/2027 | 2,478,100 | 0.45 |
| 134,000 | Tenet Healthcare 6.25% Bonds 01/02/2027 | 141,497 | 0.03 |
| 337,000 | Teva Pharmaceutical Finance Netherlands III 6.75% Bonds 01/03/2028 | 303,511 | 0.06 |
| 2,000,000 | Times China 6.60% Bonds 02/03/2023 | 2,013,220 | 0.37 |
| 4,301,000 | TMS International 7.25% Bonds 15/08/2025 | 3,569,830 | 0.65 |
| 4,242,000 | TransDigm 5.50% Bonds 15/11/2027 | 4,242,000 | 0.78 |
| 2,426,000 | TransDigm 6.00% Bonds 15/07/2022 | 2,468,940 | 0.45 |
| 3,614,000 | Triumph 5.25% Bonds 01/06/2022 | 3,568,825 | 0.65 |
| 1,992,000 | Triumph 6.25% Bonds 15/09/2024 | 2,096,580 | 0.38 |
| 2,464,000 | Triumph 7.75% Bonds 15/08/2025 | 2,466,464 | 0.45 |
| 3,000,000 | Tullow Oil 6.25% Bonds 15/04/2022 | 3,036,450 | 0.56 |
| 2,040,000 | Turk Telekomunikasyon 6.88% Bonds 28/02/2025 | 2,170,254 | 0.40 |

|  | Financial assets at fair value through profit or loss (continued) |  |  |  |
| --- | --- | --- | --- | --- |
| Nominal | Security | Fair value US$ |  | % of Net Assets |
|  | Fixed interest: 92.75% (30 April 2019: 94.04%) (continued) |  |  |  |
|  | US dollar: 67.46% (30 April 2019: 62.34%) (continued) |  |  |  |
| 1,500,000 | Turkiye Halk Bankasi 4.75% Bonds 11/02/2021 | 1,395,000 |  | 0.25 |
| 2,000,000 | Turkiye Is Bankasi 6.00% Bonds 24/10/2022 | 1,943,960 |  | 0.36 |
| 1,000,000 | Turkiye Vakiflar 5.63% Bonds 30/05/2022 | 983,600 |  | 0.18 |
| 500,000 | Turkiye Vakiflar Bankasi 8.13% Bonds 28/03/2024 | 517,680 |  | 0.09 |
| 1,690,000 | Ukraine Railways Via Rail Capital Markets 8.25% Bonds 09/07/2024 | 1,790,555 |  | 0.33 |
| 1,237,000 | Valeant Pharmaceuticals International 5.50% Bonds 01/11/2025 | 1,298,268 |  | 0.24 |
| 5,790,000 | Valeant Pharmaceuticals International 6.13% Bonds 15/04/2025 | 6,032,311 |  | 1.10 |
| 1,249,000 | Valeant Pharmaceuticals International 7.00% Bonds 15/03/2024 | 1,311,575 |  | 0.24 |
| 815,000 | Valeant Pharmaceuticals International 8.50% Bonds 31/01/2027 | 921,358 |  | 0.17 |
| 1,298,000 | Valeant Pharmaceuticals International 9.00% Bonds 15/12/2025 | 1,466,870 |  | 0.27 |
| 1,000,000 | Vedanta Resources 9.25% Bonds 23/04/2026 | 1,004,500 |  | 0.18 |
| 2,000,000 | Veritas US 7.50% Bonds 01/02/2023 | 1,975,000 |  | 0.36 |
| 3,809,000 | Veritas US 10.50% Bonds 01/02/2024 | 3,628,073 |  | 0.66 |
| 712,000 | ViaSat 5.63% Bonds 15/04/2027 | 756,493 |  | 0.14 |
| 2,138,000 | Vistra Operations Co 5.00% Bonds 31/07/2027 | 2,218,175 |  | 0.41 |
| 1,386,000 | Warrior Met Coal 8.00% Bonds 01/11/2024 | 1,414,586 |  | 0.26 |
| 961,000 | WellCare Health Plans 5.25% Bonds 01/04/2025 | 1,010,069 |  | 0.18 |
| 2,500,000 | Welltec 9.50% Bonds 01/12/2022 | 2,462,500 |  | 0.45 |
| 1,881,000 | Whiting Petroleum 6.63% Bonds 15/01/2026 | 1,241,460 |  | 0.23 |
| 2,476,000 | Wynn Las Vegas 5.25% Bonds 15/05/2027 | 2,584,325 |  | 0.47 |
| 2,046,000 | Wynn Las Vegas 5.50% Bonds 01/03/2025 | 2,184,105 |  | 0.40 |
| 2,667,000 | Xerox 4.13% Bonds 15/03/2023 | 2,737,009 |  | 0.50 |
| 2,080,000 | XPO Logistics 6.13% Bonds 01/09/2023 | 2,152,800 |  | 0.39 |
| 3,000,000 | XPO Logistics 6.75% Bonds 15/08/2024 | 3,264,060 |  | 0.60 |
| 1,500,000 | Yapi ve Kredi Bankasi 5.50% Bonds 06/12/2022 | 1,461,368 |  | 0.27 |
| 478,000 | Ziggo 4.88% Bonds 15/01/2030 | 488,755 |  | 0.09 |
| 850,000 | Ziggo Bond 5.88% Bonds 15/01/2025 | 	879,750 |  | 	0.16 |
|  |  | 368,830,272 |  | 67.46 |
|  | Total Fixed interest (Cost: $516,312,102) | 	507,077,146 |  | 	92.75 |
|  | Warrants: 0.00% (30 April 2019: 0.00%) |  |  |  |
|  | US dollar: 0.00% (30 April 2019: 0.00%) |  |  |  |
| 1,237 | Appvion Holdings | 	13,172 |  | 	0.00 |
|  | Total Warrants (Cost: $715,855) | 	13,172 |  | 	0.00 |

| Open forward foreign currency exchange contracts: 0.39% (30 April 2019: 0.19%) |
| --- |
| Currency bought | Currency sold | Counterparty | Maturity date | Unrealisedgain US$ | % of Net Assets |
| GBP 17,087,968 | USD 21,097,746 | State Street | 14/11/2019 | 1,054,185 | 0.19 |
| GBP 5,556,773 | USD 6,860,698 | State Street | 14/11/2019 | 342,807 | 0.06 |
| AUD 16,706,596 | USD 11,268,933 | State Street | 14/11/2019 | 250,877 | 0.05 |
| CAD 15,892,050 | USD 11,941,996 | State Street | 14/11/2019 | 124,708 | 0.02 |
| NZD 10,160,229 | USD 6,392,410 | State Street | 14/11/2019 | 123,549 | 0.02 |
| CNH 46,458,137 | USD 6,506,951 | State Street | 14/11/2019 | 82,545 | 0.02 |
| EUR 4,556,358 | USD 5,015,229 | State Street | 14/11/2019 | 67,936 | 0.01 |

| Financial assets at fair value through profit or loss (continued) |
| --- |
| Open forward foreign currency exchange contracts: 0.39% (30 April 2019: 0.19%) (continued) |
| Currency bought | Currency sold | Counterparty | Maturity date | Unrealisedgain US$ | % of Net Assets |
| GBP 1,001,961 | USD 1,235,947 | State Street | 14/11/2019 | 62,942 | 0.01 |
| EUR 1,388,527 | USD 1,530,093 | State Street | 14/11/2019 | 18,976 | 0.01 |
| EUR 447,546 | USD 494,479 | State Street | 14/11/2019 | 4,812 | 0.00 |
| GBP 63,107 | USD 80,577 | State Street | 14/11/2019 | 1,232 | 0.00 |
| EUR 108,812 | USD 120,244 | State Street | 14/11/2019 | 1,149 | 0.00 |
| AUD 194,076 | USD 133,265 | State Street | 14/11/2019 | 557 | 0.00 |
| GBP 45,214 | USD 58,129 | State Street | 14/11/2019 | 484 | 0.00 |
| EUR 109,114 | USD 121,400 | State Street | 14/11/2019 | 330 | 0.00 |
| GBP 7,949 | USD 9,992 | State Street | 14/11/2019 | 313 | 0.00 |
| CHF 64,259 | USD 64,817 | State Street | 14/11/2019 | 313 | 0.00 |
| GBP 10,004 | USD 12,664 | State Street | 14/11/2019 | 305 | 0.00 |
| GBP 2,406 | USD 2,944 | State Street | 14/11/2019 | 175 | 0.00 |
| GBP 23,201 | USD 29,928 | State Street | 14/11/2019 | 149 | 0.00 |
| GBP 1,629 | USD 2,011 | State Street | 14/11/2019 | 101 | 0.00 |
| USD 67,543 | NZD 105,195 | State Street | 14/11/2019 | 79 | 0.00 |
| NZD 5,257 | USD 3,308 | State Street | 14/11/2019 | 63 | 0.00 |
| GBP 5,004 | USD 6,434 | State Street | 14/11/2019 | 54 | 0.00 |
| EUR 4,657 | USD 5,144 | State Street | 14/11/2019 | 51 | 0.00 |
| AUD 3,215 | USD 2,167 | State Street | 14/11/2019 | 49 | 0.00 |
| GBP 3,909 | USD 5,019 | State Street | 14/11/2019 | 49 | 0.00 |
| EUR 19,495 | USD 21,702 | State Street | 14/11/2019 | 47 | 0.00 |
| GBP 1,200 | USD 1,509 | State Street | 14/11/2019 | 47 | 0.00 |
| EUR 4,216 | USD 4,659 | State Street | 14/11/2019 | 44 | 0.00 |
| EUR 3,263 | USD 3,607 | State Street | 14/11/2019 | 34 | 0.00 |
| EUR 9,848 | USD 10,956 | State Street | 14/11/2019 | 30 | 0.00 |
| USD 14,929 | GBP 11,495 | State Street | 14/11/2019 | 28 | 0.00 |
| GBP 3,527 | USD 4,545 | State Street | 14/11/2019 | 27 | 0.00 |
| GBP 4,050 | USD 5,224 | State Street | 14/11/2019 | 26 | 0.00 |
| GBP 3,704 | USD 4,777 | State Street | 14/11/2019 | 24 | 0.00 |
| USD 12,460 | GBP 9,594 | State Street | 14/11/2019 | 23 | 0.00 |
| AUD 3,380 | USD 2,311 | State Street | 14/11/2019 | 20 | 0.00 |
| NZD 4,500 | USD 2,867 | State Street | 14/11/2019 | 19 | 0.00 |
| EUR 1,085 | USD 1,194 | State Street | 14/11/2019 | 16 | 0.00 |
| AUD 1,065 | USD 718 | State Street | 14/11/2019 | 16 | 0.00 |
| AUD 1,200 | USD 811 | State Street | 14/11/2019 | 16 | 0.00 |
| NZD 1,189 | USD 748 | State Street | 14/11/2019 | 14 | 0.00 |
| NZD 1,005 | USD 633 | State Street | 14/11/2019 | 12 | 0.00 |
| USD 1,483 | CAD 1,938 | State Street | 14/11/2019 | 12 | 0.00 |
| NZD 610 | USD 382 | State Street | 14/11/2019 | 9 | 0.00 |
| AUD 1,791 | USD 1,225 | State Street | 14/11/2019 | 9 | 0.00 |
| AUD 600 | USD 405 | State Street | 14/11/2019 | 9 | 0.00 |
| AUD 2,666 | USD 1,830 | State Street | 14/11/2019 | 8 | 0.00 |
| GBP 1,225 | USD 1,581 | State Street | 14/11/2019 | 7 | 0.00 |
| AUD 1,300 | USD 890 | State Street | 14/11/2019 | 7 | 0.00 |
| CAD 565 | USD 424 | State Street | 14/11/2019 | 5 | 0.00 |
| CHF 684 | USD 689 | State Street | 14/11/2019 | 4 | 0.00 |
| EUR 293 | USD 323 | State Street | 14/11/2019 | 4 | 0.00 |
| NZD 600 | USD 381 | State Street | 14/11/2019 | 4 | 0.00 |
| NZD 250 | USD 157 | State Street | 14/11/2019 | 3 | 0.00 |

| Financial assets at fair value through profit or loss (continued) |
| --- |
| Open forward foreign currency exchange contracts: 0.39% (30 April 2019: 0.19%) (continued) |
| Currency bought | Currency sold | Counterparty | Maturity date | Unrealisedgain US$ | % of Net Assets |
| AUD 1,989 | USD 1,369 | State Street | 14/11/2019 | 3 | 0.00 |
| CAD 400 | USD 301 | State Street | 14/11/2019 | 3 | 0.00 |
| EUR 596 | USD 663 | State Street | 14/11/2019 | 2 | 0.00 |
| CAD 201 | USD 151 | State Street | 14/11/2019 | 2 | 0.00 |
| EUR 888 | USD 989 | State Street | 14/11/2019 | 1 | 0.00 |
| GBP 100 | USD 128 | State Street | 14/11/2019 | 1 | 0.00 |
| USD 3,733 | GBP 2,879 | State Street | 14/11/2019 | 1 | 0.00 |
| USD 80 | CAD 105 | State Street | 14/11/2019 | 0 | 0.00 |
| CAD 200 | USD 151 | State Street | 14/11/2019 | 0 | 0.00 |
| NZD 200 | USD 128 | State Street | 14/11/2019 | 0 | 0.00 |
| EUR 288 | USD 321 | State Street | 14/11/2019 | 0 | 0.00 |
| EUR 21 | USD 23 | State Street | 14/11/2019 | 0 | 0.00 |
| Total unrealised gain on Open forward foreign currency exchange contracts  | 2,139,327 | 0.39 |

| Total financial assets at fair value through profit or loss | 	535,581,041 |  | 	97.96 |
| --- | --- | --- | --- |

Financial liabilities at fair value through profit or loss
| Open forward foreign currency exchange contracts: (0.62%) (30 April 2019: (0.07%)) |
| --- |
| Currency bought | Currency sold | Counterparty | Maturity date | Unrealised loss US$ | % of Net Assets |
| CAD 128 | USD 98 | State Street | 14/11/2019 | 0 | 0.00 |
| NZD 4,842 | USD 3,106 | State Street | 14/11/2019 | 0 | 0.00 |
| USD 156 | GBP 121 | State Street | 14/11/2019 | (1) | 0.00 |
| CAD 200 | USD 153 | State Street | 14/11/2019 | (1) | 0.00 |
| CAD 200 | USD 153 | State Street | 14/11/2019 | (1) | 0.00 |
| USD 259 | GBP 201 | State Street | 14/11/2019 | (1) | 0.00 |
| USD 376 | CHF 373 | State Street | 14/11/2019 | (2) | 0.00 |
| USD 539 | CAD 713 | State Street | 14/11/2019 | (2) | 0.00 |
| USD 240 | EUR 218 | State Street | 14/11/2019 | (3) | 0.00 |
| USD 2,214 | EUR 1,990 | State Street | 14/11/2019 | (7) | 0.00 |
| CAD 1,500 | USD 1,147 | State Street | 14/11/2019 | (8) | 0.00 |
| CAD 1,706 | USD 1,307 | State Street | 14/11/2019 | (12) | 0.00 |
| USD 1,725 | GBP 1,340 | State Street | 14/11/2019 | (13) | 0.00 |
| USD 1,743 | NZD 2,739 | State Street | 14/11/2019 | (14) | 0.00 |
| USD 1,347 | NZD 2,123 | State Street | 14/11/2019 | (14) | 0.00 |
| USD 6,330 | CAD 8,363 | State Street | 14/11/2019 | (20) | 0.00 |
| USD 4,339 | EUR 3,912 | State Street | 14/11/2019 | (25) | 0.00 |
| USD 1,043 | GBP 829 | State Street | 14/11/2019 | (32) | 0.00 |
| GBP 111,443 | USD 144,508 | State Street | 14/11/2019 | (39) | 0.00 |
| USD 8,111 | AUD 11,833 | State Street | 14/11/2019 | (48) | 0.00 |
| USD 4,162 | NZD 6,571 | State Street | 14/11/2019 | (52) | 0.00 |
| USD 6,531 | AUD 9,557 | State Street | 14/11/2019 | (59) | 0.00 |
| USD 8,909 | EUR 8,056 | State Street | 14/11/2019 | (79) | 0.00 |
| USD 5,800 | GBP 4,543 | State Street | 14/11/2019 | (89) | 0.00 |
| USD 25,560 | CNH 180,934 | State Street | 14/11/2019 | (103) | 0.00 |
| USD 8,445 | NZD 13,355 | State Street | 14/11/2019 | (120) | 0.00 |
| USD 9,840 | CNH 70,267 | State Street | 14/11/2019 | (127) | 0.00 |
| USD 43,517 | CNH 308,132 | State Street | 14/11/2019 | (188) | 0.00 |

| Financial liabilities at fair value through profit or loss (continued) |
| --- |
| Open forward foreign currency exchange contracts: (0.62%) (30 April 2019: (0.07%)) (continued) |
| Currency bought | Currency sold | Counterparty | Maturity date | Unrealised loss US$ | % of Net Assets |
| USD 19,217 | CAD 25,574 | State Street | 14/11/2019 | (201) | 0.00 |
| USD 9,902 | AUD 14,675 | State Street | 14/11/2019 | (217) | 0.00 |
| USD 5,758 | GBP 4,707 | State Street | 14/11/2019 | (344) | 0.00 |
| USD 335,219 | NZD 523,379 | State Street | 14/11/2019 | (434) | 0.00 |
| USD 32,191 | EUR 29,246 | State Street | 14/11/2019 | (437) | 0.00 |
| USD 7,719 | GBP 6,297 | State Street | 14/11/2019 | (443) | 0.00 |
| USD 23,184 | AUD 34,296 | State Street | 14/11/2019 | (464) | 0.00 |
| USD 12,284 | GBP 9,950 | State Street | 14/11/2019 | (615) | 0.00 |
| USD 11,844 | GBP 9,682 | State Street | 14/11/2019 | (707) | 0.00 |
| USD 122,079 | AUD 178,817 | State Street | 14/11/2019 | (1,222) | 0.00 |
| USD 94,767 | EUR 86,099 | State Street | 14/11/2019 | (1,287) | 0.00 |
| USD 1,895,198 | EUR 1,700,000 | State Street | 14/11/2019 | (1,356) | 0.00 |
| USD 144,919 | CAD 192,861 | State Street | 14/11/2019 | (1,519) | 0.00 |
| USD 34,618 | GBP 28,040 | State Street | 14/11/2019 | (1,732) | 0.00 |
| USD 154,151 | NZD 245,022 | State Street | 14/11/2019 | (2,987) | 0.00 |
| USD 156,100 | AUD 231,441 | State Street | 14/11/2019 | (3,487) | 0.00 |
| USD 220,438 | AUD 326,819 | State Street | 14/11/2019 | (4,916) | 0.00 |
| USD 105,959 | GBP 85,826 | State Street | 14/11/2019 | (5,300) | 0.00 |
| USD 214,049 | GBP 170,286 | State Street | 14/11/2019 | (6,700) | 0.00 |
| USD 3,295,175 | EUR 2,982,330 | State Street | 14/11/2019 | (31,972) | (0.01) |
| USD 93,523,752 | EUR 84,867,912 | State Street | 14/11/2019 | (1,156,593) | (0.21) |
| USD 42,987,022 | GBP 34,849,226 | State Street | 14/11/2019 | 	(2,189,656) | (0.40) |
| Total unrealised loss on Open forward foreign currency exchange contracts | 	(3,413,649) | (0.62) |

| Total financial liabilities at fair value through profit or loss | 	(3,413,649) |  | 	(0.62) |
| --- | --- | --- | --- |

|  | Fair value US$ |  | % of Net Assets |
| --- | --- | --- | --- |
| Total investments at fair value through profit and loss | 532,167,392 |  | 97.34 |
| Cash | 9,160,917 |  | 1.19 |
| Other net assets | 5,362,809 |  | 1.47 |
| Total net assets attributable to holders of redeemable participating units | 546,691,118 |  | 100.00 |

| Analysis of Total Assets | % of total assets* |
| --- | --- |
| Deposits with credit institutions | 4.33 |
| Transferable securities admitted to an official stock exchange listing or traded on a recognised market | 90.95 |
| OTC Financial derivative instruments | 0.38 |
| Other assets | 	4.34 |
| Total | 100.00 |

* Calculation based on the total assets of the Fund (excluding liabilities). This summary is a UCITS requirement.
Schedule of Investments
As at 31 October 2019

## Financial assets at fair value through profit or loss
| Nominal | Security | Fair value US$ |  | % of Net Assets |
| --- | --- | --- | --- | --- |
|  | Investment Funds: 2.35% (30 April 2019: 2.58%) |  |  |  |
|  | Ireland: 2.35% (30 April 2019: 2.23%) |  |  |  |
| 1 | Northern Trust Global Funds - Euro Liquidity Fund | 0 |  | 0.00 |
| 20,810,000 | Northern Trust Global Funds - US Dollar Fund | 	20,810,000 |  | 	2.35 |
|  |  | 20,810,000 |  | 2.35 |
|  | Russian Federation: 0.00% (30 April 2019: 0.35%) |  |  |  |
|  | Total Investment Funds (Cost: $20,810,000) | 	20,810,000 |  | 	2.35 |
|  | Equities: 97.81% (30 April 2019: 97.81%) |  |  |  |
|  | Czech Republic: 1.14% (30 April 2019: 3.16%) |  |  |  |
| 293,177 | Komercni Banka | 	10,008,161 |  | 	1.14 |
|  | Greece: 3.92% (30 April 2019: 2.11%) |  |  |  |
| 7,726,862 | Alpha Bank | 16,221,440 |  | 1.83 |
| 5,547,113 | National Bank of Greece | 	18,435,924 |  | 	2.09 |
|  |  | 34,657,364 |  | 3.92 |
|  | Hungary: 0.83% (30 April 2019: 4.89%) |  |  |  |
| 157,760 | OTP Bank | 	7,325,495 |  | 	0.83 |
|  | Poland: 15.45% (30 April 2019: 18.05%) |  |  |  |
| 365,191 | CCC | 10,998,491 |  | 1.25 |
| 301,302 | CD Projekt | 19,867,365 |  | 2.25 |
| 1,103,520 | KGHM Polska Miedz | 24,335,623 |  | 2.75 |
| 2,111,978 | Powszechna Kasa Oszczednosci Bank Polski | 21,336,684 |  | 2.41 |
| 3,797,742 | Powszechny Zaklad Ubezpieczen | 36,757,631 |  | 4.16 |
| 286,575 | Santander Bank Polska | 	23,260,434 |  | 	2.63 |
|  |  | 136,556,228 |  | 15.45 |
|  | Romania: 1.60% (30 April 2019: 1.24%) |  |  |  |
| 7,105,396 | Banca Transilvania | 3,995,911 |  | 0.45 |
| 1,317,120 | BRD-Groupe Societe Generale | 4,401,099 |  | 0.50 |
| 2,192,753 | SC Electrica | 5,754,718 |  | 0.65 |
| 2,192,753 | Societatea Energetica | 	1,078 |  | 	0.00 |
|  |  | 14,152,806 |  | 1.60 |
|  | Russian Federation: 62.93% (30 April 2019: 55.60%) |  |  |  |
| 10,117,598 | Alrosa | 11,742,144 |  | 1.33 |
| 4,550,822 | Detsky Mir | 6,857,895 |  | 0.78 |
| 780,985 | En+ Group GDR | 6,935,147 |  | 0.78 |
| 8,904,640 | Gazprom ADR | 72,181,012 |  | 8.17 |
| 2,170,955 | Gazprom PJSC ADR | 17,660,719 |  | 2.00 |
| 1,184,996 | Globaltrans Investment GDR | 10,131,716 |  | 1.15 |
| 232,708 | LSR Group GDR | 508,467 |  | 0.06 |
| 27,668 | LUKOIL ADR | 2,531,124 |  | 0.29 |
| 22,405 | LUKOIL PJSC ADR | 2,081,982 |  | 0.23 |
| 783,551 | LUKOIL RUB0.02 ADR | 72,776,217 |  | 8.23 |
| 1,206,440 | Mail.Ru GDR | 25,624,786 |  | 2.90 |
| 898,204 | MD Medical Investments GDR | 4,149,702 |  | 0.47 |
| 543,010 | MMC Norilsk Nickel ADR | 15,204,280 |  | 1.72 |

| Financial assets at fair value through profit or loss (continued) |
| --- |
| Nominal | Security | Fair value US$ |  | % of Net Assets |
|  | Equities: 97.81% (30 April 2019: 97.81%) (continued) |  |  |  |
| Russian Federation: 62.93% (30 April 2019: 55.60%) (continued) |
| 4,367 | MMC Norilsk Nickel PJSC ADR | 1,224,461 |  | 0.14 |
| 2,187,161 | Mobile TeleSystems ADR | 19,946,908 |  | 2.26 |
| 7,080,892 | Moscow Exchange MICEX-RTS | 10,511,505 |  | 1.19 |
| 212,445 | Novatek GDR | 45,250,785 |  | 5.12 |
| 109,177 | Novatek PJSC GDR | 2,306,213 |  | 0.26 |
| 216,265 | Polyus | 25,507,293 |  | 2.88 |
| 127,564 | Rosnef | 862,742 |  | 0.10 |
| 22,068,461 | Sberbank of Russia | 82,104,121 |  | 9.29 |
| 101,094 | Tatneft ADR | 1,190,772 |  | 0.13 |
| 627,565 | Tatneft PJSC ADR | 44,293,538 |  | 5.01 |
| 589,817 | TCS GDR | 11,171,134 |  | 1.26 |
| 1,303,979 | X5 Retail GDR | 43,005,227 |  | 4.86 |
| 611,061 | Yandex | 	20,513,318 |  | 	2.32 |
|  |  | 556,273,208 |  | 62.93 |
|  | Turkey: 11.56% (30 April 2019: 11.16%) |  |  |  |
| 2,533,505 | Arcelik | 7,860,427 |  | 0.89 |
| 1,741,670 | DP Eurasia | 1,557,411 |  | 0.18 |
| 661,656 | Migros Ticaret | 2,353,377 |  | 0.27 |
| 2,457,394 | Tofas Turk Otomobil Fabrikasi | 9,607,630 |  | 1.09 |
| 901,347 | Tupras Turkiye Petrol Rafinerileri | 19,493,691 |  | 2.20 |
| 10,444,988 | Turk Telekomunikasyon | 10,528,468 |  | 1.19 |
| 26,989,338 | Turkiye Vakiflar Bankasi | 20,557,018 |  | 2.33 |
| 3,233,328 | Ulker Biskuvi Sanayi | 10,381,896 |  | 1.17 |
| 48,958,518 | Yapi ve Kredi Bankasi | 	19,842,558 |  | 	2.24 |
|  |  | 102,182,476 |  | 11.56 |
|  | Ukraine: 0.38% (30 April 2019: 0.46%) |  |  |  |
| 398,110 | MHP GDR | 	3,368,011 |  | 	0.38 |
|  | United Kingdom: 0.00% (30 April 2019: 1.14%) |  |  |  |
|  | Total Equities (Cost: $763,021,675) | 	864,523,749 |  | 	97.81 |

| Total financial assets at fair value through profit or loss | 	885,333,749 |  | 	100.16 |
| --- | --- | --- | --- |

|  | Fair value US$ |  | % of Net Assets |
| --- | --- | --- | --- |
| Total investments at fair value through profit and loss | 885,333,749 |  | 100.16 |
| Cash | 487,752 |  | 0.06 |
| Other net liabilities | (1,886,590) |  | (0.22) |
| Total net assets attributable to holders of redeemable participating units | 883,934,911 |  | 100.00 |

| Analysis of Total Assets | % of total assets* |
| --- | --- |
| Deposits with credit institutions | 2.34 |
| Transferable securities admitted to an official stock exchange listing or traded on a recognised market | 97.30 |
| Other assets | 	0.36 |
| Total | 100.00 |

* Calculation based on the total assets of the Fund (excluding liabilities). This summary is a UCITS requirement.
Schedule of Investments
As at 31 October 2019

## Financial assets at fair value through profit or loss
| Nominal | Security | Fair value US$ |  | % of Net Assets |
| --- | --- | --- | --- | --- |
|  | Investment Funds: 1.05% (30 April 2019: 0.07%) |  |  |  |
| 58,689 | Northern Trust Global Funds - Euro Liquidity Fund | 63,673 |  | 0.13 |
| 261,000 | Northern Trust Global Funds - Sterling Fund | 338,243 |  | 0.69 |
| 111,000 | Northern Trust Global Funds - US Dollar Fund | 	111,000 |  | 	0.23 |
|  |  | 512,916 |  | 1.05 |
|  | Total Investment Funds (Cost: $501,637) | 	512,916 |  | 	1.05 |
|  | Equities: 97.86% (30 April 2019: 99.25%) |  |  |  |
|  | Communication Services: 9.35% (30 April 2019: 2.14%) |  |  |  |
| 1,236 | Alphabet | 1,558,954 |  | 3.19 |
| 1,600 | Netflix | 466,320 |  | 0.96 |
| 3,700 | Nintendo | 1,320,891 |  | 2.71 |
| 3,773 | Take-Two Interactive | 464,570 |  | 0.95 |
| 5,790 | Walt Disney | 	750,384 |  | 	1.54 |
|  |  | 4,561,119 |  | 9.35 |
|  | Consumer Discretionary: 15.86% (30 April 2019: 19.03%) |  |  |  |
| 5,678 | Alibaba ADR | 1,008,015 |  | 2.07 |
| 20,400 | Bridgestone | 852,923 |  | 1.75 |
| 16,293 | Carnival | 704,020 |  | 1.44 |
| 5,161 | McDonald's | 1,016,149 |  | 2.08 |
| 4,953 | Naspers | 702,463 |  | 1.44 |
| 5,057 | NIKE | 456,091 |  | 0.93 |
| 4,953 | Prosus | 343,585 |  | 0.70 |
| 178,500 | Samsonite International | 367,665 |  | 0.75 |
| 18,300 | Sony | 1,120,702 |  | 2.30 |
| 19,976 | TJX Cos | 	1,169,795 |  | 	2.40 |
|  |  | 7,741,408 |  | 15.86 |
|  | Consumer Staples: 14.20% (30 April 2019: 16.06%) |  |  |  |
| 36,481 | Alimentation Couche-Tard | 1,088,018 |  | 2.23 |
| 6,517 | Church & Dwight | 491,447 |  | 1.01 |
| 7,424 | Colgate-Palmolive | 509,138 |  | 1.04 |
| 22,317 | Fevertree Drinks | 538,812 |  | 1.11 |
| 50,827 | Koninklijke Ahold Delhaize | 1,258,575 |  | 2.58 |
| 269 | LG Household & Health Care Pref | 170,863 |  | 0.35 |
| 4,900 | MEIJI | 354,206 |  | 0.73 |
| 9,160 | Reckitt Benckiser | 707,150 |  | 1.45 |
| 53,950 | Tate & Lyle | 470,118 |  | 0.96 |
| 12,252 | Unilever | 733,483 |  | 1.50 |
| 18,342 | X5 Retail GDR | 	604,919 |  | 	1.24 |
|  |  | 6,926,729 |  | 14.20 |
|  | Energy: 7.30% (30 April 2019: 8.34%) |  |  |  |
| 451,000 | CNOOC | 676,854 |  | 1.39 |
| 8,241 | EOG Resources | 573,738 |  | 1.17 |
| 19,390 | Royal Dutch Shell | 560,491 |  | 1.15 |
| 34,376 | Suncor Energy | 1,038,155 |  | 2.13 |
| 27,545 | TGS NOPEC Geophysical | 	713,429 |  | 	1.46 |
|  |  | 3,562,667 |  | 7.30 |
|  | Financial: 10.85% (30 April 2019: 10.57%) |  |  |  |
| 57,200 | AIA | 572,664 |  | 1.17 |

|  | Financial assets at fair value through profit or loss (continued) |  |
| --- | --- | --- |
| Nominal | Security | Fair value US$ |  | % of Net Assets |  |
|  | Equities: 97.86% (30 April 2019: 99.25%) (continued) |  |  |  |  |
| 5,731 | Financial: 10.85% (30 April 2019: 10.57%) (continued) AON | 1,115,539 |  | 2.29 |  |
| 3,951 | Deutsche Boerse | 615,595 |  | 1.26 |  |
| 57,092 | M&G | 157,711 |  | 0.32 |  |
| 151,200 | Mitsubishi UFJ Financial | 796,393 |  | 1.63 |  |
| 57,092 | Prudential | 1,000,323 |  | 2.05 |  |
| 138,757 | Sberbank of Russia | 516,235 |  | 1.06 |  |
| 2,300 | SVB Financial | 	521,387 |  | 	1.07 |  |
|  |  | 5,295,847 |  | 10.85 |  |
| 6,498 | Health Care: 11.80% (30 April 2019: 10.28%) AstraZeneca | 626,950 |  | 1.28 |  |
| 3,182 | Becton Dickinson | 814,433 |  | 1.67 |  |
| 18,998 | Boston Scientific | 798,106 |  | 1.63 |  |
| 1,675 | Cooper Cos | 489,267 |  | 1.00 |  |
| 2,500 | Ipsen | 262,002 |  | 0.54 |  |
| 3,227 | Thermo Fisher Scientific | 974,102 |  | 2.00 |  |
| 2,523 | UnitedHealth | 642,860 |  | 1.32 |  |
| 2,621 | Vertex Pharmaceuticals | 522,313 |  | 1.07 |  |
| 4,921 | Zoetis | 	627,920 |  | 	1.29 |  |
|  |  | 5,757,953 |  | 11.80 |  |
| 6,439 | Industrials: 8.45% (30 April 2019: 8.89%) Honeywell International | 1,124,250 |  | 2.30 |  |
| 7,394 | Raytheon | 1,584,682 |  | 3.25 |  |
| 7,130 | Schneider Electric | 665,033 |  | 1.36 |  |
| 4,461 | Union Pacific | 	749,225 |  | 	1.54 |  |
|  |  | 4,123,190 |  | 8.45 |  |
| 2,417 | Information Technology: 18.13% (30 April 2019: 21.44%) Adobe | 672,917 |  | 1.38 |  |
| 8,081 | Amadeus IT | 595,709 |  | 1.22 |  |
| 2,848 | ASML | 753,324 |  | 1.54 |  |
| 8,991 | Fidelity National Information Services | 1,186,452 |  | 2.43 |  |
| 3,238 | Mastercard | 897,412 |  | 1.84 |  |
| 14,219 | Microsoft | 2,056,210 |  | 4.22 |  |
| 34,000 | Nomura Research Institute | 726,326 |  | 1.49 |  |
| 18,950 | Samsung Electronics Pref | 668,613 |  | 1.37 |  |
| 3,662 | Synopsys | 503,928 |  | 1.03 |  |
| 80,000 | Taiwan Semiconductor Manufacturing | 	784,481 |  | 	1.61 |  |
|  |  | 8,845,372 |  | 18.13 |  |
| 23,604 | Materials: 1.92% (30 April 2019: 2.50%) Johnson Matthey | 	934,818 |  | 	1.92 |  |
|  | Total Equities (Cost: $40,117,281) | 	47,749,103 |  | 	97.86 |  |

| Total financial assets at fair value through profit or loss | 	48,262,019 | 	98.91 |
| --- | --- | --- |

|  | Fair value US$ |  | % of Net Assets |
| --- | --- | --- | --- |
| Total investments at fair value through profit and loss | 48,262,019 |  | 98.91 |
| Cash | 651,356 |  | 1.33 |
| Other net liabilities | (119,806) |  | (0.24) |
| Total net assets attributable to holders of redeemable participating units | 48,793,569 |  | 100.00 |

| Analysis of Total Assets | % of total assets* |
| --- | --- |
| Deposits with credit institutions | 1.05 |
| Transferable securities admitted to an official stock exchange listing or traded on a recognised market | 97.44 |
| Other assets | 	1.51 |
| Total | 100.00 |

* Calculation based on the total assets of the Fund (excluding liabilities). This summary is a UCITS requirement.
Schedule of Investments
As at 31 October 2019

## Financial assets at fair value through profit or loss
| Nominal | Security | Fair value US$ |  | % of Net Assets |
| --- | --- | --- | --- | --- |
|  | Investment Funds: 1.32% (30 April 2019: 0.10%) |  |  |  |
| 1 | Northern Trust Global Funds - Euro Liquidity Fund | 1 |  | 0.00 |
| 4,365,000 | Northern Trust Global Funds - US Dollar Fund | 	4,365,000 |  | 	1.32 |
|  |  | 4,365,001 |  | 1.32 |
|  | Total Investment Funds (Cost: $4,365,001) | 	4,365,001 |  | 	1.32 |
|  | Equities: 99.63% (30 April 2019: 100.03%) |  |  |  |
|  | Consumer Discretionary: 0.00% (30 April 2019: 0.50%) |  |  |  |
|  | Consumer Staples: 2.96% (30 April 2019: 1.07%) |  |  |  |
| 40,590 | Archer Daniels Midland | 1,645,113 |  | 0.49 |
| 175,202 | Darling Ingredients | 3,376,143 |  | 1.02 |
| 58,941 | Tyson Foods | 	4,820,784 |  | 	1.45 |
|  |  | 9,842,040 |  | 2.96 |
|  | Energy: 55.09% (30 April 2019: 55.79%) |  |  |  |
| 294,728 | Cabot Oil & Gas | 5,449,521 |  | 1.64 |
| 291,773 | Canadian Natural Resources | 7,430,292 |  | 2.24 |
| 122,297 | Chevron | 14,230,479 |  | 4.29 |
| 3,438,000 | CNOOC | 5,159,698 |  | 1.56 |
| 293,760 | Enbridge | 10,701,647 |  | 3.23 |
| 95,367 | EOG Resources | 6,639,451 |  | 2.00 |
| 454,491 | Equinor | 8,439,230 |  | 2.54 |
| 202,406 | Exxon Mobil | 13,706,934 |  | 4.13 |
| 152,019 | Galp Energia | 2,440,598 |  | 0.74 |
| 808,291 | Gazprom ADR | 6,552,007 |  | 1.97 |
| 76,536 | Hess | 4,956,471 |  | 1.49 |
| 121,800 | Idemitsu Kosan | 3,608,514 |  | 1.09 |
| 59,529 | Koninklijke Vopak | 3,268,004 |  | 0.99 |
| 132,285 | Neste | 4,759,326 |  | 1.43 |
| 122,794 | Oneok | 8,594,352 |  | 2.59 |
| 305,611 | PlainsLP | 5,742,431 |  | 1.73 |
| 413,613 | Reliance Industries | 8,539,192 |  | 2.57 |
| 307,239 | Royal Dutch Shell | 8,942,027 |  | 2.69 |
| 105,245 | Schlumberger | 3,483,609 |  | 1.05 |
| 353,703 | Suncor Energy | 10,664,399 |  | 3.21 |
| 192,702 | TGS NOPEC Geophysical | 4,991,078 |  | 1.50 |
| 348,852 | Total | 18,383,018 |  | 5.54 |
| 1,722,239 | Tullow Oil | 4,591,092 |  | 1.38 |
| 117,280 | Valero Energy | 	11,588,437 |  | 	3.49 |
|  |  | 182,861,807 |  | 55.09 |
|  | Health Care: 0.25% (30 April 2019: 0.00%) |  |  |  |
| 22,970 | Genus | 	850,173 |  | 	0.25 |
|  | Industrials: 3.29% (30 April 2019: 2.68%) |  |  |  |
| 45,004 | Befesa | 1,635,704 |  | 0.49 |
| 1,680,383 | Ceres Power | 4,573,154 |  | 1.38 |
| 127,347 | Hexagon Composites | 435,774 |  | 0.13 |
| 96,559 | TOMRA | 2,572,142 |  | 0.78 |

|  | Financial assets at fair value through profit or loss (continued) |  |
| --- | --- | --- |
| Nominal | Security | Fair value US$ |  | % of Net Assets |  |
|  | Equities: 99.63% (30 April 2019: 100.03%) (continued) |  |  |  |  |
| 20,688 | Industrials: 3.29% (30 April 2019: 2.68%) (continued) Vestas Wind Systems | 	1,695,659 |  | 	0.51 |  |
|  |  | 10,912,433 |  | 3.29 |  |
| 139,500 | Materials: 37.32% (30 April 2019: 39.13%) Agnico Eagle Mines | 8,341,084 |  | 2.51 |  |
| 267,405 | Amcor | 2,556,392 |  | 0.77 |  |
| 213,944 | Anglo American | 5,445,955 |  | 1.64 |  |
| 31,157 | Avery Dennison | 4,019,565 |  | 1.21 |  |
| 3,714,000 | China Resources Cement | 4,076,162 |  | 1.23 |  |
| 160,512 | Corteva | 4,410,870 |  | 1.33 |  |
| 205,781 | CRH | 7,479,263 |  | 2.25 |  |
| 64,665 | Croda International | 4,010,793 |  | 1.21 |  |
| 111,620 | Dow | 5,695,969 |  | 1.72 |  |
| 72,120 | DuPont de Nemours | 4,730,351 |  | 1.42 |  |
| 46,666 | FMC | 4,245,206 |  | 1.28 |  |
| 97,781 | Johnson Matthey | 3,872,541 |  | 1.17 |  |
| 36,725 | Koninklijke DSM | 4,323,761 |  | 1.30 |  |
| 6,528 | LG Chem | 1,725,351 |  | 0.52 |  |
| 70,276 | Linde | 13,998,276 |  | 4.22 |  |
| 995,791 | Lundin Mining | 5,065,715 |  | 1.53 |  |
| 1,885,858 | Norsk Hydro | 6,698,755 |  | 2.02 |  |
| 65,297 | Nutrien | 3,187,799 |  | 0.96 |  |
| 49,214 | PPG Industries | 6,199,980 |  | 1.87 |  |
| 169,018 | Ramco Cements | 1,870,121 |  | 0.56 |  |
| 57,040 | Rio Tinto | 2,957,579 |  | 0.89 |  |
| 10,816 | Sherwin-Williams | 6,340,664 |  | 1.91 |  |
| 52,200 | Shin-Etsu Chemical | 5,867,554 |  | 1.77 |  |
| 27,799 | Symrise | 2,651,150 |  | 0.80 |  |
| 260,281 | UPL | 2,188,740 |  | 0.66 |  |
| 13,179 | Vulcan Materials | 	1,906,210 |  | 	0.57 |  |
|  |  | 123,865,806 |  | 37.32 |  |
| 4,254,000 | Utilities: 0.72% (30 April 2019: 0.86%) China Everbright Greentech | 	2,377,840 |  | 	0.72 |  |
|  | Total Equities (Cost: $320,818,372) | 	330,710,099 |  | 	99.63 |  |

| Total financial assets at fair value through profit or loss | 	335,075,100 | 	100.95 |
| --- | --- | --- |

|  | Fair value US$ |  | % of Net Assets |
| --- | --- | --- | --- |
| Total investments at fair value through profit and loss | 335,075,100 |  | 100.95 |
| Bank overdraft | (1,991,353) |  | (0.60) |
| Other net liabilities | (1,162,144) |  | (0.35) |
| Total net assets attributable to holders of redeemable participating units | 331,921,603 |  | 100.00 |

| Analysis of Total Assets | % of total assets* |
| --- | --- |
| Deposits with credit institutions | 1.30 |
| Transferable securities admitted to an official stock exchange listing or traded on a recognised market | 98.51 |
| Other assets | 	0.19 |
| Total | 100.00 |

* Calculation based on the total assets of the Fund (excluding liabilities). This summary is a UCITS requirement.

## General information
For the financial period 31 October 2019

## Market timing
Repeatedly purchasing and selling units 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 unitholders. The Funds are not intended for market timing or excessive trading. To deter these activities, the Directors of Baring International Fund Managers (Ireland) Limited (the “Manager”) may refuse to accept an application for units 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 Manager reserve the right to redeem units from a unitholder, on the basis of the circumstances of the unitholder concerned, or if they have reasonable grounds to believe that the unitholder is engaging in any activity which might result in the Funds or their unitholders as a whole suffering any legal, regulatory, reputational or other material disadvantage which the Funds or their unitholders as a whole might not otherwise have suffered.

## UK reporting fund 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 unit classes which currently have UK reporting fund status are available at the Her Majesty’s Revenue and Customs (“HMRC”) Collective Investment Schemes Centre website:
http://www.hmrc.gov.uk/cisc/offshore-funds.htm
.
As stated above, UK tax payers should note that for each unit 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
.

## Appendix 1 – Information for investors in Switzerland
For the financial period 31 October 2019
Baring International Fund Managers (Ireland) Limited (the “Manager”) has appointed BNP Paribas Securities Services, Paris, Succursale de Zurich, Selnaustrasse 16, CH-8002, Zurich, Switzerland, as representative and paying agent for Switzerland. Units 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, the Unit Trusts Act, 1990, 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. Unit 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 Unit Trust which are licensed for public offer and marketing in or from Switzerland, namely: Barings Developed and Emerging Markets High Yield Bond Fund, Barings Eastern Europe Fund, Barings Global Leaders Fund and Barings Global Resources Fund, (the “Funds”).
Representative and Paying Agent for Switzerland BNP Paribas Securities Services, Paris
Succursale de Zurich
Selnaustrasse 16 CH-8002
Zurich
Switzerland

## Total expense ratio
Pursuant to a guideline from the Swiss Funds and Asset Management Association (“SFAMA”) dated 16 May 2008, the Funds are required to publish a total expense ratio (“TER”) for the financial period ended 31 October 2019.
The TERs for each Fund for the financial period/year ended 31 October 2019 and 30 April 2019 are as follows:
| Name of Fund | 31 October 2019 | 30 April 2019 |
| --- | --- | --- |
|  | TER in % | TER in % |
| Barings Developed and Emerging Markets High Yield Bond Fund - Class A USD Inc | 1.45 | 1.45 |
| Barings Developed and Emerging Markets High Yield Bond Fund - Class A AUD Hedged Inc Monthly Dividend | 1.46 | 1.46 |
| Barings Developed and Emerging Markets High Yield Bond Fund - Class A CAD Hedged Inc Monthly Dividend | 1.46 | 1.46 |
| Barings Developed and Emerging Markets High Yield Bond Fund - Class A CHF Hedged Acc | 1.46 | 1.46 |
| Barings Developed and Emerging Markets High Yield Bond Fund - Class A EUR Inc | 1.45 | 1.45 |
| Barings Developed and Emerging Markets High Yield Bond Fund - Class A EUR Hedged Inc | 1.46 | 1.45 |
| Barings Developed and Emerging Markets High Yield Bond Fund - Class A GBP Hedged Inc | 1.46 | 1.46 |
| Barings Developed and Emerging Markets High Yield Bond Fund - Class A HKD Inc Monthly Dividend | 1.45 | 1.45 |
| Barings Developed and Emerging Markets High Yield Bond Fund - Class A NZD Hedged Inc Monthly Dividend | 1.46 | 1.46 |
| Barings Developed and Emerging Markets High Yield Bond Fund - Class A RMB Hedged Inc Monthly Dividend | 1.46 | 1.46 |
| Barings Developed and Emerging Markets High Yield Bond Fund - Class A USD Acc | 1.45 | 1.45 |
| Barings Developed and Emerging Markets High Yield Bond Fund - Class A USD Inc Monthly Dividend | 1.45 | 1.45 |
| Barings Developed and Emerging Markets High Yield Bond Fund - Class I EUR Acc | 1.00 | 1.00 |
| Barings Developed and Emerging Markets High Yield Bond Fund - Class I GBP Hedged Inc | 1.01 | 1.00 |
| Barings Developed and Emerging Markets High Yield Bond Fund - Class I USD Acc | 1.00 | 1.00 |
| Barings Eastern Europe Fund - Class A USD Inc | 1.94 | 1.94 |
| Barings Eastern Europe Fund - Class A EUR Inc | 1.94 | 1.94 |
| Barings Eastern Europe Fund - Class A GBP Inc | 1.94 | 1.94 |
| Barings Eastern Europe Fund - Class A USD Acc | 1.94 | 1.94 |
| Barings Eastern Europe Fund - Class I EUR Acc | 1.08 | 1.14 |
| Barings Eastern Europe Fund - Class I GBP Acc | 0.99 | 0.99 |
| Barings Eastern Europe Fund - Class I USD Acc | 0.99 | 0.99 |
| Barings Eastern Europe Fund - Class I GBP Inc | 0.99 | 0.99 |
| Barings Eastern Europe Fund - Class I USD Inc | 0.99 | 0.99 |
| Barings Global Leaders - Class A USD Inc | 1.94 | 1.95 |
| Barings Global Leaders - Class A EUR Inc | 1.94 | 1.95 |
| Barings Global Leaders - Class A GBP Inc | 1.94 | 1.95 |
| Barings Global Leaders - Class I USD Acc | 0.81 | 0.96 |
| Barings Global Resources Fund - Class A USD Inc | 1.94 | 1.95 |
| Barings Global Resources Fund - Class A EUR Inc | 1.94 | 1.95 |
| Barings Global Resources Fund - Class A GBP Inc | 1.94 | 1.95 |
| Barings Global Resources Fund - Class I GBP Acc | 1.00 | 1.00 |
| Barings Global Resources Fund - Class I USD Acc | 1.00 | 1.00 |

This information was established by the Manager, Baring International Fund Managers (Ireland) Limited, based on the data contained in the Statement of Comprehensive Income for the above reference period (Fund management fees, administration fees, depositary fees, taxes and duties, and all other commissions and expenses appearing as per the breakdown of the Statement of Comprehensive Income 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 and reimbursements
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 Fund units exclusively with institutional investors with professional treasury facilities; and/or
- sales partners who place Fund units 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 units for third parties:
- life insurance companies (in respect of Fund units held for the account of insured persons or to cover obligations towards insured persons);
- pension funds and other retirement provision institutions (in respect of Fund units held for the account of beneficiaries);
- investment foundations (in respect of Fund units held for the account of in-house funds);
- Swiss fund management companies (in respect of Fund units held for the account of the funds managed);
- foreign fund management companies and providers (in respect of Fund units held for the account of managed funds and investing unitholders); and/or
- investment companies (in respect of the investment of the company assets).


## Appendix 2 – Information for investors in Germany
For the financial period 31 October 2019
The Prospectus, the Key Investor Information Document(s) (“KIID(s)”), a list of portfolio changes, the Unit Trusts Act, 1990, as well as the annual and the 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
Global Transaction Banking
Issuer Services – Global Securities Services Post IPO Services
Taunusanlage 12
60325 Frankfurt am Main Germany
Further German Information Agent Baring Asset Management GmbH
Ulmenstraße 54
60325 Frankfurt am Main 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 Manager’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.

## Appendix 3 – Additional information Hong Kong code
For the financial period ended 31 October 2019
Barings Developed and Emerging Markets High Yield Bond Fund is registered for sale in Hong Kong.

## Highest issue and lowest redemption prices Highest issue price during the period/year*
|  | 31 October | 30 April | 30 April | 30 April | 30 April |
| --- | --- | --- | --- | --- | --- |
|  | 2019 | 2019 | 2018 | 2017 | 2016 |
| Class A USD Inc | 9.51 | 9.65 | 10.20 | 10.12 | 10.70 |
| Class A AUD Hedged Inc Monthly Dividend | 10.38 | 10.58 | 11.06 | 10.84 | 11.34 |
| Class A CAD Hedged Inc Monthly Dividend | 9.73 | 9.97 | 10.46 | 9.93 | 11.09 |
| Class A CHF Hedged Acc | 13.15 | 13.08 | 13.29 | 12.90 | 12.72 |
| Class A EUR Inc | 8.56 | 8.54 | 9.18 | 9.26 | 9.82 |
| Class A EUR Hedged Inc | 8.44 | 9.00 | 9.72 | 9.76 | 10.32 |
| Class A GBP Hedged Inc | 5.86 | 6.06 | 6.49 | 6.22 | 6.92 |
| Class A HKD Inc Monthly Dividend | 75.95 | 77.20 | 80.29 | 79.03 | 84.24 |
| Class A NZD Hedged Inc Monthly Dividend | 13.60 | 13.86 | 14.47 | 13.87 | 14.67 |
| Class A RMB Hedged Inc Monthly Dividend | 66.92 | 67.29 | 69.64 | 67.51 | 68.05 |
| Class A USD Acc | 15.65 | 15.37 | 14.98 | 14.27 | 13.62 |
| Class A USD Inc Monthly Dividend | 9.55 | 9.68 | 10.13 | 10.00 | 10.70 |
| Class I EUR Acc | 14.17 | 13.66 | 12.94 | 12.85 | 12.83 |
| Class I GBP Hedged Inc | 5.95 | 6.12 | 6.53 | 6.24 | 6.91 |
| Class I USD Acc | 15.59 | 15.27 | 14.80 | 14.08 | 13.29 |

Highest issue price during the period/year* (continued)
|  | 30 April | 30 April | 30 April | 30 April | 30 April |
| --- | --- | --- | --- | --- | --- |
|  | 2015 | 2014 | 2013 | 2012 | 2011 |
| Class A USD Inc | 11.62 | 11.63 | 11.67 | 11.55 | 11.71 |
| Class A AUD Hedged Inc Monthly Dividend | 11.89 | 11.79 | 11.54 | N/A | N/A |
| Class A CAD Hedged Inc Monthly Dividend | 11.80 | 11.76 | 11.69 | N/A | N/A |
| Class A CHF Hedged Acc | 12.98 | 12.73 | 12.20 | N/A | N/A |
| Class A EUR Inc | 10.30 | 9.02 | 9.08 | 8.54 | 8.53 |
| Class A EUR Hedged Inc | 11.70 | 11.66 | 11.79 | 11.36 | 11.90 |
| Class A GBP Hedged Inc | 7.45 | 7.45 | 7.47 | 7.38 | 7.45 |
| Class A HKD Inc Monthly Dividend | 90.28 | 90.94 | 90.48 | 90.61 | 91.80 |
| Class A NZD Hedged Inc Monthly Dividend | 15.21 | 15.08 | 14.79 | N/A | N/A |
| Class A RMB Hedged Inc Monthly Dividend | 70.74 | 70.31 | N/A | N/A | N/A |
| Class A USD Acc | 13.81 | 13.54 | 12.91 | 11.57 | N/A |
| Class A USD Inc Monthly Dividend | 11.47 | 11.53 | 11.47 | 11.47 | 11.49 |
| Class I EUR Acc | 13.19 | 10.32 | 10.19 | 9.01 | N/A |
| Class I GBP Hedged Inc | 7.45 | 7.44 | 7.46 | 11.08 | N/A |
| Class I USD Acc | 13.41 | 13.13 | 12.45 | N/A | N/A |

* The above highest issue prices and lowest redemption prices during the period/year are quoted in their respective unit classes’ denomination currencies.
Highest issue and lowest redemption prices (continued)

## Lowest redemption price during the period/year*
|  | 31 October | 30 April | 30 April | 30 April | 30 April |
| --- | --- | --- | --- | --- | --- |
|  | 2019 | 2019 | 2018 | 2017 | 2016 |
| Class A USD Inc | 9.22 | 8.94 | 9.73 | 9.51 | 9.70 |
| Class A AUD Hedged Inc Monthly Dividend | 10.15 | 9.76 | 10.59 | 10.27 | 9.62 |
| Class A CAD Hedged Inc Monthly Dividend | 9.53 | 9.16 | 9.98 | 9.91 | 9.28 |
| Class A CHF Hedged Acc | 12.85 | 12.18 | 12.91 | 11.57 | 11.05 |
| Class A EUR Inc | 8.19 | 7.77 | 7.81 | 8.55 | 7.93 |
| Class A EUR Hedged Inc | 8.24 | 8.37 | 9.42 | 9.65 | 9.03 |
| Class A GBP Hedged Inc | 5.67 | 5.56 | 6.15 | 6.16 | 5.77 |
| Class A HKD Inc Monthly Dividend | 74.36 | 71.23 | 77.23 | 74.26 | 70.77 |
| Class A NZD Hedged Inc Monthly Dividend | 13.31 | 12.80 | 13.87 | 13.31 | 12.51 |
| Class A RMB Hedged Inc Monthly Dividend | 65.44 | 62.77 | 67.20 | 64.28 | 58.35 |
| Class A USD Acc | 15.14 | 14.15 | 14.28 | 12.84 | 11.94 |
| Class A USD Inc Monthly Dividend | 9.34 | 8.95 | 9.69 | 9.43 | 8.94 |
| Class I EUR Acc | 13.32 | 12.04 | 11.60 | 11.34 | 10.36 |
| Class I GBP Hedged Inc | 5.77 | 5.64 | 6.20 | 6.19 | 5.79 |
| Class I USD Acc | 15.05 | 14.04 | 14.07 | 12.61 | 11.70 |

Lowest redemption price during the period/year* (continued)
|  | 30 April | 30 April | 30 April | 30 April | 30 April |
| --- | --- | --- | --- | --- | --- |
|  | 2015 | 2014 | 2013 | 2012 | 2011 |
| Class A USD Inc | 10.27 | 11.08 | 10.60 | 9.68 | 10.39 |
| Class A AUD Hedged Inc Monthly Dividend | 10.66 | 11.05 | 10.54 | N/A | N/A |
| Class A CAD Hedged Inc Monthly Dividend | 10.50 | 11.15 | 10.92 | N/A | N/A |
| Class A CHF Hedged Acc | 11.84 | 11.72 | 12.13 | N/A | N/A |
| Class A EUR Inc | 8.22 | 8.24 | 8.28 | 7.24 | 7.91 |
| Class A EUR Hedged Inc | 10.22 | 10.69 | 10.25 | 9.52 | 10.03 |
| Class A GBP Hedged Inc | 6.61 | 7.09 | 6.78 | 6.19 | 6.63 |
| Class A HKD Inc Monthly Dividend | 79.97 | 86.17 | 82.40 | 75.12 | 81.67 |
| Class A NZD Hedged Inc Monthly Dividend | 13.70 | 14.15 | 13.58 | N/A | N/A |
| Class A RMB Hedged Inc Monthly Dividend | 63.42 | 69.74 | N/A | N/A | N/A |
| Class A USD Acc | 12.60 | 12.41 | 11.19 | 10.24 | N/A |
| Class A USD Inc Monthly Dividend | 10.16 | 10.93 | 10.45 | 9.53 | 10.28 |
| Class I EUR Acc | 9.99 | 9.68 | 8.90 | 7.34 | N/A |
| Class I GBP Hedged Inc | 6.60 | 7.08 | 6.77 | 6.88 | N/A |
| Class I USD Acc | 12.26 | 11.98 | 10.73 | 10.81 | N/A |

* The above highest issue prices and lowest redemption prices during the period/year are quoted in their respective unit classes’ denomination currencies.

## Statement of movements in portfolio holdings
|  | 31 October |  | 30 April |  | 30 April |  | 30 April |
| --- | --- | --- | --- | --- | --- | --- | --- |
|  | 2019 |  | 2019 |  | 2018 |  | 2017 |
|  | % of NAV** |  | % of NAV** |  | % of NAV** |  | % of NAV** |
| Euro | 17.43 |  | 18.93 |  | 9.99 |  | 11.85 |
| Pound sterling | 7.86 |  | 12.77 |  | 13.33 |  | 11.34 |
| US dollar | 67.85 |  | 62.93 |  | 74.62 |  | 72.64 |
| Investment Funds | 4.43 |  | 4.09 |  | 0.71 |  | 0.87 |
| Open forwards | 	(0.23) |  | 	0.12 |  | 	0.34 |  | 	(0.59) |
| Total investments at fair value through profit or loss | 97.34 |  | 98.84 |  | 98.99 |  | 96.11 |
| Cash | 1.19 |  | 0.20 |  | 0.69 |  | 1.22 |
| Other net assets | 1.47 |  | 0.96 |  | 0.32 |  | 2.67 |
| Total net assets | 	100.00 |  | 	100.00 |  | 	100.00 |  | 	100.00 |

** Movements 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 years has to be inferred.

## Portfolio information
| Top Ten Holdings | % of Net Assets |
| --- | --- |
| Northern Trust Global Funds - US Dollar Fund | 3.96% |
| Garfunkelux Holdco 3 8.50% Bonds 01/11/2022 | 1.56% |
| Energy Transfer Partners FRN Bonds 01/11/2066 | 1.45% |
| Valeant Pharmaceuticals International 6.13% Bonds 15/04/2025 | 1.10% |
| Global Aircraft Leasing 6.50% Bonds 15/09/2024 | 1.09% |
| OTP Bank Nyrt 2.88% Bonds 15/07/2029 | 1.05% |
| Sprint 7.88% Bonds 15/09/2023 | 0.99% |
| CCO/ CCO Capital 4.75% Bonds 01/03/2030 | 0.97% |
| Ortho-Clinical Diagnostics 6.63% Bonds 15/05/2022 | 0.96% |
| Blitz Weinhard 6.00% Bonds 30/07/2026 | 0.96% |

Appendix 3 – Additional information Hong Kong code
For the financial period ended 31 October 2019
Barings Eastern Europe Fund is registered for sale in Hong Kong.

## Highest issue and lowest redemption prices Highest issue price during the period/year*
|  | 31 October | 30 April | 30 April | 30 April | 30 April |
| --- | --- | --- | --- | --- | --- |
|  | 2019 | 2019 | 2018 | 2017 | 2016 |
| Class A USD Inc | 92.52 | 86.53 | 100.39 | 80.92 | 76.97 |
| Class A EUR Inc | 82.15 | 76.90 | 80.94 | 73.96 | 67.80 |
| Class A GBP Inc | 74.82 | 66.57 | 71.25 | 62.52 | 49.10 |
| Class A USD Acc | 102.79 | 94.65 | 107.39 | 85.59 | 80.51 |
| Class I EUR Acc | 90.01 | 82.79 | 84.38 | 88.84 | 61.00 |
| Class I GBP Acc | 85.44 | 74.66 | 77.30 | 66.58 | 50.95 |
| Class I USD Acc | 108.87 | 100.05 | 112.21 | 75.73 | 82.18 |
| Class I EUR Inc** | – | – | 75.01 | 82.34 | 61.00 |
| Class I GBP Inc | 75.89 | 67.95 | 72.61 | 63.47 | 48.15 |
| Class I USD Inc | 93.73 | 88.27 | 102.15 | 75.27 | 69.50 |

Highest issue price during the period/year* (continued)
|  | 30 April | 30 April | 30 April | 30 April | 30 April |
| --- | --- | --- | --- | --- | --- |
|  | 2015 | 2014 | 2013 | 2012 | 2011 |
| Class A USD Inc | 98.41 | 106.06 | 109.16 | 131.09 | 136.22 |
| Class A EUR Inc | 72.22 | 80.69 | 81.26 | 88.77 | 94.66 |
| Class A GBP Inc | 58.54 | 69.14 | 70.48 | 79.53 | 83.31 |
| Class A USD Acc | 101.39 | 108.46 | 109.41 | 100.83 | N/A |
| Class I EUR Acc | N/A | N/A | N/A | N/A | N/A |
| Class I GBP Acc | 101.39 | 69.16 | N/A | N/A | N/A |
| Class I USD Acc | 101.39 | 109.46 | 109.46 | N/A | N/A |
| Class I EUR Inc** | N/A | N/A | N/A | N/A | N/A |
| Class I GBP Inc | N/A | N/A | N/A | N/A | N/A |
| Class I USD Inc | N/A | N/A | N/A | N/A | N/A |

* The above highest issue prices and lowest redemption prices during the period/year are quoted in their respective unit classes’ denomination currencies.
** The Barings Eastern Europe Fund Class I EUR Inc unit class closed on 16 June 2017.
Highest issue and lowest redemption prices (continued)

## Lowest redemption price during the period/year*
|  | 31 October | 30 April | 30 April | 30 April | 30 April |
| --- | --- | --- | --- | --- | --- |
|  | 2019 | 2019 | 2018 | 2017 | 2016 |
| Class A USD Inc | 79.87 | 72.45 | 76.80 | 63.23 | 49.75 |
| Class A EUR Inc | 71.12 | 63.01 | 68.87 | 57.42 | 45.61 |
| Class A GBP Inc | 61.55 | 56.09 | 60.28 | 47.87 | 35.26 |
| Class A USD Acc | 88.73 | 79.25 | 82.16 | 66.88 | 52.04 |
| Class I EUR Acc | 77.81 | 67.52 | 71.39 | 68.99 | 45.70 |
| Class I GBP Acc | 70.14 | 62.54 | 64.93 | 50.65 | 36.77 |
| Class I USD Acc | 93.85 | 83.23 | 85.38 | 58.17 | 53.48 |
| Class I EUR Inc** | – | – | 70.22 | 63.44 | 45.71 |
| Class I GBP Inc | 62.30 | 56.92 | 60.99 | 63.66 | 35.32 |
| Class I USD Inc | 80.81 | 73.42 | 77.73 | 58.12 | 49.84 |

Lowest redemption price during the period/year* (continued)
|  | 30 April | 30 April | 30 April | 30 April | 30 April |
| --- | --- | --- | --- | --- | --- |
|  | 2015 | 2014 | 2013 | 2012 | 2011 |
| Class A USD Inc | 60.02 | 78.55 | 78.65 | 78.94 | 90.43 |
| Class A EUR Inc | 47.85 | 56.57 | 63.81 | 59.25 | 74.13 |
| Class A GBP Inc | 38.14 | 47.35 | 51.33 | 51.14 | 61.54 |
| Class A USD Acc | 61.83 | 80.40 | 78.83 | 94.50 | N/A |
| Class I EUR Acc | N/A | N/A | N/A | N/A | N/A |
| Class I GBP Acc | 38.87 | 47.67 | N/A | N/A | N/A |
| Class I USD Acc | 65.86 | 81.17 | 97.19 | N/A | N/A |
| Class I EUR Inc** | N/A | N/A | N/A | N/A | N/A |
| Class I GBP Inc | N/A | N/A | N/A | N/A | N/A |
| Class I USD Inc | N/A | N/A | N/A | N/A | N/A |

* The above highest issue prices and lowest redemption prices during the period/year are quoted in their respective unit classes’ denomination currencies.
** The Barings Eastern Europe Fund Class I EUR Inc unit class closed on 16 June 2017.

## Statement of movements in portfolio holdings
|  | 31 October |  | 30 April |  | 30 April |  | 30 April |
| --- | --- | --- | --- | --- | --- | --- | --- |
|  | 2019 |  | 2019 |  | 2018 |  | 2017 |
|  | % of NAV*** |  | % of NAV*** |  | % of NAV*** |  | % of NAV*** |
| Czech Republic | 1.14 |  | 3.16 |  | 1.90 |  | 1.51 |
| Greece | 3.92 |  | 2.11 |  | 2.75 |  | 2.57 |
| Hungary | 0.83 |  | 4.89 |  | 5.75 |  | 5.70 |
| Netherlands | – |  | – |  | 0.46 |  | – |
| Poland | 15.45 |  | 18.05 |  | 18.79 |  | 12.07 |
| Romania | 1.60 |  | 1.24 |  | 1.30 |  | 1.46 |
| Russian Federation | 62.93 |  | 55.60 |  | 51.95 |  | 56.67 |
| Sweden | – |  | – |  | – |  | 0.72 |
| Turkey | 11.56 |  | 11.16 |  | 10.37 |  | 13.59 |
| Ukraine | 0.38 |  | 0.46 |  | 0.51 |  | 0.35 |
| United Kingdom | – |  | 1.14 |  | – |  | 0.65 |
| United States | – |  | – |  | 2.62 |  | 2.52 |
| Investment Funds | 	2.35 |  | 	2.58 |  | 	3.31 |  | 	1.83 |
| Total investments at fair value through profit or loss | 100.16 |  | 100.39 |  | 99.71 |  | 99.64 |
| Cash/(bank overdraft) | 0.06 |  | (0.26) |  | 0.13 |  | 0.22 |
| Other net (liabilities)/assets | (0.22) |  | (0.13) |  | 0.16 |  | 0.14 |
| 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 in each geographic location. The movement in each country's position between years has to be inferred.

## Portfolio information
| Top Ten Holdings | % of Net Assets |
| --- | --- |
| Sberbank of Russia | 9.29% |
| LUKOIL RUB0.02 ADR | 8.23% |
| Gazprom ADR | 8.17% |
| Novatek GDR | 5.12% |
| Tatneft PJSC ADR | 5.01% |
| X5 Retail GDR | 4.86% |
| Powszechny Zaklad Ubezpieczen | 4.16% |
| Mail.Ru GDR | 2.90% |
| Polyus | 2.88% |
| KGHM | 2.75% |

Appendix 3 – Additional information Hong Kong code
For the financial period ended 31 October 2019
Barings Global Leaders Fund is registered for sale in Hong Kong.

## Highest issue and lowest redemption prices Highest issue price during the period/year*
|  | 31 October | 30 April | 30 April | 30 April | 30 April |
| --- | --- | --- | --- | --- | --- |
|  | 2019 | 2019 | 2018 | 2017 | 2016 |
| Class A USD Inc | 20.58 | 21.12 | 21.18 | 17.58 | 17.25 |
| Class A EUR Inc | 18.53 | 16.31 | 17.28 | 16.10 | 15.74 |
| Class A GBP Inc | 16.83 | 12.59 | 15.22 | 13.85 | 11.20 |
| Class I USD Acc | 21.70 | 22.11 | 22.04 | 18.16 | 17.44 |

|  | 30 April | 30 April | 30 April | 30 April | 30 April |
| --- | --- | --- | --- | --- | --- |
|  | 2015 | 2014 | 2013 | 2012 | 2011 |
| Class A USD Inc | 17.20 | 16.17 | 14.27 | 14.08 | 14.09 |
| Class A EUR Inc | 15.97 | 11.89 | 10.96 | 10.30 | 10.09 |
| Class A GBP Inc | 11.53 | 9.90 | 9.42 | 8.72 | 8.51 |
| Class I USD Acc | 17.36 | N/A | N/A | N/A | N/A |

Lowest redemption price during the period/year*
|  | 31 October | 30 April | 30 April | 30 April | 30 April |
| --- | --- | --- | --- | --- | --- |
|  | 2019 | 2019 | 2018 | 2017 | 2016 |
| Class A USD Inc | 19.09 | 17.30 | 17.68 | 14.82 | 13.53 |
| Class A EUR Inc | 16.99 | 13.32 | 15.37 | 13.19 | 11.93 |
| Class A GBP Inc | 15.06 | 10.77 | 13.69 | 10.36 | 9.38 |
| Class I USD Acc | 20.12 | 18.15 | 18.26 | 15.16 | 13.77 |

|  | 30 April | 30 April | 30 April | 30 April | 30 April |
| --- | --- | --- | --- | --- | --- |
|  | 2015 | 2014 | 2013 | 2012 | 2011 |
| Class A USD Inc | 14.17 | 13.70 | 11.98 | 10.86 | 10.33 |
| Class A EUR Inc | 10.98 | 10.43 | 9.46 | 8.21 | 8.38 |
| Class A GBP Inc | 8.84 | 8.87 | 7.64 | 7.06 | 6.93 |
| Class I USD Acc | 14.21 | N/A | N/A | N/A | N/A |

* The above highest issue prices and lowest redemption prices during the period/year are quoted in their respective unit classes’ denomination currencies.

## Appendix 3 – Additional information Hong Kong code (continued)
For the financial period ended 31 October 2019

## Statement of movements in portfolio holdings
|  | 31 October |  | 30 April |  | 30 April |  | 30 April |
| --- | --- | --- | --- | --- | --- | --- | --- |
|  | 2019 |  | 2019 |  | 2018 |  | 2017 |
|  | % of NAV** |  | % of NAV** |  | % of NAV** |  | % of NAV** |
| Communication Services | 9.35 |  | 2.14 |  | – |  | – |
| Consumer Discretionary | 15.86 |  | 19.03 |  | 18.37 |  | 16.29 |
| Consumer Staples | 14.20 |  | 16.06 |  | 16.65 |  | 13.94 |
| Energy | 7.30 |  | 8.34 |  | 10.12 |  | 6.46 |
| Financial | 10.85 |  | 10.57 |  | 8.26 |  | 8.23 |
| Health Care | 11.80 |  | 10.28 |  | 14.73 |  | 17.08 |
| Industrials | 8.45 |  | 8.89 |  | 6.79 |  | 6.50 |
| Information Technology | 18.13 |  | 21.44 |  | 15.24 |  | 25.71 |
| Materials | 1.92 |  | 2.50 |  | 5.50 |  | 2.48 |
| Real Estate | – |  | – |  | 1.62 |  | – |
| Telecommunication Services | – |  | – |  | 2.04 |  | 1.98 |
| Investment Funds | 	1.05 |  | 	0.07 |  | 	0.76 |  | 	1.01 |
| Total investments at fair value through profit or loss | 98.91 |  | 99.32 |  | 100.08 |  | 99.68 |
| Cash | 1.33 |  | 0.28 |  | 0.12 |  | 0.41 |
| Other net (liabilities)/assets | (0.24) |  | 0.40 |  | (0.20) |  | (0.09) |
| 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 in each geographic location. The movement in each country's position between years has to be inferred.

## Portfolio information
| Top Ten Holdings | % of Net Assets |
| --- | --- |
| Microsoft | 4.22% |
| Raytheon | 3.25% |
| Alphabet | 3.19% |
| Nintendo | 2.71% |
| Koninklijke Ahold Delhaize | 2.58% |
| Fidelity National Information Services | 2.43% |
| TJX Cos | 2.40% |
| Honeywell International | 2.30% |
| Sony | 2.30% |
| AON | 2.29% |

Appendix 3 – Additional information Hong Kong code
For the financial period ended 31 October 2019
Barings Global Resources Fund is registered for sale in Hong Kong.

## Highest issue and lowest redemption prices Highest issue price during the period/year*
|  | 31 October | 30 April | 30 April | 30 April | 30 April |
| --- | --- | --- | --- | --- | --- |
|  | 2019 | 2019 | 2018 | 2017 | 2016 |
| Class A USD Inc | 18.86 | 22.11 | 22.49 | 18.95 | 20.56 |
| Class A EUR Inc | 16.78 | 18.74 | 18.35 | 17.66 | 18.37 |
| Class A GBP Inc | 14.91 | 16.43 | 16.20 | 15.04 | 13.33 |
| Class I GBP Acc | 15.65 | 16.97 | 16.67 | 15.35 | 13.66 |
| Class I USD Acc | 19.84 | 22.94 | 23.27 | 19.43 | 17.34 |

|  | 30 April | 30 April | 30 April | 30 April | 30 April |
| --- | --- | --- | --- | --- | --- |
|  | 2015 | 2014 | 2013 | 2012 | 2011 |
| Class A USD Inc | 23.55 | 22.53 | 25.25 | 32.74 | 33.54 |
| Class A EUR Inc | 17.33 | 16.45 | 19.23 | 22.66 | 24.73 |
| Class A GBP Inc | 13.73 | 14.08 | 15.61 | 20.00 | 20.74 |
| Class I GBP Acc | 13.68 | N/A | N/A | N/A | N/A |
| Class I USD Acc | N/A | N/A | N/A | N/A | N/A |

Lowest issue price during the period/year*
|  | 31 October | 30 April | 30 April | 30 April | 30 April |
| --- | --- | --- | --- | --- | --- |
|  | 2019 | 2019 | 2018 | 2017 | 2016 |
| Class A USD Inc | 16.75 | 16.08 | 17.52 | 15.87 | 13.58 |
| Class A EUR Inc | 15.02 | 14.11 | 15.23 | 14.31 | 12.45 |
| Class A GBP Inc | 13.66 | 12.71 | 13.65 | 11.89 | 9.59 |
| Class I GBP Acc | 14.32 | 13.20 | 13.98 | 12.08 | 9.70 |
| Class I USD Acc | 17.67 | 16.78 | 18.02 | 16.16 | 13.74 |

|  | 30 April | 30 April | 30 April | 30 April | 30 April |
| --- | --- | --- | --- | --- | --- |
|  | 2015 | 2014 | 2013 | 2012 | 2011 |
| Class A USD Inc | 18.38 | 18.86 | 19.48 | 21.73 | 21.55 |
| Class A EUR Inc | 15.72 | 14.36 | 14.92 | 16.48 | 17.44 |
| Class A GBP Inc | 12.07 | 12.20 | 12.77 | 14.13 | 14.47 |
| Class I GBP Acc | 12.08 | N/A | N/A | N/A | N/A |
| Class I USD Acc | N/A | N/A | N/A | N/A | N/A |

* The above highest issue prices and lowest redemption prices during the period/year are quoted in their respective unit classes’ denomination currencies.

## Appendix 3 – Additional information Hong Kong code (continued)
For the financial period ended 31 October 2019

## Statement of movements in portfolio holdings
|  | 31 October |  | 30 April |  | 30 April |  | 30 April |
| --- | --- | --- | --- | --- | --- | --- | --- |
|  | 2019 |  | 2019 |  | 2018 |  | 2017 |
|  | % of NAV** |  | % of NAV** |  | % of NAV** |  | % of NAV** |
| Consumer Discretionary | – |  | 0.50 |  | – |  | – |
| Consumer Staples | 2.96 |  | 1.07 |  | 2.50 |  | 5.89 |
| Energy | 55.09 |  | 55.79 |  | 49.17 |  | 43.88 |
| Health Care | 0.25 |  | – |  | – |  | – |
| Industrials | 3.29 |  | 2.68 |  | 5.80 |  | 4.15 |
| Materials | 37.32 |  | 39.13 |  | 41.87 |  | 44.82 |
| Utilities | 0.72 |  | 0.86 |  | 0.53 |  | – |
| Investment Funds | 	1.32 |  | 	0.10 |  | 	0.21 |  | 	3.59 |
| Total investments at fair value through profit and loss | 100.95 |  | 100.13 |  | 100.08 |  | 102.33 |
| Bank overdraft | (0.60) |  | (0.08) |  | (0.02) |  | (1.87) |
| Other net liabilities | (0.35) |  | (0.05) |  | (0.06) |  | (0.46) |
| 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 in each industry sector. The movement in each industry sector position between years has to be inferred.

## Portfolio information
| Top Ten Holdings | % of Net Assets |
| --- | --- |
| Total | 5.54% |
| Chevron | 4.29% |
| Linde | 4.22% |
| Exxon Mobil | 4.13% |
| Valero Energy | 3.49% |
| Enbridge | 3.23% |
| Suncor Energy | 3.21% |
| Royal Dutch Shell | 2.69% |
| Oneok | 2.59% |
| Reliance Industries | 2.57% |


## Appendix 4 – Significant Portfolio Movements
For the financial period ended 31 October 2019
|  | Cost |  | Proceeds |
| --- | --- | --- | --- |
| Purchases | US$'000 | Sales | US$'000 |
| Northern Trust Global Funds - US dollar Fund | 86,672 | Northern Trust Global Funds - US dollar Fund | 86,863 |
| Northern Trust Global Funds - Sterling Fund | 33,985 | Northern Trust Global Funds - Sterling Fund | 33,926 |
| Northern Trust Global Funds - Euro Liquidity Fund | 27,776 | Northern Trust Global Funds - Euro Liquidity Fund | 25,987 |
| OTP Bank Nyrt 2.875% Bonds 15/07/2029 | 6,381 | Citgo Holding 10.75% Bonds 15/02/2020 | 8,593 |
| Global Aircraft Leasing 6.5% Bonds 15/09/2024 | 5,814 | VFH Parent 6.75% Bonds 15/06/2022 | 7,384 |
| CCO/ CCO Capital 4.75% Bonds 01/03/2030 | 5,204 | Vue International Bidco 7.875% Bonds 15/07/2020 | 5,104 |
| TransDigm 5.5% Bonds 15/11/2027 | 4,242 | TVL Finance 8.50% Bonds 15/05/2023 | 4,709 |
| Clearwater Paper 5.375% Bonds 01/02/2025 | 4,014 | Galaxy Finco 7.88% Bonds 15/11/2021 | 4,440 |
| Sovcombank Via SovCom Capital DAC 8% Bonds 07/04/2030 |  | Ferrellgas Partners 6.75% Bonds 15/01/2022 | 4,372 |
| 3,860 |  |  |
| CGG US 9.00% Bonds 01/05/2023 | 3,838 | Horizon Pharma 8.75% Bonds 01/11/2024 | 4,316 |
| Sirius XM Radio 5.5% Bonds 01/07/2029 | 3,816 | CGG US 7.88% Bonds 01/05/2023 | 4,260 |
| Muthoot Finance 6.125% Bonds 31/10/2022 | 3,795 | Virgin Media Secured Finance 5.50% Bonds 15/01/2025 |  |
|  |  | 4,124 |
| National Bank of Fujairah 5.875% Bonds 31/12/2049 | 3,620 | Ocado 4.00% Bonds 15/06/2024 | 4,091 |
| Metinvest 5.625% Bonds 17/06/2025 | 3,251 | Liberty Interactive 8.25% Bonds 01/02/2030 | 3,834 |
| Standard Bank 5.95% Bonds 31/05/2019 | 3,175 | Perform Group Financing 8.50% Bonds 15/11/2020 | 3,631 |
| eG Global Finance 4.375% Bonds 07/02/2025 | 2,969 | Banco Mercantil del Norte 6.875% Bonds 31/12/2049 |  |
|  |  | 3,347 |
| NE Property 2.625% Bonds 22/05/2023 | 2,857 | Standard Bank 5.95% Bonds 31/05/2019 | 3,274 |
| Pampa Energia 9.125% Bonds 15/04/2029 | 2,835 | Tenet Healthcare 6.25% Bonds 01/02/2027 | 3,181 |
| Burgan Bank SAK 5.7492% Bonds 31/12/2049 | 2,830 | Ukraine Government International 7.75% Bonds 01/09/2020 |  |
|  |  | 3,090 |
| JBS USA LUX 5.5% Bonds 15/01/2030 | 2,828 | Acrisure Finance 7.00% Bonds 15/11/2025 | 3,045 |

Listed above are aggregate purchases of securities exceeding one percent of the total value of purchases for the financial period ended 31 October 2019 and aggregate sales of securities greater than one percent of the total value of sales for the financial period ended 31 October 2019.
At a minimum, the largest 20 purchases and sales are disclosed, if applicable.
|  | Cost |  | Proceeds |
| --- | --- | --- | --- |
| Purchases | US$'000 | Sales | US$'000 |
| Northern Trust Global Funds - US Dollar Fund | 119,653 | Northern Trust Global Funds - US Dollar Fund | 118,361 |
| Tatneft PJSC GDR | 25,736 | Novatek GDR | 41,430 |
| Turkiye Vakiflar Bankasi | 22,389 | MOL Hungarian Oil & Gas | 17,630 |
| MMC Norilsk Nickel ADR | 13,012 | LUKOIL RUB0.02 ADR | 17,009 |
| Tupras Turkiye Petrol Rafinerileri | 12,299 | Turkcell Iletisim Hizmetleri | 16,376 |
| LUKOIL RUB0.02 ADR | 10,771 | Turkiye Garanti Bankasi | 15,233 |
| Turk Telekomunikasyon | 10,191 | Komercni Banka | 14,741 |
| Polyus | 9,221 | Pegasus Hava Tasimaciligi | 12,065 |
| Powszechna Kasa Oszczednosci Bank Polski |  | Tupras Turkiye Petrol Rafinerileri | 11,649 |
| 8,695 |  |  |
| Alpha Bank | 7,360 | Gazprom ADR | 9,747 |
| Yandex | 4,219 | Wizz Air | 8,854 |
| National Bank of Greece | 3,289 | Sberbank of Russia | 7,961 |
| CD Projekt | 3,237 | Richter Gedeon | 7,528 |
| BIM Birlesik Magazalar | 2,318 | OTP Bank | 5,501 |
| BRD-Groupe Societe Generale | 2,266 | Bank Pekao | 4,919 |
| Pegasus Hava Tasimaciligi | 2,231 | X5 Retail GDR | 4,354 |
| LUKOIL ADR | 2,214 | Powszechna Kasa Oszczednosci Bank Polski |  |
|  |  | 4,198 |
| Alrosa | 2,148 | National Bank of Greece | 4,119 |
| Mobile TeleSystems ADR | 2,147 | Barings Russia Fund - UCITS | 3,132 |
| Migros Ticaret | 2,000 | BIM Birlesik Magazalar | 2,909 |

Listed above are aggregate purchases of securities exceeding one percent of the total value of purchases for the financial period ended 31 October 2019 and aggregate sales of securities greater than one percent of the total value of sales for the financial period ended 31 October 2019.
At a minimum, the largest 20 purchases and sales are disclosed, if applicable.
|  | Cost |  | Proceeds |
| --- | --- | --- | --- |
| Purchases | US$'000 | Sales | US$'000 |
| Northern Trust Global Funds - US Dollar Fund | 5,901 | Northern Trust Global Funds - US Dollar Fund | 5,790 |
| Northern Trust Global Funds - Sterling Fund | 1,339 | Northern Trust Global Funds - Sterling Fund |  |
|  |  | 1,033 |
| Northern Trust Global Funds - Euro Liquidity Fund | 1,041 | Northern Trust Global Funds - Euro Liquidity Fund | 977 |
| UnitedHealth | 619 | Yamaha Motor | 631 |
| Amadeus IT | 563 | Henkel | 534 |
| Synopsys | 502 | Nintendo | 498 |
| Church & Dwight | 490 | AO Smith | 482 |
| Take-Two Interactive | 473 | Fresenius | 409 |
| Meiji | 353 | Alimentation Couche-Tard | 392 |
| Walt Disney | 344 | Carnival | 375 |
| Ipsen | 276 | Unilever | 319 |
| AON | 273 | GrubHub | 292 |
| McDonald's | 243 | X5 Retail GDR | 289 |
| TJX Cos | 209 | Zoetis | 286 |
| Honeywell International | 155 | Raytheon | 242 |
| Schneider Electric | 92 | Microsoft | 235 |
| Koninklijke Ahold Delhaize | 67 | Sberbank of Russia | 210 |
|  |  | NIKE | 191 |
|  |  | Johnson Matthey | 167 |
|  |  | Nomura Research Institute | 138 |

Listed above are aggregate purchases of securities exceeding one percent of the total value of purchases for the financial period ended 31 October 2019 and aggregate sales of securities greater than one percent of the total value of sales for the financial period ended 31 October 2019.
At a minimum, the largest 20 purchases and sales are disclosed, if applicable.
|  | Cost |  | Proceeds |
| --- | --- | --- | --- |
| Purchases | US$'000 | Sales | US$'000 |
| Northern Trust Global Funds - US Dollar Fund | 77,792 | Northern Trust Global Funds - US Dollar Fund | 73,762 |
| Enbridge | 10,459 | BP | 9,633 |
| Equinor | 9,133 | Chevron | 6,753 |
| Gazprom | 5,123 | Concho Resources | 5,248 |
| Corteva | 4,494 | Oil Search | 5,223 |
| Koninklijke DSM | 4,490 | ArcelorMittal | 4,226 |
| Croda International | 4,104 | International Flavors & Fragrances | 4,211 |
| China Resources Cement | 3,579 | Shin-Etsu Chemical | 3,562 |
| Darling Ingredients | 3,424 | Arkema | 3,390 |
| Cabot Oil & Gas | 3,235 | Novozymes | 3,330 |
| Amcor | 2,512 | Anglo American | 3,305 |
| TOMRA | 2,507 | Novatek GDR | 3,268 |
| Norsk Hydro | 2,207 | Exxon Mobil | 3,203 |
| Total | 1,968 | Umicore | 3,140 |
| UPL | 1,959 | South32 | 3,038 |
| Vulcan Materials | 1,917 | Tupras Turkiye Petrol Rafinerileri | 2,988 |
| Tyson Foods | 1,903 | Rio Tinto | 2,950 |
| LG Chem | 1,812 | Celanese | 2,796 |
| Glanbia | 1,746 | Indorama Ventures | 2,587 |
| Koninklijke Vopak | 1,715 | AMG Advanced Metallurgical | 2,469 |
|  |  | Nutrien | 2,456 |
|  |  | Royal Dutch Shell | 2,313 |
|  |  | Corteva | 2,154 |
|  |  | AGCO | 2,012 |

Listed above are aggregate purchases of securities exceeding one percent of the total value of purchases for the financial period ended 31 October 2019 and aggregate sales of securities greater than one percent of the total value of sales for the financial period ended 31 October 2019.
At a minimum, the largest 20 purchases and sales are disclosed, if applicable.

## Address:
Baring International Fund Managers (Ireland) Limited 70 Sir John Rogerson’s Quay
Dublin 2 D02 R296
Ireland

## 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 Ireland 70 Sir John Rogerson’s Quay, Dublin 2, D02 R296, Ireland

Translation (ENFR, 2019-10-31):
# Les notes annexes font partie intégrante des présents états financiers.
## Notes annexes aux états financiers
Pour la période comptable close le 31 octobre 2019
- 
## Base de l’évaluation

Les états financiers ici présentés sont des états financiers intermédiaires condensés non audités pour la période comptable close le 31 octobre 2019. Ils ont été préparés conformément à la norme d’information financière « Interim Financial Reporting » (présentation des rapports intermédiaires) (« norme FRS 104 »).
Les états financiers intermédiaires condensés doivent être lus en conjonction avec les états financiers annuels de l’exercice clos le 30 avril 2019, qui ont été préparés conformément aux principes comptables généralement acceptés en Irlande, y compris à la norme FRS 102 « The Financial Reporting Standard applicable in the UK and Republic of Ireland » (norme d’information financière applicable au Royaume-Uni et dans la République d’Irlande), à la réglementation en vigueur en Irlande, qui comprend la loi Unit Trusts Act de 1990, et au Code on Unit Trusts and Mutual Funds (code sur les fonds communs de placement) de Hong Kong
Les conventions comptables appliquées dans les présents états financiers intermédiaires condensés sont cohérentes avec celles utilisées dans les états financiers annuels les plus récents du Fonds commun (exercice clos le 30 avril 2019).
Les états financiers intermédiaires condensés ont été préparés conformément au principe du coût historique, modifié par la réévaluation des actifs et passifs financiers détenus à leur juste valeur par le compte de résultat. Les présents états financiers ont été préparés selon le principe de la continuité d’exploitation.
Le Fonds commun remplissant tous les critères de l’article 7 de la norme FRS 102, il applique l’exonération accordée à certains fonds de placement et n’a pas préparé de tableau des flux de trésorerie.
Les chiffres comparatifs inclus dans l’état de la situation financière concernent l’exercice financier précédent, clos le 30 avril 2019, tandis que les chiffres comparatifs inclus dans l’état du résultat global et dans le tableau de variation de l’actif net attribuable aux porteurs d’Actions de participation rachetables concernent le semestre clos le 31 octobre 2018.
- 
## Principales conventions comptables

(a) Évaluation de la juste valeur
En adoptant pleinement la norme FRS 102, afin de comptabiliser ses instruments financiers, toute entité déclarant ses informations doit appliquer a) la totalité des exigences de la norme FRS 102 concernant les instruments financiers de base et autres instruments financiers, b) les dispositions de comptabilisation et d’évaluation de la norme IAS 39 « Instruments financiers
: comptabilisation et évaluation » et uniquement les exigences de déclaration de la norme FRS 102 concernant les instruments financiers de base et autres instruments financiers, ou bien c) les dispositions de comptabilisation et d’évaluation de la norme IFRS 9 « Instruments financiers » et uniquement les exigences de déclaration de la norme FRS 102 concernant les instruments financiers de base et autres instruments financiers. Le Fonds commun a choisi l’option (b) : les dispositions de comptabilisation et d’évaluation de la norme IAS 39 « Instruments financiers : comptabilisation et évaluation » et seules les exigences de déclaration de la norme FRS 102 concernant les instruments financiers de base et autres instruments financiers.
L’application des dispositions de comptabilisation et d’évaluation de la norme IAS 39 est conforme à la politique de tarification établie dans l’Acte fiduciaire, qui prévoit que la juste valeur des actifs et passifs financiers doit être évaluée au dernier cours négocié.
- 
## Liquidités et équivalents, garanties en espèces et découverts bancaires

Les liquidités et équivalents, les garanties en espèces et les découverts bancaires sont évalués à la juste valeur majorée, le cas échéant, des intérêts cumulés. Les dépôts en espèces sont conservés par The Northern Trust Company (TNTC), succursale de Londres, et les soldes non investis sont transférés chaque jour auprès de Northern Trust Global Funds. Toutes les garanties en espèces sont conservées par le courtier, car il s’agit d’une encaisse affectée. Au 31 octobre 2019 et au 30 avril 2019, le Barings Developed and Emerging Markets High Yield Bond Fund détenait les garanties en espèces suivantes :
| 3.	Liquidités et équivalents, garanties en espèces et découverts bancaires (suite) |  |
| --- | --- |
|  | 31 octobre 2019 USD | 30 avril 2019 USD |
| State Street* | 2 670 000 | (2 060 000) |
| Total | 	2 670 000	(2 060 000) |

* Toutes les liquidités détenues par State Street sont détenues comme garantie pour les opérations sur instruments dérivés.
- Parts rachetablesPériode comptable close le 31 octobre 2019Barings Developed and Emerging Markets High Yield Bond Fund

|  | Classe A AUD couverte dis. dividende mensuel Nombre de Parts |  | Classe A CAD couverte dis. dividende mensuel Nombre de Parts |  | Classe A CHF couverte cap. Nombre de Parts |
| --- | --- | --- | --- | --- | --- |
| Solde au 1 er  mai 2019 | 1 902 175 |  | 1 758 709 |  | 4 931 |
| Émissions | 225 795 |  | 148 186 |  | – |
| Rachats | (550 104) |  | (274 272) |  | – |
| Solde au 31 octobre 2019 | 	1 577 866 |  | 	1 632 622 |  | 	4 931 |
|  | Classe A EUR couverte dis. |  | Classe A EUR dis. |  | Classe A GBP couverte dis. |
| Solde au 1 er  mai 2019 | Nombre de Parts 605 086 |  | Nombre de Parts 2 862 876 |  | Nombre de Parts 2 878 530 |
| Émissions | 118 965 |  | 267 609 |  | 322 780 |
| Rachats | (188 318) |  | (168 963) |  | (261 073) |
| Solde au 31 octobre 2019 | 	535 733 |  | 	2 961 522 |  | 	2 940 236 |
|  | Classe A HKD dis. |  | Classe A NZD couverte dis. |  | Classe A RMB couverte dis. |
| Solde au 1 er  mai 2019 | dividende mensuel Nombre de Parts 644 882 |  | dividende mensuel Nombre de Parts 677 365 |  | dividende mensuel Nombre de Parts 454 381 |
| Émissions | 34 793 |  | 117 436 |  | 346 410 |
| Rachats | (69 821) |  | (97 750) |  | (106 528) |
| Solde au 31 octobre 2019 | 	609 855 |  | 	697 051 |  | 	694 263 |
|  | Classe A USD cap. |  | Classe A USD dis. dividende mensuel |  | Classe A USD dis. |
| Solde au 1 er  mai 2019 | Nombre de Parts 4 302 154 |  | Nombre de Parts 20 005 714 |  | Nombre de Parts 18 776 395 |
| Émissions | 314 801 |  | 6 379 596 |  | 4 319 360 |
| Rachats | (500 325) |  | (6 365 849) |  | (4 579 351) |
| Solde au 31 octobre 2019 | 4 116 630 |  | 20 019 461 |  | 18 516 404 |

| 4.	Parts rachetables (suite) |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
|  | Classe I EUR cap. |  | Classe I GBP couverte dis. |  | Classe I USD cap. |
| Solde au 1 er  mai 2019 | Nombre de Parts 24 114 |  | Nombre de Parts 883 419 |  | Nombre de Parts 684 722 |
| Émissions | 4 400 |  | 332 685 |  | 659 743 |
| Rachats | – |  | (241 530) |  | (404 400) |
| Solde au 31 octobre 2019 | 	28 514 |  | 	974 573 |  | 	940 065 |
| Barings Eastern Europe Fund |  |  |  |  |  |
| Solde au 1 er  mai 2019 | Classe A EUR dis. Nombre de Parts 1 957 995 |  | Classe A GBP dis. Nombre de Parts 11 266 |  | Classe A USD cap. Nombre de Parts 599 952 |
| Émissions | 92 668 |  | 22 341 |  | 223 457 |
| Rachats | (261 336) |  | (3 982) |  | (57 620) |
| Solde au 31 octobre 2019 | 	1 789 327 |  | 	29 626 |  | 	765 789 |
| Solde au 1 er  mai 2019 | Classe A USD dis. Nombre de Parts 7 622 315 |  | Classe I EUR cap. Nombre de Parts 10 |  | Classe I GBP cap. Nombre de Parts 11 946 |
| Émissions | 349 789 |  | – |  | 8 453 |
| Rachats | (960 134) |  | – |  | (6 720) |
| Solde au 31 octobre 2019 | 	7 011 969 |  | 	10 |  | 	13 679 |
| Solde au 1 er  mai 2019 | Classe I GBP dis. Nombre de Parts 4 184 |  | Classe I USD cap. Nombre de Parts 13 727 |  | Classe I USD dis. Nombre de Parts 545 |
| Émissions | 3 603 |  | 15 950 |  | 2 702 |
| Rachats | (1 223) |  | (16 350) |  | – |
| Solde au 31 octobre 2019 | 	6 564 |  | 	13 327 |  | 3 247 |
| Barings Global Leaders Fund |  |  |  |  |  |
| Solde au 1 er  mai 2019 | Classe A EUR dis. Nombre de Parts 239 647 |  | Classe A GBP dis. Nombre de Parts 102 242 |  | Classe A USD dis. Nombre de Parts 2 089 989 |
| Émissions | 70 497 |  | 35 405 |  | 191 638 |
| Rachats | (40 439) |  | (57 449) |  | (228 212) |
| Solde au 31 octobre 2019 | 269 705 |  | 80 198 |  | 2 053 415 |
| Solde au 1 er  mai 2019 |  |  |  |  | Classe I USD cap. Nombre de Parts 25 |
| Solde au 31 octobre 2019 |  |  |  |  | 25 |

| 4.	Parts rachetables (suite) |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
| Barings Global Resources Fund |  |  |  |  |  |
| Solde au 1 er  mai 2019 | Classe A EUR dis. Nombre de Parts 2 543 708 |  | Classe A GBP dis. Nombre de Parts 85 665 |  | Classe A USD dis. Nombre de Parts 14 910 487 |
| Émissions | 92 182 |  | 367 |  | 755 700 |
| Rachats | (114 312) |  | (10 023) |  | (1 187 454) |
| Solde au 31 octobre 2019 | 	2 521 578 |  | 	76 009 |  | 	14 478 733 |
| Solde au 1 er  mai 2019 |  |  | Classe I GBP cap. Nombre de Parts 1 364 065 |  | Classe I USD cap. Nombre de Parts 176 051 |
| Émissions |  |  | 113 126 |  | – |
| Rachats |  |  | (391 338) |  | (107 142) |
| Solde au 31 octobre 2019 |  |  | 	1 085 852 |  | 	68 909 |

Période comptable close le 30 avril 2019
Barings Developed and Emerging Markets High Yield Bond Fund
Classe A AUD couverte dis. dividende mensuel Nombre de Parts

## Classe A CAD couverte dis. dividende mensuel Nombre de Parts

## Classe A CHF couverte cap. Nombre de Parts
Solde au 1
er 
mai 2018	1 909 672	1 843 4335 457
Émissions	611 177	233 931	–
Rachats	(618 674)	(318 655)	(526)
Solde au 30 avril 2019		1 902 175	1 758 709	4 931

## Classe A EUR couverte dis. Nombre de Parts

## Classe A EUR dis. Nombre de Parts
Classe A GBP couverte dis. Nombre de Parts
Solde au 1
er 
mai 2018	552 852	2 936 5563 206 640
Émissions	335 182	291 827406 445
Rachats	(282 948)	(365 507)	(734 555)
Solde au 30 avril 2019		605 086	2 862 876	2 878 530
Classe A HKD dis. dividende mensuel Nombre de Parts
Classe A NZD couverte dis. dividende mensuel Nombre de Parts
Classe A RMB couverte dis. dividende mensuel Nombre de Parts
Solde au 1
er 
mai 2018	705 801	783 663400 131
Émissions	104 888	90 720231 580
Rachats	(165 807)	(197 018)	(177 330)
Solde au 30 avril 2019	644 882	677 365	454 381
| 4.	Parts rachetables (suite) |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
|  | Classe A USD cap. |  | Classe A USD dis. dividende mensuel |  | Classe A USD dis. |
| Solde au 1 er  mai 2018 | Nombre de Parts 3 782 965 |  | Nombre de Parts 23 114 932 |  | Nombre de Parts 18 991 845 |
| Émissions | 1 688 350 |  | 8 314 946 |  | 5 198 047 |
| Rachats | (1 169 161) |  | (11 424 164) |  | (5 413 497) |
| Solde au 30 avril 2019 | 	4 302 154 |  | 	20 005 714 |  | 	18 776 395 |
|  | Classe I EUR cap. |  | Classe I GBP couverte dis. |  | Classe I USD cap. |
| Solde au 1 er  mai 2018 | Nombre de Parts 18 027 |  | Nombre de Parts 1 111 477 |  | Nombre de Parts 925 180 |
| Émissions | 6 087 |  | 388 924 |  | 1 193 867 |
| Rachats | – |  | (616 982) |  | (1 434 325) |
| Solde au 30 avril 2019 | 	24 114 |  | 	883 419 |  | 	684 722 |
| Barings Eastern Europe Fund |  |  |  |  |  |
| Solde au 1 er  mai 2018 | Classe A EUR dis. Nombre de Parts 2 047 022 |  | Classe A GBP dis. Nombre de Parts 13 365 |  | Classe A USD cap. Nombre de Parts 564 886 |
| Émissions | 178 260 |  | 1 273 |  | 177 233 |
| Rachats | (267 287) |  | (3 372) |  | (142 167) |
| Solde au 30 avril 2019 | 	1 957 995 |  | 	11 266 |  | 	599 952 |
| Solde au 1 er  mai 2018 | Classe A USD dis. Nombre de Parts 8 001 087 |  | Classe I EUR cap. Nombre de Parts 10 |  | Classe I GBP cap. Nombre de Parts 17 595 |
| Émissions | 775 163 |  | – |  | 6 617 |
| Rachats | (1 153 935) |  | – |  | (12 266) |
| Solde au 30 avril 2019 | 7 622 315 |  | 10 |  | 11 946 |
| Solde au 1 er  mai 2018 | Classe I GBP dis. Nombre de Parts 8 339 |  | Classe I USD cap. Nombre de Parts 14 768 |  | Classe I USD dis. Nombre de Parts 815 |
| Émissions | 3 089 |  | 23 571 |  | 99 |
| Rachats | (7 244) |  | (24 612) |  | (369) |
| Solde au 30 avril 2019 | 4 184 |  | 13 727 |  | 545 |
| Barings Global Leaders Fund |  |  |  |  |  |
| Solde au 1 er  mai 2018 | Classe A EUR dis. Nombre de Parts 341 800 |  | Classe A GBP dis. Nombre de Parts 111 442 |  | Classe A USD dis. Nombre de Parts 2 237 978 |
| Émissions | 42 635 |  | 5 236 |  | 311 741 |
| Rachats | (144 788) |  | (14 436) |  | (459 730) |
| Solde au 30 avril 2019 | 239 647 |  | 102 242 |  | 2 089 989 |

| 4.	Parts rachetables (suite) |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
| Solde au 1 er  mai 2018 |  |  |  |  | Classe I USD cap. Nombre de Parts 161 790 |
| Émissions |  |  |  |  | 30 093 |
| Rachats |  |  |  |  | (191 858) |
| Solde au 30 avril 2019 |  |  |  |  | 	25 |
| Barings Global Resources Fund |  |  |  |  |  |
| Solde au 1 er  mai 2018 | Classe A EUR dis. Nombre de Parts 2 722 585 |  | Classe A GBP dis. Nombre de Parts 87 649 |  | Classe A USD dis. Nombre de Parts 15 720 936 |
| Émissions | 127 468 |  | 408 |  | 2 844 354 |
| Rachats | (306 345) |  | (2 392) |  | (3 654 803) |
| Solde au 30 avril 2019 | 	2 543 708 |  | 	85 665 |  | 	14 910 487 |
| Solde au 1 er  mai 2018 |  |  | Classe I GBP cap. Nombre de Parts 1 388 837 |  | Classe I USD cap. Nombre de Parts 206 256 |
| Émissions |  |  | 340 641 |  | 14 830 |
| Rachats |  |  | (365 413) |  | (45 035) |
| Solde au 30 avril 2019 |  |  | 	1 364 065 |  | 	176 051 |

- 
## Distributions

Les distributions suivantes ont été déclarées par les Fonds pendant les périodes comptables closes le 31 octobre 2019 et le 31 octobre 2018.
|  | Fréquence de distribution | Somme distribuée* |  | Régularisation des revenus** |
| --- | --- | --- | --- | --- |
| Barings Developed and Emerging Markets High Yield Bond |  |  |  |  |
| Fund |  | AUD |  | AUD |
| Classe A AUD couverte dis. | Mensuelle | (527 582) |  | (505) |
|  |  | CAD |  | CAD |
| Classe A CAD couverte dis. | Mensuelle | (489 042) |  | (35) |
|  |  | EUR |  | EUR |
| Classe A EUR couverte dis. | Annuelle | (805 157) |  | 2 810 |
| Classe A EUR dis. | Trimestrielle | (368 807) |  | 1 |
|  |  | GBP |  | GBP |
| Classe A GBP couverte dis. | Trimestrielle | (565 680) |  | 2 928 |
| Classe I GBP couverte dis. | Trimestrielle | (187 783) |  | 124 |
|  |  | HKD |  | HKD |
| Classe A HKD dis. | Mensuelle | (1 458 977) |  | 29 972 |
|  |  | NZD |  | NZD |
| Classe A NZD couverte dis. | Mensuelle | (287 340) |  | 1 124 |
|  |  | USD |  | USD |
| Classe A USD dis. | Mensuelle | (5 667 502) |  | 23 853 |
| Classe A USD dis. | Trimestrielle | (5 699 927) |  | (996) |
|  |  | CNH |  | CNH |
| Classe A RMB couverte dis. | Mensuelle | (1 126 264) |  | 7 951 |
| Total des distributions du Barings Developed and Emerging |  | (14 891 505) |  | 87 241 |
| Markets High Yield Bond Fund |  | 	USD  |  | 	USD |
|  | Fréquence de distribution | Somme distribuée* |  | Régularisation des revenus** |
|  |  | (12 532 445) |  | (1 028 151) |
| Total des distributions du Barings Eastern Europe Fund | Annuelle | 	USD  |  | 	USD |
|  | Annuelle | (1 648 720) |  | (37 902) |
| Total des distributions du Barings Global Resources Fund |  | 	USD  |  | 	USD |

* Inclut les distributions dont la date de détachement est le 1
er 
mai 2019 et qui ont été versées durant la période comptable actuelle. Ces distributions dont la date de détachement est le 1
er 
mai 2019 correspondent aux revenus non distribués du Fonds au 30 avril 2019.
** La régularisation des revenus porte sur les activités de négoce des Classes de distribution pour la période du 1
er 
mai 2019 au 31 octobre 2019. La régularisation des revenus des Classes de distribution est indiquée séparément dans le tableau de variation de l’actif net attribuable aux porteurs de Parts de participation rachetables pour la période comptable close le 31 octobre 2019.
- Distributions (suite)Pendant la période comptable close le 31 octobre 2019, les Fonds suivants ont déclaré et versé les distributions suivantes :

|  | Fréquence de distribution | Somme distribuée* |  | Régularisation des revenus** |
| --- | --- | --- | --- | --- |
| Barings Developed and Emerging Markets High Yield Bond |  |  |  |  |
| Fund |  | AUD |  | AUD |
| Classe A AUD couverte dis. | Mensuelle | (643 140) |  | 27 475 |
|  |  | CAD |  | CAD |
| Classe A CAD couverte dis. | Mensuelle | (532 842) |  | (18 769) |
|  |  | EUR |  | EUR |
| Classe A EUR couverte dis. | Annuelle | (346 956) |  | (8 350) |
| Classe A EUR dis. | Trimestrielle | (808 257) |  | (7 175) |
|  |  | GBP |  | GBP |
| Classe A GBP couverte dis. | Trimestrielle | (664 810) |  | (18 780) |
| Classe I GBP couverte dis. | Trimestrielle | (219 465) |  | (3 595) |
|  |  | HKD |  | HKD |
| Classe A HKD dis. | Mensuelle | (1 589 335) |  | (52 096) |
|  |  | NZD |  | NZD |
| Classe A NZD couverte dis. | Mensuelle | (318 398) |  | (21 914) |
|  |  | USD |  | USD |
| Classe A USD dis. | Mensuelle | (6 365 533) |  | (275 898) |
| Classe A USD dis. | Trimestrielle | (6 125 806) |  | (102 309) |
|  |  | CNH |  | CNH |
| Classe A RMB couverte dis. | Mensuelle | (750 272) |  | (74 212) |
| Total des distributions du Barings Developed and Emerging |  | (16 412 159) |  | (451 798) |
| Markets High Yield Bond Fund |  | 	USD  |  | 	USD |
|  | Fréquence de distribution | Somme distribuée* |  | Régularisation des revenus** |
|  |  | (19 089 296) |  | (183 027) |
| Total des distributions du Barings Eastern Europe Fund | Annuelle | 	USD  |  | 	USD |
|  | Annuelle | – |  | (33 091) |
| Total des distributions du Barings Global Resources Fund |  | 	USD  |  | 	USD |

* Inclut les distributions dont la date de détachement est le 1
er 
mai 2018 et qui ont été versées durant la période comptable actuelle. Ces distributions dont la date de détachement est le 1
er 
mai 2018 correspondent aux revenus non distribués du Fonds au 30 avril 2018.
** La régularisation des revenus porte sur les activités de négoce des Classes de distribution pour la période du 1
er 
mai 2018 au 31 octobre 2018. La régularisation des revenus des Classes de distribution est indiquée séparément dans le tableau de variation de l’actif net attribuable aux porteurs de Parts de participation rachetables pour la période comptable close le 31 octobre 2018.
| 6.	Frais et accords importants |  |
| --- | --- |
| Commissions de gestion |
| La Société de gestion est habilitée, en vertu de l’Acte fiduciaire, à facturer une commission de gestion | pour les Fonds, à hauteur |
| d’un taux annuel représentant les pourcentages suivants de la valeur d’inventaire nette des Fonds : |  |
| Fonds/Classe | Commission de gestion |
| Barings Developed and Emerging Markets High Yield Bond Fund – Classe A USD dis. | 1,00% |
| Barings Developed and Emerging Markets High Yield Bond Fund – Classe A AUD couverte dis. dividende mensuel | 1,00% |
| Barings Developed and Emerging Markets High Yield Bond Fund – Classe A CAD couverte dis. dividende mensuel | 1,00% |
| Barings Developed and Emerging Markets High Yield Bond Fund – Classe A CHF couverte cap. | 1,00% |
| Barings Developed and Emerging Markets High Yield Bond Fund – Classe A EUR dis. | 1,00% |
| Barings Developed and Emerging Markets High Yield Bond Fund – Classe A EUR couverte dis. | 1,00% |
| Barings Developed and Emerging Markets High Yield Bond Fund – Classe A GBP couverte dis. | 1,00% |
| Barings Developed and Emerging Markets High Yield Bond Fund – Classe A HKD dis. dividende mensuel | 1,00% |
| Barings Developed and Emerging Markets High Yield Bond Fund – Classe A NZD couverte dis. dividende mensuel | 1,00% |
| Barings Developed and Emerging Markets High Yield Bond Fund – Classe A RMB couverte dis. dividende mensuel | 1,00% |
| Barings Developed and Emerging Markets High Yield Bond Fund – Classe A USD cap. | 1,00% |
| Barings Developed and Emerging Markets High Yield Bond Fund – Classe A USD dis. dividende mensuel | 1,00% |
| Barings Developed and Emerging Markets High Yield Bond Fund – Classe I EUR cap. | 0,75% |
| Barings Developed and Emerging Markets High Yield Bond Fund – Classe I GBP couverte dis. | 0,75% |
| Barings Developed and Emerging Markets High Yield Bond Fund – Classe I USD cap. | 0,75% |
| Barings Eastern Europe Fund - Classe A USD dis. | 1,50% |
| Barings Eastern Europe Fund - Classe A EUR dis. | 1,50% |
| Barings Eastern Europe Fund - Classe A GBP dis. | 1,50% |
| Barings Eastern Europe Fund - Classe A USD cap. | 1,50% |
| Barings Eastern Europe Fund - Classe I EUR cap. | 0,75% |
| Barings Eastern Europe Fund - Classe I GBP cap. | 0,75% |
| Barings Eastern Europe Fund - Classe I USD cap. | 0,75% |
| Barings Eastern Europe Fund - Classe I GBP dis. | 0,75% |
| Barings Eastern Europe Fund - Classe I USD dis. | 0,75% |
| Barings Global Leaders Fund - Classe A USD dis. | 1,50% |
| Barings Global Leaders Fund - Classe A EUR dis. | 1,50% |
| Barings Global Leaders Fund - Classe A GBP dis. | 1,50% |
| Barings Global Leaders Fund - Classe I USD cap. | 0,75% |
| Barings Global Resources Fund - Classe A USD dis. | 1,50% |
| Barings Global Resources Fund - Classe A EUR dis. | 1,50% |
| Barings Global Resources Fund - Classe A GBP dis. | 1,50% |
| Barings Global Resources Fund - Classe I GBP cap. | 0,75% |
| Barings Global Resources Fund - Classe I USD cap. | 0,75% |

- 
## Frais et accords importants (suite)

Commissions de gestion (suite)
Le Fonds commun est géré par la Société de gestion, qui a délégué les fonctions de gestion des investissements à Baring Asset Management Limited (« le Gestionnaire d’investissement »). Le Gestionnaire d’investissement est une société de gestion de portefeuille constituée à Londres le 6 avril 1994. Le Gestionnaire d’investissement fait partie du groupe Barings LLC et est une filiale détenue à 100% par Massachusetts Mutual Life Insurance Company (« MassMutual »). Les sommes dues à la fin de la période comptable au titre des commissions de gestion sont présentées dans l’état de la situation financière de chaque Fonds. Les commissions de gestion versées durant la période comptable se chiffrent à 10 185 750 USD (31 octobre 2018 : 12 802 327 USD).
La Société de gestion s’acquitte des frais et charges du Gestionnaire d’investissement à partir de sa propre commission. La commission de gestion est payable mensuellement à terme échu. Elle est calculée en fonction de la valeur d’inventaire nette de chaque Fonds lors de chaque jour ouvrable (« jour d’évaluation »).
Si la valeur d’inventaire nette d’un Fonds inclut des participations dans un fonds de placement géré par une filiale de la société mère (« un fonds Barings »), la commission due à la Société de gestion au titre de la participation est minorée du taux éventuellement facturé au fonds Barings pour des services de gestion comparables.
Le Barings Eastern Europe Fund a reçu une ristourne sur la commission de gestion dans le cadre d’un investissement effectué au sein du Barings Russia Fund. Les taux des commissions de gestion n’ont pas changé depuis l’exercice précédent.

## Frais d’administration, de dépôt et d’exploitation
La Société de gestion est habilitée à recevoir des Frais d’administration, de dépôt et d’exploitation, exprimés en pourcentage de la valeur d’inventaire nette de chaque Classe, comptabilisés quotidiennement et payés mensuellement à terme échu. La Société de gestion acquitte les frais et dépenses globaux de l’Agent administratif et du Dépositaire, en plus de certains autres frais et dépenses courantes.
Pour tous les Fonds, la Société de gestion est habilitée à recevoir des frais de 0,45% par an pour toutes les Classes de Parts A (0,4625% pour les Classes A couvertes) et de 0,25% par an pour toutes les Classes de Parts I (0,2625% pour les Classes I couvertes).
Pour des informations exhaustives sur les frais à payer, veuillez lire le prospectus.

## Fonds de placement
Certains Fonds investissent dans d’autres fonds de placement gérés par le Gestionnaire d’investissement. Ces participations sont indiquées dans le tableau des investissements.

## Commissions de suivi et remboursements
Des commissions de suivi (commissions relatives à la commercialisation des Fonds) sont versées aux agents de distribution, de courtage et de vente à partir des commissions de gestion. Les remboursements aux investisseurs institutionnels, qui d’un point de vue commercial détiennent les Parts des Fonds pour le compte de tiers, sont également effectués à partir des commissions de gestion.

## Frais de transaction
Les frais de transaction encourus par les Fonds sont les suivants pour les périodes comptables closes le 31 octobre 2019 et le 31 octobre 2018 :
|  | 31 octobre 2019 USD | 31 octobre 2018 USD |
| --- | --- | --- |
| Barings Eastern Europe Fund | 316 526 | 246 534 |
| Barings Global Leaders Fund | 4 821 | 24 023 |
| Barings Global Resources Fund | 151 289 | 533 777 |

- 
## Opérations avec les parties liées

Peter Clark est lié à la Société de gestion en raison de son emploi chez Barings (U.K.) Limited. Timothy Schulze est lié à la Société de gestion en raison de son emploi chez Barings LLC. Julian Swayne est lié à la Société de gestion en raison de son emploi chez Baring Asset Management Limited. Alan Behen et Paul Smyth sont des employés de la Société de gestion. La Société de gestion s’acquitte des frais et charges du Gestionnaire d’investissement à partir de sa propre commission. Le Gestionnaire d’investissement fait partie du groupe Barings LLC et est une filiale détenue à 100% par Massachusetts Mutual Life Insurance Company (« MassMutual »). Les parties sont réputées être liées si l’une d’entre elles peut contrôler l’autre ou exercer une influence significative sur cette autre partie concernant la prise de décisions financières ou opérationnelles.

## Participations significatives
Le tableau suivant présente les concentrations significatives des participations de chaque Fonds, ainsi que les cas dans lesquels les bénéficiaires effectifs des Parts étaient d’autres fonds de placement gérés par le Gestionnaire d’investissement ou ses filiales. Au 31 octobre 2019 et au 30 avril 2019, les Fonds suivants avaient des participations significatives au sein du Trust :

## Nombre de porteurs de Parts dont le droit de propriété effective est supérieur à 20%

## % total des Parts détenues par des porteurs dont le droit de

## % total des Parts détenues par des fonds de placement gérés
des Parts propriété effective est supérieur à par la Société de gestion ou des
Barings Developed and Emerging Markets High

## en circulation
Néant (30 avril 2019 :

## 20% des Parts en circulation
filiales de la Société de gestion
Yield Bond Fund Barings Eastern Europe Fund
Barings Global Leaders
néant)	Néant (30 avril 2019 : néant)	3,72% (30 avril 2019 : 2,86%)
Néant (30 avril 2019 :
néant)	Néant (30 avril 2019 : néant)	0,00% (30 avril 2019 : 0,15%)
Fund	1 (30 avril 2019 : 1)	68,28% (30 avril 2019 : 66,45%)	0,00% (30 avril 2019 : 67,09%)
Barings Global Resources Fund
Néant (30 avril 2019 :
néant)	Néant (30 avril 2019 : néant)	0,00% (30 avril 2019 : 0,53%)
- 
## Hiérarchie de la juste valeur

La norme FRS 102 exige du Fonds qu’il classe les évaluations de juste valeur selon une hiérarchie reflétant l’importance des données utilisées pour faire ces évaluations. La hiérarchie de la juste valeur se présente comme suit :
- Niveau 1 – Prix cotés (non ajustés) sur des marchés actifs pour des actifs ou passifs identiques ;
- Niveau 2 – Données autres que les prix cotés du niveau 1 qui peuvent être observées pour l’actif ou le passif concerné, soit directement (en tant que prix) soit indirectement (à partir des prix) ;
- Niveau 3 – Données relatives à l’actif ou au passif concerné qui ne sont pas basées sur des données de marché observables (données non observables).

Le niveau dans lequel une évaluation de juste valeur est classée dans sa totalité correspond au plus bas niveau des données jugées importantes pour évaluer la juste valeur dans sa totalité. À ces fins, l’importance d’une donnée a été déterminée par rapport à l’évaluation de la juste valeur dans sa totalité. Si une juste valeur est évaluée en fonction de données observables devant être ajustées de manière significative en fonction de données non observables, cette évaluation est classée dans le niveau 3. Pour déterminer l’importance de telle ou telle donnée dans l’évaluation d’une juste valeur dans sa totalité, il est nécessaire d’émettre des jugements basés sur des caractéristiques spécifiques à l’actif ou au passif concerné.
Pour déterminer si une donnée est observable ou non, la Société de gestion émet des jugements significatifs. Elle considère comme données observables les données de marché qui sont facilement obtenues, régulièrement communiquées ou mises à jour, fiables et vérifiables, non propriétaires et fournies par des sources indépendantes activement impliquées sur le marché concerné.
- 
## Hiérarchie de la juste valeur (suite)

Le tableau suivant ventile les actifs et passifs financiers du Fonds évalués à la juste valeur selon la hiérarchie de la juste valeur.
| Au 31 octobre 2019 |  |
| --- | --- |
| Barings Developed and Emerging Markets High | Niveau 1 USD | Niveau 2 USD | Niveau 3 USD | Total USD |
| Yield Bond Fund |  |  |  |  |
| Actifs financiers Titres à taux fixe | – | 507 077 146 | – | 507 077 146 |
| Actions | – | 2 117 738 | – | 2 117 738 |
| Fonds de placement | – | 24 233 658 | – | 24 233 658 |
| Contrats de change à terme de gré à gré ouverts | – | 2 139 327 | – | 2 139 327 |
| Warrants | – | – | 13 172 | 13 172 |
|  | – | 535 567 869 | 13 172 | 535 581 041 |
| Passifs financiers Contrats de change à terme de gré à gré ouverts | – | (3 413 649) | – | (3 413 649) |
|  | – | (3 413 649) | – | (3 413 649) |
|  |  |  |  |  |
| Total | – | 532 154 220 | 13 172 | 532 167 392 |
| Barings Eastern Europe Fund | Niveau 1 USD | Niveau 2 USD | Niveau 3 USD | Total USD |
| Actifs financiers Actions | 864 523 749 | – | – | 864 523 749 |
| Fonds de placement | – | 20 810 000 | – | 20 810 000 |
| Total | 864 523 749 | 20 810 000 | – | 885 333 749 |
| Barings Global Leaders Fund | Niveau 1 USD | Niveau 2 USD | Niveau 3 USD | Total USD |
| Actifs financiers Actions | 47 749 103 | – | – | 47 749 103 |
| Fonds de placement | – | 512 916 | – | 512 916 |
| Total | 47 749 103 | 512 916 | – | 48 262 019 |
| Barings Global Resources Fund | Niveau 1 USD | Niveau 2 USD | Niveau 3 USD | Total USD |
| Actifs financiers Actions | 330 710 099 | – | – | 330 710 099 |
| Fonds de placement | – | 4 365 001 | – | 4 365 001 |
| Total | 330 710 099 | 4 365 001 | – | 335 075 100 |

| 8. | Hiérarchie de la juste valeur (suite) |  |
| --- | --- | --- |
|  | Au 30 avril 2019 |
|  | Barings Developed and Emerging Markets High | Niveau 1 USD | Niveau 2 USD | Niveau 3 USD | Total USD |
|  | Yield Bond Fund |  |  |  |  |
|  | Actifs financiers Titres à taux fixe | – | 520 980 058 | – | 520 980 058 |
|  | Actions | 3 288 067 | – | – | 3 288 067 |
|  | Fonds de placement | – | 22 668 840 | – | 22 668 840 |
|  | Contrats de change à terme de gré à gré ouverts | – | 1 054 354 | – | 1 054 354 |
|  | Warrants | 13 172 | – | – | 13 172 |
|  |  | 3 301 239 | 544 703 252 | – | 548 004 491 |
|  | Passifs financiers Contrats de change à terme de gré à gré ouverts | – | (411 006) | – | (411 006) |
|  |  | – | (411 006) | – | (411 006) |
|  |  |  |  |  |  |
|  | Total | 3 301 239 | 544 292 246 | – | 547 593 485 |
|  | Barings Eastern Europe Fund | Niveau 1 USD | Niveau 2 USD | Niveau 3 USD | Total USD |
|  | Actifs financiers Actions | 854 877 023 | – | – | 854 877 023 |
|  | Fonds de placement | – | 22 568 443 | – | 22 568 443 |
|  | Total | 854 877 023 | 22 568 443 | – | 877 445 466 |
|  | Barings Global Leaders Fund | Niveau 1 USD | Niveau 2 USD | Niveau 3 USD | Total USD |
|  | Actifs financiers Actions | 49 007 350 | – | – | 49 007 350 |
|  | Fonds de placement | – | 32 823 | – | 32 823 |
|  | Total | 49 007 350 | 32 823 | – | 49 040 173 |
|  | Barings Global Resources Fund | Niveau 1 USD | Niveau 2 USD | Niveau 3 USD | Total USD |
|  | Actifs financiers Actions | 362 123 351 | – | – | 362 123 351 |
|  | Fonds de placement | – | 361 663 | – | 361 663 |
|  | Total | 362 123 351 | 361 663 | – | 362 485 014 |

Aucun transfert n’a eu lieu du niveau 1 au niveau 2 ou du niveau 2 au niveau 1 durant la période comptable close le 31 octobre 2019 ou l’exercice clos le 30 avril 2019. Au 31 octobre 2019 et au 30 avril 2019, aucun actif ou passif financier n’était classé dans le niveau 3.
Tout transfert effectué entre différents niveaux, le cas échéant, intervient à la fin de la période comptable.
Les liquidités, y compris les dépôts conservés auprès des banques et d’autres investissements à court terme sur un marché actif, sont classées dans le niveau 1. Tous les produits à recevoir et les créances à payer sont classés dans le niveau 2.
- 
## Gestion efficace du portefeuille

Les Fonds peuvent utiliser des instruments financiers dérivés à des fins de gestion efficace du portefeuille. La gestion efficace du portefeuille aux fins de laquelle le Fonds commun compte utiliser des instruments financiers dérivés inclut la réduction des risques, la réduction des coûts et la génération de capital ou de revenus supplémentaires au sein des Fonds concernés, selon un niveau de risque approprié, en tenant compte du profil de risque du Fonds et des dispositions générales de la réglementation sur les OPCVM. Le Fonds commun peut utiliser différents types d’instruments dérivés à ces fins, incluant sans s’y limiter les contrats à terme de gré à gré, les contrats à terme normalisés, les options, les swaps (incluant sans s’y limiter les swaps de rendement total, les swaps de défaut de crédit et les swaps de taux d’intérêt) et les contrats sur différence.
Surveillance de l’exposition globale
Le Fonds commun est classé comme un « utilisateur non averti » d’instruments financiers dérivés et, ainsi que cela est autorisé par la Réglementation sur les OPCVM, le Fonds commun a adopté une approche par les engagements (« l’Approche par les engagements ») pour calculer l’exposition globale du Fonds durant la période comptable.
Conformément à la Réglementation sur les OPCVM, s’agissant des contrats de change à terme de gré à gré, l’Approche par les engagements a consisté à convertir la position sur ces contrats en une position équivalente en fonction de la valeur de marché de l’actif sous-jacent. Les instruments financiers dérivés étant utilisés à des fins de couverture, l’exposition à ces instruments a été calculée puis compensée par rapport à l’instrument couvert. L’exposition globale est calculée quotidiennement.
L’exposition globale du Fonds ne saurait en aucun cas dépasser 100% de sa Valeur d’inventaire nette.
| 10. VIN des Parts de participation rachetables |  |
| --- | --- |
| Total de l’actif net attribuable aux porteurs de Parts de participation rachetables | 31 octobre 2019 | 30 avril 2019 | 30 avril 2018 |
| Barings Developed and Emerging Markets High Yield Bond Fund | 546 691 118 USD | 553 992 269 USD | 600 989 821 USD |
| VIN des Parts rachetables |  |  |  |
| Classe A AUD couverte dis. dividende mensuel | 10,25 AUD | 10,43 AUD | 10,64 AUD |
| Classe A CAD couverte dis. dividende mensuel | 9,62 CAD | 9,78 CAD | 10,03 CAD |
| Classe A CHF couverte cap. | 13,10 CHF | 13,09 CHF | 12,96 CHF |
| Classe A EUR couverte dis. | 8,42 EUR | 9,00 EUR | 9,50 EUR |
| Classe A EUR dis. | 8,41 EUR | 8,49 EUR | 8,07 EUR |
| Classe A GBP couverte dis. | 5,76 GBP | 5,91 GBP | 6,17 GBP |
| Classe A HKD dis. dividende mensuel | 75,27 HKD | 76,30 HKD | 77,65 HKD |
| Classe A NZD couverte dis. dividende mensuel | 13,44 NZD | 13,66 NZD | 13,94 NZD |
| Classe A RMB couverte dis. dividende mensuel | 66,31 CNY | 67,09 CNY | 67,61 CNY |
| Classe A USD cap. | 15,65 USD | 15,37 USD | 14,72 USD |
| Classe A USD dis. | 9,40 USD | 9,54 USD | 9,74 USD |
| Classe A USD dis. dividende mensuel | 9,46 USD | 9,58 USD | 9,79 USD |
| Classe I EUR cap. | 13,92 EUR | 13,57 EUR | 11,99 EUR |
| Classe I GBP couverte dis. | 5,86 GBP | 6,00 GBP | 6,23 GBP |
| Classe I USD cap. | 15,58 USD | 15,27 USD | 14,56 USD |
| Total de l’actif net attribuable aux porteurs de Parts de participation rachetables | 31 octobre 2019 | 30 avril 2019 | 30 avril 2018 |
| Barings Eastern Europe Fund | 883 934 911 USD | 873 984 655 USD | 937 219 458 USD |
| VIN des Parts rachetables |  |  |  |
| Classe A EUR dis. | 81,54 EUR | 75,81 EUR | 72,34 EUR |
| Classe A GBP dis. | 70,15 GBP | 65,33 GBP | 63,75 GBP |
| Classe A USD cap. | 101,00 USD | 92,98 USD | 93,61 USD |
| Classe A USD dis. | 90,91 USD | 85,00 USD | 87,50 USD |
| Classe I EUR cap. | 89,56 EUR | 81,64 EUR | 75,60 EUR |
| Classe I GBP cap. | 80,30 GBP | 73,29 GBP | 69,28 GBP |
| Classe I GBP dis. | 71,32 GBP | 66,70 GBP | 65,07 GBP |
| Classe I USD cap. | 107,28 USD | 98,31 USD | 98,05 USD |
| Classe I USD dis. | 92,38 USD | 86,73 USD | 89,26 USD |

| 10. VIN des Parts de participation rachetable (suite) |  |
| --- | --- |
| Total de l’actif net attribuable aux porteurs de Parts de participation rachetables | 31 octobre 2019 | 30 avril 2019 | 30 avril 2018 |
| Barings Global Leaders Fund | 48 793 569 USD | 49 375 924 USD | 58 121 825 USD |
| VIN des Parts rachetables |  |  |  |
| Classe A EUR dis. | 18,21 EUR | 18,11 EUR | 16,80 EUR |
| Classe A GBP dis. | 15,67 GBP | 15,61 GBP | 14,81 GBP |
| Classe A USD dis. | 20,30 USD | 20,30 USD | 20,32 USD |
| Classe I USD cap. | 21,49 USD | 21,37 USD | 21,19 USD |
| Total de l’actif net attribuable aux porteurs de Parts de participation rachetables | 31 octobre 2019 | 30 avril 2019 | 30 avril 2018 |
| Barings Global Resources Fund	331 921 603 USD 362 011 618 USD423 161 023 USD |
|  | VIN des Parts rachetables |  |  |  |
|  | Classe A EUR dis. | 16,28 EUR | 16,86 EUR | 17,34 EUR |
|  | Classe A GBP dis. | 14,00 GBP | 14,53 GBP | 15,28 GBP |
|  | Classe A USD dis. | 18,15 USD | 18,91 USD | 20,97 USD |
|  | Classe I GBP cap. | 14,73 GBP | 15,14 GBP | 15,77 GBP |
|  | Classe I USD cap. | 19,18 USD | 19,80 USD | 21,75 USD |
| 11. | Taux de change |  |  |  |

Les taux de change utilisés dans les états financiers pour convertir en dollar américain sont les suivants :
|  |  | Au 31 octobre 2019 | Au 30 avril 2019 |
| --- | --- | --- | --- |
| Dollar australien | 1,4506 | 1,4177 |
| Dollar canadien | 1,3171 | 1,3442 |
| Yuan chinois | 7,0354 | 6,7368 |
| Euro | 0,8969 | 0,8919 |
| Dollar de Hong Kong | 7,8359 | 7,8452 |
| Forint hongrois | 295,4705 | 288,0397 |
| Roupie indonésienne | 14 037,0000 | 14 250,0000 |
| Yen japonais | 108,1800 | 111,3250 |
| Peso mexicain | 19,1445 | 19,0030 |
| Dollar néo-zélandais | 1,5596 | 1,4986 |
| Couronne norvégienne | 9,2199 | 8,6284 |
| Zloty polonais | 3,8218 | 3,8237 |
| Livre sterling | 0,7716 | 0,7686 |
| Rand sud-africain | 15,1665 | 14,3200 |
| Won sud-coréen | 1 163,4500 | 1 168,1500 |
| Couronne suédoise | 9,6628 | 9,4836 |
| Franc suisse | 0,9874 | 1,0193 |
| Dollar taïwanais | 30,4405 | 30,9010 |
| Livre turque | 5,7243 | 5,9662 |
| 12. | Commissions en nature |  |  |

Le Gestionnaire d’investissement paie ses recherches à partir de ses propres comptes. En effet, toute commission versée sur les opérations s’entend sur une base de « simple exécution », c’est-à-dire le coût convenu avec le courtier pour régler l’opération (idem au 31 octobre 2018).
- 
## Passifs conditionnels

Il n’y avait pas de passifs conditionnels à la clôture de la période comptable close le 31 octobre 2019 et de l’exercice clos le 30 avril 2019.
- 
## Opérations avec les parties liées

En vertu de la Réglementation sur les OPCVM, toutes les opérations effectuées avec la Société de gestion par un promoteur, par la Société de gestion, par le Dépositaire, par le Gestionnaire d’investissement et/ou par leurs associés (« parties liées ») doivent être effectuées comme si elles étaient négociées dans des conditions normales de concurrence. Les opérations doivent se faire dans l’intérêt des porteurs de Parts.
Le Conseil d’administration de la Société de gestion estime que des accords appropriés (matérialisés par des procédures écrites) ont été mis en place pour assurer que les obligations stipulées dans la règle 43(1) de la Réglementation de la Banque centrale sur les OPCVM sont appliquées à toutes les opérations avec des parties liées, et estime que les opérations effectuées avec des parties liées durant la période sont conformes aux obligations stipulées dans la règle 43(1) de la Réglementation de la Banque centrale sur les OPCVM.
- 
## Impôts

En vertu de la loi et des pratiques actuellement en vigueur, le Fonds commun constitue un organisme de placement conformément à l’article 739B de la loi de consolidation fiscale Taxes Consolidation Act de 1997, telle qu’amendée (« la loi de consolidation fiscale »). Par conséquent, il n’est pas soumis à l’impôt irlandais sur ses revenus et plus-values.
Cependant, l’impôt irlandais peut s’appliquer lors de la survenue d’un « événement imposable » au sein du Fonds commun. Par « événement imposable » il faut entendre toute distribution aux porteurs de Parts ou tout(e) encaissement, rachat, transfert, annulation ou cession réputée de Parts aux fins de la fiscalité irlandaise découlant de la détention de Parts au sein du Fonds commun durant une période de huit ans ou plus, ou toute appropriation ou annulation des Parts d’un porteur de Parts effectuée par le Fonds commun afin d’acquitter l’impôt applicable au gain découlant d’un transfert.
Aucun impôt irlandais n’est imposé sur les événements imposables concernant :
- un porteur de Parts qui n’est ni un résident irlandais ni un résident ordinaire d’Irlande à des fins fiscales au moment de l’événement imposable, sous réserve qu’une déclaration appropriée ait été reçue (conformément à l’annexe 2B de la loi de consolidation fiscale) et que le Fonds commun ne soit pas en possession d’informations laissant raisonnablement penser que les informations contenues dans cette déclaration ne sont plus exactes à tous égards importants ; ou
- un porteur de Parts qui est un investisseur irlandais exonéré (selon la définition de l’article 739D de la loi de consolidation fiscale).

Les dividendes, intérêts et plus-values éventuellement perçus sur les investissements du Fonds commun peuvent être soumis à des retenues à la source imposées dans le pays où les gains/revenus d’investissement sont perçus, et ces retenues peuvent ne pas être récupérables par le Fonds commun ou ses porteurs de Parts.
En vertu de la loi de finances Finance Act de 2010, l’administration fiscale irlandaise peut autoriser un organisme de placement de type « fonds commun » commercialisé en dehors de l’Irlande à verser des paiements à des investisseurs non résidents sans déduire la retenue à la source irlandaise même en l’absence d’une déclaration appropriée, sous réserve que des « mesures équivalentes » soient en place. Tout organisme de placement de type « fonds commun » souhaitant recevoir cette approbation doit en faire la demande par écrit auprès de l’administration fiscale irlandaise, en confirmant le respect des conditions en vigueur.
- 
## Lignes bancaires

Un découvert bancaire est disponible auprès de The Northern Trust Company (TNTC). TNTC a mis une ligne de crédit multi- devises « non engagée » à la disposition des Fonds. Durant la période comptable close le 31 octobre 2019, le Barings Global Resources Fund a utilisé cette ligne (31 octobre 2018 : Barings Eastern Europe Fund et Barings Global Resources).
- 
## Événements importants

Le Barings Russia Fund a été fusionné avec le Barings Eastern Europe Fund le 16 octobre 2019.
Les conséquences du référendum de 2016 sur le Brexit restent incertaines, et Barings continue de se préparer à différents scénarios, y compris celui de sortie sans accord. Barings s’est engagé à assurer la continuité des services fournis à ses investisseurs, ainsi qu’à protéger ses activités contre tout obstacle réglementaire et toute barrière à l’accès au marché découlant du Brexit. À cet égard, Baring International Fund Managers (Ireland) Limited (BIFMI) gardera ses fonctions de Société de gestion du Fonds commun et les Compartiments resteront enregistrés à des fins de distribution dans les juridictions concernées des 27 pays restants de l’UE et ailleurs. La gestion du portefeuille d’investissements européens sera toujours déléguée à Baring Asset Management Limited, une entité britannique, et la gestion du portefeuille d’investissements américains sera toujours menée par Barings LLC, une entité américaine. Les dépositaires et les agents administratifs des Fonds sont également des entités des 27 pays restants de l’UE. En outre, BIFMI, compte tenu de son rôle plus important dans les activités de Barings, a renforcé sa présence à Dublin et recruté au niveau local, à tous les niveaux, pour doter son nouveau bureau en personnel.
Bien que les conséquences à moyen et à long terme du Brexit soient encore incertaines, quel que soit le scénario qui se matérialisera, une hausse de la volatilité à court terme pourrait avoir un impact négatif sur les conditions économiques en général et sur la confiance des entreprises et des consommateurs en particulier, ce qui pourrait alors avoir des retombées négatives généralisées sur la situation politique et économique et sur les marchés. Les conséquences à plus long terme dépendront des conditions de tout accord conclu à l’avenir entre le Royaume-Uni et les 27 pays restants de l’UE. La décision du Royaume-Uni de quitter l’UE pourrait, entre autres, modifier le traitement juridique et fiscal des Fonds et décupler l’instabilité des marchés des actions, des obligations et des devises, notamment en rendant la valeur de la livre sterling ou de l’euro plus volatile.
Il n’est survenu aucun autre événement significatif durant la période comptable qui, selon les Administrateurs, aurait pu avoir un impact sur les états financiers de la période comptable close le 31 octobre 2019.
- 
## Événements postérieurs au bilan

Il n’est survenu aucun événement postérieur à la fin de la période comptable qui, selon les Administrateurs de la Société de gestion, aurait pu avoir un impact important sur les états financiers de la période comptable close le 31 octobre 2019.
- 
## Approbation des états financiers

Les états financiers ont été approuvés par les Administrateurs de la Société de gestion le 12 décembre 2019.

## Tableau des investissements
Au 31 octobre 2019
|  | Actifs financiers à leur juste valeur par le compte de résultat |  |
| --- | --- | --- |
| Nombre | Titre | Juste valeur (USD) |  | % de l’actif net |  |
|  | Fonds de placement : 4,43% (30 avril 2019 : 4,09%) |  |  |  |  |
| 2 139 095 | Euro : 0,42% (30 avril 2019 : 0,11%) Northern Trust Global Funds - Euro Liquidity Fund | 	2 320 724 |  | 	0,42 |  |
| 189 000 | Livre sterling : 0,05% (30 avril 2019 : 0,04%) Northern Trust Global Funds - Sterling Fund | 	244 934 |  | 	0,05 |  |
| 21 668 000 | Dollar américain : 3,96% (30 avril 2019 : 3,94%) Northern Trust Global Funds - US Dollar Fund | 	21 668 000 |  | 	3,96 |  |
|  | Total des fonds de placement (coût : 24 226 720 USD) | 	24 233 658 |  | 	4,43 |  |
|  | Actions : 0,39% (30 avril 2019 : 0,59%) |  |  |  |  |
| 891 679 | États-Unis : 0,39% (30 avril 2019 : 0,59%) Jupiter Resources | 	2 117 738 |  | 	0,39 |  |
|  | Total des actions (coût : 9 416 255 USD) | 	2 117 738 |  | 	0,39 |  |
|  | Titres à taux fixe : 92,75% (30 avril 2019 : 94,04%) |  |  |  |  |
| 2 150 000 | Euro : 17,43% (30 avril 2019 : 18,93%) Algeco Global Finance 6.50% Bonds 15/02/2023 | 2 395 453 |  | 0,44 |  |
| 1 850 000 | Avantor 4.75% Bonds 01/10/2024 | 2 199 746 |  | 0,40 |  |
| 4 325 000 | Blitz Weinhard 6,00% Bonds 30/07/2026 | 5 250 999 |  | 0,96 |  |
| 350 000 | Boparan Finance 4.38% Bonds 15/07/2021 | 226 325 |  | 0,04 |  |
| 300 000 | CBR Fashion Finance 5.13% Bonds 01/10/2022 | 335 961 |  | 0,06 |  |
| 400 000 | Constantin Investissement 3 SAS 5.38% Bonds 15/04/2025 | 451 535 |  | 0,08 |  |
| 2 450 000 | Constellium 4.25% Bonds 15/02/2026 | 2 846 228 |  | 0,52 |  |
| 1 600 000 | CTC BondCo 5.25% Bonds 15/12/2025 | 1 853 973 |  | 0,34 |  |
| 2 225 000 | Diamond BC 5.63% Bonds 15/08/2025 | 2 293 889 |  | 0,42 |  |
| 450 000 | eG Global Finance 4.38% Bonds 07/02/2025 | 489 601 |  | 0,09 |  |
| 1 135 000 | Eircom Finance 3.50% Bonds 15/05/2026 | 1 329 090 |  | 0,24 |  |
| 1 700 000 | eircom Finance DAC 1.75% Bonds 01/11/2024 | 1 888 801 |  | 0,35 |  |
| 2 800 000 | Energizer Gamma Acquisition 4.63% Bonds 15/07/2026 | 3 300 439 |  | 0,60 |  |
| 100 000 | Fabric BC FRN Bonds 30/11/2024 | 111 323 |  | 0,02 |  |
| 850 000 | Garfunkelux Holdco 3 FRN Bonds 01/09/2023 | 820 441 |  | 0,15 |  |
| 1 750 000 | Garrett LX I/Borrowing 5.13% Bonds 15/10/2026 | 1 827 182 |  | 0,33 |  |
| 1 250 000 | Getlink 3.63% Bonds 01/10/2023 | 1 459 892 |  | 0,27 |  |
| 500 000 | Hornbach Baumarkt 3.25% Bonds 25/10/2026 | 573 544 |  | 0,11 |  |
| 1 500 000 | INEOS Group 5.38% Bonds 01/08/2024 | 1 714 100 |  | 0,31 |  |
| 1 400 000 | Intrum 3.00% Bonds 15/09/2027 | 1 514 721 |  | 0,28 |  |
| 200 000 | Intrum 3.50% Bonds 15/07/2026 | 224 571 |  | 0,04 |  |
| 4 212 000 | LSF9 Balta Issuer 7.75% Bonds 15/09/2022 | 4 569 168 |  | 0,84 |  |
| 2 800 000 | Mauser Packaging Solutions 4.75% Bonds 15/04/2024 | 3 232 132 |  | 0,59 |  |
| 1 160 000 | Maxeda DIY Holding 6.13% Bonds 15/07/2022 | 1 237 960 |  | 0,23 |  |
| 3 000 000 | Metinvest 5.63% Bonds 17/06/2025 | 3 330 953 |  | 0,61 |  |
| 500 000 | Motion Bondco DAC 4.50% Bonds 15/11/2027 | 568 727 |  | 0,10 |  |
| 100 000 | Naviera Armas FRN Bonds 15/11/2024 | 81 026 |  | 0,01 |  |
| 100 000 | Naviera Armas FRN Bonds 31/07/2023 | 90 307 |  | 0,02 |  |
| 900 000 | Netflix 3.63% Bonds 15/06/2030 | 1 003 605 |  | 0,18 |  |

|  | Actifs financiers à leur juste valeur par le compte de résultat (suite) |  |
| --- | --- | --- |
| Nombre | Titre | Juste valeur (USD) | % de l’actif net |
|  | Titres à taux fixe : 92,75% (30 avril 2019 : 94,04% (suite) |  |  |
| 1 050 000 | Euro : 17,43% (30 avril 2019 : 18,93%) (suite) Netflix 3.88% Bonds 15/11/2029 | 1 202 112 | 0,22 |
| 1 450 000 | Nidda Healthcare 3.50% Bonds 30/09/2024 | 1 675 495 | 0,31 |
| 1 500 000 | Nordex 6.50% Bonds 01/02/2023 | 1 738 408 | 0,32 |
| 5 000 000 | OTP Bank Nyrt 2.88% Bonds 15/07/2029 | 5 754 780 | 1,05 |
| 400 000 | Panther BF Aggregator 2 4.38% Bonds 15/05/2026 | 451 111 | 0,08 |
| 1 300 000 | Playtech 4.25% Bonds 07/03/2026 | 1 550 955 | 0,28 |
| 2 000 000 | RESIDOMO Sro 3.38% Bonds 15/10/2024 | 2 320 013 | 0,42 |
| 1 530 000 | Rossini Sarl 6.75% Bonds 30/10/2025 | 1 892 624 | 0,35 |
| 1 650 000 | Samsonite Finco SARL 3.50% Bonds 15/05/2026 | 1 877 812 | 0,34 |
| 700 000 | SGL Carbon 4.63% Bonds 30/09/2024 | 714 281 | 0,13 |
| 800 000 | Smurfit Kappa Treasury ULC 1.50% Bonds 15/09/2027 | 892 241 | 0,16 |
| 1 600 000 | Sunshine Midco 6.50% Bonds 15/05/2026 | 1 845 491 | 0,34 |
| 3 550 000 | Synlab Unsecured Bondco 8.25% Bonds 01/07/2023 | 4 136 990 | 0,76 |
| 150 000 | Takko Luxembourg 2 FRN Bonds 15/11/2023 | 152 514 | 0,03 |
| 1 400 000 | Takko Luxembourg 2 5.38% Bonds 15/11/2023 | 1 453 565 | 0,27 |
| 2 850 000 | Tele Columbus 3.88% Bonds 02/05/2025 | 3 105 972 | 0,57 |
| 700 000 | Telecom Italia SpA/Milano 2.38% Bonds 12/10/2027 | 805 917 | 0,15 |
| 800 000 | Telecom Italia SpA/Milano 2.88% Bonds 28/01/2026 | 948 156 | 0,17 |
| 950 000 | Telecom Italia SpA/Milano 4.00% Bonds 11/04/2024 | 1 174 397 | 0,21 |
| 4 105 000 | Travelex Financing 8.00% Bonds 15/05/2022 | 4 590 349 | 0,84 |
| 500 000 | Trivium Packaging Finance 3.75% Bonds 15/08/2026 | 580 305 | 0,11 |
| 1 250 000 | UPCB Finance VII 3.63% Bonds 15/06/2029 | 1 470 476 | 0,27 |
| 2 200 000 | Verisure Midholding 5.75% Bonds 01/12/2023 | 2 535 218 | 0,46 |
| 1 100 000 | Veritas US 7.50% Bonds 01/02/2023 | 1 214 126 | 0,22 |
| 750 000 | Viridian Power & Energy 4.00% Bonds 15/09/2025 | 861 535 | 0,16 |
| 1 700 000 | WMG Acquisition 3.63% Bonds 15/10/2026 | 2 007 079 | 0,37 |
| 800 000 | Ziggo 2.88% Bonds 15/01/2030 | 906 414 | 0,17 |
| 180 000 | Ziggo Secured Finance 4.25% Bonds 15/01/2027 | 	216 721 | 	0,04 |
|  |  | 95 296 749 | 17,43 |
| 4 500 000 | Livre sterling : 7,86% (30 avril 2019 : 12,77%) AA 5.50% Bonds 31/07/2043 | 4 859 035 | 0,89 |
| 900 000 | AMC Entertainment Holdings 6.38% Bonds 15/11/2024 | 1 123 443 | 0,21 |
| 1 300 000 | AMC Entertainment Holdings 6.38% Bonds 15/11/2024 | 1 622 750 | 0,30 |
| 1 450 000 | Arqiva Broadcast Finance 6.75% Bonds 30/09/2023 | 2 019 019 | 0,37 |
| 2 750 000 | Arrow Global Finance 5.13% Bonds 15/09/2024 | 3 576 194 | 0,65 |
| 1 025 000 | Boparan Finance 5.50% Bonds 15/07/2021 | 767 347 | 0,14 |
| 3 150 000 | Cabot Financial Luxembourg 7.50% Bonds 01/10/2023 | 4 240 429 | 0,78 |
| 100 000 | Galaxy Bidco 6.50% Bonds 31/07/2026 | 131 782 | 0,02 |
| 6 929 000 | Garfunkelux Holdco 3 8.50% Bonds 01/11/2022 | 8 535 110 | 1,56 |
| 1 000 000 | Heathrow Finance 3.88% Bonds 01/03/2027 | 1 304 277 | 0,24 |
| 1 050 000 | House of Fraser Funding FRN Bonds 15/09/2020 | 47 626 | 0,01 |
| 1 450 000 | Iron Mountain UK 3.88% Bonds 15/11/2025 | 1 893 120 | 0,35 |
| 2 000 000 | Jerrold Finco 6.13% Bonds 15/01/2024 | 2 654 106 | 0,48 |
| 450 000 | Petrobras Global Finance 6.63% Bonds 16/01/2034 | 696 548 | 0,13 |
| 850 000 | Pinewood Finance 3.25% Bonds 30/09/2025 | 1 128 456 | 0,21 |
| 750 000 | Premier Foods Finance FRN Bonds 15/07/2022 | 974 262 | 0,18 |
| 150 000 | Premier Foods Finance 6.25% Bonds 15/10/2023 | 201 706 | 0,04 |
| 1 300 000 | RAC Bond 5.00% Bonds 06/05/2046 | 1 527 762 | 0,28 |
| 800 000 | Telecom Italia SpA/Milano 5.88% Bonds 19/05/2023 | 1 158 584 | 0,21 |
| 450 000 | TVL Finance FRN Bonds 15/07/2025 | 565 682 | 0,10 |
| 1 000 000 | Virgin Media Receivables Financing 5.50% Bonds 15/09/2024 | 1 331 661 | 0,24 |

|  | Actifs financiers à leur juste valeur par le compte de résultat (suite) |  |  |
| --- | --- | --- | --- |
| Nombre | Titre | Juste valeur (USD) | % de l’actif net |
|  | Titres à taux fixe : 92,75% (30 avril 2019 : 94,04% (suite) |  |  |
| 1 975 000 | Livre sterling : 7,86% (30 avril 2019 : 12,77%) (suite) Viridian Group FinanceCo 4.75% Bonds 15/09/2024 | 	2 591 226 | 	0,47 |
|  |  | 42 950 125 | 7,86 |
| 1 190 000 | Dollar américain : 67,46% (30 avril 2019 : 62,34%) Adani Green Energy 6.25% Bonds 10/12/2024 | 1 264 305 | 0,23 |
| 1 900 000 | Advanz Pharma 8.00% Bonds 06/09/2024 | 1 828 750 | 0,33 |
| 1 000 000 | AES El Salvador Trust II 6.75% Bonds 28/03/2023 | 1 006 150 | 0,18 |
| 1 150 000 | Aker BP 4.75% Bonds 15/06/2024 | 1 198 875 | 0,22 |
| 885 000 | Albertsons Cos 5.88% Bonds 15/02/2028 | 952 481 | 0,17 |
| 615 000 | Allison Transmission 5.88% Bonds 01/06/2029 | 664 015 | 0,12 |
| 2 062 000 | American Airlines 5.00% Bonds 01/06/2022 | 2 150 192 | 0,39 |
| 4 243 000 | Apex Tool 9.00% Bonds 15/02/2023 | 3 585 335 | 0,66 |
| 1 000 000 | Arcelik 5.00% Bonds 03/04/2023 | 1 012 408 | 0,18 |
| 1 000 000 | Ardagh Packaging Finance 4.63% Bonds 15/05/2023 | 1 025 500 | 0,19 |
| 1 850 000 | Ardagh Packaging Finance 5.25% Bonds 15/08/2027 | 1 891 070 | 0,35 |
| 3 328 000 | Avantor 6.00% Bonds 01/10/2024 | 3 565 686 | 0,65 |
| 1 000 000 | Banco do Brasil 6.25% Bonds 31/12/2049 | 996 950 | 0,18 |
| 1 000 000 | Banco do Brasil SA 6.25% Bonds 31/12/2049 | 996 750 | 0,18 |
| 1 900 000 | Banco Mercantil del Norte SA 7.50% Bonds 31/12/2049 | 1 971 250 | 0,36 |
| 3 000 000 | Bank Dhofar 6.85% Bonds 31/12/2049 | 3 003 750 | 0,55 |
| 2 890 000 | Bank of Georgia 11.13% Bonds 31/12/2049 | 2 998 375 | 0,55 |
| 1 336 000 | BBA US 4.00% Bonds 01/03/2028 | 1 334 614 | 0,24 |
| 2 830 000 | Burgan Bank SAK 5.75% Bonds 31/12/2049 | 2 842 381 | 0,52 |
| 697 000 | Calumet Specialty Products Partners 7.63% Bonds 15/01/2022 | 683 060 | 0,12 |
| 2 500 000 | Calumet Specialty Products Partners 11.00% Bonds 15/04/2025 | 2 528 125 | 0,46 |
| 3 978 000 | Carlson Travel Holdings 9.50% Bonds 15/12/2024 | 4 027 725 | 0,74 |
| 4 000 000 | CCO Holdings 5.00% Bonds 01/02/2028 | 4 195 000 | 0,77 |
| 3 792 000 | CCO Holdings 5.13% Bonds 01/05/2027 | 4 019 520 | 0,74 |
| 326 000 | CCO Holdings 5.75% Bonds 15/01/2024 | 334 150 | 0,06 |
| 5 181 000 | CCO/ CCO Capital 4.75% Bonds 01/03/2030 | 5 291 096 | 0,97 |
| 196 000 | Centene 5.38% Bonds 01/06/2026 | 207 535 | 0,04 |
| 2 750 000 | CenturyLink 6.75% Bonds 01/12/2023 | 3 061 988 | 0,56 |
| 4 009 000 | CGG US 9.00% Bonds 01/05/2023 | 4 274 596 | 0,78 |
| 940 000 | Cheniere Energy Partners 4.50% Bonds 01/10/2029 | 962 325 | 0,18 |
| 736 000 | Clear Channel Holdings 9.25% Bonds 15/02/2024 | 810 112 | 0,15 |
| 1 356 000 | Clear Channel Worldwide 5.13% Bonds 15/08/2027 | 1 418 715 | 0,26 |
| 4 101 000 | Clearwater Paper 5.38% Bonds 01/02/2025 | 4 039 485 | 0,74 |
| 1 056 000 | CommScope Holdings 5.50% Bonds 01/03/2024 | 1 085 040 | 0,20 |
| 558 000 | CommScope Holdings 6.00% Bonds 01/03/2026 | 580 320 | 0,11 |
| 1 200 000 | CommScope Holdings 8.25% Bonds 01/03/2027 | 1 144 716 | 0,21 |
| 2 000 000 | Consolidated Energy Finance 6.50% Bonds 15/05/2026 | 1 935 000 | 0,35 |
| 1 232 000 | Consolidated Energy Finance 6.88% Bonds 15/06/2025 | 1 207 360 | 0,22 |
| 1 560 000 | CSC 5.75% Bonds 15/01/2030 | 1 636 050 | 0,30 |
| 1 986 000 | Diamond Sports Group/ Diamond Sports Finance 5.38% Bonds 15/08/2026 | 2 080 335 | 0,38 |
| 1 037 000 | Diamond Sports Group/ Diamond Sports Finance 6.63% Bonds 15/08/2027 | 1 075 887 | 0,20 |
| 2 835 000 | DISH DBS 7.75% Bonds 01/07/2026 | 2 908 568 | 0,53 |
| 2 250 000 | DKT Finance 9.38% Bonds 17/06/2023 | 2 415 375 | 0,44 |
| 10 500 000 | Energy Transfer Partners FRN Bonds 01/11/2066 | 7 927 500 | 1,45 |
| 3 925 000 | Envision Healthcare 8.75% Bonds 15/10/2026 | 2 178 375 | 0,40 |
| 2 593 000 | ESH Hospitality 4.63% Bonds 01/10/2027 | 2 609 491 | 0,48 |
| 1 800 000 | Eurotorg Via Bonitron DAC 8.75% Bonds 30/10/2022 | 1 942 200 | 0,36 |
| 500 000 | First Quantum Minerals 6.50% Bonds 01/03/2024 | 491 875 | 0,09 |

|  | Actifs financiers à leur juste valeur par le compte de résultat (suite) |  |  |
| --- | --- | --- | --- |
| Nombre | Titre | Juste valeur (USD) | % de l’actif net |
|  | Titres à taux fixe : 92,75% (30 avril 2019 : 94,04% (suite) |  |  |
| 3 000 000 | Dollar américain : 67,46% (30 avril 2019 : 62,34%) (suite) First Quantum Minerals 7.25% Bonds 01/04/2023 | 3 033 000 | 0,55 |
| 1 492 000 | First Quantum Minerals 7.50% Bonds 01/04/2025 | 1 503 190 | 0,27 |
| 299 000 | Gates Global/ Gates Global 6.00% Bonds 15/07/2022 | 298 701 | 0,05 |
| 2 445 000 | Genesis Energy 6.50% Bonds 01/10/2025 | 2 338 031 | 0,43 |
| 5 804 000 | Global Aircraft Leasing 6.50% Bonds 15/09/2024 | 5 946 429 | 1,09 |
| 4 035 000 | Grupo Idesade 7.88% Bonds 18/12/2020 | 2 965 765 | 0,54 |
| 2 500 000 | Hughes Satellite Systems 5.25% Bonds 01/08/2026 | 2 684 625 | 0,49 |
| 2 000 000 | Icahn Enterprises LP / Icahn Enterprises Finance 4.75% Bonds 15/09/2024 | 2 025 000 | 0,37 |
| 2 626 000 | Icahn Enterprises LP / Icahn Enterprises Finance 6.25% Bonds 15/05/2026 | 2 800 629 | 0,51 |
| 1 500 000 | IHS Netherlands Holdco 8.00% Bonds 18/09/2027 | 1 567 500 | 0,29 |
| 1 581 000 | Intelsat Connect 9.50% Bonds 15/02/2023 | 1 515 784 | 0,28 |
| 3 157 000 | Intelsat Jackson 8.50% Bonds 15/10/2024 | 3 216 194 | 0,59 |
| 1 975 000 | JBS Investments II 5,75% Bonds 15/01/2028 | 2 062 789 | 0,38 |
| 2 758 000 | JBS Investments II 7,00% Bonds 15/01/2026 | 3 003 462 | 0,55 |
| 2 828 000 | JBS USA LUX 5.50% Bonds 15/01/2030 | 3 044 519 | 0,56 |
| 1 000 000 | JBS USA LUX 5.75% Bonds 15/06/2025 | 1 041 280 | 0,19 |
| 2 000 000 | JBS USA LUX 6.75% Bonds 15/02/2028 | 2 212 560 | 0,40 |
| 3 968 000 | Jonah Energy 7.25% Bonds 15/10/2025 | 1 230 080 | 0,22 |
| 3 000 000 | Kais 11.25% Bonds 09/04/2022 | 3 036 177 | 0,56 |
| 3 800 000 | KCA Deutag UK Finance 9.63% Bonds 01/04/2023 | 2 398 750 | 0,44 |
| 3 179 000 | Kinross Gold 4.50% Bonds 15/07/2027 | 3 362 905 | 0,61 |
| 3 000 000 | Kinross Gold 6.88% Bonds 01/09/2041 | 3 495 000 | 0,64 |
| 1 675 000 | Kissner Holdings 8.38% Bonds 01/12/2022 | 1 751 422 | 0,32 |
| 2 520 000 | Kosmos Energy 7.13% Bonds 04/04/2026 | 2 669 612 | 0,49 |
| 622 000 | Kraft Heinz Foods 3.75% Bonds 01/04/2030 | 627 590 | 0,11 |
| 2 776 000 | Laredo Petroleum 5.63% Bonds 15/01/2022 | 2 685 780 | 0,49 |
| 1 089 000 | LCPR Senior Secured Financing DAC 6.75% Bonds 15/10/2027 | 1 124 393 | 0,21 |
| 963 000 | Live Nation Entertainment 4.75% Bonds 15/10/2027 | 1 008 742 | 0,18 |
| 4 246 000 | LPL Holdings 5.75% Bonds 15/09/2025 | 4 415 840 | 0,81 |
| 2 398 000 | M/I Homes 5.63% Bonds 01/08/2025 | 2 505 910 | 0,46 |
| 1 424 000 | Mallinckrodt International Finance 5.50% Bonds 15/04/2025 | 484 160 | 0,09 |
| 657 000 | Mallinckrodt International Finance 5.63% Bonds 15/10/2023 | 234 877 | 0,04 |
| 188 000 | Mallinckrodt International Finance 5.75% Bonds 01/08/2022 | 73 320 | 0,01 |
| 1 500 000 | MARB BondCo 6.88% Bonds 19/01/2025 | 1 570 485 | 0,29 |
| 2 376 000 | Mattamy 6.50% Bonds 01/10/2025 | 2 530 440 | 0,46 |
| 929 000 | Mattamy 6.88% Bonds 15/12/2023 | 966 933 | 0,18 |
| 1 670 000 | Mattel 6.75% Bonds 31/12/2025 | 1 751 463 | 0,32 |
| 1 000 000 | Metinvest 8.50% Bonds 23/04/2026 | 1 049 535 | 0,19 |
| 703 000 | Midcontinent Communications 5.38% Bonds 15/08/2027 | 738 809 | 0,13 |
| 1 500 000 | Minerva Luxembourg 5.88% Bonds 19/01/2028 | 1 531 890 | 0,28 |
| 1 690 000 | Mong Duong Finance 5.13% Bonds 07/05/2029 | 1 715 924 | 0,31 |
| 541 000 | Motion Bondco DAC 6.63% Bonds 15/11/2027 | 551 685 | 0,10 |
| 3 349 000 | MPT Operating Partnership 5.00% Bonds 15/10/2027 | 3 549 237 | 0,65 |
| 3 795 000 | Muthoot Finance 6.13% Bonds 31/10/2022 | 3 858 566 | 0,71 |
| 3 620 000 | National Bank of Fujairah 5.88% Bonds 31/12/2049 | 3 718 645 | 0,68 |
| 1 000 000 | NBM US 6.63% Bonds 06/08/2029 | 1 046 000 | 0,19 |
| 2 400 000 | NBM US 7.00% Bonds 14/05/2026 | 2 553 204 | 0,47 |
| 3 620 000 | Neptune Energy Bondco 6.63% Bonds 15/05/2025 | 3 624 525 | 0,66 |
| 1 095 000 | Netflix 4.88% Bonds 15/06/2030 | 1 111 425 | 0,20 |
| 1 000 000 | Netflix 5.38% Bonds 15/11/2029 | 1 056 250 | 0,19 |
| 2 705 000 | Network i2i 5.65% Bonds 31/12/2049 | 2 544 052 | 0,47 |
| 1 000 000 | New Metro Global 7.13% Bonds 23/05/2021 | 993 249 | 0,18 |

|  | Actifs financiers à leur juste valeur par le compte de résultat (suite) |  |  |
| --- | --- | --- | --- |
| Nombre | Titre | Juste valeur (USD) | % de l’actif net |
|  | Titres à taux fixe : 92,75% (30 avril 2019 : 94,04% (suite) |  |  |
| 553 000 | Dollar américain : 67,46% (30 avril 2019 : 62,34%) (suite) Nexstar Broadcasting 5.63% Bonds 15/07/2027 | 586 180 | 0,11 |
| 2 867 000 | Nielsen Finance 5.00% Bonds 15/04/2022 | 2 903 124 | 0,53 |
| 2 160 000 | Northwest Acquisitions 7.13% Bonds 01/11/2022 | 1 085 400 | 0,20 |
| 1 401 000 | NRG Energy 5.25% Bonds 15/06/2029 | 1 516 568 | 0,28 |
| 392 000 | Oasis Petroleum 2.63% Bonds 15/09/2023 | 268 365 | 0,05 |
| 1 478 000 | Oasis Petroleum 6.88% Bonds 15/01/2023 | 1 300 640 | 0,24 |
| 5 361 000 | Ortho-Clinical Diagnostics 6.63% Bonds 15/05/2022 | 5 226 975 | 0,96 |
| 1 500 000 | Oztel SPC 6.63% Bonds 24/04/2028 | 1 545 937 | 0,28 |
| 2 880 000 | Pampa Energia 9.13% Bonds 15/04/2029 | 2 332 800 | 0,43 |
| 2 432 000 | Par Pharmaceutical 7.50% Bonds 01/04/2027 | 2 328 397 | 0,43 |
| 3 423 000 | Peabody Energy 6.00% Bonds 31/03/2022 | 3 166 275 | 0,58 |
| 449 000 | Performance Food 5.50% Bonds 15/10/2027 | 478 185 | 0,09 |
| 2 950 000 | Petra 7.25% Bonds 01/05/2022 | 2 183 000 | 0,40 |
| 1 500 000 | Petroleos Mexicanos 5.35% Bonds 12/02/2028 | 1 466 340 | 0,27 |
| 1 925 000 | Petroleos Mexicanos 6.49% Bonds 23/01/2027 | 2 033 666 | 0,37 |
| 1 000 000 | Powerlong Real Estate Holdings 4.88% Bonds 15/09/2021 | 967 577 | 0,18 |
| 2 273 000 | Prime Security Services Borrower 9.25% Bonds 15/05/2023 | 2 393 753 | 0,44 |
| 3 166 825 | Provincia de Buenos Aires 10.88% Bonds 26/01/2021 | 1 583 413 | 0,29 |
| 921 000 | Prumo Participacoes e Investimentos S/A 7.50% Bonds 31/12/2031 | 960 143 | 0,18 |
| 2 250 000 | QNB Finansbank 6.88% Bonds 07/09/2024 | 2 373 638 | 0,43 |
| 663 000 | Realogy 9.38% Bonds 01/04/2027 | 660 547 | 0,12 |
| 1 484 000 | Ryman Hospitality Properties 4.75% Bonds 15/10/2027 | 1 535 940 | 0,28 |
| 1 358 000 | Service Corp International/US 5.13% Bonds 01/06/2029 | 1 456 455 | 0,27 |
| 2 356 000 | Sirius XM Radio 4.63% Bonds 15/07/2024 | 2 473 800 | 0,45 |
| 3 816 000 | Sirius XM Radio 5.50% Bonds 01/07/2029 | 4 140 360 | 0,76 |
| 830 000 | SM Energy 6.63% Bonds 15/01/2027 | 718 954 | 0,13 |
| 3 860 000 | Sovcombank Via SovCom Capital DAC 8.00% Bonds 07/04/2030 | 4 021 001 | 0,74 |
| 1 818 000 | Sprint 7.63% Bonds 01/03/2026 | 2 019 725 | 0,37 |
| 4 873 000 | Sprint 7.88% Bonds 15/09/2023 | 5 389 294 | 0,99 |
| 1 901 000 | Sprint Capital 6.88% Bonds 15/11/2028 | 2 079 219 | 0,38 |
| 1 000 000 | Sprint Capital 8.75% Bonds 15/03/2032 | 1 234 605 | 0,23 |
| 1 542 000 | SS&C Technologies 5.50% Bonds 30/09/2027 | 1 652 831 | 0,30 |
| 2 334 000 | Standard Industries 4.75% Bonds 15/01/2028 | 2 430 365 | 0,44 |
| 1 500 000 | Sunac China 7.88% Bonds 15/02/2022 | 1 537 397 | 0,28 |
| 5 000 000 | SunCoke Energy Partners 7.50% Bonds 15/06/2025 | 4 375 000 | 0,80 |
| 2 575 000 | TBC Bank 10.78% Bonds 31/12/2049 | 2 620 063 | 0,48 |
| 1 000 000 | Telecom Argentina 6.50% Bonds 15/06/2021 | 948 500 | 0,17 |
| 1 520 000 | Telecom Argentina 8.00% Bonds 18/07/2026 | 1 375 600 | 0,25 |
| 968 000 | Tenet Healthcare 4.63% Bonds 01/09/2024 | 1 000 670 | 0,18 |
| 2 500 000 | Tenet Healthcare 4.88% Bonds 01/01/2026 | 2 593 000 | 0,47 |
| 2 374 000 | Tenet Healthcare 5.13% Bonds 01/11/2027 | 2 478 100 | 0,45 |
| 134 000 | Tenet Healthcare 6.25% Bonds 01/02/2027 | 141 497 | 0,03 |
| 337 000 | Teva Pharmaceutical Finance Netherlands III 6.75% Bonds 01/03/2028 | 303 511 | 0,06 |
| 2 000 000 | Times China 6.60% Bonds 02/03/2023 | 2 013 220 | 0,37 |
| 4 301 000 | TMS International 7.25% Bonds 15/08/2025 | 3 569 830 | 0,65 |
| 4 242 000 | TransDigm 5.50% Bonds 15/11/2027 | 4 242 000 | 0,78 |
| 2 426 000 | TransDigm 6.00% Bonds 15/07/2022 | 2 468 940 | 0,45 |
| 3 614 000 | Triumph 5.25% Bonds 01/06/2022 | 3 568 825 | 0,65 |
| 1 992 000 | Triumph 6.25% Bonds 15/09/2024 | 2 096 580 | 0,38 |
| 2 464 000 | Triumph 7.75% Bonds 15/08/2025 | 2 466 464 | 0,45 |
| 3 000 000 | Tullow Oil 6.25% Bonds 15/04/2022 | 3 036 450 | 0,56 |
| 2 040 000 | Turk Telekomunikasyon 6.88% Bonds 28/02/2025 | 2 170 254 | 0,40 |

|  | Actifs financiers à leur juste valeur par le compte de résultat (suite) |  |
| --- | --- | --- |
| Nombre | Juste valeur Titre	(USD) | % de l’actif net |
|  | Titres à taux fixe : 92,75% (30 avril 2019 : 94,04% (suite) |  |
| 1 500 000 | Dollar américain : 67,46% (30 avril 2019 : 62,34%) (suite) Turkiye Halk Bankasi 4.75% Bonds 11/02/20211 395 000 | 0,25 |
| 2 000 000 | Turkiye Is Bankasi 6,00% Bonds 24/10/20221 943 960 | 0,36 |
| 1 000 000 | Turkiye Vakiflar 5.63% Bonds 30/05/2022983 600 | 0,18 |
| 500 000 | Turkiye Vakiflar Bankasi 8.13% Bonds 28/03/2024517 680 | 0,09 |
| 1 690 000 | Ukraine Railways Via Rail Capital Markets 8.25% Bonds 09/07/20241 790 555 | 0,33 |
| 1 237 000 | Valeant Pharmaceuticals International 5.50% Bonds 01/11/20251 298 268 | 0,24 |
| 5 790 000 | Valeant Pharmaceuticals International 6.13% Bonds 15/04/20256 032 311 | 1,10 |
| 1 249 000 | Valeant Pharmaceuticals International 7.00% Bonds 15/03/20241 311 575 | 0,24 |
| 815 000 | Valeant Pharmaceuticals International 8.50% Bonds 31/01/2027921 358 | 0,17 |
| 1 298 000 | Valeant Pharmaceuticals International 9.00% Bonds 15/12/20251 466 870 | 0,27 |
| 1 000 000 | Vedanta Resources 9.25% Bonds 23/04/20261 004 500 | 0,18 |
| 2 000 000 | Veritas US 7.50% Bonds 01/02/20231 975 000 | 0,36 |
| 3 809 000 | Veritas US 10.50% Bonds 01/02/20243 628 073 | 0,66 |
| 712 000 | ViaSat 5.63% Bonds 15/04/2027756 493 | 0,14 |
| 2 138 000 | Vistra Operations Co 5.00% Bonds 31/07/20272 218 175 | 0,41 |
| 1 386 000 | Warrior Met Coal 8.00% Bonds 01/11/20241 414 586 | 0,26 |
| 961 000 | WellCare Health Plans 5.25% Bonds 01/04/20251 010 069 | 0,18 |
| 2 500 000 | Welltec 9.50% Bonds 01/12/20222 462 500 | 0,45 |
| 1 881 000 | Whiting Petroleum 6.63% Bonds 15/01/20261 241 460 | 0,23 |
| 2 476 000 | Wynn Las Vegas 5.25% Bonds 15/05/20272 584 325 | 0,47 |
| 2 046 000 | Wynn Las Vegas 5.50% Bonds 01/03/20252 184 105 | 0,40 |
| 2 667 000 | Xerox 4.13% Bonds 15/03/20232 737 009 | 0,50 |
| 2 080 000 | XPO Logistics 6.13% Bonds 01/09/20232 152 800 | 0,39 |
| 3 000 000 | XPO Logistics 6.75% Bonds 15/08/20243 264 060 | 0,60 |
| 1 500 000 | Yapi ve Kredi Bankasi 5.50% Bonds 06/12/20221 461 368 | 0,27 |
| 478 000 | Ziggo 4.88% Bonds 15/01/2030488 755 | 0,09 |
| 850 000 | Ziggo Bond 5.88% Bonds 15/01/2025		879 750 | 	0,16 |
|  | 368 830 272 | 67,46 |
|  | Total des titres à taux fixe (coût : 516 312 102 USD)		507 077 146 | 	92,75 |
|  | Warrants : 0,00% (30 avril 2019 : 0,00%) |  |
| 1 237 | Dollar américain : 0,00% (30 avril 2019 : 0,00%) Appvion Holdings		13 172 | 	0,00 |
|  | Total des warrants (coût : 715 855 USD)		13 172 | 	0,00 |
|  | Contrats de change à terme de gré à gré ouverts : 0,39% (30 avril 2019 : 0,19%) |  |
| Devise achetée | Devise vendue | Contrepartie | Échéance | Gain latent (USD) | % de l’actif net |
| 17 087 968 GBP | 21 097 746 USD | State Street | 14/11/2019 | 1 054 185 | 0,19 |
| 5 556 773 GBP | 6 860 698 USD | State Street | 14/11/2019 | 342 807 | 0,06 |
| 16 706 596 AUD | 11 268 933 USD | State Street | 14/11/2019 | 250 877 | 0,05 |
| 15 892 050 CAD | 11 941 996 USD | State Street | 14/11/2019 | 124 708 | 0,02 |
| 10 160 229 NZD | 6 392 410 USD | State Street | 14/11/2019 | 123 549 | 0,02 |
| 46 458 137 CNH | 6 506 951 USD | State Street | 14/11/2019 | 82 545 | 0,02 |
| 4 556 358 EUR | 5 015 229 USD | State Street | 14/11/2019 | 67 936 | 0,01 |

Actifs financiers à leur juste valeur par le compte de résultat (suite)
Contrats de change à terme de gré à gré ouverts : 0,39% (30 avril 2019 : 0,19%) (suite)
| Devise achetée | Devise vendue | Contrepartie | Échéance | Gain latent (USD) | % de l’actif net |
| --- | --- | --- | --- | --- | --- |
| 1 001 961 GBP | 1 235 947 USD | State Street | 14/11/2019 | 62 942 | 0,01 |
| 1 388 527 EUR | 1 530 093 USD | State Street | 14/11/2019 | 18 976 | 0,01 |
| 447 546 EUR | 494 479 USD | State Street | 14/11/2019 | 4 812 | 0,00 |
| 63 107 GBP | 80 577 USD | State Street | 14/11/2019 | 1 232 | 0,00 |
| 108 812 EUR | 120 244 USD | State Street | 14/11/2019 | 1 149 | 0,00 |
| 194 076 AUD | 133 265 USD | State Street | 14/11/2019 | 557 | 0,00 |
| 45 214 GBP | 58 129 USD | State Street | 14/11/2019 | 484 | 0,00 |
| 109 114 EUR | 121 400 USD | State Street | 14/11/2019 | 330 | 0,00 |
| 7 949 GBP | 9 992 USD | State Street | 14/11/2019 | 313 | 0,00 |
| 64 259 CHF | 64 817 USD | State Street | 14/11/2019 | 313 | 0,00 |
| 10 004 GBP | 12 664 USD | State Street | 14/11/2019 | 305 | 0,00 |
| 2 406 GBP | 2 944 USD | State Street | 14/11/2019 | 175 | 0,00 |
| 23 201 GBP | 29 928 USD | State Street | 14/11/2019 | 149 | 0,00 |
| 1 629 GBP | 2 011 USD | State Street | 14/11/2019 | 101 | 0,00 |
| 67 543 USD | 105 195 NZD | State Street | 14/11/2019 | 79 | 0,00 |
| 5 257 NZD | 3 308 USD | State Street | 14/11/2019 | 63 | 0,00 |
| 5 004 GBP | 6 434 USD | State Street | 14/11/2019 | 54 | 0,00 |
| 4 657 EUR | 5 144 USD | State Street | 14/11/2019 | 51 | 0,00 |
| 3 215 AUD | 2 167 USD | State Street | 14/11/2019 | 49 | 0,00 |
| 3 909 GBP | 5 019 USD | State Street | 14/11/2019 | 49 | 0,00 |
| 19 495 EUR | 21 702 USD | State Street | 14/11/2019 | 47 | 0,00 |
| 1 200 GBP | 1 509 USD | State Street | 14/11/2019 | 47 | 0,00 |
| 4 216 EUR | 4 659 USD | State Street | 14/11/2019 | 44 | 0,00 |
| 3 263 EUR | 3 607 USD | State Street | 14/11/2019 | 34 | 0,00 |
| 9 848 EUR | 10 956 USD | State Street | 14/11/2019 | 30 | 0,00 |
| 14 929 USD | 11 495 GBP | State Street | 14/11/2019 | 28 | 0,00 |
| 3 527 GBP | 4 545 USD | State Street | 14/11/2019 | 27 | 0,00 |
| 4 050 GBP | 5 224 USD | State Street | 14/11/2019 | 26 | 0,00 |
| 3 704 GBP | 4 777 USD | State Street | 14/11/2019 | 24 | 0,00 |
| 12 460 USD | 9 594 GBP | State Street | 14/11/2019 | 23 | 0,00 |
| 3 380 AUD | 2 311 USD | State Street | 14/11/2019 | 20 | 0,00 |
| 4 500 NZD | 2 867 USD | State Street | 14/11/2019 | 19 | 0,00 |
| 1 085 EUR | 1 194 USD | State Street | 14/11/2019 | 16 | 0,00 |
| 1 065 AUD | 718 USD | State Street | 14/11/2019 | 16 | 0,00 |
| 1 200 AUD | 811 USD | State Street | 14/11/2019 | 16 | 0,00 |
| 1 189 NZD | 748 USD | State Street | 14/11/2019 | 14 | 0,00 |
| 1 005 NZD | 633 USD | State Street | 14/11/2019 | 12 | 0,00 |
| 1 483 USD | 1 938 CAD | State Street | 14/11/2019 | 12 | 0,00 |
| 610 NZD | 382 USD | State Street | 14/11/2019 | 9 | 0,00 |
| 1 791 AUD | 1 225 USD | State Street | 14/11/2019 | 9 | 0,00 |
| 600 AUD | 405 USD | State Street | 14/11/2019 | 9 | 0,00 |
| 2 666 AUD | 1 830 USD | State Street | 14/11/2019 | 8 | 0,00 |
| 1 225 GBP | 1 581 USD | State Street | 14/11/2019 | 7 | 0,00 |
| 1 300 AUD | 890 USD | State Street | 14/11/2019 | 7 | 0,00 |
| 565 CAD | 424 USD | State Street | 14/11/2019 | 5 | 0,00 |
| 684 CHF | 689 USD | State Street | 14/11/2019 | 4 | 0,00 |
| 293 EUR | 323 USD | State Street | 14/11/2019 | 4 | 0,00 |
| 600 NZD | 381 USD | State Street | 14/11/2019 | 4 | 0,00 |
| 250 NZD | 157 USD | State Street | 14/11/2019 | 3 | 0,00 |

Actifs financiers à leur juste valeur par le compte de résultat (suite)
Contrats de change à terme de gré à gré ouverts : 0,39% (30 avril 2019 : 0,19%) (suite)
| Devise achetée | Devise vendue | Contrepartie | Échéance | Gain latent (USD) | % de l’actif net |
| --- | --- | --- | --- | --- | --- |
| 1 989 AUD | 1 369 USD | State Street | 14/11/2019 | 3 | 0,00 |
| 400 CAD | 301 USD | State Street | 14/11/2019 | 3 | 0,00 |
| 596 EUR | 663 USD | State Street | 14/11/2019 | 2 | 0,00 |
| 201 CAD | 151 USD | State Street | 14/11/2019 | 2 | 0,00 |
| 888 EUR | 989 USD | State Street | 14/11/2019 | 1 | 0,00 |
| 100 GBP | 128 USD | State Street | 14/11/2019 | 1 | 0,00 |
| 3 733 USD | 2 879 GBP | State Street | 14/11/2019 | 1 | 0,00 |
| 80 USD | 105 CAD | State Street | 14/11/2019 | 0 | 0,00 |
| 200 CAD | 151 USD | State Street | 14/11/2019 | 0 | 0,00 |
| 200 NZD | 128 USD | State Street | 14/11/2019 | 0 | 0,00 |
| 288 EUR | 321 USD | State Street | 14/11/2019 | 0 | 0,00 |
| 21 EUR | 23 USD | State Street | 14/11/2019	0 | 	0,00 |
| Gain latent total sur les contrats de change à terme de gré à gré ouverts | 	2 139 327 |  | 	0,39 |
| Total des actifs financiers à leur juste valeur par le compte de résultat | 	535 581 041 |  | 	97,96 |
| Passifs financiers à leur juste valeur par le compte de résultat |  |  |  |

Contrats de change à terme de gré à gré ouverts : (0,62%) (30 avril 2019 : (0,07%))
| Devise achetée | Devise vendue | Contrepartie | Échéance | Perte latente (USD) | % de l’actif net |
| --- | --- | --- | --- | --- | --- |
| 128 CAD | 98 USD | State Street | 14/11/2019 | 0 | 0,00 |
| 4 842 NZD | 3 106 USD | State Street | 14/11/2019 | 0 | 0,00 |
| 156 USD | 121 GBP | State Street | 14/11/2019 | (1) | 0,00 |
| 200 CAD | 153 USD | State Street | 14/11/2019 | (1) | 0,00 |
| 200 CAD | 153 USD | State Street | 14/11/2019 | (1) | 0,00 |
| 259 USD | 201 GBP | State Street | 14/11/2019 | (1) | 0,00 |
| 376 USD | 373 CHF | State Street | 14/11/2019 | (2) | 0,00 |
| 539 USD | 713 CAD | State Street | 14/11/2019 | (2) | 0,00 |
| 240 USD | 218 EUR | State Street | 14/11/2019 | (3) | 0,00 |
| 2 214 USD | 1 990 EUR | State Street | 14/11/2019 | (7) | 0,00 |
| 1 500 CAD | 1 147 USD | State Street | 14/11/2019 | (8) | 0,00 |
| 1 706 CAD | 1 307 USD | State Street | 14/11/2019 | (12) | 0,00 |
| 1 725 USD | 1 340 GBP | State Street | 14/11/2019 | (13) | 0,00 |
| 1 743 USD | 2 739 NZD | State Street | 14/11/2019 | (14) | 0,00 |
| 1 347 USD | 2 123 NZD | State Street | 14/11/2019 | (14) | 0,00 |
| 6 330 USD | 8 363 CAD | State Street | 14/11/2019 | (20) | 0,00 |
| 4 339 USD | 3 912 EUR | State Street | 14/11/2019 | (25) | 0,00 |
| 1 043 USD | 829 GBP | State Street | 14/11/2019 | (32) | 0,00 |
| 111 443 GBP | 144 508 USD | State Street | 14/11/2019 | (39) | 0,00 |
| 8 111 USD | 11 833 AUD | State Street | 14/11/2019 | (48) | 0,00 |
| 4 162 USD | 6 571 NZD | State Street | 14/11/2019 | (52) | 0,00 |
| 6 531 USD | 9 557 AUD | State Street | 14/11/2019 | (59) | 0,00 |
| 8 909 USD | 8 056 EUR | State Street | 14/11/2019 | (79) | 0,00 |
| 5 800 USD | 4 543 GBP | State Street | 14/11/2019 | (89) | 0,00 |
| 25 560 USD | 180 934 CNH | State Street | 14/11/2019 | (103) | 0,00 |
| 8 445 USD | 13 355 NZD | State Street | 14/11/2019 | (120) | 0,00 |
| 9 840 USD | 70 267 CNH | State Street | 14/11/2019 | (127) | 0,00 |
| 43 517 USD | 308 132 CNH | State Street | 14/11/2019 | (188) | 0,00 |

Passifs financiers à leur juste valeur par le compte de résultat (suite)
Contrats de change à terme de gré à gré ouverts : (0,62%) (30 avril 2019 : (0,07%)) (suite)
| Devise achetée | Devise vendue | Contrepartie | Échéance | Perte latente (USD) | % de l’actif net |
| --- | --- | --- | --- | --- | --- |
| 19 217 USD | 25 574 CAD | State Street | 14/11/2019 | (201) | 0,00 |
| 9 902 USD | 14 675 AUD | State Street | 14/11/2019 | (217) | 0,00 |
| 5 758 USD | 4 707 GBP | State Street | 14/11/2019 | (344) | 0,00 |
| 335 219 USD | 523 379 NZD | State Street | 14/11/2019 | (434) | 0,00 |
| 32 191 USD | 29 246 EUR | State Street | 14/11/2019 | (437) | 0,00 |
| 7 719 USD | 6 297 GBP | State Street | 14/11/2019 | (443) | 0,00 |
| 23 184 USD | 34 296 AUD | State Street | 14/11/2019 | (464) | 0,00 |
| 12 284 USD | 9 950 GBP | State Street | 14/11/2019 | (615) | 0,00 |
| 11 844 USD | 9 682 GBP | State Street | 14/11/2019 | (707) | 0,00 |
| 122 079 USD | 178 817 AUD | State Street | 14/11/2019 | (1 222) | 0,00 |
| 94 767 USD | 86 099 EUR | State Street | 14/11/2019 | (1 287) | 0,00 |
| 1 895 198 USD | 1 700 000 EUR | State Street | 14/11/2019 | (1 356) | 0,00 |
| 144 919 USD | 192 861 CAD | State Street | 14/11/2019 | (1 519) | 0,00 |
| 34 618 USD | 28 040 GBP | State Street | 14/11/2019 | (1 732) | 0,00 |
| 154 151 USD | 245 022 NZD | State Street | 14/11/2019 | (2 987) | 0,00 |
| 156 100 USD | 231 441 AUD | State Street | 14/11/2019 | (3 487) | 0,00 |
| 220 438 USD | 326 819 AUD | State Street | 14/11/2019 | (4 916) | 0,00 |
| 105 959 USD | 85 826 GBP | State Street | 14/11/2019 | (5 300) | 0,00 |
| 214 049 USD | 170 286 GBP | State Street | 14/11/2019 | (6 700) | 0,00 |
| 3 295 175 USD | 2 982 330 EUR | State Street | 14/11/2019 | (31 972) | (0,01) |
| 93 523 752 USD | 84 867 912 EUR | State Street | 14/11/2019 | (1 156 593) | (0,21) |
| 42 987 022 USD | 34 849 226 GBP | State Street | 14/11/2019	(2 189 656) | 	(0,40) |
| Perte latente totale sur les contrats de change à terme de gré à gré ouverts |  | 	(3 413 649) |  |  | 	(0,62) |
| Total des passifs financiers à leur juste valeur par le compte de résultat |  | 	(3 413 649) |  |  | 	(0,62) |
|  |  | Juste valeur (USD) |  |  | % de l’actif net |
| Total des investissements à leur juste valeur par le compte de résultat |  | 532 167 392 |  |  | 97,34 |
| Liquidités |  | 9 160 917 |  |  | 1,19 |
| Autres actifs nets |  | 5 362 809 |  |  | 1,47 |
| Actif net total attribuable aux porteurs de Parts de participation rachetables |  | 546 691 118 |  |  | 100,00 |

| Analyse de l’actif total | % de l’actif total* |
| --- | --- |
| Dépôts auprès d’établissements de crédit | 4,33 |
| Valeurs mobilières admises à la cote officielle d’une bourse ou négociées sur un marché reconnu | 90,95 |
| Instruments financiers dérivés de gré à gré | 0,38 |
| Autres actifs | 	4,34 |

Total	100,00
* Calcul basé sur l’actif total du Fonds (hors passifs). Ce récapitulatif est obligatoire pour les OPCVM.

## Tableau des investissements
Au 31 octobre 2019
|  | Actifs financiers à leur juste valeur par le compte de résultat |  |
| --- | --- | --- |
| Nombre | Titre | Juste valeur (USD) |  | % de l’actif net |  |
|  | Fonds de placement : 2,35% (30 avril 2019 : 2,58%) |  |  |  |  |
| 1 | Irlande : 2,35% (30 avril 2019 : 2,23%) Northern Trust Global Funds - Euro Liquidity Fund | 0 |  | 0,00 |  |
| 20 810 000 | Northern Trust Global Funds - US Dollar Fund | 	20 810 000 |  | 	2,35 |  |
|  |  | 20 810 000 |  | 2,35 |  |
|  | Fédération de Russie : 0,00% (30 avril 2019 : 0,35%) |  |  |  |  |
|  | Total des fonds de placement (coût : 20 810 000 USD) | 	20 810 000 |  | 	2,35 |  |
|  | Actions : 97,81% (30 avril 2019 : 97,81%) |  |  |  |  |
| 293 177 | République tchèque : 1,14% (30 avril 2019 : 3,16%) Komercni Banka | 	10 008 161 |  | 	1,14 |  |
| 7 726 862 | Grèce : 3,92% (30 avril 2019 : 2,11%) Alpha Bank | 16 221 440 |  | 1,83 |  |
| 5 547 113 | National Bank of Greece | 	18 435 924 |  | 	2,09 |  |
|  |  | 34 657 364 |  | 3,92 |  |
| 157 760 | Hongrie : 0,83% (30 avril 2019 : 4,89%) OTP Bank | 	7 325 495 |  | 	0,83 |  |
| 365 191 | Pologne : 15,45% (30 avril 2019 : 18,05%) CCC | 10 998 491 |  | 1,25 |  |
| 301 302 | CD Projekt | 19 867 365 |  | 2,25 |  |
| 1 103 520 | KGHM Polska Miedz | 24 335 623 |  | 2,75 |  |
| 2 111 978 | Powszechna Kasa Oszczednosci Bank Polski | 21 336 684 |  | 2,41 |  |
| 3 797 742 | Powszechny Zaklad Ubezpieczen | 36 757 631 |  | 4,16 |  |
| 286 575 | Santander Bank Polska | 	23 260 434 |  | 	2,63 |  |
|  |  | 136 556 228 |  | 15,45 |  |
| 7 105 396 | Roumanie : 1,60% (30 avril 2019 : 1,24%) Banca Transilvania | 3 995 911 |  | 0,45 |  |
| 1 317 120 | BRD-Groupe Société Générale | 4 401 099 |  | 0,50 |  |
| 2 192 753 | SC Electrica | 5 754 718 |  | 0,65 |  |
| 2 192 753 | Societatea Energetica | 	1 078 |  | 	0,00 |  |
|  |  | 14 152 806 |  | 1,60 |  |
| 10 117 598 | Fédération de Russie : 62,93% (30 avril 2019 : 55,60%) Alrosa | 11 742 144 |  | 1,33 |  |
| 4 550 822 | Detsky Mir | 6 857 895 |  | 0,78 |  |
| 780 985 | En+ Group GDR | 6 935 147 |  | 0,78 |  |
| 8 904 640 | Gazprom ADR | 72 181 012 |  | 8,17 |  |
| 2 170 955 | Gazprom PJSC ADR | 17 660 719 |  | 2,00 |  |
| 1 184 996 | Globaltrans Investment GDR | 10 131 716 |  | 1,15 |  |
| 232 708 | LSR Group GDR | 508 467 |  | 0,06 |  |
| 27 668 | LUKOIL ADR | 2 531 124 |  | 0,29 |  |
| 22 405 | LUKOIL PJSC ADR | 2 081 982 |  | 0,23 |  |
| 783 551 | LUKOIL RUB0.02 ADR | 72 776 217 |  | 8,23 |  |
| 1 206 440 | Mail.Ru GDR | 25 624 786 |  | 2,90 |  |
| 898 204 | MD Medical Investments GDR | 4 149 702 |  | 0,47 |  |
| 543 010 | MMC Norilsk Nickel ADR | 15 204 280 |  | 1,72 |  |

|  | Actifs financiers à leur juste valeur par le compte de résultat (suite) |  |
| --- | --- | --- |
| Nombre | Titre | Juste valeur (USD) |  | % de l’actif net |
|  | Actions : 97,81% (30 avril 2019 : 97,81%) (suite) |  |  |  |
| 4 367 | Fédération de Russie : 62,93% (30 avril 2019 : 55,60%) (suite) MMC Norilsk Nickel PJSC ADR | 1 224 461 |  | 0,14 |
| 2 187 161 | Mobile TeleSystems ADR | 19 946 908 |  | 2,26 |
| 7 080 892 | Moscow Exchange MICEX-RTS | 10 511 505 |  | 1,19 |
| 212 445 | Novatek GDR | 45 250 785 |  | 5,12 |
| 109 177 | Novatek PJSC GDR | 2 306 213 |  | 0,26 |
| 216 265 | Polyus | 25 507 293 |  | 2,88 |
| 127 564 | Rosnef | 862 742 |  | 0,10 |
| 22 068 461 | Sberbank of Russia | 82 104 121 |  | 9,29 |
| 101 094 | Tatneft ADR | 1 190 772 |  | 0,13 |
| 627 565 | Tatneft PJSC ADR | 44 293 538 |  | 5,01 |
| 589 817 | TCS GDR | 11 171 134 |  | 1,26 |
| 1 303 979 | X5 Retail GDR | 43 005 227 |  | 4,86 |
| 611 061 | Yandex | 	20 513 318 |  | 	2,32 |
|  |  | 556 273 208 |  | 62,93 |
| 2 533 505 | Turquie : 11,56% (30 avril 2019 : 11,16%) Arcelik | 7 860 427 |  | 0,89 |
| 1 741 670 | DP Eurasia | 1 557 411 |  | 0,18 |
| 661 656 | Migros Ticaret | 2 353 377 |  | 0,27 |
| 2 457 394 | Tofas Turk Otomobil Fabrikasi | 9 607 630 |  | 1,09 |
| 901 347 | Tupras Turkiye Petrol Rafinerileri | 19 493 691 |  | 2,20 |
| 10 444 988 | Turk Telekomunikasyon | 10 528 468 |  | 1,19 |
| 26 989 338 | Turkiye Vakiflar Bankasi | 20 557 018 |  | 2,33 |
| 3 233 328 | Ulker Biskuvi Sanayi | 10 381 896 |  | 1,17 |
| 48 958 518 | Yapi ve Kredi Bankasi | 	19 842 558 |  | 	2,24 |
|  |  | 102 182 476 |  | 11,56 |
| 398 110 | Ukraine : 0,38% (30 avril 2019 : 0,46%) MHP GDR | 	3 368 011 |  | 	0,38 |
|  | Royaume-Uni : 0,00% (30 avril 2019 : 1,14%) |  |  |  |
|  | Total des actions (coût : 763 021 675 USD) | 	864 523 749 |  | 	97,81 |
|  | Total des actifs financiers à leur juste valeur par le compte de résultat | 	885 333 749 |  | 	100,16 |

|  | Juste valeur (USD) |  | % de l’actif net |
| --- | --- | --- | --- |
| Total des investissements à leur juste valeur par le compte de résultat | 885 333 749 |  | 100,16 |
| Liquidités | 487 752 |  | 0,06 |
| Autres passifs nets | (1 886 590) |  | (0,22) |
| Actif net total attribuable aux porteurs de Parts de participation rachetables | 883 934 911 |  | 100,00 |

| Analyse de l’actif total | % de l’actif total* |
| --- | --- |
| Dépôts auprès d’établissements de crédit | 2,34 |
| Valeurs mobilières admises à la cote officielle d’une bourse ou négociées sur un marché reconnu | 97,30 |
| Autres actifs | 	0,36 |
| Total | 100,00 |

* Calcul basé sur l’actif total du Fonds (hors passifs). Ce récapitulatif est obligatoire pour les OPCVM.

## Tableau des investissements
Au 31 octobre 2019
|  | Actifs financiers à leur juste valeur par le compte de résultat |  |
| --- | --- | --- |
| Nombre | Titre | Juste valeur (USD) |  | % de l’actif net |  |
| 58 689 | Fonds de placement : 1,05% (30 avril 2019 : 0,07%) Northern Trust Global Funds - Euro Liquidity Fund | 63 673 |  | 0,13 |  |
| 261 000 | Northern Trust Global Funds - Sterling Fund | 338 243 |  | 0,69 |  |
| 111 000 | Northern Trust Global Funds - US Dollar Fund | 	111 000 |  | 	0,23 |  |
|  |  | 512 916 |  | 1,05 |  |
|  | Total des fonds de placement (coût : 501 637 USD) | 	512 916 |  | 	1,05 |  |
|  | Actions : 97,86% (30 avril 2019 : 99,25%) |  |  |  |  |
| 1 236 | Services de communication : 9,35% (30 avril 2019 : 2,14%) Alphabet | 1 558 954 |  | 3,19 |  |
| 1 600 | Netflix | 466 320 |  | 0,96 |  |
| 3 700 | Nintendo | 1 320 891 |  | 2,71 |  |
| 3 773 | Take-Two Interactive | 464 570 |  | 0,95 |  |
| 5 790 | Walt Disney | 	750 384 |  | 	1,54 |  |
|  |  | 4 561 119 |  | 9,35 |  |
| 5 678 | Consommation discrétionnaire : 15,86% (30 avril 2019 : 19,03%) Alibaba ADR | 1 008 015 |  | 2,07 |  |
| 20 400 | Bridgestone | 852 923 |  | 1,75 |  |
| 16 293 | Carnival | 704 020 |  | 1,44 |  |
| 5 161 | McDonald’s | 1 016 149 |  | 2,08 |  |
| 4 953 | Naspers | 702 463 |  | 1,44 |  |
| 5 057 | NIKE | 456 091 |  | 0,93 |  |
| 4 953 | Prosus | 343 585 |  | 0,70 |  |
| 178 500 | Samsonite International | 367 665 |  | 0,75 |  |
| 18 300 | Sony | 1 120 702 |  | 2,30 |  |
| 19 976 | TJX Cos | 	1 169 795 |  | 	2,40 |  |
|  |  | 7 741 408 |  | 15,86 |  |
| 36 481 | Consommation courante : 14,20% (30 avril 2019 : 16,06%) Alimentation Couche-Tard | 1 088 018 |  | 2,23 |  |
| 6 517 | Church & Dwight | 491 447 |  | 1,01 |  |
| 7 424 | Colgate-Palmolive | 509 138 |  | 1,04 |  |
| 22 317 | Fevertree Drinks | 538 812 |  | 1,11 |  |
| 50 827 | Koninklijke Ahold Delhaize | 1 258 575 |  | 2,58 |  |
| 269 | LG Household & Health Care Pref | 170 863 |  | 0,35 |  |
| 4 900 | MEIJI | 354 206 |  | 0,73 |  |
| 9 160 | Reckitt Benckiser | 707 150 |  | 1,45 |  |
| 53 950 | Tate & Lyle | 470 118 |  | 0,96 |  |
| 12 252 | Unilever | 733 483 |  | 1,50 |  |
| 18 342 | X5 Retail GDR | 	604 919 |  | 	1,24 |  |
|  |  | 6 926 729 |  | 14,20 |  |
| 451 000 | Énergie : 7,30% (30 avril 2019 : 8,34%) CNOOC | 676 854 |  | 1,39 |  |
| 8 241 | EOG Resources | 573 738 |  | 1,17 |  |
| 19 390 | Royal Dutch Shell | 560 491 |  | 1,15 |  |
| 34 376 | Suncor Energy | 1 038 155 |  | 2,13 |  |
| 27 545 | TGS NOPEC Geophysical | 	713 429 |  | 	1,46 |  |
|  |  | 3 562 667 |  | 7,30 |  |
| 57 200 | Finance : 10,85% (30 avril 2019 : 10,57%) AIA | 572 664 |  | 1,17 |  |

|  | Actifs financiers à leur juste valeur par le compte de résultat (suite) |  |
| --- | --- | --- |
| Nombre | Titre | Juste valeur (USD) |  | % de l’actif net |
|  | Actions : 97,86% (30 avril 2019 : 99,25%) (suite) |  |  |  |
| 5 731 | Finance : 10,85% (30 avril 2019 : 10,57%) (suite) AON | 1 115 539 |  | 2,29 |
| 3 951 | Deutsche Boerse | 615 595 |  | 1,26 |
| 57 092 | M&G | 157 711 |  | 0,32 |
| 151 200 | Mitsubishi UFJ Financial | 796 393 |  | 1,63 |
| 57 092 | Prudential | 1 000 323 |  | 2,05 |
| 138 757 | Sberbank of Russia | 516 235 |  | 1,06 |
| 2 300 | SVB Financial | 	521 387 |  | 	1,07 |
|  |  | 5 295 847 |  | 10,85 |
| 6 498 | Santé : 11,80% (30 avril 2019 : 10,28%) AstraZeneca | 626 950 |  | 1,28 |
| 3 182 | Becton Dickinson | 814 433 |  | 1,67 |
| 18 998 | Boston Scientific | 798 106 |  | 1,63 |
| 1 675 | Cooper Cos | 489 267 |  | 1,00 |
| 2 500 | Ipsen | 262 002 |  | 0,54 |
| 3 227 | Thermo Fisher Scientific | 974 102 |  | 2,00 |
| 2 523 | UnitedHealth | 642 860 |  | 1,32 |
| 2 621 | Vertex Pharmaceuticals | 522 313 |  | 1,07 |
| 4 921 | Zoetis | 	627 920 |  | 	1,29 |
|  |  | 5 757 953 |  | 11,80 |
| 6 439 | Industrie : 8,45% (30 avril 2019 : 8,89%) Honeywell International | 1 124 250 |  | 2,30 |
| 7 394 | Raytheon | 1 584 682 |  | 3,25 |
| 7 130 | Schneider Electric | 665 033 |  | 1,36 |
| 4 461 | Union Pacific | 	749 225 |  | 	1,54 |
|  |  | 4 123 190 |  | 8,45 |
| 2 417 | Technologies de l’information : 18,13% (30 avril 2019 : 21,44%) Adobe | 672 917 |  | 1,38 |
| 8 081 | Amadeus IT | 595 709 |  | 1,22 |
| 2 848 | ASML | 753 324 |  | 1,54 |
| 8 991 | Fidelity National Information Services | 1 186 452 |  | 2,43 |
| 3 238 | Mastercard | 897 412 |  | 1,84 |
| 14 219 | Microsoft | 2 056 210 |  | 4,22 |
| 34 000 | Nomura Research Institute | 726 326 |  | 1,49 |
| 18 950 | Samsung Electronics Pref | 668 613 |  | 1,37 |
| 3 662 | Synopsys | 503 928 |  | 1,03 |
| 80 000 | Taiwan Semiconductor Manufacturing | 	784 481 |  | 	1,61 |
|  |  | 8 845 372 |  | 18,13 |
| 23 604 | Matériaux : 1,92% (30 avril 2019 : 2,50%) Johnson Matthey | 	934 818 |  | 	1,92 |
|  | Total des actions (coût : 40 117 281 USD) | 	47 749 103 |  | 	97,86 |
|  | Total des actifs financiers à leur juste valeur par le compte de résultat | 	48 262 019 |  | 	98,91 |

|  | Juste valeur (USD) |  | % de l’actif net |
| --- | --- | --- | --- |
| Total des investissements à leur juste valeur par le compte de résultat | 48 262 019 |  | 98,91 |
| Liquidités | 651 356 |  | 1,33 |
| Autres passifs nets | (119 806) |  | (0,24) |
| Actif net total attribuable aux porteurs de Parts de participation rachetables | 48 793 569 |  | 100,00 |
| Analyse de l’actif total | % de l’actif total* |
| Dépôts auprès d’établissements de crédit | 1,05 |
| Valeurs mobilières admises à la cote officielle d’une bourse ou négociées sur un marché reconnu | 97,44 |
| Autres actifs | 	1,51 |
| Total | 100,00 |

* Calcul basé sur l’actif total du Fonds (hors passifs). Ce récapitulatif est obligatoire pour les OPCVM.

## Tableau des investissements
Au 31 octobre 2019
|  | Actifs financiers à leur juste valeur par le compte de résultat |  |
| --- | --- | --- |
| Nombre | Titre | Juste valeur (USD) |  | % de l’actif net |
| 1 | Fonds de placement : 1,32% (30 avril 2019 : 0,10%) Northern Trust Global Funds - Euro Liquidity Fund | 1 |  | 0,00 |
| 4 365 000 | Northern Trust Global Funds - US Dollar Fund | 	4 365 000 |  | 	1,32 |
|  |  | 4 365 001 |  | 1,32 |
|  | Total des fonds de placement (coût : 4 365 001 USD) | 	4 365 001 |  | 	1,32 |
|  | Actions : 99,63% (30 avril 2019 : 100,03%) |  |  |  |
|  | Consommation discrétionnaire : 0,00% (30 avril 2019 : 0,50%) |  |  |  |
| 40 590 | Consommation courante : 2,96% (30 avril 2019 : 1,07%) Archer Daniels Midland | 1 645 113 |  | 0,49 |
| 175 202 | Darling Ingredients | 3 376 143 |  | 1,02 |
| 58 941 | Tyson Foods | 	4 820 784 |  | 	1,45 |
|  |  | 9 842 040 |  | 2,96 |
| 294 728 | Énergie : 55,09% (30 avril 2019 : 55,79%) Cabot Oil & Gas | 5 449 521 |  | 1,64 |
| 291 773 | Canadian Natural Resources | 7 430 292 |  | 2,24 |
| 122 297 | Chevron | 14 230 479 |  | 4,29 |
| 3 438 000 | CNOOC | 5 159 698 |  | 1,56 |
| 293 760 | Enbridge | 10 701 647 |  | 3,23 |
| 95 367 | EOG Resources | 6 639 451 |  | 2,00 |
| 454 491 | Equinor | 8 439 230 |  | 2,54 |
| 202 406 | Exxon Mobil | 13 706 934 |  | 4,13 |
| 152 019 | Galp Energia | 2 440 598 |  | 0,74 |
| 808 291 | Gazprom ADR | 6 552 007 |  | 1,97 |
| 76 536 | Hess | 4 956 471 |  | 1,49 |
| 121 800 | Idemitsu Kosan | 3 608 514 |  | 1,09 |
| 59 529 | Koninklijke Vopak | 3 268 004 |  | 0,99 |
| 132 285 | Neste | 4 759 326 |  | 1,43 |
| 122 794 | Oneok | 8 594 352 |  | 2,59 |
| 305 611 | PlainsLP | 5 742 431 |  | 1,73 |
| 413 613 | Reliance Industries | 8 539 192 |  | 2,57 |
| 307 239 | Royal Dutch Shell | 8 942 027 |  | 2,69 |
| 105 245 | Schlumberger | 3 483 609 |  | 1,05 |
| 353 703 | Suncor Energy | 10 664 399 |  | 3,21 |
| 192 702 | TGS NOPEC Geophysical | 4 991 078 |  | 1,50 |
| 348 852 | Total | 18 383 018 |  | 5,54 |
| 1 722 239 | Tullow Oil | 4 591 092 |  | 1,38 |
| 117 280 | Valero Energy | 	11 588 437 |  | 	3,49 |
|  |  | 182 861 807 |  | 55,09 |
| 22 970 | Santé : 0,25% (30 avril 2019 : 0,00%) Genus | 	850 173 |  | 	0,25 |
| 45 004 | Industrie : 3,29% (30 avril 2019 : 2,68%) Befesa | 1 635 704 |  | 0,49 |
| 1 680 383 | Ceres Power | 4 573 154 |  | 1,38 |
| 127 347 | Hexagon Composites | 435 774 |  | 0,13 |
| 96 559 | TOMRA | 2 572 142 |  | 0,78 |

|  | Actifs financiers à leur juste valeur par le compte de résultat (suite) |  |  |  |
| --- | --- | --- | --- | --- |
| Nombre | Titre | Juste valeur (USD) |  | % de l’actif net |
|  | Actions : 99,63% (30 avril 2019 : 100,03%) (suite) |  |  |  |
| 20 688 | Industrie : 3,29% (30 avril 2019 : 2,68%) (suite) Vestas Wind Systems | 	1 695 659 |  | 	0,51 |
|  |  | 10 912 433 |  | 3,29 |
| 139 500 | Matériaux : 37,32% (30 avril 2019 : 39,13%) Agnico Eagle Mines | 8 341 084 |  | 2,51 |
| 267 405 | Amcor | 2 556 392 |  | 0,77 |
| 213 944 | Anglo American | 5 445 955 |  | 1,64 |
| 31 157 | Avery Dennison | 4 019 565 |  | 1,21 |
| 3 714 000 | China Resources Cement | 4 076 162 |  | 1,23 |
| 160 512 | Corteva | 4 410 870 |  | 1,33 |
| 205 781 | CRH | 7 479 263 |  | 2,25 |
| 64 665 | Croda International | 4 010 793 |  | 1,21 |
| 111 620 | Dow | 5 695 969 |  | 1,72 |
| 72 120 | DuPont de Nemours | 4 730 351 |  | 1,42 |
| 46 666 | FMC | 4 245 206 |  | 1,28 |
| 97 781 | Johnson Matthey | 3 872 541 |  | 1,17 |
| 36 725 | Koninklijke DSM | 4 323 761 |  | 1,30 |
| 6 528 | LG Chem | 1 725 351 |  | 0,52 |
| 70 276 | Linde | 13 998 276 |  | 4,22 |
| 995 791 | Lundin Mining | 5 065 715 |  | 1,53 |
| 1 885 858 | Norsk Hydro | 6 698 755 |  | 2,02 |
| 65 297 | Nutrien | 3 187 799 |  | 0,96 |
| 49 214 | PPG Industries | 6 199 980 |  | 1,87 |
| 169 018 | Ramco Cements | 1 870 121 |  | 0,56 |
| 57 040 | Rio Tinto | 2 957 579 |  | 0,89 |
| 10 816 | Sherwin-Williams | 6 340 664 |  | 1,91 |
| 52 200 | Shin-Etsu Chemical | 5 867 554 |  | 1,77 |
| 27 799 | Symrise | 2 651 150 |  | 0,80 |
| 260 281 | UPL | 2 188 740 |  | 0,66 |
| 13 179 | Vulcan Materials | 	1 906 210 |  | 	0,57 |
|  |  | 123 865 806 |  | 37,32 |
| 4 254 000 | Services aux collectivités : 0,72% (30 avril 2019 : 0,86%) China Everbright Greentech | 	2 377 840 |  | 	0,72 |
|  | Total des actions (coût : 320 818 372 USD) | 	330 710 099 |  | 	99,63 |
|  | Total des actifs financiers à leur juste valeur par le compte de résultat | 	335 075 100 |  | 	100,95 |
|  |  | Juste valeur (USD) |  | % de l’actif net |
| Total des investissements à leur juste valeur par le compte de résultat | 335 075 100 |  | 100,95 |
| Découvert bancaire | (1 991 353) |  | (0,60) |
| Autres passifs nets | (1 162 144) |  | (0,35) |
| Actif net total attribuable aux porteurs de Parts de participation rachetables | 331 921 603 |  | 100,00 |

| Analyse de l’actif total | % de l’actif total* |
| --- | --- |
| Dépôts auprès d’établissements de crédit | 1,30 |
| Valeurs mobilières admises à la cote officielle d’une bourse ou négociées sur un marché reconnu | 98,51 |
| Autres actifs | 	0,19 |
| Total | 100,00 |

* Calcul basé sur l’actif total du Fonds (hors passifs). Ce récapitulatif est obligatoire pour les OPCVM.

## Informations générales
Pour la période comptable close le 31 octobre 2019

## « Market timing »
La technique du « market timing », qui consiste à sans cesse acheter et vendre les Parts des Fonds en fonction des fluctuations à court terme des marchés, peut perturber la stratégie d’investissement de Baring Asset Management Limited (« le Gestionnaire d’investissement ») et augmenter les charges des Fonds, nuisant ainsi à tous les porteurs de Parts. Les Fonds ne sont conçus ni pour le market timing ni pour les transactions excessives. Afin d’éviter ces activités, les Administrateurs de Baring International Fund Managers (Ireland) Limited (« la Société de gestion ») se réservent le droit de refuser toute demande de souscription de Parts d’investisseurs dont ils estiment raisonnablement qu’ils utilisent le market timing ou d’autres pratiques excessives, ou dont les agissements pourraient potentiellement nuire aux Fonds.
Les Administrateurs de la Société de gestion se réservent le droit de racheter les Parts d’un porteur, en fonction de la situation de ce dernier ou s’ils disposent de motifs raisonnables pour penser que ce porteur effectue des activités pouvant nuire à la réputation ou entraîner de gros désavantages juridiques, réglementaires ou autres pour les Fonds ou pour les porteurs de Parts dans leur ensemble, que ces derniers n’auraient autrement pas subis.

## Statut de « reporting fund » au Royaume-Uni
Les contribuables britanniques qui investissent dans des fonds ayant le statut de « reporting fund » au Royaume-Uni sont assujettis à l’impôt sur la partie des revenus du fonds concerné attribuable à leur participation au sein des Fonds, que ces revenus soient distribués ou non, et les plus-values découlant de la cession de leur participation sont généralement assujetties à l’impôt sur les plus-values.
Les Classes de Parts ayant actuellement le statut de « reporting fund » au Royaume-Uni sont présentées en détail sur le site de l’administration fiscale britannique (Her Majesty’s Revenue and Customs – HMRC) dédié aux organismes de placement collectif :
http://www.hmrc.gov.uk/cisc/offshore-funds.htm
.
Comme susmentionné, nous attirons l’attention des contribuables britanniques sur le fait que, pour chaque Classe de Parts ayant le statut de « reporting fund », la partie des éventuels revenus non distribués qui leur revient est imposable.
De plus amples informations seront communiquées sur le site de Baring Asset Management Limited : www.barings.com
.

## Annexe 1 – Informations à l’attention des investisseurs de Suisse
Pour la période comptable close le 31 octobre 2019
Baring International Fund Managers (Ireland) Limited (« la Société de gestion ») a nommé BNP Paribas Securities Services, Paris, Succursale de Zurich, Selnaustrasse 16, CH-8002, Zürich, Suisse, comme représentant et agent payeur en Suisse. Les Parts sont distribuées en Suisse par BNP Paribas Securities Services, Paris, à l’adresse susmentionnée. Les investisseurs peuvent obtenir gratuitement sur demande auprès du représentant, à l’adresse susmentionnée, la version française du Prospectus, des documents d’informations clés pour l’investisseur (DICI), des derniers rapports annuels et intermédiaires en date et de la loi Unit Trusts Act de 1990, ainsi que de la liste des achats et ventes effectués pour le compte des Fonds. Les communiqués officiels concernant les Fonds sont publiés sur le site www.fundinfo.com et dans la Feuille Officielle Suisse du Commerce. Les prix des Parts (valeur d’inventaire nette avec la mention « plus commissions ») sont publiés quotidiennement sur le site www.fundinfo.com.
Toutes les informations incluses dans les présents rapports et états financiers concernent exclusivement les Fonds du Fonds commun qui sont autorisés à faire des offres publiques et à être commercialisés en Suisse ou depuis la Suisse, à savoir Barings Developed and Emerging Markets High Yield Bond Fund, Barings Eastern Europe Fund, Barings Global Leaders Fund et Barings Global Resources Fund (« les Fonds »).
Représentant et Agent payeur en Suisse
BNP Paribas Securities Services, Paris Succursale de Zurich
Selnaustrasse 16 CH-8002
Zürich Suisse

## Ratio des frais totaux (TER)
Conformément à une directive publiée par la Swiss Funds and Asset Management Association (SFAMA) le 16 mai 2008, les Fonds sont tenus de publier leur ratio des frais totaux (TER de l’anglais « Total Expense Ratio ») pour la période comptable close le 31 octobre 2019.
Les TER de chaque Fonds sont les suivants pour la période comptable / l’exercice clos(e) le 31 octobre 2019 et le 30 avril 2019 :
| Nom du Fonds | 31 octobre 2019 TER (%) | 30 avril 2019 TER (%) |
| --- | --- | --- |
| Barings Developed and Emerging Markets High Yield Bond Fund - Classe A USD dis. | 1,45 | 1,45 |
| Barings Developed and Emerging Markets High Yield Bond Fund - Classe A AUD couverte dis. |  |  |
| dividende mensuel | 1,46 | 1,46 |
| Barings Developed and Emerging Markets High Yield Bond Fund - Classe A CAD couverte dis. |  |  |
| dividende mensuel | 1,46 | 1,46 |
| Barings Developed and Emerging Markets High Yield Bond Fund - Classe A CHF couverte cap. | 1,46 | 1,46 |
| Barings Developed and Emerging Markets High Yield Bond Fund - Classe A EUR dis. | 1,45 | 1,45 |
| Barings Developed and Emerging Markets High Yield Bond Fund - Classe A EUR couverte dis. | 1,46 | 1,45 |
| Barings Developed and Emerging Markets High Yield Bond Fund - Classe A GBP couverte dis. | 1,46 | 1,46 |
| Barings Developed and Emerging Markets High Yield Bond Fund - Classe A HKD dis. |  |  |
| dividende mensuel | 1,45 | 1,45 |
| Barings Developed and Emerging Markets High Yield Bond Fund - Classe A NZD couverte dis. |  |  |
| dividende mensuel | 1,46 | 1,46 |
| Barings Developed and Emerging Markets High Yield Bond Fund - Classe A RMB couverte dis. |  |  |
| dividende mensuel | 1,46 | 1,46 |
| Barings Developed and Emerging Markets High Yield Bond Fund - Classe A USD cap. | 1,45 | 1,45 |
| Barings Developed and Emerging Markets High Yield Bond Fund - Classe A USD dis. |  |  |
| dividende mensuel | 1,45 | 1,45 |
| Barings Developed and Emerging Markets High Yield Bond Fund - Classe I EUR cap. | 1,00 | 1,00 |
| Barings Developed and Emerging Markets High Yield Bond Fund - Classe I GBP couverte dis. | 1,01 | 1,00 |
| Barings Developed and Emerging Markets High Yield Bond Fund - Classe I USD cap. | 1,00 | 1,00 |
| Barings Eastern Europe Fund - Classe A USD dis. | 1,94 | 1,94 |
| Barings Eastern Europe Fund - Classe A EUR dis. | 1,94 | 1,94 |
| Barings Eastern Europe Fund - Classe A GBP dis. | 1,94 | 1,94 |
| Barings Eastern Europe Fund - Classe A USD cap. | 1,94 | 1,94 |
| Barings Eastern Europe Fund - Classe I EUR cap. | 1,08 | 1,14 |
| Barings Eastern Europe Fund - Classe I GBP cap. | 0,99 | 0,99 |
| Barings Eastern Europe Fund - Classe I USD cap. | 0,99 | 0,99 |
| Barings Eastern Europe Fund - Classe I GBP dis. | 0,99 | 0,99 |
| Barings Eastern Europe Fund - Classe I USD dis. | 0,99 | 0,99 |
| Barings Global Leaders Fund - Classe A USD dis. | 1,94 | 1,95 |
| Barings Global Leaders Fund - Classe A EUR dis. | 1,94 | 1,95 |
| Barings Global Leaders Fund - Classe A GBP dis. | 1,94 | 1,95 |
| Barings Global Leaders Fund - Classe I USD cap. | 0,81 | 0,96 |
| Barings Global Resources Fund - Classe A USD dis. | 1,94 | 1,95 |
| Barings Global Resources Fund - Classe A EUR dis. | 1,94 | 1,95 |
| Barings Global Resources Fund - Classe A GBP dis. | 1,94 | 1,95 |
| Barings Global Resources Fund - Classe I GBP cap. | 1,00 | 1,00 |
| Barings Global Resources Fund - Classe I USD cap. | 1,00 | 1,00 |

Ces informations ont été déterminées par la Société de gestion, Baring International Fund Managers (Ireland) Limited, selon les données de l’état du résultat global de la période de référence susmentionnée (commissions de gestion des Fonds, frais administratifs, honoraires du Dépositaire, impôts et droits et toutes autres commissions et charges détaillées dans l’état du résultat global et non incluses dans les catégories précitées). Le TER est calculé selon la valeur d’inventaire nette quotidienne moyenne de la période.

## Commissions de suivi et remboursements
Les commissions de suivi (« Bestandespflegekommissionen ») ne peuvent être payées qu’aux agents de vente et associés définis ci-dessous :
- agents de vente (distributeurs) agréés au sens de l’article 19, paragraphe 1 de la loi fédérale suisse sur les placements collectifs de capitaux (LPCC) ;
- agents de vente (distributeurs) exonérés de l’exigence d’agrément stipulée à l’article 19, paragraphe 4, de la LPCC et à l’article 8 de l’Ordonnance sur les placements collectifs ;
- vendeurs plaçant les Parts des Fonds exclusivement auprès d’investisseurs institutionnels disposant de facilités de trésorerie professionnelles ; et/ou
- vendeurs plaçant les Parts des Fonds auprès de certains clients exclusivement selon un mandat de gestion d’actifs écrit basé sur des commissions.

Les remboursements (Rückvergütungen) ne peuvent être versés qu’aux investisseurs institutionnels définis ci-dessous qui, d’un point de vue commercial, détiennent les Parts des Fonds pour le compte de tiers :
- compagnies d’assurance-vie (Parts du Fonds détenues pour le compte d’assurés ou afin d’acquitter des obligations envers des assurés) ;
- fonds de pension et autres institutions de retraite (Parts du Fonds détenues pour le compte de bénéficiaires) ;
- fondations de placement (Parts du Fonds détenues pour le compte de fonds internes) ;
- sociétés de gestion de capitaux suisses (Parts du Fonds détenues pour le compte des fonds gérés) ;
- sociétés de gestion de capitaux étrangères et fournisseurs de services de gestion étrangers (Parts du Fonds détenues pour le compte de fonds gérés et de porteurs de Parts ayant investi) ; et/ou
- sociétés d’investissement (placement des actifs de la société).


## Annexe 2 – Informations à l’attention des investisseurs d’Allemagne
Pour la période comptable close le 31 octobre 2019
Des copies papier du Prospectus et des documents d’informations clés pour l’investisseur (DICI), de la liste des changements apportés au portefeuille, de la loi Unit Trusts Act de 1990 et des rapports annuels et intermédiaires sont disponibles gratuitement sur demande auprès de l’Agent payeur et d’information allemand et du deuxième Agent d’information allemand.
Agent payeur et d’information allemand Deutsche Bank AG
Global Transaction Banking
Issuer Services - Global Securities Services Post IPO Services
Taunusanlage 12
60325 Frankfurt am Main Allemagne
Second Agent d’information allemand
Baring Asset Management GmbH Ulmenstraße 54
60325 Frankfurt am Main Allemagne

## Risques spéciaux découlant des exigences de publication d’informations fiscales en Allemagne
Les sociétés d’investissement étrangères (comme Baring International Fund Managers (Ireland) Limited (« la Société de gestion »)) sont tenues de fournir certains documents à l’administration fiscale allemande sur demande de celle-ci, par exemple pour vérifier l’exactitude des informations fiscales publiées. La base de calcul des chiffres est sujette à interprétation, et rien ne garantit que l’administration fiscale allemande acceptera la méthode utilisée par la Société de gestion à tous égards importants. En outre, s’il s’avère que les informations publiées sont incorrectes, toute correction ultérieure n’a en général pas d’effet rétroactif et n’entre habituellement en vigueur que pendant la période comptable en cours. En conséquence, une correction peut avoir un impact positif ou négatif sur les investisseurs qui reçoivent des distributions ou auxquels on attribue des distributions de revenus présumées pendant la période en cours.

## Annexe 3 – Informations supplémentaires requises en vertu du Code de Hong Kong
Pour la période comptable close le 31 octobre 2019
Le Barings Developed and Emerging Markets High Yield Bond Fund est enregistré à la vente à Hong Kong.

## Prix d’émission le plus élevé et prix de rachat le plus bas Prix d’émission le plus élevé pendant la période/l’exercice*
|  | 31 octobre | 30 avril | 30 avril | 30 avril | 30 avril |
| --- | --- | --- | --- | --- | --- |
| 2019 | 2019 | 2018 | 2017 | 2016 |
| Classe A USD dis. Classe A AUD | couverte dis. dividende | 9,51 | 9,65 | 10,20 | 10,12 | 10,70 |
| mensuel Classe A CAD | couverte dis. dividende | 10,38 | 10,58 | 11,06 | 10,84 | 11,34 |
| mensuel | 9,73 | 9,97 | 10,46 | 9,93 | 11,09 |
| Classe A CHF couverte cap. | 13,15 | 13,08 | 13,29 | 12,90 | 12,72 |
| Classe A EUR dis. | 8,56 | 8,54 | 9,18 | 9,26 | 9,82 |
| Classe A EUR couverte dis. | 8,44 | 9,00 | 9,72 | 9,76 | 10,32 |
| Classe A GBP couverte dis. | 5,86 | 6,06 | 6,49 | 6,22 | 6,92 |
| Classe A HKD dis. dividende mensuel | 75,95 | 77,20 | 80,29 | 79,03 | 84,24 |
| Classe A | NZD | couverte dis. dividende |  |  |  |  |  |
| mensuel Classe A | RMB | couverte dis. dividende | 13,60 | 13,86 | 14,47 | 13,87 | 14,67 |
| mensuel | 66,92 | 67,29 | 69,64 | 67,51 | 68,05 |
| Classe A USD cap. | 15,65 | 15,37 | 14,98 | 14,27 | 13,62 |
| Classe A USD dis. dividende mensuel | 9,55 | 9,68 | 10,13 | 10,00 | 10,70 |
| Classe I EUR cap. | 14,17 | 13,66 | 12,94 | 12,85 | 12,83 |
| Classe I GBP couverte dis. | 5,95 | 6,12 | 6,53 | 6,24 | 6,91 |
| Classe I USD cap. | 15,59 | 15,27 | 14,80 | 14,08 | 13,29 |

Prix d’émission le plus élevé pendant la période/l’exercice* (suite)
|  | 30 avril | 30 avril | 30 avril | 30 avril | 30 avril |
| --- | --- | --- | --- | --- | --- |
| 2015 | 2014 | 2013 | 2012 | 2011 |
| Classe A USD dis. | 11,62 | 11,63 | 11,67 | 11,55 | 11,71 |
| Classe A | AUD | couverte | dis. | dividende |  |  |  |  |  |
| mensuel Classe A | CAD | couverte | dis. | dividende | 11,89 | 11,79 | 11,54 | - | - |
| mensuel | 11,80 | 11,76 | 11,69 | - | - |
| Classe A CHF couverte cap. | 12,98 | 12,73 | 12,20 | - | - |
| Classe A EUR dis. | 10,30 | 9,02 | 9,08 | 8,54 | 8,53 |
| Classe A EUR couverte dis. | 11,70 | 11,66 | 11,79 | 11,36 | 11,90 |
| Classe A GBP couverte dis. | 7,45 | 7,45 | 7,47 | 7,38 | 7,45 |
| Classe A HKD dis. dividende mensuel | 90,28 | 90,94 | 90,48 | 90,61 | 91,80 |
| Classe A | NZD | couverte | dis. | dividende |  |  |  |  |  |
| mensuel Classe A | RMB | couverte | dis. | dividende | 15,21 | 15,08 | 14,79 | - | - |
| mensuel | 70,74 | 70,31 | - | - | - |
| Classe A USD cap. | 13,81 | 13,54 | 12,91 | 11,57 | - |
| Classe A USD dis. dividende mensuel | 11,47 | 11,53 | 11,47 | 11,47 | 11,49 |
| Classe I EUR cap. | 13,19 | 10,32 | 10,19 | 9,01 | - |
| Classe I GBP couverte dis. | 7,45 | 7,44 | 7,46 | 11,08 | - |
| Classe I USD cap. | 13,41 | 13,13 | 12,45 | - | - |

* Les prix d’émission les plus élevés et les prix de rachat les plus bas indiqués ci-dessus pour la période/l’exercice sont cotés dans la devise dans laquelle leurs Classes de Parts respectives sont libellées.
Prix d’émission le plus élevé et prix de rachat le plus bas (suite)
Prix de rachat le plus bas pendant la période/l’exercice*
|  | 31 octobre | 30 avril | 30 avril | 30 avril | 30 avril |
| --- | --- | --- | --- | --- | --- |
| 2019 | 2019 | 2018 | 2017 | 2016 |
| Classe A USD dis. Classe A AUD | couverte dis. dividende | 9,22 | 8,94 | 9,73 | 9,51 | 9,70 |
| mensuel Classe A CAD | couverte dis. dividende | 10,15 | 9,76 | 10,59 | 10,27 | 9,62 |
| mensuel | 9,53 | 9,16 | 9,98 | 9,91 | 9,28 |
| Classe A CHF couverte cap. | 12,85 | 12,18 | 12,91 | 11,57 | 11,05 |
| Classe A EUR dis. | 8,19 | 7,77 | 7,81 | 8,55 | 7,93 |
| Classe A EUR couverte dis. | 8,24 | 8,37 | 9,42 | 9,65 | 9,03 |
| Classe A GBP couverte dis. | 5,67 | 5,56 | 6,15 | 6,16 | 5,77 |
| Classe A HKD dis. dividende mensuel | 74,36 | 71,23 | 77,23 | 74,26 | 70,77 |
| Classe A | NZD | couverte dis. dividende |  |  |  |  |  |
| mensuel Classe A | RMB | couverte dis. dividende | 13,31 | 12,80 | 13,87 | 13,31 | 12,51 |
| mensuel | 65,44 | 62,77 | 67,20 | 64,28 | 58,35 |
| Classe A USD cap. | 15,14 | 14,15 | 14,28 | 12,84 | 11,94 |
| Classe A USD dis. dividende mensuel | 9,34 | 8,95 | 9,69 | 9,43 | 8,94 |
| Classe I EUR cap. | 13,32 | 12,04 | 11,60 | 11,34 | 10,36 |
| Classe I GBP couverte dis. | 5,77 | 5,64 | 6,20 | 6,19 | 5,79 |
| Classe I USD cap. | 15,05 | 14,04 | 14,07 | 12,61 | 11,70 |

Prix de rachat le plus bas pendant la période/l’exercice* (suite)
|  | 30 avril | 30 avril | 30 avril | 30 avril | 30 avril |
| --- | --- | --- | --- | --- | --- |
| 2015 | 2014 | 2013 | 2012 | 2011 |
| Classe A USD dis. | 10,27 | 11,08 | 10,60 | 9,68 | 10,39 |
| Classe A | AUD | couverte | dis. | dividende |  |  |  |  |  |
| mensuel Classe A | CAD | couverte | dis. | dividende | 10,66 | 11,05 | 10,54 | - | - |
| mensuel | 10,50 | 11,15 | 10,92 | - | - |
| Classe A CHF couverte cap. | 11,84 | 11,72 | 12,13 | - | - |
| Classe A EUR dis. | 8,22 | 8,24 | 8,28 | 7,24 | 7,91 |
| Classe A EUR couverte dis. | 10,22 | 10,69 | 10,25 | 9,52 | 10,03 |
| Classe A GBP couverte dis. | 6,61 | 7,09 | 6,78 | 6,19 | 6,63 |
| Classe A HKD dis. dividende mensuel | 79,97 | 86,17 | 82,40 | 75,12 | 81,67 |
| Classe A | NZD | couverte | dis. | dividende |  |  |  |  |  |
| mensuel Classe A | RMB | couverte | dis. | dividende | 13,70 | 14,15 | 13,58 | - | - |
| mensuel | 63,42 | 69,74 | - | - | - |
| Classe A USD cap. | 12,60 | 12,41 | 11,19 | 10,24 | - |
| Classe A USD dis. dividende mensuel | 10,16 | 10,93 | 10,45 | 9,53 | 10,28 |
| Classe I EUR cap. | 9,99 | 9,68 | 8,90 | 7,34 | - |
| Classe I GBP couverte dis. | 6,60 | 7,08 | 6,77 | 6,88 | - |
| Classe I USD cap. | 12,26 | 11,98 | 10,73 | 10,81 | - |

* Les prix d’émission les plus élevés et les prix de rachat les plus bas indiqués ci-dessus pour la période/l’exercice sont cotés dans la devise dans laquelle leurs Classes de Parts respectives sont libellées.
| Tableau de variation des lignes du portefeuille |  |
| --- | --- |
|  | 31 octobre | 30 avril | 30 avril | 30 avril |
| Euro | 2019 % de la VIN** 17,43 | 2019 % de la VIN** 18,93 | 2018 % de la VIN** 9,99 | 2017 % de la VIN** 11,85 |
| Livre sterling | 7,86 | 12,77 | 13,33 | 11,34 |
| Dollar américain | 67,85 | 62,93 | 74,62 | 72,64 |
| Fonds de placement | 4,43 | 4,09 | 0,71 | 0,87 |
| Contrats à terme de gré à gré ouverts | 	(0,23) | 	0,12 | 	0,34 | 	(0,59) |
| Total des investissements | à | leur | juste | valeur | par | le |  |  |  |  |  |  |
| compte de résultat |  |  |  |  |  | 97,34 |  | 98,84 |  | 98,99 |  | 96,11 |
| Liquidités |  |  |  |  |  | 1,19 |  | 0,20 |  | 0,69 |  | 1,22 |
| Autres actifs nets |  |  |  |  |  | 1,47 |  | 0,96 |  | 0,32 |  | 2,67 |
| Actif net total |  |  |  |  |  | 	100,00 |  | 	100,00 |  | 	100,00 |  | 	100,00 |

** Les variations des lignes du portefeuille ont été analysées ci-dessus selon le pourcentage de la valeur d’inventaire nette investi dans chaque devise. Les variations des positions de chaque devise d’un exercice à l’autre doivent en être déduites.

## Informations sur le portefeuille
| Dix principales positions | % de l’actif net |
| --- | --- |
| Northern Trust Global Funds - US Dollar Fund | 3,96% |
| Garfunkelux Holdco 3 8.50% Bonds 01/11/2022 | 1,56% |
| Energy Transfer Partners FRN Bonds 01/11/2066 | 1,45% |
| Valeant Pharmaceuticals International 6.13% Bonds 15/04/2025 | 1,10% |
| Global Aircraft Leasing 6.50% Bonds 15/09/2024 | 1,09% |
| OTP Bank Nyrt 2.88% Bonds 15/07/2029 | 1,05% |
| Sprint 7.88% Bonds 15/09/2023 | 0,99% |
| CCO/ CCO Capital 4.75% Bonds 01/03/2030 | 0,97% |
| Ortho-Clinical Diagnostics 6.63% Bonds 15/05/2022 | 0,96% |
| Blitz Weinhard 6,00% Bonds 30/07/2026 | 0,96% |

Annexe 3 – Informations supplémentaires requises en vertu du Code de Hong Kong
Pour la période comptable close le 31 octobre 2019
Le Barings Eastern Europe Fund est enregistré à la vente à Hong Kong.

## Prix d’émission le plus élevé et prix de rachat le plus bas Prix d’émission le plus élevé pendant la période/l’exercice*
|  | 31 octobre | 30 avril | 30 avril | 30 avril | 30 avril |
| --- | --- | --- | --- | --- | --- |
| 2019 | 2019 | 2018 | 2017 | 2016 |
| Classe A USD dis. | 92,52 | 86,53 | 100,39 | 80,92 | 76,97 |
| Classe A EUR dis. | 82,15 | 76,90 | 80,94 | 73,96 | 67,80 |
| Classe A GBP dis. | 74,82 | 66,57 | 71,25 | 62,52 | 49,10 |
| Classe A USD cap. | 102,79 | 94,65 | 107,39 | 85,59 | 80,51 |
| Classe I EUR cap. | 90,01 | 82,79 | 84,38 | 88,84 | 61,00 |
| Classe I GBP cap. | 85,44 | 74,66 | 77,30 | 66,58 | 50,95 |
| Classe I USD cap. | 108,87 | 100,05 | 112,21 | 75,73 | 82,18 |
| Classe I EUR dis.** | – | – | 75,01 | 82,34 | 61,00 |
| Classe I GBP dis. | 75,89 | 67,95 | 72,61 | 63,47 | 48,15 |
| Classe I USD dis. | 93,73 | 88,27 | 102,15 | 75,27 | 69,50 |

Prix d’émission le plus élevé pendant la période/l’exercice* (suite)
|  | 30 avril | 30 avril | 30 avril | 30 avril | 30 avril |
| --- | --- | --- | --- | --- | --- |
| 2015 | 2014 | 2013 | 2012 | 2011 |
| Classe A USD dis. | 98,41 | 106,06 | 109,16 | 131,09 | 136,22 |
| Classe A EUR dis. | 72,22 | 80,69 | 81,26 | 88,77 | 94,66 |
| Classe A GBP dis. | 58,54 | 69,14 | 70,48 | 79,53 | 83,31 |
| Classe A USD cap. | 101,39 | 108,46 | 109,41 | 100,83 | - |
| Classe I EUR cap. | - | - | - | - | - |
| Classe I GBP cap. | 101,39 | 69,16 | - | - | - |
| Classe I USD cap. | 101,39 | 109,46 | 109,46 | - | - |
| Classe I EUR dis.** | - | - | - | - | - |
| Classe I GBP dis. | - | - | - | - | - |
| Classe I USD dis. | - | - | - | - | - |

* Les prix d’émission les plus élevés et les prix de rachat les plus bas indiqués ci-dessus pour la période/l’exercice sont cotés dans la devise dans laquelle leurs Classes de Parts respectives sont libellées.
** La Classe de Parts I EUR dis. du Barings Eastern Europe Fund a été clôturée le 16 juin 2017.
Prix d’émission le plus élevé et prix de rachat le plus bas (suite)
Prix de rachat le plus bas pendant la période/l’exercice*
|  | 31 octobre | 30 avril | 30 avril | 30 avril | 30 avril |
| --- | --- | --- | --- | --- | --- |
|  | 2019 | 2019 | 2018 | 2017 | 2016 |
| Classe A USD dis. | 79,87 | 72,45 | 76,80 | 63,23 | 49,75 |
| Classe A EUR dis. | 71,12 | 63,01 | 68,87 | 57,42 | 45,61 |
| Classe A GBP dis. | 61,55 | 56,09 | 60,28 | 47,87 | 35,26 |
| Classe A USD cap. | 88,73 | 79,25 | 82,16 | 66,88 | 52,04 |
| Classe I EUR cap. | 77,81 | 67,52 | 71,39 | 68,99 | 45,70 |
| Classe I GBP cap. | 70,14 | 62,54 | 64,93 | 50,65 | 36,77 |
| Classe I USD cap. | 93,85 | 83,23 | 85,38 | 58,17 | 53,48 |
| Classe I EUR dis.** | – | – | 70,22 | 63,44 | 45,71 |
| Classe I GBP dis. | 62,30 | 56,92 | 60,99 | 63,66 | 35,32 |
| Classe I USD dis. | 80,81 | 73,42 | 77,73 | 58,12 | 49,84 |

Prix de rachat le plus bas pendant la période/l’exercice* (suite)
|  | 30 avril | 30 avril | 30 avril | 30 avril | 30 avril |
| --- | --- | --- | --- | --- | --- |
| 2015 | 2014 | 2013 | 2012 | 2011 |
| Classe A USD dis. | 60,02 | 78,55 | 78,65 | 78,94 | 90,43 |
| Classe A EUR dis. | 47,85 | 56,57 | 63,81 | 59,25 | 74,13 |
| Classe A GBP dis. | 38,14 | 47,35 | 51,33 | 51,14 | 61,54 |
| Classe A USD cap. | 61,83 | 80,40 | 78,83 | 94,50 | - |
| Classe I EUR cap. | - | - | - | - | - |
| Classe I GBP cap. | 38,87 | 47,67 | - | - | - |
| Classe I USD cap. | 65,86 | 81,17 | 97,19 | - | - |
| Classe I EUR dis.** | - | - | - | - | - |
| Classe I GBP dis. | - | - | - | - | - |
| Classe I USD dis. | - | - | - | - | - |

* Les prix d’émission les plus élevés et les prix de rachat les plus bas indiqués ci-dessus pour la période/l’exercice sont cotés dans la devise dans laquelle leurs Classes de Parts respectives sont libellées.
** La Classe de Parts I EUR dis. du Barings Eastern Europe Fund a été clôturée le 16 juin 2017.
| Tableau de variation des lignes du portefeuille | 31 octobre |  | 30 avril |  | 30 avril |  | 30 avril |
| --- | --- | --- | --- | --- | --- | --- | --- |
|  | 2019 % de la |  | 2019 % de la |  | 2018 % de la |  | 2017 % de la |
|  | VIN*** |  | VIN*** |  | VIN*** |  | VIN*** |
| République tchèque | 1,14 |  | 3,16 |  | 1,90 |  | 1,51 |
| Grèce | 3,92 |  | 2,11 |  | 2,75 |  | 2,57 |
| Hongrie | 0,83 |  | 4,89 |  | 5,75 |  | 5,70 |
| Pays-Bas | – |  | – |  | 0,46 |  | – |
| Pologne | 15,45 |  | 18,05 |  | 18,79 |  | 12,07 |
| Roumanie | 1,60 |  | 1,24 |  | 1,30 |  | 1,46 |
| Fédération de Russie | 62,93 |  | 55,60 |  | 51,95 |  | 56,67 |
| Suède | – |  | – |  | – |  | 0,72 |
| Turquie | 11,56 |  | 11,16 |  | 10,37 |  | 13,59 |
| Ukraine | 0,38 |  | 0,46 |  | 0,51 |  | 0,35 |
| Royaume-Uni | – |  | 1,14 |  | – |  | 0,65 |
| États-Unis | – |  | – |  | 2,62 |  | 2,52 |
| Fonds de placement | 	2,35 |  | 	2,58 |  | 	3,31 |  | 	1,83 |
| Total des investissements à leur juste valeur par le |  |  |  |  |  |  |  |
| compte de résultat | 100,16 |  | 100,39 |  | 99,71 |  | 99,64 |
| Liquidités/(découvert bancaire) | 0,06 |  | (0,26) |  | 0,13 |  | 0,22 |
| Autres actifs/(passifs) nets | (0,22) |  | (0,13) |  | 0,16 |  | 0,14 |
| Actif net total | 	100,00 |  | 	100,00 |  | 	100,00 |  | 	100,00 |

*** Les variations des lignes du portefeuille ont été analysées ci-dessus selon le pourcentage de la valeur d’inventaire nette dans chaque région géographique. Les variations des positions de chaque pays d’un exercice à l’autre doivent en être déduites.

## Informations sur le portefeuille
| Dix principales positions | % de l’actif net |
| --- | --- |
| Sberbank of Russia | 9,29% |
| LUKOIL RUB0.02 ADR | 8,23% |
| Gazprom ADR | 8,17% |
| Novatek GDR | 5,12% |
| Tatneft PJSC ADR | 5,01% |
| X5 Retail GDR | 4,86% |
| Powszechny Zaklad Ubezpieczen | 4,16% |
| Mail.Ru GDR | 2,90% |
| Polyus | 2,88% |
| KGHM | 2,75% |

Annexe 3 – Informations supplémentaires requises en vertu du Code de Hong Kong
Pour la période comptable close le 31 octobre 2019
Le Barings Global Leaders Fund est enregistré à la vente à Hong Kong.

## Prix d’émission le plus élevé et prix de rachat le plus bas Prix d’émission le plus élevé pendant la période/l’exercice*
|  | 31 octobre | 30 avril | 30 avril | 30 avril | 30 avril |
| --- | --- | --- | --- | --- | --- |
| 2019 | 2019 | 2018 | 2017 | 2016 |
| Classe A USD dis. | 20,58 | 21,12 | 21,18 | 17,58 | 17,25 |
| Classe A EUR dis. | 18,53 | 16,31 | 17,28 | 16,10 | 15,74 |
| Classe A GBP dis. | 16,83 | 12,59 | 15,22 | 13,85 | 11,20 |
| Classe I USD cap. | 21,70 | 22,11 | 22,04 | 18,16 | 17,44 |
|  | 30 avril | 30 avril | 30 avril | 30 avril | 30 avril |
|  | 2015 | 2014 | 2013 | 2012 | 2011 |
| Classe A USD dis. | 17,20 | 16,17 | 14,27 | 14,08 | 14,09 |
| Classe A EUR dis. | 15,97 | 11,89 | 10,96 | 10,30 | 10,09 |
| Classe A GBP dis. | 11,53 | 9,90 | 9,42 | 8,72 | 8,51 |
| Classe I USD cap. | 17,36 | - | - | - | - |

Prix de rachat le plus bas pendant la période/l’exercice*
|  | 31 octobre | 30 avril | 30 avril | 30 avril | 30 avril |
| --- | --- | --- | --- | --- | --- |
| 2019 | 2019 | 2018 | 2017 | 2016 |
| Classe A USD dis. | 19,09 | 17,30 | 17,68 | 14,82 | 13,53 |
| Classe A EUR dis. | 16,99 | 13,32 | 15,37 | 13,19 | 11,93 |
| Classe A GBP dis. | 15,06 | 10,77 | 13,69 | 10,36 | 9,38 |
| Classe I USD cap. | 20,12 | 18,15 | 18,26 | 15,16 | 13,77 |
|  | 30 avril | 30 avril | 30 avril | 30 avril | 30 avril |
|  | 2015 | 2014 | 2013 | 2012 | 2011 |
| Classe A USD dis. | 14,17 | 13,70 | 11,98 | 10,86 | 10,33 |
| Classe A EUR dis. | 10,98 | 10,43 | 9,46 | 8,21 | 8,38 |
| Classe A GBP dis. | 8,84 | 8,87 | 7,64 | 7,06 | 6,93 |
| Classe I USD cap. | 14,21 | - | - | - | - |

* Les prix d’émission les plus élevés et les prix de rachat les plus bas indiqués ci-dessus pour la période/l’exercice sont cotés dans la devise dans laquelle leurs Classes de Parts respectives sont libellées.
Annexe 3 – Informations supplémentaires requises en vertu du Code de Hong Kong (suite) Pour la période comptable close le 31 octobre 2019
| Tableau de variation des lignes du portefeuille | 31 octobre 2019 % de la VIN** |  | 30 avril 2019 % de la VIN** |  | 30 avril 2018 % de la VIN** |  | 30 avril 2017 % de la VIN** |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Services de communication | 9,35 |  | 2,14 |  | – |  | – |  |
| Consommation discrétionnaire | 15,86 |  | 19,03 |  | 18,37 |  | 16,29 |  |
| Consommation courante | 14,20 |  | 16,06 |  | 16,65 |  | 13,94 |  |
| Énergie | 7,30 |  | 8,34 |  | 10,12 |  | 6,46 |  |
| Finance | 10,85 |  | 10,57 |  | 8,26 |  | 8,23 |  |
| Santé | 11,80 |  | 10,28 |  | 14,73 |  | 17,08 |  |
| Industrie | 8,45 |  | 8,89 |  | 6,79 |  | 6,50 |  |
| Technologies de l’information | 18,13 |  | 21,44 |  | 15,24 |  | 25,71 |  |
| Matériaux | 1,92 |  | 2,50 |  | 5,50 |  | 2,48 |  |
| Immobilier | – |  | – |  | 1,62 |  | – |  |
| Services de télécommunication | – |  | – |  | 2,04 |  | 1,98 |  |
| Fonds de placement | 	1,05 |  | 	0,07 |  | 	0,76 |  | 	1,01 |  |
| Total des investissements à leur juste valeur par le |  |  |  |  |  |  |  |  |
| compte de résultat | 98,91 |  | 99,32 |  | 100,08 |  | 99,68 |  |
| Liquidités | 1,33 |  | 0,28 |  | 0,12 |  | 0,41 |  |
| Autres actifs/(passifs) nets | (0,24) |  | 0,40 |  | (0,20) |  | (0,09) |  |
| Actif net total | 	100,00 |  | 	100,00 |  | 	100,00 |  | 	100,00 |  |

*** Les variations des lignes du portefeuille ont été analysées ci-dessus selon le pourcentage de la valeur d’inventaire nette dans chaque région géographique. Les variations des positions de chaque pays d’un exercice à l’autre doivent en être déduites.

## Informations sur le portefeuille
| Dix principales positions | % de l’actif net |
| --- | --- |
| Microsoft | 4,22% |
| Raytheon | 3,25% |
| Alphabet | 3,19% |
| Nintendo | 2,71% |
| Koninklijke Ahold Delhaize | 2,58% |
| Fidelity National Information Services | 2,43% |
| TJX Cos | 2,40% |
| Honeywell International | 2,30% |
| Sony | 2,30% |
| AON | 2,29% |

Annexe 3 – Informations supplémentaires requises en vertu du Code de Hong Kong
Pour la période comptable close le 31 octobre 2019
Le Barings Global Resources Fund est enregistré à la vente à Hong Kong.

## Prix d’émission le plus élevé et prix de rachat le plus bas Prix d’émission le plus élevé pendant la période/l’exercice*
|  | 31 octobre | 30 avril | 30 avril | 30 avril | 30 avril |
| --- | --- | --- | --- | --- | --- |
| 2019 | 2019 | 2018 | 2017 | 2016 |
| Classe A USD dis. | 18,86 | 22,11 | 22,49 | 18,95 | 20,56 |
| Classe A EUR dis. | 16,78 | 18,74 | 18,35 | 17,66 | 18,37 |
| Classe A GBP dis. | 14,91 | 16,43 | 16,20 | 15,04 | 13,33 |
| Classe I GBP cap. | 15,65 | 16,97 | 16,67 | 15,35 | 13,66 |
| Classe I USD cap. | 19,84 | 22,94 | 23,27 | 19,43 | 17,34 |
|  | 30 avril | 30 avril | 30 avril | 30 avril | 30 avril |
|  | 2015 | 2014 | 2013 | 2012 | 2011 |
| Classe A USD dis. | 23,55 | 22,53 | 25,25 | 32,74 | 33,54 |
| Classe A EUR dis. | 17,33 | 16,45 | 19,23 | 22,66 | 24,73 |
| Classe A GBP dis. | 13,73 | 14,08 | 15,61 | 20,00 | 20,74 |
| Classe I GBP cap. | 13,68 | - | - | - | - |
| Classe I USD cap. | - | - | - | - | - |
| Prix d’émission le plus bas pendant la | période/l’exercice* |  |  |  |  |
|  | 31 octobre | 30 avril | 30 avril | 30 avril | 30 avril |
|  | 2019 | 2019 | 2018 | 2017 | 2016 |
| Classe A USD dis. | 16,75 | 16,08 | 17,52 | 15,87 | 13,58 |
| Classe A EUR dis. | 15,02 | 14,11 | 15,23 | 14,31 | 12,45 |
| Classe A GBP dis. | 13,66 | 12,71 | 13,65 | 11,89 | 9,59 |
| Classe I GBP cap. | 14,32 | 13,20 | 13,98 | 12,08 | 9,70 |
| Classe I USD cap. | 17,67 | 16,78 | 18,02 | 16,16 | 13,74 |
|  | 30 avril | 30 avril | 30 avril | 30 avril | 30 avril |
|  | 2015 | 2014 | 2013 | 2012 | 2011 |
| Classe A USD dis. | 18,38 | 18,86 | 19,48 | 21,73 | 21,55 |
| Classe A EUR dis. | 15,72 | 14,36 | 14,92 | 16,48 | 17,44 |
| Classe A GBP dis. | 12,07 | 12,20 | 12,77 | 14,13 | 14,47 |
| Classe I GBP cap. | 12,08 | - | - | - | - |
| Classe I USD cap. | - | - | - | - | - |

* Les prix d’émission les plus élevés et les prix de rachat les plus bas indiqués ci-dessus pour la période/l’exercice sont cotés dans la devise dans laquelle leurs Classes de Parts respectives sont libellées.
Annexe 3 – Informations supplémentaires requises en vertu du Code de Hong Kong (suite) Pour la période comptable close le 31 octobre 2019
| Tableau de variation des lignes du portefeuille | 31 octobre 2019 % de la VIN** |  | 30 avril 2019 % de la VIN** |  | 30 avril 2018 % de la VIN** |  | 30 avril 2017 % de la VIN** |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Consommation discrétionnaire | – |  | 0,50 |  | – |  | – |  |
| Consommation courante | 2,96 |  | 1,07 |  | 2,50 |  | 5,89 |  |
| Énergie | 55,09 |  | 55,79 |  | 49,17 |  | 43,88 |  |
| Santé | 0,25 |  | – |  | – |  | – |  |
| Industrie | 3,29 |  | 2,68 |  | 5,80 |  | 4,15 |  |
| Matériaux | 37,32 |  | 39,13 |  | 41,87 |  | 44,82 |  |
| Services aux collectivités | 0,72 |  | 0,86 |  | 0,53 |  | – |  |
| Fonds de placement | 	1,32 |  | 	0,10 |  | 	0,21 |  | 	3,59 |  |
| Total des investissements à leur juste valeur par le |  |  |  |  |  |  |  |  |
| compte de résultat | 100,95 |  | 100,13 |  | 100,08 |  | 102,33 |  |
| Découvert bancaire | (0,60) |  | (0,08) |  | (0,02) |  | (1,87) |  |
| Autres passifs nets | (0,35) |  | (0,05) |  | (0,06) |  | (0,46) |  |
| Actif net total | 	100,00 |  | 	100,00 |  | 	100,00 |  | 	100,00 |  |

** Les variations des lignes du portefeuille ont été analysées ci-dessus selon le pourcentage de la valeur d’inventaire nette dans chaque secteur industriel. Les variations des positions de chaque secteur d’un exercice à l’autre doivent en être déduites.

## Informations sur le portefeuille
| Dix principales positions | % de l’actif net |
| --- | --- |
| Total | 5,54% |
| Chevron | 4,29% |
| Linde | 4,22% |
| Exxon Mobil | 4,13% |
| Valero Energy | 3,49% |
| Enbridge | 3,23% |
| Suncor Energy | 3,21% |
| Royal Dutch Shell | 2,69% |
| Oneok | 2,59% |
| Reliance Industries | 2,57% |


## Annexe 4 – Fluctuations significatives au sein du portefeuille
Pour la période comptable close le 31 octobre 2019
|  | Coût |  | Produit |
| --- | --- | --- | --- |
| Achats | 000 USD | Ventes | 000 USD |
| Northern Trust Global Funds - US dollar Fund | 86 672 | Northern Trust Global Funds - US dollar Fund | 86 863 |
| Northern Trust Global Funds - Sterling Fund | 33 985 | Northern Trust Global Funds - Sterling Fund | 33 926 |
| Northern Trust Global Funds - Euro Liquidity Fund | 27 776 | Northern Trust Global Funds - Euro Liquidity Fund | 25 987 |
| OTP Bank Nyrt 2.875% Bonds 15/07/2029 | 6 381 | Citgo Holding 10.75% Bonds 15/02/2020 | 8 593 |
| Global Aircraft Leasing 6.5% Bonds 15/09/2024 | 5 814 | VFH Parent 6.75% Bonds 15/06/2022 | 7 384 |
| CCO/ CCO Capital 4.75% Bonds 01/03/2030 | 5 204 | Vue International Bidco 7.875% Bonds 15/07/2020 | 5 104 |
| TransDigm 5.5% Bonds 15/11/2027 | 4 242 | TVL Finance 8.50% Bonds 15/05/2023 | 4 709 |
| Clearwater Paper 5.375% Bonds 01/02/2025 | 4 014 | Galaxy Finco 7.88% Bonds 15/11/2021 | 4 440 |
| Sovcombank Via SovCom Capital DAC 8% Bonds |  | Ferrellgas Partners 6.75% Bonds 15/01/2022 | 4 372 |
| 07/04/2030 | 3 860 |  |  |
| CGG US 9.00% Bonds 01/05/2023 | 3 838 | Horizon Pharma 8.75% Bonds 01/11/2024 | 4 316 |
| Sirius XM Radio 5.5% Bonds 01/07/2029 | 3 816 | CGG US 7.88% Bonds 01/05/2023 | 4 260 |
| Muthoot Finance 6.125% Bonds 31/10/2022 | 3 795 | Virgin Media Secured Finance 5.50% Bonds |  |
|  |  | 15/01/2025 | 4 124 |
| National Bank of Fujairah 5.875% Bonds 31/12/2049 | 3 620 | Ocado 4.00% Bonds 15/06/2024 | 4 091 |
| Metinvest 5.625% Bonds 17/06/2025 | 3 251 | Liberty Interactive 8.25% Bonds 01/02/2030 | 3 834 |
| Standard Bank 5.95% Bonds 31/05/2019 | 3 175 | Perform Group Financing 8.50% Bonds 15/11/2020 | 3 631 |
| eG Global Finance 4.375% Bonds 07/02/2025 | 2 969 | Banco Mercantil del Norte 6.875% Bonds |  |
|  |  | 31/12/2049 | 3 347 |
| NE Property 2.625% Bonds 22/05/2023 | 2 857 | Standard Bank 5.95% Bonds 31/05/2019 | 3 274 |
| Pampa Energia 9.125% Bonds 15/04/2029 | 2 835 | Tenet Healthcare 6.25% Bonds 01/02/2027 | 3 181 |
| Burgan Bank SAK 5.7492% Bonds 31/12/2049 | 2 830 | Ukraine Government International 7.75% Bonds |  |
|  |  | 01/09/2020 | 3 090 |
| JBS USA LUX 5.5% Bonds 15/01/2030 | 2 828 | Acrisure Finance 7.00% Bonds 15/11/2025 | 3 045 |

La liste ci-dessus rassemble le total des achats de titres dépassant 1% de la valeur totale des achats durant la période comptable close le 31 octobre 2019 et le total des ventes de titres dépassant 1% de la valeur totale des ventes durant la période comptable close le 31 octobre 2019.
Au minimum, les vingt achats et ventes les plus importants sont indiqués, le cas échéant.
|  | Coût |  | Produit |
| --- | --- | --- | --- |
| Achats | 000 USD | Ventes | 000 USD |
| Northern Trust Global Funds - US Dollar Fund | 119 653 | Northern Trust Global Funds - US Dollar Fund | 118 361 |
| Tatneft PJSC GDR | 25 736 | Novatek GDR | 41 430 |
| Turkiye Vakiflar Bankasi | 22 389 | MOL Hungarian Oil & Gas | 17 630 |
| MMC Norilsk Nickel ADR | 13 012 | LUKOIL RUB0.02 ADR | 17 009 |
| Tupras Turkiye Petrol Rafinerileri | 12 299 | Turkcell Iletisim Hizmetleri | 16 376 |
| LUKOIL RUB0.02 ADR | 10 771 | Turkiye Garanti Bankasi | 15 233 |
| Turk Telekomunikasyon | 10 191 | Komercni Banka | 14 741 |
| Polyus | 9 221 | Pegasus Hava Tasimaciligi | 12 065 |
| Powszechna Kasa Oszczednosci Bank Polski | 8 695 | Tupras Turkiye Petrol Rafinerileri | 11 649 |
| Alpha Bank | 7 360 | Gazprom ADR | 9 747 |
| Yandex | 4 219 | Wizz Air | 8 854 |
| National Bank of Greece | 3 289 | Sberbank of Russia | 7 961 |
| CD Projekt | 3 237 | Richter Gedeon | 7 528 |
| BIM Birlesik Magazalar | 2 318 | OTP Bank | 5 501 |
| BRD-Groupe Société Générale | 2 266 | Bank Pekao | 4 919 |
| Pegasus Hava Tasimaciligi | 2 231 | X5 Retail GDR | 4 354 |
| LUKOIL ADR | 2 214 | Powszechna Kasa Oszczednosci Bank Polski | 4 198 |
| Alrosa | 2 148 | National Bank of Greece | 4 119 |
| Mobile TeleSystems ADR | 2 147 | Barings Russia Fund - UCITS | 3 132 |
| Migros Ticaret | 2 000 | BIM Birlesik Magazalar | 2 909 |

La liste ci-dessus rassemble le total des achats de titres dépassant 1% de la valeur totale des achats durant la période comptable close le 31 octobre 2019 et le total des ventes de titres dépassant 1% de la valeur totale des ventes durant la période comptable close le 31 octobre 2019.
Au minimum, les vingt achats et ventes les plus importants sont indiqués, le cas échéant.
|  | Coût |  | Produit |
| --- | --- | --- | --- |
| Achats | 000 USD | Ventes | 000 USD |
| Northern Trust Global Funds - US Dollar |  | Northern Trust Global Funds - US Dollar |  |
| Fund | 5 901 | Fund | 5 790 |
| Northern Trust Global Funds - Sterling Fund | 1 339 | Northern Trust Global Funds - Sterling |  |
|  |  | Fund | 1 033 |
| Northern Trust Global Funds - Euro Liquidity |  | Northern Trust Global Funds - Euro |  |
| Fund | 1 041 | Liquidity Fund | 977 |
| UnitedHealth | 619 | Yamaha Motor | 631 |
| Amadeus IT | 563 | Henkel | 534 |
| Synopsys | 502 | Nintendo | 498 |
| Church & Dwight | 490 | AO Smith | 482 |
| Take-Two Interactive | 473 | Fresenius | 409 |
| Meiji | 353 | Alimentation Couche-Tard | 392 |
| Walt Disney | 344 | Carnival | 375 |
| Ipsen | 276 | Unilever | 319 |
| AON | 273 | GrubHub | 292 |
| McDonald’s | 243 | X5 Retail GDR | 289 |
| TJX Cos | 209 | Zoetis | 286 |
| Honeywell International | 155 | Raytheon | 242 |
| Schneider Electric | 92 | Microsoft | 235 |
| Koninklijke Ahold Delhaize | 67 | Sberbank of Russia | 210 |
|  |  | NIKE | 191 |
|  |  | Johnson Matthey | 167 |
|  |  | Nomura Research Institute | 138 |

La liste ci-dessus rassemble le total des achats de titres dépassant 1% de la valeur totale des achats durant la période comptable close le 31 octobre 2019 et le total des ventes de titres dépassant 1% de la valeur totale des ventes durant la période comptable close le 31 octobre 2019.
Au minimum, les vingt achats et ventes les plus importants sont indiqués, le cas échéant.
|  | Coût |  | Produit |
| --- | --- | --- | --- |
| Achats | 000 USD | Ventes | 000 USD |
| Northern Trust Global Funds - US Dollar |  | Northern Trust Global Funds - US Dollar |  |
| Fund | 77 792 | Fund | 73 762 |
| Enbridge | 10 459 | BP | 9 633 |
| Equinor | 9 133 | Chevron | 6 753 |
| Gazprom | 5 123 | Concho Resources | 5 248 |
| Corteva | 4 494 | Oil Search | 5 223 |
| Koninklijke DSM | 4 490 | ArcelorMittal | 4 226 |
| Croda International | 4 104 | International Flavors & Fragrances | 4 211 |
| China Resources Cement | 3 579 | Shin-Etsu Chemical | 3 562 |
| Darling Ingredients | 3 424 | Arkema | 3 390 |
| Cabot Oil & Gas | 3 235 | Novozymes | 3 330 |
| Amcor | 2 512 | Anglo American | 3 305 |
| TOMRA | 2 507 | Novatek GDR | 3 268 |
| Norsk Hydro | 2 207 | Exxon Mobil | 3 203 |
| Total | 1 968 | Umicore | 3 140 |
| UPL | 1 959 | South32 | 3 038 |
| Vulcan Materials | 1 917 | Tupras Turkiye Petrol Rafinerileri | 2 988 |
| Tyson Foods | 1 903 | Rio Tinto | 2 950 |
| LG Chem | 1 812 | Celanese | 2 796 |
| Glanbia | 1 746 | Indorama Ventures | 2 587 |
| Koninklijke Vopak | 1 715 | AMG Advanced Metallurgical | 2 469 |
|  |  | Nutrien | 2 456 |
|  |  | Royal Dutch Shell | 2 313 |
|  |  | Corteva | 2 154 |
|  |  | AGCO | 2 012 |

La liste ci-dessus rassemble le total des achats de titres dépassant 1% de la valeur totale des achats durant la période comptable close le 31 octobre 2019 et le total des ventes de titres dépassant 1% de la valeur totale des ventes durant la période comptable close le 31 octobre 2019.
Au minimum, les vingt achats et ventes les plus importants sont indiqués, le cas échéant.

## Adresse :
Baring International Fund Managers (Ireland) Limited 70 Sir John Rogerson’s Quay
Dublin 2 D02 R296
Irlande

## Contact :
Tél. : +353 1 542 2930
Fax : +353 1 670 1185
www.barings.com
Information importante :
Le présent document est approuvé et publié par Baring International Fund Managers (Ireland) Limited.

## Déclarations :
Baring International Fund Managers (Ireland) Limited
Société agréée et réglementée par la Banque centrale d’Irlande 70 Sir John Rogerson’s Quay, Dublin 2, D02 R296, Irlande