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

Interim Report & Unaudited Financial
Statements
For the financial period ended 31 October 2023

Barings International Umbrella FundInterim Report and Unaudited Financial Statements
Contents
For the financial period ended 31 October 2023
Directors and Other Information 

1Introduction 

3Investment Objective and Policy 

4Investment Managers’ Report 

11Statement of Financial Position 

30Statement of Comprehensive Income 40Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Units 49

Notes to the financial statements 

58

Schedule of Investments
Barings ASEAN Frontiers Fund 

96

Barings Asia Growth Fund 

99

Barings Australia Fund 

102

Barings Europa Fund 

104

Barings Hong Kong China Fund 

106

Barings Global Bond Fund 

109

Barings Global Balanced Fund 

112

Barings Global Technology Equity Fund 

118

Barings Europe Select Fund 

120

Barings German Growth Fund 

124

Barings Global Dividend Champions Fund 

127

Barings China A-Share Fund 

129

Barings Global Equity Allocation Fund 

131

Barings Eastern Europe Fund 

144

General information 

146

Appendix 1 – Information for investors in Switzerland 

147

Appendix 2 – Information for investors in Germany 

150

Appendix 3 – Additional information Hong Kong Code 151

Appendix 4 – Significant Changes in Portfolio Composition 

170

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.

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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 31 October 2023 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 period-end, which are outlined in note 10 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.
The financial statements include all the trades received up until 12:00p.m. (Irish time) on 31 October 2023, the valuation point for the
Unit Trust.

3

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.

4

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.

5

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.

6

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.

7

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.

8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.

9

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.

10

Barings International Umbrella Fund
Investment Managers’ Report
For the financial period ended 31 October 2023
Barings ASEAN Frontiers Fund
Performance
Barings ASEAN Frontiers Fund (the “Fund”) generated a gross return of -10.93% on the Class A USD Inc unit class and underperformed
against the performance comparator which returned -10.38%* during the reporting period. The Fund generated a net return of-11.69% on the Class A USD Inc unit class.
ASEAN equities declined over the 6-month period. While markets rebounded in the first half of the review period on the back ofimproving economic activity data across the region as well as rising commodity prices that benefitted net exporters such as Malaysia,
heightened geopolitical tensions, a strong US dollar, and global liquidity concerns dominated the macro backdrop in the second halfof the review period, which reinforced de-risking sentiment.
Stylistically, Value has outperformed Growth over the period, which has proved to be a headwind for our Growth-at-a-ReasonablePrice (“GARP”) investment approach, which focuses on quality companies with sustainable growth prospects.
Stock selection detracted from relative performance of the Fund over the past 6 months, particularly within Communication Services
led by Singapore-based gaming and e-commerce platform developer Sea, as investors reacted negatively on the company’s weakerthan-expected performance in its e-commerce business as well as management’s guidance on shifting back to growth mode for thesegment through investment, which raised concerns over negative impact on profit.
On the bright hand, stock selection in Consumer Discretionary contributed notably to the Fund, particularly from Indonesia. The
Fund’s lack of exposure in Indonesian ride-hailing services platform PT GoTo Gojek Tokopedia was the largest contributor to the Fundat the company level over the review period, as share price came under pressure in light of uncertainties over management and cofounder divestments from the company.
Market outlook
With relatively tamed inflation across the region and the global interest hiking cycle nearing its end, ASEAN central banks should havethe flexibility to adjust their monetary policies based on domestic conditions. This should in turn improve liquidity and support ASEAN
equities. Meanwhile, tourists are returning to Southeast Asia, with numbers expected to double from 2022 levels. At the same time,
Chinese visitors, the largest contributors to ASEAN tourism, remain well below pre-COVID-19 levels, offering the potential for further
recovery well into 2024.
Looking ahead, we continue to favour Indonesia, as the country’s rich commodity reserves benefit from the multi-decade structural shift
towards renewable energies. In Thailand, the market has been skeptical on the new government in the third quarter, but we believe
this government is more business savvy and has the imperative to reinvigorate the economy and restore investor confidence. As for
Singapore and Malaysia, we have identified a number of idiosyncratic opportunities there, such as supply chain relocation related
opportunities in Malaysia, as well as automation and green transition related opportunities in Singapore. While the peaking of interest
rates would likely cap future upsides for Singaporean banks, their yields remain decent and earnings should not fall dramatically yet.
Investors had been worried about the impact of high commodity prices on Philippine companies, but we think valuations are attractive
and we are constructive on its structural growth opportunities.

11Barings International Umbrella Fund
Investment Managers’ Report (continued)
For the financial period ended 31 October 2023
Barings ASEAN Frontiers Fund (continued)
Market outlook (continued)
As one of the key rising manufacturing hubs, ASEAN countries are receiving a growing share of the world’s capital investments,
ranging from low value-added manufacturing all the way to the hardware technology supply chain, indicating that the longer-term
thesis of Southeast Asia as a beneficiary of supply chain diversification remains well intact. We remain constructive on ASEAN
equities over the medium to longer run time-period, and are well positioned in companies exposed to the secular growth themes suchas technological ubiquity (the digitalization and connectivity of everything), evolving lifestyle and societal values (sustainability, rising
middle class, healthy living) and de-globalization (supply chain diversification and reshoring).
* 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
November 2023
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.

12Barings International Umbrella Fund
Investment Managers’ Report (continued)
For the financial period ended 31 October 2023
Barings Asia Growth Fund
Performance
Barings Asia Growth Fund (the “Fund”) generated a gross return of -7.10% on the Class A USD Inc unit class and underperformed
against the performance comparator which returned -6.30%* during the reporting period. The Fund generated a net return of -7.90%
on the Class A USD Inc unit class.
Asian equities came under pressure over the past 6 months. While markets rebounded in the first half of the review period underpinnedby hopes for incremental policy easing measures by the Chinese government to stimulate economic growth, investors later turned
cautious again on the back of soft economic activity data and property market overhang in China, not helped by re-escalated geopoliticaltensions, a pivot of market expectations toward a higher-for-longer stage for global interest rates, and continued US dollar strength.
Stylistically, Value has outperformed Growth over the period, which has proved to be a headwind for our Growth-at-a-ReasonablePrice (“GARP”) investment approach, which focuses on quality companies with sustainable growth prospects.
Stock selection was a key detractor to relative performance of the Fund over the review period, primarily within Consumer Discretionary
led by selective Chinese companies on the back of weaker-than-expected consumption recovery. On the other hand, stock selection
within Information Technology and Health Care contributed notably to the Fund over the 6-month period.
At a company level, China-based sportswear manufacturer Li Ning was a key performance drag to the Fund, largely due to a
slowdown in the company’s sales growth along with a downward revision of full-year guidance by management, which dampened
investor sentiment in the short run. On the bright side, Taiwanese tech networking solutions provider Accton Technology ended as thelargest contributor to the Fund, thanks to resilient earnings delivery alongside a strengthening revenue growth outlook as customers
look to update systems to meet growing AI (Artificial Intelligence) demands.
Market outlook
With the plateauing of US interest rates on the horizon, headwinds on emerging markets should abate. From there, Asian central
banks should have the flexibility to adjust their monetary policies based on local market conditions. This should help to improveliquidity and support the broader Asian equity markets. Meanwhile, the global exports downcycle is well advanced, and could look to
improve with a marginally positive outlook on the US and Chinese economies.
China’s long-awaited supportive policies began to take effect in the third quarter. Massive crowds of tourists were seen to flood
tourist destinations during October’s golden week holidays, indicating demand for consumption. There should be signs that company
fundamentals are bottoming out soon, and valuations are attractive. With a bit of patience, investor confidence should gradually
recover. As for the rest of North Asia, with the expected bottoming of the global semiconductor/AI cycle this year, we are gradually
rebuilding our positions in Korea and Taiwan in anticipation of earnings recovery in 2024.
Southeast Asia is on track for significant tourist recovery in 2023 driven by supportive government policies and pent-up global
demand. The momentum should continue well into 2024 with the gradual return of Chinese visitors. We are constructive on a numberof structural and stock-specific opportunities across ASEAN, such as consumption uplift in Indonesia until its election in early 2024,
supply-chain relocation opportunities in Malaysia, and beneficiaries of supportive policies from a business-savvy Thai government.
For India, while there are meaningful structural opportunities arising from its favorable demographics, we are more selective in thismarket as there could be better alternatives at more attractive valuations in the near-term.

13

Barings International Umbrella Fund
Investment Managers’ Report (continued)
For the financial period ended 31 October 2023
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 and reshoring). While the stylistic rotations have caused some volatility in recent
performance, 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
November 2023
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.

14

Barings International Umbrella Fund
Investment Managers’ Report (continued)
For the financial period ended 31 October 2023
Barings Australia Fund
Performance
Barings Australia Fund (the “Fund”) generated a gross return of -7.69% on the Class A USD Inc unit class and over performed against
the performance comparator which returned -8.26%* during the reporting period. The Fund generated a net return of -8.48% on theClass A USD Inc unit class.
During the reporting period, Energy was the top performing sector and only one to deliver a positive return, with the oil price risingfrom OPEC cutting supply. Meanwhile, concerns around a slowing global economy, and demand headwinds from inflation and risinginterest rates weighed on other sectors, with healthcare the worst performer.
The largest positive contributor to relative performance over the period was Carsales.Com, the leading Australian online auto
marketplace. The fund first acquired the position in Carsales in early 2020, when we saw an opportunity to acquire a high quality,
structural growth business at a heavily discounted valuation with the share price depressed on COVID-19 concerns. Despite shares
performing well in subsequent years, it remains a high conviction holding. The management team are high quality, with a strong focus
on disruptive innovation. Notably, we believe the long-term growth potential from international expansion into the US, Brazil and S.
Korea, and from new product innovation within the Australian market (including direct-to-consumer digital retailing) continues to beunder-valued by the market.
A combination of improved operational performance and a robust copper/iron ore price environment were also positive drivers for ourinvestment in Rio Tinto. In particular, iron ore, which contributes 55-60% of group earnings, has been particularly strong with robust
Chinese steel production growth in FY23 combined with a drawdown in inventory from the ports through to the mills.
The fund’s largest detractor to relative performance was nickel/lithium miner, Independence Group. Shares saw pressure fromuncertainty around the future of their Cosmos nickel asset as well as a deterioration in lithium prices as increasing short-term supply
exceeded demand. Despite near-term headwinds, we remain positive on the longer-term outlook for nickel and lithium where verysignificant future demand growth linked to Electric Vehicles and Energy Storage Solutions should exceed new supply.
WiseTech, a global leader in software solutions to the freight forwarder/logistics industry, also saw share weakness. A step up in
investment post recent M&A weighed on near-term margins. However, the long-term growth outlook remains incredibly attractive with
the industry ripe for disruption. We are encouraged that the competitive advantage of using WiseTech’s fully integrated, single global
software platform (as opposed to relying on multiple, local regional players) is further increasing as WiseTech expands its services
across to the Customs, Landside Logistics and Warehousing markets, making their software increasingly “mission critical” and hard
to replicate.
Market outlook
We expect global macro headwinds to persist in the near-term as developed market central banks keep interest rates elevated tobring down inflation. The Australian outlook is similar in this regard, with interest rates and inflation still at an elevated level which we
expect to continue to pressure discretionary spending in the short-term.
However, we remain positive on the longer-term Australian outlook as inflation comes down, and monetary policy begins to ease.
The structure of the Australian mortgage market (which has a high skew to floating interest rates as opposed to fixed), should allow
the benefit of falling rates to be quickly felt by households. Meanwhile, the Australian Government forecast a budget surplus in
2022-2023. This contrasts with many other advanced economies and allows for Australia to provide fiscal support to boost demandas required. Alongside Australia’s rich natural resources and low political risk, 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.

15

Barings International Umbrella Fund
Investment Managers’ Report (continued)
For the financial period ended 31 October 2023
Barings Australia Fund (continued)
Market outlook (continued)
One such example is Goodman Group, a commercial real estate business that specialises in e-commerce logistic warehousing anddata centers. It has been a long-term holding in the Fund though one we’ve recently added further to. Several years ago, the founder
led management team was early to identify the structural growth opportunity in e-commerce logistics and positioned the business tosubsequently benefit. This logistics growth opportunity still has a very long runway of growth over the next decade, though we believe
growth can be augmented further by data centers. There has been a recent explosion in demand for data centers from the major
US tech giants and other hyperscalers to support their rapid growth in AI and cloud computing. As an early mover in the data center
development (and ahead of the recent AI excitement that’s come out this year), Goodman has a strong footprint of prime locations
with secured power that enable it to meet this under-served demand. This should drive meaningful earnings upside over the next 7
to 10 years.
* 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
November 2023
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.

16

Barings International Umbrella Fund
Investment Managers’ Report (continued)
For the financial period ended 31 October 2023
Barings Europa Fund
Performance
Barings Europa Fund (the “Fund”) generated a gross return of -8.15% on the Class A USD Inc unit class and over performed against
the performance comparator which returned -9.75%* during the reporting period. The Fund generated a net return of -8.94% on theClass A USD Inc unit class.
Like most equity markets globally, European equities were weaker over the period as investors adjusted expectations for a prolonged
period of higher interest rates, whilst inflation remains elevated and the economic outlook continues to be uncertain.
At a stock level, the largest detractor to relative performance over the period was Dutch-listed payments company Adyen following
an earnings update that missed investor expectations. Adyen has developed a world-leading multicurrency, multi-region payments
platform. Weakness in their recent results was caused by heightened price competition in the US market. Despite this, they retain avery compelling global, multicurrency growth opportunity, and we have retained our Adyen investment.
On a more positive note, semiconductor wafer processing equipment manufacturer ASM International was the largest positive
contributor to relative returns. The company reported solid first quarter results, with revenue and earnings coming in above expectations.
While order growth was not as strong as expected ASM is still forecast to grow revenue in 2023, which compares favourably to thedeclines expected across the broader wafer fab equipment market. The share price has also been buoyed by increased enthusiasm
for generative A.I. and the implied rapid growth in demand for the most advanced semiconductor chips where greater usage of ASM
tools will be required.
Market outlook
European equities modestly pulled back over the period however returns remain in positive territory over the last 12 month. The
continued rise in interest rates in most developed markets has weighed on investor sentiment, so some profit-taking after a period of
good performance was perhaps inevitable.
Equity markets are likely to remain volatile over the coming months as investors continue to show limited confidence in the outlook forthe global economy amid the headwinds of high interest rates and inflation rates that remain above target levels.
Despite the difficult macroeconomic backdrop, earnings have been resilient with companies generally proving effective at passing on
rising input costs, although this remains a key focus going forwards. Inflation in the US and across much of Europe has continued totrend downwards and, in this context, we may be approaching peak interest rates, although the USA is further ahead than the EU.
Indicators of business sentiment and economic activity are, however, consistent with stagnation rather than recession, and well above
the lows of last year.
In this context, our Growth at a Reasonable Price approach remains unchanged, focusing on reasonably valued companies whose
profit growth potential is not solely reliant on macroeconomic factors. Given the trends outlined above, we anticipate that companyspecific earnings revisions will become increasingly important determinant of share price developments, with opportunities for stock
selection more widespread.
* The Fund return uses the midday prices, whereas the return of the comparator is calculated using global close prices.

Baring Asset Management Limited
November 2023
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.

17

Barings International Umbrella Fund
Investment Managers’ Report (continued)
For the financial period ended 31 October 2023
Barings Hong Kong China Fund
Performance
Barings Hong Kong China Fund (the “Fund”) generated a gross return of -12.13% on the Class A USD Inc unit class and underperformed
against the performance comparator which returned -10.31%* during the reporting period. The Fund generated a net return of-12.88% on the Class A USD Inc unit class.
Chinese equities trended lower over the review period, as weaker-than-expected economic activity data led to concerns over thecountry’s economic recovery post-COVID-19 reopening losing steam. Meanwhile, lingering geopolitical tensions between the US andChina particularly on the tech front, along with global macro headwinds amid a higher-for-longer interest rate environment, added
further pressure to market sentiment.
Stock selection was the major detractor to relative performance of the Fund over the review period, especially within Consumer
Discretionary as domestic consumption recovery came softer-than-expected. Stock selection in Financials was another performancedrag, in part due to some of the insurance holdings as well as our lack of exposure in selective state-owned banks. On the bright side,stock selection in Materials ended as a key contributor to the Fund.
At a company level, electric vehicle (EV) manufacturer Li Auto was the Fund’s largest contributor over the past 6 months, driven byfavorable policy support as the government extends purchase tax incentive for EVs, while the company’s promising delivery readings
and resilient sales growth momentum also served as positive catalysts. On the other hand, the Fund’s lack of exposure in smartphone
manufacturer Xiaomi detracted notably from relative performance of the Fund over the review period, as share price of the company
rallied on the release of its flagship premium smartphone and new software infrastructure, coupled with expectation of the smartphone
sector reaching a cyclical bottom.
Market outlook
With the plateauing of US interest rates on the horizon, headwinds on emerging markets should abate. Looking ahead, we areconstructive on Chinese equities due to improvement of fundamentals, attractive valuations, and supportive policies. Economic
activities have been showing some stabilization with a notable rebound in GDP growth over the third quarter. Traffic flows andspending of the October golden week holidays have mostly recovered to pre-COVID-19 levels. This is a clear indication of interestfor consumption. The large savings pool accumulated by Chinese households during COVID-19 could transform into consumption
as forward-looking visibility improves.
While we continue to expect the policy direction to be supportive, with a series of policies introduced in the past couple of months,
the government could take a pause to assess the overall impact. Weakness in the properties sector continues, with credit risk
prevalent among private developers. Meanwhile, the economic cycle is expected to bottom before year-end, and lighter inventories ofconsumer companies should support corporate earnings growth on the back of low base in the coming quarters – a key prerequisite
for restoration of investor confidence.
For the time being, the market remains somewhat sceptical on Chinese equities, with the market cheaply valued compared tohistorical levels and against broader global markets. With some patience, we believe this provides an attractive entry point for
longer term investors. As the economy gradually normalizes, structural trends such as sustainable growth, self-sufficiency in the
supply chain, scientific and technological innovations, and environmental awareness, would continue to unfold. This should bolster
the outlook on sectors and themes such as new infrastructure, domestic consumption, health care, technology localization andsustainability 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
November 2023
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.

18

Barings International Umbrella Fund
Investment Managers’ Report (continued)
For the financial period ended 31 October 2023
Barings Global Bond Fund
Performance
Barings Global Bond Fund (the “Fund”) generated a gross return of -6.77% on the Class A USD Inc unit class and over performed
against the performance comparator which returned -7.39%* during the reporting period. The Fund generated a net return of -7.33%
on the Class A USD Inc unit class.
Global bond markets have remained very volatile, with wholesale underperformance across developed markets. Duration has been
most impacted. September was one of worst months year to date.
The main drivers for the sell-off were:a)Better than expected US economic growth: Investors, including ourselves, were forced to pare back recession and Federal
Reserve policy easing expectations through 2024. The subsequent market repricing resulted in a sell-off in US treasuries. Other corebond markets sold off in sympathy, but less so in Europe; andb)
Concerns about the US fiscal trajectory: The US government is running a whopping 6% budget deficit in a period where
economic growth is strong. The Treasury also stepped up its market borrowing significantly. This unsettled investors, most of whom
seemed to exit into money market funds.
Overall, we do not believe these concerns will persist for long, and primarily for two reasons:a)
The US economy will eventually slow as the impact of higher borrowing rates start to weigh. Already there are signs, albeit
marginal, of cracks in the consumer balance sheet;b)
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;c)
The US Treasury is already heeding investor concerns and starting to reduce the absolute amounts and duration of issuance.
This is a net positive, although further and larger reductions would be more reassuring. We note that any reduction in issuance is likely
to happen in a fiscal tightening backdrop, which would inadvertently be growth negative.
As a result of the above, the portfolio managers increased the fund’s duration over the reporting period. However, given the bond market
volatility, they have kept the fund’s duration position close to benchmark levels. The Fund is overweight Europe (core and periphery),
Australia (including via regional governments), New Zealand, and Canada (including provincials). It has a small underweight in theUS, predominantly to express the Managers’ bearish USD view, as well as being underweight in Japan.
Market outlook
Looking ahead into 2024, the global macro-economic outlook remains mixed and uncertain. It requires discipline in risk-taking andmodesty in investment convictions. Our base case is still for a significant economic slowdown, hence we remain constructive on
developed market bonds and overall duration. The pillars of our convictions include:a)
The impact of monetary tightening is yet to transmit into lower private consumption. But it will and we see that manifesting
through 2024 with a subsequent hit to growth;b)Inflation has been on a firm downward trajectory, taking the pressure off central banks. The energy shock induced by the
Russia-Ukraine war has abated, energy prices are normalizing, aiding the disinflation process. Ex-ante real policy rates are also
rising, tightening monetary conditions even further. Along with slowing growth, we believe most economies will likely hit their inflation
targets in 2024, opening room for central banks to ease monetary policy; andc)
China and Europe are slowing down, but to various degrees. For China, authorities have been implementing piece-mealstimulus initiatives, and we are circumspect this will support medium term growth.

19

Barings International Umbrella Fund
Investment Managers’ Report (continued)
For the financial period ended 31 October 2023
Barings Global Bond Fund (continued)
Market outlook (continued)
Long term US treasury yields have surged to 5%; we previously expected the peak at 4%. Despite this, we continue to have highconviction that the US economy cannot grow sustainably with 4% nominal, and 2% real rates. For this reason, we continue to see
current valuations as quite attractive, and especially if the technical factors which drove the sell-off start abating.
* 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
November 2023
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.

20

Barings International Umbrella Fund
Investment Managers’ Report (continued)
For the financial period ended 31 October 2023
Barings Global Balanced Fund
Performance
Barings Global Balanced Fund (the “Fund”) generated a gross return of -4.18% on the Class A USD Inc unit class and underperformed
against the performance comparator which returned -3.42%* during the reporting period. The Fund generated a net return of -4.88%
on the Class A USD Inc unit class.
Market movement was two-fold during the reporting period. The U.S. Federal Reserve has kept interest rates unchanged for the firsttime in this rate hike cycle in June while signs of softening inflation increased expectation of peaking interest rates. This has bolsteredinvestment sentiment as the market shifted away from recession fears given the resilient economic picture and upside surprises incorporate earnings. During this earlier part of the reporting period, both region selection and sector selection were the key contributors
to relative performance. The upbeat earnings of mega-cap technology companies and the growth driven by artificial intelligence (AI)favoured US Equity, in particular the Technology sector. The Energy sector also outperformed the market, benefitting from the higher
oil prices amid elevated geopolitical uncertainty in the Middle East.
Later in the period, positive surprises in the labour market and economic activity in the US have begun to raise concerns about how
long central banks will maintain interest rates at restrictive levels. The 10-year Treasury yield reached its highest level since 2007,
triggering broad-based selling pressure across global equity and bond markets, which erased previous gains. Given this backdrop,
long duration assets, like Growth sectors, adversely impacted the Fund’s relative performance. The Fixed Income position also
detracted from the relative performance as US Government Bonds underperformed other Developed Government Bonds due to thediverging prospect of growth.
On the other hand, Chinese Equities weakened as investors became concerned about subdued growth and deflationary pressure.
In response to the weakening macro data and tepid development of the property market, the Chinese government has announced
a series of easing measures. However, investor confidence has yet to regain momentum. Overall, the Chinese Equity position has
been one of the key detractors.
Market outlook
Seasonality factors and one-off drivers have sustained strong consumption over the past months, but we anticipate a moderation in
momentum due to the delayed impacts of tighter financial conditions. We believe that the trajectory of the US economic conditionaligns with our growth outlook – slowing down but not falling off a cliff.
Going forward, the Federal Reserve should proceed cautiously, considering the risks associated with tight financial conditions andinflation. While the US may be approaching a pause in its tightening campaign, it is unlikely that the central bank will shift towards a
policy of loosening at this stage. Market expectation of prolonged higher interest rates could continue to impact equity valuations, but
sentiment should stabilize when macroeconomic data smooths out and investors focus on corporate fundamentals. Therefore, we are
keeping a watch for favourable entry points to accumulate equity positions in high-quality sectors.
* The Fund return uses the midday prices, whereas the return of the comparator is calculated using global close prices.

Baring Asset Management Limited
November 2023
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 period ended 31 October 2023
Barings Global Technology Equity Fund
Performance
Barings Global Technology Equity Fund (the “Fund”) generated a gross return of 8.61% on the Class A USD Acc unit class and over
performed against the performance comparator which returned 5.56%* during the reporting period. The Fund generated a net returnof 7.54% on the Class A USD Acc unit class.
The technology sector generated robust absolute returns over the period, driven by the very strong performances of some of thelarger names in the index, in part on the belief that the emergence of Generative AI would generate increased demand across avariety of industries and technologies.
On a relative basis, the Fund’s top performing holdings were Nvidia, Amazon and Meta. The position in Nvidia gained close to 60%
over the period with the company’s recent strong earnings underpinned by significant demand for their graphics processing chips andserver networking equipment that is used to train large language models such as ChatGPT. Similarly, Amazon was another strong
performer as the profitability of its retail business improved meaningfully after a period of heavy investment in its logistics network, andthe optimisation of customer spend on its cloud computing platform showed signs of normalising. Lastly, shares in Meta outperformed
as earnings have improved against a solid digital advertising market, boosted by an increased return-on-advertising spend for theircustomers, which was enabled in part by its own AI investments.
In contrast, the holding in payments processing technology group Adyen performed disappointingly over the period following earnings
that were weaker than expected across a range of metrics. Unlike competitors, Adyen has resisted cutting prices and continues toinvest heavily in its superior product development, whilst management could do a better job of setting near-term expectations. Despite
these short-term challenges, we continue to hold the position as there is little doubt about the long-term growth of digital payment
solutions and Adyen remains the best quality operator in the space.
Market outlook
The fundamentals of many of the structural growth themes that we have liked for some time, such as public cloud growth, digitalcommerce and software as a service, continue to look very appealing. More recently, the emergence of Generative AI has sparked
additional optimism that, even in the face of uncertain macroeconomic conditions, the near term demand environment in technology
may more closely line up with these longer term secular trends. In many cases, recent share price volatility has created attractive
entry points for businesses with the potential to exhibit strong, sustainable growth and investment returns over the long term.
While the current market environment is challenging, our investment approach remains unchanged. We continue to believe thatcompanies which are can best navigate the secular growth trends in technology, as disruptors, innovators or enablers offer great
investrment returns potential over the long term.
We will continue our process of building new or adding to existing positions in companies with strong and sustainable businessfranchises where our proprietary bottom-up research has identified a significant degree of undervaluation relative to their future
growth potential.
* The Fund return uses the midday prices, whereas the return of the comparator is calculated using global close prices.

Baring Asset Management Limited
November 2023
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.

22

Barings International Umbrella Fund
Investment Managers’ Report (continued)
For the financial period ended 31 October 2023
Barings Europe Select Fund
Performance
Barings Europe Select Fund (the “Fund”) generated a gross return of -10.17% on the Class J EUR Inc unit class and over performed
against the performance comparator which returned -10.21%* during the reporting period. The Fund generated a net return of-10.54% on the Class J EUR Inc unit class.
Over the 6-month period to the end of October indices of European smaller company share prices fell, reflecting fears of a slowdown
in economic growth and expectations that interest rates would remain elevated for a longer period than first anticipated.
Over the period sector allocation contributed positively to relative performance but stock selection had a negative impact. Payments
processing company Worldline was the portfolio’s worst performer on a relative basis following disappointing quarterly earnings,
partially driven by a slowdown in consumer spending. We continue to hold the position for now as Worldline’s track record of execution
overall has been good and there is little doubt about the long-term growth of digital and card payments. In contrast, jewellery retailer
Pandora was the top positive contributor to relative performance, helped by strong quarterly results, better than expected growth andcontinued strong profitability.
Over the longer term, the Fund has delivered positive absolute returns, over three years and since inception, but these returns have
lagged behind the performance comparator. This relative underperformance has been driven by the relatively weaker performanceof companies with longer-term growth prospects and higher quality characteristics (such as higher Return on Equity and stronger
earnings track records). Such companies have suffered from profit-taking and now trade on cheaper valuations than historically,reflecting short-term economic concerns.
Market outlook
Equity markets are likely to remain volatile over the coming months as investors continue to show limited confidence in the outlook forthe global economy amid the headwinds of high interest rates as inflation rates remain above target levels.
Despite the difficult macroeconomic backdrop, earnings have been resilient with companies generally proving effective at passing
on rising input costs. Currently indicators of business sentiment and economic activity are more consistent with stagnation thanrecession, and well above the lows of last year.
More encouragingly. Inflation in the USA and across much of Europe has begun to trend downwards, as commodity and food prices
decline from last year’s highs. In this context the peak for interest rates may be approaching, with the USA further ahead in thisprocess than the EU.
The outlook for corporate profits growth, however, is unclear. Recent earnings growth was supported by companies’ ability to passon cost increases to end consumers. Whether end consumers will be as willing to accept price increases going forward is moredebatable.
More positively, valuations for the European smaller companies asset class look compelling, now at lows relative to their own history,
and when compared to their large cap peers.
In this context, our Growth at a Reasonable Price approach remains unchanged, focusing on reasonably valued companies whose
profit growth potential is demonstrably improving. Given the trends outlined above, we anticipate that company-specific earnings
revisions will become increasingly important determinants of share price developments, with opportunities for stock selection morewidespread.
* The Fund return uses the midday prices, whereas the return of the comparator is calculated using global close prices.

Baring Asset Management Limited
November 2023
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.

23

Barings International Umbrella Fund
Investment Managers’ Report (continued)
For the financial period ended 31 October 2023
Barings German Growth Fund
Performance
Barings German Growth Fund (the “Fund”) generated a gross return of -7.03% on the Class J EUR Acc unit class and over performed
against the performance comparator which returned -7.60%* during the reporting period. The Fund generated a net return of -7.41%
on the Class J EUR Acc unit class.
German equities were weaker over the period as investors adjusted expectations for a prolonged period of higher interest rates, whilst
inflation remains elevated and the economic outlook continues to be uncertain.
Stock selection amongst Financials was one of the largest positive contributors to relative returns. As a result, our investment within
the reinsurance provider Hannover Rueck closed the period as one of the Fund’s top contributors to relative performance, helpedby strong quarterly earnings. The company’s results were improved by higher bond yields that increased investment returns on theirinsurance reserves and lower COVID-19-related claims from Asia.
In contrast, as a result of large-cap companies significantly outperforming relative to their small and mid-cap peers, our structural
underweight exposure to index giant SAP worked against us and was the largest drag on relative performance. In spite of this, we
continue to believe that over the medium term, the portfolio's bias towards smaller and medium-sized companies will have a positive
impact on relative performance.
Market outlook
Equity markets are likely to remain volatile over the coming months as investors continue to show limited confidence in the outlook forthe global economy amid the headwinds of high interest rates and inflation rates that remain above target levels.
Despite the difficult macroeconomic backdrop, earnings have been resilient, with companies generally proving effective at passing on
rising input costs. Whilst indicators of business sentiment and economic activity are consistent with stagnation rather than recession
and well above last year's lows.
Inflation in the USA and across much of Europe has continued to trend downwards. In this context, we may be approaching peakinterest rates, although the USA is further ahead than the EU.
However, the outlook for corporate profit growth is unclear. Recent earnings growth was supported by companies' ability to passon cost increases to end consumers. Whether end consumers will be as willing to accept price increases going forward is moredebatable.
In this context, our Growth at a Reasonable Price approach remains unchanged, focusing on reasonably valued companies whose
profit growth potential is demonstrably improving. Given the trends outlined above, we anticipate that company-specific earnings
revisions will become an increasingly important determinant of share price developments, with opportunities for stock selection morewidespread.
* The Fund return uses the midday prices, whereas the return of the comparator is calculated using global close prices.

Baring Asset Management Limited
November 2023
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.

24

Barings International Umbrella Fund
Investment Managers’ Report (continued)
For the financial period ended 31 October 2023
Barings Global Dividend Champions Fund
Performance
Barings Global Dividend Champions Fund (the “Fund”) generated a gross return of -6.82% on Class A USD Acc unit class andunderperformed against the performance comparator which returned -1.59%* during the reporting period. The Fund generated a net
return of -7.58% on the Class A USD Acc unit class.
Sector performance was pronounced, as the Information Technology sector - a typically lower yielding part of the market - soared,
whilst, in contrast, some of the more defensive and higher yielding areas of the market came under pressure, including Consumer
Staples on ongoing concerns over the health of the end consumer and the consequent potential for “trading down” by customers.
Against this backdrop, including limited exposure to Information Technology stocks given the aforementioned relatively unattractive
dividend yield characteristics, and overweight position in the Consumer Staples sector, the Barings Global Dividend Fundunderperformed its performance comparator.
One of the largest detractors to relative performance thus came from our zero exposure to the Information Technology mega-cap giant
Nvidia. Sentiment for this stock has surged this year, with the dominant supplier of technology hardware and software well positioned
to benefit from the artificial intelligence boom.
On a more positive note, Danish healthcare company Novo Nordisk was the largest contributor to relative returns, buoyed by thesignificant success of weight loss and diabetes drugs Wegovy and Ozempic, which have attracted immense demand – and interest– globally.
To note though that the Fund continues to exhibit attractive yield and, just as importantly, attractive dividend growth characteristics,
as per its objectives.
Market outlook
Global equities modestly pulled back over the period however returns remain in positive territory over the last 12 months. The
continued rise in interest rates in most developed markets has weighed on investor sentiment. so some profit taking after a period of
good performance was perhaps inevitable.
For developed markets, the economic outlook remains mixed, though we would say that on balance, relatively better service PMIs
and a strong labour market are offsetting weaker manufacturing PMIs and trade data.
The mixed economic outlook extends to the world’s two largest economies. Chinese growth has been lacklustre, and the country has
struggled to regain pre-COVID-19 era levels of economic growth. The US economy, on the other hand, has seen continued strong
employment and good services sector growth.
The outlook for interest rates is also unclear. As core inflation throughout much of the world has been declining, it is widely expectedthat central banks will pause their rate hikes and begin rate cuts. As such, most developed market central banks, led by the US
Federal Reserve, have maintained their mantra of “higher for longer” rates, and the result is that longer term bond yields have been
rising throughout the summer.
We think central banks will at some point reduce interest rates, but only after they see clear signs of inflation pressures easing. For
the US Fed, declining core inflation is not enough of a signal to cut when there is still strong employment, with higher wage demand,
not least from the United Auto Workers union, and higher oil prices given the backdrop of the Russian invasion of Ukraine and more
recently the conflict between Israel and Hamas, adding upward pressure to prices
In the meantime, “higher for longer” rates will be difficult for businesses that have been overly dependent on credit that was previously
secured when borrowing costs were far lower than they are now. Companies that need financial leverage to achieve decent returns, orend markets where customer demand is fed by low borrowing costs, will likely struggle, and we are being careful to avoid these areas.
Fortunately, the global equity universe has many financially strong companies that generate good returns without the need forleverage, and there are many end markets where demand is not highly dependent on cheap credit.

25

Barings International Umbrella Fund
Investment Managers’ Report (continued)
For the financial period ended 31 October 2023
Barings Global Dividend Champions Fund (continued)
Market outlook (continued)
Health care is a good example. New therapies, better diagnosis and better information handling systems all have the potential to
improve health outcomes and lower healthcare costs, and the demand is not credit dependent.
In summary, despite the current mixed economic and rate environment, we believe global equities continue to offer investments thatmeet our investment criteria, including attractive yields and year-on-year dividend growth.
* The Fund return uses the midday prices, whereas the return of the comparator is calculated using global close prices.

Baring Asset Management Limited
November 2023
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 period ended 31 October 2023
Barings China A-Share Fund
Performance
Barings China A-Share Fund (the “Fund”) generated a gross return of -16.33% on the Class A USD Acc unit class and underperformed
against the performance comparator which returned -14.86%* during the reporting period. The Fund generated a net return of-17.16% on the Class A USD Acc unit class.
Chinese onshore equities trended lower over the review period, as weaker-than-expected economic activity data led to concerns overthe country’s economic recovery post-COVID-19 reopening losing steam. Meanwhile, lingering geopolitical tensions between the US
and China particularly on the tech front, along with global macro headwinds amid a higher-for-longer interest rate environment, added
further pressure to market sentiment.
Stock selection was the major detractor to relative performance of the Fund over the review period, particularly within Financials
led by holdings in selective insurers. Stock selection in Industrials was another key performance drag, as the economic slowdown
weighed on the demand outlook. On the bright side, stock selection in Consumer Discretionary added value to relative performanceof the Fund especially from our exposure in the automobile supply chain.
At a company level, electric vehicle (EV) manufacturer Li Auto was the Fund’s largest contributor over the past 6 months, driven
by favourable policy support as the government extends purchase tax incentive for EVs, while the company’s promising delivery
readings and resilient sales growth momentum also served as positive catalysts. On the other hand, solar inverter manufacturer
Sungrow Power Supply detracted notably from relative performance over the review period, largely weighed by pressure from global
solar demand slowdown as well as elevating inventory concerns in the short run amid a challenging macro backdrop.
Market outlook
With the plateauing of US interest rates on the horizon, headwinds on emerging markets should abate. Looking ahead, we areconstructive on Chinese equities due to the improvement of fundamentals, attractive valuations, and supportive policies. Economic
activities have been showing some stabilization with a notable rebound in GDP growth over the third quarter. Traffic flows andspending of the October golden week holidays have mostly recovered to pre-COVID-19 levels. This is a clear indication of interestfor consumption. The large savings pool accumulated by Chinese households during COVID-19 could transform into consumption
as forward-looking visibility improves.
While we continue to expect the policy direction to be supportive, with a series of policies introduced in the past couple of months, thegovernment could take a pause to assess the overall impact. Weakness in the property sector continues, with credit risk prevalent
among private developers. Meanwhile, the economic cycle is expected to bottom before year-end, and lighter inventories of consumer
companies should support corporate earnings growth on the back of low base in the coming quarters – a key prerequisite forrestoration of investor confidence.
For the time being, the market remains somewhat sceptical on Chinese equities, with the market cheaply valued compared tohistorical levels and against broader global markets. With some patience, we believe this provides an attractive entry point for
longer term investors. As the economy gradually normalizes, structural trends such as sustainable growth, self-sufficiency in the
supply chain, scientific and technological innovations, and environmental awareness, would continue to unfold. This should bolster
the outlook on sectors and themes such as new infrastructure, domestic consumption, health care, technology localization andsustainability 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,
appointed as Sub-Investment Managers by
Baring Asset Management Limited
November 2023
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.

27

Barings International Umbrella Fund
Investment Managers’ Report (continued)
For the financial period ended 31 October 2023
Barings Global Equity Allocation Fund
Performance
Barings Global Equity Allocation Fund (the “Fund”) generated a gross return of -1.51% on the Class I USD Acc unit class and over
performed against the performance comparator which returned -1.93%* during the reporting period. The Fund generated a net returnof -1.89% on the Class I USD Acc unit class.
At the sector level, the position in the energy, and underweight positions to Industrials and Real Estate were the largest contributors to
relative performance. However, being overweight to the Consumer Staples 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 market, with US energy
companies offering particularly strong contributions. On the negative side, the underweight position to Japanese equities was anotable detractor from performance.
Market outlook
2023 has seen an unusual amount of economic differentiation between countries. While Europe’s economy has been softening, theUS economy has been surprisingly strong. One of the reasons why the US has seen much stronger economic data than the rest of
the world is due to the lower interest rate sensitivity of the economy. This is because US households tend to have long-term fixed rate
mortgages and corporates tend to issue fixed rate bonds rather than floating alternatives.
We think the chances of the US avoiding a recession has risen as the labour market remains strong and strong nominal GDP growth
has given corporates a platform for continued growth in earnings. Another factor supporting equities is that net interest payments havebeen declining, despite higher interest rates. This is because, during the pandemic period, large companies borrowed with longer
maturity, fixed low interest rate debt, and are now earning interest on their cash balances.
While we have become more positive, we acknowledge that with interest rates so high, risks of significant market volatility are higher.
We take a neutral approach as we think higher interest rates will start to weigh on companies as we head into 2024.
Within the portfolio, we adopt a balanced strategy with both cyclical and defensive areas. At the country level we downgrade Emerging
Markets, with concerns over a stagnating economy. We prefer energy due to the geopolitical risk and structural shortage of the oil
supply. Information technology has been upgraded as the macro backdrop remains supportive.
* The Fund return uses the midday prices, whereas the return of the comparator is calculated using global close prices.

Baring Asset Management Limited
November 2023
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.

28

Barings International Umbrella Fund
Investment Managers’ Report (continued)
For the financial period ended 31 October 2023
Barings Eastern Europe Fund
Performance
Baring 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 1.60% on the Class I USD Acc unit class and over performed against the performancecomparator which returned -3.50%* during the reporting period. The Fund generated a net return of 0.90% on the Class I USD Acc
unit class.
Stock selection in the Consumer Staples sector significantly improved relative returns, driven by holdings in two Turkish companies,
discount retailer BIM and Coca Cola bottler CCI. Shares in BIM outperformed in response to solid earnings momentum and market
share gains as consumers look to bargain hunt amid the high inflation environment. CCI has performed strongly as management
continue to execute well, growing the business and managing costs efficiently.
In contrast, stock selection in the Financials sector detracted from relative returns largely as a result of profit taking in Greek banks
NBG and Alpha that have otherwise performed very strongly year-to-date.
New holdings included Romanian renewable power company Hidroelectrica that we purchased via the company’s IPO in July, which
was the largest in Europe this year. No positions were sold from the portfolio over the period.
Market outlook
A deteriorating European growth outlook, compounded by weak export sector performance in economic powerhouses such as
Germany, makes us wary of the economic slowdown that may be experienced by the small, open economies of central Europe.
However, this will allow for the cooling of tight labour markets, paving the way for lower inflation readings. Importantly, larger economies
such as Poland or
Romania will stand to benefit from solid domestic demand that is supported by infrastructure investments.
We expect Greece to continue to successfully attract investment in its service sector-based economy. Whilst the recent upgradeof Greek sovereign risk to investment grade by rating agencies should be the catalyst for a period of high activity on the Athensexchange, featuring prominent IPOs and the placement of stakes in the Greek banking sector, currently held by the Hellenic Financial
Stability Fund.
Whilst we expect markets to continue to be volatile over the coming months, we believe there are reasons to be optimistic for Eastern
European equities and the diversification benefits the asset class can provide to a portfolio. In this context, we will continue ourprocess of building new or adding to existing positions in companies with strong and sustainable business franchises where ourproprietary bottom-up research has identified a significant degree of undervaluation relative to their future growth potential.
* The Fund return uses the midday prices, whereas the return of the comparator is calculated using global close prices.

Baring Asset Management Limited
November 2023
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.

29

Barings International Umbrella Fund
Statement of Financial Position
As at 31 October 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
Accrued capital gains tax
Payable for units redeemed
Total liabilities (excluding net assets attributable
to holders of redeemable participating units)

Notes
2
3

2
6
6

Net assets attributable to holders of redeemableparticipating units

Barings ASEAN
Frontiers Fund
31 October 2023
US$388,375,425
6,977,320–
126,7707,020–
617
395,487,152

Barings Asia
Growth Fund
31 October 2023
US$
94,002,429
1,124,034–
36,546
1,169
44,97419
95,209,171

Barings AustraliaFund
31 October 2023
US$59,969,240
1,497,332
221,384
16,3342,449––
61,706,739(3,459)(730,666)(257,577)–(167,158)–(195,437)(69,827)(248,636)(33,407)–(122,693)(43,686)–(42,663)(1,158,860)(547,307)(209,042)

394,328,292

94,661,864

61,497,697

The accompanying notes form an integral part of these financial statements.
30

Barings International Umbrella Fund
Statement of Financial Position (continued)
As at 31 October 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
6
6

Net assets attributable to holders of redeemableparticipating units

Barings Europa
Fund
31 October 2023
US$19,440,368
350,904
–
–
6,951
643
10,22817
19,809,111

Barings Hong
Kong China Fund
31 October 2023
US$
1,046,684,976
4,522,022–
18,696,421
623,962
26,490–2,058
1,070,555,929

Barings Global
Bond Fund
31 October 2023
US$
51,734,192
2,376,610
246,695–
28,746505,009––
54,891,252–(42,959)(15,954)–(17,787)(47)(2,321,803)(838,467)(7,667,241)(754,487)(550,253)(68,370)(40,908)–(156,981)(76,700)(11,582,045)(816,512)

19,732,411

1,058,973,884

54,074,740

The accompanying notes form an integral part of these financial statements.
31

Barings International Umbrella Fund
Statement of Financial Position (continued)
As at 31 October 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
6
6

Net assets attributable to holders of redeemableparticipating units

Barings Global
Balanced Fund
31 October 2023
US$53,499,492
1,757,934
2,193,457–
27,582
139,982
9,272–
57,627,719

Barings Global
Technology
Equity Fund
31 October 2023
US$6,010,531
200,656
–
–
–
501
605
14
6,212,307

Barings Europe
Select Fund
31 October 2023€
43,182,686
2,107,158–
277,945
6,052
1,949
6,275
–
45,582,065(1,078,605)(97,731)(43,981)–(322,918)–(8,535)(14,966)–––(93,612)(4,002)(178,433)(120,502)(1,543,235)(23,501)(396,549)

56,084,484

6,188,806

45,185,516

The accompanying notes form an integral part of these financial statements.
32

Barings International Umbrella Fund
Statement of Financial Position (continued)
As at 31 October 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
Management fee payable
Administration, depositary & operating fees payable
Securities purchased payable
Total liabilities (excluding net assets attributable
to holders of redeemable participating units)

Notes
2
3

6
6

Net assets attributable to holders of redeemableparticipating units

Barings German
Growth Fund
31 October 2023€
19,504,801
696,095
–
9
1,046
–
–
20,201,951

Barings Global
Dividend
Champions Fund
31 October 2023
US$22,950,639
957,602––
2,013
28,731–
23,938,985

Barings China
A-Share Fund
31 October 2023
US$4,685,985
125,249
23,083–1–
64,834,324(51,745)(2,089)–(2,647)(4,065)–(50)(2,115)(23,888)(53,834)(6,712)(26,053)

20,148,117

23,932,273

4,808,271

The accompanying notes form an integral part of these financial statements.
33

Barings International Umbrella Fund
Statement of Financial Position (continued)
As at 31 October 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
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)

Barings Global
Equity Allocation
Fund
31 October 2023
US$
Notes
32,425,2432
130,2183
340,034–
266
31,152
29,133
32,956,046

Barings Eastern
Europe Fund*
31 October 2023
US$239,836,972
8,166,528–
326,541
25,508–164
248,355,713(1)(37,158)(411,000)(2,061)–(608,135)(182,791)––(489,443)(450,220)(1,280,369)

32,505,826

247,075,344

6
6

Net assets attributable to holders of redeemableparticipating units* 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.
34

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
6
6

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.
35

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
6
6

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.
36

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

6
6

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.
37

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

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–
8,647,3126
6(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

Net assets attributable to holders of redeemableparticipating 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.

The accompanying notes form an integral part of these financial statements.
38

Barings International Umbrella Fund
Statement of Financial Position (continued)
As at 30 April 2023
Barings Global
Equity Allocation
Fund*
30 April 2023
US$
Notes
55,639,291
2
279,097
3
1,223
328
80,531
6,309
56,006,779

AssetsFinancial assets at fair value through profit or loss
Cash and cash equivalents
Securities sold receivable
Interest 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
Total liabilities (excluding net assets attributable
to holders of redeemable participating units)26
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.
39

Barings International Umbrella Fund
Statement of Comprehensive Income
For the financial period ended 31 October 2023
Barings ASEAN
Frontiers Fund
31 October 2023
US$

Barings Asia
Growth Fund
31 October 2023
US$

Barings AustraliaFund
31 October 2023
US$

109,450
6,977,285

23,773
1,731,886

31,602
1,552,640(56,386,348)(8,354,140)(6,283,809)(49,299,613)(6,598,481)(4,699,567)(2,359,790)(831,377)(688,459)(248,439)(380,742)(135,647)

Total operating expenses(3,191,167)(936,898)(516,389)

Net loss before finance costs and taxation(52,490,780)(7,535,379)(5,215,956)(2,322,173)(2,636)(100,281)(6,738)(1,226,447)(12,788)

Total finance costs(2,324,809)(107,019)(1,239,235)

Decrease in net assets attributable to holders ofredeemable participating units before taxation(54,815,589)(7,642,398)(6,455,191)(369,522)(203,626)(402,714)–(89,585)–(369,522)(293,211)(402,714)(55,185,111)(7,935,609)(6,857,905)

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

Notes

Total expense
Expenses
Management fees
Administration, depositary & operating fees

Finance costs
Distributions
Bank interest expense

66

5

Taxation
Withholding tax on dividends and other investment income
Capital gains tax
Total taxation
Decrease in net assets attributable to holders ofredeemable participating units

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.
40

Barings International Umbrella Fund
Statement of Comprehensive Income (continued)
For the financial period ended 31 October 2023
Barings Europa
Fund
31 October 2023
US$

Barings Hong
Kong China Fund
31 October 2023
US$

Barings Global
Bond Fund
31 October 2023
US$

2,778
–
364,731

193,866–
23,822,789

29,8901,124,600–(2,455,662)(172,003,888)(5,591,203)(2,088,153)(147,987,233)(4,436,713)(144,387)(51,979)(1,458)(7,516,075)(2,702,867)(14,222)(211,219)(126,354)–(197,824)(10,233,164)(337,573)(2,285,977)(158,220,397)(4,774,286)(290,350)(78)–(29,909)(562,664)(862)(290,428)(29,909)(563,526)(2,576,405)(158,250,306)(5,337,812)

Withholding tax on dividends and other investment income(13,531)(1,835,435)–

Total taxation(13,531)(1,835,435)–(2,589,936)(160,085,741)(5,337,812)

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

Notes

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

6
6
6

Total operating expenses
Net loss before finance costs and taxation
Finance costs
Distributions
Bank interest expense

5

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

Decrease in net assets attributable to holders ofredeemable participating units

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.
41

Barings International Umbrella Fund
Statement of Comprehensive Income (continued)
For the financial period ended 31 October 2023

Barings Global
Balanced Fund
31 October 2023
US$

Barings Global
Technology
Equity Fund
31 October 2023
US$

Barings Europe
Select Fund
31 October 2023€

46,072
835,594
219,584

4,056–
18,521

11,354–
847,700(3,876,031)

484,169(6,274,461)(2,774,781)

506,746(5,415,407)(313,614)(141,134)(29)(25,763)(9,636)(3,056)(295,511)(12,564)–(454,777)(38,455)(308,075)(3,229,558)

468,291(5,723,482)(21,079)
(540)

–
(366)

(121,870)(699)(21,619)(366)(122,569)(3,251,177)

467,925(5,846,051)

Withholding tax on dividends and other investment income(31,629)(3,832)(81,969)

Total taxation(31,629)(3,832)(81,969)(3,282,806)

464,093(5,928,020)

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

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

5

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

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.
42

Barings International Umbrella Fund
Statement of Comprehensive Income (continued)
For the financial period ended 31 October 2023

Barings German
Growth Fund
31 October 2023€

Barings Global
Dividend
Champions Fund
31 October 2023
US$

Barings China
A-Share Fund
31 October 2023
US$

3,331
506,627

11,592
285,116

1,536
126,944(2,146,217)(2,237,437)(1,175,197)(1,636,259)(1,940,729)(1,046,717)(163,539)(6,605)(8,270)(12,719)(175)(8,100)(170,144)(20,989)(8,275)(1,806,403)(1,961,718)(1,054,992)

(55)
(34)

(291)
(184)

(530)
(1,023)

(89)

(475)

(1,553)(1,806,492)(1,962,193)(1,056,545)

Withholding tax on dividends and other investment income(126,215)(16,357)(11,771)

Total taxation(126,215)(16,357)(11,771)(1,932,707)(1,978,550)(1,068,316)

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

Notes

Total expense
Expenses
Management fees
Administration, depositary & operating fees

6
6

Total operating expenses
Net loss before finance costs and taxation
Finance costs
Distributions
Bank interest expense

5

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

Decrease in net assets attributable to holders ofredeemable participating units

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.
43

Barings International Umbrella Fund
Statement of Comprehensive Income (continued)
For the financial period ended 31 October 2023
Barings Global
Equity Allocation
Fund
31 October 2023
Notes
US$

Barings Eastern
Europe Fund*
31 October 2023
US$

5,693
538,485

90,357
1,320,097

149,5883,551,403

693,766

4,961,857(3)(55,856)(2)(1,048,992)(314,815)(11,146)

Total operating expenses(55,861)(1,374,953)

Net profit before finance costs and taxation

637,905

3,586,904

Finance costs
Bank interest expense(2,452)(17,920)

Total finance costs(2,452)(17,920)

635,453

3,568,984

Withholding tax on dividends and other investment income(96,691)(613,546)

Capital gains tax(4,930)–Total taxation(101,621)(613,546)

Increase in net assets attributable to holders of redeemable participating
units

533,832

2,955,438

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

6
6
6

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.
44

Barings International Umbrella Fund
Statement of Comprehensive Income (continued)
For the financial period ended 31 October 2022
Barings ASEAN
Frontiers Fund
31 October 2022
US$

Barings Asia
Growth Fund
31 October 2022
US$

Barings AustraliaFund
31 October 2022
US$29,6655,916,677

7,223
2,132,681

3,588
1,712,481(76,382,986)(44,284,325)(11,949,141)(70,436,644)(42,144,421)(10,233,072)(2,347,184)(826,803)(6,744)(874,523)(312,400)–(365,786)(131,031)–

Total operating expenses(3,180,731)(1,186,923)(496,817)

Net loss before finance costs and taxation(73,617,375)(43,331,344)(10,729,889)(1,651,643)(2,387)–(1,843)(1,286,690)(2,215)

Total finance costs(1,654,030)(1,843)(1,288,905)

Decrease in net assets attributable to holders ofredeemable participating units before taxation(75,271,405)(43,333,187)(12,018,794)(273,613)(195,098)(362,185)–

146,297–(273,613)(48,801)(362,185)(75,545,018)(43,381,988)(12,380,979)

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

Notes

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

Finance costs
Distributions
Bank interest expense

6
6
6

5

Taxation
Withholding tax on dividends and other investment income
Capital gains tax
Total taxation
Decrease in net assets attributable to holders ofredeemable participating units

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.
45

Barings International Umbrella Fund
Statement of Comprehensive Income (continued)
For the financial period ended 31 October 2022
Barings Europa
Fund
31 October 2022
US$

Barings Hong
Kong China Fund
31 October 2022
US$

Barings Global
Bond Fund
31 October 2022
US$1–
454,163

79,450–28,251,128

6,537
619,392–(3,879,009)(493,175,295)(6,723,343)(3,424,845)(464,844,717)(6,097,414)(139,204)(50,114)(1,324)(8,818,760)(3,171,282)(5,030)(188,671)(112,777)–(190,642)(11,995,072)(301,448)(3,615,487)(476,839,789)(6,398,862)(228,571)(1,540)–(5,982)(1,102)(9,257)(230,111)(5,982)(10,359)(3,845,598)(476,845,771)(6,409,221)

Withholding tax on dividends and other investment income(51,817)(1,371,188)(13,474)

Total taxation(51,817)(1,371,188)(13,474)(3,897,415)(478,216,959)(6,422,695)

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

Notes

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

6
6
6

Total operating expenses
Net loss before finance costs and taxation
Finance costs
Distributions
Bank interest expense

5

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

Decrease in net assets attributable to holders ofredeemable participating units

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.
46

Barings International Umbrella Fund
Statement of Comprehensive Income (continued)
For the financial period ended 31 October 2022

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
31 October 2022
US$

Barings Global
Technology
Equity Fund
31 October 2022
US$

Barings Europe
Select Fund*
31 October 2022€

12,644
306,658
491,607520–
18,467

1–
21,935(9,754,160)(1,078,298)

1,879,405(8,943,251)(1,059,311)

1,901,341(346,050)(155,886)–(20,372)(7,633)(2,989)(20,368)(853)–(501,936)(30,994)(21,221)(9,445,187)(1,090,305)

1,880,120(21,846)(1,176)

–
(10)

–
(149)

(23,022)

(10)

(149)

(9,468,209)(1,090,315)

1,879,971

Withholding tax on dividends and other investment income(87,882)(4,235)(5,246)

Total taxation(87,882)(4,235)(5,246)(9,556,091)(1,094,550)

1,874,725

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

5

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.
47

Barings International Umbrella Fund
Statement of Comprehensive Income (continued)
For the financial period ended 31 October 2022

Barings German
Growth Fund*
31 October 2022€

Barings Global
Dividend
Champions
Fund**
31 October 2022
US$

–
–

228
22,801

840,767

768,487

840,767

791,516(10,656)
(430)

(677)
(1,156)

Total operating expenses(11,086)(1,833)

Net profit before finance costs and taxation

829,681789,683

Finance costs
Bank interest expense

(1)

(7)

Total finance costs

(1)

(7)

829,680789,676

Withholding tax on dividends and other investment income

–

(398)

Total taxation

–

(398)

829,680

789,278

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

Notes

Total income
Expenses
Management fees
Administration, depositary & operating fees

6
6

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

Increase in net assets attributable to holders of redeemable 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.
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.
48

Barings International Umbrella Fund
Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Units
For the financial period ended 31 October 2023

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

Barings ASEAN
Frontiers Fund
31 October 2023
US$

Barings Asia
Growth Fund
31 October 2023
US$

Barings AustraliaFund
31 October 2023
US$477,663,016

137,111,259

65,854,876(55,185,111)(7,935,609)(6,857,905)

4

32,980,724

3,492,685

7,964,075

4
5(61,090,346)(39,991)(37,912,918)(93,553)(5,460,255)(3,094)394,328,292

94,661,864

61,497,697

Notes

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

Barings International Umbrella Fund
Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Units (continued)
For the financial period ended 31 October 2023

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

Barings Europa
Fund
31 October 2023
US$

Barings Hong
Kong China Fund
31 October 2023
US$

Barings Global
Bond Fund
31 October 2023
US$25,194,433

1,267,543,550

53,536,508(2,589,936)(160,085,741)(5,337,812)

4

481,444

70,977,260

10,922,844

4
5(3,332,097)(21,433)(119,458,424)(2,761)(5,055,545)
8,745

19,732,411

1,058,973,884

54,074,740

Notes

The accompanying notes form an integral part of these financial statements.
50Barings International Umbrella Fund
Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Units (continued)
For the financial period ended 31 October 2023

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

Barings Global
Balanced Fund
31 October 2023
US$

Barings Global
Technology
Equity Fund
31 October 2023
US$

Barings Europe
Select Fund
31 October 2023€

63,948,596

5,623,665

51,276,876(3,282,806)

464,093(5,928,020)

4

1,394,107

240,984

1,264,012

4
5(5,975,082)(331)(139,936)–(1,434,801)
7,449

56,084,484

6,188,806

45,185,516

Notes

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

Barings International Umbrella Fund
Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Units (continued)
For the financial period ended 31 October 2023

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

Barings German
Growth Fund
31 October 2023€

Barings Global
Dividend
Champions Fund
31 October 2023
US$

Barings China
A-Share Fund
31 October 2023
US$22,814,838

25,676,206

8,643,636(1,932,707)(1,978,550)(1,068,316)

4

191,829557,115–4
5(925,136)(707)(322,492)(6)(2,761,604)(5,445)

20,148,117

23,932,273

4,808,271

Notes

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

Barings International Umbrella Fund
Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Units (continued)
For the financial period ended 31 October 2023

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

Barings Global
Equity Allocation
Fund
31 October 2023
Notes
US$

4
4
5

55,963,994–

533,832–(23,992,000)–

2,955,438
286,269,936(42,150,025)(5)

32,505,826

247,075,344* 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.
53

Barings Eastern
Europe Fund*
31 October 2023
US$Barings International Umbrella Fund
Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Units (continued)
For the financial period ended 31 October 2022

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

Barings ASEAN
Frontiers Fund
31 October 2022
US$

Barings Asia
Growth Fund
31 October 2022
US$

Barings AustraliaFund
31 October 2022
US$532,758,689

179,926,284

68,762,239(75,545,018)(43,381,988)(12,380,979)

4

75,118,505

9,902,764

6,442,853

4
5(108,199,232)
1,892(26,576,540)–(5,749,992)(5,672)

424,134,836

119,870,520

57,068,449

Notes

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

Barings International Umbrella Fund
Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Units (continued)
For the financial period ended 31 October 2022

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

Barings Europa
Fund
31 October 2022
US$

Barings Hong
Kong China Fund
31 October 2022
US$

Barings Global
Bond Fund
31 October 2022
US$25,539,155

1,516,303,487

57,231,030(3,897,415)(478,216,959)(6,422,695)

4

537,301

97,624,914

3,793,057

4
5(1,127,635)(5,736)(117,132,790)
33(8,623,314)(2,565)21,045,670

1,018,578,685

45,975,513

Notes

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

Barings International Umbrella Fund
Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Units (continued)
For the financial period ended 31 October 2022

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

Barings Global
Balanced Fund
31 October 2022
US$

Barings Global
Technology
Equity Fund
31 October 2022
US$

Barings Europe
Select Fund *31 October 2022€

74,958,523

5,556,147–(9,556,091)(1,094,550)

1,874,725

4

1,332,238

24,505

43,793,056

4
5(2,947,806)(11)(1,222)–(438,365)–

63,786,853

4,484,880

45,229,416

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.
56

Barings International Umbrella Fund
Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Units (continued)
For the financial period ended 31 October 2022

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

Barings Global
Dividend
Champions
Fund **
31 October 2022
US$

Notes

Barings German
Growth Fund *31 October 2022
€
–

–

4
4
5

829,680
18,466,102(53,952)–

789,278
20,109,319(585)–

19,241,830

20,898,012* 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 accompanying notes form an integral part of these financial statements.
57

Barings International Umbrella Fund
Notes to the financial statements
For the financial period ended 31 October 2023
1.

Basis of measurement
The financial statements presented are unaudited condensed interim financial statements for the financial period ended 31
October 2023 that have been prepared in accordance with Financial Reporting Standard 104 ("FRS 104") "Interim Financial
Reporting".
The condensed interim financial statements should be read in conjunction with the annual financial statements for the year ended
30 April 2023, which have been prepared in accordance with accounting standards generally accepted in Ireland, including FRS
102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and Irish statute, comprising the Unit Trust
Act, 1990. 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 been 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
or consolidated from time to time.
The accounting policies applied in these condensed interim financial statements are consistent with those used in the Barings
International Umbrella Fund’s (the “Unit Trust’s”) most recent annual financial statements for the financial year ended 30 April
2023.
The condensed interim financial statements have been prepared under the historical cost convention as modified by therevaluation of financial assets and financial liabilities held at fair value through profit or loss. These financial statements wereprepared on the going concern basis.
The Unit Trust meets all the conditions set out in FRS 102, section 7 and consequently has availed of the exemption available tocertain funds not to prepare a statement of cash flows.
The comparative figures included for the Statement of Financial Position relate to the previous financial year ended 30 April 2023,
while the comparative figures included for the Statement of Comprehensive Income and Statement of Changes in Net Assets
Attributable to Holders of Redeemable Participating Units relate to the six month period ended 31 October 2022.

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 31 October 2023, the valuation point for the Unit Trust.

58

Barings International Umbrella Fund
Notes to the financial statements (continued)
For the financial period ended 31 October 2023
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 (“TNTC”), 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*

31 October 2023
US$6,977,320
US$1,124,034
US$1,497,332
US$350,904
US$4,522,022
US$2,376,610
US$1,757,934
US$200,656
EUR€2,107,158
EUR€696,095
US$957,602
US$125,249
US$130,218
US$8,166,528

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
N/A* 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 31 October 2023 and 30 April 2023, the following margin
cash was held:
Barings Global Bond Fund

Union Bank Switzerland ("UBS")
Total

31 October 2023
US$
246,695
246,695

30 April 2023
US$
151,003
151,003

31 October 2023
US$2,193,457
2,193,457

30 April 2023
US$738,203738,203

Barings Global Balanced Fund

Union Bank Switzerland ("UBS")
Total

59

Barings International Umbrella Fund
Notes to the financial statements (continued)
For the financial period ended 31 October 2023
4.

Redeemable units
Financial period ended 31 October 2023
Barings ASEAN Frontiers Fund

Balance as at 1 May 2023
IssuedRedeemed
Balance as at 31 October 2023

1.1Class A AUD
Hedged Acc
No. of Units
2,491
685
(286)
2,890

1.2
Class A CHF
Hedged Acc
No. of Units
54,457–(1,095)53,362

1.3
Class A EUR
Acc
No. of Units
22,451
1,379(18,899)
4,931

1.4Class A EUR
Inc
No. of Units
207,972
6,526(22,729)
191,769

Balance as at 1 May 2023
IssuedRedeemed
Balance as at 31 October 2023

1.5
1.6Class A GBP Class A RMB
Inc Hedged Acc
No. of Units
No. of Units
23,06038
777–(1,986)–
21,85138

1.7Class A USD
Acc
No. of Units
51,9716,225(15,682)
42,514

1.8
Class A USD
Inc
No. of Units
832,70372,707(83,740)
821,670

Balance as at 1 May 2023
IssuedRedeemed
Balance as at 31 October 2023

2.1Class I CHF
Hedged Acc
No. of Units
30,906550(465)
30,991

2.3
Class I GBP
Acc
No. of Units
177,644
12,913(42,311)148,246

2.4
Class I USD
Acc
No. of Units
420,675
31,812(46,504)
405,983

2.2
Class I EUR
Acc
No. of Units
95,215
1,557(20,874)
75,898

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

Balance as at 1 May 2023
IssuedRedeemed
Balance as at 31 October 2023

60

Barings International Umbrella Fund
Notes to the financial statements (continued)
For the financial period ended 31 October 2023
4.

Redeemable units (continued)
Financial period ended 31 October 2023 (continued)
Barings Asia Growth Fund

Balance as at 1 May 2023
IssuedRedeemed
Balance as at 31 October 2023

1.1Class A EUR
Inc
No. of Units
170,7103,243(13,025)
160,928

1.2
Class A GBP
Inc
No. of Units
20,712727(1,982)
19,457

1.3
Class A USD
Acc*
No. of Units
–
69
–
69

1.4
Class A USD
Inc
No. of Units
775,510
20,140(143,448)
652,202

Balance as at 1 May 2023
IssuedRedeemed
Balance as at 31 October 2023

2.1Class I EUR
Acc
No. of Units
11,836
1,245(1,935)
11,146

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
4,115(19,103)
26,533

2.4
Class I USD
Acc
No. of Units
157,156
3,786(43,889)
117,053

1.2
Class A EUR
Inc
No. of Units
28,648
1,837(3,063)27,422

1.3
Class A GBP
Inc
No. of Units
1,803
5,137
(766)
6,174

1.4
Class A USD
Inc
No. of Units
361,236
27,303(29,607)358,932

2.1
Class I GBP
Acc
No. of Units
74,12320,700(5,551)
89,272

2.2
Class I USD
Acc
No. of Units
1,381–(1,299)82

1.2
2.1
Class A USD Class C EUR
Inc
Inc
No. of Units
No. of Units
291,365
2,847
5,988
–
(45,196)–
252,157
2,847

2.2
Class C USD
Inc
No. of Units
2,254
–
(425)
1,829

* 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
10,068
1,090(778)
10,380

Balance as at 1 May 2023
IssuedRedeemed
Balance as at 31 October 2023

Balance as at 1 May 2023
IssuedRedeemed
Balance as at 31 October 2023
Barings Europa Fund
1.1
Class A EUR
Inc
No. of Units
103,192
2,008(8,878)96,322

Balance as at 1 May 2023
IssuedRedeemed
Balance as at 31 October 2023

61

Barings International Umbrella Fund
Notes to the financial statements (continued)
For the financial period ended 31 October 2023
4.

Redeemable units (continued)
Financial period ended 31 October 2023 (continued)
Barings Hong Kong China Fund

Balance as at 1 May 2023
IssuedRedeemed
Balance as at 31 October 2023

1.1Class A EUR
Inc
No. of Units
176,330
8,261(14,963)
169,628

1.2
Class A GBP
Inc
No. of Units
6,232
240
(825)
5,647

Balance as at 1 May 2023
IssuedRedeemed
Balance as at 31 October 2023

1.5Class A USD
Acc
No. of Units
52,676
3,623(7,028)49,271

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
886,151
301
389
51,201––(84,343)(270)(29)
853,00931
360
3.1
Class I GBP
Acc
No. of Units
10,804
3,248(5,913)
8,139

Balance as at 1 May 2023
IssuedRedeemed
Balance as at 31 October 2023

1.3
1.4Class A HKD Class A RMB
Inc Hedged Acc
No. of Units
No. of Units
7,912
10
315
–
(655)
–
7,572
10

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

3.3
Class I USD
Acc
No. of Units
13,72019(189)
13,5501.2
1.3
Class A GBP Class A RMB
Inc Hedged Acc
No. of Units
No. of Units
13,59465
40–(8,048)
–
5,586
65

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

Barings Global Bond Fund

Balance as at 1 May 2023
IssuedRedeemed
Balance as at 31 October 2023

1.1Class A EUR
Inc
No. of Units
191,760
10,648(19,271)
183,137

Balance as at 1 May 2023
IssuedRedeemed
Balance as at 31 October 2023

1.5
2.1Class A USD Class F GBP
Inc Hedged Acc*
No. of Units
No. of Units
2,154,304–
496,6558(204,878)–
2,446,081
8

62

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

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

Barings International Umbrella Fund
Notes to the financial statements (continued)
For the financial period ended 31 October 2023
4.

Redeemable units (continued)
Financial period ended 31 October 2023 (continued)
Barings Global Bond Fund (continued)
2.4
Class F USD
Inc*
No. of Units
–
10
–
10

Balance as at 1 May 2023
IssuedRedeemed
Balance as at 31 October 2023

3.1Class I GBP
Inc
No. of Units
12,268266(1,299)11,235

3.2
Class I USD
Acc
No. of Units
53,276
4,729(8,740)49,265* 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
1.1
Class A USD
Acc
No. of Units
1,797,460
36,792(166,860)
1,667,392

1.2Class A USD
Inc
No. of Units
42,588
3,032(6,120)39,5002.1
Class I USD
Acc
No. of Units
6,334
437
(514)
6,257

2.1
Class F1USD Acc
No. of Units
20,000––20,0003.1
Class I GBP
Acc
No. of Units
15,596
2,096(1,221)
16,471

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

Balance as at 1 May 2023
IssuedRedeemed
Balance as at 31 October 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
216,423
281,147
43,891
1,265
3,095
162
(11,409)(4,556)(3,135)206,279
279,686
40,9182.1
Class I EUR
Acc
No. of Units
8––
8

Balance as at 1 May 2023
IssuedRedeemed
Balance as at 31 October 2023

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

3.1
Class J EUR
Acc
No. of Units
62,950714(2,761)60,903

Balance as at 1 May 2023
IssuedRedeemed
Balance as at 31 October 2023
Barings 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 31 October 2023
Barings Europe Select Fund63

2.3
Class I GBP
Inc
No. of Units
199
1
–
200

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

Barings International Umbrella Fund
Notes to the financial statements (continued)
For the financial period ended 31 October 2023
4.

Redeemable units (continued)
Financial period ended 31 October 2023 (continued)
Barings Europe Select Fund (continued)
3.2
Class J EUR
Inc
No. of Units
294,978
17,630(340)
312,268

3.3
Class J GBP
Inc
No. of Units
41,576
1,616(4,919)38,273

Balance as at 1 May 2023
IssuedRedeemed
Balance as at 31 October 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
1,495,993
152,137
338,008
12,3541,109
2,850(64,377)(1,969)(10,644)1,443,970
151,277
330,214

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

Balance as at 1 May 2023
IssuedRedeemed
Balance as at 31 October 2023

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

3.2
Class J GBP
Acc
No. of Units
14,876951(2,904)
12,923

3.3
Class J GBP
Inc
No. of Units
10,25179(4,128)
6,202

Balance as at 1 May 2023
IssuedRedeemed
Balance as at 31 October 2023

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

2.1
Class F GBP
Acc
No. of Units
403
–
(68)
335

2.2
Class F GBP
Inc
No. of Units
115
11
(17)
109

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

Balance as at 1 May 2023
IssuedRedeemed
Balance as at 31 October 2023

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

3.1
Class I GBP
Acc
No. of Units
82,46827,229(14,946)
94,751

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

3.3
Class I USD
Inc
No. of Units
77
1
–
78

Balance as at 1 May 2023
IssuedRedeemed
Balance as at 31 October 2023

Barings German Growth Fund

Barings Global Dividend Champions Fund

64

Barings International Umbrella Fund
Notes to the financial statements (continued)
For the financial period ended 31 October 2023
4.

Redeemable units (continued)
Financial period ended 31 October 2023 (continued)
Barings Global Dividend Champions Fund (continued)
4.1
Class X USD
Acc
No. of Units
199,937–(9)
199,928

Balance as at 1 May 2023
IssuedRedeemed
Balance as at 31 October 2023

Barings China A-Share Fund

Balance as at 1 May 2023
IssuedRedeemed
Balance as at 31 October 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
–
(239)
10

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

Balance as at 1 May 2023
IssuedRedeemed
Balance as at 31 October 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–(29,000)
58,394

4.2
Class X USD
Acc
No. of Units
262,028–(87,216)
174,812

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

1.3
Class A USD
Acc
No. of Units–
481,894(46,506)
435,388

1.4
Class A USD
Inc
No. of Units–
6,342,874(1,064,416)
5,278,458

Barings Global Equity Allocation Fund

Balance as at 1 May 2023
IssuedRedeemed
Balance as at 31 October 2023

Barings Eastern Europe Fund*
1.1
Class A EUR
Inc
No. of Units–
1,454,937(85,252)
1,369,685

Balance as at 21 July 2023
IssuedRedeemed
Balance as at 31 October 2023

65

1.2Class A GBP
Inc
No. of Units–
13,544(904)
12,640Barings International Umbrella Fund
Notes to the financial statements (continued)
For the financial period ended 31 October 2023
4.

Redeemable units (continued)
Financial period ended 31 October 2023 (continued)
Barings Eastern Europe Fund* (continued)
2.1
Class I EUR
Acc
No. of Units
–
10
–
10

Balance as at 21 July 2023
IssuedRedeemed
Balance as at 31 October 2023

2.2Class I GBP
Acc
No. of Units–
30,294(5,663)
24,631

2.3
Class I GBP
Inc
No. of Units
–
4,882
(999)
3,883

2.4
Class I USD
Acc
No. of Units–
10,967–
10,967
2.9Class I USD
Inc
No. of Units
–
2,844
(156)
2,688

Balance as at 21 July 2023
IssuedRedeemed
Balance as at 31 October 2023
* 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

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

1.1Class A AUD
Hedged Acc
No. of Units
4,764
1,470
(3,743)2,491

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

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

1.5
1.6Class A GBP Class A RMB
Inc Hedged 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

66

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

Barings International Umbrella Fund
Notes to the financial statements (continued)
For the financial period ended 31 October 2023
4.

Redeemable units (continued)
Financial year ended 30 April 2023 (continued)
Barings ASEAN Frontiers Fund (continued)
2.5
Class 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

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

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

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

Barings Australia Fund
1.1
Class A AUD
Inc
No. of Units
10,315
4,013(4,260)10,068

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

67

Barings International Umbrella Fund
Notes to the financial statements (continued)
For the financial period ended 31 October 2023
4.

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

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

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

Barings Hong Kong China Fund

3.1
Class I GBP
Acc
No. of Units
9,344
8,700
(7,240)10,804

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

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
Inc Hedged 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

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

68

Barings International Umbrella Fund
Notes to the financial statements (continued)
For the financial period ended 31 October 2023
4.

Redeemable units (continued)
Financial year ended 30 April 2023 (continued)
Barings Global Bond Fund (continued)
1.5Class 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)
53,2760Class A USD
Acc
No. of Units
1,911,682
59,247(173,469)
1,797,460

1.11Class A USD
Inc
No. of Units
45,416
2,487(5,315)42,588

1.11
Class I USD
Acc
No. of Units
6,941
1,924
(2,531)6,334

1.15Class F1USD Acc
No. of Units
20,000––20,0001.2
Class I GBP
Acc
No. of Units
14,2271,601(232)
15,596

1.25
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

3.1
Class J EUR
Acc
No. of Units–
64,729(1,779)62,950

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

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

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

Barings Europe Select Fund*69

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

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

Barings International Umbrella Fund
Notes to the financial statements (continued)
For the financial period ended 31 October 2023
4.

Redeemable units (continued)
Financial year ended 30 April 2023 (continued)
Barings Europe Select Fund* (continued)
3.2
Class J EUR
Inc
No. of Units–
339,884(44,906)
294,978

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

3.3Class J GBP
Inc
No. of Units–
48,657(7,081)
41,576* The Barings Europe Select Fund merged from Barings Investment Funds Plc in to the Unit Trust on 14 October 2022.

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

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

3.2
Class J GBP
Acc
No. of Units–
14,921(45)
14,876* The Barings German Growth Fund merged from Barings Investment Funds Plc in to the Unit Trust on 14 October 2022.

Barings Global Dividend Champions Fund*

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

70

Barings International Umbrella Fund
Notes to the financial statements (continued)
For the financial period ended 31 October 2023
4.

Redeemable units (continued)
Financial year ended 30 April 2023 (continued)
Barings Global Dividend Champions Fund* (continued)
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 Global Dividend Champions Fund merged from Barings Investment Funds Plc in to the Unit Trust on 7 October 2022.

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

Barings Global Equity Allocation Fund*
1.1
Class I USD
Acc
No. of Units
–
10
–
10

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.

71

1.1Class X USD
Acc
No. of Units–
423,823(5,571)
418,252

Barings International Umbrella Fund
Notes to the financial statements (continued)
For the financial period ended 31 October 2023
5.

Distributions
The following distributions were declared by the below Funds during the financial period ended 31 October 2023 and 31 October
2022:
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 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 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**€(413,546)£(40,508)US$(1,817,413)(13)
US$(2,322,173)€(18,659)£(1,076)
US$(18,266)
US$(39,991)€(91,294)
US$(100,281)€(85,558)
US$(93,553)

AU$(46,713)€(79,544)£(4,375)
US$(1,102,862)
US$(1,226,447)

AU$
(24)
€
(744)
£
426
US$
(2,481)
US$(3,094)€(69,108)US$(214,439)
US$(290,350)€(2,712)
US$(18,416)(52)
US$(21,433)

£
HK$
US$
-

£
(962)
HK$
(12,587)
US$(2,761)* Includes distributions with an ex-date of 2 May 2023 which were paid during the current financial period. These distributions with an ex-date of
2 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 31 October 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 period ended 31 October 2023.

72

Barings International Umbrella Fund
Notes to the financial statements (continued)
For the financial period ended 31 October 2023
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 F GBP Inc
Barings Global Bond Fund - Class I GBP Inc

Semi Annually
Annually
Annually

Barings Global Bond Fund - Class A RMB Hedged Inc

Monthly

Barings Global Bond Fund - Class A USD Inc
Barings Global Bond Fund - Class F USD Inc

Semi Annually
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**€(40,788)£(2,583)(2,811)
CNH
(66)
US$
(511,129)US$(562,664)€(1,837)
£
(944)
(231)
CNH
US$
12,196
US$
8,745

US$
(21,079)
US$(21,079)

US$
(331)
US$
(331)

€
(22,331)(3)(84,626)£(2,546)(76)(10,518)
US$(121,870)€(779)
10,697£(1,086)(1,047)
US$
7,449

€
£
(49)
US$
(55)

€
(96)
£
(1,086)
US$
(707)

£
(187)
(17)
US$
(18)
(16)
US$

£
(5)
US$
US$

(291)

(6)

£
(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 period. These distributions with an ex-date of
2 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 31 October 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 period ended 31 October 2023.

73

Barings International Umbrella Fund
Notes to the financial statements (continued)
For the financial period ended 31 October 2023
5.

Distributions (continued)
Comparative 31 October 2022
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 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

Annually

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

Annually

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

Incomeequalisation**€(312,285)£(26,211)US$(1,288,752)(10)
US$(1,651,643)€(1,255)
£
574
US$
2,639
–
US$
1,892

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

AU$
222
€
(1,836)£(136)
US$(3,772)
US$(5,672)€(58,708)US$(166,544)
US$(228,571)€(3,820)US$(1,753)
US$(5,736)

US$
–
US$
–

US$
33
US$
33

€
–
£
–
(875)
CNH
(18)
US$
–
US$
(1,102)

€
(158)
£
46
(643)
CNH
–
US$
(1,741)US$(2,565)

US$(21,846)
US$(21,846)

US$
(11)
US$
(11)

*Includes distributions with an ex-date of 3 May 2022 which were paid during the current financial period. These distributions with an ex-date of
3 May 2022 reflect the undistributed income on the Fund as at 30 April 2022.
** Income equalisation relates to the dealing activity of distributing classes for the period from 1 May 2022 to 31 October 2022. 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 period ended 31 October 2022.

74

Barings International Umbrella Fund
Notes to the financial statements (continued)
For the financial period ended 31 October 2023
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 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**
Barings Global Bond Fund - Class F USD Acc**

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%
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%
0.05%

* 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 and Class F USD Acc were launched on 13 July 2023.

75

Barings International Umbrella Fund
Notes to the financial statements (continued)
For the financial period ended 31 October 2023
6.

Significant agreements and fees (continued)
Management fees (continued)
Fund/Class
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
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

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

* The Barings Global Bond Fund and Class F USD Inc was 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.
The Manager will not charge a management fee in respect of Class X of each Fund. The fee for the X unit classes is subject to a separate
agreement with the Investment Manager and is not paid from the Net Asset Value of the X unit class.

76

Barings International Umbrella Fund
Notes to the financial statements (continued)
For the financial period ended 31 October 2023
6.

Significant agreements and fees (continued)
Management fees (continued)
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 period-end are disclosed on each Fund’s Statement of Comprehensive Income and the outstanding amounts payable
for management fees as at the end of the financial period 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.
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 unit classes (A Hedgedclasses 0.4625%), 0.05% per annum for all B and J unit classes and 0.25% per annum for all I and X unit 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 unit classes (A Hedgedclasses 0.4625%), 0.06% per annum for all B and J unit classes and 0.25% per annum for all I and X unit classes (I Hedgedclasses 0.2625%).

77

Barings International Umbrella Fund
Notes to the financial statements (continued)
For the financial period ended 31 October 2023
6.

Significant agreements and fees (continued)
Administration, Depositary and Operating fees (continued)
For Barings Global Dividend Champions Fund, the Manager is entitled to receive a fee of 0.10% per annum for all unit classes.
For Barings China A-Share Fund, the Manager is entitled to receive a fee of 0.45% per annum for all A unit classes and 0.25%
per annum for all F, I and X unit classes.
For Barings Global Equity Allocation Fund, the Manager is entitled to receive a fee of 0.25% per annum for all unit classes(Hedged unit 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.

Investment funds
The Funds currently invest in Northern Trust Global Funds managed by Northern Trust Global Funds a related party to the
Administrator and Depositary. These holdings are detailed in the schedule of investments.
Trailer fees and reimbursements
Trailer fees (commissions for the marketing of the Funds) are paid to distribution, commission and sales agents out of the
management fees. Reimbursements to institutional investors, who, from a commercial perspective, are holding the Funds’
redeemable participating units for third parties, are also paid out of the management fees.
Transaction costs
The Fund's transaction costs at 31 October 2023 and 31 October 2022 are included in the Net fair value gain/(loss) on financial
assets at fair value through profit or loss under the Statement of Comprehensive Income. The transaction costs incurred by theFunds for the financial period ended 31 October 2023 and financial period ended 31 October 2022 respectively, 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**

31 October 2023
US$231,777
US$123,639
US$8,017
US$3,982
US$1,027,683
US$–
US$16,932
US$546
EUR€18,797
EUR€1,308
US$2,108
US$15,650
US$35,556
US$–

31 October 2022
US$373,227
US$251,463
US$6,515
US$4,831
US$1,597,023
US$–
US$45,479
US$432
EUR€1,589
EUR€34
US$299N/A
N/A
N/A* The Barings China A-Share Fund and Barings Global Equity Allocation Fund merged from Barings Investment Funds Plc in to the Unit Trust on
18 November 2022.
** The Barings Eastern Europe Fund merged from Barings Global Umbrella Fund in to the Unit Trust on 21 July 2023.

78

Barings International Umbrella Fund
Notes to the financial statements (continued)
For the financial period ended 31 October 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.
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 31 October 2023 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)
20.82% (30 April 2023:
22.03%)
Nil (30 April 2023: Nil)

Total % of units held by
investment funds managed
by Barings International
Fund Managers (Ireland)
Limited1.00% (30 April 2023: 3.02%)
1.93% (30 April 2023: 7.08%)
Nil (30 April 2023: Nil)

Nil (30 April 2023: Nil)
51.18% (30 April 2023:
31.15%)
Nil (30 April 2023: Nil)
78.47% (30 April 2023:
79.39%)
51.93% (30 April 2023:
46.55%)
67.67% (30 April 2023:
85.70%)
65.81% (30 April 2023:
68.57%)
86.90% (30 April 2023:
74.55%)
68.15% (30 April 2023:
65.57%)
25.98% (30 April 2023: N/A)

0.30% (30 April 2023: 1.05%)
0.01% (30 April 2023: 0.01%)

Nil (30 April 2023: Nil)

53.63% (30 April 2023: 54.17%)
78.47% (30 April 2023: 79.39%)
14.69% (30 April 2023: 14.65%)
5.97% (30 April 2023: 5.77%)
65.90% (30 April 2023: 68.66%)
24.99% (30 April 2023: 24.96%)
57.15% (30 April 2023: 57.01%)* The Barings Eastern Europe Fund merged from Barings Global Umbrella Fund in to the Unit Trust on 21 July 2023.

79

Nil (30 April 2023: N/A)

Barings International Umbrella Fund
Notes to the financial statements (continued)
For the financial period ended 31 October 2023
8.

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, considering factors specific to
the asset or liability.
The determination of what constitutes ‘observable’ requires significant judgement by the Manager. The Manager considers
observable data to be market data that is readily available, regularly distributed or updated, reliable and verifiable, not proprietary,and provided by independent sources that are actively involved in the relevant market.
The following tables analyse, within the fair value hierarchy, the fund’s financial assets and financial liabilities measured at fairvalue.
As at 31 October 2023
Barings ASEAN Frontiers Fund
Financial assets
Equities
Warrants
Open forward foreign currency exchange contracts

Level 1
US$
326,004,236
193,464–
326,197,700

Level 2
US$
62,165,799–
11,926
62,177,725

Level 3
US$
–
–
–
–

Total
US$
388,170,035
193,464
11,926388,375,425––(3,459)(3,459)––(3,459)(3,459)Total

326,197,700

62,174,266–

388,371,966

Barings Asia Growth Fund
Financial assets
Equities
Open forward foreign currency exchange contracts

Level 1
US$
94,002,425–
94,002,425

Level 2
US$–
4
4

Level 3
US$
–
–
–

Total
US$
94,002,425
494,002,429

Total

94,002,425

4–94,002,429

Barings Australia Fund
Financial assets
Equities
Total

Level 1
US$59,969,240
59,969,240

Level 2
US$––

Level 3
US$
–
–

Total
US$
59,969,240
59,969,240

Financial liabilities
Open forward foreign currency exchange contracts

80

Barings International Umbrella Fund
Notes to the financial statements (continued)
For the financial period ended 31 October 2023
8.

Fair value hierarchy (continued)
As at 31 October 2023 (continued)
Barings Europa Fund
Financial assets
Equities
Total

Level 1
US$
19,440,368
19,440,368

Level 2
US$––

Level 3
US$
–
–

Total
US$
19,440,368
19,440,368

Level 1US$
1,043,229,434
1,043,229,434

Level 2
US$
3,455,542
3,455,542

Level 3
US$
–
–

Total
US$
1,046,684,976
1,046,684,976

–
–

(47)
(47)

–
–

(47)
(47)

1,043,229,434

3,455,495–

1,046,684,929

Level 1
US$–––

Level 2
US$
51,388,806
345,386
51,734,192

Level 3
US$
–
–
–

Total
US$
51,388,806
345,386
51,734,192(146,250)–(146,250)–(404,003)(404,003)–––(146,250)(404,003)(550,253)(146,250)

51,330,189–

51,183,939

Level 1
US$
15,260,580
2,094,115––
17,354,695

Level 2
US$––
36,122,268
22,52936,144,797

Level 3
US$
–
–
–
–
–

Total
US$
15,260,580
2,094,115
36,122,268
22,52953,499,492(1,078,605)(1,078,605)

–
–

–
–

(1,078,605)(1,078,605)

Total

16,276,090

36,144,797–

52,420,887

Barings Global Technology Equity Fund
Financial assets
Equities
Total

Level 1
US$
6,010,531
6,010,531

Level 2
US$––

Level 3
US$
–
–

Total
US$
6,010,531
6,010,531

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

Barings Global Balanced Fund
Financial assets
Equities
Investment Funds
Fixed interest
Open forward foreign currency exchange contracts
Financial liabilities
Open Futures contracts

81

Barings International Umbrella Fund
Notes to the financial statements (continued)
For the financial period ended 31 October 2023
8.

Fair value hierarchy (continued)
As at 31 October 2023 (continued)
Barings Europe Select Fund
Financial assets
Equities
Total

Level 1€
43,182,686
43,182,686

Level 2€––

Level 3
€
–
–

Total
€
43,182,686
43,182,686

Barings German Growth Fund
Financial assets
Equities
Total

Level 1€
19,504,801
19,504,801

Level 2€––

Level 3
€
–
–

Total
€
19,504,801
19,504,801

Barings Global Dividend Champions Fund
Financial assets
Equities
Total

Level 1
US$
22,950,639
22,950,639

Level 2
US$––

Level 3
US$
–
–

Total
US$
22,950,639
22,950,639

Barings China A-Share Fund
Financial assets
Equities
Total

Level 1
US$
4,685,985
4,685,985

Level 2
US$––

Level 3
US$
–
–

Total
US$
4,685,985
4,685,985

Barings Global Equity Allocation Fund
Financial assets
Equities
Total

Level 1
US$
32,425,243
32,425,243

Level 2
US$––

Level 3
US$
–
–

Total
US$
32,425,243
32,425,243

Barings Eastern Europe Fund*
Financial assets
Equities
Total

Level 1
US$239,836,972
239,836,972

Level 2
US$––

Level 3
US$
–
–

Total
US$
239,836,972
239,836,972* 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)

371,665,408

86,602,839–

458,268,247

Financial liabilities
Open forward foreign currency exchange contracts
Total

82

Barings International Umbrella Fund
Notes to the financial statements (continued)
For the financial period ended 31 October 2023
8.

Fair value hierarchy (continued)
As at 30 April 2023 (continued)
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

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

Financial liabilities
Open forward foreign currency exchange contracts

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

83

Barings International Umbrella Fund
Notes to the financial statements (continued)
For the financial period ended 31 October 2023
8.

Fair value hierarchy (continued)
As at 30 April 2023 (continued)
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* The Barings Europe Select Fund merged from Barings Investment Funds Plc in to the Unit Trust on 14 October 2022.

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

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

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

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

84

Barings International Umbrella Fund
Notes to the financial statements (continued)
For the financial period ended 31 October 2023
8.

Fair value hierarchy (continued)
As at 31 October 2023, Barings Asia Growth Fund, Barings Australia Fund, Barings Hong Kong China Fund and China A-Share
Fund include fair value adjustments for Level 1 securities. As at 31 October 2023, there is one equity held by Barings Hong Kong
China Fund and six fixed interest securities held by Barings Global Balanced Fund that have been transferred from level 1 tolevel 2 with values US$3,455,542 and US$12,321,569 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$1,347,809 respectively. As at 31 October 2023, Barings Global Equity Allocation Fund had
one investment classified as level 3 with a value of US$Nil. As at 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 period.
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.

9.

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

31 October 31 October
2023
2022
106.10%145.16%

Fund Relative VaR over the period Performance comparator
or reference portfolio
LowestHighestMean
93.50%

85

113.26%103.28%FTSE WGBI

Barings International Umbrella Fund
Notes to the financial statements (continued)
For the financial period ended 31 October 2023
9.

Efficient portfolio management (continued)
Risk Monitoring of Global Exposure (continued)
Fund Name
Barings Global Bond Fund
FTSE WGB

31 October 2023 31 October 2022
4.77%
7.65%
4.50%
5.27%

Fund Absolute VaR over the period
LowestHighest
Mean
4.68%
6.07%
5.37%
4.49%
5.85%
5.21%

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.

10. 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 31 October 2023,
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*

31 October 2023

30 April 2023

30 April 2022

US$394,328,292

US$477,663,016

US$532,758,689

AU$228.79
CHF75.98€105.49€198.34£173.68¥1,602.62
US$228.55
US$211.35
CHF77.33€229.52£202.06
US$252.79
US$81.01

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* The Barings ASEAN Frontiers Fund Class I USD Inc was launched on 25 May 2021.

86Barings International Umbrella Fund
Notes to the financial statements (continued)
For the financial period ended 31 October 2023
10. NAV per redeemable participating units (continued)

Net assets attributable to holders of redeemableparticipating units
Barings Asia Growth Fund

31 October 2023

30 April 2023

30 April 2022

US$94,661,864

US$137,111,259

US$179,926,284€89.10£77.98
US$94.74
US$94.96€94.56€58.66£82.77
US$100.77€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

31 October 2023

30 April 2023

30 April 2022

US$61,497,697

US$65,854,876

US$68,762,239

AU$185.54€110.76£97.00
US$118.08£127.96
US$155.79

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

31 October 2023

30 April 2023

30 April 2022

US$19,732,411

US$25,194,433

US$25,539,155€52.45
US$55.89€50.95
US$54.42€56.55
US$62.12€54.57
US$60.07€55.49
US$58.63€53.58
US$56.74

NAV per redeemable units
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* 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

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

87

Barings International Umbrella Fund
Notes to the financial statements (continued)
For the financial period ended 31 October 2023
10. NAV per redeemable participating units (continued)

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

31 October 2023

30 April 2023

30 April 2022

US$1,058,973,884

US$1,267,543,550

US$1,516,303,487€894.62£782.78
HK$7,458.03¥6,722.00
US$985.27
US$953.34€804.96
US$852.48£854.25£86.71
US$1,039.65€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

31 October 2023

30 April 2023

30 April 2022

US$54,074,740

US$53,536,508

US$57,231,030€18.75£16.43¥72.34¥70.22
US$19.99£92.83£92.83
US$92.92
US$92.92£16.46
US$22.43€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.

Net assets attributable to holders of redeemableparticipating units
Barings Global Balanced Fund
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

88

31 October 2023

30 April 2023

30 April 2022

US$56,084,484

US$63,948,596

US$74,958,523

US$32.66
US$27.53
US$85.28

US$34.33
US$29.42
US$89.35

US$38.51
US$34.07
US$99.58

Barings International Umbrella Fund
Notes to the financial statements (continued)
For the financial period ended 31 October 2023
10. NAV per redeemable participating units (continued)

Net assets attributable to holders of redeemableparticipating units
Barings Global Technology Equity Fund

31 October 2023

30 April 2023

30 April 2022

US$6,188,806

US$5,623,665

US$5,556,147

US$71.85
US$73.99£90.14
US$73.20

US$66.81
US$68.28£81.49
US$67.74

US$70.08
US$70.55£83.95
US$70.38

31 October 2023

30 April 2023

€45,185,516€51,276,876€50.31€46.69£41.15€76.57€75.72£77.03
US$67.32€52.18€47.43£41.58€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 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

31 October 2023

30 April 2023

€20,148,117€22,814,838€10.38€9.26£9.08
US$106.96€11.24£9.84£8.24€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.

89Barings International Umbrella Fund
Notes to the financial statements (continued)
For the financial period ended 31 October 2023
10. 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

31 October 2023

30 April 2023

US$23,932,273

US$25,676,206

US$14.88£124.13£113.95
US$119.45
US$109.64£15.82£108.68
US$13.66
US$109.58

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

31 October 2023

30 April 2023

US$4,808,271

US$8,643,636

US$16.85€92.62£95.76
HK$90.76
US$90.09£63.25£16.00
US$20.87

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

31 October 2023

30 April 2023

US$32,505,826

US$55,963,994

US$127.51
US$130.53

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.

90Barings International Umbrella Fund
Notes to the financial statements (continued)
For the financial period ended 31 October 2023
10. NAV per redeemable participating units (continued)
31 October 2023

Net assets attributable to holders of redeemable participating units
Barings Eastern Europe Fund*

US$247,075,344

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€32.13£28.12
US$39.56
US$34.24€37.98£34.77£29.09
US$43.65
US$35.40* The Barings Eastern Europe Fund merged from Barings Global Umbrella Fund in to the Unit Trust on 21 July 2023.

11. Exchange rates
The exchange rates used in the financial statements to convert to euro are as follows:
As at
31 October 2023
7.464511.8655
0.8751
11.8350
0.96201.0657

Danish krone
Norwegian krone
Pound sterling
Swedish krona
Swiss franc
US dollar

91

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 period ended 31 October 2023
11. Exchange rates (continued)
The exchange rates used in the financial statements to convert to US dollars are as follows:
As at
31 October 2023
1.57135.02311.38307.33187.318123.0403
7.00430.93847.8230358.520383.2588
15,885.0000
4.0110150.7350
4.764517.9655
1.7098
11.1340
56.7400
4.16910.82124.660692.2000
3.75171.366218.7425
1,350.5500
11.10540.902732.4350
35.9425
28.2895
3.673024,567.5000

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
Romanian new leu
Russian rouble
Saudi Arabia Riyal
Singapore dollar
South African randSouth Korean won
Swedish krona
Swiss franc
Taiwan dollar
Thai baht
Turkish liraUAE dirham
Vietnamese 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
4.17610.8023–79.6750
3.75071.337218.4150
1,338.4000
10.3474
0.895630.7425
34.1475
19.4480–
23,465.0000

12. 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 (31 October 2022: same).
13. Contingent liabilities
There are no contingent liabilities at financial period-end 31 October 2023 and financial year-end 30 April 2023.
14. Transactions with connected persons
The UCITS Regulations require that any transaction carried out with the Manager by a Promoter, Manager, Depositary, Investment
Manager and/or associate of these (“connected persons”) must be carried out as if negotiated at arm’s length. Transactions must
be in the best interests of the unitholders.

92Barings International Umbrella Fund
Notes to the financial statements (continued)
For the financial period ended 31 October 2023
14. Transactions with connected persons (continued)
The Board of Directors of the Manager are satisfied that there are arrangements (evidenced by written procedures) in place toensure that the obligations set out in Regulation 43(1) of the Central Bank UCITS Regulations are applied to all transactions withconnected persons, and are satisfied that transactions with connected persons entered into during the period complied with the
obligations set out in Regulation 43(1) of the Central Bank UCITS Regulations.
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.
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 period ended 31 October 2023, 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.

93

Barings International Umbrella Fund
Notes to the financial statements (continued)
For the financial period ended 31 October 2023
17. Material changes to the Prospectus (continued)
An updated Prospectus of the Unit Trust was issued on 1 September 2023. The following are the material changes 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.
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.
Barings Asia Growth Fund, Barings Australia Fund, Barings Hong Kong China Fund and China A-Share Fund include fair value
adjustments for Level 1 securities.
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 the
the Unit Trust, the Funds, the Manager or the Portfolio Investments and their issuers and industries in which the issuers of thePortfolio 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 otherthings, creating instability in the energy sectors, reducing trade as a result of economic sanctions and increased volatility anduncertainty in financial 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 Manager’s operations, including the Funds
and the Portfolio Investments.
There have been no other significant events to the financial period-end that, in the opinion of the Directors of the Manager, may
have had an impact on the financial statements for the financial period ended 31 October 2023.
19. Subsequent events
The Barings Asia Growth Fund Class A EUR Acc was launched on 23 November 2023.

94

Barings International Umbrella Fund
Notes to the financial statements (continued)
For the financial period ended 31 October 2023
19. Subsequent events (continued)
There have been no other events subsequent to the financial period-end that, in the opinion of the Directors of the Manager, may
have had a material impact on these financial statements for the financial period ended 31 October 2023.
20. Approval of financial statements
The financial statements were approved by the Board of Directors of the Manager on 12 December 2023.

95

Barings International Umbrella Fund
Barings ASEAN Frontiers Fund
Schedule of Investments
As at 31 October 2023
Financial assets at fair value through profit or loss
Nominal Security

Fair value
US$

% of
Net Assets

4,093,837

1.04

31,970,247
9,001,220
22,951,723
5,674,478
6,903,010
1,078,597
2,806,728
4,692,976
1,409,930
5,444,844
2,536,824
4,062,135
98,532,712

8.11
2.28
5.82
1.44
1.75
0.28
0.71
1.19
0.36
1.38
0.64
1.03
24.99

4,360,821
5,660,627
5,049,424
5,399,150
6,229,797
3,032,384
6,868,304
36,600,507

1.11
1.43
1.28
1.37
1.58
0.77
1.74
9.28

4,205,674
6,027,892
4,748,696
8,294,979
3,092,739
7,365,359
2,594,798
36,330,137

1.07
1.53
1.20
2.10
0.78
1.87
0.66
9.21

5,540,964
8,601,134
5,760,855
35,873,744
30,531,684
15,674,815
5,479,781
5,219,092
1,942,364
114,624,433

1.41
2.18
1.46
9.10
7.74
3.98
1.39
1.32
0.49
29.07

Equities: 98.44% (30 April 2023: 95.87%)
China: 1.04% (30 April 2023: 0.95%)
3,857,100 Yangzijiang Shipbuilding
Hong Kong: 0.00% (30 April 2023: 1.07%)
Indonesia: 24.99% (30 April 2023: 26.26%)
58,039,700 Bank Central Asia
29,850,600 Bank Negara Indonesia Persero
73,505,668 Bank Rakyat Indonesia
9,718,500 Indocement Tunggal Prakarsa
38,475,200 Mayora Indah Tbk PT
7,683,193 Merdeka Copper Gold92,117,491 Midi Utama Indonesia Tbk PT
42,967,100 Mitra Adiperkasa
34,994,900 Sariguna Primatirta Tbk PT
29,927,800 Sumber Alfaria Trijaya Tbk PT
8,140,900 Vale Indonesia
28,426,000 XL Axiata Tbk PT
Malaysia: 9.28% (30 April 2023: 8.50%)
5,728,400 Frencken
8,481,150 Frontken Corp
9,010,480 Hibiscus Petroleum
5,144,850 Pentamaster
6,032,900 Press Metal Aluminium
3,958,300 UWC BHD
4,756,400 ViTrox
Philippines: 9.21% (30 April 2023: 9.59%)
8,568,400 Ayala Land2,682,530 BDO Unibank Inc
29,576,400 Bloomberry Resorts Corp
2,339,250 International Container Terminal Services
856,010 Jollibee Foods Corp
7,990,640 Metropolitan Bank & Trust
7,435,800 Wilcon Depot
Singapore: 29.07% (30 April 2023: 25.62%)
2,187,800 AEM
4,519,400 Ascendas REIT
4,471,700 CapitaLand Integrated Commercial Trust
1,491,900 DBS
3,289,500 Oversea-Chinese Banking
378,162 Sea ADR
66,841,100 Seatrium
5,704,050 UMS
226,800 Venture

96

Barings International Umbrella Fund
Barings ASEAN Frontiers Fund
Schedule of Investments (continued)
As at 31 October 2023
Financial assets at fair value through profit or loss (continued)
Nominal Security

Fair value
US$

% of
Net Assets

2,587,677
3,022,855
5,847,520
1,839,953
6,383,665
6,777,638
13,036,149
3,016,485
1,699,520
12,006,124
1,602,529
4,269,307
6,481,273
6,660,888
2,215,705
4,671,667
1,751,932
2,955,070
86,825,957

0.66
0.77
1.48
0.47
1.62
1.72
3.31
0.77
0.43
3.04
0.41
1.08
1.64
1.69
0.56
1.18
0.44
0.75
22.02

5,826,395
3,727,362
1,608,695
11,162,452

1.48
0.94
0.41
2.83

388,170,035

98.44

162,320

0.04

27,247
3,897
31,1440.01              0.00
0.01

193,4640.05

Equities: 98.44% (30 April 2023: 95.87%) (continued)
Thailand: 22.02% (30 April 2023: 20.13%)
3,321,700 AAPICO Hitech
1,627,700 Airports of Thailand
19,460,600 AP Thailand PCL
10,581,200 Asian Sea
5,562,300 Bangchak
1,546,700 Bangkok Bank PCL
17,681,200 Bangkok Dusit Medical Services
417,000 Bumrungrad Hospital
19,330,700 Chularat Hospital
7,810,500 CP ALL
729,100 Delta Electronics
27,642 Fabrinet
5,386,200 Gulf Energy Development
20,118,400 Home Product Center
8,427,300 Humanica PCL
10,364,900 Srinanaporn Marketing
8,509,300 Star Petroleum Refining
17,555,800 True Corp
Vietnam: 2.83% (30 April 2023: 3.75%)
8,370,758 Military Commercial Joint Stock Bank
1,271,833 Phu Nhuan Jewelry JSC
581,200 Vietnam Dairy Products
Total Equities (Cost: US$393,784,893)
Warrants: 0.05% (30 April 2023: 0.05%)
Malaysia: 0.04% (30 April 2023: 0.04%)
3,772,550 Frontken Corp
Thailand: 0.01% (30 April 2023: 0.01%)
445,148 JMT Network Services PCL 0.00%
175,084 Minor International PCL
Total Warrants (Cost: US$Nil)
Open forward foreign currency exchange contracts: 0.00% (30 April 2023: 0.02%)
CurrencyboughtCurrency
sold

CHF 4,356,706
CHF 2,595,468
USD 145,053
USD 112,361
USD 86,535
AUD 688
AUD 779
AUD 400

USD 4,828,006
USD 2,876,241
CHF 129,053
CHF 100,175
CHF 77,410
USD 435
USD 494
USD 253

Counterparty

Maturity
date

Unrealised
gain US$% of
Net Assets

State Street
State Street
State Street
State Street
State Street
State Street
State Street
State Street

14/11/2023
14/11/2023
14/11/2023
14/11/2023
14/11/2023
14/11/2023
14/11/2023
14/11/2023

5,097
3,037
1,888
1,232
660
3
2
2

0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00

97

Barings International Umbrella Fund
Barings ASEAN Frontiers Fund
Schedule of Investments (continued)
As at 31 October 2023
Financial assets at fair value through profit or loss (continued)
Open forward foreign currency exchange contracts: 0.00% (30 April 2023: 0.02%) (continued)
CurrencyboughtMaturity
date

Unrealised
gain US$% of
Net Assets

USD 252
State Street
14/11/2023
USD 254
State Street
14/11/2023
AUD 1,154
State Street
14/11/2023
USD 627
State Street
14/11/2023
CNH 1,913
State Street
14/11/2023
USD 254
State Street
14/11/2023
Total unrealised gain on open forward foreign currency exchange contracts

2
1
1
1
0
0
11,926

0.00
0.00
0.00
0.00
0.00
0.00
0.00

388,375,425

98.49

Maturity
date

Unrealised
loss US$% of
Net Assets

USD 448,390
State Street
14/11/2023
AUD 28,402
State Street
14/11/2023
CHF 82,399
State Street
14/11/2023
CHF 48,308
State Street
14/11/2023
USD 8,589
State Street
14/11/2023
USD 1,842
State Street
14/11/2023
AUD 577
State Street
14/11/2023
AUD 270
State Street
14/11/2023
AUD 263
State Street
14/11/2023
USD 53
State Street
14/11/2023
USD 23
State Street
14/11/2023
USD 57
State Street
14/11/2023
Total unrealised loss on open forward foreign currency exchange contracts(3,135)
(104)
(98)
(58)
(41)
(17)
(3)
(2)
(1)
0
0
0
(3,459)

0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00

Total financial liabilities at fair value through profit or loss

(3,459)0.00

Total investments at fair value through profit or loss
Cash and cash equivalents
Other net liabilities

388,371,966
6,977,320(1,020,994)

98.49
1.77
(0.26)Net assets attributable to holders of redeemable participating units

394,328,292

100.00

AUD 400
AUD 400
USD 735
AUD 986
USD 262
AUD 400

Currency
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%)
CurrencyboughtAUD 699,356
USD 17,979
USD 91,310
USD 53,532
CNH 62,610
AUD 2,867
USD 365
USD 170
USD 166
AUD 82
AUD 36
CNH 414

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

98% of total assets*
98.20
1.80
100.00Barings International Umbrella Fund
Barings Asia Growth Fund
Schedule of Investments
As at 31 October 2023
Financial assets at fair value through profit or loss
Nominal Security

Fair value
US$

% of
Net Assets

4,165,211
593,948
1,714,109
800,977
1,242,938
887,183
754,319
1,144,470
667,550
1,018,100
1,090,993
1,019,231
1,979,817
487,060
1,055,768
965,806
726,561
1,538,328
948,1095,454,425
577,451
665,731
1,161,877
1,181,918
31,841,880

4.40
0.63
1.81
0.85
1.31
0.94
0.80
1.21
0.70
1.08
1.15
1.08
2.09
0.51
1.12
1.02
0.77
1.62
1.00
5.76
0.61
0.70
1.23
1.25
33.64

2,956,316
1,739,454
4,695,770

3.12
1.84
4.96

1,947,927
1,446,012
2,727,132
396,860
1,562,805
466,493
1,486,343
3,603,016
1,229,835
14,866,423

2.06
1.53
2.88
0.42
1.65
0.49
1.57
3.80
1.30
15.70

748,308
1,002,030
669,219
2,419,557

0.79
1.06
0.70
2.55

Equities: 99.30% (30 April 2023: 99.12%)
China: 33.64% (30 April 2023: 35.01%)
405,548 Alibaba*
19,500 BYD Company*
3,009,000 China Construction Bank*
61,923 China International Travel Service*
234,000 China Resources Beer*
236,000 China Resources Land*
201,000 H World Group Ltd*89,380 JD.com*
798,000 Kunlun Energy*
4,420 Kweichow Moutai*
63,600 Li Auto*
331,000 Li Ning*
139,520 Meituan Dianping*
74,000 MINISO Holding*
342,409 NARI Technology*
1,476,000 PetroChina*
508,000 Ping An Bank*
299,000 Ping An Insurance Group of China*
82,400 Sungrow Power Supply*
147,000 Tencent*
684,000 Topsports International*
286,400 Warom Technology Inc Co*
774,000 Weichai Power*
98,000 WuXi AppTec*Hong Kong: 4.96% (30 April 2023: 10.04%)
339,600 AIA*
49,300 Hong Kong Exchanges & Clearing*
India: 15.70% (30 April 2023: 12.93%)
165,180 Axis Bank
94,352 HCL Technologies Ltd
153,781 HDFC Bank
150,877 Jio Financial Services
44,423 Larsen & Toubro
26,628 Mahindra & Mahindra
36,384 PI Industries
131,117 Reliance Industries
74,858 SBI Life Insurance
Indonesia: 2.55% (30 April 2023: 2.19%)
2,481,600 Bank Negara Indonesia Persero
5,507,700 Sumber Alfaria Trijaya Tbk PT
3,046,000 Telekomunikasi Indonesia Persero

99

Barings International Umbrella Fund
Barings Asia Growth Fund
Schedule of Investments (continued)
As at 31 October 2023
Financial assets at fair value through profit or loss (continued)
Fair value
US$

% of
Net Assets

1,125,208

1.19

485,574
827,527
1,313,101

0.51
0.88
1.39

1,235,948
1,078,239
1,001,019
3,315,206

1.30
1.14
1.06
3.50

1,073,903
1,280,140
898,210856,650
640,570846,036
420,891
880,120
5,857,078
2,568,453
15,322,051

1.13
1.35
0.95
0.91
0.68
0.89
0.45
0.93
6.19
2.71
16.19

1,915,119
477,742
1,053,912
693,020886,952
9,194,486
584,816
484,713847,666
16,138,426

2.02
0.51
1.11
0.73
0.94
9.71
0.62
0.51
0.90
17.05

535,967
783,063635,126
1,954,156

0.56
0.83
0.67
2.06

United States: 1.07% (30 April 2023: 0.00%)
325,500 Samsonite*

1,010,647

1.07

Total Equities (Cost: US$98,456,665)

94,002,425

99.30

Nominal Security
Equities: 99.30% (30 April 2023: 99.12%) (continued)
Macao: 1.19% (30 April 2023: 0.00%)
200,000 Galaxy Entertainment*
Malaysia: 0.00% (30 April 2023: 0.79%)
Philippines: 1.39% (30 April 2023: 2.25%)
216,090 BDO Unibank Inc
5,154,100 Bloomberry Resorts Corp
Singapore: 3.50% (30 April 2023: 4.16%)
51,400 DBS
26,013 Sea ADR
12,210,200 Seatrium
South Korea: 16.19% (30 April 2023: 14.62%)
43,721 Classys*
12,645 Cosmax*
23,361 KB Financial*
14,921 Kia*
1,950 LG Chem*
6,047 NAVER*
1,370 POSCO*
9,484 Samsung Electro-Mechanics*
117,267 Samsung Electronics*
29,581 SK Hynix*
Taiwan: 17.05% (30 April 2023: 13.88%)
124,000 Accton Technology Corp*
6,000 ASPEED Technology*
1,397,000 CTBC Financial*
77,000 Delta Electronics*
34,000 MediaTek*
561,000 Taiwan Semiconductor Manufacturing*
132,000 Unimicron Technology*
175,000 Wistron*
18,000 Wiwynn Corp*
Thailand: 2.06% (30 April 2023: 3.25%)
688,000 AAPICO Hitech
178,700 Bangkok Bank PCL
87,800 Bumrungrad Hospital

100Barings International Umbrella Fund
Barings Asia Growth Fund
Schedule of Investments (continued)
As at 31 October 2023
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

USD 825
State Street
14/11/2023
EUR 27
State Street
14/11/2023
Total unrealised gain on open forward foreign currency exchange contracts

4
0
4

0.00
0.00
0.00

94,002,429

99.30

Maturity
date

Unrealised
loss US$% of
Net Assets

EUR 9
State Street
14/11/2023
Total unrealised loss on open forward foreign currency exchange contracts

0
0

0.00
0.00

Total financial liabilities at fair value through profit or loss

0

0.00

Total investments at fair value through profit or loss
Cash and cash equivalents
Other net liabilities

94,002,429
1,124,034(464,599)

99.30
1.19
(0.49)Net assets attributable to holders of redeemable participating units

94,661,864

100.00EUR 777
USD 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%)
CurrencyboughtUSD 10Currency
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*
98.73
1.27
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.

101

Barings International Umbrella Fund
Barings Australia Fund
Schedule of Investments
As at 31 October 2023
Financial assets at fair value through profit or loss
Nominal Security

Fair value
US$

% of
Net Assets

1,452,536

2.36

746,118
1,395,951
2,142,069

1.21
2.27
3.48

1,483,820
931,684
1,118,907
3,534,411

2.41
1.52
1.82
5.75

2,115,620

3.44

1,567,039
2,656,073
1,665,628
3,658,934
3,044,090
1,953,537
1,976,843
16,522,144

2.55
4.32
2.71
5.95
4.95
3.18
3.21
26.87

1,948,373
4,437,555
361,545
6,747,473

3.17
7.21
0.59
10.97

497,484
1,939,650
1,329,189
2,495,568
6,261,891

0.81
3.15
2.16
4.06
10.18

1,635,543
1,546,059
3,181,602

2.66
2.51
5.17

6,034,042
941,557
1,982,003
3,830,787

9.81
1.53
3.22
6.23

Equities: 97.51% (30 April 2023: 96.80%)
Communication Services: 2.36% (30 April 2023: 3.06%)
82,204 Carsales.com*
Consumer Discretionary: 3.48% (30 April 2023: 7.44%)
30,280 Aristocrat Leisure*408,767 Bapcor*
Consumer Staples: 5.75% (30 April 2023: 6.87%)
151,946 Coles*
120,401 Treasury Wine Estates*
34,632 Wesfarmers*
Energy: 3.44% (30 April 2023: 3.73%)
96,560 Woodside Energy*
Financials: 26.87% (30 April 2023: 27.20%)
99,164 Australia & New Zealand Banking Group*
43,012 Commonwealth Bank of Australia*
459,348 Insurance Australia*
35,541 Macquarie*
169,696 National Australia Bank*
21,256 REA*
572,434 Steadfast*
Health Care: 10.97% (30 April 2023: 11.17%)
12,650 Cochlear*
29,864 CSL*
19,664 Sonic Healthcare*
Industrials: 10.18% (30 April 2023: 10.09%)
72,498 ALS*
231,349 Brambles*
927,867 Cleanaway Waste Management*
639,715 Johns Lyng*
Information Technology: 5.17% (30 April 2023: 1.43%)
103,165 Computershare*
41,567 WiseTech Global*
Materials: 23.77% (30 April 2023: 22.76%)
212,029 BHP Group*
154,815 IGO*
79,284 James Hardie Industries*
50,945 Rio Tinto*

102

Barings International Umbrella Fund
Barings Australia Fund
Schedule of Investments (continued)
As at 31 October 2023
Financial assets at fair value through profit or loss (continued)
Fair value
US$

% of
Net Assets

1,829,026
14,617,415

2.98
23.77

3,394,079

5.52

Total Equities (Cost: US$60,739,972)

59,969,240

97.51

Total financial assets at fair value through profit or loss

59,969,240

97.51

Total investments at fair value through profit or loss
Cash and cash equivalents
Other net assets

59,969,240
1,497,332
31,125

97.51
2.43
0.06

Net assets attributable to holders of redeemable participating units

61,497,697

100.00Nominal Security
Equities: 97.51% (30 April 2023: 96.80%) (continued)
Materials: 23.77% (30 April 2023: 22.76%) (continued)
479,063 Sandfire Resources Ltd*Real Estate: 5.52% (30 April 2023: 3.05%)
255,894 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.

103% of total assets**
97.18
2.82
100.00Barings International Umbrella Fund
Barings Europa Fund
Schedule of Investments
As at 31 October 2023
Financial assets at fair value through profit or loss
Nominal Security

Fair value
US$

% of
Net Assets

299,886
317,024
408,090
430,665
213,861
175,749
1,845,275

1.52
1.61
2.07
2.18
1.08
0.89
9.35

458,069
161,331455,452
1,501,989
2,576,841

2.32
0.82
2.31
7.61
13.06

1,082,921
870,756
1,953,677

5.49
4.41
9.90

1,110,879
280,323
397,109787,627
406,078
2,982,016

5.63
1.42
2.01
3.99
2.06
15.11

775,774352,243
132,062
749,985
572,272
639,811289,786
180,441
3,692,374

3.93
1.79
0.67
3.80
2.90
3.24
1.47
0.91
18.71

356,394
303,878
587,082
426,931
326,8242,001,109

1.81
1.54
2.97
2.16
1.66
10.14

300,922923,738
707,314281,048

1.53
4.68
3.59
1.42

Equities: 98.52% (30 April 2023: 99.45%)
Consumer Discretionary: 9.35% (30 April 2023: 6.68%)
5,213 Amadeus IT
10,594 Cie Generale des Etablissements Michelin SCA
11,689 Industria de Diseno Textil
3,802 Pandora
17,138 Persimmon
28,410 Watches of Switzerland
Consumer Staples: 13.06% (30 April 2023: 13.00%)
18,636 Associated British Foods
7,226 HelloFresh
15,139 Koninklijke Ahold Delhaize
13,802 Nestle
Energy: 9.90% (30 April 2023: 8.14%)
33,269 Royal Dutch Shell
12,910 Total
Financials: 15.11% (30 April 2023: 14.99%)
37,235 AXA
1,684 Deutsche Boerse
6,695 Julius Baer
14,099 KBC
38,224 Prudential
Health Care: 18.71% (30 April 2023: 17.08%)
6,185 AstraZeneca
142,211 ConvaTec Group PLC
877 Merck
7,680 Novo Nordisk
2,208 Roche
7,012 Sanofi
5,887 Siemens Healthineers AG
625 Tecan Group
Industrials: 10.14% (30 April 2023: 10.66%)
16,785 Assa Abloy
27,497 CNH Industrial
3,794 Schneider Electric
3,838 Vinci
2,522 Wolters Kluwers
Information Technology: 14.64% (30 April 2023: 16.86%)
447 Adyen
1,529 ASML
4,047 Capgemini
12,490 Halma

104

Barings International Umbrella Fund
Barings Europa Fund
Schedule of Investments (continued)
As at 31 October 2023
Financial assets at fair value through profit or loss (continued)
Fair value
US$

% of
Net Assets

459,229
215,632
2,887,883

2.33
1.09
14.64

289,197599,861
361,364
1,250,422

1.47
3.04
1.83
6.34

Utilities: 1.27% (30 April 2023: 1.26%)
54,107 Snam

250,771

1.27

Total Equities (Cost: US$16,883,938)

19,440,368

98.52

Total financial assets at fair value through profit or loss

19,440,368

98.52

Total investments at fair value through profit or loss
Cash and cash equivalents
Other net liabilities

19,440,368
350,904(58,861)

98.52
1.78
(0.30)Net assets attributable to holders of redeemable participating units

19,732,411

100.00Nominal Security
Equities: 98.52% (30 April 2023: 99.45%) (continued)
Information Technology: 14.64% (30 April 2023: 16.86%) (continued)
15,684 Infineon Technologies
3,028 Temenos
Materials: 6.34% (30 April 2023: 10.78%)
11,218 Anglo American
3,478 L'Air Liquide S.A.
63,501 Norsk Hydro

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.

105% of total assets*
98.14
1.86
100.00Barings International Umbrella Fund
Barings Hong Kong China Fund
Schedule of Investments
As at 31 October 2023
Financial assets at fair value through profit or loss
Nominal Security

Fair value
US$

% of
Net Assets

17,353,600
29,075,276
101,307,600
147,736,476

1.64
2.74
9.57
13.95

3,073,785
17,403,253
20,477,038

0.29
1.64
1.93

103,499,858
17,300,210
25,159,044
5,437,918
11,910,331
19,453,402
10,115,675
9,236,962
25,242,074
5,691,989
39,672,108
41,573,467
17,213,610
22,794,019
4,334,514
358,635,181

9.77
1.63
2.38
0.51
1.12
1.84
0.96
0.87
2.38
0.54
3.75
3.93
1.63
2.15
0.41
33.87

14,986,628
2,767,762
18,558,912
5,381,781
41,695,083

1.42
0.26
1.75
0.51
3.94

14,895,347
11,071,435
18,919,590
44,886,372

1.41
1.04
1.79
4.24

23,915,171
60,067,314
11,112,710
8,012,627
5,362,107
33,812,345
142,282,274

2.26
5.67
1.05
0.76
0.51
3.19
13.44

5,876,162

0.55

Equities: 98.84% (30 April 2023: 98.64%)
Communication Services: 13.95% (30 April 2023: 12.54%)
1,317,000 Baidu*
1,346,500 NetEase*
2,730,300 Tencent*Communications: 1.93% (30 April 2023: 2.25%)
909,200 China Literature*
2,694,000 Kuaishou Technology*
Consumer Discretionary: 33.87% (30 April 2023: 34.00%)
10,077,320 Alibaba*
1,526,200 ANTA Sports Products*
826,000 BYD Company*
420,402 China International Travel Service*
2,117,000 Galaxy Entertainment*
510,454 H World Group Ltd ADR*
790,007 JD.com*
1,085,557 Lao Feng Xiang Co Ltd*1,471,500 Li Auto*
1,848,500 Li Ning*
2,795,740 Meituan Dianping*
398,748 Pinduoduo ADR*
5,544,000 Samsonite*
433,950 Yum China*
1,198,500 Zhejiang Shuanghuan Driveline*
Consumer Staples: 3.94% (30 April 2023: 6.75%)
2,821,436 China Resources Beer*
14,675,000 China Youran Dairy*
80,572 Kweichow Moutai*
183,400 Luzhou Laojiao*
Energy: 4.24% (30 April 2023: 5.08%)
29,024,000 China Petroleum & Chemical*
3,595,500 China Shenhua Energy*
28,914,000 PetroChina*
Financials: 13.44% (30 April 2023: 12.74%)
2,747,200 AIA*
105,444,000 China Construction Bank 'H'*
2,906,500 China Merchants Bank*
2,047,584 China Resources Mixc Lifestyle Services*
3,749,100 Ping An Bank*
6,572,000 Ping An Insurance Group of China*
Health Care: 5.75% (30 April 2023: 5.04%)
31,489 BeiGene Ltd ADR*106

Barings International Umbrella Fund
Barings Hong Kong China Fund
Schedule of Investments (continued)
As at 31 October 2023
Financial assets at fair value through profit or loss (continued)
Fair value
US$

% of
Net Assets

4,438,100
10,171,150
8,248,542
10,869,543
21,284,799
60,888,296

0.42
0.96
0.78
1.03
2.01
5.75

7,850,889
5,022,958
5,025,865
11,319,455
12,140,072
7,747,719
6,774,056
55,881,014

0.74
0.47
0.48
1.07
1.15
0.73
0.64
5.28

9,460,015
5,571,261
18,038,617
6,021,723
20,661,326
23,811,932
2,457,141
3,455,542
7,040,670
96,518,227

0.89
0.53
1.70
0.57
1.95
2.25
0.23
0.33
0.66
9.11

15,516,863
19,130,585
34,647,448

1.46
1.81
3.27

14,758,808
1,942,097
8,513,706
25,214,611

1.39
0.18
0.81
2.38

10,917,141
2,537,461
4,368,354
17,822,956

1.03
0.24
0.41
1.68

Total Equities (Cost: US$1,209,482,586)

1,046,684,976

98.84

Total financial assets at fair value through profit or loss

1,046,684,976

98.84

Nominal Security
Equities: 98.84% (30 April 2023: 98.64%) (continued)
Health Care: 5.75% (30 April 2023: 5.04%) (continued)
7,117,500 China Resources Pharmaceutical*
1,721,500 Innovent Biologics*
1,249,750 Sonoscape Medical*
918,900 WuXi AppTec*
3,413,500 Wuxi Biologics Cayman*
Industrials: 5.28% (30 April 2023: 5.64%)
309,360 Contemporary Amperex Technology*
2,495,600 Foxconn Industrial Internet*
18,565,000 Impro Precision Industries*
3,671,151 NARI Technology*
1,216,580 Shenzhen Zhaowei Machinery & Electronic Co Ltd*3,333,099 Warom Technology Inc Co*
2,091,000 Zhuzhou CRRC Times Electric*
Information Technology: 9.11% (30 April 2023: 7.37%)
404,239 Advanced Micro-Fabrication Equipment Inc China*
141,920 Beijing Kingsoft Office Software*
15,450,000 Lenovo*
1,343,902 Luxshare Precision Industry*
2,456,700 Sunny Optical Technology*
1,460,000 Taiwan Semiconductor Manufacturing*
412,161 Zhejiang Supcon Technology Class A*
290,000 Zhejiang Supcon Technology GDR*
586,800 Zhongji Innolight*
Materials: 3.27% (30 April 2023: 1.48%)
28,864,000 Aluminum Corporation of China*
12,262,000 Zijin Mining*
Real Estate: 2.38% (30 April 2023: 3.84%)
3,926,000 China Resources Land*6,639,000 Financial Street Property*
5,831,000 Longfor Properties*
Utilities: 1.68% (30 April 2023: 1.91%)
12,834,000 China Longyuan Power*
331,000 ENN Energy*
5,222,000 Kunlun Energy*

107

Barings International Umbrella Fund
Barings Hong Kong China Fund
Schedule of Investments (continued)
As at 31 October 2023
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 9,528
State Street
14/11/2023
CNH 2,807
State Street
14/11/2023
USD 61
State Street
14/11/2023
Total unrealised loss on open forward foreign currency exchange contracts

(46)
(1)
0
(47)

0.00
0.00
0.00
0.00

Total financial liabilities at fair value through profit or loss

(47)

0.00

Fair value
US$

% of
Net Assets

Total investments at fair value through profit or loss
Cash and cash equivalents
Other net assets

1,046,684,929
4,522,022
7,766,933

98.84
0.43
0.73

Net assets attributable to holders of redeemable participating units

1,058,973,884

100.00

CNH 69,454
USD 383
CNH 443

Currency
soldCounterparty

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.

108% of total assets*
97.77
2.23
100.00Barings International Umbrella Fund
Barings Global Bond Fund
Schedule of Investments
As at 31 October 2023
Financial assets at fair value through profit or loss
Nominal Security

Fair value
US$

% of
Net Assets

896,655
1,144,134
974,3313,015,120

1.66
2.12
1.80
5.58

1,305,930
782,349
1,084,068
1,648,077
4,820,424

2.42
1.45
2.00
3.05
8.92

1,248,886
1,020,861
1,250,953
1,069,475
1,087,714
761,014753,345
1,069,212
8,261,460

2.31
1.89
2.31
1.98
2.01
1.41
1.39
1.98
15.28

764,937
1,095,928
688,5382,549,403

1.42
2.03
1.27
4.72

1,228,928
717,620
437,865544,783
2,476,494
5,405,690

2.27
1.32
0.81
1.01
4.58
9.99

1,102,459
1,098,425
3,121,543
689,069
934,708
1,756,494
198,768
2,291,904
2,767,769
3,212,980
8,032,855

2.04
2.03
5.77
1.27
1.73
3.25
0.36
4.24
5.12
5.94
14.85

Fixed interest: 95.03% (30 April 2023: 95.85%)
Australian dollar: 5.58% (30 April 2023: 5.68%)
2,893,000 Australia Government Bond 1.75% 21/06/2051
1,779,000 Australia Government Bond 4.75% 21/04/2027
1,751,000 Treasury Corp of Victoria 5.00% 20/11/2040
Canadian dollar: 8.92% (30 April 2023: 7.59%)
1,641,000 Canada (Govt of) 6.25% 01/06/2032
1,110,000 Province of British Columbia Canada 4.70% 18/06/2037
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
Euro: 15.28% (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
2,010,000 Hellenic Republic Government Bond 1.88% 24/01/2052
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
Japanese yen: 0.00% (30 April 2023: 2.74%)
New Zealand dollar: 4.72% (30 April 2023: 9.60%)
2,192,000 New Zealand (Govt of) 2.00% 15/04/2037
1,950,000 New Zealand (Govt of) 2.75% 15/04/2025
1,978,000 New Zealand (Govt of) 2.75% 15/05/2051
Pound sterling: 9.99% (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
515,000 UK (Govt of) 1.75% 07/09/2037
550,000 UK (Govt of) 3.75% 22/10/2053
2,026,003 UK (Govt of) 5.00% 07/03/2025
US dollar: 50.54% (30 April 2023: 45.90%)
1,124,000 Development Bank of Japan 4.38% 22/09/2025
1,084,000 Hydro-Quebec 8.05% 07/07/2024
3,145,000 Portugal (Republic of) 5.13% 15/10/2024
750,000 Province of Manitoba Canada 4.30% 27/07/2033
1,000,000 Province of Quebec Canada 4.50% 08/09/2033
1,750,000 Province of Quebec Canada 7.13% 09/02/2024
200,000 Svensk Exportkredit AB 4.88% 14/09/2026
2,300,000 US Treasury Bill 0.00% 24/11/2023
3,119,300 US Treasury Note/Bond 1.13% 28/02/2027
3,328,300 US Treasury Note/Bond 2.25% 31/12/2024
8,047,000 US Treasury Note/Bond 5.00% 31/08/2025

109

Barings International Umbrella Fund
Barings Global Bond Fund
Schedule of Investments (continued)
As at 31 October 2023
Financial assets at fair value through profit or loss (continued)
Fair value
US$

% of
Net Assets

2,129,735
27,336,709

3.94
50.54

51,388,806

95.03

Maturity
date

Unrealised
gain US$% of
Net Assets

USD 4,042,060
CAD 5,476,340
Standard Chartered
15/11/2023
USD 5,621,115
NZD 9,484,000
State Street
15/11/2023
USD 1,287,483
GBP 1,028,300
Standard Chartered
15/11/2023
USD 2,152,821
CAD 2,930,300
State Street
15/11/2023
USD 1,396,478
JPY 205,444,000
Standard Chartered
15/11/2023
USD 1,246,284
GBP 1,000,000
State Street
15/11/2023
USD 2,131,490
AUD 3,321,280
Standard Chartered
15/11/2023
EUR 1,364,400
USD 1,439,309
State Street
15/11/2023
USD 352,575
GBP 276,970
Standard Chartered
15/11/2023
USD 754,922
EUR 702,800
Standard Chartered
15/11/2023
USD 692,530
GBP 565,300
Standard Chartered
15/11/2023
USD 558,261
GBP 455,700
Standard Chartered
15/11/2023
USD 191,586
AUD 298,600
State Street
15/11/2023
GBP 9
USD 11
State Street
14/11/2023
USD 17
GBP 13
State Street
14/11/2023
USD 17
GBP 13
State Street
14/11/2023
USD 10
GBP 8
State Street
14/11/2023
USD 10
GBP 8
State Street
14/11/2023
GBP 9
USD 11
State Street
14/11/2023
Total unrealised gain on open forward foreign currency exchange contracts

81,457
74,17235,16833,56730,54028,434
16,871
15,53815,267
5,533
4,080
3,288
1,471
0
0
0
0
0
0
345,386

0.15
0.14
0.06
0.06
0.06
0.05
0.03
0.03
0.03
0.01
0.01
0.01
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.64

51,734,192

95.67

Unrealised
loss US$(146,250)(146,250)% of
Net Assets(0.27)(0.27)

Nominal Security
Fixed interest: 95.03% (30 April 2023: 95.85%) (continued)
US dollar: 50.54% (30 April 2023: 45.90%) (continued)
8,023,000 US Treasury STRIP 0.00% 15/05/2050
Total Fixed interest (Cost: US$56,560,717)
Open forward foreign currency exchange contracts: 0.64% (30 April 2023: 0.93%)
CurrencyboughtCurrency
soldCounterparty

Total financial assets at fair value through profit or loss
Financial liabilities at fair value through profit or loss
Open Futures contracts: (0.27%) (30 April 2023: (0.06%))*
NominalAmountUS$ Description
50 Yen Currency CME Futures Dec 2023
Unrealised loss on Open Futures contracts

Open forward foreign currency exchange contracts: (0.75%) (30 April 2023: (0.24%))
CurrencyboughtCurrency
sold

JPY 491,018,000
EUR 5,180,000
CAD 1,863,700
JPY 156,809,800

USD 3,421,431
USD 5,651,557
USD 1,385,396
USD 1,072,588

Counterparty

Maturity
date

Unrealised
loss US$% of
Net Assets

State Street
Standard Chartered
State Street
State Street

15/11/2023
15/11/2023
15/11/2023
15/11/2023(156,792)(128,171)(37,530)(30,005)(0.29)(0.24)(0.07)(0.05)

110

Barings International Umbrella Fund
Barings Global Bond Fund
Schedule of Investments (continued)
As at 31 October 2023
Financial liabilities at fair value through profit or loss (continued)
Open forward foreign currency exchange contracts: (0.75%) (30 April 2023: (0.24%)) (continued)
CurrencyboughtCurrency
sold

Maturity
date

Unrealised
loss US$% of
Net Assets

CNH 34,600,000
USD 4,749,312
State Street
13/12/2023
NZD 2,272,200
USD 1,339,484
State Street
15/11/2023
EUR 1,023,230
USD 1,101,004
Standard Chartered
15/11/2023
CAD 1,175,600
USD 857,667
State Street
15/11/2023
EUR 1,292,400
USD 1,381,888
State Street
15/11/2023
NZD 783,100
USD 461,784
Standard Chartered
15/11/2023
GBP 989,800
USD 1,205,753
State Street
15/11/2023
GBP 721
USD 883
State Street
14/11/2023
GBP 721
USD 883
State Street
14/11/2023
CNH 4,406
USD 604
State Street
14/11/2023
CNH 4,590
USD 630
State Street
14/11/2023
CNH 57USD 8State Street
14/11/2023
CNH 28USD 4State Street
14/11/2023
CNH 55USD 8State Street
14/11/2023
USD 6
CNH 47
State Street
14/11/2023
USD 7
CNH 49State Street
14/11/2023
CNH 29USD 4State Street
14/11/2023
Total unrealised loss on open forward foreign currency exchange contracts(15,654)(10,533)(9,943)(7,449)(3,814)(3,769)
(325)
(6)
(6)
(3)
(3)
0
0
0
0
0
0
(404,003)(0.03)(0.02)(0.02)(0.01)(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
(0.75)(550,253)(1.02)

Fair value
US$

% of
Net Assets

Total investments at fair value through profit or loss
Cash and cash equivalents
Margin Cash
Other net assets

51,183,939
2,376,610
246,695
267,496

94.65
4.40
0.46
0.49

Net assets attributable to holders of redeemable participating units

54,074,740

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% of total assets**
93.62
0.63
5.75
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.

111

Barings International Umbrella Fund
Barings Global Balanced Fund
Schedule of Investments
As at 31 October 2023
Financial assets at fair value through profit or loss
Fair value
US$

% of
Net Assets

115,530 iShares S&P 500 Health Care Sector UCITS ETF
13,483 Xtrackers S&P 500 Equal Weight UCITS ETF

1,116,597
977,518
2,094,115

1.99
1.74
3.73

Total Investment Funds (Cost: US$2,266,229)

2,094,115

3.73

166,525
287,539
67,762
74,173
123,289
55,03591,040169,133
72,25371,853
66,28874,908111,224
91,47891,176112,490
110,066
84,19847,62868,93063,23644,48588,569159,758
114,022
36,337
69,104
122,818
97,39384,59050,128425,134
63,56771,444
113,332
77,555
3,718,460

0.30
0.51
0.12
0.13
0.22
0.10
0.16
0.30
0.13
0.13
0.12
0.13
0.20
0.16
0.16
0.20
0.20
0.15
0.09
0.12
0.11
0.08
0.16
0.29
0.21
0.07
0.12
0.22
0.17
0.15
0.09
0.76
0.11
0.13
0.20
0.14
6.64

211,653

0.38

Nominal Security
Investment Funds: 3.73% (30 April 2023: 8.45%)
Ireland: 0.00% (30 April 2023: 8.45%)
United States: 3.73% (30 April 2023: 0.00%)

Equities: 27.21% (30 April 2023: 19.67%)
China/Hong Kong: 6.64% (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 'H'
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: 2.41% (30 April 2023: 0.00%)
3,618 Axis Bank GDR

112

Barings International Umbrella Fund
Barings Global Balanced Fund
Schedule of Investments (continued)
As at 31 October 2023
Financial assets at fair value through profit or loss (continued)
Fair value
US$

% of
Net Assets

272,003372,722
201,003
296,454
1,353,835

0.48
0.66
0.36
0.53
2.41

104,60386,30480,895
271,802

0.19
0.15
0.14
0.48

85,03989,722
174,761

0.15
0.16
0.31

Netherlands: 0.09% (30 April 2023: 0.00%)
306 NXP Semiconductors

52,0750.09

Philippines: 0.12% (30 April 2023: 0.00%)
104,500 JG Summit

67,6840.12

114,916
155,930
45,346110,276
426,468

0.20
0.28
0.08
0.20
0.76

29,84032,251
92,60675,38858,96945,38566,60461,54883,471
405,150
116,165
55,450116,425
52,616
1,291,868

0.05
0.06
0.17
0.13
0.10
0.08
0.12
0.11
0.15
0.72
0.21
0.10
0.21
0.09
2.30

46,10890,09280,607

0.08
0.16
0.14

Nominal Security
Equities: 27.21% (30 April 2023: 19.67%) (continued)
India: 2.41% (30 April 2023: 0.00%) (continued)
4,747 HDFC Bank ADR
16,536 ICICI Bank ADR
12,182 Infosys ADR
8,422 Larsen & Toubro GDRIndonesia: 0.48% (30 April 2023: 0.48%)
189,900 Bank Central Asia
276,400 Bank Rakyat Indonesia
368,200 Telekomunikasi Indonesia Persero
Malaysia: 0.31% (30 April 2023: 0.07%)
55,200 PETRONAS Chemicals
18,700 Petronas Dagangan

Singapore: 0.76% (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: 2.30% (30 April 2023: 2.86%)
65 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
1,238 Yuhan
Taiwan: 2.98% (30 April 2023: 3.61%)
3,000 Accton Technology Corp
121,000 China Steel Corp
9,000 Delta Electronics

113

Barings International Umbrella Fund
Barings Global Balanced Fund
Schedule of Investments (continued)
As at 31 October 2023
Financial assets at fair value through profit or loss (continued)
Nominal Security

Fair value
US$

% of
Net Assets

103,268
105,617
139,834
129,798
52,443
668,691
115,138
33,075
110,1311,674,802

0.18
0.19
0.25
0.23
0.09
1.19
0.21
0.06
0.20
2.98

87,03190,358177,389

0.16
0.16
0.32

121,196
47,60935,165
221,949
177,729
320,362
42,37425,09763,448565,533
88,18367,82830,671
109,363
43,426
93,25238,37555,66064,92751,65464,62374,90976,87961,49991,25651,06555,251
48,04770,171
58,41333,80130,01937,38847,753
40,950

0.22
0.08
0.06
0.40
0.32
0.57
0.08
0.04
0.11
1.01
0.16
0.12
0.05
0.19
0.08
0.17
0.07
0.10
0.12
0.09
0.11
0.13
0.14
0.11
0.16
0.09
0.10
0.09
0.12
0.10
0.06
0.05
0.07
0.09
0.07

Equities: 27.21% (30 April 2023: 19.67%) (continued)
Taiwan: 2.98% (30 April 2023: 3.61%) (continued)
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
55,000 Uni-President Enterprises
12,000 Wistron
147,000 Yuanta Financial
Thailand: 0.32% (30 April 2023: 0.00%)
71,500 Krungthai Card
69,100 Thai Oil
United States: 10.80% (30 April 2023: 3.85%)
230 Adobe Systems
495 Advanced Micro Devices
276 Albemarle
1,765 Alphabet
1,428 Alphabet Class A
2,414 Amazon.com
161 Amgen
161 Analog Devices
1,599 APA Corp
3,321 Apple
673 Applied Materials
386 Arista Networks
11 Booking
130 Broadcom
380 Celanese
1,148 CF Industries
476 CH Robinson Worldwide
381 Chevron
1,259 Cisco Systems
1,277 Comcast
547 ConocoPhillips
135 Costco Wholesale
2,813 Coterra Energy
1,332 Devon Energy
576 Diamondback Energy
500 DR Horton
758 DuPont de Nemours
383 EOG Resources
1,704 EQT
536 Expeditors International of Washington
411 Generac Holdings Inc
386 Gilead Sciences
208 Honeywell International
1,338 Intel84 Intuit

114

Barings International Umbrella Fund
Barings Global Balanced Fund
Schedule of Investments (continued)
As at 31 October 2023
Financial assets at fair value through profit or loss (continued)
Nominal Security

Fair value
US$

% of
Net Assets

27,40056,98353,68235,746
66,10888,850208,533
592,991
47,701
57,06827,71173,18755,361
69,709314,470
60,86851,94253,60368,64449,30866,89551,29651,35689,71549,771
32,69676,769145,849
40,32452,80544,547
64,10865,05654,5596,051,436

0.05
0.10
0.10
0.07
0.12
0.16
0.37
1.06
0.08
0.10
0.05
0.13
0.10
0.13
0.56
0.11
0.09
0.10
0.12
0.09
0.12
0.09
0.09
0.16
0.09
0.06
0.14
0.26
0.07
0.09
0.08
0.11
0.12
0.10
10.80

15,260,580

27.21

1,521,331
1,493,227
3,014,558

2.71
2.66
5.37

293,373377,633
1,129,994
576,245796,928
1,417,330
6,169,595

0.52
0.67
2.02
1.03
1.42
2.53
11.00

Equities: 27.21% (30 April 2023: 19.67%) (continued)
United States: 10.80% (30 April 2023: 3.85%) (continued)
106 Intuitive Surgical
124 KLA
92 Lam Research
342 Lennar
2,434 Marathon Oil
605 Marathon Petroleum
689 Meta Platforms
1,758 Microsoft
644 Moderna
174 Molina Healthcare
420 Mondelez International
2,186 Mosaic
135 Netflix
468 Nucor
764 NVIDIA
987 Occidental Petroleum
137 Old Dominion Freight Line817 Oneok
423 PepsiCo
1,614 Pfizer
280 Pioneer Natural Resources
162 Pool
711 PulteGroup832 Qualcomm
64 Regeneron Pharmaceuticals
351 Starbucks
734 Steel Dynamics
739 Tesla
287 Texas Instruments
373 T-Mobile US
233 Tractor Supply Co
516 Valero Energy
182 Vertex Pharmaceutical
1,911 Weyerhaeuser
Total Equities (Cost: US$15,890,962)
Fixed interest: 64.41% (30 April 2023: 65.81%)
Euro: 5.37% (30 April 2023: 0.00%)
1,700,000 Bundesrepublik Deutschland Bundesanleihe 0.00% 15/08/2030
1,730,000 French Republic Government Bond 1.25% 25/05/2034
US dollar: 59.04% (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
576,000 Indonesia Government International Bond 5.88% 15/01/2024
800,000 Philippine Government International Bond 4.20% 21/01/2024
1,434,000 US Treasury Bill 0.00% 18/01/2024
6,163,000 US Treasury FRN 31/10/2024

115

Barings International Umbrella Fund
Barings Global Balanced Fund
Schedule of Investments (continued)
As at 31 October 2023
Financial assets at fair value through profit or loss (continued)
Fair value
US$

% of
Net Assets

7,317,050
2,965,589
2,933,031
2,642,327
1,121,459
841,961
4,525,195
33,107,710

13.05
5.29
5.23
4.71
2.00
1.50
8.07
59.04

36,122,268

64.41

Maturity
date

Unrealised
gain US$% of
Net Assets

USD 2,766,754
EUR 2,570,000
Northern Trust
14/12/2023
Total unrealised gain on open forward foreign currency exchange contracts

22,52922,5290.04
0.04

53,499,492

95.39

Unrealised
loss US$(353,500)(110,108)(445,850)(154,950)(14,197)(1,078,605)% of
Net Assets(0.63)(0.20)(0.79)(0.28)(0.02)(1.92)(1,078,605)(1.92)

Fair value
US$

% of
Net Assets

Total investments at fair value through profit or loss
Cash and cash equivalents
Margin Cash
Other net liabilities

52,420,887
1,757,934
2,193,457(287,794)

93.47
3.13
3.91
(0.51)Net assets attributable to holders of redeemable participating units

56,084,484

100.00Nominal Security
Fixed interest: 64.41% (30 April 2023: 65.81%) (continued)
US dollar: 59.04% (30 April 2023: 65.81%) (continued)
7,305,000 US Treasury FRN 31/01/2025
3,918,000 US Treasury Note/Bond 0.63% 15/08/2030
3,813,000 US Treasury Note/Bond 1.38% 15/11/2031
3,317,000 US Treasury Note/Bond 1.88% 15/02/2032
1,730,000 US Treasury Note/Bond 2.50% 15/02/2045
871,000 US Treasury Note/Bond 2.88% 30/04/2025
5,042,000 US Treasury Note/Bond 3.50% 15/02/2033
Total Fixed interest (Cost: US$37,350,657)
Open Futures contracts: 0.00% (30 April 2023: 1.71%)*
Open forward foreign currency exchange contracts: 0.04% (30 April 2023: 0.00%)
CurrencyboughtCurrency
soldCounterparty

Total financial assets at fair value through profit or loss
Financial liabilities at fair value through profit or loss
Open Futures contracts: (1.92%) (30 April 2023: 0.00%)*
NominalAmountUS$ Description
101 MSCI AC Asia Pacific ex Japan Futures Dec 2023
72 MSCI Europe Futures Dec 2023
82 MSCI World Index Futures Dec 2023
10 S&P 500 Emini CME Futures Dec 2023
4 TSE TOPIX Futures Dec 2023
Unrealised loss on Open Futures contracts
Total financial liabilities at fair value through profit or loss

116

Barings International Umbrella Fund
Barings Global Balanced Fund
Schedule of Investments (continued)
As at 31 October 2023
Analysis of Total Assets
Investment Funds
Transferable securities admitted to an official stock exchange listing or traded on a recognised market
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.

117% of total assets**
3.63
89.16
0.04
7.17
100.00Barings International Umbrella Fund
Barings Global Technology Equity Fund
Schedule of Investments
As at 31 October 2023
,2

Financial assets at fair value through profit or loss
Fair value
US$

% of
Net Assets

France: 3.40% (30 April 2023: 3.10%)
1,205 Capgemini

210,604

3.40

Germany: 1.61% (30 April 2023: 2.16%)
3,410 Infineon Technologies

99,845

1.61

96,941
178,827
275,768

1.57
2.89
4.46

85,475
139,331
224,806

1.38
2.25
3.63

Spain: 1.04% (30 April 2023: 1.18%)
1,121 Amadeus IT

64,487

1.04

Switzerland: 1.45% (30 April 2023: 1.23%)
1,260 Temenos

89,728

1.45

Taiwan: 4.48% (30 April 2023: 4.36%)
17,000 Taiwan Semiconductor Manufacturing277,262

4.48

United States: 77.05% (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
289 Gartner
130 Lam Research
1,598 Meta Platforms
2,237 Micron Technology
1,809 Microsoft
118 Monolithic Power Systems
1,162 NVIDIA
950 Okta
1,179 Paylocity Holding
1,000 Qualcomm
1,061 Salesforce.com
403 ServiceNow
400 Synopsys
636 Take-Two Interactive
3,907 Varonis Systems

563,306
286,123
149,134
117,963
121,741
83,60851,90895,27575,855
483,651
147,798
610,194
47,672478,291
62,472
207,905
107,830
211,425
229,122
184,376
84,811
123,070

9.10
4.62
2.41
1.91
1.97
1.35
0.84
1.54
1.22
7.82
2.39
9.86
0.77
7.73
1.01
3.36
1.74
3.42
3.70
2.98
1.37
1.99

Nominal Security
Equities: 97.12% (30 April 2023: 95.28%)

Netherlands: 4.46% (30 April 2023: 8.16%)
144 Adyen
296 ASML
South Korea: 3.63% (30 April 2023: 1.57%)
616 NAVER
1,618 SK Hynix

118

Barings International Umbrella Fund
Barings Global Technology Equity Fund
Schedule of Investments (continued)
As at 31 October 2023
Financial assets at fair value through profit or loss (continued)
Fair value
US$

% of
Net Assets

244,501
4,768,031

3.95
77.05

Total Equities (Cost: US$7,003,205)

6,010,531

97.12

Total financial assets at fair value through profit or loss

6,010,531

97.12

Total investments at fair value through profit or loss
Cash and cash equivalents
Other net liabilities

6,010,531
200,656(22,381)

97.12
3.24
(0.36)Net assets attributable to holders of redeemable participating units

6,188,806

100.00Nominal Security
Equities: 97.12% (30 April 2023: 95.28%) (continued)
United States: 77.05% (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* Calculation based on the total assets of the Fund (excluding liabilities). This summary is a UCITS requirement.

119% of total assets*
96.75
3.25
100.00Barings International Umbrella Fund
Barings Europe Select Fund
Schedule of Investments
As at 31 October 2023
Financial assets at fair value through profit or loss
Nominal Security

Fair value€% of
Net Assets

690,452
113,579
157,961449,268
1,411,260

1.53
0.25
0.35
0.99
3.12

346,343
124,632
596,711
1,067,686

0.77
0.28
1.32
2.37

238,039692,267
592,493
639,486
2,162,285

0.53
1.53
1.31
1.41
4.78

584,768
775,423
527,640
460,893
2,348,724

1.29
1.72
1.17
1.02
5.20

225,122434,489
767,139
416,311496,565
112,987
669,996
488,129
256,425
344,977
578,629
657,684
321,025
208,338
182,004
300,101
233,142
338,741
7,031,804

0.50
0.96
1.70
0.92
1.10
0.25
1.48
1.08
0.57
0.76
1.28
1.46
0.71
0.46
0.40
0.66
0.52
0.75
15.56

348,462
60,4490.77
0.14

Equities: 95.57% (30 April 2023: 95.35%)
Austria: 3.12% (30 April 2023: 1.95%)
16,455 Bawag Group
6,035 S&T
3,322 Schoeller-Bleckmann Oilfield Equipment AG
19,653 Wienerberger
Belgium: 2.37% (30 April 2023: 1.86%)
21,512 Azelis Group NV
8,637 Barco
4,235 D'Ieteren
Bermuda: 0.00% (30 April 2023: 0.49%)
Denmark: 4.78% (30 April 2023: 8.44%)
173,519 Alm Brand A/S
6,513 Pandora
8,638 Royal Unibrew
14,945 Topdanmark
Finland: 5.20% (30 April 2023: 6.29%)
15,796 Cargotec
24,164 Huhtamaki Oyj
64,362 Metso Outotec
21,916 Valmet
France: 15.56% (30 April 2023: 16.96%)
2,041 ALTEN
20,190 Bureau Veritas
49,653 Elis3,452 Gaztransport Et Technigaz
10,809 Ipsos
3,633 Mersen SA
10,060 Nexans SA
6,789 Publicis Groupe
13,150 Quadient
17,893 Rexel
3,469 Sopra Steria
26,413 SPIE
15,546 Technip Energies NV
1,948 Teleperformance
6,771 Ubisoft Entertainment
9,712 Verallia
854 Virbac
28,158 Worldline
Germany: 11.76% (30 April 2023: 10.33%)
6,092 CTS Eventim AG & Co KGaA
1,632 Eckert & Ziegler Strahlen- und Medizintechnik

120

Barings International Umbrella Fund
Barings Europe Select Fund
Schedule of Investments (continued)
As at 31 October 2023
Financial assets at fair value through profit or loss (continued)
Nominal Security

Fair value€% of
Net Assets

231,616
236,322536,443534,125
212,187
648,780
311,750
355,996
471,882
110,505
314,066
467,723
176,068
309,081
5,325,455

0.51
0.52
1.19
1.18
0.47
1.43
0.69
0.79
1.04
0.24
0.69
1.03
0.39
0.68
11.76

142,475

0.32

282,389
833,917
399,031449,315420,341
681,220433,936
118,475
325,443
530,682372,783
526,453
462,579
90,7395,927,303

0.63
1.85
0.88
0.99
0.93
1.51
0.96
0.26
0.72
1.17
0.83
1.17
1.03
0.20
13.13

393,882
725,231630,256
651,568
119,389
447,864
189,630
344,345739,213
268,876
192,544
4,702,798

0.87
1.60
1.39
1.44
0.27
0.99
0.42
0.76
1.64
0.60
0.42
10.40

Equities: 95.57% (30 April 2023: 95.35%) (continued)
Germany: 11.76% (30 April 2023: 10.33%) (continued)
3,760 Elmos Semiconductor
14,525 Evotec
11,460 Fraport
22,311 Freenet
2,425 Gerresheimer
30,968 HelloFresh
5,662 Hugo Boss
16,007 Jenoptik
5,160 Krones
11,086 Nordex
5,888 Puma
7,998 Scout24
2,163 Sixt
5,199 Stabilus
Ireland: 0.32% (30 April 2023: 0.65%)
35,530 Dalata Hotel
Italy: 13.13% (30 April 2023: 10.45%)
52,783 Ariston Holding NV
27,190 Banca Generali
39,508 Brembo SpA
5,967 Brunello Cucinelli SpA
5,028 DiaSorin
60,526 FinecoBank
41,987 Infrastrutture Wireless Italiane
8,750 Intercos
8,300 Interpump Group
65,581 Iveco Group NV
41,078 Lottomatica Group SpA
125,675 Pirelli & C SpA
5,317 Reply SpA
5,543 Tinexta SpA
Netherlands: 10.40% (30 April 2023: 13.65%)
13,361 Aalberts Industries
18,158 Arcadis
1,608 ASM International
18,458 ASR Nederland
7,347 Corbion
6,822 Euronext
11,083 Flow Traders Ltd
3,050 IMCD
23,253 Koninklijke Vopak
7,789 TKH Group
7,492 Van Lanschot Kempen

121

Barings International Umbrella Fund
Barings Europe Select Fund
Schedule of Investments (continued)
As at 31 October 2023
Financial assets at fair value through profit or loss (continued)
Fair value€% of
Net Assets

514,172
53,867527,765
482,565
1,578,369

1.14
0.12
1.17
1.07
3.50

229,3820.51

255,926
861,321524,508
237,667
494,615
2,374,037

0.57
1.91
1.16
0.53
1.09
5.26

746,390
480,990
144,012635,332
344,267
457,669
61,017317,308378,213
783,498
507,713167,223
70,5695,094,201

1.65
1.06
0.32
1.41
0.76
1.01
0.14
0.70
0.84
1.73
1.12
0.37
0.16
11.27

766,789
481,898
608,363482,306
463,281
648,822
335,448
3,786,907

1.70
1.07
1.35
1.07
1.03
1.43
0.74
8.39

Total Equities (Cost: €44,591,935)

43,182,686

95.57

Total financial assets at fair value through profit or loss

43,182,686

95.57

Nominal Security
Equities: 95.57% (30 April 2023: 95.35%) (continued)
Norway: 3.50% (30 April 2023: 3.43%)
40,457 Borregaard
21,740 Kitron ASA
67,321 Storebrand
37,424 TGS NOPEC GeophysicalPortugal: 0.51% (30 April 2023: 0.41%)
66,449 NOS
Spain: 5.26% (30 April 2023: 3.77%)
25,825 Applus Services
721,979 Banco de Sabadell SA
21,800 CIE Automotive
88,221 Sacyr SA
8,993 Viscofan
Sweden: 11.27% (30 April 2023: 7.15%)
41,511 AAK
82,909 Alleima AB
46,670 Arjo AB
30,442 Axfood AB
20,301 Getinge
55,046 Hexpol
1,957 HMS Networks
12,905 Loomis
33,010 Munters
59,670 Nordnet
67,743 Securitas
18,583 SkiStar
3,292 Thule Group
Switzerland: 8.39% (30 April 2023: 9.52%)
33,316 Accelleron Industries AG
283,699 Aryzta AG
10,469 DKSH
653 Siegfried Holding
22,542 SIG Combibloc Group
2,395 Tecan Group
5,020 Temenos

122Barings International Umbrella Fund
Barings Europe Select Fund
Schedule of Investments (continued)
As at 31 October 2023
Fair value€% of
Net Assets

Total investments at fair value through profit or loss
Cash and cash equivalents
Other net liabilities

43,182,686
2,107,158(104,328)

95.57
4.66
(0.23)Net assets attributable to holders of redeemable participating units

45,185,516

100.00Analysis 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.

123% of total assets*
94.74
5.26
100.00Barings International Umbrella Fund
Barings German Growth Fund
Schedule of Investments
As at 31 October 2023
Financial assets at fair value through profit or loss
Fair value€% of
Net Assets

186,32086,80039,500423,450
80,835
816,905

0.92
0.43
0.19
2.10
0.40
4.04

France: 6.24% (30 April 2023: 5.63%)
10,000 Airbus

1,256,400

6.24

Germany: 81.94% (30 April 2023: 86.76%)
3,000 2G Energy
8,000 7C Solarparken
1,000 ABO Wind
500 Adesso
9,000 Allgeier
7,500 Allianz
5,000 AlzChem Group
292 Amadeus Fire AG
2,000 Aurubis
14,500 Bayer
5,000 Bilfinger
7,244 BRAIN Biotechnology Research & Information Network
69,000 Commerzbank
4,000 CompuGroup Medical
13,000 Daimler
8,500 Daimler Truck
2,600 Datagroup2,000 Deutsche Boerse
10,000 Deutsche Post
52,000 Deutsche Telekom
4,000 Duerr
40,000 E.ON
3,000 Eckert & Ziegler Strahlen- und Medizintechnik
1,270 Elmos Semiconductor
5,200 Enapter
4,000 Freenet
1,500 Gerresheimer
10,000 GFT Technologies
4,000 Hannover Rueck
2,000 HeidelbergCement
40,000 Heidelberger Druckmaschinen
3,000 HelloFresh
1,500 Hugo Boss
3,200 Ibu-Tec Advanced Materials
23,000 Infineon Technologies
3,000 Jenoptik
4,000 JOST Werke
2,000 LANXESS
3,000 LPKF Laser & Electronics
15,000 M1 Kliniken

64,20025,76044,80044,350
194,400
1,665,000
107,500
32,003
154,600
590,803
172,900
26,078710,010
137,920
723,190
253,045
132,860
312,400
367,200
1,066,520
77,480449,400
111,120
78,23254,60095,760131,250
281,000
834,800
137,120
45,56062,85082,59053,440631,925
66,720172,800
42,60021,510128,100

0.32
0.13
0.22
0.22
0.97
8.26
0.53
0.16
0.77
2.93
0.86
0.13
3.53
0.68
3.59
1.26
0.66
1.55
1.82
5.29
0.38
2.23
0.55
0.39
0.27
0.47
0.65
1.39
4.14
0.68
0.23
0.31
0.41
0.26
3.14
0.33
0.86
0.21
0.11
0.64

Nominal Security
Equities: 96.81% (30 April 2023: 99.87%)
Austria: 4.04% (30 April 2023: 3.59%)
1,700 Do & Co
3,100 Frequentis
10,000 Polytec Holding
22,500 S&T
1,700 Schoeller-Bleckmann Oilfield Equipment AG

124

Barings International Umbrella Fund
Barings German Growth Fund
Schedule of Investments (continued)
As at 31 October 2023
Financial assets at fair value through profit or loss (continued)
Fair value€% of
Net Assets

41,72014,56040,740910,560
86,40067,980146,520457,130
323,370
248,600
1,511,760
87,7201,123,020
73,19025,40071,850144,180
108,955
89,32582,000118,440
206,030
113,868
30,30016,508,014

0.21
0.07
0.20
4.52
0.43
0.34
0.73
2.27
1.60
1.24
7.50
0.44
5.57
0.36
0.13
0.36
0.72
0.54
0.44
0.41
0.59
1.02
0.57
0.15
81.94

27,4600.14

81,86571,937
153,802

0.41
0.36
0.77

568,820
173,400
742,220

2.82
0.86
3.68

Total Equities (Cost: €17,661,029)

19,504,801

96.81

Total financial assets at fair value through profit or loss

19,504,801

96.81

Total investments at fair value through profit or loss
Cash and cash equivalents
Other net liabilities

19,504,801
696,095(52,779)

96.81
3.45
(0.26)Net assets attributable to holders of redeemable participating units

20,148,117

100.00Nominal Security
Equities: 96.81% (30 April 2023: 99.87%) (continued)
Germany: 81.94% (30 April 2023: 86.76%) (continued)
2,800 Medios
7,000 Mobotix
2,800 MPH Health Care
2,400 Muenchener Rueckversicherungs
6,000 Nabaltec
3,300 PharmaSGP Holding
6,600 PSI Software
1,700 Rheinmetall
9,000 RWE
20,000 SAF-Holland
12,000 SAP
1,500 Scout24
9,000 Siemens
1,300 SMA Solar Technology
1,000 Stemmer Imaging AG
5,000 Suedzucker AG
9,000 SUESS MicroTec
11,000 Synlab
1,500 Talanx
5,000 Technotrans4,700 Traffic Systems
11,000 Traton
3,600 Verbio
1,000 Zeal Network
Spain: 0.14% (30 April 2023: 0.36%)
1,000 Befesa
Switzerland: 0.77% (30 April 2023: 0.60%)
350 ALSO
5,000 Mobile Zone
United States: 3.68% (30 April 2023: 2.93%)
1,600 Linde PLC
5,000 QIAGEN NV

125

Barings International Umbrella Fund
Barings German Growth Fund
Schedule of Investments (continued)
As at 31 October 2023
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*
96.55
3.45
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.

126

Barings International Umbrella Fund
Barings Global Dividend Champions Fund
Schedule of Investments
As at 31 October 2023
Financial assets at fair value through profit or loss
Fair value
US$

% of
Net Assets

146,8480.61

306,014
797,835
1,103,849

1.28
3.34
4.62

246,305

1.03

715,487
1,234,389
454,041
836,8423,240,759

2.99
5.16
1.90
3.50
13.55

209,180
644,598
853,778

0.87
2.69
3.56

825,422423,418
1,248,840

3.45
1.77
5.22

Mexico: 2.95% (30 April 2023: 2.65%)
195,400 Wal-Mart De Mexico705,117

2.95

Netherlands: 3.95% (30 April 2023: 4.21%)
31,400 Koninklijke Ahold Delhaize

944,660

3.95

Spain: 1.08% (30 April 2023: 1.16%)
16,343 Red Electrica Corporacion, S.A.

257,071

1.08

Sweden: 1.85% (30 April 2023: 1.66%)
26,036 Sandvik AB

443,2171.85

538,969
658,062
1,197,031

2.25
2.75
5.00

390,642711,069
283,657

1.63
2.97
1.18

Nominal Security
Equities: 95.90% (30 April 2023: 96.07%)
Australia: 0.61% (30 April 2023: 0.73%)
8,026 Sonic Healthcare
Denmark: 4.62% (30 April 2023: 4.29%)
2,917 Coloplast A/S
8,170 Novo Nordisk
Finland: 1.03% (30 April 2023: 1.26%)
5,655 KONE Oyj
France: 13.55% (30 April 2023: 14.23%)
11,925 Danone
7,157 L'Air Liquide S.A.
1,069 L'Oreal
7,523 Vinci
Italy: 3.56% (30 April 2023: 4.36%)
17,463 MARR
139,080 SnamJapan: 5.22% (30 April 2023: 3.27%)
20,000 Nintendo
24,300 USS

Switzerland: 5.00% (30 April 2023: 4.98%)
7,784 Cembra Money Bank
6 Chocoladefabriken Lindt & Spruengli AG
United Kingdom: 18.44% (30 April 2023: 18.86%)
13,131 Admiral Group
28,929 Associated British Foods
29,337 Close Brothers

127

Barings International Umbrella Fund
Barings Global Dividend Champions Fund
Schedule of Investments (continued)
As at 31 October 2023
Financial assets at fair value through profit or loss (continued)
Fair value
US$

% of
Net Assets

755,789
490,057
357,217
365,734
1,059,613
4,413,778

3.16
2.05
1.49
1.53
4.43
18.44

534,763
1,190,694
546,372
741,861
347,561
1,021,375
767,209577,717333,228
361,310
614,889
886,170
226,237
8,149,386

2.23
4.98
2.28
3.10
1.45
4.27
3.20
2.41
1.39
1.51
2.57
3.70
0.95
34.04

Total Equities (Cost: US$20,195,879)

22,950,639

95.90

Total financial assets at fair value through profit or loss

22,950,639

95.90

Fair value
US$

% of
Net Assets

Total investments at fair value through profit or loss
Cash and cash equivalents
Other net assets

22,950,639
957,602
24,032

95.90
4.00
0.10

Net assets attributable to holders of redeemable participating units

23,932,273

100.00Nominal Security
Equities: 95.90% (30 April 2023: 96.07%) (continued)
United Kingdom: 18.44% (30 April 2023: 18.86%) (continued)
29,514 Compass
8,815 DCC
15,875 Halma
5,433 Reckitt Benckiser
22,277 Unilever
United States: 34.04% (30 April 2023: 34.41%)
60,357 Amcor
3,856 AON
2,176 Becton Dickinson
1,992 Mastercard
1,336 McDonald's
3,028 Microsoft
7,050 Nestle
3,560 PepsiCo
3,652 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* Calculation based on the total assets of the Fund (excluding liabilities). This summary is a UCITS requirement.

128% of total assets*
95.87
4.13
100.00Barings International Umbrella Fund
Barings China A-Share Fund
Schedule of Investments
As at 31 October 2023
Financial assets at fair value through profit or loss
Nominal Security

Fair value
US$

% of
Net Assets

26,822
68,11675,222
69,031
118,483
23,25850,26354,024
101,300
58,48773,95361,65525,840149,337
101,631
78,162
42,682
63,74151,47332,87336,562
157,128
45,501
131,816
90,79451,75933,47476,93345,56853,59054,29949,36577,49439,07855,112
461,538
53,17772,09147,03976,844
71,902
67,105
192,057
51,001
23,97650,936
51,98742,45628,434
155,623
122,446
46,158

0.56
1.42
1.57
1.44
2.46
0.49
1.04
1.12
2.11
1.22
1.54
1.28
0.54
3.11
2.11
1.62
0.89
1.32
1.07
0.68
0.76
3.27
0.95
2.74
1.89
1.07
0.69
1.60
0.95
1.12
1.13
1.03
1.61
0.81
1.15
9.60
1.10
1.50
0.98
1.60
1.49
1.40
3.99
1.06
0.50
1.06
1.08
0.88
0.59
3.24
2.55
0.96

Equities: 97.46% (30 April 2023: 98.17%)
China: 97.46% (30 April 2023: 98.17%)
1,144 Advanced Micro-Fabrication Equipment Inc China*
80,200 Aluminum Corporation of China*
22,700 Anhui Conch Cement*
3,900 Anjoy Foods Group Co Ltd*34,610 Bank of Ningbo*
1,600 BeiGene Ltd*1,278 Beijing Kingsoft Office Software*
15,800 Beijing Oriental Yuhong Waterproof Technology*
3,100 BYD Company*
28,200 Centre Testing International*
86,100 China Construction Bank*
38,900 China Jushi -A*
19,000 China Life Insurance*
35,440 China Merchants Bank*
67,200 China Merchants Shekou Industrial Zone*
104,500 China Petroleum & Chemical*
51,500 China Railway*
12,000 China Resources Beer*
60,800 China Southern Airlines*
2,900 China Tourism Duty Free*
3,400 Chongqing Brewery*
6,180 Contemporary Amperex Technology*
62,200 CRRC*
63,015 East Money Information*
38,400 ENN Ecological*
54,600 Focus Media Information Technology*
16,600 Foxconn Industrial Internet*
20,500 H World Group Ltd*
14,400 Hangzhou Robam Appliances*
16,300 Hubei Dinglong*
8,700 Iflytek*
11,700 JCET Group*
11,800 Jiangsu Hengrui Medicine*
3,100 Jiangsu Pacific Quartz*
2,659 Kingsemi*
2,000 Kweichow Moutai*
3,100 Li Auto*
16,059 Luxshare Precision Industry*
1,600 Luzhou Laojiao*
10,600 Midea*
23,276 NARI Technology*
68,800 PetroChina*
30,840 Ping An Insurance Group Co of China*
5,100 SC New Energy Technology*
1,470 Shanghai United Imaging Healthcare Co Ltd
1,300 Shenzhen Mindray Bio-Medical Electronics*
5,200 Shenzhen Zhaowei Machinery & Electronic Co Ltd*
5,200 Skshu Paint*
4,300 Sonoscape Medical*
13,500 Sungrow Power Supply Co Ltd*3,300 Tencent*12,900 Venustech*

129

Barings International Umbrella Fund
Barings China A-Share Fund
Schedule of Investments (continued)
As at 31 October 2023
Financial assets at fair value through profit or loss (continued)
Fair value
US$

% of
Net Assets

48,65954,400126,094
49,88450,50558,21355,197
44,20535,394
60,10446,489117,245
4,685,985

1.01
1.13
2.62
1.04
1.05
1.21
1.15
0.92
0.73
1.25
0.97
2.44
97.46

Total Equities (Cost: US$5,288,710)

4,685,985

97.46

Total financial assets at fair value through profit or loss

4,685,985

97.46

Fair value
US$

% of
Net Assets

Total investments at fair value through profit or loss
Cash and cash equivalents
Other net liabilities

4,685,985
125,249(2,963)97.46
2.60(0.06)Net assets attributable to holders of redeemable participating units

4,808,271

100.00Nominal Security
Equities: 97.46% (30 April 2023: 98.17%) (continued)
China: 97.46% (30 April 2023: 98.17%) (continued)
4,000 Wanhua Chemical Group*
3,600 Will Semiconductor*
10,640 WuXi AppTec*
8,000 Wuxi Biologics Cayman*
3,435 Xi'an Bright Laser Technologies*
31,200 Yintai Gold*7,400 Zhejiang Dingli Machinery*
12,200 Zhejiang Shuanghuan Driveline*
5,926 Zhejiang Supcon Technology*
5,000 Zhongji Innolight*
8,760 Zhuzhou CRRC Times Electric*
68,800 Zijin Mining*

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.

130% of total assets**
96.93
3.07
100.00Barings International Umbrella Fund
Barings Global Equity Allocation Fund
Schedule of Investments
As at 31 October 2023
Financial assets at fair value through profit or loss
Fair value
US$

% of
Net Assets

47,606
13,06422,89383,563

0.15
0.04
0.07
0.26

48,0200.15

43,82633,884
51,663
48,116
18,968–32,20738,64736,038303,349

0.13
0.10
0.16
0.15
0.06
              –
0.10
0.12
0.11
0.93

Burkina Faso: 0.11% (30 April 2023: 0.00%)
1,800 Endeavour Mining

36,847

0.11

Canada: 2.45% (30 April 2023: 2.90%)
4,466 Algonquin Power & Utilities
669 Bank of Montreal
1,325 CAE
965 Cameco
356 Canadian National Railway
275 Canadian Pacific Kansas City
205 CGI
519 Enbridge
736 IGM Financial
266 Intact Financial Corp
2,264 Ivanhoe Mines
881 Nutrien
1,451 Parkland
680 Restaurant Brands International
1,047 Rogers Communications
965 Royal Bank of Canada
622 Shopify
1,504 Suncor Energy
489 TC Energy
898 TMX Group Ltd
1,435 Toronto-Dominion Bank

22,961
50,566
27,59336,53637,722
19,527
19,648
16,528
16,58337,21817,25549,352
43,42745,14838,89976,84029,172
48,797
16,73919,35780,095

0.07
0.16
0.09
0.11
0.12
0.06
0.06
0.05
0.05
0.11
0.05
0.15
0.13
0.14
0.12
0.24
0.09
0.15
0.05
0.06
0.25

Nominal Security
Equities: 99.75% (30 April 2023: 99.38%)
Australia: 0.26% (30 April 2023: 1.83%)
1,681 BHP Group714 Sonic Healthcare
1,050 Woodside Energy
Austria: 0.15% (30 April 2023: 0.00%)
2,966 Mondi
Belgium: 0.00% (30 April 2023: 0.35%)
Bermuda: 0.00% (30 April 2023: 0.09%)
Brazil: 0.93% (30 April 2023: 1.29%)
7,206 BB Seguridade Participacoes
7,779 Gerdau Pref
9,583 Itau Unibanco
6,332 Petroleo Brasileiro
2,716 Petroleo Brasileiro Preference Shares
1 Raia Drogasil
10,814 TIM SA/Brazil
7,731 TOTVS
8,878 Ultrapar

131

Barings International Umbrella Fund
Barings Global Equity Allocation Fund
Schedule of Investments (continued)
As at 31 October 2023
Financial assets at fair value through profit or loss (continued)
Nominal Security

Fair value
US$

% of
Net Assets

45,227795,1900.14
2.45

25,121
93,906
15,696
24,816
15,562
39,25926,43235,83043,023
16,996
26,10531,17541,95920,42820,657
11,574
21,18738,404
14,073
16,65816,89137,40042,78418,60633,34939,011
100,849
39,676
907,427

0.08
0.29
0.05
0.08
0.05
0.12
0.08
0.11
0.13
0.05
0.08
0.10
0.13
0.06
0.06
0.04
0.07
0.12
0.04
0.05
0.05
0.11
0.13
0.06
0.10
0.12
0.31
0.12
2.79

26,856
284,760
52,899364,515

0.08
0.88
0.16
1.12

20,73015,241
34,701
70,672

0.06
0.05
0.11
0.22

54,62934,74922,22920,634
20,844

0.17
0.11
0.07
0.06
0.06

Equities: 99.75% (30 April 2023: 99.38%) (continued)
Canada: 2.45% (30 April 2023: 2.90%) (continued)
862 Tourmaline Oil
China: 2.79% (30 April 2023: 5.35%)
68,000 Agricultural Bank of China
9,177 Alibaba
16,800 BAIC BluePark New Energy Technology
70,853 Bank of China
2,222 Beijing Tongrentang
99,391 Bosideng International
871 BYD Company
63,130 China Construction Bank
69,252 China Feihe
18,913 China Gas
6,853 China Merchants Bank
43,013 Chinasoft International
29,732 Chow Tai Fook Jewellery Group Ltd
10,500 CITIC Securities
4,533 Fuyao Glass Industry
319 G-bits Network Technology Xiamen
15,178 Great Wall Motor
56,261 Guangdong Investment
5,734 Hua Hong Semiconductor
35,605 Huaneng Power International
1,324 JD.com
19,600 Kuang-Chi Technologies
29,411 Longfor Properties
1,316 Meituan Dianping
6,506 Ping An Insurance Group of China
1,000 Shenzhen Mindray Bio-Medical Electronics
2,728 Tencent
47,171 Topsports International
Denmark: 1.12% (30 April 2023: 1.03%)
256 Coloplast A/S
2,916 Novo Nordisk
467 Pandora
Finland: 0.22% (30 April 2023: 0.31%)
489 Elisa
450 Neste
1,023 UPM-Kymmene
France: 2.22% (30 April 2023: 3.85%)
408 Airbus
663 Amundi SA
1,249 Carrefour
105 Dassault Aviation
389 Edenred

132

Barings International Umbrella Fund
Barings Global Equity Allocation Fund
Schedule of Investments (continued)
As at 31 October 2023
Financial assets at fair value through profit or loss (continued)
Nominal Security

Fair value
US$

% of
Net Assets

15,995
16,75277,355
19,51854,15669,656
72,61750,387
23,524
19,482
33,11459,01739,187
16,352
720,197

0.05
0.05
0.24
0.06
0.17
0.22
0.22
0.16
0.07
0.06
0.10
0.18
0.12
0.05
2.22

17,74443,43528,67658,98930,11625,21544,49427,25322,90244,880120,026
40,69138,014
17,219559,654

0.05
0.13
0.09
0.18
0.09
0.08
0.14
0.08
0.07
0.14
0.37
0.13
0.12
0.05
1.72

17,02942,14944,662
103,840

0.05
0.13
0.14
0.32

417,607

1.28

25,22039,55064,770

0.08
0.12
0.20

31,9270.10

Equities: 99.75% (30 April 2023: 99.38%) (continued)
France: 2.22% (30 April 2023: 3.85%) (continued)
997 Engie
92 EssilorLuxottica
41 Hermes International
48 Kering
314 L'Air Liquide S.A.
164 L'Oreal
100 LVMH Moet Hennessy Louis Vuitton
4,258 Orange
307 Publicis Groupe
107 Sartorius Stedim Biotech
225 Thales SA
875 Total
1,428 Veolia Environnement
147 Vinci
Germany: 1.72% (30 April 2023: 2.33%)
75 Allianz
984 Bechtle AG
2,615 Commerzbank
995 Daimler
2,696 Deutsche Bank AG
2,106 E.ON
1,709 Fresenius
373 HeidelbergCement
122 MTU Aero Engines
111 Muenchener Rueckversicherungs
894 SAP306 Siemens
599 Talanx
10,095 Telefonica Deutschland
Hong Kong: 0.32% (30 April 2023: 0.86%)
24,444 Hong Kong & China Gas
1,199 Hong Kong Exchanges & Clearing
47,666 Kingboard Laminates
India: 1.28% (30 April 2023: 2.48%)
16,374 Lyxor International Asset Management
Indonesia: 0.20% (30 April 2023: 0.24%)
156,493 Adaro Energy
71,800 Bank Central Asia
Ireland: 0.10% (30 April 2023: 0.24%)
973 Smurfit Kappa Group

133

Barings International Umbrella Fund
Barings Global Equity Allocation Fund
Schedule of Investments (continued)
As at 31 October 2023
Financial assets at fair value through profit or loss (continued)
Nominal Security

Fair value
US$

% of
Net Assets

30,5610.09

26,55633,51827,07645,78749,992
182,929

0.08
0.10
0.08
0.14
0.16
0.56

39,991
24,99351,68037,59644,76025,68245,94535,832
16,04917,31543,812
38,641
23,827
34,61729,98319,02046,26763,06926,66327,00914,05943,73814,884
77,15516,08233,44337,24031,502
32,071
39,943
17,51225,452
42,536
46,831
31,62015,15332,50228,472
32,34533,185

0.12
0.08
0.16
0.12
0.14
0.08
0.14
0.11
0.05
0.05
0.14
0.12
0.07
0.11
0.09
0.06
0.14
0.19
0.08
0.08
0.04
0.13
0.05
0.24
0.05
0.10
0.12
0.10
0.10
0.12
0.05
0.08
0.13
0.14
0.10
0.05
0.10
0.09
0.10
0.10

Equities: 99.75% (30 April 2023: 99.38%) (continued)
Israel: 0.09% (30 April 2023: 0.07%)
200 Nice
Italy: 0.56% (30 April 2023: 0.88%)
2,214 FinecoBank
642 Moncler
581 Recordati
9,879 Snam
1,964 UniCredit
Japan: 5.02% (30 April 2023: 3.92%)
1,100 Ajinomoto
1,500 Asahi Intecc
4,100 Astellas Pharma
1,000 Bridgestone
1,900 Canon
800 Capcom
3,800 Chubu Electric Power Co
1,400 Daiichi Sankyo
2,800 Daiwa Securities Group600 Dentsu
200 Fast Retailing
300 Fujitsu
600 GMO Payment Gateway
4,300 Hakuhodo DY Holdings
3,000 Honda Motor
200 Hoya
4,200 Isuzu Motors
2,700 Japan Tobacco
1,000 JSR Corp
7,300 JXTG
1,100 Kansai Electric Power
1,200 Kao
500 KDDI
200 Keyence
700 Komatsu
200 Lasertec
3,400 Lixil
1,800 MatsukiyoCocokara & Co
5,700 Mitsubishi Chemical
1,600 Mitsui Chemicals
700 Nippon Sanso
21,700 Nippon Telegraph & Telephone
11,300 Nissan Motor
2,600 ORIX
1,100 Recruit
1,100 Seiko Epson
800 SoftBank
600 Sysmex
1,200 Takeda Pharmaceutical
900 TDK

134

Barings International Umbrella Fund
Barings Global Equity Allocation Fund
Schedule of Investments (continued)
As at 31 October 2023
Financial assets at fair value through profit or loss (continued)
Nominal Security

Fair value
US$

% of
Net Assets

42,13865,52951,559116,841
17,425
1,631,968

0.13
0.20
0.16
0.36
0.05
5.02

39,7370.12

29,26914,76839,23958,378
141,654

0.09
0.05
0.12
0.18
0.44

25,96649,373
174,598
29,33656,43951,14652,756
41,978481,592

0.08
0.15
0.54
0.09
0.17
0.16
0.16
0.13
1.48

16,2600.05

41,61433,89775,511

0.13
0.10
0.23

19,683
15,92335,606

0.06
0.05
0.11

21,31538,47359,788

0.06
0.12
0.18

30,14533,9200.09
0.11

Equities: 99.75% (30 April 2023: 99.38%) (continued)
Japan: 5.02% (30 April 2023: 3.92%) (continued)
1,900 Tokio Marine
500 Tokyo Electron
2,300 TOKYO GAS
6,800 Toyota Motor
1,000 USS
Jordan: 0.12% (30 April 2023: 0.00%)
1,700 Hikma Pharmaceuticals
Luxembourg: 0.00% (30 April 2023: 0.21%)
Mexico: 0.44% (30 April 2023: 0.48%)
3,164 Arca Continental
24,680 Cemex SAB de CV
3,493 Fomento Economico Mexicano
13,884 Grupo Mexico
Netherlands: 1.48% (30 April 2023: 1.70%)
1,905 ABN AMRO Bank
103 Argenx SE
289 ASML
2,289 ING Groep
1,876 Koninklijke Ahold Delhaize
15,078 Koninklijke KPN
310 NXP Semiconductors
812 Randstad
New Zealand: 0.05% (30 April 2023: 0.00%)
5,756 Meridian Energy
Norway: 0.23% (30 April 2023: 0.25%)
1,457 Aker BP
1,873 DNB Bank ASA
Portugal: 0.11% (30 April 2023: 0.05%)
4,676 EDP - Energias de Portugal SA
686 Jeronimo Martins
Singapore: 0.18% (30 April 2023: 0.24%)
11,200 Ascendas REIT
1,600 DBS
South Africa: 0.25% (30 April 2023: 0.63%)
3,717 African Rainbow Minerals
2,500 Gold Fields

135

Barings International Umbrella Fund
Barings Global Equity Allocation Fund
Schedule of Investments (continued)
As at 31 October 2023
Financial assets at fair value through profit or loss (continued)
Nominal Security

Fair value
US$

% of
Net Assets

15,84879,9130.05
0.25

17,951
16,74636,254
12,11522,375
19,69529,36085,151
16,23235,201
37,103
20,667
348,850

0.06
0.05
0.11
0.04
0.07
0.06
0.09
0.26
0.05
0.11
0.11
0.06
1.07

50,05520,037
59,10744,37442,38940,269256,231

0.16
0.06
0.18
0.14
0.13
0.12
0.79

33,68835,65733,87130,286
133,502

0.10
0.11
0.11
0.09
0.41

38,19523,94542,36258,72428,231
131,674
50,911
7,457
41,922
25,46956,408505,298

0.12
0.07
0.13
0.18
0.09
0.40
0.16
0.02
0.13
0.08
0.17
1.55

46,01847,731
41,280

0.14
0.15
0.13

Equities: 99.75% (30 April 2023: 99.38%) (continued)
South Africa: 0.25% (30 April 2023: 0.63%) (continued)
1,239 Sasol
South Korea: 1.07% (30 April 2023: 2.12%)
383 Celltrion Pharm
574 GS Holdings Corp
853 HD Hyundai
901 KakaoBank
2,479 LG Display
69 LG Energy Solution
319 Samsung Electro-Mechanics
1,719 Samsung Electronics
409 Samsung Electronics Pref
344 Samsung SDS
1,442 Shinhan Financial Group240 SK Hynix
Spain: 0.79% (30 April 2023: 0.90%)
6,276 Banco Bilbao Vizcaya Argentaria
1,783 Iberdrola
1,693 Industria de Diseno Textil
2,821 Red Electrica Corporacion, S.A.
2,822 Repsol SA
10,313 Telefonica
Sweden: 0.41% (30 April 2023: 0.88%)
2,581 Atlas Copco AB
1,559 Essity
2,051 Swedbank AB
4,236 Tele2
Switzerland: 1.55% (30 April 2023: 3.38%)
265 Baloise
202 Cie Financiere Richemont
91 Geberit
747 Logitech International
81 Lonza Group
1,396 Novartis
48 Partners Group279 Sandoz Group AG
179 Sonova
72 VAT
118 Zurich Insurance Group
Taiwan: 1.30% (30 April 2023: 2.29%)
34,000 Cathay Financial
63,579 CTBC Financial
4,609 Delta Electronics

136Barings International Umbrella Fund
Barings Global Equity Allocation Fund
Schedule of Investments (continued)
As at 31 October 2023
Financial assets at fair value through profit or loss (continued)
Nominal Security

Fair value
US$

% of
Net Assets

34,32036,218215,841
421,408

0.11
0.11
0.66
1.30

99,46540,75752,24745,58874,57927,79722,50244,33962,54243,04325,64315,80447,36920,141
41,095
114,753
38,22525,661
33,65952,661
19,216
231,434
16,214
43,97869,81434,80557,31754,48139,012
1,494,141

0.31
0.12
0.16
0.14
0.23
0.09
0.07
0.14
0.19
0.13
0.08
0.05
0.15
0.06
0.13
0.35
0.12
0.08
0.10
0.16
0.06
0.71
0.05
0.13
0.21
0.11
0.18
0.17
0.12
4.60

136,896
124,863–
133,471
161,771
45,012
48,39348,05628,922
26,891
53,231
29,886404,993
366,058

0.42
0.38              –
0.41
0.50
0.14
0.15
0.15
0.09
0.08
0.16
0.09
1.25
1.13

Equities: 99.75% (30 April 2023: 99.38%) (continued)
Taiwan: 1.30% (30 April 2023: 2.29%) (continued)
6,626 E Ink
583 eMemory Technology
13,234 Taiwan Semiconductor Manufacturing
United Kingdom: 4.60% (30 April 2023: 2.76%)
793 AstraZeneca
8,361 Aviva PLC
3,904 BAE Systems
7,381 BP2,481 British American Tobacco
500 DCC
1,000 Halma
6,100 HSBC
2,900 Imperial Brands
13,700 J Sainsbury
16,286 JD Sports Fashion
900 Johnson Matthey
18,300 Legal & General
200 London Stock Exchange
7,200 Melrose Industries
9,600 National Grid
17,600 NatWest Group
4,600 Ocado Group500 Reckitt Benckiser
1,503 RELX
300 Rio Tinto
7,110 Royal Dutch Shell
500 Severn Trent
3,900 Smith & Nephew
3,500 SSE PLC
4,684 Standard Chartered
42,100 Taylor Wimpey
16,500 Tesco
41,888 Vodafone Group
United States: 67.58% (30 April 2023: 55.47%)
1,472 Abbott Laboratories
880 AbbVie
263 Abiomed*
456 Accenture
307 Adobe Systems
468 Advanced Micro Devices
3,237 AES
475 Agilent Technologies
227 Albemarle
144 Align Technology
1,098 Alliant Energy
1,251 Ally Financial
3,254 Alphabet
2,911 Alphabet

137

Barings International Umbrella Fund
Barings Global Equity Allocation Fund
Schedule of Investments (continued)
As at 31 October 2023
Financial assets at fair value through profit or loss (continued)
Nominal Security

Fair value
US$

% of
Net Assets

82,955
611,660
48,75753,87050,661
52,74556,889107,908
68,94360,17026,9001,778,338
105,872
26,007
38,25725,625
114,206
85,44556,39743,78438,49651,042
106,562
195,023
27,99135,74091,67564,66655,76530,38764,214
17,220309,580
48,33385,77554,39260,90637,27865,61822,627
23,691
67,04143,882
238,857
84,625
38,152
61,343
167,860
19,347
163,677
17,362
128,429

0.26
1.88
0.15
0.17
0.16
0.16
0.18
0.33
0.21
0.19
0.08
5.47
0.33
0.08
0.12
0.08
0.35
0.26
0.17
0.13
0.12
0.16
0.33
0.60
0.09
0.11
0.28
0.20
0.17
0.09
0.20
0.05
0.95
0.15
0.26
0.17
0.19
0.11
0.20
0.07
0.07
0.21
0.13
0.73
0.26
0.12
0.19
0.52
0.06
0.50
0.05
0.40

Equities: 99.75% (30 April 2023: 99.38%) (continued)
United States: 67.58% (30 April 2023: 55.47%) (continued)
2,061 Altria Group
4,609 Amazon.com
5,503 Amcor
376 American Express
469 American Financial Group167 Ameriprise Financial
406 AMETEK
410 Amgen
862 Amphenol
386 Analog Devices
1,785 Annaly Capital Management
10,443 Apple
808 Applied Materials
148 Arista Networks
340 Arrow Electronics
175 Assurant
7,484 AT&T
432 Autodesk
261 Automatic Data Processing
2,553 Avantor
223 Avery Dennison
1,460 Baker Hughes
4,148 Bank of America
578 Berkshire Hathaway
118 Biogen
631 Bio-Techne
151 BlackRock
700 Blackstone
20 Booking
570 Boston Properties
1,283 Boston Scientific
336 Bristol-Myers Squibb
368 Broadcom
454 Bunge
367 Cadence Design Systems
541 Capital One Financial
669 Cardinal Health
228 Cboe Global Markets
333 CDW
198 Celanese
144 Charles River Laboratories International
1,321 Charles Schwab
263 Cheniere Energy
1,635 Chevron
396 Chubb
125 Cigna
122 Cintas
3,255 Cisco Systems
166 Clorox
2,915 Coca-Cola
235 Colgate-Palmolive
3,175 Comcast

138

Barings International Umbrella Fund
Barings Global Equity Allocation Fund
Schedule of Investments (continued)
As at 31 October 2023
Financial assets at fair value through profit or loss (continued)
Nominal Security

Fair value
US$

% of
Net Assets

95,812
84,94323,05852,307
79,348–47,02250,71542,444
111,060
49,312
27,514
48,917
11,29339,75914,631
79,72045,04860,675
16,17451,89835,71567,44347,90464,95753,567
95,428317,363
26,666
51,46017,65746,863
46,18456,647
38,212
292,652
43,812
48,444
19,364
63,224
63,247
117,133
58,42021,06640,31150,92285,28830,05847,13528,14444,716
97,184

0.29
0.26
0.07
0.16
0.24
              –
0.14
0.16
0.13
0.34
0.15
0.08
0.15
0.03
0.12
0.05
0.25
0.14
0.19
0.05
0.16
0.11
0.21
0.15
0.20
0.16
0.29
0.98
0.08
0.16
0.05
0.14
0.14
0.17
0.12
0.90
0.13
0.15
0.06
0.19
0.19
0.36
0.18
0.06
0.12
0.16
0.26
0.09
0.15
0.09
0.14
0.30

Equities: 99.75% (30 April 2023: 99.38%) (continued)
United States: 67.58% (30 April 2023: 55.47%) (continued)
811 ConocoPhillips
971 Consolidated Edison
204 Constellation Energy
1,962 Corning
143 Costco Wholesale
1 CRH
318 CSL
1,725 CSX
195 Cummins
600 Danaher
344 Darden Restaurants
359 DaVita
133 Deere & Co
133 Dexcom
490 Discover Financial Services
122 Dollar General
1,993 Dominion Energy
133 Domino's Pizza
630 DTE Energy
184 Duke Energy
712 DuPont de Nemours
475 Eastman Chemical
341 Eaton
301 Ecolab
1,036 Edison International
859 Edwards Lifesciences
213 Elevance Health561 Eli Lilly and Company
339 Enphase Energy
543 Entergy Corp
83 EPAM Systems
1,138 EQT
1,389 Essential Utilities
1,061 Eversource Energy
647 Exact Sciences
2,764 Exxon Mobil
185 FedEx
315 Ferguson
400 Fidelity National Information Services
1,786 FirstEnergy Corp
1,123 Fortinet
6,600 GSK
1,482 Halliburton
290 Hartford Financial Services
895 Hasbro
228 HCA Healthcare
303 Home Depot
1,149 HP
91 Humana
71 IDEXX Laboratories Inc
200 Illinois Tool Works
2,723 Intel

139

Barings International Umbrella Fund
Barings Global Equity Allocation Fund
Schedule of Investments (continued)
As at 31 October 2023
Financial assets at fair value through profit or loss (continued)
Nominal Security

Fair value
US$

% of
Net Assets

138,92240,73892,62599,51950,66825,076196,285
27,665245,982
6,878
42,31065,71470,31045,48927,026
51,72061,85135,181503
39,402
59,88323,55652,99339,06539,34644,561
26,318
195,520
75,18377,457
145,498
376,81251,96825,173
1,562,757
47,082
67,272
113,939
57,798104,160
49,066
83,855
115,848
50,19025,51052,179644,170
65,49440,24162,592
152,272
50,213

0.43
0.13
0.28
0.31
0.16
0.08
0.60
0.09
0.76
0.02
0.13
0.20
0.22
0.14
0.08
0.16
0.19
0.11
              –
0.12
0.18
0.07
0.16
0.12
0.12
0.14
0.08
0.60
0.23
0.24
0.45
1.16
0.16
0.08
4.81
0.14
0.21
0.35
0.18
0.32
0.15
0.26
0.36
0.15
0.08
0.16
1.98
0.20
0.12
0.19
0.47
0.15

Equities: 99.75% (30 April 2023: 99.38%) (continued)
United States: 67.58% (30 April 2023: 55.47%) (continued)
974 International Business Machines
1,457 Interpublic Group of Companies
190 Intuit
385 Intuitive Surgical
286 IQVIA Holdings
1,008 James Hardie Industries
1,335 Johnson & Johnson
569 Johnson Controls International
1,790 JPMorgan Chase & Co
369 Kenvue Inc
354 Kimberly-Clark
4,074 Kinder Morgan
153 KLA
1,012 Kroger
155 L3 Harris Technologies
261 Laboratory Corp of America
106 Lam Research
393 Lamb Weston
16 Liberty Media Corp-Liberty Live
104 Linde PLC
319 Lowe's Companies
260 LyondellBasell Industries
280 Manhattan Associates
266 Marathon Petroleum
27 Markel Group110 Martin Marietta
562 Marvell Technology
525 Mastercard
289 McDonald's
1,107 Medtronic
1,417 Merck & Co
1,245 Meta Platforms
54 Mettler-Toledo International
381 Micron Technology
4,633 Microsoft
140 MongoDB
953 Morgan Stanley
1,047 Nestle
812 NetApp
254 Netflix
458 Neurocrine Biosciences
1,466 NextEra Energy
1,138 Nike
1,998 NiSource
136 Norfolk Southern
1,235 NRG Energy
1,565 NVIDIA
1,062 Occidental Petroleum
540 Omnicom
954 Oneok
1,498 Oracle
331 Packaging Corporation of America

140

Barings International Umbrella Fund
Barings Global Equity Allocation Fund
Schedule of Investments (continued)
As at 31 October 2023
Financial assets at fair value through profit or loss (continued)
Nominal Security

Fair value
US$

% of
Net Assets

43,11546,27941,39051,304
40,68782,92563,177
113,525
82,306
38,617
237,771
86,57098,55751,24665,60654,43730,82928,99934,225
107,819
66,41883,507
118,566
50,09479,07327,07950,494
12,974
16,48818,36760,45435,87438,362
15,47376,14834,393
99,10245,55041,76635,878272,159
128,41755,091
61,62537,916
95,93840,164
24,164
29,635395,373
44,24145,834

0.13
0.14
0.13
0.16
0.13
0.26
0.19
0.35
0.25
0.12
0.73
0.27
0.30
0.16
0.20
0.17
0.09
0.09
0.11
0.33
0.20
0.26
0.36
0.15
0.24
0.08
0.16
0.04
0.05
0.06
0.19
0.11
0.12
0.05
0.23
0.11
0.30
0.14
0.13
0.11
0.84
0.40
0.17
0.19
0.12
0.30
0.12
0.07
0.09
1.22
0.14
0.14

Equities: 99.75% (30 April 2023: 99.38%) (continued)
United States: 67.58% (30 April 2023: 55.47%) (continued)
2,935 Palantir Technologies
194 Palo Alto Networks
112 Parker-Hannifin
464 Paychex
797 PayPal
511 PepsiCo
2,068 Pfizer
1,270 Philip Morris International
732 Phillips 66
317 PPG Industries
1,593 Procter & Gamble
1,439 Public Service Enterprise Group914 Qualcomm
396 Quest Diagnostics
835 Raytheon Technologies
70 Regeneron Pharmaceuticals
2,168 Regions Financial
254 Repligen Corp
249 ResMed
416 Roche
137 Roper Technologies
242 S&P Global
595 Salesforce.com
549 Sanofi
1,402 Schlumberger
175 Schneider Electric
738 Seagate Technology
412 Sealed Air
29 ServiceNow
275 Southern649 Starbucks
343 Steel Dynamics
2,061 Stellantis
74 STERIS
290 Stryker
1,214 Synchrony Financial
215 Synopsys
506 T. Rowe Price Group359 TE Connectivity
200 Teleflex
1,379 Tesla
914 Texas Instruments
30 Texas Pacific Land813 Textron Inc
558 The Trade Desk
221 Thermo Fisher Scientific
49 TransDigm
146 Travelers Cos
144 Union Pacific746 UnitedHealth1,413 US Bancorp
218 Vail Resorts

141Barings International Umbrella Fund
Barings Global Equity Allocation Fund
Schedule of Investments (continued)
As at 31 October 2023
Financial assets at fair value through profit or loss (continued)
Fair value
US$

% of
Net Assets

41,74562,792
13,672
46,561
131,487
117,244
46,75547,206
194,156
41,08350,731
54,10050,69966,96440,712
98,851
59,17446,022
41,33921,326
76,12837,712
15,97389,99061,97364,527
21,966,982

0.13
0.19
0.04
0.14
0.40
0.36
0.14
0.15
0.60
0.13
0.16
0.17
0.16
0.21
0.13
0.30
0.18
0.14
0.13
0.07
0.23
0.12
0.05
0.28
0.19
0.20
67.58

Zambia: 0.05% (30 April 2023: 0.00%)
1,088 First Quantum Minerals

15,7340.05

Total Equities (Cost: US$32,340,012)

32,425,243

99.75

32,425,243

99.75

Fair value
US$

% of
Net Assets

Total investments at fair value through profit or loss
Cash and cash equivalents
Other net liabilities

32,425,243
130,218(49,635)

99.75
0.40
(0.15)Net assets attributable to holders of redeemable participating units

32,505,826

100.00Nominal Security
Equities: 99.75% (30 April 2023: 99.38%) (continued)
United States: 67.58% (30 April 2023: 55.47%) (continued)
336 Valero Energy
330 Veeva Systems
200 Veralto Corp
235 Verisign
3,798 Verizon Communications
328 Vertex Pharmaceutical
2,731 VF5,340 VIATRIS
833 Visa
1,261 Vistra
346 VMware
2,564 Walgreens Boots Alliance
311 Walmart
830 Walt Disney
172 Waters
2,507 Wells Fargo
185 West Pharmaceutical Services Inc
1,101 Western Digital
359 Westlake Corp
208 Whirlpool
2,224 Williams Cos
162 Willis Towers Watson
22 WW Grainger
1,532 Xcel Energy
517 Yum! Brands
411 Zoetis Inc.

Open forward foreign currency exchange contracts: 0.00% (30 April 2023: 0.04%)
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: (0.04%))

142

Barings International Umbrella Fund
Barings Global Equity Allocation Fund
Schedule of Investments (continued)
As at 31 October 2023
Analysis of Total Assets
Transferable securities admitted to an official stock exchange listing or traded on a recognised market
Other assets
Total* Level 3 security.
** Calculation based on the total assets of the Fund (excluding liabilities). This summary is a UCITS requirement.

143% of total assets**
98.39
1.61
100.00Barings International Umbrella Fund
Barings Eastern Europe Fund*
Schedule of Investments
As at 31 October 2023
Financial assets at fair value through profit or loss
Nominal Security

Fair value
US$

% of
Net Assets

7,973,743
8,042,816
16,016,559

3.23
3.26
6.49

16,810,953
2,341,830
9,929,698
10,475,364
39,557,845

6.80
0.95
4.02
4.24
16.01

10,522,875
22,148,430
9,185,517
41,856,822

4.26
8.96
3.72
16.94

9,956,877
10,393,887
3,230,9783,970,892
3,712,748
6,654,341
20,201,786
12,502,241
70,623,750

4.03
4.21
1.31
1.61
1.50
2.69
8.18
5.06
28.59

1,369,401

0.55

1,936,752
2,030,528
3,967,280

0.78
0.82
1.60

3,077,033

1.25

5,930,079
19,638,941
9,022,653
849,943
12,925,343
3,743,415
9,880,084
61,990,458

2.40
7.95
3.65
0.34
5.23
1.52
4.00
25.09

Equities: 97.07%
Czech Republic: 6.49%
185,292 CEZ
272,713 Komercni Banka
Greece: 16.01%
11,069,869 Alpha Bank
167,107 Hellenic Telecommunications Organization
374,499 Jumbo
1,820,289 National Bank of Greece
Hungary: 16.94%
1,305,420 MOL Hungarian Oil & Gas
584,732 OTP Bank
384,270 Richter Gedeon Nyrt
Poland: 28.59%
1,368,201 Allegro.eu
335,007 Bank Polska Kasa Opieki
127,198 CD Projekt
41,151 Dino Polska
373,084 InPost
246,382 KGHM Polska Miedz
1,920,713 Powszechna Kasa Oszczed Bank Polski
1,081,392 Powszechny Zaklad Ubezpieczen
Romania: 0.55%
54,132 Societatea De Producere A Energiei Electrice in Hidrocentrale Hidroelectrica SA
South Africa: 1.60%
75,100 Anglo American
618,514 FirstRand
Spain: 1.25%
481,368 AmRest
Turkey: 25.09%
5,503,903 Akbank TAS
1,983,491 BIM Birlesik Magazalar
671,171 Coca-Cola Icecek AS
708,286 D-MARKET Electronic Services ADR
2,636,276 KOC Holding
731,349 Tupras Turkiye Petrol Rafinerileri
5,637,407 Turkcell Iletisim Hizmetleri

144

Barings International Umbrella Fund
Barings Eastern Europe Fund*
Schedule of Investments (continued)
As at 31 October 2023
Financial assets at fair value through profit or loss (continued)
Fair value
US$

% of
Net Assets

1,301,820

0.52

76,0040.03

Total Equities (Cost: US$241,242,555)

239,836,972

97.07

Total financial assets at fair value through profit or loss

239,836,972

97.07

Total investments at fair value through profit or loss
Cash and cash equivalents
Other net liabilities

239,836,972
8,166,528(928,156)

97.07
3.31
(0.38)Net assets attributable to holders of redeemable participating units

247,075,344

100.00Nominal Security
Equities: 97.07% (continued)
Ukraine: 0.52%
398,110 MHP GDR
United Arab Emirates: 0.03%
76,693 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* The Barings Eastern Europe Fund merged from Barings Global Umbrella Fund in to the Unit Trust on 21 July 2023.
** 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.

145% of total assets**
96.57
3.43
100.00Barings International Umbrella Fund
General information
For the financial period ended 31 October 2023
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.

146

Barings International Umbrella Fund
Appendix 1 – Information for investors in Switzerland
For the financial period ended 31 October 2023
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

147

Barings International Umbrella Fund
Appendix 1 – Information for investors in Switzerland (continued)
For the financial period ended 31 October 2023
Total Expense Ratio
Pursuant to a guideline from the Asset Management Association Switzerland ("AMAS") dated 16 May 2008, the Funds are required to
publish a total expense ratio (“TER”) for the financial period ended 31 October 2023. The TERs for each Fund for the financial period
ended 31 October 2023 and financial year ended 30 April 2023 are as follows:
Name of Fund

31 October 2023
TER in %
1.70
1.71
1.71
1.70
1.70
1.00
1.01
1.12
1.70
1.70
1.70
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
0.97
1.20
1.21
1.14
0.25
0.25
0.28
0.28
0.75
1.55
1.55
1.55
1.00
1.00
1.00
1.00
0.80
0.80
0.80
1.56
1.56
1.56
1.01
0.81
0.81
0.81
1.60
0.40
0.40

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 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

148

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
1.00
1.00
1.00
1.00
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

Barings International Umbrella Fund
Appendix 1 – Information for investors in Switzerland (continued)
For the financial period ended 31 October 2023
Total Expense Ratio (continued)
Name of Fund

31 October 2023
TER in %
0.39
0.39
0.85
0.83
0.80
0.10
1.96
1.96
1.96
1.96
1.00
1.01
1.01
1.01
1.01

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
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
0.41
0.85
0.86
0.83
0.10
-

* The Barings Hong Kong China Fund Class I GBP Inc was launched on 12 October 2022.
** 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 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 period (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 period/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 Scheme 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).

149

Barings International Umbrella Fund
Appendix 2 – Information for investors in Germany
For the financial period ended 31 October 2023
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 period. Consequently, the correction may positively or negatively affect the investors who receive a distribution or
an attribution of deemed income distributions in the current period.

150

Barings International Umbrella Fund
Barings ASEAN Frontiers Fund
Appendix 3 – Additional information Hong Kong CodeFor the financial period ended 31 October 2023
Barings ASEAN Frontiers Fund is registered for sale in Hong Kong.
Highest issue and lowest redemption prices
Highest issue prices during the period/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

31 October 2023
241.5292.37
263.4788.51
220.71
192.14117.41
1,856.41
261.1889.83
254.56222.76288.1430 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 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 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 period/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 2019
223.84
N/A
254.54
N/A
192.21166.03
N/A
1,613.41
232.08
N/A
206.66179.46247.01Lowest redemption prices during the period/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

31 October 2023
210.4980.67
227.8788.51
198.34173.68105.491,596.23
227.62
77.02
229.52202.05251.74151

Barings International Umbrella Fund
Barings ASEAN Frontiers Fund
Appendix 3 – Additional information Hong Kong Code (continued)
For the financial period ended 31 October 2023
Highest issue and lowest redemption prices (continued)
Lowest redemption prices during the period/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 period/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 liabilities
Total net assets

31 October 2023
% of NAV****
1.04              –
24.99
9.28
9.21
29.07
              –
22.02
2.83
0.05
              –
98.49
1.77
(0.26)
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 period/year has to be inferred.

152

Barings International Umbrella Fund
Barings ASEAN Frontiers Fund
Appendix 3 – Additional information Hong Kong Code (continued)
For the financial period ended 31 October 2023
Portfolio information
Top Ten Holdings% of Net Assets

DBS

9.10

Bank Central Asia

8.11

Oversea-Chinese Banking

7.74

Bank Rakyat Indonesia

5.82

Sea ADR

3.98

Bangkok Dusit Medical Services

3.31

CP ALL

3.04

Bank Negara Indonesia Persero

2.28

Ascendas REIT

2.18

International Container Terminal Services

2.10

153

Barings International Umbrella Fund
Barings Asia Growth Fund
Appendix 3 – Additional information Hong Kong CodeFor the financial period ended 31 October 2023
Barings Asia Growth Fund is registered for sale in Hong Kong.
Highest issue and lowest redemption prices
Highest issue prices during the period/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***

31 October 2023
109.07
99.23
85.14
67.57
90.21
115.55105.13108.8330 April 2023
119.93111.8795.65
77.08
100.57126.03117.57N/A

30 April 2022
165.03138.83119.16
101.61124.60172.28144.95N/A

30 April 2021
179.62179.61179.61
N/A
187.07187.04187.08N/A

30 April 2020
104.65
94.16
80.40
N/A
82.87
107.8397.05
N/A

30 April 2018113.20
92.49
81.24
N/A
82.45
114.9093.94
N/A

30 April 2017
79.03
72.51
61.89
N/A
62.54
79.88
73.33
N/A

30 April 2016
78.07
71.67
50.74
N/A
50.80
78.14
60.73
N/A

30 April 2015
77.35
72.45
52.24
N/A
52.27
N/A
N/A
N/A

30 April 2023
88.92
89.49
77.16
56.64
81.33
93.69
94.30
N/A

30 April 2022
112.93103.07
86.75
72.79
91.04
118.58108.15N/A

30 April 2021
88.88
88.88
88.88
N/A
92.06
92.04
92.06
N/A

30 April 2020
74.27
69.24
64.41
N/A
66.47
76.63
71.45
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

30 April 2017
62.59
55.81
42.80
N/A
43.06
62.97
56.17
N/A

30 April 2016
59.46
51.74
37.82
N/A
37.91
59.59
53.92
N/A

30 April 2015
61.96
44.48
36.56
N/A
46.53
N/A
N/A
N/A

Highest issue prices during the period/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***

30 April 2019
105.51
89.20
78.42
N/A
79.78
107.3390.80
N/A

Lowest redemption prices during the period/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***

31 October 2023
94.29
89.10
77.97
58.24
82.76
100.05
94.55
94.08

Lowest redemption prices during the period/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**** The above highest issue prices and lowest redemption prices during the period/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.

154

Barings International Umbrella Fund
Barings Asia Growth Fund
Appendix 3 – Additional information Hong Kong Code (continued)
For the financial period ended 31 October 2023
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

31 October 2023
% of NAV****
33.64
4.96
15.70
2.55
1.19
              –
1.39
3.50
16.19
17.05
2.06
1.07
              –              –
99.30
1.16
(0.46)
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 period/year has to be inferred.

Portfolio information
Top Ten Holdings% of Net Assets

Taiwan Semiconductor Manufacturing

9.71

Samsung Electronics

6.19

Tencent

5.76

Alibaba

4.40

Reliance Industries

3.80

AIA

3.12

HDFC Bank

2.88

SK Hynix

2.71

Meituan Dianping

2.09

Axis Bank

2.06

155

Barings International Umbrella Fund
Barings Australia Fund
Appendix 3 – Additional information Hong Kong CodeFor the financial period ended 31 October 2023
Barings Australia Fund is registered for sale in Hong Kong.
Highest Issue and lowest redemption prices
Highest issue prices during the period/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

31 October 2023
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 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 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 period/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 2019123.36169.04107.6596.35
110.77141.85Lowest redemption prices during the period/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

31 October 2023
117.08184.66110.4596.40
127.16154.45Lowest redemption prices during the period/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 period/year are quoted in their respective share classes’ denomination
currency.

156

Barings International Umbrella Fund
Barings Australia Fund
Appendix 3 – Additional information Hong Kong Code (continued)
For the financial period ended 31 October 2023
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

31 October 2023
% of NAV**
2.36
3.48
5.75
3.44
26.87
10.97
10.18
5.17
23.77
5.52
97.51
2.43
0.06
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 period/year has to be inferred.

Portfolio information
Top Ten Holdings% of Net Assets

BHP Group

9.81

CSL

7.21

Rio Tinto

6.23

Macquarie

5.95

Goodman

5.52

National Australia Bank

4.95

Commonwealth Bank of Australia

4.32

Johns Lyng

4.06

Woodside Energy

3.44

James Hardie Industries

3.22

157

Barings International Umbrella Fund
Barings Europa Fund
Appendix 3 – Additional information Hong Kong CodeFor the financial period ended 31 October 2023
Barings Europa Fund is registered for sale in Hong Kong.
Highest issue and lowest redemption prices
Highest issue prices during the period/year*
Class A USD Inc
Class A EUR Inc
Class C EUR Inc
Class C USD Inc
Class I EUR Acc

31 October 2023
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 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 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 period/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
62.19
52.65
51.52
61.00
N/A

Lowest redemption prices during period/year*
Class A USD Inc
Class A EUR Inc
Class C EUR Inc
Class C USD Inc
Class I EUR Acc

31 October 2023
55.17
52.26
50.77
53.72
N/A

Lowest redemption prices during the period/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 period/year are quoted in their respective share classes’ denomination
currency.

158

Barings International Umbrella Fund
Barings Europa Fund
Appendix 3 – Additional information Hong Kong Code (continued)
For the financial period ended 31 October 2023
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 liabilities
Total net assets

31 October 2023
% of NAV**              –
9.35
13.06
9.90
15.11
18.71
10.14
14.64
6.34
1.27
98.52
1.74
(0.26)
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 period/year has to be inferred.

Portfolio information
Top Ten Holdings% of Net Assets

Nestle

7.61

AXA

5.63

Royal Dutch Shell

5.49

ASML

4.68

Total

4.41

KBC

3.99

AstraZeneca

3.93

Novo Nordisk

3.80

Capgemini

3.59

Sanofi

3.24

159

Barings International Umbrella Fund
Barings Hong Kong China Fund
Appendix 3 – Additional information Hong Kong CodeFor the financial period ended 31 October 2023
Barings Hong Kong Fund is registered for sale in Hong Kong.
Highest issue and lowest redemption prices
Highest issue prices during the period/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**

31 October 2023
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 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 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 period/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 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

Lowest redemption prices during period/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**

31 October 2023
934.84879.94765.42
7,312.92
6,590.76
966.15791.90836.09835.201,019.34
84.78

160

Barings International Umbrella Fund
Barings Hong Kong China Fund
Appendix 3 – Additional information Hong Kong Code (continued)
For the financial period ended 31 October 2023
Highest issue and lowest redemption prices (continued)
Lowest redemption prices during the period/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 period/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
Open forward foreign currency exchange contracts
Total investments
Cash
Other net assets/(liabilities)
Total net assets

31 October 2023
% of NAV***              –
13.95
1.93
33.87
3.94
              –              –
4.24
13.44
5.75
5.28
9.11
3.27
2.38
              –              –1.68              –
98.84
0.42
0.74
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 period/year has to be inferred.

161

Barings International Umbrella Fund
Barings Hong Kong China Fund
Appendix 3 – Additional information Hong Kong Code (continued)
For the financial period ended 31 October 2023
Portfolio information
Top Ten Holdings% of Net Assets

Alibaba

9.77

Tencent

9.57

China Construction Bank 'H'

5.67

Pinduoduo ADR

3.93

Meituan Dianping

3.75

Ping An Insurance Group of China

3.19

NetEase

2.74

BYD Company

2.38

Li Auto

2.38

AIA

2.26

162

Barings International Umbrella Fund
Barings Global Bond Fund
Appendix 3 – Additional information Hong Kong CodeFor the financial period ended 31 October 2023
Barings Global Bond Fund is registered for sale in Hong Kong.
Highest issue and lowest redemption prices
Highest issue prices during the period/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****31 October 2023
21.78
19.84
17.39
78.45
79.88
17.38
24.39
100.70100.70100.70100.7030 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 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 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 period/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
25.47
22.69
19.91
N/A
N/A
19.94
26.96
N/A
N/A
N/A
N/A

Lowest redemption prices during the period/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****31 October 2023
19.77
18.70
16.24
69.51
71.61
16.25
22.18
91.78
91.78
91.85
91.85

163

Barings International Umbrella Fund
Barings Global Bond Fund
Appendix 3 – Additional information Hong Kong Code (continued)
For the financial period ended 31 October 2023
Lowest redemption prices during the period/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 period/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

31 October 2023
% of NAV*****
5.58
8.92
              –15.28              –              –              –4.72              –              –9.99              –              –50.54(0.27)(0.11)
94.65
4.40
0.95
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 period/year has to be inferred.

164

Barings International Umbrella Fund
Barings Global Bond Fund
Appendix 3 – Additional information Hong Kong Code (continued)
For the financial period ended 31 October 2023
Portfolio information
Top Ten Holdings% of Net Assets

US Treasury Note/Bond 5.00% 31/08/2025

14.85

US Treasury Note/Bond 2.25% 31/12/2024

5.94

Portugal (Republic of) 5.13% 15/10/2024

5.77

US Treasury Note/Bond 1.13% 28/02/2027

5.12

UK (Govt of) 5.00% 07/03/2025

4.58

US Treasury Bill 0.00% 24/11/2023

4.24

US Treasury STRIP 0.00% 15/05/2050

3.94

Province of Quebec Canada 7.13% 09/02/2024

3.25

Province of Ontario Canada 6.50% 08/03/2029

3.05

Canada (Govt of) 6.25% 01/06/2032

2.42

165

Barings International Umbrella Fund
Barings Global Balanced Fund
Appendix 3 – Additional information Hong Kong CodeFor the financial period ended 31 October 2023
Barings Global Balanced Fund is registered for sale in Hong Kong.
Highest issue and lowest redemption prices
Highest issue prices during the period/year*
Class A USD Acc
Class A USD Inc
Class I USD Acc

31 October 2023
36.09
30.66
94.08

30 April 2023
38.72
34.17
100.1830 April 2022
43.80
39.16
112.9330 April 2023
32.27
28.11
83.68

30 April 2022
38.29
33.86
98.99

Lowest redemption prices during the period/year*
Class A USD Acc
Class A USD Inc
Class I USD Acc

31 October 2023
32.58
27.46
85.05

* The above highest issue prices and lowest redemption prices during the period/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

31 October 2023
% of NAV**
–
–
–
–
6.64
–
–
–
–
2.41
0.48
–
–
–
–
0.31
0.09
–
0.12
0.76
2.30
–
2.98
0.32
–
10.80
3.73
64.41
0.04
(1.92)
93.47
3.13
3.40
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 period/year has to be inferred.

166

Barings International Umbrella Fund
Barings Global Balanced Fund
Appendix 3 – Additional information Hong Kong Code (continued)
For the financial period ended 31 October 2023
Portfolio information
Top Ten Holdings% of Net Assets

US Treasury FRN 31/01/2025

13.05

US Treasury FRN 31/10/2024

11.00

US Treasury Note/Bond 3.50% 15/02/2033

8.07

US Treasury Note/Bond 0.63% 15/08/2030

5.29

US Treasury Note/Bond 1.38% 15/11/2031

5.23

US Treasury Note/Bond 1.88% 15/02/2032

4.71

Bundesrepublik Deutschland Bundesanleihe 0.00% 15/08/2030

2.71

French Republic Government Bond 1.25% 25/05/2034

2.66

US Treasury Bill 0.00% 18/01/2024

2.53

Export-Import Bank of India 3.38% 05/08/2026

2.02

167

Barings International Umbrella Fund
Barings Eastern Europe Fund
Appendix 3 – Additional information Hong Kong CodeFor the period ended 31 October 2023
Barings Eastern Europe Fund is registered for sale in Hong Kong.
Highest issue and lowest redemption prices
Highest issue prices during the period*
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

31 October 2023
35.88
33.00
28.33
41.45
38.95
34.98
45.67
29.26
37.03

Lowest redemption prices during the period*
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

31 October 2023
32.58
30.51
26.23
37.63
35.96
32.35
41.49
27.06
33.65

* The above highest issue prices and lowest redemption prices during the period 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
31 October 2023
% of NAV**
6.49
16.01
16.94
28.59
0.55
1.60
1.25
25.09
0.52
0.03
97.07
3.31
(0.38)
100.00Czech Republic
GreeceHungary
PolandRomaniaSouth Africa
Spain
TurkeyUkraineUnited Arab Emirates
Total investments
Cash
Other net liabilities
Total net assets** Movements in portfolio holdings have been analysed above based on a % of Net Asset Value invested in each geographic location.

168

Barings International Umbrella Fund
Barings Eastern Europe Fund
Appendix 3 – Additional information Hong Kong Code (continued)
For the period ended 31 October 2023
Portfolio information
Top Ten Holdings% of Net Assets

OTP Bank

8.96

Powszechna Kasa Oszczed Bank Polski

8.18

BIM Birlesik Magazalar

7.95

Alpha Bank

6.80

KOC Holding

5.23

Powszechny Zaklad Ubezpieczen

5.06

MOL Hungarian Oil & Gas

4.26

National Bank of Greece

4.24

Bank Polska Kasa Opieki

4.21

Allegro.eu

4.03

169

Barings International Umbrella Fund
Barings ASEAN Frontiers Fund
Appendix 4 – Significant Changes in Portfolio Composition
For the financial period ended 31 October 2023

Purchases
Ascendas REIT
Seatrium
XL Axiata Tbk PT
Ayala Land
AP Thailand PCL
Fabrinet
True Corp
AAPICO Hitech
UWC BHD
Bumrungrad Hospital
Sea
Star Petroleum Refining
Sappe PCL
VentureChularat Hospital
Delta Electronics
Sariguna Primatirta Tbk PT
Bangkok Bank PCL
Airports of Thailand
Bangkok Dusit Medical Services
CP ALLBDO Unibank Inc
UMS
Sumber Alfaria Trijaya Tbk PT
AEM
PTT Oil & Retail Business PCL
PentamasterPhu Nhuan Jewelry JSC
JMT Network Services PCL
Midi Utama Indonesia Tbk PT

Cost
US$'000
9,710
6,786
4,467
4,075
3,801
3,622
3,548
3,220
2,991
2,875
2,514
2,310
2,218
2,174
1,778
1,694
1,553
1,434
1,434
1,432
1,432
1,431
1,379
1,372
986
983
962
935
889
888

Sales
Telekomunikasi Indonesia Persero
SM Investments
Grab
Minor International
PTT Oil & Retail Business PCLDFI Retail Group Holdings Ltd
Saigon Beer Alcohol Beverage
Merdeka Copper Gold
CapitaLand Integrated Commercial Trust
Mitra Keluarga Karyasehat
Airports of Thailand
Hoa Phat Group JSC
Bank Rakyat Indonesia
JMT Network Services PCLHome Product Center
DBS
International Container Terminal Services
Bangchak
Bank Tabungan Pensiunan Nasional Syariah
TDCX
Cisarua Mountain Dairy
Thai Life Insurance
Farm Fresh
Sappe PCLUMSAP Thailand PCL
Frontken Corp
Gulf Energy Development
Yangzijiang Shipbuilding
Mitra Adiperkasa

Proceeds
US$'000
5,944
5,896
4,931
4,517
4,397
4,285
3,752
3,513
3,315
3,189
2,941
2,800
2,799
2,794
2,757
2,730
2,662
2,566
2,539
2,401
2,233
2,060
1,984
1,738
1,733
1,731
1,432
1,307
1,293
1,198

Listed above are aggregate purchases of securities exceeding one percent of the total value of purchases for the financial period
ended 31 October 2023 and aggregate sales of securities greater than one percent of the total value of sales for the financial period
ended 31 October 2023.
At a minimum, the largest 20 purchases and sales are disclosed, if applicable.

170

Barings International Umbrella Fund
Barings Asia Growth Fund
Appendix 4 – Significant Changes in Portfolio Composition (continued)
For the financial period ended 31 October 2023

Purchases
SK Hynix
Seatrium
CosmaxClassys
Sumber Alfaria Trijaya Tbk PT
Unimicron Technology
Delta Electronics
Sea
Ikio Lighting Ltd
Frontken Corp
BYD Company
AAPICO Hitech
Bumrungrad Hospital
WistronBDO Unibank Inc
MINISO Holding
Mahindra & Mahindra
ASPEED Technology
Li Ning
Sun Hung Kai Properties
HDFC Bank
NAVER

Cost
US$'000
2,387
1,267
1,108
1,101
1,010
1,000
845
771
755
708
689
675
605
560
515
510
499
499
281
271
265
166

Sales
Taiwan Semiconductor Manufacturing
Samsung Electronics
Grab
Tencent
Alibaba
JYP Entertainment Corp
AIA
LG ChemMotherson Sumi Wiring India
Meituan Dianping
China Longyuan Power
Reliance Industries
CP ALLInternational Container Terminal Services
Li AutoDBS
United Microelectronics
Bloomberry Resorts Corp
Press Metal Aluminium
DFI Retail Group Holdings Ltd
Sun Hung Kai Properties
Bangkok Bank PCL
Hanwha Solutions Corp
Galaxy Entertainment
Frontken Corp
Bangkok Dusit Medical Services
POSCO
Sunny Optical Technology
Bank Negara Indonesia Persero
Kia
Campus Activewear
Bafang Yunji International
Srinanaporn Marketing
KB Financial
Wiwynn Corp
Ikio Lighting Ltd
China Construction Bank
Ping An Bank
Hong Kong Exchanges & Clearing

Proceeds
US$'000
4,204
3,614
2,797
2,589
1,608
1,605
1,518
1,366
1,289
1,263
1,237
1,214
1,128
1,063
1,022
1,021
990
965
951
934
855
819
808
801
794
790
788
767
764
752
691
674
653
647
606
599
592
537
535

Listed above are aggregate purchases of securities exceeding one percent of the total value of purchases for the financial period
ended 31 October 2023 and aggregate sales of securities greater than one percent of the total value of sales for the financial period
ended 31 October 2023.
At a minimum, the largest 20 purchases and sales are disclosed, if applicable.

171

Barings International Umbrella Fund
Barings Australia Fund
Appendix 4 – Significant Changes in Portfolio Composition (continued)
For the financial period ended 31 October 2023

Purchases
James Hardie Industries
WiseTech Global
Goodman
REA
Johns Lyng
Cochlear
Sandfire Resources Ltd
Integral Diagnostics Ltd
Computershare
Steadfast
BHP Group
Insurance Australia
Treasury Wine Estates
IGO
CSL
Cleanaway Waste Management
Rio Tinto
BapcorMacquarie

Cost
US$'000
2,207
1,976
1,328
1,270
881
753
685
672
643
497
458
408
289
267
266
265
264
264
198

Sales
Aristocrat Leisure
Amcor
CreditIncitec Pivot
National Australia Bank
Australia & New Zealand Banking Group
Domino's Pizza Enterprises
oOh!media
Integral Diagnostics Ltd
BramblesWesfarmers
ALS
Woodside Energy
Coles
BHP Group

Proceeds
US$'000
1,892
1,734
1,017
931
849
768
744
562
551
370
360
352
344
326
288

Listed above are aggregate purchases of securities exceeding one percent of the total value of purchases for the financial period
ended 31 October 2023 and aggregate sales of securities greater than one percent of the total value of sales for the financial period
ended 31 October 2023.
At a minimum, the largest 20 purchases and sales are disclosed, if applicable.

172

Barings International Umbrella Fund
Barings Europa Fund
Appendix 4 – Significant Changes in Portfolio Composition (continued)
For the financial period ended 31 October 2023

Purchases
SanofiWatches of Switzerland
PandoraMerck
Siemens Healthineers AG
Halma
Adyen
Roche
Persimmon
Prudential

Cost
US$'000
210
187
179
150
98
64
47
47
45
42

Sales
CRH
ASM International
Smurfit Kappa Group
Roche
L'Air Liquide S.A.
NestleCNH Industrial
Royal Dutch Shell
Schneider Electric
AstraZeneca
Infineon Technologies
Assa Abloy
Novo Nordisk
Koninklijke Ahold Delhaize
Associated British Foods
Industria de Diseno Textil
Julius Baer
Amadeus IT
Halma
Temenos
Tecan Group
AXA
ASML
KBC

Proceeds
US$'000
748
581
333
255
238
159
154
153
128
119
94
93
81
75
73
70
67
67
62
60
59
59
56
54

Listed above are aggregate purchases of securities exceeding one percent of the total value of purchases for the financial period
ended 31 October 2023 and aggregate sales of securities greater than one percent of the total value of sales for the financial period
ended 31 October 2023.
At a minimum, the largest 20 purchases and sales are disclosed, if applicable.

173

Barings International Umbrella Fund
Barings Hong Kong China Fund
Appendix 4 – Significant Changes in Portfolio Composition (continued)
For the financial period ended 31 October 2023

Purchases
Industrial & Commercial Bank of China
ANTA Sports Products
China Construction Bank 'H'
Aluminum Corporation of China
China Merchants Bank
WuXi AppTec
Baidu
ENN Energy
Zhongji Innolight
Foxconn Industrial Internet
Shenzhen Zhaowei Machinery & Electronic Co Ltd
JD.comInnovent Biologics
LenovoAdvanced Micro-Fabrication Equipment Inc China
Zhuzhou CRRC Times Electric
Sonoscape Medical
Beijing Kingsoft Office Software
Kingsoft
Wuxi Biologics Cayman
Zijin Mining
Guangzhou Baiyunshan Pharmaceutical
Sunny Optical Technology
Longfor Properties
PetroChina
China Railway Group Ltd
Luxshare Precision Industry
China Overseas Property
Beigene Ltd
Luzhou Laojiao
Zhejiang Shuanghuan Driveline
China International Travel Service
China Resources Pharmaceutical
Warom Technology Inc Co
Jiangxi Copper
China Petroleum & Chemical
Pinduoduo

Cost
US$'000
25,673
17,715
17,523
13,626
13,55012,935
12,315
12,271
11,598
11,055
11,041
9,839
9,160
9,125
9,009
8,985
7,941
7,238

Sales
Industrial & Commercial Bank of China
Meituan Dianping
China Overseas Land & Investment
Trip.com Group
Kingdee International Software
Chow Tai Fook Jewellery Group Ltd
Budweiser Brewing
Kuaishou Technology
Anjoy Foods Group Co Ltd
Will Semiconductor
Dongfang Electric Corp Ltd
China Shenhua Energy
Shenzhen Zhaowei Machinery & Electronic Co Ltd
Alibaba
Wuxi Biologics Cayman
Sungrow Power Supply
Jiangxi Copper
China Traditional Chinese Medicine Holdings Co
Ltd
Imeik Technology Development Co Ltd
Baidu
China Resources Beer
RemegenContemporary Amperex Technology
Kingsoft
Samsonite
Kunlun Energy
Wuliangye Yibin
China Railway Group Ltd
Li AutoENN Energy
Shengyi Technology Co Ltd
Ping An Bank
Li Ning
Microport Scientific Corp
China Petroleum & Chemical
JD.comPetroChina
Guangzhou Baiyunshan Pharmaceutical
China International Travel Service
China Overseas Property
BOC Aviation
LenovoLao Feng Xiang Co Ltd

6,997
6,890
6,625
6,380
6,320
6,256
6,135
6,125
6,085
5,969
5,961
5,761
5,288
4,762
4,366
4,113
3,771
3,419
3,411

Proceeds
US$'000
22,337
17,21815,712
12,63912,534
12,263
12,15911,78911,616
10,658
9,871
9,780
9,741
8,654
8,626
8,602
8,318
7,951
7,107
6,285
6,253
6,147
5,925
5,922
5,733
5,717
5,692
5,691
5,610
5,577
5,430
5,402
5,395
5,369
5,361
5,334
5,321
5,296
5,107
4,471
4,421
3,690
3,660

Listed above are aggregate purchases of securities exceeding one percent of the total value of purchases for the financial period
ended 31 October 2023 and aggregate sales of securities greater than one percent of the total value of sales for the financial period
ended 31 October 2023.
At a minimum, the largest 20 purchases and sales are disclosed, if applicable.

174

Barings International Umbrella Fund
Barings Global Bond Fund
Appendix 4 – Significant Changes in Portfolio Composition (continued)
For the financial period ended 31 October 2023

Purchases
US Treasury Bill 0.00% 24/11/2023
US Treasury Note/Bond 5.00% 31/08/2025
US 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
US Treasury Bill 0.00% 07/09/2023

Cost
US$'000
9,885
8,022
3,200
3,130
2,790
2,507
1,976

Province Of Quebec Canada 7.13% 09/02/2024
US Treasury STRIP 0.00% 15/05/2050
Italy (Republic of) 6.00% 04/08/2028

1,766
1,456
1,253

UK (Govt of) 3.50% 10/22/2025
Japan Government Twenty 2.10% 20/09/2028
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
Treasury Corp of Victoria 5.00% 20/11/2040
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
US Treasury Note/Bond 1.13% 28/02/2027

1,212
1,114
1,110
1,104

Province of Quebec Canada 4.50% 08/09/2033
Province of Manitoba Canada 4.30%
27/07/2033
France (Republic of) Go 3.25% 25/05/2045
UK (Govt of) 0.63% 07/06/2025

996
748

Sales
US Treasury Bill 0.00% 07/09/2023
US Treasury Bill 0.00% 24/11/2023
US Treasury Bill 0.00% 03/08/2023
US Treasury Bill 0.00% 13/06/2023
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
Indonesia Government International Bond
0.96% 09/06/2025
Spain (Kingdom of) 0.00% 30/07/2032
UK (Govt of)t 3.50% 10/22/2025
Province of Ontario Canada 3.05% 29/01/2024
Japan Government Twenty 2.10% 20/09/2028

1,103
1,102
1,098
1,089
1,057
1,043
1,022
1,009

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
Province of Ontario Canada 2.80% 02/06/2048
Mexico Government International Bond 4.15%
28/03/2027
Brazil (Republic of) 10.13% 15/05/2027
Mexico Government International Bond 8.30%
15/08/2031
UK (Govt of) 0.63% 07/06/2025

649
588

Proceeds
US$'000
7,661
7,630
3,311
2,799
2,495
2,478
2,442
2,117
1,999
1,416
1,410
1,188
1,093
1,054
1,050
1,035
1,032
1,019
954
899
824
767
710
705
573

Listed above are aggregate purchases of securities exceeding one percent of the total value of purchases for the financial period
ended 31 October 2023 and aggregate sales of securities greater than one percent of the total value of sales for the financial period
ended 31 October 2023.
At a minimum, the largest 20 purchases and sales are disclosed, if applicable.

175

Barings International Umbrella Fund
Barings Global Balanced Fund
Appendix 4 – Significant Changes in Portfolio Composition (continued)
For the financial period ended 31 October 2023

Purchases
US Treasury Note/Bond 1.88% 15/02/2032
US Treasury Note/Bond 0.63% 15/08/2030
US Treasury Note/Bond 1.38% 15/11/2031
United States Trea 0.00% 02/11/2023
Xtrackers S&P 500 Equal Weight UCITS ETF
US Treasury FRN 31/1/2025
US Treasury FRN 31/10/2024
First Trust Nasdaq Clean Edge Smart Grid Infr
Acc
US Treasury Note/Bond 1.88% 15/02/2041
Bundesrepublik Deu 0.00% 15/08/2030
French Republic Government Bond 1.25%
25/05/2034
US Treasury Bill 0.00% 18/01/2024
iShares S&P 500 Health Care Sector UCITSETFUS Treasury Note/Bond 2.88% 30/04/2025
US Treasury Note/Bond 2.50% 15/02/2045
Microsoft
Apple
ICICI Bank
Larsen & Toubro
Amazon.com

Cost
US$'000
3,676
3,669
3,666
2,470
2,390
2,357
2,357
1,864

Sales
US Treasury Note FRN 31/07/2024
US Treasury Note/Bond 2.50% 15/02/2045
US Treasury FRN 31/10/2024
US Treasury FRN 31/1/2025
US Treasury Note/Bond 1.88% 15/02/2041
United States Trea 0.00% 02/11/2023
iShares Core MSCI World UCITS ETF
Industrial Bank

1,823

Proceeds
US$'000
5,950
3,953
3,595
3,081
2,956
2,471
2,386
2,179
1,985

1,416
1,155

iShares Asia Investment Grade Corp Bond
UCITS ETF
Mexico Gov. Intl. 4.13% 21/01/2026
First Trust Nasdaq Clean Edge Smart Grid Infr
Acc
Export-Import Bank of China
Invesco Solar Energy UCITS ETF

842
610
587
543
373
304
303

Xtrackers S&P 500 Equal Weight UCITS ETF
US Treasury Note/Bond 1.88% 15/02/2032
Taiwan Semiconductor Manufacturing
US Treasury Note/Bond 0.63% 15/08/2030
US Treasury Note/Bondn 1.38% 15/11/2031
Tencent
Samsung Electronics

1,151
917
768
611
608
415
412

1,532
1,525

1,962
1,659
1,374
1,162

Listed above are aggregate purchases of securities exceeding one percent of the total value of purchases for the financial period
ended 31 October 2023 and aggregate sales of securities greater than one percent of the total value of sales for the financial period
ended 31 October 2023.
At a minimum, the largest 20 purchases and sales are disclosed, if applicable.

176

Barings International Umbrella Fund
Barings Global Technology Equity Fund
Appendix 4 – Significant Changes in Portfolio Composition (continued)
For the financial period ended 31 October 2023

Purchases
SK Hynix
Gartner
Salesforce.com
Paylocity Holding
NVIDIA
Alphabet
Monolithic Power Systems
Adyen
Cloudflare
Capgemini
Taiwan Semiconductor Manufacturing
Temenos
ServiceNow
Entegris
Amazon.com
Datadog
Microsoft
Amadeus IT

Cost
US$'000
131
99
69
69
67
66
65
45
43
43
37
35
35
27
27
22
19
11

Sales
ASM International
Analog Devices
NVIDIALam Research
Marvell Technology
Meta Platforms
Alphabet
Micron Technology

Proceeds
US$'000
158
141
112
101
100
40
32
31

Listed above are aggregate purchases of securities exceeding one percent of the total value of purchases for the financial period
ended 31 October 2023 and aggregate sales of securities greater than one percent of the total value of sales for the financial period
ended 31 October 2023.
At a minimum, the largest 20 purchases and sales are disclosed, if applicable.

177

Barings International Umbrella Fund
Barings Europe Select Fund
Appendix 4 – Significant Changes in Portfolio Composition (continued)
For the financial period ended 31 October 2023

Purchases
Banco de Sabadell SA
Axfood AB
KronesHexpolQIAGEN NV
Puma
Wienerberger
Scout24
Reply SpA
Azelis Group NV
Aryzta AG
Duerr
Brunello Cucinelli SpA
Bureau Veritas
Rexel
Interpump Group
Lottomatica Group SpA
Munters
Technip Energies NV
TKH Group
GetingeElekta AB
EvotecSiegfried Holding
Teleperformance
Elmos Semiconductor
Ubisoft Entertainment
Euronext
Arjo ABWorldline
ArcadisAlfen N.V.
Mersen SA
Dalata Hotel

Cost
€'000
698
615
551
532
511
507
505
497
493
489
460
458
436
397
397
383
381
370
358
352
345
330
306
267
258
237
205
184
173
169
164
160
152
152

Sales
Recordati
Chr Hansen
Julius Baer
ALD
Gerresheimer
SIG Combibloc GroupISSQIAGEN NV
Applus Services
Bucher Industries
SBM Offshore
PandoraCredito Emiliano
ASM International
GEA Group
Glanbia
BE Semiconductor Industries
Duerr
Aker BP
Nemetschek SE
Tietoevry
IMCD
AmplifonPuma
Elekta AB
Securitas
Bureau Veritas
Ipsen
SPIE
Topdanmark
Iveco Group NV
Verallia
Euronext
ASR Nederland
NexityALK-Abello

Elis

Proceeds
€'000
664
611
604
591
580
526
523
509
485
466
464
427
424
417
373
365
337
324
314
312
306
300
298
285
279
271
268
243
233
226
201
198
192
177
174
165
146

Listed above are aggregate purchases of securities exceeding one percent of the total value of purchases for the financial period
ended 31 October 2023 and aggregate sales of securities greater than one percent of the total value of sales for the financial period
ended 31 October 2023.
At a minimum, the largest 20 purchases and sales are disclosed, if applicable.

178

Barings International Umbrella Fund
Barings German Growth Fund
Appendix 4 – Significant Changes in Portfolio Composition (continued)
For the financial period ended 31 October 2023

Purchases
Siemens
QIAGEN NV
HeidelbergCement
Airbus
Duerr
Puma
Scout24
Hugo Boss
HelloFresh
AurubisInfineon Technologies
Rheinmetall
E.ON
Daimler Truck
SMA Solar Technology
Allianz
LANXESS
TratonFreenetCompuGroup Medical
SUESS MicroTec

Cost
€'000
327
215
146
127
108
98
97
91
80
80
79
75
58
44
41
35
26
24
22
21
21

Sales
Siemens
Deutsche Post
Deutsche Telekom
GK Software
Airbus
Linde PLC
SAP
Puma
RWE
Deutsche Boerse
Hannover Rueck
LANXESS
NagarroK+S
Daimler
Allianz
Gerresheimer
Salzgitter
Synlab
SAF-Holland
Infineon Technologies
Bauer
JOST Werke
BefesaAdessoAurubisAmadeus FiRe AG

Proceeds
€'000
447
291
208
190
144
135
123
120
113
100
95
78
77
75
66
54
53
52
51
44
43
42
41
39
38
37
35

Listed above are aggregate purchases of securities exceeding one percent of the total value of purchases for the financial period
ended 31 October 2023 and aggregate sales of securities greater than one percent of the total value of sales for the financial period
ended 31 October 2023.
At a minimum, the largest 20 purchases and sales are disclosed, if applicable.

179

Barings International Umbrella Fund
Barings Global Dividend Champions Fund
Appendix 4 – Significant Changes in Portfolio Composition (continued)
For the financial period ended 31 October 2023

Purchases
USS
Sanofi
Sandvik AB
Wal-Mart De Mexico
Cembra Money Bank
DCC

Cost
US$'000
411
374
101
100
73
50

Sales
International Flavors & Fragrances
L'Air Liquide S.A.
MARR

Proceeds
US$'000
404
123
76

Listed above are aggregate purchases of securities exceeding one percent of the total value of purchases for the financial period
ended 31 October 2023 and aggregate sales of securities greater than one percent of the total value of sales for the financial period
ended 31 October 2023.
At a minimum, the largest 20 purchases and sales are disclosed, if applicable.

180

Barings International Umbrella Fund
Barings China A-Share Fund
Appendix 4 – Significant Changes in Portfolio Composition (continued)
For the financial period ended 31 October 2023

Purchases
China Merchants Shekou Industrial Zone
Zijin Mining
Foxconn Industrial Internet
China Construction Bank
Beijing Kingsoft Office Software
Poly Developments and Holdings Group Co Ltd
Iflytek
Jiangxi Copper
Zhongji Innolight
Midea
Aluminum Corporation of China
Shenzhen Mindray Bio-Medical Electronics
China Shenhua Energy Co Ltd
Industrial Bank
Anhui Conch Cement
China Railway
Zhuzhou CRRC Times Electric
China Merchants BankJCET Group
Jiangsu Hengrui Medicine
Sungrow Power Supply Co Ltd
Yintai Gold
PetroChina
Bank of Ningbo
Focus Media Information Technology
Hangzhou Robam Appliances
China Southern Airlines
Xi'an Bright Laser Technologies
East Money Information
Kingsemi
Skshu Paint
CRRC
Will Semiconductor
Hubei Dinglong
NARI Technology
Luzhou Laojiao
Wanhua Chemical Group
Zhejiang Dingli Machinery
Luzhou Laojiao
Ping An Insurance Group Co of China
Venustech

Cost
US$'000
285
254
169
166
128
128
126
126
117
113
94
90
87
87
86
85
85
74
74
74
63
63
61
58
57
57
56
55
54
54
54
52
52
51
51
50
50
50
50
43
42

Sales
Kweichow Moutai
PetroChina
China Construction Bank
China Merchants Shekou Industrial Zone
Aier Eye Hospital
Tencent
Warom Technology Inc Co
China Tourism Duty Free
Shenzhen Mindray Bio-Medical Electronics
Contemporary Amperex Technology
Wuliangye Yibin
Zijin Mining
Jiangxi Copper
Foxconn Industrial Internet
Shenzhen Inovance Technology
Ningbo Tuopu Group
Ping An Bank
Luxshare Precision Industry
Poly Developments and Holdings Group Co Ltd
Tsingtao Brewery
Wingtech Technology
Shenzhen Zhaowei Machinery & Electronic Co
Ltd Class A
Hubei Jumpcan Pharmaceutical Co Ltd
Zhejiang Shuanghuan Driveline
Shengyi Technology Co Ltd
JCET GroupLi AutoCRRC Corp Ltd
Midea
Ping An Insurance Group Co of China
Yintai Gold
Milkyway Chemical Supply Chain Service
Vanke
Xinyi Energy Holdings Ltd
China Resources Beer
Eve Energy
RemegenChina Shenhua Energy Co Ltd
Hundsun Technologies Inc
Industrial BankBYD Company
Dongfang Electric Corp Ltd
Will Semiconductor
Beijing Kingsoft Office Software
Iflytek

Proceeds
US$'000
343
251
199
177
168
164
159
147
132
124
122
122
121
120
119
114
114
112
110
110
107
105
104
103
99
97
97
96
94
94
93
92
92
89
86
81
81
80
78
78
76
72
69
68
66

Listed above are aggregate purchases of securities exceeding one percent of the total value of purchases for the financial period
ended 31 October 2023 and aggregate sales of securities greater than one percent of the total value of sales for the financial period
ended 31 October 2023.
At a minimum, the largest 20 purchases and sales are disclosed, if applicable.

181

Barings International Umbrella Fund
Barings Global Equity Allocation Fund
Appendix 4 – Significant Changes in Portfolio Composition (continued)
For the financial period ended 31 October 2023

Purchases
Apple
Microsoft
Amazon.com
Alphabet Class A
Meta Platforms
Alphabet
Linde PLC
Exxon Mobil
NVIDIA
Walgreens Boots Alliance
Procter & Gamble
Tesla
International Business Machines
TargetCoca-Cola
National Grid
L'Air Liquide S.A.
GSK
Toyota Motor
Zoetis Inc.

Cost
US$'000
575
499
495
336
303
295
274
264
219
161
156
152
140
139
133
124
123
123
118
114

Sales
Lyxor International Asset Management
Apple
Microsoft
Alphabet Class A
Amazon.com
Alphabet
Meta Platforms
Procter & Gamble
Taiwan Semiconductor Manufacturing
Tesla
Exxon Mobil
Costco Wholesale
NestleNVIDIA
WalmartPepsiCo
Coca-Cola
Home Depot
Tencent
Samsung Electronics

Proceeds
US$'000
1,094
988
867
624
623
560
520
489
470
417
385
350
341
332
325
315
308
295
263
260

Listed above are aggregate purchases of securities exceeding one percent of the total value of purchases for the financial period
ended 31 October 2023 and aggregate sales of securities greater than one percent of the total value of sales for the financial period
ended 31 October 2023.
At a minimum, the largest 20 purchases and sales are disclosed, if applicable.

182

Barings International Umbrella Fund
Barings Eastern Europe Fund
Appendix 4 – Significant Changes in Portfolio Composition (continued)
For the financial period ended 31 October 2023

Purchases
KOC Holding
Turkcell Iletisim Hizmetleri
Societatea De Producere A Energiei Electrice in
Hidrocentrale Hidroelectrica SA
Powszechna Kasa Oszczed Bank Polski
KGHM Polska Miedz
National Bank of Greece
ADNOC Drilling Co PJSC

Cost
US$'000
7,093
2,494
1,345
628
608
604
73

Sales
BIM Birlesik Magazalar
Turkcell Iletisim Hizmetleri
Tupras Turkiye Petrol Rafinerileri

Proceeds
US$'000
7,341
5,605
3,706

Coca-Cola Icecek AS
Powszechny Zaklad Ubezpieczen
KOC Holding
National Bank of Greece
Jumbo

3,156
624
601
507
502

Listed above are aggregate purchases of securities exceeding one percent of the total value of purchases for the financial period
ended 31 October 2023 and aggregate sales of securities greater than one percent of the total value of sales for the financial period
ended 31 October 2023.
At a minimum, the largest 20 purchases and sales are disclosed, if applicable.

183

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