Baring Europe Select Trust Interim Report & Unaudited Financial Statements for the Half Year Ended 30 November 2017

Baring Japan Growth Trust

Baring Europe Select Trust Interim Report & Unaudited Financial Statements for the half year ended 30 November 2017

Table of Contents Management and professional service details* ...... 1 Introduction* ...... 2 Investment objective and policy* ...... 2 Constitution* ...... 3 Regulatory disclosure* ...... 3 General information for overseas investors (Austria, France, Germany, Sweden and Switzerland) 7 Trust information ...... 10 Report of the Investment Manager* ...... 16 Portfolio information* ...... 19 Directors’ statement ...... 21 Portfolio statement* ...... 22 Statement of total return ...... 26 Statement of change in net assets attributable to unitholders ...... 26 Balance sheet ...... 27 Note to the financial statements ...... 27 Distribution tables ...... 28

* Collectively, these comprise the Manager’s report.

Management and professional service details

Manager Baring Fund Managers Limited Authorised and regulated by the Financial Conduct Authority (“FCA”).

Investment Manager Baring Asset Management Limited 155 Bishopsgate London EC2M 3XY United Kingdom Telephone: + 44 207 628 6000 Fax: + 44 207 638 7928

Directors C. Biggins D. Stevenson J. Swayne

Registered office 155 Bishopsgate London EC2M 3XY Telephone: 020 7628 6000

Trustee National Westminster Bank Plc Trustee & Depositary Services Floor 1, 280 Bishopsgate London EC2M 4RB Authorised and regulated by the FCA and Prudential Regulation Authority (“PRA”).

Registrar Northern Trust Global Services Limited P.O. Box 55736 50 Bank Street Canary Wharf London E14 5NT Telephone: 0333 300 0372† Fax: 020 7982 3924 † Telephone calls may be recorded and monitored.

Independent Auditor PricewaterhouseCoopers LLP 7 More London Riverside London SE1 2RT

Introduction Baring Fund Managers Limited (“the Manager”) has delegated its day-to-day investment management responsibilities in relation to Baring Europe Select Trust (“the Trust”) to Baring Asset Management Limited (“the Investment Manager”), which is authorised and regulated by the Financial Conduct Authority (“FCA”). As an investor in the Trust, your money is pooled with that of other investors and invested by the Manager in a widely diversified portfolio of shares of Continental European companies. Although income (“Inc”) units are issued, the primary objective of the Trust is to provide growth in the value of capital. Investors can choose to reinvest any revenue generated back into the Trust, thus participating fully in the growth prospects of European companies. As with all Trusts managed by the Manager, the risk assumed in this portfolio is carefully monitored. The report of the Manager reviews the performance of the Trust against the returns of the stock markets in which it is investing and analyses the investment environment that influenced the performance of the Trust during the period under review. The Manager then gives an outlook for the markets and details how the Trust will be invested in order to take full advantage of the foreseen opportunities. Finally, the report of the Manager gives details of any revenue generated by the Trust. Investment objective and policy The investment objective of Baring Europe Select Trust (“the Trust”) is to achieve long-term capital growth by investing in Europe. The Trust will seek to achieve its investment objective by investing at least 75% of its total assets directly and indirectly in equities and equity-related securities of smaller companies incorporated in, or exercising the predominant part of their economic activity in, Europe, or quoted or traded on the stock exchanges in Europe. Please refer to the Prospectus for the full investment objective and policy. How the Trust is managed At Barings, our equity investment teams share the philosophy of quality “Growth at a Reasonable Price” or GARP. We believe that earnings growth is the principal driver of equity market performance over the medium to long term, and favour high quality companies for their ability to outperform the market 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, long-term growth companies which will outperform the market. Our approach emphasises quality criteria when looking at companies and a three-to-five-year time horizon when forecasting company earnings. In determining upside, we use consistent and transparent methods to place emphasis on discounted earnings models. Risk profile Please see detailed below the key risks applicable to the Trust:  Changes in exchange rates between the currency of the Trust and the currencies in which the assets of the Trust are valued can have the effect of increasing or decreasing the value of the Trust and any income generated.  The Trust can hold smaller company shares, which can be more difficult to buy and sell as they may trade infrequently and in small volumes, so their share prices may fluctuate more than those of larger companies.  Regional Funds have a narrower focus than those which invest broadly across markets and are therefore considered to be more risky.  Derivative instruments can make a profit or a loss, and there is no guarantee that a financial derivative contract will achieve its intended outcome. The use of derivatives can increase the amount by which the Trust’s value rises and falls and could expose the Trust to losses that are significantly greater than the cost of the derivative, as a relatively small movement may have a larger impact on derivatives than the underlying assets.  Emerging market countries may have less developed regulation and face more political, economic or structural challenges than developed countries. This means your money is at greater risk.  Losses may occur if an organisation through which we buy an asset (such as a bank) fails to meet its obligations. Please refer to the Prospectus for the full risk profile.

Constitution Baring Europe Select Trust (“the Trust”) is constituted by a Trust Deed between Baring Fund Manager Limited (“the Manager”) and National Westminster Bank Plc (“the Depositary”). Regulatory disclosure This document has been issued by Baring Fund Managers Limited (“the Manager”), which is authorised and regulated by the Financial Conduct Authority (“FCA”). Baring Europe Select Trust (“the Trust”) is an Authorised Unit Trust Scheme as defined in section 243 of the Financial Services and Markets Act 2000, and has been established as an Undertakings for Collective Investments in Transferable Securities (“UCITS”) scheme. Past performance is no indication of current or future performance. Investment involves risk. The value of any investments and any income generated may go down as well as up and is not guaranteed. Any references in this report to other investments held within the Trust should not be read as a recommendation to the investor to buy and sell the same but are included as illustration only. The Trust at a glance on 30 November 2017 Total Trust size: £2,130.4 million OCF*: 30/11/2017 31/05/2017 Baring Europe Select Trust - Class A GBP Inc** 1.54% 1.55% Baring Europe Select Trust - Class A EUR Accumulation (“Acc”) units** 1.54% 1.55% Baring Europe Select Trust - Class A EUR Inc** 1.54% 1.55% Baring Europe Select Trust - Class A USD Acc 1.54% 1.55% Baring Europe Select Trust - Class I EUR Acc 0.79% 0.80% Baring Europe Select Trust - Class I EUR Inc 0.79% 0.80% Baring Europe Select Trust - Class I GBP Inc 0.79% 0.80% Initial charge: Baring Europe Select Trust - Class A GBP Inc** 5% Baring Europe Select Trust - Class A EUR Acc** 5% Baring Europe Select Trust – Class A EUR Inc** 5% Baring Europe Select Trust - Class A USD Acc 5% Baring Europe Select Trust - Class I EUR Acc 0% Baring Europe Select Trust - Class I EUR Inc 0% Baring Europe Select Trust - Class I GBP Inc 0% Annual charge: Baring Europe Select Trust – Class A GBP Inc** 1.50% Baring Europe Select Trust – Class A EUR Acc** 1.50% Baring Europe Select Trust - Class A EUR Inc** 1.50% Baring Europe Select Trust - Class A USD Acc 1.50% Baring Europe Select Trust - Class I EUR Acc 0.75% Baring Europe Select Trust - Class I EUR Inc 0.75% Baring Europe Select Trust - Class I GBP Inc 0.75% * The Ongoing Charge Figure (“OCF”) reflects the payments and expenses which cover aspects of operating the Trust and is deducted from the assets over the period. It includes fees paid for investment management, the Depositary and general expenses. ** ‘Baring Europe Select Trust - Class EUR Acc’ changed name to ‘Baring Europe Select Trust - Class A EUR Acc’ on 29 August 2017. ‘Baring Europe Select Trust - Class EUR Inc’ changed name to ‘Baring Europe Select Trust - Class A EUR Inc’ on 29 August 2017. ’Baring Europe Select Trust - Class GBP Inc’ changed name to ‘Baring Europe Select Trust - Class A GBP Inc’ on 29 August 2017.

Regulatory disclosure The Trust at a glance on 30 November 2017(continued)

Annualised net yield***: Baring Europe Select Trust - Class A GBP Inc** Nil (Income deficit) Baring Europe Select Trust - Class A EUR Acc** Nil (Income deficit) Baring Europe Select Trust - Class A EUR Inc** Nil (Income deficit) Baring Europe Select Trust - Class A USD Acc Nil (Income deficit) Baring Europe Select Trust - Class I EUR Acc Nil (Income deficit) Baring Europe Select Trust - Class I EUR Inc Nil (Income deficit) Baring Europe Select Trust - Class I GBP Inc Nil (Income deficit) Minimum initial investment: Baring Europe Select Trust - Class A GBP Inc** £1,000 Baring Europe Select Trust - Class A EUR Acc** €5,000 Baring Europe Select Trust - Class A EUR Inc** €5,000 Baring Europe Select Trust - Class A USD Acc $5,000 Baring Europe Select Trust - Class I EUR Acc €10,000,000 Baring Europe Select Trust - Class I EUR Inc €10,000,000 Baring Europe Select Trust - Class I GBP Inc £10,000,000 Minimum subsequent investment: Baring Europe Select Trust - Class A GBP Inc** £500 Baring Europe Select Trust - Class A EUR Acc** €1,000 Baring Europe Select Trust – Class A EUR Inc** €1,000 Baring Europe Select Trust - Class A USD Acc $2,500 Baring Europe Select Trust - Class I EUR Acc €1,000 Baring Europe Select Trust - Class I EUR Inc €1,000 Baring Europe Select Trust - Class I GBP Inc £500 Revenue available per unit: Baring Europe Select Trust - Class A GBP Inc** Nil (Income deficit) Baring Europe Select Trust - Class A EUR Acc** Nil (Income deficit) Baring Europe Select Trust - Class A EUR Inc** Nil (Income deficit) Baring Europe Select Trust - Class A USD Acc Nil (Income deficit) Baring Europe Select Trust - Class I EUR Acc Nil (Income deficit) Baring Europe Select Trust - Class I EUR Inc Nil (Income deficit) Baring Europe Select Trust - Class I GBP Inc Nil (Income deficit) ** ‘Baring Europe Select Trust - Class GBP Inc’ changed name to ‘Baring Europe Select Trust - Class A GBP Inc’ on 29 August 2017. ‘Baring Europe Select Trust - Class EUR Acc’ changed name to ‘Baring Europe Select Trust - Class A EUR Acc’ on 29 August 2017. ‘Baring Europe Select Trust - Class EUR Inc’ changed name to ‘Baring Europe Select Trust - Class A EUR Inc’ on 29 August 2017. *** Calculated based on mid-price.

Regulatory disclosure (continued) Price per unit Mid-price

Baring Europe Select Trust - Class A GBP Inc* 3,994.00p

Baring Europe Select Trust - Class A EUR Acc* 47.79€

Baring Europe Select Trust - Class A EUR Inc* 45.25€

Baring Europe Select Trust - Class A USD Acc 56.57$

Baring Europe Select Trust - Class I EUR Acc 47.42€

Baring Europe Select Trust - Class I EUR Inc 45.63€

Baring Europe Select Trust - Class I GBP Inc 4,016.00p

* ‘Baring Europe Select Trust - Class GBP Inc’ changed name to ‘Baring Europe Select Trust - Class A GBP Inc’ on 29 August 2017. ‘Baring Europe Select Trust - Class EUR Acc’ changed name to ‘Baring Europe Select Trust - Class A EUR Acc’ on 29 August 2017. ‘Baring Europe Select Trust - Class EUR Inc’ changed name to ‘Baring Europe Select Trust - Class A EUR Inc’ on 29 August 2017. Revenue allocations and reports Revenue allocations are made in August (final) and January (interim) of each year, where applicable, and forwarded to unitholders together with tax vouchers. The annual report and financial statements for the year-end to 15 June and an interim report and financial statements for the period-end to 15 December will be available on the Baring Asset Management Limited website at www.barings.com.. Prospectus and Manager’s report Copies of the Prospectus, the Key Investor Information Document(s) (“KIID(s)”), and the most recent annual or interim report and financial statements are available to all persons free of charge from the Manager upon request. Copies of the Prospectus, KIID(s) and annual or interim report and financial statements are also available in French, where applicable. PricewaterhouseCoopers LLP (“the Independent Auditor”) expresses its opinion on the English version of the annual report and financial statements, and accepts no responsibility for any translations of those financial statements. Soft commission arrangements The Manager and its associates do not receive cash or offer rebates to brokers or dealers in respect of transactions for Baring Asset Management Limited (“the Investment Manager”). The Investment Manager uses the research commission portion of executed trades for provision of research for the benefit of the Trust. Execution of transactions will be consistent with our best execution policy. The Investment Manager has engaged in such activities during the period. Soft commission arrangements (2018) Barings will no longer use CSA (soft commission arrangements) to pay for research and will instead be paying for research directly from its own account. Market timing Repeatedly purchasing and selling units in the Trust in response to short-term market fluctuations – known as ‘market timing’ – can disrupt the Manager’s investment strategy and increase the Trust’s expenses to the prejudice of all unitholders. The Trust is not intended for market timing or excessive trading. To deter these activities, the Manager may refuse to accept an application for units from persons that it reasonably believes are engaged in market timing or are otherwise excessive or potentially disruptive to the Trust. The Manager also reserves the right to redeem units which it reasonably believes have been purchased by unitholders engaged in market timing.

Regulatory disclosure (continued) Publication of unit prices The prospectus was updated to reflect that the prices of units will no longer be published in the Financial Times but will continue to be published on the Barings website at www.barings.com and on the “Daily Fund Prices” page of the Investment Association website at www.theinvestmentassociation.org. You can also obtain prices by telephone by calling +44 (0) 333 300 0372 Dealing basis The Manager’s basis for dealing in purchases and sales of the Trust’s units is ‘forward’. This means that the price used for any deal will be calculated at the next valuation point following receipt of the investor’s instruction. Fees and expenses The Manager’s periodic charge is calculated on each business day, based on the value of the property of the Trust on the immediately preceding business day, and is paid to the Manager monthly, in arrears, on the first business day of the calendar month immediately following. The current periodic charge is 1.50% per annum for Class A GBP Inc, Class A EUR Acc, Class A EUR Inc and Class A USD Acc, and 0.75% per annum in respect of Class I EUR Acc, Class I EUR Inc and Class I GBP Inc. Key changes since the last report The following changes were made to the Prospectus dated 29 August 2017 Investment objective and policy wording The investment objective and policy wording was updated to better and more clearly explain how the Trust is managed. The changes did not affect how the Trust is managed or its risk profile. The previous and updated versions of the investment objective and policy wording are set out below: Previous investment objective and policy The investment objective of the Trust is to achieve long-term capital growth by investing directly (and, where appropriate, indirectly) in securities of European companies. The policy of the Manager is to seek growth predominantly through investment in securities of carefully selected companies quoted on the principal European stock markets whilst retaining the flexibility to invest in small growth or “niche” companies should the opportunity arise. Updated investment objective and policy The investment objective of the Trust is to achieve long-term capital growth by investing in Europe. The Trust will seek to achieve its investment objective by investing at least 75% of its total assets directly and indirectly in equities and equity-related securities of smaller companies incorporated in, or exercising the predominant part of their economic activity in, Europe, or quoted or traded on the stock exchanges in Europe. This has been reflected on page 2 of this report. Change to dilution adjustment policy The dilution adjustment policy was updated to allow us to better protect the interests of unitholders already in, or remaining in, the Trust when large levels of net inflows or net outflows take place by ensuring that the costs of these purchases or sales are borne by the relevant unitholders entering or exiting the Trust. Change to in-specie redemption policy The in-specie policy was updated to be brought into line with current market practice. Renaming of existing unit classes Unitholders whose units were simply termed accumulation or income units saw their units updated in order to avoid confusion upon the introduction of new unit classes. The following unit classes were renamed:

Existing class name New class name Class EUR Inc Class A EUR Inc Class GBP Inc Class A GBP Inc Class EUR Acc Class A EUR Acc

Regulatory disclosure (continued) Key changes since the last report (continued) Publication of unit prices The prospectus was updated to reflect that the prices of units will no longer be published in the Financial Times but will continue to be published on the Barings website at www.barings.com and on the “Daily Fund Prices” page of the Investment Association website at www.theinvestmentassociation.org. You can also obtain prices by telephone by calling +44 (0) 333 300 0372. Report and accounts The obligation to produce and publish short reports ceased to apply from 22 November 2016. The prospectus was updated to reflect that Barings will, therefore, no longer publish and distribute any short reports due for the Trust. Copies of the long report and accounts will continue to be available in the ‘Funds’ section of the Baring Asset Management website at www.barings.com and are also available on request. Any queries in relation to fund reporting should be directed to +44 (0) 333 300 0372. Securities Financing Transaction Regulation (“SFTR”) disclosure The SFTR Regulations apply to the Manager as a UCITS management company and require the Manager to comply with a series of obligations. In particular, the Manager will be required to provide investors with information on the use of securities financing transactions (“SFTs”) and total return swaps (“TRSs”) by the Trust in all interim and annual reports published from 13 January 2017. During the interim 1 June 2017 to 30 November 2017, the Trust did not enter into SFTs and TRSs. Should this change in the future, the interim and annual reports for the Trust will disclose all required information of the use of SFTs and TRSs. The updated prospectus also contained other non-material updates. General information for overseas investors (Austria, France, Germany, Sweden and Switzerland) Austrian paying agent UniCredit Bank Austria AG Schottengasse 6-8 1010 Vienna Austria French paying agent BNP Paribas Securities Services 9 rue du Débarcadère 93 761 Pantin Cedex France German paying and information agent Deutsche Bank AG Global Transaction Banking Issuer Services - Global Securities Services Post IPO Services Taunusanlage 12 60325 Frankfurt am Main Germany

General information for overseas investors (Austria, France, Germany, Sweden and Switzerland) (continued) Further German information agent Baring Asset Management Limited GmbH Ulmenstraße 37-39 60325 Frankfurt am Main Germany Swedish paying agent Skandinaviska Enskilda Banken AB (publ) Merchant Banking Global Funds, RB6 Rissneleden 110 SE-106 40 Stockholm Sweden Swiss paying agent BNP Paribas Securities Services, Paris Succursale de Zurich Salnaustresse 16 8002 Zurich Switzerland

The Prospectus, the Key Investor Information Document(s) (“KIID(s)”), a list of portfolio changes, the Trust Deed and the annual and the interim reports and financial statements are available free of charge in hard copy at the offices of the Austrian, French, German, Swedish or Swiss paying and information agents and the further German information agent. Notice for German investors Special risks resulting from additional German tax publication requirements in Germany A foreign investment company (such as Baring Fund Managers Limited (“the Manager”)) must provide documentation to the German fiscal authorities upon request, e.g. in order to verify the accuracy of the additional German published tax information. German investors will use this for their tax returns. 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, you should be aware that if it transpires that these publications are incorrect, any subsequent correction will, as a general rule, not have retrospective effect and will, as a general rule, only take effect during the current financial period. Consequently, the correction may positively or negatively affect the investors who receive a distribution or an attribution of deemed income distributions in the current period. Information for investors in Switzerland The Manager has appointed BNP Paribas Securities Services, Paris, succursale de Zurich, Selnaustrasse 16, 8002 Zurich, Switzerland as representative and paying agent for Switzerland. Units are distributed in Switzerland by BNP Paribas (Switzerland) Limited at the above address. Investors can obtain free of charge the Prospectus, KIID(s), the last annual and interim reports, copies of the Trust Deed (and any amendments thereto) and a list of the purchases and sales made on behalf of the Baring Europe Select Trust (“the Trust”), in French, from the representative at the above address. Official publications for the Trust 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.

General information for overseas investors (Austria, France, Germany, Sweden and Switzerland) (continued) Total Expense Ratio (“TER”) Following a Guideline of the SFA dated 16 May 2008, the Manager is required to publish a Total Expense Ratio (“TER”) for the Trust for the first part of the current accounting year and the second part of the previous accounting year. The TER has been established by the Manager and draws upon the data contained in the ‘‘Statement of total return’’ (Managers’ management fee, registration fees, Depositary fees, safe custody charges, audit fees, Financial Conduct Authority (“FCA”) and other regulatory fees and taxation fees as well as any further fees and costs listed in the ‘‘Statement of total return’’ account and which do not form part of the aforementioned categories). It is calculated with reference to these numbers and in conformity with the above Guideline. The TER for each class for the period ending 30 November 2017 and the year ending 31 May 2017 is as follows: TER as at 30/11/2017 TER as at 31/05/2017 % % Baring Europe Select Trust - Class A GBP Inc* 1.54 % 1.54% Baring Europe Select Trust - Class A EUR 1.54 % 1.54% Acc* Baring Europe Select Trust - Class A EUR Inc* 1.54 % 1.54%

Baring Europe Select Trust - Class A USD Acc 1.54 % 1.54%

Baring Europe Select Trust - Class I EUR Acc 1.79 % 0.80%

Baring Europe Select Trust - Class I EUR Inc 0.79 % 0.79%

Baring Europe Select Trust - Class I GBP Inc 0.79 % 0.79%

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 Schemes Act (“CISA”);  sales agents (distributors) exempted from the authorisation requirement within the meaning of Article 19, Para 4, (“CISA”);  sales partners who place trust units exclusively with institutional investors with professional treasury facilities; and/or  sales partners who place trust 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 trust units for third parties:  life insurance companies (in respect of trust 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 trust units held for the account of beneficiaries);  investment foundations (in respect of trust units held for the account of in-house funds);  Swiss fund management companies (in respect of trust units held for the account of the trusts managed); and  foreign fund management companies and providers (in respect of trust units held for the account of managed trusts and investing unitholders).

Trust information Baring Europe Select Trust - Baring Europe Select Trust - Change in net assets per Class A GBP Inc* Class A EUR Acc* unit 30/11/2017 31/05/2017 31/05/2016 30/11/2017 31/05/2017 31/05/2016 (p) (p) (p) (€) (€) (€) Opening Net Asset Value per 3,881.28 2,853.26 2,677.86 46.816 39.354 38.980 unit Return before operating 171.31 1,082.89 233.88 74.214 70.012 58.804 charges Operating charges (calculated (61.27) (51.06) (41.58) (73.270) (62.550) (58.430) at average price) Return after operating charges 110.04 1,031.83 192.30 0.944 7.462 0.374

Distributions on income units - (3.81) (16.90) - - - Closing Net Asset Value per 3,991.32 3,881.28 2,853.26 47.760 46.816 39.354 unit Distributions on accumulation - - - 0.263 0.228 units After direct transaction costs** 1.90 3.32 5.00 2.27 4.07 7.03

Performance

Return after charges 2.84% 36.03% 6.55% 2.02% 18.96% 0.96%

Other information Closing Net Asset Value 290,759 319,944 349,797 166,462 261,964 149,888 (£’000/€’000) Closing number of units 7,284,779 8,243,250 12,259,568 3,485,389 5,595,673 3,808,691

Operating charges 1.54% 1.55% 1.56% 1.54% 1.55% 1.56%

Direct transaction costs 0.05% 0.10% 0.19% 0.05% 0.10% 0.19%

Prices***

Highest unit price 4,146.00 3,887.00 2,891.00 49.28 47.17 40.42

Lowest unit price 3,828.00 2,793.00 2,439.00 44.82 36.15 33.73 *’Baring Europe Select Trust - Class GBP Inc’ changed its name to ‘Baring Europe Select Trust - Class A GBP Inc’ on 29 August 2017. ‘Baring Europe Select Trust - Class EUR Acc’ changed its name to ‘Baring Europe Select Trust - Class A EUR Acc’ on 29 August 2017. **Direct transaction costs comprise commission and taxes, principally applicable to equity investment purchases and sales. Unitholders should note that there are other additional transaction costs, such as dealing spreads and underlying costs with regard to Investment Fund holdings, which will also have reduced the Trust and unit class returns before operating charges. ***High/low prices included in the table above are for the accounting period from 1 June 2017 to 30 November 2017 and the years from 1 June 2015 and 2016 to 1 June 2016 and 2017 respectively.

Trust information (continued) Baring Europe Select Trust - Baring Europe Select Trust - Change in net assets per Class A EUR Inc* Class A USD Acc unit 30/11/2017 31/05/2017 31/05/2016 30/11/2017 31/05/2017 31/05/2016 (€) (€) (€) ($) ($) ($) Opening Net Asset Value per 44.324 37.393 37.280 52.500 43.894 42.720 unit Return before operating 70.368 65.995 56.520 91.041 77.436 66.454 charges Operating charges (calculated (69.470) (58.910) (56.160) (87.000) (68.830) (65.280) at average price) Return after operating charges 0.898 7.085 0.360 4.041 8.606 1.174

Distributions on income units - (0.154) (0.247) - - - Closing Net Asset Value per 45.222 44.324 37.393 56.541 52.500 43.894 unit Distributions on accumulation - - 0.134 0.292 units After direct transaction costs** 2.15 3.83 6.75 2.70 4.48 7.85

Performance

Return after charges 2.03% 18.53% 0.30% 7.70% 19.61% 2.75%

Other information Closing Net Asset Value 604,788 567,829 451,740 27,533 16,335 17,943 (€’000/$’000) Closing number of units 13,373,822 12,810,983 12,080,886 486,962 311,152 408,773

Operating charges 1.54% 1.55% 1.56% 1.54% 1.55% 1.56%

Direct transaction costs 0.05% (0.10)% 0.19% 0.05% (0.10)% 0.19%

Prices***

Highest unit price 46.66 44.50 38.66 57.36 52.53 43.930

Lowest unit price 42.43 34.50 32.26 52.06 39.82 37.830 *‘Baring Europe Select Trust - Class EUR Inc’ changed its name to ‘Baring Europe Select Trust - Class A EUR Inc’ on 29 August 2017. **Direct transaction costs comprise commission and taxes, principally applicable to equity investment purchases and sales. Unitholders should note that there are other additional transaction costs, such as dealing spreads and underlying costs with regard to Investment Fund holdings, which will also have reduced the Trust and unit class returns before operating charges. ***High/low prices included in the table above are for the accounting period from 1 June 2017 to 30 November 2017 and the years from 1 June 2015 and 2016 to 1 June 2016 and 2017 respectively.

Trust information (continued) Baring Europe Select Trust - Baring Europe Select Trust - Change in net assets per Class I EUR Acc Class I EUR Inc unit 30/11/2017 31/05/2017 31/05/2016 30/11/2017 31/05/2017 31/05/2016 (€) (€) (€) (€) (€) (€) Opening Net Asset Value per 46.278 38.621 37.850 44.529 37.541 37.390 unit Return before operating 38.374 38.157 32.271 37.057 38.490 30.119 charges Operating charges (calculated (37.260) (30.500) (31.500) (35.980) (31.040) (29.470) at average price) Return after operating charges 1.114 7.657 0.771 1.077 7.450 0.649

Distributions on income units - - - - (0.462) (0.498) Closing Net Asset Value per 47.392 46.278 38.621 45.606 44.529 37.541 unit Distributions on accumulation - 0.3380 0.515 - - units After direct transaction costs** 2.250 3.850 7.300 2.18 3.910 6.820

Performance

Return after charges 2.41% 19.83% 2.04% 2.42% 18.61% 0.40%

Other information Closing Net Asset Value 61,351 54,741 203,336 64,667 35,716 15,976 (€’000) Closing number of units 1,294,549 1,182,890 5,264,915 1,417,940 802,082 425,554

Operating charges 0.79% 0.80% 0.81% 0.79% 0.80% 0.81%

Direct transaction costs 0.05% 0.10% 0.19% 0.05% 0.10% 0.19%

Prices***

Highest unit price 48.86 46.98 39.40 47.03 45.31 38.91

Lowest unit price 44.38 35.50 32.93 42.71 34.50 32.52 **Direct transaction costs comprise commission and taxes, principally applicable to equity investment purchases and sales. Unitholders should note that there are other additional transaction costs, such as dealing spreads and underlying costs with regard to Investment Fund holdings, which will also have reduced the Trust and unit class returns before operating charges. ***High/low prices included in the table above are for the accounting period from 1 June 2017 to 30 November 2017 and the years from 1 June 2015 and 2016 to 1 June 2016 and 2017 respectively.

Trust information (continued) Baring Europe Select Trust Change in net assets per Class I GBP Inc unit 30/11/2017 31/05/2017 31/05/2016 (p) (p) (p) Opening Net Asset Value per 3,887.87 2,861.71 2,685.24 unit Return before operating 157.31 1,091.69 236.08 charges Operating charges (calculated (31.59) (26.72) (21.76) at average price) Return after operating charges 125.72 1,064.97 214.32

Distributions on income units - (38.81) (37.85) Closing Net Asset Value per 4,013.59 3,887.87 2,861.71 unit After direct transaction costs* 1.91 3.37 5.04

Performance

Return after charges 3.23% 35.86% 6.57%

Other information Closing Net Asset Value 1,029,249 884,299 685,865 (£’000) Closing number of units 25,644,120 22,745,100 23,966,925

Operating charges 0.79% 0.80% 0.81%

Direct transaction costs 0.05% 0.10% 0.19%

Prices**

Highest unit price 4,167.00 3,929.00 2,917.00

Lowest unit price 3,837.00 2,803.00 2,450.00 *Direct transaction costs comprise commission and taxes, principally applicable to equity investment purchases and sales. Unitholders should note that there are other additional transaction costs, such as dealing spreads and underlying costs with regard to Investment Fund holdings, which will also have reduced the Trust and unit class returns before operating charges. **High/low prices included in the table above are for the accounting period from 1 June 2017 to 30 November 2017 and the years from 1 June 2015 and 2016 to 1 June 2016 and 2017 respectively.

Trust information (continued) Other relevant published prices Baring Europe Select Trust - Class A GBP Inc* Accounting period Mid-price (pence per unit)

31/08/1984 Launch date 47.50

30/11/2017 Financial statements date 3,994.00

Latest date

Baring Europe Select Trust - Class A EUR Acc* Accounting period Mid-price (€ per unit)

15/10/2009 Launch date 16.14

30/11/2017 Financial statements date 47.79

Latest date

Baring Europe Select Trust - Class A EUR Inc* Accounting period Mid-price (€ per unit)

15/08/2001 Launch date 0.57

30/11/2017 Financial statements date 45.25

Latest date

Baring Europe Select Trust - Class A USD Acc Accounting period Mid-price (US$ per unit)

16/12/2013 Launch date 38.41

30/11/2017 Financial statements date 56.57

Latest date

Baring Europe Select Trust - Class I EUR Acc Accounting period Mid-price (€ per unit)

22/05/2015 Launch date 37.88

30/11/2017 Financial statements date 47.42

Latest date * ‘Baring Europe Select Trust - Class GBP Inc’ changed name to ‘Baring Europe Select Trust - Class A GBP Inc’ on 29 August 2017. ‘Baring Europe Select Trust - Class EUR Acc’ changed name to ‘Baring Europe Select Trust - Class A EUR Acc’ on 29 August 2017. ‘Baring Europe Select Trust - Class EUR Inc’ changed name to ‘Baring Europe Select Trust - Class A EUR Inc’ on 29 August 2017.

Trust information (continued) Other relevant published prices (continued) Baring Europe Select Trust - Class I EUR Inc Accounting period Mid-price (€ per unit)

18/12/2014 Launch date 29.92

30/11/2017 Financial statements date 45.63

Latest date

Baring Europe Select Trust - Class I GBP Inc Accounting period Mid-price (pence per unit)

29/08/2012 Launch date 1,608.00

30/11/2017 Financial statements date 4,016.00

Latest date

Report of the Investment Manager Risk and reward profile SRRI risk category* SRRI risk category* 30/11/2017 31/05/2017 Baring Europe Select Trust - Class A GBP Inc** 5 5

Baring Europe Select Trust - Class A EUR Acc** 5 5

Baring Europe Select Trust - Class A EUR Inc** 5 5

Baring Europe Select Trust - Class A USD Acc 5 5

Baring Europe Select Trust - Class I EUR Acc 5 5

Baring Europe Select Trust - Class I EUR Inc 5 5

Baring Europe Select Trust - Class I GBP Inc 5 5 * The Synthetic Risk and Reward Indicator (“SRRI”) is not a measure of the risk of capital loss, but a measure of Baring Europe Select Trust’s (“the Trust’s”) price movement over time; the higher the number, the greater the price movement both up and down. It is based on historical data and is not a reliable indication of the future risk profile of the Trust. The risk category shown is in line with the Key Investor Information Document (“KIID”) at period-end, is not guaranteed, and may change over time. The risk categories are measured from 1 - 7 (1 measuring typically lower risk/rewards and 7 measuring typically higher risk/rewards). The lowest category does not mean a risk-free investment. The Trust is classified in the category indicated due to past movements in the Trust’s price. There is no capital guarantee. The value of investments and the income from them may go down as well as up and investors may not get back the amount they invest. The SRRI figures shown have not changed during the period. **‘Baring Europe Select Trust - Class GBP Inc’ changed name to ‘Baring Europe Select Trust - Class A GBP Inc’ on 29 August 2017. ‘Baring Europe Select Trust - Class EUR Acc’ changed name to ‘Baring Europe Select Trust - Class A EUR Acc’ on 29 August 2017. ‘Baring Europe Select Trust - Class EUR Inc’ changed name to ‘Baring Europe Select Trust - Class A EUR Inc’ on 29 August 2017.

Performance Baring Europe Select Trust (‘the Trust’) outperformed its key performance comparator index in the six months to 30 November 2017. This relative out-performance was primarily due to stock selection. Wirecard, the German electronic payments company, was the most significant contributor to relative returns, reflecting continuing strong profits growth and optimism around potential consolidation in this sector. Temenos, a Swiss financial software company and a large position in the portfolio, also contributed to performance following good results; Temenos enjoys a leading position in the banking software sector and is continuing to gain clients, both in Europe and in the USA. Umicore, a Belgian materials company with a global-leading position as a supplier and recycler of specialty metals, also performed well following continued earnings growth and plans to increase production of battery materials. Lenzing, an Austrian producer of man-made fibres, detracted from performance due to a disappointing trading update in the third quarter and fears of increased competition. Elior, a French catering company, also detracted from performance due to disappointing profitability and unanticipated changes in the management team.

Report of the Investment Manager (continued) The top ten purchases and sales during the period were as follows: Costs Proceeds Purchases Sales £’000 £’000 ASR Nederland 31,687 SEB 24,638

Hexpol 26,164 Eurofins Scientific 22,513

Bekaert 20,704 Amer Sports 21,987

Rubis 16,287 Kion 21,650

Freenet 16,165 Brembo 20,644

Italgas 15,162 Wolters Kluwer 20,576

Prosegeur Cia de Seguridad 14,801 Partners Group 20,473

NKT 12,238 Bpost 20,405

Unicaja Banco 11,922 Drillisch 20,147

Ebro Foods 11,193 Trigano 15,634

Market outlook We continue to take a positive view of the stock selection opportunities among European Smaller companies. Business confidence in Europe is strong, and economic data continues to be encouraging, and these impetuses have prompted increased take-over activity among European smaller companies. Nevertheless, there is a risk of an increase in volatility given recent gains in stock markets and ongoing political developments, for example the tensions in Spain and Catalonia, ongoing Brexit negotiations, and the forthcoming Italian elections. Following the gains made by global equities so far this year, equity valuations are less attractive than they once were, in our view. Furthermore, while strengthening economic data across much of the world has been accompanied by very benign inflation data, speculation that Central Banks are likely to raise interest rates, or at least reduce quantitative easing programmes, is likely to intensify. More positively, the recent apparent acceleration in the trajectory of economic growth in the U.S.A., and the accompanying strength in the U.S. dollar, are usually positive indicators for the outlook for European smaller companies. Given this balanced backdrop, and the fact that European smaller companies are trading at valuation levels above their historic averages, the development of expectations for corporate profits growth remains central to share price developments in the short term. In this context, our focus remains on identifying bottom-up investment opportunities through fundamental analysis, rather than positioning our funds to reflect macroeconomic news. In particular, we focus on companies whose strategic positioning and competitive strengths can drive sustained improvements in their profitability and returns.

Baring Asset Management Limited 17 January 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.

Report of the Investment Manager (continued) Revenue Revenue Revenue available per available per Annualised net Annualised net unit as at unit as at yield as at yield as at 30/11/2017 31/05/2017 30/11/2017 31/05/2017 Baring Europe Select Nil (Income deficit) 3.8199p Nil (Income deficit) 0.10% Trust - Class A GBP Inc*

Baring Europe Select Nil (Income deficit) €0.2636 Nil (Income deficit) 0.56% Trust - Class A EUR Acc*

Baring Europe Select Nil (Income deficit) €0.1549 Ni l(Income deficit) 0.35% Trust – Class A EUR Inc*

Baring Europe Select Nil (Income deficit) $0.1347 Nil (Income deficit) 0.26% Trust - Class A USD Acc

Baring Europe Select Nil (Income deficit) €0.3382 Nil (Income deficit) 0.73% Trust - Class I EUR Acc

Baring Europe Select Nil (Income deficit) €0.4626 Nil (Income deficit) 1.03% Trust - Class I EUR Inc

Baring Europe Select Nil (Income deficit) 38.8117p Nil (Income deficit) 0.99% Trust - Class I GBP Inc * ’Baring Europe Select Trust - Class GBP Inc’ changed its name to ‘Baring Europe Select Trust - Class A GBP Inc’ on 29 August 2017. ‘Baring Europe Select Trust - Class EUR Acc’ changed its name to ‘Baring Europe Select Trust - Class A EUR Acc’ on 29 August 2017. ‘Baring Europe Select Trust - Class EUR Inc’ changed its name to ‘Baring Europe Select Trust - Class A EUR Inc’ on 29 August 2017.

Post balance sheet events After the period-end, market fluctuations have resulted in changes to the published prices. These are shown in the “Other relevant published prices” tables on pages 14 and 15. Benjamin Greene has been appointed as a Director for Baring Fund Managers Limited with effect from 18th December 2017. David Stevenson has resigned from his position as Director for Baring Fund Managers Limited, with effect from 20th December 2017.

Portfolio information Major holdings % of total net assets 30/11/2017 31/05/2017 Top ten holdings % % Northern Trust Global Funds Sterling Fund 4.24 5.42

Hera 1.69 1.30

Recordati 1.65 1.63

ASM International 1.60 1.60

Euronext 1.55 1.28

IMCD 1.55 1.53

ASR Nederland 1.50 0.00

Italgas 1.49 0.77

DSV 1.48 1.53

Chr Hansen 1.47 1.40

Geographical breakdown - % of total net assets 30/11/2017 31/05/2017 Country % % Austria 1.97 2.54

Belgium 4.76 4.97

Denmark 6.24 5.99

Finland 5.18 5.33

France 13.46 14.91

Germany 10.62 10.25

Ireland 6.78 7.88

Italy 14.29 13.18

Luxembourg 1.03 0.96

Netherlands 12.13 11.30

Norway 3.43 2.95

Spain 5.20 4.89

Sweden 7.90 7.26

Switzerland 6.49 8.65

Portfolio information (continued) Asset type breakdown % of total net assets 30/11/2017 31/05/2017 Asset type % % Investment Funds† 5.14 6.75

Equities 94.34 94.31

Net other assets 0.52 (1.06)

† Shares in Investment Funds listed in Ireland. Uninvested cash from the Trust is swept into these funds daily.

Directors’ statement The financial statements on pages 26 to 28 were approved by Baring Fund Managers Limited (“the Manager”) and signed on its behalf by:

C. BIGGINS Director

J. SWAYNE Director London 17 January 2018

Portfolio statement as at 30 November 2017 Bid-market Percentage of total value net assets Holdings Investment Funds: 5.14% (6.75%) (£) (%) 3,971,291 Northern Trust Global Funds - Euro Fund † 3,444,018 0.16 90,341,000 Northern Trust Global Funds - Sterling Fund † 90,341,000 4.24 21,193,000 Northern Trust Global Funds - US Dollar Fund † 15,763,322 0.74 109,548,340 5.14

Equities: 94.34% (94.31%)

Austria: 1.97% (2.54%) 523,829 ANDRITZ 21,518,544 1.01 122,914 Lenzing 10,730,414 0.50 582,237 Wienerberger 9,767,589 0.46 42,016,547 1.97

Belgium: 4.76% (4.97%) 284,299 KBC Ancora 12,632,440 0.59 241,031 Kinepolis 12,649,421 0.59 1,040,818 Ontex 25,840,596 1.21 566,209 Telenet 29,191,503 1.37 619,912 Umicore 21,219,489 1.00 101,533,449 4.76

Denmark: 6.24% (5.99%) 471,378 Chr Hansen 31,285,068 1.47 561,630 DSV 31,633,949 1.48 649,071 FLSmidth 26,376,908 1.24 130,797 Nilfisk 4,735,045 0.22 254,027 NKT 8,556,030 0.40 1,680,338 Tryg 30,395,484 1.43 132,982,484 6.24

Finland: 5.18% (5.33%) 361,300 Amer Sports 7,013,829 0.33 464,636 Cargotec 19,749,620 0.93 435,773 Cramo 7,189,663 0.34 904,491 Elisa 27,178,104 1.28 648,992 Huhtamaki 21,020,728 0.99 2,034,487 Valmet 27,995,776 1.31 110,147,720 5.18

France: 13.46% (14.91%) 795,572 Edenred 16,950,147 0.80 973,652 Elior 15,862,110 0.74

Portfolio statement (continued) as at 30 November 2017 Bid-market Percentage of total value net assets Equities: 94.34% (94.31%) (continued) (£) (%)

Holdings France: 13.46% (14.91%) (continued) 1,077,981 Elis 21,054,705 0.99 124,517 Euler Hermes 13,330,328 0.63 195,976 Eurazeo 12,709,054 0.60 319,495 Imerys 21,667,190 1.02 223,853 IPSOS 5,977,422 0.28 359,162 Nexity 16,186,544 0.76 240,828 Orpea 21,276,637 1.00 306,487 Rubis 16,195,213 0.76 161,808 Sopra Steria 21,489,382 1.01 1,283,547 SPIE 26,109,369 1.23 282,948 Teleperformance 30,876,764 1.45 285,617 Ubisoft Entertainment 16,450,277 0.77 829,742 Worldline 30,162,447 1.42 286,297,589 13.46

Germany: 10.62% (10.25%) 871,954 Aareal Bank 28,726,054 1.35 50,356 Bilfinger 1,638,920 0.08 112,616 CANCOM 6,766,769 0.32 568,434 Carl Zeiss Meditec 24,526,940 1.15 508,588 Evotec 5,605,948 0.26 639,641 Freenet 17,950,027 0.84 365,082 Gerresheimer 21,544,591 1.01 98,899 Grammer 4,478,030 0.21 359,981 Hugo Boss 21,972,496 1.03 338,922 Norma 15,939,778 0.75 86,991 Siltronic 9,423,984 0.44 404,788 Software 16,239,972 0.76 359,661 Symrise 22,437,430 1.05 319,128 Wirecard 24,946,383 1.17 18,790 XING 4,326,733 0.20 226,524,055 10.62

Ireland: 1.64% (1.13%) 703,918 Glanbia 9,568,591 0.45 845,772 Kingspan 25,316,918 1.19 34,885,509 1.64

Italy: 14.29% (13.18%) 2,254,791 Amplifon 25,429,279 1.19 1,138,369 Banca Generali 29,725,750 1.40

Portfolio statement (continued) as at 30 November 2017 Bid-market Percentage of total value net assets Equities: 94.34% (94.31%) (continued) (£) (%)

Holdings Italy: 14.29% (13.18%) (continued) 705,650 Cerved Information Solutions 6,504,428 0.31 463,103 DiaSorin 31,271,706 1.47 3,198,899 FinecoBank 23,811,829 1.12 13,516,591 Hera 35,914,103 1.69 357,872 Industria Macchine Automatiche 22,322,047 1.05 1,675,839 Infrastrutture Wireless Italiane 9,545,863 0.45 6,802,384 Italgas 31,680,749 1.49 3,940,989 Maire Tecnimont 13,052,768 0.61 615,454 MARR 11,709,247 0.55 1,136,982 Prysmian 27,917,770 1.31 1,057,554 Recordati 35,240,905 1.65 304,126,444 14.29

Luxembourg: 1.03% (0.96%) 332,499 Befesa 9,557,673 0.45 192,287 Stabilus 12,368,249 0.58 21,925,922 1.03

Netherlands: 12.13% (11.30%) 814,138 Aalberts Industries 30,673,948 1.44 320,791 AMG Advanced Metallurgical 10,695,377 0.50 689,264 Arcadis 11,684,436 0.55 665,524 ASM International 34,153,593 1.60 1,070,141 ASR Nederland 31,981,250 1.50 444,913 BE Semiconductor Industries 27,234,910 1.28 734,496 Euronext 32,979,057 1.55 236,820 Flow Traders 3,800,876 0.18 900,715 GrandVision 16,918,376 0.79 717,860 IMCD 32,984,178 1.55 1,456,657 Refresco Gerber 25,328,124 1.19 258,434,125 12.13

Norway: 3.43% (2.95%) 1,676,691 Borregaard 10,977,642 0.52 827,208 Schibsted 16,344,152 0.77 3,609,118 Storebrand 21,606,554 1.01 1,341,666 TGS-NOPEC Geophysical Company 24,054,170 1.13 72,982,518 3.43

Portfolio statement (continued) as at 30 November 2017 Bid-market Percentage of total value net assets Equities: 94.34% (94.31%) (continued) (£) (%)

Holdings Spain: 5.20% (4.89%) 2,500,074 Applus Services 23,540,315 1.10 624,140 Cia de Distribucion Integral Logista 11,121,699 0.52 1,275,310 CIE Automotive 27,659,667 1.30 607,055 Ebro Foods 10,330,908 0.48 1,051,131 Indra Sistemas 10,943,005 0.51 46,671 Parques Reunidos Servicios Centrales 559,838 0.03 2,524,379 Prosegur Cia de Seguridad 15,201,599 0.71 10,302,429 Unicaja Banco 11,718,736 0.55 Total Spain 111,075,767 5.20

Sweden: 7.90% (7.26%) 429,066 AAK 25,963,422 1.22 2,409,117 Ahlsell 10,930,770 0.51 858,254 Attendo 6,671,814 0.30 1,529,452 Bravida 7,740,743 0.36 3,155,827 Hexpol 22,514,953 1.06 560,768 Indutrade 11,267,816 0.53 988,889 Intrum Justitia 25,516,149 1.19 513,161 Modern Times Group 15,888,305 0.75 833,988 Nibe Industrier 5,905,579 0.28 2,007,738 Securitas 26,027,465 1.22 640,791 Thule 10,321,092 0.48 168,748,108 7.90

Switzerland: 6.49% (8.65%) 311,475 Ascom 5,469,118 0.26 220,723 Baloise 25,266,408 1.19 292,748 Cembra Money Bank 19,601,509 0.92 28,614 Comet 3,350,949 0.16 472,621 DKSH 29,917,855 1.40 180,088 Dufry 19,284,883 0.90 4,455 Forbo 4,888,181 0.23 343,458 Temenos 30,412,327 1.43 138,191,230 6.49

Total equities: 94.34% (94.31%) 2,009,871,467 94.34

Portfolio of investments: 99.48% (101.06%) 2,119,419,807 99.48

Net other assets 11,018,753 0.52

Net assets 2,130,438,560 100.00

† Units in Investment Funds. Uninvested cash from the Trust is swept into this fund daily. Note: Securities shown on the portfolio statement are ordinary shares admitted to official stock exchange listings or traded on a regulated market, unless otherwise stated. Comparative figures shown in brackets relate to 31 May 2017.

Statement of total return for the period ended 30 November 2017 2017 2016 £'000 £'000 £'000 £'000 Income Net capital gains 66,675 194,568 Revenue 8,214 5,792 Expenses (12,334) (10,251) Interest and other similar charges (3) - Net revenue before taxation (4,123) (4,459) Taxation (561) (266) Net loss after taxation (4,684) (4,725) Total return gains before distributions 61,991 189,843 Equalisation/Distribution 86 (163) Change in net assets attributable to unitholders from investment activities 62,077 189,680

Statement of change in net assets attributable to unitholders for the period ended 30 November 2017 2017 2016 £'000 £'000 £'000 £'000 Opening net assets attributable to unitholders 2,020,738* 1,674,271

Amounts receivable on issue of units 398,049 201,024 Amounts payable on cancellation of units (350,434) (409,633) 47,615 (208,609) Change in net assets attributable to unitholders from investment activities 62,077 189,680 Unclaimed distributions 9 363 Closing net assets attributable to unitholders 2,130,439 1,655,705

* The opening net assets attributable to unitholders for 2017 differ to the closing position in 2016 by the change in net assets attributable to unitholders for the second half of the comparative financial year.

Balance sheet as at 30 November 2017 30/11/2017 31/05/2017 £'000 £'000 Assets Investment assets 2,119,420 2,042,145

Current assets: Debtors 28,264 22,961 Cash and bank balances 2,018 344

Total assets 2,149,702 2,065,450

Liabilities

Creditors: Distribution payable on income units - (11,200) Other creditors (19,263) (33,512)

Total liabilities (19,263) (44,712)

Net assets attributable to unitholders 2,130,439 2,020,738

Note to the financial statements for the period ended 30 November 2017 The interim financial statements have been prepared on the same basis as the audited financial statements for the year ended 31 May 2017. They are in accordance with the historical cost convention, as modified by the revaluation of investments and the Statement of Recommended Practice for Authorised Funds issued by the Investment Association in May 2014 (“the IMA SORP 2014”). The financial statements have been prepared on a going concern basis.

Distribution tables Group 1: units purchased prior to 1 June 2017 Group 2: units purchased on or after 1 June 2017

Interim distribution - Class A GBP Inc (in pence per unit)* Net Equalisation 2017 2016 Group revenue Distribution payable Distribution paid 1 Nil (Income deficit) Nil (Income deficit) Nil (Income deficit) Nil (Income deficit)