Baring Global Opportunities Umbrella Fund · Baring World Dynamic Asset Allocation Fund Investment objective and policy The investment objective of Baring World Dynamic Asset Allocation

1

Baring Global Opportunities Umbrella Fund

Interim Report & Unaudited Financial Statements for the half year ended 31 January 2018

Table of Contents

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

Introduction ...................................................................................................................................... 2

Key changes during the period ......................................................................................................... 5

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

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

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

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

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

Baring Asia Balanced Fund .............................................................................................................. 6

Baring World Dynamic Asset Allocation Fund (formerly Baring Asia Dynamic Asset Allocation Fund) .............................................................................................................................................. 10

Notes to the financial statements ................................................................................................... 14

Portfolio statements ....................................................................................................................... 26

General information ....................................................................................................................... 42

Appendix 1 - additional information Hong Kong code ................................................................... 43

Appendix 2 - significant portfolio movements ................................................................................ 47

Appendix 3 - securities financing transactions regulation .............................................................. 49

Management and administration

1

Alternative Investment Fund Manager (“AIFM”)

Baring International Fund Managers (Ireland) Limited

Registered Office

70 Sir John Rogerson’s Quay

Dublin 2

Ireland

Telephone: + 353 1 542 2930

Facsimile: + 353 1 670 1185

Investment Managers

Baring Asset Management Limited

155 Bishopsgate

London EC2M 3XY

United Kingdom

Telephone: + 44 207 628 6000

Facsimile: + 44 207 638 7928

Baring Asset Management (Asia) Limited*

35th Floor, Gloucester Tower

15 Queen’s Road Central

Hong Kong

Telephone: + 852 2 841 1411

Facsimile: + 852 2 973 3338

* Baring Asset Management (Asia) Limited is the delegated Sub-

Investment Manager of the relevant funds as detailed in the Investment

Manager’s report.

Depositary

Northern Trust Fiduciary Services (Ireland) Limited

Georges Court

54-62 Townsend Street

Dublin 2

Ireland

Administrator and Registrar

Northern Trust International Fund Administration

Services (Ireland) Limited

Georges Court

54-62 Townsend Street

Dublin 2

Ireland

Independent Auditors

PricewaterhouseCoopers

One Spencer Dock

North Wall Quay

Dublin 1

Ireland

Legal Advisers

As to Irish Law

Matheson


Grand Canal Dock

Dublin 2

Ireland

As to Hong Kong Law

Deacons

Alexandra House

16-20 Chater Road

Central Hong Kong

Directors of the AIFM

Oliver Burgel** (German)

Peter Clark** (British)

Jim Cleary† (Irish)

David Conway† (Irish)

Barbara Healy† (Irish)

Timothy Schulze (United States)

Julian Swayne (British)

** Peter Clark was appointed as Director of the AIFM with effect from

26 September 2017.

* Oliver Burgel resigned from his position as Director of the AIFM with

effect from 24 October 2017.

† Non-executive Directors independent of the Investment Manager.

2

Introduction

Baring Global Opportunities Umbrella Fund (“the Unit Trust”) is a unit trust managed by Baring International

Fund Managers (Ireland) Limited (“the Alternative Investment Fund Manager” (“AIFM”)) and was designed to

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

The Unit Trust is classified as a Retail Investor Alternative Investment Fund (“RIAIF”) in accordance with the

Alternative Investment Fund (“AIF”) Rulebook issued by the Central Bank of Ireland (“CBI”). The Unit Trust was

established pursuant to a Trust Deed dated 26 April 1996 (as amended and restated on 21 July 2015) made

between the AIFM and Northern Trust Fiduciary Services (Ireland) Limited as Depositary (“the Depositary”).

The Unit Trust is an umbrella trust in that different funds may be issued from time to time by the AIFM in

accordance with the requirements of the CBI. There are currently two funds in existence, Baring Asia Balanced

Fund and Baring World Dynamic Asset Allocation Fund (“the Funds”). A separate trust fund is maintained for

each portfolio of assets and is invested in accordance with the investment objectives applicable to each such

Fund. Each Fund may create more than one class of units and these separate classes of units may have

different characteristics which may include, but are not limited to, fee structure, currency of denomination,

distribution policy or hedging strategy. Each unit in the Unit Trust constitutes a beneficial interest in the Unit Trust

and represents one undivided share in the property of the relevant Fund.

The trade receipt and valuation deadline for the annual accounts was 12pm on 31 January 2018.

Baring Asia Balanced Fund

Investment objective and policy

Baring Asia Balanced Fund (“the Fund”) is aimed specifically, but not exclusively, at meeting the investment

requirements of Hong Kong-based retirement schemes, and its investment objective and policies have been

tailored accordingly, namely, to achieve a long-term annualised real rate of return in excess of 2.00% per annum

above Hong Kong wage inflation, when measured in Hong Kong dollar terms. Accordingly, it is the intention of

the AIFM that the Fund will normally include a diversified range of international equities and debt securities,

generally with a significant exposure to Asian equities. Investment may also be made in cash and money market

instruments where considered appropriate in light of market conditions.

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

How the Fund is managed

The AIFM of the Unit Trust has appointed Baring Asset Management Limited as the Investment Manager of the

Fund. In turn, Baring Asset Management Limited have appointed Baring Asset Management (Asia) Limited as

Sub-Investment Manager of the Fund.

The Fund is invested in the international equity and fixed interest markets with a significant bias towards the Asia

Pacific equity markets. Investments are made using both a “top-down” and a “bottom-up” investment approach.

Asset allocation and thematic investing are based on a disciplined top-down research process. Stock selection is

based on the individual merits of a specific company, rather than taking a stance on the outcome of a sector of

the market or macroeconomic trends such as interest rate rises. Barings’ stock analysts adopt a common

‘Growth at a Reasonable Price’ (“GARP”) approach. This means that when researching candidates for the

portfolio, just as much emphasis is placed on the likely growth in corporate earnings and dividends at a company

as is placed on the share price valuation before deciding whether to invest or not.

3

Introduction (continued)

Baring Asia Balanced Fund (continued)

Risk profile

The Fund is primarily invested in global equities and bonds, with a focus on Asian equities. As such, the Fund is

exposed to higher than normal volatility, compared to a standard global balanced fund. This is based on the fact

that Asian share prices tend to be more volatile than their developed markets’ counterparts. In order to reduce

the volatility in the portfolio, the Fund has also invested in fixed interest investments. Bonds are generally

considered to be safer than equities. However, their value can be significantly reduced by interest rate

movement. When interest rates go up, bond values generally go down and vice versa. Returns from overseas

bond and equity markets can also be subject to fluctuations in exchange rates, which can have the effect of

eroding or enhancing the value of investment returns for investors. Moreover, the Investment Manager regularly

runs several risk reports, with the objective of assessing the implied risks taken in the portfolio, the result of

which will lead the Investment Manager either to increase or reduce risk in the portfolio.

Though we seek to achieve a long-term annualised real rate of return in excess of 2.00% per annum above

Hong Kong wage inflation (when measured in Hong Kong dollar terms), this is not guaranteed. Please refer to

the Prospectus for the full risk profile.

Baring World Dynamic Asset Allocation Fund

Investment objective and policy

The investment objective of Baring World Dynamic Asset Allocation Fund (“the Fund”) is to achieve an absolute

return of 4% per annum in excess of cash, based on 3-month US dollar LIBOR over a rolling 3-year period.

There is no guarantee that the investment objective of the Fund will be achieved.

The Fund will seek to achieve its investment objective by actively allocating across equities, fixed income, money

market instruments and/or cash. These asset classes will be selected by assessing the risk and return profile

based on characteristics such as estimated growth, inflation and an assessment of valuation. This analysis will

be adjusted dynamically in anticipation of and in response to changes in economic and market conditions with

the aim of maximising returns. Investments within each asset class are then selected by analysing the

profitability, cash flow, earnings and valuations to determine their attractiveness as investments. In this regard,

the Investment Manager will seek to actively allocate the Fund’s portfolio of investments across the asset

classes which it believes will offer the best opportunities at any given time. The Fund is not subject to any formal

limitations on exposure to any specific asset class, country or region.

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

How the Fund is managed

The AIFM has appointed Baring Asset Management Limited as the Investment Manager of the Fund. In turn, the

Investment Manager has appointed Baring Asset Management (Asia) Limited as Sub-Investment Manager of the

Fund.

Ideas generated by the Strategic Policy Group are used by the Investment Manager’s global macro research and

asset allocation team to choose what are believed to be the best investments to achieve the investment

objectives of the Fund. This means that a portfolio is constructed to invest in companies, countries and sectors

that suit the current asset allocation policy at that point in time.

4

Introduction (continued)

Baring World Dynamic Asset Allocation Fund (continued)

How the Fund is managed (continued)

A “top-down” approach is combined with rigorous security-level analysis. Stock selection is based on the

individual merits of a specific company, rather than taking a stance on the outcome of a sector of the market or

macroeconomic trends such as interest rate rises. Stocks are analysed following a common ‘Growth at a

Reasonable Price’ (“GARP”) approach. This means that when researching candidates for the portfolio, just as

much emphasis is placed on the likely growth in corporate earnings and dividends at a company as is placed on

the share price valuation before deciding whether to invest or not.

Risk profile

The Fund has a high degree of flexibility in where it invests, which includes direct equities and bonds, cash, and

cash-like instruments.

As such, investment in the Fund can involve exposure not just to the general volatility which can characterise

equity and bond markets from time to time, but to the additional risk factors associated with investment in

emerging markets and smaller companies. These include liquidity and counterparty risks in the case of certain

alternative investments and the possibility of a lower standard of corporate governance, increased political risk

and the likelihood of a high degree of volatility in the case of emerging markets and smaller companies. Returns

from overseas equity markets can also be subject to fluctuations in exchange rates, which can have the effect of

eroding or enhancing the value of the returns for investors.

Although the Fund will aim to generate a positive investment return ahead of inflation, it is possible that the asset

allocation strategy and/or security selection will be unsuccessful and that a capital loss will be incurred as a

result. Please refer to the Prospectus for the full risk profile.

5

Key changes during the period

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

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

As of 7 December 2017, the registered address for Baring International Fund Managers (Ireland) changed from:


Georges Court

Townsend Street

Dublin 2

Ireland

to:



Dublin 2

Ireland

6

Baring Asia Balanced Fund - Investment Manager’s report

Performance

Growth-sensitive asset classes, including equities and commodities, continued to rally in the past six months.

During the six-month period we saw a continuation of the positive investor sentiment seen in the first half of the

year. Macroeconomic data remained strong across the board, where pickup in global growth that was initially

driven by an upswing in the industrial cycle broadened to non-industrial areas across both developed market and

emerging market economies. On corporate earnings, the positive trend in earnings revisions broadened across

most regions and sectors during the period. On the fiscal side, the US tax reform legislation that was passed and

signed into law late 2017 provided a further boost to risk assets. Overall, equities performed strongly, led by

emerging markets such as China, during the period. By sector, cyclically-oriented sectors such as information

technology, consumer discretionary, industrials and financials led, while defensive sectors such as utilities and

telecommunication services lagged. Fixed income markets were negatively impacted by higher interest rates

during the period.

The Fund performed strongly during the period on the back of the favourable investment backdrop on absolute

and relative terms against its performance comparator Hong Kong Wage Inflation + 2%. In particular, our

preference of equities over fixed income contributed positive to performance. Within equities, the Fund’s

exposure in Europe and Asia were among the key contributors to performance during the period.

Market outlook

Since mid-2016 to date, we have been holding a favourable view towards risk assets, particularly equities and

Emerging Markets assets. This is driven by a positive synchronised global economic backdrop, strong corporate

earnings growth revisions, and the still-supportive (although less so than 2017) liquidity environment. While

interest rates have risen in recent weeks, we do not believe that the real economy and corporate earnings would

be meaningfully affected yet as we are still in the normalisation phase, not tightening. One of the short-term risks

we have been highlighting is that many risk assets appear stretched on a technical basis. On a fundamental

basis, we have not seen a change in the positive trend that has supported the rally in risk assets of late.

Overall, we remain constructive in risk assets such as equities and corporate bonds in the near term, but expect

to encounter higher volatility in 2018, which highlights the importance of a dynamic approach to investing in the

coming year.

Baring Asset Management (Asia) Limited,

appointed as Sub-Investment Manager by


February 2018

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.

7

Balance sheet

As at 31 January 2018

Baring Asia Baring Asia

Balanced Fund Balanced Fund

31/01/2018 31/07/2017

Assets Notes US$ US$

Financial assets at fair value through profit or loss 90,710,743 81,139,674

Cash 6,837,935 2,962,330

Subscriptions receivable 179,580 125,536

Dividends and interest receivable 122,409 113,529

Receivable for securities sold 869 1,359,585

Other assets 11,328 7,841

Total assets 97,862,864 85,708,495

Liabilities

Financial liabilities at fair value through profit or loss (331,891) (42,131)

Redemptions payable (222,873) (111,500)

Management fees payable 3 (80,375) (73,802)

Administration fees payable 3 (30,169) (26,622)

Depositary fees payable 3 - (1,993)

Securities purchased payable - (725,289)

Other liabilities 3 (141,047) (145,050)

Total liabilities (excluding net assets attributable

to holders of redeemable participating units) (806,355) (1,126,387)

Net assets attributable to holders of redeemable

participating units (at last traded market prices) 97,056,509 84,582,108

Units in issue (Note 6)

Class A USD Acc 2,482,398 2,429,028

Class A USD Inc 64,260 78,897

Class C USD Acc 9,298 10,486

The accompanying notes form an integral part of these financial statements

8

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

For the period ended 31 January 2018



31/01/2018 31/01/2017

Notes US$ US$

Net assets attributable to holders of redeemable participating

units at the beginning of the period 84,582,108* 82,946,092

Increase in net assets for the period attributable to holders of

redeemable participating units from operations 10,814,245 2,377,719

Issue of redeemable participating units for the period 6 19,495,704 4,264,181

Redemption of redeemable participating units for the period 6 (17,835,755) (14,913,001)

Income equalisation 5 207 -

Net assets attributable to holders of redeemable

participating units at the end of the period 97,056,509 74,674,991

* The opening net assets attributed to unitholders for 2018 differ from the closing position in 2017 by the change in net assets attributable to

unitholders for the second half of the comparative financial year.


9

Profit and loss account




Notes 31/01/2018 31/01/2017

Investment income US$ US$

Dividend income 564,908 406,733

Interest income/(loss) 150,394 (17,970)

Net fair value gain on financial assets at fair value through

profit or loss 4 10,820,496 2,647,961

Management fee rebates 3 17,787 21,766

Total investment income 11,553,585 3,058,490

Expenses

Management fees 3 (444,493) (402,904)

Administration fees 3 (166,685) (151,089)

General expenses 3 (59,545) (44,674)

Depositary fees 3 (9,334) (8,461)

Total operating expenses (680,057) (607,128)

Net profit before finance costs and tax 10,873,528 2,451,362

Finance costs

Bank interest expense (172) -

Distributed income 5 (5,655) -

Total finance costs (5,827) -

Profit for the financial period 10,867,701 2,451,362

Tax

Withholding tax on dividends and other investment income (53,456) (73,643)

Total tax (53,456) (73,643)

Increase in net assets for the period from operationsattributable to holders of redeemable participating units 10,814,245 2,377,719


10

Baring World Dynamic Asset Allocation Fund - Investment Manager’s report

Performance

Growth-sensitive asset classes, including equities and commodities, continued to rally in the past six months.

During the six-month period we saw a continuation of the positive investor sentiment seen in the first half of the

year. Macroeconomic data remained strong across the board, where pickup in global growth that was initially

driven by an upswing in the industrial cycle broadened to non-industrial areas across both developed market and

emerging market economies. On corporate earnings, the positive trend in earnings revisions broadened across

most regions and sectors during the period. On the fiscal side, the US tax reform legislation that was passed and

signed into law late 2017 provided a further boost to risk assets. Overall, equities performed strongly, led by

emerging markets such as China, during the period. By sector, cyclically-oriented sectors such as information

technology, consumer discretionary, industrials and financials led, while defensive sectors such as utilities and

telecommunication services lagged. Fixed income markets were negatively impacted by higher interest rates

during the period.

The Fund performed strongly during the period on the back of the favourable investment backdrop on absolute

and relative terms against its performance comparator US 3-month LIBOR + 4%. In particular, our preference of

equities over fixed income contributed positive to performance. Within equities, the Fund’s exposure in Europe

and Asia were among the key contributors to performance during the period.

Market outlook

Since mid-2016 to date, we have been holding a favourable view towards risk assets, particularly equities and

Emerging Markets assets. This is driven by a positive synchronised global economic backdrop, strong corporate

earnings growth revisions, and the still-supportive (although less so than 2017) liquidity environment. While

interest rates have risen in recent weeks, we do not believe that the real economy and corporate earnings would

be meaningfully affected yet as we are still in the normalisation phase, not tightening. One of the short-term risks

we have been highlighting is that many risk assets appear stretched on a technical basis. On a fundamental

basis, we have not seen a change in the positive trend that has supported the rally in risk assets of late.

Overall, we remain constructive in risk assets such as equities and corporate bonds in the near term, but expect

to encounter higher volatility in 2018, which highlights the importance of a dynamic approach to investing in the

coming year.

Baring Asset Management (Asia) Limited,

appointed as Sub-Investment Manager by


February 2018

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.

11

Balance sheet


Baring World Dynamic Baring World Dynamic

Asset Allocation Fund Asset Allocation Fund

31/01/2018 31/07/2017

Assets Notes US$ US$ Financial assets at fair value through profit or loss 46,821,103 43,067,827

Cash

1,562,362 955,342

Receivable for securities sold

- 690,834

Dividends and interest receivable

104,650 90,678

Total assets

48,488,115 44,804,681

Liabilities Financial liabilities at fair value through profit

or loss (196,374) (20,923)

Management fee payable 3 (30,120) (29,167)

Administration fee payable 3 (4,013) (3,396)

Depositary fee payable 3 (1,661) (992)

Securities purchased payable

(667,056) (399,514)

Other liabilities 3 (83,936) (83,282)

Total liabilities (excluding net assets attributable to holders of redeemable participating units) (983,160) (537,274)

Net assets attributable to holders of redeemable participating units (at last traded market prices)

47,504,955 44,267,407

Units in issue (Note 6) Class A USD Acc

1,616,733 1,621,521

Class A AUD Hedged Acc

99,343 99,343

Class I USD Acc

2,005,662 2,005,662


12

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




31/01/2018 31/01/2017

Notes US$ US$

Net assets attributable to holders of redeemable participating units at the beginning of the period

44,267,407* 36,800,243 Increase in net assets for the period attributable to holders of redeemable participating units from operations

3,295,978 627,897

Issue of redeemable participating units for the period 6 45,000 144,177

Redemption of redeemable participating units for the period 6 (103,430) (1,070,806)

Net assets attributable to holders of redeemable participating units at the end of the period

47,504,955 36,501,511

* The opening net assets attributed to unitholders for 2018 differ from the closing position in 2017 by the change in net assets attributable to

unitholders for the second half of the comparative financial year.


13

Profit and loss account




31/01/2018 31/01/2017

Investment income Notes US$ US$

Bank interest income

1,593 112

Interest income

187,417 107,617

Dividend income

195,109 172,216

Net fair value gain on financial assets at fair value through profit or loss 4 3,161,750 554,866

Management fee rebates 3 - 15,381

Total investment income

3,545,869 850,192

Expenses Management fees 3 (172,999) (152,551)

Administration fees 3 (22,940) (18,848)

Depositary fees 3 (4,817) (3,958)

General expenses 3 (27,438) (13,576)

Total operating expenses

(228,194) (188,933)

Net profit before finance costs and tax 3,317,675 661,259

Finance costs Bank interest expense

(151) (41)

Total finance costs

(151) (41)

Profit for the financial period

3,317,524 661,218

Tax

Withholding tax on dividends and other

investment income

(21,546) (33,321)

Total tax

(21,546) (33,321)

Increase in net assets for the period

attributable to holders of redeemable participating units from operations

3,295,978 627,897


14

Notes to the financial statements

1. Principal accounting policies

The principal accounting policies adopted by Baring Global Opportunities Umbrella Fund (“the Unit Trust”) in

the preparation of these interim financial statements are as follows:

Basis of preparation

In preparing the condensed interim financial statements for the period ended 31 January 2018, the Directors

of Baring International Fund Managers (Ireland) Limited (“the Alternative Investment Fund Manager” (“AIFM”))

have applied Financial Reporting Standard 104 (“FRS 104”), ‘Interim Financial Reporting’, and these financial

statements comply with that standard.

The Unit Trust has been authorised by the Central Bank of Ireland (“the CBI”) pursuant to the Unit Trusts Act,

1990, and the Trust Deed. As the Baring Asia Balanced Fund (“the Fund”) is registered for sale in Hong

Kong, the Fund has also been authorised by the Hong Kong Securities and Futures Commission (“SFC”)

pursuant to the provisions of the Hong Kong Code on Unit Trusts and Mutual Funds, supplemented or

consolidated from time to time. The condensed interim financial statements have been prepared in

accordance with accounting standards generally accepted in Ireland and Irish Statute comprising the Unit

Trusts Act, 1990, and the provisions of the Hong Kong Code on Unit Trusts and Mutual Funds. Accounting

standards generally accepted in Ireland in preparing financial statements giving a true and fair view are those

promulgated by the Institute of Chartered Accountants in Ireland and issued by the Financial Reporting

Council.

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

statements for the year ended 31 July 2017, which have been prepared in accordance with Financial

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

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

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

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

statement.

The accounting policies used in the preparation of these financial statements are consistent with those used

in the annual financial statements for the year ended 31 July 2017.

Fair value measurement

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

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

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

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

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

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

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

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

Instruments and Other Financial Instruments.

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

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

Fair value estimation

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly

transaction between market participants at the measurement date. Under the recognition and measurement

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

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

Fund’s Valuation Point on the reporting date.

15

Notes to the financial statements (continued)

1. Principal accounting policies (continued)

Comparative information

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

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

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

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

financial year.

2. Fair value information

Fair value hierarchy

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

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

following levels:

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

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

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

• Level 3: Inputs for the asset or liability that are not based on observable market data (that is, unobservable

inputs).

The level in the fair value hierarchy within which the fair value measurement is categorised in its entirety is

determined on the basis of the lowest input that is significant to the fair value measurement in its entirety. For

this purpose, the significance of an input is assessed against the fair value measurement in its entirety. If a

fair value measurement uses observable inputs that require significant adjustment based on unobservable

inputs, that measurement is a level 3 measurement. Assessing the significance of a particular input to the fair

value measurement in its entirety requires judgement, considering factors specific to the asset or liability.

The determination of what constitutes ‘observable’ requires significant judgement by the AIFM. The AIFM

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 table below sets out fair value measurements using the FRS 102 fair value hierarchies:

As at 31/01/2018 Total Level 1 Level 2 Level 3

Baring Asia Balanced Fund US$ US$ US$ US$

Financial assets

Equities 70,959,692 69,801,845 1,157,847 -

Fixed interest 17,691,696 - 17,691,696 -

Collective Investment Schemes 1,892,767 - 1,892,767 -

Open forward foreign currency transactions 166,588 - 166,588 -

Total 90,710,743 69,801,845 20,908,898 -

Financial liabilities

Open forward foreign currency transactions (331,891) - (331,891) -

Total (331,891) - (331,891) -

16


2. Fair value information (continued)

Fair value hierarchy (continued)

Comparative as at 31/07/2017 Total Level 1 Level 2 Level 3

Baring Asia Balanced Fund US$ US$ US$ US$

Financial assets

Equities 63,831,878 62,979,060 852,818 -

Fixed interest 14,553,864 - 14,553,864 -

Collective Investment Schemes 2,753,932 - 2,753,932 -

Total 81,139,674 62,979,060 18,160,614 -



Total (42,131) - (42,131) -

As at 31/01/2018 Total Level 1 Level 2 Level 3

Baring World Dynamic Asset Allocation

Fund

US$ US$ US$ US$

Financial assets

Equities 26,725,240 26,552,601 172,639 -

Fixed interest 19,957,165 - 19,957,165 -


Total 46,821,103 26,552,601 20,268,502 -



Total (196,374) - (196,374) -

Comparative as at 31/07/2017 Total Level 1 Level 2 Level 3

Baring World Dynamic Asset Allocation

Fund

US$ US$ US$ US$

Financial assets

Equities 24,523,179 24,258,567 264,612 -

Fixed interest 18,495,188 - 18,495,188 -


Total 43,067,827 24,258,567 18,809,260 -



Total (20,923) - (20,923) -

17


3. Fees and related party disclosures

Management fee

Baring Asia Balanced Fund (“the Fund”)

The AIFM is entitled under the Trust Deed to make a management charge at a rate not exceeding 2% per

annum (or such higher percentage per annum as may be substituted by a supplemental Trust Deed which

would be approved by an Extraordinary Resolution of unitholders of the relevant class) of the value of the net

assets of the Fund (“the Management Charge”). The Management Charge, which comprises the

management fee and fees charged by the AIFM in respect of depositary and administration services, is

payable monthly in arrears and will be calculated and accrued by reference to the value of the net assets of

the Fund as at each day at which the value of the net assets of the Fund is calculated. The AIFM currently

charges a management fee payable out of the management charge for the Baring Asia Balanced Fund at a

rate of 1% per annum of the value of the net assets of the Fund attributable to each class. The management

fee may be increased to an amount not exceeding 2% per annum of the value of the net assets of the Fund

attributable to each class on giving not less than three months’ notice to unitholders, provided that the overall

management charge does not exceed 2% per annum.

Baring World Dynamic Asset Allocation Fund (“the Fund”)

Details of the maximum permitted management charge and the current management fee for the Baring World

Dynamic Asset Allocation Fund are set out in the table below:

Class Management fee* Maximum permitted

Management charge

Class A USD Acc 1.00% 2.00%

Class A HKD Acc 1.00% 2.00%

Class A HKD Inc 1.00% 2.00%

Class A AUD Hedged Acc 1.00% 2.00%

Class A AUD Hedged Inc 1.00% 2.00%

Class A RMB Hedged Acc 1.00% 2.00%

Class A RMB Hedged Inc 1.00% 2.00%

Class I USD Acc 0.55% 2.00%

Class I HKD Acc 0.55% 2.00%

Class I RMB Hedged Acc 0.55% 2.00%

Class I KRW Hedged Acc 0.55% 2.00%

Class I TWD Hedged Acc 0.55% 2.00%

Class X KRW Hedged Acc** N/A N/A

* With effect from 30 December 2016, the investment objective and policy of the Fund was amended. As a result, its name changed from Baring

Asia Dynamic Asset Allocation Fund to Baring World Dynamic Asset Allocation Fund and the annual management charges were reduced. More

specifically, the management fees changed from 1.25% to 1.00% for Class A units and from 0.75% to 0.55% for Class I units.

* As a result of Unitholder approval, the Manager’s Management Charge of the Fund was reduced with effect from 30 December 2016.

** In respect of Class X units, no management charges are taken in the Fund. Management charges are subject to a separate agreement

between the investor and the Investment Manager or its associates. Class X units may only be issued to investors who have in place an

agreement with the Investment Manager in relation to the collection of an investment management charge or similar fee arrangement.

18


3. Fees and related party disclosures (continued)

Management fee (continued)

Baring World Dynamic Asset Allocation Fund (“the Fund”) (continued)

Where the Net Asset Value of the Unit Trust includes values in respect of interest in an investment fund

managed by a subsidiary of the Investment Manager, the fee payable to the AIFM shall not accrue in respect

of any holding of that Fund in any such Barings Fund at the relevant rate set out above, but shall accrue at a

lower rate equal to the percentage rate (if any) by which the rate for such Fund set out above exceeds the

annual rate charged to the Barings Fund for comparable management services. Baring Asia Balanced Fund

received a management rebate for the period of US$17,787 (31 January 2017: US$21,766) in relation to an

investment in Baring Greater China Equity Fund, Baring Global Multi Asset Income Fund and Baring India

Fund. Baring World Dynamic Asset Allocation Fund received a management fee rebate for the year of nil (31

January 2017: US$15,381).

The Unit Trust is managed by Baring International Fund Managers (Ireland) Limited, who have appointed the

Investment Manager, an investment management company incorporated in London on 6 April 1994. The

Investment Manager is part of the Barings LLC group and is a wholly-owned subsidiary of Massachusetts

Mutual Life Insurance Company (“MassMutual”). The outstanding amounts payable as at the end of the

period for management fees are disclosed on each Fund’s balance sheet. Parties are considered to be

related if one party has the ability to control the other party or exercise significant influence over the other

party in making financial or operational decisions. Oliver Burgel, Peter Clark, Timothy Schulze and Julian

Swayne are/were connected to the AIFM through employment with Barings LLC and its subsidiaries.

Administration fee


For the Baring Asia Balanced Fund, an administration fee is paid out of the Management Charge at the rate

of 0.375% per annum of the value of the net assets of the Fund attributable to each class. The fees of the

Administrator will be met by the AIFM out of the Management Charge. The Administrator is also entitled to be

reimbursed all out-of-pocket expenses incurred by it in the course of its respective duties, which shall be

borne by the Fund.


For the Baring World Dynamic Asset Allocation Fund, the AIFM is entitled to receive under the Trust Deed a

maximum administration fee for the account of the AIFM (in addition to the management fee) at the rate of

0.10% of the Net Asset Value of the Baring World Dynamic Asset Allocation Fund calculated by reference to

the daily calculation of the Net Asset Value of the Baring World Dynamic Asset Allocation Fund. Such fees

are to be paid monthly in arrears and are payable out of the assets of the Baring World Dynamic Asset

Allocation Fund. The AIFM will pay the fees of the Administrator out of the administration fee. The

Administrator will also be entitled to receive, out of the assets of the Baring World Dynamic Asset Allocation

Fund, all out-of-pocket expenses incurred by it in the course of providing its duties.

Depositary fee


A Depositary fee is paid out of the Management Charge, and such a fee is not to exceed 0.025% per annum

of the Net Asset Value of the Fund attributable to each class. The fees of Northern Trust Fiduciary Services

(Ireland) Limited (“the Depositary”) will be met by the AIFM out of the Management Charge. The Depositary is

also entitled to be reimbursed all out-of-pocket expenses incurred by it in the course of its respective duties,

including all fees and charges of sub-custodians appointed by the Depositary (including the fees and

expenses of any sub-sub-custodians), which shall be borne by the Fund.

19



Depositary fee (continued)


The Depositary is entitled under the Trust Deed to receive out of the assets of the Baring World Dynamic

Asset Allocation Fund an annual fee calculated on a sliding scale, payable monthly in arrears, as set out

below, calculated and accrued based on the Net Asset Value of the Fund on each Fund dealing day:

Fee charged to each Fund % of total assets

FUM £0 to £500M 0.025%

FUM £500m to £1bn 0.015%

Excess 0.008%

In addition, the Depositary will also charge transaction fees, safekeeping fees and account maintenance

charges out of the assets of each Fund, which shall be at normal commercial rates. The Depositary is entitled

to be reimbursed all fees and charges of sub-custodians appointed by it and all other out-of-pocket expenses

incurred by it. Any sub-custodian fees will be charged at normal commercial fees.

Legal fee

Mark Thorne is a partner of Dillon Eustace, the Legal Adviser, and was a Director of the AIFM. The fees paid

to Dillon Eustace during the period were US$326 (31 January 2017: US$1,137). As of 14 December 2016,

Matheson replaced Dillon Eustace as the Funds’ Legal Adviser.

Other expenses

The Depositary will pay out of the assets of the Unit Trust the above fees and expenses, stamp duties, taxes,

brokerage or other expenses of acquiring and disposing of investments, the fees and expenses of the

auditors, listing fees and legal expenses of the AIFM, and the cost of obtaining authorisation for maintaining

and registering the Unit Trust and the units with any governmental or regulatory authority or with any

regulated market deemed appropriate by the AIFM from time to time. The costs of printing, distributing and

translating reports, accounts, and any Prospectus, publishing prices, and any costs incurred as a result of a

change in law or the introduction of any new law (including any costs incurred as a result of compliance with

any code relating to unit trusts, whether or not having the force of law) will also be paid out of the assets of

the Unit Trust.

Expenses are charged to the Funds in respect of which they are incurred or, where an expense is not

considered by the Depositary to be attributable to any one Fund, the expense will normally be allocated by

the Depositary to all Funds pro rata to the value of the net assets of the relevant Funds.

Collective Investment Schemes

The Funds have invested in a number of Collective Investment Schemes (“CISs”), which are managed by the

Investment Manager. These holdings are detailed on the portfolio statements.

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 Fund units for third parties, are also paid out of the management fees.

20



Transaction costs

The transaction costs incurred by the Funds for the period ended 31 January 2018 and 31 January 2017 were

as follows:

31/01/2018 31/01/2017

US$ US$

Baring Asia Balanced Fund 91,210 103,376

Baring World Dynamic Asset Allocation Fund 39,406 89,911

Significant unitholdings

The following table details significant concentrations in unitholdings of the Funds or instances where the units

are beneficially held by other investment funds managed by Baring Asset Management or one of its affiliates,

as at 31 January 2018.

Fund name

Number of unitholders with

beneficial interest greater than 20% of

the units in issue

Total % of units held by unitholders with beneficial

interest greater than 20% of the units in issue

Total % of units held by investment funds managed

by Barings International Fund Managers (Ireland)

Limited

Baring Asia Balanced Fund Nil (31/01/2017: 1) Nil (31/01/2017: 21.13%) 2.21% (31/01/2017: Nil)

Baring World Dynamic Asset Allocation Fund 3 (31/01/2017: 2) 92.81% (31/01/2017: 77.31%) 22.02% (31/01/2017: 20.48%)

There were no transactions with connected parties, other than as disclosed above, during the period ended

31 January 2018.

4. Net gains on investments

The following table analyses the realised and unrealised gains and losses on investments and currencies

from the profit and loss account on page 9. This requirement complies with the CBI’s AIF Rulebook.


31/01/2018 31/01/2017

US$ US$

Realised gains on sale of investments 7,066,170 8,048,279

Realised losses on sale of investments (4,303,892) (5,544,369)

Realised currency gains 697,685 2,271,295

Realised currency losses (790,689) (1,711,305)

Unrealised gains on investments 11,014,231 4,051,435

Unrealised losses on investments (2,740,054) (5,081,844)

Unrealised currency gains 166,629 772,588

Unrealised currency losses (289,584) (158,118)

10,820,496 2,647,961

21


4. Net gains on investments (continued)

The following table analyses the realised and unrealised gains and losses on investments and currencies

from the profit and loss account on page 13. This requirement complies with the CBI’s AIF Rulebook.


31/01/2018 31/01/2017

US$ US$

Realised gains on sale of investments 3,153,286 5,539,075

Realised losses on sale of investments (1,768,634) (4,633,399)

Realised currency gains 514,204 1,227,743

Realised currency losses (528,549) (1,021,829)

Unrealised gains on investments 3,331,358 1,803,748

Unrealised losses on investments (1,453,700) (2,636,058)

Unrealised currency gains 89,207 303,112

Unrealised currency losses (175,422) (27,526)

3,161,750 554,866

5. Distributions

In the period ended 31 January 2018, the Funds declared and paid distributions as follows:

Distribution

frequency

Income

available for

distribution

Distributed

amount

paid*

Income

equalisation**

US$ US$ US$Total distribution Baring Asia

Balanced Fund Quarterly (5,655) (5,655) 207

* Includes distributions with an ex-date of 1 August 2017 which were paid during the current financial period. These distributions with an ex-date

of 1 August 2017 reflect the undistributed income on the Fund as at 31 July 2017.

** Income equalisation relates to the dealing activity of distributing classes for the period from 1 August 2017 to 31 January 2018. The income

equalisation of the distributing classes is disclosed separately in the profit and loss account for the period ended 31 January 2018.

The Baring World Dynamic Asset Allocation Fund was in deficit at 31 January 2018.

Comparative as at 31 July 2017

In the year ended 31 July 2017, the Funds declared and paid distributions as follows:

Distribution

frequency

Income

available for

distribution

Distributed

amount paid*

Income

equalisation**

US$ US$ US$Total distribution Baring Asia

Balanced Fund Quarterly (7,927) (7,927) (355)

* Includes distributions with an ex-date of 1 August 2016 which were paid during the current financial year. These distributions with an ex-date

of 1 August 2016 reflect the undistributed income on the Fund as at 31 July 2016.

** Income equalisation relates to the dealing activity of distributing classes for the year from 1 August 2016 to 31 July 2017. The income

equalisation of the distributing classes is disclosed separately in the statement of changes in net assets attributable to holders of redeemable

participating units for the year ended 31 July 2017.

The Baring World Dynamic Asset Allocation Fund was in deficit at 31 July 2017.

22


6. Units issued and redeemed

Baring Asia Balanced Fund - Class A USD Acc31/01/2018 31/07/2017

By units: units units

Units in issue at the beginning of period/year 2,429,028 2,694,719

Units issued during the period/year 518,104 478,777

Units redeemed during the period/year (464,734) (744,468)

Units in issue at end of the period/year 2,482,398 2,429,028

Baring Asia Balanced Fund - Class A USD Inc31/01/2018 31/07/2017


Units in issue at the beginning of period/year 78,897 87,138



Units in issue at end of the period/year 64,260 78,897

Baring Asia Balanced Fund - Class C USD Acc31/01/2018 31/07/2017



Units issued during the period/year - -



Baring World Dynamic Asset Allocation Fund - Class A USD Acc31/01/2018 31/07/2017




Units redeemed during the period/year (8,576) -


Baring World Dynamic Asset Allocation Fund - Class A

AUD Hedged Acc

31/01/2018 31/07/2017



Units issued during the period/year - -

Units redeemed during the period/year - -


Baring World Dynamic Asset Allocation Fund - Class I USD Acc31/01/2018 31/07/2017



Units issued during the period/year - 1,360

Units redeemed during the period/year - (95,437)


23


7. Soft commission arrangements

The AIFM and its associates will not receive cash from, or offer rebates to, brokers or dealers in respect of

transactions for the Investment Manager. The Investment Manager uses dealing commission generated on

equity transactions to purchase goods and services that relate to the execution of trades or the provision of

research for the benefit of the Funds. Execution of transactions will be consistent with best execution

standards. The Unit Trust has engaged in such activities during the period in respect of both the Baring Asia

Balanced Fund and the Baring World Dynamic Asset Allocation Fund.

8. Comparative statistics

31/01/2018 31/07/2017 31/07/2016

Total Net Asset Value

Baring Asia Balanced Fund US$97,056,509 US$84,582,108 US$82,946,092

Net Asset Value per unit

Baring Asia Balanced Fund - Class A USD Acc US$38.04 US$33.65 US$29.62

Baring Asia Balanced Fund - Class A USD Inc US$36.22 US$32.11 US$28.35

Baring Asia Balanced Fund - Class C USD Acc US$34.18 US$30.40 US$27.03

Total Net Asset Value

Baring World Dynamic Asset Allocation Fund US$47,504,955 US$44,267,407 US$36,800,243

Net Asset Value per unit:

Baring World Dynamic Asset Allocation Fund -

Class A USD Acc US$12.62 US$11.76 US$10.88


Class A AUD Hedged Acc AU$14.36 AU$13.38 AU$12.33


Class I USD Acc US$12.95 US$12.04 US$11.09

9. Transactions with connected parties

The CBI’s Alternative Investment Fund (“AIF”) Rulebook requires that any transactions carried out with the

Fund by a Promoter, Alternative Investment Fund Manager (“AIFM”), Depositary, Investment Manager and/or

associated group of companies of these (“connected parties”) are carried out as if negotiated at arm’s length

and are in the best interests of the unitholders.

The Directors of the AIFM are satisfied that there are arrangements in place to ensure that this requirement is

applied to all transactions with connected parties and that all transactions with connected parties during the

period complied with this requirement.

24


10. Exchange rates

As at 31/01/2018 Exchange rate to US$ Exchange rate to US$

Australian dollar 1.2336 New Taiwan dollar 29.1455

Canadian dollar 1.2288 Norwegian krone 7.6854

Euro 0.8029 Philippine peso 51.3000

Hong Kong dollar 7.8204 Polish zloty 3.3306

Indonesian rupiah 13,388.5000 Pound sterling 0.7062

Japanese yen 108.7750 Singapore dollar 1.3080

Korean won 1,067.8500 Swiss franc 0.9329

Malaysian ringgit 3.8978 Thai baht 31.3200

As at 31/07/2017 Exchange rate to US$ Exchange rate to US$

Australian dollar 1.2545 New Taiwan dollar 30.1955

Canadian dollar 1.2475 Norwegian krone 7.9574

Euro 0.8523 Philippine peso 50.4600

Hong Kong dollar 7.8104 Polish zloty 3.6254

Indonesian rupiah 13,324.0000 Pound sterling 0.7620

Japanese yen 110.5750 Singapore dollar 1.3573

Korean won 1,119.0500 Swiss franc 0.9707

Malaysian ringgit 4.2815 Thai baht 33.2765

11. Bank facilities

There is a bank overdraft facility in place with The Northern Trust Company (“TNTC”). An “uncommitted”

multi-currency loan facility has been made available by TNTC to the Funds. As at 31 January 2018, neither of

the Funds had drawn down on this facility (31 July 2017: None).

12. Taxation

Under current law and practice, the Unit Trust qualifies as an investment undertaking as defined in Section

739B of the Taxes Consolidation Act, 1997, as amended. On that basis, it is not chargeable to Irish tax on its

income or gains.

However, Irish tax may arise on the happening of a “chargeable event”. A chargeable event includes any

distribution payments to unitholders, any encashment, redemption, cancellation or transfer of units, and the

holding of units at the end of each eight-year period beginning with the acquisition of such units.

No Irish tax will arise on the Unit Trust in respect of chargeable events in respect of:

(a) a unitholder who is neither Irish resident nor ordinarily resident in Ireland for tax purposes at the time

of the chargeable event, provided appropriate valid declarations in accordance with the provisions of

the Taxes Consolidation Act, 1997, as amended, are held by the Unit Trust, or the Unit Trust has

been authorised by the Irish Revenue to make gross payments in the absence of appropriate

declarations; and

(b) certain exempted Irish tax resident unitholders who have provided the Unit Trust with the necessary

signed statutory declarations.

Dividends, interest and capital gains (if any) received on investments made by the Unit Trust may be subject

to 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.

25


13. Subsequent events

There have been no other events subsequent to the period-end which, in the opinion of the Directors of the

AIFM, may have had an impact on the financial statements for the period ended 31 January 2018.

14. Approval of financial statements

The financial statements were approved by the Directors of the AIFM on 28 March 2018.

26

Portfolio statements



Financial assets at fair value through profit or loss

Nominal Fair value % of

Collective Investment Schemes: 1.95% (2017: 3.26%) Currency holdings US$ NAV

China/Hong Kong: 1.95% (2017: 1.97%)

Baring Global Multi Asset Income Fund USD 639,535 895,924 0.92

Baring Greater China Equity Fund USD 639,535 996,843 1.03

1,892,767 1.95

India: 0.00% (2017: 1.29%)

Total Collective Investment Schemes 1,892,767 1.95

Equities: 73.11% (2017: 75.46%)

Australia: 2.90% (2017: 2.97%)

Aristocrat Leisure AUD 28,406 550,353 0.57

Evolution Mining AUD 275,430 636,340 0.66

Galaxy Resources AUD 121,114 325,961 0.34

Orocobre AUD 59,900 348,646 0.36

Rio Tinto AUD 7,709 480,259 0.49

Westpac Banking AUD 18,688 469,026 0.48

2,810,585 2.90

Austria: 0.00% (2017: 0.21%)

Belgium: 0.47% (2017: 0.58%)

KBC Groep EUR 4,704 452,752 0.47

452,752 0.47

Canada: 1.33% (2017: 0.73%)

Agnico Eagle Mines CAD 12,586 598,163 0.62

Canadian Natural Resources CAD 8,398 290,937 0.30

Suncor Energy CAD 11,070 399,540 0.41

1,288,640 1.33

China/Hong Kong: 19.07% (2017: 18.73%)

AAC Technologies HKD 72,000 1,204,243 1.24

AIA HKD 117,600 1,007,525 1.04

BBMG HKD 348,000 173,547 0.18

China Construction Bank HKD 1,416,000 1,633,216 1.68

China Literature HKD 47 487 - China Merchants Bank HKD 322,000 1,579,047 1.63

China Resources Beer HKD 370,893 1,401,457 1.44

China Resources Cement HKD 346,000 260,594 0.27

CSPC Pharmaceutical HKD 402,000 892,380 0.92

Minth HKD 52,000 293,900 0.30

New World Development HKD 577,000 934,078 0.96

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

27

Portfolio statements (continued)



Financial assets at fair value through profit or loss (continued)

Nominal Fair value % ofEquities: 73.11% (2017: 75.46%) (continued) Currency holdings US$ NAV

China/Hong Kong: 19.07% (2017: 18.73%) (continued)

Ping An Insurance Group of China HKD 288,500 3,417,945 3.52

Shenzhou International HKD 104,000 1,073,865 1.11

Techtronic Industries HKD 168,000 1,119,234 1.15

Tencent HKD 59,400 3,521,305 3.63

18,512,823 19.07

Denmark: 0.51% (2017: 0.38%)

Novo Nordisk DKK 7,705 435,843 0.45

Pandora DKK 649 62,279 0.06

498,122 0.51

Finland: 1.06% (2017: 0.90%)

Elisa EUR 14,350 612,302 0.63

Fortum EUR 18,977 422,001 0.43

1,034,303 1.06

France: 3.03% (2017: 3.70%)

BNP Paribas EUR 5,412 450,257 0.46

Capgemini EUR 3,784 499,555 0.51

Engie EUR 22,642 392,255 0.40

Iliad EUR 601 156,664 0.16

Natixis EUR 51,662 469,314 0.48

Orpea EUR 296 36,939 0.04

Rubis EUR 6,776 501,709 0.52

Société Générale EUR 7,595 441,461 0.46

2,948,154 3.03

Germany: 2.83% (2017: 3.52%)

Aareal Bank EUR 13,052 661,116 0.68

Bayer EUR 814 107,199 0.11

CECONOMY EUR 3,841 55,779 0.06

Daimler EUR 452 41,731 0.04

Deutsche Telekom EUR 31,217 546,642 0.57

Gerresheimer EUR 1,577 138,958 0.14

Henkel EUR 2,459 309,931 0.32

ProSiebenSat.1 Media EUR 2,900 111,244 0.12

Schaeffler Pref EUR 8,634 173,664 0.18

Software EUR 4,579 249,389 0.26

Symrise EUR 4,094 343,460 0.35

2,739,113 2.83


28






Indonesia: 1.31% (2017: 1.47%)

Bank Rakyat IDR 2,301,500 636,035 0.66

Telekomunikasi IDR 2,113,100 629,740 0.65

1,265,775 1.31

Israel: 0.03% (2017: 0.13%)

Wix.com USD 506 30,461 0.03

30,461 0.03

Italy: 0.74% (2017: 0.72%)

Intesa Sanpaolo EUR 120,569 472,111 0.49

Italgas EUR 17,444 106,847 0.11

UniCredit EUR 6,122 134,407 0.14

UniCredit Rts EUR 6,122 28 - 713,393 0.74

Japan: 7.61% (2017: 4.75%)

Chiba Bank JPY 56,000 485,994 0.50

East Japan Railway JPY 1,000 99,701 0.10

Ezaki Glico JPY 2,700 138,010 0.14

Fukuoka Financial JPY 143,000 830,853 0.86

Japan Lifeline JPY 5,400 138,804 0.14

Japan Post Bank JPY 13,200 178,751 0.18

Mitsubishi UFJ Financial JPY 39,300 296,552 0.31

Mitsui Fudosan JPY 11,500 302,103 0.31

Mizuho Financial JPY 97,900 184,775 0.19

Nippon Telegraph & Telephone JPY 6,200 295,879 0.30

Nissan Motor JPY 32,200 344,424 0.35

PeptiDream JPY 10,300 426,109 0.44

Pigeon JPY 2,000 78,327 0.08

Resona JPY 33,700 203,641 0.21

SCSK JPY 8,200 378,433 0.39

Shimadzu JPY 26,400 667,675 0.69

Shimano JPY 2,000 286,831 0.30

Sumitomo Mitsui Financial JPY 4,500 201,802 0.21

Sumitomo Mitsui Trust JPY 4,900 203,928 0.21

Suruga Bank JPY 16,300 329,971 0.34

Takeda Pharmaceutical JPY 12,400 731,289 0.75

Tokyo Electron JPY 800 150,476 0.16

Toyota Motor JPY 6,300 433,225 0.45

7,387,553 7.61


29






Malaysia: 0.69% (2017: 0.00%)

CIMB MYR 358,900 667,571 0.69

667,571 0.69

Netherlands: 1.17% (2017: 1.22%)

Aalberts Industries EUR 3,373 183,705 0.19

ASM International EUR 1,761 127,339 0.13

Koninklijke KPN EUR 92,083 326,737 0.34

Koninklijke Vopak EUR 11,031 498,847 0.51

1,136,628 1.17

Norway: 0.22% (2017: 0.13%)

Marine Harvest NOK 1,897 33,002 0.03

Schibsted NOK 1,463 46,943 0.05

TGS NOPEC Geophysical NOK 5,233 132,436 0.14

212,381 0.22

Philippines: 0.59% (2017: 0.49%)

Alliance Global PHP 1,920,900 574,398 0.59

574,398 0.59

Singapore: 0.63% (2017: 1.24%)

DBS SGD 30,400 613,601 0.63

613,601 0.63

South Korea: 2.99% (2017: 2.58%)

LG Chem KRW 1,005 406,574 0.42

OCI KRW 3,843 608,201 0.63

Samsung Electronics KRW 254 593,464 0.61

SK Hynix KRW 8,873 610,728 0.63

S-Oil KRW 5,878 677,056 0.70

2,896,023 2.99

Spain: 0.79% (2017: 1.78%)

Amadeus IT EUR 4,785 370,680 0.38

Gas Natural EUR 15,817 367,195 0.38

Indra Sistemas EUR 1,987 29,449 0.03

767,324 0.79

Sweden: 0.83% (2017: 0.57%)

Intrum Justitia SEK 1,422 53,740 0.06

Skandinaviska Enskilda Banken SEK 48,341 622,943 0.64

Volvo SEK 5,988 123,233 0.13

799,916 0.83


30






Switzerland: 2.68% (2017: 3.75%)

Baloise CHF 3,009 492,522 0.51

Chocoladefabriken Lindt & Spruengli CHF 4 297,138 0.31

Helvetia CHF 677 404,937 0.42

Nestlé CHF 3,622 315,027 0.32

Schindler CHF 1,382 346,944 0.35

SGS CHF 129 349,015 0.36

UBS CHF 19,690 401,018 0.41

2,606,601 2.68

Taiwan: 2.40% (2017: 1.45%)

Cathay Financial TWD 301,000 563,881 0.58

Hota Industrial Manufacturing TWD 131,000 552,847 0.57

President Chain Store TWD 63,000 623,613 0.64

Taiwan Semiconductor Manufacturing TWD 68,000 594,946 0.61

2,335,287 2.40

Thailand: 1.19% (2017: 1.01%)

CP ALL THB 218,500 556,366 0.57

Land & Houses THB 1,624,000 601,481 0.62

1,157,847 1.19

United Kingdom: 4.08% (2017: 3.72%)

Associated British Foods GBP 7,261 284,717 0.29

AstraZeneca GBP 152 10,690 0.01

Beazley GBP 14,602 110,317 0.11

Centrica GBP 101,447 190,707 0.20

Compass GBP 14,473 304,149 0.31

Diageo GBP 7,020 251,508 0.26

Drax GBP 66,514 249,605 0.26

Fevertree Drinks GBP 1,090 37,817 0.04

Fresnillo GBP 29,778 569,487 0.59

HSBC - London GBP 25,955 278,345 0.29

Imperial Brands GBP 7,077 291,282 0.30

Lloyds Banking GBP 157,409 156,347 0.16

Randgold Resources GBP 5,825 589,623 0.61

Shire GBP 1,028 49,088 0.05

St James's Place GBP 455 7,700 0.01

Standard Chartered GBP 2,473 28,664 0.03

Tate & Lyle GBP 26,933 245,697 0.25

Unilever GBP 5,368 305,129 0.31

3,960,872 4.08


31






United States: 13.96% (2017: 18.73%)

3M USD 1,522 382,844 0.39

AbbVie USD 3,486 403,958 0.42

Acadia Healthcare USD 3,397 116,381 0.12

Adobe Systems USD 2,151 423,532 0.44

AGCO USD 2,269 165,274 0.17

Air Products & Chemicals USD 2,122 357,133 0.37

Alphabet USD 330 388,532 0.40

AO Smith USD 7,981 530,098 0.54

Apple USD 5,300 884,941 0.91

Bank of the Ozarks USD 2,132 107,453 0.11

Becton Dickinson USD 1,636 398,366 0.41

Cinemark USD 4,290 159,073 0.16

Cintas USD 2,529 419,359 0.43

Colgate-Palmolive USD 4,314 322,126 0.33

CVS Health USD 3,634 291,410 0.30

Ecolab USD 2,395 329,504 0.34

Estée Lauder Cos USD 2,815 384,613 0.40

Facebook USD 1,820 340,558 0.35

Fortune Brands Home & Security USD 1,568 111,046 0.11

Home Depot USD 2,061 415,930 0.43

Illinois Tool Works USD 2,042 357,738 0.37

Ingredion USD 1,022 146,146 0.15

Inphi USD 1,351 41,030 0.04

International Flavors & Fragrances USD 2,422 363,082 0.37

Intuit USD 2,372 399,681 0.41

Johnson & Johnson USD 2,475 352,514 0.36

JPMorgan Chase USD 3,458 398,051 0.41

MasterCard USD 2,274 380,190 0.39

Microsoft USD 4,176 387,282 0.40

NIKE USD 5,094 342,979 0.36

PepsiCo USD 2,717 325,741 0.34

Pilgrim's Pride USD 3,263 96,650 0.10

Plains LP USD 2,895 62,040 0.06

Pure Storage USD 3,817 77,676 0.08

Q2 USD 3,700 153,180 0.16

salesforce.com USD 3,911 438,932 0.45

Sanderson Farms USD 1,178 155,944 0.16

ServiceInternational/US USD 4,271 170,071 0.18

Sherwin-Williams USD 959 404,084 0.42

Stryker USD 2,272 382,718 0.39

TJX Cos USD 3,717 298,661 0.31


32






United States: 13.96% (2017: 18.73%) (continued)

Tractor Supply USD 2,963 231,292 0.24

Waste Management USD 3,793 333,594 0.35

West Pharmaceutical Services USD 3,157 318,162 0.33

13,549,569 13.96

Total equities 70,959,692 73.11

Fixed interest: 18.23% (2017: 17.21%)

US dollar: 18.23% (2017: 17.21%)

AbbVie 2.9% 06/11/2022 USD 397,000 394,035 0.41

Azure Orbit III International Finance 2.625% 21/03/2021 USD 200,000 195,927 0.20

Bank of China 3.0% 14/02/2022 USD 400,000 395,351 0.41

China Overseas Finance Cayman V 3.95% 15/11/2022 USD 400,000 407,644 0.42

CK Hutchison International 17 2.875% 05/04/2022 USD 400,000 394,504 0.41

CNOOC Finance 2012 3.875% 02/05/2022 USD 400,000 408,302 0.42

CVS Health 2.25% 05/12/2018 USD 396,000 396,546 0.41

ICBCIL Finance 3.0% 05/04/2020 USD 294,000 292,695 0.30

ICICI Bank /Dubai 3.5% 18/03/2020 USD 200,000 201,411 0.21

Indonesia Government International Bond 5.875% 15/01/2024 USD 576,000 651,787 0.67

Lowe's Cos 1.08% 10/09/2019 USD 418,000 420,466 0.43

Skysea International Capital Management 4.875% 07/12/2021 USD 441,000 468,232 0.48

US Treasury Bill 0.00% 01/02/2018 USD 350,000 349,988 0.36


US Treasury Bill 0.00% 29/03/2018 USD 1,100,000 1,097,718 1.13

US Treasury Inflation Indexed Bond 3.38% 15/04/2032 USD 545,400 1,029,000 1.06

US Treasury Note 1.75% 11/30/2021 USD 4,032,600 3,937,536 4.06

US Treasury Note 2.125% 30/06/2022 USD 5,556,500 5,482,485 5.65

US Treasury Note 2.25% 15/11/2025 USD 379,300 367,543 0.38

Wells Fargo 3.5% 08/03/2043 USD 394,000 401,838 0.41

17,691,696 18.23

Total fixed interest 17,691,696 18.23


33





Open forward foreign currency contracts: 0.17% (2017: 0.00%)

Currency Currency Currency Counterparty Maturity Unrealised % of

bought sold rate date gain NAV

¥455,741,000 $4,134,560 0.0091 Northern Trust 27/03/2018 68,035 0.07

€1,560,000 $1,912,318 1.2258 Northern Trust 27/03/2018 37,346 0.04

€1,965,000 $2,421,973 1.2326 Northern Trust 27/03/2018 33,854 0.03

£1,090,600 $1,520,243 1.3940 Northern Trust 27/03/2018 27,353 0.03

Total unrealised gain on forward foreign currency contracts 166,588 0.17

Total financial assets at fair value through profit or loss 90,710,743 93.46

Financial liabilities at fair value through profit or loss

Open forward foreign currency contracts: (0.34%) (2017: (0.05%))


bought sold rate date loss NAV

$1,485,266 £1,090,600 1.3619 Northern Trust 27/03/2018 (62,330) (0.06)

$4,073,663 ¥455,741,000 0.0089 Northern Trust 27/03/2018 (128,933) (0.14)

$4,264,862 €3,525,000 1.2099 Northern Trust 27/03/2018 (140,628) (0.14)

Total unrealised loss on forward foreign currency contracts (331,891) (0.34)

Total financial liabilities at fair value through profit or loss (331,891) (0.34)

Fair value % of

US$ NAV

Total investments at fair value through profit or loss 90,378,852 93.12

Cash 6,837,935 7.05

Other net liabilities (160,278) (0.17)

Net assets attributable to holders of redeemable participating units 97,056,509 100.00

Comparative figures shown in brackets relate to 31 July 2017.


34




Financial assets at fair value through profit or loss


Equities: 56.26% (2017: 55.40%) Currency holdings US$ NAV

Australia: 2.40% (2017: 2.41%)

Aristocrat Leisure AUD 10,385 201,205 0.42

Evolution Mining AUD 147,280 340,269 0.72

Galaxy Resources AUD 46,148 124,201 0.26

Orocobre AUD 22,823 132,841 0.28

Rio Tinto AUD 2,777 173,003 0.36

Westpac Banking AUD 6,826 171,317 0.36

1,142,836 2.40

Austria: 0.00% (2017: 0.18%)

Belgium: 0.48% (2017: 0.54%)

KBC Groep EUR 2,350 226,184 0.48

226,184 0.48

Canada: 1.37% (2017: 0.63%)

Agnico Eagle Mines CAD 6,574 312,436 0.66

Canadian Natural Resources CAD 4,089 141,658 0.30

Suncor Energy CAD 5,370 193,815 0.41

647,909 1.37

China/Hong Kong: 4.87% (2017: 5.23%)

AAC Technologies HKD 17,000 284,335 0.60

AIA HKD 18,200 155,927 0.33

China Construction Bank HKD 184,000 212,226 0.45

China Merchants Bank HKD 41,000 201,059 0.42

China Resources Cement HKD 68,000 51,215 0.11

CSPC Pharmaceutical HKD 62,000 137,631 0.29

Ping An Insurance Group of China HKD 39,000 462,045 0.97

Shenzhou International HKD 16,000 165,210 0.35

Techtronic Industries HKD 26,000 173,215 0.36

Tencent HKD 7,900 468,322 0.99

2,311,185 4.87

Denmark: 0.54% (2017: 0.37%)

FLSmidth DKK 525 31,358 0.07

Novo Nordisk DKK 3,925 222,022 0.47

253,380 0.54

Finland: 1.17% (2017: 0.88%)

Elisa EUR 7,495 319,805 0.67

Fortum EUR 10,582 235,317 0.50

555,122 1.17


35






Equities: 56.26% (2017: 55.40%) (continued) Currency holdings US$ NAV

France: 3.33% (2017: 3.42%)

APERAM EUR 651 38,804 0.08

BNP Paribas EUR 2,653 220,719 0.46

Capgemini EUR 1,855 244,893 0.52

Engie EUR 11,599 200,944 0.42

Eurazeo EUR 656 68,752 0.15

Iliad EUR 325 84,719 0.18

Lagardère EUR 1,475 46,348 0.10

Natixis EUR 26,776 243,242 0.51

Orpea EUR 128 15,974 0.03

Rubis EUR 2,784 206,133 0.43

Société Générale EUR 3,706 215,412 0.45

1,585,940 3.33

Germany: 3.04% (2017: 3.25%)

Aareal Bank EUR 6,222 315,160 0.66

Bayer EUR 399 52,546 0.11

Daimler EUR 224 20,681 0.04

Deutsche Telekom EUR 16,305 285,517 0.60

Evotec EUR 1,137 21,496 0.05

Gerresheimer EUR 771 67,937 0.14

Henkel EUR 1,215 153,138 0.32

HUGO BOSS EUR 202 18,728 0.04

ProSiebenSat.1 Media EUR 3,000 115,080 0.24

Software EUR 4,170 227,113 0.48

Symrise EUR 2,028 170,136 0.36

1,447,532 3.04

Indonesia: 0.71% (2017: 0.91%)

Bank Rakyat IDR 727,000 200,911 0.42

Telekomunikasi IDR 455,600 135,777 0.29

336,688 0.71

Israel: 0.00% (2017: 0.12%)

Italy: 0.74% (2017: 0.69%)

Banca Generali EUR 1,079 40,315 0.08

Intesa Sanpaolo EUR 60,336 236,257 0.50

UniCredit EUR 3,560 78,159 0.16

UniCredit Rts EUR 3,560 16 - 354,747 0.74


36







Japan: 9.34% (2017: 4.44%)

Bic Camera JPY 4,200 64,829 0.14

Chiba Bank JPY 27,000 234,319 0.49

CKD JPY 2,500 67,823 0.14

East Japan Railway JPY 400 39,880 0.08

Ezaki Glico JPY 1,200 61,338 0.13

Fukuoka Financial JPY 70,000 406,711 0.86

Japan Lifeline JPY 600 15,423 0.03

Japan Post Bank JPY 7,000 94,792 0.20

Kose JPY 200 34,567 0.07

Mitsubishi UFJ Financial JPY 23,500 177,328 0.37

Mitsui Fudosan JPY 5,500 144,484 0.30

Mizuho Financial JPY 52,300 98,710 0.21

Nabtesco JPY 6,300 298,276 0.63

Nifco JPY 1,300 91,427 0.19

Nippon Telegraph & Telephone JPY 6,000 286,334 0.60

Nissan Motor JPY 15,700 167,933 0.35

NSK JPY 18,100 298,852 0.63

PeptiDream JPY 4,300 177,890 0.37

Pigeon JPY 1,400 54,829 0.12

Resona JPY 18,000 108,769 0.23

SCSK JPY 3,900 179,986 0.38

Shimadzu JPY 7,100 179,564 0.38

Shimano JPY 1,000 143,415 0.30

Sumitomo Mitsui Financial JPY 2,400 107,628 0.23

Sumitomo Mitsui Trust JPY 2,600 108,207 0.23

Suruga Bank JPY 8,000 161,949 0.34

Takeda Pharmaceutical JPY 5,900 347,952 0.73

Tokyo Electron JPY 400 75,238 0.16

Toyota Motor JPY 3,100 213,174 0.45

4,441,627 9.34

Netherlands: 1.38% (2017: 1.13%)

Aalberts Industries EUR 1,662 90,518 0.19

ASM International EUR 1,249 90,316 0.19

ASR Nederland EUR 1,713 75,311 0.15

BE Semiconductor Industries EUR 868 84,268 0.18

Koninklijke KPN EUR 9,342 33,148 0.07

Koninklijke Vopak EUR 6,258 283,001 0.60

656,562 1.38

Norway: 0.14% (2017: 0.13%)

TGS NOPEC Geophysical NOK 2,655 67,192 0.14

67,192 0.14


37







Philippines: 0.00% (2017: 0.31%)

Russian Federation: 1.05% (2017: 0.00%)

LUKOIL ADR USD 1,536 101,161 0.21

Magnit GDR USD 3,891 86,069 0.18

Novatek GDR USD 788 104,410 0.22

Sberbank of Russia ADR USD 5,553 111,282 0.23

X5 Retail GDR USD 2,521 97,512 0.21

500,434 1.05

Singapore: 0.34% (2017: 1.00%)

DBS SGD 7,900 159,456 0.34

159,456 0.34

South Korea: 1.40% (2017: 1.68%)

LG Chem KRW 449 181,643 0.38

Samsung Electronics KRW 74 172,899 0.36

SK Hynix KRW 1,930 132,842 0.28

S-Oil KRW 1,565 180,264 0.38

667,648 1.40

Spain: 0.98% (2017: 1.64%)

Amadeus IT EUR 2,371 183,674 0.39

Gas Natural EUR 8,820 204,758 0.43

Indra Sistemas EUR 5,280 78,254 0.16

466,686 0.98

Sweden: 0.81% (2017: 0.53%)

Intrum Justitia SEK 665 25,131 0.05

Skandinaviska Enskilda Banken SEK 22,932 295,512 0.63

Volvo SEK 2,960 60,917 0.13

381,560 0.81

Switzerland: 3.21% (2017: 3.47%)

Baloise CHF 1,708 279,571 0.59

Chocoladefabriken Lindt & Spruengli CHF 2 148,569 0.31

Dufry CHF 189 29,386 0.06

Helvetia CHF 480 287,105 0.61

Nestlé CHF 1,712 148,903 0.31

Schindler CHF 738 185,271 0.39

SGS CHF 64 173,155 0.37

Temenos CHF 539 74,648 0.16

UBS CHF 9,577 195,051 0.41

1,521,659 3.21


38







Taiwan: 0.72% (2017: 0.93%)

Hota Industrial Manufacturing TWD 37,000 156,148 0.33

Taiwan Semiconductor Manufacturing TWD 21,000 183,733 0.39

339,881 0.72

Thailand: 0.37% (2017: 0.60%)

CP ALL THB 67,800 172,639 0.37

172,639 0.37

United Kingdom: 4.15% (2017: 3.49%)

Associated British Foods GBP 3,597 141,045 0.30

Barloworld GBP 7,799 90,396 0.19

Beazley GBP 733 5,538 0.01

Centamin GBP 9,165 20,785 0.04

Centrica GBP 56,570 106,344 0.22

Compass GBP 7,256 152,484 0.32

Diageo GBP 3,119 111,745 0.23

Drax GBP 37,090 139,186 0.29

Fevertree Drinks GBP 521 18,076 0.04

Fresnillo GBP 15,285 292,317 0.61

HSBC - London GBP 4,743 50,865 0.11

Imperial Brands GBP 3,416 140,599 0.30

Lloyds Banking GBP 47,257 46,938 0.10

Persimmon GBP 487 17,289 0.04

Randgold Resources GBP 3,043 308,021 0.65

Shire GBP 814 38,869 0.08

Tate & Lyle GBP 15,465 141,080 0.30

Unilever GBP 2,660 151,200 0.32

1,972,777 4.15

United States: 13.72% (2017: 17.42%)

Allergan USD 904 166,680 0.35

3M USD 792 199,220 0.42

Adobe Systems USD 1,142 224,860 0.47

Air Products & Chemicals USD 1,064 179,071 0.38

Alphabet USD 160 188,379 0.40

AO Smith USD 2,593 172,227 0.36

Apple USD 1,785 298,041 0.63

Archer-Daniels-Midland USD 4,464 189,631 0.40

Becton Dickinson and Company USD 786 191,391 0.40

Cintas USD 1,207 200,145 0.42

Colgate-Palmolive USD 2,107 157,330 0.33

CVS Health USD 1,811 145,224 0.31


39







United States: 13.72% (2017: 17.42%) (continued)

Ecolab USD 1,198 164,821 0.35

EPAM Systems USD 905 106,247 0.22

Estée Lauder Cos USD 1,495 204,262 0.43

Facebook USD 902 168,782 0.36

Gilead Sciences USD 2,683 234,199 0.49

Home Depot USD 1,014 204,635 0.43

Illinois Tool Works USD 1,014 177,643 0.37

Ingredion USD 1,321 188,903 0.40

International Flavors & Fragrances USD 1,165 174,645 0.37

Intuit USD 1,141 192,259 0.40

Johnson & Johnson USD 1,220 173,765 0.37

JPMorgan Chase USD 1,890 217,558 0.46

MasterCard USD 1,219 203,805 0.43

Microsoft USD 2,069 191,879 0.40

NIKE USD 2,719 183,070 0.39

PepsiCo USD 1,340 160,653 0.34

salesforce.com USD 1,650 185,180 0.39

Sherwin-Williams USD 464 195,511 0.41

Stryker USD 1,076 181,252 0.38

TJX Cos USD 1,967 158,048 0.33

Tractor Supply USD 2,435 190,076 0.40

Waste Management USD 2,009 176,692 0.37

West Pharmaceutical Services USD 1,682 169,512 0.36

6,515,596 13.72

Total equities 26,725,240 56.26

Fixed Interest: 42.02% (2017: 41.78%)

US dollar: 42.02% (2017: 41.78%)

AbbVie 2.90% 06/11/2022 USD 513,000 509,169 1.07

Azure Orbit III International Finance 2.625% 21/03/2021 USD 240,000 235,113 0.49

Bank of China 3.00% 14/02/2022 USD 200,000 197,676 0.42

BOC Aviation 2.375% 15/09/2021 USD 200,000 193,789 0.41

China Overseas Finance Cayman V 3.95% 15/11/2022 USD 200,000 203,822 0.43

CK Hutchison International 17 2.875% 05/04/2022 USD 200,000 197,252 0.42

CNOOC Finance 2012 3.875% 02/05/2022 USD 200,000 204,151 0.43

CVS Health 2.25% 05/12/2018 USD 522,000 522,719 1.10

ICBCIL Finance 3.00% 05/04/2020 USD 710,000 706,849 1.49


40






Fixed Interest: 42.02% (2017: 41.78%) (continued) Currency holdings US$ NAV

US dollar: 42.02% (2017: 41.78%) (continued)

Indonesia Government International Bond 5.875% 15/01/2024 USD 1,195,000 1,352,230 2.85

USD 200,000 196,523 0.41

Lowe's Cos FRN 10/09/2019 USD 538,000 541,174 1.14

Pacific Gas & Electric 6.05% 01/03/2034 USD 309,000 379,305 0.80

Skysea International Capital Management 4.875% 07/12/2021 USD 222,000 235,709 0.50




US Treasury Inflation Indexed Bonds 3.375% 15/04/2032 USD 1,157,100 2,183,086 4.60

US Treasury Note/Bond 1.375% 31/08/2020 USD 840,000 822,264 1.73

US Treasury Note/Bond 2.125% 30/06/2022 USD 8,822,600 8,705,078 18.32

US Treasury Note/Bond 2.25% 15/11/2025 USD 225,900 218,898 0.46

Wells Fargo 3.5% 08/03/2022 USD 507,000 517,086 1.09

19,957,165 42.02

Total fixed interest 19,957,165 42.02

Open forward foreign currency contracts: 0.29% (2017: 0.11%)


bought sold rate date gain NAV

¥262,494,000 $2,381,390 0.0091 Northern Trust 27/03/2018 39,186 0.08

AU$1,324,628 $1,037,850 0.7835 State Street 14/02/2018 35,902 0.08

€1,250,000 $1,532,306 1.2258 Northern Trust 27/03/2018 29,924 0.06

€1,033,000 $1,273,230 1.2326 Northern Trust 27/03/2018 17,797 0.04

£543,000 $756,915 1.3940 Northern Trust 27/03/2018 13,620 0.03

AU$55,410 $43,415 0.7835 State Street 14/02/2018 1,500 - AU$38,845 $30,719 0.7908 State Street 14/02/2018 769 -

Total unrealised gain on forward foreign currency contracts 138,698 0.29

Total financial assets at fair value through profit or loss 46,821,103 98.57

Lotte Shopping Business Management Hong Kong 2.375% 05/09/2020


41




Financial liabilities at fair value through profit or loss

Open forward foreign currency contracts: (0.42%) (2017: (0.05%))


bought sold rate date loss NAV

$739,501 £543,000 1.3619 Northern Trust 27/03/2018 (31,034) (0.07)

$2,346,315 ¥262,494,000 0.0089 Northern Trust 27/03/2018 (74,262) (0.16)

$2,762,179 €2,283,000 1.2099 Northern Trust 27/03/2018 (91,078) (0.19)

Total unrealised loss on forward foreign currency contracts (196,374) (0.42)

Total financial liabilities at fair value through profit or loss (196,374) (0.42)

Fair value % of

US$ NAV

Total investments at fair value through profit or loss 46,624,729 98.15

Cash 1,562,362 3.29

Other net liabilities (682,136) (1.44)

Net assets attributable to holders of redeemable participating units 47,504,955 100.00

Comparative figures shown in brackets relate to 31 July 2017.


42

General information

Baring Global Opportunities Umbrella Fund (“the Unit Trust”) is an umbrella trust in that different funds may be

issued from time to time by Baring International Fund Managers (Ireland) Limited (“the Alternative Investment

Fund Manager” (“AIFM”)) in accordance with the requirements of the Central Bank of Ireland (“the CBI”).

Each Fund will be treated as bearing its own liabilities and entering into its own obligations, and the assets of a

Fund are not available to cover the commitments of another Fund within the Unit Trust. Separate accounts and

records will be maintained for each Fund.

Each Fund will be valued by reference to the Net Asset Value per unit determined as at 12 noon (Dublin time) on

each dealing day, and such units may normally be purchased, realised or converted on a dealing day by

application to the AIFM on a dealing day.

All unitholders are entitled to the benefit of, are bound by and are deemed to have notice of, the provisions of the

Trust Deed, copies of which are available as mentioned below.

This general information is selective and should be read in conjunction with the full text of the Prospectus.

Market timing

Repeatedly purchasing and selling redeemable participating units in Baring Asia Balanced Fund and Baring

World Dynamic Asset Allocation Fund (“the Funds”) in response to short-term market fluctuations – known as

‘market timing’ – can disrupt Baring Asset Management Limited’s (“the Investment Manager’s”) investment

strategy and increase the Funds’ expenses to the prejudice of all unitholders. The Funds are not intended for

market timing or excessive trading. To deter these activities, the Investment Manager may refuse to accept an

application for units from persons that it reasonably believes are engaged in market timing or are otherwise

excessive or potentially disruptive to the Funds.

The Investment Manager reserves the right to redeem redeemable participating units from a unitholder on the

basis that it has reasonable grounds to believe that the unitholder is engaging in an activity which might result in

the Funds or their unitholders as a whole suffering legal, regulatory, reputational or other material disadvantage

which the Funds or their unitholders as a whole might not otherwise have suffered.

Particulars relating to the Unit Trust

Particulars relating to the Trust are contained in the Prospectus, copies of which, together with the latest

published Manager’s report, can be obtained, free of charge, from Baring International Fund Managers Limited

at 155 Bishopsgate, London EC2M 3XY, United Kingdom.

43

Appendix 1 - additional information Hong Kong code


Highest issue and lowest redemption prices

Highest issue prices during the period/year

31/01/2018 31/07/2017 31/07/2016 31/07/2015 31/07/2014

Class A USD Acc 38.30 33.75 30.92 32.49 29.75

Class A RMB Hedged Inc* N/A N/A 190.34 199.25 177.49

Class A USD Inc 36.47 32.20 29.61 31.11 28.49

Class C USD Acc 34.43 30.49 28.49 30.02 27.70

Class C USD Inc* N/A N/A N/A N/A N/A

Highest issue prices during the period/year (continued)

31/07/2013 31/07/2012 31/07/2011 31/07/2010 31/07/2009

Class A USD Acc 28.42 25.84 26.07 22.32 22.54

Class A RMB Hedged Inc* N/A N/A N/A N/A N/A

Class A USD Inc 27.36 25.10 25.43 21.93 22.37

Class C USD Acc 26.77 24.64 25.05 21.68 22.43

Class C USD Inc* 28.01 26.51 26.65 22.69 22.65

Lowest redemption prices during the period/year

31/01/2018 31/07/2017 31/07/2016 31/07/2015 31/07/2014

Class A USD Acc 33.28 29.41 26.51 27.68 26.43

Class A RMB Hedged Inc* N/A N/A 189.97 165.25 166.82

Class A USD Inc 31.76 28.15 25.38 26.50 25.37

Class C USD Acc 30.05 26.75 24.31 25.71 24.83

Class C USD Inc* N/A N/A N/A N/A N/A

Lowest redemption prices during the period/year (continued)

July July July July July

31/07/2013 31/07/2012 31/07/2011 31/07/2010 31/07/2009

Class A USD Acc 24.58 21.83 21.17 19.28 13.76

Class A RMB Hedged Inc* N/A N/A N/A N/A N/A

Class A USD Inc 23.73 21.21 20.70 18.95 13.67

Class C USD Acc 23.34 20.90 20.50 18.71 13.52

Class C USD Inc* 25.18 22.38 21.50 19.62 14.02

* Baring Asia Balanced Fund - Class C USD Inc closed on 19 April 2013.

* Baring Asia Balanced Fund - Class A RMB Hedged Inc closed on 7 August 2015.

44

Appendix 1 - additional information Hong Kong code (continued)


Statement of movements in portfolio holdings

31/01/2018 31/07/2017 31/07/2016 31/07/2015 31/07/2014 31/07/2013

% of NAV* % of NAV* % of NAV* % of NAV* % of NAV* % of NAV*

Collective Investment Schemes:

China/Hong Kong 1.95 1.97 5.63 3.76 - -

Global emerging markets - - 2.99 2.79 - -

India - 1.29 1.04 0.89 - -

Ireland - - - - 4.89 2.29

Exchange Traded Funds:

United States - - - - - 2.02

Equities:

Australia 2.90 2.97 3.44 1.50 2.09 2.04

Austria - 0.21 - - - -

Belgium 0.47 0.58 0.64 - - 0.44

Bermuda - - - - - 0.23

Canada 1.33 0.73 0.77 0.84 0.89 -

China/Hong Kong 19.07 18.73 18.21 17.91 21.64 16.83

Denmark 0.51 0.38 0.67 - - -

Finland 1.06 0.90 0.14 - - -

France 3.03 3.70 2.81 3.01 3.24 0.87

Germany 2.83 3.52 2.24 3.33 3.40 1.95

Guernsey - - - - - -

Indonesia 1.31 1.47 0.43 0.15 0.38 1.91

Ireland - - 0.57 - - -

Israel 0.03 0.13 0.27 - - -

Italy 0.74 0.72 0.25 - - 0.30

Japan 7.61 4.75 10.56 9.46 6.33 6.26

Jersey - - - - - 0.88

Luxembourg - - - - - 1.34

Malaysia 0.69 - - - - -

Netherlands 1.17 1.22 1.09 2.43 0.81 0.38

New Zealand - - 0.48 - - -

Norway 0.22 0.13 - - - -

Philippines 0.59 0.49 0.36 0.39 1.06 0.74

Portugal - - 0.22 - - -

Singapore 0.63 1.24 - 0.47 0.84 1.84

South Korea 2.99 2.58 2.26 0.80 1.39 1.81

Spain 0.79 1.78 0.51 - - -

Sweden 0.83 0.57 0.13 0.45 - 0.44

Switzerland 2.68 3.75 2.39 3.25 2.32 1.55

Taiwan 2.40 1.45 1.10 1.67 2.01 1.21

Thailand 1.19 1.01 0.70 0.20 0.42 1.47

United Kingdom 4.08 3.72 3.70 2.28 4.65 4.00

United States 13.96 18.73 15.97 16.06 26.61 27.06

45



Statement of movements in portfolio holdings (continued)

31/01/2018 31/07/2017 31/07/2016 31/07/2015 31/07/2014 31/07/2013

% of NAV* % of NAV* % of NAV* % of NAV* % of NAV* % of NAV*

Fixed interest:

Australian dollar - - - - - 0.55

Canadian dollar - - - - - 1.87

Euro - - 0.50 - 2.05 3.34

Japanese yen - - - - 0.26 0.77

Pound sterling - - 0.86 0.87 1.23 1.29

US dollar 18.23 17.21 18.24 25.78 12.02 10.84

Open forward foreign

currency transactions (0.17) (0.05) (0.05) 0.30 0.04 (0.05)

Total investments at fair

value 93.12 95.88 99.12 98.59 98.57 96.47

Cash/bank overdraft 7.05 3.50 1.03 2.09 1.25 2.34

Other net assets/liabilities (0.17) 0.62 (0.15) (0.68) 0.18 1.19Total net assets 100.00 100.00 100.00 100.00 100.00 100.00

* Movement in portfolio holdings have been analysed above based on a % of Net Asset Value (“NAV”) invested in each geographic location.

The movement in each country’s position between periods has to be inferred.

46



Portfolio information

Top ten holdings % of NAV

US Treasury Note 2.125% 30/06/2022 5.65

US Treasury Note 1.75% 11/30/2021 4.06

Tencent 3.63

Ping An Insurance Group of China 3.52

China Construction Bank 1.68

China Merchants Bank 1.63

China Resources Beer 1.44

AAC Technologies 1.24

Techtronic Industries 1.15

US Treasury Bill 0.00% 29/03/2018 1.13

47

Appendix 2 - significant portfolio movements


Cost

Proceeds

Purchases US$'000

Sales US$'000

China Merchants Bank 1,589

United Laboratories International 1,153

China Construction Bank 1,584

Baring India Fund 1,096

US Treasury Bill 0.00% 29/03/2018 1,096

US Treasury Note 2.125% 30/06/2022 992

Apple 817

China Everbright International 965

Fukuoka Financial 701

Guangdong Investment 712

Shimadzu 692

Daicel 669

Takeda Pharmaceutical 689

Power Assets 657

Indonesia Government International Bond 5.875% 15/01/2024 665

Airports of Thailand 614

Daicel 661

Freenet 563

Skandinaviska Enskilda Banken 637

CSL 543

President Chain Store 619

PostNL 513

CIMB 617

Jollibee Foods 509

Alliance Global 605

Posco 501

OCI 605

JPMorgan Chase 495

Land & Houses 600

BHP Billiton 492

Agnico Eagle Mines 590

TravelSky Technology 489

Randgold Resources 585

Cooper Cos 488

Fresnillo 579

CECONOMY 479

Evolution Mining 578

Newcrest Mining 463

Elisa 569

Avery Dennison 454

48

Appendix 2 - significant portfolio movements (continued)


Cost

Proceeds

Purchases US$'000

Sales US$'000

Indonesia Government International Bond 5.875% 15/01/2024 1,377

US Treasury Note/Bond 2.125% 30/06/2022 2,505

ICBCIL Finance 3.00% 05/04/2020 715

Bank of America 2.00% 11/01/2018 544

US Treasury Bill 0.00% 01/02/2018 668

Wyndham Worldwide 4.25% 01/03/2022 518

US Treasury Bill 0.00% 24/05/2018 667

Reckitt Benckiser 405

US Treasury Bill 0.00% 26/04/2018 498

CECONOMY 380

Tate & Lyle 352

Schaeffler Pref 344

Fukuoka Financial 343

Daicel 321

Shimadzu 332

Freenet 295

Takeda Pharmaceutical 328

PostNL 276

Daicel 317

Newcrest Mining 258

Evolution Mining 309

Cooper Cos 249

Agnico Eagle Mines 308

Shimadzu 239

Randgold Resources 306

JPMorgan Chase 233

Skandinaviska Enskilda Banken 302

Koninklijke 233

Elisa 297

BHP Billiton 230

Fresnillo 297

Pandora 217

Apple 291

Tate & Lyle 217

Deutsche Telekom 291

SCOR 203

Imperial Brands 284

Boliden 202

Diageo 280

CRH 194

49

Appendix 3 - securities financing transactions regulation

The Securities Financing Transactions Regulation requires Baring International Fund Managers (Ireland)

Limited, as the “AIFM” of an AIFM Fund, to comply with a series of obligations. In particular, the AIFM is required

to provide investors with information on the use of securities financial transactions (“SFTs”) and total return

swaps (“TRSs”) by the Baring Global Opportunities Umbrella Fund (“the Unit Trust”) in all interim and annual

reports published from 13 January 2017.

During the period from 1 August 2017 to 31 January 2018, the Unit Trust did not enter into SFTRs and TRSs.

Should this change in the future, the interim and annual reports for the Unit Trust will disclose all required

information on the use of SFTs and TRSs.

Registered address:



Dublin 2

Ireland

Contact:

Tel: +353 1 542 2930

Fax: +353 1 670 1185

www.barings.com

Important information: This document is approved and issued by Baring International Fund Managers (Ireland) Limited. Disclosure: Baring International Fund Managers (Ireland) Limited Authorised and Regulated by the Central Bank of Ireland 70 Sir John Rogerson’s Quay, Dublin 2, Ireland

http://www.barings.com/

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