# The accompanying notes form an integral part of these financial statements.
As at 31 October 2019
|  |  | Barings Global Leaders Fund |  | Barings Global Resources Fund |
| --- | --- | --- | --- | --- |
| Assets | Notes | 31 October 2019 US$ |  | 31 October 2019 US$ |
| Financial assets at fair value through profit or loss | 2 | 48,262,019 |  | 335,075,100 |
| Cash | 3 | 651,355 |  | – |
| Securities sold receivable |  | – |  | 110,020 |
| Receivable for units sold |  | 45,349 |  | 351,877 |
| Dividends receivable |  | 46,463 |  | 174,597 |
| Other assets |  | – |  | 2,147 |
| Total assets |  | 49,005,186 |  | 335,713,741 |
| Liabilities |  |  |  |  |
| Bank overdraft | 3 | – |  | (1,991,353) |
| Management fees payable | 6 | (122,486) |  | (793,493) |
| Administration, depositary & operating fees payable | 6 | (36,791) |  | (239,172) |
| Payable for units redeemed |  | (52,340) |  | (562,078) |
| Accrued capital gains tax |  | – |  | (206,042) |
| Total liabilities (excluding net assets attributable to holders of redeemable participating units) |  | (211,617) |  | (3,792,138) |
| Net assets attributable to holders of redeemable participating units |  | 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 |
| Assets | Notes | 30 April 2019 US$ |  | 30 April 2019 US$ |
| Financial assets at fair value through profit or loss | 2 | 548,004,491 |  | 877,445,466 |
| Cash and equivalents | 3 | 3,188,260 |  | – |
| Receivable for units sold |  | 7,158,570 |  | 632,764 |
| Dividends receivable |  | – |  | 1,012,879 |
| Interest receivable |  | 8,953,514 |  | – |
| Management fee rebate due | 6 | – |  | 16,044 |
| Other assets |  | 249 |  | 5,338 |
| Total assets |  | 567,305,084 |  | 879,112,491 |
| Liabilities |  |  |  |  |
| Financial liabilities at fair value through profit or loss | 2 | (411,006) |  | – |
| Collateral payable | 3 | (2,060,000) |  | – |
| Bank overdraft | 3 | – |  | (2,302,939) |
| Management fees payable | 6 | (469,196) |  | (1,153,139) |
| Administration, depositary & operating fees payable | 6 | (216,455) |  | (346,277) |
| Securities purchased payable |  | (3,663,270) |  | – |
| Payable for units redeemed |  | (852,699) |  | (1,325,481) |
| Subscriptions received in advance |  | (5,640,189) |  | – |
| Total liabilities (excluding net assets attributable to holders of redeemable participating units) |  | (13,312,815) |  | (5,127,836) |
| Net assets attributable to holders of redeemable participating units |  | 553,992,269 |  | 873,984,655 |

The accompanying notes form an integral part of these financial statements.
|  |  | Barings Global Leaders Fund |  | Barings Global Resources Fund |
| --- | --- | --- | --- | --- |
| Assets | Notes | 30 April 2019 US$ |  | 30 April 2019 US$ |
| Financial assets at fair value through profit or loss | 2 | 49,040,173 |  | 362,485,014 |
| Cash and cash equivalents | 3 | 138,735 |  | – |
| Securities sold receivable |  | 143,848 |  | – |
| Receivable for units sold |  | 21,312 |  | 309,697 |
| Dividends receivable |  | 119,452 |  | 434,061 |
| Other assets |  | 105 |  | 601 |
| Total assets |  | 49,463,625 |  | 363,229,373 |
| Liabilities |  |  |  |  |
| Bank overdraft | 3 | – |  | (288,943) |
| Management fees payable | 6 | (66,063) |  | (460,341) |
| Administration, depositary & operating fees payable | 6 | (19,837) |  | (207,656) |
| Payable for units redeemed |  | (1,801) |  | (260,815) |
| Total liabilities (excluding net assets attributable to holders of redeemable participating units) |  | (87,701) |  | (1,217,755) |
| Net assets attributable to holders of redeemable participating units |  | 49,375,924 |  | 362,011,618 |

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

## Statement of Comprehensive Income
For the financial period ended 31 October 2019
|  |  | Barings Developed and Emerging Markets High Yield Bond Fund 31 October 2019 |  | Barings Eastern Europe Fund 31 October 2019 |
| --- | --- | --- | --- | --- |
|  | Notes | US$ |  | US$ |
| Income |  |  |  |  |
| Bank interest income |  | 8,962 |  | 2,430 |
| Interest income |  | 17,113,820 |  | – |
| Dividend income |  | 190,560 |  | 32,533,673 |
| Management fee rebate | 6 | – |  | 16,546 |
| Net fair value (loss)/gain on financial assets at fair value through profit or loss |  | (5,211,062) |  | 54,037,891 |
| Total income |  | 	12,102,280 |  | 	86,590,540 |
| Expenses |  |  |  |  |
| Management fees | 6 | (2,665,785) |  | (6,457,782) |
| Administration, depositary & operating fees | 6 | 	(1,197,104) |  | 	(1,939,072) |
| Total operating expenses |  | 	(3,862,889) |  | 	(8,396,854) |
| Net profit before finance costs and taxation |  | 8,239,391 |  | 78,193,686 |
| Finance costs |  |  |  |  |
| Distributions | 5 | (14,891,505) |  | (12,532,445) |
| Bank interest expense |  | 	(17,287) |  | 	(30,116) |
| Total finance costs |  | 	(14,908,792) |  | 	(12,562,561) |
| (Decrease)/increase in net assets attributable to holders of redeemable participating units before tax |  | (6,669,401) |  | 65,631,125 |
| Taxation |  |  |  |  |
| Withholding tax on dividends and other investment income |  | 	– |  | 	(3,776,647) |
| Total taxation |  | 	– |  | 	(3,776,647) |
| (Decrease)/increase in net assets attributable to holders of redeemable participating units |  | 	(6,669,401) |  | 	61,854,478 |

Gains and losses arose solely from continuing activities. There were no gains or losses other than those dealt with in the Statement of Comprehensive Income.

Translation (ENFR, 2019-10-31):
# Les notes annexes font partie intégrante des présents états financiers.
|  | Notes | Barings Global Leaders Fund 31 octobre 2019 USD |  | Barings Global Resources Fund 31 octobre 2019 USD |
| --- | --- | --- | --- | --- |
| Produits |  |  |  |  |
| Produit des intérêts bancaires |  | 178 |  | 148 |
| Produit des dividendes |  | 571 787 |  | 6 109 843 |
| Gain/(perte) de juste valeur net(te) sur les actifs financiers à leur juste valeur par le compte de résultat |  | 71 215 |  | (14 596 722) |
| Total des produits/(charges) |  | 	643 180 |  | 	(8 486 731) |
| Charges |  |  |  |  |
| Commissions de gestion | 6 | (367 699) |  | (2 436 576) |
| Frais d’administration, de dépôt et d’exploitation | 6 | 	(110 226) |  | 	(734 750) |
| Total des charges d’exploitation |  | 	(477 925) |  | 	(3 171 326) |
| Bénéfice/(Perte) net(te) avant frais financiers et impôts |  | 165 255 |  | (11 658 057) |
| Frais financiers |  |  |  |  |
| Distributions | 5 | – |  | (1 648 720) |
| Charges liées aux intérêts bancaires |  | 	(428) |  | 	(504) |
| Total des frais financiers |  | 	(428) |  | 	(1 649 224) |
| Augmentation/(Diminution) de l’actif net attribuable aux porteurs |  |  |  |  |
| de Parts de participation rachetables avant impôts |  | 164 827 |  | (13 307 281) |
| Impôts |  |  |  |  |
| Retenue à la source sur les dividendes et autres produits |  |  |  |  |
| d’investissement |  | (63 711) |  | (922 661) |
| Impôt sur les plus-values |  | 	– |  | 	(137 451) |
| Total des impôts |  | 	(63 711) |  | 	(1 060 112) |
| Augmentation/(Diminution) de l’actif net attribuable aux porteurs |  |  |  |  |
| de Parts de participation rachetables |  | 	101 116 |  | 	(14 367 393) |

Les profits et pertes proviennent exclusivement d’activités poursuivies. Il n’y a pas eu de profits et pertes autres que ceux qui sont présentés dans l’état du résultat global