Barings International UmbrellaFund(an umbrella fund constituted as an open-ended unit trust
established pursuant to the Unit Trusts Act, 1990)

Annual Report & Audited Financial
Statements
For the financial year ended 30 April 2024

Barings International Umbrella Fund

Annual Report and Audited Financial Statements
Contents
For the financial year ended 30 April 2024
Directors and Other Information 

1Introduction 

3Investment Objective and Policy 

5Report of the Manager 

12Annual Depositary Report to Unitholders 

14

Independent Auditors’ Report 

15

Investment Managers’ Report 

20Statement of Financial Position 

40Statement of Comprehensive Income 50Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Units

60

Notes to the financial statements 

70

Schedule of Investments
Barings ASEAN Frontiers Fund 

139

Barings Asia Growth Fund 

142

Barings Australia Fund 

145

Barings Europa Fund 

147

Barings Hong Kong China Fund 

149

Barings Global Bond Fund 

152

Barings Global Balanced Fund 

155

Barings Global Technology Equity Fund 

160

Barings Europe Select Fund 

162

Barings German Growth Fund 

166

Barings Global Dividend Champions Fund

168

Barings China A-Share Fund 

170

Barings Global Equity Allocation Fund 

172

Barings Eastern Europe Fund 

184

General information (Unaudited) 

186

Appendix 1 – Information for investors in Switzerland (Unaudited) 

187

Appendix 2 – Information for investors in Germany (Unaudited) 

201

Appendix 3 – Additional information Hong Kong Code (Unaudited) 

202

Appendix 4 – Significant Changes in Portfolio Composition (Unaudited) 

221

Appendix 5 – Disclosure of Remuneration (Unaudited) 235

Appendix 6 – Sustainability Related Disclosures (Unaudited) 

237

Appendix 7 – Periodic Disclosure of Promoted Environmental and Social Characteristics (Unaudited)300

Barings International Umbrella Fund
Directors and Other Information

Directors of the Manager
Alan Behen (Irish)
Barbara Healy† (Irish)
Syl O’Byrne† (Irish)
Paul Smyth (Irish)
Julian Swayne (British)*Rhian Williams (British)**Depositary
Northern Trust Fiduciary Services (Ireland) Limited
Georges Court
54-62 Townsend Street
Dublin 2
D02 R156
Ireland* Julian Swayne resigned as a Director of the Manager with effect from4 August 2023.
** Rhian Williams was appointed as a Director of the Manager with effectfrom 14 August 2023.
† Non-executive Directors independent of the Investment Manager.

Administrator and Registrar
Northern Trust International Fund Administration
Services (Ireland) Limited
Georges Court
54-62 Townsend Street
Dublin 2
D02 R156
IrelandManager
Baring International Fund Managers (Ireland) Limited
70 Sir John Rogerson’s Quay
Dublin 2
D02 R296
IrelandCompany Secretary
Matsack Trust Limited
70 Sir John Rogerson’s Quay
Dublin 2
D02 R296
IrelandInvestment Managers
Baring Asset Management Limited
20 Old Bailey
London EC4M 7BF
United Kingdom

Independent Auditors
PricewaterhouseCoopers
One Spencer Dock
North Wall Quay
Dublin 1
D01 X9R7
Ireland

Baring Asset Management (Asia) Limited*
35th Floor, Gloucester Tower
15 Queen’s Road Central
Hong Kong
Barings LLC*
300 S. Tryon Street
Suite 2500 Charlotte
North Carolina 28202
United States
Barings Japan Limited*
7F Kyobashi Edogrand 2-2-1,
Kyobashi Chuo-ku
Tokyo 104-0031
Japan* Baring Asset Management (Asia) Limited, Barings LLC and Barings
Japan Limited are the delegated Sub-Investment Managers of therelevant funds as detailed in the Investment Manager’s reports of therelevant funds.

1

Barings International Umbrella Fund
Directors and Other Information (continued)

Legal Advisers and Sponsoring Broker
As to Irish Law
Matheson70 Sir John Rogerson’s Quay
Dublin 2
D02 R296
Ireland
As to Hong Kong Law
Deacons
Alexandra House
16-20 Chater Road
Central Hong Kong
Paying agent
Société Générale Luxembourg
11, avenue Emile Reuter
L-2420 Luxembourg
Operational Centre:
28/32 Place de la Gare
L-1616 Luxembourg
Swiss representative and paying agent
BNP PARIBAS, Paris
Zurich Branch
Selnaustrasse 16
CH-8002
Zurich
Switzerland

2

Barings International Umbrella FundIntroduction

Barings International Umbrella Fund (the “Unit Trust”) is a unit trust managed by Baring International Fund Managers (Ireland) Limited(the “Manager”). The Unit Trust was established pursuant to the Unit Trusts Act, 1990, and a Trust Deed dated 11 February 1992 (assupplemented or amended from time to time) (the “Trust Deed”) made between the Manager and Northern Trust Fiduciary Services(Ireland) Limited (the “Depositary”) and authorised by the Central Bank of Ireland (the “CBI”), pursuant to the European Communities(Undertakings for Collective Investment in Transferable Securities) Regulations 2011 (as amended) (the “UCITS Regulations”). The
Unit Trust is also listed on the Euronext Dublin Global Exchange Market.
The Unit Trust is organised in the form of an umbrella fund. The Trust Deed provides that the Unit Trust may offer separate series ofunits, each representing an interest in a Unit Trust Fund (a “Fund”) comprised of a distinct portfolio of investments. A separate Fundis maintained for each series of units and is invested in accordance with the investment objective applicable to such Fund to date.
Each Fund may create more than one class of units in relation to a Fund (a “class”) and these separate classes of units may bedenominated in different currencies. A unit represents a beneficial interest in a Fund (a “unit”).
The Unit Trust has fourteen active Funds as at 30 April 2024 which have been approved by the CBI:
Fund

Fund launch date

Barings ASEAN Frontiers Fund

01/08/2008

Barings Asia Growth Fund

03/02/1987

Barings Australia Fund

04/12/1981

Barings Europa Fund

24/01/1987

Barings Hong Kong China Fund

03/12/1982

Barings Global Bond Fund

07/07/1978

Barings Global Balanced Fund

05/11/2021

Barings Global Technology Equity Fund

16/11/2021

Barings Europe Select Fund

14/10/2022

Barings German Growth Fund

14/10/2022

Barings Global Dividend Champions Fund

07/10/2022

Barings China A-Share Fund

18/11/2022

Barings Global Equity Allocation Fund

18/11/2022

Barings Eastern Europe Fund (merged on 21 July 2023)*

21/07/2023* The Barings Eastern Europe Fund merged from Barings Global Umbrella Fund in to the Unit Trust on 21 July 2023.

Each of the Funds had several classes of units on offer at the financial year-end, which are outlined in note 11 to these financial
statements. Further details of the Funds are contained in the individual supplements to the full Prospectus.
The following Funds of the Unit Trust are registered for sale in Hong Kong, and are authorised by the Hong Kong Securities andFutures Commission (“SFC”) pursuant to the provisions of the Hong Kong Code on Unit Trusts and Mutual Funds, supplemented orconsolidated from time to time:
Barings ASEAN Frontiers Fund
Barings Asia Growth Fund
Barings Australia Fund
Barings Europa Fund
Barings Hong Kong China Fund
Barings Global Bond Fund
Barings Global Balanced Fund
Barings Eastern Europe Fund
Further details of the Funds are contained in the supplement to the Prospectus. The assets of the Funds are invested in accordancewith the investment objective and policy.

3Barings International Umbrella FundIntroduction (continued)

The financial statements include all the trades received up until 12:00p.m. (Irish time) on 30 April 2024, the valuation point for the Unit
Trust. An adjustment has been made to the value of investments in Barings Australia Fund, Barings Eastern Europe Fund, Barings
Europa Fund, Barings German Growth Fund, Barings Global Dividend Champions Fund, Barings Global Equity Allocation Fund andBarings Global Technology Equity Fund to reflect the close of business prices on 30 April 2024.

4

Barings International Umbrella Fund
Investment Objective and Policy

Barings ASEAN Frontiers FundThe investment objective of the Barings ASEAN Frontiers Fund (the “Fund”) is to achieve long-term capital growth in the value of
assets by investing in issuers in Asia which the Manager believes will benefit from the economic growth and development of theregion.
The Fund will seek to achieve its investment objective by investing at least 70% of its Net Asset Value at any one time in equities andequity-related securities of issuers incorporated in, or exercising the predominant part of their economic activity in, countries which are
members of the Association of South-East Asian Nations (“ASEAN”), or quoted or traded on the stock exchanges in those countries.
The members of ASEAN include Singapore, Thailand, the Philippines, Malaysia, Indonesia and Vietnam.
The Fund will invest at least 50% of the Fund’s Net Asset Value in equities of issuers that exhibit positive or improving environmental,social and governance ("ESG") characteristics.
Barings Asia Growth FundThe investment objective of Barings Asia Growth Fund (the “Fund”) is to achieve long-term capital growth in the value of assets byinvesting in Asia and the Pacific region excluding Japan.
The Fund will seek to achieve its investment objective by investing at least 70% of its Net Asset Value in equities and equity-related
securities of issuers incorporated in, or exercising the predominant part of their economic activity in, the Asia Pacific region excluding
Japan, or quoted or traded on the stock exchanges in those countries, including developed and emerging markets.
The Fund will invest at least 50% of the Fund’s Net Asset Value in equities of issuers that exhibit positive or improving ESG
characteristics.
Barings Australia FundThe investment objective of the Barings Australia Fund (the “Fund”) is to achieve long-term capital growth in the value of assets byinvesting in Australia.
The Fund will seek to achieve its investment objective by investing at least 70% of its Net Asset Value at any one time in equities andequity-related securities of issuers incorporated in, or exercising the predominant part of their economic activity, in Australia, or quoted
or traded on the stock exchanges in Australia.
The Fund will invest at least 50% of the Fund’s Net Asset Value in equities of issuers that exhibit positive or improving ESG
characteristics.
Barings Europa FundThe investment objective of the Barings Europa Fund (the “Fund”) is to achieve long-term capital growth in the value of assets byinvesting in issuers in Europe (including the United Kingdom).
The Fund will seek to achieve its investment objective by investing at least 70% of its Net Asset Value at any one time in equities andequity-related securities of issuers incorporated in, or exercising the predominant part of their economic activity in, any European
country (including the United Kingdom), or quoted or traded on the stock exchanges in such countries.
The Fund will invest at least 50% of the Fund’s Net Asset Value in equities of issuers that exhibit positive or improving ESG
characteristics.
Barings Hong Kong China FundThe investment objective of Barings Hong Kong China Fund (the “Fund”) is to achieve long-term capital growth in the value of assets
by investing in Hong Kong, China and Taiwan.
The Fund will seek to achieve its investment objective by investing at least 70% of its Net Asset Value at any one time either
directly in equities or through equity-related securities (including depositary receipts) of issuers (i) incorporated, or (ii) exercising thepredominant part of their economic activity, or (iii) quoted or traded on the stock exchanges in markets in Hong Kong or China.

5

Barings International Umbrella Fund
Investment Objective and Policy (continued)

Barings Hong Kong China Fund (continued)
The Fund will invest at least 50% of the Fund’s Net Asset Value in equities of issuers that exhibit positive or improving ESG
characteristics.
Barings Global Bond FundThe investment objective of the Barings Global Bond Fund (the “Fund”) is to achieve an attractive level of income together with longterm growth in the value of assets by investing in a diversified portfolio of fixed-interest securities.
The Fund will seek to achieve its investment objective by investing at least 70% of its Net Asset Value at any one time in aninternationally diversified portfolio of both corporate and government fixed-interest securities. The portfolio may also, from time totime, include securities with floating interest rates.
The Fund will invest at least 50% of the Fund’s Net Asset Value in fixed income instruments of countries that exhibit positive or
improving ESG characteristics. The Fund will also invest at least 75% of the Fund’s Net Asset Value in countries that exhibit strong or
improving human development conditions, as measured by the United Nations Human Development Index (HDI) and calculated as
the average of the five year period as of two years prior to the investment period.
Barings Global Balanced FundThe investment objective of the Barings Global Balanced Fund (the “Fund”) is to achieve long-term capital growth.
The Fund invests in a diversified range of international equities and debt securities (including, without limit, in emerging markets),
generally with a focus on Asian equities. Investments may also be made in cash and in Money Market Instruments on an ancillarybasis or where considered appropriate in light of market conditions.
Equities may include equity-related instruments such as American depository receipts and global depository receipts. The Fund will
primarily invest in securities that are listed or traded on markets and exchanges drawn from the list contained in Appendix II of theProspectus.
The debt securities in which the Fund may invest in include both fixed and floating rate bonds issued by governments, local authorities,
public international bodies and corporate issuers, as well as convertible bonds (excluding contingent convertible bonds). The Fundmay invest in Investment Grade debt securities and up 10% of its Net Asset Value in Sub-Investment Grade debt securities. Wherean eligible investment is split-rated, the higher quality rating will apply in order to determine eligibility for the Fund. Where an eligible
asset is not rated by an internationally recognised rating agency, the Investment Manager may determine its own assessment of credit
quality and assign an agency equivalent rating to the asset.
Barings Global Technology Equity FundThe investment objective of the Barings Global Technology Equity Fund (the “Fund”) is to achieve long-term capital growth.
The Fund will seek to achieve its investment objective by investing in equities listed or traded on a wide range of international markets
across sectors exposed to technology and communication services. The Fund will invest at least 70% of its Net Asset Value in equities
and equity-related securities listed, quoted or traded on global markets, all of which could be in emerging markets. For this purpose,
total assets exclude cash and ancillary liquidities.
The Fund will invest at least 50% of the Fund’s Net Asset Value in equities of issuers that exhibit positive or improving ESG
characteristics.
Barings Europe Select FundThe investment objective of the Barings Europe Select Fund (the “Fund”) is to achieve long term capital growth by investing in Europe
excluding the United Kingdom.
The Fund will seek to achieve its investment objective by investing at least 75% of its Net Asset Value directly and indirectly in equities
and equity-related securities of smaller issuers incorporated in, or exercising the predominant part of their economic activity, or quoted
or traded on the stock exchanges in Europe excluding the United Kingdom.

6

Barings International Umbrella Fund
Investment Objective and Policy (continued)

Barings Europe Select Fund (continued)
The Fund will invest at least 50% of the Fund’s Net Asset Value in equities of issuers that exhibit positive or improving ESG
characteristics.
Barings German Growth FundThe investment objective of the Barings German Growth Fund (the “Fund”) is to achieve long-term capital growth by investing inGermany.
The Fund will seek to achieve its investment objective by investing at least 75% of its Net Asset Value directly and indirectly in equities
and equity related securities of issuers incorporated in, or exercising the predominant part of their economic activity in Germany, orquoted or traded on the stock exchanges in Germany.
Barings Global Dividend Champions FundThe investment objective of the Barings Global Dividend Champions Fund (the “Fund”) is to generate income together with long-term
capital growth through investment in the securities of companies worldwide.
The Fund will seek to achieve its investment objective by investing at least 70% of its Net Asset Value at any one time in equity andequity related securities (as described further below) of issuers worldwide. For this purpose, total assets exclude cash and ancillaryliquidities.
The Fund will invest at least 50% of the Fund’s Net Asset Value in equities of issuers that exhibit positive or improving ESG
characteristics.
In addition, up to 30% of the Net Asset Value of the Fund may be invested in, or provide exposure to:•

debt securities of issuers worldwide. The debt securities in which the Fund may invest may be fixed or floating rate, issued
by governments, supranationals, agencies and companies. Debt securities may be rated investment grade or sub-investment
grade by Standard & Poor’s (“S&P”) or another internationally recognised rating agency, or be, in the opinion of the Manager,of similar credit status, or may be unrated. There are no limits or restrictions on credit rating, maturity or duration of any debt orequity related security (such as debt securities convertible into equities) which may be held by the Fund; however, investment in
subinvestment grade debt securities and unrated debt securities together will not exceed 10% of the Net Asset Value of the Fund.

•cash and ancillary liquidities, including deposits, treasury bills, government bonds or short-term Money Market Instruments,
including commercial paper and certificates of deposit, in normal market conditions.

Barings China A-Share FundThe investment objective of the Barings China A-Share Fund (the “Fund”) is to achieve capital growth through investing in issuers
established or operating in the People’s Republic of China.
The Fund seeks to achieve its investment objective by investing at least 70% of its Net Asset Value in quoted or traded equity
investments in China A-Shares or other Qualified Foreign Institutional Investor (the “QFII”) permitted securities which are listed on the
Shanghai or Shenzhen markets listed in the Prospectus, as permitted under the QFII Regulations.
Barings Global Equity Allocation FundThe investment objective of the Barings Global Equity Allocation Fund (the “Fund”) is to achieve long-term capital growth by investingin equities listed or traded in markets globally.
The Fund is actively managed and seeks to achieve its investment objective by investing at least 70% of its Net Asset Value directly
and indirectly in equities and equity-related securities of issuers which are constituents of the MSCI All Country World Index (ACWI)(the “Index”). The Fund seeks to over perform the Index. The Index captured large and mid-cap representation and as at the dateof this Supplement captures approximately 85% of global investable equities. The Index is designed to measure the equity market
performance of developed and emerging markets. The Fund’s exposure to emerging markets may exceed 20% of Net Asset Value.
Investors should note that the Fund does not intend to track the Index.

7

Barings International Umbrella Fund
Investment Objective and Policy (continued)

Barings Global Equity Allocation Fund (continued)
In order to implement the investment policy the Fund may gain indirect exposure through equity-related securities, such as American
depositary receipts and global depositary receipts. Investment may also be made in cash and ancillary liquidities such as deposits,
treasury bills or short-term Money Market Instruments, including commercial paper and certificates of deposit, in normal market
conditions. The Fund may also invest up to 10% of its Net Asset Value in collective investment schemes including money market
funds.
Barings Eastern Europe Fund
The Barings Eastern Europe Fund (the “Fund”) merged from Barings Global Umbrella Fund in to the Unit Trust on 21 July 2023.
Barings Eastern Europe Fund was suspended on 1 March 2022 in light of the exceptional and adverse market conditions relating to
the current situation in Russia and Ukraine, and exposure to Russian equities and depositary receipt securities. The merger saw the
non-impacted liquid assets of Barings Eastern Europe Fund transferred to the new fund of the Unit Trust.
The investment objective of the Fund is to achieve long-term capital appreciation through investment in a diversified portfolio ofsecurities of issuers located in or with a significant exposure to the emerging markets of Europe.
The Fund will seek to achieve its investment objective by investing at least 70% of its total assets at any one time in equities andequity-related securities, such as convertible bonds and warrants (which may only be acquired passively through corporate actions
and are not expected to exceed 5% of the Fund’s Net Asset Value), of companies incorporated in, or exercising the predominantpart of their economic activity in, Armenia, Azerbaijan, Belarus, Kazakhstan, Kyrgyzstan, Moldova, Russia, Tajikistan, Turkmenistan,
Ukraine and Uzbekistan (the “Commonwealth of Independent States”), and in other emerging European countries such as Albania,
Bulgaria, Bosnia and Herzegovina, Croatia, the Czech Republic, Estonia, Georgia, Greece, Hungary, Kosovo, Latvia, Lithuania,
Macedonia, Montenegro, Poland, Romania, Serbia, Slovenia, Slovakia and Turkey, or quoted or traded on the stock exchanges inthose countries. There is no limit to the extent of direct investment in Russia and any such securities which are listed or traded in
Russia must be listed or traded on the Moscow Exchange. Investment may also be made in securities listed or traded on recognised
exchanges or markets in other countries where the issuer is located in or has a significant exposure to emerging European countries
and in fixed and floating debt instruments issued by government and corporate issuers, such as bonds.
Please refer to the Prospectus for the full investment objective and policy for all the Funds.
How the Funds are managed
The Manager of Barings ASEAN Frontiers Fund, Barings Asia Growth Fund, Barings Australia Fund and Barings Hong Kong China
Fund has appointed Baring Asset Management Limited as the Investment Manager of the Funds. In turn, Baring Asset Management
Limited has appointed Baring Asset Management (Asia) Limited and Barings LLC as Sub-Investment Managers to the Funds.
At Barings, our equity investment teams share the philosophy of quality Growth at a Reasonable Price (“GARP”). We believe thatearnings growth is the principal driver of equity market performance over the medium to long term, and favour high quality issuers fortheir ability to over perform the market on a risk-adjusted basis. In particular, we believe that structured fundamental research and adisciplined investment process combining quality growth and upside disciplines can allow us to identify attractively priced, long-term
growth issuers which will over perform the market. Our approach emphasises quality criteria when looking at issuers and a three- to
five-year time horizon when forecasting issuer earnings. In determining upside, we use consistent and transparent methods to placeemphasis on discounted earnings models.
The Manager of Barings Europa Fund has appointed Baring Asset Management Limited as the Investment Manager of the Fund.

8

Barings International Umbrella Fund
Investment Objective and Policy (continued)

How the Funds are managed (continued)
The Fund is invested in European equity markets (including the United Kingdom), using a “bottom-up” investment approach. Thismeans that we focus more on the individual merits of a specific issuer, rather than taking a stance on a sector of the market or
macroeconomic trends such as interest rate rises. Within this, Barings manages the Fund using a GARP approach. This means thatwhen researching candidates for the portfolio, we place just as much emphasis on the likely growth in corporate earnings at an issuer
as we do on the unit price valuation before deciding whether to invest or not. We believe this approach combines the best featuresof both “growth” and “value” investment styles, to the benefit of investors. We invest in issuers which we believe offer potential fordelivering better than expected earnings growth. We do this by carefully researching an issuer’s corporate strategy and revenue
sources. An important part of the investment process involves regular meetings with the management of issuers in which we areconsidering investment. We then work to put a price on the units of the issuer in the light of our assessment of its earnings prospects
and compare this to its peers in the sector and globally. When we are satisfied that an issuer meets our criteria for investing, wepurchase an appropriate number of units.
The Manager of Barings Global Bond Fund has appointed Baring Asset Management Limited as the Investment Manager of the Fund.
Barings LLC and Barings Japan Limited were appointed as Sub-Investment Managers of the Fund.
Baring Asset Management Limited seeks investment returns by investing in bond markets where we believe yields are likely to fall andavoiding those we think are expensive. The overall duration, or interest rate sensitivity, of the Fund will fluctuate as our expectations
for economic developments change, relative to the market. We will also look to add value through foreign exchange management,
identifying those markets where currencies are attractive, for example due to sound economic fundamentals or rising interest rates.
The Manager of Barings Global Balanced Fund has appointed Baring Asset Management Limited as the Investment Manager of the
Fund.
Baring Asset Management Limited takes a balanced approach to investing and invests across a wide spectrum of global equities,
bonds, and applies a tactical asset allocation strategy by identifying opportunities that it believes are attractive (based upon market
valuation measures such as price/earnings ratio, price/book ratio, dividend yield, and earnings) and markets that have diverged fromtheir view of economic reality (e.g. the valuation of the securities are not reflecting the intrinsic value), while carefully managing theextent of the risk exposure of the Fund. We will seek to manage the Fund’s risk exposure by allocating asset classes between equities
and bonds and by the diversification of its portfolio. A balanced investment strategy is a way of combining investments in a portfoliothat aims to balance risk and return.
Baring Asset Management Limited’s investment process combines a long term (up to 10 years) asset return forecasting frameworkwith a shorter term (typically 12-18 months) approach for tactical asset allocation.
The Manager of Barings Global Technology Equity Fund has appointed Baring Asset Management Limited as the Investment Managerof the Fund.
Baring Asset Management Limited believes that equity markets contain unrecognised growth potential and seeks to identify thisthrough the analysis of a issuer’s business model whilst incorporating wider ESG trends often referred to as fundamental analysis.
ESG trends may evolve over time and may include environmental footprint, societal impact of products/services and effectivenessof supervisory/management boards. Equity investment teams at Baring Asset Management Limited utilise a common investment
approach, best described as Growth at a Reasonable Price (“GARP”).
GARP seeks to identify reasonably priced growth issuers whose qualities are unrecognised by market participants by performing
structured fundamental analysis with a disciplined investment process. Based on the region, country or sector bias of a Fund, analysisof potential growth issuers’ includes their future financial performance as well as their business model and management style, while
focussing on long-term earnings growth of three to five years. We value issuers utilising proprietary valuation models that incorporate
ESG analysis and macro considerations.

9Barings International Umbrella Fund
Investment Objective and Policy (continued)

How the Funds are managed (continued)
Baring Asset Management Limited’s strategy favours issuers with well-established or improving business franchises, profitability
focused management and strong balance sheets that enable the issuer to execute its business strategy. We regard these issuers
as higher quality as they provide transparency and allow investment professionals to forecast earnings with greater confidence. This
allows Baring Asset Management Limited to offer a strategy which should exhibit lower volatility over time. This is further strengthened
through the incorporation of a dynamic and forward-looking approach to ESG analysis, with the aim to identify sustainable businesspractices. This empowers Baring Asset Management Limited to better assess both the potential risks facing the issuer and theopportunities presented to it, particularly those not apparent or included in traditional fundamental analysis. This also facilitates theFund’s portfolio in exhibiting lower volatility over time while propagating better ESG practices. We believe that ESG integration, afocus on forward-looking dynamics and active engagement is key to unlocking long-term returns in equity investments.
The Manager of Barings Europe Select Fund and Barings German Growth Fund has also appointed Baring Asset Management
Limited as the Investment Manager of the Funds.
At Barings, our equity investment teams share the philosophy of quality GARP. We believe that earnings growth is the principal
driver of equity market performance over the medium to long term, and favour high-quality issuers for their ability to over perform themarket on a risk-adjusted basis. In particular, we believe that structured fundamental research and a disciplined investment process
combining quality, growth and upside disciplines can allow us to identify attractively priced, longterm growth issuers which will over
perform the market. Our approach emphasises quality criteria when looking at issuers and a three-to five-year time horizon when
forecasting issuer earnings. In determining upside, we use consistent and transparent methods to place emphasis on discounted
earnings models.
The Manager of Barings Global Dividend Champions Fund has appointed Baring Asset Management Limited as the Investment
Manager of the Fund.
Our investment process is predominantly “bottom-up”. To find the exceptional businesses that make up the strategy, we use a broad
range of research inputs: Barings’ internal analytical resources, industry experts, issuer meetings, quantitative research and issuer
reports, among others. We are natural sceptics – rather than buying into a “story”, we seek proof of an issuer’s excellence. Only ourhighest-conviction ideas make it into the strategy, so robust debate and close analysis of fundamentals are key.
We evaluate candidate issuers using the following three-stage process:•Quality: we scrutinise an issuer’s business model, looking for a range of features and competitive advantages, including network
effects, benefits to incumbency, large installed bases, leading brands or a sustainable research and development (“R&D”) edge.
Upon inspection, issuers must earn attractive returns on capital, possess excellent financial profiles and have a management
team committed to its role as the steward of shareholder wealth.

•Growth: we assess our candidate issuers’ ability to deliver long-term profit growth. Sustained growth of both capital and dividends
can only be achieved if the underlying business is flourishing. Our process leads us to firms with stable and visible growth
profiles rather than issuers with more speculative growth ambitions, or those businesses whose fortunes are heavily linked tounpredictable external forces. The ideal investment is a growing issuer with meaningful control of its own destiny.

•

Valuation and scenario analysis: financial statements are “cleaned” of any accounting distortions (such as off balance-sheet
liabilities) which may obscure the true financial position of a business, and issuers are put through a series of business-specificstress tests. The aim is to ascertain the underlying risk that an investment presents, and to gauge the scale of profit and dividend
progression we can reasonably expect under various circumstances. Many issuers “fail” this stage of the process – businesses
are often found to present too much risk once their underlying fundamentals are “tested”. If an issuer does pass this stage, wethen ascertain the long-term value of the business using a highly consistent and cash-based set of valuation techniques.

The Manager of Barings China A-Share Fund has appointed Baring Asset Management Limited as the Investment Manager of theFund. In turn, Baring Asset Management Limited has appointed Baring Asset Management (Asia) Limited as the Sub-Investment
Manager of the Fund.

10

Barings International Umbrella Fund
Investment Objective and Policy (continued)

How the Funds are managed (continued)
The Fund invests in Chinese issuers listed on the stock exchanges of Shanghai and Shenzhen using a "bottom-up" investment
approach. This means that we are focused more on the individual merits of specific issuers, rather than taking a stance on theoutcome of a sector of the market or macroeconomic developments such as interest rate rises.
Within this, the Fund is managed using a quality GARP approach. When researching candidates for the portfolio, we look for issuerswith three characteristics. Firstly, issuers with good potential for long-term earnings growth. Secondly, issuers with attributes whichin our experience are associated with "high-quality" issuers, such as strong balance sheets and good management teams, withexperience in delivering value to shareholders. Finally, issuers with share price valuations which still have room for upside whencompared with history or similar issuers - in other words, potential for an attractive investment return.
The Manager of Barings Global Equity Allocation Fund has appointed Baring Asset Management Limited as the Investment Managerof the Fund.
The Investment Manager adopts a top-down approach to investing in this Fund. For Global equities, this means that the Investment
Manager dynamically allocates to countries, sectors, currencies and styles. This approach incorporates the Investment Manager's
views on macroeconomic trends such as economic growth and interest rate levels. The investment strategy is implemented using
passive stock selection via a portfolio which consists of directly held equities that are constituents of the reference index. This portfolio
will normally hold between 400 and 500 stocks.
The Manager of Barings Eastern Europe Fund has appointed Baring Asset Management Limited as the Investment Manager.
The Fund is managed using a well-defined quality Growth at a Reasonable Price (“GARP”) investment style which aims to identify
strong businesses with good expansion potential and attractive valuations. The Investment Manager draws on the research conductedby Barings’ centralised global equity platform to construct a high conviction, concentrated portfolio.
GARP seeks to identify reasonably priced growth issuers whose qualities are unrecognised by market participants by performing
structured fundamental analysis with a disciplined investment process. Based on the region, country or sector bias of the Fund,
analysis of potential growth issuers’ includes their future financial performance as well as their business model and management
style, while focusing on long-term earnings growth of three to five years.
Please refer to the Prospectus for the full risk profile of each of the Funds. Investors should read the Prospectus and carefully consider
the potential risk factors as well as reward factors before investing.

11

Barings International Umbrella Fund
Report of the Manager
For the financial year ended 30 April 2024
Statement of Manager’s responsibilities
Baring International Fund Managers (Ireland) Limited (the “Manager”) is required by the European Communities (Undertakings forCollective Investment in Transferable Securities) Regulations 2011 (as amended) (the “UCITS Regulations”) to prepare financial
statements for each financial year. The Manager has elected to prepare these financial statements in accordance with Financial
Reporting Standard 102 (“FRS 102”), the FRS applicable in the UK and Republic of Ireland to give a true and fair view of the state ofaffairs of the Baring International Umbrella Fund (the “Trust”) at the financial year-end, and of the results and movements in net assets
for the financial year then ended. In preparing these financial statements, the Manager must:•select and consistently apply suitable accounting policies;•

make judgements and estimates that are reasonable and prudent; and•prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Unit Trust will continue
in operation.

The financial statements must comply with the disclosure requirements of the UCITS Regulations. The Manager is responsible forkeeping adequate accounting records which disclose with reasonable accuracy at any time the financial position of the Trust andenable it to ensure that the financial statements comply with the UCITS Regulations. The Manager is also responsible for taking
reasonable steps for the prevention and detection of fraud and other irregularities.
Under the Central Bank of Ireland (the “CBI”) UCITS Regulations, the assets of the Unit Trust shall be entrusted to Northern Trust
Fiduciary Services (Ireland) Limited (the “Depositary") for safekeeping, and therefore custody of the Fund’s assets rests with Northern
Trust Fiduciary Services (Ireland) Limited.
The financial statements are published at www.barings.com. The Directors together with the Manager and Investment Manager are
responsible for the maintenance and integrity of the website as far as it relates to Barings funds. Legislation in the Republic of Ireland
governing the presentation and dissemination of the financial statements may differ from legislation in other jurisdictions.
Transactions with connected persons
Any transaction carried out with the Trust by a management company or Depositary to the Trust, the delegates or sub-delegates ofthe management company or Depositary, and any associated or group of such a management company, Depositary, delegate or
sub-delegate (“connected persons”) must be carried out as if negotiated at arm’s length. Transactions must be in the best interestsof the unitholders.
The Directors of the Manager are satisfied that there are arrangements (evidenced by written procedures) in place to ensure thatthe 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 year complied with the obligations set out
in Regulation 43(1) of the Central Bank UCITS Regulations.
Remuneration code
The UCITS V provisions require Management Companies to establish and apply remuneration policies and practices that promotesound and effective risk management, and do not encourage risk taking which is inconsistent with the risk profile of the UCITS.
The Manager has a Remuneration Policy in place, details of which are available on the Barings website at www.barings.com/guest/
content/remuneration-policies.
The purpose of the Manager’s remuneration policy is to seek to ensure that the remuneration arrangements of “Identified Staff”:(i)are consistent with and promote sound and effective risk management and do not encourage risk-taking which is inconsistent
with the risk profile, rules or instruments of incorporation of the Manager or any fund which the Manager is the manager of; and(ii) are consistent with the Manager’s business strategy, objectives, values and interests and include measures to avoid conflicts ofinterest.
Please see Appendix 5 for the remuneration disclosure.
The Manager has a business model, policies and procedures which by their nature do not promote excessive risk taking and whichtake account of the nature, scale and complexity of the Manager and any of the Funds.

12

Barings International Umbrella Fund
Report of the Manager (continued)
For the financial year ended 30 April 2024
Managers statement
The financial statements were approved by the Directors of the Manager, Baring International Fund Managers (Ireland) Limited, on
21 August 2024 and signed on its behalf by:Director:______________					Director: ______________

21 August 2024

13

Barings International Umbrella Fund
Annual Depositary Report to Unitholders
For the financial year ended 30 April 2024
We, Northern Trust Fiduciary Services (Ireland) Limited, appointed Depositary to Barings International Umbrella Fund (the “Unit
Trust”), provide this report solely in favour of the unitholders of the Unit Trust for the year ended 30 April 2024, (the “Annual Accounting
Period”). This report is provided in accordance with the UCITS Regulations European Communities (Undertakings for Collective
Investment in Transferable Securities) Regulations 2011 (SI No 352 of 2011), which implemented Directive 2009/65/EU into Irish Law(the “Regulations”). We do not, in the provision of this report, accept nor assume responsibility for any other purpose or person towhom this report is shown.
In accordance with our Depositary obligation as provided for under the Regulations, we have enquired into the conduct of the
management company of the Unit Trust for this Annual Accounting Period and we hereby report thereon to the unitholders of the Unit
Trust as follows:
We are of the opinion that the Unit Trust has been managed during the Annual Accounting Period, in all material respects:(i)in accordance with the limitations imposed on the investment and borrowing powers of the Unit Trust by the constitutional documents and by the Regulations; and(ii) otherwise in accordance with the provisions of the constitutional document and the Regulations.

_________________________________________For and on behalf ofNorthern Trust Fiduciary Services (Ireland) Limited
Georges Court
54-62 Townsend Street
Dublin 2
D02 R156
Ireland
21 August 2024

14

Independent auditors’ report to the unitholders of the Funds ofBarings International Umbrella Fund
Report on the audit of the financial statements
OpinionIn our opinion, Barings International Umbrella Fund’s financial statements:∙∙∙

give a true and fair view of the Funds’ assets, liabilities and financial position as at 30 April 2024 and of theirresults for the year then ended;have been properly prepared in accordance with Generally Accepted Accounting Practice in Ireland (accounting
standards issued by the Financial Reporting Council of the UK, including Financial Reporting Standard 102 “TheFinancial Reporting Standard applicable in the UK and Republic of Ireland” and Irish law); andhave been properly prepared in accordance with the requirements of the European Communities (Undertakings
for Collective Investment in Transferable Securities) Regulations 2011 (as amended).

We have audited the financial statements, included within the Annual Report and Audited Financial Statements, which
comprise:

∙
∙
∙
∙
∙

the Statement of Financial Position as at 30 April 2024;
the Statement of Comprehensive Income for the year then ended;
the Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Units for the year
then ended;
the Schedule of Investments for each of the Funds as at 30 April 2024; andthe notes to the financial statements for each of the Funds, which include a description of the accounting policies.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (Ireland) (“ISAs (Ireland)”) andapplicable law.
Our responsibilities under ISAs (Ireland) are further described in the Auditors’ responsibilities for the audit of thefinancial statements section of our report. We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our opinion.

Independence
We remained independent of the Trust in accordance with the ethical requirements that are relevant to our audit of thefinancial statements in Ireland, which includes IAASA’s Ethical Standard as applicable to listed entities, and we havefulfilled our other ethical responsibilities in accordance with these requirements.

Emphasis of matter - financial statements prepared on a basis other than going concern
In forming our opinion on the financial statements, which is not modified, we draw attention to note 1 to the financial
statements which describes the reasons why the financial statements of Barings Global Dividend Champions Fund,
Barings Global Technology Equity Fund and Barings China A-Share Fund have been prepared on a basis other than going
concern.

Our audit approach
Overview
Materiality∙∙

Overall materiality: 50 basis points (2023: 50 basis points) of Net Assets Value("NAV") at 30 April 2024 (2023: 30 April 2023) for each of the Trust’s Funds.
Performance materiality: 75% of overall materiality.

Audit scope∙

The Trust is an open-ended investment Trust. We tailored the scope of our audit taking
into account the types of investments within the Funds, the involvement of the third
parties referred to below, the accounting processes and controls, and the industry inwhich the Trust operates. We look at each of the Funds at an individual level.

Key audit matters∙∙

Valuation of financial assets and financial liabilities at fair value through profit or loss.
Existence of financial assets and financial liabilities at fair value through profit or loss.

The scope of our audit
As part of designing our audit, we determined materiality and assessed the risks of material misstatement in the financial
statements. In particular, we looked at where the manager made subjective judgements, for example the selection ofpricing sources to value the investment portfolio. As in all of our audits, we also addressed the risk of management
override of internal controls, including evaluating whether there was evidence of bias by the manager that represented arisk of material misstatement due to fraud.

Key audit matters
Key audit matters are those matters that, in the auditors’ professional judgement, were of most significance in the audit of
the financial statements of the current period and include the most significant assessed risks of material misstatement(whether or not due to fraud) identified by the auditors, including those which had the greatest effect on: the overall audit
strategy; the allocation of resources in the audit; and directing the efforts of the engagement team. These matters, and any
comments we make on the results of our procedures thereon, were addressed in the context of our audit of the financial
statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
This is not a complete list of all risks identified by our audit.
Key audit matter

How our audit addressed the key audit matter

Valuation of financial assets and financial liabilities atfair value through profit or loss
Refer to note 2(c) for the accounting policies for Financial
assets and financial liabilities at fair value through profit orloss and the Schedules of Investments in the financial
statements.
The financial assets and financial liabilities at fair value
through profit or loss included in the Statements ofFinancial Position as at 30 April 2024 are valued at fairvalue in line with Generally Accepted Accounting Practicein Ireland.
This is considered a key audit matter as it represents theprincipal element of the financial statements.

We tested the investment portfolios by independently
agreeing the valuation of investments to third party vendor
sources at the year-end date.
No material misstatements were identified as a result of theprocedures we performed.

Existence of financial assets and financial liabilities at fairvalue through profit or loss
Refer to note 2(c) for the accounting policies for Financial
assets and financial liabilities at fair value through profit orloss and the Schedules of Investments in the financial
statements.
This is considered a key audit matter as it represents a
principal element of the financial statements.

We tested the existence of the financial assets and financial
liabilities at fair value through profit or loss by obtaining
independent confirmation of the investment positions held
as at 30 April 2024 from the Funds’ Depositary or relevant
counterparties, and agreeing the amounts to the accounting
records.
No material misstatements were identified as a result of theprocedures we performed.

How we tailored the audit scope
We tailored the scope of our audit to ensure that we performed enough work to be able to give an opinion on the financial
statements as a whole, taking into account the structure of the Trust, the accounting processes and controls, and theindustry in which it operates.
The Manager controls the affairs of the Trust and is responsible for the overall investment policy which is determined bythem. The Manager has delegated certain responsibilities to Baring Asset Management Limited (the ‘Investment
Manager’) and to Northern Trust International Fund Administration Services (Ireland) Limited (the ‘Administrator’). The
Annual Report and Audited Financial Statements, which remain the responsibility of the Manager, are prepared on theirbehalf by the Administrator. The Trust has appointed Northern Trust Fiduciary Services (Ireland) Limited (the“Depositary”) to act as Depositary of the Trust’s assets. In establishing the overall approach to our audit, we assessed therisk of material misstatement at a fund level, taking into account the nature, likelihood and potential magnitude of any
misstatement. As part of our risk assessment, we considered the Trust’s interaction with the Administrator, and we
assessed the control environment in place at the Administrator.

Materiality
The scope of our audit was influenced by our application of materiality. We set certain quantitative thresholds formateriality. These, together with qualitative considerations, helped us to determine the scope of our audit and the nature,timing and extent of our audit procedures on the individual financial statement line items and disclosures and inevaluating the effect of misstatements, both individually and in aggregate on the financial statements as a whole.
Based on our professional judgement, we determined materiality for the financial statements of each of the Trust’s Funds
as follows:
Overall materiality and how
we determined it

50 basis points (2023: 50 basis points) of Net Assets Value ("NAV") at 30 April 2024
(2023: 30 April 2023) for each of the Trust’s Funds.

Rationale for benchmark
appliedWe have applied this benchmark because the main objective of the Trust is toprovide investors with a total return at a Fund level, taking account of the capitaland income returns.

We use performance materiality to reduce to an appropriately low level the probability that the aggregate of uncorrected
and undetected misstatements exceeds overall materiality. Specifically, we use performance materiality in determining thescope of our audit and the nature and extent of our testing of account balances, classes of transactions and disclosures, forexample in determining sample sizes. Our performance materiality was 75% of overall materiality.
In determining the performance materiality, we considered a number of factors - the history of misstatements, risk
assessment and aggregation risk and the effectiveness of controls - and concluded that an amount at the upper end of ournormal range was appropriate.
We agreed with the Directors of the Manager that we would report to them misstatements identified during our audit
above 5 basis points of each Fund’s NAV, for NAV per share impacting differences (2023: 5 basis points of each Fund’s
NAV, for NAV per share impacting differences) as well as misstatements below that amount that, in our view, warranted
reporting for qualitative reasons.

Conclusions relating to going concern
With the exception of Barings Global Dividend Champions Fund, Barings Global Technology Equity Fund and Barings
China A-Share Fund where a basis of accounting other than going concern has been adopted as set out in the Emphasis ofmatter - financial statements prepared on a basis other than going concern above, our evaluation of the manager’s
assessment of the Funds’ ability to continue to adopt the going concern basis of accounting included:

●
●
●
●
●

Obtaining an understanding of the key indicators that are monitored with respect to the going concern
assumption and management’s future plans for the Funds over the going concern period (being 12 months fromthe date of approval of the financial statements);
Reviewing available board minutes during the period under audit and those available up to the date of this report;
Considering post year end capital activity as recorded in the underlying accounting records;
Making enquiries of management with respect to any planned significant redemptions of which they have been
informed of;Considering the liquidity risk management techniques which are available to the Funds.

With the exception of Barings Global Dividend Champions Fund, Barings Global Technology Equity Fund and Barings
China A-Share Fund where a basis of accounting other than going concern has been adopted as set out in the Emphasis ofmatter - financial statements prepared on a basis other than going concern above, based on the work we have performed,
we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may castsignificant doubt on the Funds’ ability to continue as a going concern for a period of at least twelve months from the dateon which the financial statements are authorised for issue.
With the exception of Barings Global Dividend Champions Fund, Barings Global Technology Equity Fund and Barings
China A-Share Fund where a basis of accounting other than going concern has been adopted as set out in the Emphasis ofmatter - financial statements prepared on a basis other than going concern above, in auditing the financial statements, wehave concluded that the manager’s use of the going concern basis of accounting in the preparation of the financial
statements is appropriate.
However, because not all future events or conditions can be predicted, this conclusion is not a guarantee as to the Funds’
ability to continue as a going concern.
Our responsibilities and the responsibilities of the manager with respect to going concern are described in the relevant
sections of this report.

Reporting on other information
The other information comprises all of the information in the Annual Report and Audited Financial Statements other than
the financial statements and our auditors’ report thereon. The manager is responsible for the other information. Our
opinion on the financial statements does not cover the other information and, accordingly, we do not express an audit
opinion or, except to the extent otherwise explicitly stated in this report, any form of assurance thereon. In connection
with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider
whether the other information is materially inconsistent with the financial statements or our knowledge obtained in theaudit, or otherwise appears to be materially misstated. If we identify an apparent material inconsistency or material
misstatement, we are required to perform procedures to conclude whether there is a material misstatement of the financial
statements or a material misstatement of the other information. If, based on the work we have performed, we conclude
that there is a material misstatement of this other information, we are required to report that fact. We have nothing toreport based on these responsibilities.

Responsibilities for the financial statements and the audit
Responsibilities of the manager for the financial statements
As explained more fully in the Statement of Manager’s responsibilities, the manager is responsible for the preparation of
the financial statements in accordance with the applicable framework giving a true and fair view.
The manager is also responsible for such internal control as the manager determines is necessary to enable the preparationof financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the manager is responsible for assessing the Funds’ ability to continue as going
concerns, disclosing as applicable, matters related to going concern and using the going concern basis of accounting unlessthe manager intends to cease operations, or has no realistic alternative but to do so.

Auditors’ responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material
misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonableassurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (Ireland) will
always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are consideredmaterial if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users
taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in linewith our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The
extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Based on our understanding of the Trust and industry, we identified that the principal risks of non-compliance with laws
and regulations related to The Unit Trust Act 1990, and we considered the extent to which non-compliance might have amaterial effect on the financial statements. We also considered those laws and regulations that have a direct impact on the
preparation of the financial statements such as the European Communities (Undertakings for Collective Investment inTransferable Securities) Regulations 2011 (as amended). We evaluated management’s incentives and opportunities forfraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the
principal risks were related to Risk of management override of control.
Audit procedures performed by the engagement team included:
●
●
●
●
●
●
●

Reviewing financial statements disclosures and agreeing to supporting documentation to assess compliance withapplicable laws and regulations;
Enquiring of management and the Directors of the Manager concerning potential litigation and claims and any
instances of non-compliance with laws and regulations;
Reviewing all relevant minutes of meetings of the Directors of the Manager;
Identifying and testing the appropriateness of topside journal entries and other adjustments, where material;
Designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing;Testing significant judgements and accounting estimates and evaluating the business rationale of any significant
transactions that are unusual or outside the normal course of business; andMaintaining professional scepticism throughout the audit.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of
non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial
statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one
resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentionalmisrepresentations, or through collusion.
Our audit testing might include testing complete populations of certain transactions and balances, possibly using data
auditing techniques. However, it typically involves selecting a limited number of items for testing, rather than testing
complete populations. We will often seek to target particular items for testing based on their size or risk characteristics. In
other cases, we will use audit sampling to enable us to draw a conclusion about the population from which the sample isselected.
A further description of our responsibilities for the audit of the financial statements is located on the IAASA website at:https://www.iaasa.ie/getmedia/b2389013-1cf6-458b-9b8fa98202dc9c3a/Description_of_auditors_responsibilities_for_audit.pdf.
This description forms part of our auditors’ report.

Use of this report
This report, including the opinion, has been prepared for and only for the unitholders of each of the Funds as a body inaccordance with the European Communities (Undertakings for Collective Investment in Transferable Securities)
Regulations 2011 (as amended) and for no other purpose. We do not, in giving this opinion, accept or assume
responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may comesave where expressly agreed by our prior consent in writing.

Patricia Johnston
for and on behalf of PricewaterhouseCoopers
Chartered Accountants and Statutory Audit Firm
Dublin23 August 2024

Barings International Umbrella Fund
Investment Managers’ Report
For the financial year ended 30 April 2024
Barings ASEAN Frontiers Fund
Performance
Barings ASEAN Frontiers Fund (the “Fund”) generated a gross return of -1.88% on the Class A USD Inc unit class and over performed
against the performance comparator which returned -3.47%* during the reporting year. The Fund generated a net return of -3.55%
on the Class A USD Inc unit class.
ASEAN equities went lower in US dollar terms over the past 12 months. Equity performance came in two halves, with markets
trending downward in the first half of the review period on the back of heightened geopolitical tensions, US dollar strength, and global
liquidity concerns amid higher-for-longer interest rates, while rebounding in the second half of the period supported by increasing
expectations for rate cuts by the Federal Reserve in 2024 alongside improving export and manufacturing activities in Asia, which
helped offset partial of losses.
Stock selection was a key contributor to relative performance of the Fund over the review period, particularly in Singapore led
by selective holdings in Information Technology and Industrials on recovering order momentum. On the other hand, the Fund’s
higher exposure compared with the performance comparator in Thailand ended as a notable detractor to the Fund, as the market
underperformed due to weaker-than-expected economic recovery as well as a delay in fiscal stimulus.
At a company level, the Fund’s lack of exposure in Indonesia’s super-app operator PT GoTo Gojek Tokopedia ended as the largest
contributor to the Fund over the 12-month period, as share price of the company came under pressure amid elevated competitions
within ASEAN’s e-commerce space. On the flipside, the Fund’s zero holding in United Overseas Bank detracted notably from relative
performance, as Singapore’s banking sector continued to benefit from strong net interest margin amid a high interest rate environment
as well as decent loan growth outlook.
Market outlook
The ASEAN equity market has been resilient in 2023, with reasonable earnings growth achieved and macroeconomic headwinds
delayed. However, ASEAN was also one of the few markets where earnings growth has not been rewarded with valuation last year.
In 2024, given expectations of a softer rates environment, we could see a reversal of this trend, whereby earnings growth could
moderate while some positive re-rating of ASEAN equities.
Across the region, we are maintaining our preferences in Indonesia and the Philippines. The swift election in Indonesia meant higher
policy certainty and continuity for business owners. Its strong domestic demand, prudent fiscal and monetary policies are all positive
for Indonesia’s long-term structural growth. Meanwhile, the moderating global inflation should help support positive earnings growthfor companies in the Philippines. We are also leveraging Singapore and Malaysia’s respective advantages in the global technology
supply chain. Part of the global semiconductor and memory supply chain have expanded to these two countries, and the recoveryof the semiconductor cycle should benefit relevant players there. Structurally, there should be ample demand due to AI (Artificial
Intelligence) while supply picks up. This should mean attractive order flows for some of these beneficiaries. As for Thailand, while thecountry faces some structural challenges longer term, we expect economic recovery to gain momentum in the coming quarters withthe passage of the delayed fiscal budget and the much-anticipated return of Chinese tourists to the country.

20

Barings International Umbrella Fund
Investment Managers’ Report (continued)
For the financial year ended 30 April 2024
Barings ASEAN Frontiers Fund (continued)
Market outlook (continued)
Our ASEAN equity strategy remains positioned in companies exposed to the secular growth themes such as technological ubiquity(the digitalization and connectivity of everything), evolving lifestyle and societal values (sustainability, rising middle class, healthyliving) and de-globalization (supply chain diversification and reshoring). The stylistic rotations have detracted from our short-term
performance, but we believe our Growth-at-a-Reasonable-Price (GARP) investment approach combined with our proprietary portfolio
construction tools will position the portfolio favorably beyond the near-term gyrations.
* The Fund return uses the midday prices, whereas the return of the comparator is calculated using global close prices.

Baring Asset Management (Asia) Limited
and Barings LLC,
appointed as Sub-Investment Managers by
Baring Asset Management Limited
May 2024
Baring Asset Management Limited (the “Investment Manager”) gives its portfolio managers full authority to manage their Funds as they see fit, within
the established guidelines set down. This includes the views that managers may take of the markets and sectors they invest in, which may differ fromthe views of other Barings portfolio managers.

21

Barings International Umbrella Fund
Investment Managers’ Report (continued)
For the financial year ended 30 April 2024
Barings Asia Growth Fund
Performance
Barings Asia Growth Fund (the “Fund”) generated a gross return of 4.23% on the Class A USD Inc unit class and underperformed
against the performance comparator which returned 7.52%* during the reporting year. The Fund generated a net return of 2.45% on
the Class A USD Inc unit class.
Asian equities went higher over the past 12 months, as investor confidence picked up since the second half of the review period on
the back of a pivot by the US Federal Reserve from higher-for-longer interest rates to potential rate cuts in 2024, which boded well for
global liquidity outlook as well as risk appetite recovery. An improving trend in export and manufacturing data in Asia thanks to techcycle bottoming out, coupled with better-than-expected economic data in China during the Lunar New Year, also supported market
momentum.
Stock selection was a key detractor to relative performance of the Fund over the review period, particularly in Consumer Discretionary
and Financials with the weakness led by selective Hong Kong China companies in light of soft domestic consumption. On thebright side, stock selection in Information Technology contributed positively to the Fund, notably from a few AI (Artificial Intelligence)
beneficiary holdings in Taiwan and Korea.
At a company level, Taiwan Semiconductor Manufacturing Co. ended as the largest contributor to the Fund over the last 12 months,
driven by strong earnings prospect as the company enjoys upside potential amid the cyclical upcycle of semiconductor restocking,while its long-term structural growth and fundamentals remain intact as a key AI enabler. On the other hand, Chinese sportswear
manufacturer Li Ning was a notable detractor to the Fund, primarily dragged by a slowdown in its sales growth along with downward
revision of full-year guidance by management amid a challenging macro backdrop.
Market outlook
Looking forward, we are constructive on Asian equities and expect recovery in markets that have done poorly last year and also theproliferation of structural growth opportunities. Fiscal stimulus from China so far continued to disappoint market expectations, but wehave likely seen the worst behind us with the “National Team” entering to support the market. Roll out of China’s consumer “trade-in”
programs and a resilient external environment supporting export manufacturers could also be positive catalysts this year, while thedrag from property markets on the equity markets should diminish compared to 2023.
The AI-related structural growth would likely benefit relevant beneficiaries in Korea and Taiwan markets. For the time being, we havetaken profits in some Taiwanese names, exercising valuation discipline. On the other hand, following Japan’s footsteps, Korea’splanned implementation of its “Value-Up” program by regulators could help to improve shareholder returns and support positive
valuation re-rating.
India’s economy has proven to be resilient and is expected to enjoy powerful structural growth in the next few years. Its stock market
has held up well largely owing to strong buying from domestic investors. While there is the potential for some consolidation of strong
performers, we are looking to add on these opportunities. In ASEAN, we maintain our positive conviction in Indonesia and Philippines.
The early conclusion of Indonesia’s election should bring forth policy continuity and resumed business activities, while moderating
inflation should support earnings growth for the Philippines. In Singapore and Malaysia, we also have identified some beneficiaries of
the global technology cycle, especially in hardware technology.

22

Barings International Umbrella Fund
Investment Managers’ Report (continued)
For the financial year ended 30 April 2024
Barings Asia Growth Fund (continued)
Market outlook (continued)
Our strategy remains positioned in stocks exposed to the secular growth themes such as technological ubiquity (digitalization andconnectivity of everything), evolving lifestyle and societal values (sustainability, millennial/Gen Z consumption trends, healthy living)and de-globalization (supply chain diversification). While the stylistic rotations have caused some volatility in recent performance, ourGrowth-at-a-Reasonable-Price (GARP) investment approach has positioned our portfolios favorably beyond the near-term gyrations.
* The Fund return uses the midday prices, whereas the return of the comparator is calculated using global close prices.

Baring Asset Management (Asia) Limited
and Barings LLC,
appointed as Sub-Investment Managers by
Baring Asset Management Limited
May 2024
Baring Asset Management Limited (the “Investment Manager”) gives its portfolio managers full authority to manage their Funds as they see fit, within
the established guidelines set down. This includes the views that managers may take of the markets and sectors they invest in, which may differ fromthe views of other Barings portfolio managers.

23

Barings International Umbrella Fund
Investment Managers’ Report (continued)
For the financial year ended 30 April 2024
Barings Australia Fund
Performance
Barings Australia Fund (the “Fund”) generated a gross return of 10.38% on the Class A USD Inc unit class and over performed against
the performance comparator which returned 8.11%* during the reporting year. The Fund generated a net return of 8.50% on the ClassA USD Inc unit class.
The over performance was driven by stock selection, with the largest positive contributor Goodman Group. Goodman group is a realestate business that specialises in e-commerce logistic warehousing and data centers. It has been a core, long-term holding in theFund as we like the strong balance sheet, compounding earnings growth potential and high-quality management team. The Founder/
CEO was early to identify and position the business for growth in e-commerce logistics demand a decade ago and the company isonce again ahead of the curve on Artificial Intelligence and Cloud driven demand for data centers. The key constraint to new data
center capacity growth is access to prime locations with secured power, though Goodman does have these sites which should drive
attractive future returns.
Sandfire Resources was also a large positive contributor. We look for high quality operators in end-markets where we see afundamental long-term supply/demand imbalance that can drive attractive returns. Copper miner, Sandfire, is a clear example ofthis with the outlook for the copper market increasingly positive as a commodity at the heart of the energy transition/decarbonisation
thematic.
Meanwhile, Johns Lyng Group detracted from performance. It’s a small-cap business that has carved out an attractive niche in doingbuilding services work on damaged property on behalf of insurers. It is a capital light, high returns business model with low economic
and interest rate sensitivity. Johns Lyng has a strong domestic market position and is currently in the process of expanding into the
US market. US revenue growth slowed over the period which dragged on the valuation, but looking through short-term volatility weare encouraged by the operational and strategic progress being made with significant new partnerships being formed that should
underpin long-term growth.
Market outlook
The market outlook is attractive in our view. Inflation is moderating in Australia which raises the potential for the Reserve Bank ofAustralia to begin to cut interest rates. As the Australian mortgage market has a high skew to floating interest rates payment terms,
the cash flow benefit felt by households should materialise quickly and support demand growth.
Australia is also now in its second year of a budget surplus, and we expect demand to be further strengthened from an incoming
fiscal stimulus with significant income tax cuts. Alongside Australia’s rich natural resources, which play critical role in the green energy
transition and supply chain security, we believe the market remains well placed to deliver attractive long-term returns.
The Fund strategy remains focused on stock selection and owning high quality, growth companies where the current valuation does
not fully reflect their long-term returns potential.

24Barings International Umbrella Fund
Investment Managers’ Report (continued)
For the financial year ended 30 April 2024
Barings Australia Fund (continued)
Market outlook (continued)
WiseTech is one such example. It is a leading software solutions provider to the freight forwarder/logistics industry. The end-market
is ripe for disruption and there are clear efficiency benefits to using WiseTech’s single, fully integrated, global platform for logistics
management and tracking, rather than the status quo of multiple local regional players and in-house software. There is also noalternate global software provider, giving WiseTech a unique competitive position it is now leveraging as it expands into adjacentverticals such as On-shoring and Customs. These new verticals significantly increase the market opportunity and should also make
Wisetech even more integrated and “mission-critical” to its customers.
* The Fund return uses the midday prices, whereas the return of the comparator is calculated using global close prices.

Baring Asset Management (Asia) Limited
and Barings LLC,
appointed as Sub-Investment Managers by
Baring Asset Management Limited
May 2024
Baring Asset Management Limited (the “Investment Manager”) gives its portfolio managers full authority to manage their Funds as they see fit, within
the established guidelines set down. This includes the views that managers may take of the markets and sectors they invest in, which may differ fromthe views of other Barings portfolio managers.

25

Barings International Umbrella Fund
Investment Managers’ Report (continued)
For the financial year ended 30 April 2024
Barings Europa Fund
Performance
Barings Europa Fund (the “Fund”) generated a gross return of 8.82% on the Class A USD Inc unit class and over performed against
the performance comparator which returned 7.48%* during the reporting year. The Fund generated a net return of 6.96% on the ClassA USD Inc unit class.
Danish jewellery retailer Pandora has been a strong performer, as continued high demand for its products, including new ranges
and lab-based diamonds, together with a successful store rollout programme, has led to management being able to raise forecasts
on several occasions through the year. AB Foods similarly benefited from good retail customer demand via its Primark business,
which specialises in discount clothing. Semiconductor manufacturing equipment companies ASML and ASM International were also
positive contributors to fund performance, helped by the growth prospects for artificial intelligence and the associated computing
infrastructure.
At the other end of the scale, Prudential was a poor performer, hindered by its exposure to a stalling Chinese economy and aperceived lack of capital return plan versus peers. Technology stocks Adyen and Temenos also disappointed, the former on what wewould consider to be very extreme investor reactions to results, and the latter on a “short sell” note from an investment group, despite
a subsequent independent audit giving little validation to the short seller’s issues.
Market outlook
At the time of writing, the market appears to be in a rather confident mood, driven mainly by hopes that the ECB will begin to cut
interest rates in the summer, and also by a better than expected first quarter corporate results season across Europe. Macroeconomic
data has also been generally on an improving trend, whilst the geopolitical situation, whilst far from resolved in Ukraine and Gaza, has
not so far led to more widespread global disruptions.
Given this backdrop, we are confident that positive returns can continue to be generated across European equity markets.
Nevertheless, we are always mindful that we need to consider these drivers of profit growth and investor sentiment against valuations
and the potential for various developments that could help or hinder earnings growth and investor sentiment. At the moment, theforemost potential considerations in our minds from a broader perspective are 1) the possibility that the ECB may not actually begin
to cut interest rates in the summer, bearing in mind this improving macroeconomic data, and 2) the potential for an escalation in tradedisputes and the resulting actions by major governments and bodies across the world, particularly in light of several major generalelections over the next 6-18 months.
As for valuations, despite numerous indices across Europe being at all-time highs, market valuations to us appear reasonable. Inpart, this is driven by our focus on individual stock metrics. Here we would note that whilst Europe may not have its own specificversion of the “Magnificent Seven” stocks that have been a major driving force behind the performance of the US stock market, a
handful of the largest stocks in Europe have made a telling contribution to the growth, and valuation, of the overall market. As such,
we believe there is the potential for a rotation into some of those stocks that have not fully participated in the market’s growth, which
we will aim to unearth through the bottom-up approach we use when investing at the individual stock level.
* The Fund return uses the midday prices, whereas the return of the comparator is calculated using global close prices.

Baring Asset Management Limited
May 2024
Baring Asset Management Limited (the “Investment Manager”) gives its portfolio managers full authority to manage their Funds as they see fit, within
the established guidelines set down. This includes the views that managers may take of the markets and sectors they invest in, which may differ fromthe views of other Barings portfolio managers.

26

Barings International Umbrella Fund
Investment Managers’ Report (continued)
For the financial year ended 30 April 2024
Barings Hong Kong China Fund
Performance
Barings Hong Kong China Fund (the “Fund”) generated a gross return of -9.52% on the Class A USD Inc unit class and underperformed
against the performance comparator which returned -7.21%* during the reporting year. The Fund generated a net return of -11.05%
on the Class A USD Inc unit class.
Chinese equities carried on a downtrend in most of 2023, as investors remained sceptical about the sustainability of China’s economic
recovery especially given soft consumption, not helped by lingering pressure in the property market. That said, markets reboundedstrongly going into 2024, supported by National Team’s A-Share ETFs buying alongside a number of policies to stimulate economic
demand such as consumption trade-in programs, coupled with recovering inflows as more international investors adjusted theirunderweight positions in China on attractive valuations.
Stock selection was the major detractor to relative performance of the Fund over the review period, particularly in Consumer
Discretionary as weak consumption momentum pressured near-term sales and earnings outlook for some companies within the
sector. On the flipside, stock selection in Materials as well as the Fund’s lower exposure versus the performance comparator in HealthCare contributed notably to the Fund over the 12-month period.
At a company level, Taiwan Semiconductor Manufacturing Co. ended the year as the largest contributor to the Fund, driven by strong
earnings prospect as the company enjoys decent upside potential amid the cyclical upcycle of semiconductor restocking, while its
long-term structural growth and fundamentals remain intact as a key AI (Artificial Intelligence) enabler. On the other hand, the Fund
had a lower exposure in Xiaomi compared with the performance comparator, which detracted notably from relative performance of
the Fund over the review period. Share price of the company was buoyed by better-than-expected smartphone sales and the launchof its self-developed electric vehicle.
Market outlook
Looking forward, we expect the People’s Bank of China to maintain a dovish position in monetary policies to ensure ample domestic
liquidity for businesses. Although there could be further reduction in Reserve Requirement Ratios (RRR) and/or Loan Prime Rates(LPR), however, the focus is to deploy more fiscal spending to support confidence of private enterprises and consumers, which wehave yet to see. Domestic consumption is gradually improving, with the Lunar New Year holidays recording per capita spending andpassenger traffic surpassing that of 2019 levels. This year’s introduction of “consumption trade-in” programs aim to stimulate domestic
consumption spending, especially for household durable items, while a potential launch of a smaller scale “shanty-town” reform
should encourage broader economic activities.
Inflation in the US continues to moderate while the labour market remains strong, while the European economy is slowly recovering,and Japan’s seeing growth in domestic wages. These signs of marginal improvement in developed markets should pave the way
for stronger demand and benefit the export-driven manufacturers in China. Furthermore, the likely pivot of the US Federal Reserve
towards interest rate cuts this year should also be supportive for emerging market equities, including Hong Kong China markets.

27

Barings International Umbrella Fund
Investment Managers’ Report (continued)
For the financial year ended 30 April 2024
Barings Hong Kong China Fund (continued)
Market outlook (continued)
In terms of valuation, Hong Kong China equities are currently trading at the lower end of its historical range, which could represent
attractive levels of entry for longer term investors. As the economy gradually normalizes, we are finding attractively priced, strong
structural growth opportunities from a bottom-up perspective, which could positively contribute to our relative performance in themonths to come. Structural trends such as sustainable growth, self-sufficiency in the supply chain, scientific and technologicalinnovations, and environmental awareness, would continue to unfold. This should bolster the outlook on sectors and themes suchas new infrastructure, domestic consumption, health care, technology localization and sustainability in the medium to longer term.
* The Fund return uses the midday prices, whereas the return of the comparator is calculated using global close prices.

Baring Asset Management (Asia) Limited
and Barings LLC,
appointed as Sub-Investment Managers by
Baring Asset Management Limited
May 2024
Baring Asset Management Limited (the “Investment Manager”) gives its portfolio managers full authority to manage their Funds as they see fit,
within the established guidelines set down. This includes the views that managers may take of the markets and sectors they invest in, which may
differ from the views of other Barings portfolio managers.

28

Barings International Umbrella Fund
Investment Managers’ Report (continued)
For the financial year ended 30 April 2024
Barings Global Bond Fund
Performance
Barings Global Bond Fund (the “Fund”) generated a gross return of -2.43% on the Class A USD Inc unit class and over performed its
performance comparator with a return of -3.81%* during the reporting year. The Fund generated a net return of -3.60% on the ClassA USD Inc unit class.
Global bond markets have remained very volatile, with wholesale underperformance across developed markets. For context, inthe last Investment Manager’s update, we highlighted how the beginning of quarter 2 and quarter 3 of 2023 had been the worst
performance months since major central banks started hiking rates in 2021 as markets attempted to forecast when a recession would
eventually hit and central banks forced to pivot. The pivot never came due to ongoing strong US economic growth and rising concerns
about the fiscal US trajectory. Duration was most impacted.
That was then.
Quarter 4 of 2023 became a tale of two halves. The ‘pivot’, which had all but been dashed in September, came in December,telegraphing likely policy easing through 2024. The conviction had come from continued cooling in inflation. This caused a strong
developed markets bond market rally, and the Fund closed 2023 ahead of the performance comparator.
Looking back, investors became too bullish on the interest rate outlook. At the beginning of the year, seven 0.25% cuts in US Federal
Reserve Bank (“Federal Reserve”) benchmark rates had been priced over 2024. A disappointment became inevitable, and for two
reasons:a)
The US economy showed no signs of slowing down, growing above trend, with healthy jobs growth and consumption tomatch. Fiscal policy has been a major driver of the boom; andb)
US, and to some extent, global inflation was above expectations through quarter 1 of 2024, adding to central banker’s
concerns on “sticky inflation”.
Both developments forced major central banks (US, UK, Euro-area and Canada) to start leaning against rate cuts in quarter 1 of 2024
causing a significant repricing and subsequent underperformance of developed markets sovereign bonds. Front end US rates soldoff nearly 125bps in the aftermath!
At the time of writing, the European Central Bank, the Bank of Canada, and Riksbank are seen as most likely to cut rates by mid-year,
and with an uncertain trajectory thereafter. Some market commentators do not believe the Federal Reserve will even cut rates at all
this year. Such an uncertain and volatile macro-economic backdrop is not constructive for bonds, let alone duration.
During the reporting period, the Manager added to duration mostly via French and UK Government bonds.
The Fund is overweight in Europe (core and periphery), Australia (including via regional governments), New Zealand, and Canada(including provincials) where inflation and growth are decelerating. It is under-weight in US, for the reasons discussed above. This
strategy has worked well thus far, and we do not intend to alter it. On currencies, the Fund is now long AUD and NZD vs underweights
in EUR and CNY. This view exploits stretched valuations (EUR is expensive on these crosses) and high correlations (i.e., New
Zealand and Australia will benefit from a China rebound, perhaps more than EUR).
Market outlook
Despite the Fund over performing its performance comparator, we remain cautious on the overall outlook.
As discussed in the last Investment Manager’s update, we remain constructive on developed markets sovereign bonds, and duration.
Our reasons have not changed:a)
We strongly believe the US economy will eventually slow as the impact of higher borrowing rates starts to weigh. Alreadythere are signs, albeit marginal, of cracks in consumer balance sheets.
b)
US fiscal policy is unlikely to stay expansive through 2025. The deficit is too high (at close to 7%) and soon markets will likely
impose much needed discipline. If our expectations transpire, the consequent negative fiscal impulse will be a net drag on growth.

29

Barings International Umbrella Fund
Investment Managers’ Report (continued)
For the financial year ended 30 April 2024
Barings Global Bond Fund (continued)
Market outlook (continued)c)Global inflation is falling, despite the quarter 1 hiccups; andd)US economic growth may outperform peers, but we see very low probability of persistent decoupling. With Europe slowing
and China only stabilising, but on a weaker growth path, we continue to believe US economic growth is set to ‘cool’ in sympathy withthe global economy.
That said, we are being very humble and tactical in risk taking.
* The Fund return uses the midday prices, whereas the return of the comparator is calculated using global close prices.

Barings LLC and Barings Japan Limited
appointed as Sub-Investment Managers by
Baring Asset Management Limited
May 2024
Baring Asset Management Limited (the “Investment Manager”) gives its portfolio managers full authority to manage their Funds as they see fit, within
the established guidelines set down. This includes the views that managers may take of the markets and sectors they invest in, which may differ fromthe views of other Barings portfolio managers.

30

Barings International Umbrella Fund
Investment Managers’ Report (continued)
For the financial year ended 30 April 2024
Barings Global Balanced Fund
Performance
Barings Global Balanced Fund (the “Fund”) generated a gross return of 8.55% on the Class A USD Inc unit class and underperformed
the performance comparator which returned 8.67%* during the reporting year. The Fund generated a net return of 6.99% on the ClassA USD Inc unit class.
Global markets moved significantly in both ways during the reporting period as investors evaluated the trajectory of policy rates.
Moving beyond recession concerns, investors oscillated between the “higher rates for longer” and Goldilocks scenarios. The strength
observed in the job market and robust economic activity prompted investors to revise their rate cut expectations, putting Bond markets
under pressure in most Developed Markets. Meanwhile, Equity markets gained amidst favourable economic conditions and brighter
outlook for corporate earnings.
Asset allocation made a positive contribution to the Fund's relative performance. Throughout the reporting year, market sentiments
improved significantly, accompanied by indicators of robust economic activity. With expectations of steady growth and moderate
disinflation, markets started expecting a more favorable outlook for corporate earnings, which bolstered a strong rally in Equity
markets. Our Equity position, notably the exposure to the US market, made a positive impact on the Fund's performance relative tothe performance comparator.
While most major central banks have signaled a peak in the tightening cycle, positive surprises in the US labor market and economic
activity have raised doubts about the Federal Reserve's plan to lower policy rates. Due to the diverging outlook for interest rates, US
Government Bonds underperformed other Developed Government Bonds on a hedged basis, resulting in a negative contribution to
the Fund's performance relative to the performance comparator.
On the other hand, Emerging Asia Equities demonstrated a weaker momentum compared to Developed Markets, resulting in anegative impact on the Fund’s performance. While some markets within the region were favoured by the growing AI investments andthe peak of global tightening cycle, Chinese Equities registered losses due to subdued growth and tepid developments in the property
market.
Market outlook
Is the US, stable growth prospect and positive earnings outlook could provide support to market sentiments. Meanwhile, the Federal
Reserve will likely remain patient with its rate cut plan until inflation consistently demonstrates signs of cooling. Although the path
towards the inflation target is unfolding at a slower pace than market initially anticipated, we believe it is still progressing in the right
direction. The period in which global interest rates fall concurrently will release a considerable amount of liquidity into the global
markets and provide support for risk assets in the medium term.
* The Fund return uses the midday prices, whereas the return of the comparator is calculated using global close prices.

Baring Asset Management Limited
May 2024
Baring Asset Management Limited (the “Investment Manager”) gives its portfolio managers full authority to manage their Funds as they see fit, within
the established guidelines set down. This includes the views that managers may take of the markets and sectors they invest in, which may differ fromthe views of other Barings portfolio managers.

31

Barings International Umbrella Fund
Investment Managers’ Report (continued)
For the financial year ended 30 April 2024
Barings Global Technology Equity Fund
Performance
Barings Global Technology Equity Fund (the “Fund”) generated a gross return of 50.21% on the Class A USD Acc unit classand over performed against the performance comparator, which returned 31.93%* during the reporting year. The Fund generated a
net return of 47.15% on the Class A USD Acc unit class.
A very strong year for a number of the Fund’s holdings with a number of secular trends emerging driving strong earnings revisions andshare price performances. AI was never far away from the lips of company management teams and investors alike. Notable positive
contributors to the Fund exposed to AI included semiconductor companies Nvidia, Micron and SK Hynix alongside companies like
Meta and Amazon which are building businesses around AI. The Fund’s lack of exposure to Apple also provided a significant boost
to performance for the Fund.
Whilst the positive contributions were largely found in companies exposed to technology infrastructure, there was general weakness
in a number of the technology applications and services space, with IT service providers EPAM and Capgemini and enterprisesoftware providers Paylocity, Autodesk, Amadeus IT and Temenos all performing less strongly.
The Directors, in consultation with the Investment Manager, and in the best interests of the of Unitholders as a whole, haveresolved to terminate the Barings Global Technology Equity Fund on 13 May 2024.
* The Fund return uses the midday prices, whereas the return of the comparator is calculated using global close prices.

Baring Asset Management Limited
May 2024
Baring Asset Management Limited (the “Investment Manager”) gives its portfolio managers full authority to manage their Funds as they see fit, within
the established guidelines set down. This includes the views that managers may take of the markets and sectors they invest in, which may differ fromthe views of other Barings portfolio managers.

32

Barings International Umbrella Fund
Investment Managers’ Report (continued)
For the financial year ended 30 April 2024
Barings Europe Select Fund
Performance
Barings Europe Select Fund (the “Fund”) generated a gross return of 9.27% on the Class J EUR Inc unit class and over performed
the performance comparator, which returned 7.09%* during the reporting year. The Fund generated a net of return of 8.39% on theClass J EUR Inc unit class.
In the first 6 months of the year under review European smaller companies fell back, reflecting fears that European economies faced
higher interest rate, despite weak economic growth, as rising wage costs and commodity prices drove up inflation rates and pressured
companies’ profit margins. In the latter part of the year under review, however, European companies performed more strongly as
falling inflation increased confidence in falling interest rates.
The Fund performance benefited from good stock selection in Sweden and Holland, although in Denmark and Italy stock selection
proved less good. By sector, stock selection in Industrials contributed positively, while in Financials lagged the index return. Amongindividual holdings strong contributions were made by ASM International, the Dutch technology group, Pandora, the Danish jewellery
retailer, and Iveco, the Italian truck maker. Meanwhile Worldline, the French payment processor, HelloFresh, the German meal kitsgroup, and Ariston, the Italian heating equipment group, lagged.
Market outlook
Over the last six months, while European equities have benefited from falling inflation rates prompting increased confidence thatinterest rates have peaked and are likely to be cut during 2024, European larger companies have over performed smaller companies.
All-time highs made by large company indices, however, contrast sharply with the more limited progress made by European smaller
company indices. European economic growth remains subdued, although most regions have avoided technical recessions, andcorporate profits for smaller companies have proved more resilient than had been feared during 2022 and early last year, whenenergy costs were soaring and business confidence plummeted. In this context, the valuations of smaller companies are increasingly
attractive, compared to historical averages and compared to larger companies, and a more positive outlook for smaller companies isincreasingly being considered by equity market strategists and investors.
In this context European corporate profits growth in 2024 is likely to be limited by sluggish demand growth, wage costs and commodity
price volatility. European companies’ first quarter profits, announced in April and May, face more difficult annual comparisons thansubsequent quarters but, overall should assuage concerns about corporate earnings prospects. Recent slight improvements in
Business Confidence surveys across Europe, and stabilisations in European construction activity and Consumer Confidence, provide
support to their full year profits growth forecasts.
Therefore, while equity market volatility is likely to rise, smaller companies, given their valuation attractions, are well-placed for
improved relative performance. Smaller companies should also benefit from a continued recovery in take-over, merger and newcompany listing activity. Although sales growth will be limited by tepid economic growth, balance sheets are generally solid and cash
flows should benefit from lower Inventory levels. Our focus is on identifying companies whose opportunities to achieve sustainablegrowth and improved profitability are over-looked in their share price valuations.
* The Fund return uses the midday prices, whereas the return of the comparator is calculated using global close prices.

Baring Asset Management Limited
May 2024
Baring Asset Management Limited (the “Investment Manager”) gives its portfolio managers full authority to manage their Funds as they see fit,
within the established guidelines set down. This includes the views that managers may take of the markets and sectors they invest in, which may
differ from the views of other Barings portfolio managers.

33

Barings International Umbrella Fund
Investment Managers’ Report (continued)
For the financial year ended 30 April 2024
Barings German Growth Fund
Performance
Barings German Growth Fund (the “Fund”) generated a gross return of 13.62% on the Class J EUR Acc unit class and over performed
its performance comparator which returned 10.88%* during the reporting year. The Fund generated a net return of 12.69% on theClass J EUR Acc unit class.
At the stock level, Rheinmetall stood out with an extremely strong share price performance due to the high level of demand for thegroup’s military hardware and ammunition, including from Ukraine. Suess MicroTec was also a major contributor to the Fund’s
performance, again on strong demand for the group’s products, this time in the field of semiconductor manufacturing, which inturn was bolstered by the increasing roll-out of artificial intelligence (AI) programmes and their associated computing infrastructure.
Commerzbank was also a notable positive contributor, as the bank benefited from rising interest rates due to the uplift this provides
to lending margins.
Amongst the stocks that contributed negatively to the Fund’s performance over the period were IT service providers GFT Technology
and Compugroup Medical, the former mainly on concerns over customers’ ongoing willingness to spend in areas such as cloud
migration, and the latter on slowing growth in a key division, plus higher than expected restructuring charges relating to AI adoption.
Not holding Adidas also proved detrimental to Fund performance as the company’s product lineup gained traction with customers,
culminating in the period with a positive set of first quarter results in April. Finally, the Fund’s underweight position in SAP owing toregulatory rules, proved detrimental to relative performance as demand for the stock remained strong given the company’s position
within the fields of cloud transition and AI.
Market outlook
Despite reports of the “deindustrialisation” of Germany, due largely to higher energy costs making it more difficult for many local
companies to compete on a global stage which in turn has led some to relocate facilities to other countries, the German stock market
has performed well over the reporting period, outpacing many of its European peers. A material part of this can be attributed to theperformance of some of the larger stocks in the index, notably SAP, Siemens and Allianz, which all had company-specific attributes
helping drive their share prices higher. More broadly though, it was hopes of an interest rate cut by the ECB at some point during2024, the start of several it is hoped, that propelled the market higher, even if forecasts of when the first cut would occur were pushed
back as economic data across the Eurozone turned more positive.
Looking ahead therefore, we still expect the interest rate cycle to move lower during the summer, and believe this will prove positivefor investor sentiment, particularly towards some of the small-cap and mid-cap names that may not have participated as much in the
broader market rally as their large-cap peers referred to above. The risk though is thus if the rate cut(s) do not occur as soon, or
thereafter as often, as the market is anticipating, balanced with the likelihood that a further pushing out of the down-phase of the cycle
will be due to more encouraging economic data. This could delay any market rotation into the small- and mid-cap space which theFund has a bias to, though our focus on the fundamental strengths of each company we are investing in we believe will give us theplatform to deliver a better return than the performance comparator, as it has over the previous twelve months.
* The Fund return uses the midday prices, whereas the return of the comparator is calculated using global close prices.

Baring Asset Management Limited
May 2024
Baring Asset Management Limited (the “Investment Manager”) gives its portfolio managers full authority to manage their Funds as they see fit, within
the established guidelines set down. This includes the views that managers may take of the markets and sectors they invest in, which may differ fromthe views of other Barings portfolio managers.

34

Barings International Umbrella Fund
Investment Managers’ Report (continued)
For the financial year ended 30 April 2024
Barings Global Dividend Champions Fund
Performance
Barings Global Dividend Champions Fund (the “Fund”) generated a gross return of 2.58% on the Class A USD Acc unit class andunderperformed against the performance comparator, which returned 18.39%* during the reporting year. The Fund generated a net
return of 0.93% on the Class A USD Acc unit class.
Given the Fund seeks to generate an attractive dividend yield along with sustainable dividend growth, and that a large part of the growthin the performance comparator was generated by stocks that we do not feel exhibited these characteristics to the extent we required,a large part of the relative performance differential was due to stocks which were not held. In this respect, the underperformanceof Apple, Pfizer and LVMH during the period benefited the relative performance of the Fund, whilst not owning Nvidia and Amazon
in particular, hindered it. In terms of stocks which were held, Danish pharmaceutical group Novo Nordisk once again stood out as
demand remained very strong for not only its diabetes treatment Ozempic, but now also for its weight loss drug Wegovy. AB Foods,
which has disappointed in prior periods, came to the fore on strong demand for its Primark discount clothing offering, and associatedgood margin progression.
In terms of the detractors, Nestle and Aon were notable. Nestle was weak amid concerns of a slower organic growth outlook as
post-covid pricing tailwinds diminished. Management also mis-executed on implementing a new IT system. Aon, a global leading
insurance broker, also detracted over the period as a decline in M&A activity slowed the growth rate of its commercial broking
business, while higher IT investment weighed on the rate of margin expansion.
The Directors, in consultation with the Investment Manager, and in the best interests of the of Unitholders as a whole, have resolved
to terminate the Barings Global Dividend Champions Fund on 13 May 2024.
* The Fund return uses the midday prices, whereas the return of the comparator is calculated using global close prices.

Baring Asset Management Limited
May 2024
Baring Asset Management Limited (the “Investment Manager”) gives its portfolio managers full authority to manage their Funds as they see fit, within
the established guidelines set down. This includes the views that managers may take of the markets and sectors they invest in, which may differ fromthe views of other Barings portfolio managers.

35

Barings International Umbrella Fund
Investment Managers’ Report (continued)
For the financial year ended 30 April 2024
Barings China A-Share Fund
Performance
Barings China A-Share Fund (the “Fund”) generated a gross return of -15.64% on the Class A USD Acc unit class and underperformed
against the performance comparator which returned -13.77% during the reporting year. The Fund generated a net return of -17.31%
on the Class A USD Acc unit class.
Chinese onshore equities carried on a downtrend in most of 2023, as investors remained sceptical about the sustainability of China’s
economic recovery especially given soft consumption, not helped by lingering pressure in the property market. That said, markets
rebounded strongly going into 2024, supported by National Team’s A-Share ETFs buying alongside a number of policies to stimulate
economic demand such as consumption trade-in programs, coupled with recovering inflows as more international investors adjusted
their underweight positions in China on attractive valuations.
Stock selection was the major detractor to relative performance of the Fund over the review period, particularly within Financials fromsome insurer holdings as well as lacking exposure in selective banks. On the other hand, stock selection in Materials contributed
notably to the Fund led by several mining companies, while the Fund’s higher exposure in Energy relative to the performancecomparator also helped the Fund’s relative performance.
At a company level, biological product and vaccine supplier Chongqing Zhifei Biological Products ended as a notable detractor to theFund over the past 12 months, as share price performance was weighed by weaker-than-expected business results in part due toslowing vaccine sales amid intensifying competitions. On the flipside, metal mining operator Zijin Mining ended as a key contributor to
the Fund over the year, thanks to strong production growth in copper and gold post project launches alongside effective cost control,
which resulted in resilient earnings growth of the company.
The Directors, in consultation with the Investment Manager, and in the best interests of the of Unitholders as a whole, have resolved
to terminate Barings China A-Share Fund on 13 May 2024.
* The Fund return uses the midday prices, whereas the return of the comparator is calculated using global close prices.

Baring Asset Management (Asia) Limited,
appointed as Sub-Investment Managers by
Baring Asset Management Limited
May 2024
Baring Asset Management Limited (the “Investment Manager”) gives its portfolio managers full authority to manage their Funds as they see fit, within
the established guidelines set down. This includes the views that managers may take of the markets and sectors they invest in, which may differ fromthe views of other Barings portfolio managers.

36

Barings International Umbrella Fund
Investment Managers’ Report (continued)
For the financial year ended 30 April 2024
Barings Global Equity Allocation Fund
Performance
Barings Global Equity Allocation Fund (the “Fund”) generated a gross return of 20.63% on the Class I USD Acc unit class and over
performed the performance comparator which returned 17.46%* during the reporting year. The Fund generated a net return of19.72% on the Class I USD Acc unit class.
At the sector level, positions in the technology sector, and an underweight position to real estate, an area we thought would
underperform as higher interest rates increased financing costs, were large contributors to relative performance. However, being
underweight to the financials sector was a notable detractor from relative performance.
At the regional level, the largest contribution to performance came from the overweight position to the US. On the negative side, theunderweight position to Emerging Market equities was a notable detractor from performance.
Market outlook
Interest rates have remained elevated, and contrary to expectations, economies are proving resilient. A strong fiscal spend has helped
boost growth, and labour markets remain tight as firms hoard labour. As we expect growth to remain strong, we maintain a preference
for cyclical sectors such as energy and materials. With the ongoing geopolitical tension, it is prudent to keep a high exposure tocompanies linked to commodity prices.
Artificial Intelligence (AI) has been one of the primary catalysts surrounding the strong returns of the technology sector over the past
year. Companies in all sectors are heavily investing in technology to fuel future productivity growth; allowing technology companies todeliver solid earnings growth. However, valuations remain challenging and there is uncertainty over the impact of AI. For this reason,
our exposure is in line with the benchmark to recognise the balance of these risks.
We keep an underweight to Emerging markets as China will continue to face structural challenges stemming from a loss in confidence
in the real estate market and demographic shifts putting pressure on the domestic economy. We increase our allocation to the UK,
as we think inflation will normalise faster than expected, allowing the Bank of England to cut rates, putting pressure on the pound.
Sterling depreciation benefits global companies that are listed there, as they generate revenue in dollars and convert them back into
pounds.
* The Fund return uses the midday prices, whereas the return of the comparator is calculated using global close prices.

Baring Asset Management Limited
May 2024
Baring Asset Management Limited (the “Investment Manager”) gives its portfolio managers full authority to manage their Funds as they see fit, within
the established guidelines set down. This includes the views that managers may take of the markets and sectors they invest in, which may differ fromthe views of other Barings portfolio managers.

37

Barings International Umbrella Fund
Investment Managers’ Report (continued)
For the financial year ended 30 April 2024
Barings Eastern Europe Fund
Performance
Barings Eastern Europe Fund (the “Fund”) merged from Barings Global Umbrella Fund into the Unit Trust on 21 July 2023. The Fund’s
previous track record with the inception date as at 30 September 1996 has been continued.
The Fund generated a gross return of 29.55% on the Class I USD Acc unit class and over performed against the performancecomparator which returned 16.68%* during the reporting period. The Fund generated a net return of 28.56% on the Class I USD Acc
unit class.
The Fund’s investment region, Emerging Europe, benefitted from a robust economic growth backdrop and the cooling of inflationarypressures. Regional politics further supported this positive development as elections favoured market friendly and growth orientatedpolitical parties. The stock markets of the Fund’s 3 key geographies (Central Europe, Greece and Turkey - with a total of 175 million
inhabitants) generated impressive returns between 30-40% in USD over the course of the reporting period.
Stock selection contributed significantly to performance, with the Consumer sector a beneficiary via the Fund’s holdings in Turkish
hard discount retailer BIM and the Turkish bottler Coca Cola Icecek (CCI). BIM benefitted from market share gains and a solid margindevelopment while CCI managed to substantially improve pricing and delivered a positive growth surprise within its Central Asian
operations.
Polish e-commerce infrastructure and parcel locker operator Inpost, also over performed, as it convinced investors it had successfully
implemented its European roll-out strategy, growing successfully in markets such as France or the UK. The stock clocked a 50%+
return (USD) over the period as a result.
New holdings in the Fund include Romanian renewable power company Hidroelectrica that we purchased via the company’s IPO
in July 2023, Polish fast fashion retailer LLP, Piraeus Bank of Greece and Kazakhstan’s leading ecommerce and FinTech operator
Kaspi. The Fund sold out of its position in the Polish computer game developer CD Project.
The underperformance of the utility sector over the course of the reporting period stems from a substantial fall in European gas
prices with electricity following suit. The Fund however maintained a lower weight than the performance comparator, and we continue
to monitor the sector’s fundamentals, which remain solid, as utilities stand to benefit from a wave of investments in electricity
infrastructure, often supported by state / EU grants, and a steady rise in electricity consumption.
Market outlook
Having surprised positively over the course of the reporting period Emerging European markets are poised to continue on their pathof economic performance, supported by strong domestic demand in the larger Central European economies of Romania and Poland,
while export-led growth should remain subdued due to the slow industrial recovery of Germany, the region’s largest trading partner.
Impressively, the return to orthodox monetary policies in Turkey under the helm of Finance Minister Mehmet Simsek has put thecountry back on investors’ maps, leading to portfolio inflows in fixed income and equity markets alike. The restrictive monetary policy
stance will reduce consumption and investment while prompting an increase in household savings. The bitter medicine could soonbear fruits however, as a meaningful reduction in inflationary pressures in the second half of 2024 should pave the way for an easing
cycle. The country is brimming with potential, in our view, and a solid institutional framework will help unlock it.

38

Barings International Umbrella Fund
Investment Managers’ Report (continued)
For the financial year ended 30 April 2024
Barings Eastern Europe Fund (continued)
Market outlook (continued)
Greece’s success story continues into 2024 and beyond as the positive reform momentum prevails, best exemplified by the successful
unwind of the Hellenic Financial Stability Fund (originally set up by the ECB, IMF and European commission to safeguard the Greek
financial sector from collapse) via large-sized stock offerings in the banking sector. Having improved across a set of economic andinstitutional indicators Greek financial markets might qualify for an inclusion in the “Developed Market” category soon
* The Fund return uses the midday prices, whereas the return of the comparator is calculated using global close prices.

Baring Asset Management Limited
May 2024
Baring Asset Management Limited (the “Investment Manager”) gives its portfolio managers full authority to manage their Funds as they see fit, within
the established guidelines set down. This includes the views that managers may take of the markets and sectors they invest in, which may differ fromthe views of other Barings portfolio managers.

39

Barings International Umbrella Fund
Statement of Financial Position
As at 30 April 2024

AssetsFinancial assets at fair value through profit or loss
Cash and cash equivalents
Securities sold receivable
Receivable for units soldInterest receivable
Dividends receivable
Other assets
Total assets
Liabilities
Financial liabilities at fair value through profit or loss
Management fee payable
Administration, depositary & operating fees payable
Accrued capital gains tax
Payable for units redeemed
Total liabilities (excluding net assets attributable
to holders of redeemable participating units)

Notes
2
3
2
2
2
2

2
6
6
2

Net assets attributable to holders of redeemableparticipating units

Barings ASEAN
Frontiers Fund
30 April 2024
US$346,989,492
4,478,834
1,398,342
345,218
9,861
389,252
52
353,611,051

Barings Asia
Growth Fund
30 April 2024
US$97,379,117
804,902670,516
33,688
4,170
62,191
60
98,954,644

Barings Australia
Fund
30 April 2024
US$
69,061,633
675,133–
679,013
1,326––
70,417,105(72,957)(315,627)(114,712)–(322,623)(9)(92,654)(33,548)(632,467)(66,683)–(65,040)(23,136)–(185,962)(825,919)(825,361)(274,138)

352,785,132

98,129,283

70,142,967

The accompanying notes form an integral part of these financial statements.
40

Barings International Umbrella Fund
Statement of Financial Position (continued)
As at 30 April 2024

AssetsFinancial assets at fair value through profit or loss
Cash and cash equivalents
Margin cash
Securities sold receivable
Receivable for units soldInterest receivable
Dividends receivable
Other assets
Total assets
Liabilities
Financial liabilities at fair value through profit or loss
Management fee payable
Administration, depositary & operating fees payable
Securities purchased payable
Payable for units redeemed
Total liabilities (excluding net assets attributable
to holders of redeemable participating units)

Notes
2
3
3
2
2
2
2

2
6
6
2
2

Net assets attributable to holders of redeemableparticipating units

Barings Europa
Fund
30 April 2024US$
20,883,746
433,678––
5,881–
99,8508
21,423,163

Barings Hong
Kong China Fund
30 April 2024
US$
1,008,958,645
4,724,901–
11,919,384
556,6426,028
241,060
10,706
1,026,417,366

Barings Global
Bond Fund
30 April 2024
US$54,198,993
446,174
95,125–
20,485
601,240––
55,362,017–(22,077)(8,132)–(7,526)(12)(992,023)(371,448)(7,974,088)(1,259,851)(395,789)(33,744)(20,196)–(207,116)(37,735)(10,597,422)(656,845)

21,385,428

1,015,819,944

54,705,172

The accompanying notes form an integral part of these financial statements.
41

Barings International Umbrella Fund
Statement of Financial Position (continued)
As at 30 April 2024

AssetsFinancial assets at fair value through profit or loss
Cash and cash equivalents
Margin cash
Securities sold receivable
Receivable for units soldInterest receivable
Dividends receivable
Total assets
Liabilities
Financial liabilities at fair value through profit or loss
Management fee payable
Administration, depositary & operating fees payable
Payable for units redeemed
Total liabilities (excluding net assets attributable
to holders of redeemable participating units)

Notes
2
3
3
2
2
2
2

2
6
6
2

Net assets attributable to holders of redeemableparticipating units

Barings Global
Balanced Fund
30 April 2024
US$56,782,225
1,727,102
1,132,945–
8,276
202,718
7,889
59,861,155

Barings Global
Technology
Equity Fund*
30 April 2024
US$8,144,504
18,583
–
–
–
620
903
8,164,610

Barings Europe
Select Fund
30 April 2024€
50,827,146
1,753,329–
92,741121
1,770
97,144
52,772,251(160,355)(48,728)(21,929)(41,388)–(5,672)(22,993)(83,889)–(50,499)(2,166)(241)(272,400)(112,554)(52,906)

59,588,755

8,052,056

52,719,345* Barings Global Technology Equity Fund, Barings Global Dividend Champions Fund and Barings China A-Share Fund terminated on 13 May
2024. As the result, the financial statements for these Funds have been prepared on a non-going concern basis.

The accompanying notes form an integral part of these financial statements.
42

Barings International Umbrella Fund
Statement of Financial Position (continued)
As at 30 April 2024

AssetsFinancial assets at fair value through profit or loss
Cash and cash equivalents
Securities sold receivable
Interest receivable
Dividends receivable
Total assets
Liabilities
Management fee payable
Administration, depositary & operating fees payable
Total liabilities (excluding net assets attributable
to holders of redeemable participating units)

Notes
2
3
2
2
2

6
6

Net assets attributable to holders of redeemableparticipating units

Barings German
Growth Fund
30 April 2024€
22,648,504
866,883
20,227
1,022–
23,536,636

Barings Global
Dividend
Champions
Fund*
30 April 2024
US$
23,725,764
2,039,989–
2,762
29,167
25,797,682

Barings China
A-Share Fund*
30 April 2024
US$4,576,884
262,627–
28–
4,839,539(29,022)(1,170)(1,365)(2,156)

(23)
(981)

(30,192)(3,521)(1,004)23,506,444

25,794,161

4,838,535* Barings Global Technology Equity Fund, Barings Global Dividend Champions Fund and Barings China A-Share Fund terminated on 13 May
2024. As the result, the financial statements for these Funds have been prepared on a non-going concern basis.

The accompanying notes form an integral part of these financial statements.
43

Barings International Umbrella Fund
Statement of Financial Position (continued)
As at 30 April 2024

AssetsFinancial assets at fair value through profit or loss
Cash and cash equivalents
Margin cash
Securities sold receivable
Receivable for units soldInterest receivable
Dividends receivable
Other assets
Total assets

Notes
2
3
3
2
2
2
2

Liabilities
Financial liabilities at fair value through profit or loss
Management fee payable
Administration, depositary & operating fees payable
Accrued capital gains tax
Payable for units redeemed
Total liabilities (excluding net assets attributable
to holders of redeemable participating units)

2
6
6
2

Net assets attributable to holders of redeemableparticipating units

Barings Global
Equity Allocation
Fund
30 April 2024
US$38,905,223
208,990
169,465
1,044–
593
71,1336,306
39,362,754

Barings Eastern
Europe Fund*
30 April 2024US$294,401,189
9,942,456––
306,176
22,176
1,195,456
5
305,867,458(88,305)(1)(8,128)(2,842)––(363,947)(109,284)–(303,611)(99,276)(776,842)

39,263,478

305,090,616* The Barings Eastern Europe Fund merged from Barings Global Umbrella Fund in to the Unit Trust on 21 July 2023.

The accompanying notes form an integral part of these financial statements.
44

Barings International Umbrella Fund
Statement of Financial Position (continued)
As at 30 April 2023

AssetsFinancial assets at fair value through profit or loss
Cash and cash equivalents
Securities sold receivable
Receivable for units soldInterest receivable
Dividends receivable
Other assets
Total assets
Liabilities
Financial liabilities at fair value through profit or loss
Management fee payable
Administration, depositary & operating fees payable
Securities purchased payable
Accrued capital gains tax
Payable for units redeemed
Total liabilities (excluding net assets attributable
to holders of redeemable participating units)

Notes
2
3
2
2
2
2

2
6
6
2
2

Net assets attributable to holders of redeemableparticipating units

Barings ASEAN
Frontiers Fund
30 April 2023
US$458,282,752
20,853,185
3,354,626
222,674
16,502
480,675401
483,210,815

Barings Asia
Growth Fund
30 April 2023
US$136,006,264
1,773,108
6,438,226
35,211
7,587
121,287
1,228
144,382,911

Barings Australia
Fund
30 April 2023
US$63,745,540
2,087,484
425,241
32,053
2,368––
66,292,686(14,505)(789,064)(278,450)(1,447,606)–(3,018,174)(655)(257,705)(100,842)(6,069,872)(137,050)(705,528)–(122,882)(43,839)(208,918)–(62,171)(5,547,799)(7,271,652)(437,810)

477,663,016

137,111,259

65,854,876

The accompanying notes form an integral part of these financial statements.
45

Barings International Umbrella Fund
Statement of Financial Position (continued)
As at 30 April 2023

AssetsFinancial assets at fair value through profit or loss
Cash and cash equivalents
Margin cash
Securities sold receivable
Receivable for units soldInterest receivable
Dividends receivable
Other assets
Total assets
Liabilities
Financial liabilities at fair value through profit or loss
Management fee payable
Administration, depositary & operating fees payable
Securities purchased payable
Payable for units redeemed
Total liabilities (excluding net assets attributable
to holders of redeemable participating units)

Notes
2
3
3
2
2
2
2

2
6
6
2
2

Net assets attributable to holders of redeemableparticipating units

Barings Europa
Fund
30 April 2023
US$
25,056,986
159,223––
9,096–
76,09875
25,301,478

Barings Hong
Kong China Fund
30 April 2023
US$1,250,327,761
29,389,842–
102,803,598
789,659
26,943–5,106
1,383,342,909

Barings Global
Bond Fund
30 April 2023
US$
51,813,931
763,231
151,003–
723,027
371,173––
53,822,365–(49,438)(18,278)–(39,329)(112)(2,645,745)(960,962)(111,397,395)(795,145)(164,256)(62,958)(37,645)–(20,998)(107,045)(115,799,359)(285,857)

25,194,433

1,267,543,550

53,536,508

The accompanying notes form an integral part of these financial statements.
46

Barings International Umbrella Fund
Statement of Financial Position (continued)
As at 30 April 2023

AssetsFinancial assets at fair value through profit or loss
Cash and cash equivalents
Margin cash
Securities sold receivable
Receivable for units soldInterest receivable
Dividends receivable
Total assets
Liabilities
Management fee payable
Administration, depositary & operating fees payable
Securities purchased payable
Payable for units redeemed
Total liabilities (excluding net assets attributable
to holders of redeemable participating units)

Notes
2
3
3
2
2
2
2

6
6
2
2

Net assets attributable to holders of redeemableparticipating units

Barings Global
Balanced Fund
30 April 2023
US$61,157,869
1,833,452
738,203
1,386,079
3,593
415,559
9,246
65,544,001

Barings Global
Technology
Equity Fund
30 April 2023
US$5,358,046
249,553––
33,385446
467
5,641,897

Barings Europe
Select Fund*
30 April 2023€
48,892,020
2,312,245
–
–
56
1,057
173,680
51,379,058(102,511)(46,132)(1,411,723)(35,039)(6,951)(11,281)––(98,007)(4,175)––(1,595,405)(18,232)(102,182)

63,948,596

5,623,665

51,276,876* The Barings Europe Select Fund merged from Barings Investment Funds Plc in to the Unit Trust on 14 October 2022.

The accompanying notes form an integral part of these financial statements.
47

Barings International Umbrella Fund
Statement of Financial Position (continued)
As at 30 April 2023

AssetsFinancial assets at fair value through profit or loss
Cash and cash equivalents
Interest receivable
Dividends receivable
Total assets
Liabilities
Management fee payable
Administration, depositary & operating fees payable
Payable for units redeemed
Total liabilities (excluding net assets attributable
to holders of redeemable participating units)

Notes
2
3
2
2

6
6
2

Net assets attributable to holders of redeemableparticipating units

Barings German
Growth Fund*
30 April 2023€
22,785,407
86,938271
568
22,873,184

Barings Global
Dividend
Champions
Fund**
30 April 2023
US$24,667,112
984,710
1,214
29,242
25,682,278

Barings China
A-Share Fund***
30 April 2023
US$8,485,125
162,061
126–
8,647,312(53,659)(2,167)(2,520)(2,190)(3,882)–(71)(3,605)–(58,346)(6,072)(3,676)

22,814,838

25,676,206

8,643,636* The Barings German Growth Fund merged from Barings Investment Funds Plc in to the Unit Trust on 14 October 2022.
** The Barings Global Dividend Champions Fund merged from Barings Investment Funds Plc in to the Unit Trust on 7 October 2022.
*** The Barings China A-Share Fund merged from Barings Investment Funds Plc in to the Unit Trust on 18 November 2022.

The accompanying notes form an integral part of these financial statements.
48

Barings International Umbrella Fund
Statement of Financial Position (continued)
As at 30 April 2023

AssetsFinancial assets at fair value through profit or loss
Cash and cash equivalents
Securities sold receivable
Interest receivable
Dividends receivable
Other assets
Total assets

Notes
2
3
2
2
2

Liabilities
Financial liabilities at fair value through profit or loss
Management fee payable
Administration, depositary & operating fees payable
Total liabilities (excluding net assets attributable
to holders of redeemable participating units)

Barings Global
Equity Allocation
Fund*
30 April 2023
US$55,639,291
279,097
1,223
328
80,531
6,309
56,006,779

2
6
6(20,874)(1)(21,910)(42,785)

Net assets attributable to holders of redeemableparticipating units

55,963,994* The Barings Global Equity Allocation Fund merged from Barings Investment Funds Plc in to the Unit Trust on 18 November 2022.

The accompanying notes form an integral part of these financial statements.
49

Barings International Umbrella Fund
Statement of Comprehensive Income
For the financial year ended 30 April 2024

Notes

Barings ASEAN
Frontiers Fund
30 April 2024
US$

Barings Asia
Growth Fund
30 April 2024
US$

Barings Australia
Fund
30 April 2024
US$

2
2

142,548
12,999,013

52,7972,366,059

45,1942,858,123

2(25,553,674)

2,423,529

4,444,161(12,412,113)

4,842,385

7,347,478(4,347,042)(1,536,209)(3,250)(1,250,524)(449,191)(4,449)(773,949)(275,581)(3,250)Total operating expenses(5,886,501)(1,704,164)(1,052,780)

Net (loss)/profit before finance costs and taxation(18,298,614)

3,138,221

6,294,698(2,322,174)(5,046)(100,282)(7,305)(1,220,993)(16,437)

Total finance costs(2,327,220)(107,587)(1,237,430)(Decrease)/increase in net assets attributable to holdersof redeemable participating units before taxation(20,625,834)

3,030,634

5,057,268(1,215,205)(310,152)(725,796)–(395,078)–

Total taxation(1,215,205)(705,230)(725,796)(Decrease)/increase in net assets attributable to holdersof redeemable participating units(21,841,039)

2,325,404

4,331,472

IncomeBank interest income
Dividend income
Net fair value (loss)/gain on financial assets and financial
liabilities at fair value through profit or loss
Total (expense)/income
Expenses
Management fees
Administration, depositary & operating fees
General expenses

Finance costs
Distributions
Bank interest expense

6
6
6

5
2

Taxation
Withholding tax on dividends and other investment income
Capital gains tax

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

The accompanying notes form an integral part of these financial statements.
50Barings International Umbrella Fund
Statement of Comprehensive Income (continued)
For the financial year ended 30 April 2024

Notes

Barings Europa
Fund
30 April 2024
US$

Barings Hong
Kong China Fund
30 April 2024
US$

Barings Global
Bond Fund
30 April 2024
US$

2
2
2

8,441
–
691,431

282,050–
27,938,200

54,8042,319,445–

2

643,481(149,012,744)(4,317,374)

1,343,353(120,792,494)(1,943,125)(279,735)(100,705)(5,878)(13,646,651)(4,907,953)(19,051)(421,292)(252,063)(3,250)Total operating expenses(386,318)(18,573,655)(676,605)

Net profit/(loss) before finance costs and taxation

957,035(139,366,149)(2,619,730)(290,350)(63)–(41,966)(1,358,683)(985)

Total finance costs(290,413)(41,966)(1,359,668)

Increase/(decrease) in net assets attributable to holdersof redeemable participating units before taxation

666,622(139,408,115)(3,979,398)

Withholding tax on dividends and other investment income(51,900)(2,018,005)–

Total taxation(51,900)(2,018,005)–

Increase/(decrease) in net assets attributable to holdersof redeemable participating units

614,722(141,426,120)(3,979,398)

IncomeBank interest income
Interest income
Dividend income
Net fair value gain/(loss) on financial assets and financial
liabilities at fair value through profit or loss
Total income/(expense)
Expenses
Management fees
Administration, depositary & operating fees
General expenses

Finance costs
Distributions
Bank interest expense

6
6
6

5
2

Taxation

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

The accompanying notes form an integral part of these financial statements.
51

Barings International Umbrella Fund
Statement of Comprehensive Income (continued)
For the financial year ended 30 April 2024

Notes

Barings Global
Balanced Fund
30 April 2024
US$

Barings Global
Technology
Equity Fund*
30 April 2024
US$

Barings Europe
Select Fund
30 April 2024
€

2
2
2

95,352
1,643,849
320,001

7,257–
35,45427,563–
1,268,009

2

2,514,352

2,668,787

3,097,680

4,573,554

2,711,498

4,393,252(609,098)(274,108)(3,279)(57,059)(21,343)(15,444)(593,193)(25,377)(3,040)Total operating expenses(886,485)(93,846)(621,610)

Net profit before finance costs and taxation

3,687,069

2,617,652

3,771,642(38,143)(2,325)–(429)(461,715)(796)(40,468)(429)(462,511)

3,646,601

2,617,223

3,309,131

IncomeBank interest income
Interest income
Dividend income
Net fair value gain on financial assets and financial liabilities
at fair value through profit or loss
Total income
Expenses
Management fees
Administration, depositary & operating fees
General expenses

Finance costs
Distributions
Bank interest expense

6
6
6

5
2

Total finance costs
Increase in net assets attributable to holders ofredeemable participating units before taxation
Taxation
Withholding tax on dividends and other investment income(48,664)(8,119)(162,595)

Total taxation(48,664)(8,119)(162,595)

3,597,937

2,609,104

3,146,536

Increase in net assets attributable to holders ofredeemable participating units* Barings Global Technology Equity Fund, Barings Global Dividend Champions Fund and Barings China A-Share Fund terminated on 13 May 2024.
As the result, the financial statements for these Funds have been prepared on a non-going concern basis.
Gains and losses for Barings Global Technology Equity Fund arose solely from discontinuing operations. Gains and losses for Barings Global
Balanced Fund and Barings Europe Select Fund arose solely from continuing operations. There were no gains or losses other than those dealt within the Statement of Comprehensive Income.

The accompanying notes form an integral part of these financial statements.
52

Barings International Umbrella Fund
Statement of Comprehensive Income (continued)
For the financial year ended 30 April 2024

Notes

Barings German
Growth Fund
30 April 2024€

Barings Global
Dividend
Champions
Fund*
30 April 2024
US$

Barings China
A-Share Fund*
30 April 2024
US$

2
2

9,374
743,708

24,840631,9592,220
140,6312

1,905,547(313,942)(1,147,014)

2,658,629

342,857(1,004,163)(330,721)(13,348)(3,040)(16,712)(25,767)(3,250)(312)(13,910)(3,250)Total operating expenses(347,109)(45,729)(17,472)

Net profit/(loss) before finance costs and taxation

2,311,520

297,128(1,021,635)

(55)
(34)

(155)
(245)

(530)
(1,033)

(89)

(400)

(1,563)2,311,431

296,728(1,023,198)

Withholding tax on dividends and other investment income(163,600)(68,655)(13,011)

Total taxation(163,600)(68,655)(13,011)

Increase/(decrease) in net assets attributable to holdersof redeemable participating units

2,147,831

228,073(1,036,209)

IncomeBank interest income
Dividend income
Net fair value gain/(loss) on financial assets and financial
liabilities at fair value through profit or loss
Total income/(expense)
Expenses
Management fees
Administration, depositary & operating fees
General expenses

Finance costs
Distributions
Bank interest expense

6
6
6

5
2

Total finance costs
Increase/(decrease) in net assets attributable to holdersof redeemable participating units before taxation
Taxation* Barings Global Technology Equity Fund, Barings Global Dividend Champions Fund and Barings China A-Share Fund terminated on 13 May 2024.
As the result, the financial statements for these Funds have been prepared on a non-going concern basis.
Gains and losses for Barings Global Dividend Champions Fund and Barings China A-Share Fund arose solely from discontinuing operations. Gains
and losses for Barings German Growth Fund arose solely from continuing operations. There were no gains or losses other than those dealt with in
the Statement of Comprehensive Income.

The accompanying notes form an integral part of these financial statements.
53

Barings International Umbrella Fund
Statement of Comprehensive Income (continued)
For the financial year ended 30 April 2024

IncomeBank interest income
Dividend income
Net fair value gain on financial assets and financial liabilities at fair value throughprofit or loss

Barings Global
Equity Allocation
Fund
30 April 2024
Notes
US$

Barings Eastern
Europe Fund*
30 April 2024
US$

2
2

10,502
931,828

199,117
6,263,483

2

6,649,025

64,585,566

7,591,355

71,048,166(7)(102,678)(3,254)(3,124,994)(937,906)(15,210)

Total operating expenses(105,939)(4,078,110)

Net profit before finance costs and taxation

7,485,416

66,970,056(2,999)(19,839)(2,999)(19,839)

7,482,417

66,950,217

Withholding tax on dividends and other investment income(180,508)(1,247,974)

Capital gains tax(10,425)–

Total taxation(190,933)(1,247,974)

Increase in net assets attributable to holders of redeemable participating
units

7,291,484

65,702,243

Total income
Expenses
Management fees
Administration, depositary & operating fees
General expenses

6
6
6

Finance costs
Bank interest expense2

Total finance costs
Increase in net assets attributable to holders of redeemable participating
units before taxation
Taxation* The Barings Eastern Europe Fund merged from Barings Global Umbrella Fund in to the Unit Trust on 21 July 2023.
Gains and losses arose solely from continuing operations. There were no gains or losses other than those dealt with in the Statement of Comprehensive
Income.

The accompanying notes form an integral part of these financial statements.
54

Barings International Umbrella Fund
Statement of Comprehensive Income (continued)
For the financial year ended 30 April 2023

Notes

Barings ASEAN
Frontiers Fund
30 April 2023
US$

Barings Asia
Growth Fund
30 April 2023
US$

Barings Australia
Fund
30 April 2023
US$

2
2

137,388
13,170,313

47,223
3,088,919

27,934
3,384,439

2(30,300,629)(24,074,033)(7,177,801)(16,992,928)(20,937,891)(3,765,428)(4,761,756)(1,677,618)(9,994)(1,674,246)(596,632)(4,034)(747,618)(267,450)(3,250)Total operating expenses(6,449,368)(2,274,912)(1,018,318)

Net loss before finance costs and taxation(23,442,296)(23,212,803)(4,783,746)(1,651,643)(5,893)–(3,593)(1,286,690)(12,264)

Total finance costs(1,657,536)(3,593)(1,298,954)

Decrease in net assets attributable to holders ofredeemable participating units before taxation(25,099,832)(23,216,396)(6,082,700)(1,227,652)(352,584)(806,602)–

327,695–

Total taxation(1,227,652)(24,889)(806,602)

Decrease in net assets attributable to holders ofredeemable participating units(26,327,484)(23,241,285)(6,889,302)

IncomeBank interest income
Dividend income
Net fair value loss on financial assets and financial liabilities
at fair value through profit or loss
Total expense
Expenses
Management fees
Administration, depositary & operating fees
General expenses

Finance costs
Distributions
Bank interest expense

6
6
6

5
2

Taxation
Withholding tax on dividends and other investment income
Capital gains tax

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

The accompanying notes form an integral part of these financial statements.
55

Barings International Umbrella Fund
Statement of Comprehensive Income (continued)
For the financial year ended 30 April 2023

Notes

Barings Europa
Fund
30 April 2023
US$

Barings Hong
Kong China Fund
30 April 2023
US$

Barings Global
Bond Fund
30 April 2023
US$

2
2
2

655
–
814,685

305,341–
29,839,520

26,3281,477,413–

2

1,648,889(219,722,280)(3,351,281)

2,464,229(189,577,419)(1,847,540)(289,055)(104,060)(6,000)(17,054,272)(6,132,970)(18,470)(377,440)(225,641)(3,250)Total operating expenses(399,115)(23,205,712)(606,331)

Net profit/(loss) before finance costs and taxation

2,065,114(212,783,131)(2,453,871)(228,571)(1,550)–(19,471)(160,668)(11,619)

Total finance costs(230,121)(19,471)(172,287)

Increase/(decrease) in net assets attributable to holdersof redeemable participating units before taxation

1,834,993(212,802,602)(2,626,158)

Withholding tax on dividends and other investment income(102,360)(1,469,922)(13,475)

Total taxation(102,360)(1,469,922)(13,475)

Increase/(decrease) in net assets attributable to holdersof redeemable participating units

1,732,633(214,272,524)(2,639,633)

IncomeBank interest income
Interest income
Dividend income
Net fair value gain/(loss) on financial assets and financial
liabilities at fair value through profit or loss
Total income/(expense)
Expenses
Management fees
Administration, depositary & operating fees
General expenses

Finance costs
Distributions
Bank interest expense

6
6
6

5
2

Taxation

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

The accompanying notes form an integral part of these financial statements.
56

Barings International Umbrella Fund
Statement of Comprehensive Income (continued)
For the financial year ended 30 April 2023

IncomeBank interest income
Interest income
Dividend income
Net fair value (loss)/gain on financial assets and financial
liabilities at fair value through profit or loss

Notes

Barings Global
Balanced Fund
30 April 2023
US$

Barings Global
Technology
Equity Fund
30 April 2023
US$

Barings Europe
Select Fund*
30 April 2023
€

2
2
2

76,354
945,336
644,0812,539–
32,516

12,843–
594,435

2(7,408,698)(28,061)

7,270,366(5,742,927)

6,994

7,877,644(667,017)(298,895)(639)(40,291)(15,099)(9,231)(315,002)(13,316)(7,109)(966,551)(64,621)(335,427)(6,709,478)(57,627)

7,542,217(43,228)(22,775)–(25)–(4,666)(66,003)(25)(4,666)(6,775,481)(57,652)

7,537,551

Withholding tax on dividends and other investment income(106,847)(7,939)(96,583)

Total taxation(106,847)(7,939)(96,583)(6,882,328)(65,591)

7,440,968

Total (expense)/income
Expenses
Management fees
Administration, depositary & operating fees
General expenses

6
6
6

Total operating expenses
Net (loss)/profit before finance costs and taxation
Finance costs
Distributions
Bank interest expense

52

Total finance costs(Decrease)/increase in net assets attributable to holdersof redeemable participating units before taxation
Taxation(Decrease)/increase in net assets attributable to holdersof redeemable participating units* The Barings Europe Select Fund merged from Barings Investment Funds Plc in to the Unit Trust on 14 October 2022.
Gains and losses arose solely from continuing operations. There were no gains or losses other than those dealt with in the Statement of Comprehensive
Income.

The accompanying notes form an integral part of these financial statements.
57

Barings International Umbrella Fund
Statement of Comprehensive Income (continued)
For the financial year ended 30 April 2023

Notes

Barings German
Growth Fund*
30 April 2023€

Barings Global
Dividend
Champions
Fund**
30 April 2023
US$

Barings China
A-Share Fund***
30 April 2023
US$

2
2

2,501
113,677

5,244
356,671894
16,1302

4,516,599

5,250,809

241,378

4,632,777

5,612,724

258,402(170,062)(6,865)(2,977)(7,362)(12,710)(3,706)(196)(9,971)(3,250)Total operating expenses(179,904)(23,778)(13,417)

Net profit before finance costs and taxation

4,452,873

5,588,946

244,985

–
(74)

(150)
(217)

–
(81)

(74)

(367)

(81)

4,452,799

5,588,579

244,904

Withholding tax on dividends and other investment income(13,556)(53,745)(1,492)

Total taxation(13,556)(53,745)(1,492)

4,439,243

5,534,834

243,412

IncomeBank interest income
Dividend income
Net fair value gain on financial assets and financial liabilities
at fair value through profit or loss
Total income
Expenses
Management fees
Administration, depositary & operating fees
General expenses

Finance costs
Distributions
Bank interest expense

6
6
6

5
2

Total finance costs
Increase in net assets attributable to holders ofredeemable participating units before taxation
Taxation

Increase in net assets attributable to holders ofredeemable participating units* The Barings German Growth Fund merged from Barings Investment Funds Plc in to the Unit Trust on 14 October 2022.
** The Barings Global Dividend Champions Fund merged from Barings Investment Funds Plc in to the Unit Trust on 7 October 2022.
*** The Barings China A-Share Fund merged from Barings Investment Funds Plc in to the Unit Trust on 18 November 2022.
Gains and losses arose solely from continuing operations. There were no gains or losses other than those dealt with in the Statement of Comprehensive
Income.

The accompanying notes form an integral part of these financial statements.
58

Barings International Umbrella Fund
Statement of Comprehensive Income (continued)
For the financial year ended 30 April 2023

IncomeBank interest income
Dividend income
Net fair value gain on financial assets and financial liabilities at fair value through profit or loss

Barings Global
Equity Allocation
Fund*
30 April 2023
Notes
US$
2
2
2

Total income

9,155
599,7102,845,763
3,454,628

Expenses
Management fees
Administration, depositary & operating fees
General expenses

6
6
6

Total operating expenses(3)(53,153)(3,250)(56,406)

Net profit before finance costs and taxation

3,398,222

Finance costs
Bank interest expense2

Total finance costs(7,449)(7,449)

Increase in net assets attributable to holders of redeemable participating units before taxation

3,390,773

Taxation
Withholding tax on dividends and other investment income(114,071)

Total taxation(114,071)

Increase in net assets attributable to holders of redeemable participating units

3,276,702* The Barings Global Equity Allocation Fund merged from Barings Investment Funds Plc in to the Unit Trust on 18 November 2022.
Gains and losses arose solely from continuing operations. There were no gains or losses other than those dealt with in the Statement of Comprehensive
Income.

The accompanying notes form an integral part of these financial statements.
59Barings International Umbrella Fund
Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Units
For the financial year ended 30 April 2024

Net assets attributable to holders of redeemableparticipating units at the beginning of the financial year
(Decrease)/increase in net assets attributable to holders ofredeemable participating units
Issue of redeemable participating units during the financial
year
Redemption of redeemable participating units during thefinancial year
Income equalisation
Net assets attributable to holders of redeemableparticipating units at the end of the financial year

Barings ASEAN
Frontiers Fund
30 April 2024
US$

Barings Asia
Growth Fund
30 April 2024
US$

Barings Australia
Fund
30 April 2024
US$477,663,016

137,111,259

65,854,876(21,841,039)

2,325,404

4,331,472

467,824,302

15,299,184

15,499,715

4
5(170,840,804)(20,343)(56,512,966)(93,598)(15,517,304)(25,792)

352,785,132

98,129,283

70,142,967

Notes

The accompanying notes form an integral part of these financial statements.
60

Barings International Umbrella Fund
Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Units (continued)
For the financial year ended 30 April 2024

Net assets attributable to holders of redeemableparticipating units at the beginning of the financial year
Increase/(decrease) in net assets attributable to holders ofredeemable participating units
Issue of redeemable participating units during the financial
year
Redemption of redeemable participating units during thefinancial year
Income equalisation
Net assets attributable to holders of redeemableparticipating units at the end of the financial year

Barings Europa
Fund
30 April 2024
US$

Barings Hong
Kong China Fund
30 April 2024
US$

Barings Global
Bond Fund
30 April 2024
US$25,194,433

1,267,543,550

53,536,508

614,722(141,426,120)(3,979,398)

4

1,248,675

123,303,680

15,824,218

4
5(5,643,361)(29,041)(233,597,097)(4,069)(10,669,477)(6,679)21,385,428

1,015,819,944

54,705,172

Notes

The accompanying notes form an integral part of these financial statements.
61

Barings International Umbrella Fund
Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Units (continued)
For the financial year ended 30 April 2024

Net assets attributable to holders of redeemableparticipating units at the beginning of the financial year
Increase in net assets attributable to holders of redeemableparticipating units
Issue of redeemable participating units during the financial
year
Redemption of redeemable participating units during thefinancial year
Income equalisation
Net assets attributable to holders of redeemableparticipating units at the end of the financial year

Barings Global
Balanced Fund
30 April 2024
US$

Barings Global
Technology
Equity Fund*
30 April 2024
US$

Barings Europe
Select Fund
30 April 2024€

63,948,596

5,623,665

51,276,876

3,597,937

2,609,104

3,146,536

4

2,356,426

559,169

3,491,044

4
5(10,313,661)(543)(739,882)–(5,202,029)
6,918

59,588,755

8,052,056

52,719,345

Notes* Barings Global Technology Equity Fund, Barings Global Dividend Champions Fund and Barings China A-Share Fund terminated on 13 May
2024. As the result, the financial statements for these Funds have been prepared on a non-going concern basis.

The accompanying notes form an integral part of these financial statements.
62

Barings International Umbrella Fund
Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Units (continued)
For the financial year ended 30 April 2024

Net assets attributable to holders of redeemableparticipating units at the beginning of the financial year
Increase/(decrease) in net assets attributable to holders ofredeemable participating units
Issue of redeemable participating units during the financial
year
Redemption of redeemable participating units during thefinancial year
Income equalisation
Net assets attributable to holders of redeemableparticipating units at the end of the financial year

Barings German
Growth Fund
30 April 2024€

Barings Global
Dividend
Champions
Fund*
30 April 2024
US$

Barings China
A-Share Fund*
30 April 2024
US$

22,814,838

25,676,206

8,643,636

2,147,831

228,073(1,036,209)

4

402,705

1,059,875–

4
5(1,858,198)(732)(1,169,985)(8)(2,763,447)(5,445)23,506,444

25,794,161

4,838,535

Notes* Barings Global Technology Equity Fund, Barings Global Dividend Champions Fund and Barings China A-Share Fund terminated on 13 May
2024. As the result, the financial statements for these Funds have been prepared on a non-going concern basis.

The accompanying notes form an integral part of these financial statements.
63

Barings International Umbrella Fund
Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Units (continued)
For the financial year ended 30 April 2024

Net assets attributable to holders of redeemable participating units at the
beginning of the financial year
Increase in net assets attributable to holders of redeemable participating units
Issue of redeemable participating units during the financial year
Redemption of redeemable participating units during the financial year
Income equalisation
Net assets attributable to holders of redeemable participating units at theend of the financial year

Barings Global
Equity Allocation
Fund
30 April 2024
Notes
US$

4
4
5

55,963,994–

7,291,484–(23,992,000)–

65,702,243
299,046,549(59,657,677)(499)

39,263,478

305,090,616* The Barings Eastern Europe Fund merged from Barings Global Umbrella Fund in to the Unit Trust on 21 July 2023.

The accompanying notes form an integral part of these financial statements.
64

Barings Eastern
Europe Fund*
30 April 2024
US$Barings International Umbrella Fund
Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Units (continued)
For the financial year ended 30 April 2023

Net assets attributable to holders of redeemableparticipating units at the beginning of the financial year
Decrease in net assets attributable to holders ofredeemable participating units
Issue of redeemable participating units during the financial
year
Redemption of redeemable participating units during thefinancial year
Income equalisation
Net assets attributable to holders of redeemableparticipating units at the end of the financial year

Barings ASEAN
Frontiers Fund
30 April 2023
US$

Barings Asia
Growth Fund
30 April 2023
US$

Barings Australia
Fund
30 April 2023
US$532,758,689

179,926,284

68,762,239(26,327,484)(23,241,285)(6,889,302)

4

133,219,981

27,895,502

16,640,319

4
5(161,978,626)(9,544)(47,469,248)
6(12,605,103)(53,277)

477,663,016

137,111,259

65,854,876

Notes

The accompanying notes form an integral part of these financial statements.
65

Barings International Umbrella Fund
Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Units (continued)
For the financial year ended 30 April 2023

Net assets attributable to holders of redeemableparticipating units at the beginning of the financial year
Increase/(decrease) in net assets attributable to holders ofredeemable participating units
Issue of redeemable participating units during the financial
year
Redemption of redeemable participating units during thefinancial year
Income equalisation
Net assets attributable to holders of redeemableparticipating units at the end of the financial year

Barings Europa
Fund
30 April 2023
US$

Barings Hong
Kong China Fund
30 April 2023
US$

Barings Global
Bond Fund
30 April 2023
US$25,539,155

1,516,303,487

57,231,030

1,732,633(214,272,524)(2,639,633)

4

1,087,998

218,374,111

12,468,329

4
5(3,147,896)(17,457)(252,857,686)(3,838)(13,536,193)
12,97525,194,433

1,267,543,550

53,536,508

Notes

The accompanying notes form an integral part of these financial statements.
66

Barings International Umbrella Fund
Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Units (continued)
For the financial year ended 30 April 2023

Net assets attributable to holders of redeemableparticipating units at the beginning of the financial year
(Decrease)/increase in net assets attributable to holders ofredeemable participating units
Issue of redeemable participating units during the financial
year
Redemption of redeemable participating units during thefinancial year
Income equalisation
Net assets attributable to holders of redeemableparticipating units at the end of the financial year

Barings Global
Balanced Fund
30 April 2023
US$

Barings Global
Technology
Equity Fund
30 April 2023
US$

Barings Europe
Select Fund*
30 April 2023€

74,958,523

5,556,147–(6,882,328)(65,591)

7,440,968

4

2,342,837

155,465

47,845,720

4
5(6,470,255)(181)(22,356)–(4,009,812)–

63,948,596

5,623,665

51,276,876

Notes* The Barings Europe Select Fund merged from Barings Investment Funds Plc in to the Unit Trust on 14 October 2022.

The accompanying notes form an integral part of these financial statements.
67

Barings International Umbrella Fund
Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Units (continued)
For the financial year ended 30 April 2023

Net assets attributable to holders of redeemableparticipating units at the beginning of the financial year
Increase in net assets attributable to holders of redeemableparticipating units
Issue of redeemable participating units during the financial
year
Redemption of redeemable participating units during thefinancial year
Income equalisation
Net assets attributable to holders of redeemableparticipating units at the end of the financial year

Barings German
Growth Fund*
30 April 2023€

Barings Global
Dividend
Champions
Fund**
30 April 2023
US$

Barings China
A-Share Fund***
30 April 2023
US$

–

–

–

4,439,243

5,534,834

243,412

4

18,917,562

20,476,738

8,400,224

4
5(541,967)–(335,433)
67––

22,814,838

25,676,206

8,643,636

Notes* The Barings German Growth Fund merged from Barings Investment Funds Plc in to the Unit Trust on 14 October 2022.
** The Barings Global Dividend Champions Fund merged from Barings Investment Funds Plc in to the Unit Trust on 7 October 2022.
*** The Barings China A-Share Fund merged from Barings Investment Funds Plc in to the Unit Trust on 18 November 2022.

The accompanying notes form an integral part of these financial statements.
68Barings International Umbrella Fund
Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Units (continued)
For the financial year ended 30 April 2023
Barings Global
Equity Allocation
Fund
30 April 2023*
Notes
US$
Net assets attributable to holders of redeemable participating units at the beginning of the financial year–
Increase in net assets attributable to holders of redeemable participating units
Issue of redeemable participating units during the financial year
Redemption of redeemable participating units during the financial year
Net assets attributable to holders of redeemable participating units at the end of the financial
year

4
4

* The Barings Global Equity Allocation Fund merged from Barings Investment Funds Plc in to the Unit Trust on 18 November 2022.

The accompanying notes form an integral part of these financial statements.
69

3,276,702
53,387,292(700,000)
55,963,994

Barings International Umbrella Fund
Notes to the financial statements
For the financial year ended 30 April 2024
1.

Basis of measurement
The financial statements have been prepared in accordance with Irish Generally Accepted Accounting Practice, including
Financial Reporting Standard 102, “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”)
as issued by the UK Financial Reporting Council (“FRC”), and Irish law and certain provisions of the European Communities(Undertakings for Collective Investment in Transferable Securities) Regulations 2011 (the “UCITS Regulations”). Accounting
standards generally accepted in Ireland in preparing financial statements giving a true and fair view are those issued by the
Financial Reporting Council (“FRC”).
Barings International Umbrella Fund (the “Unit Trust”) has been authorised by the Central Bank of Ireland (the “CBI”) pursuant
to the Unit Trusts Act, 1990, and the Trust Deed. As the Barings ASEAN Frontiers Fund, Barings Asia Growth Fund, Barings
Australia Fund, Barings Europa Fund, Barings Hong Kong China Fund, Barings Global Bond Fund, Barings Global Balanced
Fund and Barings Eastern Europe Fund (the “Funds”) are registered for sale in Hong Kong, the Unit Trust has also beenauthorised by the Hong Kong Securities and Futures Commission (“SFC”) pursuant to the provisions of the Hong Kong Code on
Unit Trusts and Mutual Funds, supplemented or consolidated from time to time.
The Unit Trust meets all the conditions set out in FRS 102, section 7 and consequently has availed of the exemption available tocertain funds not to prepare a statement of cash flows.
The preparation of financial statements requires management to make judgements, estimates and assumptions that affect theapplication of policies and the reported amounts of assets, liabilities, income and expenses. The estimates and associatedassumptions are based on historical experience and various other factors that are believed to be reasonable under thecircumstances, the results of which form the basis of the judgements made about carrying values of assets and liabilities that are
not readily apparent from other sources. Actual results may differ from these estimates.
The financial statements have been prepared under the historical cost convention as modified by the revaluation of financial
assets and financial liabilities, including derivative financial instruments held at fair value through profit or loss. The Directors, inconsultation with the Investment Manager, and in the best interests of the of Unitholders as a whole, have resolved to terminate
Barings Global Technology Equity Fund, Barings Global Dividend Champions Fund and Barings China A-Share Fund on 13
May 2024. The decision has been taken in consideration of, amongst other things, the Funds’ economic viability and ability tooperate in a cost-efficient manner due to their small asset size. As the result, the financial statements for these Funds havebeen prepared on a non-going concern basis.

2.

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 andmeasurement provisions of IAS 39 Financial Instruments: Recognition and Measurement and only the disclosure requirementsof 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, which outlines that the fair value offinancial assets and financial liabilities be valued at the last traded prices. The financial statements include all the trades received
up until 12:00p.m. (Irish time) on 30 April 2024, the valuation point for the Unit Trust.
An adjustment has been made to the value of investments in Barings Australia Fund, Barings Eastern Europe Fund, Barings
Europa Fund, Barings German Growth Fund, Barings Global Dividend Champions Fund, Barings Global Equity Allocation Fundand Barings Global Technology Equity Fund to reflect the close of business prices on 30 April 2024.

70

Barings International Umbrella Fund
Notes to the financial statements (continued)
For the financial year ended 30 April 2024
2.

Significant accounting policies (continued)(a) Fair value measurement (continued)

The tables below detail the reconciliation of NAV adjustments made:Dealing NAV per 12.00 pm (Irish Time) Valuation
Adjustment to value investment at close of business prices
Financial Statements NAV

Barings Australia
FundUS$
70,547,095(404,128)
70,142,967

Barings Europa
FundUS$
21,594,406(208,978)21,385,428

Dealing NAV per 12.00 pm (Irish Time) Valuation
Adjustment to value investment at close of business prices
Financial Statements NAV

Barings Global
Technology Equity Barings German
Fund
Growth FundUS$€
8,213,155
23,671,556(161,099)(165,112)
8,052,056
23,506,444

Dealing NAV per 12.00 pm (Irish Time) Valuation
Adjustment to value investment at close of business prices
Financial Statements NAV

Barings Global
Barings Global
Dividend Equity Allocation
Champions Fund
Fund
US$
US$
25,975,036
39,764,820(180,875)(501,342)
25,794,161
39,263,478

Dealing NAV per 12.00 pm (Irish Time) Valuation
Adjustment to value investment at close of business prices
Financial Statements NAV

Barings Eastern
Europe Fund*US$
307,877,258(2,786,642)
305,090,616* The Barings Eastern Europe Fund merged from Barings Global Umbrella Fund in to the Unit Trust on 21 July 2023.

An adjustment has been made to the value of investments in Barings Europa Fund, Barings Global Bond Fund, Barings Global
Balanced Fund, Barings Europe Select Fund, Barings German Growth Fund, Barings Global Dividend Champions Fund andBarings Global Equity Allocation Fund to reflect the close of business prices on 28 April 2023.
The tables below detail the reconciliation of NAV adjustments made:Barings Global
Technology
Equity FundUS$
5,640,619(16,954)
5,623,665

Dealing NAV per 12.00 pm (Irish Time) Valuation
Fair Value adjustment removal
Financial Statements NAV

71

Barings International Umbrella Fund
Notes to the financial statements (continued)
For the financial year ended 30 April 2024
2.

Significant accounting policies (continued)(a) Fair value measurement (continued)

Dealing NAV per 12.00 pm (Irish Time) Valuation
Adjustment to value investment at close of business prices
Financial Statements NAV

Barings Europa
FundUS$
24,815,927
378,506
25,194,433

Barings Global
Bond FundUS$
53,085,502
451,006
53,536,508

Dealing NAV per 12.00 pm (Irish Time) Valuation
Adjustment to value investment at close of business prices
Financial Statements NAV

Barings Global
Balanced FundUS$
63,531,998
416,598
63,948,596

Barings Europe
Select Fund*€
50,922,259
354,617
51,276,876

Barings German
Growth Fund**€
22,575,890
238,948
22,814,838

Barings Global
Dividend
Champions
Fund***
US$
25,477,654
198,552
25,676,206

Dealing NAV per 12.00 pm (Irish Time) Valuation
Fair Value adjustment removal
Financial Statements NAV

Barings Global
Equity Allocation
Fund****
US$
55,488,273
475,72155,963,994

Dealing NAV per 12.00 pm (Irish Time) Valuation
Adjustment to value investment at close of business prices
Financial Statements NAV* The Barings Europe Select Fund merged from Barings Investment Funds Plc in to the Unit Trust on 14 October 2022.
** The Barings German Growth Fund merged from Barings Investment Funds Plc in to the Unit Trust on 14 October 2022.
*** The Barings Global Dividend Champions Fund merged from Barings Investment Funds Plc in to the Unit Trust on 7 October 2022.
**** The Barings Global Equity Allocation Fund merged from Barings Investment Funds Plc in to the Unit Trust on 18 November 2022.

(b) Foreign exchange transaction
Functional and presentation currency
Items included in the Unit Trust’s financial statements are measured using the currency of the primary economic environment
in which it operates (the “functional currency”). The functional currency of Barings ASEAN Frontiers Fund, Barings Asia GrowthFund, Barings Australia Fund, Barings Europa Fund, Barings Hong Kong China Fund, Barings Global Bond Fund, Barings Global
Balanced Fund, Barings Global Technology Equity Fund, Barings Global Dividend Champions Fund, Barings China A-ShareFund, Barings Global Equity Allocation Fund and Barings Eastern Europe Fund is the US dollar, as the majority of share classes
are subscribed in US dollars. The functional currency of Barings Europe Select Fund and Barings German Growth Fund is theeuro based on the same rationale.
Transactions and balances
Foreign currency transactions are translated into the functional and presentation currency using the exchange rates prevailing at
the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from thetranslation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in theStatement of Comprehensive Income.
Proceeds from subscriptions and amounts paid on redemption of redeemable participating units are translated into the functional
currency using the exchange rates prevailing at the dates of the transactions.

72

Barings International Umbrella Fund
Notes to the financial statements (continued)
For the financial year ended 30 April 2024
2.

Significant accounting policies (continued)(b) Foreign exchange transaction (continued)
Transactions and balances (continued)
They represent the difference between an instrument's initial carrying amount and disposal amount, or cash payments or receipts
made on derivative contracts (excluding payments or receipts on collateral margin accounts for such instruments).
(c) Financial assets and financial liabilities at fair value through profit or loss
Classification
The Funds classify their investments in securities as financial assets or financial liabilities at fair value through profit or loss.
These financial assets and financial liabilities are classified as held for trading or designated by the Directors of the Manager atfair value through profit or loss at inception.
Financial assets or financial liabilities held for trading are those acquired or incurred principally for the purposes of selling or
repurchasing in the short term. Financial assets and financial liabilities designated at fair value through profit or loss at inception
are those that are managed and whose performance is evaluated on a fair value basis in accordance with the Funds’ documented
investment strategies. The Funds’ policy is for Baring Asset Management Limited (the “Investment Manager”) and the Directorsof the Manager to evaluate the information about these financial assets on a fair value basis together with other related financial
information. These financial assets and financial liabilities are expected to be realised within 12 months of the Statement of
Financial Position date.
Recognition/derecognition
Purchases and sales of investments are recognised on the trade date – the date on which the Funds commit to purchasingor selling the investment. The financial statements include all the trades received up until the valuation point for each Fund as
disclosed on page 4. Any trades received subsequent to these points are not reflected in the financial statements. Investments
are de-recognised when the rights to receive cash flows from the investments have expired or the Funds have transferred
substantially all risks and rewards of ownership. Realised gains and losses on disposals of financial assets and financial liabilities
classified as 'at fair value through profit or loss' are calculated using the First In First Out (“FIFO”) method. They represent thedifference between an instrument's initial carrying amount and disposal amount, or cash payments or receipts made on derivative
contracts (excluding payments or receipts on collateral margin accounts for such instruments).
Measurement
Financial assets and financial liabilities at fair value through profit or loss are initially recognised at fair value. Transaction
costs are included in the ‘net fair value gain/(loss) on financial assets at fair value through profit or loss’ in the Statement ofComprehensive Income for each individual Fund. Subsequent to initial recognition, all financial assets and financial liabilities atfair value through profit or loss are measured at fair value at the relevant valuation point for each Fund as disclosed on page 4.
Gains and losses arising from changes in the fair value of the ‘Financial assets or financial liabilities at fair value through profit orloss’ category are presented in the Statement of Comprehensive Income in the year in which they arise.
Fair value estimation
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market
participants at the measurement date. As a result of the Unit Trust’s decision to implement the recognition and measurement
provisions of IAS 39 Financial Instruments: Recognition and Measurement, the fair value of financial assets and liabilities tradedin active markets (such as publicly traded derivatives and trading securities) are based on quoted market prices at the Fund'svaluation point on the reporting date.
The Unit Trust’s fair valuation input utilises the last traded market price for both financial assets and financial liabilities where thelast traded price falls within the bid-ask spread. In circumstances where the last traded price is not within the bid-ask spread,management will determine the point within the bid-ask spread that is most representative of fair value.

73

Barings International Umbrella Fund
Notes to the financial statements (continued)
For the financial year ended 30 April 2024
2.

Significant accounting policies (continued)(c) Financial assets and financial liabilities at fair value through profit or loss (continued)
Fair value estimation (continued)
The fair value of financial instruments that are not traded in an active market (for example, over-the-counter derivatives) isdetermined by using valuation techniques. The Funds use a variety of methods and make assumptions that are based on market
conditions existing at the Statement of Financial Position date. Unquoted investments are valued in accordance with the mostrecent valuation made by the Manager. In the absence of a price being available for a security, the Directors of the Manager candetermine such a valuation where appropriate. Valuation techniques used include the use of comparable recent arm’s lengthtransactions, discounted cash flow analysis, option pricing models and other valuation techniques commonly used by market
participants.
Investment Funds are stated at fair value, which is represented by the unaudited NAV of the underlying investment as reportedby the management of these investment funds. The Unit Trust estimates that this valuation method most fairly represents theamount that would have been realised had the investment been sold as at the date of these financial statements.
Forward foreign currency transactions
Forward foreign currency transactions “FFCT’s” are measured at fair value based on the closing prices of the FFCTs contract
rates on the relevant foreign exchange market on a daily basis. Realised and unrealised gains and/or losses are reported in theStatement of Comprehensive Income.
Futures contracts
A futures contract is an agreement between two parties to buy and sell a security, index or currency at a specific price or rate
at a future date. Upon entering into a futures contract, the Funds are required to deposit with a broker an amount of cash or
cash equivalents equal to a certain percentage of the contract amount. This is known as the “initial cash margin”. Subsequent
payments (“variation margins”) are made or received by the Funds each day, depending on the daily fluctuation in the value ofthe contract.
The daily changes in contract value are recorded as unrealised gains or losses, and the Funds recognise a realised gain or loss
when the contract is closed. Unrealised gains and losses on futures contracts are recognised in the Statement of Comprehensive
Income.
(d) Income
Interest income and interest expenses
Interest income and interest expenses are recognised in the Statement of Comprehensive Income for all debt instruments andcash using the effective interest method. The effective interest method is a method of calculating the amortised cost of a financial
asset or financial liability and of allocating the interest income or interest expense over the relevant year. The effective interest
rate is the rate that exactly discounts estimated future cash payments or receipts throughout the expected life of the financial
instrument, or a shorter year where appropriate, to the net carrying amount of the financial asset or financial liability.
Once a financial asset or a group of similar financial assets has been written down as a result of an impairment loss, interest
income is recognised using the rate of interest used to discount the future cash flows for the purpose of measuring the impairment
loss.
Dividend Income
Dividends are credited to the Statement of Comprehensive Income on the dates on which the relevant securities are listed as"ex-dividend". Dividend income is shown gross of any irrecoverable withholding taxes, which are disclosed separately in theStatement of Comprehensive Income, and net of any tax credits.

74Barings International Umbrella Fund
Notes to the financial statements (continued)
For the financial year ended 30 April 2024
2.

Significant accounting policies (continued)(e) Expenses
All expenses, including management fees, administration fees and depositary fees, are recognised in the Statement ofComprehensive Income on an accruals basis. The Manager meets all other expenses incurred by the Unit Trust in connection
with its services.
(f)

Receivables

Receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market.
Receivables are initially recognised at fair value plus transaction costs that are directly attributable to their acquisition origination.
They are subsequently measured at amortised cost using the effective interest method, less provision for impairment.
(g) Payables
Payables are initially recognised at fair value and subsequently stated at amortised cost using the effective interest method. The
difference between the proceeds and the amounts payable is recognised over the year of the payable using the effective interest
method.
(h) Redeemable participating units
Redeemable participating units are redeemable at the unitholder’s option and are classified as financial liabilities. The accounting
policy for recognition of subscriptions and redemptions is that they were recorded effective from the trade date for financing
reporting purposes.
The redeemable participating unit can be put back into the Unit Trust on any business day of the Fund for cash equal to a
proportionate unit of the Fund’s Net Asset Value. The redeemable participating unit is carried at the redemption amount that is
payable at the Statement of Financial Position date if the unitholder exercised their right to put the unit back into the Unit Trust.
In accordance with the provisions of the Trust Deed, listed investments and investments with prices quoted in over-the-countermarkets or by market makers are stated at the last traded price on the valuation day for the purpose of determining the Net Asset
Value per unit for subscriptions and redemptions and for various fee calculations.
Net assets attributable to holders of redeemable participating units represent a liability in the Statement of Financial Position,
carried at the redemption amount that would be payable at the Statement of Financial Position date if the unitholder exercised
the right to redeem the unit to the Fund.
(i)

Transaction costs

Transaction costs are incremental costs that are directly attributable to the acquisition, issue or disposal of a financial asset or
financial liability. An incremental cost is one that would not have been incurred if the entity had not acquired, issued or disposedof the financial instrument. When a financial asset or financial liability is recognised initially, an entity shall measure it at its fairvalue through profit or loss plus transaction costs that are directly attributable to the acquisition or issue of the financial asset or
financial liability. They include fees and commissions paid to agents, advisers, brokers or dealers. Transaction costs are includedin the ‘net fair value gain/(loss) on financial assets at fair value through profit or loss’ in the Statement of Comprehensive Income
for each individual Fund. See note 6, ‘Significant agreements and fees’, for further information on transaction costs.
(j)Distributions

Note 5 discloses all distributions declared and paid during the year.
Distributions in respect of Barings ASEAN Frontiers Fund Class A Inc and Class I Inc units, Barings Asia Growth Fund Class A Inc
and Class I Inc units, Barings Australia Fund Class A Inc units, Barings Europa Fund Class A Inc and Class C Inc units, Barings
Hong Kong China Fund Class A Inc, Class C Inc and Class I Inc units, Barings Global Bond Fund Class I Inc and Class F Inc
units, Barings German Growth Fund Class B Inc and Class J Inc units and Barings China A-Share Fund Class X Inc units arenormally paid annually no later than 31 July of each year.

75

Barings International Umbrella Fund
Notes to the financial statements (continued)
For the financial year ended 30 April 2024
2.

Significant accounting policies (continued)(j)Distributions (continued)

Distributions in respect of Barings Global Bond Fund Class A Inc units and Barings Europe Select Fund Class B Inc, Class I Inc
and J Inc units will normally be paid semi-annually and no later than 31 January and 31 July in each year.
Distributions in respect of Barings Global Dividend Champions Fund Class F Inc and Class I Inc units will normally be paid
quarterly and no later than 31 January, 30 April, 31 July and 31 August in each year.
Distributions in respect of Barings Global Bond Fund Class A RMB Hedged Inc units and Barings Global Balanced Fund Class A
Inc units are normally paid monthly no later than the last business day of each month.
Distributions may be declared from net income and net fair value gains on financial assets. Unitholders should note that
distributions below US$100/£50/€100 are automatically reinvested. The distribution on these units is recognised in the Statementof Comprehensive Income as finance costs on an ex-date basis. Distributions in respect of Barings Global Bond Fund distributions
may be paid out of capital and/or any surplus net income and/or any capital gains less realised and unrealized capital losses.
Accumulating share classes will not pay distributions.
(k) Net income equalisation
Net income equalisation is accrued net income included in the price of units purchased and redeemed during the accounting
year. The subscription price of units is deemed to include an equalisation payment calculated by reference to the accrued net
income of the relevant Fund, and the first distribution in respect of any unit will include a payment of income usually equal to theamount of such equalisation payment. The redemption price of each unit will also include an equalisation payment in respect of
the accrued net income of the relevant Fund up to the date of redemption. Income equalisation is detailed on the statement ofchanges in net assets of each Fund where applicable.
3.

Cash and cash equivalents, margin cash and bank overdrafts
Cash, margin cash and cash equivalents is valued at their fair value with interest accrued, where applicable. The Funds held thefollowing cash deposits maintained with The Northern Trust Company (“TNC”), London branch, uninvested cash balances arebeing swept daily into the Northern Trust Global Funds.
Fund Name
Barings ASEAN Frontiers Fund
Barings Asia Growth Fund
Barings Australia Fund
Barings Europa Fund
Barings Hong Kong China Fund
Barings Global Bond Fund
Barings Global Balanced Fund
Barings Global Technology Equity Fund
Barings Europe Select Fund
Barings German Growth Fund
Barings Global Dividend Champions Fund
Barings China A-Share Fund
Barings Global Equity Allocation Fund
Barings Eastern Europe Fund*

30 April 2024
US$4,478,834
US$804,902
US$675,133
US$433,678
US$4,724,901
US$446,174
US$1,727,102
US$18,583
EUR€1,753,329
EUR€866,883
US$2,039,989
US$262,627
US$208,990
US$9,942,456

30 April 2023
US$20,853,185
US$1,773,108
US$2,087,484
US$159,223
US$29,389,842
US$763,231
US$1,833,452
US$249,553
EUR€2,312,245
EUR€86,938
US$984,710
US$162,061
US$279,097
US$Nil* The Barings Eastern Europe Fund merged from Barings Global Umbrella Fund in to the Unit Trust on 21 July 2023.

Any margin cash is held by the broker as this is restricted cash. As at 30 April 2024 and 30 April 2023, the following margin cash
was held:76

Barings International Umbrella Fund
Notes to the financial statements (continued)
For the financial year ended 30 April 2024
3.

Cash and cash equivalents, margin cash and bank overdrafts (continued)
Barings Global Bond Fund

Union Bank Switzerland ("UBS")
Total

30 April 2024
US$95,125
95,12530 April 2023
US$
151,003
151,00330 April 2024US$
1,132,945
1,132,945

30 April 2023
US$738,203738,20330 April 2024US$

30 April 2023
US$

169,465
169,465–

Barings Global Balanced Fund

Union Bank Switzerland ("UBS")
Total
Barings Global Equity Allocation Fund

Union Bank Switzerland ("UBS")
Total

77

–

Barings International Umbrella Fund
Notes to the financial statements (continued)
For the financial year ended 30 April 2024
4.

Redeemable units
Financial year ended 30 April 2024
Barings ASEAN Frontiers Fund

Balance as at 1 May 2023
IssuedRedeemed
Balance as at 30 April 2024

1.1Class A AUD
Hedged Acc
No. of Units
2,491
1,283
(1,076)2,698

1.2
Class A CHF
Hedged Acc
No. of Units
54,457–(2,395)52,062

1.3
Class A EUR
Acc
No. of Units
22,451
1,381(20,039)3,793

1.4
Class A EUR
Inc
No. of Units
207,972
61,829(67,332)
202,469

Balance as at 1 May 2023
IssuedRedeemed
Balance as at 30 April 2024

1.5
1.6Class A GBP Class A RMB
IncHedged Acc
No. of Units
No. of Units
23,06038
1,289–(5,568)–18,78138

1.7Class A USD
Acc
No. of Units
51,971
8,874(22,251)
38,594

1.8
Class A USD
Inc
No. of Units
832,703147,953(179,372)
801,284

Balance as at 1 May 2023
IssuedRedeemed
Balance as at 30 April 2024

2.1Class I CHF
Hedged Acc
No. of Units
30,906665(1,546)30,025

2.3
Class I GBP
Acc
No. of Units
177,644
22,034(76,459)
123,219

2.4
Class I USD
Acc
No. of Units
420,675
35,547(256,430)
199,792

2.2
Class I EUR
Acc
No. of Units
95,215
6,324(63,348)
38,191

2.5
Class I USD
Inc
No. of Units
10
–
–
10

Balance as at 1 May 2023
IssuedRedeemed
Balance as at 30 April 2024

78

Barings International Umbrella Fund
Notes to the financial statements (continued)
For the financial year ended 30 April 2024
4.

Redeemable units (continued)
Financial year ended 30 April 2024 (continued)
Barings Asia Growth Fund

Balance as at 1 May 2023
IssuedRedeemed
Balance as at 30 April 2024

0Class A EUR
Acc*
No. of Units–
17,138(967)
16,171

1.1
Class A EUR
Inc
No. of Units
170,710
6,531(53,386)
123,855

1.2
Class A GBP
Inc
No. of Units
20,712
1,347(4,094)
17,965

1.3
Class A USD
Acc**
No. of Units
–
68
–
68

Balance as at 1 May 2023
IssuedRedeemed
Balance as at 30 April 2024

1.4Class A USD
Inc
No. of Units
775,510105,034(270,004)
610,540

2.1Class I EUR
Acc
No. of Units
11,836
3,173(5,092)9,917

2.2
Class I EUR
Hedged Inc
No. of Units
204,013–(204,000)13

2.3Class I GBP
Acc
No. of Units
41,521
6,150(22,798)
24,873
2.4
Class I USD
Acc
No. of Units
157,156
9,563(52,051)
114,668

Balance as at 1 May 2023
IssuedRedeemed
Balance as at 30 April 2024
* The Barings Asia Growth Fund Class A EUR Acc was launched on 23 November 2023.
** The Barings Asia Growth Fund Class A USD Acc was launched on 1 June 2023.

Barings Australia Fund
1.1
Class A AUD
Inc
No. of Units
10,0683,416(2,429)11,055

Balance as at 1 May 2023
IssuedRedeemed
Balance as at 30 April 2024

Balance as at 1 May 2023
IssuedRedeemed
Balance as at 30 April 2024

79

1.2Class A EUR
Inc
No. of Units
28,648
3,711(5,328)27,031

1.3
Class A GBP
Inc
No. of Units
1,803
5,267
(1,277)
5,793

1.4
Class A USD
Inc
No. of Units
361,236
68,499(90,634)
339,101

2.1
Class I GBP
Acc
No. of Units
74,12328,962(11,795)
91,2902.2Class I USD
Acc
No. of Units
1,381–(1,299)82

Barings International Umbrella Fund
Notes to the financial statements (continued)
For the financial year ended 30 April 2024
4.

Redeemable units (continued)
Financial year ended 30 April 2024 (continued)
Barings Europa Fund
1.1
Class A EUR
Inc
No. of Units
103,192
4,787(18,786)
89,193

1.2
2.1
2.2
Class A USD Class C EUR Class C USD
Inc
Inc
Inc
No. of Units
No. of Units
No. of Units
291,3652,847
2,254
15,480––(70,573)
(948)
(596)
236,272
1,899
1,658

Balance as at 1 May 2023
IssuedRedeemed
Balance as at 30 April 2024

1.1Class A EUR
Inc
No. of Units
176,330
15,101(35,886)
155,545

1.2
Class A GBP
Inc
No. of Units
6,232
776
(1,563)
5,445

Balance as at 1 May 2023
IssuedRedeemed
Balance as at 30 April 2024

1.5Class A USD
Acc
No. of Units
52,676
12,257(17,626)
47,307

1.6
2.1
2.2
Class A USD Class C EUR Class C USD
Inc
Inc
Inc
No. of Units
No. of Units
No. of Units
886,151301
389
89,093––(169,489)
(270)
(42)
805,75531
347

Balance as at 1 May 2023
IssuedRedeemed
Balance as at 30 April 2024
Barings Hong Kong China Fund

3.1
Class I GBP
Acc
No. of Units
10,8045,165(9,711)
6,258

Balance as at 1 May 2023
IssuedRedeemed
Balance as at 30 April 2024

1.3
1.4Class A HKD Class A RMB
IncHedged Acc
No. of Units
No. of Units
7,912
10
442
–
(1,038)
–
7,316
10

3.2
Class I GBP
Inc
No. of Units
10
–
–
10

3.3
Class I USD
Acc
No. of Units
13,720168(1,520)12,3681.2
1.3
Class A GBP Class A RMB
IncHedged Acc
No. of Units
No. of Units
13,59465
54–(10,766)
–
2,882
65

1.4
Class A RMBHedged Inc
No. of Units
64
–
–
64

Barings Global Bond Fund
1.1
Class A EUR
Inc
No. of Units
191,760
21,768(30,902)
182,626

Balance as at 1 May 2023
IssuedRedeemed
Balance as at 30 April 2024

80

Barings International Umbrella Fund
Notes to the financial statements (continued)
For the financial year ended 30 April 2024
4.

Redeemable units (continued)
Financial year ended 30 April 2024 (continued)
Barings Global Bond Fund (continued)

Balance as at 1 May 2023
IssuedRedeemed
Balance as at 30 April 2024

1.5
2.1Class A USD Class F GBP
Inc Hedged Acc*
No. of Units
No. of Units
2,154,304–
719,5218(450,429)–
2,423,396
8

2.2
Class F GBPHedged Inc*
No. of Units
–
8
–
8

2.3
Class F USD
Acc*No. of Units
–
10
–
10

Balance as at 1 May 2023
IssuedRedeemed
Balance as at 30 April 2024

2.4Class F USD
Inc*
No. of Units
–
10
–
10

3.1
Class I GBP
Inc
No. of Units
12,268604(3,427)9,445

3.2
Class I USD
Acc
No. of Units
53,276
6,486(15,895)
43,867* The Barings Global Bond Fund Class F GBP Hedged Acc, Class F GBP Hedged Inc, Class F USD Acc and Class F USD Inc were launchedon 13 July 2023.

Barings Global Balanced Fund

Balance as at 1 May 2023
IssuedRedeemed
Balance as at 30 April 2024

1.1Class A USD
Acc
No. of Units
1,797,460
61,086(276,926)
1,581,620

1.2Class A USD
Inc
No. of Units
42,588
5,158(16,224)
31,522

2.1
Class I USD
Acc
No. of Units
6,334
762
(1,644)5,452

2.1
Class F1USD Acc
No. of Units
20,000––20,0003.1
Class I GBP
Acc
No. of Units
15,596
4,297(5,349)14,544

3.2
Class I USD
Acc
No. of Units
20,000––20,000Barings Global Technology Equity Fund
1.1
Class A USD
Acc
No. of Units
20,000––20,000

Balance as at 1 May 2023
IssuedRedeemed
Balance as at 30 April 2024

81

Barings International Umbrella Fund
Notes to the financial statements (continued)
For the financial year ended 30 April 2024
4.

Redeemable units (continued)
Financial year ended 30 April 2024 (continued)
Barings Europe Select Fund

Balance as at 1 May 2023
IssuedRedeemed
Balance as at 30 April 2024

1.1
1.2
1.3
Class B EUR Class B EUR Class B GBP
Acc
Inc
Inc
No. of Units
No. of Units
No. of Units
216,423
281,147
43,891
2,731
8,946
564
(26,724)(9,460)(5,580)
192,430
280,633
38,875

2.1
Class I EUR
Acc
No. of Units
8––
8

Balance as at 1 May 2023
IssuedRedeemed
Balance as at 30 April 2024

2.2Class I EUR
Inc
No. of Units
8
–
–
8

2.4
Class I USD
Acc
No. of Units
10
–
–
10

3.1
Class J EUR
Acc
No. of Units
62,9508,885(9,421)
62,414

3.2
Class J EUR
Inc
No. of Units
294,978
31,944(36,051)
290,871

3.3
Class J GBP
Inc
No. of Units
41,576
13,458(7,433)47,601

Balance as at 1 May 2023
IssuedRedeemed
Balance as at 30 April 2024

1.1
1.2
1.3
Class B EUR Class B EUR Class B GBP
Acc
Inc
Acc
No. of Units
No. of Units
No. of Units
1,495,993
152,137
338,008
28,0042,625
3,832(125,212)(4,059)(23,892)
1,398,785
150,703
317,948

2.1
Class I USD
Acc
No. of Units
10
–
–
10

Balance as at 1 May 2023
IssuedRedeemed
Balance as at 30 April 2024

3.1Class J EUR
Acc
No. of Units
12,069––12,069

3.3Class J GBP
Inc
No. of Units
10,25179(4,129)6,2012.3
Class I GBP
Inc
No. of Units
199
1
–
200

Balance as at 1 May 2023
IssuedRedeemed
Balance as at 30 April 2024

Barings German Growth Fund82

3.2
Class J GBP
Acc
No. of Units
14,876951(5,134)
10,693

Barings International Umbrella Fund
Notes to the financial statements (continued)
For the financial year ended 30 April 2024
4.

Redeemable units (continued)
Financial year ended 30 April 2024 (continued)
Barings Global Dividend Champions Fund

Balance as at 1 May 2023
IssuedRedeemed
Balance as at 30 April 2024

1.1Class A USD
Acc
No. of Units
8,558
–
–
8,558

2.1
Class F GBP
Acc
No. of Units
403
–
(117)
286

2.2
Class F GBP
Inc
No. of Units
115
21
(43)
93

2.3
Class F USD
AccNo. of Units
10
–
–
10

Balance as at 1 May 2023
IssuedRedeemed
Balance as at 30 April 2024

2.4Class F USD
Inc
No. of Units
11
–
–
11

3.1
Class I GBP
Acc
No. of Units
82,46850,849(54,942)
78,375

3.2
Class I GBP
Inc
No. of Units
10
1
–
11

3.3
Class I USD
Inc
No. of Units
77
2
–
79
4.1
Class X USD
Acc
No. of Units
199,937–(9)
199,928

Balance as at 1 May 2023
IssuedRedeemed
Balance as at 30 April 2024

Barings China A-Share Fund

Balance as at 1 May 2023
IssuedRedeemed
Balance as at 30 April 2024

1.1Class A USD
Acc
No. of Units
1,058
–
–
1,058

2.1
Class F EUR
AccNo. of Units
10
–
(10)
–

2.2
Class F GBP
Acc
No. of Units
249
–
(239)
10

2.3
Class F HKD
AccNo. of Units
78
–
(78)
–

Balance as at 1 May 2023
IssuedRedeemed
Balance as at 30 April 2024

2.4Class F USD
AccNo. of Units
10
–
–
10

3.1
Class I GBP
Acc
No. of Units
10
–
–
10

4.1
Class X GBP
Inc
No. of Units
87,394–(29,000)
58,394

4.2
Class X USD
Acc
No. of Units
262,028–(87,216)
174,81283

Barings International Umbrella Fund
Notes to the financial statements (continued)
For the financial year ended 30 April 2024
4.

Redeemable units (continued)
Financial year ended 30 April 2024 (continued)
Barings Global Equity Allocation Fund

Balance as at 1 May 2023
IssuedRedeemed
Balance as at 30 April 2024

1.1Class I USD
Acc
No. of Units
10
–
–
10

2.1
Class X USD
Acc
No. of Units
418,252–(169,234)
249,018

Barings Eastern Europe Fund*

Balance as at 21 July 2023
IssuedRedeemed
Balance as at 30 April 2024

1.1Class A EUR
Inc
No. of Units–
1,519,253(135,027)
1,384,226

1.2Class A GBP
Inc
No. of Units–
15,231(2,833)
12,398

1.3
Class A USD
Acc
No. of Units–
482,954(83,505)
399,449

1.4
Class A USD
Inc
No. of Units–
6,579,417(1,413,312)
5,166,105

Balance as at 21 July 2023
IssuedRedeemed
Balance as at 30 April 2024

2.1Class I EUR
Acc
No. of Units
–
8,945
–
8,945

2.2
Class I GBP
Acc
No. of Units–
39,020(10,187)
28,833

2.3
Class I GBP
Inc
No. of Units–
7,386(1,725)
5,661

2.4
Class I USD
Acc
No. of Units–
10,967–
10,967
2.9Class I USD
Inc
No. of Units
–
2,853
(158)
2,695

Balance as at 21 July 2023
IssuedRedeemed
Balance as at 30 April 2024
* The Barings Eastern Europe Fund merged from Barings Global Umbrella Fund in to the Unit Trust on 21 July 2023.

Financial year ended 30 April 2023
Barings ASEAN Frontiers Fund
1.1
Class A AUD
Hedged Acc
No. of Units
4,764
1,470
(3,743)
2,491

Balance as at 1 May 2022
IssuedRedeemed
Balance as at 30 April 2023

84

1.2Class A CHF
Hedged Acc
No. of Units
54,802150(495)
54,457

1.3
Class A EUR
Acc
No. of Units
27,7396,607(11,895)
22,451

1.4
Class A EUR
Inc
No. of Units
210,906
37,518(40,452)
207,972

Barings International Umbrella Fund
Notes to the financial statements (continued)
For the financial year ended 30 April 2024
4.

Redeemable units (continued)
Financial year ended 30 April 2023 (continued)
Barings ASEAN Frontiers Fund (continued)

Balance as at 1 May 2022
IssuedRedeemed
Balance as at 30 April 2023

1.5
1.6Class A GBP Class A RMB
IncHedged Acc
No. of Units
No. of Units
21,091
38
6,287–(4,318)–23,06038

1.7Class A USD
Acc
No. of Units
51,63912,558(12,226)
51,971

1.8
Class A USD
Inc
No. of Units
823,889
200,553(191,739)
832,703

Balance as at 1 May 2022
IssuedRedeemed
Balance as at 30 April 2023

2.1Class I CHF
Hedged Acc
No. of Units
36,184
2,057(7,335)30,906

2.3
Class I GBP
Acc
No. of Units
166,199
55,855(44,410)
177,644

2.4
Class I USD
Acc
No. of Units
560,897
190,498(330,720)
420,675

2.2
Class I EUR
Acc
No. of Units
87,674
13,052(5,511)
95,215

2.5Class I USD
Inc
No. of Units
10
–
–
10

Balance as at 1 May 2022
IssuedRedeemed
Balance as at 30 April 2023

Barings Asia Growth Fund
1.1
Class A EUR
Inc
No. of Units
181,381
13,854(24,525)
170,710

Balance as at 1 May 2022
IssuedRedeemed
Balance as at 30 April 2023

Balance as at 1 May 2022
IssuedRedeemed
Balance as at 30 April 2023

85

1.2Class A GBP
Inc
No. of Units
22,0191,931(3,238)20,712

1.4
Class A USD
Inc
No. of Units
906,284
201,548(332,322)
775,510

2.1Class I EUR
Acc
No. of Units
16,37011,692(16,226)
11,836

2.2
Class I EUR
Hedged Inc
No. of Units
204,000
13–
204,013

2.3
Class I GBP
Acc
No. of Units
48,972
13,775(21,226)
41,521

2.4
Class I USD
Acc
No. of Units
189,236
17,994(50,074)
157,156

Barings International Umbrella Fund
Notes to the financial statements (continued)
For the financial year ended 30 April 2024
4.

Redeemable units (continued)
Financial year ended 30 April 2023 (continued)
Barings Australia Fund
1.1
Class A AUD
Inc
No. of Units
10,315
4,013(4,260)10,068

1.3
Class A GBP
Inc
No. of Units
2,181
938
(1,316)
1,803

1.4Class A USD
Inc
No. of Units
375,91153,832(68,507)361,236

2.1
Class I GBP
Acc
No. of Units
37,382
46,388(9,647)
74,123

2.2
Class I USD
Acc
No. of Units
1,381
–
–
1,381

1.1
Class A EUR
Inc
No. of Units
116,725
4,156(17,689)
103,192

1.2
2.1
Class A USD Class C EUR
Inc
Inc
No. of Units
No. of Units
313,607
2,847
15,731–(37,973)–
291,3652,847

2.2Class C USD
Inc
No. of Units
2,614
17
(377)
2,254

Balance as at 1 May 2022
IssuedRedeemed
Balance as at 30 April 2023

1.1Class A EUR
Inc
No. of Units
174,477
26,367(24,514)
176,330

1.2Class A GBP
Inc
No. of Units
6,005
1,436
(1,209)6,232

Balance as at 1 May 2022
IssuedRedeemed
Balance as at 30 April 2023

1.5Class A USD
Acc
No. of Units
67,306
8,314(22,944)
52,676

1.6
2.1
2.2
Class A USD Class C EUR Class C USD
Inc
Inc
Inc
No. of Units
No. of Units
No. of Units
896,092
537
391
131,84895–(141,789)(331)(2)
886,151301
389

Balance as at 1 May 2022
IssuedRedeemed
Balance as at 30 April 2023

1.2Class A EUR
Inc
No. of Units
31,658
7,725(10,735)
28,648

Balance as at 1 May 2022
IssuedRedeemed
Balance as at 30 April 2023

Barings Europa Fund

Balance as at 1 May 2022
IssuedRedeemed
Balance as at 30 April 2023

Barings Hong Kong China Fund

86

1.3
1.4
Class A HKD Class A RMB
IncHedged Acc
No. of Units
No. of Units
6,725
10
6,955
–
(5,768)–
7,912
10

Barings International Umbrella Fund
Notes to the financial statements (continued)
For the financial year ended 30 April 2024
4.

Redeemable units (continued)
Financial year ended 30 April 2023 (continued)
Barings Hong Kong China Fund (continued)
3.1
Class I GBP
Acc
No. of Units
9,344
8,700
(7,240)10,804

3.2
Class I GBP
Inc*
No. of Units
–
10
–
10

3.3
Class I USD
Acc
No. of Units
23,986327(10,593)
13,7201.2
1.3
Class A GBP Class A RMB
IncHedged Acc
No. of Units
No. of Units
14,49665
3,485–(4,387)–
13,59465

1.4Class A RMBHedged Inc
No. of Units
64
–
–
64

1.5
Class A USD
Inc
No. of Units
2,172,498
533,827(552,021)
2,154,304

3.1
Class I GBP
Inc
No. of Units
20,7782,475(10,985)
12,268

3.2
Class I USD
Acc
No. of Units
53,30812,145(12,177)
53,276

1.1
Class A USD
Acc
No. of Units
1,911,682
59,247(173,469)
1,797,460

1.2Class A USD
Inc
No. of Units
45,416
2,487(5,315)42,5882.1
Class I USD
Acc
No. of Units
6,941
1,924
(2,531)
6,334

Balance as at 1 May 2022
IssuedRedeemed
Balance as at 30 April 2023
* The Barings Hong Kong China Fund Class I GBP Inc was launched on 12 October 2022.

Barings Global Bond Fund
1.1
Class A EUR
Inc
No. of Units
211,583
19,768(39,591)
191,760

Balance as at 1 May 2022
IssuedRedeemed
Balance as at 30 April 2023

Balance as at 1 May 2022
IssuedRedeemed
Balance as at 30 April 2023

Barings Global Balanced Fund

Balance as at 1 May 2022
IssuedRedeemed
Balance as at 30 April 2023

87

Barings International Umbrella Fund
Notes to the financial statements (continued)
For the financial year ended 30 April 2024
4.

Redeemable units (continued)
Financial year ended 30 April 2023 (continued)
Barings Global Technology Equity Fund
1.1
Class A USD
Acc
No. of Units
20,000––20,0003.1
Class I GBP
Acc
No. of Units
14,2271,601(232)
15,596

3.2
Class I USD
Acc
No. of Units
20,000––20,000

Balance as at 14 October 2022
IssuedRedeemed
Balance as at 30 April 2023

1.1
1.2
1.3
Class B EUR Class B EUR Class B GBP
Acc
Inc
Inc
No. of Units
No. of Units
No. of Units–––
232,091
283,048
49,401(15,668)(1,901)(5,510)216,423
281,147
43,891

2.1
Class I EUR
Acc
No. of Units–
8–
8

Balance as at 14 October 2022
IssuedRedeemed
Balance as at 30 April 2023

2.2Class I EUR
Inc
No. of Units
–
8
–
8

2.4
Class I USD
Acc
No. of Units
–
10
–
10

3.1
Class J EUR
Acc
No. of Units–
64,729(1,779)62,9503.2
Class J EUR
Inc
No. of Units–
339,884(44,906)
294,978

3.3
Class J GBP
Inc
No. of Units–
48,657(7,081)
41,576

Balance as at 1 May 2022
IssuedRedeemed
Balance as at 30 April 2023

2.1Class F1USD Acc
No. of Units
20,000––20,000Barings Europe Select Fund*

Balance as at 14 October 2022
IssuedRedeemed
Balance as at 30 April 2023

2.3Class I GBP
Inc
No. of Units
–
199
–
199

* The Barings Europe Select Fund merged from Barings Investment Funds Plc in to the Unit Trust on 14 October 2022.

88Barings International Umbrella Fund
Notes to the financial statements (continued)
For the financial year ended 30 April 2024
4.

Redeemable units (continued)
Financial year ended 30 April 2023 (continued)
Barings German Growth Fund*

Balance as at 14 October 2022
IssuedRedeemed
Balance as at 30 April 2023

1.1
1.2
1.3
Class B EUR Class B EUR Class B GBP
Acc
Inc
Acc
No. of Units
No. of Units
No. of Units–––
1,539,707
153,174
343,932(43,714)(1,037)(5,924)
1,495,993
152,137
338,008

2.1
Class I USD
Acc
No. of Units
–
10
–
10

Balance as at 14 October 2022
IssuedRedeemed
Balance as at 30 April 2023

3.1Class J EUR
Acc
No. of Units–
12,069–12,069

3.2
Class J GBP
Acc
No. of Units–
14,921(45)
14,876

3.3
Class J GBP
Inc
No. of Units–
10,730(479)
10,251

Balance as at 7 October 2022
IssuedRedeemed
Balance as at 30 April 2023

1.1Class A USD
Acc
No. of Units
–
8,558
–
8,558

2.1
Class F GBP
Acc
No. of Units
–
576
(173)
403

2.2
Class F GBP
Inc
No. of Units
–
115
–
115

2.3
Class F USD
AccNo. of Units
–
10
–
10

Balance as at 7 October 2022
IssuedRedeemed
Balance as at 30 April 2023

2.4Class F USD
Inc
No. of Units
–
11
–
11

3.1
Class I GBP
Acc
No. of Units–
98,418(15,950)
82,468

3.2
Class I GBP
Inc
No. of Units
–
10
–
10

3.3
Class I USD
Inc
No. of Units
–
77
–
77

Barings Global Dividend Champions Fund**4.1
Class X USD
Acc
No. of Units–
200,000(63)
199,937

Balance as at 7 October 2022
IssuedRedeemed
Balance as at 30 April 2023

* The Barings German Growth Fund merged from Barings Investment Funds Plc in to the Unit Trust on 14 October 2022.
** The Barings Global Dividend Champions Fund merged from Barings Investment Funds Plc in to the Unit Trust on 7 October 2022.

89Barings International Umbrella Fund
Notes to the financial statements (continued)
For the financial year ended 30 April 2024
4.

Redeemable units (continued)
Financial year ended 30 April 2023 (continued)
Barings China A-Share Fund*

Balance as at 18 November 2022
IssuedRedeemed
Balance as at 30 April 2023

1.1Class A USD
Acc
No. of Units
–
1,058
–
1,058

2.1
Class F EUR
AccNo. of Units
–
10
–
10

2.2
Class F GBP
Acc
No. of Units
–
249
–
249

2.3
Class F HKD
AccNo. of Units
–
78
–
78

Balance as at 18 November 2022
IssuedRedeemed
Balance as at 30 April 2023

2.4Class F USD
AccNo. of Units
–
10
–
10

3.1
Class I GBP
Acc
No. of Units
–
10
–
10

4.1
Class X GBP
Inc
No. of Units–
87,394–87,394

4.2
Class X USD
Acc
No. of Units–
262,028–
262,028

1.1Class I USD
Acc
No. of Units
–
10
–
10

2.1
Class X USD
Acc
No. of Units–
423,823(5,571)
418,252

Barings Global Equity Allocation Fund**Balance as at 18 November 2022
IssuedRedeemed
Balance as at 30 April 2023

* The Barings China A-Share Fund merged from Barings Investment Funds Plc in to the Unit Trust on 18 November 2022.
** The Barings Global Equity Allocation Fund merged from Barings Investment Funds Plc in to the Unit Trust on 18 November 2022.

90Barings International Umbrella Fund
Notes to the financial statements (continued)
For the financial year ended 30 April 2024
5.

Distributions
The following distributions were declared by the below Funds during the financial year ended 30 April 2024 and 30 April 2023:
Distribution
frequency
Barings ASEAN Frontiers Fund - Class A EUR Inc

Annually

Barings ASEAN Frontiers Fund - Class A GBP Inc

Annually

Barings ASEAN Frontiers Fund - Class A USD Inc
Barings ASEAN Frontiers Fund - Class I USD Inc

Annually
Annually

Total distributions for the Barings ASEAN Frontiers Fund
Barings Asia Growth Fund – Class A USD Inc

Annually

Barings Asia Growth Fund - Class A EUR Inc
Barings Asia Growth Fund - Class I EUR Hedged Inc

Annually
Annually

Total distributions for the Barings Asia Growth Fund
Barings Australia Fund - Class A AUD Inc

Annually

Barings Australia Fund - Class A EUR Inc

Annually

Barings Australia Fund - Class A GBP Inc

Annually

Barings Australia Fund - Class A USD Inc

Annually

Total distributions for the Barings Australia Fund
Barings Europa Fund - Class A EUR Inc

Annually

Barings Europa Fund - Class A USD Inc
Barings Europa Fund - Class C USD Inc

Annually
Annually

Total distributions for the Barings Europa Fund
Barings Hong Kong China Fund - Class A EUR Inc

Annually

Barings Hong Kong China Fund - Class A GBP Inc

Annually

Barings Hong Kong China Fund - Class A HKD Inc

Annually

Barings Hong Kong China Fund - Class A USD Inc

Annually

Total distributions for the Barings Hong Kong China FundDistributed
amount paid*

Incomeequalisation**€(413,546)£(40,508)US$(1,817,413)(13)
US$(2,322,174)€
20,142£(4,867)
US$(35,312)US$(20,343)

US$€(91,294)
US$(100,282)

US$
(8)
€
(35)
(85,558)
US$(93,598)

AU$(46,713)€(79,544)£US$(1,102,862)
US$(1,220,993)

AU$
2,719
€
(1,028)£(99)
US$(26,352)
US$(25,792)€(69,108)US$(214,439)
US$(290,350)€(4,896)
US$(23,651)(52)
US$(29,041)

€
£
HK$
US$
US$
-

€
1,216
£
(1,395)
HK$(18,468)
US$(1,320)US$(4,069)* Includes distributions with an ex-date of 2 May 2023 which were paid during the current financial year. These distributions with an ex-date of 9
May 2023 reflect the undistributed income on the Fund as at 28 April 2023.
** Income equalisation relates to the dealing activity of distributing classes for the period from 1 May 2023 to 30 April 2024. The income
equalisation of the distributing classes is disclosed separately in the statement of changes in net assets attributable to holders of redeemableparticipating shares for the financial year ended 30 April 2024.

91Barings International Umbrella Fund
Notes to the financial statements (continued)
For the financial year ended 30 April 2024
5.

Distributions (continued)
Distribution
frequency
Barings Global Bond Fund - Class A EUR Inc

Semi Annually

Barings Global Bond Fund - Class A GBP Inc
Barings Global Bond Fund - Class I GBP Inc

Semi Annually
Annually

Barings Global Bond Fund - Class A RMB Hedged Inc

Monthly

Barings Global Bond Fund - Class A USD Inc

Semi Annually

Total distributions for the Barings Global Bond Fund
Barings Global Balanced Fund - Class A USD Inc

Monthly

Total distributions for the Barings Global Balanced Fund
Barings Europe Select Fund - Class B EUR Inc
Barings Europe Select Fund - Class I EUR Inc
Barings Europe Select Fund - Class J EUR Inc

Semi Annually
Semi Annually
Semi Annually

Barings Europe Select Fund - Class B GBP Inc
Barings Europe Select Fund - Class I GBP Inc
Barings Europe Select Fund - Class J GBP Inc

Semi Annually
Semi Annually
Semi Annually

Total distributions for Barings Europe Select Fund
Barings German Growth Fund - Class B EUR Inc

Annually

Barings German Growth Fund - Class J GBP Inc

Annually

Total distributions for Barings German Growth Fund
Barings Global Dividend Champions Fund - Class F GBP Inc
Barings Global Dividend Champions Fund - Class I GBP Inc

Quarterly
Quarterly

Barings Global Dividend Champions Fund - Class F USD Inc
Barings Global Dividend Champions Fund - Class I USD Inc

Quarterly
Quarterly

Total distributions for Barings Global Dividend Champions
Fund
Barings China A-Share Fund - Class X GBP Inc

Annually

Total distributions for Barings China A-Share FundDistributed
amount paid*

Incomeequalisation**€(92,274)£(3,957)(6,026)
CNH
(130)
US$
(1,246,541)
US$(1,358,683)€(2,505)£(1,471)
(450)
CNH
US$
(1,558)
US$(6,679)US$(38,143)
US$(38,143)

US$
(543)
US$
(543)

€
(135,262)(3)(273,096)£(17,013)(76)(29,695)€(461,715)€(98)
10,693£(1,086)(2,105)
€
6,918

€
£
(49)
€
(55)

€
(121)
£
(524)
€
(732)

£
(104)
(11)
US$
(11)
(10)
US$

£
(7)
US$
US$

(155)

(8)

£
(426)
US$
(530)

£
(4,284)US$(5,445)* Includes distributions with an ex-date of 2 May 2023 which were paid during the current financial year. These distributions with an ex-date of 9
May 2023 reflect the undistributed income on the Fund as at 28 April 2023.
** Income equalisation relates to the dealing activity of distributing classes for the period from 1 May 2023 to 30 April 2024. The income
equalisation of the distributing classes is disclosed separately in the statement of changes in net assets attributable to holders of redeemableparticipating shares for the financial year ended 30 April 2024.

92

Barings International Umbrella Fund
Notes to the financial statements (continued)
For the financial year ended 30 April 2024
5.

Distributions (continued)
Comparative 30 April 2023
Distribution
frequency
Barings ASEAN Frontiers Fund - Class A EUR Inc

Annually

Barings ASEAN Frontiers Fund - Class A GBP Inc

Annually

Barings ASEAN Frontiers Fund - Class A USD Inc
Barings ASEAN Frontiers Fund - Class I USD Inc

Annually
Annually

Total distributions for the Barings ASEAN Frontiers Fund
Barings Asia Growth Fund - Class I EUR Hedged Inc

Annually

Total distributions for the Barings Asia Growth Fund
Barings Australia Fund - Class A USD Inc

Annually

Barings Australia Fund - Class A AUD Inc

Annually

Barings Australia Fund - Class A EUR Inc

Annually

Barings Australia Fund - Class A GBP Inc

Annually

Total distributions for the Barings Australia Fund
Barings Europa Fund - Class A USD Inc
Barings Europa Fund - Class C USD Inc

Annually
Annually

Barings Europa Fund - Class A EUR Inc

Annually

Total distributions for the Barings Europa Fund
Barings Hong Kong China Fund - Class A GBP Inc

Annually

Barings Hong Kong China Fund - Class A HKD Inc

Annually

Total distributions for the Barings Hong Kong China FundDistributed
amount paid*

Incomeequalisation**€(312,285)£(26,211)US$(1,288,752)(10)
US$(1,651,643)€
11,416£875
US$(23,748)
US$(9,544)

€
US$
-

€
5
US$
6

US$
(1,151,455)
AU$(44,051)€(91,791)£(5,309)US$(1,286,690)

US$(46,191)
AU$
(907)
€
(5,368)£(499)
US$(53,277)

US$(166,544)€(58,708)US$(228,571)

US$(10,932)(2)€(6,165)
US$(17,457)

£
HK$
US$
-

£
(297)
HK$
(32,754)
US$(3,838)* Includes distributions with an ex-date of 3 May 2022 which were paid during the current financial year. These distributions with an ex-date of 10
May 2022 reflect the undistributed income on the Fund as at 29 April 2022.
** Income equalisation relates to the dealing activity of distributing classes for the period from 1 May 2022 to 28 April 2023. The income
equalisation of the distributing classes is disclosed separately in the statement of changes in net assets attributable to holders of redeemableparticipating shares for the financial year ended 30 April 2023.

93

Barings International Umbrella Fund
Notes to the financial statements (continued)
For the financial year ended 30 April 2024
5.

Distributions (continued)
Distribution
frequency
Barings Global Bond Fund - Class A EUR Inc

Semi
Annually

Barings Global Bond Fund - Class A GBP Inc

Semi
Annually
Semi
Annually

Barings Global Bond Fund - Class I GBP Inc
Barings Global Bond Fund - Class A RMB Hedged Inc

Monthly

Barings Global Bond Fund - Class A USD Inc

Semi
Annually

Total distributions for the Barings Global Bond Fund
Barings Global Balanced Fund - Class A USD Inc

Monthly

Barings Global Dividend Champions Fund - Class F GBP Inc
Barings Global Dividend Champions Fund - Class I GBP Inc

Quarterly
Quarterly

Barings Global Dividend Champions Fund - Class F USD Inc
Barings Global Dividend Champions Fund - Class I USD Inc

Quarterly
Quarterly

Total distributions for the Barings Global Dividend Champions
Fund***

Distributed
amount paid*

Incomeequalisation**€(16,020)€(2,005)

£
(906)

£
194

(3,095)

(643)

CNH
(68)
US$
(140,015)

CNH
US$
16,084

US$(160,668)

US$12,975

US$(43,228)

US$
(181)

£
(99)
(10)
US$
(10)
(9)
US$
(150)

£
48
4
US$
4
4
US$
67

* Includes distributions with an ex-date of 3 May 2022 which were paid during the current financial year. These distributions with an ex-date of 10
May 2022 reflect the undistributed income on the Fund as at 29 April 2022.
** Income equalisation relates to the dealing activity of distributing classes for the period from 1 May 2022 to 28 April 2023. The income
equalisation of the distributing classes is disclosed separately in the statement of changes in net assets attributable to holders of redeemableparticipating shares for the financial year ended 30 April 2023.
*** The Barings Global Dividend Champions Fund merged from Barings Investment Funds Plc in to the Unit Trust on 7 October 2022.

94Barings International Umbrella Fund
Notes to the financial statements (continued)
For the financial year ended 30 April 2024
6.

Significant agreements and fees
Management fees
Barings International Fund Managers (Ireland) Limited (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
Barings ASEAN Frontiers Fund - Class A AUD Hedged Acc
Barings ASEAN Frontiers Fund - Class A CHF Hedged Acc
Barings ASEAN Frontiers Fund - Class A EUR Acc
Barings ASEAN Frontiers Fund - Class A EUR Inc
Barings ASEAN Frontiers Fund - Class A GBP Inc
Barings ASEAN Frontiers Fund - Class A RMB Hedged Acc
Barings ASEAN Frontiers Fund - Class A USD Acc
Barings ASEAN Frontiers Fund - Class A USD Inc
Barings ASEAN Frontiers Fund - Class I CHF Hedged Acc
Barings ASEAN Frontiers Fund - Class I EUR Acc
Barings ASEAN Frontiers Fund - Class I GBP Acc
Barings ASEAN Frontiers Fund - Class I USD Acc
Barings ASEAN Frontiers Fund - Class I USD Inc
Barings Asia Growth Fund - Class A EUR Acc*
Barings Asia Growth Fund - Class A EUR Inc
Barings Asia Growth Fund - Class A GBP Inc
Barings Asia Growth Fund - Class A USD Acc**
Barings Asia Growth Fund - Class A USD Inc
Barings Asia Growth Fund - Class I EUR Acc
Barings Asia Growth Fund - Class I EUR Hedged Inc
Barings Asia Growth Fund - Class I GBP Acc
Barings Asia Growth Fund - Class I USD Acc
Barings Australia Fund - Class A AUD Inc
Barings Australia Fund - Class A EUR Inc
Barings Australia Fund - Class A GBP Inc
Barings Australia Fund - Class A USD Inc
Barings Australia Fund - Class I GBP Acc
Barings Australia Fund - Class I USD Acc
Barings Europa Fund - Class A EUR Inc
Barings Europa Fund - Class A USD Inc
Barings Europa Fund - Class C EUR Inc
Barings Europa Fund - Class C USD Inc
Barings Hong Kong China Fund - Class A EUR Inc
Barings Hong Kong China Fund - Class A GBP Inc
Barings Hong Kong China Fund - Class A HKD Inc
Barings Hong Kong China Fund - Class A RMB Hedged Acc
Barings Hong Kong China Fund - Class A USD Acc
Barings Hong Kong China Fund - Class A USD Inc
Barings Hong Kong China Fund - Class C EUR Inc
Barings Hong Kong China Fund - Class C USD Inc
Barings Hong Kong China Fund - Class I GBP Acc
Barings Hong Kong China Fund - Class I GBP Inc
Barings Hong Kong China Fund - Class I USD Acc
Barings Global Bond Fund - Class A EUR Inc
Barings Global Bond Fund - Class A GBP Inc
Barings Global Bond Fund - Class A RMB Hedged Acc
Barings Global Bond Fund - Class A RMB Hedged Inc
Barings Global Bond Fund - Class A USD Inc
Barings Global Bond Fund - Class F GBP Hedged Acc***
Barings Global Bond Fund - Class F GBP Hedged Inc***Management fee
1.25%
1.25%
1.25%
1.25%
1.25%
1.25%
1.25%
1.25%
0.75%
0.75%
0.75%
0.75%
0.75%
1.25%
1.25%
1.25%
1.25%
1.25%
0.75%
0.75%
0.75%
0.75%
1.25%
1.25%
1.25%
1.25%
0.75%
0.75%
1.25%
1.25%
1.25%
1.25%
1.25%
1.25%
1.25%
1.25%
1.25%
1.25%
1.25%
1.25%
0.75%
0.75%
0.75%
0.75%
0.75%
0.75%
0.75%
0.75%
0.05%
0.05%

* The Barings Asia Growth Fund Class A EUR Acc was launched on 23 November 2023.
** The Barings Asia Growth Fund Class A USD Acc was launched on 1 June 2023.
*** The Barings Global Bond Fund Class F GBP Hedged Acc and Class F GBP Hedged Inc were launched on 13 July 2023.

95

Barings International Umbrella Fund
Notes to the financial statements (continued)
For the financial year ended 30 April 2024
6.

Significant agreements and fees (continued)
Management fees (continued)
Fund/Class
Barings Global Bond Fund - Class F USD Acc*
Barings Global Bond Fund - Class F USD Inc*
Barings Global Bond Fund - Class I GBP Inc
Barings Global Bond Fund - Class I USD Acc
Barings Global Balanced Fund - Class A USD Acc
Barings Global Balanced Fund - Class A USD Inc
Barings Global Balanced Fund - Class I USD Acc
Barings Global Technology Equity Fund - Class A USD Acc
Barings Global Technology Equity Fund - Class F1 USD Acc
Barings Global Technology Equity Fund - Class I GBP Acc
Barings Global Technology Equity Fund - Class I USD Acc
Barings Europe Select Fund - Class B EUR Acc
Barings Europe Select Fund - Class B EUR Inc
Barings Europe Select Fund - Class B GBP Inc
Barings Europe Select Fund - Class I EUR Acc
Barings Europe Select Fund - Class I EUR Inc
Barings Europe Select Fund - Class I GBP Inc
Barings Europe Select Fund - Class I USD Acc
Barings Europe Select Fund - Class J EUR Acc
Barings Europe Select Fund - Class J EUR Inc
Barings Europe Select Fund - Class J GBP Inc
Barings German Growth Fund - Class B EUR Acc
Barings German Growth Fund - Class B EUR Inc
Barings German Growth Fund - Class B GBP Acc
Barings German Growth Fund - Class I USD Acc
Barings German Growth Fund - Class J EUR Acc
Barings German Growth Fund - Class J GBP Acc
Barings German Growth Fund - Class J GBP Inc
Barings Global Dividend Champions Fund - Class A USD Acc
Barings Global Dividend Champions Fund - Class F GBP Acc
Barings Global Dividend Champions Fund - Class F GBP Inc
Barings Global Dividend Champions Fund - Class F USD Acc
Barings Global Dividend Champions Fund - Class F USD Inc
Barings Global Dividend Champions Fund - Class I GBP Acc
Barings Global Dividend Champions Fund - Class I GBP Inc
Barings Global Dividend Champions Fund - Class I USD Inc
Barings China A-Share Fund - Class A USD Acc
Barings China A-Share Fund - Class F EUR Acc
Barings China A-Share Fund - Class F GBP Acc
Barings China A-Share Fund - Class F HKD Acc
Barings China A-Share Fund - Class F USD Acc
Barings China A-Share Fund - Class I GBP Acc
Barings Global Equity Allocation Fund - Class I USD Acc* The Barings Global Bond Fund Class F USD Acc and Class F USD Inc were launched on 13 July 2023.

96

Management fee
0.05%
0.05%
0.50%
0.50%
1.00%
1.00%
0.55%
1.50%
0.20%
0.75%
0.75%
1.50%
1.50%
1.50%
0.75%
0.75%
0.75%
0.75%
0.75%
0.75%
0.75%
1.50%
1.50%
1.50%
0.75%
0.75%
0.75%
0.75%
1.50%
0.30%
0.30%
0.30%
0.30%
0.75%
0.75%
0.75%
1.50%
0.25%
0.25%
0.25%
0.25%
0.75%
0.50%

Barings International Umbrella Fund
Notes to the financial statements (continued)
For the financial year ended 30 April 2024
6.

Significant agreements and fees (continued)
Management fees (continued)
Fund/Class
Barings Eastern Europe Fund** - Class A EUR Inc
Barings Eastern Europe Fund** - Class A GBP Inc
Barings Eastern Europe Fund** - Class A USD Acc
Barings Eastern Europe Fund** - Class A USD Inc
Barings Eastern Europe Fund** - Class I EUR Acc
Barings Eastern Europe Fund** - Class I GBP Acc
Barings Eastern Europe Fund** - Class I GBP Inc
Barings Eastern Europe Fund** - Class I USD Acc
Barings Eastern Europe Fund** - Class I USD Inc
Barings Eastern Europe Fund** - Class A EUR Inc
Barings Eastern Europe Fund** - Class A GBP Inc
Barings Eastern Europe Fund** - Class A USD Acc
Barings Eastern Europe Fund** - Class A USD Inc
Barings Eastern Europe Fund** - Class I EUR Acc
Barings Eastern Europe Fund** - Class I GBP Acc

Management fee
1.50%
1.50%
1.50%
1.50%
0.75%
0.75%
0.75%
0.75%
0.75%
1.50%
1.50%
1.50%
1.50%
0.75%
0.75%

* The Barings Eastern Europe Fund merged from Barings Global Umbrella Fund in to the Unit Trust on 21 July 2023.
The Manager will not charge a management fee in respect of Class X of each Fund. The fee for the X share classes is subject to a separate
agreement with the Investment Manager and is not paid from the Net Asset Value of the X share class.

The Unit Trust is managed by the Manager, which has delegated investment responsibilities 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 MutualLife Insurance Company (“MassMutual”). The Investment Manager has appointed Baring Asset Management (Asia) Limited,
Barings LLC and Barings Japan Limited (together, the “Sub-Investment Managers”) as the Sub-Investment Managers to therelevant Funds. The Sub-Investment Managers are also part of the Barings LLC Group. Management fees charged during thefinancial year-end are disclosed on each Fund’s Statement of Comprehensive Income and the outstanding amounts payable formanagement fees as at the end of the financial year are disclosed on each Fund’s Statement of Financial Position.
The Manager will discharge the fees and expenses of the Investment Manager out of its own fee. The Investment Manager willdischarge the fees and expenses of the Sub-Investment Managers out of its own fee. The management fee is payable monthly
in arrears and is calculated and accrued by reference to the Net Asset Value of each Funds as at each business day (“valuationday”).
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 (ifany) charged to the Barings Fund for comparable management services.
Administration, Depositary and Operating fees
The Manager is entitled to receive an administration, depositary and operating 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 pays the aggregate fees and expensesof the Administrator and Depositary, in addition to certain other fees and ongoing expenses.
For Barings ASEAN Frontiers Fund, the Manager is entitled to receive a fee of 0.45% per annum for all A unit classes (A Hedgedclasses 0.4625%) and 0.25% per annum for all I unit classes (I Hedged classes 0.2625%).
For Barings Asia Growth Fund, the Manager is entitled to receive a fee of 0.45% per annum for all A unit classes (A Hedgedclasses 0.4625%) and 0.25% per annum for all I and X unit classes (I Hedged classes 0.2625%).
For Barings Australia Fund, the Manager is 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.

97

Barings International Umbrella Fund
Notes to the financial statements (continued)
For the financial year ended 30 April 2024
6.

Significant agreements and fees (continued)
Administration, Depositary and Operating fees (continued)
For Barings Global Bond Fund, the Manager is entitled to receive a fee of 0.45% per annum for all A unit classes (A Hedgedclasses 0.4625%) and 0.25% per annum for all I unit classes, 0.18% per annum for all F (F Hedged classes 0.1925%) and up to
0.25% per annum for all X unit classes (X Hedged classes up to 0.2625%).
For Barings Europa Fund and Barings Hong Kong China Fund, the Manager is entitled to receive a fee of 0.45% per annum for
all A and C unit classes (A Hedged classes 0.4625%) and 0.25% per annum for all I unit classes.
For Barings Global Balanced Fund, the Manager is entitled to receive a fee of 0.45% per annum for all A unit classes (A Hedgedclasses 0.4625%) and 0.25% per annum for all I unit classes.
For Barings Global Technology Equity Fund, the Manager is entitled to receive a fee of 0.45% per annum for all A unit classes (AHedged classes 0.4625%) and 0.25% per annum for all F1 and I unit classes.
For Barings Europe Select Fund, the Manager is entitled to receive a fee of 0.45% per annum for all A share classes (A Hedgedclasses 0.4625%), 0.05% per annum for all B and J share classes and 0.25% per annum for all I and X share classes (I Hedgedclasses 0.2625%).
For Barings German Growth Fund, the Manager is entitled to receive a fee of 0.45% per annum for all A share classes (A Hedgedclasses 0.4625%), 0.06% per annum for all B and J share classes and 0.25% per annum for all I and X share classes (I Hedgedclasses 0.2625%).
For Barings Global Dividend Champions Fund, the Manager is entitled to receive a fee of 0.10% per annum for all share classes.
For Barings China A-Share Fund, the Manager is entitled to receive a fee of 0.45% per annum for all A share classes and 0.25%
per annum for all F, I and X share classes.
For Barings Global Equity Allocation Fund, the Manager is entitled to receive a fee of 0.25% per annum for all share classes(Hedged share classes 0.2625%).
For Barings Eastern Europe Fund*, the Manager shall be entitled to receive a fee of 0.45% per annum for all A unit classes (AHedged 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.
* The Barings Eastern Europe Fund merged from Barings Global Umbrella Fund in to the Unit Trust on 21 July 2023.

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’
redeemable participating units for third parties, are also paid out of the management fees.

98Barings International Umbrella Fund
Notes to the financial statements (continued)
For the financial year ended 30 April 2024
6.

Significant agreements and fees (continued)
Transaction costs
The transaction costs incurred by the Funds for the years ended 30 April 2024 and 30 April 2023 were as follows:
Fund
Barings ASEAN Frontiers Fund
Barings Asia Growth Fund
Barings Australia Fund
Barings Europa Fund
Barings Hong Kong China Fund
Barings Global Bond Fund
Barings Global Balanced Fund
Barings Global Technology Equity Fund
Barings Europe Select Fund
Barings German Growth Fund
Barings Global Dividend Champions Fund
Barings China A-Share Fund
Barings Global Equity Allocation Fund
Barings Eastern Europe Fund*

30 April 2024
US$607,979
US$201,122
US$24,279
US$10,029
US$2,407,432
US$–
US$27,404
US$1,045
EUR€43,707
EUR€4,238
US$10,605
US$19,829
US$65,749
US$93,811

30 April 2023
US$756,398
US$470,581
US$17,827
US$12,398
US$4,004,392
US$–
US$87,286
US$788EUR€25,009
EUR€2,436
US$3,887
US$12,855
US$21,562
N/A* The Barings Eastern Europe Fund merged from Barings Global Umbrella Fund in to the Unit Trust on 21 July 2023.

7.

Related party transactions
Julian Swayne who resigned effective 4 August 2023 and Rhian Williams who was appointed on 14 August 2023 are employedby Barings Investment Services Limited. Alan Behen and Paul Smyth are employees of the Manager. Syl O’Byrne and Barbara
Healy are non-executive Directors, independent of the Investment Manager. The Manager will discharge the fees and expensesof 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”). Baring Asset Management (Asia) Limited,
Barings LLC and Barings Japan Limited (together, the “Sub-Investment Managers”) are also part of the Barings LLC Group.
The Investment Manager will discharge the fees and expenses of the Sub-Investment Managers out of its own fee. 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 operation decisions.

99

Barings International Umbrella Fund
Notes to the financial statements (continued)
For the financial year ended 30 April 2024
7.

Related party transactions (continued)
Significant unitholdings
The following table details significant concentrations in unitholdings of each Fund, or instances where the units are beneficiallyheld by other investment funds managed by the Investment Manager or one of its affiliates. As at 30 April 2024 and 30 April 2023,
the following had significant unitholdings in the Unit Trust:Fund name
Barings ASEAN Frontiers Fund
Barings Asia Growth Fund
Barings Australia Fund

Number ofunitholders with
beneficial interest
greater than 20%of the units inissue
Nil (30 April 2023: Nil)
Nil (30 April 2023: Nil)
1 (30 April 2023: 1)

Barings Europa Fund
Barings Hong Kong China
Fund
Barings Global Bond Fund

Nil (30 April 2023: Nil)

Barings Global Balanced Fund
Barings Global Technology
Equity Fund
Barings Europe Select Fund

Nil (30 April 2023: Nil)
1 (30 April 2023: 1)

Barings German Growth Fund

1 (30 April 2023: 1)

Barings Global Dividend
Champions Fund
Barings China-A Share Fund

1 (30 April 2023: 1)

Barings Global Equity
Allocation Fund
Barings Eastern Europe Fund*

2 (30 April 2023: 2)

Nil (30 April 2023: Nil)
2 (30 April 2023: 1)

1 (30 April 2023: 1)

3 (30 April 2023: 3)

1 (30 April 2023: N/A)

Total % of units heldby unitholders with
beneficial interest
greater than 20% of
the units in issue
Nil (30 April 2023: Nil)
Nil (30 April 2023: Nil)
20.85% (30 April 2023:
22.03%)
Nil (30 April 2023: Nil)

Total % of units held by
investment funds managed
by Barings International
Fund Managers (Ireland)
LimitedNil (30 April 2023: 3.02%)
1.83% (30 April 2023: 7.08%)
Nil (30 April 2023: Nil)

Nil (30 April 2023: Nil)
51.74% (30 April 2023:
31.15%)
Nil (30 April 2023: Nil)
80.49% (30 April 2023:
79.39%)
52.99% (30 April 2023:
46.55%)
85.25% (30 April 2023:
85.70%)
69.58% (30 April 2023:
68.57%)
86.93% (30 April 2023:
74.55%)
68.15% (30 April 2023:
65.57%)
26.02% (30 April 2023: N/A)

0.21% (30 April 2023: 1.05%)
0.01% (30 April 2023: 0.01%)

0.01% (30 April 2023: Nil)

54.47% (30 April 2023: 54.17%)
80.49% (30 April 2023: 79.39%)
15.10% (30 April 2023: 14.65%)
6.17% (30 April 2023: 5.77%)
69.58% (30 April 2023: 68.66%)
24.95% (30 April 2023: 24.96%)
47.19 (30 April 2023: 57.01%)
Nil (30 April 2023: N/A)

* The Barings Eastern Europe Fund merged from Barings Global Umbrella Fund in to the Unit Trust on 21 July 2023.

8. Financial risk management
In accordance with FRS 102: Disclosure, this note details the way in which the Funds manage risks associated with the use offinancial instruments.
The Funds of the Unit Trust are exposed to a variety of financial risks in pursuing their stated investment objectives and policies.
These risks include, but are not limited to, credit risk, liquidity risk and market risk (which in turn includes foreign currency risk,interest rate risk and market price risk). The Funds assume exposure to certain of these risks to generate investment returns on
their portfolios, although these risks can also potentially result in a reduction in the Funds’ net assets.
The Investment Manager will use its best endeavours to minimise the potentially adverse effects of these risks on the Funds’
performance where it can do so, while still managing the investments of the Funds in a way that is consistent with the Funds’
investment objectives.
The investment objective of the Funds is disclosed in the Prospectus and in the Investment Objective and Policy on page 5. The
risks, and the measures adopted by the Funds for managing these risks, are detailed below.

100Barings International Umbrella Fund
Notes to the financial statements (continued)
For the financial year ended 30 April 2024
8. Financial risk management (continued)
The nature and extent of the financial instruments outstanding at the Statement of Financial Position date and the risk management
policies employed by the Funds are discussed below. These policies have remained substantially unchanged since the beginningof the financial year to which these financial statements relate.
Market risk
Market risk embodies the potential for both losses and gains and included foreign currency risk, interest rate risk and price risk,
which are discussed in detail under separate headings within this note.
The Funds' exposure to market risk is that the value of assets would generally fluctuate with, among other things, general
economic conditions, the condition of certain financial markets, international political events and developments or trends in any
particular industry that the Funds' invested in.
The Funds' market risk is managed on a daily basis by the Investment Manager in accordance with policy and procedures inplace. The Funds' overall market positions are reported to the Board of Directors on a monthly basis.
As the majority of the financial instruments are carried at fair value through the profit or loss, all changes in market conditions
directly impact the net assets of the Funds.
Foreign currency risk
Foreign currency risk is defined in FRS 102 as “the risk that the fair value or future cash flows of a financial instrument willfluctuate because of changes in foreign exchange rates.”
The Funds are exposed to foreign currency risk as assets and liabilities of the Funds may be denominated in a currency otherthan the functional currency of the Funds, which is the US dollar and Euro. The fluctuations in the rate of exchange between thecurrency in which the asset or liability is denominated and the functional currency could result in an appreciation or depreciationin the fair value of those assets and liabilities. The Investment Manager is permitted but not obliged to use hedging techniques toattempt to offset market and foreign currency risk.
In accordance with the Unit Trust’s policy, the Investment Manager monitors the Funds’ currency exposures on a daily basis
and reports regularly to the Directors of the Manager, who review the information provided by the Investment Manager on any
significant exposures at their periodic meetings.
The Investment Manager may have used FFCTs on Funds as a tool and technique to hedge these currency exposures. Barings
Global Bond Fund’s sensitivity to changes in foreign currency rates is included in the VaR risk analysis above.
The Funds’ portfolio statements detail the currency, and therefore the foreign currency risk, of the underlying investments.
Foreign exchange transactions and other currency contracts may also be used to provide protection against exchange risks or
to actively overlay currency views onto the Funds’ currency exposure resulting from investing in foreign markets. Such contracts
may, at the discretion of the Investment Manager, be used to hedge some or all of the exchange risk/currency risk arising as aresult of the fluctuation between the denominated currency of the Funds and the currencies in which the Funds’ investments aredenominated, or to pursue an active currency overlay strategy.
A Fund may (but is not obliged to) enter into certain currency-related transactions in order to hedge the currency exposureof the assets of a Fund attributable to a particular class into the currency of denomination of the relevant class. Any financial
instruments used to implement such strategies with respect to one or more classes shall be assets/liabilities of a Fund as a whole
but will be attributable to the relevant class/es, and the gains/losses on, and the costs of, the relevant financial instruments willaccrue solely to the relevant class.
Any currency exposure of a class may not be combined with or offset against that of any other class of a Fund. The currency
exposure of the assets attributable to a class may not be allocated to other classes. A class will not be leveraged as a result of
currency hedging transactions so that the use of such hedging instruments shall in no case exceed 100% of the Net Asset Value
attributable to the relevant class of a Fund.

101

Barings International Umbrella Fund
Notes to the financial statements (continued)
For the financial year ended 30 April 2024
8. Financial risk management (continued)
Foreign currency risk (continued)
The tables below represent each Fund’s exposure to foreign currency as at 30 April 2024 and 30 April 2023. All amounts arestated in the functional currency of the relevant Fund.
For the financial year ended 30 April 2024
Barings ASEAN Frontiers Fund

AUD
CHF
CNY
EUR
GBP
HKD
IDR
MYR
PHP
SGD
THB
VND

Financial assets atfair value throughprofit or loss
US$
–
–
–
–
–
3,397,843
78,102,095
28,571,577
35,320,611
97,459,943
70,342,338
11,368,381

Cashand cashequivalents
US$
121(32,429)–
43,293(25,627)
–
–
273
–
5
–
229,927

Other assets
and liabilities
US$
–
–
–
(2,445)(1)––
1,437,438–
126,002
224,154–

Derivatives
US$434,683
7,368,001
9,015
24,246
20,963––(1,398,342)––––

Net exposureUS$434,804
7,335,572
9,015
65,094(4,665)
3,397,843
78,102,095
28,610,946
35,320,611
97,585,950
70,566,492
11,598,308

Cashand cashequivalents
US$
7,335
(46,353)
6,380
1
–
625
–
278
–
–
–
1

Other assets
and liabilities
US$
–
(19)
(24)
–
–
245,782
50,977––424,734
11,215–Derivatives
US$–33,307(6,378)––––––(424,755)––

Net exposureUS$4,949,320(13,065)(22)
31,619,141
2,546,492
18,628,511
17,057,258
278
1,341,446
1,449,936
1,481,830
17,071,717

Cashand cashequivalents
US$377,033
53,809144,289

Other assets
and liabilities
US$
1,009
5
231

Derivatives
US$
–
–
–

Net exposureUS$69,439,675
53,814
144,520% of Net
Assets
0.12
2.08
–
0.02
–
0.96
22.14
8.11
10.01
27.66
20.00
3.29

Barings Asia Growth Fund

CNY
EUR
GBP
HKD
IDR
INR
KRW
MYR
PHP
SGD
THB
TWD

Financial assets atfair value throughprofit or loss
US$
4,941,985––
31,619,140
2,546,492
18,382,104
17,006,281–
1,341,446
1,449,957
1,470,615
17,071,716% of Net
Assets
5.04
0.01
–
32.22
2.60
18.98
17.38
–
1.37
1.48
1.51
17.40

Barings Australia Fund

AUD
EUR
GBP

Financial assets atfair value throughprofit or loss
US$69,061,633
–
–

102

% of Net
Assets
99.00
0.08
0.21

Barings International Umbrella Fund
Notes to the financial statements (continued)
For the financial year ended 30 April 2024
8. Financial risk management (continued)
Foreign currency risk (continued)
For the financial year ended 30 April 2024 (continued)
Barings Europa Fund

CHF
DKK
EUR
GBP
NOK
SEK

Financial assets atfair value throughprofit or loss
US$
2,291,047
1,484,883
11,718,827
4,542,772
395,084
451,132

Cashand cashequivalents
US$––371,777
1––

Other assets
and liabilities
US$––
81,226
15,640–2,896

Derivatives
US$
–
–
4,387
–
–
–

Net exposureUS$2,291,047
1,484,883
12,176,217
4,558,413
395,084
454,028

Cashand cashequivalents
US$263,379
236,181(133,395)
5,483–

Other assets
and liabilities
US$
–
(31)
(49)
4,285,152(98,791)

Derivatives
US$
9,133
(153,904)
193,398(4,044,087)
98,791Net exposureUS$112,178,798
82,24659,954
788,788,372
36,552,484

Cashand cashequivalents
US$
6,533
7,521
42
1
1
40,26032,487267
29,403
621
910
2,974
299
18

Other assets
and liabilities
US$
69,66599,726–––
187,91071,711––––
26,484––

Derivatives
US$–(4,430,926)
–
1,283
–
(2,013,196)(3,049,580)–
2,825,620
–
–
–
–
–

Net exposureUS$3,556,145
1,151,222
42
1,284
1
12,736,421
2,750,349
267
2,855,023
621
910
4,477,814299
18% of Net
Assets
10.71
6.94
56.94
21.32
1.85
2.12

Barings Hong Kong China Fund

CNY
EUR
GBP
HKD
TWD

Financial assets atfair value throughprofit or loss
US$111,906,286––
788,541,824
36,552,484% of Net
Assets
11.04
0.01
0.01
77.65
3.60

Barings Global Bond Fund

AUD
CAD
CHF
CNY
CZK
EUR
GBP
ILS
JPY
MXN
NOK
NZD
SEK
ZAR

Financial assets atfair value throughprofit or loss
US$
3,479,947
5,474,901–––
14,521,447
5,695,731––––
4,448,356––

103% of Net
Assets
6.50
2.10
–
–
–
23.28
5.03
–
5.22
–
–
8.19
–
–

Barings International Umbrella Fund
Notes to the financial statements (continued)
For the financial year ended 30 April 2024
8. Financial risk management (continued)
Foreign currency risk (continued)
For the financial year ended 30 April 2024 (continued)
Barings Global Balanced Fund

CNY
EUR
GBP
HKD
IDR
JPY
KRW
MYR
NOK
PHP
SGD
THB
TWD

Financial assets atfair value throughprofit or loss
US$504,964
6,177,842
976,190
3,054,774
270,211
1,964,790
1,511,141
163,446–
61,052415,082
184,578
2,191,638

Cashand cashequivalents
US$–919,002–1–
51,878
–
–
1
–
–
4,614
–

Other assets
and liabilities
US$–
175,200
8,558––
28,625
3,609
–
–
–
–
2,205
1,965

Derivatives
US$–(5,683,950)(909,330)––(1,774,157)
–
–
–
–
–
–
–

Net exposureUS$504,964
1,588,094
75,4183,054,775
270,211271,136
1,514,750
163,446
1
61,052415,082
191,397
2,193,603

Cashand cashequivalents
US$––(83,889)––

Other assets
and liabilities
US$
–
555
(2)
347
–

Derivatives
US$
–
–
–
–
–

Net exposureUS$90,530930,338(83,891)
258,981509,490

Cashand cashequivalents€
17,915329,914
46,129843
333,650

Other assets
and liabilities
€
–
305
–
2,572
135,965

Derivatives
€
–
–
–
–
–

Net exposure€
5,979,032
1,431,419
46,171
1,801,318
6,502,315

Cashand cashequivalents€
5
10,079–Other assets
and liabilities
€
–
3
14

Derivatives€–––

Net exposure€
5
10,082391,795% of Net
Assets
0.85
2.67
0.13
5.13
0.45
0.46
2.54
0.27
–
0.10
0.70
0.32
3.68

Barings Global Technology Equity Fund

CHF
EUR
GBP
KRW
TWD

Financial assets atfair value throughprofit or loss
US$
90,530929,783–
258,634
509,490% of Net
Assets
1.12
11.55
1.04
3.22
6.33

Barings Europe Select Fund

CHF
DKK
GBP
NOK
SEK

Financial assets atfair value throughprofit or loss€
5,961,117
1,101,200
42
1,797,903
6,032,700% of Net
Assets
11.34
2.72
0.09
3.42
12.33

Barings German Growth Fund

CHF
GBP
USD

Financial assets atfair value throughprofit or loss€––
391,781104% of Net
Assets–0.04
1.67

Barings International Umbrella Fund
Notes to the financial statements (continued)
For the financial year ended 30 April 2024
8. Financial risk management (continued)
Foreign currency risk (continued)
For the financial year ended 30 April 2024 (continued)
Barings Global Dividend Champions Fund

AUD
CHF
DKK
EUR
GBP
JPY
MXN
SEK

Financial assets atfair value throughprofit or loss
US$139,517
2,002,294
1,346,052
6,336,991
3,995,891
1,353,615
733,044
242,972

Cashand cashequivalents
US$
2,255
43,28775,666
677,914617,601
13,211
20,464
301,913

Other assets
and liabilities
US$
–
–
80
7,387
1,218
16,861
67
4,306

Derivatives
US$
–
–
–
–
–
–
–
–

Net exposureUS$141,772
2,045,581
1,421,798
7,022,292
4,614,710
1,383,687
753,575
549,191

Cashand cashequivalents
US$
232,731–

Other assets
and liabilities
US$––

Derivatives
US$––

Net exposureUS$4,664,369
145,245

Cashand cashequivalents
US$
653
6,621
1,922
3,412
–
138
11,149
8,650
545
–
267
65
–
727
91
323
21
–
89
1,688
–
657

Other assets
and liabilities
US$
565
1,016
1,288
–
–
–
3,352
21,936–––27,940
1,108
–
2,735
–
–
1,044
–
2,109
–
–

Derivatives
US$219,199––
303,745––
2,143,095(1,455,923)–––(1,161,796)
–
–
–
–
–
–
–
–
–
–

Net exposureUS$742,579
132,405
1,148,724
683,438
179,304
121,142
3,732,012
2,773,421
189,386
109,856267
2,568,572
107,528
120,508
74,846
20,76021
1,044
80,752147,090
244,563
69,881% of Net
Assets
0.55
7.93
5.51
27.22
17.89
5.36
2.92
2.13

Barings China A-Share Fund

CNY
HKD

Financial assets atfair value throughprofit or loss
US$4,431,638
145,245% of Net
Assets96.40
3.00

Barings Global Equity Allocation Fund

AUD
BRL
CAD
CHF
CNY
DKK
EUR
GBP
HKD
IDR
ILS
JPY
KRW
MXN
NOK
NZD
PLN
RUB
SEK
SGD
TWD
ZAR

Financial assets atfair value throughprofit or loss
US$522,162
124,768
1,145,514
376,281
179,304
121,004
1,574,416
4,198,758
188,841
109,856–
3,702,363
106,420
119,781
72,02020,437––80,663
143,293244,563
69,224105% of Net
Assets
1.89
0.34
2.93
1.74
0.46
0.31
9.51
7.06
0.48
0.28
–
6.54
0.27
0.31
0.19
0.05
–
–
0.21
0.37
0.62
0.18

Barings International Umbrella Fund
Notes to the financial statements (continued)
For the financial year ended 30 April 2024
8. Financial risk management (continued)
Foreign currency risk (continued)
For the financial year ended 30 April 2024 (continued)
Barings Eastern Europe Fund*

AED
CZK
EUR
GBP
HUF
PLN
ROL
TRY
ZAR

Financial assets atfair value throughprofit or loss
US$
1,971,318
14,658,878
51,565,243–
48,190,678
92,943,793
1,566,700
72,109,357
6,198,860

Cashand cashequivalents
US$––(10,568)
36,882–
72,028–––Other assets
and liabilities
US$
–
–
(2)
(5)
–
1,164,298––
31,164

Derivatives
US$––(19,610)(24,628)–––––

Net exposureUS$
1,971,318
14,658,878
51,535,063
12,24948,190,678
94,180,119
1,566,700
72,109,357
6,230,024% of Net
Assets
0.65
4.80
16.89
–
15.80
30.87
0.51
23.64
2.04

* The Barings Eastern Europe Fund merged from Barings Global Umbrella Fund in to the Unit Trust on 21 July 2023.

For the financial year ended 30 April 2023
Barings ASEAN Frontiers Fund

AUD
CHF
CNY
EUR
GBP
IDR
MYR
PHP
SGD
THB
VND

Financial assets atfair value throughprofit or loss
US$
–
–
–
–
–
125,427,891
36,367,221
45,822,761
98,887,436
96,205,223
17,922,836

Cashand cashequivalents
US$
408
–
1
58,15788,504–292–
5–1,970,856

Other assets
and liabilities
US$
–
–
–
5
(96)
125,064–
12,403–(1,138,408)
3,354,626

Derivatives
US$429,468
8,485,218
10,178(61,526)(59,211)––––
158,415–

Net exposureUS$429,876
8,485,218
10,179(3,364)29,197
125,552,955
36,367,513
45,835,164
98,887,441
95,225,230
23,248,318

Cashand cashequivalents
US$(1,546,507)
5,847
11,929
–
–
637
–
298
–
–
–
1

Other assets
and liabilities
US$
–
(2)
(12,542)(2,489,072)
1,146,496
17,693877,727–
746,153–
302,069(370,276)

Derivatives
US$–
14,301,620
615
2,489,113(1,146,496)–(811,268)–(746,136)–(274,316)
370,276

Net exposureUS$6,770,519
14,307,465
2
52,386,154
2,999,812
17,746,686
20,114,267
1,082,485
3,088,517
2,312,028
4,480,714
19,027,835% of Net
Assets
0.09
1.78
–
–
0.01
26.28
7.61
9.60
20.70
19.94
4.87

Barings Asia Growth Fund

CNY
EUR
GBP
HKD
IDR
INR
KRW
MYR
PHP
SGD
THB
TWD

Financial assets atfair value throughprofit or loss
US$
8,317,026––
52,386,113
2,999,812
17,728,356
20,047,808
1,082,187
3,088,500
2,312,028
4,452,961
19,027,834

106% of Net
Assets
4.94
10.43
–
38.21
2.19
12.94
14.67
0.79
2.25
1.69
3.27
13.88

Barings International Umbrella Fund
Notes to the financial statements (continued)
For the financial year ended 30 April 2024
8. Financial risk management (continued)
Foreign currency risk (continued)
For the financial year ended 30 April 2023 (continued)
Barings Australia Fund

AUD
EUR
GBP

Financial assets atfair value throughprofit or loss
US$
63,745,540
–
–

Cash
and cashequivalents
US$1,342,276
112,864
419,530

Other assets
and liabilities
US$
217,573
34
659

Derivatives
US$
–
–
–

Net exposureUS$65,305,389
112,898
420,189Cashand cashequivalents
US$––50,494
8,703––

Other assets
and liabilities
US$––
49,631
22,404–
4,062

Derivatives
US$––(11,505)–––

Net exposureUS$4,075,524
912,171
14,523,135
4,687,495
488,411494,038

Cashand cashequivalents
US$
15,639,189(199,192)
13,5842,275–

Other assets
and liabilities
US$–(10,344)(202)(8,593,781)–

Derivatives
US$
11,202
146,292(17,967)
8,593,922–

Net exposureUS$
193,295,642(63,244)(4,585)979,155,807
23,840,612% of Net
Assets
99.17
0.17
0.64

Barings Europa Fund

CHF
DKK
EUR
GBP
NOK
SEK

Financial assets atfair value throughprofit or loss
US$4,075,524
912,171
14,434,515
4,656,388
488,411
489,976% of Net
Assets
16.18
3.62
57.64
18.61
1.94
1.96

Barings Hong Kong China Fund

CNY
EUR
GBP
HKD
TWD

Financial assets atfair value throughprofit or lossUS$
177,645,251––
979,153,391
23,840,612

107% of Net
Assets
15.25
–
–
77.25
1.88

Barings International Umbrella Fund
Notes to the financial statements (continued)
For the financial year ended 30 April 2024
8. Financial risk management (continued)
Foreign currency risk (continued)
For the financial year ended 30 April 2023 (continued)
Barings Global Bond Fund

AUD
CAD
CHF
CNY
CZK
EUR
GBP
ILS
JPY
MXN
NOK
NZD
SEK
ZAR

Financial assets atfair value throughprofit or loss
US$
3,042,564
4,062,502–––
11,901,295
1,130,832–
1,466,777––
5,138,084––

Cashand cashequivalents
US$35,286
23,67842–
187,15243,556275
40,795580
932
29,329316
18

Other assets
and liabilities
US$
23,69763,502–––
119,145
1,953
–
5,451
–
–
21,896––

Derivatives
US$(2,189,627)(2,976,352)–
1,160,262–
7,271,759
1,276,978–3,302,723––(5,823,091)––

Net exposureUS$
911,920
1,173,330
42
1,160,262
1
19,379,351
2,453,319
275
4,815,746
580
932(633,782)
316
18

Cash
and cashequivalents
US$741,130
(35)
–
(71)
–
–
1
–
–
–

Other assets
and liabilities
US$
150,148––
48,802
6,265
–
–
2,356
262
–

Derivatives
US$
–
–
–
–
–
–
–
–
–
–

Net exposureUS$2,079,858
4,694,254
306,774
48,731
1,838,164
45,524
1
421,559262
2,309,711

Cashand cashequivalents
US$––33,384––

Other assets
and liabilities
US$
–
467
–
–
–

Derivatives
US$––(4,362)––Net exposureUS$68,870821,161
29,02288,506244,938% of Net
Assets
1.73
2.23
–
2.20
–
36.82
4.66
–
9.15
–
–
1.20
–
–

Barings Global Balanced Fund

EUR
HKD
IDR
JPY
KRW
MYR
NOK
SGD
THB
TWD

Financial assets atfair value throughprofit or loss
US$
1,188,580
4,694,289
306,774–
1,831,899
45,524–419,203–2,309,711% of Net
Assets
3.22
7.27
0.47
0.08
2.85
0.07
–
0.65
–
3.58

Barings Global Technology Equity Fund

CHF
EUR
GBP
KRW
TWD

Financial assets atfair value throughprofit or loss
US$68,870820,694–
88,506244,938108% of Net
Assets
1.22
14.60
0.51
1.57
4.36

Barings International Umbrella Fund
Notes to the financial statements (continued)
For the financial year ended 30 April 2024
8. Financial risk management (continued)
Foreign currency risk (continued)
For the financial year ended 30 April 2023 (continued)
Barings Europe Select Fund*

CHF
DKK
GBP
NOK
SEK
USD

Financial assets atfair value throughprofit or loss€
4,884,082
4,322,442–
1,759,265
3,670,866–

Cashand cashequivalents€
580,185
7,483
72,271
274,730
208,852–

Other assets
and liabilities€–
73,222
111
34
805
(1)

Derivatives
€
–
–
–
–
–
–

Net exposure€
5,464,267
4,403,147
72,382
2,034,029
3,880,523(1)

Cashand cashequivalents
€
4,949
130
95

Other assets
and liabilities€–
3–

Derivatives€–––

Net exposure€
142,215133
669,389Cashand cashequivalents
US$
2,220
44,225
3,725
143,911
347,489
7,857
11,078–Other assets
and liabilities
US$
–
–
1
133
7,864
11,99230
8,605

Derivatives
US$
–
–
–
–
–
–
–
–

Net exposureUS$
190,1932,231,690
1,104,585
6,619,653
5,196,620
860,153
691,041
434,478

Cashand cashequivalents
US$
149,919–

Other assets
and liabilities
US$––

Derivatives
US$––

Net exposureUS$7,138,414
1,496,630% of Net
Assets
10.66
8.59
0.14
3.97
7.57
–

Barings German Growth Fund**

CHF
GBP
USD

Financial assets atfair value throughprofit or loss€
137,266–
669,294% of Net
Assets0.62–
2.93

Barings Global Dividend Champions Fund***

AUD
CHF
DKK
EUR
GBP
JPY
MXN
SEK

Financial assets atfair value throughprofit or loss
US$
187,973
2,187,465
1,100,859
6,475,609
4,841,267
840,304
679,933
425,873% of Net
Assets
0.74
8.69
4.30
25.78
20.24
3.35
2.69
1.69

Barings China A-Share Fund****

CNY
HKD

Financial assets atfair value throughprofit or loss
US$
6,988,495
1,496,630% of Net
Assets* The Barings Europe Select Fund merged from Barings Investment Funds Plc in to the Unit Trust on 14 October 2022.
** The Barings German Growth Fund merged from Barings Investment Funds Plc in to the Unit Trust on 14 October 2022.
*** The Barings Global Dividend Champions Fund merged from Barings Investment Funds Plc in to the Unit Trust on 7 October 2022.
**** The Barings China A-Share Fund merged from Barings Investment Funds Plc in to the Unit Trust on 18 November 2022.

109

82.59
17.31

Barings International Umbrella Fund
Notes to the financial statements (continued)
For the financial year ended 30 April 2024
8. Financial risk management (continued)
Foreign currency risk (continued)
For the financial year ended 30 April 2023 (continued)
Barings Global Equity Allocation Fund*

AUD
BRL
CAD
CHF
CNY
DKK
EUR
GBP
HKD
IDR
ILS
JPY
KRW
MXN
NOK
PLN
RUB
SEK
SGD
TWD
ZAR

Financial assets atfair value throughprofit or loss
US$
1,205,435
725,339
1,686,421
1,892,315
858,057
574,899
5,836,974
2,944,232
2,676,785
131,576
40,985
2,192,932
1,183,248
270,863
144,007––489,818
106,794
1,285,161
432,437

Cashand cashequivalents
US$
65
1,225
299
9,781
–
15
11,126
126
12
–
28
8
2,972
6
10
21
–
9
75
–
5

Other assets
and liabilities
US$
13
1,880
3,999
–
–
–
22,16914,226–––
16,296
2,701
–
–
–
1,224
416
1,851
–
2

Derivatives
US$(763,089)––(757,835)––(1,601,607)(146,027)–––
898,058(520,692)
–
–
–
–
–
–
(529,297)–

Net exposureUS$442,424
728,444
1,690,719
1,144,261
858,057
574,914
4,268,662
2,812,557
2,676,797
131,576
41,013
3,107,294
668,229
270,869
144,01721
1,224
490,243
108,720755,864
432,444* The Barings Global Equity Allocation Fund merged from Barings Investment Funds Plc in to the Unit Trust on 18 November 2022.

110% of Net
Assets
0.79
1.30
3.02
2.04
1.53
1.03
7.63
5.03
4.78
0.24
0.07
5.55
1.19
0.48
0.26
–
–
0.88
0.19
1.35
0.77

Barings International Umbrella Fund
Notes to the financial statements (continued)
For the financial year ended 30 April 2024
8. Financial risk management (continued)
Foreign currency risk (continued)
Sensitivity analysis
The below currency sensitivity analysis information is a relative estimate of risk and is not intended to be a precise and accurate
number. The calculations are based on historical data. Future rate movements and correlations between currencies could varysignificantly from those experienced in the past.
At 30 April 2024, had the exchange rate between the US Dollar and other currencies increased or decreased by 5% (30 April
2023: 5%) with all other variables held constant, the increase or decrease in the value of the Net Assets attributable to holders ofredeemable participating units would be as follows:
30 Apr 2024
AUD
CHF
CNY
EUR
GBP
HKD
IDR
INR
KRW
MYR
PHP
SGD
THB
TWD
VND
30 Apr 2024
AUD
CAD
CHF
CNY
DKK
EUR
GBP
HKD
ILS
JPY
MXN
NOK
NZD
SEK
TWD
ZAR

111

Barings ASEAN
Frontiers FundUS$
21,740366,779
451
3,255
(233)
169,892
3,905,105––
1,430,547
1,766,031
4,879,298
3,528,325–
579,915

Barings Asia
Growth FundUS$––
247,466(653)(1)
1,580,957
127,325
931,426
852,86314
67,072
72,49774,092
853,586–

Barings Australia
FundUS$
3,471,984
–
–
2,691
7,226
–
–
–
–
–
–
–
–
–
–

Barings Europa
Fund
US$
–
–
114,552–
74,244
608,811
227,921––––19,754–22,701––

Barings Hong
Kong China Fund
US$
–
–
–
5,608,940
–
4,112
2,998
39,439,419
–
–
–
–
–
–
1,827,624–

Barings Global
Bond FundUS$
177,807
57,561
2
64–636,821
137,517–
13
142,75131
46
223,89115–
1

Barings International Umbrella Fund
Notes to the financial statements (continued)
For the financial year ended 30 April 2024
8. Financial risk management (continued)
Foreign currency risk (continued)
Sensitivity analysis (continued)
30 Apr 2024

CHF
CNY
DKK
EUR
GBP
HKD
IDR
JPY
KRW
MYR
NOK
PHP
SEK
SGD
THB
TWD
30 Apr 2024

AUD
CHF
CNY
DKK
EUR
GBP
HKD
JPY
MXN
SEK
USD

112

Barings Global
Balanced FundUS$–
25,248–79,405
3,771
152,739
13,511
13,55775,738
8,172
–
3,053
–
20,754
9,570
109,680

Barings Global
Technology
Equity Fund
US$
4,527
–
–
46,517(4,195)–––
12,949––––––25,475

Barings Europe
Select Fund€
298,952–
71,571
–
2,309
–
–
–
–
–
90,066–
325,116–––

Barings German
Growth Fund
€
–
–
–
–
–
504
–
–
–
–
19,590Barings Global
Dividend
Champions Fund
US$
7,089
102,279–
71,090351,115230,736–
69,18437,67927,460–Barings China
A-Share FundUS$––
233,218
–
–
–
7,262
–
–
–
–

Barings International Umbrella Fund
Notes to the financial statements (continued)
For the financial year ended 30 April 2024
8. Financial risk management (continued)
Foreign currency risk (continued)
Sensitivity analysis (continued)
30 Apr 2024

Barings Global
Equity Allocation
Fund
US$
–
37,1296,620
57,43634,172
8,965
–
6,057
186,601
138,671
9,469
–
5,493
13
128,429
5,376
6,025
3,742
1,038
1
–
52
4,038
7,355
–
12,228
3,494

AED
AUD
BRL
CAD
CHF
CNY
CZK
DKK
EUR
GBP
HKD
HUF
IDR
ILS
JPY
KRW
MXN
NOK
NZD
PLN
ROL
RUB
SEK
SGD
TRY
TWD
ZAR

Barings Eastern
Europe Fund*US$
98,566–––––732,944–2,576,753
612–
2,409,534
–
–
–
–
–
–
–
4,709,006
78,335–––
3,605,468–
311,501* The Barings Eastern Europe Fund merged from Barings Global Umbrella Fund in to the Unit Trust on 21 July 2023.

30 Apr 2023

Barings ASEAN
Frontiers FundUS$
21,494424,261
509
(168)
1,460
–
6,277,648––
1,818,376
2,291,758
4,944,372
4,761,262–
1,162,416

AUD
CHF
CNY
EUR
GBP
HKD
IDR
INR
KRW
MYR
PHP
SGD
THB
TWD
VND

113

Barings Asia
Growth FundUS$––
338,526
715,373–2,619,308
149,991
887,334
1,005,713
54,124
154,426
115,601
224,036
951,392–

Barings Australia
FundUS$
3,265,269––
5,645
21,009
–
–
–
–
–
–
–
–
–
–

Barings International Umbrella Fund
Notes to the financial statements (continued)
For the financial year ended 30 April 2024
8. Financial risk management (continued)
Foreign currency risk (continued)
Sensitivity analysis (continued)
30 Apr 2023
AUD
CAD
CHF
CNY
DKK
EUR
GBP
HKD
ILS
JPY
MXN
NOK
NZD
SEK
TWD
ZAR
30 Apr 2023

CHF
DKK
EUR
GBP
HKD
IDR
JPY
KRW
MYR
NOK
SEK
SGD
THB
TWD

Barings Europa
Fund
US$
–
–
203,776–
45,609726,157
234,375––––
24,421–
24,702––Barings Hong
Kong China Fund
US$
–
–
–
9,664,782–(3,162)(229)
48,957,790
–
–
–
–
–
–
1,192,031–

Barings Global
Bond FundUS$
45,596
58,6672
58,013–968,968
122,666–14
240,78729
47(31,689)
16–
1

Barings Global
Balanced FundUS$––
103,993–234,713
15,3392,437
91,9082,276––
21,078
13
115,486

Barings Global
Technology
Equity Fund
US$
3,444
–
41,058
1,451
–
–
–
4,425
–
–
–
–
–
12,247

Barings Europe
Select Fund*€
273,213220,157
–
3,619
–
–
–
–
–
101,701
194,026–––* The Barings Europe Select Fund merged from Barings Investment Funds Plc in to the Unit Trust on 14 October 2022.

114

Barings International Umbrella Fund
Notes to the financial statements (continued)
For the financial year ended 30 April 2024
8. Financial risk management (continued)
Foreign currency risk (continued)
Sensitivity analysis (continued)
30 Apr 2023
Barings German
Growth Fund*
€
–
7,111
–
–
–
7
–
–
–
–
33,469

AUD
CHF
CNY
DKK
EUR
GBP
HKD
JPY
MXN
SEK
USD
30 Apr 2023

Barings Global
Dividend
Champions
Fund**
US$
9,510
111,585–
55,229330,983
259,831–43,00834,552
21,724–

Barings China
A-Share Fund***US$––356,921–––74,832––––Barings Global
Equity Allocation
Fund****
US$
22,121
36,422
84,53657,21342,90328,746
213,433
140,628
133,840
6,579
2,051
155,365
33,411
13,5437,201
1
61
24,512
5,436
37,793
21,622

AUD
BRL
CAD
CHF
CNY
DKK
EUR
GBP
HKD
IDR
ILS
JPY
KRW
MXN
NOK
PLN
RUB
SEK
SGD
TWD
ZAR

* The Barings German Growth Fund merged from Barings Investment Funds Plc in to the Unit Trust on 14 October 2022.
** The Barings Global Divided Champions Fund merged from Barings Investment Funds Plc in to the Unit Trust on 7 October 2022.
*** The Barings China A-Share Fund merged from Barings Investment Funds Plc in to the Unit Trust on 18 November 2022.
**** The Barings Global Equity Allocation Fund merged from Barings Investment Funds Plc in to the Unit Trust on 18 November 2022.

115

Barings International Umbrella Fund
Notes to the financial statements (continued)
For the financial year ended 30 April 2024
8. Financial risk management (continued)
Interest rate risk
Interest rate risk defined in FRS 102 as “the risk that the fair value or future cash flows of a financial instrument will fluctuatebecause of changes in market interest rates”.
The Barings Global Balanced Fund and Barings Global Bond Fund holds fixed-interest rate debt securities which are exposed
to fair value interest rate risk where the value of these securities may fluctuate as a result of a change in market interest rates.
All other financial assets and financial liabilities, with the exception of cash at bank balances and overdrawn cash, held by theFunds are not directly exposed to interest rate risk. The Funds are exposed to interest rate risk on the interest earned on their
cash and bank balances, and paid on overdrawn cash. This exposure is not considered to be significant.
Interest rate risks are managed by the Investment Manager, whose management of interest rate risk is monitored through regularperformance reviews with senior managers as well as through monthly peer reviews of positioning held with senior managers.
Individual managers are authorised to initiate fixed-income trades within pre-set limits.
Barings Global Bond Fund’s sensitivity to changes in interest rates is included in the VAR Analysis on page 129.
The following tables detail Barings Global Balanced Fund's exposure to interest rate risk. It includes the Fund's assets andliabilities at fair value, categorised by maturity date and measured by the carrying value of the assets and liabilities as at 30 April
2024 and 30 April 2023.
Barings Global Balanced Fund
Assets- Investments- Open forward foreign currency exchange
contracts- Open Futures contracts
Total Assets

1-5 years
US$7,577,915––
14,871,304––
7,577,915––
14,449,737

33,050112,848
19,883,269

33,050112,848
56,782,225

–
–
–

–
–
–

–
–
–

(36,923)(123,432)(160,355)(36,923)(123,432)(160,355)

14,871,304

7,577,915

14,449,737

Within 1 yearUS$1,639,177–
1,639,177

1-5 years
US$28,487,248–
28,487,248

Greater than Non- interest
5 years
bearing
US$US$
11,960,204
17,981,272–
1,089,968
11,960,204
19,071,240

Total
US$
60,067,901
1,089,968
61,157,869

1,639,177

28,487,248

Liabilities
Financial liabilities at fair value through profit orloss:- Open forward foreign currency exchange
contracts- Open Futures contracts
Total Liabilities
Net exposure

Greater than Non- interest
5 years
bearing
US$US$
14,449,737
19,737,371

Within 1 yearUS$14,871,304

Total
US$
56,636,327

Comparative 30 April 2023
Barings Global Balanced Fund
Assets- Investments- Open Futures contracts
Total Assets
Liabilities
Net exposure

116

11,960,204

Barings International Umbrella Fund
Notes to the financial statements (continued)
For the financial year ended 30 April 2024
8. Financial risk management (continued)
Market price risk
Market price risk is defined in FRS 102 as “the risk that the fair value of a financial instrument or its future cash flows will fluctuatebecause of changes in market prices.”
The Funds’ assets consist principally of equity instruments except for Baring Global Bond Fund, which consists of bonds, futuresand FFCTs. The values of these instruments are determined by market forces and accordingly there is a risk that market prices
can change in a way that is adverse to the Funds’ performance. The Funds have adopted a number of investment restrictions
set out in the Unit Trust’s Prospectus, which limit the exposure of the Funds to adverse changes in the price of any individual
financial asset.
In accordance with the Funds’ policies, the Investment Manager monitors the Funds’ positions on a daily basis and reports
regularly to the Directors of the Manager, which review the information on the Funds’ overall market exposures provided by theInvestment Manager at its periodic meetings.
The Investment Manager uses three techniques to help in the risk management process: monitoring of compliance andquantitative limits, prevention of limit breaches and trade monitoring. These techniques allow the Investment Manager to ensurethat the Funds remain in compliance with the restrictions in the Prospectus and the UCITS regulations under which the Funds
are governed.
In addition, the Investment Manager manages the exposure of the portfolio to the risk of adverse changes in the general level ofmarket prices, as determined by market forces, through adhering to its formal risk management process, which includes the useof systems and technology to monitor overall market and position risk on a daily basis.
Sensitivity analysis
The below price sensitivity analysis information is a relative estimate of risk and is not intended to be a precise and accurate
number. The calculations are based on historical data. Future price movements could vary significantly from those experienced
in the past.
A 5% increase or decrease in investment prices at 30 April 2024 and 30 April 2023 would have increased or decreased the valueof investments at fair value through profit or loss as follows:
Fund
Barings ASEAN Frontiers Fund
Barings Asia Growth Fund
Barings Australia Fund
Barings Europa Fund
Barings Hong Kong China Fund
Barings Global Balanced Fund
Barings Global Technology Equity Fund
Barings Europe Select Fund
Barings German Growth Fund
Barings Global Dividend Champions Fund
Barings China A-Share Fund
Barings Global Equity Allocation Fund
Barings Eastern Europe Fund*

30 April 2024
US$17,334,344
US$4,868,956
US$3,453,082
US$1,044,187
US$50,447,932
US$2,831,816
US$407,225
EUR€2,541,357
EUR€1,132,425
US$1,186,288
US$228,844
US$1,982,386
US$14,720,059

30 April 2023
US$22,896,440
US$6,795,385
US$3,187,277
US$1,252,849
US$62,516,388
US$3,003,395
US$267,902
EUR€2,444,601
EUR€1,139,270
US$1,233,356
US$424,256
US$2,780,762
N/A* The Barings Eastern Europe Fund merged from Barings Global Umbrella Fund in to the Unit Trust on 21 July 2023.

Liquidity risk
Liquidity risk is defined in FRS 102 as “the risk that an entity will encounter difficulty in meeting obligations associated withfinancial liabilities that are settled by delivering of cash or another financial asset”.

117

Barings International Umbrella Fund
Notes to the financial statements (continued)
For the financial year ended 30 April 2024
8. Financial risk management (continued)
Liquidity risk (continued)
The Funds are exposed to daily cash redemptions of units. However, the Manager is entitled, with the approval of the Depositary,
to limit the number of units of any class realised on any dealing day to 10% of the total number of units of that class in issue.
There are also a number of circumstances where the Manager may, with the approval of the Depositary, temporarily suspend
the right of unitholders to require the realisation of units of any class and/or may delay the payment of any monies in respect ofany such realisation.
The Funds invest the majority of their assets in securities and other instruments that are traded on an active market and which
are considered to be liquid as they can be readily disposed of in the event that cash needs to be raised to meet redemptions or
to pay expenses.
In accordance with the Funds’ policy, the Investment Manager monitors the Funds’ liquidity on a daily basis and reports regularly
to the Directors of the Manager, who review the information provided by the Investment Manager on significant exposures at theirperiodic meetings.
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 year ended 30 April 2024, Barings ASEAN FrontiersFund, Barings Asia Growth Fund, Barings Australia Fund, Barings Europa Fund, Barings Hong Kong China Fund, Barings Global
Bond Fund, Barings Global Balanced Fund, Barings Global Technology Equity Fund, Barings Europe Select Fund, Barings
German Growth Fund, Barings Global Dividend Champions Fund, Barings China A-Share Fund, Barings Global Equity Allocation
Fund and Barings Eastern Europe Fund had drawn down on this facility (30 April 2023: Barings ASEAN Frontiers Fund, Barings
Asia Growth Fund, Barings Australia Fund, Barings Europa Fund, Barings Hong Kong China Fund, Barings Global Bond Fund,
Barings Global Balanced Fund, Barings Global Technology Equity Fund, Barings Europe Select Fund, Barings German GrowthFund, Barings Global Dividend Champions Fund, Barings China A-Share Fund and Barings Global Equity Allocation Fund).
The tables below analyse the Funds’ financial derivative instruments that will be settled on a gross basis into relevant maturity
groupings based on the remaining period at the Statement of Financial Position date to the contractual maturity date.
As at 30 April 2024
Barings ASEAN Frontiers Fund
Liabilities
Open forward foreign currency exchange contracts- Inflow- Outflow
Open Futures contracts
Payable for fund shares redeemed
Other payables and accrued expenses
Net assets attributable to holders ofredeemable shares
Total
Barings Asia Growth Fund
Liabilities
Open forward foreign currency exchange contracts- Inflow- Outflow
Payable for fund shares redeemed
Other payables and accrued expenses
Net assets attributable to holders ofredeemable shares
Total

Less than 1
month
US$

1-3 months
US$

Greater than 3months
US$

Total
US$

8,706,586(8,779,543)–(322,623)(430,339)

–
–
–
–
–

–
–
–
–
–

8,706,586(8,779,543)–(322,623)(430,339)–(825,919)(352,785,132)(352,785,132)––(352,785,132)(353,611,051)

Less than 1
month
US$

1-3 months
US$

Greater than 3months
US$

Total
US$

898
(907)
(66,683)(758,669)

–
–
–
–

–
–
–
–

898
(907)
(66,683)(758,669)–(825,361)(98,129,283)(98,129,283)––(98,129,283)(98,954,644)

118

Barings International Umbrella Fund
Notes to the financial statements (continued)
For the financial year ended 30 April 2024
8. Financial risk management (continued)
Liquidity risk (continued)
As at 30 April 2024 (continued)
Barings Hong Kong China Fund
Liabilities
Open forward foreign currency exchange contracts- Inflow- Outflow
Payable for fund shares redeemed
Other payables and accrued expenses
Net assets attributable to holders ofredeemable shares
Total
Barings Global Bond Fund
Liabilities
Open forward foreign currency exchange contracts- Inflow- Outflow
Open Futures contracts
Payable for fund shares redeemed
Other payables and accrued expenses
Net assets attributable to holders ofredeemable shares
Total
Barings Global Balanced Fund
Liabilities
Open forward foreign currency exchange contracts- Inflow- Outflow
Open Futures contracts
Payable for fund shares redeemed
Other payables and accrued expenses
Net assets attributable to holders ofredeemable shares
Total
Barings Global Equity Allocation Fund
Liabilities
Open forward foreign currency exchange contracts- Inflow- Outflow
Open Futures contracts
Other payables and accrued expenses
Net assets attributable to holders ofredeemable shares
Total

Less than 1
month
US$

1-3 months
US$

Greater than 3months
US$

Total
US$

9,480
(9,492)(1,259,851)(9,337,559)

–
–
–
–

–
–
–
–

9,480
(9,492)(1,259,851)(9,337,559)–(10,597,422)(1,015,819,944)(1,015,819,944)––(1,015,819,944)(1,026,417,366)

Less than 1
month
US$

1-3 months
US$

Greater than 3months
US$

Total
US$

18,806,467(19,197,256)–(207,116)(53,940)––(5,000)
–
–

–
–
–
–
–

18,806,467(19,197,256)(5,000)(207,116)(53,940)–(651,845)(54,705,172)(54,710,172)––(54,705,172)(55,362,017)

Less than 1
month
US$

1-3 months
US$

Greater than 3months
US$

Total
US$

–
–
–
(41,388)(70,657)

5,647,027(5,683,950)(123,432)
–
–

–
–
–
–
–

5,647,027(5,683,950)(123,432)(41,388)(70,657)–(112,045)(59,588,755)(59,749,110)––(59,588,755)(59,861,155)

Less than 1
month
US$

1-3 months
US$

Greater than 3months
US$

Total
US$

–
–
–
(10,971)

3,515,316(3,534,381)(69,240)
–

–
–
–
–

3,515,316(3,534,381)(69,240)(10,971)–(10,971)(39,263,478)(39,351,783)––(39,263,478)(39,362,754)

As at 30 April 2024, Barings Europa Fund, Barings Australia Fund, Barings Global Technology Equity Fund, Barings Europe
Select Fund, Barings German Growth Fund, Barings Global Dividend Champions Fund and Barings China A-Share Fund andBarings Eastern Europe Fund (merged on 21 July 2023) payables are all categorised within less than 1 month category.

119

Barings International Umbrella Fund
Notes to the financial statements (continued)
For the financial year ended 30 April 2024
8. Financial risk management (continued)
Liquidity risk (continued)
As at 30 April 2023
Barings ASEAN Frontiers Fund
Liabilities
Open forward foreign currency exchange contracts- Inflow- Outflow
Payable for fund shares redeemed
Other payables and accrued expenses
Net assets attributable to holders ofredeemable shares
Total
Barings Asia Growth Fund
Liabilities
Open forward foreign currency exchange contracts- Inflow- Outflow
Payable for fund shares redeemed
Other payables and accrued expenses
Net assets attributable to holders ofredeemable shares
Total
Barings Hong Kong China Fund
Liabilities
Open forward foreign currency exchange contracts- Inflow- Outflow
Payable for fund shares redeemed
Other payables and accrued expenses
Net assets attributable to holders ofredeemable shares
Total
Barings Global Bond Fund
Liabilities
Open forward foreign currency exchange contracts- Inflow- Outflow
Open Futures contracts
Payable for fund shares redeemed
Other payables and accrued expenses
Net assets attributable to holders ofredeemable shares
Total

Less than 1
month
US$

1-3 months
US$

Greater than 3months
US$

Total
US$

843,769(858,274)(3,018,174)(2,515,120)

–
–
–
–

–
–
–
–

843,769(858,274)(3,018,174)(2,515,120)–(5,547,799)(477,663,016)(477,663,016)––(477,663,016)(483,210,815)

Less than 1
month
US$

1-3 months
US$

Greater than 3months
US$

Total
US$

527,730(528,385)(705,528)(6,565,469)

–
–
–
–

–
–
–
–

527,730(528,385)(705,528)(6,565,469)–(7,271,652)(137,111,259)(137,111,259)––(137,111,259)(144,382,911)

Less than 1
month
US$

1-3 months
US$

Greater than 3months
US$

Total
US$

12,348(12,460)(795,145)(115,004,102)

–
–
–
–

–
–
–
–

12,348(12,460)(795,145)(115,004,102)–(115,799,359)(1,267,543,550)(1,267,543,550)––(1,267,543,550)(1,383,342,909)

Less than 1
month
US$

1-3 months
US$

Greater than 3months
US$

Total
US$

1,470
(1,484)–(20,998)(100,603)

6,021,588(6,142,481)(33,241)––

1,158,792(1,168,900)–––

7,181,850(7,312,865)(33,241)(20,998)(100,603)–(121,615)(53,536,508)(53,690,642)–(10,108)(53,536,508)(53,822,365)120

Barings International Umbrella Fund
Notes to the financial statements (continued)
For the financial year ended 30 April 2024
8. Financial risk management (continued)
Liquidity risk (continued)
As at 30 April 2023 (continued)
Barings Global Equity Allocation Fund*
Liabilities
Open forward foreign currency exchange contracts- Inflow- Outflow
Other payables and accrued expenses
Net assets attributable to holders ofredeemable shares
Total

Less than 1
month
US$

1-3 months
US$

Greater than 3months
US$

Total
US$

–
–
(21,911)2,643,727(2,664,601)
–

–
–
–

2,643,727(2,664,601)(21,911)–(21,911)(55,963,994)(55,984,868)––(55,963,994)(56,006,779)* The Barings Global Equity Allocation Fund merged from Barings Investment Funds Plc in to the Unit Trust on 18 November 2022.

As at 30 April 2023, Barings Europa Fund, Barings Australia Fund, Barings Global Balanced Fund, Barings Global Technology
Equity Fund, Barings Europe Select Fund (merged on 14 October 2022), Barings German Growth Fund (merged on 14 October2022), Barings Global Dividend Champions Fund (merged on 7 October 2022), and Barings China A-Share Fund (merged on 18
November 2022) payables are all categorised within less than 1 month category.
Credit risk
Credit risk is defined in FRS 102 as “the risk that one party to a financial instrument will cause a financial loss for the other party
by failing to discharge an obligation.”
The Funds’ holdings/securities consist principally of equity instruments, and are not directly exposed to credit risk from these
positions with the exception of Barings Global Bond Fund, which consists of bonds and is directly exposed to credit risk.
Credit risk statement
Northern Trust Fiduciary Services (Ireland) Limited (“NTFSIL”) is the appointed Depositary of the Fund, responsible for the safekeeping of assets. NTFSIL has appointed The Northern Trust Company (“TNTC”) as its global sub-custodian. Both NTFSIL and
TNTC are wholly owned subsidiaries of Northern Trust Corporation (“NTC”). As at year-end date of 30 April 2024, NTC had a longterm credit rating from Standards and Poor’s of A+.
TNTC (as global sub-custodian of NTFSIL) does not appoint external sub-custodians within the U.S., the U.K., Ireland, Canada,
Belgium, France, Germany, Netherlands and Saudi Arabia. However, in all other markets, TNTC appoints local external subcustodians.
NTFSIL, in the discharge of its depositary duties, verifies the Unit Trust’s ownership of Other Assets, (as defined under Other
Assets, Art 22(5) of UCITS V Directive 2014/91/EU) by assessing whether the Unit Trust holds the ownership, based on informationor documents provided by the Fund or, where available, on external evidence.
TNTC, in the discharge of its delegated depositary duties, holds in custody (i) all financial instruments that may be registered ina financial instruments account opened on the books of TNTC and (ii) all financial instruments that can be physically delivered
to TNTC. TNTC ensures all financial instruments (held in a financial instruments account on the books of TNTC) are held insegregated accounts in the name of the Fund, clearly identifiable as belonging to the Fund, and distinct and separately from the
proprietary assets of TNTC, NTFSIL and NTC.
In addition TNTC, as banker, holds cash of the Fund on deposit. Such cash is held on the Statement of Financial Position of
TNTC. In the event of insolvency of TNTC, in accordance with standard banking practice, the Fund will rank as an unsecured
creditor of TNTC in respect of any cash deposits.

121Barings International Umbrella Fund
Notes to the financial statements (continued)
For the financial year ended 30 April 2024
8. Financial risk management (continued)
Credit risk (continued)
Where relevant please note the following currencies, Jordanian Dinar, Saudi Riyal, cash in the onshore China market (principally
the currency of Chinese Yuan Renminbi, and any other currencies remitted into accounts in the onshore China market), are nolonger held on the Balance Sheet of TNTC. For these off-book currencies, clients’ cash exposure is directly to the relevant local
sub-custodian / financial institution in the market.
Insolvency of NTFSIL and or one of its agents or affiliates may cause the Fund’s rights with respect to its assets to be delayed.
The Responsible Party manages risk by monitoring the credit quality and financial position of the Depositary and such risk isfurther managed by the Depositary monitoring the credit quality and financial positions of sub-custodian appointments.
Northern Trust continually reviews its sub-custodian network to ensure clients have access to the most efficient, creditworthy andcost-effective provider in each market.
The Investment Manager reviews concentrations of credit risk on a fortnightly basis. All exposures to counterparty credit risk aremonitored by Baring Asset Management Limited’s Counterparty Credit Committee and are subject to Baring Asset Management
Limited’s Counterparty Credit Policy (“CCP”). Baring Asset Management Limited requires a minimum credit rating of Dunn andBradstreet (“D&B”) 3, but also actively avoids exposure to entities having an S&P rating of less than AA-, even where the D&B
rating is 3 or better. Adherence to the CCP is very rigidly enforced. Any changes to ratings which cause divergence from CCP
are acted on immediately without exception. Application for Initial Public Offerings (“IPOs”), for example, is subject to the credit
rating of the entity to whose Statement of Financial Position the application will expose the investing fund. Where no satisfactoryrating is applied, Baring Asset Management Limited insists that monies are paid into a ring-fenced 'Client Money' account, hence
avoiding exposure not permitted by the CCP. The Funds minimize concentrations of credit risk by undertaking transactions witha large number of regulated counterparties on recognised and reputable exchanges.
Credit risk arising from receivables relating to unsettled trades is considered small due to the short settlement period involved.
The maximum exposure related to unsettled trades equals the amounts shown on the Statement of Financial Position. There
were no past due or impaired assets as of 30 April 2024 (30 April 2023: Nil).
The Funds are exposed to counterparty risk on parties with whom it trades and will bear the risk of settlement default. The
Funds minimise concentration of credit risk by undertaking transactions with a large number of customers and counterparties
on recognised and reputable exchanges. The Funds may enter into transactions with over the counter (“OTC”) counterparties,
including counterparties to OTC derivative instruments, whereby margin or collateral is posted or received by the Fund with thecounterparty, outside of the control of the Depositary or the Depositary’s agents.
The net assets attributable to holders of redeemable participating units at fair value of investments, cash and receivables relating
to securities exposed to credit risk at year-end amounted to:FundBarings ASEAN Frontiers Fund
Barings Asia Growth Fund
Barings Australia Fund
Barings Europa Fund
Barings Hong Kong China Fund
Barings Global Balanced Fund
Barings Global Technology Equity Fund
Barings Europe Select Fund
Barings German Growth Fund
Barings Global Dividend Champions Fund
Barings China A-Share Fund
Barings Global Equity Allocation Fund
Barings Eastern Europe Fund*

30/04/2024
US$353,610,999
US$98,954,584
US$70,417,105
US$21,423,155
US$1,026,406,660
US$59,861,155
US$8,164,610€52,772,251€23,536,636
US$25,797,682
US$4,839,539
US$39,356,448
US$305,867,458* The Barings Eastern Europe Fund merged from Barings Global Umbrella Fund in to the Unit Trust on 21 July 2023.

122

30/04/2023
US$483,210,414
US$144,359,194
US$66,292,686
US$25,301,403
US$1,383,284,462
US$65,544,001
US$5,641,897€51,379,058€22,873,184
US$25,682,278
US$8,647,312
US$56,000,470
N/A

Barings International Umbrella Fund
Notes to the financial statements (continued)
For the financial year ended 30 April 2024
8. Financial risk management (continued)
Credit risk (continued)
As at 30 April 2024 and 30 April 2023, the Barings Global Bond Fund’s exposure to credit risk was as follows:
Portfolio by rating category

Barings Global
Bond Fund
100.00%100.00%RatingInvestment grade
For the financial year ended 30 April 2023
Portfolio by rating category

Barings Global
Bond Fund
93.01%
6.99%
100.00%RatingInvestment grade
Non-investment grade
9.

Fair value hierarchy
FRS 102 requires the Funds to classify fair value measurements using a fair value hierarchy that reflects the significance of the
inputs used in making the measurements. The fair value hierarchy has the following levels:•

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

•

Level 2: Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (thatis, as prices) or indirectly (that is, derived from prices).

•

Level 3: Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs).

The level in the fair value hierarchy within which the fair value measurement is categorised in its entirety is determined on thebasis of the lowest input that is significant to the fair value measurement in its entirety. For this purpose, the significance ofan input is assessed against the fair value measurement in its entirety. If a fair value measurement uses observable inputs
that require significant adjustment based on unobservable inputs, that measurement is a level 3 measurement. Assessing thesignificance of a particular input to the fair value measurement in its entirety requires judgement, taking into consideration 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 tables analyse, within the fair value hierarchy, the fund’s financial assets and financial liabilities measured at fairvalue.
As at 30 April 2024
Barings ASEAN Frontiers Fund
Financial assets
Equities
Warrants
Open forward foreign currency exchange contracts

Level 1
US$
304,105,187
300,381–
304,405,568

Level 2
US$
42,581,693–
2,231
42,583,924

Level 3
US$
–
–
–
–

Total
US$
346,686,880
300,3812,231
346,989,492––(72,957)(72,957)––(72,957)(72,957)

304,405,568

42,510,967–

346,916,535

Financial liabilities
Open forward foreign currency exchange contracts
Total

123

Barings International Umbrella Fund
Notes to the financial statements (continued)
For the financial year ended 30 April 2024
9.

Fair value hierarchy (continued)
As at 30 April 2024 (continued)
Barings Asia Growth Fund
Financial assets
Equities

Level 1
US$
97,379,117
97,379,117

Level 2
US$––

Level 3
US$
–
–

Total
US$
97,379,117
97,379,117

–
–

(9)
(9)

–
–

(9)
(9)

Total

97,379,117(9)–97,379,108

Barings Australia Fund
Financial assets
Equities
Total

Level 1
US$
69,061,633
69,061,633

Level 2
US$––

Level 3
US$
–
–

Total
US$
69,061,633
69,061,633

Barings Europa Fund
Financial assets
Equities
Total

Level 1
US$
20,883,746
20,883,746

Level 2
US$––

Level 3
US$
–
–

Total
US$
20,883,746
20,883,746

Level 1US$
1,008,958,644–
1,008,958,644

Level 2
US$–
1
1

Level 3
US$
–
–
–

Total
US$
1,008,958,644
1
1,008,958,645

–
–

(12)
(12)

–
–

(12)
(12)

1,008,958,644

(11)

–

1,008,958,633

Level 1
US$–––

Level 2
US$
53,919,752
279,241
54,198,993

Level 3
US$
–
–
–

Total
US$
53,919,752
279,241
54,198,993(5,000)–(5,000)–(390,789)(390,789)–––(5,000)(390,789)(395,789)(5,000)53,808,204–

53,803,204

Financial liabilities
Open forward foreign currency exchange contracts

Barings Hong Kong China Fund
Financial assets
Equities
Open forward foreign currency exchange contracts
Financial liabilities
Open forward foreign currency exchange contracts
Total
Barings Global Bond Fund
Financial assets
Fixed interest
Open forward foreign currency exchange contracts
Financial liabilities
Open Futures contracts
Open forward foreign currency exchange contracts
Total

124

Barings International Umbrella Fund
Notes to the financial statements (continued)
For the financial year ended 30 April 2024
9.

Fair value hierarchy (continued)
As at 30 April 2024 (continued)
Barings Global Balanced Fund
Financial assets
Equities
Investment Funds
Fixed interest
Open Futures contracts
Open forward foreign currency exchange contracts

Level 1
US$
14,758,167
4,979,204–
112,848–
19,850,219

Level 2
US$––
36,898,956–
33,05036,932,006

Level 3
US$
–
–
–
–
–
–

Total
US$
14,758,167
4,979,204
36,898,956
112,848
33,05056,782,225(123,432)–(123,432)–(36,923)(36,923)–––(123,432)(36,923)(160,355)

Total

19,726,787

36,895,083–

56,621,870

Barings Global Technology Equity Fund
Financial assets
Equities
Total

Level 1
US$
8,144,504
8,144,504

Level 2
US$––

Level 3
US$
–
–

Total
US$
8,144,504
8,144,504

Barings Europe Select Fund
Financial assets
Equities
Total

Level 1€50,827,146
50,827,146

Level 2€––

Level 3
€
–
–

Total
€
50,827,146
50,827,146

Barings German Growth Fund
Financial assets
Equities
Total

Level 1€
22,648,504
22,648,504

Level 2€––

Level 3
€
–
–

Total
€
22,648,504
22,648,504

Barings Global Dividend Champions Fund
Financial assets
Equities
Total

Level 1
US$
23,725,764
23,725,764

Level 2
US$––

Level 3
US$
–
–

Total
US$
23,725,764
23,725,764

Barings China A-Share Fund
Financial assets
Equities
Total

Level 1
US$
4,576,884
4,576,884

Level 2
US$––

Level 3
US$
–
–

Total
US$
4,576,884
4,576,884

Financial liabilities
Open Futures contracts
Open forward foreign currency exchange contracts

125Barings International Umbrella Fund
Notes to the financial statements (continued)
For the financial year ended 30 April 2024
9.

Fair value hierarchy (continued)
As at 30 April 2024 (continued)
Barings Global Equity Allocation Fund
Financial assets
Equities
Fixed interest
Open forward foreign currency exchange contracts

Level 1
US$
37,462,797
1,393,925–
38,856,722

Level 2
US$––
48,501
48,501

Level 3
US$
–
–
–
–

Total
US$
37,462,797
1,393,925
48,501
38,905,223(69,240)–(69,240)–(19,065)(19,065)–––(69,240)(19,065)(88,305)

Total

38,787,482

29,436–38,816,918

Barings Eastern Europe Fund*
Financial assets
Equities
Total

Level 1
US$294,401,189
294,401,189

Level 2
US$––

Level 3
US$
–
–

Total
US$
294,401,189
294,401,189

Financial liabilities
Open Futures contracts
Open forward foreign currency exchange contracts* The Barings Eastern Europe Fund merged from Barings Global Umbrella Fund in to the Unit Trust on 21 July 2023.

As at 30 April 2023
Barings ASEAN Frontiers Fund
Financial assets
Equities
Warrants
Open forward foreign currency exchange contracts

Level 1
US$371,396,971
268,437–
371,665,408

Level 2
US$
86,531,824–
85,52086,617,344

Level 3
US$
–
–
–
–

Total
US$
457,928,795
268,437
85,520458,282,752––(14,505)(14,505)––(14,505)(14,505)

Total

371,665,408

86,602,839–

458,268,247

Barings Asia Growth Fund
Financial assets
Equities
Open forward foreign currency exchange contracts

Level 1
US$
133,068,537–
133,068,537

Level 2US$
2,839,168
98,5592,937,727

Level 3
US$
–
–
–

Total
US$
135,907,705
98,559136,006,264

–
–

(655)
(655)

–
–

(655)
(655)

Total

133,068,537

2,937,072–

136,005,609

Barings Australia Fund
Financial assets
Equities
Total

Level 1
US$
63,745,540
63,745,540

Level 2
US$––

Level 3
US$
–
–

Total
US$
63,745,540
63,745,540

Financial liabilities
Open forward foreign currency exchange contracts

Financial liabilities
Open forward foreign currency exchange contracts

126

Barings International Umbrella Fund
Notes to the financial statements (continued)
For the financial year ended 30 April 2024
9.

Fair value hierarchy (continued)
As at 30 April 2023 (continued)
Barings Europa Fund
Financial assets
Equities
Total

Level 1
US$
25,056,986
25,056,986

Level 2
US$––

Level 3
US$
–
–

Total
US$
25,056,986
25,056,986

Level 1US$
1,244,927,761
1,244,927,761

Level 2
US$
5,400,000
5,400,000

Level 3
US$
–
–

Total
US$
1,250,327,761
1,250,327,761

–
–

(112)
(112)

–
–

(112)
(112)

1,244,927,761

5,399,888–

1,250,327,649

Level 1
US$–––

Level 2
US$
51,314,895
499,036
51,813,931

Level 3
US$
–
–
–

Total
US$
51,314,895
499,036
51,813,931(33,241)–(33,241)–(131,015)(131,015)–––(33,241)(131,015)(164,256)(33,241)

51,682,916–

51,649,675

Barings Global Balanced Fund
Financial assets
Equities
Investment Funds
Fixed interest
Open Futures contracts
Total

Level 1
US$
12,575,412
5,405,860–
1,089,968
19,071,240

Level 2
US$––
42,086,629–
42,086,629

Level 3
US$
–
–
–
–
–

Total
US$
12,575,412
5,405,860
42,086,629
1,089,968
61,157,869

Barings Global Technology Equity Fund
Financial assets
Equities
Total

Level 1
US$5,358,046
5,358,046

Level 2
US$––

Level 3
US$
–
–

Total
US$
5,358,046
5,358,046

Barings Europe Select Fund*
Financial assets
Equities
Total

Level 1€
48,892,020
48,892,020

Level 2€––

Level 3
€
–
–

Total
€
48,892,020
48,892,020

Barings Hong Kong China Fund
Financial assets
Equities
Financial liabilities
Open forward foreign currency exchange contracts
Total

Barings Global Bond Fund
Financial assets
Fixed interest
Open forward foreign currency exchange contracts
Financial liabilities
Open Futures contracts
Open forward foreign currency exchange contracts
Total* The Barings Europe Select Fund merged from Barings Investment Funds Plc in to the Unit Trust on 14 October 2022.

127

Barings International Umbrella Fund
Notes to the financial statements (continued)
For the financial year ended 30 April 2024
9.

Fair value hierarchy (continued)
As at 30 April 2023 (continued)
Barings German Growth Fund*
Financial assets
Equities
Total

Level 1€
22,785,407
22,785,407

Level 2€––

Level 3
€
–
–

Total
€
22,785,407
22,785,407

Barings Global Dividend Champions Fund**Financial assets
Equities
Total

Level 1
US$
24,667,112
24,667,112

Level 2
US$––

Level 3
US$
–
–

Total
US$
24,667,112
24,667,112

Barings China A-Share Fund***Financial assets
Equities
Total

Level 1
US$
8,485,125
8,485,125

Level 2
US$––

Level 3
US$
–
–

Total
US$
8,485,125
8,485,125

Barings Global Equity Allocation Fund****Financial assets
Equities
Open forward foreign currency exchange contracts

Level 1
US$
55,615,235–
55,615,235

Level 2
US$–
24,05624,056

Level 3
US$
–
–
–

Total
US$
55,615,235
24,05655,639,291––(20,874)(20,874)––(20,874)(20,874)

55,615,235

3,182

–

55,618,417

Financial liabilities
Open forward foreign currency exchange contracts
Total* The Barings German Growth merged from Barings Investment Funds Plc in to the Unit Trust on 14 October 2022.
** The Barings Global Dividend Champions Fund merged from Barings Investment Funds Plc in to the Unit Trust on 7 October 2022.
*** The Barings China A-Share merged from Barings Investment Funds Plc in to the Unit Trust on 18 November 2022.
**** The Barings Global Equity Allocation Fund China merged from Barings Investment Funds Plc in to the Unit Trust on 18 November 2022.

As at 30 April 2024, Barings Australia Fund, Barings Europa Fund, Barings Global Technology Equity Fund, Barings German
Growth Fund, Barings Global Dividend Champions Fund, Barings Global Equity Allocation Fund and Barings Eastern Europe
Fund include fair value adjustments for Level 1 securities. As at 30 April 2024, there are six equities held by Barings ASEAN
Frontiers Fund and three fixed interest securities held by Barings Global Balanced Fund that have been transferred from level 1
to level 2 with values US$42,581,693 and US$5,849,185 respectively. As at 30 April 2023 there are ten equities held by Barings
ASEAN Frontiers Fund and one equity held by Barings Asia Growth Fund that has been transferred from level 1 to level 2 withvalues US$52,339,807 and US$1,347,809 respectively. As at 30 April 2024 and 30 April 2023, Barings Global Equity Allocation
Fund had one investment classified as level 3 with a value of US$Nil.
Transfers between levels, when applicable, occur at the end of the financial year.
Cash includes deposits held with banks and other short-term investments in an active market and they are categorised as Level
1. All receivables and payables are categorised as Level 2.

128

Barings International Umbrella Fund
Notes to the financial statements (continued)
For the financial year ended 30 April 2024
10. 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 Fund with an appropriate level of risk, taking into account the risk profile of the Fund and thegeneral 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, andIRSs) and contracts for differences for these purposes.
Risk Monitoring of Global Exposure
The method used to determine the global exposure for Barings Global Bond Fund is Value at Risk (“VaR”). VaR is calculated
daily using Risk Metrics.
Barings ASEAN Frontiers Fund, Barings Asia Growth Fund, Barings Australia Fund, Barings Europa Fund, Barings Hong Kong
China Fund, Barings Global Balanced Fund, Barings Global Technology Equity Fund, Barings Europe Select Fund, Barings
German Growth Fund, Barings Global Dividend Champions Fund, Barings China A-Share Fund, Barings Global Equity Allocation
Fund and Barings Eastern Europe Fund used the commitment approach to calculate their global exposure as described in detailin the risk management process of the Investment Manager.
In accordance with the UCITS Regulations the Commitment Approach has been calculated, in the case of Forward Currency
Contracts (“FCCTs”), by converting the FFCT position into an equivalent position based on the market value of the underlying
asset. As the Financial Derivative Instruments (“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 a Fund exceed 100% of its Net Asset Value.
For relative VaR: the Fund’s VaR is shown as a percentage of the VaR of the performance comparator or reference portfolio toensure that the relative figure is within an internal limit. This limit is set lower than a multiple of two (or 200%) of the performancecomparison or reference portfolio VaR.
For absolute VaR: the Fund’s VaR is shown as a percentage of the Funds’ Net Asset Value and is monitored against an internal
limit. This limit is set lower than 20%.
Fund Name
Barings Global Bond Fund

30 April2024
125.98%Fund Name
Barings Global Bond Fund
FTSE WGB

Fund Relative VaR over the past financial year Performance comparator
or reference portfolio
30 AprilLowestHighestMean
2023
104.24%93.50%
132.62%
FTSE WGBI
110.56%30 April 2024
4.70%
3.73%

30 April 2023
6.05%
5.81%

Absolute VaR over the past financial year
LowestHighest
Mean
4.37%
6.07%
4.99%
3.57%
5.85%
4.57%

Some limitations of VaR analysis are:•the methodology is based on historical data and cannot take account of the fact that future market price movements,
correlations between markets and levels of market liquidity in conditions of market stress may bear no relation to historicalpatterns; and•the VaR is a point-in-time calculation, and does not necessarily reflect the risk position of the Funds at any time other thanthe date and time at which it is calculated.

129

Barings International Umbrella Fund
Notes to the financial statements (continued)
For the financial year ended 30 April 2024
11. NAV per redeemable participating units
All of the following NAVs per redeemable units are based on the dealing NAV as at 12:00 p.m. (Irish time) on 30 April 2024, 28
April 2023 and 29 April 2022.
Net assets attributable to holders of redeemableparticipating units
Barings ASEAN Frontiers Fund
NAV per redeemable units
Barings ASEAN Frontiers Fund - Class A AUD Hedged Acc
Barings ASEAN Frontiers Fund - Class A CHF Hedged Acc
Barings ASEAN Frontiers Fund - Class A EUR Acc
Barings ASEAN Frontiers Fund - Class A EUR Inc
Barings ASEAN Frontiers Fund - Class A GBP Inc
Barings ASEAN Frontiers Fund - Class A RMB Hedged Acc
Barings ASEAN Frontiers Fund - Class A USD Acc
Barings ASEAN Frontiers Fund - Class A USD Inc
Barings ASEAN Frontiers Fund - Class I CHF Hedged Acc
Barings ASEAN Frontiers Fund - Class I EUR Acc
Barings ASEAN Frontiers Fund - Class I GBP Acc
Barings ASEAN Frontiers Fund - Class I USD Acc
Barings ASEAN Frontiers Fund - Class I USD Inc

30 April 2024

30 April 2023

30 April 2022

US$352,785,132

US$477,663,016

US$532,758,689

AU$247.79
CHF81.21€114.45€215.20£184.21¥1,728.65
US$249.62
US$230.84
CHF82.97€249.88£215.05
US$277.05
US$88.72

AU$261.17
CHF87.80€115.92€219.89£193.92¥1,840.73
US$258.81
US$241.51
CHF89.10€251.26£222.77
US$285.23
US$92.81

AU$278.20
CHF95.27€125.47€239.48£201.42¥1,953.41
US$269.43
US$252.99
CHF96.01€270.05£228.35
US$294.87
US$97.06

Net assets attributable to holders of redeemableparticipating units
Barings Asia Growth Fund

30 April 2024

30 April 2023

30 April 2022

US$98,129,283

US$137,111,259

US$179,926,284

NAV per redeemable units
Barings Asia Growth Fund - Class A EUR Acc*
Barings Asia Growth Fund - Class A EUR Inc
Barings Asia Growth Fund - Class A GBP Inc
Barings Asia Growth Fund - Class A USD Acc**
Barings Asia Growth Fund - Class A USD Inc
Barings Asia Growth Fund - Class I EUR Acc
Barings Asia Growth Fund - Class I EUR Hedged Inc
Barings Asia Growth Fund - Class I GBP Acc
Barings Asia Growth Fund - Class I USD Acc€106.19€98.45£84.23
US$105.39
US$105.62€104.85€64.76£89.71
US$112.48–€93.84£82.71–
US$103.09€99.24€64.62£87.48
US$109.01–€112.33£94.42–
US$118.69€117.97€76.48£99.18
US$124.64

30 April 2024

30 April 2023

30 April 2022

US$70,142,967

US$65,854,876

US$68,762,239

AU$214.32€130.44£111.66
US$139.96£147.82
US$185.33

AU$200.54€120.16£105.94
US$132.04£136.12
US$169.61

AU$203.56€138.08£116.10
US$145.94£144.94
US$182.15* The Barings Asia Growth Fund Class A EUR Acc was launched on 23 November 2023.
** The Barings Asia Growth Fund Class A USD Acc was launched on 1 June 2023.

Net assets attributable to holders of redeemableparticipating units
Barings Australia Fund
NAV per redeemable units
Barings Australia Fund - Class A AUD Inc
Barings Australia Fund - Class A EUR Inc
Barings Australia Fund - Class A GBP Inc
Barings Australia Fund - Class A USD Inc
Barings Australia Fund - Class I GBP Acc
Barings Australia Fund - Class I USD Acc

130

Barings International Umbrella Fund
Notes to the financial statements (continued)
For the financial year ended 30 April 2024
11. NAV per redeemable participating units (continued)

Net assets attributable to holders of redeemableparticipating units
Barings Europa Fund
NAV per redeemable units
Barings Europa Fund - Class A EUR Inc
Barings Europa Fund - Class A USD Inc
Barings Europa Fund - Class C EUR Inc
Barings Europa Fund - Class C USD Inc

Net assets attributable to holders of redeemableparticipating units
Barings Hong Kong China Fund
NAV per redeemable units
Barings Hong Kong China Fund - Class A EUR Inc
Barings Hong Kong China Fund - Class A GBP Inc
Barings Hong Kong China Fund - Class A HKD Inc
Barings Hong Kong China Fund - Class A RMB Hedged Acc
Barings Hong Kong China Fund - Class A USD Acc
Barings Hong Kong China Fund - Class A USD Inc
Barings Hong Kong China Fund - Class C EUR Inc
Barings Hong Kong China Fund - Class C USD Inc
Barings Hong Kong China Fund - Class I GBP Acc
Barings Hong Kong China Fund - Class I GBP Inc*
Barings Hong Kong China Fund - Class I USD Acc

30 April 2024

30 April 2023

30 April 2022

US$21,385,428

US$25,194,433

US$25,539,155€61.20
US$65.65€59.15
US$63.61€56.55
US$62.12€54.57
US$60.07€55.49
US$58.63€53.58
US$56.74

30 April 2024

30 April 2023

30 April 2022

US$1,015,819,944

US$1,267,543,550

US$1,516,303,487€907.30£776.03
HK$7,612.14¥6,772.31
US$1,005.89
US$973.29€812.33
US$866.00£849.82£86.25
US$1,065.11€996.24£877.86
HK$8,589.83¥7,841.76
US$1,130.91
US$1,094.25€901.08
US$983.48£954.61£96.90
US$1,189.07€1,201.36£1,009.63
HK$9,960.26¥9,344.60
US$1,311.75
US$1,269.22€1,097.59
US$1,152.17£1,090.26–
US$1,369.63

30 April 2024

30 April 2023

30 April 2022

US$54,705,172

US$53,536,508

US$57,231,030€19.08£16.34¥74.30¥70.95
US$20.47£96.77£96.77
US$97.15
US$97.15£16.36
US$23.38€19.84£17.51¥79.14¥77.87
US$21.80––––£17.54
US$24.15€21.83£18.38¥84.96¥84.72
US$23.06––––£18.45
US$25.34* The Barings Hong Kong China Fund Class I GBP Inc was launched on 12 October 2022.

Net assets attributable to holders of redeemableparticipating units
Barings Global Bond Fund
NAV per redeemable units
Barings Global Bond Fund - Class A EUR Inc
Barings Global Bond Fund - Class A GBP Inc
Barings Global Bond Fund - Class A RMB Hedged Acc
Barings Global Bond Fund - Class A RMB Hedged Inc
Barings Global Bond Fund - Class A USD Inc
Barings Global Bond Fund - Class F GBP Hedged Acc*
Barings Global Bond Fund - Class F GBP Hedged Inc*
Barings Global Bond Fund - Class F USD Acc*
Barings Global Bond Fund - Class F USD Inc*
Barings Global Bond Fund - Class I GBP Inc
Barings Global Bond Fund - Class I USD Acc* The Barings Global Bond Fund Class F GBP Hedged Acc, Class F GBP Hedged Inc, Class F USD Acc and Class F USD Inc were launchedon 13 July 2023.

131

Barings International Umbrella Fund
Notes to the financial statements (continued)
For the financial year ended 30 April 2024
11. NAV per redeemable participating units (continued)

Net assets attributable to holders of redeemableparticipating units
Barings Global Balanced Fund

30 April 2024

30 April 2023

30 April 2022

US$59,588,755

US$63,948,596

US$74,958,523

US$36.74
US$30.46
US$96.23

US$34.33
US$29.42
US$89.35

US$38.51
US$34.07
US$99.58

30 April 2024

30 April 2023

30 April 2022

US$8,052,056

US$5,623,665

US$5,556,147

US$98.31
US$102.00£120.32
US$100.63

US$66.81
US$68.28£81.49
US$67.74

US$70.08
US$70.55£83.95
US$70.38

30 April 2024

30 April 2023

€52,719,345€51,276,876€60.71€55.86£48.13€92.67€90.49£91.12
US$82.00€63.21€56.73£48.61€56.45€52.46£46.56€85.59€85.03£87.18
US$77.56€58.32€53.30£47.06

NAV per redeemable units
Barings Global Balanced Fund - Class A USD Acc
Barings Global Balanced Fund - Class A USD Inc
Barings Global Balanced Fund - Class I USD Acc

Net assets attributable to holders of redeemableparticipating units
Barings Global Technology Equity Fund
NAV per redeemable units
Barings Global Technology Equity Fund - Class A USD Acc
Barings Global Technology Equity Fund - Class F1 USD Acc
Barings Global Technology Equity Fund - Class I GBP Acc*
Barings Global Technology Equity Fund - Class I USD Acc* The Barings Global Technology Equity Fund Class I GBP Acc was launched on 6 January 2022.

Net assets attributable to holders of redeemable participating units
Barings Europe Select Fund*
NAV per redeemable units
Barings Europe Select Fund - Class B EUR Acc
Barings Europe Select Fund - Class B EUR Inc
Barings Europe Select Fund - Class B GBP Inc
Barings Europe Select Fund - Class I EUR Acc
Barings Europe Select Fund - Class I EUR Inc
Barings Europe Select Fund - Class I GBP Inc
Barings Europe Select Fund - Class I USD Acc
Barings Europe Select Fund - Class J EUR Acc
Barings Europe Select Fund - Class J EUR Inc
Barings Europe Select Fund - Class J GBP Inc* The Barings Europe Select Fund merged from Barings Investment Funds Plc in to the Unit Trust on 14 October 2022.

Net assets attributable to holders of redeemable participating units
Barings German Growth Fund*
NAV per redeemable units
Barings German Growth Fund - Class B EUR Acc
Barings German Growth Fund - Class B EUR Inc
Barings German Growth Fund - Class B GBP Acc
Barings German Growth Fund - Class I USD Acc
Barings German Growth Fund - Class J EUR Acc
Barings German Growth Fund - Class J GBP Acc
Barings German Growth Fund - Class J GBP Inc

30 April 2024

30 April 2023

€23,506,444€22,814,838€12.58€11.23£10.76
US$130.90€13.68£11.70£9.80€11.24€10.03£9.91
US$119.14€12.14£10.69£8.96* The Barings German Growth Fund merged from Barings Investment Funds Plc in to the Unit Trust on 14 October 2022.

132

Barings International Umbrella Fund
Notes to the financial statements (continued)
For the financial year ended 30 April 2024
11. NAV per redeemable participating units (continued)

Net assets attributable to holders of redeemable participating units
Barings Global Dividend Champions Fund*
NAV per redeemable units
Barings Global Dividend Champions Fund - Class A USD Acc
Barings Global Dividend Champions Fund - Class F GBP Acc
Barings Global Dividend Champions Fund - Class F GBP Inc
Barings Global Dividend Champions Fund - Class F USD Acc
Barings Global Dividend Champions Fund - Class F USD Inc
Barings Global Dividend Champions Fund - Class I GBP Acc
Barings Global Dividend Champions Fund - Class I GBP Inc
Barings Global Dividend Champions Fund - Class I USD Inc
Barings Global Dividend Champions Fund - Class X USD Acc

30 April 2024

30 April 2023

US$25,794,161

US$25,676,206

US$16.25£132.47£120.49
US$131.29
US$119.42£16.85£114.72
US$14.84
US$120.61

US$16.10£130.50£121.50
US$128.52
US$119.61£16.67£116.12
US$14.93
US$117.73* The Barings Global Dividend Champions Fund merged from Barings Investment Funds Plc in to the Unit Trust on 7 October 2022.

Net assets attributable to holders of redeemable participating units
Barings China A-Share Fund*
NAV per redeemable units
Barings China A-Share Fund - Class A USD Acc
Barings China A-Share Fund - Class F EUR Acc
Barings China A-Share Fund - Class F GBP Acc
Barings China A-Share Fund - Class F HKD Acc
Barings China A-Share Fund - Class F USD Acc
Barings China A-Share Fund - Class I GBP Acc
Barings China A-Share Fund - Class X GBP Inc
Barings China A-Share Fund - Class X USD Acc

30 April 2024

30 April 2023

US$4,838,535

US$8,643,636

US$16.82–£93.47–
US$90.50£61.56£15.64
US$21.01

US$20.34€107.73£112.14
HK$109.20
US$108.02£74.29£18.72
US$24.97* The Barings China A-Share Fund merged from Barings Investment Funds Plc in to the Unit Trust on 18 November 2022.

Net assets attributable to holders of redeemable participating units
Barings Global Equity Allocation Fund*
NAV per redeemable units
Barings Global Equity Allocation Fund - Class I USD Acc
Barings Global Equity Allocation Fund - Class X USD Acc

30 April 2024

30 April 2023

US$39,263,478

US$55,963,994

US$155.59
US$159.68

US$129.96
US$132.66* The Barings Global Equity Allocation Fund merged from Barings Investment Funds Plc in to the Unit Trust on 18 November 2022.

133

Barings International Umbrella Fund
Notes to the financial statements (continued)
For the financial year ended 30 April 2024
11. NAV per redeemable participating units (continued)
30 April 2024

Net assets attributable to holders of redeemable participating units
Barings Eastern Europe Fund*

US$305,090,616

NAV per redeemable units
Barings Eastern Europe Fund - Class A EUR Inc
Barings Eastern Europe Fund - Class A GBP Inc
Barings Eastern Europe Fund - Class A USD Acc
Barings Eastern Europe Fund - Class A USD Inc
Barings Eastern Europe Fund - Class I EUR Acc
Barings Eastern Europe Fund - Class I GBP Acc
Barings Eastern Europe Fund - Class I GBP Inc
Barings Eastern Europe Fund - Class I USD Acc
Barings Eastern Europe Fund - Class I USD Inc€40.46£34.61
US$50.14
US$43.40€48.05£43.00£35.97
US$55.59
US$45.08* The Barings Eastern Europe Fund merged from Barings Global Umbrella Fund in to the Unit Trust on 21 July 2023.

12. Exchange rates
The exchange rates used in the financial statements to convert to euro are as follows:
As at
30 April 2024
7.4582
11.8160
0.855511.75100.97771.0728Danish krone
Norwegian krone
Pound sterling
Swedish krona
Swiss franc
US dollar

The exchange rates used in the financial statements to convert to US dollars are as follows:

134

As at
30 April 2023
7.4537
11.7875
0.881311.3660
0.9837
1.0985

Barings International Umbrella Fund
Notes to the financial statements (continued)
For the financial year ended 30 April 2024
12. Exchange rates (continued)
As at
30 April 2024
1.53105.11951.3686
7.24877.241523.43546.95210.93217.8209364.0000
83.4363
16,260.0000
3.7478156.9150
4.772516.9750
1.681111.014257.7685
4.02870.797493.4250
3.75051.360918.6825
1,382.1000
10.95360.911432.562037.0600
32.3794
25,345.0000

Australian dollar
Brazilian real
Canadian dollar
Chinese renminbi
Chinese yuan
Czech Republic koruna
Danish krone
Euro
Hong Kong dollar
Hungarian forint
Indian rupee
Indonesian rupiah
Israeli shekel
Japanese yen
Malaysian ringgit
Mexican peso
New Zealand dollar
Norwegian krone
Philippines peso
Polish zloty
Pound sterling
Russian rouble
Saudi Arabia Riyal
Singapore dollar
South African randSouth Korean won
Swedish krona
Swiss franc
Taiwan dollar
Thai baht
Turkish liraVietnamese new dong

As at
30 April 2023
1.51884.97761.36596.9301
6.928221.3820
6.78570.91047.8499340.4343
81.8363
14,670.0000
3.6353136.0600
4.460518.0665
1.628510.731155.3850
4.17610.802379.6750
3.75071.337218.4150
1,338.4000
10.3474
0.895630.7425
34.1475
19.4480
23,465.0000

13. Soft commission arrangements
The Investment Manager will pay for research from their own books, as commission paid on trades will be “execution only”, whichis the agreed cost for that broker to settle the trade (30 April 2023: same).
14. Contingent liabilities
There are no contingent liabilities at financial year-end 30 April 2024 and financial year-end 30 April 2023.
15. Taxation
Under current Irish law and practice, the Unit Trust qualifies as an investment undertaking as defined in Section 739B of theTaxes Consolidation Act, 1997, as amended (the “TCA”). On that basis, it is not chargeable to Irish tax on its income or gains.

135

Barings International Umbrella Fund
Notes to the financial statements (continued)
For the financial year ended 30 April 2024
15. Taxation (continued)
However, Irish tax may arise if a "chargeable event" occurs. A chargeable event includes any distribution payments to unitholders
or any encashment, redemption, cancellation, transfer or deemed disposal of shares for Irish tax purposes arising as a result ofholding shares 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) 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 inpossession of any information which would reasonably suggest that the information contained therein is no longer materiallycorrect; or(b) 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”. A Unit Trust Investment Undertakings wishing to receive
approval must apply in writing to the Revenue Commissioners, confirming compliance with the relevant conditions.
16. 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 year ended 30 April 2024, Barings ASEAN FrontiersFund, Barings Asia Growth Fund, Barings Australia Fund, Barings Europa Fund, Barings Hong Kong China Fund, Barings Global
Bond Fund, Barings Global Balanced Fund, Barings Global Technology Equity Fund, Barings Europe Select Fund, Barings
German Growth Fund, Barings Global Dividend Champions Fund, Barings China A-Share Fund, Barings Global Equity Allocation
Fund and Barings Eastern Europe Fund have drawn down on this facility (30 April 2023: Barings ASEAN Frontiers Fund, Barings
Asia Growth Fund, Barings Australia Fund, Barings Europa Fund, Barings Hong Kong China Fund, Barings Global Bond Fund,
Barings Global Balanced Fund, Barings Global Technology Equity Fund, Barings Europe Select Fund, Barings German GrowthFund, Barings Global Dividend Champions Fund, Barings China A-Share Fund and Barings Global Equity Allocation Fund).
17. Material changes to the Prospectus
The Supplement of Barings Global Bond Fund was updated on 22 June 2023 to reflect the reduction of management fees in the
F unit class.
The Supplement of Barings Europe Select Fund was updated on 31 July 2023 to reflect a change to the benchmark of the Fundfrom EMIX Smaller European Companies ex UK (Total Net Return) Index to MSCI Europe ex UK Small Cap (Total Net Return)Index.
An updated Prospectus of the Unit Trust was issued on 1 September 2023. The following is the material change made:•Updates have been made as part of a general refresh and for the purposes of the Sustainable Finance Disclosure ("SFDR"),
namely to update the relevant disclosures (such as ESG good governance language) and also to include the new EU
Taxonomy nuclear and gas related disclosure in the SFDR annexes.

There are other immaterial changes to the Prospectus that are not listed above.

136

Barings International Umbrella Fund
Notes to the financial statements (continued)
For the financial year ended 30 April 2024
18. Significant events
The Barings Asia Growth Fund Class A USD Acc was launched on 1 June 2023.
The Barings Global Bond Fund Class F GBP Hedged Acc, Class F GBP Hedged Inc, Class F USD Inc and Class F USD Acc
were launched on 13 July 2023.
The Supplements of Barings Global Bond Fund and Barings Europe Select Fund were updated on 22 June 2023 and 31 July
2023, respectively. The material changes to the Supplements are outlined in note 17.
Barings Eastern Europe Fund merged from Barings Global Umbrella Fund in to the Unit Trust on 21 July 2023. Barings Eastern
Europe Fund was suspended on 1 March 2022 in light of the exceptional and adverse market conditions relating to the current
situation in Russia and Ukraine, and exposure to Russian equities and depositary receipt securities. The merger has seen the
non-impacted liquid assets of Barings Eastern Europe Fund transferred to the new fund of the Unit Trust. The old fund remains
a sub-fund of Barings Global Umbrella Fund, containing the impacted Belarusian, Russian and Ukrainian assets and has been
re-named Barings Eastern Europe (SP) Fund.
Mr. Julian Swayne resigned as a Director of the Manager with effect from 4 August 2023.
Ms. Rhian Williams was appointed as a Director of the Manager with effect from 14 August 2023.
The Prospectus of the Unit Trust was updated on 1 September 2023. The material changes to the Prospectus are outlined innote 17.
The Barings Asia Growth Fund Class A EUR Acc was launched on 23 November 2023.
There have been no other significant events to the financial year-end that, in the opinion of the Directors of the Manager, may
have had an impact on the financial statements for the financial year ended 30 April 2024.
19. Subsequent events
The Directors, in consultation with the Investment Manager, and in the best interests of the of Unitholders as a whole, haveresolved to terminate Barings Global Technology Equity Fund, Barings Global Dividend Champions Fund and Barings China
A-Share Fund on 13 May 2024. The decision has been taken in consideration of, amongst other things, the Funds’ economic
viability and ability to operate in a cost-efficient manner due to their small asset size. As the result, the financial statements forthese Funds have been prepared on a non-going concern basis.
There have been no other events subsequent to the financial year-end that, in the opinion of the Directors of the Manager, may
have had a material impact on these financial statements for the financial year ended 30 April 2024.
20. Russia/Ukraine conflict
In response to the Russian invasion of Ukraine, the EU, the U.S., the UK and other governmental entities have passed a variety
of severe economic sanctions and export controls against Russia, including imposition of sanctions against Russia’s Central
Bank, largest financial institutions and certain individuals. In addition, a number of businesses have curtailed or suspended
activities in Russia or dealings with Russian counterparts for reputational reasons. While current sanctions may not target theFunds, the Unit Trust, the AIFM or the Portfolio Investments and their issuers and industries in which the issuers of the Portfolio
Investments operate, these sanctions have had and may continue to have the effect of causing significant economic disruption
and may adversely impact the global economy generally, and the Russian economy specifically by, among other things, creating
instability in the energy sectors, reducing trade as a result of economic sanctions and increased volatility and uncertainty infinancial markets, including Russia’s financial sector. Additionally, any new or expanded sanctions that may be imposed by the
U.S., EU, UK, or other countries may materially adversely affect the AIFM’s operations, including the Funds and the Portfolio
Investments.

137

Barings International Umbrella Fund
Notes to the financial statements (continued)
For the financial year ended 30 April 2024
21. Approval of financial statements
The financial statements were approved by the Board of Directors of the Manager on 21 August 2024.

138

Barings International Umbrella Fund
Barings ASEAN Frontiers Fund
Schedule of Investments
As at 30 April 2024
Financial assets at fair value through profit or loss
Nominal Security

Fair value
US$

% of
Net Assets

1,541,470
3,411,754
4,953,224

0.44
0.97
1.41

1,856,373

0.53

29,329,966
5,870,540
20,576,700
3,578,718
3,554,434
2,835,897
1,398,749
1,063,395
2,445,444
2,055,358
5,392,894
78,102,095

8.31
1.67
5.83
1.02
1.01
0.80
0.40
0.30
0.69
0.58
1.53
22.14

1,512,132
4,259,951
7,001,725
3,192,519
3,129,178
3,126,349
1,427,374
3,190,832
2,826,759
2,864,328
32,531,147

0.43
1.21
1.98
0.91
0.89
0.89
0.40
0.90
0.80
0.81
9.22

3,250,073
6,469,661
3,679,683
9,544,072
2,199,664
7,632,767
2,544,691
35,320,611

0.92
1.84
1.04
2.71
0.62
2.16
0.72
10.01

7,686,516
3,913,231
35,230,818
2,624,442
2,948,722
30,720,902

2.18
1.11
9.99
0.74
0.83
8.71

Equities: 98.27% (30 April 2023: 95.87%)
China: 1.41% (30 April 2023: 0.95%)
2,208,000 Xinyi Solar Hldgs
2,638,100 Yangzijiang Shipbuilding
Hong Kong: 0.53% (30 April 2023: 1.07%)
1,041,500 Yue Yuen Industrial Holdings Ltd
Indonesia: 22.14% (30 April 2023: 26.26%)
48,663,800 Bank Central Asia
18,181,900 Bank Negara Indonesia Persero
67,728,168 Bank Rakyat Indonesia
5,350,800 Indofood CBP Sukses Makmur
5,254,100 Indosat Tbk PT
8,539,200 Jasa Marga Persero Tbk PT
15,264,200 Mastersystem Infotama PT
7,204,500 Mayora Indah Tbk PT
25,246,300 Mitra Adiperkasa
34,994,900 Sariguna Primatirta Tbk PT
29,927,800 Sumber Alfaria Trijaya Tbk PT
Malaysia: 9.22% (30 April 2023: 8.50%)
1,015,000 AEON Credit Service M Bhd
3,970,800 Frencken
8,481,150 Frontken Corp
5,601,580 Hibiscus Petroleum
1,493,400 Malaysia Airports Holdings Bhd
8,575,000 Nationgate Holdings Bhd
1,595,350 Pentamaster
2,835,800 Press Metal Aluminium
4,380,100 UWC BHD
1,834,900 ViTrox
Philippines: 10.01% (30 April 2023: 9.59%)
6,530,500 Ayala Land2,521,880 BDO Unibank Inc
20,439,400 Bloomberry Resorts Corp
1,665,700 International Container Terminal Services
539,810 Jollibee Foods Corp
6,299,050 Metropolitan Bank & Trust
154,740 SM Investments Corp
Singapore: 30.66% (30 April 2023: 25.62%)
4,023,300 Ascendas REIT
2,717,100 CapitaLand Integrated Commercial Trust
1,373,800 DBS
1,645,900 Frasers Centrepoint Trust
4,385,700 Genting Singapore Ltd
2,933,900 Oversea-Chinese Banking

139

Barings International Umbrella Fund
Barings ASEAN Frontiers Fund
Schedule of Investments (continued)
As at 30 April 2024
Financial assets at fair value through profit or loss (continued)
Fair value
US$

% of
Net Assets

18,388,265
4,243,785
2,419,822
108,176,503

5.21
1.20
0.69
30.66

1,927,052
5,294,425
12,581,195
4,012,817
1,809,350
2,474,858
2,559,575
12,118,288
2,493,632
4,036,208
5,079,798
2,478,618
2,906,007
2,728,091
2,882,781
5,029,369
3,966,482
74,378,546

0.55
1.50
3.57
1.14
0.51
0.70
0.73
3.43
0.71
1.14
1.44
0.70
0.82
0.77
0.82
1.43
1.12
21.08

4,215,919
4,430,208
2,722,254
11,368,381

1.19
1.26
0.77
3.22

346,686,880

98.27

Malaysia: 0.09% (30 April 2023: 0.04%)
3,772,550 Frontken Corp

300,381

0.09

Thailand: 0.00% (30 April 2023: 0.01%)
Total Warrants (Cost: US$Nil)

300,3810.09

Nominal Security
Equities: 98.27% (30 April 2023: 95.87%) (continued)
Singapore: 30.66% (30 April 2023: 25.62%) (continued)
285,001 Sea ADR
4,278,050 UMS
226,800 Venture
Thailand: 21.08% (30 April 2023: 20.13%)
3,321,700 AAPICO Hitech
4,671,700 Bangchak
16,077,900 Bangkok Dusit Medical Services
607,000 Bumrungrad Hospital
1,490,100 Central Plaza Hotel PCL
2,658,500 Central Retail Corp PCL
32,709,600 Chularat Hospital
7,810,500 CP ALL
1,320,200 Delta Electronics
22,933 Fabrinet
4,677,200 Gulf Energy Development
8,427,300 Humanica PCL
4,851,200 I-TAIL Corp PCL
4,837,466 Ngern Tid Lor PCL
12,949,800 Siam Wellness
11,028,900 Srinanaporn Marketing
11,136,200 Thai Coconut Public Co Ltd
Vietnam: 3.22% (30 April 2023: 3.75%)
4,802,358 Military Commercial Joint Stock Bank
1,181,933 Phu Nhuan Jewelry JSC
1,960,100 SSI Securities Corp
Total Equities (Cost: US$308,977,495)
Warrants: 0.09% (30 April 2023: 0.05%)

Open forward foreign currency exchange contracts: 0.00% (30 April 2023: 0.02%)
CurrencyboughtCurrency
sold

USD 161,108
USD 94,015
USD 1,736
AUD 1,020
AUD 938
AUD 1,410
AUD 500

CHF 145,358
CHF 84,824
AUD 2,631
USD 654
USD 605
USD 915
USD 321

Counterparty

Maturity
date

Unrealised
gain US$% of
Net Assets

State Street
State Street
State Street
State Street
State Street
State Street
State Street

15/05/2024
15/05/2024
15/05/2024
15/05/2024
15/05/2024
15/05/2024
15/05/2024

1,370
799
17
12
8
6
6

0.00
0.00
0.00
0.00
0.00
0.00
0.00

140

Barings International Umbrella Fund
Barings ASEAN Frontiers Fund
Schedule of Investments (continued)
As at 30 April 2024
Financial assets at fair value through profit or loss (continued)
Open forward foreign currency exchange contracts: 0.00% (30 April 2023: 0.02%) (continued)
CurrencyboughtAUD 593
AUD 500
AUD 300
AUD 321
AUD 142
USD 23
USD 70Currency
sold

Maturity
date

Unrealised
gain US$% of
Net Assets

USD 382
State Street
15/05/2024
USD 321
State Street
15/05/2024
USD 195
State Street
15/05/2024
USD 209
State Street
15/05/2024
USD 93
State Street
15/05/2024
AUD 34
State Street
15/05/2024
CNH 506
State Street
16/05/2024
Total unrealised gain on open forward foreign currency exchange contracts

6
5
1
1
0
0
0
2,231

0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00

346,989,492

98.36

Counterparty

Total financial assets at fair value through profit or loss
Financial liabilities at fair value through profit or loss

Open forward foreign currency exchange contracts: (0.02%) (30 April 2023: 0.00%)
CurrencyboughtCurrency
sold

Maturity
date

Unrealised
loss US$% of
Net Assets

CHF 4,526,372
USD 5,016,877
State Street
15/05/2024
CHF 2,645,679
USD 2,932,381
State Street
15/05/2024
AUD 728,729
USD 480,753
State Street
15/05/2024
USD 28,177
AUD 43,650
State Street
15/05/2024
USD 16,315
AUD 25,294
State Street
15/05/2024
USD 165,724
CHF 150,865
State Street
15/05/2024
USD 94,752
CHF 86,257
State Street
15/05/2024
CNH 68,117
USD 9,415
State Street
16/05/2024
AUD 1,726
USD 1,138
State Street
15/05/2024
USD 32,468
CHF 29,554
State Street
15/05/2024
AUD 635
USD 421
State Street
15/05/2024
USD 319
CNH 2,313
State Street
16/05/2024
AUD 200
USD 131State Street
15/05/2024
Total unrealised loss on open forward foreign currency exchange contracts(42,710)(24,964)(4,583)
(345)
(213)
(66)
(37)
(12)
(11)
(9)
(6)
(1)
0
(72,957)(0.01)(0.01)
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
(0.02)(72,957)(0.02)

Total investments at fair value through profit or loss
Cash and cash equivalents
Other net assets

346,916,535
4,478,834
1,389,763

98.34
1.27
0.39

Net assets attributable to holders of redeemable participating units

352,785,132

100.00Counterparty

Total financial liabilities at fair value through profit or loss

Analysis of Total Assets
Transferable securities admitted to an official stock exchange listing or traded on a recognised market
Other assets
Total* Calculation based on the total assets of the Fund (excluding liabilities). This summary is a UCITS requirement.

141% of total assets*
98.13
1.87
100.00Barings International Umbrella Fund
Barings Asia Growth Fund
Schedule of Investments
As at 30 April 2024
Financial assets at fair value through profit or loss
Nominal Security

Fair value
US$

% of
Net Assets

3,883,894
910,999
537,560
391,131
1,962,165
533,954858,494
1,054,365
771,907778,522
1,039,648
898,925
663,817
1,137,157
1,111,966
532,546
1,194,630
756,180
1,374,401
1,174,837
6,188,505
477,520859,354926,364
30,018,841

3.96
0.93
0.55
0.40
2.00
0.54
0.87
1.07
0.79
0.79
1.06
0.92
0.68
1.16
1.13
0.54
1.22
0.77
1.40
1.20
6.31
0.49
0.87
0.94
30.59

2,509,798
1,746,843
999,396
5,256,037

2.56
1.78
1.02
5.36

2,308,150
740,520
1,167,870
1,766,813
1,406,682
1,443,093
1,080,425
4,366,772
1,288,855
1,197,542
1,615,382
18,382,104

2.35
0.76
1.19
1.80
1.43
1.47
1.10
4.45
1.31
1.22
1.65
18.73

1,064,622
992,470
489,400
2,546,492

1.09
1.01
0.50
2.60

Equities: 99.24% (30 April 2023: 99.12%)
China: 30.59% (30 April 2023: 35.01%)
408,548 Alibaba
68,050 Baidu
19,500 BYD Company
115,000 BYD Electronic International
3,009,000 China Construction Bank 'H'
116,000 China Resources Beer
236,000 China Resources Land71,830 JD.com
107,900 Kuaishou Technology
798,000 Kunlun Energy
4,420 Kweichow Moutai
67,600 Li Auto249,000 Li Ning
81,220 Meituan Dianping
342,409 NARI Technology Class A
6,470 New Oriental Education & Technology Group ADR
1,266,000 PetroChina
508,000 Ping An Bank
299,000 Ping An Insurance Group of China
82,400 Sungrow Power Supply
139,400 Tencent
684,000 Topsports International
286,400 Warom Technology Inc Co
450,000 Weichai Power
Hong Kong: 5.36% (30 April 2023: 10.04%)
339,600 AIA
54,300 Hong Kong Exchanges & Clearing
173,500 Power Assets Holdings
India: 18.73% (30 April 2023: 12.93%)
165,180 Axis Bank
171,781 Embassy Office Parks
71,303 HCL Technologies Ltd
96,978 HDFC Bank
32,654 Larsen & Toubro
55,838 Mahindra & Mahindra
24,670 PI Industries
124,181 Reliance Industries
74,858 SBI Life Insurance
120,930 State Bank of India
697,807 Zomato
Indonesia: 2.60% (30 April 2023: 2.19%)
3,504,200 Bank Rakyat Indonesia
5,507,700 Sumber Alfaria Trijaya Tbk PT
2,510,300 Telekomunikasi Indonesia Persero

142

Barings International Umbrella Fund
Barings Asia Growth Fund
Schedule of Investments (continued)
As at 30 April 2024
Financial assets at fair value through profit or loss (continued)
Fair value
US$

% of
Net Assets

661,778

0.67

554,360
787,086
1,341,446

0.57
0.80
1.37

1,449,957
1,016,835
2,466,792

1.48
1.03
2.51

1,103,793
1,012,965
448,435
1,924,488
1,273,915
806,689–
6,575,640
3,860,356
17,006,281

1.13
1.03
0.46
1.96
1.30
0.82
              –
6.70
3.93
17.33

1,462,984
757,893
1,916,344
1,492,783
9,413,427
941,128
1,087,157
17,071,716

1.49
0.77
1.95
1.52
9.60
0.96
1.11
17.40

969,158
501,457
1,470,615

0.99
0.51
1.50

United States: 1.18% (30 April 2023: 0.00%)
325,500 Samsonite

1,157,015

1.18

Total Equities (Cost: US$88,075,587)

97,379,117

99.24

Nominal Security
Equities: 99.24% (30 April 2023: 99.12%) (continued)
Macao: 0.67% (30 April 2023: 0.00%)
146,000 Galaxy Entertainment
Malaysia: 0.00% (30 April 2023: 0.79%)
Philippines: 1.37% (30 April 2023: 2.25%)
216,090 BDO Unibank Inc
4,372,000 Bloomberry Resorts Corp
Singapore: 2.51% (30 April 2023: 4.16%)
56,540 DBS
15,760 Sea ADR
South Korea: 17.33% (30 April 2023: 14.62%)
40,199 Classys
9,993 Cosmax
3,898 Hyundai Motor Co Pref
35,183 KB Financial
14,921 Kia
2,770 LG Chem
1 POSCO
117,267 Samsung Electronics
30,628 SK Hynix
Taiwan: 17.40% (30 April 2023: 13.88%)
1,397,000 CTBC Financial
77,000 Delta Electronics
400,000 Hon Hai Precision Industry
49,000 MediaTek
388,000 Taiwan Semiconductor Manufacturing
270,000 Wistron
15,000 Wiwynn Corp
Thailand: 1.50% (30 April 2023: 3.25%)
146,600 Bumrungrad Hospital
323,200 CP ALL

143

Barings International Umbrella Fund
Barings Asia Growth Fund
Schedule of Investments (continued)
As at 30 April 2024
Financial assets at fair value through profit or loss (continued)
Open forward foreign currency exchange contracts: 0.00% (30 April 2023: 0.07%)
CurrencyboughtMaturity
date

Unrealised
gain US$% of
Net Assets

EUR 6
State Street
15/05/2024
USD 31
State Street
15/05/2024
Total unrealised gain on open forward foreign currency exchange contracts

0
0
0

0.00
0.00
0.00

97,379,117

99.24

Maturity
date

Unrealised
loss US$% of
Net Assets

USD 880
State Street
15/05/2024
EUR 26
State Street
15/05/2024
Total unrealised loss on open forward foreign currency exchange contracts

(9)
0
(9)

0.00
0.00
0.00

Total financial liabilities at fair value through profit or loss

(9)

0.00

Total investments at fair value through profit or loss
Cash and cash equivalents
Other net liabilities

97,379,108
804,902(54,727)

99.24
0.82
(0.06)Net assets attributable to holders of redeemable participating units

98,129,283

100.00

USD 6
EUR 29Currency
soldCounterparty

Total financial assets at fair value through profit or loss
Financial liabilities at fair value through profit or loss
Open forward foreign currency exchange contracts: 0.00% (30 April 2023: 0.00%)
CurrencyboughtEUR 811
USD 28Currency
soldCounterparty

Analysis of Total Assets
Transferable securities admitted to an official stock exchange listing or traded on a recognised market
Other assets
Total% of total assets*
98.41
1.59
100.00* Calculation based on the total assets of the Fund (excluding liabilities). This summary is a UCITS requirement.

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

144

Barings International Umbrella Fund
Barings Australia Fund
Schedule of Investments
As at 30 April 2024
Financial assets at fair value through profit or loss
Nominal Security

Fair value
US$

% of
Net Assets

2,101,325
1,714,611
3,815,936

3.00
2.44
5.44

1,350,005

1.92

2,536,535
1,102,989
2,251,890
5,891,414

3.62
1.57
3.21
8.40

1,378,870

1.96

1,813,283
942,261
2,853,829
2,182,042
4,337,128
2,472,776
1,678,583
2,403,545
18,683,447

2.59
1.34
4.07
3.11
6.18
3.53
2.39
3.43
26.64

1,549,079
4,808,792
788,634
7,146,505

2.21
6.86
1.12
10.19

849,170
1,240,516
1,329,246
1,906,116
698,257
6,023,305

1.21
1.77
1.89
2.72
1.00
8.59

1,824,143
2,790,025
4,614,168

2.60
3.98
6.58

5,837,016
2,344,123
1,096,957
3,847,673

8.32
3.34
1.56
5.49

Equities: 98.46% (30 April 2023: 96.80%)
Communication Services: 5.44% (30 April 2023: 3.06%)
95,656 Carsales.com*
108,797 SEEK Ltd*
Consumer Discretionary: 1.92% (30 April 2023: 7.44%)
359,690 Bapcor*
Consumer Staples: 8.40% (30 April 2023: 6.87%)
323,099 Treasury Wine Estates*
25,432 Wesfarmers*
108,712 Woolworths Group*
Energy: 1.96% (30 April 2023: 3.73%)
75,220 Woodside Energy*
Financials: 26.64% (30 April 2023: 27.20%)
99,164 Australia & New Zealand Banking Group*
12,628 Block ADR*
38,370 Commonwealth Bank of Australia*
521,793 Insurance Australia*
35,628 Macquarie*
112,665 National Australia Bank*
14,390 REA*
652,815 Steadfast*
Health Care: 10.19% (30 April 2023: 11.17%)
7,338 Cochlear*
26,758 CSL*
36,971 ResMed*
Industrials: 8.59% (30 April 2023: 10.09%)
99,750 ALS*
130,670 Brambles*
758,163 Cleanaway Waste Management*
522,317 Johns Lyng*
207,590 Reliance Worldwide Corp Ltd*
Information Technology: 6.58% (30 April 2023: 1.43%)
103,165 Computershare*
46,305 WiseTech Global*
Materials: 22.19% (30 April 2023: 22.76%)
208,901 BHP Group*
66,592 James Hardie Industries*
771,377 Orora Ltd*45,409 Rio Tinto*

145

Barings International Umbrella Fund
Barings Australia Fund
Schedule of Investments (continued)
As at 30 April 2024
Financial assets at fair value through profit or loss (continued)
Fair value
US$

% of
Net Assets

2,439,472
15,565,241

3.48
22.19

4,592,742

6.55

Total Equities (Cost: US$59,821,649)

69,061,633

98.46

Total financial assets at fair value through profit or loss

69,061,633

98.46

Total investments at fair value through profit or loss
Cash and cash equivalents
Other net assets

69,061,633
675,133
406,201

98.46
0.96
0.58

Net assets attributable to holders of redeemable participating units

70,142,967

100.00Nominal Security
Equities: 98.46% (30 April 2023: 96.80%) (continued)
Materials: 22.19% (30 April 2023: 22.76%) (continued)
393,381 Sandfire Resources Ltd*Real Estate: 6.55% (30 April 2023: 3.05%)
223,188 Goodman*

Analysis of Total Assets
Transferable securities admitted to an official stock exchange listing or traded on a recognised market
Other assets
Total* Level 1 investment with fair value adjustment.
** Calculation based on the total assets of the Fund (excluding liabilities). This summary is a UCITS requirement.

146% of total assets*
98.08
1.92
100.00Barings International Umbrella Fund
Barings Europa Fund
Schedule of Investments
As at 30 April 2024
Financial assets at fair value through profit or loss
Nominal Security

Fair value
US$

% of
Net Assets

333,103409,834
438,885
491,102279,830
1,952,754

1.56
1.91
2.05
2.30
1.31
9.13

619,780
223,073460,370
1,347,287
586,092
3,236,602

2.90
1.04
2.15
6.30
2.74
15.13

1,192,663
946,818
2,139,481

5.57
4.43
10.00

1,113,507
326,182780,666
335,5142,555,869

5.21
1.52
3.65
1.57
11.95

760,005
398,901
139,675
993,781531,085
697,876
246,006
222,837
3,990,166

3.56
1.87
0.65
4.65
2.48
3.26
1.15
1.04
18.66

451,132
780,376
452,442
379,554
2,063,504

2.11
3.65
2.12
1.77
9.65

540,185
1,361,369
856,364
548,719

2.53
6.37
4.00
2.56

Equities: 97.65% (30 April 2023: 99.45%)
Consumer Discretionary: 9.13% (30 April 2023: 6.68%)
5,213 Amadeus IT*
10,594 Cie Generale des Etablissements Michelin SCA*
9,579 Industria de Diseno Textil*
3,203 Pandora*
17,138 Persimmon*
Consumer Staples: 15.13% (30 April 2023: 13.00%)
18,636 Associated British Foods PLC*
2,582 Kerry Group*
15,139 Koninklijke Ahold Delhaize NV*
13,402 Nestle*
11,306 Unilever*Energy: 10.00% (30 April 2023: 8.14%)
33,269 Royal Dutch Shell*
12,910 TotalEnergies*
Financials: 11.95% (30 April 2023: 14.99%)
32,102 AXA*
1,684 Deutsche Boerse*
10,445 KBC*
38,224 Prudential*
Health Care: 18.66% (30 April 2023: 17.08%)
5,032 AstraZeneca*
127,429 ConvaTec Group PLC*
877 Merck*
7,680 Novo Nordisk*
2,208 Roche*
7,012 Sanofi*
4,416 Siemens Healthineers AG*
625 Tecan Group*
Industrials: 9.65% (30 April 2023: 10.66%)
16,785 Assa Abloy*
3,393 Schneider Electric*
3,838 Vinci*
2,522 Wolters Kluwers*
Information Technology: 16.35% (30 April 2023: 16.86%)
447 Adyen*
1,529 ASML*
4,047 Capgemini*
15,684 Infineon Technologies*

147

Barings International Umbrella Fund
Barings Europa Fund
Schedule of Investments (continued)
As at 30 April 2024
Financial assets at fair value through profit or loss (continued)
Fair value
US$

% of
Net Assets

189,838
3,496,475

0.89
16.35

369,988683,823
395,084
1,448,895

1.73
3.20
1.85
6.78

Total Equities (Cost: US$15,118,595)

20,883,746

97.65

Total financial assets at fair value through profit or loss

20,883,746

97.65

Total investments at fair value through profit or loss
Cash and cash equivalents
Other net assets

20,883,746
433,678
68,004

97.65
2.03
0.32

Net assets attributable to holders of redeemable participating units

21,385,428

100.00Nominal Security
Equities: 97.65% (30 April 2023: 99.45%) (continued)
Information Technology: 16.35% (30 April 2023: 16.86%) (continued)
3,028 Temenos*
Materials: 6.78% (30 April 2023: 10.78%)
11,218 Anglo American*
3,478 L'Air Liquide S.A.*
63,501 Norsk Hydro*
Utilities: 0.00% (30 April 2023: 1.26%)

Analysis of Total Assets
Transferable securities admitted to an official stock exchange listing or traded on a recognised market
Other assets
Total* Level 1 investment with fair value adjustment.
** Calculation based on the total assets of the Fund (excluding liabilities). This summary is a UCITS requirement.

148% of total assets*
97.48
2.52
100.00Barings International Umbrella Fund
Barings Hong Kong China Fund
Schedule of Investments
As at 30 April 2024
Financial assets at fair value through profit or loss
Nominal Security

Fair value
US$

% of
Net Assets

19,416,804
2,975,661
20,789,973
39,826,838
101,750,745
184,760,021

1.91
0.29
2.05
3.92
10.02
18.19

75,061,282
11,579,373
25,802,862
15,713,167
26,152,159
7,630,169
21,590,149
44,253,351
12,530,298
43,352,910
13,669,988
9,007,656
14,800,297
4,154,303
23,983,708
7,735,315
357,016,987

7.39
1.14
2.54
1.55
2.57
0.75
2.12
4.36
1.23
4.27
1.35
0.89
1.46
0.41
2.36
0.76
35.15

2,773,786
10,152,029
2,251,659
17,987,330
7,517,421
40,682,225

0.27
1.00
0.22
1.77
0.74
4.00

12,184,889
10,371,230
21,422,184
12,192,438
56,170,741

1.20
1.02
2.11
1.20
5.53

8,899,584
44,786,802
21,767,137
4,333,645
18,588,224
24,006,045
122,381,437

0.88
4.41
2.14
0.43
1.83
2.36
12.05

Equities: 99.32% (30 April 2023: 98.64%)
Communication Services: 18.19% (30 April 2023: 12.54%)
1,450,400 Baidu
823,800 China Literature
2,906,100 Kuaishou Technology
2,072,400 NetEase
2,292,000 Tencent
Communications: 0.00% (30 April 2023: 2.25%)
Consumer Discretionary: 35.15% (30 April 2023: 34.00%)
7,895,720 Alibaba
1,009,600 ANTA Sports Products
936,000 BYD Company
3,764,046 Haier Smart Home
1,781,650 JD.com
716,157 Lao Feng Xiang Co Ltd
1,623,600 Li Auto
3,160,740 Meituan Dianping
152,233 New Oriental Education & Technology Group ADR
341,846 Pinduoduo ADR
1,662,700 Prada
2,534,100 Samsonite
1,480,200 Shenzhou International
328,144 TAL Education ADR
486,700 Trip.com
1,917,500 XPeng
Consumer Staples: 4.00% (30 April 2023: 6.75%)
5,045,000 China Feihe
2,205,500 China Resources Beer
14,675,000 China Youran Dairy
76,472 Kweichow Moutai
1,036,000 Tsingtao Brewery
Energy: 5.53% (30 April 2023: 5.08%)
20,190,000 China Petroleum & Chemical
2,480,500 China Shenhua Energy
22,702,000 PetroChina
5,596,000 Yankuang Energy
Financials: 12.05% (30 April 2023: 12.74%)
1,204,200 AIA
68,681,000 China Construction Bank 'H'
4,956,000 China Merchants Bank
1,216,984 China Resources Mixc Lifestyle Services
34,368,000 Industrial & Commercial Bank of China
5,222,500 Ping An Insurance Group of China

149

Barings International Umbrella Fund
Barings Hong Kong China Fund
Schedule of Investments (continued)
As at 30 April 2024
Financial assets at fair value through profit or loss (continued)
Fair value
US$

% of
Net Assets

8,102,462
13,119,414
3,198,311
24,420,187

0.80
1.29
0.31
2.40

11,791,897
4,802,332
11,921,985
9,665,819
10,987,903
49,169,936

1.16
0.47
1.18
0.95
1.08
4.84

9,709,693
4,284,059
6,069,392
7,171,918
18,465,389
7,751,388
29,380,566
9,632,847
12,035,793
2,710,516
3,818,076
111,029,637

0.95
0.42
0.60
0.71
1.82
0.76
2.89
0.95
1.18
0.27
0.38
10.93

12,230,907
27,123,809
39,354,716

1.20
2.67
3.87

14,281,566
1,884,512
16,166,078

1.41
0.18
1.59

7,806,679

0.77

1,008,958,644

99.32

Nominal Security
Equities: 99.32% (30 April 2023: 98.64%) (continued)
Health Care: 2.40% (30 April 2023: 5.04%)
51,763 BeiGene Ltd ADR
2,682,500 Innovent Biologics
1,820,500 Wuxi Biologics Cayman
Industrials: 4.84% (30 April 2023: 5.64%)
421,895 Contemporary Amperex Technology
18,057,000 Impro Precision Industries
3,671,151 NARI Technology Class A
691,000 Techtronic Industries
4,580,104 Weichai Power
Information Technology: 10.93% (30 April 2023: 7.37%)
496,807 Advanced Micro-Fabrication Equipment Inc China
340,500 ASM Pacific Technology
141,920 Beijing Kingsoft Office Software
1,497,000 Hon Hai Precision Industry
16,172,000 Lenovo
1,924,229 Luxshare Precision Industry
1,211,000 Taiwan Semiconductor Manufacturing
687,260 Will Semiconductor
5,434,800 Xiaomi
412,161 Zhejiang Supcon Technology Class A
290,000 Zhejiang Supcon Technology GDRMaterials: 3.87% (30 April 2023: 1.48%)
18,290,000 Aluminum Corporation of China
12,262,000 Zijin Mining
Real Estate: 1.59% (30 April 2023: 3.84%)
3,926,000 China Resources Land6,639,000 Financial Street Property
Utilities: 0.77% (30 April 2023: 1.91%)
8,002,000 Kunlun Energy
Total Equities (Cost: US$1,011,480,458)

Open forward foreign currency exchange contracts: 0.00% (30 April 2023: 0.00%)
CurrencyboughtCurrency
soldCounterparty

Maturity
date

Unrealised
gain US$% of
Net Assets

CNH 3,119

USD 429

State Street

16/05/2024

1

0.00

150

Barings International Umbrella Fund
Barings Hong Kong China Fund
Schedule of Investments (continued)
As at 30 April 2024
Financial assets at fair value through profit or loss (continued)
Open forward foreign currency exchange contracts: 0.00% (30 April 2023: 0.00%) (continued)
CurrencyboughtUSD 69Currency
sold

Maturity
date

Unrealised
gain US$% of
Net Assets

CNH 498
State Street
16/05/2024
Total unrealised gain on open forward foreign currency exchange contracts

0
1

0.00
0.00

1,008,958,645

99.32

Counterparty

Total financial assets at fair value through profit or loss
Financial liabilities at fair value through profit or loss

Open forward foreign currency exchange contracts: 0.00% (30 April 2023: 0.00%)
CurrencyboughtMaturity
date

Unrealised
loss US$% of
Net Assets

USD 9,137
State Street
16/05/2024
CNH 2,570
State Street
16/05/2024
Total unrealised loss on open forward foreign currency exchange contracts

(11)
(1)
(12)

0.00
0.00
0.00

Total financial liabilities at fair value through profit or loss

(12)

0.00

Fair value
US$

% of
Net Assets

Total investments at fair value through profit or loss
Cash and cash equivalents
Other net assets

1,008,958,633
4,724,901
2,136,410

99.32
0.47
0.21

Net assets attributable to holders of redeemable participating units

1,015,819,944

100.00

CNH 66,107
USD 354

Currency
soldCounterparty

Analysis of Total Assets
Transferable securities admitted to an official stock exchange listing or traded on a recognised market
Other assets
Total* Calculation based on the total assets of the Fund (excluding liabilities). This summary is a UCITS requirement.

151% of total assets*
98.30
1.70
100.00Barings International Umbrella Fund
Barings Global Bond Fund
Schedule of Investments
As at 30 April 2024
Financial assets at fair value through profit or loss
Nominal Security

Fair value
US$

% of
Net Assets

1,175,956
2,303,991
3,479,947

2.15
4.21
6.36

820,721544,722
1,079,732
1,681,583
1,348,143
5,474,901

1.50
1.00
1.97
3.07
2.47
10.01

1,466,004
1,101,176
807,398
1,427,994
845,495
1,416,524
1,389,901
1,181,824
1,129,232
865,694
897,689
1,140,126852,391
14,521,448

2.68
2.01
1.48
2.61
1.55
2.59
2.54
2.16
2.06
1.58
1.64
2.08
1.56
26.54

1,130,137
1,131,969
1,101,650
1,084,600
4,448,356

2.07
2.07
2.01
1.98
8.13

1,278,457
778,205
1,622,544
832,692
627,800
556,032
5,695,730

2.34
1.42
2.96
1.52
1.15
1.02
10.41

1,380,045
1,004,065
963,225
982,635
392
4,134,047

2.52
1.84
1.76
1.80
0.00
7.56

Fixed interest: 98.56% (30 April 2023: 95.85%)
Australian dollar: 6.36% (30 April 2023: 5.68%)
1,850,000 Queensland Treasury 4.75% 02/02/2034
3,804,000 Treasury Corp of Victoria 5.00% 20/11/2040
Canadian dollar: 10.01% (30 April 2023: 7.59%)
1,110,000 Province of British Columbia Canada 4.70% 18/06/2037
700,000 Province of Newfoundland and Labrador Canada 8.45% 05/02/2026
1,409,000 Province of Newfoundland and Labrador Canada 9.15% 07/07/2025
2,090,000 Province of Ontario Canada 6.50% 08/03/2029
1,641,000 Province of Quebec Canada 6.25% 01/06/2032
Euro: 26.54% (30 April 2023: 22.23%)
3,094,000 Austria (Republic of) 0.85% 30/06/2120
1,046,405 France (Republic of) 3.25% 25/05/2045
725,000 France (Republic of) 3.50% 25/11/2033
2,010,000 Hellenic Republic Government Bond 1.88% 24/01/2052
800,000 Hellenic Republic Government Bond 3.38% 15/06/2034
1,325,000 Italy (Republic of) 3.50% 15/02/2031
1,232,000 Italy (Republic of) 4.40% 01/05/2033
1,005,000 Italy (Republic of) 5.00% 01/09/2040
963,000 Italy (Republic of) 5.25% 01/11/2029
1,469,851 Portugal (Republic of) 1.00% 12/04/2052
1,722,000 Spain (Kingdom of) 1.45% 31/10/2071
990,000 Spain (Kingdom of) 4.20% 31/01/2037
800,000 Spain Government Bond 3.25% 30/04/2034
Japanese yen: 0.00% (30 April 2023: 2.74%)
New Zealand dollar: 8.13% (30 April 2023: 9.60%)
2,868,000 New Zealand (Govt of) 2.00% 15/04/2037
1,950,000 New Zealand (Govt of) 2.75% 15/04/2025
2,839,000 New Zealand (Govt of) 2.75% 15/05/2051
1,837,000 New Zealand (Govt of) 4.50% 15/04/2027
Pound sterling: 10.41% (30 April 2023: 2.11%)
1,000,000 Italy (Republic of) 6.00% 04/08/2028
1,775,000 UK (Govt of) 1.13% 22/10/2073
1,780,302 UK (Govt of) 1.75% 07/09/2037
788,952 UK (Govt of) 3.75% 22/10/2053
500,000 UK (Govt of) 5.00% 07/03/2025
450,000 United Kingdom Gilt 4.00% 22/10/2031
US dollar: 37.11% (30 April 2023: 45.90%)
1,455,000 Province of Manitoba Canada 4.30% 27/07/2033
1,000,000 Province of Ontario Canada 5.05% 24/04/2034
1,000,000 Province of Quebec Canada 4.50% 08/09/2033
1,000,000 State of North Rhine-Westphalia Germany 4.38% 16/02/2027
400 United States Treasury Note/Bond 2.25% 31/12/2024
4,300,000 United States Treasury Note/Bond 3.75% 31/12/2028

152

Barings International Umbrella Fund
Barings Global Bond Fund
Schedule of Investments (continued)
As at 30 April 2024
Financial assets at fair value through profit or loss (continued)
Fair value
US$

% of
Net Assets

4,928,319
4,089,158
2,817,484
20,299,370

9.01
7.47
5.15
37.11

53,919,752

98.56

Maturity
date

Unrealised
gain US$% of
Net Assets

State Street
16/05/2024
State Street
16/05/2024
State Street
16/05/2024
State Street
13/02/2025
Standard Chartered
GBP 1,050,000
USD 1,297,662
Bank
16/05/2024
AUD 3,951,360
USD 2,567,781
State Street
16/05/2024
USD 691,944
CAD 931,200
State Street
16/05/2024
USD 1,408,397
EUR 1,302,740
State Street
16/05/2024
USD 3,560,292
EUR 3,308,600
State Street
16/05/2024
USD 556,064
GBP 439,100
State Street
16/05/2024
USD 2,584,472
AUD 3,951,360
State Street
16/05/2024
USD 736,777
EUR 684,680
State Street
16/05/2024
Standard Chartered
USD 388,220
GBP 308,900
Bank
16/05/2024
USD 10
GBP 7
State Street
15/05/2024
USD 10
GBP 7
State Street
15/05/2024
USD 5
CNH 37
State Street
16/05/2024
USD 5
CNH 35
State Street
16/05/2024
Total unrealised gain on open forward foreign currency exchange contracts

94,25267,754
22,43820,746

0.17
0.12
0.04
0.04

19,191
14,217
11,35910,014
8,785
5,368
2,473
1,830

0.04
0.03
0.02
0.02
0.02
0.01
0.00
0.00

814
0
0
0
0
279,241

0.00
0.00
0.00
0.00
0.00
0.51

54,198,993

99.07

Unrealised
loss US$(5,000)(5,000)% of
Net Assets(0.01)(0.01)

Nominal Security
Fixed interest: 98.56% (30 April 2023: 95.85%) (continued)
US dollar: 37.11% (30 April 2023: 45.90%) (continued)
5,030,000 United States Treasury Note/Bond 4.13% 30/09/2027
4,097,000 United States Treasury Note/Bond 5.00% 31/08/2025
3,119,300 United States Treasury Note/Bond 1.13% 28/02/2027
Total Fixed interest (Cost: US$56,225,796)
Open forward foreign currency exchange contracts: 0.51% (30 April 2023: 0.93%)
CurrencyboughtCurrency
sold

USD 3,294,508
USD 3,990,579
USD 3,452,614
USD 2,033,942

NZD 5,379,980
CAD 5,367,340
GBP 2,735,070
EUR 1,850,000

Counterparty

Total financial assets at fair value through profit or loss
Financial liabilities at fair value through profit or loss
Open Futures contracts: (0.01%) (30 April 2023: (0.06%))*
NominalAmountUS$ Description
40 Yen Currency CME Futures June 2024
Unrealised loss on Open Futures contracts

Open forward foreign currency exchange contracts: (0.71%) (30 April 2023: (0.24%))
CurrencyboughtCurrency
sold

JPY 442,383,800

USD 3,010,831

Counterparty

Maturity
date

Unrealised
loss US$% of
Net Assets

State Street

16/05/2024(185,212)(0.34)

153

Barings International Umbrella Fund
Barings Global Bond Fund
Schedule of Investments (continued)
As at 30 April 2024
Financial liabilities at fair value through profit or loss (continued)
Open forward foreign currency exchange contracts: (0.71%) (30 April 2023: (0.24%)) (continued)
Maturity
date

Unrealised
loss US$% of
Net Assets

State Street
16/05/2024
State Street
16/05/2024
State Street
16/05/2024
State Street
16/05/2024
Standard Chartered
CAD 996,000
USD 734,081
Bank
16/05/2024
Standard Chartered
USD 549,619
CAD 760,000
Bank
16/05/2024
USD 1,863,162
CNH 13,538,300
State Street
16/05/2024
GBP 756
USD 956
State Street
15/05/2024
GBP 756
USD 956
State Street
15/05/2024
CNH 4,632
USD 640
State Street
16/05/2024
CNH 4,904
USD 678
State Street
16/05/2024
USD 17
GBP 13
State Street
15/05/2024
USD 17
GBP 13
State Street
15/05/2024
USD 11
CNH 84
State Street
16/05/2024
USD 12
CNH 88
State Street
16/05/2024
Total unrealised loss on open forward foreign currency exchange contracts(105,799)(48,295)(25,816)(7,855)(0.19)(0.09)(0.05)(0.01)(6,135)(0.01)(5,842)(5,819)
(7)
(7)
(1)
(1)
0
0
0
0
(390,789)(0.01)(0.01)
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
(0.71)(395,789)(0.72)

Fair value
US$

% of
Net Assets

Total investments at fair value through profit or loss
Cash and cash equivalents
Margin Cash
Other net assets

53,803,204
446,174
95,125
360,669

98.35
0.82
0.17
0.66

Net assets attributable to holders of redeemable participating units

54,705,172

100.00CurrencyboughtCurrency
sold

NZD 5,379,980
EUR 6,269,840
CNH 13,538,300
USD 1,037,460

USD 3,306,055
USD 6,778,448
USD 1,894,797
EUR 973,820

Counterparty

Total financial liabilities at fair value through profit or loss

Analysis of Total Assets
Transferable securities admitted to an official stock exchange listing or traded on a recognised market
OTC financial derivative instruments
Other assets
Total% of total assets**
97.39
0.50
2.11
100.00* The counterparty for Open Future contracts is UBS.
** Calculation based on the total assets of the Fund (excluding liabilities). This summary is a UCITS requirement.

* The counterparty for Open Future contracts is UBS.
** Calculation based on the total assets of the Fund (excluding liabilities). This summary is a UCITS requirement.

154

Barings International Umbrella Fund
Barings Global Balanced Fund
Schedule of Investments
As at 30 April 2024
Financial assets at fair value through profit or loss
Nominal Security

Fair value
US$

% of
Net Assets

1,825,306
3,153,898
4,979,204

3.07
5.29
8.36

4,979,204

8.36

141,897
267,135
68,81675,638
158,877
45,96482,701
194,325
64,36546,18974,78672,754
107,596
98,61478,493102,944
123,857
96,87952,93970,56449,20238,656
83,533
158,211
101,854
22,227100,024
149,394
87,336
84,12476,935510,530
91,16520,204
132,632
58,4583,789,818

0.24
0.45
0.12
0.12
0.27
0.08
0.14
0.33
0.11
0.08
0.13
0.12
0.18
0.17
0.13
0.17
0.21
0.16
0.09
0.12
0.08
0.06
0.14
0.27
0.17
0.04
0.17
0.25
0.15
0.14
0.13
0.86
0.15
0.03
0.23
0.10
6.39

256,878
276,893454,244

0.43
0.46
0.76

Investment Funds: 8.36% (30 April 2023: 8.45%)
Ireland: 8.36% (30 April 2023: 8.45%)
337,021 iShares China CNY Bond UCITS ETF
32,710 iShares Core MSCI World UCITS ETF
Total Investment Funds (Cost: US$4,945,891)
Equities: 24.77% (30 April 2023: 19.67%)
China/Hong Kong: 6.39% (30 April 2023: 7.98%)
19,200 AIA
28,100 Alibaba
6,000 ANTA Sports Products
5,650 Baidu
352,000 Bank of China
3,800 BeiGene Ltd
3,000 BYD Company
298,000 China Construction Bank
121,500 China Eastern Airlines
22,000 China Mengniu Dairy
15,800 China Merchants Bank
20,000 China Resources Land
22,000 CK Hutchison
12,500 CLP
255,145 Everdisplay Optronics Shanghai
3,200 Hong Kong Exchanges & Clearing
229,000 Industrial & Commercial Bank of China
6,600 JD.com
7,400 Kuaishou Technology
300 Kweichow Moutai
3,700 Li Auto
14,500 Li Ning
19,300 Link REITS
11,300 Meituan Dianping
5,300 NetEase
4,832 NIO ADR
106,000 PetroChina
1,178 Pinduoduo ADR
19,000 Ping An Insurance Group of China
57,800 Shanghai Lingang
5,500 Techtronic Industries
11,500 Tencent
1,850 Trip.com
11,500 Wuxi Biologics Cayman
123,100 Youngor
1,460 Yum China
India: 2.61% (30 April 2023: 0.00%)
3,618 Axis Bank GDR
4,747 HDFC Bank ADR
16,536 ICICI Bank ADR

155

Barings International Umbrella Fund
Barings Global Balanced Fund
Schedule of Investments (continued)
As at 30 April 2024
Financial assets at fair value through profit or loss (continued)
Nominal Security

Fair value
US$

% of
Net Assets

206,728
366,357
1,561,100

0.35
0.61
2.61

114,454
83,97471,783
270,211

0.19
0.14
0.12
0.45

78,41985,027
163,446

0.13
0.14
0.27

61,052

0.10

128,468
175,91370,585
110,702
485,668

0.22
0.29
0.12
0.19
0.82

24,97338,309133,845
113,039
52,71244,75164,042
59,19389,848458,630
138,080
55,267
170,406
68,047
1,511,142

0.04
0.07
0.23
0.19
0.09
0.07
0.11
0.10
0.15
0.77
0.23
0.09
0.29
0.11
2.54

42,51992,342
88,58593,744
120,960
225,170
152,325
71,863994,718

0.07
0.15
0.15
0.16
0.20
0.38
0.26
0.12
1.67

Equities: 24.77% (30 April 2023: 19.67%) (continued)
India: 2.61% (30 April 2023: 0.00%) (continued)
12,182 Infosys ADR
8,422 Larsen & Toubro GDRIndonesia: 0.45% (30 April 2023: 0.48%)
189,900 Bank Central Asia
276,400 Bank Rakyat Indonesia
368,200 Telekomunikasi Indonesia Persero
Malaysia: 0.27% (30 April 2023: 0.07%)
55,200 PETRONAS Chemicals
18,700 Petronas DaganganPhilippines: 0.10% (30 April 2023: 0.00%)
104,500 JG Summit
Singapore: 0.82% (30 April 2023: 0.82%)
89,200 CapitaLand Integrated Commercial Trust
16,800 Oversea-Chinese Banking
1,094 Sea ADR
63,300 Singapore Telecommunications
South Korea: 2.54% (30 April 2023: 2.86%)
325 Ecopro
222 Ecopro BM
737 Hyundai Motor
1,324 Kia
181 LG Chem
159 LG Energy Solution
480 NAVER
202 POSCO
159 Samsung Biologics
8,179 Samsung Electronics
2,927 Samsung Electronics Pref
176 Samsung SDI
1,352 SK Hynix
1,299 Yuhan
Taiwan: 3.68% (30 April 2023: 3.61%)
3,000 Accton Technology Corp
121,000 China Steel Corp
9,000 Delta Electronics
55,000 Formosa Chemicals & Fibre
57,000 Fubon Financial
47,000 Hon Hai Precision Industry
5,000 MediaTek
9,000 Quanta Computer
41,000 Taiwan Semiconductor Manufacturing

156

Barings International Umbrella Fund
Barings Global Balanced Fund
Schedule of Investments (continued)
As at 30 April 2024
Financial assets at fair value through profit or loss (continued)
Nominal Security

Fair value
US$

% of
Net Assets

129,215
41,828138,368
2,191,637

0.22
0.07
0.23
3.68

82,960101,618
184,578

0.14
0.17
0.31

66,70379,299235,396237,262
436,837
44,49732,828528,654
53,77838,663174,02160,15549,611
98,05425,45340,304
41,96053,62539,659298,075
707,155
30,16975,531
670,463
74,50759,72831,004143,40351,456
61,2654,539,515

0.11
0.13
0.39
0.40
0.73
0.08
0.05
0.89
0.09
0.06
0.29
0.10
0.08
0.16
0.04
0.07
0.07
0.09
0.07
0.50
1.19
0.05
0.13
1.12
0.13
0.10
0.05
0.24
0.09
0.10
7.60

14,758,167

24.77

907,175
2,351,351
1,761,068

1.52
3.95
2.96

Equities: 24.77% (30 April 2023: 19.67%) (continued)
Taiwan: 3.68% (30 April 2023: 3.61%) (continued)
55,000 Uni-President Enterprises
12,000 Wistron
147,000 Yuanta Financial
Thailand: 0.31% (30 April 2023: 0.00%)
71,500 Krungthai Card
69,100 Thai Oil
United States: 7.60% (30 April 2023: 3.85%)
141 Adobe Systems
495 Advanced Micro Devices
1,402 Alphabet
1,428 Alphabet Class A
2,414 Amazon.com
161 Amgen
161 Analog Devices Inc
3,047 Apple
262 Applied Materials
11 Booking
130 Broadcom
1,259 Cisco Systems
1,277 Comcast
135 Costco Wholesale
386 Gilead Sciences
208 Honeywell International
1,338 Intel84 Intuit
106 Intuitive Surgical
689 Meta Platforms
1,758 Microsoft
420 Mondelez International
135 Netflix
764 NVIDIA
423 PepsiCo
353 Qualcomm
351 Starbucks
739 Tesla
287 Texas Instruments
373 T-Mobile US
Total Equities (Cost: US$13,217,623)
Fixed interest: 61.92% (30 April 2023: 65.81%)
Euro: 10.37% (30 April 2023: 0.00%)
709,000 Bundesrepublik Deutschland Bundesanleihe 4.75% 04/07/2034
2,592,000 French Republic Government Bond 1.25% 25/05/2034
1,561,000 Italy Buoni Poliennali Del Tesoro 4.40% 01/05/2033

157

Barings International Umbrella Fund
Barings Global Balanced Fund
Schedule of Investments (continued)
As at 30 April 2024
Financial assets at fair value through profit or loss (continued)
Fair value
US$

% of
Net Assets

1,158,249
6,177,843

1.94
10.37

1,389,215
575,575
1,964,790

2.33
0.97
3.30

976,189

1.64

298,233
382,784
1,143,358
1,409,965
3,212,480
4,513,256
3,740,915
6,507,944
1,027,255
1,014,370
1,210,436
1,240,284
1,226,740
852,114
27,780,134

0.50
0.64
1.92
2.37
5.39
7.57
6.28
10.92
1.72
1.70
2.03
2.08
2.06
1.43
46.61

36,898,956

61.92

Unrealised
gain US$52,09233,73527,021
112,848% of
Net Assets
0.09
0.06
0.04
0.19

Maturity
date

Unrealised
gain US$% of
Net Assets

USD 1,802,293
JPY 274,765,000
Northern Trust
26/07/2024
USD 914,244
GBP 725,000
Northern Trust
31/05/2024
Total unrealised gain on open forward foreign currency exchange contracts

28,136
4,914
33,050

0.04
0.01
0.05

56,782,225

95.29

Nominal Security
Fixed interest: 61.92% (30 April 2023: 65.81%) (continued)
Euro: 10.37% (30 April 2023: 0.00%) (continued)
910,000 Spain (Kingdom of) 5.75% 30/07/2032
Japanese yen: 3.30% (30 April 2023: 0.00%)
223,250,000 Japan Government Ten Year Bond 0.50% 20/03/2033
97,300,000 Japan Government Twenty Year Bond 1.10% 20/09/2042
Pound sterling: 1.64% (30 April 2023: 0.00%)
840,000 UK (Govt of) 3.25% 31/01/2033
US dollar: 46.61% (30 April 2023: 65.81%)
300,000 CMHI Finance BVI 5.00% 06/08/2028
400,000 Export-Import Bank of China 3.38% 14/03/2027
1,200,000 Export-Import Bank of India 3.38% 05/08/2026
1,409,000 US Treasury FRN 31/10/2024
3,208,000 US Treasury FRN 31/01/2025
4,504,000 US Treasury FRN 31/01/2026
3,769,000 US Treasury Bill 0.00% 20/06/2024
6,575,000 US Treasury Bill 0.00% 09/07/2024
1,312,000 US Treasury Note/Bond 0.63% 15/08/2030
1,276,000 US Treasury Note/Bond 1.38% 15/11/2031
1,474,000 US Treasury Note/Bond 1.88% 15/02/2032
1,269,000 US Treasury Note/Bond 2.88% 30/04/2025
1,335,000 US Treasury Note/Bond 3.50% 15/02/2033
972,000 US Treasury Note/Bond 3.50% 15/02/2039
Total Fixed interest (Cost: US$37,401,512)
Open Futures contracts: 0.19% (30 April 2023: 1.71%)*
NominalAmountUS$ Description
75 MSCI AC Asia Pacific ex Japan Futures Jun 2024
65 MSCI Europe Futures Jun 2024
8 TSE TOPIX Futures Jun 2024
Unrealised gain on open futures contracts
Open forward foreign currency exchange contracts: 0.05% (30 April 2023: 0.00%)
CurrencyboughtCurrency
soldCounterparty

Total financial assets at fair value through profit or loss

158

Barings International Umbrella Fund
Barings Global Balanced Fund
Schedule of Investments (continued)
As at 30 April 2024
Financial liabilities at fair value through profit or loss
Open Futures contracts: (0.21%) (30 April 2023: 0.00%)*
NominalAmountUS$ Description
21 CBOT Mini Dow Futures Jun 2024
66 MSCI World Index Futures Jun 2024
5 S&P 500 Emini CME Futures Jun 2024
Unrealised loss on Open Futures contracts

Unrealised
loss US$(35,660)(82,200)(5,572)(123,432)% of
Net Assets(0.06)(0.14)(0.01)(0.21)

Maturity
date

Unrealised
loss US$% of
Net Assets

USD 5,647,027
EUR 5,278,000
Northern Trust
26/07/2024
Total unrealised loss on open forward foreign currency exchange contracts(36,923)(36,923)(0.06)(0.06)(160,355)(0.27)

Fair value
US$

% of
Net Assets

Total investments at fair value through profit or loss
Cash and cash equivalents
Margin Cash
Other net assets

56,621,870
1,727,102
1,132,945
106,838

95.02
2.90
1.90
0.18

Net assets attributable to holders of redeemable participating units

59,588,755

100.00Open forward foreign currency exchange contracts: (0.06%) (30 April 2023: 0.00%)
CurrencyboughtCurrency
soldCounterparty

Total financial liabilities at fair value through profit or loss

Analysis of Total Assets
Investment Funds
Transferable securities admitted to an official stock exchange listing or traded on a recognised market
Financial derivative instruments dealt in on a regulated exchange
OTC financial derivative instruments
Other assets
Total* The counterparty for Open Future contracts is UBS.
** Calculation based on the total assets of the Fund (excluding liabilities). This summary is a UCITS requirement.

159% of total assets**
8.32
86.29
0.19
0.06
5.14
100.00Barings International Umbrella Fund
Barings Global Technology Equity Fund
Schedule of Investments
As at 30 April 2024
Financial assets at fair value through profit or loss
Fair value
US$

% of
Net Assets

France: 3.17% (30 April 2023: 3.10%)
1,205 Capgemini*

254,984

3.17

Germany: 1.48% (30 April 2023: 2.16%)
3,410 Infineon Technologies*

119,302

1.48

174,019309,847
483,866

2.16
3.85
6.01

South Korea: 3.21% (30 April 2023: 1.57%)
2,052 SK Hynix

258,634

3.21

Spain: 0.89% (30 April 2023: 1.18%)
1,121 Amadeus IT*

71,6300.89

Switzerland: 1.12% (30 April 2023: 1.23%)
1,444 Temenos*

90,530

1.12

Taiwan: 6.33% (30 April 2023: 4.36%)
21,000 Taiwan Semiconductor Manufacturing509,490

6.33

United States: 78.94% (30 April 2023: 73.52%)
4,526 Alphabet*
2,156 Amazon.com*
754 Autodesk*
2,111 Cloudflare*
1,514 Datadog*
954 Entegris*244 EPAM Systems*
213 Gartner*
130 Lam Research*
1,007 Meta Platforms*
2,237 Micron Technology*
1,809 Microsoft*
155 Monolithic Power Systems*
481 Netflix*
886 NVIDIA*
1,123 Okta*
1,256 Paylocity Holding*
1,274 Qualcomm*1,061 Salesforce.com*
350 ServiceNow*
400 Synopsys*
636 Take-Two Interactive*
3,907 Varonis Systems*

736,742
377,300
160,489
184,502
190,007
126,806
57,403
87,882
116,273433,181
252,692
704,298
103,746
264,858
765,522
104,417
194,881211,293285,345
242,665
212,236
90,827
170,931

9.15
4.69
1.99
2.29
2.36
1.58
0.71
1.09
1.44
5.38
3.14
8.75
1.29
3.29
9.51
1.30
2.42
2.62
3.54
3.01
2.64
1.13
2.12

Nominal Security
Equities: 101.15% (30 April 2023: 95.28%)

Netherlands: 6.01% (30 April 2023: 8.16%)
144 Adyen*
348 ASML*

160

Barings International Umbrella Fund
Barings Global Technology Equity Fund
Schedule of Investments (continued)
As at 30 April 2024
Financial assets at fair value through profit or loss (continued)
Fair value
US$

% of
Net Assets

281,772
6,356,068

3.50
78.94

Total Equities (Cost: US$7,088,667)

8,144,504

101.15

Total financial assets at fair value through profit or loss

8,144,504

101.15

Total investments at fair value through profit or loss
Cash and cash equivalents
Other net liabilities

8,144,504
18,583(111,031)

101.150.23(1.38)Net assets attributable to holders of redeemable participating units

8,052,056

100.00Nominal Security
Equities: 101.15% (30 April 2023: 95.28%) (continued)
United States: 78.94% (30 April 2023: 73.52%) (continued)
1,049 Visa*

Analysis of Total Assets
Transferable securities admitted to an official stock exchange listing or traded on a recognised market
Other assets
Total* Level 1 investment with fair value adjustment.
** Calculation based on the total assets of the Fund (excluding liabilities). This summary is a UCITS requirement.

161% of total assets**
99.75
0.25
100.00Barings International Umbrella Fund
Barings Europe Select Fund
Schedule of Investments
As at 30 April 2024
Financial assets at fair value through profit or loss
Nominal Security

Fair value€% of
Net Assets

116,295
833,092
949,387

0.22
1.58
1.80

505,129
112,972
397,538
1,015,639

0.96
0.21
0.75
1.92

517,684
583,516
1,101,200

0.98
1.11
2.09

590,534
396,212692,857
606,794
2,286,397

1.12
0.75
1.31
1.15
4.33

225,326
557,244
911,055
781,756
450,486
758,989
129,335
332,768
683,670
728,693281,134
795,532
778,771
479,163
297,619
8,191,541

0.43
1.06
1.73
1.48
0.86
1.44
0.25
0.63
1.30
1.38
0.53
1.51
1.48
0.91
0.57
15.56

826,929297,792
143,217239,642585,887
383,488570,951405,297
597,100

1.57
0.56
0.27
0.46
1.11
0.73
1.08
0.77
1.13

Equities: 96.41% (30 April 2023: 95.35%)
Austria: 1.80% (30 April 2023: 1.95%)
6,035 S&T
24,604 Wienerberger
Belgium: 1.92% (30 April 2023: 1.86%)
22,116 Azelis Group NV
8,637 Barco
1,943 D'Ieteren
Bermuda: 0.00% (30 April 2023: 0.49%)
Denmark: 2.09% (30 April 2023: 8.44%)
3,575 Pandora
14,945 Topdanmark
Finland: 4.33% (30 April 2023: 6.29%)
8,265 Cargotec
10,933 Huhtamaki Oyj
64,362 Metso Outotec
25,517 Valmet
France: 15.56% (30 April 2023: 16.96%)
2,041 ALTEN
20,190 Bureau Veritas
42,853 Elis
9,138 Eurazeo
3,452 Gaztransport Et Technigaz
11,962 Ipsos
3,633 Mersen SA
3,677 Remy Cointreau
27,314 Rexel
6,512 SEB
3,036 Soitec
3,821 Sopra Steria
34,398 Technip Energies NV
28,744 Vallourec SACA
854 Virbac
Germany: 13.89% (30 April 2023: 10.33%)
9,957 CTS Eventim AG & Co KGaA
3,760 Elmos Semiconductor
14,525 Evotec
19,365 flatexDEGIRO AG
22,311 Freenet
3,745 Gerresheimer
11,035 Hugo Boss
16,007 Jenoptik
13,648 KION

162

Barings International Umbrella Fund
Barings Europe Select Fund
Schedule of Investments (continued)
As at 30 April 2024
Financial assets at fair value through profit or loss (continued)
Nominal Security

Fair value€% of
Net Assets

740,125
241,659
556,978
622,265
650,994
185,555
274,168
7,322,047

1.40
0.46
1.06
1.18
1.24
0.35
0.52
13.89

226,6730.43

548,592
388,212593,309484,526
867,943855,846
115,500
586,102562,528753,045
227,113513,029
93,21599,497
6,688,457

1.04
0.74
1.12
0.92
1.65
1.62
0.22
1.11
1.07
1.43
0.43
0.97
0.18
0.19
12.69

744,374
830,255
856,425
864,757
275,749
827,980
746,669
939,995
262,827
249,858
6,598,889

1.41
1.58
1.63
1.64
0.52
1.57
1.42
1.78
0.50
0.47
12.52

656,705
150,615
382,098
608,485
1,797,903

1.24
0.28
0.73
1.15
3.40

Equities: 96.41% (30 April 2023: 95.35%) (continued)
Germany: 13.89% (30 April 2023: 10.33%) (continued)
5,921 Krones
18,266 Nordex
12,699 Puma
773 Rational AG
9,469 Scout24
3,145 Stabilus
40,414 TUI AG
Ireland: 0.43% (30 April 2023: 0.65%)
54,228 Dalata Hotel
Italy: 12.69% (30 April 2023: 10.45%)
14,948 Banca Generali
32,351 BFF Bank SpA
6,104 Brunello Cucinelli SpA
19,212 ERG SpA
60,526 FinecoBank
249,082 Hera
8,750 Intercos
14,089 Interpump Group
52,231 Lottomatica Group SpA
125,675 Pirelli & C SpA
42,058 RAI Way SpA
4,134 Reply SpA
3,606 Salcef Group SpA
5,543 Tinexta SpA
Netherlands: 12.52% (30 April 2023: 13.65%)
16,549 Aalberts Industries
14,096 Arcadis
1,425 ASM International
18,458 ASR Nederland
17,106 CTP NV
9,787 Euronext
5,187 IMCD
25,228 Koninklijke Vopak
2,039 Shop Apotheke Europe
7,492 Van Lanschot Kempen
Norway: 3.40% (30 April 2023: 3.43%)
40,457 Borregaard
64,481 Norconsult Norge AS
14,171 Schibsted ASA
67,321 StorebrandPortugal: 0.00% (30 April 2023: 0.41%)

163

Barings International Umbrella Fund
Barings Europe Select Fund
Schedule of Investments (continued)
As at 30 April 2024
Financial assets at fair value through profit or loss (continued)
Fair value€% of
Net Assets

1,007,914
548,270
179,301
289,894
629,820
2,655,199

1.91
1.04
0.34
0.55
1.19
5.03

827,472
419,536
48,676
541,852
610,387
684,533
730,655
261,635
524,452
506,223
647,746
5,803,167

1.57
0.80
0.09
1.03
1.16
1.30
1.38
0.50
0.99
0.96
1.23
11.01

635,373506,348284,587
739,310
821,964
521,270665,010527,640
718,628
298,655
242,330
5,961,115

1.20
0.96
0.54
1.40
1.56
0.99
1.26
1.00
1.36
0.57
0.46
11.30

United States: 0.44% (30 April 2023: 0.00%)
105,691 Sinch AB

229,532

0.44

Total Equities (Cost: €43,437,729)

50,827,146

96.41

Total financial assets at fair value through profit or loss

50,827,146

96.41

Total investments at fair value through profit or loss
Cash and cash equivalents
Other net assets

50,827,146
1,753,329
138,870

96.41
3.33
0.26

Net assets attributable to holders of redeemable participating units

52,719,345

100.00Nominal Security
Equities: 96.41% (30 April 2023: 95.35%) (continued)
Spain: 5.03% (30 April 2023: 3.77%)
574,801 Banco de Sabadell SA
21,800 CIE Automotive
5,577 Construcciones y Auxiliar de Ferrocarriles SA
88,221 Sacyr SA
10,497 Viscofan
Sweden: 11.01% (30 April 2023: 7.15%)
34,166 AAK
71,449 Alleima AB
12,243 Arjo AB
40,185 Beijer Ref AB
30,522 Getinge
63,841 Hexpol
38,502 Munters
7,928 Mycronic AB
30,938 Nordnet
53,375 Securitas
24,241 Thule Group
Switzerland: 11.30% (30 April 2023: 9.52%)
17,113 Accelleron Industries AG
283,699 Aryzta AG
188 Barry Callebaut
12,007 DKSH
22,740 Dufry
2,721 Flughafen Zurich AG
738 Siegfried Holding
4,606 Sulzer AG
2,146 Tecan Group
5,087 Temenos
729 Ypsomed Holding AG

164

Barings International Umbrella Fund
Barings Europe Select Fund
Schedule of Investments (continued)
As at 30 April 2024
Analysis of Total Assets
Transferable securities admitted to an official stock exchange listing or traded on a recognised market
Other assets
Total* Calculation the Fund (excluding liabilities). This summary is a UCITS requirement.

165% of total assets*
96.31
3.69
100.00Barings International Umbrella Fund
Barings German Growth Fund
Schedule of Investments
As at 30 April 2024
Financial assets at fair value through profit or loss
Nominal Security

Fair value€% of
Net Assets

244,460
434,240
678,700

1.04
1.85
2.89

2,057,244

8.75

2,079,480
150,400
835,635
262,200
963,240
140,600
709,400
372,328
431,860
1,020,775
168,700
508,400
117,000
104,160
276,000
650,720473,200
101,080
667,488
176,680
216,900
123,600
106,120
28,674
968,670
130,620
905,100
365,456
180,800
2,206,100
207,300
2,137,185
180,450
443,175
106,050
217,250
383,525
117,720
19,234,041

8.85
0.64
3.55
1.11
4.10
0.60
3.02
1.59
1.84
4.34
0.72
2.16
0.50
0.44
1.17
2.77
2.01
0.43
2.84
0.75
0.92
0.53
0.45
0.12
4.12
0.55
3.85
1.56
0.77
9.38
0.88
9.09
0.77
1.89
0.45
0.93
1.63
0.50
81.82

97,2000.41

Equities: 96.35% (30 April 2023: 99.87%)
Austria: 2.89% (30 April 2023: 3.59%)
1,700 Do & Co*
23,000 S&T*
France: 8.75% (30 April 2023: 5.63%)
13,300 Airbus*
Germany: 81.82% (30 April 2023: 86.76%)
7,800 Allianz*
2,000 Aurubis*
17,000 BASF*
6,000 Bilfinger*
69,000 Commerzbank*
5,000 CompuGroup Medical*
10,000 Daimler*
8,800 Daimler Truck*
11,000 Deutsche Post*
47,500 Deutsche Telekom*
7,000 Duerr*
41,000 E.ON*
1,500 Elmos Semiconductor*
4,000 Freenet*
10,000 GFT Technologies*
2,800 Hannover Rueck*5,000 HeidelbergCement*
2,000 Hugo Boss*
20,400 Infineon Technologies*
7,000 Jenoptik*
5,000 KION*
1,000 Krones*
4,000 LANXESS
2,093 M1 Kliniken
2,350 Muenchener Rueckversicherungs*
3,000 Puma*
1,750 Rheinmetall*
11,200 RWE*
10,000 SAF-Holland*
13,000 SAP*
3,000 Scout24*
12,150 Siemens*
3,000 Stroeer*
9,500 SUESS MicroTec*
1,500 Talanx*
5,500 Traffic Systems
11,500 Traton*
6,000 Verbio*
Spain: 0.41% (30 April 2023: 0.36%)
3,600 Befesa*

166

Barings International Umbrella Fund
Barings German Growth Fund
Schedule of Investments (continued)
As at 30 April 2024
Financial assets at fair value through profit or loss (continued)
Fair value€% of
Net Assets

391,781
189,538
581,319

1.67
0.81
2.48

Total Equities (Cost: €16,625,526)

22,648,504

96.35

Total financial assets at fair value through profit or loss

22,648,504

96.35

Total investments at fair value through profit or loss
Cash and cash equivalents
Other net liabilities

22,648,504
866,883(8,943)96.35
3.69(0.04)Net assets attributable to holders of redeemable participating units

23,506,444

100.00Nominal Security
Equities: 96.35% (30 April 2023: 99.87%) (continued)
Switzerland: 0.00% (30 April 2023: 0.60%)
United States: 2.48% (30 April 2023: 2.93%)
950 Linde PLC*
4,850 QIAGEN*

Analysis of Total Assets
Transferable securities admitted to an official stock exchange listing or traded on a recognised market
Other assets
Total% of total assets**
96.23
3.77
100.00* Level 1 investment with fair value adjustment.
** Calculation based on the total assets of the Fund (excluding liabilities). This summary is a UCITS requirement.

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

167

Barings International Umbrella Fund
Barings Global Dividend Champions Fund
Schedule of Investments
As at 30 April 2024
Financial assets at fair value through profit or loss
Fair value
US$

% of
Net Assets

139,5170.54

353,953
992,099
1,346,052

1.37
3.85
5.22

276,935

1.07

747,963
1,344,249
1,009,802
3,102,014

2.90
5.21
3.92
12.03

671,639

2.60

639,757

2.48

981,159
372,456
1,353,615

3.80
1.44
5.24

Mexico: 2.84% (30 April 2023: 2.65%)
195,400 Wal-Mart De Mexico*733,044

2.84

Netherlands: 3.70% (30 April 2023: 4.21%)
31,400 Koninklijke Ahold Delhaize NV*

954,858

3.70

Spain: 1.06% (30 April 2023: 1.16%)
16,343 Red Electrica Corporacion, S.A.*

273,480

1.06

Sweden: 0.94% (30 April 2023: 1.66%)
11,975 Sandvik AB*

242,972

0.94

597,496
696,069
1,293,565

2.32
2.70
5.02

448,702

1.74

Nominal Security
Equities: 91.98% (30 April 2023: 96.07%)
Australia: 0.54% (30 April 2023: 0.73%)
8,026 Sonic Healthcare*
Denmark: 5.22% (30 April 2023: 4.29%)
2,917 Coloplast A/S*
7,667 Novo Nordisk*
Finland: 1.07% (30 April 2023: 1.26%)
5,655 KONE Oyj*
France: 12.03% (30 April 2023: 14.23%)
11,925 Danone*
6,837 L'Air Liquide S.A.*
8,566 Vinci*
Ireland: 2.60% (30 April 2023: 0.00%)
7,774 Kerry Group*
Italy: 2.48% (30 April 2023: 4.36%)
139,080 Snam*Japan: 5.24% (30 April 2023: 3.27%)
20,000 Nintendo*
48,600 USS*

Switzerland: 5.02% (30 April 2023: 4.98%)
7,784 Cembra Money Bank*
6 Chocoladefabriken Lindt & Spruengli AG*
United Kingdom: 15.50% (30 April 2023: 18.86%)
13,131 Admiral Group PLC*

168

Barings International Umbrella Fund
Barings Global Dividend Champions Fund
Schedule of Investments (continued)
As at 30 April 2024
Financial assets at fair value through profit or loss (continued)
Fair value
US$

% of
Net Assets

962,095
824,857
605,418
1,154,818
3,995,890

3.73
3.20
2.35
4.48
15.50

539,592
1,087,431
510,490
898,790364,782
1,178,891
708,728
626,240
418,307463,024
655,431
1,021,255
229,465
8,702,426

2.09
4.22
1.98
3.48
1.42
4.57
2.75
2.43
1.62
1.79
2.54
3.96
0.89
33.74

Total Equities (Cost: US$19,175,925)

23,725,764

91.98

Total financial assets at fair value through profit or loss

23,725,764

91.98

Fair value
US$

% of
Net Assets

Total investments at fair value through profit or loss
Cash and cash equivalents
Other net assets

23,725,764
2,039,989
28,408

91.98
7.91
0.11

Net assets attributable to holders of redeemable participating units

25,794,161

100.00Nominal Security
Equities: 91.98% (30 April 2023: 96.07%) (continued)
United Kingdom: 15.50% (30 April 2023: 18.86%) (continued)
28,929 Associated British Foods PLC*
29,514 Compass Group*
8,815 DCC*
22,277 Unilever*United States: 33.74% (30 April 2023: 34.41%)
60,357 Amcor*
3,856 AON*
2,176 Becton Dickinson & Co*
1,992 Mastercard*
1,336 McDonald's*
3,028 Microsoft*
7,050 Nestle*
3,560 PepsiCo*
4,203 Sanofi*
1,376 Stryker*
6,966 TJX Cos*
3,802 Visa*
1,441 Zoetis Inc.*

Analysis of Total Assets
Transferable securities admitted to an official stock exchange listing or traded on a recognised market
Other assets
Total* Level 1 investment with fair value adjustment.
** Calculation based on the total assets of the Fund (excluding liabilities). This summary is a UCITS requirement.

169% of total assets**
91.97
8.03
100.00Barings International Umbrella Fund
Barings China A-Share Fund
Schedule of Investments
As at 30 April 2024
Financial assets at fair value through profit or loss
Nominal Security

Fair value
US$

% of
Net Assets

63,89563,631
72,004
49,69854,71031,964
48,277140,20764,086
143,750
46,38051,89379,321
46,65345,96752,78947,522
25,771
95,09049,91160,378172,902
24,62260,040113,560
33,084
48,93456,162
101,960
23,22742,31454,19524,49561,92075,21880,10647,624447,352
49,155
41,18386,50020,559101,019
48,442
26,931
77,642
176,144
56,601
54,680
16,25955,32187,042

1.32
1.32
1.49
1.03
1.13
0.66
1.00
2.90
1.32
2.97
0.96
1.07
1.64
0.96
0.95
1.09
0.98
0.53
1.96
1.03
1.25
3.57
0.51
1.24
2.34
0.68
1.01
1.16
2.11
0.48
0.87
1.12
0.51
1.28
1.56
1.66
0.99
9.25
1.01
0.85
1.79
0.42
2.09
1.00
0.55
1.60
3.64
1.17
1.13
0.33
1.14
1.80

Equities: 94.59% (30 April 2023: 98.17%)
China: 94.59% (30 April 2023: 98.17%)
3,266 Advanced Micro-Fabrication Equipment Inc China
62,100 Aluminum Corporation of China
22,700 Anhui Conch Cement
3,900 Anjoy Foods Group Co Ltd
1,278 Beijing Kingsoft Office Software
15,800 Beijing Oriental Yuhong Waterproof Technology
1,600 BYD Company
142,800 China Construction Bank
38,900 China Jushi -A
30,340 China Merchants Bank
39,700 China Merchants Shekou Industrial Zone
10,700 China National Accord Medicines Co Ltd
90,600 China Petroleum & Chemical
51,500 China Railway
10,000 China Resources Beer
9,600 China Shenhua Energy Co Ltd
60,800 China Southern Airlines
2,900 China Tourism Duty Free
26,700 China Yangtze Power Co Ltd
10,300 Chongqing Zhifei Biological Products Co Ltd
23,000 CITIC Securities Co Ltd
6,180 Contemporary Amperex Technology
11,200 COSCO SHIPPING Energy Transportation Co Ltd
62,200 CRRC Corp Ltd
63,015 East Money Information
9,000 Flat Glass Group Co Ltd
54,600 Focus Media Information Technology
16,600 Foxconn Industrial Internet
24,400 Haier Smart Home
7,100 Hangzhou Robam Appliances
58,700 Hunan Valin Steel Co Ltd
8,700 Iflytek
6,200 Inner Mongolia Yili Industrial
17,400 JCET Group
11,800 Jiangsu Hengrui Medicine
76,731 Jinko Solar Co Ltd
3,831 Kingsemi
1,900 Kweichow Moutai
2,994 Leader Harmonious Drive Systems Co Ltd
3,100 Li Auto
21,459 Luxshare Precision Industry
800 Luzhou Laojiao
31,076 NARI Technology
1,100 NAURA Technology
3,100 Ningbo Tuopu
54,800 PetroChina
30,840 Ping An Insurance Group Co of China
4,300 Shenzhen Kedali Industry Co Ltd
1,300 Shenzhen Mindray Bio-Medical Electronics
1,900 Shenzhen Zhaowei Machinery & Electronic Co Ltd
9,700 Sonoscape Medical
6,100 Sungrow Power Supply Co Ltd

170

Barings International Umbrella Fund
Barings China A-Share Fund
Schedule of Investments (continued)
As at 30 April 2024
Financial assets at fair value through profit or loss (continued)
Fair value
US$

% of
Net Assets

29,42734,98749,21652,591
99,59536,175
10,541
21,784
141,149
62,65867,07739,99639,002
46,311
147,285
4,576,884

0.61
0.72
1.02
1.09
2.06
0.75
0.22
0.45
2.92
1.30
1.39
0.83
0.81
0.96
3.04
94.59

Total Equities (Cost: US$4,843,337)

4,576,884

94.59

Total financial assets at fair value through profit or loss

4,576,884

94.59

Fair value
US$

% of
Net Assets

Total investments at fair value through profit or loss
Cash and cash equivalents
Other net liabilities

4,576,884
262,627
(976)

94.59
5.43
(0.02)Net assets attributable to holders of redeemable participating units

4,838,535

100.00Nominal Security
Equities: 94.59% (30 April 2023: 98.17%) (continued)
China: 94.59% (30 April 2023: 98.17%) (continued)
2,600 Tsingtao Brewery - China
12,900 Venustech
4,000 Wanhua Chemical Group
21,900 Weichai Power
7,100 Will Semiconductor
6,000 WuXi AppTec
6,000 Wuxi Biologics Cayman
5,400 XPeng38,600 Xuji Electric
24,500 Yintai Gold7,400 Zhejiang Dingli Machinery
12,200 Zhejiang Shuanghuan Driveline
5,926 Zhejiang Supcon Technology
1,800 Zhongji Innolight
60,600 Zijin Mining

Analysis of Total Assets
Transferable securities admitted to an official stock exchange listing or traded on a recognised market
Other assets
Total* Calculation based on the total assets of the Fund (excluding liabilities). This summary is a UCITS requirement.

171% of total assets*
94.57
5.43
100.00Barings International Umbrella Fund
Barings Global Equity Allocation Fund
Schedule of Investments
As at 30 April 2024
Financial assets at fair value through profit or loss
Fair value
US$

% of
Net Assets

46,76391,45378,94557,28360,35352,31485,581
13,297
16,925
19,248522,162

0.12
0.23
0.20
0.15
0.15
0.13
0.22
0.04
0.04
0.05
1.33

66,152
20,36586,517

0.17
0.05
0.22

20,2370.05

44,76757,98180,22922,019204,996

0.11
0.15
0.20
0.06
0.52

Burkina Faso: 0.12% (30 April 2023: 0.00%)
2,200 Endeavour Mining*

46,9130.12

Canada: 2.73% (30 April 2023: 2.90%)
2,376 AltaGas Ltd*669 Bank of Montreal*
965 Cameco*
904 Canadian Utilities Ltd*
1,052 CCL Industries Inc*
931 Emera*
2,476 Enbridge Inc*
1,656 IGM Financial*
120 Intact Financial Corp*
881 Nutrien*
1,269 Pan American Silver Corp*
1,451 Parkland*
680 Restaurant Brands International*
1,047 Rogers Communications*
770 Royal Bank of Canada*
1,408 Shopify*
1,504 Suncor Energy*
1,401 TC Energy*

52,19559,881
44,11820,25353,831
31,46488,21941,477
19,76446,54923,452
44,792
51,69439,301
74,64999,05257,50650,295

0.13
0.15
0.11
0.05
0.14
0.08
0.23
0.11
0.05
0.12
0.06
0.11
0.13
0.10
0.19
0.25
0.15
0.13

Nominal Security
Equities: 95.42% (30 April 2023: 99.38%)
Australia: 1.33% (30 April 2023: 1.83%)
1,804 Aristocrat Leisure*
3,273 BHP*
4,667 Fortescue Metals*
1,222 Mineral Resources*
5,135 Orica Ltd*8,263 Origin Energy Ltd*
1,010 Rio Tinto*
1,633 Transurban*
1,004 Westpac Banking*
1,050 Woodside Energy*
Austria: 0.22% (30 April 2023: 0.00%)
3,478 Mondi PLC*
266 Verbund AG*
Belgium: 0.05% (30 April 2023: 0.35%)
337 Anheuser-Busch InBev*
Bermuda: 0.00% (30 April 2023: 0.09%)
Brazil: 0.52% (30 April 2023: 1.29%)
7,206 BB Seguridade Participacoes*
9,583 Itau Unibanco*
55 MercadoLibre*
2,716 Petroleo Brasileiro Preference Shares*

172

Barings International Umbrella Fund
Barings Global Equity Allocation Fund
Schedule of Investments (continued)
As at 30 April 2024
Financial assets at fair value through profit or loss (continued)
Nominal Security

Fair value
US$

% of
Net Assets

44,24568,30362,8801,073,920

0.11
0.17
0.16
2.73

15,79727,396
19,84825,91721,072
11,43752,993
18,42538,224
26,524
257,633

0.04
0.07
0.05
0.07
0.05
0.03
0.13
0.05
0.10
0.07
0.66

49,317
71,687
121,004

0.13
0.18
0.31

32,365
10,26836,01078,643

0.08
0.03
0.09
0.20

67,48024,29054,061
110,12161,737
19,04523,46445,07964,172
44,570514,019

0.17
0.06
0.14
0.28
0.16
0.05
0.06
0.12
0.16
0.11
1.31

21,380107,01027,92336,886
20,68545,282
51,712
310,878

0.06
0.27
0.07
0.09
0.05
0.12
0.13
0.79

Equities: 95.42% (30 April 2023: 99.38%) (continued)
Canada: 2.73% (30 April 2023: 2.90%) (continued)
898 Teck Resources Ltd*
1,149 Toronto-Dominion Bank*
1,284 Tourmaline Oil*
China: 0.66% (30 April 2023: 5.35%)
16,800 BAIC BluePark New Energy Technology*
28,877 China Molybdenum*
5,582 China Yangtze Power Co Ltd*11,800 COSCO SHIPPING Energy Transportation*
13,803 Great Wall Motor*
5,734 Hua Hong Semiconductor*
19,600 Kuang-Chi Technologies*
1,316 Meituan Dianping*
23,200 Shanghai Aiko Solar Energy Co Ltd*
9,100 Shanxi Lu'an Environmental Energy Development Co Ltd*
Denmark: 0.31% (30 April 2023: 1.03%)
1,703 Danske Bank A/S*
554 Novo Nordisk*
Finland: 0.20% (30 April 2023: 0.31%)
2,445 Fortum*
450 Neste*
1,023 UPM-Kymmene*
France: 1.31% (30 April 2023: 3.85%)
408 Airbus*
336 BNP Paribas*
3,202 Carrefour*
6,330 Engie*
314 L'Air Liquide S.A.*
23 LVMH Moet Hennessy Louis Vuitton*
2,105 Orange*
902 Renault SA*
875 TotalEnergies*
1,428 Veolia Environnement*
Germany: 0.79% (30 April 2023: 2.33%)
75 Allianz*
2,036 BASF*
2,106 E.ON*
1,765 Evonik Industries*
114 SAP*599 Talanx*
420 Volkswagen Pref*

173

Barings International Umbrella Fund
Barings Global Equity Allocation Fund
Schedule of Investments (continued)
As at 30 April 2024
Financial assets at fair value through profit or loss (continued)
Nominal Security

Fair value
US$

% of
Net Assets

2,129
18,65840,402
61,189

0.01
0.05
0.10
0.16

807,679

2.06

26,082
43,274
23,388
17,112
109,856

0.07
0.11
0.06
0.04
0.28

42,395

0.11

90,95426,07253,243
170,269

0.23
0.07
0.13
0.43

45,70041,06736,222
61,824
22,20061,541
39,44656,46744,34951,676
26,65448,35648,89941,71820,675
16,27762,50652,80775,83634,544
82,15977,09017,32233,906

0.12
0.11
0.09
0.16
0.06
0.16
0.10
0.14
0.11
0.13
0.07
0.12
0.12
0.11
0.05
0.04
0.16
0.13
0.19
0.09
0.21
0.20
0.04
0.09

Equities: 95.42% (30 April 2023: 99.38%) (continued)
Hong Kong: 0.16% (30 April 2023: 0.86%)
288 AIA*
24,444 Hong Kong & China Gas*
16,916 Sands China*
India: 2.06% (30 April 2023: 2.48%)
25,474 Lyxor International Asset Management*Indonesia: 0.28% (30 April 2023: 0.24%)
156,493 Adaro Energy
71,800 Bank Central Asia
72,436 Bank Negara Indonesia Persero
4,416,424 GoTo Gojek Tokopedia Tbk PT
Ireland: 0.11% (30 April 2023: 0.24%)
973 Smurfit Kappa Group*
Israel: 0.00% (30 April 2023: 0.07%)
Italy: 0.43% (30 April 2023: 0.88%)
13,762 Enel*
5,668 Snam*
1,440 UniCredit*
Japan: 9.43% (30 April 2023: 3.92%)
1,200 Aisin Corp*
1,100 Ajinomoto*1,900 ANA Holdings Inc*
1,800 Asahi*
1,500 Asahi Intecc*
8,800 Asahi Kasei*
4,100 Astellas Pharma*
3,000 Bandai Namco Holdings Inc*
1,000 Bridgestone*
1,900 Canon*
1,600 Capcom*
5,700 Chiba Bank Ltd/The*
3,800 Chubu Electric Power Co*
1,300 Chugai Pharmaceutical*
2,800 Daiwa Securities Group*
600 Dentsu*
3,400 East Japan Railway*
200 Fast Retailing*
4,900 Fujitsu*
3,000 Honda Motor*
700 Hoya*
1,700 ITOCHU*
1,700 Japan Post Bank*
7,300 JXTG*

174

Barings International Umbrella Fund
Barings Global Equity Allocation Fund
Schedule of Investments (continued)
As at 30 April 2024
Financial assets at fair value through profit or loss (continued)
Nominal Security

Fair value
US$

% of
Net Assets

16,48629,02575,493134,020
61,39921,151
43,97448,548101,21733,37848,13066,657
95,353
17,17370,54553,561
20,92923,55345,40855,81751,75258,98433,26353,54848,011
83,334
18,202
21,741
153,532
40,238
16,63060,78428,532
28,97950,76531,66940,515
123,693
156,223
51,725
198,817
51,24449,02640,332
49,766
3,702,363

0.04
0.07
0.19
0.34
0.16
0.05
0.11
0.12
0.26
0.09
0.12
0.17
0.24
0.04
0.18
0.14
0.05
0.06
0.12
0.14
0.13
0.15
0.09
0.14
0.12
0.21
0.05
0.06
0.39
0.10
0.04
0.16
0.07
0.07
0.13
0.08
0.10
0.32
0.40
0.13
0.51
0.13
0.13
0.10
0.13
9.43

49,3230.13

Equities: 95.42% (30 April 2023: 99.38%) (continued)
Japan: 9.43% (30 April 2023: 3.92%) (continued)
1,100 Kansai Electric Power*
700 Kao*
2,700 KDDI*
300 Keyence*
4,200 Kirin*
700 Komatsu*
200 Lasertec*
3,400 MatsukiyoCocokara & Co*
4,400 Mitsubishi*
5,700 Mitsubishi Chemical*
7,400 Mitsubishi HC Capital Inc*
7,400 Mitsubishi Heavy Industries*
9,500 Mitsubishi UFJ Financial*
600 Mitsui Chemicals*
3,900 MS&AD Insurance*
8,300 Nippon Paint Holdings Co Ltd*
700 Nippon Sanso*
21,700 Nippon Telegraph & Telephone*
1,600 Nippon Yusen*
15,100 Nissan Motor*
400 Obic Co Ltd*1,700 Omron Corp*
1,200 Oriental Land*2,600 ORIX*
2,400 Otsuka Corp*
1,900 Recruit*
1,100 Seiko Epson*
3,500 Shimizu*
3,900 Shin-Etsu Chemical*
800 SoftBank*
200 Sony*
1,800 Sumitomo Metal Mining*
500 Sumitomo Mitsui Financial*
1,800 Sysmex*
3,100 T&D*
1,200 Takeda Pharmaceutical*
900 TDK*3,900 Tokio Marine*
700 Tokyo Electron*
2,300 TOKYO GAS*
8,600 Toyota Motor*
800 Toyota Tsusho*
2,500 Yakult Honsha*
4,300 Yamaha Motor Co Ltd*2,300 ZOZO Inc*
Luxembourg: 0.00% (30 April 2023: 0.21%)
Macao: 0.13% (30 April 2023: 0.00%)
10,882 Galaxy Entertainment*

175

Barings International Umbrella Fund
Barings Global Equity Allocation Fund
Schedule of Investments (continued)
As at 30 April 2024
Financial assets at fair value through profit or loss (continued)
Nominal Security

Fair value
US$

% of
Net Assets

24,442
63,211
32,128
119,781

0.06
0.16
0.08
0.30

50,75136,37535,07379,41948,802
250,420

0.13
0.09
0.09
0.20
0.13
0.64

20,4370.05

55,264
16,75672,020

0.14
0.04
0.18

17,63014,19331,823

0.04
0.04
0.08

67,561
37,83737,895
143,293

0.17
0.09
0.10
0.36

19,22041,238
8,766
69,224

0.05
0.11
0.02
0.18

41,59864,821
106,419

0.11
0.16
0.27

68,281
22,31330,60647,206
46,380214,786

0.17
0.06
0.08
0.12
0.12
0.55

Equities: 95.42% (30 April 2023: 99.38%) (continued)
Mexico: 0.30% (30 April 2023: 0.48%)
2,078 Fomento Economico Mexicano*
10,175 Grupo Mexico SAB de CV*
15,351 Kimberly-Clark de Mexico*
Netherlands: 0.64% (30 April 2023: 1.70%)
57 ASML*2,289 ING Groep*
9,625 Koninklijke KPN*
310 NXP Semiconductors*
1,804 OCI*New Zealand: 0.05% (30 April 2023: 0.00%)
5,756 Meridian Energy*
Norway: 0.18% (30 April 2023: 0.25%)
2,250 Aker BP*
956 DNB Bank ASA*
Portugal: 0.08% (30 April 2023: 0.05%)
4,676 EDP - Energias de Portugal SA*
686 Jeronimo Martins*
Singapore: 0.36% (30 April 2023: 0.24%)
2,640 DBS*
7,500 Keppel Ltd*1,700 United Overseas Bank*South Africa: 0.18% (30 April 2023: 0.63%)
2,000 Exxaro Resources*
2,500 Gold Fields*
1,239 Sasol*South Korea: 0.27% (30 April 2023: 2.12%)853 HD Hyundai
1,156 Samsung Electronics
Spain: 0.55% (30 April 2023: 0.90%)
6,276 Banco Bilbao Vizcaya Argentaria*
1,813 Iberdrola*
668 Industria de Diseno Textil*
2,821 Red Electrica Corporacion, S.A.*
10,313 Telefonica*

176

Barings International Umbrella Fund
Barings Global Equity Allocation Fund
Schedule of Investments (continued)
As at 30 April 2024
Financial assets at fair value through profit or loss (continued)
Nominal Security

Fair value
US$

% of
Net Assets

22,382
39,69018,59180,663

0.06
0.10
0.05
0.21

59,85944,096
9,476
41,127
57,151
211,709

0.15
0.11
0.02
0.11
0.15
0.54

42,73339,837
161,993244,563

0.11
0.10
0.41
0.62

52,280119,770
70,331102,198
124,621
123,640
48,98021,822
72,66557,72434,34079,93337,377
48,607
263,91276,34055,71658,70770,62656,169183,716
90,06731,89289,51482,432
38,277354,906
15,44556,341
24,18556,319202,172

0.13
0.31
0.18
0.26
0.32
0.31
0.12
0.06
0.19
0.15
0.09
0.20
0.10
0.12
0.67
0.19
0.14
0.15
0.18
0.14
0.47
0.23
0.08
0.23
0.21
0.10
0.90
0.04
0.14
0.06
0.14
0.52

Equities: 95.42% (30 April 2023: 99.38%) (continued)
Sweden: 0.21% (30 April 2023: 0.88%)
1,516 Svenska Cellulosa AB SCA*
2,051 Swedbank AB*
8,078 Telia Company*
Switzerland: 0.54% (30 April 2023: 3.38%)
3,984 Clariant*
34 Partners Group*
279 Sandoz Group AG*
2,050 SIG Combibloc Group*
118 Zurich Insurance Group*
Taiwan: 0.62% (30 April 2023: 2.29%)
6,626 E Ink
583 eMemory Technology
6,677 Taiwan Semiconductor Manufacturing
United Kingdom: 7.41% (30 April 2023: 2.76%)
28,500 Abardeen PLC*
793 AstraZeneca*
12,061 Aviva PLC*
6,100 BAE Systems*
49,100 Barclays*
4,200 British American Tobacco*
3,400 Burberry*
303 Coca-Cola European Partners*
2,600 Compass Group*
1,000 Croda International*
500 DCC*
2,300 Diageo*
200 Flutter Entertainment PLC*
8,300 Glencore*
30,300 HSBC*
3,300 Imperial Brands*
900 Intertek Group*
17,800 J Sainsbury*
23,900 Legal & General*
7,100 Melrose Industries*
14,000 National Grid*
23,700 NatWest Group*
5,200 Phoenix*
1,600 Reckitt Benckiser*
1,200 Rio Tinto*
7,400 Rolls-Royce Holdings*
9,900 Royal Dutch Shell*
500 Severn Trent*
2,700 SSE PLC*
2,800 Standard Chartered*
34,100 Taylor Wimpey*
3,900 Unilever*

177

Barings International Umbrella Fund
Barings Global Equity Allocation Fund
Schedule of Investments (continued)
As at 30 April 2024
Financial assets at fair value through profit or loss (continued)
Nominal Security

Fair value
US$

% of
Net Assets

73,24135,4882,909,753

0.19
0.09
7.41

111,163
144,262–
149,251
58,779133,356
57,94238,28779,28527,31054,68047,976343,466
340,146
118,857
812,875
68,25787,99582,464
68,769104,104
77,435
1,525,475
160,509
66,22764,41637,971106,052
73,452
76,20063,13348,45371,601
81,049153,517
256,684
66,40863,20358,408110,465
71,72689,14814,764444,692
57,75259,53082,4130.28
0.37              –
0.38
0.15
0.34
0.15
0.10
0.20
0.07
0.14
0.12
0.88
0.87
0.30
2.07
0.17
0.22
0.21
0.18
0.27
0.20
3.89
0.41
0.17
0.16
0.10
0.27
0.19
0.19
0.16
0.12
0.18
0.21
0.39
0.65
0.17
0.16
0.15
0.28
0.18
0.23
0.04
1.13
0.15
0.15
0.21

Equities: 95.42% (30 April 2023: 99.38%) (continued)
United Kingdom: 7.41% (30 April 2023: 2.76%) (continued)
5,600 United Utilities Group PLC*
41,888 Vodafone Group*
United States: 63.15% (30 April 2023: 55.47%)
1,049 Abbott Laboratories*
887 AbbVie*
263 Abiomed**
496 Accenture*
127 Adobe Inc*
842 Advanced Micro Devices Inc*
3,237 AES*
162 Air Products & Chemicals*
500 Airbnb*
227 Albemarle*
1,098 Alliant Energy*
1,251 Ally Financial*
2,110 Alphabet*
2,066 Alphabet*
2,713 Altria Group*
4,645 Amazon.com*
7,635 Amcor*
376 American Express*
1,095 American International Group*
167 Ameriprise Financial*
862 Amphenol*
386 Analog Devices*
8,956 Apple Inc*
808 Applied Materials Inc*
1,129 Archer-Daniels-Midland*
484 Ares Management Corp*
148 Arista Networks*
6,279 AT&T*
623 Atmos Energy Corp*
358 Autodesk*
261 Automatic Data Processing*
223 Avery Dennison*
2,195 Baker Hughes*
1,165 Ball*
4,148 Bank of America*
647 Berkshire Hathaway*
88 BlackRock*542 Blackstone*
348 Boeing*
32 Booking*998 Boston Scientific*
13,681 BP*
336 Bristol-Myers Squibb*
342 Broadcom*
2,481 Brookfield Renewable*
585 Bunge Global*
299 Cadence Design Systems*

178

Barings International Umbrella Fund
Barings Global Equity Allocation Fund
Schedule of Investments (continued)
As at 30 April 2024
Financial assets at fair value through profit or loss (continued)
Nominal Security

Fair value
US$

% of
Net Assets

53,06950,59361,432
21,306
196,749
111,888
65,597
44,63059,909115,806
63,27447,614
124,837
44,779101,878
123,286
37,93265,492
133,736
163,977
102,389
19,53352,058
16,94362,098142,438
69,502
176,573
51,62044,85981,47562,363
148,807107,230
24,216
86,687
190,588
36,87082,02919,52745,62250,81064,40664,318326,898
65,70747,01862,147
68,47560,48575,19634,307

0.14
0.13
0.16
0.05
0.50
0.29
0.17
0.11
0.15
0.30
0.16
0.12
0.32
0.11
0.26
0.31
0.10
0.17
0.34
0.42
0.26
0.05
0.13
0.04
0.16
0.36
0.18
0.45
0.13
0.11
0.21
0.16
0.38
0.27
0.06
0.22
0.49
0.09
0.21
0.05
0.12
0.13
0.16
0.16
0.83
0.17
0.12
0.16
0.17
0.15
0.19
0.09

Equities: 95.42% (30 April 2023: 99.38%) (continued)
United States: 63.15% (30 April 2023: 55.47%) (continued)
370 Capital One Financial*
491 Cardinal Health*
254 CDW*
135 Cheniere Energy*
1,220 Chevron*
450 Chubb*
608 Church & Dwight*
125 Cigna*
91 Cintas*
2,465 Cisco Systems*
1,855 Citizens Financial Group*
322 Clorox*
2,021 Coca-Cola*
1,175 Comcast*
811 ConocoPhillips*
1,306 Consolidated Edison*
204 Constellation Energy*
1,962 Corning*
185 Costco Wholesale*
2,100 CRH*
350 CrowdStrike*
588 CSX*
133 Deere & Co*
133 Dexcom*
490 Discover Financial Services*
2,794 Dominion Energy*
630 DTE Energy*
1,797 Duke Energy*
712 DuPont de Nemours*
475 Eastman Chemical*
256 Eaton*
1,210 eBay*
658 Ecolab*
1,509 Edison International*
286 Edwards Lifesciences*
164 Elevance Health*244 Eli Lilly and Company*
339 Enphase Energy*
769 Entergy Corp*
83 EPAM Systems*
1,138 EQT*
1,389 Essential Utilities*
439 Estée Lauder Companies*
1,061 Eversource Energy*
2,764 Exxon Mobil*
251 FedEx*
224 Ferguson*
915 Fidelity National Information Services*
1,786 FirstEnergy Corp*
1,025 FMC*
6,189 Ford Motor*
543 Fortinet*

179

Barings International Umbrella Fund
Barings Global Equity Allocation Fund
Schedule of Investments (continued)
As at 30 April 2024
Financial assets at fair value through profit or loss (continued)
Nominal Security

Fair value
US$

% of
Net Assets

22,37373,41926,189139,534
111,027
25,931
55,531
46,701
58,971
63,99473,19432,27527,49034,986
48,822
15,387
148,749
152,026
92,284
162,375
37,025289,144
68,33554,69528,53580,213
105,461
19,54963,57352,558105,863
94,807
46,83749,994
381,871
44,16856,58848,338103,504
64,57837,041
197,626
65,031
120,684
55,435400,918
43,0381,767,948
48,442
106,11251,12577,399

0.06
0.19
0.07
0.36
0.28
0.07
0.14
0.12
0.15
0.16
0.19
0.08
0.07
0.09
0.12
0.04
0.38
0.39
0.24
0.41
0.09
0.74
0.17
0.14
0.07
0.20
0.27
0.05
0.16
0.13
0.27
0.24
0.12
0.13
0.97
0.11
0.14
0.12
0.26
0.16
0.09
0.50
0.17
0.31
0.14
1.02
0.11
4.50
0.12
0.27
0.13
0.20

Equities: 95.42% (30 April 2023: 99.38%) (continued)
United States: 63.15% (30 April 2023: 55.47%) (continued)
448 Freeport-McMoRan*
1,042 General Mills*
214 GoDaddy*
327 Goldman Sachs Group*
5,300 GSK*
6,100 Haleon*
1,482 Halliburton*
482 Hartford Financial Services*
962 Hasbro*
330 Hershey Co/The*219 Home Depot*
1,149 HP*
91 Humana*
71 IDEXX Laboratories Inc*
200 Illinois Tool Works*
505 Intel*
895 International Business Machines*
243 Intuit*
249 Intuitive Surgical*
1,123 Johnson & Johnson*
569 Johnson Controls International*
1,508 JPMorgan Chase & Co*
3,631 Kenvue Inc*
1,623 Keurig Dr Pepper
209 Kimberly-Clark*
4,388 Kinder Morgan*
153 KLA*
353 Kroger*
297 L3 Harris Technologies*
261 Laboratory Corp of America*
1,258 LafargeHolcim*
106 Lam Research*
562 Lamb Weston*
1,127 Las Vegas Sands Corp*
866 Linde PLC*
95 Lockheed Martin*
753 Loews Corp*
266 Marathon Petroleum*
519 Marsh & McLennan Cos*
110 Martin Marietta*
562 Marvell Technology*
438 Mastercard*
855 McCormick & Company*
442 McDonald's*
429 Merck & Co*
932 Meta Platforms*
381 Micron Technology*
4,541 Microsoft*
846 Molson Coors Beverage*
1,475 Mondelez International*
140 MongoDB*
209 Moody's*

180Barings International Umbrella Fund
Barings Global Equity Allocation Fund
Schedule of Investments (continued)
As at 30 April 2024
Financial assets at fair value through profit or loss (continued)
Nominal Security

Fair value
US$

% of
Net Assets

86,57158,70962,757
137,660
243,503
107,483
55,66459,89866,711
1,410,945
70,241
22,31240,49557,25664,482
117,520
61,03055,128225,517
24,305
104,830
99,975
174,134
106,176
151,587
86,80063,10970,070101,878
195,788
66,56745,36036,74678,19820,99858,212
44,631
78,40596,03774,09750,791
18,311
335,586
141,136
51,86749,231
125,687
78,96653,70361,15377,57870,909

0.22
0.15
0.16
0.35
0.62
0.27
0.14
0.15
0.17
3.59
0.18
0.06
0.10
0.15
0.16
0.30
0.16
0.14
0.57
0.06
0.27
0.26
0.44
0.27
0.39
0.22
0.16
0.18
0.26
0.50
0.17
0.12
0.09
0.20
0.05
0.15
0.11
0.20
0.25
0.19
0.13
0.05
0.86
0.36
0.13
0.13
0.32
0.20
0.14
0.16
0.20
0.18

Equities: 95.42% (30 April 2023: 99.38%) (continued)
United States: 63.15% (30 April 2023: 55.47%) (continued)
953 Morgan Stanley*
584 Nestle*
614 NetApp*
250 Netflix*
3,636 NextEra Energy*
1,165 Nike*
1,998 NiSource*
727 Northern Trust Corp*
918 NRG Energy*
1,633 NVIDIA*
1,062 Occidental Petroleum*
282 Oneok*
356 Oracle*
331 Packaging Corporation of America*
2,935 Palantir Technologies*
404 Palo Alto Networks*
112 Parker-Hannifin*
464 Paychex*
1,282 PepsiCo*
256 Philip Morris International*
732 Phillips 66*
775 PPG Industries*
1,067 Procter & Gamble*
1,537 Public Service Enterprise Group*
914 Qualcomm*855 Raytheon Technologies*
3,275 Regions Financial*
137 Roper Technologies*
245 S&P Global*
728 Salesforce.com*
1,402 Schlumberger*
528 Seagate Technology*
53 ServiceNow*
261 Sherwin-Williams*
197 Skyworks Solutions*792 Southern*
343 Steel Dynamics*
233 Stryker*
181 Synopsys*
997 Sysco*
359 TE Connectivity*
48 Teledyne Technologies*
1,831 Tesla*
800 Texas Instruments*
90 Texas Pacific Land*582 Textron Inc*
221 Thermo Fisher Scientific*
481 T-Mobile US*
528 Tradeweb Markets*
49 TransDigm*
2,066 Truist Financial*
1,070 Uber Technologies*

181

Barings International Umbrella Fund
Barings Global Equity Allocation Fund
Schedule of Investments (continued)
As at 30 April 2024
Financial assets at fair value through profit or loss (continued)
Fair value
US$

% of
Net Assets

34,151
195,415
43,36653,716
17,178272,639
67,75758,80569,785
122,261
176,062
47,902
52,902100,005
40,685
20,27033,086
107,353
65,44824,794,067

0.09
0.50
0.11
0.14
0.04
0.69
0.17
0.15
0.18
0.31
0.45
0.12
0.14
0.26
0.10
0.05
0.08
0.27
0.17
63.15

Zambia: 0.04% (30 April 2023: 0.00%)
1,088 First Quantum Minerals*

13,8430.04

Total Equities (Cost: US$33,150,297)

37,462,797

95.42

749,341644,584
1,393,925

1.91
1.64
3.55

1,393,925

3.55

Maturity
date

Unrealised
gain US$% of
Net Assets

USD 808,924
JPY 121,826,300
State Street
30/05/2024
AUD 602,300
USD 386,767
State Street
30/05/2024
USD 388,014
JPY 59,657,800
State Street
30/05/2024
USD 1,859,654
GBP 1,478,600
State Street
30/05/2024
INR 34,513,600
USD 412,467
State Street
30/05/2024
USD 82,988
CHF 74,980
State Street
30/05/2024
Total unrealised gain on open forward foreign currency exchange contracts

29,036
6,981
6,106
5,132
799
447
48,501

0.07
0.02
0.02
0.01
0.00
0.00
0.12

38,905,223

99.09

Nominal Security
Equities: 95.42% (30 April 2023: 99.38%) (continued)
United States: 63.15% (30 April 2023: 55.47%) (continued)
144 Union Pacific*
404 UnitedHealth*229 Vail Resorts*
336 Valero Energy*
435 Verizon Communications*
1,015 Visa*
263 Vulcan Materials*
764 W R Berkley*
3,936 Walgreens Boots Alliance*
2,060 Walmart*
2,968 Wells Fargo*
134 West Pharmaceutical Services Inc*
359 Westlake*
2,607 Williams Cos*
162 Willis Towers Watson*
22 WW Grainger*
361 Wynn Resorts*
1,998 Xcel Energy*
411 Zoetis Inc.*

Fixed interest: 3.55% (30 April 2023: 0.00%)
US dollar: 3.55% (30 April 2023: 0.00%)
750,000 United States Treasury Bill 0.00% 07/05/2024*
650,000 United States Treasury Bill 0.00% 27/06/2024*
Total Fixed interest (Cost: US$1,384,708)
Open forward foreign currency exchange contracts: 0.12% (30 April 2023: 0.04%)
CurrencyboughtCurrency
soldCounterparty

Total financial assets at fair value through profit or loss

182

Barings International Umbrella Fund
Barings Global Equity Allocation Fund
Schedule of Investments (continued)
As at 30 April 2024
Financial liabilities at fair value through profit or loss
Open Futures contracts: (0.18%) (30 April 2023: 0.00%)***
NominalAmountUS$ Description
17 CME E-mini Russell 2000 Index Futures
Unrealised loss on Open Futures contracts

Unrealised
loss US$(69,240)(69,240)% of
Net Assets(0.18)(0.18)

Open forward foreign currency exchange contracts: (0.05%) (30 April 2023: (0.04%))
CurrencyboughtCurrency
sold

Maturity
date

Unrealised
loss US$% of
Net Assets

EUR 1,995,370
USD 2,155,137
State Street
30/05/2024
GBP 317,800
USD 403,603
State Street
30/05/2024
CHF 350,900
USD 387,827
State Street
30/05/2024
USD 174,220
AUD 267,000
State Street
30/05/2024
USD 413,118
INR 34,513,600
State Street
30/05/2024
Total unrealised loss on open forward foreign currency exchange contracts(12,042)(5,005)(1,542)(329)(147)(19,065)(0.03)(0.01)(0.01)
0.00
0.00(0.05)(88,305)(0.23)

Fair value
US$

% of
Net Assets

Total investments at fair value through profit or loss
Cash and cash equivalents
Margin Cash
Other net assets

38,816,918
208,990
169,465
68,105

98.86
0.53
0.43
0.18

Net assets attributable to holders of redeemable participating units

39,263,478

100.00Counterparty

Total financial liabilities at fair value through profit or loss

Analysis of Total Assets
Transferable securities admitted to an official stock exchange listing or traded on a recognised market
OTC financial derivative instruments
Other assets
Total* Level 1 investment with fair value adjustment.
** Level 3 security.
*** The counterparty for Open Future contracts is UBS.
**** Calculation based on the total assets of the Fund (excluding liabilities). This summary is a UCITS requirement.

183% of total assets****
98.71
0.12
1.17
100.00Barings International Umbrella Fund
Barings Eastern Europe Fund
Schedule of Investments
As at 30 April 2024
Financial assets at fair value through profit or loss
Nominal Security

Fair value
US$

% of
Net Assets

4,587,804
10,071,074
14,658,878

1.51
3.30
4.81

18,849,578
1,088,032
11,684,649
13,370,439
2,054,790
47,047,488

6.18
0.36
3.83
4.38
0.67
15.42

10,748,753
26,260,804
11,181,122
48,190,679

3.52
8.61
3.66
15.79

2,859,566

0.94

12,342,351
12,597,126
4,763,153
4,517,755
11,180,811
4,886,590
7,976,281
23,041,488
13,021,265
94,326,820

4.04
4.13
1.56
1.48
3.66
1.60
2.61
7.55
4.27
30.90

1,566,700

0.51

2,460,053
2,139,686
1,599,120
6,198,859

0.81
0.70
0.52
2.03

3,134,727

1.03

10,106,313
14,383,649
1,027,015
6,206,549

3.31
4.72
0.34
2.04

Equities: 96.50%
Czech Republic: 4.81%
124,161 CEZ*
272,713 Komercni Banka*
Greece: 15.42%
11,069,869 Alpha Bank*
71,258 Hellenic Telecommunications Organization*
374,499 Jumbo*
1,654,033 National Bank of Greece*
509,062 Piraeus Financial Holdings SA*
Hungary: 15.79%
1,305,420 MOL Hungarian Oil & Gas*
527,467 OTP Bank*
437,620 Richter Gedeon Nyrt*
Kazakhstan: 0.94%
24,283 Kaspi.KZ JSC ADR*
Poland: 30.90%
1,468,201 Allegro.eu*
301,608 Bank Polska Kasa Opieki*
49,431 Dino Polska*
279,257 InPost*
321,656 KGHM Polska Miedz*
1,257 LPP SA*
485,768 ORLEN SA*
1,535,960 Powszechna Kasa Oszczed Bank Polski*
1,027,456 Powszechny Zaklad Ubezpieczen*
Romania: 0.51%
54,132 Societatea De Producere A Energiei Electrice in Hidrocentrale Hidroelectrica SA*
South Africa: 2.03%
75,100 Anglo American*
618,514 FirstRand*
332,529 MTN Group*
Spain: 1.03%
481,368 AmRest*
Turkey: 23.99%
5,503,903 Akbank TAS*
1,203,339 BIM Birlesik Magazalar*
708,286 D-MARKET Electronic Services ADR
2,177,100 Haci Omer Sabanci Holding AS*

184

Barings International Umbrella Fund
Barings Eastern Europe Fund
Schedule of Investments (continued)
As at 30 April 2024
Financial assets at fair value through profit or loss (continued)
Fair value
US$

% of
Net Assets

10,857,605
6,117,990
14,068,923
10,368,329
73,136,373

3.56
2.01
4.61
3.40
23.99

1,309,782

0.43

1,971,317

0.65

Total Equities (Cost: US$244,453,790)

294,401,189

96.50

Total financial assets at fair value through profit or loss

294,401,189

96.50

Total investments at fair value through profit or loss
Cash and cash equivalents
Other net assets

294,401,189
9,942,456
746,971

96.50
3.26
0.24

Net assets attributable to holders of redeemable participating units

305,090,616

100.00Nominal Security
Equities: 96.50% (continued)
Turkey: 23.99% (continued)
1,554,760 KOC Holding*
1,011,640 Tupras Turkiye Petrol Rafinerileri*
5,637,407 Turkcell Iletisim Hizmetleri*
10,399,325 Yapi ve Kredi Bankasi*
Ukraine: 0.43%
398,110 MHP GDR*
United Arab Emirates: 0.65%
1,875,764 ADNOC Drilling Co PJSC

Analysis of Total Assets
Transferable securities admitted to an official stock exchange listing or traded on a recognised market
Other assets
Total* Level 1 investment with fair value adjustment.
** Calculation based on the total assets of the Fund (excluding liabilities). This summary is a UCITS requirement.
* Calculation based on the total assets of the Fund (excluding liabilities). This summary is a UCITS requirement.

185% of total assets**
96.29
3.71
100.00Barings International Umbrella Fund
General information (Unaudited)
For the financial year ended 30 April 2024
Market timing
Repeatedly purchasing and selling units in the Funds in response to short-term market fluctuations – known as ‘market timing’ – candisrupt Baring Asset Management Limited’s (the “Investment Manager”) investment strategy and increase the Funds’ expenses to theprejudice of all unitholders. The Funds are not intended for market timing or excessive trading. To deter these activities, the Directorsof Baring International Fund Managers (Ireland) Limited (the “Manager”) may refuse to accept an application for units from persons
that they reasonably believe 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 it has 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 theirunitholders 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 units of the UK reporting funds’ income attributable to theirholdings in the Fund, 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 His 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 has not been distributed will be subject to tax.
Further details will be made available on the Barings website: www.barings.com.

186

Barings International Umbrella Fund
Appendix 1 – Information for investors in Switzerland (Unaudited)
For the financial year ended 30 April 2024
Baring International Fund Managers (Ireland) Limited (the “Manager”) has appointed BNP PARIBAS, Paris, Zurich Branch,
Selnaustrasse 16, CH-8002, Zurich, Switzerland, as representative and paying agent for Switzerland. Units are distributed in
Switzerland by BNP PARIBAS, Paris at the above address. Investors can obtain, free of charge, the Prospectus, the Key Information
Document(s) (“KID(s)”), the last annual and interim reports, the Trusts Act 1990, as well as a list of the purchases and sales madeon behalf of the Funds, from the representative at the above address. Official publications for the Funds are found on the internet
at www.fundinfo.com. 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 Barings International Umbrella
Fund (the “Unit Trust”) which are licensed for public offer and marketing in or from Switzerland, namely: Barings ASEAN FrontiersFund, Barings Asia Growth Fund, Barings Australia Fund, Barings Europa Fund, Barings Hong Kong China Fund, Barings Global
Bond Fund, Barings Europe Select Fund, Barings German Growth Fund, Barings Global Dividend Champions Fund and Barings
Eastern Europe Fund (merged from Barings Global Umbrella Fund in to the Unit Trust on 21 July 2023).
Representative and paying agent for Switzerland
BNP PARIBAS, Paris
Zurich Branch
Selnaustrasse 16
CH-8002
Zurich
Switzerland
Performance
Following a guideline from the Asset Management Association Switzerland ("AMAS") dated 16 May 2008, the Directors of theManager are supplying performance data in conformity with the said guideline. This data can be found below on pages 191 to 199.
Furthermore, the Directors of the Manager are required to provide the below additional information on performance.
The following comparative indices are used as, in the Directors’ of the Manager opinion, and in the light of the investment policy of therelevant Fund, they are the most appropriate selection for comparison.
Barings ASEAN Frontiers Fund
The MSCI (Morgan Stanley Capital International) South East Asia Index.
Barings Asia Growth Fund
The MSCI (Morgan Stanley Capital International) AC Asia ex Japan Index.
Barings Australia Fund
The MSCI (Morgan Stanley Capital International) Australia 10/40 Index.
Barings Europa Fund
The MSCI (Morgan Stanley Capital International) Europe Index.
Barings Hong Kong China Fund
The MSCI (Morgan Stanley Capital International) China Index.
Barings Global Bond Fund
The FTSE World Government Bond Index (“WGBI”) is a market capitalisation–weighted Index.

187

Barings International Umbrella Fund
Appendix 1 – Information for investors in Switzerland (Unaudited) (continued)
For the financial year ended 30 April 2024
Performance (continued)
Barings Europe Select Fund
MSCI Europe ex UK Small Cap (Total Net Return) Index.*
Barings German Growth FundHDAX index.
Barings Global Dividend Champions Fund
The MSCI World (Total Net Return) Index.
Barings Eastern Europe Fund**
The MSCI Emerging Europe 10/40 Total Index.
* The benchmark of Barings Europe Select Fund changed from EMIX Smaller European Companies ex UK (Total Net Return) Index to MSCI Europe
ex UK Small Cap (Total Net Return) Index on 31 July 2023.
** The Barings Eastern Europe Fund merged from Barings Global Umbrella Fund in to the Unit Trust on 21 July 2023.

Investors should contact the Swiss representative at the above address should they require additional information, for example on
performance including the comparison of the relevant indices where applicable.
Total Expense Ratio
Pursuant to a guideline from the AMAS dated 16 May 2008, the Funds are required to publish a total expense ratio (“TER”) for thefinancial year ended 30 April 2024.

188

Barings International Umbrella Fund
Appendix 1 – Information for investors in Switzerland (Unaudited) (continued)
For the financial year ended 30 April 2024
Total Expense Ratio (continued)
The TERs for each Fund for the financial year ended 30 April 2024 and 30 April 2023 are as follows:
Name of Fund

30 April 2024
TER in %
1.70
1.71
1.71
1.70
1.70
1.00
1.01
1.13
0.73
1.70
1.70
1.54
1.70
1.00
1.00
1.00
1.00
1.70
1.00
1.70
2.69
1.70
1.70
1.70
2.69
1.00
1.00
1.20
1.14
1.14
0.11
0.11
0.12
0.12
0.75
1.55
1.55
1.55
0.85
0.81
1.00
0.85
0.80
0.80
0.80
1.57
1.57
1.57
1.02
0.82
0.82
0.82
1.60
0.40
0.40
0.39

Barings ASEAN Frontiers Fund - Class A
Barings ASEAN Frontiers Fund - Class A AUD Hedged Acc
Barings ASEAN Frontiers Fund - Class A CHF Hedged Acc
Barings ASEAN Frontiers Fund - Class A EUR Acc
Barings ASEAN Frontiers Fund - Class A RMB Hedged Acc
Barings ASEAN Frontiers Fund - Class I
Barings ASEAN Frontiers Fund - Class I CHF Hedged Acc
Barings ASEAN Frontiers Fund - Class I USD Inc
Barings Asia Growth Fund - Class A EUR Acc*
Barings Asia Growth Fund - Class A EUR Inc
Barings Asia Growth Fund - Class A GBP Inc
Barings Asia Growth Fund - Class A USD Acc**
Barings Asia Growth Fund - Class A USD Inc
Barings Asia Growth Fund - Class I EUR Acc
Barings Asia Growth Fund - Class I EUR Hedged Inc
Barings Asia Growth Fund - Class I GBP Acc
Barings Asia Growth Fund - Class I USD Acc
Barings Australia Fund - Class A
Barings Australia Fund - Class I
Barings Europa Fund - Class A
Barings Europa Fund - Class C
Barings Hong Kong China Fund - Class A
Barings Hong Kong China Fund - Class A RMB Hedged Acc
Barings Hong Kong China Fund - Class A USD Acc
Barings Hong Kong China Fund - Class C
Barings Hong Kong China Fund - Class I
Barings Hong Kong China Fund - Class I GBP Inc***
Barings Global Bond Fund - Class A
Barings Global Bond Fund - Class A RMB Hedged Acc
Barings Global Bond Fund - Class A RMB Hedged Inc
Barings Global Bond Fund - Class F GBP Hedged Acc****Barings Global Bond Fund - Class F GBP Hedged Inc****Barings Global Bond Fund - Class F USD Acc****Barings Global Bond Fund - Class F USD Inc****Barings Global Bond Fund - Class I
Barings Europe Select Fund - Class B EUR Acc
Barings Europe Select Fund - Class B EUR Inc
Barings Europe Select Fund - Class B GBP Inc
Barings Europe Select Fund - Class I EUR Acc
Barings Europe Select Fund - Class I EUR Inc
Barings Europe Select Fund - Class I GBP Inc
Barings Europe Select Fund - Class I USD Acc
Barings Europe Select Fund - Class J EUR Acc
Barings Europe Select Fund - Class J EUR Inc
Barings Europe Select Fund - Class J GBP Inc
Barings German Growth Fund - Class B EUR Acc
Barings German Growth Fund - Class B EUR Inc
Barings German Growth Fund - Class B GBP Acc
Barings German Growth Fund - Class I USD Acc
Barings German Growth Fund - Class J EUR Acc
Barings German Growth Fund - Class J GBP Acc
Barings German Growth Fund - Class J GBP Inc
Barings Global Dividend Champions Fund - Class A USD Acc
Barings Global Dividend Champions Fund - Class F GBP Acc
Barings Global Dividend Champions Fund - Class F GBP Inc
Barings Global Dividend Champions Fund - Class F USD Acc

189

30 April 2023
TER in %
1.70
1.71
1.71
1.70
1.71
1.00
1.01
1.12
1.70
1.70
1.70
1.00
1.01
1.00
1.00
1.70
1.00
1.70
2.70
1.70
1.71
1.70
2.70
1.00
1.04
1.20
1.27
1.24
0.75
1.55
1.55
1.55
0.71
0.91
1.00
0.71
0.80
0.80
0.80
1.56
1.56
1.56
1.04
0.81
0.81
0.81
1.60
0.40
0.40
0.41

Barings International Umbrella Fund
Appendix 1 – Information for investors in Switzerland (Unaudited) (continued)
For the financial year ended 30 April 2024
Total Expense Ratio (continued)
Name of Fund

30 April 2024
TER in %
0.39
0.85
0.83
0.79
0.10
1.51
1.51
1.51
1.51
0.77
0.77
0.77
0.77
0.77

Barings Global Dividend Champions Fund - Class F USD Inc
Barings Global Dividend Champions Fund - Class I GBP Acc
Barings Global Dividend Champions Fund - Class I GBP Inc
Barings Global Dividend Champions Fund - Class I USD Inc
Barings Global Dividend Champions Fund - Class X USD Acc
Barings Eastern Europe Fund***** - Class A EUR Inc
Barings Eastern Europe Fund***** - Class A GBP Inc
Barings Eastern Europe Fund***** - Class A USD Acc
Barings Eastern Europe Fund***** - Class A USD Inc
Barings Eastern Europe Fund***** - Class I EUR Acc
Barings Eastern Europe Fund***** - Class I GBP Acc
Barings Eastern Europe Fund***** - Class I GBP Inc
Barings Eastern Europe Fund***** - Class I USD Acc
Barings Eastern Europe Fund***** - Class I USD Inc

30 April 2023
TER in %
0.41
0.85
0.86
0.83
0.10
-

* The Barings Asia Growth Fund Class A EUR Acc was launched on 23 November 2023.
** The Barings Asia Growth Fund Class A USD Acc was launched on 1 June 2023.
*** The Barings Hong Kong China Fund Class I GBP Inc was launched on 12 October 2022.
**** The Barings Global Bond Fund Class F GBP Hedged Acc, Class F GBP Hedged Inc, Class F USD Acc and Class F USD Inc were launched on
13 July 2023.
***** The Barings Eastern Europe Fund merged from Barings Global Umbrella Fund in to the Unit Trust on 21 July 2023.

This information was established by the Manager, Baring International Fund Managers (Ireland) Limited, based on the data containedin the Statement of Comprehensive Income for the above reference year (Fund management fees, administration fees, depositaryfees, 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 Valuefor the year.
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 Investment Funds Act (“CISA”);•

sales agents (distributors) exempted from the authorisation requirement within the meaning of Article 13, Para 4, CISA and Article
8 Collective Investment Schemes 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).

190

Barings International Umbrella Fund
Appendix 1 – Information for investors in Switzerland (Unaudited) (continued)
For the financial year ended 30 April 2024
Performance data
Barings ASEAN Frontiers Fund (including distribution payments where applicable)
01 May 202330 April 2024

01 May 202230 April 2023

01 May 202130 April 2022

01 May 202030 April 2021

01 May 201930 April 2020

%
%
%
%
%
Barings ASEAN Frontiers Fund - Class A(3.55)(3.94)(5.53)
57.87(18.86)USD Inc (USD terms)
Barings ASEAN Frontiers Fund - Class I(3.01)(3.41)N/A
N/A
N/A
USD Inc* (USD terms)
MSCI South East Asia Total, Net Return(3.47)
0.04(2.74)
23.62(22.67)
Index (USD terms)
Barings ASEAN Frontiers Fund - Class A(5.12)(6.12)(6.56)
56.34(21.34)
AUD Hedged Acc (AUD terms)
Barings ASEAN Frontiers Fund - Class A(7.52)(7.84)N/A
N/A
N/A
CHF Hedged Acc** (CHF terms)
Barings ASEAN Frontiers Fund - Class A(1.27)(7.60)
8.04
42.19(18.15)EUR Acc**** (EUR terms)
Barings ASEAN Frontiers Fund - Class A(1.24)(7.61)
8.03
42.13(16.36)EUR Inc (EUR terms)
Barings ASEAN Frontiers Fund - Class A(4.14)(3.13)
4.56
41.96(15.62)
GBP Inc (GBP terms)
Barings ASEAN Frontiers Fund - Class A(6.09)(5.77)(3.35)
60.61(19.14)RMB Hedged Acc (RMB terms)
Barings ASEAN Frontiers Fund - Class A(3.55)(3.94)(5.53)
57.88(18.86)USD Acc (USD terms)
Barings ASEAN Frontiers Fund - Class I(6.87)(7.21)(6.03)N/A
N/A
CHF Hedged Acc*** (CHF terms)
Barings ASEAN Frontiers Fund - Class I(0.55)(6.96)
8.79
43.12(15.78)EUR Acc (EUR terms)
Barings ASEAN Frontiers Fund - Class I(3.47)(2.45)
5.30
42.95(15.03)
GBP Acc (GBP terms)
Barings ASEAN Frontiers Fund - Class I(2.87)(3.27)(4.86)
58.98(18.30)USD Acc (USD terms)
Performance figures are shown net of fees and charges, on a NAV per unit basis, with gross income reinvested. Source: Morningstar/
Barings/MSCI.
For data sourced from Morningstar: © Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary toMorningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or
timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
The MSCI data is for Barings’ use only and may not be redistributed or used in connection with creating or offering any securities,
financial products or indices.
The Fund was launched on 1 August 2008.
* The Barings ASEAN Frontiers Fund Class I USD Inc was launched on 25 May 2021.
** The Barings ASEAN Frontiers Fund Class A CHF Hedged Acc was launched on 8 April 2021.
*** The Barings ASEAN Frontiers Fund Class I CHF Hedged Acc was launched on 8 April 2021.
**** The Barings ASEAN Frontiers Fund Class A EUR Acc was launched on 27 September 2019.

Past performance is no indication of current or future performance. The performance data does not take account of thecommissions and costs incurred on the issue and redemption of units. Please note that changes in the rates of exchange
may have an adverse effect on the value, price or income of an investment.

191

Barings International Umbrella Fund
Appendix 1 – Information for investors in Switzerland (Unaudited) (continued)
For the financial year ended 30 April 2024
Performance data (continued)
Barings Asia Growth Fund (including distribution payments where applicable)
01 May 202330 April 2024

01 May 202230 April 2023

01 May 202130 April 2022

01 May 202030 April 2021

01 May 201930 April 2020

%
%
%
%
%
Barings Asia Growth Fund - Class A USD
2.45(13.14)(26.23)73.77(1.91)Inc (USD terms)
MSCI AC Asia ex Japan Total, Gross
7.52(5.94)(21.01)
47.95(7.20)
Return Index (USD terms)
Barings Asia Growth Fund - Class A EUR
4.91(16.46)(15.64)56.43
1.12
Inc (EUR terms)
Barings Asia Growth Fund - Class A GBP
1.83(12.40)(18.35)56.25
2.02
Inc (GBP terms)
Barings Asia Growth Fund - Class I EUR
N/A(15.51)(23.51)
N/A
N/A
Hedged Inc* (EUR terms)
Barings Asia Growth Fund - Class A EUR
6.20
N/A
N/A
N/A
N/A
Acc** (EUR terms)
Barings Asia Growth Fund - Class A USD
5.39
N/A
N/A
N/A
N/A
Acc*** (USD terms)
Barings Asia Growth Fund - Class I EUR
5.66(15.88)(15.06)57.53
1.84
Acc (EUR terms)
Barings Asia Growth Fund - Class I GBP
2.54(11.79)(17.77)57.34
2.73
Acc (GBP terms)
Barings Asia Growth Fund - Class I USD
3.18(12.53)(25.71)74.99(1.22)
Acc (USD terms)
Performance figures are shown net of fees and charges, on a NAV per unit basis, with gross income reinvested. Source: Morningstar/
Barings/MSCI.
For data sourced from Morningstar: © Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary toMorningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or
timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
The MSCI data is for Barings’ use only and may not be redistributed or used in connection with creating or offering any securities,
financial products or indices.
The Fund was launched on 3 February 1987.
* The Barings Asia Growth Fund Class I EUR Hedged Inc was launched on 2 November 2021.
** The Barings Asia Growth Fund Class A EUR Acc was launched on 23 November 2023.
*** The Barings Asia Growth Fund Class A USD Acc was launched on 1 June 2023.

Past performance is no indication of current or future performance. The performance data does not take account of thecommissions and costs incurred on the issue and redemption of units. Please note that changes in the rates of exchange
may have an adverse effect on the value, price or income of an investment.

192

Barings International Umbrella Fund
Appendix 1 – Information for investors in Switzerland (Unaudited) (continued)
For the financial year ended 30 April 2024
Performance data (continued)
Barings Australia Fund (including distribution payments where applicable)
01 May 202330 April 2024

01 May 202230 April 2023

01 May 202130 April 2022

01 May 202030 April 2021

01 May 201930 April 2020

%
%
%
%
%
Barings Australia Fund - Class A USD Inc
8.50(7.54)
1.93
55.96(17.47)(USD terms)
MSCI Australia 10/40 Total, Gross Return
8.11(3.34)
1.79
53.31(16.11)
Index (USD terms)
Barings Australia Fund - Class A AUD Inc
9.41
0.67
10.30
31.51
(11.06)(AUD terms)
Barings Australia Fund - Class A EUR Inc
11.08(11.07)
16.55
40.43(14.93)(EUR terms)
Barings Australia Fund - Class A GBP Inc
7.84(6.76)
12.82
40.24(14.15)(GBP terms)
Barings Australia Fund - Class I GBP Acc
8.60(6.09)
13.61
41.23(13.56)(GBP terms)
Barings Australia Fund - Class I USD Acc
9.26(6.88)
2.64
57.05(16.88)(USD terms)
Performance figures are shown net of fees and charges, on a NAV per unit basis, with gross income reinvested. Source: Morningstar/
Barings/MSCI.
For data sourced from Morningstar: © Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary toMorningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or
timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
The MSCI data is for Barings’ use only and may not be redistributed or used in connection with creating or offering any securities,
financial products or indices.
Past performance is no indication of current or future performance. The performance data does not take account of thecommissions and costs incurred on the issue and redemption of units. Please note that changes in the rates of exchange
may have an adverse effect on the value, price or income of an investment.

193

Barings International Umbrella Fund
Appendix 1 – Information for investors in Switzerland (Unaudited) (continued)
For the financial year ended 30 April 2024
Performance data (continued)
Barings Europa Fund (including distribution payments where applicable)
01 May 202330 April 2024

01 May 202230 April 2023

01 May 202130 April 2022

01 May 202030 April 2021

01 May 201930 April 2020

%
%
%
%
%
Barings Europa Fund - Class A USD Inc
6.96
6.94
(6.05)
39.59(17.42)(USD terms)
MSCI Europe Total, Gross Return Index
7.48
12.03
(6.69)
43.05(13.27)(USD terms)
Barings Europa Fund - Class A EUR Inc
9.51
2.85
7.44
25.69
(14.87)(EUR terms)
Barings Europa Fund - Class C EUR Inc
8.41
1.85
6.35
24.43
(15.71)(EUR terms)
Barings Europa Fund - Class C USD Inc
5.88
5.87
(6.97)
38.20(18.25)(USD terms)
Performance figures are shown net of fees and charges, on a NAV per unit basis, with gross income reinvested. Source: Morningstar/
Barings/MSCI.
For data sourced from Morningstar: © Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary toMorningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or
timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
The MSCI data is for Barings’ use only and may not be redistributed or used in connection with creating or offering any securities,
financial products or indices.
The Fund was launched on 21 April 1987.
Past performance is no indication of current or future performance. The performance data does not take account of thecommissions and costs incurred on the issue and redemption of units. Please note that changes in the rates of exchange
may have an adverse effect on the value, price or income of an investment.

194

Barings International Umbrella Fund
Appendix 1 – Information for investors in Switzerland (Unaudited) (continued)
For the financial year ended 30 April 2024
Performance data (continued)
Barings Hong Kong China Fund (including distribution payments where applicable)
01 May 202330 April 2024

01 May 202230 April 2023

01 May 202130 April 2022

01 May 202030 April 2021

01 May 201930 April 2020

%
%
%
%
%
Barings Hong Kong China Fund - Class A(11.05)(13.78)(35.83)59.21
4.68
USD Inc (USD terms)
MSCI China Total, Gross Return Index(7.21)(5.31)(34.58)39.32(3.29)(USD terms)
Barings Hong Kong China Fund - Class A(8.93)(17.07)(26.62)
43.33
7.91
EUR Inc (EUR terms)
Barings Hong Kong China Fund - Class A(11.60)(13.05)(28.97)43.19
8.86
GBP Inc (GBP terms)
Barings Hong Kong China Fund - Class A(11.38)(13.76)(35.14)59.49
3.42
HKD Inc (HKD terms)
Barings Hong Kong China Fund - Class A(13.64)(16.08)(34.62)
61.71
4.30
RMB Hedged Acc (RMB terms)
Barings Hong Kong China Fund - Class A(11.05)(13.79)(35.83)59.21
4.68
USD Acc (USD terms)
Barings Hong Kong China Fund - Class C(9.85)(17.90)(27.35)
41.91
6.83
EUR Inc (EUR terms)
Barings Hong Kong China Fund - Class C(11.94)(14.64)(36.47)57.63
3.63
USD Inc (USD terms)
Barings Hong Kong China Fund - Class I(10.98)(12.44)(28.48)44.17
9.63
GBP Acc (GBP terms)
Barings Hong Kong China Fund - Class I(10.43)(13.18)(35.38)60.33
5.41
USD Acc (USD terms)
Barings Hong Kong China Fund - Class I(11.00)(3.09)
N/A
N/A
N/A
GBP Inc* (GBP terms)
Performance figures are shown net of fees and charges, on a NAV per unit basis, with gross income reinvested. Source: Morningstar/
Barings/MSCI.
For data sourced from Morningstar: © Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary toMorningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or
timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
The MSCI data is for Barings’ use only and may not be redistributed or used in connection with creating or offering any securities,
financial products or indices.
The Fund was launched on 3 December 1982.
* The Barings Hong Kong China Fund Class I GBP Inc was launched on 12 October 2022.

Past performance is no indication of current or future performance. The performance data does not take account of thecommissions and costs incurred on the issue and redemption of units. Please note that changes in the rates of exchange
may have an adverse effect on the value, price or income of an investment.

195

Barings International Umbrella Fund
Appendix 1 – Information for investors in Switzerland (Unaudited) (continued)
For the financial year ended 30 April 2024
Performance data (continued)
Barings Global Bond Fund (including distribution payments where applicable)
01 May 202330 April 2024

01 May 202230 April 2023

01 May 202130 April 2022

01 May 202030 April 2021

01 May 201930 April 2020

%
%
%
%
%
Barings Global Bond Fund - Class A EUR(1.35)(8.72)(5.12)(5.06)
10.47
Inc (EUR terms)
FTSE World Govt Bond Index (USD
(3.81)(3.51)(14.15)
1.78
7.97
Terms)
Barings Global Bond Fund - Class A GBP(4.27)(4.28)(8.16)(5.14)
11.47
Inc (GBP terms)
Barings Global Bond Fund - Class A RMB(6.10)(6.82)(15.27)
N/A
N/A
Hedged Inc* (RMB terms)
Barings Global Bond Fund - Class A USD(3.60)(5.09)(17.01)
5.40
7.19
Inc (USD terms)
Barings Global Bond Fund - Class F GBP(3.23)
N/A
N/A
N/A
N/A
Hedged Inc*** (GBP terms)
Barings Global Bond Fund - Class F USD(2.84)
N/A
N/A
N/A
N/A
Inc*** (USD terms)
Barings Global Bond Fund - Class A RMB(6.13)(6.84)(15.04)
N/A
N/A
Hedged Acc** (RMB terms)
Barings Global Bond Fund - Class F GBP(3.23)
N/A
N/A
N/A
N/A
Hedged Acc*** (GBP terms)
Barings Global Bond Fund - Class F USD(2.84)
N/A
N/A
N/A
N/A
Acc*** (USD terms)
Barings Global Bond Fund - Class I GBP(3.75)(3.94)(7.71)(4.74)
11.92
Inc (GBP terms)
Barings Global Bond Fund - Class I USD(3.19)(4.70)(16.64)5.92
7.65
Acc (USD terms)
Performance figures are shown net of fees and charges, on a NAV per unit basis, with gross income reinvested. Source: Morningstar/
Barings/FTSE.
For data sourced from Morningstar: © Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary toMorningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or
timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
The MSCI data is for Barings’ use only and may not be redistributed or used in connection with creating or offering any securities,
financial products or indices.
The Fund was launched on 7 July 1978.
* The Barings Global Bond Fund Class A RMB Hedged Inc was launched on 4 June 2021.
** The Barings Global Bond Fund Class A RMB Hedged Acc was launched on 14 July 2021.
*** The Barings Global Bond Fund Class F GBP Hedged Acc, Class F GBP Hedged Inc, Class F USD Acc and Class F USD Inc were launchedon 13 July 2023.

Past performance is no indication of current or future performance. The performance data does not take account of thecommissions and costs incurred on the issue and redemption of units. Please note that changes in the rates of exchange
may have an adverse effect on the value, price or income of an investment.

196

Barings International Umbrella Fund
Appendix 1 – Information for investors in Switzerland (Unaudited) (continued)
For the financial year ended 30 April 2024
Performance data (continued)
Barings Europe Select Fund (including distribution payments where applicable)
01 May 202330 April 2024

01 May 2022
- 30 April 2023

01 May 2021
- 30 April 2022%

01 May 2020
- 30 April 2021%

01 May 2019- 30 April 2020%%%
Barings Europe Select
4.40
1.44
(11.54)37.93(6.53)
Fund - Class B GBP Inc (GBP terms)
MSCI Europe ex UK Small Cap (Total
7.09(4.72)(4.18)
52.62(9.81)Net Return) Index*
Barings Europe Select
7.55(3.27)(8.60)
38.11(7.34)
Fund - Class B EUR Acc (EUR terms)
Barings Europe Select
7.57(3.27)(8.60)
38.08(7.34)
Fund - Class B EUR Inc (EUR terms)
Barings Europe Select
8.38(2.57)(7.91)
39.13(6.63)
Fund - Class J EUR Acc (EUR terms)
Barings Europe Select
8.39(2.56)(7.91)
39.15(6.64)
Fund - Class J EUR Inc (EUR terms)
Barings Europe Select
5.20
2.21
(10.89)39.00(5.81)
Fund - Class J GBP Inc (GBP terms)
Barings Europe Select8.10(2.43)(8.36)N/A
N/A
Fund - Class I EUR Acc (EUR terms)**
Barings Europe Select8.10(2.68)(7.20)N/A
N/A
Fund - Class I EUR Inc (EUR terms)**
Barings Europe Select
4.94
1.99
(11.30)
N/A
N/A
Fund - Class I GBP Inc (GBP terms)**
Barings Europe SelectN/A
1.43(23.53)
N/A
N/A
Fund - Class I USD Acc (USD terms)**
Performance figures are shown net of fees and charges, on a NAV per unit basis, with gross income reinvested. Source: Morningstar/
Barings/JPM.
For data sourced from Morningstar: © Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary toMorningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or
timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
The Barings Europe Select Fund launched on 8 February 2019.
The Barings Europe Select Fund merged from Barings Investment Funds Plc in to the Unit Trust on 14 October 2022. The performancepre-merger was under Barings Investments Funds Plc.
* The benchmark of Barings Europe Select Fund changed from EMIX Smaller European Companies ex UK (Total Net Return) Index to MSCI Europe
ex UK Small Cap (Total Net Return) Index on 31 July 2023.
** The Barings Europe Select Fund Class I EUR Acc, Class I EUR Inc, Class I GBP Inc and Class I USD ACC were launched on 14 June 2021.

Past performance is no indication of current or future performance. The performance data does not take account of thecommissions and costs incurred on the issue and redemption of shares. Please note that changes in the rates of exchange
may have an adverse effect on the value, price or income of an investment.

197

Barings International Umbrella Fund
Appendix 1 – Information for investors in Switzerland (Unaudited) (continued)
For the financial year ended 30 April 2024
Performance data (continued)
Barings German Growth Fund (including distribution payments where applicable)

Barings German GrowthFund - Class B EUR Acc (EUR terms)
HDAX index* (EUR terms)

01 May 202330 April 2024

01 May 2022
- 30 April 2023%

01 May 2021
- 30 April 2022%

01 May 2020
- 30 April 2021%

01 May 2019- 30 April 2020
%

%
11.92

6.95

(4.97)

40.71(19.47)

10.88

10.44

(6.33)

39.49(13.27)

Barings German Growth
11.96
6.93
(4.96)
40.57(19.36)
Fund - Class B EUR Inc (EUR terms)
Barings German Growth
8.58
12.23
(8.02)
40.35(18.67)
Fund - Class B GBP Acc (GBP terms)
Barings German Growth
N/A
N/A
4.95
40.59
(18.71)Fund – Class B GBP Inc (GBP terms)*
Barings German Growth
N/A
N/A
N/A
N/A
(1.46)
Fund – Class B USD Acc (USD terms)**
Barings German Growth
12.69
7.82
(4.25)
41.69(18.79)Fund - Class J EUR Acc (EUR terms)
Barings German Growth
9.45
13.00
(7.35)
41.61(18.07)
Fund - Class J GBP Acc (GBP terms)
Barings German Growth
9.43
13.10
(7.34)
41.41(18.04)
Fund - Class J GBP Inc (GBP terms)
Barings German Growth *
N/A
N/A
N/A
N/A
(18.79)Fund – Class J USD Acc (USD terms)***Performance figures are shown net of fees and charges, on a NAV per unit basis, with gross income reinvested. Source: Morningstar/
Barings/JPM.
For data sourced from Morningstar: © Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary toMorningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or
timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
The Barings German Growth Fund was launched on 8 February 2019.
The Barings German Growth Fund merged from Barings Investment Funds Plc in to the Unit Trust on 14 October 2022. The
performance pre-merger was under Barings Investments Funds Plc.
* Barings German Growth Fund Class B GBP Inc was closed on 27 September 2021.
** The Class B USD Acc share class was closed on 20 June 2019. The performance data relates to the period from 8 February 2019 (launch date) tothe termination date.
*** The Class J USD Acc share class was closed on 30 April 2020. The performance data relates to the period from 8 February 2019 (launch date) tothe termination date.

Past performance is no indication of current or future performance. The performance data does not take account of thecommissions and costs incurred on the issue and redemption of shares. Please note that changes in the rates of exchange
may have an adverse effect on the value, price or income of an investment.

198

Barings International Umbrella Fund
Appendix 1 – Information for investors in Switzerland (Unaudited) (continued)
For the financial year ended 30 April 2024
Performance data (continued)
Barings Global Dividend Champions Fund (including distribution payments where applicable)
01 May 202330 April 2024

01 May 2022
- 30 April 2023

01 May 2021
- 30 April 2022%

01 May 2020
- 30 April 2021%

01 May 2019- 30 April 2020%%%
Barings Global Dividend Champions
0.93
5.44
(5.51)
28.25(2.17)
Fund - Class A USD Acc (USD terms)
MSCI World (Total Net Return) Index
18.39
3.18
(3.52)
45.33(4.00)(USD terms)
Barings Global Dividend Champions
1.51
7.66
5.95
16.65
(2.13)
Fund - Class F GBP Acc (GBP terms)
Barings Global Dividend Champions
1.50
7.67
5.94
16.65
(2.11)
Fund - Class F GBP Inc (GBP terms)
Barings Global Dividend Champions
2.16
6.80
(4.21)
29.77(3.57)
Fund - Class F USD Acc (USD terms)
Barings Global Dividend Champions
2.15
6.78
(4.21)
29.76(3.56)
Fund - Class F USD Inc (USD terms)
Barings Global Dividend Champions
1.08
7.20
5.42
16.14
2.67
Fund - Class I GBP Acc (GBP terms)
Barings Global Dividend Champions
2.45
7.08
(3.98)
14.51
N/A
Fund - Class X USD Acc (USD terms)*
Barings Global Dividend Champions
1.08
7.20
5.55
16.13
(5.50)
Fund - Class I GBP Inc (GBP terms)
Barings Global Dividend Champions
1.69
6.32
(4.54)
29.19(1.32)
Fund - Class I USD Inc (USD terms)**
Performance figures are shown net of fees and charges, on a NAV per unit basis, with gross income reinvested. Source: Morningstar/
Barings.
For data sourced from Morningstar: © Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary toMorningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or
timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
The Barings Global Dividend Champions Fund launched on 20 October 2016.
The Barings Global Dividend Champions Fund merged from Barings Investment Funds Plc in to the Unit Trust on 7 October 2022.
The performance pre-merger was under Barings Investments Funds Plc.
* The Barings Global Dividend Champions Fund Class X USD Acc was launched on 18 August 2020.
** The Class I USD Inc was closed on 18 August 2020 and was subsequently re-launched on 22 September 2020. The class was further closed on 16
October 2020 and subsequently re-launched on 20 October 2020.

Past performance is no indication of current or future performance. The performance data does not take account of thecommissions and costs incurred on the issue and redemption of shares. Please note that changes in the rates of exchange
may have an adverse effect on the value, price or income of an investment.

199

Barings International Umbrella Fund
Appendix 1 – Information for investors in Switzerland (Unaudited) (continued)
For the financial year ended 30 April 2024
Performance data (continued)
Barings Eastern Europe Fund (including distribution payments where applicable)
25 July 2023
- 30 April 2024

01 May 2022
- 30 April 2023

01 May 2021
- 30 April 2022%

01 May 2020
- 30 April 2021%

01 May 2019- 30 April 2020%%%
Barings Eastern Europe
31.96
N/A
N/A
N/A
N/A
Fund* - Class A EUR Inc (EUR terms)
The MSCI Emerging Europe 10/40 Total
35.23
N/A
N/A
N/A
N/A
Index*
Barings Eastern Europe
30.60
N/A
N/A
N/A
N/A
Fund* - Class A GBP Inc (GBP terms)
Barings Eastern Europe
27.62
N/A
N/A
N/A
N/A
Fund* - Class A USD Acc (USD terms)
Barings Eastern Europe
27.61
N/A
N/A
N/A
N/A
Fund* - Class A USD Inc (USD terms)
Barings Eastern Europe
32.96
N/A
N/A
N/A
N/A
Fund* - Class I EUR Acc (EUR terms)
Barings Eastern Europe
31.58
N/A
N/A
N/A
N/A
Fund* - Class I GBP Acc (GBP terms)
Barings Eastern Europe
31.57
N/A
N/A
N/A
N/A
Fund* - Class I GBP Inc (GBP terms)
Barings Eastern Europe
28.56
N/A
N/A
N/A
N/A
Fund* - Class I USD Acc (USD terms)
Barings Eastern Europe
28.54
N/A
N/A
N/A
N/A
Fund* - Class I USD Inc (USD terms)
Performance figures are shown net of fees and charges, on a NAV per unit basis, with gross income reinvested. Source: Morningstar/
Barings.
For data sourced from Morningstar: © Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary toMorningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or
timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
* The Barings Eastern Europe Fund merged from Barings Global Umbrella Fund in to the Unit Trust on 21 July 2023.

Past performance is no indication of current or future performance. The performance data does not take account of thecommissions and costs incurred on the issue and redemption of shares. Please note that changes in the rates of exchange
may have an adverse effect on the value, price or income of an investment.

200

Barings International Umbrella Fund
Appendix 2 – Information for investors in Germany (Unaudited)
For the financial year ended 30 April 2024
The Prospectus, the Key Information Document(s) (“KID(s)”), a list of portfolio changes, the Unit Trust Act 1990, as well as the annual
and the interim reports are available free of charge at the offices of the Paying Agent.
Paying Agent
Société Générale Luxembourg
11, avenue Emile Reuter
L-2420 Luxembourg
Operational Centre:
28/32 Place de la Gare
L-1616 Luxembourg
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 areincorrect, any subsequent correction will, as a general rule, not have retrospective effect and will, as a general rule, only take effectduring the current year. Consequently, the correction may positively or negatively affect the investors who receive a distribution or an
attribution of deemed income distributions in the current year.

201

Barings International Umbrella Fund
Barings ASEAN Frontiers Fund
Appendix 3 – Additional information Hong Kong Code (Unaudited)
For the financial year ended 30 April 2024
Barings ASEAN Frontiers Fund is registered for sale in Hong Kong.
Highest issue and lowest redemption prices
Highest issue prices during the year*
Class A USD Inc
Class I USD Inc**Class A AUD Hedged Acc
Class A CHF Hedged Acc***
Class A EUR Inc
Class A GBP Inc
Class A EUR Acc
Class A RMB Hedged Acc
Class A USD Acc
Class I CHF Hedged Acc***
Class I EUR Acc
Class I GBP Acc
Class I USD Acc

30 April 2024
241.5392.38
263.4788.51
220.72
192.15117.42
1,856.42
261.1989.84
254.57
222.76288.1530 April 2023
253.3997.25
277.5595.02
238.83206.88125.91
1,948.83
271.5495.77
271.02237.27298.7930 April 2022
293.60112.30325.63111.48258.67218.49135.52
2,245.43
312.68111.95290.78246.93341.1430 April 2021
275.67
N/A
304.91102.86226.62
198.10118.04
2,058.63
291.92102.89251.98221.46316.8130 April 2020
226.11
N/A
254.71
N/A
204.94181.67105.32
1,651.77
236.33
N/A
223.23199.75254.5630 April 2019
223.84
N/A
254.54
N/A
192.21166.03
N/A
1,613.41
232.08
N/A
206.66179.46247.0130 April 2018242.33
N/A
274.70N/A
195.22
173.18N/A
1,730.41
249.99N/A
207.15184.75265.5930 April 2017189.31
N/A
213.84N/A
174.06150.68N/A
1,319.11
195.15
N/A
183.57159.39205.6330 April 2016
190.22
N/A
211.54
N/A
170.76124.74
N/A
1,265.12
195.18N/A
178.15130.77203.7630 April 2015199.83
N/A
217.74
N/A
183.26
132.64
N/A
1,294.76
204.24
N/A
189.78138.18212.0730 Apri 2024
226.3086.59
246.11
82.31
206.97177.46110.101,729.29
244.7383.64
238.99205.99270.0730 April 2023
208.0379.71
227.6777.52
207.71
178.46109.501,613.32
222.9378.38
235.99203.90244.7830 April 2022
243.4993.32
268.8491.98
209.79180.88109.901,873.69
259.3192.60
235.01203.69283.5230 April 2021
165.90N/A
185.1598.18
151.10132.2778.67
1,223.33
175.6798.19
167.08147.06189.5930 April 2020
133.46
N/A
147.73
N/A
124.68115.7864.07
973.94139.49N/A
135.96127.01150.43Highest issue prices during the year* (continued)
Class A USD Inc
Class I USD Inc**Class A AUD Hedged Acc
Class A CHF Hedged Acc***
Class A EUR Inc
Class A GBP Inc
Class A EUR Acc
Class A RMB Hedged Acc
Class A USD Acc
Class I CHF Hedged Acc***
Class I EUR Acc
Class I GBP Acc
Class I USD Acc
Lowest redemption prices during the year*
Class A USD Inc
Class I USD Inc**Class A AUD Hedged Acc
Class A CHF Hedged Acc***
Class A EUR Inc
Class A GBP Inc
Class A EUR Acc
Class A RMB Hedged Acc
Class A USD Acc
Class I CHF Hedged Acc***
Class I EUR Acc
Class I GBP Acc
Class I USD Acc

202

Barings International Umbrella Fund
Barings ASEAN Frontiers Fund
Appendix 3 – Additional information Hong Kong Code (Unaudited) (continued)
For the financial year ended 30 April 2024
Highest issue and lowest redemption prices (continued)
Lowest redemption prices during the year* (continued)
Class A USD Inc
Class I USD Inc**Class A AUD Hedged Acc
Class A CHF Hedged Acc***
Class A EUR Inc
Class A GBP Inc
Class A EUR Acc
Class A RMB Hedged Acc
Class A USD Acc
Class I CHF Hedged Acc***
Class I EUR Acc
Class I GBP Acc
Class I USD Acc

30 April 2019184.89N/A
209.65
N/A
162.94144.31
N/A
1,342.20
191.70N/A
174.58155.40204.7430 April 2018
187.74N/A
212.88N/A
163.28144.25
N/A
1,321.94
193.69N/A
172.66153.09204.8230 April 2017163.95N/A
185.07
N/A
146.39112.33
N/A
1,120.31
169.00N/A
153.69118.58177.7630 April 2016147.79N/A
165.79N/A
129.8094.92
N/A
986.52152.11
N/A
135.6099.72
159.2230 April 2015179.86
N/A
196.58N/A
132.22108.53
N/A
1,166.61
183.80N/A
137.95113.61
191.08* The above highest issue prices and lowest redemption prices during the year are quoted in their respective share classes’ denomination currency.
** The Barings ASEAN Frontiers Fund Class I USD Inc was launched on 25 May 2021.
*** The Barings ASEAN Frontiers Fund Class A CHF Hedged Acc and Class I CHF Hedged Acc were launched on 8 April 2021.

Statement of movements in portfolio holdings

China
Hong Kong
Indonesia
Malaysia
Philippines
Singapore
TaiwanThailand
VietnamWarrants
Open forward foreign currency exchange contracts
Total investments
Cash
Other net assets/(liabilities)
Total net assets

30 April 2024
% of NAV****
1.41
0.53
22.14
9.22
10.01
30.66
              –
21.08
3.22
0.09
(0.02)
98.34
1.27
0.39
100.0030 April 2023
% of NAV****
0.95
1.07
26.26
8.50
9.59
25.62
              –
20.13
3.75
0.05
0.02
95.94
4.37
(0.31)
100.0030 April 2022
% of NAV****
4.38
              –
25.33
15.62
5.84
19.12
5.09
20.31
1.88
0.15
(0.08)
97.64
3.88(1.52)
100.0030 April 2021
% of NAV****
1.79              –
17.21
10.33
4.18
31.65
              –
30.46
3.00
0.08
0.01
98.71
1.47
(0.18)
100.00**** Movements in portfolio holdings have been analysed above based on a % of Net Asset Value invested in each geographic location. The movementin each country’s position between year has to be inferred.

203

Barings International Umbrella Fund
Barings ASEAN Frontiers Fund
Appendix 3 – Additional information Hong Kong Code (Unaudited) (continued)
For the financial year ended 30 April 2024
Portfolio information
Top Ten Holdings% of Net Assets

DBS

9.99

Oversea-Chinese Banking

8.71

Bank Central Asia

8.31

Bank Rakyat Indonesia

5.83

Sea ADR

5.21

Bangkok Dusit Medical Services

3.57

CP ALL

3.43

International Container Terminal Services

2.71

Ascendas REIT

2.18

Metropolitan Bank & Trust

2.16

204

Barings International Umbrella Fund
Barings Asia Growth Fund
Appendix 3 – Additional information Hong Kong Code (Unaudited)
For the financial year ended 30 April 2024
Barings Asia Growth Fund is registered for sale in Hong Kong.
Highest issue and lowest redemption prices
Highest issue prices during the year*
Class A USD Inc
Class A EUR Inc
Class A GBP Inc
Class I EUR Hedged Inc**Class I GBP Acc
Class I USD Acc
Class I EUR Acc
Class A USD Acc***
Class A EUR Acc****30 April 2024
109.07
99.23
85.14
67.57
90.21
115.55105.33108.83106.7130 April 2023
119.93111.8795.65
77.08
100.57126.03117.57
N/A
N/A

30 April 2022
165.03138.83119.16
101.61124.60172.28144.95
N/A
N/A

30 April 2021
179.62179.61179.61
N/A
187.07187.04187.08N/A
N/A

30 April 2020
104.65
94.16
80.40
N/A
82.87
107.83
97.05
N/A
N/A

30 April 2019
105.51
89.20
78.42
N/A
79.78
107.33
90.80
N/A
N/A

30 April 2018113.20
92.49
81.24
N/A
82.45
114.90
93.94
N/A
N/A

30 April 2017
79.03
72.51
61.89
N/A
62.54
79.88
73.33
N/A
N/A

30 April 2016
78.07
71.67
50.74
N/A
50.80
78.14
60.73
N/A
N/A

30 April 2015
77.35
72.45
52.24
N/A
52.27
N/A
N/A
N/A
N/A

30 April 2024
93.80
86.21
73.91
57.70
78.57
99.69
91.63
93.59
92.99

30 April 2023
88.92
89.49
77.16
56.64
81.33
93.69
94.30
N/A
N/A

30 April 2022
112.93103.07
86.75
72.79
91.04
118.58108.15
N/A
N/A

30 April 2021
88.88
88.88
88.88
N/A
92.06
92.04
92.06
N/A
N/A

30 April 2020
74.27
69.24
64.41
N/A
66.47
76.63
71.45
N/A
N/A

30 April 2019 30 April 2018
78.82
79.03
69.45
71.98
61.57
61.10
N/A
N/A
62.77
61.76
80.37
79.89
70.87
72.81
N/A
N/A
N/A
N/A

30 April 2017
62.59
55.81
42.80
N/A
43.06
62.97
56.17
N/A
N/A

30 April 2016
59.46
51.74
37.82
N/A
37.91
59.59
53.92
N/A
N/A

30 April 2015
61.96
44.48
36.56
N/A
46.53
N/A
N/A
N/A
N/A

Highest issue prices during the year* (continued)
Class A USD Inc
Class A EUR Inc
Class A GBP Inc
Class I EUR Hedged Inc**Class I GBP Acc
Class I USD Acc
Class I EUR Acc
Class A USD Acc***
Class A EUR Acc****Lowest redemption prices during the year*
Class A USD Inc
Class A EUR Inc
Class A GBP Inc
Class I EUR Hedged Inc**Class I GBP Acc
Class I USD Acc
Class I EUR Acc
Class A USD Acc***
Class A EUR Acc****Lowest redemption prices during the year* (continued)
Class A USD Inc
Class A EUR Inc
Class A GBP Inc
Class I EUR Hedged Inc**Class I GBP Acc
Class I USD Acc
Class I EUR Acc
Class A USD Acc***
Class A EUR Acc***** The above highest issue prices and lowest redemption prices during the year are quoted in their respective share classes’ denomination currency.
** The Barings Asia Growth Fund Class I EUR Hedged Inc was launched on 2 November 2021.
*** The Barings Asia Growth Fund Class A USD Acc was launched on 1 June 2023.
**** The Barings Asia Growth Fund Class A EUR Acc was launched on 23 November 2023.

205

Barings International Umbrella Fund
Barings Asia Growth Fund
Appendix 3 – Additional information Hong Kong Code (Unaudited) (continued)
For the financial year ended 30 April 2024
Statement of movements in portfolio holdings

China
Hong Kong
India
Indonesia
Macao
Malaysia
Philippines
Singapore
South Korea
TaiwanThailand
United States
Vietnam
Open forward foreign currency exchange contracts
Total investments
Cash
Other net liabilities
Total net assets

30 April 2024
% of NAV****
30.59
5.36
18.73
2.60
0.67
–
1.37
2.51
17.33
17.40
1.50
1.18
–
–
99.24
0.82
(0.06)
100.0030 April 2023
% of NAV****
35.01
10.04
12.93
2.19
–
0.79
2.25
4.16
14.62
13.88
3.25
–
–
0.07
99.19
1.29
(0.48)
100.0030 April 2022
% of NAV****
34.72
6.14
13.71
3.65
–
3.25
–
3.74
15.60
15.94
1.05
–
–
(0.29)
97.51
4.81(2.32)
100.0030 April 2021
% of NAV****
39.51
7.17
10.50
–
–
0.97
–
4.86
19.82
14.12
2.67
–
0.23
–
99.85
0.68
(0.53)
100.00***** Movements in portfolio holdings have been analysed above based on a % of Net Asset Value invested in each geographic location. The
movement in each country’s position between year has to be inferred.

Portfolio information
Top Ten Holdings% of Net Assets

Taiwan Semiconductor Manufacturing

9.60

Samsung Electronics

6.70

Tencent

6.31

Reliance Industries

4.45

Alibaba

3.96

SK Hynix

3.93

AIA

2.56

Axis Bank

2.35

China Construction Bank 'H'

2.00

KB Financial

1.96

206

Barings International Umbrella Fund
Barings Australia Fund
Appendix 3 – Additional information Hong Kong Code (Unaudited)
For the financial year ended 30 April 2024
Barings Australia Fund is registered for sale in Hong Kong.
Highest Issue and lowest redemption prices
Highest issue prices during the year*
Class A USD Inc
Class A AUD Inc
Class A EUR Inc
Class A GBP Inc
Class I GBP Acc
Class I USD Acc

30 April 2024
134.30200.68121.94104.58137.49176.8730 April 2023
146.12205.33138.07118.22151.66187.3930 April 2022
156.53207.86
142.63119.23148.78195.2930 April 2021
146.24187.77120.90105.10129.14179.6930 April 2020
126.76
185.65114.8499.84
118.05150.3630 April 2019123.36169.04107.6596.35
110.77141.8530 April 2018124.61165.07103.0190.80
101.84139.7630 April 2017114.11150.18106.4691.42
100.29124.8930 April 2016116.78148.24104.3276.50
82.35
118.3830 April 2015131.38153.98111.48
80.93
85.15
N/A

30 April 2024
117.08184.66110.4596.40
127.16154.4530 April 2023
115.26174.07115.4799.21
126.71147.5230 April 2022
131.47182.84116.03
98.19
122.37163.8130 April 2021
87.89
136.31
80.02
70.02
85.45
107.2530 April 2020
71.74
125.28
66.99
62.22
73.90
85.21

30 April 2018104.77138.77
86.60
76.34
85.26
117.0130 April 201799.96
132.51
90.49
70.17
76.65
109.4530 April 2016
88.97
125.96
78.45
59.76
64.12
95.70

30 April 2015
107.84128.93
86.54
68.54
72.03
N/A

Highest issue prices during the year* (continued)
Class A USD Inc
Class A AUD Inc
Class A EUR Inc
Class A GBP Inc
Class I GBP Acc
Class I USD Acc
Lowest redemption prices during the year*
Class A USD Inc
Class A AUD Inc
Class A EUR Inc
Class A GBP Inc
Class I GBP Acc
Class I USD Acc

Lowest redemption prices during the year* (continued)
Class A USD Inc
Class A AUD Inc
Class A EUR Inc
Class A GBP Inc
Class I GBP Acc
Class I USD Acc

30 April 2019
101.97143.93
89.36
80.58
92.87
117.52* The above highest issue prices and lowest redemption prices during the year are quoted in their respective share classes’ denomination currency.

207

Barings International Umbrella Fund
Barings Australia Fund
Appendix 3 – Additional information Hong Kong Code (Unaudited) (continued)
For the financial year ended 30 April 2024
Statement of movements in portfolio holdings

Communication Services
Consumer Discretionary
Consumer Staples
EnergyFinancials
Health Care
Industrials
Information Technology
Materials
Real Estate
Total investments
Cash
Other net assets/(liabilities)
Total net assets

30 April 2024
% of NAV**
5.44
1.92
8.40
1.96
26.64
10.19
8.59
6.58
22.19
6.55
98.46
0.96
0.58
100.0030 April 2023
% of NAV**
3.06
7.44
6.87
3.73
27.20
11.17
10.09
1.43
22.76
3.05
96.80
3.17
0.03
100.0030 April 2022
% of NAV**
3.65
5.65
7.13
3.09
30.43
10.45
4.25
3.49
24.14
5.66
97.94
2.18
(0.12)
100.0030 April 2021
% of NAV**
2.96
7.38
9.87
3.19
32.02
14.33
3.25
–
21.27
5.25
99.52
0.84
(0.36)
100.00** Movements in portfolio holdings have been analysed above based on a % of Net Asset Value invested in each industry sector. The movement ineach sector’s position between year has to be inferred.

Portfolio information
Top Ten Holdings% of Net Assets

BHP Group

8.32

CSL

6.86

Goodman

6.55

Macquarie

6.18

Rio Tinto

5.49

Commonwealth Bank of Australia

4.07

WiseTech Global

3.98

Treasury Wine Estates

3.62

National Australia Bank

3.53

Sandfire Resources Ltd

3.48

208

Barings International Umbrella Fund
Barings Europa Fund
Appendix 3 – Additional information Hong Kong Code (Unaudited)
For the financial year ended 30 April 2024
Barings Europa Fund is registered for sale in Hong Kong.
Highest issue and lowest redemption prices
Highest issue prices during the year*
Class A USD Inc
Class A EUR Inc
Class C EUR Inc
Class C USD Inc
Class I EUR Acc

30 April 2024
64.43
57.89
56.38
62.89
N/A

30 April 2023
63.28
57.45
55.44
61.21
N/A

30 April 2022
68.95
60.91
59.00
67.04
N/A

30 April 2021
63.68
63.68
61.76
61.90
N/A

30 April 2020
57.84
52.71
51.19
56.34
N/A

30 April 2019
62.19
52.65
51.52
61.00
N/A

30 April 2018
66.02
54.58
53.32
64.64
50.14

30 April 2017
52.67
48.15
46.74
51.24
48.76

30 April 2016
54.51
49.08
48.10
53.63
42.18

30 April 2015
55.64
49.19
47.85
54.67
N/A

30 April 2024
56.50
53.79
52.29
55.05
N/A

30 April 2023
44.94
46.88
45.49
43.72
N/A

30 April 2022
56.07
50.80
49.53
54.34
N/A

30 April 2021
41.95
41.95
41.07
41.16
N/A

30 April 2020
33.33
31.00
30.08
32.41
N/A

30 April 2018
52.10
43.07
42.18
51.13
48.71

30 April 2017
41.77
37.93
37.13
40.98
38.28

30 April 2016
42.10
37.13
36.19
41.12
37.13

30 April 2015
44.73
35.10
34.32
43.81
N/A

Highest issue prices during the year* (continued)
Class A USD Inc
Class A EUR Inc
Class C EUR Inc
Class C USD Inc
Class I EUR Acc
Lowest redemption prices during year*
Class A USD Inc
Class A EUR Inc
Class C EUR Inc
Class C USD Inc
Class I EUR Acc

Lowest redemption prices during the year* (continued)
Class A USD Inc
Class A EUR Inc
Class C EUR Inc
Class C USD Inc
Class I EUR Acc

30 April 2019
44.98
39.52
38.45
43.84
N/A

* The above highest issue prices and lowest redemption prices during the year are quoted in their respective share classes’ denomination currency.

209

Barings International Umbrella Fund
Barings Europa Fund
Appendix 3 – Additional information Hong Kong Code (Unaudited) (continued)
For the financial year ended 30 April 2024
Statement of movements in portfolio holdings

Communication Services
Consumer Discretionary
Consumer Staples
EnergyFinancials
Health Care
Industrials
Information Technology
Materials
Utilities
Total investments
Cash
Other net assets/(liabilities)
Total net assets

30 April 2024
% of NAV**              –
9.13
15.13
10.00
11.95
18.66
9.65
16.35
6.78
              –
97.65
2.03
0.32
100.0030 April 2023
% of NAV**              –
6.68
13.00
8.14
14.99
17.08
10.66
16.86
10.78
1.26
99.45
0.63
(0.08)
100.0030 April 2022
% of NAV**
4.85
0.98
11.10
7.49
13.94
15.51
12.91
17.37
13.36
1.23
98.74
1.34
(0.08)
100.0030 April 2021
% of NAV**
4.65
1.80
11.71
7.32
15.10
13.99
10.82
19.47
12.71
1.98
99.55
0.46
(0.01)
100.00** Movements in portfolio holdings have been analysed above based on a % of Net Asset Value invested in each Industry sector. The movement ineach sectors position between year has to be inferred.

Portfolio information
Top Ten Holdings% of Net Assets

ASML

6.37

Nestle6.30

Royal Dutch Shell

5.57

AXA

5.21

Novo Nordisk

4.65

TotalEnergies

4.43

Capgemini

4.00

KBC

3.65

Schneider Electric

3.65

AstraZeneca

3.56

210

Barings International Umbrella Fund
Barings Hong Kong China Fund
Appendix 3 – Additional information Hong Kong Code (Unaudited)
For the financial year ended 30 April 2024
Barings Hong Kong Fund is registered for sale in Hong Kong.
Highest issue and lowest redemption prices
Highest issue prices during the year*
Class A USD Inc
Class A EUR Inc
Class A GBP Inc
Class A HKD Inc
Class A RMB Hedged Acc
Class A USD Acc
Class C EUR Inc
Class C USD Inc
Class I GBP Acc
Class I USD Acc
Class I GBP Inc**

30 April 2024
1,141.22
1,035.89
888.598,900.51
8,104.04
1,179.45
934.43
1,023.06
968.04
1,242.35
98.26

30 April 2023
1,390.51
1,334.04
1,135.81
10,912.29
10,231.82
1,437.11
1,216.48
1,260.21
1,227.92
1,502.23
119.0330 April 2022
2,036.86
1,713.68
1,470.74
15,817.89
14,767.84
2,105.05
1,578.81
1,864.55
1,578.98
2,185.20
N/A

30 April 2021
2,419.60
2,006.08
1,745.27
18,756.46
17,420.18
2,500.61
1,854.92
2,223.01
1,868.96
2,589.15
N/A

30 April 2020
1,336.81
1,211.16
1,024.98
10,385.16
9,518.35
1,379.40
1,129.39
1,239.66
1,087.70
1,417.39
N/A

30 April 2019
1,328.56
1,123.27
987.26
10,423.83
9,409.77
1,366.36
1,061.90
1,247.91
1,032.42
1,388.22
N/A

30 April 2018
1,368.57
1,111.17
975.6010,699.31
9,629.11
1,406.45
1,051.73
1,287.05
2,031.77
1,425.34
N/A

30 April 2017985.11914.93783.45
7,664.58
6,814.08
1,010.31
866.86926.99810.73
1,018.81
N/A

30 April 2016
1,164.65
1,067.64
755.559,029.26
7,543.18
1,186.21
1,023.92
1,109.55
769.38937.79N/A

30 April 2015
1,158.44
1,090.90
786.68
8,978.65
1,123.98
1,174.37
1,042.60
1,099.34
796.71
N/A
N/A

30 April 2024
1,002.70
920.05786.86
7,857.86
7,088.99
1,036.29
829.44898.36857.55
1,091.35
87.04

30 April 2023
869.19873.83753.31
6,822.46
6,365.40
898.31
794.36785.09816.31
941.2382.88

30 April 2022
1,104.46
1,005.25
845.898,644.67
8,115.35
1,141.46
919.57
1,003.86
912.65
1,190.81
N/A

30 April 2021
1,185.84
1,094.35
952.209,193.17
8,435.64
1,225.53
1,019.85
1,098.08
1,014.17
1,261.94
N/A

30 April 2020
1,003.01
928.30823.31
7,786.44
7,142.60
1,034.97
869.27928.53869.881,064.77
N/A

Highest issue prices during the year* (continued)
Class A USD Inc
Class A EUR Inc
Class A GBP Inc
Class A HKD Inc
Class A RMB Hedged Acc
Class A USD Acc
Class C EUR Inc
Class C USD Inc
Class I GBP Acc
Class I USD Acc
Class I GBP Inc**
Lowest redemption prices during year*
Class A USD Inc
Class A EUR Inc
Class A GBP Inc
Class A HKD Inc
Class A RMB Hedged Acc
Class A USD Acc
Class C EUR Inc
Class C USD Inc
Class I GBP Acc
Class I USD Acc
Class I GBP Inc**

211

Barings International Umbrella Fund
Barings Hong Kong China Fund
Appendix 3 – Additional information Hong Kong Code (Unaudited) (continued)
For the financial year ended 30 April 2024
Highest issue and lowest redemption prices (continued)
Lowest redemption prices during the year* (continued)
Class A USD Inc
Class A EUR Inc
Class A GBP Inc
Class A HKD Inc
Class A RMB Hedged Acc
Class A USD Acc
Class C EUR Inc
Class C USD Inc
Class I GBP Acc
Class I USD Acc
Class I GBP Inc**

30 April 2019952.92
839.71
747.737,476.62
6,787.11980.04790.68891.51784.10998.49N/A

30 April 2018965.73881.20746.377,516.38
6,697.37
992.46836.05910.37
1,295.69
1,000.92
N/A

30 April 2017
771.16681.73526.685,988.92
5,212.91
790.87651.83732.50542.73793.96N/A

30 April 2016
711.44627.45489.77
5,542.80
4,733.71
724.62597.34672.92500.54726.47N/A

30 April 2015
781.84563.57462.746,060.67
566.61792.51
543.66749.13466.48N/A
N/A* The above highest issue prices and lowest redemption prices during the year are quoted in their respective share classes’ denomination currency.
** The Barings Hong Kong China Fund Class I GBP Inc was launched on 12 October 2022.

Statement of movements in portfolio holdings

Basic Materials
Communication Services
Communications
Consumer Discretionary
Consumer Staples
Consumer, Cyclical
Consumer, Non-cyclical
EnergyFinancials
Health Care
Industrials
Information Technology
Materials
Real EstateTechnology
Telecommunication Services
Utilities
Total investments
Cash
Other net assets/(liabilities)
Total net assets

30 April 2024
% of NAV***              –18.19              –
35.15
4.00
              –              –
5.53
12.05
2.40
4.84
10.93
3.87
1.59
              –              –
0.77
99.32
0.47
0.21
100.0030 April 2023
% of NAV***              –
12.54
2.25
34.00
6.75
              –              –
5.08
12.74
5.04
5.64
7.37
1.48
3.84
              –              –
1.91
98.64
2.32
(0.96)
100.0030 April 2022
% of NAV***              –
11.88
1.90
26.52
5.12
              –              –
3.19
16.35
3.18
10.72
7.15
3.56
5.78
              –              –
3.80
99.15
0.57
0.28
100.0030 April 2021
% of NAV***
0.98
9.47
5.32
26.86
3.57
1.29
0.93
              –
11.69
6.16
9.65
11.01
1.85
4.31
2.33
1.44
2.41
99.27
0.64
0.09
100.00*** Movements in portfolio holdings have been analysed above based on a % of Net Asset Value invested in each industry sector. The movement ineach sector’s position between year has to be inferred.

212

Barings International Umbrella Fund
Barings Hong Kong China Fund
Appendix 3 – Additional information Hong Kong Code (Unaudited) (continued)
For the financial year ended 30 April 2024
Portfolio information
Top Ten Holdings% of Net Assets

Tencent

10.02

Alibaba

7.39

China Construction Bank ‘H’

4.41

Meituan Dianping

4.36

Pinduoduo ADR

4.27

NetEase

3.92

Taiwan Semiconductor Manufacturing

2.89

Zijin Mining

2.67

JD.com2.57

BYD Company

2.54

213

Barings International Umbrella Fund
Barings Global Bond Fund
Appendix 3 – Additional information Hong Kong Code (Unaudited)
For the financial year ended 30 April 2024
Barings Global Bond Fund is registered for sale in Hong Kong.
Highest issue and lowest redemption prices
Highest issue prices during the year*
Class A USD Inc
Class A EUR Inc
Class A GBP Inc
Class A RMB Hedged Inc**Class A RMB Hedged Acc***
Class I GBP Inc
Class I USD Acc
Class F GBP Hedged Acc****Class F GBP Hedged Inc****Class F USD Acc****Class F USD Inc****30 April 2024
21.83
19.84
17.39
78.45
79.88
17.38
24.90
102.99102.99103.24103.2430 April 2023
23.24
22.73
19.08
85.53
85.83
19.14
25.57
N/A
N/A
N/A
N/A

30 April 2022
20.49
23.85
101.39101.66
20.52
28.10
30.76
N/A
N/A
N/A
N/A

30 April 2021
29.55
24.59
22.44
N/A
N/A
22.50
32.19
N/A
N/A
N/A
N/A

30 April 2020
28.73
25.14
22.66
N/A
N/A
22.71
30.84
N/A
N/A
N/A
N/A

30 April 2019
25.47
22.69
19.91
N/A
N/A
19.94
26.96
N/A
N/A
N/A
N/A

30 April 2018
26.03
22.42
19.94
N/A
N/A
19.98
27.26
N/A
N/A
N/A
N/A

30 April 2017
26.80
24.07
21.16
N/A
N/A
21.21
27.81
N/A
N/A
N/A
N/A

30 April 2016
26.07
23.17
18.48
N/A
N/A
18.53
26.94
N/A
N/A
N/A
N/A

30 April 2015
27.70
23.90
17.25
N/A
N/A
23.96
27.97
N/A
N/A
N/A
N/A

30 April 2024
19.55
18.53
16.13
69.51
71.61
16.12
22.18
91.78
91.78
91.85
91.85

30 April 2023
19.26
19.72
17.29
70.41
70.86
17.36
21.20
N/A
N/A
N/A
N/A

30 April 2022
18.01
21.55
84.71
84.95
18.08
23.05
25.33
N/A
N/A
N/A
N/A

30 April 2021
26.32
23.02
19.93
N/A
N/A
19.97
28.48
N/A
N/A
N/A
N/A

30 April 2020
25.00
22.36
19.24
N/A
N/A
19.26
26.59
N/A
N/A
N/A
N/A

Highest issue prices during the year* (continued)
Class A USD Inc
Class A EUR Inc
Class A GBP Inc
Class A RMB Hedged Inc**Class A RMB Hedged Acc***
Class I GBP Inc
Class I USD Acc
Class F GBP Hedged Acc****Class F GBP Hedged Inc****Class F USD Acc****Class F USD Inc****Lowest redemption prices during the year*
Class A USD Inc
Class A EUR Inc
Class A GBP Inc
Class A RMB Hedged Inc**Class A RMB Hedged Acc***
Class I GBP Inc
Class I USD Acc
Class F GBP Hedged Acc****Class F GBP Hedged Inc****Class F USD Acc****Class F USD Inc****214

Barings International Umbrella Fund
Barings Global Bond Fund
Appendix 3 – Additional information Hong Kong Code (Unaudited) (continued)
For the financial year ended 30 April 2024
Lowest redemption prices during the year* (continued)
Class A USD Inc
Class A EUR Inc
Class A GBP Inc
Class A RMB Hedged Inc**Class A RMB Hedged Acc***
Class I GBP Inc
Class I USD Acc
Class F GBP Hedged Acc****Class F GBP Hedged Inc****Class F USD Acc****Class F USD Inc****30 April 2019
24.01
20.96
18.42
N/A
N/A
18.44
25.37
N/A
N/A
N/A
N/A

30 April 2018
24.28
20.62
18.11
N/A
N/A
18.16
25.30
N/A
N/A
N/A
N/A

30 April 2017
23.66
22.39
17.43
N/A
N/A
17.46
24.62
N/A
N/A
N/A
N/A

30 April 2016
24.27
21.64
15.51
N/A
N/A
15.53
24.86
N/A
N/A
N/A
N/A

30 April 2015
24.92
19.73
16.08
N/A
N/A
19.76
25.39
N/A
N/A
N/A
N/A

* The above highest issue prices and lowest redemption prices during the year are quoted in their respective share classes’ denomination currency.
** The Barings Global Bond Fund Class A RMB Hedged Inc was launched on 4 June 2021.
*** The Barings Global Bond Fund Class A RMB Hedged Acc was launched on 14 July 2021.
**** The Barings Global Bond Fund Class F GBP Hedged Acc, Class F GBP Hedged Inc, Class F USD Acc and Class F USD Inc were launched on
13 July 2023.

Statement of movements in portfolio holdings

Australian dollar
Canadian dollar
Czech koruna
Euro
Israeli new shekel
Japanese yen
Mexican pesos
New Zealand dollar
Norwegian krone
Polish zloty
Pound sterling
Singapore dollar
Swedish krona
US dollar
Futures contracts
Open forward foreign currency exchange contracts
Total investments
Cash
Other net assets
Total net assets

30 April 2024
% of NAV*****
6.36
10.01
–
26.54
–
–
–
8.13
–
–
10.41
–
–
37.11
(0.01)(0.20)
98.35
0.82
0.83
100.0030 April 2023
% of NAV*****
5.68
7.59
–
22.23
–
2.74
–
9.60
–
–
2.11
–
–
45.90
(0.06)
0.69
96.48
1.43
2.09
100.0030 April 2022
% of NAV*****
6.04
2.44
2.44
32.83
0.59
10.34
1.18
2.02
2.87
0.53
2.47
1.27
4.38
29.11
(0.39)
0.46
98.58
0.81
0.61
100.0030 April 2021
% of NAV*****
9.23
1.69
2.41
34.60
0.77
10.42
3.73
3.81
–
5.68
3.53
1.01
0.75
20.70
–
(0.25)
98.08
1.45
0.47
100.00***** Movements in portfolio holdings have been analysed above based on a % of Net Asset Value invested in each geographic location. The
movement in each country’s position between year has to be inferred.

215

Barings International Umbrella Fund
Barings Global Bond Fund
Appendix 3 – Additional information Hong Kong Code (Unaudited) (continued)
For the financial year ended 30 April 2024
Portfolio information
Top Ten Holdings% of Net Assets

United States Treasury Note/Bond 4.13% 30/09/2027

9.01

United States Treasury Note/Bond 3.75% 31/12/2028

7.56

United States Treasury Note/Bond 5.00% 31/08/2025

7.47

United States Treasury Note/Bond 912828ZB9 1.13% 28/02/2027

5.15

Treasury Corp of Victoria MTN 5.00% 20/11/2040

4.21

Province of Ontario Canada 6.50% 08/03/2029

3.07

UK (Govt of) 1.75% 07/09/2037

2.96

Austria (Republic of) 0.85% 30/06/2120

2.68

Hellenic Republic Government Bond 1.88% 24/01/2052

2.61

Italy (Republic of) 7Y 3.50% 15/02/2031

2.59

216

Barings International Umbrella Fund
Barings Global Balanced Fund
Appendix 3 – Additional information Hong Kong Code (Unaudited)
For the financial year ended 30 April 2024
Barings Global Balanced Fund is registered for sale in Hong Kong.
Highest issue and lowest redemption prices
Highest issue prices during the year*
Class A USD Acc
Class A USD Inc
Class I USD Acc

30 April 2024
37.32
31.03
97.69

30 April 2023
38.72
34.17
100.1830 April 2022
43.80
39.16
112.9330 April 2024
32.58
27.41
85.05

30 April 2023
32.27
28.11
83.68

30 April 2022
38.29
33.86
98.99

Lowest redemption prices during the year*
Class A USD Acc
Class A USD Inc
Class I USD Acc* The above highest issue prices and lowest redemption prices during the year are quoted in their respective share classes’ denomination currency.
The Barings Global Balanced Fund was launched on 5 November 2021 and on launch date, Barings Asia Balanced Fund, a Sub-Fund of Barings
Global Opportunities Umbrella Fund merged into the new Fund.

Statement of movements in portfolio holdings

Australia
BrazilCanadaChile
China/Hong Kong
Denmark
Faroe Islands
FranceGermany
India
Indonesia
IrelandIsraelItaly
Japan
Malaysia
Netherlands
NorwayPhilippines
Singapore
South Korea
Switzerland
TaiwanThailand
United Kingdom
United States
Investment Funds
Fixed Interest
Open forward foreign currency exchange contracts
Open Futures Contracts
Total investments
Cash
Other net assets
Total net assets

30 April 2024
% of NAV**
–
–
–
–
6.39
–
–
–
–
2.61
0.45
–
–
–
–
0.27
–
–
0.10
0.82
2.54
–
3.68
0.31
–
7.60
8.36
61.92
(0.01)(0.02)
95.02
2.90
2.08
100.0030 April 2023
% of NAV**
–
–
–
–
7.98
–
–
–
–
–
0.48
–
–
–
–
0.07
–
–
–
0.82
2.86
–
3.61
–
–
3.85
8.45
65.81
–
1.71
95.64
2.87
1.49
100.0030 April 2022
% of NAV**
0.54
0.16
1.01
0.12
3.72
0.12
0.04
0.87
0.53
0.12
0.29
0.22
0.08
0.18
0.99
0.15
0.67
0.25
–
0.56
1.93
0.48
2.47
0.14
1.56
35.58
5.88
39.51
–
(0.50)
97.67
1.83
0.50
100.00** Movements in portfolio holdings have been analysed above based on a % of Net Asset Value invested in each geographic location. The movementin each country’s position between year has to be inferred.

217

Barings International Umbrella Fund
Barings Global Balanced Fund
Appendix 3 – Additional information Hong Kong Code (Unaudited) (continued)
For the financial year ended 30 April 2024
Portfolio information
Top Ten Holdings% of Net Assets

US Treasury Bill 0.00% 09/07/2024

10.92

US Treasury FRN 31/01/2026

7.57

US Treasury Bill 0.00% 20/06/2024

6.28

US Treasury FRN 31/01/2025

5.39

iShares Core MSCI World UCITS ETF

5.29

French Republic Government Bond 16Y 1.25% 25/05/2034

3.95

iShares China CNY Bond UCITS ETF

3.07

Italy Buoni Poliennali Del Tesoro 10Y 4.40% 01/05/2033

2.96

US Treasury FRN 31/10/2024

2.37

Japan Government Ten Year Bond 370 ZK0398576 0.50% 20/03/2033

2.33

218

Barings International Umbrella Fund
Barings Eastern Europe Fund
Appendix 3 – Additional information Hong Kong Code (Unaudited)
For the year ended 30 April 2024
Barings Eastern Europe Fund is registered for sale in Hong Kong.
Highest issue and lowest redemption prices
Highest issue prices during the year*
Class A USD Inc
Class A EUR Inc
Class A GBP Inc
Class A USD Acc
Class I EUR Acc
Class I GBP Acc
Class I USD Acc
Class I GBP Inc
Class I USD Inc

30 April 2024
43.40
40.45
34.60
50.13
48.04
43.00
55.58
35.97
45.08

Lowest redemption prices during the year*
Class A USD Inc
Class A EUR Inc
Class A GBP Inc
Class A USD Acc
Class I EUR Acc
Class I GBP Acc
Class I USD Acc
Class I GBP Inc
Class I USD Inc

30 April 2024
32.58
30.51
26.23
37.63
35.96
37.33
41.49
27.06
33.65

* The above highest issue prices and lowest redemption prices during the year are quoted in their respective share classes’ denomination currency.
The Barings Eastern Europe Fund merged from Barings Global Umbrella Fund into the Unit Trust on 21 July 2023.

Statement of movements in portfolio holdings
30 April 2024
% of NAV**
4.81
15.42
15.79
0.94
30.90
0.51
2.03
1.03
23.99
0.43
0.65
96.50
3.26
0.24
100.00Czech Republic
GreeceHungary
Kazakhstan
PolandRomaniaSouth Africa
Spain
TurkeyUkraineUnited Arab Emirates
Total investments
Cash
Other net assets
Total net assets** Movements in portfolio holdings have been analysed above based on a % of Net Asset Value invested in each geographic location.

219

Barings International Umbrella Fund
Barings Eastern Europe Fund
Appendix 3 – Additional information Hong Kong Code (Unaudited) (continued)
For the year ended 30 April 2024
Portfolio information
Top Ten Holdings% of Net Assets

OTP Bank

8.61

Powszechna Kasa Oszczed Bank Polski

7.55

Alpha Bank

6.18

BIM Birlesik Magazalar

4.72

Turkcell Iletisim Hizmetleri

4.61

National Bank of Greece

4.38

Powszechny Zaklad Ubezpieczen

4.27

Bank Polska Kasa Opieki

4.13

Allegro.eu

4.04

Jumbo

3.83

220

Barings International Umbrella Fund
Barings ASEAN Frontiers Fund
Appendix 4 - Significant Changes in Portfolio Composition (Unaudited)
For the financial year ended 30 April 2024

Purchases
Ascendas REIT
Seatrium
Delta Electronics
Singapore Airlines NPV
XL Axiata Tbk PT
SM Prime Holdings Inc
Bumrungrad Hospital
Ayala LandUWC BHD
AP Thailand PCL
Indofood CBP Sukses Makmur
Malaysia Airports Holdings Bhd
Fabrinet
True Corp
Thai Coconut Public Co Ltd
Indosat Tbk PT
Genting Singapore Ltd
AAPICO Hitech
Press Metal Aluminium
Ngern Tid Lor PCL
Siam Wellness
Chularat Hospital
SSI Securities Corp
I-TAIL Corp PCL
Nationgate Holdings Bhd
Central Retail Corp PCL
Frasers Centrepoint Trust
Jasa Marga Persero Tbk PT
SM Investments Corp
Sea
Star Petroleum Refining
Sappe PCL
VentureUniversal Robina
Central Plaza Hotel PCL
Xinyi Solar Hldgs
Sariguna Primatirta Tbk PT

Cost
US$'000
9,710
6,786
4,544
4,527
4,467
4,189
4,096
4,075
4,015
3,801
3,685
3,657
3,622
3,548
3,379
3,357
3,346
3,220
3,154
3,148
3,124
3,025
2,976
2,900
2,868
2,723
2,692
2,572
2,538
2,514
2,310
2,218
2,174
2,036
1,802
1,585
1,553

Sales
Home Product Center
DBS
AP Thailand PCL
Press Metal Aluminium
Bangkok Bank PCL
Airports of Thailand
Telekomunikasi Indonesia Persero
SM Investments Corp
CapitaLand Integrated Commercial Trust
Indocement Tunggal Prakarsa
Bank Central Asia
International Container Terminal Services
Grab
Bank Negara Indonesia Persero
Bank Rakyat Indonesia
Mayora Indah Tbk PT
Seatrium
Merdeka Copper Gold
Oversea-Chinese Banking
Minor International
Singapore Airlines NPV
ViTroxPTT Oil & Retail Business PCLDFI Retail Group Holdings Ltd
AEM
SM Prime Holdings Inc
XL Axiata Tbk PT
Saigon Beer Alcohol Beverage
Sea
Bangchak
Mitra Adiperkasa
Military Commercial Joint Stock Bank
UMS
Pentamaster
Mitra Keluarga Karyasehat
Yangzijiang Shipbuilding
Wilcon Depot
Hoa Phat Group JSC
JMT Network Services PCL
True Corp
Bank Tabungan Pensiunan Nasional Syariah
TDCX

Proceeds
US$'000
9,129
8,921
7,774
7,130
6,610
6,017
5,944
5,896
5,870
5,537
5,422
5,372
4,931
4,789
4,759
4,703
4,700
4,677
4,657
4,517
4,511
4,483
4,397
4,285
4,254
3,951
3,890
3,752
3,734
3,612
3,365
3,310
3,196
3,192
3,189
2,870
2,811
2,800
2,794
2,794
2,539
2,401

Listed above are aggregate purchases of securities exceeding one percent of the total value of purchases for the financial year ended
30 April 2024 and aggregate sales of securities greater than one percent of the total value of sales for the financial year ended 30
April 2024.
At a minimum, the largest 20 purchases and sales are disclosed, if applicable.

221

Barings International Umbrella Fund
Barings Asia Growth Fund
Appendix 4 - Significant Changes in Portfolio Composition (Unaudited)
For the financial year ended 30 April 2024

Purchases
SK Hynix
Hon Hai Precision Industry
Bank Rakyat Indonesia
Seatrium
Bumrungrad Hospital
CosmaxClassys
Mahindra & Mahindra
Sumber Alfaria Trijaya Tbk PT
ZomatoUnimicron Technology
Baidu
State Bank of India
Power Assets Holdings
NetEaseLG Chem
MINISO Holding
WistronIndofood CBP Sukses Makmur
Delta Electronics
Sea
Ikio Lighting Ltd
Kuaishou Technology
BYD Electronic International
Embassy Office Parks
Frontken Corp
BYD Company
AAPICO Hitech
MediaTek
BDO Unibank Inc
New Oriental Education & Technology GroupASPEED Technology
CP ALL
Ascendas REIT
AlibabaHyundai Motor Co
KB Financial

Cost
US$'000
2,796
1,620
1,339
1,267
1,110
1,108
1,101
1,097
1,010
1,008
1,000
998
986
984
978
972
928
872
853
845
771
755
729
723
713
708
689
675
629
515
509
499
495
488
481
477
466

Sales
Taiwan Semiconductor Manufacturing
Samsung Electronics
Tencent
Grab
Meituan Dianping
Alibaba
LG Chem
Accton Technology Corp
JYP Entertainment Corp
Bangkok Bank PCLBank Negara Indonesia Persero
AIA
Reliance Industries
Samsung Electro-Mechanics
Motherson Sumi Wiring India
China Longyuan Power
Li Auto
HDFC BankPOSCOCP ALL
Bloomberry Resorts Corp
Galaxy Entertainment
International Container Terminal Services
DBS
United Microelectronics
Press Metal Aluminium
DFI Retail Group Holdings Ltd
Seatrium
NAVER
Larsen & Toubro
NetEaseSun Hung Kai Properties
Indofood CBP Sukses Makmur
Hanwha Solutions Corp
Frontken Corp
Bangkok Dusit Medical Services
Wiwynn Corp
WuXi AppTec
Sunny Optical Technology

Proceeds
US$'000
7,749
3,614
2,858
2,797
2,169
2,069
2,062
1,887
1,605
1,585
1,579
1,518
1,442
1,331
1,289
1,237
1,205
1,204
1,160
1,128
1,100
1,089
1,063
1,021
990
951
934
916
883
869
860
855
840
808
794
790
789
783
767

Listed above are aggregate purchases of securities exceeding one percent of the total value of purchases for the financial year ended
30 April 2024 and aggregate sales of securities greater than one percent of the total value of sales for the financial year ended 30
April 2024.
At a minimum, the largest 20 purchases and sales are disclosed, if applicable.

222

Barings International Umbrella Fund
Barings Australia Fund
Appendix 4 - Significant Changes in Portfolio Composition (Unaudited)
For the financial year ended 30 April 2024

Purchases
James Hardie Industries
Woolworths
WiseTech Global
Treasury Wine Estates
SEEK Ltd
Orora Ltd
Goodman
REA
Johns Lyng
Block
ResMedBHP
Steadfast
Cochlear
Sandfire Resources Ltd
Integral Diagnostics Ltd
Insurance Australia
Computershare
Reliance Worldwide Corp Ltd
BapcorCleanaway Waste Management
Macquarie
IGO
CSL
Rio Tinto

Cost
US$'000
2,669
2,541
2,183
1,764
1,662
1,354
1,328
1,270
1,135
1,029
952
845
789
753
685
672
646
643
594
481
461
425
267
266
264

Sales
Aristocrat Leisure
National Australia Bank
Coles
Amcor
BramblesCochlear
CreditJames Hardie Industries
Incitec Pivot
REA
IGO
Australia & New Zealand Banking Group
Woodside Energy
Domino's Pizza Enterprises
Johns Lyng
BHP
Wesfarmers
Goodman
CSL
oOh!media
Integral Diagnostics Ltd
Cleanaway Waste Management
Sandfire Resources Ltd
Rio Tinto
BapcorSonic Healthcare
ALS
Commonwealth Bank of Australia
ResMedProceeds
US$'000
2,733
1,897
1,872
1,734
1,420
1,063
1,017
980
931
823
814
768
767
744
740
733
703
602
598
562
551
495
453
440
387
374
352
342
282

Listed above are aggregate purchases of securities exceeding one percent of the total value of purchases for the financial year ended
30 April 2024 and aggregate sales of securities greater than one percent of the total value of sales for the financial year ended 30
April 2024.
At a minimum, the largest 20 purchases and sales are disclosed, if applicable.

223

Barings International Umbrella Fund
Barings Europa Fund
Appendix 4 - Significant Changes in Portfolio Composition (Unaudited)
For the financial year ended 30 April 2024

Purchases
UnileverKerry Group
SanofiWatches of Switzerland
PandoraMerck
Siemens Healthineers AG
Halma
Adyen
Roche
Persimmon
Prudential

Cost
US$'000
556
229
210
187
179
150
98
64
47
47
45
42

Sales
CRH
ASM International
CNH Industrial
Julius BaerHalma
Smurfit Kappa Group
AstraZeneca
Snam
Roche
KBC
L'Air Liquide S.A.
AXA
Schneider Electric
NestleIndustria de Diseno Textil
Royal Dutch Shell
Watches of Switzerland
HelloFresh
Siemens Healthineers AG
PandoraInfineon Technologies
Assa Abloy
Novo Nordisk
Koninklijke Ahold Delhaize
Associated British Foods
Amadeus IT

Proceeds
US$'000
748
581
470
404
399
333
262
259
255
248
238
223
216
202
157
153
139
126
106
102
94
93
81
75
73
67

Listed above are aggregate purchases of securities exceeding one percent of the total value of purchases for the financial year ended
30 April 2024 and aggregate sales of securities greater than one percent of the total value of sales for the financial year ended 30
April 2024.
At a minimum, the largest 20 purchases and sales are disclosed, if applicable.

224

Barings International Umbrella Fund
Barings Hong Kong China Fund
Appendix 4 - Significant Changes in Portfolio Composition (Unaudited)
For the financial year ended 30 April 2024

Purchases
Industrial & Commercial Bank of China
JD.comANTA Sports Products
China Merchants Bank
Baidu
Trip.com
Meituan Dianping
China Construction Bank 'H'
Haier Smart Home Co Ltd
Aluminum Corporation of China
Power Assets Holdings
NetEaseShenzhou International
Wuxi Biologics Cayman
BeiGene Ltd
Luxshare Precision Industry
LenovoInnovent Biologics
WuXi AppTec
ASPEED Technology
Yankuang Energy
ENN Energy
New Oriental Education & Technology Group
Zhongji Innolight
BYD Electronic International
Foxconn Industrial Internet
Shenzhen Zhaowei Machinery & Electronic Co Ltd
Advanced Micro-Fabrication Equipment Inc China
Xiaomi
China Resources Beer
Prada
AlibabaHKT Trust & HKT
Powertech Technology Inc
Weichai Power Co Ltd
Will Semiconductor
Zhuzhou CRRC Times Electric
MINISO Holding
China Literature
Quanta Computer
BYD Company
Sonoscape Medical

Cost
US$'000
46,04433,32723,501
21,90819,891
18,622
18,574
17,523
15,867
15,31015,254
15,146
15,102
14,50814,394
14,16014,096
13,965
12,935
12,772
12,687
12,271
11,676
11,598
11,174
11,055
11,041
10,998
10,416
10,13810,052
9,748
9,688
9,460
9,146
9,074
8,985
8,802
8,696
8,361
8,215
7,941

Sales
Alibaba
Meituan Dianping
Industrial & Commercial Bank of China
Tencent
Shenzhen Zhaowei Machinery & Electronic Co Ltd
China Construction Bank 'H'
Wuxi Biologics Cayman
H World Group Ltd
China Resources Beer
China Shenhua Energy
Kuaishou Technology
Yum China
Power Assets Holdings
Samsonite
China Overseas Land & Investment
AIA
Sunny Optical Technology
JD.com
Trip.com Group
Kingdee International Software
Baidu
Chow Tai Fook Jewellery Group Ltd
Budweiser Brewing
WuXi AppTec
Anjoy Foods Group Co Ltd
ASPEED Technology
Powertech Technology Inc
Galaxy Entertainment
Li Ning
Will Semiconductor
Ping An Bank
China Petroleum & Chemical
HKT Trust & HKT
Dongfang Electric Corp Ltd
PetroChina
ANTA Sports Products
China International Travel Service
Ping An Insurance Group of China
Pinduoduo
Zhongji Innolight

Proceeds
US$'000
39,43429,692
26,44824,46823,34722,736
21,29820,444
19,30819,084
16,495
16,171
16,102
15,94915,712
15,69014,95014,90012,63912,534
12,511
12,263
12,15911,938
11,616
11,602
11,566
11,514
11,03810,65810,652
10,063
9,998
9,871
9,837
9,831
9,586
9,314
9,247
8,959

Listed above are aggregate purchases of securities exceeding one percent of the total value of purchases for the financial year ended
30 April 2024 and aggregate sales of securities greater than one percent of the total value of sales for the financial year ended 30
April 2024.
At a minimum, the largest 20 purchases and sales are disclosed, if applicable.

225

Barings International Umbrella Fund
Barings Global Bond Fund
Appendix 4 - Significant Changes in Portfolio Composition (Unaudited)
For the financial year ended 30 April 2024

Purchases
US Treasury Bill 0.00% 24/11/2023
United States Treasury Note/Bond 5.00%
31/08/2025
United States Treasury Note/Bond 4.13%
30/09/2027
United States Treasury Note/Bond 3.75%
31/12/2028
United States Treasury Note/Bond 2.25%
31/12/2024
Portugal (Republic of) 5.13% 15/10/2024
US Treasury Bill 0.00% 13/06/2023
UK (Govt of) 5.00% 07/03/2025
Treasury Corp of Victoria
US Treasury Bill 0.00% 07/09/2023
US Treasury Bill 0.00% 11/04/2024
Province Of Quebec Canada 7.13% 09/02/2024
US Treasury Bill 0.00% 23/05/2024
New Zealand (Govt of) 0.50% 15/04/2027
US Treasury Bill. 0.00% 27/06/2024
US Treasury STRIP 0.00% 15/05/2050
Province of Manitoba Canada
Italy (Republic of) 3.50% 15/02/2031
Italy (Republic of) 4.40% 01/05/2033
Italy (Republic of) 6.00% 04/08/2028
Queensland Treasury
UK (Govt of) 3.50% 10/22/2025
UK (Govt of) 1.75% 07/09/2037
Japan Government Twenty 2.10% 20/09/2028
New Zealand (Govt of) 4.50% 15/04/2027
New Zealand (Govt of) 2.75% 15/04/2025
Province of Newfoundland and Labrador Canada
9.15% 07/07/2025
Hydro-Quebec 8.05% 07/07/2024
Development Bank of Japan 4.38% 22/09/2025
Spain (Kingdom of) 4.20% 31/01/2037
Province of Ontario Canada 8.10% 08/09/2023
Kommuninvest I Sverige 0.50% 05/07/2023
Province of Ontario Canada 6.50% 08/03/2029
United States Treasury Note/Bond 1.13%
28/02/2027
Province of Ontario Canada 5.05% 24/04/2034
State of North Rhine-Westphalia Germany 4.38%
16/02/2027
Province of Quebec Canada 4.50% 08/09/2033

Cost
US$'000
9,885
8,022

Sales
US Treasury Bill 0.00% 24/11/2023
US Treasury Bill 0.00% 07/09/2023
United States Treasury Note/Bond 5.00%
31/08/2025
US Treasury Bill 0.00% 03/08/2023
United States Treasury Note/Bond 2.25%
31/12/2024
Portugal (Republic of) 5.13% 15/10/2024
US Treasury Bill 0.00% 13/06/2023
US Treasury STRIP 0.00% 15/05/2050
US Treasury Bill 0.00% 10/08/2023
New Zealand (Govt of) 2.00% 20/09/2025
European Stability Mechanism 0.25% 08/09/2023
Development Bank of Japan 3.13% 06/09/2023
Colombia (Republic of) 8.13% 21/05/2024
US Treasury Bill 0.00% 11/04/2024
UK (Govt of) 5.00% 07/03/2025
US Treasury Bill 0.00% 23/05/2024
Province Of Quebec Canada 7.13% 09/02/2024
New Zealand (Govt of) 0.50% 15/04/2027
US Treasury Bill. 0.00% 27/06/2024
Indonesia Government International Bond 0.96%
09/06/2025
Spain (Kingdom of) 0.00% 30/07/2032
Australia Government Bond 4.75% 21/04/2027
UK (Govt of) 3.50% 10/22/2025
Development Bank of Japan 4.38% 22/09/2025
Hydro-Quebec 8.05% 07/07/2024
Province of Ontario Canada 3.05% 29/01/2024
Japan Government Twenty 2.10% 20/09/2028
Australia Government Bond 1.75% 21/06/2051
Kommuninvest I Sverige 0.50% 05/07/2023
Italy (Republic of) 2.20% 01/06/2027
Province of Ontario Canada 8.10% 08/09/2023
Province of Quebec Canada 3.00% 24/01/2033
Spain (Kingdom of) 0.85% 30/07/2037
Italy Buoni Polien 2.15% 01/09/2052

4,984
4,216
3,200
3,130
2,790
2,507
2,392
1,976
1,975
1,766
1,754
1,673
1,580
1,456
1,434
1,428
1,409
1,253
1,218
1,212
1,195
1,114
1,113
1,110
1,104
1,103
1,102
1,089
1,057
1,043
1,022
1,009

Proceeds
US$'000
9,930
7,661
3,960
3,311
3,251
3,137
2,799
2,506
2,495
2,478
2,442
2,117
1,999
1,979
1,897
1,774
1,750
1,695
1,582
1,416
1,410
1,206
1,188
1,106
1,094
1,093
1,054
1,050
1,050
1,035
1,032
1,019
954
899

999
999
996

Listed above are aggregate purchases of securities exceeding one percent of the total value of purchases for the financial year ended
30 April 2024 and aggregate sales of securities greater than one percent of the total value of sales for the financial year ended 30
April 2024.
At a minimum, the largest 20 purchases and sales are disclosed, if applicable.

226

Barings International Umbrella Fund
Barings Global Balanced Fund
Appendix 4 - Significant Changes in Portfolio Composition (Unaudited)
For the financial year ended 30 April 2024

Purchases
iShares Core MSCI World UCITS ETF
US Treasury Bill 0.00% 11/04/2024
US Treasury Bill 0.00% 09/07/2024
Xtrackers S&P 500 Equal Weight UCITS ETF
US Treasury Bill 0.00% 15/02/2024
US Treasury Note/Bond 1.88% 15/02/2032
US Treasury FRN 31/01/2026
US Treasury Bill 0.00% 20/06/2024
French Republic Government Bond 1.25%
25/05/2034
US Treasury Note/Bond 0.63% 15/08/2030
US Treasury Note/Bond 1.38% 15/11/2031
US Treasury Note/Bond 3.50% 15/02/2039
Bundesrepublik Deu 0.00% 15/08/2030
United States Trea 0.00% 02/11/2023
US Treasury Note FRN 31/01/2025
US Treasury FRN 31/10/2024
US Treasury Note/Bond 2.88% 30/04/2025
First Trust Nasdaq Clean Edge Smart Grid Infr
Acc
US Treasury Note/Bond 1.88% 15/02/2041
Italy Buoni Polien 4.40% 01/05/2033
Bundesrepublik Deu 4.75% 04/07/2034
Japan Government Ten Year Bond 0.50%
20/03/2033
US Treasury Bill 0.00% 18/01/2024
Spain (Kingdom of) 5.75% 30/07/2032
iShares S&P 500 Health Care Sector UCITS
ETF
UK (Kingdom of) 3.25% 31/01/2033

Cost
US$'000
8,072
7,229
6,491
6,331
5,296
5,167
4,509
4,330
4,060

Sales
US Treasury FRN 31/10/2024
iShares Core MSCI World UCITS ETF
US Treasury Bill 0.00% 11/04/2024
US Treasury Note FRN 31/01/2025
Xtrackers S&P 500 Equal Weight UCITS ETF
US Treasury Note FRN 31/07/2024
US Treasury Bill 0.00% 15/02/2024
US Treasury Note/Bond 2.50% 15/02/2045
US Treasury Note/Bond 1.88% 15/02/2032
US Treasury Note 3.50% 15/02/2033
US Treasury Note/Bond 1.88% 15/02/2041
Bundesrepublik Deu 0.00% 15/08/2030
US Treasury Note/Bond 1.38% 15/11/2031
US Treasury Note/Bond 0.63% 15/08/2030
United States Trea 0.00% 02/11/2023
US Treasury Note/Bond 3.50% 15/02/2039
Industrial Bank
iShares Asia Investment Grade Corp Bond
UCITS ETF
Mexico Gov. Intl. 4.13% 21/01/2026
French Republic Government Bond 1.25%
25/05/2034
First Trust Nasdaq Clean Edge Smart Grid Infr
Acc
US Treasury Bill 0.00% 18/01/2024
Export-Import Bank of China
iShares S&P 500 Health Care Sector UCITS
ETF
Invesco Solar Energy UCITS ETF

3,669
3,666
3,209
2,666
2,470
2,357
2,357
2,053
1,864
1,823
1,805
1,757
1,438
1,416
1,186
1,155
1,008

Proceeds
US$'000
8,350
7,496
7,293
7,182
6,354
5,950
5,355
5,094
3,952
3,363
2,956
2,787
2,667
2,665
2,471
2,451
2,179
1,985
1,962
1,934
1,659
1,434
1,374
1,182
1,162

Listed above are aggregate purchases of securities exceeding one percent of the total value of purchases for the financial year ended
30 April 2024 and aggregate sales of securities greater than one percent of the total value of sales for the financial year ended 30
April 2024.
At a minimum, the largest 20 purchases and sales are disclosed, if applicable.

227

Barings International Umbrella Fund
Barings Global Technology Equity Fund
Appendix 4 - Significant Changes in Portfolio Composition (Unaudited)
For the financial year ended 30 April 2024

Purchases
Netflix
SK Hynix
Taiwan Semiconductor Manufacturing
Gartner
Monolithic Power Systems
Paylocity Holding
Salesforce.com
NVIDIA
Alphabet
Temenos
Adyen
Cloudflare
Capgemini
ServiceNow
ASML
Qualcomm
Entegris
Amazon.com
Datadog
Microsoft
Okta

Cost
US$'000
287
178
117
99
88
80
69
67
66
49
45
43
43
35
34
34
27
27
22
19
15

Sales
NVIDIA
Meta Platforms
ASM International
Analog Devices
Lam Research
Marvell Technology
NAVER
ServiceNow
Alphabet
Micron Technology
Gartner
Microsoft

Proceeds
US$'000
320
266
158
141
101
100
95
37
32
31
30
28

Listed above are aggregate purchases of securities exceeding one percent of the total value of purchases for the financial year ended
30 April 2024 and aggregate sales of securities greater than one percent of the total value of sales for the financial year ended 30
April 2024.
At a minimum, the largest 20 purchases and sales are disclosed, if applicable.

228

Barings International Umbrella Fund
Barings Europe Select Fund
Appendix 4 - Significant Changes in Portfolio Composition (Unaudited)
For the financial year ended 30 April 2024

Purchases
Puma
Hera
Dufry
Technip Energies NV
Azelis Group NV
Rexel
SEB
Thule Group
Banco de Sabadell SA
Interpump Group
Wienerberger
KronesHexpolEurazeoAxfood AB
Scout24
Brunello Cucinelli SpA
KIONFlughafen Zurich AG
Beijer Ref AB
Getinge
ERG SpA
Rational AG
Sulzer AG
QIAGEN NV
Reply SpA
Lottomatica Group SpA
Aryzta AG
Duerr
Munters
SoitecHugo Boss
Gerresheimer
Vallourec SACA
Remy Cointreau
Schibsted ASA
Euronext
Bureau Veritas
Aalberts Industries
TKH Group
Siegfried Holding
BFF Bank SpA
Sinch AB
Elekta Ab

Cost
€'000
850
787
779
744
740
729
722
718
698
643
632
628
623
620
615
591
564
563
558
545
543
521
513
512
511
493
485
460
458
436
428
417
409
407
406
399
397
397
383
352
341
336
331
330

Sales
Iveco Group NVSPIE
SIG Combibloc Group
PandoraNexans SA
Bawag Group
Gerresheimer
Applus Services
Axfood AB
Publicis Groupe
Recordati
Chr Hansen
FraportJulius Baer
ALD
DiaSorin
Securitas
CargotecISS
ASM International
Verallia
QIAGEN NV
Accelleron Industries AG
D'Ieteren
Royal Unibrew
Infrastrutture Wireless Italiane
HelloFresh
Bucher Industries
SBM Offshore
Huhtamaki Oyj
NordnetBrembo SpA
Credito Emiliano
Banca Generali
GEA Group
Glanbia
Worldline

Proceeds
€'000
1,223
992
948
871
859
853
784
740
710
697
664
611
607
604
591
559
535
532
523
513
511
509
499
495
495
475
466
466
464
461
448
431
424
403
373
365
362

Listed above are aggregate purchases of securities exceeding one percent of the total value of purchases for the financial year ended
30 April 2024 and aggregate sales of securities greater than one percent of the total value of sales for the financial year ended 30
April 2024.
At a minimum, the largest 20 purchases and sales are disclosed, if applicable.

229

Barings International Umbrella Fund
Barings German Growth Fund
Appendix 4 - Significant Changes in Portfolio Composition (Unaudited)
For the financial year ended 30 April 2024

Purchases
Siemens
BASF
AirbusSAP
HeidelbergCement
Puma
KION
QIAGEN NV
Scout24
Duerr
Stroeer SE & Co.
Daimler
Hugo Boss
JenoptikFraportAllianz
KronesInfineon Technologies
Rheinmetall
RWE
BefesaHelloFresh
AurubisLANXESS
E.ON

Cost
€'000
788
763
582
423
380
265
217
215
201
171
156
145
120
116
112
110
100
92
90
88
83
80
80
79
71

Sales
Bayer
SAP
Siemens
Linde PLC
Deutsche Boerse
Hannover Rueck
Daimler
Deutsche Telekom
Deutsche Post
JOST Werke
SAF-Holland
GK Software
Gerresheimer
M1 Kliniken
Allgeier
PSI Software
AirbusInfineon Technologies
AlzChem Group
Datagroup
Puma
Eckert & Ziegler Strahlen- und Medizintechnik
RWE
SynlabNabaltec
FraportTechnotransALSO
SMA Solar Technology
AdessoProceeds
€'000
534
457
455
417
417
376
358
322
291
210
192
190
186
161
157
155
144
143
138
121
120
113
113
110
98
97
90
90
87
87

Listed above are aggregate purchases of securities exceeding one percent of the total value of purchases for the financial year ended
30 April 2024 and aggregate sales of securities greater than one percent of the total value of sales for the financial year ended 30
April 2024.
At a minimum, the largest 20 purchases and sales are disclosed, if applicable.

230

Barings International Umbrella Fund
Barings Global Dividend Champions Fund
Appendix 4 - Significant Changes in Portfolio Composition (Unaudited)
For the financial year ended 30 April 2024

Purchases
Kerry Group
SanofiUSS
Vinci
Sandvik AB
Wal-Mart De Mexico
Cembra Money Bank
DCC PLC

Cost
US$'000
693
426
411
135
101
100
73
50

Sales
L'OrealHalma
International Flavors & Fragrances
Reckitt Benckiser
Sandvik AB
MARR
L'Air Liquide S.A.
Close Brothers
Novo Nordisk

Proceeds
US$'000
496
427
404
321
301
283
191
127
67

Listed above are aggregate purchases of securities exceeding one percent of the total value of purchases for the financial year ended
30 April 2024 and aggregate sales of securities greater than one percent of the total value of sales for the financial year ended 30
April 2024.
At a minimum, the largest 20 purchases and sales are disclosed, if applicable.

231

Barings International Umbrella Fund
Barings China A-Share Fund
Appendix 4 - Significant Changes in Portfolio Composition (Unaudited)
For the financial year ended 30 April 2024
Cost
Purchases
China Merchants Shekou Industrial Zone
Zijin Mining
China Construction Bank
China Shenhua Energy Co Ltd
Foxconn Industrial Internet
Beijing Kingsoft Office Software
Poly Developments and Holdings Group Co Ltd
Jiangxi Copper
Iflytek
Zhongji Innolight
Aluminum Corporation of China
Xuji Electric
Midea
Will Semiconductor
JCET Group
Jinko Solar Co Ltd
Chongqing Zhifei Biological Products Co Ltd
Shenzhen Mindray Bio-Medical Electronics
Industrial Bank
China Yangtze Power Co Ltd
Anhui Conch Cement
China Railway
PetroChina
Zhuzhou CRRC Times Electric
Sonoscape Medical
Kingsemi
Luzhou Laojiao
Haier Smart Home
NARI Technology
Jiangsu Hengrui Medicine
China Merchants BankBYD Company
Advanced Micro-Fabrication Equipment Inc China
CITIC Securities Co Ltd
WuXi AppTec
Sungrow Power Supply Co Ltd
Yintai Gold
Bank of Ningbo
Hangzhou Robam Appliances
Focus Media Information Technology
China Southern Airlines

US$'000
285
254
246
174
169
128
128
126
126
117
116
114
113
100
98
95
92
90
87
86
86
85
85
85
80
77
77
75
74
74
74
74
73
72
68
63
63
58
57
57
56

Sales
Kweichow Moutai
PetroChina
Tencent
China Construction Bank
China Merchants Shekou Industrial Zone
Midea
WuXi AppTec
Aier Eye Hospital
BYD Company
Shenzhen Zhaowei Machinery & Electronic Co Ltd
Warom Technology Inc Co
China Tourism Duty Free
Bank of Ningbo
Zijin Mining
ENN Ecological
Shenzhen Mindray Bio-Medical Electronics
China Shenhua Energy Co Ltd
Contemporary Amperex Technology
Wuliangye Yibin
Jiangxi Copper
Foxconn Industrial Internet
Shenzhen Inovance Technology
H World Group Ltd
Ningbo Tuopu Group Co Ltd
Ping An Bank
Luxshare Precision Industry
Poly Developments and Holdings Group Co Ltd
Tsingtao Brewery - China
Wingtech Technology
Sungrow Power Supply Co Ltd
Yintai Gold
Hubei Jumpcan Pharmaceutical Co Ltd
Zhejiang Shuanghuan Driveline
Shengyi Technology Co Ltd
JCET GroupLi AutoCRRC Corp Ltd
China Resources Beer
Ping An Insurance Group Co of China
Vanke
Milkyway Chemical Supply Chain Service
Xinyi Energy Holdings Ltd
Centre Testing International
Shenzhen SC New Energy

Proceeds
US$'000
367
297
287
223
214
169
169
168
166
165
159
147
141
135
133
132
130
124
122
121
120
119
115
114
114
112
110
110
107
107
107
104
103
99
97
97
96
95
94
92
92
89
85
84

Listed above are aggregate purchases of securities exceeding one percent of the total value of purchases for the financial year ended
30 April 2024 and aggregate sales of securities greater than one percent of the total value of sales for the financial year ended 30
April 2024.
At a minimum, the largest 20 purchases and sales are disclosed, if applicable.

232

Barings International Umbrella Fund
Barings Global Equity Allocation Fund
Appendix 4 - Significant Changes in Portfolio Composition (Unaudited)
For the financial year ended 30 April 2024

Purchases
US Treasury Bill 0.00% 07/05/2024
Meta Platforms
US Treasury Bill 0.00% 26/03/2024
US Treasury Bill 0.00% 27/06/2024
Alphabet
Linde PLC
Microsoft
Apple Inc
Amazon.com
Alphabet
Lyxor International Asset Management
US Treasury Bill 0.00% 07/03/2024
Royal Dutch Shell
NVIDIA
International Business Machines
Tesla
Johnson & Johnson
Exxon Mobil
Coca-Cola
HSBC

Cost
US$'000
743
692
645
641
635
629
616
575
574
558
551
536
427
354
304
296
286
264
252
251

Sales
Lyxor International Asset Management
Apple Inc
Meta Platforms
Alphabet
Microsoft
Alphabet
Amazon.com
US Treasury Bill 0.00% 26/03/2024
Procter & Gamble
Taiwan Semiconductor Manufacturing
US Treasury Bill 0.00% 07/03/2024
Tesla
Coca-Cola
JPMorgan Chase & Co
Nestle SA
ASML
UnitedHealth
NVIDIA
Exxon Mobil
Costco Wholesale

Proceeds
US$'000
1,355
1,246
1,224
1,100
1,021
948
689
650
637
635
543
509
479
458
458
444
442
417
385
372

Listed above are aggregate purchases of securities exceeding one percent of the total value of purchases for the financial year ended
30 April 2024 and aggregate sales of securities greater than one percent of the total value of sales for the financial year ended 30
April 2024.
At a minimum, the largest 20 purchases and sales are disclosed, if applicable.

233

Barings International Umbrella Fund
Barings Eastern Europe Fund
Appendix 4 - Significant Changes in Portfolio Composition (Unaudited)
For the financial year ended 30 April 2024

Purchases
Yapi ve Kredi Bankasi
ORLEN SA
KOC Holding
Haci Omer Sabanci Holding AS
LPP SA
Kaspi.KZ JSC
KGHM Polska Miedz
Raiffeisen Bank International
Turkcell Iletisim Hizmetleri
Piraeus Financial Holdings SA
ADNOC Drilling Co PJSC
Richter Gedeon Nyrt
Tupras Turkiye Petrol Rafinerileri
MTN Group
Societatea De Producere A Energiei Electrice in
Hidrocentrale Hidroelectrica SA
National Bank of Greece
Dino Polska
Allegro.eu
BIM Birlesik Magazalar
Powszechna Kasa Oszczed Bank Polski

Cost
US$'000
8,006
7,366
7,093
4,951
4,701
2,946
2,756
2,715
2,494
2,221
1,961
1,457
1,456
1,409
1,345

Sales
BIM Birlesik Magazalar
Coca-Cola Icecek AS
KOC Holding
Turkcell Iletisim Hizmetleri
Powszechna Kasa Oszczed Bank Polski
Tupras Turkiye Petrol Rafinerileri
CD Projekt SA
OTP Bank
CEZ
Raiffeisen Bank International
National Bank of Greece
Bank Polska Kasa OpiekiHellenic Telecommunications Organization
InPostPowszechny Zaklad Ubezpieczen
Jumbo

947
773
716
702
628

Proceeds
US$'000
17,20815,507
6,034
5,605
4,707
3,706
3,656
2,783
2,695
2,456
2,015
1,447
1,434
1,427
1,228
502

Listed above are aggregate purchases of securities exceeding one percent of the total value of purchases for the financial year ended
30 April 2024 and aggregate sales of securities greater than one percent of the total value of sales for the financial year ended 30
April 2024.
At a minimum, the largest 20 purchases and sales are disclosed, if applicable.

234

Barings International Umbrella Fund
Appendix 5 – Disclosure of Remuneration (Unaudited)
For the financial year ended 30 April 2024
Baring International Fund Managers (Ireland) Limited’s (the “Manager’s”) Remuneration Policy ensures the remuneration arrangements
as defined in ESMA’s “Guidelines on Sound Remuneration Policy under the UCITS directive and AIFMD” (ESMA 2016/411) (the'ESMA Guidelines'), (as amended) are:(i)

consistent with and promote sound and effective risk management and do not encourage risk-taking which is inconsistent withthe risk profile, rules or instruments of incorporation of the Manager or the Unit Trust and(ii) consistent with the Manager’s business strategy, objectives, values and interests and includes measures to avoid conflicts ofinterest.
The Manager complies with the UCITS remuneration principles in a way and to the extent that is appropriate to its size and business.
Remuneration committee
Due to the size and nature of the Manager, the Board of Directors considers it appropriate to dis-apply the requirement to appoint a
remuneration committee.
The Manager is part of the Barings Europe Limited (UK) group of companies (“Barings”) which is governed by the Remuneration Paneland the Barings LLC Human Resources Committee. The Remuneration Panel and the Barings LLC Human Resources Committee
ensure the fair and proportionate application of the remuneration rules and ensure that potential conflicts arising from remuneration
are managed and mitigated appropriately.
Remuneration Code Staff
The Manager has determined its Remuneration Code Staff as the following:a)Senior management
Senior Management comprises of Board of Directors.

b)

Control Functions
All Central Bank of Ireland (“CBI”) Pre Approved Control Functions (“PCFs”) are included within the definition of Remuneration
Code Staff.

c)

Risk Takers
Risk Takers are defined as the investment managers of the UCITS. Investment management is delegated to firms’ subject to an
equivalent remuneration regime and therefore the Manager currently has no risk takers outside of senior management.

d)Employees in the same remuneration bracket as risk takers
The Manager will not treat a person as Remuneration Code Staff if a person’s professional activities do not have a material
impact on the risk profiles of the firm or the Funds.

e)Staff responsible for heading the investment management, administration, marketing and human resources
There are no staff in this category that are not captured in other categories.

235

Barings International Umbrella Fund
Appendix 5 – Disclosure of Remuneration (Unaudited) (continued)
For the financial year ended 30 April 2024
Remuneration Disclosure
The disclosure below details fixed and variable remuneration paid to the Manager’s Remuneration Code Staff (for the financial year
end 30 April 2024).
Number of
beneficiaries

Total Remuneration

Total Fixed
Remuneration

Total Variable
remuneration

Total remuneration paidby BIFMI in relation to
the Funds*

10€63,599€45,004€18,595

Total Senior
Management
Remuneration paid by
BIFMI**

5€772,514€513,771€258,743

Risk Takers
remuneration

0

€0

€0

€0

Employees in the same
remuneration bracket arisk takers

0

€0

€0

€0

Carried interest paid by
the Funds

n/a

n/a

n/a

n/a

The Manager’s Remuneration Policy is reviewed annually both in respect of the general principles and implementation. No materialchanges have been made throughout the year or as a result of the review; no irregularities were identified.
The above disclosures are made in line with Barings' interpretation of currently available regulatory guidance on quantitative
remuneration disclosures. As market or regulatory practice develops, Barings may consider it appropriate to make changes to theway in which quantitative remuneration disclosures are calculated. Where such changes are made, this may result in disclosures inrelation to a fund not being comparable to the disclosures made in the prior year, or in relation to other Barings fund disclosures inthat same year.
Notes:*The Manager does not make any direct payments to staff, who are paid by other Barings Group entities. Figures shown are apportioned
on a fund AUM basis as a proportion of Barings total AUM as at 30 April 2024. Accordingly, the figures are not representative of any
individual's actual remuneration.
**Senior management remuneration is apportioned on the basis of the Manager’s total AUM as a proportion of Barings total AUM.
Variable remuneration consists of Short Term Incentive awards, Long Term Incentive awards and any other variable payments
including benefits in kind.
The Funds do not charge performance fees. There has been no award of carry interest in the period.

236

Barings International Umbrella Fund
Appendix 6 – Sustainability Related Disclosures (Unaudited)
Periodic disclosure for the financial products referred to in Article 8, paragraphs 1, 2 and 2a, ofRegulation (EU) 2019/2088 and Article 6, first paragraph, of Regulation (EU) 2020/852
Sustainable
investment means aninvestment in an
economic activity that
contributes to an
environmental or social
objective, provided thatthe investment does not
significantly harm any
environmental or social
objective and that theinvestee companies
follow good governancepractices.

The EU Taxonomy isa classification systemlaid down in Regulation(EU) 2020/852,
establishing a list ofenvironmentally
sustainable economic
activities. That
Regulation does not lay
down a list of sociallysustainable economic
activities. Sustainable
investments with anenvironmental objective
might be aligned with
the Taxonomy or not.

Product name: Barings Asean Frontiers Fund

Legal entity identifier: 549300TGDLIOY1UPFB33

Environmental and/or social characteristics
Did this financial product have a sustainable investment objective?
Yes

No

It made sustainable investments withan environmental objective: ___%
in economic activities that
qualify as environmentally
sustainable under the EU
Taxonomy

It promoted Environmental/Social (E/S)
characteristics andwhile it did not have as its objective a sustainable
investment, it had a proportion of ___% of sustainable
investmentswith an environmental objective in economic
activities that qualify as environmentally
sustainable under the EU Taxonomy

in economic activities that do
not qualify as environmentally
sustainable under the EU
Taxonomywith an environmental objective in economic
activities that do not qualify asenvironmentally sustainable under the EU
Taxonomywith a social objective

It made sustainable investments witha social objective: ___%•

It promoted E/S characteristics, but did not make any
sustainable investments

To what extent were the environmental and/or social characteristics promoted by thisfinancial product met?

The Fund will invest at least 50% of its Net Asset Value in assets which exhibit positive or improving
environmental ("E") and/or social ("S") characteristics.
As at 30 April 2024, the Fund met it’s environmental and/or social characteristics as the percentage
of its Net Asset Value in assets which exhibit positive and improving environmental and/or social
characteristics was 74.11%.
Sustainability
indicators measure
how the environmental
or social characteristics
promoted by thefinancial product are
attained.

•

How did the sustainability indicators perform?

The sustainability indicator used to measure the attainment of the environmental and social
characteristics promoted by the Fund was the percentage of the Fund’s Net Asset Value invested inequities of issuers that exhibit positive or improving ESG characteristics. Issuers defined as having
positive or improving ESG characteristics must be assessed as having a higher than average quality
score, and not exceed a maximum adjustment to its Barings ESG cost of equity (“CoE”) threshold.
As at 30 April 2024, the Fund’s percentage of Net Asset Value invested in equities of issuers thatexhibit positive or improving ESG characteristics was 74.11%, which was 24.11% above theminimum threshold.

•And compared to previous periods?

The sustainability indicator has been redefined in the Prospectus since last year. Last year thepercentage was calculated on the portfolio whereas this year it is on Net Asset Value. As at 30 April
2023, the Fund’s percentage of investments in its portfolio with positive and improving ESG
characteristics was 83.72% (excluding cash, cash equivalents and hedging instruments), which was
33.72% above the minimum threshold.

237

Barings International Umbrella Fund
Appendix 6 – Sustainability Related Disclosures (Unaudited)•

What were the objectives of the sustainable investments that the financial productpartially made and how did the sustainable investment contribute to such objectives?
Not applicable.

•

How did the sustainable investments that the financial product partially made notcause significant harm to any environmental or social sustainable investment
objective?
Not applicable.

•

How were the indicators for adverse impacts on sustainability factors taken into
account?
Not applicable.

•
Principal adverse
impacts are themost significant
negative impacts ofinvestment decisions
on sustainability
factors relating toenvironmental, socialand employee
matters, respect forhuman rights, anti‐
corruption and anti‐
bribery matters.

Were sustainable investments aligned with the OECD Guidelines for Multinational
Enterprises and the UN Guiding Principles on Business and Human Rights? Details:
Not applicable.

The EU Taxonomy sets out a “do no significant harm” principle by which Taxonomy-aligned
investments should not significantly harm EU Taxonomy objectives and is accompanied by specificEU criteria.
The “do no significant harm” principle applies only to those investments underlying the financial
product that take into account the EU criteria for environmentally sustainable economic activities.
The investments underlying the remaining portion of this financial product do not take into accountthe EU criteria for environmentally sustainable economic activities.
Any other sustainable investments must also not significantly harm any environmental or social
objectives.

•

How did this financial product consider principal adverse impacts on sustainability
factors?

During the reference period, the Investment Manager considered the following principal adverse
impacts (PAIs) of each investment as part of its proprietary investment process: GHG emissions,carbon footprint and GHG intensity of investee issuers and exposure to issuers active in the fossil
fuel, board gender diversity and exposure to controversial weapons. The Investment Manager did
not directly invest in issuers that violate international conventions on cluster munitions, antipersonnel
mines and chemical and biological weapons. The Investment Manager did not knowingly holdsecurities that are materially involved in the production, stockpiling and use of these weapons at thetime of investment.

238

Barings International Umbrella Fund
Appendix 6 – Sustainability Related Disclosures (Unaudited)•

What were the top investments of this financial product?*

The list includes theinvestments
constituting thegreatest proportionof investments ofthe financial productduring the reference
period which is as at
30 April 2024.

* The listed top investments of the Fund are as at 30 April 2024. The Sector source is the MSCIGICS industry classification.

•

What was the proportion of sustainability-related investments?

•

What was the asset allocation?

Asset allocation
describes theshare ofinvestments inspecific assets.

#1 Aligned with E/Scharacteristics
74.11%
Investments#2 Other
25.89%#1 Aligned with E/S characteristics includes the investments of the financial product used toattain the environmental or social characteristics promoted by the financial product.
#2 Other includes the remaining investments of the financial product which are neither alignedwith the environmental or social characteristics, nor are qualified as sustainable investments.

239

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In which economic sectors were the investments made?

The following table details the economic sectors that the Fund was exposed to as at 30 April
2024.

The Sector source is the MSCI GICS industry classification.

•
Taxonomy-aligned
activities are
expressed as ashare of:- turnover reflects
the “greenness” ofinvesteecompanies today.
- capital
expenditure(CapEx) shows thegreen investments
made by investee
companies,
relevant for atransition to agreen economy.
- operational
expenditure(OpEx) reflects thegreen operational
activities ofinvesteecompanies.

To what extent were the sustainable investments with an environmental
objective aligned with the EU Taxonomy?

0% of the Fund’s investments are sustainable investments with an environmental objective that alignwith the EU Taxonomy.

•

Did the financial product invest in fossil gas and/or nuclear energy related
activities complying with the EU Taxonomy1?

Yes:
In fossil gas

In nuclear energy

No
1 Fossil gas and/or nuclear related activities will only comply with the EU Taxonomy where they
contribute to limiting climate change (“climate change mitigation”) and do not significantly harm
any EU Taxonomy objective – see explanatory note in the left hand margin. The full criteria for fossil
gas and nuclear energy economic activities that comply with the EU Taxonomy are laid downin Commission Delegated Regulation (EU) 2022/1214.

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To comply with the
EU Taxonomy, thecriteria for fossil gas
include limitations onemissions andswitching to
renewable power or
low-carbon fuels by.
the end of 2035. For
nuclear energy, thecriteria include
comprehensive
safety and waste
management rules.

The graphs below show in green the percentage of investments that were aligned with the EU
Taxonomy. As there is no appropriate methodology to determine the taxonomy-alignment ofsovereign bonds*, the first graph shows the Taxonomy alignment in relation to all the investmentsof the financial product including sovereign bonds, while the second graph shows the Taxonomy
alignment only in relation to the investments of the financial product other than sovereign bonds.

*For the purpose of these graphs, ‘sovereign bonds’ consist of all sovereign exposures

Enabling
activities directly
enable otheractivities to make a
substantial
contribution to an
environmental
objective.
Transitional
activities areactivities for which
low-carbon
alternatives are not
yet available andamong others havegreenhouse gas
emission levels
corresponding to thebest performance.

Sustainable
investments with anenvironmental
objective that do nottake into accountthe criteria forenvironmentally
sustainableeconomic activities
under Regulation(EU) 2020/852.

•

What was the share of investments made in transitional and enabling
activities?

The Fund did not make sustainable investments with an environmental objective aligned with
the EU Taxonomy during the reference period.

•

How did the percentage of investments that were aligned with the EU
Taxonomy compare with previous reference periods?

Not applicable

What was the share of sustainable investments with an environmental objective notaligned with the EU Taxonomy?
Not applicable.

What was the share of socially sustainable investments?
Not applicable.

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What investments were included under “other”, what was their purpose and were there
any minimum environmental or social safeguards?
The investments included under "Other" comprise of issuers which do not exhibit positive or
improving E and / or S characteristics but are included in the Fund where the Investment
Manager, after conducting proprietary fundamental analysis and taking into account portfolio
construction considerations, identified mispriced investment opportunities on a longer termbasis, centred on the Investment Manager’s understanding of the issuer’s strategy and thepotential to improve returns and grow earnings. However, the Investment Manager divested
from and did not invest in issuers which have a quality score of 5 – the worst level on theInvestment Manager's scale of 1 to 5 – and an ESG-related modification to the discount rate of+2%.
Additionally, the investments included under "Other" were cash, cash equivalents and hedging
instruments. Cash and cash equivalents do not affect the promoted environmental and / orsocial characteristics of the Fund. The assessment of issuers and of counterparties for cash
and hedging instruments focusses on the creditworthiness of these parties, which can be
impacted by ESG risks.

What actions have been taken to meet the environmental and/or social characteristics during
the reference period?
The Investment Manager monitored the environmental and/or social characteristics of theFund’s portfolio during the reference period. The Investment Manager's investment decisions
were based on internal research, which encompass both its proprietary financial forecasts and
ESG assessment. The Investment Manager aimed to meet with all issuers in which it sought toinvest at least annually and discuss a range of topics including ESG issues with management.
The Investment Manager, through access to third party ESG research providers (where
coverage allowed) such as MSCI, Sustainalytics and Bloomberg ESG, also sought tounderstand market consensus on the ESG profile of each issuer. Pre- and post-trade checks
were carried out on a daily basis to ensure the Fund continued to meet the minimum thresholdof 50%. Where the Fund fell below this threshold, due to market movements or because theissuers it held no longer met the criteria of a “green” investment, then the passive breach wascorrected at the earliest opportunity. The Investment Manager believes that equity markets
contain unrecognised growth potential and sought to identify this through the analysis of anissuer’s business model whilst incorporating wider ESG trends often referred to as fundamental
analysis. ESG trends may evolve over time and may include environmental footprint, societal
impact of products/services and effectiveness of supervisory/management boards. The
Investment Manager adopted an active management policy in relation to ESG topics and also
focused on engagement to improve issuer disclosure or behaviour. Engagements were
undertaken to influence (or identify the need to influence) ESG practices and/or improve ESG
disclosure. Through engagement, the Investment Manager aimed to enhance the performanceof its investments, for the benefit of investors in line with its stewardship responsibility.

Reference
benchmarks areindexes to measure
whether the financial
product attains theenvironmental orsocial characteristics
that they promote.

•How did this financial product perform compared to the reference benchmark?

Not applicable.
•

How does the reference benchmark differ from a broad market index?

Not applicable.

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How did this financial product perform with regard to the sustainability
indicators to determine the alignment of the reference benchmark with theenvironmental or social characteristics promoted?

Not applicable.

•

How did this financial product perform compared with the reference
benchmark?

Not applicable.

•

How did this financial product perform compared with the broad market index?

Not applicable.

243

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Appendix 6 – Sustainability Related Disclosures (Unaudited)
Periodic disclosure for the financial products referred to in Article 8, paragraphs 1, 2 and 2a, ofRegulation (EU) 2019/2088 and Article 6, first paragraph, of Regulation (EU) 2020/852
Sustainable
investment means aninvestment in an
economic activity that
contributes to an
environmental or social
objective, provided thatthe investment does not
significantly harm any
environmental or social
objective and that theinvestee companies
follow good governancepractices.

The EU Taxonomy isa classification systemlaid down in Regulation(EU) 2020/852,
establishing a list ofenvironmentally
sustainable economic
activities. That
Regulation does not lay
down a list of sociallysustainable economic
activities. Sustainable
investments with anenvironmental objective
might be aligned with
the Taxonomy or not.

Product name: Barings Asia Growth Fund

Legal entity identifier: 549300J3CRJZ40LI0960

Environmental and/or social characteristics
Did this financial product have a sustainable investment objective?
Yes

No

It made sustainable investments withan environmental objective: ___%
in economic activities that
qualify as environmentally
sustainable under the EU
Taxonomy

It promoted Environmental/Social (E/S)
characteristics andwhile it did not have as its objective a sustainable
investment, it had a proportion of ___% of sustainable
investmentswith an environmental objective in economic
activities that qualify as environmentally
sustainable under the EU Taxonomy

in economic activities that do
not qualify as environmentally
sustainable under the EU
Taxonomywith an environmental objective in economic
activities that do not qualify asenvironmentally sustainable under the EU
Taxonomywith a social objective

It made sustainable investments witha social objective: ___%•

It promoted E/S characteristics, but did not make any
sustainable investments

To what extent were the environmental and/or social characteristics promoted by thisfinancial product met?

The Fund will invest at least 50% of its Net Asset Value in assets which exhibit positive or improving
environmental ("E") and/or social ("S") characteristics.
As at 30 April 2024, the Fund met it’s environmental and/or social characteristics as the percentage
of its Net Asset Value in assets which exhibit positive and improving environmental and/or social
characteristics was 83.09%.
Sustainability
indicators measure
how the environmental
or social characteristics
promoted by thefinancial product are
attained.

•

How did the sustainability indicators perform?

The sustainability indicator used to measure the attainment of the environmental and social
characteristics promoted by the Fund was the percentage of the Fund’s Net Asset Value invested inequities of issuers that exhibit positive or improving ESG characteristics. Issuers defined as having
positive or improving ESG characteristics must be assessed as having a higher than average quality
score, and not exceed a maximum adjustment to its Barings ESG cost of equity (“CoE”) threshold.
As at 30 April 2024, the Fund’s percentage of Net Asset Value invested in equities of issuers thatexhibit positive or improving ESG characteristics was 83.09%, which was 33.09% above theminimum threshold.

•And compared to previous periods?

The sustainability indicator has been redefined in the Prospectus since last year. Last year thepercentage was calculated on the portfolio whereas this year it is on Net Asset Value. As at 30 April
2023, the Fund’s percentage of investments in its portfolio with positive and improving ESG
characteristics was 76.09% (excluding cash, cash equivalents and hedging instruments), which was
26.09% above the minimum threshold.

244

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What were the objectives of the sustainable investments that the financial productpartially made and how did the sustainable investment contribute to such objectives?
Not applicable.

•

How did the sustainable investments that the financial product partially made notcause significant harm to any environmental or social sustainable investment
objective?
Not applicable.

•

How were the indicators for adverse impacts on sustainability factors taken into
account?
Not applicable.

•
Principal adverse
impacts are themost significant
negative impacts ofinvestment decisions
on sustainability
factors relating toenvironmental, socialand employee
matters, respect forhuman rights, anti‐
corruption and anti‐
bribery matters.

Were sustainable investments aligned with the OECD Guidelines for Multinational
Enterprises and the UN Guiding Principles on Business and Human Rights? Details:
Not applicable.

The EU Taxonomy sets out a “do no significant harm” principle by which Taxonomy-aligned
investments should not significantly harm EU Taxonomy objectives and is accompanied by specificEU criteria.
The “do no significant harm” principle applies only to those investments underlying the financial
product that take into account the EU criteria for environmentally sustainable economic activities.
The investments underlying the remaining portion of this financial product do not take into accountthe EU criteria for environmentally sustainable economic activities.
Any other sustainable investments must also not significantly harm any environmental or social
objectives.

•

How did this financial product consider principal adverse impacts on sustainability
factors?

During the reference period, the Investment Manager considered the following principal adverse
impacts (PAIs) of each investment as part of its proprietary investment process: GHG emissions,carbon footprint and GHG intensity of investee issuers and exposure to issuers active in the fossil
fuel, board gender diversity and exposure to controversial weapons. The Investment Manager did
not directly invest in issuers that violate international conventions on cluster munitions, antipersonnel
mines and chemical and biological weapons. The Investment Manager did not knowingly holdsecurities that are materially involved in the production, stockpiling and use of these weapons at thetime of investment.

245

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What were the top investments of this financial product?*

The list includes theinvestments
constituting thegreatest proportionof investments ofthe financial productduring the reference
period which is as at
30 April 2024.

* The listed top investments of the Fund are as at 30 April 2024. The Sector source is the MSCIGICS industry classification.

Asset allocation
describes theshare ofinvestments inspecific assets.

•

What was the proportion of sustainability-related investments?

•

What was the asset allocation?

#1 Aligned with E/Scharacteristics
83.09%
Investments#2 Other
16.91%#1 Aligned with E/S characteristics includes the investments of the financial product used toattain the environmental or social characteristics promoted by the financial product.
#2 Other includes the remaining investments of the financial product which are neither alignedwith the environmental or social characteristics, nor are qualified as sustainable investments.

246

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In which economic sectors were the investments made?

The following table details the economic sectors that the Fund was exposed to as at 30 April
2024.

The Sector source is the MSCI GICS industry classification.

•
Taxonomy-aligned
activities are
expressed as ashare of:- turnover reflects
the “greenness” ofinvesteecompanies today.
- capital
expenditure(CapEx) shows thegreen investments
made by investee
companies,
relevant for atransition to agreen economy.
- operational
expenditure(OpEx) reflects thegreen operational
activities ofinvesteecompanies.

To what extent were the sustainable investments with an environmental
objective aligned with the EU Taxonomy?

0% of the Fund’s investments are sustainable investments with an environmental objective that alignwith the EU Taxonomy.

•

Did the financial product invest in fossil gas and/or nuclear energy related
activities complying with the EU Taxonomy1?

Yes:
In fossil gas

In nuclear energy

No
1 Fossil gas and/or nuclear related activities will only comply with the EU Taxonomy where they
contribute to limiting climate change (“climate change mitigation”) and do not significantly harm
any EU Taxonomy objective – see explanatory note in the left hand margin. The full criteria for fossil
gas and nuclear energy economic activities that comply with the EU Taxonomy are laid downin Commission Delegated Regulation (EU) 2022/1214.

To comply with the
EU Taxonomy, thecriteria for fossil gas
include limitations onemissions andswitching to
renewable power or
low-carbon fuels by.
the end of 2035. For
nuclear energy, thecriteria include
comprehensive
safety and waste
management rules.

247

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Appendix 6 – Sustainability Related Disclosures (Unaudited)
The graphs below show in green the percentage of investments that were aligned with the EU
Taxonomy. As there is no appropriate methodology to determine the taxonomy-alignment ofsovereign bonds*, the first graph shows the Taxonomy alignment in relation to all the investmentsof the financial product including sovereign bonds, while the second graph shows the Taxonomy
alignment only in relation to the investments of the financial product other than sovereign bonds.

*For the purpose of these graphs, ‘sovereign bonds’ consist of all sovereign exposures

Enabling
activities directly
enable otheractivities to make a
substantial
contribution to an
environmental
objective.
Transitional
activities areactivities for which
low-carbon
alternatives are not
yet available andamong others havegreenhouse gas
emission levels
corresponding to thebest performance.

Sustainable
investments with anenvironmental
objective that do nottake into accountthe criteria forenvironmentally
sustainableeconomic activities
under Regulation(EU) 2020/852.

•

What was the share of investments made in transitional and enabling
activities?

The Fund did not make sustainable investments with an environmental objective aligned with
the EU Taxonomy during the reference period.

•

How did the percentage of investments that were aligned with the EU
Taxonomy compare with previous reference periods?

Not applicable

What was the share of sustainable investments with an environmental objective notaligned with the EU Taxonomy?
Not applicable.

What was the share of socially sustainable investments?
Not applicable.

248

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Appendix 6 – Sustainability Related Disclosures (Unaudited)
What investments were included under “other”, what was their purpose and were there
any minimum environmental or social safeguards?
The investments included under "Other" comprise of issuers which do not exhibit positive or
improving E and / or S characteristics but are included in the Fund where the Investment
Manager, after conducting proprietary fundamental analysis and taking into account portfolio
construction considerations, identified mispriced investment opportunities on a longer termbasis, centred on the Investment Manager’s understanding of the issuer’s strategy and thepotential to improve returns and grow earnings. However, the Investment Manager divested
from and did not invest in issuers which have a quality score of 5 – the worst level on theInvestment Manager's scale of 1 to 5 – and an ESG-related modification to the discount rate of+2%.
Additionally, the investments included under "Other" were cash, cash equivalents and hedging
instruments. Cash and cash equivalents do not affect the promoted environmental and / orsocial characteristics of the Fund. The assessment of issuers and of counterparties for cash
and hedging instruments focusses on the creditworthiness of these parties, which can be
impacted by ESG risks.

What actions have been taken to meet the environmental and/or social characteristics during
the reference period?
The Investment Manager monitored the environmental and/or social characteristics of theFund’s portfolio during the reference period. The Investment Manager's investment decisions
were based on internal research, which encompass both its proprietary financial forecasts and
ESG assessment. The Investment Manager aimed to meet with all issuers in which it sought toinvest at least annually and discuss a range of topics including ESG issues with management.
The Investment Manager, through access to third party ESG research providers (where
coverage allowed) such as MSCI, Sustainalytics and Bloomberg ESG, also sought tounderstand market consensus on the ESG profile of each issuer. Pre- and post-trade checks
were carried out on a daily basis to ensure the Fund continued to meet the minimum thresholdof 50%. Where the Fund fell below this threshold, due to market movements or because theissuers it held no longer met the criteria of a “green” investment, then the passive breach wascorrected at the earliest opportunity. The Investment Manager believes that equity markets
contain unrecognised growth potential and sought to identify this through the analysis of anissuer’s business model whilst incorporating wider ESG trends often referred to as fundamental
analysis. ESG trends may evolve over time and may include environmental footprint, societal
impact of products/services and effectiveness of supervisory/management boards. The
Investment Manager adopted an active management policy in relation to ESG topics and also
focused on engagement to improve issuer disclosure or behaviour. Engagements were
undertaken to influence (or identify the need to influence) ESG practices and/or improve ESG
disclosure. Through engagement, the Investment Manager aimed to enhance the performanceof its investments, for the benefit of investors in line with its stewardship responsibility.

•

How did this financial product perform compared to the reference benchmark?

Not applicable.
Reference
benchmarks areindexes to measure
whether the financial
product attains theenvironmental orsocial characteristics
that they promote.

•How does the reference benchmark differ from a broad market index?

Not applicable.

249

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Appendix 6 – Sustainability Related Disclosures (Unaudited)•

How did this financial product perform with regard to the sustainability
indicators to determine the alignment of the reference benchmark with theenvironmental or social characteristics promoted?

Not applicable.

•

How did this financial product perform compared with the reference
benchmark?

Not applicable.

•

How did this financial product perform compared with the broad market index?

Not applicable.

250

Barings International Umbrella Fund
Appendix 6 – Sustainability Related Disclosures (Unaudited)
Periodic disclosure for the financial products referred to in Article 8, paragraphs 1, 2 and 2a, ofRegulation (EU) 2019/2088 and Article 6, first paragraph, of Regulation (EU) 2020/852
Sustainable
investment means aninvestment in an
economic activity that
contributes to an
environmental or social
objective, provided thatthe investment does not
significantly harm any
environmental or social
objective and that theinvestee companies
follow good governancepractices.

The EU Taxonomy isa classification systemlaid down in Regulation(EU) 2020/852,
establishing a list ofenvironmentally
sustainable economic
activities. That
Regulation does not lay
down a list of sociallysustainable economic
activities. Sustainable
investments with anenvironmental objective
might be aligned with
the Taxonomy or not.

Product name: Barings Australia Fund

Legal entity identifier: 5493003HQJUX6CWNR787

Environmental and/or social characteristics
Did this financial product have a sustainable investment objective?
Yes

No

It made sustainable investments withan environmental objective: ___%
in economic activities that
qualify as environmentally
sustainable under the EU
Taxonomy

It promoted Environmental/Social (E/S)
characteristics andwhile it did not have as its objective a sustainable
investment, it had a proportion of ___% of sustainable
investmentswith an environmental objective in economic
activities that qualify as environmentally
sustainable under the EU Taxonomy

in economic activities that do
not qualify as environmentally
sustainable under the EU
Taxonomywith an environmental objective in economic
activities that do not qualify asenvironmentally sustainable under the EU
Taxonomywith a social objective

It made sustainable investments witha social objective: ___%•

It promoted E/S characteristics, but did not make any
sustainable investments

To what extent were the environmental and/or social characteristics promoted by thisfinancial product met?

The Fund will invest at least 50% of its Net Asset Value in assets which exhibit positive or improving
environmental ("E") and/or social ("S") characteristics.
As at 30 April 2024, the Fund met it’s environmental and/or social characteristics as the percentage
of its Net Asset Value in assets which exhibit positive and improving environmental and/or social
characteristics was 89.17%.
Sustainability
indicators measure
how the environmental
or social characteristics
promoted by thefinancial product are
attained.

•

How did the sustainability indicators perform?

The sustainability indicator used to measure the attainment of the environmental and social
characteristics promoted by the Fund was the percentage of the Fund’s Net Asset Value invested inequities of issuers that exhibit positive or improving ESG characteristics. Issuers defined as having
positive or improving ESG characteristics must be assessed as having a higher than average quality
score, and not exceed a maximum adjustment to its Barings ESG cost of equity (“CoE”) threshold.
As at 30 April 2024, the Fund’s percentage of Net Asset Value invested in equities of issuers thatexhibit positive or improving ESG characteristics was 89.17%, which was 39.17% above theminimum threshold.

•And compared to previous periods?

The sustainability indicator has been redefined in the Prospectus since last year. Last year thepercentage was calculated on the portfolio whereas this year it is on Net Asset Value. As at 30 April
2023, the Fund’s percentage of investments in its portfolio with positive and improving ESG
characteristics was 95.50% (excluding cash, cash equivalents and hedging instruments), which was
45.50% above the minimum threshold.

251

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Appendix 6 – Sustainability Related Disclosures (Unaudited)•

What were the objectives of the sustainable investments that the financial productpartially made and how did the sustainable investment contribute to such objectives?
Not applicable.

•

How did the sustainable investments that the financial product partially made notcause significant harm to any environmental or social sustainable investment
objective?
Not applicable.

•

How were the indicators for adverse impacts on sustainability factors taken into
account?
Not applicable.

•
Principal adverse
impacts are themost significant
negative impacts ofinvestment decisions
on sustainability
factors relating toenvironmental, socialand employee
matters, respect forhuman rights, anti‐
corruption and anti‐
bribery matters.

Were sustainable investments aligned with the OECD Guidelines for Multinational
Enterprises and the UN Guiding Principles on Business and Human Rights? Details:
Not applicable.

The EU Taxonomy sets out a “do no significant harm” principle by which Taxonomy-aligned
investments should not significantly harm EU Taxonomy objectives and is accompanied by specificEU criteria.
The “do no significant harm” principle applies only to those investments underlying the financial
product that take into account the EU criteria for environmentally sustainable economic activities.
The investments underlying the remaining portion of this financial product do not take into accountthe EU criteria for environmentally sustainable economic activities.
Any other sustainable investments must also not significantly harm any environmental or social
objectives.

•

How did this financial product consider principal adverse impacts on sustainability
factors?

During the reference period, the Investment Manager considered the following principal adverse
impacts (PAIs) of each investment as part of its proprietary investment process: GHG emissions,carbon footprint and GHG intensity of investee issuers and exposure to issuers active in the fossil
fuel, board gender diversity and exposure to controversial weapons. The Investment Manager did
not directly invest in issuers that violate international conventions on cluster munitions, antipersonnel
mines and chemical and biological weapons. The Investment Manager did not knowingly holdsecurities that are materially involved in the production, stockpiling and use of these weapons at thetime of investment.

252

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Appendix 6 – Sustainability Related Disclosures (Unaudited)•

What were the top investments of this financial product?*

The list includes theinvestments
constituting thegreatest proportionof investments ofthe financial productduring the reference
period which is as at
30 April 2024.

* The listed top investments of the Fund are as at 30 April 2024. The Sector source is the MSCIGICS industry classification.

Asset allocation
describes theshare ofinvestments inspecific assets.

•

What was the proportion of sustainability-related investments?

•

What was the asset allocation?

#1 Aligned with E/Scharacteristics
89.17%
Investments#2 Other
10.83%#1 Aligned with E/S characteristics includes the investments of the financial product used toattain the environmental or social characteristics promoted by the financial product.
#2 Other includes the remaining investments of the financial product which are neither alignedwith the environmental or social characteristics, nor are qualified as sustainable investments.

253

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Appendix 6 – Sustainability Related Disclosures (Unaudited)•

In which economic sectors were the investments made?

The following table details the economic sectors that the Fund was exposed to as at 30 April
2024.

The Sector source is the MSCI GICS industry classification.

•
Taxonomy-aligned
activities are
expressed as ashare of:- turnover reflects
the “greenness” ofinvesteecompanies today.
- capital
expenditure(CapEx) shows thegreen investments
made by investee
companies,
relevant for atransition to agreen economy.
- operational
expenditure(OpEx) reflects thegreen operational
activities ofinvesteecompanies.
To comply with the
EU Taxonomy, thecriteria for fossil gas
include limitations onemissions andswitching to
renewable power or
low-carbon fuels by.
the end of 2035. For
nuclear energy, thecriteria include
comprehensive
safety and waste
management rules.

To what extent were the sustainable investments with an environmental
objective aligned with the EU Taxonomy?

0% of the Fund’s investments are sustainable investments with an environmental objective that alignwith the EU Taxonomy.

•

Did the financial product invest in fossil gas and/or nuclear energy related
activities complying with the EU Taxonomy1?

Yes:
In fossil gas

In nuclear energy

No
1 Fossil gas and/or nuclear related activities will only comply with the EU Taxonomy where they
contribute to limiting climate change (“climate change mitigation”) and do not significantly harm
any EU Taxonomy objective – see explanatory note in the left hand margin. The full criteria for fossil
gas and nuclear energy economic activities that comply with the EU Taxonomy are laid downin Commission Delegated Regulation (EU) 2022/1214.

The graphs below show in green the percentage of investments that were aligned with the EU
Taxonomy. As there is no appropriate methodology to determine the taxonomy-alignment ofsovereign bonds*, the first graph shows the Taxonomy alignment in relation to all the investments

254

Barings International Umbrella Fund
Appendix 6 – Sustainability Related Disclosures (Unaudited)of the financial product including sovereign bonds, while the second graph shows the Taxonomy
alignment only in relation to the investments of the financial product other than sovereign bonds.

*For the purpose of these graphs, ‘sovereign bonds’ consist of all sovereign exposures•

Enabling
activities directly
enable otheractivities to make a
substantial
contribution to an
environmental
objective.
Transitional
activities areactivities for which
low-carbon
alternatives are not
yet available andamong others havegreenhouse gas
emission levels
corresponding to thebest performance.

What was the share of investments made in transitional and enabling
activities?

The Fund did not make sustainable investments with an environmental objective aligned with
the EU Taxonomy during the reference period.

•

How did the percentage of investments that were aligned with the EU
Taxonomy compare with previous reference periods?

Not applicable

What was the share of sustainable investments with an environmental objective notaligned with the EU Taxonomy?
Not applicable.

What was the share of socially sustainable investments?
Sustainable
investments with anenvironmental
objective that do nottake into accountthe criteria forenvironmentally
sustainableeconomic activities
under Regulation(EU) 2020/852.

Not applicable.

255

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Appendix 6 – Sustainability Related Disclosures (Unaudited)
What investments were included under “other”, what was their purpose and were there
any minimum environmental or social safeguards?
The investments included under "Other" comprise of issuers which do not exhibit positive or
improving E and / or S characteristics but are included in the Fund where the Investment
Manager, after conducting proprietary fundamental analysis and taking into account portfolio
construction considerations, identified mispriced investment opportunities on a longer termbasis, centred on the Investment Manager’s understanding of the issuer’s strategy and thepotential to improve returns and grow earnings. However, the Investment Manager divested
from and did not invest in issuers which have a quality score of 5 – the worst level on theInvestment Manager's scale of 1 to 5 – and an ESG-related modification to the discount rate of+2%.
Additionally, the investments included under "Other" were cash, cash equivalents and hedging
instruments. Cash and cash equivalents do not affect the promoted environmental and / orsocial characteristics of the Fund. The assessment of issuers and of counterparties for cash
and hedging instruments focusses on the creditworthiness of these parties, which can be
impacted by ESG risks.

What actions have been taken to meet the environmental and/or social characteristics during
the reference period?
The Investment Manager monitored the environmental and/or social characteristics of theFund’s portfolio during the reference period. The Investment Manager's investment decisions
were based on internal research, which encompass both its proprietary financial forecasts and
ESG assessment. The Investment Manager aimed to meet with all issuers in which it sought toinvest at least annually and discuss a range of topics including ESG issues with management.
The Investment Manager, through access to third party ESG research providers (where
coverage allowed) such as MSCI, Sustainalytics and Bloomberg ESG, also sought tounderstand market consensus on the ESG profile of each issuer. Pre- and post-trade checks
were carried out on a daily basis to ensure the Fund continued to meet the minimum thresholdof 50%. Where the Fund fell below this threshold, due to market movements or because theissuers it held no longer met the criteria of a “green” investment, then the passive breach wascorrected at the earliest opportunity. The Investment Manager believes that equity markets
contain unrecognised growth potential and sought to identify this through the analysis of anissuer’s business model whilst incorporating wider ESG trends often referred to as fundamental
analysis. ESG trends may evolve over time and may include environmental footprint, societal
impact of products/services and effectiveness of supervisory/management boards. The
Investment Manager adopted an active management policy in relation to ESG topics and also
focused on engagement to improve issuer disclosure or behaviour. Engagements were
undertaken to influence (or identify the need to influence) ESG practices and/or improve ESG
disclosure. Through engagement, the Investment Manager aimed to enhance the performanceof its investments, for the benefit of investors in line with its stewardship responsibility.

•

Reference
benchmarks areindexes to measure
whether the financial
product attains theenvironmental orsocial characteristics
that they promote.

How did this financial product perform compared to the reference benchmark?

Not applicable.
•

How does the reference benchmark differ from a broad market index?

Not applicable.

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How did this financial product perform with regard to the sustainability
indicators to determine the alignment of the reference benchmark with theenvironmental or social characteristics promoted?

Not applicable.

•

How did this financial product perform compared with the reference
benchmark?

Not applicable.

•

How did this financial product perform compared with the broad market index?

Not applicable.

257

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Periodic disclosure for the financial products referred to in Article 8, paragraphs 1, 2 and 2a, ofRegulation (EU) 2019/2088 and Article 6, first paragraph, of Regulation (EU) 2020/852
Sustainable
investment means aninvestment in an
economic activity that
contributes to an
environmental or social
objective, provided thatthe investment does not
significantly harm any
environmental or social
objective and that theinvestee companies
follow good governancepractices.

The EU Taxonomy isa classification systemlaid down in Regulation(EU) 2020/852,
establishing a list ofenvironmentally
sustainable economic
activities. That
Regulation does not lay
down a list of sociallysustainable economic
activities. Sustainable
investments with anenvironmental objective
might be aligned with
the Taxonomy or not.

Product name: Barings Europa Fund

Legal entity identifier: 549300CNMCZVRZ8L2R50

Environmental and/or social characteristics
Did this financial product have a sustainable investment objective?
Yes

No

It made sustainable investments withan environmental objective: ___%
in economic activities that
qualify as environmentally
sustainable under the EU
Taxonomy

It promoted Environmental/Social (E/S)
characteristics andwhile it did not have as its objective a sustainable
investment, it had a proportion of ___% of sustainable
investmentswith an environmental objective in economic
activities that qualify as environmentally
sustainable under the EU Taxonomy

in economic activities that do
not qualify as environmentally
sustainable under the EU
Taxonomywith an environmental objective in economic
activities that do not qualify asenvironmentally sustainable under the EU
Taxonomywith a social objective

It made sustainable investments witha social objective: ___%•

It promoted E/S characteristics, but did not make any
sustainable investments

To what extent were the environmental and/or social characteristics promoted by thisfinancial product met?

The Fund will invest at least 50% of its Net Asset Value in assets which exhibit positive or improving
environmental ("E") and/or social ("S") characteristics.
As at 30 April 2024, the Fund met it’s environmental and/or social characteristics as the percentage
of its Net Asset Value in assets which exhibit positive and improving environmental and/or social
characteristics was 93.53%.
Sustainability
indicators measure
how the environmental
or social characteristics
promoted by thefinancial product are
attained.

•

How did the sustainability indicators perform?

The sustainability indicator used to measure the attainment of the environmental and social
characteristics promoted by the Fund was the percentage of the Fund’s Net Asset Value invested inequities of issuers that exhibit positive or improving ESG characteristics. Issuers defined as having
positive or improving ESG characteristics must be assessed as having a higher than average quality
score, and not exceed a maximum adjustment to its Barings ESG cost of equity (“CoE”) threshold.
As at 30 April 2024, the Fund’s percentage of Net Asset Value invested in equities of issuers thatexhibit positive or improving ESG characteristics was 93.53%, which was 43.53% above theminimum threshold.

•And compared to previous periods?

The sustainability indicator has been redefined in the Prospectus since last year. Last year thepercentage was calculated on the portfolio whereas this year it is on Net Asset Value. As at 30 April
2023, the Fund’s percentage of investments in its portfolio with positive and improving ESG
characteristics was 95.95% (excluding cash, cash equivalents and hedging instruments), which was
45.95% above the minimum threshold.

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What were the objectives of the sustainable investments that the financial productpartially made and how did the sustainable investment contribute to such objectives?
Not applicable.

•

How did the sustainable investments that the financial product partially made notcause significant harm to any environmental or social sustainable investment
objective?
Not applicable.

•

How were the indicators for adverse impacts on sustainability factors taken into
account?
Not applicable.

•
Principal adverse
impacts are themost significant
negative impacts ofinvestment decisions
on sustainability
factors relating toenvironmental, socialand employee
matters, respect forhuman rights, anti‐
corruption and anti‐
bribery matters.

Were sustainable investments aligned with the OECD Guidelines for Multinational
Enterprises and the UN Guiding Principles on Business and Human Rights? Details:
Not applicable.

The EU Taxonomy sets out a “do no significant harm” principle by which Taxonomy-aligned
investments should not significantly harm EU Taxonomy objectives and is accompanied by specificEU criteria.
The “do no significant harm” principle applies only to those investments underlying the financial
product that take into account the EU criteria for environmentally sustainable economic activities.
The investments underlying the remaining portion of this financial product do not take into accountthe EU criteria for environmentally sustainable economic activities.
Any other sustainable investments must also not significantly harm any environmental or social
objectives.

•

How did this financial product consider principal adverse impacts on sustainability
factors?

During the reference period, the Investment Manager considered the following principal adverse
impacts (PAIs) of each investment as part of its proprietary investment process: GHG emissions,carbon footprint and GHG intensity of investee issuers and exposure to issuers active in the fossil
fuel, board gender diversity and exposure to controversial weapons. The Investment Manager did
not directly invest in issuers that violate international conventions on cluster munitions, antipersonnel
mines and chemical and biological weapons. The Investment Manager did not knowingly holdsecurities that are materially involved in the production, stockpiling and use of these weapons at thetime of investment.

259

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Appendix 6 – Sustainability Related Disclosures (Unaudited)•

What were the top investments of this financial product?*

The list includes theinvestments
constituting thegreatest proportionof investments ofthe financial productduring the reference
period which is as at
30 April 2024.

* The listed top investments of the Fund are as at 30 April 2024. The Sector source is the MSCIGICS industry classification.

Asset allocation
describes theshare ofinvestments inspecific assets.

•

What was the proportion of sustainability-related investments?

•

What was the asset allocation?

#1 Aligned with E/Scharacteristics
93.53%
Investments#2 Other
6.47%#1 Aligned with E/S characteristics includes the investments of the financial product used toattain the environmental or social characteristics promoted by the financial product.
#2 Other includes the remaining investments of the financial product which are neither alignedwith the environmental or social characteristics, nor are qualified as sustainable investments.

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In which economic sectors were the investments made?

The following table details the economic sectors that the Fund was exposed to as at 30 April
2024.

The Sector source is the MSCI GICS industry classification.
Taxonomy-aligned
activities are
expressed as ashare of:- turnover reflects
the “greenness” ofinvesteecompanies today.
- capital
expenditure(CapEx) shows thegreen investments
made by investee
companies,
relevant for atransition to agreen economy.
- operational
expenditure(OpEx) reflects thegreen operational
activities ofinvesteecompanies.

•

To what extent were the sustainable investments with an environmental
objective aligned with the EU Taxonomy?

0% of the Fund’s investments are sustainable investments with an environmental objective that alignwith the EU Taxonomy.

•

Did the financial product invest in fossil gas and/or nuclear energy related
activities complying with the EU Taxonomy1?

Yes:
In fossil gas

In nuclear energy

No
1 Fossil gas and/or nuclear related activities will only comply with the EU Taxonomy where they
contribute to limiting climate change (“climate change mitigation”) and do not significantly harm
any EU Taxonomy objective – see explanatory note in the left hand margin. The full criteria for fossil
gas and nuclear energy economic activities that comply with the EU Taxonomy are laid downin Commission Delegated Regulation (EU) 2022/1214.

To comply with the
EU Taxonomy, thecriteria for fossil gas
include limitations onemissions andswitching to
renewable power or
low-carbon fuels by.
the end of 2035. For
nuclear energy, thecriteria include
comprehensive
safety and waste
management rules.

261

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Appendix 6 – Sustainability Related Disclosures (Unaudited)

The graphs below show in green the percentage of investments that were aligned with the EU
Taxonomy. As there is no appropriate methodology to determine the taxonomy-alignment ofsovereign bonds*, the first graph shows the Taxonomy alignment in relation to all the investmentsof the financial product including sovereign bonds, while the second graph shows the Taxonomy
alignment only in relation to the investments of the financial product other than sovereign bonds.

*For the purpose of these graphs, ‘sovereign bonds’ consist of all sovereign exposures
Enabling
activities directly
enable otheractivities to make a
substantial
contribution to an
environmental
objective.
Transitional
activities areactivities for which
low-carbon
alternatives are not
yet available andamong others havegreenhouse gas
emission levels
corresponding to thebest performance.

•

What was the share of investments made in transitional and enabling
activities?

The Fund did not make sustainable investments with an environmental objective aligned with
the EU Taxonomy during the reference period.

•

How did the percentage of investments that were aligned with the EU
Taxonomy compare with previous reference periods?

Not applicable

What was the share of sustainable investments with an environmental objective notaligned with the EU Taxonomy?
Not applicable.

Sustainable
investments with anenvironmental
objective that do nottake into accountthe criteria forenvironmentally
sustainableeconomic activities
under Regulation(EU) 2020/852.

What was the share of socially sustainable investments?
Not applicable.

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What investments were included under “other”, what was their purpose and were there
any minimum environmental or social safeguards?
The investments included under "Other" comprise of issuers which do not exhibit positive or
improving E and / or S characteristics but are included in the Fund where the Investment
Manager, after conducting proprietary fundamental analysis and taking into account portfolio
construction considerations, identified mispriced investment opportunities on a longer termbasis, centred on the Investment Manager’s understanding of the issuer’s strategy and thepotential to improve returns and grow earnings. However, the Investment Manager divested
from and did not invest in issuers which have a quality score of 5 – the worst level on theInvestment Manager's scale of 1 to 5 – and an ESG-related modification to the discount rate of+2%.
Additionally, the investments included under "Other" were cash, cash equivalents and hedging
instruments. Cash and cash equivalents do not affect the promoted environmental and / orsocial characteristics of the Fund. The assessment of issuers and of counterparties for cash
and hedging instruments focusses on the creditworthiness of these parties, which can be
impacted by ESG risks.

What actions have been taken to meet the environmental and/or social characteristics during
the reference period?
The Investment Manager monitored the environmental and/or social characteristics of theFund’s portfolio during the reference period. The Investment Manager's investment decisions
were based on internal research, which encompass both its proprietary financial forecasts and
ESG assessment. The Investment Manager aimed to meet with all issuers in which it sought toinvest at least annually and discuss a range of topics including ESG issues with management.
The Investment Manager, through access to third party ESG research providers (where
coverage allowed) such as MSCI, Sustainalytics and Bloomberg ESG, also sought tounderstand market consensus on the ESG profile of each issuer. Pre- and post-trade checks
were carried out on a daily basis to ensure the Fund continued to meet the minimum thresholdof 50%. Where the Fund fell below this threshold, due to market movements or because theissuers it held no longer met the criteria of a “green” investment, then the passive breach wascorrected at the earliest opportunity. The Investment Manager believes that equity markets
contain unrecognised growth potential and sought to identify this through the analysis of anissuer’s business model whilst incorporating wider ESG trends often referred to as fundamental
analysis. ESG trends may evolve over time and may include environmental footprint, societal
impact of products/services and effectiveness of supervisory/management boards. The
Investment Manager adopted an active management policy in relation to ESG topics and also
focused on engagement to improve issuer disclosure or behaviour. Engagements were
undertaken to influence (or identify the need to influence) ESG practices and/or improve ESG
disclosure. Through engagement, the Investment Manager aimed to enhance the performanceof its investments, for the benefit of investors in line with its stewardship responsibility.

Reference
benchmarks areindexes to measure
whether the financial
product attains theenvironmental orsocial characteristics
that they promote.

•How did this financial product perform compared to the reference benchmark?

Not applicable.

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How does the reference benchmark differ from a broad market index?

Not applicable.

•

How did this financial product perform with regard to the sustainability
indicators to determine the alignment of the reference benchmark with theenvironmental or social characteristics promoted?

Not applicable.

•

How did this financial product perform compared with the reference
benchmark?

Not applicable.

•

How did this financial product perform compared with the broad market index?

Not applicable.

264

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Appendix 6 – Sustainability Related Disclosures (Unaudited)
Periodic disclosure for the financial products referred to in Article 8, paragraphs 1, 2 and 2a, ofRegulation (EU) 2019/2088 and Article 6, first paragraph, of Regulation (EU) 2020/852
Sustainable
investment means aninvestment in an
economic activity that
contributes to an
environmental or social
objective, provided thatthe investment does not
significantly harm any
environmental or social
objective and that theinvestee companies
follow good governancepractices.

The EU Taxonomy isa classification systemlaid down in Regulation(EU) 2020/852,
establishing a list ofenvironmentally
sustainable economic
activities. That
Regulation does not lay
down a list of sociallysustainable economic
activities. Sustainable
investments with anenvironmental objective
might be aligned with
the Taxonomy or not.

Product name: Barings Hong Kong China Fund

Legal entity identifier: 549300BT29YFG8CKKD32

Environmental and/or social characteristics
Did this financial product have a sustainable investment objective?
Yes

No

It made sustainable investments withan environmental objective: ___%
in economic activities that
qualify as environmentally
sustainable under the EU
Taxonomy

It promoted Environmental/Social (E/S)
characteristics andwhile it did not have as its objective a sustainable
investment, it had a proportion of ___% of sustainable
investmentswith an environmental objective in economic
activities that qualify as environmentally
sustainable under the EU Taxonomy

in economic activities that do
not qualify as environmentally
sustainable under the EU
Taxonomywith an environmental objective in economic
activities that do not qualify asenvironmentally sustainable under the EU
Taxonomywith a social objective

It made sustainable investments witha social objective: ___%•

It promoted E/S characteristics, but did not make any
sustainable investments

To what extent were the environmental and/or social characteristics promoted by thisfinancial product met?

The Fund will invest at least 50% of its Net Asset Value in assets which exhibit positive or improving
environmental ("E") and/or social ("S") characteristics.
As at 30 April 2024, the Fund met it’s environmental and/or social characteristics as the percentage
of its Net Asset Value in assets which exhibit positive and improving environmental and/or social
characteristics was 66.72%.
Sustainability
indicators measure
how the environmental
or social characteristics
promoted by thefinancial product are
attained.

•

How did the sustainability indicators perform?

The sustainability indicator used to measure the attainment of the environmental and social
characteristics promoted by the Fund was the percentage of the Fund’s Net Asset Value invested inequities of issuers that exhibit positive or improving ESG characteristics. Issuers defined as having
positive or improving ESG characteristics must be assessed as having a higher than average quality
score, and not exceed a maximum adjustment to its Barings ESG cost of equity (“CoE”) threshold.
As at 30 April 2024, the Fund’s percentage of Net Asset Value invested in equities of issuers thatexhibit positive or improving ESG characteristics was 66.72%, which was 16.72% above theminimum threshold.

•And compared to previous periods?

The sustainability indicator has been redefined in the Prospectus since last year. Last year thepercentage was calculated on the portfolio whereas this year it is on Net Asset Value. As at 30 April
2023, the Fund’s percentage of investments in its portfolio with positive and improving ESG
characteristics was 74.89% (excluding cash, cash equivalents and hedging instruments), which was
24.89% above the minimum threshold.

265

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Appendix 6 – Sustainability Related Disclosures (Unaudited)•

What were the objectives of the sustainable investments that the financial productpartially made and how did the sustainable investment contribute to such objectives?
Not applicable.

•

How did the sustainable investments that the financial product partially made notcause significant harm to any environmental or social sustainable investment
objective?
Not applicable.

•

How were the indicators for adverse impacts on sustainability factors taken into
account?
Not applicable.

•

Were sustainable investments aligned with the OECD Guidelines for Multinational
Enterprises and the UN Guiding Principles on Business and Human Rights? Details:
Not applicable.

The EU Taxonomy sets out a “do no significant harm” principle by which Taxonomy-aligned
investments should not significantly harm EU Taxonomy objectives and is accompanied by specificEU criteria.
The “do no significant harm” principle applies only to those investments underlying the financial
product that take into account the EU criteria for environmentally sustainable economic activities.
The investments underlying the remaining portion of this financial product do not take into accountthe EU criteria for environmentally sustainable economic activities.
Any other sustainable investments must also not significantly harm any environmental or social
objectives.

•

Principal adverse
impacts are themost significant
negative impacts ofinvestment decisions
on sustainability
factors relating toenvironmental, socialand employee
matters, respect forhuman rights, anti‐
corruption and anti‐
bribery matters.

How did this financial product consider principal adverse impacts on sustainability
factors?

During the reference period, the Investment Manager considered the following principal adverse
impacts (PAIs) of each investment as part of its proprietary investment process: GHG emissions,carbon footprint and GHG intensity of investee issuers and exposure to issuers active in the fossil
fuel, board gender diversity and exposure to controversial weapons. The Investment Manager did
not directly invest in issuers that violate international conventions on cluster munitions, antipersonnel
mines and chemical and biological weapons. The Investment Manager did not knowingly holdsecurities that are materially involved in the production, stockpiling and use of these weapons at thetime of investment.

266

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Appendix 6 – Sustainability Related Disclosures (Unaudited)•

What were the top investments of this financial product?*

The list includes theinvestments
constituting thegreatest proportionof investments ofthe financial productduring the reference
period which is as at
30 April 2024.

* The listed top investments of the Fund are as at 30 April 2024. The Sector source is the MSCIGICS industry classification.

Asset allocation
describes theshare ofinvestments inspecific assets.

•

What was the proportion of sustainability-related investments?

•

What was the asset allocation?

#1 Aligned with E/Scharacteristics
66.72%
Investments#2 Other
33.28%#1 Aligned with E/S characteristics includes the investments of the financial product used toattain the environmental or social characteristics promoted by the financial product.
#2 Other includes the remaining investments of the financial product which are neither alignedwith the environmental or social characteristics, nor are qualified as sustainable investments.

267

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Appendix 6 – Sustainability Related Disclosures (Unaudited)•

In which economic sectors were the investments made?

The following table details the economic sectors that the Fund was exposed to as at 30 April
2024.

The Sector source is the MSCI GICS industry classification.

•

Taxonomy-aligned
activities are
expressed as ashare of:- turnover reflects
the “greenness” ofinvesteecompanies today.
- capital
expenditure(CapEx) shows thegreen investments
made by investee
companies,
relevant for atransition to agreen economy.
- operational
expenditure(OpEx) reflects thegreen operational
activities ofinvesteecompanies.

To what extent were the sustainable investments with an environmental
objective aligned with the EU Taxonomy?

0% of the Fund’s investments are sustainable investments with an environmental objective that alignwith the EU Taxonomy.

•

Did the financial product invest in fossil gas and/or nuclear energy related
activities complying with the EU Taxonomy1?

Yes:
In fossil gas

In nuclear energy

No
1 Fossil gas and/or nuclear related activities will only comply with the EU Taxonomy where they
contribute to limiting climate change (“climate change mitigation”) and do not significantly harm
any EU Taxonomy objective – see explanatory note in the left hand margin. The full criteria for fossil
gas and nuclear energy economic activities that comply with the EU Taxonomy are laid downin Commission Delegated Regulation (EU) 2022/1214.

268

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Appendix 6 – Sustainability Related Disclosures (Unaudited)
To comply with the
EU Taxonomy, thecriteria for fossil gas
include limitations onemissions andswitching to
renewable power or
low-carbon fuels by.
the end of 2035. For
nuclear energy, thecriteria include
comprehensive
safety and waste
management rules.

The graphs below show in green the percentage of investments that were aligned with the EU
Taxonomy. As there is no appropriate methodology to determine the taxonomy-alignment ofsovereign bonds*, the first graph shows the Taxonomy alignment in relation to all the investmentsof the financial product including sovereign bonds, while the second graph shows the Taxonomy
alignment only in relation to the investments of the financial product other than sovereign bonds.

*For the purpose of these graphs, ‘sovereign bonds’ consist of all sovereign exposures

Enabling
activities directly
enable otheractivities to make a
substantial
contribution to an
environmental
objective.
Transitional
activities areactivities for which
low-carbon
alternatives are not
yet available andamong others havegreenhouse gas
emission levels
corresponding to thebest performance.

Sustainable
investments with anenvironmental
objective that do nottake into accountthe criteria forenvironmentally
sustainableeconomic activities
under Regulation(EU) 2020/852.

•

What was the share of investments made in transitional and enabling
activities?

The Fund did not make sustainable investments with an environmental objective aligned with
the EU Taxonomy during the reference period.

•

How did the percentage of investments that were aligned with the EU
Taxonomy compare with previous reference periods?

Not applicable

What was the share of sustainable investments with an environmental objective notaligned with the EU Taxonomy?
Not applicable.

What was the share of socially sustainable investments?
Not applicable.

269

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Appendix 6 – Sustainability Related Disclosures (Unaudited)
What investments were included under “other”, what was their purpose and were there
any minimum environmental or social safeguards?
The investments included under "Other" comprise of issuers which do not exhibit positive or
improving E and / or S characteristics but are included in the Fund where the Investment
Manager, after conducting proprietary fundamental analysis and taking into account portfolio
construction considerations, identified mispriced investment opportunities on a longer termbasis, centred on the Investment Manager’s understanding of the issuer’s strategy and thepotential to improve returns and grow earnings. However, the Investment Manager divested
from and did not invest in issuers which have a quality score of 5 – the worst level on theInvestment Manager's scale of 1 to 5 – and an ESG-related modification to the discount rate of+2%.
Additionally, the investments included under "Other" were cash, cash equivalents and hedging
instruments. Cash and cash equivalents do not affect the promoted environmental and / orsocial characteristics of the Fund. The assessment of issuers and of counterparties for cash
and hedging instruments focusses on the creditworthiness of these parties, which can be
impacted by ESG risks.

What actions have been taken to meet the environmental and/or social characteristics during
the reference period?
The Investment Manager monitored the environmental and/or social characteristics of theFund’s portfolio during the reference period. The Investment Manager's investment decisions
were based on internal research, which encompass both its proprietary financial forecasts and
ESG assessment. The Investment Manager aimed to meet with all issuers in which it sought toinvest at least annually and discuss a range of topics including ESG issues with management.
The Investment Manager, through access to third party ESG research providers (where
coverage allowed) such as MSCI, Sustainalytics and Bloomberg ESG, also sought tounderstand market consensus on the ESG profile of each issuer. Pre- and post-trade checks
were carried out on a daily basis to ensure the Fund continued to meet the minimum thresholdof 50%. Where the Fund fell below this threshold, due to market movements or because theissuers it held no longer met the criteria of a “green” investment, then the passive breach wascorrected at the earliest opportunity. The Investment Manager believes that equity markets
contain unrecognised growth potential and sought to identify this through the analysis of anissuer’s business model whilst incorporating wider ESG trends often referred to as fundamental
analysis. ESG trends may evolve over time and may include environmental footprint, societal
impact of products/services and effectiveness of supervisory/management boards. The
Investment Manager adopted an active management policy in relation to ESG topics and also
focused on engagement to improve issuer disclosure or behaviour. Engagements were
undertaken to influence (or identify the need to influence) ESG practices and/or improve ESG
disclosure. Through engagement, the Investment Manager aimed to enhance the performanceof its investments, for the benefit of investors in line with its stewardship responsibility.

•

Reference
benchmarks areindexes to measure
whether the financial
product attains theenvironmental orsocial characteristics
that they promote.

How did this financial product perform compared to the reference benchmark?

Not applicable.
•

How does the reference benchmark differ from a broad market index?

Not applicable.

270

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Appendix 6 – Sustainability Related Disclosures (Unaudited)•

How did this financial product perform with regard to the sustainability
indicators to determine the alignment of the reference benchmark with theenvironmental or social characteristics promoted?

Not applicable.

•

How did this financial product perform compared with the reference
benchmark?

Not applicable.

•

How did this financial product perform compared with the broad market index?

Not applicable.

271

Barings International Umbrella Fund
Appendix 6 – Sustainability Related Disclosures (Unaudited)
Periodic disclosure for the financial products referred to in Article 8, paragraphs 1, 2 and 2a, ofRegulation (EU) 2019/2088 and Article 6, first paragraph, of Regulation (EU) 2020/852
Sustainable
investment means aninvestment in an
economic activity that
contributes to an
environmental or social
objective, provided thatthe investment does not
significantly harm any
environmental or social
objective and that theinvestee companies
follow good governancepractices.

The EU Taxonomy isa classification systemlaid down in Regulation(EU) 2020/852,
establishing a list ofenvironmentally
sustainable economic
activities. That
Regulation does not lay
down a list of sociallysustainable economic
activities. Sustainable
investments with anenvironmental objective
might be aligned with
the Taxonomy or not.

Product name: Barings Global Bond Fund

Legal entity identifier: 5493001RC3G3PT80Y747

Environmental and/or social characteristics
Did this financial product have a sustainable investment objective?
Yes

No

It made sustainable investments withan environmental objective: ___%
in economic activities that
qualify as environmentally
sustainable under the EU
Taxonomyin economic activities that do
not qualify as environmentally
sustainable under the EU
Taxonomy

It promoted Environmental/Social (E/S)
characteristics andwhile it did not have as its objective a sustainable
investment, it had a proportion of ___% of sustainable
investmentswith an environmental objective in economic
activities that qualify as environmentally
sustainable under the EU Taxonomy
with an environmental objective in economic
activities that do not qualify asenvironmentally sustainable under the EU
Taxonomywith a social objective

It made sustainable investments witha social objective: ___%•

It promoted E/S characteristics, but did not make any
sustainable investments

To what extent were the environmental and/or social characteristics promoted by thisfinancial product met?

The Fund will invest at least 50% of its Net Asset Value in assets which exhibit positive or improving
environmental ("E") and/or social ("S") characteristics.
The Fund will also invest at least 75% of the its Net Asset Value in countries that exhibit strong
or improving human development conditions, as measured by the United Nations Human
Development Index (“HDI”) and calculated as an average of the five year period as of two years prior
to the investment period.
As at 30 April 2024, the Fund met it’s environmental and/or social characteristics as the percentage
of its Net Asset Value in assets which exhibit positive and improving environmental and/or social
characteristics was 83.35% and the Net Asset Value in countries that exhibit strong or improving
human development conditions was 99.56%.

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How did the sustainability indicators perform?

•

The sustainability indicators used to measure the attainment of the environmental and social
characteristics promoted by the Fund were:1.

The percentage of the Fund’s Net Asset Value invested in assets of countries that exhibit
positive or improving ESG characteristics; and2.

The percentage of the Fund’s Net Asset Value in countries that exhibit strong or improving
human development conditions, as measured by the United Nations HDI and calculated as
an average of the five-year period as of two years prior to the investment period.

As at 30 April 2024, the Fund’s percentage of its Net Asset Value invested in assets that exhibit
positive and improving ESG characteristics was 83.35%, which was 33.35% above the minimum
threshold.
As at 30 April 2024, the Fund’s Net Asset Value in countries that exhibit strong or improving humandevelopment conditions was 99.56%, which was 24.56% above the minimum threshold.

Principal adverse
impacts are themost significant
negative impacts ofinvestment decisions
on sustainability
factors relating toenvironmental, socialand employee
matters, respect forhuman rights, anti‐
corruption and anti‐
bribery matters.

•

And compared to previous periods?

The sustainability indicators have been redefined in the Prospectus since last year.

•

1.

As at 30 April 2023, the Fund’s percentage of investments in its portfolio withpositive and improving ESG characteristics was 80.53% (excluding cash, cash
equivalents and hedging instruments), which was 30.53% above the minimum
threshold.

2.

As at 30 April 2023, the Fund’s total assets in countries that exhibit strong or
improving human development conditions was 92.52%, which was 17.52%
above the minimum threshold.

What were the objectives of the sustainable investments that the financial productpartially made and how did the sustainable investment contribute to such objectives?

Not applicable.

Sustainability
indicators measure
how the environmental
or social characteristics
promoted by thefinancial product are
attained.

•

How did the sustainable investments that the financial product partially made notcause significant harm to any environmental or social sustainable investment
objective?

Not applicable.
•

How were the indicators for adverse impacts on sustainability factors taken into
account?
Not applicable.

•

Were sustainable investments aligned with the OECD Guidelines for Multinational
Enterprises and the UN Guiding Principles on Business and Human Rights? Details:
Not applicable.

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The EU Taxonomy sets out a “do no significant harm” principle by which Taxonomy-aligned
investments should not significantly harm EU Taxonomy objectives and is accompanied by
specific EU criteria.
The “do no significant harm” principle applies only to those investments underlying thefinancial product that take into account the EU criteria for environmentally sustainableeconomic activities. The investments underlying the remaining portion of this financial productdo not take into account the EU criteria for environmentally sustainable economic activities.
Any other sustainable investments must also not significantly harm any environmental orsocial objectives.

•

How did this financial product consider principal adverse impacts on sustainability
factors?

During the reference period, Principal Adverse Impact indicators (PAI) indicators were incorporated
in the monitoring and analysis of sovereign debt in which the Fund invests. The Investment Manager
monitored detailed statistics on carbon intensity of the countries in its investable universe, and has
developed its own proprietary metrics of carbon intensity that it believes are the most relevant andadequate to assess the performance of Emerging Markets sovereigns in its investable universe. In
addition, the Investment Manager performed detailed social analysis that allowed it to track how
Emerging Markets sovereigns are performing in terms of social performance. This led to negative
screening and exclusion decisions based on poor social performance. Another important point isthat the Investment Manager has established an exclusion list composed of countries in which,according to its assessment, ESG performance is so poor that it will affect any sustainable
investment in the country in the short and medium term.

•

What were the top investments of this financial product?*

The list includes theinvestments
constituting thegreatest proportionof investments ofthe financial productduring the reference
period which is as at
30 April 2024.

* The listed top investments of the Fund are as at 30 April 2024. The Sector source is the MSCIGICS industry classification.

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What was the proportion of sustainability-related investments?

•

What was the asset allocation?

#1 Aligned with E/Scharacteristics
83.35%

Asset allocation
describes theshare ofinvestments inspecific assets.

Investments#2 Other
16.65%#1 Aligned with E/S characteristics includes the investments of the financial product used toattain the environmental or social characteristics promoted by the financial product.
#2 Other includes the remaining investments of the financial product which are neither alignedwith the environmental or social characteristics, nor are qualified as sustainable investments.

•

In which economic sectors were the investments made?

The following table details the economic sectors that the Fund was exposed to as at 30 April
2024.

The Sector source is the MSCI GICS industry classification.
Taxonomy-aligned
activities are
expressed as ashare of:- turnover reflects
the “greenness” ofinvesteecompanies today.
- capital
expenditure(CapEx) shows thegreen investments
made by investee
companies,
relevant for atransition to agreen economy.
- operational
expenditure(OpEx) reflects thegreen operational
activities ofinvesteecompanies.

•

To what extent were the sustainable investments with an environmental
objective aligned with the EU Taxonomy?

0% of the Fund’s investments are sustainable investments with an environmental objective that alignwith the EU Taxonomy.

•

Did the financial product invest in fossil gas and/or nuclear energy related
activities complying with the EU Taxonomy1?

Yes:
In fossil gas

In nuclear energy

No
1 Fossil gas and/or nuclear related activities will only comply with the EU Taxonomy where they
contribute to limiting climate change (“climate change mitigation”) and do not significantly harm

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To comply with the
EU Taxonomy, thecriteria for fossil gas
include limitations onemissions andswitching to
renewable power or
low-carbon fuels by.
the end of 2035. For
nuclear energy, thecriteria include
comprehensive
safety and waste
management rules.

any EU Taxonomy objective – see explanatory note in the left hand margin. The full criteria for fossil
gas and nuclear energy economic activities that comply with the EU Taxonomy are laid downin Commission Delegated Regulation (EU) 2022/1214.
The graphs below show in green the percentage of investments that were aligned with the EU
Taxonomy. As there is no appropriate methodology to determine the taxonomy-alignment ofsovereign bonds*, the first graph shows the Taxonomy alignment in relation to all the investmentsof the financial product including sovereign bonds, while the second graph shows the Taxonomy
alignment only in relation to the investments of the financial product other than sovereign bonds.

*For the purpose of these graphs, ‘sovereign bonds’ consist of all sovereign exposures
Enabling
activities directly
enable otheractivities to make a
substantial
contribution to an
environmental
objective.
Transitional
activities areactivities for which
low-carbon
alternatives are not
yet available andamong others havegreenhouse gas
emission levels
corresponding to thebest performance.

•

What was the share of investments made in transitional and enabling
activities?

The Fund did not make sustainable investments with an environmental objective aligned with
the EU Taxonomy during the reference period.

•

How did the percentage of investments that were aligned with the EU
Taxonomy compare with previous reference periods?

Not applicable

What was the share of sustainable investments with an environmental objective notaligned with the EU Taxonomy?
Not applicable.

Sustainable
investments with anenvironmental
objective that do nottake into accountthe criteria forenvironmentally
sustainableeconomic activities
under Regulation(EU) 2020/852.

What was the share of socially sustainable investments?
Not applicable.

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What investments were included under “other”, what was their purpose and were there
any minimum environmental or social safeguards?
The investments included under "Other" comprised of assets which are held in the portfolio due
to a weak ESG starting point with potentially positive catalysts or rate poorly from an ESG
perspective but valuations suggest that the investment offers a strong risk/reward for the Fund's
portfolio.
Additionally, the investments included under "Other" were cash, cash equivalents and hedging
instruments. Cash and cash equivalents do not affect the promoted environmental and / orsocial characteristics of the Fund. The assessment of issuers and of counterparties for cash
and hedging instruments focusses on the creditworthiness of these parties, which can be
impacted by sustainability risks.

What actions have been taken to meet the environmental and/or social characteristics during
the reference period?
The Investment Manager monitored the environmental and/or social characteristics of theFund’s portfolio during the reference period. The Investment Manager's investment decisions
were based on internal research, which encompass both its proprietary financial forecasts and
ESG assessment. The Investment Manager aimed to visit countries to take stock of important
aspects of ESG and macroeconomic factors. Countries that exhibit positive or improving ESG
characteristics were selected through the Investment Manager’s proprietary research, theInvestment Manager also had access to third-party resources such as Bloomberg ESG, MSCIESG and Sustainalytics, which provide institutional investors with issuer-specific ESG data; theapproach consisted of a threefold analysis determining a government’s capacity and willingness
to provide for its population, its resilience to shocks and its ability to grow sustainably, using
both a standard set of indicators and qualitative analysis.
For each asset, the Investment Manager examined the scores of the indicators to determine acountry’s sustainability over time and considered relevant shocks that may have impacted thescoring. These indicators, as well as the Investment Manager’s specialised country expertise,
were placed into the capacity and willingness framework to determine the country’s current
sustainability as well as potential trends that should be considered from an ESG perspective.
The frequency of update for each country depends on its significance in the portfolio and thebenchmark, but ESG scores were reviewed for all countries under coverage at least twice
during the period by the Sovereign ESG Committee which comprises all sovereign analysts on
the Investment Manager’s team.
The Investment Manager adopted an active management policy in relation to ESG topics andhad a preference to focus on engagement to improve issuer behaviour. Engagements were
undertaken to influence (or identify the need to influence) ESG practices and/or improve ESG
disclosure. Through engagement, the Investment Manager aimed to enhance the performanceof its investments, for the benefit of investors in line with its stewardship responsibility.

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How did this financial product perform compared to the reference benchmark?

Not applicable.

Reference
benchmarks areindexes to measure
whether the financial
product attains theenvironmental orsocial characteristics
that they promote.

•How does the reference benchmark differ from a broad market index?

Not applicable.

•

How did this financial product perform with regard to the sustainability
indicators to determine the alignment of the reference benchmark with theenvironmental or social characteristics promoted?

Not applicable.

•

How did this financial product perform compared with the reference
benchmark?

Not applicable.

•

How did this financial product perform compared with the broad market index?

Not applicable.

278

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Periodic disclosure for the financial products referred to in Article 8, paragraphs 1, 2 and 2a, ofRegulation (EU) 2019/2088 and Article 6, first paragraph, of Regulation (EU) 2020/852
Sustainable
investment means aninvestment in an
economic activity that
contributes to an
environmental or social
objective, provided thatthe investment does not
significantly harm any
environmental or social
objective and that theinvestee companies
follow good governancepractices.

The EU Taxonomy isa classification systemlaid down in Regulation(EU) 2020/852,
establishing a list ofenvironmentally
sustainable economic
activities. That
Regulation does not lay
down a list of sociallysustainable economic
activities. Sustainable
investments with anenvironmental objective
might be aligned with
the Taxonomy or not.

Product name: Barings Global Technology Equity Fund

Legal entity identifier: 5493007ILPQF2L47K097

Environmental and/or social characteristics
Did this financial product have a sustainable investment objective?
Yes

No

It made sustainable investments withan environmental objective: ___%
in economic activities that
qualify as environmentally
sustainable under the EU
Taxonomy

It promoted Environmental/Social (E/S)
characteristics andwhile it did not have as its objective a sustainable
investment, it had a proportion of ___% of sustainable
investmentswith an environmental objective in economic
activities that qualify as environmentally
sustainable under the EU Taxonomy

in economic activities that do
not qualify as environmentally
sustainable under the EU
Taxonomywith an environmental objective in economic
activities that do not qualify asenvironmentally sustainable under the EU
Taxonomywith a social objective

It made sustainable investments witha social objective: ___%•

It promoted E/S characteristics, but did not make any
sustainable investments

To what extent were the environmental and/or social characteristics promoted by thisfinancial product met?

The Fund will invest at least 50% of its Net Asset Value in assets which exhibit positive or improving
environmental ("E") and/or social ("S") characteristics.
As at 30 April 2024, the Fund met it’s environmental and/or social characteristics as the percentage
of its Net Asset Value in assets which exhibit positive and improving environmental and/or social
characteristics was 83.35%.
Sustainability
indicators measure
how the environmental
or social characteristics
promoted by thefinancial product are
attained.

•

How did the sustainability indicators perform?

The sustainability indicator used to measure the attainment of the environmental and social
characteristics promoted by the Fund was the percentage of the Fund’s Net Asset Value invested inequities of issuers that exhibit positive or improving ESG characteristics. Issuers defined as having
positive or improving ESG characteristics must be assessed as having a higher than average quality
score, and not exceed a maximum adjustment to its Barings ESG cost of equity (“CoE”) threshold.
As at 30 April 2024, the Fund’s percentage of Net Asset Value invested in equities of issuers thatexhibit positive or improving ESG characteristics was 83.35%, which was 33.35% above theminimum threshold.

•And compared to previous periods?

The sustainability indicator has been redefined in the Prospectus since last year. Last year thepercentage was calculated on the portfolio whereas this year it is on Net Asset Value. As at 30 April
2023, the Fund’s percentage of investments in its portfolio with positive and improving ESG
characteristics was 77.30% (excluding cash, cash equivalents and hedging instruments), which was
27.30% above the minimum threshold.

279

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What were the objectives of the sustainable investments that the financial productpartially made and how did the sustainable investment contribute to such objectives?
Not applicable.

•

How did the sustainable investments that the financial product partially made notcause significant harm to any environmental or social sustainable investment
objective?
Not applicable.

•

How were the indicators for adverse impacts on sustainability factors taken into
account?
Not applicable.

•

Were sustainable investments aligned with the OECD Guidelines for Multinational
Enterprises and the UN Guiding Principles on Business and Human Rights? Details:
Not applicable.

The EU Taxonomy sets out a “do no significant harm” principle by which Taxonomy-aligned
investments should not significantly harm EU Taxonomy objectives and is accompanied by specificEU criteria.
The “do no significant harm” principle applies only to those investments underlying the financial
product that take into account the EU criteria for environmentally sustainable economic activities.
The investments underlying the remaining portion of this financial product do not take into accountthe EU criteria for environmentally sustainable economic activities.
Any other sustainable investments must also not significantly harm any environmental or social
objectives.

•

Principal adverse
impacts are themost significant
negative impacts ofinvestment decisions
on sustainability
factors relating toenvironmental, socialand employee
matters, respect forhuman rights, anti‐
corruption and anti‐
bribery matters.

How did this financial product consider principal adverse impacts on sustainability
factors?

During the reference period, the Investment Manager considered the following principal adverse
impacts (PAIs) of each investment as part of its proprietary investment process: GHG emissions,carbon footprint and GHG intensity of investee issuers and exposure to issuers active in the fossil
fuel, board gender diversity and exposure to controversial weapons. The Investment Manager did
not directly invest in issuers that violate international conventions on cluster munitions, antipersonnel
mines and chemical and biological weapons. The Investment Manager did not knowingly holdsecurities that are materially involved in the production, stockpiling and use of these weapons at thetime of investment.

280

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What were the top investments of this financial product?*

The list includes theinvestments
constituting thegreatest proportionof investments ofthe financial productduring the reference
period which is as at
30 April 2024.

* The listed top investments of the Fund are as at 30 April 2024. The Sector source is the MSCIGICS industry classification.

Asset allocation
describes theshare ofinvestments inspecific assets.

•

What was the proportion of sustainability-related investments?

•

What was the asset allocation?

#1 Aligned with E/Scharacteristics
83.35%
Investments#2 Other
16.65%#1 Aligned with E/S characteristics includes the investments of the financial product used toattain the environmental or social characteristics promoted by the financial product.
#2 Other includes the remaining investments of the financial product which are neither alignedwith the environmental or social characteristics, nor are qualified as sustainable investments.

281

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In which economic sectors were the investments made?

The following table details the economic sectors that the Fund was exposed to as at 30 April
2024.

The Sector source is the MSCI GICS industry classification.

Taxonomy-aligned
activities are
expressed as ashare of:- turnover reflects
the “greenness” ofinvesteecompanies today.
- capital
expenditure(CapEx) shows thegreen investments
made by investee
companies,
relevant for atransition to agreen economy.
- operational
expenditure(OpEx) reflects thegreen operational
activities ofinvesteecompanies.

•

To what extent were the sustainable investments with an environmental
objective aligned with the EU Taxonomy?

0% of the Fund’s investments are sustainable investments with an environmental objective that alignwith the EU Taxonomy.

•

Did the financial product invest in fossil gas and/or nuclear energy related
activities complying with the EU Taxonomy1?

Yes:
In fossil gas

In nuclear energy

No
1 Fossil gas and/or nuclear related activities will only comply with the EU Taxonomy where they
contribute to limiting climate change (“climate change mitigation”) and do not significantly harm
any EU Taxonomy objective – see explanatory note in the left hand margin. The full criteria for fossil
gas and nuclear energy economic activities that comply with the EU Taxonomy are laid downin Commission Delegated Regulation (EU) 2022/1214.

To comply with the
EU Taxonomy, thecriteria for fossil gas
include limitations onemissions andswitching to
renewable power or
low-carbon fuels by.
the end of 2035. For
nuclear energy, thecriteria include
comprehensive
safety and waste
management rules.

282

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The graphs below show in green the percentage of investments that were aligned with the EU
Taxonomy. As there is no appropriate methodology to determine the taxonomy-alignment ofsovereign bonds*, the first graph shows the Taxonomy alignment in relation to all the investmentsof the financial product including sovereign bonds, while the second graph shows the Taxonomy
alignment only in relation to the investments of the financial product other than sovereign bonds.

*For the purpose of these graphs, ‘sovereign bonds’ consist of all sovereign exposures

Enabling
activities directly
enable otheractivities to make a
substantial
contribution to an
environmental
objective.
Transitional
activities areactivities for which
low-carbon
alternatives are not
yet available andamong others havegreenhouse gas
emission levels
corresponding to thebest performance.

Sustainable
investments with anenvironmental
objective that do nottake into accountthe criteria forenvironmentally
sustainableeconomic activities
under Regulation(EU) 2020/852.

•

What was the share of investments made in transitional and enabling
activities?

The Fund did not make sustainable investments with an environmental objective aligned with
the EU Taxonomy during the reference period.

•

How did the percentage of investments that were aligned with the EU
Taxonomy compare with previous reference periods?

Not applicable

What was the share of sustainable investments with an environmental objective notaligned with the EU Taxonomy?
Not applicable.

What was the share of socially sustainable investments?
Not applicable.

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What investments were included under “other”, what was their purpose and were there
any minimum environmental or social safeguards?
The investments included under "Other" comprise of issuers which do not exhibit positive or
improving E and / or S characteristics but are included in the Fund where the Investment
Manager, after conducting proprietary fundamental analysis and taking into account portfolio
construction considerations, identified mispriced investment opportunities on a longer termbasis, centred on the Investment Manager’s understanding of the issuer’s strategy and thepotential to improve returns and grow earnings. However, the Investment Manager divested
from and did not invest in issuers which have a quality score of 5 – the worst level on theInvestment Manager's scale of 1 to 5 – and an ESG-related modification to the discount rate of+2%.
Additionally, the investments included under "Other" were cash, cash equivalents and hedging
instruments. Cash and cash equivalents do not affect the promoted environmental and / orsocial characteristics of the Fund. The assessment of issuers and of counterparties for cash
and hedging instruments focusses on the creditworthiness of these parties, which can be
impacted by ESG risks.

What actions have been taken to meet the environmental and/or social characteristics during
the reference period?
The Investment Manager monitored the environmental and/or social characteristics of theFund’s portfolio during the reference period. The Investment Manager's investment decisions
were based on internal research, which encompass both its proprietary financial forecasts and
ESG assessment. The Investment Manager aimed to meet with all issuers in which it sought toinvest at least annually and discuss a range of topics including ESG issues with management.
The Investment Manager, through access to third party ESG research providers (where
coverage allowed) such as MSCI, Sustainalytics and Bloomberg ESG, also sought tounderstand market consensus on the ESG profile of each issuer. Pre- and post-trade checks
were carried out on a daily basis to ensure the Fund continued to meet the minimum thresholdof 50%. Where the Fund fell below this threshold, due to market movements or because theissuers it held no longer met the criteria of a “green” investment, then the passive breach wascorrected at the earliest opportunity. The Investment Manager believes that equity markets
contain unrecognised growth potential and sought to identify this through the analysis of anissuer’s business model whilst incorporating wider ESG trends often referred to as fundamental
analysis. ESG trends may evolve over time and may include environmental footprint, societal
impact of products/services and effectiveness of supervisory/management boards. The
Investment Manager adopted an active management policy in relation to ESG topics and also
focused on engagement to improve issuer disclosure or behaviour. Engagements were
undertaken to influence (or identify the need to influence) ESG practices and/or improve ESG
disclosure. Through engagement, the Investment Manager aimed to enhance the performanceof its investments, for the benefit of investors in line with its stewardship responsibility.

•

How did this financial product perform compared to the reference benchmark?

Not applicable.

Reference
benchmarks areindexes to measure
whether the financial
product attains theenvironmental orsocial characteristics
that they promote.

•How does the reference benchmark differ from a broad market index?

Not applicable.

284

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How did this financial product perform with regard to the sustainability
indicators to determine the alignment of the reference benchmark with theenvironmental or social characteristics promoted?

Not applicable.

•

How did this financial product perform compared with the reference
benchmark?

Not applicable.

•

How did this financial product perform compared with the broad market index?

Not applicable.

285

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Appendix 6 – Sustainability Related Disclosures (Unaudited)
Periodic disclosure for the financial products referred to in Article 8, paragraphs 1, 2 and 2a, ofRegulation (EU) 2019/2088 and Article 6, first paragraph, of Regulation (EU) 2020/852
Sustainable
investment means aninvestment in an
economic activity that
contributes to an
environmental or social
objective, provided thatthe investment does not
significantly harm any
environmental or social
objective and that theinvestee companies
follow good governancepractices.

The EU Taxonomy isa classification systemlaid down in Regulation(EU) 2020/852,
establishing a list ofenvironmentally
sustainable economic
activities. That
Regulation does not lay
down a list of sociallysustainable economic
activities. Sustainable
investments with anenvironmental objective
might be aligned with
the Taxonomy or not.

Product name: Barings Europe Select Fund

Legal entity identifier: 54930048KKPKHT5CD363

Environmental and/or social characteristics
Did this financial product have a sustainable investment objective?
Yes

No

It made sustainable investments withan environmental objective: ___%
in economic activities that
qualify as environmentally
sustainable under the EU
Taxonomy

It promoted Environmental/Social (E/S)
characteristics andwhile it did not have as its objective a sustainable
investment, it had a proportion of ___% of sustainable
investmentswith an environmental objective in economic
activities that qualify as environmentally
sustainable under the EU Taxonomy

in economic activities that do
not qualify as environmentally
sustainable under the EU
Taxonomywith an environmental objective in economic
activities that do not qualify asenvironmentally sustainable under the EU
Taxonomywith a social objective

It made sustainable investments witha social objective: ___%•

It promoted E/S characteristics, but did not make any
sustainable investments

To what extent were the environmental and/or social characteristics promoted by thisfinancial product met?

The Fund will invest at least 50% of its Net Asset Value in assets which exhibit positive or improving
environmental ("E") and/or social ("S") characteristics.
As at 30 April 2024, the Fund met it’s environmental and/or social characteristics as the percentage
of its Net Asset Value in assets which exhibit positive and improving environmental and/or social
characteristics was 70.96%.
Sustainability
indicators measure
how the environmental
or social characteristics
promoted by thefinancial product are
attained.

•

How did the sustainability indicators perform?

The sustainability indicator used to measure the attainment of the environmental and social
characteristics promoted by the Fund was the percentage of the Fund’s Net Asset Value invested inequities of issuers that exhibit positive or improving ESG characteristics. Issuers defined as having
positive or improving ESG characteristics must be assessed as having a higher than average quality
score, and not exceed a maximum adjustment to its Barings ESG cost of equity (“CoE”) threshold.
As at 30 April 2024, the Fund’s percentage of Net Asset Value invested in equities of issuers thatexhibit positive or improving ESG characteristics was 70.96%, which was 20.96% above theminimum threshold.

•And compared to previous periods?

The sustainability indicator has been redefined in the Prospectus since last year. Last year thepercentage was calculated on the portfolio whereas this year it is on Net Asset Value. As at 30 April
2023, the Fund’s percentage of investments in its portfolio with positive and improving ESG
characteristics was 72.92% (excluding cash, cash equivalents and hedging instruments), which was
22.92% above the minimum threshold.

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What were the objectives of the sustainable investments that the financial productpartially made and how did the sustainable investment contribute to such objectives?
Not applicable.

•

How did the sustainable investments that the financial product partially made notcause significant harm to any environmental or social sustainable investment
objective?
Not applicable.

•

How were the indicators for adverse impacts on sustainability factors taken into
account?
Not applicable.

•
Principal adverse
impacts are themost significant
negative impacts ofinvestment decisions
on sustainability
factors relating toenvironmental, socialand employee
matters, respect forhuman rights, anti‐
corruption and anti‐
bribery matters.

Were sustainable investments aligned with the OECD Guidelines for Multinational
Enterprises and the UN Guiding Principles on Business and Human Rights? Details:
Not applicable.

The EU Taxonomy sets out a “do no significant harm” principle by which Taxonomy-aligned
investments should not significantly harm EU Taxonomy objectives and is accompanied by specificEU criteria.
The “do no significant harm” principle applies only to those investments underlying the financial
product that take into account the EU criteria for environmentally sustainable economic activities.
The investments underlying the remaining portion of this financial product do not take into accountthe EU criteria for environmentally sustainable economic activities.
Any other sustainable investments must also not significantly harm any environmental or social
objectives.

•

How did this financial product consider principal adverse impacts on sustainability
factors?

During the reference period, the Investment Manager considered the following principal adverse
impacts (PAIs) of each investment as part of its proprietary investment process: GHG emissions,carbon footprint and GHG intensity of investee issuers and exposure to issuers active in the fossil
fuel, board gender diversity and exposure to controversial weapons. The Investment Manager did
not directly invest in issuers that violate international conventions on cluster munitions, antipersonnel
mines and chemical and biological weapons. The Investment Manager did not knowingly holdsecurities that are materially involved in the production, stockpiling and use of these weapons at thetime of investment.

287

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Appendix 6 – Sustainability Related Disclosures (Unaudited)•

What were the top investments of this financial product?*

The list includes theinvestments
constituting thegreatest proportionof investments ofthe financial productduring the reference
period which is as at
30 April 2024.

* The listed top investments of the Fund are as at 30 April 2024. The Sector source is the MSCIGICS industry classification.

Asset allocation
describes theshare ofinvestments inspecific assets.

•

What was the proportion of sustainability-related investments?

•

What was the asset allocation?

#1 Aligned with E/Scharacteristics
70.96%
Investments#2 Other
29.04%#1 Aligned with E/S characteristics includes the investments of the financial product used toattain the environmental or social characteristics promoted by the financial product.
#2 Other includes the remaining investments of the financial product which are neither alignedwith the environmental or social characteristics, nor are qualified as sustainable investments.

288

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Appendix 6 – Sustainability Related Disclosures (Unaudited)•

In which economic sectors were the investments made?

The following table details the economic sectors that the Fund was exposed to as at 30 April
2024.

The Sector source is the MSCI GICS industry classification.

Taxonomy-aligned
activities are
expressed as ashare of:- turnover reflects
the “greenness” ofinvesteecompanies today.
- capital
expenditure(CapEx) shows thegreen investments
made by investee
companies,
relevant for atransition to agreen economy.
- operational
expenditure(OpEx) reflects thegreen operational
activities ofinvesteecompanies.

•

To what extent were the sustainable investments with an environmental
objective aligned with the EU Taxonomy?

0% of the Fund’s investments are sustainable investments with an environmental objective that alignwith the EU Taxonomy.

•

Did the financial product invest in fossil gas and/or nuclear energy related
activities complying with the EU Taxonomy1?

Yes:
In fossil gas

In nuclear energy

No
1 Fossil gas and/or nuclear related activities will only comply with the EU Taxonomy where they
contribute to limiting climate change (“climate change mitigation”) and do not significantly harm
any EU Taxonomy objective – see explanatory note in the left hand margin. The full criteria for fossil
gas and nuclear energy economic activities that comply with the EU Taxonomy are laid downin Commission Delegated Regulation (EU) 2022/1214.

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To comply with the
EU Taxonomy, thecriteria for fossil gas
include limitations onemissions andswitching to
renewable power or
low-carbon fuels by.
the end of 2035. For
nuclear energy, thecriteria include
comprehensive
safety and waste
management rules.

The graphs below show in green the percentage of investments that were aligned with the EU
Taxonomy. As there is no appropriate methodology to determine the taxonomy-alignment ofsovereign bonds*, the first graph shows the Taxonomy alignment in relation to all the investmentsof the financial product including sovereign bonds, while the second graph shows the Taxonomy
alignment only in relation to the investments of the financial product other than sovereign bonds.

*For the purpose of these graphs, ‘sovereign bonds’ consist of all sovereign exposures
Enabling
activities directly
enable otheractivities to make a
substantial
contribution to an
environmental
objective.
Transitional
activities areactivities for which
low-carbon
alternatives are not
yet available andamong others havegreenhouse gas
emission levels
corresponding to thebest performance.

•

What was the share of investments made in transitional and enabling
activities?

The Fund did not make sustainable investments with an environmental objective aligned with
the EU Taxonomy during the reference period.

•

How did the percentage of investments that were aligned with the EU
Taxonomy compare with previous reference periods?

Not applicable

What was the share of sustainable investments with an environmental objective notaligned with the EU Taxonomy?
Not applicable.

Sustainable
investments with anenvironmental
objective that do nottake into accountthe criteria forenvironmentally
sustainableeconomic activities
under Regulation(EU) 2020/852.

What was the share of socially sustainable investments?
Not applicable.

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What investments were included under “other”, what was their purpose and were there
any minimum environmental or social safeguards?
The investments included under "Other" comprise of issuers which do not exhibit positive or
improving E and / or S characteristics but are included in the Fund where the Investment
Manager, after conducting proprietary fundamental analysis and taking into account portfolio
construction considerations, identified mispriced investment opportunities on a longer termbasis, centred on the Investment Manager’s understanding of the issuer’s strategy and thepotential to improve returns and grow earnings. However, the Investment Manager divested
from and did not invest in issuers which have a quality score of 5 – the worst level on theInvestment Manager's scale of 1 to 5 – and an ESG-related modification to the discount rate of+2%.
Additionally, the investments included under "Other" were cash, cash equivalents and hedging
instruments. Cash and cash equivalents do not affect the promoted environmental and / orsocial characteristics of the Fund. The assessment of issuers and of counterparties for cash
and hedging instruments focusses on the creditworthiness of these parties, which can be
impacted by ESG risks.

What actions have been taken to meet the environmental and/or social characteristics during
the reference period?
The Investment Manager monitored the environmental and/or social characteristics of theFund’s portfolio during the reference period. The Investment Manager's investment decisions
were based on internal research, which encompass both its proprietary financial forecasts and
ESG assessment. The Investment Manager aimed to meet with all issuers in which it sought toinvest at least annually and discuss a range of topics including ESG issues with management.
The Investment Manager, through access to third party ESG research providers (where
coverage allowed) such as MSCI, Sustainalytics and Bloomberg ESG, also sought tounderstand market consensus on the ESG profile of each issuer. Pre- and post-trade checks
were carried out on a daily basis to ensure the Fund continued to meet the minimum thresholdof 50%. Where the Fund fell below this threshold, due to market movements or because theissuers it held no longer met the criteria of a “green” investment, then the passive breach wascorrected at the earliest opportunity. The Investment Manager believes that equity markets
contain unrecognised growth potential and sought to identify this through the analysis of anissuer’s business model whilst incorporating wider ESG trends often referred to as fundamental
analysis. ESG trends may evolve over time and may include environmental footprint, societal
impact of products/services and effectiveness of supervisory/management boards. The
Investment Manager adopted an active management policy in relation to ESG topics and also
focused on engagement to improve issuer disclosure or behaviour. Engagements were
undertaken to influence (or identify the need to influence) ESG practices and/or improve ESG
disclosure. Through engagement, the Investment Manager aimed to enhance the performanceof its investments, for the benefit of investors in line with its stewardship responsibility.

•

Reference
benchmarks areindexes to measure
whether the financial
product attains theenvironmental orsocial characteristics
that they promote.

How did this financial product perform compared to the reference benchmark?

Not applicable.
•

How does the reference benchmark differ from a broad market index?

Not applicable.

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How did this financial product perform with regard to the sustainability
indicators to determine the alignment of the reference benchmark with theenvironmental or social characteristics promoted?

Not applicable.

•

How did this financial product perform compared with the reference
benchmark?

Not applicable.

•

How did this financial product perform compared with the broad market index?

Not applicable.

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Appendix 6 – Sustainability Related Disclosures (Unaudited)
Periodic disclosure for the financial products referred to in Article 8, paragraphs 1, 2 and 2a, ofRegulation (EU) 2019/2088 and Article 6, first paragraph, of Regulation (EU) 2020/852
Sustainable
investment means aninvestment in an
economic activity that
contributes to an
environmental or social
objective, provided thatthe investment does not
significantly harm any
environmental or social
objective and that theinvestee companies
follow good governancepractices.

The EU Taxonomy isa classification systemlaid down in Regulation(EU) 2020/852,
establishing a list ofenvironmentally
sustainable economic
activities. That
Regulation does not lay
down a list of sociallysustainable economic
activities. Sustainable
investments with anenvironmental objective
might be aligned with
the Taxonomy or not.

Product name: Barings Global Dividend Champions Fund

Legal entity identifier: 5493004MQK6DDHE96378

Environmental and/or social characteristics
Did this financial product have a sustainable investment objective?
Yes

No

It made sustainable investments withan environmental objective: ___%
in economic activities that
qualify as environmentally
sustainable under the EU
Taxonomy

It promoted Environmental/Social (E/S)
characteristics andwhile it did not have as its objective a sustainable
investment, it had a proportion of ___% of sustainable
investmentswith an environmental objective in economic
activities that qualify as environmentally
sustainable under the EU Taxonomy

in economic activities that do
not qualify as environmentally
sustainable under the EU
Taxonomywith an environmental objective in economic
activities that do not qualify asenvironmentally sustainable under the EU
Taxonomywith a social objective

It made sustainable investments witha social objective: ___%•

It promoted E/S characteristics, but did not make any
sustainable investments

To what extent were the environmental and/or social characteristics promoted by thisfinancial product met?

The Fund will invest at least 50% of its Net Asset Value in assets which exhibit positive or improving
environmental ("E") and/or social ("S") characteristics.
As at 30 April 2024, the Fund met it’s environmental and/or social characteristics as the percentage
of its Net Asset Value in assets which exhibit positive and improving environmental and/or social
characteristics was 91.56%.
Sustainability
indicators measure
how the environmental
or social characteristics
promoted by thefinancial product are
attained.

•

How did the sustainability indicators perform?

The sustainability indicator used to measure the attainment of the environmental and social
characteristics promoted by the Fund was the percentage of the Fund’s Net Asset Value invested inequities of issuers that exhibit positive or improving ESG characteristics. Issuers defined as having
positive or improving ESG characteristics must be assessed as having a higher than average quality
score, and not exceed a maximum adjustment to its Barings ESG cost of equity (“CoE”) threshold.
As at 30 April 2024, the Fund’s percentage of Net Asset Value invested in equities of issuers thatexhibit positive or improving ESG characteristics was 91.56%, which was 41.56% above theminimum threshold.

•And compared to previous periods?

The sustainability indicator has been redefined in the Prospectus since last year. Last year thepercentage was calculated on the portfolio whereas this year it is on Net Asset Value. As at 30 April
2023, the Fund’s percentage of investments in its portfolio with positive and improving ESG
characteristics was 96.92% (excluding cash, cash equivalents and hedging instruments), which was
46.92% above the minimum threshold.

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What were the objectives of the sustainable investments that the financial productpartially made and how did the sustainable investment contribute to such objectives?
Not applicable.

•

How did the sustainable investments that the financial product partially made notcause significant harm to any environmental or social sustainable investment
objective?
Not applicable.

•

How were the indicators for adverse impacts on sustainability factors taken into
account?
Not applicable.

•
Principal adverse
impacts are themost significant
negative impacts ofinvestment decisions
on sustainability
factors relating toenvironmental, socialand employee
matters, respect forhuman rights, anti‐
corruption and anti‐
bribery matters.

Were sustainable investments aligned with the OECD Guidelines for Multinational
Enterprises and the UN Guiding Principles on Business and Human Rights? Details:
Not applicable.

The EU Taxonomy sets out a “do no significant harm” principle by which Taxonomy-aligned
investments should not significantly harm EU Taxonomy objectives and is accompanied by specificEU criteria.
The “do no significant harm” principle applies only to those investments underlying the financial
product that take into account the EU criteria for environmentally sustainable economic activities.
The investments underlying the remaining portion of this financial product do not take into accountthe EU criteria for environmentally sustainable economic activities.
Any other sustainable investments must also not significantly harm any environmental or social
objectives.

•

How did this financial product consider principal adverse impacts on sustainability
factors?

During the reference period, the Investment Manager considered the following principal adverse
impacts (PAIs) of each investment as part of its proprietary investment process: GHG emissions,carbon footprint and GHG intensity of investee issuers and exposure to issuers active in the fossil
fuel, board gender diversity and exposure to controversial weapons. The Investment Manager did
not directly invest in issuers that violate international conventions on cluster munitions, antipersonnel
mines and chemical and biological weapons. The Investment Manager did not knowingly holdsecurities that are materially involved in the production, stockpiling and use of these weapons at thetime of investment.

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What were the top investments of this financial product?*

The list includes theinvestments
constituting thegreatest proportionof investments ofthe financial productduring the reference
period which is as at
30 April 2024.

* The listed top investments of the Fund are as at 30 April 2024. The Sector source is the MSCIGICS industry classification.

Asset allocation
describes theshare ofinvestments inspecific assets.

•

What was the proportion of sustainability-related investments?

•

What was the asset allocation?

#1 Aligned with E/Scharacteristics
91.56%
Investments#2 Other
8.44%#1 Aligned with E/S characteristics includes the investments of the financial product used toattain the environmental or social characteristics promoted by the financial product.
#2 Other includes the remaining investments of the financial product which are neither alignedwith the environmental or social characteristics, nor are qualified as sustainable investments.

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In which economic sectors were the investments made?

The following table details the economic sectors that the Fund was exposed to as at 30 April
2024.

The Sector source is the MSCI GICS industry classification.

•
Taxonomy-aligned
activities are
expressed as ashare of:- turnover reflects
the “greenness” ofinvesteecompanies today.
- capital
expenditure(CapEx) shows thegreen investments
made by investee
companies,
relevant for atransition to agreen economy.
- operational
expenditure(OpEx) reflects thegreen operational
activities ofinvesteecompanies.

To what extent were the sustainable investments with an environmental
objective aligned with the EU Taxonomy?

0% of the Fund’s investments are sustainable investments with an environmental objective that alignwith the EU Taxonomy.

•

Did the financial product invest in fossil gas and/or nuclear energy related
activities complying with the EU Taxonomy1?

Yes:
In fossil gas

In nuclear energy

No
1 Fossil gas and/or nuclear related activities will only comply with the EU Taxonomy where they
contribute to limiting climate change (“climate change mitigation”) and do not significantly harm
any EU Taxonomy objective – see explanatory note in the left hand margin. The full criteria for fossil
gas and nuclear energy economic activities that comply with the EU Taxonomy are laid downin Commission Delegated Regulation (EU) 2022/1214.

296

Barings International Umbrella Fund
Appendix 6 – Sustainability Related Disclosures (Unaudited)

To comply with the
EU Taxonomy, thecriteria for fossil gas
include limitations onemissions andswitching to
renewable power or
low-carbon fuels by.
the end of 2035. For
nuclear energy, thecriteria include
comprehensive
safety and waste
management rules.

The graphs below show in green the percentage of investments that were aligned with the EU
Taxonomy. As there is no appropriate methodology to determine the taxonomy-alignment ofsovereign bonds*, the first graph shows the Taxonomy alignment in relation to all the investmentsof the financial product including sovereign bonds, while the second graph shows the Taxonomy
alignment only in relation to the investments of the financial product other than sovereign bonds.

*For the purpose of these graphs, ‘sovereign bonds’ consist of all sovereign exposures

Enabling
activities directly
enable otheractivities to make a
substantial
contribution to an
environmental
objective.
Transitional
activities areactivities for which
low-carbon
alternatives are not
yet available andamong others havegreenhouse gas
emission levels
corresponding to thebest performance.

Sustainable
investments with anenvironmental
objective that do nottake into accountthe criteria forenvironmentally
sustainableeconomic activities
under Regulation(EU) 2020/852.

•

What was the share of investments made in transitional and enabling
activities?

The Fund did not make sustainable investments with an environmental objective aligned with
the EU Taxonomy during the reference period.

•

How did the percentage of investments that were aligned with the EU
Taxonomy compare with previous reference periods?

Not applicable

What was the share of sustainable investments with an environmental objective notaligned with the EU Taxonomy?
Not applicable.

What was the share of socially sustainable investments?
Not applicable.

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What investments were included under “other”, what was their purpose and were there
any minimum environmental or social safeguards?
The investments included under "Other" comprise of issuers which do not exhibit positive or
improving E and / or S characteristics but are included in the Fund where the Investment
Manager, after conducting proprietary fundamental analysis and taking into account portfolio
construction considerations, identified mispriced investment opportunities on a longer termbasis, centred on the Investment Manager’s understanding of the issuer’s strategy and thepotential to improve returns and grow earnings. However, the Investment Manager divested
from and did not invest in issuers which have a quality score of 5 – the worst level on theInvestment Manager's scale of 1 to 5 – and an ESG-related modification to the discount rate of+2%.
Additionally, the investments included under "Other" were cash, cash equivalents and hedging
instruments. Cash and cash equivalents do not affect the promoted environmental and / orsocial characteristics of the Fund. The assessment of issuers and of counterparties for cash
and hedging instruments focusses on the creditworthiness of these parties, which can be
impacted by ESG risks.

What actions have been taken to meet the environmental and/or social characteristics during
the reference period?
The Investment Manager monitored the environmental and/or social characteristics of theFund’s portfolio during the reference period. The Investment Manager's investment decisions
were based on internal research, which encompass both its proprietary financial forecasts and
ESG assessment. The Investment Manager aimed to meet with all issuers in which it sought toinvest at least annually and discuss a range of topics including ESG issues with management.
The Investment Manager, through access to third party ESG research providers (where
coverage allowed) such as MSCI, Sustainalytics and Bloomberg ESG, also sought tounderstand market consensus on the ESG profile of each issuer. Pre- and post-trade checks
were carried out on a daily basis to ensure the Fund continued to meet the minimum thresholdof 50%. Where the Fund fell below this threshold, due to market movements or because theissuers it held no longer met the criteria of a “green” investment, then the passive breach wascorrected at the earliest opportunity. The Investment Manager believes that equity markets
contain unrecognised growth potential and sought to identify this through the analysis of anissuer’s business model whilst incorporating wider ESG trends often referred to as fundamental
analysis. ESG trends may evolve over time and may include environmental footprint, societal
impact of products/services and effectiveness of supervisory/management boards. The
Investment Manager adopted an active management policy in relation to ESG topics and also
focused on engagement to improve issuer disclosure or behaviour. Engagements were
undertaken to influence (or identify the need to influence) ESG practices and/or improve ESG
disclosure. Through engagement, the Investment Manager aimed to enhance the performanceof its investments, for the benefit of investors in line with its stewardship responsibility.

298

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How did this financial product perform compared to the reference benchmark?

Not applicable.

•
Reference
benchmarks areindexes to measure
whether the financial
product attains theenvironmental orsocial characteristics
that they promote.

How does the reference benchmark differ from a broad market index?

Not applicable.

•

How did this financial product perform with regard to the sustainability
indicators to determine the alignment of the reference benchmark with theenvironmental or social characteristics promoted?

Not applicable.

•

How did this financial product perform compared with the reference
benchmark?

Not applicable.

•

How did this financial product perform compared with the broad market index?

Not applicable.

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Appendix 7 – Periodic Disclosure of Promoted Environmental and Social Characteristics (Unaudited)
For the financial year ended 30 April 2024
The Investment Manager integrates ESG (“Environmental, Social and Governance”) information into the investment process acrossall asset classes. Through bottom-up, fundamental analysis, the Investment Manager seeks to gain a comprehensive understandingof the factors that influence the sustainability of investments. The Investment Manager considers ESG information alongside othercrucial variables that may impact an investment’s risks and returns over time. In particular, the Investment Manager considers ESG
criteria in relation to specific industry and sector trends and characteristics to identify the risks of an investment. Once invested, theInvestment Manager continues to monitor each investment to ensure their thesis, including that on ESG matters, remains intact andthat an investment’s risk and return profile remains attractive relative to other opportunities available in the market. Sustainability
risks that the Investment Manager may consider are environmental, social or governance events or conditions that, if they occur,
could cause an actual or a potential material negative impact on the value of the investment, examples of which include physicalenvironmental risks, transition risk (e.g. investee company assets losing their financial value because of tightening of environmental
legislation) or liability risk (e.g. risk of liability due to a breach of human/employee rights considering the jurisdiction of the investee
company).
All Funds integrate ESG into their investment process but the following Funds will also promote ESG by investing or seeking topositively influence business practices to improve ESG characteristics and are therefore categorised under Article 8 of the Sustainable
Finance Disclosure Regulations (“SFDR”):- Barings ASEAN Frontier Fund;- Barings Asia Growth Fund;- Barings Australia Fund;- Barings Europa Fund;- Barings Global Bond Fund;- Barings Hong Kong China Fund;- Barings Global Technology Equity Fund;- Barings Global Dividend Champions Fund;- Barings Europe Select Fund;
Please refer to the Prospectus and Appendix 6 for further details on ESG integration.
The investments underlying the remaining Funds of this Unit Trust which are under Article 6 of the SFDR, do not take into account the
EU criteria for environmentally sustainable economic activities.

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