Baring International Umbrella Fund

Interim Report & Unaudited Financial Statements

for the period ended 31 October 2012

Contents

Management and Administration 1

Introduction 3

Key Changes since the last Report 6

This section includes the following:

Investment Manager's Report (Unaudited), Portfolio Statement (Unaudited), Balance Sheet (Unaudited), Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Units (Unaudited) and Profit and Loss Account (Unaudited)

Baring ASEAN Frontiers Fund 7

Baring Asia Growth Fund 15

Baring Australia Fund 23

Baring Europa Fund 30

Baring Hong Kong China Fund 38

Baring International Bond Fund 47

Baring North America Fund 56

Notes to the Financial Statements 60

Information for Investors in Switzerland - including Total Expense Rate and Portfolio Turnover Rate (Unaudited) 72

Information for Investors in Germany (Unaudited) 77

General Information (Unaudited) 78

Appendix 1- Additional Information Hong Kong Code (Unaudited) 79

Appendix 2- Significant Portfolio Movements (Unaudited) 91

Baring International Umbrella Fund

Management and Administration

Managers Sponsoring Broker Baring International Fund Managers (Ireland) Limited NCB Stockbrokers Registered Office 3 George’s Dock Georges Court IFSC 54-62 Townsend Street Dublin 1 Dublin 2 Ireland Ireland Telephone: + 353 1 542 2930 Legal Advisers Facsimile: + 353 1 542 2920 Dillon Eustace 33 Sir John Rogerson’s Quay Investment Managers Dublin 2 Baring Asset Management Limited Ireland 155 Bishopsgate London EC2M 3XY Directors of the Managers United Kingdom David Conway* Telephone: + 44 20 7628 6000 Ian Pascal Facsimile: + 44 20 638 7928 Ines Haag John Burns Baring Asset Management (Asia) Limited** Mark Thorne* 19th Floor, Edinburgh Tower 15 Queen’s Road Central *Non-executive directors independent of the Investment Hong Kong Manager. Telephone: + 852 2 841 1411 Facsimile: + 852 2 973 3338

** Baring Asset Management (Asia) Limited are the delegated Sub-Investment Manager for certain funds as detailed in the Investment Manager reports of the relevant funds.

Trustee 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

1 Baring International Umbrella Fund

Management and Administration (continued) Paying Agents

UniCredit Bank Austria AG Schottengasse 6-8 1010 Vienna Austria

BNP Paribas Securities Services 9 rue du Débarcadère 93500 PANTIN Cedex France

Deutsche Bank AG Taunusanlage 12 60325 Frankfurt am Main Germany

Banque de Luxembourg SA 14, Boulevard Royal L-2449 Luxembourg

S.E. Banken Rissneleden 110 RB5 106 40 Stockholm Sweden

BNP Paribas Securities Services, Paris Succursale de Zurich Selnaustrasse 16 8022 Zurich Switzerland

2 Baring International Umbrella Fund

Introduction

Baring International Umbrella Fund (the “Trust”) is a unit trust managed by Baring International Fund Managers (Ireland) Limited, (the “Managers”). The Trust was established pursuant to a trust deed dated 22 November, 1990 (as supplemented or amended from time to time), (the “Trust Deed”) made between the Managers and Northern Trust Fiduciary Services (Ireland) Limited as trustee, (the “Trustee”) and authorised by the Central Bank of Ireland pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011 (as amended). It has been authorised by the Securities and Futures Commission in Hong Kong.

The Trust is organised in the form of an umbrella fund. The Trust Deed provides that the Trust may offer separate series of Unit each representing interest in a fund comprised of a distinct portfolio of investments. A separate trust fund (a “Fund”) is maintained for each series of Units and is invested in accordance with the investment objective applicable to such Fund to date. Each Fund may create more than one class of Units in relation to a Fund and these separate classes of Units may be denominated in different currencies. A Unit represents a beneficial interest in a Fund (a “Unit”).

Units are available in the following Funds (referring collectively to each Fund within the Trust (“the Funds”) and in the following denominations and classes:-

UNIT Type Share Class Launch Fund and Class Base Currency Unit Denomination ISIN (ACC/INC) Date Baring ASEAN Frontiers Fund

Class A Inc US$ USD 01 August 2008 IE0000830236 Class A Inc US$ EUR 01 August 2008 IE0004868828 Class A Inc US$ GBP 05 August 2008 IE00B3BC5T90

Class A Acc US$ USD 14 March 2012 IE00B59JG481 Class A Acc US$ EUR TBC IE00B4MTNB49* Class A Acc US$ RMB Hedged 21 February 2012 IE00B3LGSN62

Class I Acc US$ USD TBC IE00B3BC5V13* Class I Acc US$ EUR 14 February 2011 IE00B3BC5X37 Class I Acc US$ GBP 4 January 2011 IE00B3BC5W20

Baring Asia Growth Fund

Class A Inc US$ USD 3 February 1987 IE0000830129 Class A Inc US$ EUR 15 February 1999 IE0004868604 Class A Inc US$ GBP 1 November 2001 IE0031029477 Class A Inc US$ RMB Hedged TBC IE00B7JY4095*

Class A Acc US$ USD TBC IE00B7JY2X87* Class A Acc US$ EUR TBC IE00B7JY2Z02*

Class I Acc US$ USD TBC IE00B3BC9V92* Class I Acc US$ EUR TBC IE00B3BC9X17* Class I Acc US$ GBP TBC IE00B3BC9W00*

Baring Australia Fund

Class A Inc US$ USD 4 December 1981 IE0000829451 Class A Inc US$ AUD 15 December 2009 IE00B3YQ9180 Class A Inc US$ EUR 15 February 1999 IE0004866665 Class A Inc US$ GBP 21 December 2009 IE00B45XQ142

3 Baring International Umbrella Fund

Introduction (continued)

UNIT Type Share Class Launch Fund and Class Base Currency Unit Denomination ISIN (ACC/INC) Date

Baring Australia Fund (continued) Class A Acc US$ EUR TBC IE00B7JY4764* Class A Acc US$ RMB Hedged TBC IE00B7JY5399*

Class I Acc US$ USD TBC IE00B3BC9S63* Class I Acc US$ AUD TBC IE00B3WCDZ09* Class I Acc US$ EUR TBC IE00B3BC9T70* Class I Acc US$ GBP TBC IE00B3YQ8T99*

Baring Europa Fund

Class A Inc US$ USD 21 April 1987 IE0000829121 Class A Inc US$ EUR 6 January 1999 IE0004866772

Class A Acc US$ EUR TBC IE00B7JY6470* Class A Acc US$ RMB Hedged TBC IE00B7JY6F85*

Class C** Inc US$ USD 31 January 2008 IE00B2NN6456 Class C** Inc US$ EUR 31 January 2008 IE00B2PF5530

Class I Acc US$ USD TBC IE00B3BC9Y24* Class I Acc US$ EUR TBC IE00B3BCB020*

Baring Hong Kong China Fund

Class A Inc US$ USD 3 December 1982 IE0000829238 Class A Inc US$ EUR 17 May 1999 IE0004866889 Class A Inc US$ GBP 21 December 2009 IE00B3YQ0H18 Class A Inc US$ HKD 10 August 2010 IE00B4YN5X00

Class A Acc US$ USD 14 March 2012 IE00B7JY6H00 Class A Acc US$ EUR TBC IE00B7JY7551* Class A Acc US$ RMB Hedged TBC IE00B7JY7775*

Class C** Inc US$ USD 31 January 2008 IE00B2NN6340 Class C** Inc US$ EUR 31 January 2008 IE00B2PF5423

Class I Acc US$ USD TBC IE00B3BCB798* Class I Acc US$ EUR TBC IE00B3BCB806* Class I Acc US$ GBP TBC IE00B3YV5X70*

Baring International Bond Fund

Class A Inc US$ USD 7 July 1978 IE0000829568 Class A Inc US$ EUR 12 January 1999 IE0004866996 Class A Inc US$ GBP 6 June 2003 IE0033064597 Class A Inc US$ RMB Hedged TBC IE00B7JYQK32*

Class I Acc US$ USD TBC IE00B3BCB137* Class I Acc US$ EUR TBC IE00B3BCB350* Class I Acc US$ GBP TBC IE00B3BCB244*

Class I Inc US$ GBP TBC IE00B7JYQM55*

4 Baring International Umbrella Fund

Introduction (continued)

UNIT Type Share Class Launch Fund and Class Base Currency Unit Denomination ISIN (ACC/INC) Date

Baring North America Fund

Class A Inc US$ USD 6 November 1957 IE0000830012 Class A Inc US$ EUR 19 January 1999 IE0004867309 Class A Inc US$ GBP 4 December 2007 IE00B28K8F61

Class A Acc US$ RMB Hedged TBC IE00B7JYRC23*

Class I Acc US$ USD TBC IE00B3BCB467* Class I Acc US$ EUR TBC IE00B3BCB681* Class I Acc US$ GBP TBC IE00B3BCB574*

*Share Class not yet launched.

**Class C Units will be available to certain distributors who have in place a placing agency or distribution arrangement with the Managers or their delegates.

5 Baring International Umbrella Fund

Key Changes since the Last Report

Baring North America Fund

Following an Extraordinary General Meeting held on 10 May 2012, an Extraordinary Resolution to terminate the Baring North America Fund pursuant to Clause 38F of the Trust Deed was approved by Unitholders. The Fund was terminated on 9 July 2012 and all remaining units of the Fund were redeemed in accordance with the Trust Deed. There were no outstanding unamortised formation expenses. The termination costs of the Fund of approximately US$32,000 were borne out of the assets of the Fund.

6 Baring International Umbrella Fund Baring ASEAN Frontiers Fund

Baring ASEAN Frontiers Fund - Investment Manager’s Report

Investment Objective and Policy

The investment objective of the Fund is to achieve long-term capital growth in the value of assets by investing in companies in Asia which the Managers believe will benefit from the economic growth and development of the region. The Fund will seek to achieve its investment objective by investing at least 70% of its total assets at any one time in equities and equity-related securities of companies incorporated in, or exercising the predominant part of their economic activity in, countries which are members of the Association of South-East Asian Nations (ASEAN) or quoted or traded on the stock exchanges in those countries. The members of ASEAN include Singapore, Thailand, the Philippines, Malaysia, Indonesia and Vietnam. Please refer to the Prospectus for the full Investment Objective and Policy.

How we manage the Fund

The Baring ASEAN Frontiers Fund is invested primarily in the South East Asian equity markets, using a “bottom up” investment approach. This means we focus more on the individual merits of a specific company, rather than taking a stance on a sector of the market or macroeconomic trends such as interest rate rises. Within this, we manage the Fund using a “Growth at a Reasonable Price”, or GARP, approach. This means that when researching candidates for the portfolio, we place just as much emphasis on the likely growth in corporate earnings at a company as we do on the share price valuation before deciding whether to invest or not. We believe this approach combines the best features of both “growth” and “value” investment styles, to the benefit of investors.

The Managers of Baring International Umbrella Fund, Baring International Fund Managers (Ireland) Limited, have appointed Baring Asset Management Limited (“BAML”) as the Investment Manager of the Umbrella Fund. In turn, BAML has appointed Baring Asset Management (Asia) Limited as Sub-Investment Manager to the Baring ASEAN Frontiers Fund.

The manager of the Baring ASEAN Frontiers Fund is Mr Soo-Hai Lim. Soo-Hai has over 15 years of investment experience and has specific responsibility for research and investing in the Australian/New Zealand markets and the South East Asian as well as Asian Frontier Markets like Vietnam and Sri Lanka. Soo-Hai is a CFA Charterholder and graduated from Nanyang Technological University in Singapore in 1994 with a First Class Honours degree in Accountancy.

Performance

Summary of Fund Performance (excluding distribution payments where applicable)

Net asset value as at Net asset value as at 31/10/2012 30/04/2012 Net asset value % change Price per unit Price per unit

Class A USD Inc $177.05 $174.54 1.44

Class A EUR Inc €136.14 €132.03 3.11

Class A GBP Inc £109.86 £107.34 2.35

Class A RMB Hedged Acc CNY1,117.54 CNY1,097.25 1.85

Class A USD Acc $178.16 $174.53 2.08

Class I EUR Acc €138.83 €133.45 4.03

Class I GBP Acc £112.10 £108.56 3.26

7 Baring International Umbrella Fund Baring ASEAN Frontiers Fund

Baring ASEAN Frontiers Fund - Investment Manager’s Report (continued)

Performance (continued)

Performance Record to 31 October 2012 (including distribution payments where applicable)

01/05/2012 - 01/05/2011 - 01/05/2010 - 01/05/2009 - 01/08/2008 - 31/10/2012 30/04/2012 30/04/2011 30/04/2010 30/04/2009

% % % % %

Baring ASEAN Frontiers Fund - Class A USD

Inc (USD Terms) 2.08 (5.21) 34.02 78.49 (33.63)

MSCI South East Asia Total, Net Return Index

(USD Terms) 3.57 0.28 28.90 70.00 (30.49)

Baring ASEAN Frontiers Fund - Class A EUR

Inc (EUR Terms)* 3.76 6.24 20.40 78.06 (22.20)

Baring ASEAN Frontiers Fund - Class A GBP

Inc (GBP Terms)* 2.99 (2.91) 23.34 72.62 (11.14)

Baring ASEAN Frontiers Fund - Class A RMB

Hedged Acc (RMB Terms)*** 1.85 2.23 N/A N/A N/A

Baring ASEAN Frontiers Fund - Class A USD

Acc (USD Terms)*** 2.08 N/A N/A N/A N/A

Baring ASEAN Frontiers Fund - Class I EUR

Acc (EUR Terms)** 4.03 6.77 1.17 N/A N/A

Baring ASEAN Frontiers Fund - Class I GBP

Acc (GBP Terms)** 3.26 (2.42) (1.16) N/A N/A

Performance figures are shown net of fees and charges, on a NAV per unit basis, with gross revenue reinvested. Source: Morningstar/Barings/MSCI.

For data sourced from Morningstar: © Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

This Fund was previously known as the Baring Pacific Fund until 1 August 2008 when the Investment Objective changed. The Fund’s name was changed to reflect this and the performance track record was restarted.

* These Unit Classes were launched during the period 1 August 2008 to 30 April 2009.

** These Unit Classes were launched during the period 1 May 2010 to 30 April 2011.

*** These Unit Classes were launched during the period 1 May 2011 to 30 April 2012.

Past performance is no indication of current or future performance. The performance data does not take account of the commissions and costs incurred on the issue and redemption of units.

Please note that the use of an index is for comparative use only.

8 Baring International Umbrella Fund Baring ASEAN Frontiers Fund

Baring ASEAN Frontiers Fund - Investment Manager’s Report (continued)

Risk Profile

The Baring ASEAN Frontiers Fund is invested primarily in equities listed in countries which are members of the Association of South-East Asian Nations (ASEAN) and as such is exposed to the volatility that can characterise equity share prices from time-to-time. Many of these countries are emerging equity markets, and as a result, the Fund can be exposed to economic, political and other risks associated with holding equities in developing markets. In addition to this, 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 investment returns for investors. Please see the Prospectus for the full risk profile.

Strategy and Performance

The Fund underperformed the benchmark during the period under review. Country allocation was the main detractor while stock selection was a slight positive. Our non-benchmark exposure to China A shares and Sri Lanka detracted from performance but was partially offset by our Vietnamese allocation. Further, our preference to Thailand and Indonesia over Malaysia did not work as Malaysia performed better. Stock selection was strong in Thailand and Philippines led by small/mid-caps like Bloomberry and Sino Thai Engineering. On the other hand, stock selection in Indonesia, Malaysia and Singapore was disappointing. This was largely due to inadequate exposure to high yielding telecoms in Malaysia and also missing out on strong performance from large caps such as Singapore's Fraser & Neave which rallied hard on corporate activity.

Review of the Market

Although ASEAN markets ended up 3.6% for the period under review, they had a rocky start with a sharp fall in May due to concerns over European financial stability as well as deteriorating economic data from the US and China. However, they quickly recovered in June as Euro risks abated, and global central banks started to cut rates in July. The upward momentum strengthened in September after the ECB demonstrated its resolve to preserve the Euro stability with its Outright Monetary Transaction (OMT) together with the Federal Reserve’s third round of quantitative easing. The Philippines was the best performing market with major conglomerates raising capital to fund new projects on the back of rising confidence. The Malaysian market also did well with a few successful high profile IPOs. High yielders in Singapore and Malaysia also had a good run due to yield compression trades as a result of the low global interest rate environment. Indonesia lagged with lesser gains as investors were concerned about the current account deficit as well as concerns over sharp minimum wage hikes. The Thai market was flat, as investors digested its strong performance so far.

Market Outlook

In an environment where global growth is lacklustre, ASEAN's better economic growth outlook should continue to attract interest into the ASEAN markets. With ASEAN governments getting serious on infrastructure spending and having the fiscal resources to do so, we have a lot more confidence in the resilience of these economies. Further, the influx of foreign direct investments particularly into Thailand and Indonesia, should augment the medium to long term investment attractiveness of these markets.

We continue to like the less developed ASEAN economies of Thailand, Indonesia and Philippines given strong domestic demand and a structural increase in investment from both the public and private sectors. Our strategy will be to use periods of market consolidation to increase exposure to selected sectors in these markets that will benefit from the consumption and infrastructure theme.

9 Baring International Umbrella Fund Baring ASEAN Frontiers Fund

Portfolio Statement

As at 31 October 2012

Financial assets at fair value through profit or loss Nominal Country Collective Investment Schemes Currency Holding Fair Value US$ % of NAV Ireland Baring Investment Funds - India Fund Accumulating USD 90,000 936,900 0.20 IGB Real Estate Investment Trust MYR 5,104,300 2,211,975 0.48 Northern Trust Global Funds - Euro Fund EUR 395,000 513,678 0.11 Suntec Real Estate Investment Trust SGD 5,172,000 6,806,937 1.47 Total Collective Investment Schemes 10,469,490 2.26

Equities & Convertibles Indonesia Astra International IDR 18,110,000 15,083,811 3.25 Bank Central Asia IDR 11,454,500 9,719,331 2.10 Bank Mandiri IDR 10,897,485 9,360,151 2.02 Bank Rakyat Indonesia Persero IDR 16,161,000 12,366,825 2.67 Ciputra Development IDR 45,820,500 3,196,224 0.69 Express Transindo Utama IDR 19,474,000 1,135,392 0.24 Indocement Tunggal Prakarsa IDR 1,113,000 2,456,596 0.53 Jasa Marga IDR 11,935,000 7,144,847 1.54 Metropolitan Land IDR 44,019,000 2,153,975 0.46 Mitra Adiperkasa IDR 6,926,246 4,723,260 1.02 Mitrabahtera Segara Sejati IDR 16,747,000 1,342,550 0.29 Pembangunan Perumahan Persero IDR 46,710,000 3,695,950 0.80 Semen Gresik Persero IDR 6,835,000 10,567,387 2.28 Summarecon Agung IDR 33,431,832 5,951,945 1.28 Surya Citra Media IDR 15,987,500 3,162,546 0.68 Tambang Batubara Bukit Asam Persero IDR 1,852,500 3,047,319 0.66 Telekomunikasi Indonesia IDR 8,510,000 8,505,570 1.83 Tempo Scan Pacific IDR 10,838,000 3,582,577 0.77 Vale Indonesia IDR 16,528,500 4,603,200 0.99 Wijaya Karya IDR 35,817,500 5,071,504 1.09 XL Axiata IDR 4,409,500 3,144,724 0.68 120,015,684 25.87

Malaysia Axiata Group MYR 2,179,200 4,664,604 1.01 CIMB Group Holdings MYR 5,150,500 12,901,614 2.78 Dialog Group MYR 6,494,400 5,095,737 1.10 DiGi.Com MYR 2,607,900 4,546,275 0.98 Gamuda MYR 2,197,500 2,589,962 0.56 Genting Malaysia MYR 2,462,900 2,878,504 0.62 IHH Healthcare MYR 565,400 606,979 0.13 KLCC Property MYR 1,654,100 3,220,228 0.69 KPJ Healthcare MYR 2,006,000 3,957,997 0.85 Malayan Banking MYR 1,422,500 4,212,393 0.91 Media Prima MYR 4,875,600 3,633,490 0.78 Old Town MYR 3,185,200 1,986,829 0.43 Sapurakencana Petroleum MYR 9,845,454 8,112,964 1.75 UEM Land MYR 4,882,900 3,382,442 0.73 61,790,018 13.32

Netherlands JP Morgan Structured Products USD 827,220 4,938,503 1.06

10 Baring International Umbrella Fund Baring ASEAN Frontiers Fund

Portfolio Statement (continued)

As at 31 October 2012

Financial assets at fair value through profit or loss Nominal Country Equities & Convertibles (continued) Currency Holding Fair Value US$ % of NAV Philippines Ayala Land PHP 10,195,700 5,816,214 1.25 Bloomberry Resorts PHP 14,369,100 4,918,177 1.06 DMCI Holdings PHP 2,654,380 3,476,242 0.75 GT Capital PHP 219,070 2,794,545 0.60 Metropolitan Bank & Trust PHP 1,723,800 3,975,264 0.86 Puregold Price Club PHP 5,121,800 3,723,702 0.80 Robinsons Land PHP 7,622,600 3,515,703 0.76 SM Investments PHP 156,770 3,053,961 0.66 31,273,808 6.74

Singapore Bumitama Agri SGD 5,195,000 4,281,242 0.92 CapitaLand SGD 3,143,000 8,427,725 1.82 Courts Asia SGD 5,874,000 3,227,208 0.70 DBS Group Holdings SGD 1,625,000 18,521,935 3.99 Far East Hospitality Trust SGD 5,846,000 4,721,861 1.02 First Resources SGD 2,749,000 4,621,115 1.00 Genting Singapore SGD 2,023,000 2,198,012 0.47 Keppel SGD 1,574,380 13,762,108 2.97 M1 SGD 1,588,000 3,398,672 0.73 Noble SGD 5,728,000 6,129,594 1.32 Olam International SGD 2,995,000 4,838,171 1.04 OSIM International SGD 2,993,000 3,988,212 0.86 Overseas Union Enterprise SGD 1,847,000 3,998,426 0.86 SembCorp Marine SGD 1,902,000 7,330,381 1.58 Singapore Press SGD 1,466,000 4,856,613 1.05 Singapore Telecommunications SGD 3,866,000 10,207,889 2.20 United Overseas Bank SGD 1,068,000 16,000,295 3.45 Wilmar International SGD 1,555,000 3,927,347 0.85 124,436,806 26.83

Sri Lanka Cargills Ceylon LKR 787,500 862,169 0.19 Commercial Bank of Ceylon LKR 2,179,329 1,723,385 0.37 John Keells Holdings LKR 3,143,800 4,948,015 1.07 Sampath Bank LKR 1,468,817 2,176,443 0.47 9,710,012 2.10

Thailand Advanced Info Service THB 735,600 4,740,000 1.02 Asian Property Development THB 20,706,200 5,843,675 1.26 Bangkok Bank THB 1,275,800 7,367,589 1.59 Bangkok Chain Hospital THB 17,309,700 5,252,209 1.13 Bangkok Dusit Medical Services THB 1,940,900 6,744,073 1.45 Hemaraj Land and Development THB 44,777,900 4,558,142 0.98 Hemaraj Land and Development NVDR THB 12,219,900 1,243,918 0.27 Home Product Center THB 8,717,930 3,242,558 0.70

Indorama Ventures THB 2,711,200 2,366,219 0.51

11 Baring International Umbrella Fund Baring ASEAN Frontiers Fund

Portfolio Statement (continued)

As at 31 October 2012

Financial assets at fair value through profit or loss Nominal Country Equities & Convertibles (continued) Currency Holding Fair Value US$ % of NAV Thailand Kasikornbank THB 2,278,600 13,344,493 2.88 (continued) Krung Thai Bank THB 6,123,625 3,476,381 0.75 Minor International THB 8,827,020 5,270,293 1.14 PTT THB 560,900 5,819,453 1.25 PTT Global Chemical THB 1,485,220 2,943,788 0.64 Siam Cement NVDR THB 362,500 4,411,501 0.95 Sino Thai Engineering & Construction THB 9,858,200 6,883,050 1.48 Supalai THB 8,855,700 5,287,416 1.14 Thai Oil THB 998,900 2,175,418 0.47 Thai Union Frozen Products THB 1,073,160 2,520,963 0.54 93,491,139 20.15

Total Equities & Convertibles 445,655,970 96.07

Open Forward Foreign Currency Transactions Currency Currency Maturity Unrealised Currency Sold Bought Rate Counterparty Date Gain % of NAV USD 28,700 CNY 183,479 6.3930 Northern Trust 01/02/2013 441 - USD 2,400 CNY 15,320 6.3840 Northern Trust 01/02/2013 33 - USD 2,368 CNY 15,031 6.3475 HSBC Bank 01/02/2013 19 - Total Unrealised Gain on Open Forward Foreign Currency Transactions 493 -

Total financial assets at fair value through profit or loss 456,125,953 98.33

Currency Currency Maturity Unrealised Currency Sold Bought Rate Counterparty Date Loss % of NAV CNY 8,192 USD 1,282 6.3910 Northern Trust 01/02/2013 (19) - Total Unrealised Loss on Open Forward Foreign Currency Transactions (19) -

Total finanical liabilites at fair value through profit or loss (19) -

Total investments at fair value through profit or loss 456,125,934 98.33 Cash 802,534 0.17 Other Net Assets 6,951,975 1.50 Total Net Assets attributable to holders of redeemable participating units 463,880,443 100.00

Analysis of Portfolio % of Total Assets* Collective Investment Schemes 2.23 Transferable securities** 94.89 Other Assets 2.88 100.00

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

**Transferable securities admitted to an official stock exchange listing or traded on a recognised market.

12 Baring International Umbrella Fund Baring ASEAN Frontiers Fund

Balance Sheet (Unaudited)

As at 31 October 2012

Baring Baring ASEAN ASEAN Frontiers Frontiers Fund Fund 31/10/2012 30/04/2012 Assets Notes US$ US$ Financial assets at fair value through profit or loss 456,125,934 424,490,490 Cash 802,534 97,745 Receivable for securities sold 5,849,743 4,580,597 Receivable for units sold 6,731,380 1,613,708 Dividends and interest receivable 99,381 1,837,623 Other assets 65,343 18,250 Total Assets 469,674,315 432,638,413

Liabilities Management fee payable 2 533,320 458,054 Administration fee payable 2 176,237 148,837 Trustee fee payable 2 10,443 8,547 Payable for securities purchased 4,334,676 12,851,199 Payable for units redeemed 2,353,718 737,967 Other Liabilities 2 65,749 64,176 Total Liabilities (excluding net assets attributable to holders of redeemable participating units) 7,474,143 14,268,780

Net Assets attributable to holders of redeemable participating units (at bid market prices) 462,200,172 418,369,633

Adjustments from bid market prices to last traded market prices 1,680,271 1,625,905

Net Assets attributable to holders of redeemable participating units (at last traded market prices) 463,880,443 419,995,538

Units In Issue (Note 4) Class A USD Inc 1,840,930 1,605,069 Class A EUR Inc 530,898 637,185 Class A GBP Inc 146,869 140,169 Class A RMB Hedged 185 185 Class A USD Acc 3,354 3,752 Class I EUR Acc 94,275 18,298 Class I GBP Acc 1,577 1,414

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

13 Baring International Umbrella Fund Baring ASEAN Frontiers Fund

Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Units for the period ended 31 October 2012 (Unaudited)

Baring Baring Baring ASEAN ASEAN ASEAN Frontiers Frontiers Frontiers Fund Fund Fund 31/10/2012 30/04/2012 31/10/2011 Notes US$ US$ US$ Net assets attributable to holders of redeemable participating units at the beginning of the period/year 419,995,538 328,126,744 328,126,744 Increase/(decrease) in assets for the period/year from operations attributable to holders of redeemable participating units 6,508,340 (20,692,277) (51,253,361) Issue of redeemable participating units for the period/year 4 153,238,544 369,352,498 213,303,729 Redemption of redeemable participating units for the period/year 4 (115,861,979) (256,791,427) (164,474,048) Net Assets attributable to holders of redeemable participating units at the end of the period/year 463,880,443 419,995,538 325,703,064

Profit and Loss Account (Unaudited) For the period ended 31 October 2012

Baring Baring Baring ASEAN ASEAN ASEAN Frontiers Frontiers Frontiers Fund Fund Fund 31/10/2012 30/04/2012 31/10/2011 Investment Income Notes US$ US$ US$ Bank interest income 166 371 231 Dividend income 6,727,553 9,084,364 5,485,685 Net fair value gain/(loss) on financial assets at fair value through profit or loss 6,325,975 (22,570,496) (52,517,241) Total investment income/(loss) 13,053,694 (13,485,761) (47,031,325)

Expenses Management fees 2 2,571,353 4,274,548 2,065,928 Administration fees 2 932,950 1,545,369 746,340 Trustee fees 2 51,831 85,854 41,463 General expenses 2 48,379 92,528 18,051 Total operating expenses 3,604,513 5,998,299 2,871,782

Net income/(expense) before finance costs and tax 9,449,181 (19,484,060) (49,903,107)

Finance Costs Distributions 3 (2,306,980) (1,155,046) (1,394,790) Bank interest expense (1,227) (1,876) (578) Total finance costs (2,308,207) (1,156,922) (1,395,368)

Profit/(loss) for the financial period/year before tax 7,140,974 (20,640,982) (51,298,475)

Tax Witholding tax on dividends and other investment income (687,000) (738,945) (475,471) Total Tax (687,000) (738,945) (475,471)

Operating profit/(loss) 6,453,974 (21,379,927) (51,773,946)

Movement in adjustments from bid market prices to last traded market prices 54,366 687,650 520,585 Increase/(decrease) in net assets for the period/year from operations attributable to holders of redeemable participating units 6,508,340 (20,692,277) (51,253,361)

Gains and losses arose solely from continuing operations. There were no gains or losses other than those dealt with in the profit and loss account. The accompanying notes form an integral part of these financial statements. 14 Baring International Umbrella Fund Baring Asia Growth Fund

Baring Asia Growth Fund - Investment Manager’s Report

Investment Objective and Policy

The investment objective of the Fund is to achieve long-term capital growth in the value of assets by investing in Asia and the Pacific region (excluding Japan). The Fund will seek to achieve its investment objective by investing at least 70% of its total assets at any one time in equities and equity-related securities of companies incorporated in, or exercising the predominant part of their economic activity in Asia including Hong Kong, India, Indonesia, Korea, Malaysia, the Philippines, Singapore, Taiwan and Thailand, or quoted or traded on the stock

exchanges in those countries. Please refer to the Prospectus for the full Investment Objective and Policy.

How we manage the Fund

The Baring Asia Growth Fund is invested in the Asia Pacific equity markets, using a “bottom up” investment approach. This means we focus more on the individual merits of a specific company, rather than taking a stance on sectors or macroeconomic trends such as interest rate rises. Within this, we manage the Fund using a “Growth at a Reasonable Price”, or GARP, approach. This means that when researching candidates for the portfolio, we place just as much emphasis on the likely growth in corporate earnings at a company as we do on the share price valuation before deciding whether to invest or not. We believe this approach combines the best features of both “growth” and “value” investment styles, to the benefit of investors.

The Managers of Baring International Umbrella Fund, Baring International Fund Managers (Ireland) Limited, have appointed Baring Asset Management Limited (“BAML”) as the Investment Manager of the Umbrella Fund. In turn, BAML have appointed Baring Asset Management (Asia) Limited as sub-Investment Manager to the Baring Asia Growth Fund.

Jin is Head of Asian Equities and takes the lead role in the management of regional Asia ex Japan products and mandates including Baring Asia Growth Fund and Baring Eastern Trust. He is also the lead manager of the Baring Korea Trust and spearheads research and stock selection for Korea. He is a member of the Industrials Global Sector Team. Jin joined Baring Asset Management as an Investment Manager in 2004 from Rhee Capital, a Korean hedge fund company, where he was involved with the management of a long/short hedge fund focusing on Korean equities. Previously he was Head of the Large Cap and Financial Teams at Samsung Securities. Jin’s experience also includes Analyst roles at Salomon Smith Barney, UBS Securities and Credit Lyonnais. Jin holds a B.A. in Philosophy from the University of California, Berkeley (US). He is fluent in English and Korean.

Performance Summary of Fund Performance (excluding distribution payments where applicable)

Net asset value as at Net asset value as at 31/10/2012 30/04/2012 Net asset value % change Price per unit Price per unit

Class A USD Inc $58.45 $59.24 (1.33)

Class A EUR Inc €44.95 €44.82 0.29

Class A GBP Inc £36.27 £36.43 (0.44)

Performance Record to 31 October 2012 (including distribution payments where applicable)

01/05/2012 - 01/05/2011 - 01/05/2010 - 01/05/2009 - 01/05/2008 - 31/10/2012 30/04/2012 30/04/2011 30/04/2010 30/04/2009 % % % % %

Baring Asia Growth Fund - Class A USD Inc (1.33) (15.38) 21.59 44.00 (42.52) (USD Terms)

MSCI All Country Asia ex Japan Total, Gross Return Index (USD Terms)* 1.72 (10.15) 22.14 48.47 (38.12)

Baring Asia Growth Fund - Class A EUR Inc 0.29 (5.14) 9.25 43.64 (32.71) (EUR Terms)

Baring Asia Growth Fund - Class A GBP Inc (0.44) (13.32) 11.90 39.24 (23.73) (GBP Terms)

15 Baring International Umbrella Fund Baring Asia Growth Fund

Baring Asia Growth Fund - Investment Manager’s Report (continued)

Performance (continued)

Performance figures are shown net of fees and charges, on a NAV per unit basis, with gross revenue reinvested. Source: Morningstar/Barings/MSCI.

For data sourced from Morningstar: © Morningstar. All Rights Reserved.The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

* Current Benchmark Index effective from 2 August 2010. Prior to this date the fund was shown against MSCI AC FE ex Japan Total, Gross Return Index.

The Fund was launched on 3 February 1987.

Past performance is no indication of current or future performance. The performance data does not take account of the commissions and costs incurred on the issue and redemption of units.

Please note that the use of an index is for comparative use only.

Risk Profile

The Baring Asia Growth Fund is invested primarily in equities listed in the Asia Pacific region excluding Japan. As such, the Fund is exposed to the volatility that can characterise equity share prices from time to time. Many of these countries are emerging equity markets and, as a result, the Fund can be exposed to economic, political and other risks associated with holding equities in developing markets.

Strategy and Performance

Markets remain focused on macro factors such as the Eurozone and, closer to home, the China growth slowdown. In part due to this, Asian equity markets were mixed during this period in line with other global markets. However, Asia is still very strongly positioned in the long- term to benefit from global and its own internal growth. The rise of the middle income class in countries such as China and Indonesia will benefit companies in sectors such as the food & beverage, personal care products, medical & healthcare and hospitality sectors. As such, our portfolios are constructed around (1) Long term growth names that trade at attractive valuations and (2) sustainable dividend growth names which offer good earnings and dividend growth. We believe such a strategy will enable us to benefit from growth in Asia but also offer downside cushion in an uncertain macro environment.

At the sectorial level, we increased the Fund’s weighting in the Utilities and Telecoms sectors. Within the Telecoms sector, we selected market leaders with strong balance sheets, and a high and sustainable dividend yield. Funding sources came from the Consumer Discretionary sector in Hong Kong/China, together with a reduction in the Energy and Materials sectors. In terms of country allocation, we continue to favour domestic driven markets in Southeast Asia such as Indonesia and Thailand. In North Asia, we reduced overweighting in China, Korea and added to Hong Kong and Taiwan on bottom up stock opportunities.

The Fund underperformed its reference benchmark. The underperformance was mainly due to overweight exposure in Chinese and Korean cyclicals, as well as inadequate exposure to more defensive sectors such as Telecoms and Utilities. This was partly offset by positive stock selection contributions from Consumer Discretionary and Hong Kong.

16 Baring International Umbrella Fund Baring Asia Growth Fund

Baring Asia Growth Fund - Investment Manager’s Report (continued)

Review of the Market

Global and regional equities stayed volatile during the period on renewed concerns about the Spanish debt market, political discord among EMU members, and slower-than-expected economic data from the US and China.

Economic outlook was mixed from the Eurozone, the US and China. In Europe, statements by senior policy makers eased some market concerns on the continuing financial duress. US economic figures continued to be mixed, which prompted the US Federal Reserve to release another round of monetary boosting measures. However, the Chinese economy continued to slow with GDP growth and export figures from China, Korea, and Taiwan still showing slowing global demand growth especially from Europe.

At a geographical level, the ASEAN markets continued to be the clear out-performers over the review period, whereas the markets affected by worsening export data, namely Korea and Taiwan, suffered. Among sectors, defensives outperformed more economically sensitive areas. Health Care, Utilities and Telecoms led, while Consumer Discretionary, Materials and Energy lagged.

Market Outlook

Following the political transition in China, we expect the market focus to show signs of stabilization in China's growth outlook. Though concerns persist regarding such issues as events in the Eurozone and US fiscal situation, Asia markets may be more constructive based on better China growth visibility. Our strategy continues to include secular growth themes such as the rise of the Asian consumer and the rise of Asian brands globally.

17 Baring International Umbrella Fund Baring Asia Growth Fund

Portfolio Statement

As at 31 October 2012

Financial assets at fair value through profit or loss Nominal Country Collective Investment Schemes Currency Holding Fair Value US$ % of NAV Ireland Baring China A-Share Fund USD 265,000 2,257,800 2.23 Total Collective Investment Schemes 2,257,800 2.23

Equities,Convertibles & Rights Bermuda Brilliance China Automotive HKD 410,000 510,513 0.50 Cheung Kong Infrastructure HKD 148,000 866,033 0.85 Jardine Matheson USD 21,600 1,330,560 1.31 Yue Yuen Industrial Holdings HKD 132,500 455,626 0.45 3,162,732 3.11

Cayman AAC Technologies HKD 285,500 1,020,426 1.01 Islands Sands China HKD 118,000 442,307 0.44 SINA USD 17,700 992,970 0.98 Sino Biopharmaceutical HKD 1,200,000 476,900 0.47 2,932,603 2.90

China China Construction Bank HKD 3,137,000 2,363,866 2.33 China Life Insurance HKD 344,000 1,014,239 1.00 China Pacific Insurance HKD 168,800 528,177 0.52 China Petroleum & Chemical HKD 976,000 1,036,442 1.02 China Railway Construction HKD 1,735,500 1,724,292 1.70 China Shenhua Energy HKD 427,500 1,814,795 1.79 Hengan International HKD 46,000 418,449 0.41 Huaneng Power HKD 1,026,000 818,147 0.81 Industrial & Commercial Bank of China HKD 3,819,000 2,518,060 2.49 Jiangxi Copper HKD 508,000 1,310,959 1.29 Lenovo HKD 1,462,000 1,171,479 1.16 Tencent holdings HKD 26,300 929,826 0.92 Zhaojin Mining Industry HKD 609,500 1,020,808 1.01 16,669,539 16.45

Hong Kong AIA HKD 368,000 1,455,371 1.44 Belle International Holdings HKD 266,000 494,242 0.49 BOC Hong Kong Holdings HKD 475,000 1,458,700 1.44 Cheung Kong Holdings HKD 67,000 989,865 0.98 China Mobile HKD 55,000 609,254 0.60 China Overseas Land & Investment HKD 394,000 1,026,935 1.01 CNOOC HKD 385,000 798,808 0.79 Galaxy Entertainment Group HKD 313,000 1,076,309 1.06 Henderson Land Development HKD 62,000 429,597 0.42 Hutchison Whampoa HKD 106,000 1,041,529 1.03 Link Real Estate Investment Trust HKD 95,500 475,032 0.47 Sun Hung Kai Properties HKD 79,000 1,099,877 1.09 Swire Properties HKD 234,400 725,879 0.72 Techtronic Industries HKD 834,000 1,581,899 1.56 Wharf HKD 220,000 1,501,668 1.48 Wheelock HKD 103,000 449,210 0.44 15,214,175 15.02

18 Baring International Umbrella Fund Baring Asia Growth Fund

Portfolio Statement (continued)

As at 31 October 2012

Financial assets at fair value through profit or loss Nominal Country Equities,Convertibles & Rights (continued) Currency Holding Fair Value US$ % of NAV India Bajaj Auto INR 27,863 938,004 0.93 Dr Reddy's Laboratories INR 19,465 634,300 0.63 HDFC Bank INR 38,748 455,007 0.45 Housing Development Finance INR 46,881 660,796 0.65 ICICI Bank INR 95,541 1,865,176 1.84 ITC INR 87,308 458,166 0.45 Larsen & Toubro INR 29,395 888,954 0.88 Maruti Suzuki India INR 41,092 1,098,358 1.08 Reliance Industries INR 86,051 1,286,326 1.27 Tata Consultancy Services INR 53,998 1,320,013 1.30 9,605,100 9.48

Indonesia Astra International IDR 1,454,500 1,211,452 1.20 Bank Rakyat Indonesia Persero IDR 1,931,000 1,477,652 1.46 Kalbe Farma IDR 11,950,000 1,194,378 1.18 Mitra Adiperkasa IDR 1,168,000 796,502 0.79 Semen Gresik Persero IDR 312,000 482,374 0.48 Telekomunikasi Indonesia Persero IDR 771,000 770,599 0.76 5,932,957 5.87

Malaysia Axiata Group MYR 475,800 1,018,456 1.01 CIMB MYR 324,400 812,598 0.80 IHH Healthcare MYR 142,000 152,443 0.15 Public Bank MYR 115,500 602,147 0.59 Sapurakencana Petroleum MYR 750,680 618,584 0.61 3,204,228 3.16

Philippines Bloomberry Resorts PHP 1,697,400 580,977 0.57 Metropolitan Bank & Trust PHP 146,800 338,536 0.33 Robinsons Land PHP 408,500 188,409 0.19 1,107,922 1.09

South Korea Hankook Tire KRW 10,060 424,317 0.42 Honam Petrochemical KRW 1,891 386,661 0.38 Hyundai Department Store KRW 3,418 423,097 0.42 Hyundai Heavy Industries KRW 2,006 420,293 0.41 Hyundai Mobis KRW 4,076 1,038,995 1.03 Hyundai Motor KRW 6,697 1,378,577 1.36 KB Financial Group KRW 29,660 1,007,613 0.99 Korea Zinc KRW 1,087 445,525 0.44 KT&G KRW 12,696 967,392 0.95 LG Display KRW 17,420 517,521 0.51 Samsung Electronics KRW 5,730 6,872,217 6.78 Samsung Heavy Industries KRW 14,230 435,146 0.43 SK Hynix KRW 67,760 1,543,954 1.52 SK Innovation KRW 5,850 858,243 0.85 16,719,551 16.49

19 Baring International Umbrella Fund Baring Asia Growth Fund

Portfolio Statement (continued)

As at 31 October 2012

Financial assets at fair value through profit or loss Nominal Country Equities,Convertibles & Rights (continued) Currency Holding Fair Value US$ % of NAV Singapore CapitaLand SGD 573,000 1,536,458 1.52 Far East Hospitality Trust SGD 955,000 771,361 0.76 Keppel SGD 87,870 768,097 0.76 Overseas Union Enterprise SGD 172,000 372,349 0.37 SembCorp Marine SGD 125,000 481,755 0.48 Singapore Telecommunications SGD 328,000 866,060 0.85 United Overseas Bank SGD 72,000 1,078,672 1.06 5,874,752 5.80

Taiwan Asustek Computer TWD 66,000 706,033 0.70 Chicony Electronics TWD 515,760 1,129,949 1.12 Coretronic TWD 552,000 398,706 0.39 Delta Electronics TWD 342,000 1,167,219 1.15 E.Sun Financial Holdings TWD 1,390,200 697,182 0.69 Far EasTone Telecommunications TWD 348,000 802,917 0.79 Foxconn Technology TWD 135,450 470,626 0.46 Hon Hai Precision Industry TWD 307,000 932,166 0.92 MediaTek TWD 103,760 1,150,817 1.14 Mega Financial Holdings TWD 1,309,405 950,257 0.94 Merida Industry TWD 209,000 801,301 0.79 Phison Electronics TWD 151,000 1,160,445 1.15 Taiwan Semiconductor Manufacturing TWD 892,000 2,702,336 2.66 Uni-President Enterprises TWD 209,720 370,443 0.37 13,440,397 13.27

Thailand Bangkok Bank THB 165,300 954,587 0.94 Bangkok Chain Hospital THB 1,443,900 438,116 0.43 Home Product Center THB 2,610,600 970,990 0.96 Minor International THB 2,152,300 1,285,060 1.27 Sino Thai Engineering & Construction THB 1,085,800 758,112 0.75 Supalai THB 1,418,600 846,994 0.84 5,253,859 5.19

Total Equities,Convertibles & Rights 99,117,815 97.83

Total investments at fair value through profit or loss 101,375,615 100.06 Cash 317,413 0.31 Other Net Liabilities (377,448) (0.37) Total Net Assets Attributable to Holders of Redeemable Participating units 101,315,580 100.00

% of Total Analysis of Portfolio Assets* Collective Investment Schemes 2.21 Transeferable securities** 96.81 Other Assets 0.98 100.00

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

**Transferable securities admitted to an official stock exchange listing or traded on a recognised market.

20 Baring International Umbrella Fund Baring Asia Growth Fund

Balance Sheet (Unaudited)

As at 31 October 2012

Baring Baring Asia Asia Growth Fund Growth Fund 31/10/2012 30/04/2012 Assets Notes US$ US$ Financial assets at fair value through profit or loss 101,375,615 108,237,723 Cash 317,413 2,164,485 Receivable for securities sold 460,026 1,338,977 Receivable for units sold 220,438 594,250 Dividends and interest receivable 10,948 79,045 Other assets - 3,799 Total Assets 102,384,440 112,418,279

Liabilities Management fee payable 2 125,204 126,454 Administration fee payable 2 33,872 34,323 Trustee fee payable 2 2,356 2,313 Payable for securities purchased 630,927 861,498 Payable for units redeemed 431,017 306,976 Other liabilities 2 15,348 10,349 Total Liabilities (excluding net assets attributable to holders of redeemable participating units) 1,238,724 1,341,913

Net Assets attributable to holders of redeemable participating units (at bid market prices) 101,145,716 111,076,366

Adjustments from bid market prices to last traded market prices 169,864 144,185

Net Assets attributable to holders of redeemable participating units (at last traded market prices) 101,315,580 111,220,551

Units in Issue (Note 4) Class A USD Inc 1,349,543 1,457,670 Class A EUR Inc 310,767 309,805 Class A GBP Inc 72,807 109,669

Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Units for the period ended 31 October 2012 (Unaudited)

Baring Baring Baring Asia Asia Asia Growth Fund Growth Fund Growth Fund 31/10/2012 30/04/2012 31/10/2011 Notes US$ US$ US$ Net assets attributable to holders of redeemable participating units at the beginning of the period/year 111,220,551 208,185,602 208,185,602 (Decrease) in net assets for the period/year from operations attributable to holders of redeemable participating units (2,144,367) (30,706,876) (31,904,829) Issue of redeemable participating units for the period/year 4 28,130,530 90,101,060 52,927,032 Redemption of redeemable participating units for the period/year 4 (35,891,134) (156,359,235) (110,665,964) Net Assets attributable to holders of redeemable participating units at the end of the period/year 101,315,580 111,220,551 118,541,841

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

21 Baring International Umbrella Fund Baring Asia Growth Fund

Profit and Loss Account (Unaudited)

For the period ended 31 October 2012

Baring Baring Baring Asia Asia Asia Growth Fund Growth Fund Growth Fund 31/10/2012 30/04/2012 31/10/2011 Investment Income Notes US$ US$ US$ Bond Interest Income - - 12,202 Bank interest income 8 12,413 - Dividend income 1,535,077 2,814,878 2,276,910 Net fair value (loss) on financial assets at fair value through profit or loss (2,646,472) (30,699,045) (32,509,559) Total investment (loss) (1,111,387) (27,871,754) (30,220,447)

Expenses Management fees 2 630,217 1,671,055 984,590 Administration fees 2 226,878 601,580 354,452 Trustee fees 2 12,604 33,421 19,692 General expenses 2 29,198 57,727 19,738 Total operating expenses 898,897 2,363,783 1,378,472

Net (expense) before finance costs and tax (2,010,284) (30,235,537) (31,598,919)

Finance Costs Bank interest expense (191) (1,017) (485) Total finance costs (191) (1,017) (485)

(Loss) for the financial period/year before tax (2,010,475) (30,236,554) (31,599,404)

Tax Witholding tax on dividends and other investment income (159,571) (312,918) (259,449) Total Tax (159,571) (312,918) (259,449)

Operating (loss) (2,170,046) (30,549,472) (31,858,853)

Movement in adjustments from bid market prices to last traded market prices 25,679 (157,404) (45,976)

(Decrease) in net assets for the period/year from operations attributable to holders of redeemable participating units (2,144,367) (30,706,876) (31,904,829)

Gains and losses arose solely from continuing operations. There were no gains or losses other than those dealt with in the profit and loss account.

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

22 Baring International Umbrella Fund Baring Australia Fund

Baring Australia Fund - Investment Manager’s Report

Investment Objective and Policy

The investment objective of the Fund is to achieve long-term capital growth in the value of assets by investing in Australia. The Fund will seek to achieve its investment objective by investing at least 70% of its total assets at any one time in equities and equity-related securities of companies incorporated in, or exercising the predominant part of their economic activity in Australia, or quoted or traded on the stock exchanges in Australia. Please refer to the Prospectus for the full Investment Objective and Policy.

How we manage the Fund

The Baring Australia Fund is invested in the Australian equity markets, using a “bottom up” investment approach. This means we focus more 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. Within this, we manage the Fund using a “Growth at a Reasonable Price”, or GARP, approach. This means that when researching candidates for the portfolio, we place just as much emphasis on the likely growth in corporate earnings at a company as we do on the share price valuation before deciding whether to invest or not. We believe this approach combines the best features of both “growth” and “value” investment styles, to the benefit of investors.

The Managers of Baring International Umbrella Fund, Baring International Fund Managers (Ireland) Limited, have appointed Baring Asset Management Limited (“BAML”) as the Investment Manager of the Umbrella Fund. In turn, BAML have appointed Baring Asset Management (Asia) Limited as sub-Investment Manager to the Baring Australia Fund.

The manager of the Baring Australia Fund is Mr Soo-Hai Lim. Soo-Hai has over 15 years of investment experience and has specific responsibility for research and investing in the Australian and New Zealand markets. He is also responsible for our research into the smaller markets of South East Asia. Soo-Hai is a CFA Charterholder and graduated from Nanyang Technological University in Singapore in 1994 with a First Class Honours degree in Accountancy.

Performance

Summary of Fund Performance (excluding distribution payments where applicable)

Net asset value as at Net asset value as at 31/10/2012 30/04/2012 Net asset value % change Price per unit Price per unit

Class A USD Inc $118.77 $120.73 (1.62) Class A AUD Inc AU$114.35 AU$115.76 (1.22) Class A EUR Inc €91.33 €91.33 - Class A GBP Inc £73.70 £74.25 (0.74)

Performance Record to 31 October 2012 (including distribution payments where applicable)

01/05/2012 - 01/05/2011 - 01/05/2010 - 01/05/2009 - 01/05/2008 - 31/10/2012 30/04/2012 30/04/2011 30/04/2010 30/04/2009 % % % % %

Baring Australia Fund - Class A USD Inc (USD Terms) 0.42 (12.09) 23.33 70.00 (47.20)

MSCI Australia 10/40 Total, Gross Return Index (USD

Terms)* 6.00 (9.40) 21.51 67.12 (44.81)

Baring Australia Fund - Class A AUD Inc (AUD Terms)** 0.81 (8.08) 5.21 N/A N/A

Baring Australia Fund - Class A EUR Inc (EUR Terms) 2.08 (1.46) 10.79 69.60 (38.20)

Baring Australia Fund - Class A GBP Inc (GBP Terms) 1.31 (9.96) 13.48 64.12 (29.21)

23 Baring International Umbrella Fund Baring Australia Fund

Baring Australia Fund - Investment Manager’s Report (continued)

Performance (continued)

Performance figures are shown net of fees and charges, on a NAV per unit basis, with gross revenue reinvested. Source: Morningstar/Barings/MSCI.

* Current Benchmark Index effective from 31 March 2009. Prior to this date the fund was shown against the ASX 300 Index.

** The Class A AUD Inc Unit Class was launched on 15 October 2009.

The Fund was launched on 4 December 1981.

Past performance is no indication of current or future performance. The performance data does not take account of the commissions and costs incurred on the issue and redemption of units.

Please note that the use of an index is for comparative use only.

Risk Profile

The Baring Australia Fund is a country-specific fund. A country-specific fund is generally more risky than funds which invest more broadly across a range of global equity markets. As the Baring Australia Fund is invested in equities it is exposed to the volatility which can characterise company share prices from time-to-time. In addition to this, 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 investment returns for investors. Please refer to the Prospectus for the full risk profile.

Strategy and Performance

The Fund was up 0.42%, lagging the benchmark which gained 6.00%. The Fund was inadequately positioned in high yielding financials such as Banks and Property Trusts which did well in the current yield compression environment. Further, the Fund's investments in cheap industrials and materials sectors detracted from performance as these sectors came under pressure arising from a slower growth Chinese economy. Both asset allocation and stock selection were disappointing over this period. While the Fund had some strong performers such as James Hardies (a beneficiary of the US housing market recovery), Beach Energy and Super Retail, it avoided stocks that struggled such as Origin Energy and QBE. This was offset by detractors such as NRW Holdings, ALS, Alacer Gold and Iluka due to the weaker commodities pricing environment.

Review of the Market

Although the market ended up 6% for the period under review, it had a rocky start with a sharp fall in May due to concerns over European financial stability as well as deteriorating economic data from US and China. The market only started to recover in July after global central banks started to cut rates. Its upward momentum strengthen in September after the European Central Bank demonstrated its resolve to preserve the Euro stability with its Outright Monetary Transaction (OMT) together with the Federal Reserve’s third round of quantitative easing. On the local front, Australia corporates downgraded earnings outlooks during the period with few coming to the market for capital raising. Resources companies and mining related industrials suffered greatly due to weak commodities price outlooks on the back of lacklustre Chinese growth. High yielding and defensives sectors such as Telecoms, Healthcare and Staples fared much better due to record low interest rates. Whilst the Reserve Bank of Australia (RBA) cut rates in May, it did not do so again until in October, in response to worsening domestic outlook.

24 Baring International Umbrella Fund Baring Australia Fund

Baring Australia Fund - Investment Manager’s Report (continued)

Market Outlook

The global economic outlook remains fragile, with only the US showing relatively better momentum. The willingness of global central banks should keep rates low and provide ample liquidity to help recovery prospects as well as prevent any tail risk of a sovereign debt crisis in Europe. The potential US fiscal cliff and the Chinese leadership transition are potential risks that could still create market volatility. On the positive side, especially for Australia, the Chinese economy looks to have bottomed out which should bode well for the crucial commodities sector. Rate cuts by the RBA should also help the domestic, particularly housing, economy.

25 Baring International Umbrella Fund Baring Australia Fund

Portfolio Statement

As at 31 October 2012

Financial assets at fair value through profit or loss Nominal Industry Collective Investment Schemes Currrency Holding Fair Value US$ % of Nav Northern Trust Global Funds PLC - Euro Fund EUR 18,000 23,408 0.01 Northern Trust Global Funds PLC - Sterling Fund GBP 2,000 3,223 - Northern Trust Global Funds PLC - US Dollar Fund USD 235,000 235,000 0.14 Total Collective Investment Schemes 261,631 0.15

Equities & Convertibles Consumer Echo Entertainment AUD 331,888 1,209,893 0.72 Discretionary Super Retail AUD 223,673 2,090,761 1.24 3,300,654 1.96

Consumer Coca-Cola Amatil AUD 251,682 3,507,947 2.08 Staples Treasury Wine Estates AUD 680,669 3,492,297 2.07 Wesfarmers AUD 230,852 8,329,363 4.94 15,329,607 9.09

Energy Beach Energy AUD 1,032,479 1,479,819 0.88 Oil Search AUD 399,968 3,078,164 1.82 Santos AUD 108,968 1,301,503 0.77 Senex Energy AUD 1,364,253 1,027,262 0.61 Woodside Petroleum AUD 94,252 3,365,462 1.99 WorleyParsons AUD 43,583 1,116,695 0.66 11,368,905 6.73

Financials Australia & New Zealand Banking AUD 469,991 12,418,095 7.36 Commonwealth Bank of Australia AUD 273,047 16,374,291 9.70 Insurance Australia AUD 416,680 1,977,731 1.17 Mirvac AUD 1,879,747 2,928,458 1.74 National Australia Bank AUD 301,859 8,082,307 4.79 Stockland AUD 866,152 3,112,566 1.84 Suncorp AUD 272,166 2,634,499 1.56 Westfield AUD 518,068 5,703,493 3.38 Westpac Banking AUD 502,672 13,307,695 7.89 66,539,135 39.43

Health Care CSL AUD 114,756 5,613,641 3.33

Industrials ALS AUD 162,515 1,561,290 0.92 Brambles AUD 513,554 3,840,316 2.28 McMillan Shakespeare AUD 135,885 1,820,579 1.08 NRW AUD 659,971 1,398,310 0.83 Transurban AUD 275,055 1,731,173 1.03 10,351,668 6.14

Industry Alacer Gold AUD 383,200 2,081,496 1.23 Materials Amcor AUD 290,694 2,373,050 1.41 BHP Billiton AUD 457,840 16,262,532 9.64 Fletcher Building AUD 237,173 1,364,656 0.81 Fortescue Metals AUD 516,220 2,182,114 1.29 Iluka Resources AUD 91,697 944,746 0.56

26 Baring International Umbrella Fund Baring Australia Fund

Portfolio Statement (continued)

As at 31 October 2012

Financial assets at fair value through profit or loss Nominal Equities & Convertibles (continued) Currrency Holding Fair Value US$ % of Nav Industry Incitec Pivot AUD 614,205 2,009,427 1.19 Materials James Hardie Industries AUD 347,382 3,319,277 1.97 (continued) Medusa Mining AUD 303,578 1,860,247 1.10 Newcrest Mining AUD 222,179 6,080,397 3.60 PanAust AUD 721,225 2,479,403 1.47 Rio Tinto AUD 133,991 7,918,378 4.69 Sandfire Resources NL AUD 168,559 1,470,549 0.87 50,346,272 29.83

Telecommunication Telstra AUD 1,266,795 5,433,813 3.22 Services Total Equities & Convertibles 168,283,695 99.73

Total investments at fair value through profit or loss 168,545,326 99.88 Cash 204,804 0.12 Other Net Assets 3,017 -

Total Net Assets Attributable to holders at redeemable participating units 168,753,147 100.00

Analysis of Portfolio % of Total Assets* Collective Investment Schemes 0.15 Transferable securities** 99.52 Other Assets 0.33 100.00

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

**Transferable securities admitted to an official stock exchange listing or traded on a recognised market.

27 Baring International Umbrella Fund Baring Australia Fund

Balance Sheet (Unaudited)

As at 31 October 2012

Baring Baring Australia Fund Australia Fund 31/10/2012 30/04/2012 Assets Notes US$ US$ Financial assets at fair value through profit or loss 168,545,326 198,420,543 Cash 204,804 302,292 Receivable for securities sold 314,931 319,757 Receivable for units sold 4,443 9,818,598 Dividends and interest receivable 2,050 - Other assets 21,349 3,058 Total Assets 169,092,903 208,864,248

Liabilities Management fee payable 2 186,665 200,482 Administration fee payable 2 60,285 65,260 Trustee fee payable 2 3,948 4,121 Payable for securities purchased - 5,803,067 Payable for units redeemed 497,465 238,390 Other liabilities 2 28,511 15,067 Total Liabilities (excluding net assets attributable to holders of redeemable participating units) 776,874 6,326,387

Net Assets attributable to holders of redeemable participating units (at bid market prices) 168,316,029 202,537,861

Adjustments from bid market prices to last traded market prices 437,118 819,218

Net Assets attributable to holders of redeemable participating units (at last traded market prices) 168,753,147 203,357,079

Units In Issue (Note 4) Class A USD Inc 1,283,873 1,482,505 Class A AUD Inc 22,786 29,503 Class A EUR Inc 105,038 161,173 Class A GBP Inc 9,110 11,080 Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Units for the period ended 31 October 2012 (Unaudited)

Baring Baring Baring Australia Fund Australia Fund Australia Fund 31/10/2012 30/04/2012 31/10/2011 Notes US$ US$ US$ Net assets attributable to holders of redeemable participating units at the beginning of the period/year 203,357,079 195,791,089 195,791,089 (Decrease) in net assets for the period/year from operations attributable to holders of redeemable participating units (4,372,976) (30,191,161) (26,343,115) Issue of redeemable participating units for the period/year 4 55,492,131 345,519,193 224,802,081 Redemption of redeemable participating units for the period/year 4 (85,723,087) (307,762,042) (181,514,271) Net Assets attributable to holders of redeemable participating units at the end of the period/year 168,753,147 203,357,079 212,735,784

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

28 Baring International Umbrella Fund Baring Australia Fund

Profit and Loss Account (Unaudited)

For the period ended 31 October 2012

Baring Baring Baring Australia Fund Australia Fund Australia Fund 31/10/2012 30/04/2012 31/10/2011 Notes US$ US$ US$ Investment Income Bank interest Income 9,900 30,690 12,950 Dividend income 5,128,576 10,871,261 5,571,384 Net fair value (loss) financial assets at fair value through profit or loss (1,835,606) (32,325,319) (26,269,899) Total investment income/(loss) 3,302,870 (21,423,368) (20,685,565)

Expenses Management fees 2 1,090,432 2,580,754 1,353,150 Administration fee 2 392,556 928,426 487,134 Trustee fee 2 21,809 51,579 27,063 General expenses 2 27,664 53,357 22,915 Total operating expenses 1,532,461 3,614,116 1,890,262

Net income/(expense) before finance costs and tax 1,770,409 (25,037,484) (22,575,827)

Finance Costs Distributions 3 (4,403,281) (2,514,901) (2,469,208) Bank interest expense (2,195) (6,829) (495) Total finance costs (4,405,476) (2,521,730) (2,469,703)

(Loss) for the financial period/year before tax (2,635,067) (27,559,214) (25,045,530)

Tax Witholding tax on dividends and other investment income (1,355,809) (2,816,295) (1,459,233) Total Tax (1,355,809) (2,816,295) (1,459,233)

Operating (loss) (3,990,876) (30,375,509) (26,504,763)

Movement in adjustments from bid market prices to last traded market prices (382,100) 184,348 161,648

(Decrease) in net assets for the period/year from operations attributable to holders of redeemable participating units (4,372,976) (30,191,161) (26,343,115)

Gains and losses arose solely from continuing operations. There were no gains or losses other than those dealt with in the profit and loss account.

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

29 Baring International Umbrella Fund Baring Europa Fund

Baring Europa Fund - Investment Manager’s Report

Investment Objective and Policy

The investment objective of the Fund is to achieve long-term capital growth in the value of assets by investing in companies in Europe (including the United Kingdom). The Fund will seek to achieve its investment objective by investing at least 70% of its total assets at any one time in equities and equity-related securities of companies incorporated, or exercising the predominant part of their economic activity in any European country (including the United Kingdom), or quoted or traded on the stock exchanges in such countries. Please refer to the Prospectus for the full Investment Objective and Policy.

How we manage the Fund

The Baring Europa Fund is invested in European equity markets, including the UK, using a "bottom up" investment approach. This means we focus more on the individual merits of a specific company, rather than taking a stance on a sector of the market or macroeconomic trends such as interest rate rises.

We invest in companies which we believe offer potential for delivering better than expected earnings growth. We do this by carefully researching a company’s corporate strategy and revenue sources. An important part of the investment process involves regular meetings with the management of companies in which we are considering investment. We then work to put a price on the shares of the company in the light of our assessment of its earnings prospects and compare this to its peers in the sector and globally. When we are satisfied that a company meets our criteria for investing, we purchase an appropriate number of shares.

In managing the Fund, we aim to keep the number of individual investments in the region of 50 – 60 holdings at any given time. Within this, we keep the minimum weighting of a company in the Fund to around 1.5% and the maximum weighting to approximately 3%.

The Baring Europa Fund is managed by James Buckley. James has 20 years’ investment experience and holds an MBA from Cambridge University.

Performance

Summary of Fund Performance (excluding distribution payments where applicable)

Net asset value as at Net asset value as at 31/10/2012 30/04/2012 Net asset value % change Price per unit Price per unit

Class A USD Inc $40.28 $39.76 1.31

Class A EUR Inc €30.97 €30.08 2.96

Class C EUR Inc €30.45 €29.43 3.46

Class C USD Inc $39.68 $38.98 1.80

30 Baring International Umbrella Fund Baring Europa Fund

Baring Europa Fund - Investment Manager’s Report (continued)

Performance (continued)

Performance Record to 31 October 2012 (including distribution payments where applicable)

01/05/2012 - 01/05/2011 - 01/05/2010 - 01/05/2009 - 01/05/2008 - 31/10/2012 30/04/2012 30/04/2011 30/04/2010 30/04/2009 % % % % %

Baring Europa Fund - Class A USD Inc (USD 2.43 (18.16) 25.27 32.96 (47.08) Terms)

MSCI Europe Total, Gross Return Index (USD 4.79 (15.77) 25.77 34.10 (44.99) Terms)

Baring Europa Fund - Class A EUR Inc (EUR Terms) 4.10 (8.24) 12.53 32.65 (38.05)

Baring Europa Fund - Class C EUR Inc (EUR Terms) 3.57 (9.19) 11.49 29.97 (39.30)

Baring Europa Fund - Class C USD Inc (USD Terms) 1.91 (18.98) 24.09 31.60 (47.50)

Performance figures are shown net of fees and charges, on a NAV per unit basis, with gross revenue reinvested. Source: Morningstar/Barings/MSCI.

The Fund was launched on 21 April 1987.

Past performance is no indication of current or future performance. The performance data does not take account of the commissions and costs incurred on the issue and redemption of units.

Please note that the use of an index is for comparative use only.

Risk Profile

The Baring Europa Fund is invested in European companies. It is therefore susceptible to a decline in the markets of the various European countries it invests within. In addition, the approach we take to managing the Fund means that the Fund is likely to prove more volatile in performance than more broadly-based equity funds. The Fund is also exposed to currency risks because the base currency is in US dollars and the underlying holdings are in a mix of European currencies such as the Euro or Swiss franc. As such, exchange rate fluctuations between the US dollar and the various European currencies held in the Fund can enhance or diminish returns for US dollar-based investors. Please refer to the Prospectus for the full risk profile.

Strategy and Performance

Along with the wider market, the Europa fund struggled in absolute terms at the beginning of the reporting period, as general elections in France and Greece in May added to the underlying economic uncertainty across the Eurozone. There were also growing concerns that economic expansion was slowing in some of the developing regions of the world including Asia, which in particular impacted the mining sector in which the fund is overweight. This contributed to the pressure on the share prices of stocks including Xstrata, BG Group and Vedanta, which in turn was partly responsible for holding back the performance of the overall fund during May. As such, despite good absolute and relative growth in the latter five months of the reporting period, the Europa fund was never quite able to regain this lost ground relative to the benchmark, leading to underperformance over the period as a whole.

31 Baring International Umbrella Fund Baring Europa Fund

Baring Europa Fund - Investment Manager’s Report (continued)

Strategy and Performance (continued)

We continue to run a balanced portfolio focusing on the merits of individual stocks, as evidenced by the very strong performance of a range of shares such as pay-tv operator Sky Deutschland, Belgian cable telecoms group Telenet, healthcare and pharmaceutical entity Bayer, and Immofinanz, an Austrian property developer. We are also very aware of the wider macro-economic environment in which these stocks trade, though with the influence of short term swings in sentiment given the proliferation of summits, meetings, news flow and commentaries thereon, that are a constant feature of the Eurozone market at the current time, we have to accept that shorter term market, fund and stock performance can sometimes be more affected by unsubstantiated rumours than fundamental facts.

With this in mind, our bottom-up stock-selection strategy, with a focus on longer term fundamental growth prospects, married with our views on the overall picture of the market outlook, remains firmly in place. This typically means that portfolio turnover is not as high as it might be were we to be distracted by the daily edicts that are a feature of the current economic climate. Transactions are thus far more stock-driven than market- or even industry-led, meaning that the fund does not have particularly large sector weightings relative to benchmark levels. This approach also means that we do not discount the potential to find interesting stock ideas in countries which have struggling economies, for example periphery Europe, where, after the weak performance during May noted above, the share price of Portuguese energy company Galp, was a particularly strong performer.

Review of the Market

As indicated, the six month period under review could be very basically summarised as a market that endured a difficult May, but then rose strongly through the remainder of the summer and into autumn, largely on the back of increased monetary stimulus in both the US and Eurozone (as well as the UK), with the move by new European Central Bank President Mario Draghi to support Spanish and Italian bonds significantly reducing the risk of a potentially catastrophic situation where southern European governments were unable to finance themselves.

32 Baring International Umbrella Fund Baring Europa Fund

Baring Europa Fund - Investment Manager’s Report (continued)

Review of the Market (continued)

The six months also marked the return to outperformance of the Financials sector, which has been under severe pressures for well documented reasons, as the Banks, Insurance and Property sub-sectors all benefited from the view that the Eurozone was on a steadier footing due to the central bank moves noted above. Rather surprisingly however, even in this environment where sentiment was improving, the typically defensive Healthcare sector was one of the stronger performers – indicating to a degree that fundamental stock research remains an important aspect of fund management. As also indicated above, the Materials sector, which contains the Mining sub-sector, struggled – conversely largely due to matters outside the Eurozone – on concerns over slowing economic growth in some of the major emerging economies.

In terms of country performance, Spain led the way on the aforementioned move by the European Central Bank to support its bond market, with the smaller Belgian stock market also performing well – largely on a small number of strong individual stock performers (including Telenet - which is held by the fund). Greece remained the laggard, though outside of these countries, there was a rather small degree of divergence among the major markets.

Market Outlook

From a company-specific perspective we believe the valuations of the stocks held in the portfolio remain attractive, and additionally that the influence on stock performance from macro and political factors should reduce to more normal levels than we have seen over the last 12 months. Nevertheless, though progress of sorts on the stability of the Eurozone has been made through various actions by the European Central Bank, the outlook is likely to remain uncertain, as at the time of writing, the situation in Greece appears to have deteriorated, whilst the big cloud on the horizon is the US “fiscal cliff” that is due to be decided upon one way or the other in December.

However, this is not to say that we believe stock markets will similarly remain constrained by this uncertainty, as by its very nature it looks past current events and ahead to potential solutions. Furthermore, it should be remembered that the diversity and skill-set of the trading companies domiciled in Europe provides us with the opportunities to participate in the expansion of many markets outside the continent in the regions of Asia and Latin America, and closer to home in Eastern Europe. It is estimated that over 40% of European earnings come from outside Europe, suggesting that whilst the economies of Europe may continue to struggle, there should be support for European equities from continued steps being taken by global leaders to maintain growth.

Overall therefore, whilst the prospects for the European economies per se may not be the most enticing given the political and, increasingly, the economic headwinds, our analysis and earnings stress-testing of the stocks we hold gives us confidence that this situation will not remain in place over the medium/longer term and as such European equities provide a compelling investment opportunity.

33 Baring International Umbrella Fund Baring Europa Fund Portfolio Statement

As at 31 October 2012

Financial assets at fair value through profit or loss Nominal Industry Collective Investment Schemes Currency Holding Fair Value US$ % of NAV Northern Trust Global Funds - Euro Fund EUR 157,000 204,171 0.31 Total Collective Investment Schemes 204,171 0.31

Equities & Convertibles Consumer Bayerische Motoren Werke EUR 15,351 1,249,098 1.87 Discretionary Immoeast* EUR 379,667 - - LVMH Moet Hennessy Louis Vuitton EUR 7,944 1,316,141 1.98 Porsche Automobil EUR 21,193 1,418,536 2.13 Sky Deutschland EUR 277,720 1,208,445 1.82 WPP GBP 92,320 1,191,677 1.79 6,383,897 9.59

Consumer Imperial Tobacco GBP 60,822 2,298,444 3.45 Staples Nestle CHF 55,566 3,553,257 5.34 Pernod-Ricard EUR 13,559 1,475,689 2.22 7,327,390 11.01

Energy Aker Solutions NOK 66,550 1,310,288 1.97 BG Group GBP 110,370 1,956,474 2.94 Galp Energia Class B EUR 77,833 1,259,151 1.89 Tullow Oil GBP 109,861 2,529,916 3.80 7,055,829 10.60

Financials Allianz EUR 13,584 1,700,816 2.55 Amlin GBP 130,361 777,704 1.17 Anglo Irish Bank** EUR 334,211 - - AXA EUR 85,257 1,372,047 2.06 BNP Paribas EUR 25,987 1,319,349 1.98 Bank of Ireland EUR 3,337,092 403,594 0.61 ICAP GBP 131,866 699,132 1.05 Immofinanz EUR 428,728 1,657,007 2.49 Muenchener Rueckversicherungs EUR 8,084 1,299,912 1.95 ST Modwen Properties GBP 700,875 2,237,460 3.36 Standard Chartered GBP 54,841 1,308,411 1.97 UBS CHF 108,226 1,621,817 2.44 UniCredit EUR 242,614 1,089,763 1.64 15,487,012 23.27

Health Care Bayer EUR 26,654 2,352,523 3.53 Fresenius EUR 13,102 1,511,144 2.27 Novo Nordisk DKK 12,045 1,964,349 2.95 Shire GBP 56,732 1,610,884 2.42 7,438,900 11.17

Industrials Aer Lingus EUR 785,502 1,072,581 1.61 Bouygues EUR 38,402 945,362 1.42 Cargotec EUR 27,481 602,180 0.90 Invensys GBP 323,826 1,211,725 1.82 Rheinmetall EUR 12,203 582,962 0.88 Ryanair Holding EUR 189,390 1,111,517 1.67 Vinci EUR 34,783 1,554,225 2.34 7,080,552 10.64 34 Baring International Umbrella Fund Baring Europa Fund Portfolio Statement (continued)

As at 31 October 2012

Financial assets at fair value through profit or loss Nominal Industry Equities & Convertibles (continued) Currency Holding Fair Value US$ % of NAV Information ASML EUR 10,903 612,595 0.92 Technology Cap Gemini EUR 26,446 1,102,254 1.66 1,714,849 2.58

Materials ArcelorMittal EUR 43,040 651,507 0.98 Lanxess EUR 11,855 988,219 1.48 Randgold Resources GBP 11,094 1,306,880 1.96 Vedanta Resources GBP 39,963 741,892 1.11 Xstrata GBP 147,991 2,354,349 3.54 6,042,847 9.07

Telecommunication BT Group GBP 476,875 1,669,147 2.51 Services Telefonica Deutschland EUR 136,492 1,038,914 1.56 Telenet EUR 28,943 1,335,805 2.01 TeliaSonera SEK 212,239 1,418,564 2.13 5,462,430 8.21

Utilities GDF Suez EUR 56,641 1,315,915 1.98 Red Electrica EUR 22,531 1,065,217 1.60 2,381,132 3.58

Total Equities & Convertibles 66,374,838 99.72

Total investments at fair value through profit or loss 66,579,009 100.03 Bank Overdraft (41,642) (0.06) Other Net Assets 20,377 0.03 Total Net Assets attributable to holders of redeemable participating Units 66,557,744 100.00

Analysis of Portfolio % of Total Assets*** Collective Investment Schemes 0.30 Transferable securities**** 97.71 Other Assets 1.99 100.00

*Due to a corporate action on Immoeast the security has been priced at zero as at 31 October 2011.

**Anglo Irish Bank has been delisted from the stock exchange and written down to zero as at 19 January 2009 with agreement from the Board of Directors.

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

****Transferable securities admitted to an official stock exchange listing or traded on a recognised market with the exception of Anglo Irish Bank and Immoeast.

35 Baring International Umbrella Fund Baring Europa Fund

Balance Sheet (Unaudited)

As at 31 October 2012

Baring Baring Europa Europa Fund Fund 31/10/2012 30/04/2012 Assets Notes US$ US$ Financial assets at fair value through profit or loss 66,579,009 71,152,576 Receivable for securities sold 1,297,687 - Cash - 215,574 Receivable for units sold 5,750 38,816 Dividends and interest receivable 13,371 198,548 Other assets 30,090 7,426 Total Assets 67,925,907 71,612,940

Liabilities Bank Overdraft 8 41,642 - Management fee payable 2 70,417 71,941 Administration fee payable 2 27,978 28,487 Trustee fee payable 2 2,920 2,902 Payable securities purchased 994,006 - Payable for units redeemed 260,296 75,305 Other liabilities 2 24,991 18,273 Total Liabilities (excluding net assets attributable to holders of redeemable participating units) 1,422,250 196,908

Net Assets attributable to holders of redeemable participating units (at bid market prices) 66,503,657 71,416,032

Adjustments from bid market prices to last traded market prices 54,087 49,148

Net Assets attributable to holders of redeemable participating units (at last traded market prices) 66,557,744 71,465,180

Units In Issue (Note 4) Class A USD Inc 1,215,582 1,302,587 Class A EUR Inc 422,414 481,217 Class C EUR Inc 8,227 7,687 Class C USD Inc 6,141 5,921

Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Units for the period ended 31 October 2012 (Unaudited)

Baring Baring Baring Europa Europa Europa Fund Fund Fund 31/10/2012 30/04/2012 31/10/2011 Notes US$ US$ US$ Net assets attributable to holders of redeemable participating units at the beginning of the period/year 71,465,180 101,911,832 101,911,832 Increase/(decrease) in net assets for the period/year from operations attributable to holders of redeemable participating units 612,352 (20,230,762) (20,096,834) Issue of redeemable participating units for the period/year 4 7,256,625 19,675,036 10,697,096 Redemption of redeemable participating units for the period/year 4 (12,776,413) (29,890,926) (15,687,045) Net Assets attributable to holders of redeemable participating units at the end of the period/year 66,557,744 71,465,180 76,825,049

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

36 Baring International Umbrella Fund Baring Europa Fund

Profit and Loss Account (Unaudited)

For the period ended 31 October 2012

Baring Baring Baring Europa Europa Europa Fund Fund Fund Notes 31/10/2012 30/04/2012 31/10/2011 US$ US$ US$ Investment Income Bank interest income 3 905 1,530 Dividend income 1,032,011 2,747,847 1,487,915 Net fair value gain/(loss) on financial assets at fair value through profit or loss 1,174,535 (20,126,570) (19,636,425) Total investment income/(loss) 2,206,549 (17,377,818) (18,146,980)

Expenses Management fees 2 410,633 961,035 517,083 Administration fees 2 147,828 345,973 186,151 Trustee fees 2 8,213 19,221 10,342 General expenses 2 28,470 54,839 33,633 Total operating expenses 595,144 1,381,068 747,209

Net income/(expense) before finance costs and tax 1,611,405 (18,758,886) (18,894,189)

Finance Costs Distributions 3 (795,209) (877,783) (843,752) Bank interest expense (378) (1,684) (543) Total finance costs (795,587) (879,467) (844,295)

Profit/(loss) for the financial period/year before tax 815,818 (19,638,353) (19,738,484)

Tax Witholding tax on dividends and other investment loss (208,405) (527,560) (281,309) Total Tax (208,405) (527,560) (281,309)

Operating profit/(loss) 607,413 (20,165,913) (20,019,793)

Movement in adjustments from bid market prices to last traded market prices 4,939 (64,849) (77,041)

Increase/(decrease) in net assets for the period/year from operations attributable to holders of redeemable participating units 612,352 (20,230,762) (20,096,834)

Gains and losses arose solely from continuing operations. There were no gains or losses other than those dealt with in the profit and loss account.

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

37 Baring International Umbrella Fund Baring Hong Kong China Fund

Baring Hong Kong China Fund - Investment Manager’s Report

Investment Objective and Policy

The investment objective of the Fund is to achieve long-term capital growth in the value of assets by investing in Hong Kong, China and Taiwan. The Fund will seek to achieve its investment objective by investing at least 70% of its total assets at any one time in equities and equity-related securities of companies incorporated in, or exercising the predominant part of their economic activity in, Hong Kong or China, or quoted or traded on the stock exchanges in those countries. The Managers may also invest in companies incorporated in, or exercising the predominant part of the economic activity in Taiwan or quoted or traded on the Taiwan stock exchange. Please refer to the Prospectus for the full Investment Objective and Policy.

How we manage the Fund

The Baring Hong Kong China Fund is invested in Hong Kong and China and, to a lesser extent, the Taiwanese equity market, using a “bottom up” investment approach. This means we focus more 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. Within this, we manage the Fund using a “Growth at a Reasonable Price”, or GARP, approach. This means that when researching candidates for the portfolio, we place just as much emphasis on the likely growth in corporate earnings at a company as we do on the share price valuation before deciding whether to invest or not. We believe this approach combines the best features of both “growth” and “value” investment styles, to the benefit of investors.

The Managers of Baring International Umbrella Fund, Baring International Fund Managers (Ireland) Limited, have appointed Baring Asset Management Limited (“BAML”) as the Investment Manager of the Umbrella Fund. In turn, BAML have appointed Baring Asset Management (Asia) Limited as sub-Investment Manager to the Baring Hong Kong China Fund.

The Baring Hong Kong China Fund is managed by Agnes Deng. Agnes has 13 years of investment experience. She holds an MBA from the McGill University and was awarded the CFA designation in 2001.

Performance Summary of Fund Performance (excluding distribution payments where applicable)

Net asset value as at Net asset value as at 31/10/2012 30/04/2012 Net asset value % change Price per unit Price per unit

Class A USD Inc $779.35 $813.45 (4.19)

Class A EUR Inc €599.29 €615.36 (2.61)

Class A GBP Inc £483.62 £500.28 (3.33)

Class A HKD Inc HK$6,040.07 HK$6,311.41 (4.30)

Class A USD Acc $779.46 $813.46 (4.18)

Class C EUR Inc €579.14 €597.67 (3.10)

Class C USD Inc $748.11 $784.78 (4.67)

38 Baring International Umbrella Fund Baring Hong Kong China Fund

Baring Hong Kong China Fund - Investment Manager’s Report (continued)

Performance (continued)

Performance Record to 31 October 2012 (including distribution payments where applicable)

01/05/2012 - 01/05/2011 - 01/05/2010 - 01/05/2009 - 01/05/2008 - 31/10/2012 30/04/2012 30/04/2011 30/04/2010 30/04/2009 % % % % %

Baring Hong Kong China Fund - Class A USD Inc (4.19) (17.02) 13.56 40.30 (34.86) (USD Terms)

MSCI China Total, Gross Return Index (USD Terms)* 1.29 (11.00) 11.74 41.70 (37.25)

Baring Hong Kong China Fund - Class A EUR Inc (2.61) (6.99) 2.04 39.96 (23.75) (EUR Terms)

Baring Hong Kong China Fund - Class A GBP Inc (3.33) (15.00) 4.52 35.45 (12.65) (GBP Terms)

Baring Hong Kong China Fund - Class A HKD Inc (4.30) (17.15) 14.24 N/A N/A (HKD Terms)**

Baring Hong Kong China Fund - Class A USD Acc (4.18) N/A N/A N/A N/A (USD Terms)****

Baring Hong Kong China Fund - Class C EUR Inc (3.10) (7.93) 1.13 39.02 (24.61) (EUR Terms)***

Baring Hong Kong China Fund - Class C USD Inc (4.67) (17.86) 12.45 38.91 (35.49) (USD Terms)***

Performance figures are shown net of fees and charges, on a NAV per unit basis, with gross revenue reinvested. Source: Morningstar/Barings/MSCI.

For data sourced from Morningstar: © Morningstar. All Rights Reserved.The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

*Current Benchmark Index effective from 1 February 2008. Prior to this date the fund was shown against the following: MSCI Zhong Hua Index from 1 September 2006, Hong Kong Hang Seng TR Index from 31 January 1990.

** The Class A HKD Inc Unit Class was launched on 10 August 2010.

*** These share classes were launched during the period 1 May 2007 to 30 April 2008.

**** The Class A USD Acc Unit Class was launched on 14 March 2012.

The Fund was launched on 3 December 1982.

Past performance is no indication of current or future performance. The performance data does not take account of the commissions and costs incurred on the issue and redemption of units.

Please note that the use of an index is for comparative use only.

39 Baring International Umbrella Fund Baring Hong Kong China Fund

Baring Hong Kong China Fund - Investment Manager’s Report (continued)

Risk Profile

The Baring Hong Kong China Fund is invested primarily in equities listed in the Hong Kong and China equity markets and as such is exposed to the volatility that can characterise equity share prices from time-to-time. Though Hong Kong is considered a developed market, China is regarded as an emerging equity market. As a result, the Fund can be exposed to economic, political and other risks associated with holding equities in developing markets. In addition to this, 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 investment returns for investors. Please refer to the Prospectus for a full risk profile.

Strategy and Performance

We are targeting attractively valued companies which we believe have the potential to deliver sustainable growth. The leadership transition in China is largely complete so we believe that this will ease markets concerns relating to the pace of economic growth in China. Chinese equities are trading at the lower end of their historical range and we believe that the market has been overly pessimistic on the outlook for economic growth. We are therefore taking the opportunity to add to companies with good growth prospects and we expect this strategy to reward investors over the long-term.

The Fund underperformed its benchmark index during the period. The major underperformance was incurred in the second quarter of this year as the market was depressed by concerns over a potential hard landing in China. A number of our more economically sensitive investments in China suffered during the month. The underperformance was partly offset by our preference to the Healthcare and Information Technology sectors.

Review of the Market

The Chinese equity market was volatile during the period due to concerns about the pace of economic growth and disappointment in the government’s policy response. Meanwhile, inflation pressure continued to ease in China with Consumer Price Index (CPI) dropping to 1.9% (year on year) in September.

The situation turned less negative towards the end of the period as the latest official data released highlighted that China’s manufacturing sector expanded in October – the first rise in activity since July. While some investors have expressed concern over the pace and sustainability of growth in China, this latest indicator supports the view that growth in China is stabilising and economic activity is expected to pick-up over the coming months. Chinese equities have benefited from the improvement in investor sentiment since the beginning of September, yet valuations still remain at the lower end of their historical ranges.

At the sector level, Healthcare and Utilities were the best performers and recorded a positive return in excess of 15%, while Consumer Discretionary was the major laggard and declined over 10% during the period.

40 Baring International Umbrella Fund Baring Hong Kong China Fund

Baring Hong Kong China Fund - Investment Manager’s Report (continued)

Market Outlook

While we acknowledge that the Chinese economy faces some short-term headwinds in the form of reduced exports and an oversupply in industry, we maintain that the market continues to be overly pessimistic on the growth prospects for Asia’s largest economy. In our view, the current low valuations offer investors an attractive opportunity to participate in a multi-year growth story at a low entry level. In this regard, it is important to recognise that the government have significant levers available to stimulate growth in China. A weak global growth environment is reducing inflationary pressures and this has enabled the central bank to stabilize the economy by increasing liquidity and reducing the cost of capital for business. We believe that this will have positive implications for credit growth and improve access to finance for small and medium-sized enterprises.

As long-term investors in China, we are also encouraged by the government’s commitment to shift the economy away from exports and fixed asset investment and towards domestic consumption. With the pace of growth across many of China’s traditional export markets still sluggish, particularly in Europe, we believe this is a prudent strategy. This change may lead to a slowing of activity in the short-term, but we believe that it will benefit the sustainability of growth in the Chinese economy over the long-term. Looking ahead, we believe that the authorities will increasingly focus on implementing policies which will boost domestic demand and benefit the ordinary man and woman in the street. We expect this process to accelerate further once the new communist party leadership is announced in early 2013.

41 Baring International Umbrella Fund Baring Hong Kong China Fund

Portfolio Statement

As at 31 October 2012

Financial assets at fair value through profit or loss Nominal Industry Collective Investment Schemes Currency Holding Fair Value US$ % of NAV Baring China A-Share Fund USD 1,496,600 12,751,032 0.47 Baring Investment Funds - China Select Fund USD 1,085,000 10,383,450 0.38 HI Cheonhajeil China Mainland Feeder Securities Investment Trust - Equity Fund KRW 18,000,000,000 15,392,261 0.56 Northern Trust Global Funds - Euro Fund EUR 3,257,000 4,235,566 0.16 Northern Trust Global Funds - US Dollar Fund USD 117,829,000 117,829,000 4.33 Total Collective Investment Schemes 160,591,309 5.90

Equities & Convertibles Consumer Belle International Holdings HKD 18,517,000 34,405,559 1.26 Discretionary Brilliance China Automotive HKD 23,184,000 28,867,633 1.06 Chow Tai Fook Jewellery HKD 10,969,200 13,530,952 0.50 Dongfeng Motor HKD 6,524,000 8,064,454 0.30 Galaxy Entertainment HKD 6,807,000 23,407,146 0.86 Geely Automobile HKD 84,480,000 36,298,914 1.33 Golden Eagle Retail HKD 8,135,000 17,823,408 0.65 Melco Crown Entertainment ADR USD 1,620,690 23,273,108 0.86 New Oriental Education & Technology ADR USD 465,400 7,767,526 0.29 Prada HKD 1,805,500 14,700,170 0.54 Sands China HKD 3,948,800 14,801,535 0.54 Springland International Holdings HKD 48,264,000 23,727,052 0.87 Techtronic Industries HKD 7,954,500 15,087,793 0.56 261,755,250 9.62

Consumer Hengan International Group HKD 3,436,500 31,260,863 1.15 Staples Tingyi Cayman Islands HKD 4,146,000 12,277,430 0.45 43,538,293 1.60

Energy China Petroleum & Chemical HKD 22,844,000 24,258,698 0.89 China Shenhua Energy HKD 16,510,000 70,087,161 2.58 CNOOC HKD 50,754,000 105,305,684 3.87 Kunlun Energy HKD 2,934,000 5,443,955 0.20 PetroChina HKD 62,904,000 85,548,888 3.14 290,644,386 10.68

Financials Agile Property HKD 4,566,000 5,190,477 0.19 Agricultural Bank of China HKD 33,039,000 14,238,651 0.52 AIA HKD 10,265,000 40,596,157 1.49 Bank of China HKD 176,239,000 72,314,375 2.66 BOC Hong Kong HKD 8,687,000 26,677,325 0.98 Cheung Kong HKD 905,000 13,370,559 0.49 China Construction Bank HKD 77,477,220 58,382,457 2.15 Credit Suisse Wt - Citic Securities USD 17,193,305 30,019,511 1.10 China Life Insurance HKD 45,441,000 133,976,794 4.92 China Minsheng Banking HKD 11,028,500 10,018,082 0.37 China Overseas Land & Investment HKD 7,756,000 20,215,508 0.74 China Pacific Insurance HKD 22,774,703 71,262,321 2.62 China Resources Land HKD 5,830,000 13,299,837 0.49 Chongqing Rural Commercial Bank HKD 78,500,000 36,768,150 1.35

42 Baring International Umbrella Fund Baring Hong Kong China Fund

Portfolio Statement (continued)

As at 31 October 2012

Financial assets at fair value through profit or loss Nominal Industry Equities & Convertibles (continued) Currency Holding Fair Value US$ % of NAV Financials CITIC Securities HKD 30,388,000 56,933,021 2.09 (continued) Haitong Securities HKD 53,356,400 68,295,751 2.51 Henderson Land Development HKD 1,932,000 13,386,804 0.49 Industrial & Commercial Bank of China HKD 315,272,025 207,874,794 7.64 KWG Property HKD 51,973,000 30,848,291 1.13 Longfor Properties HKD 8,000,500 14,122,082 0.52 PICC Property & Casualty HKD 27,028,200 35,921,118 1.32 Ping An Insurance HKD 8,553,000 67,706,215 2.49 Wharf Holdings HKD 2,006,000 13,692,479 0.50 1,055,110,759 38.76

Healthcare Shandong Weigao Group Medical HKD 14,192,000 19,117,874 0.70 Sino Biopharmaceutical HKD 94,304,000 37,477,993 1.38 Trauson Holdings HKD 38,567,000 20,154,238 0.74 76,750,105 2.82

Industrials China Railway Construction HKD 6,101,000 6,061,600 0.22 China State Construction International HKD 39,858,000 47,366,427 1.74 Sany Heavy Equipment International HKD 30,686,000 16,075,401 0.59 Tungda Innovative Lighting HKD 46,050,000 - 0.00 Yangzijiang Shipbuilding SGD 16,908,000 12,547,552 0.46 Zhuzhou CSR Times Electric HKD 9,598,000 28,174,592 1.04 Zoomlion Heavy Industry Science and Technology HKD 19,380,400 26,057,092 0.96 136,282,664 5.01

Information AAC Technologies Holdings HKD 10,580,000 37,814,724 1.39 Technology Baidu USD 492,400 56,054,816 2.06 Lenovo HKD 46,448,000 37,218,093 1.37 Netease.com USD 1,267,500 68,470,350 2.51 SINA USD 395,000 22,159,500 0.81 Tencent Holdings HKD 4,246,400 150,129,819 5.52 ZTE HKD 11,492,600 16,163,682 0.59 388,010,984 14.25

Industry Anhui Conch Cement HKD 6,992,000 24,088,413 0.89 Materials BBMG HKD 23,832,000 20,480,012 0.75 Jiangxi Copper HKD 15,102,000 38,972,652 1.43 Nine Dragons Paper HKD 10,530,000 7,391,333 0.27 Zhaojin Mining Industry HKD 14,451,000 24,202,938 0.89 Zijin Mining Group HKD 51,380,000 20,551,867 0.76 135,687,215 4.99

Telecommunications China Mobile HKD 8,281,000 91,731,518 3.37 Services China Unicom Hong Kong HKD 28,990,000 47,281,450 1.74 139,012,968 5.11

Utilities China Resources Power HKD 1,294,000 2,768,307 0.10 Huaneng Power International HKD 18,404,000 14,675,611 0.54 17,443,918 0.64

Total Equities & Convertibles 2,544,236,542 93.48 43 Baring International Umbrella Fund Baring Hong Kong China Fund

Portfolio Statement (continued)

As at 31 October 2012

Financial liabilities at fair value through profit or loss

Financial derivative instruments dealt on a regulated market Unrealised Futures Counterparty Fair Value Contracts Loss % of NAV Futures H-Shares Index Nov 2012 UBS 83,007,794 1,213 (911,134) (0.03)

Total value of financial derivative instruments dealt on a regulated market (911,134) (0.03)

Total financial assets and liabilities at fair value through profit or loss 2,703,916,717 99.35 Margin Cash 13,699,766 0.50 Cash 43,218,000 1.59 Other Net Liabilities (39,230,607) (1.44) Total Net Assets attributable to holders of redeemable participating units 2,721,603,876 100.00

Analysis of Portfolio % of Total Assets* Collective Investment Schemes 5.81 Transferable securities** 92.04 Financial derivative instruments dealt on a regulated market (0.03) Other Liabilities 2.18 100.00

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

**Transferable securities admitted to an official stock exchange listing or traded on a recognised market.

44 Baring International Umbrella Fund Baring Hong Kong China Fund

Balance Sheet (Unaudited)

As at 31 October 2012 Baring Baring Hong Kong Hong Kong China Fund China Fund 31/10/2012 30/04/2012 Assets Notes US$ US$ Financial assets at fair value through profit or loss 2,703,916,717 3,483,747,891 Cash 43,218,000 - Margin cash 13,699,766 6,052,113 Receivable for securities sold 3,112,765 18,703,432 Receivable for units sold 6,645 1,724,846 Dividends and interest receivable 113,810 718,892 Other assets 97,357 10,162 Total Assets 2,764,165,060 3,510,957,336

Liabilities Bank Overdraft 8 - 12,265,845 Management fee payable 2 2,877,340 3,392,720 Administration fee payable 2 1,102,206 1,287,657 Trustee fee payable 2 37,135 38,863 Payable for securities purchased 2,896,773 21,337,652 Payable for units redeemed 39,943,381 3,325,113 Other liabilities 2 486,722 533,717 Total Liabilities (excluding net assets attributable to holders of redeemable participating shares) 47,343,557 42,181,567

Net Assets attributable to holders of redeemable participating units (at bid market prices) 2,716,821,503 3,468,775,769

Adjustments from bid market prices to last traded market prices 4,782,373 5,656,222

Net Assets attributable to holders of redeemable participating units (at last traded market prices) 2,721,603,876 3,474,431,991

Units in Issue (Note 4) Class A USD Inc 2,836,797 3,510,750 Class A EUR Inc 629,866 732,858 Class A GBP Inc 2,402 2,522 Class A HKD Inc 16,777 18,431 Class A USD Acc 711 692 Class C EUR Inc 1,809 1,924 Class C USD Inc 3,964 4,221

Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Units for the period ended 31 October 2012 (Unaudited)

Baring Baring Baring Hong Kong Hong Kong Hong Kong China Fund China Fund China Fund 31/10/2012 30/04/2012 31/10/2011 Notes US$ US$ US$ Net assets attributable to holders of redeemable participating units at the beginning of the period/year 3,474,431,991 4,455,523,611 4,455,523,611 Decrease in assets for the period/year from operations attributable to holders of redeemable participating units (184,810,271) (756,737,193) (808,439,877) Issue of redeemable participating units for the period/year 4 250,362,970 1,239,932,467 482,105,287 Redemption of redeemable participating units for the period/year 4 (818,380,814) (1,464,286,894) (771,297,341) Net Assets attributable to holders of redeemable participating units at the end of the period/year 2,721,603,876 3,474,431,991 3,357,891,680

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

45 Baring International Umbrella Fund Baring Hong Kong China Fund

Profit and Loss Account (Unaudited)

For the period ended 31 October 2012

Baring Baring Baring Hong Kong Hong Kong Hong Kong China Fund China Fund China Fund Notes 31/10/2012 30/04/2012 31/10/2011 Investment Income US$ US$ US$ Bank interest income 2,154 13,548 - Bond interest income - 24,970 17,779 Dividend income 71,670,956 67,629,779 65,458,875 Net fair value loss on financials assets at fair value through profit or loss (226,384,783) (756,225,281) (834,907,898) Total investment loss (154,711,673) (688,556,984) (769,431,244)

Expense Management fees 2 17,353,359 44,493,136 23,869,744 Administration fees 2 6,253,020 16,017,526 8,593,108 Trustee fees 2 207,004 568,577 340,621 General expenses 2 393,028 804,508 118,775 Total operating expenses 24,206,411 61,883,747 32,922,248

Net expense before finance costs and tax (178,918,084) (750,440,731) (802,353,492)

Finance Costs Bank interest expense 4 (6,798) - (16,531) Total finance costs (6,798) - (16,531)

Loss for the financial period/year before tax (178,924,882) (750,440,731) (802,370,023)

Tax Witholding tax on dividends and other investment income (5,011,540) (5,559,136) (5,559,136) Total Tax (5,011,540) (5,559,136) (5,559,136)

Operating loss (183,936,422) (755,999,867) (807,929,159)

Movement in adjustments from bid market prices to last traded market prices (873,849) (737,326) (510,718)

Decrease in net assets for the period/year from operations attributable to holders of redeemable participating units (184,810,271) (756,737,193) (808,439,877)

Gains and losses arose solely from continuing operations. There were no gains or losses other than those dealt with in the profit and loss account.

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

46 Baring International Umbrella Fund Baring International Bond Fund

Baring International Bond Fund – Investment Manager’s Report

Investment Objective and Policy

The investment objective of the Fund is to achieve an attractive level of income together with long-term growth in the value of assets by investing in a diversified portfolio of fixed interest securities. The Fund will seek to achieve its investment objective by investing at least 70% of its total assets at any one time in an internationally diversified portfolio of both corporate and government fixed interest securities. The portfolio may also, from time to time, include securities with floating interest rates. Please refer to the Prospectus for the full Investment Objective and Policy.

How we manage the Fund

We seek investment return by investing in bond markets where we believe yields are likely to fall and avoiding those that are thought to be expensive. The overall duration, or interest-rate sensitivity, of the Fund will fluctuate as our expectations for economic developments change, relative to the market. We will also look to add value through foreign exchange management, identifying those markets where currencies are attractive, for example due to sound economic fundamentals or rising interest rates.

The Managers of Baring International Umbrella Fund, Baring International Fund Managers (Ireland) Limited, have appointed Baring Asset Management Limited (“BAML”) as the Investment Manager of the Umbrella Fund. The managers of the Baring International Bond Fund are Alan Wilde and Dagmar Dvorak. Alan has over 27 years of investment experience. He is Head of our Fixed Income & Currency Team and is manager of several key global bond mandates. Dagmar is an investment manager with 10 years of experience and is responsible for the management of a variety of global bond and currency mandates.

Performance

Summary of Fund Performance (excluding distribution payments where applicable)

Net asset value as at Net asset value as at 31/10/2012 30/04/2012 Net asset value % change Price per unit Price per unit

Class A USD Inc $28.53 $28.09 1.57

Class A EUR Inc €21.94 €21.25 3.25

Class A GBP Inc £17.71 £17.28 2.49

Performance Record to 31 October 2012 (including distribution payments where applicable)

01/05/2012 - 01/05/2011 - 01/05/2010 - 01/05/2009 - 01/05/2008 - 31/10/2012 30/04/2012 30/04/2011 30/04/2010 30/04/2009

% % % % %

Baring International Bond Fund - Class A USD Inc 2.74 0.80 12.58 13.90 (6.76) (USD Terms)

Citi World Govt Bond USD Index (USD Terms) 1.77 3.33 11.16 5.88 (0.49)

Baring International Bond Fund - Class A EUR Inc 4.45 12.93 1.16 13.58 9.21 (EUR Terms)

Baring International Bond Fund - Class A GBP Inc 3.67 3.28 3.62 10.09 23.73 (GBP Terms)

47 Baring International Umbrella Fund Baring International Bond Fund

Baring International Bond Fund – Investment Manager’s Report (continued)

Performance (continued)

Performance figures are shown net of fees and charges, on a NAV per unit basis, with gross revenue reinvested. Source: Morningstar/Barings/Citi.

For data sourced from Morningstar: © Morningstar. All Rights Reserved.The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

The Fund was launched on 7 July 1978.

Past performance is no indication of current or future performance. The performance data does not take account of the commissions and costs incurred on the issue and redemption of units.

Please note that the use of an index is for comparative use only.

Risk Profile

The majority of the Baring International Bond Funds holdings will usually be in bonds issued by governments rather than individual companies. These bonds are not deemed as risky as corporate bonds, as they are backed by the full resources of the government issuing them. However, as this is a portfolio invested in the world-wide bond markets, currency exchange fluctuations can have an effect on the performance of the Fund’s investments. Please refer to the Prospectus for the full risk profile.

Strategy and Performance

Fund performance was ahead of the benchmark index. Our exposure to emerging market debt was a major factor contributing to this outperformance. With the Mexican and Polish government bond markets performing strongly over the period, our overweight positions here generated positive returns. The Bank of Poland unexpectedly increased interest rates in May, but in recent months, a slower trajectory of growth has increased expectations of an easing of policy, driving yields lower. Meanwhile, the Mexican government bond market benefitted from signs of improvement in the US economy.

Our strategy of underweighting core government bond markets produced mixed results with our underweight positions in Europe and the UK detracting whilst our underweights in Japan and the US contributed positively. We added to our US treasury allocation out of cash following a rise in yields in June.

The contribution attributable to European bond selection was slightly positive. Our underweight position in Spain (which we held for much of period) contributed positively due to extremely weak performance in reaction to an anticipated financial bailout at the beginning of the period. Our underweight allocation to the Italian debt market however detracted as this market benefitted from more supportive ECB policy responses to the crisis. As the European Central Bank’s (ECB) Outright Monetary Transactions (OMT) programme has appeased investors and the apparent risks to the Eurozone have abated, we decided to open a benchmark neutral position in Spain. We bought exposure in short dated Spanish government bonds as any potential ECB purchases associated with the OMT programme are likely to be up to a maximum maturity of three years. We funded this trade from the sale of some Dutch, Swedish and Australian government bond exposures thereby decreasing our underweight position in the European market as a whole.

Currency management produced positive relative returns. Here, our underweight in the Euro was the main source of positive performance as the currency suffered from the uncertainty in the region at the beginning of the period. We keep the Euro as one of our biggest underweights as we expect further weakness as the peripheral economies head deeper into recession. Our overweights in Scandinavian currencies (the Swedish krona and the Norwegian krone) contributed positively as these currencies strengthened as risk sentiment improved. We took some profits on the Swedish krona, increasing our exposure to the Norwegian krone instead. Less dependency on exports into the Euro area and firmer economic data should help the latter to outperform going forward.

48 Baring International Umbrella Fund Baring International Bond Fund

Baring International Bond Fund – Investment Manager’s Report (continued)

Strategy and Performance (continued)

Our exposure to selected emerging market and Asian currencies contributed positively. We reduced our position in the Singapore dollar and switched the exposure into the South African rand and the Mexican peso which we expect to profit from positive news out of the US. In Singapore, slowing inflation has given the Monetary Authority of Singapore (MAS) room to loosen policy slightly. The MAS has allowed its currency to appreciate as a counter inflationary measure but now the dominant risk has moved from inflation to growth. Our exposure in the Chinese renminbi also contributed positively. As concerns increased over a possible slowdown in the Chinese economy, we took some profits on our position here, reducing our overweight position.

Our overweight exposure in the South African rand detracted. The South African rand lost value due to concerns over the wider impact of the mining strikes on the economy. The credit agency Standard & Poor’s cut South Africa’s sovereign rating by one notch to BBB expressing their concerns that “mining strikes and social tensions could reduce fiscal flexibility and hurt growth”.

Review of the Market

The Euro sovereign debt crisis has been the main driver of financial markets over the past six months with market participants switching between optimistic and pessimistic views of the world stemming from the news flow out of the region. Euro-area stress intensified as Greece was unable to form a new government following the elections in May. The political parties aligned with fiscal austerity measures lost considerable ground, raising fears that Greece would leave the European Monetary Union. The second ballot, which took place in June, saw the pro-austerity New Democracy emerging as the largest party, providing some relief to European markets.

With attention turning away from Greece for the time being, other weak peripheral economies came under the spotlight as fears of contagion here intensified. Spanish ten-year bond yields rose above 7.6% (a Euro era high) as speculation grew that the country would require a financial bailout. Conversely, US treasuries fell sharply with the benchmark ten-year yield reaching an all time low of 1.39% reflecting the market’s safe-haven characteristics.

European policy responses helped to calm financial markets in September. The European Central Bank (ECB) announced that it would carry out Outright Monetary Transactions (OMT) with the aim of limiting borrowing costs for the weaker European economies. The stabilisation of financial conditions in the region particularly benefitted the performance in peripheral markets. The credit rating agency Moody’s affirmed Spain’s Baa3 government bond rating with a negative outlook. The decision reflects the curtailment of funding risks due to the support offered by the ECB’s OMT programme and “evidence of the Spanish government’s continued commitment to implement the fiscal and structural reform measures that are needed to stabilise its debt trajectory”.

Concerns over the health of the global economy saw other central banks act in a bid to support their domestic economies. The UK Monetary Policy Committee announced the expansion of the size of its quantitative easing programme in July, by £50bn to a total of £375bn. The latest MPC minutes suggested that there could also be a further expansion of the programme with members voicing concern over the weakness of the economy. In a surprise move, the Bank of Japan expanded its asset purchase scheme by ¥10 trillion acknowledging that the economic recovery had paused.

US policy makers have also been responsive to the risks to domestic growth, as they remained cautious regarding the crisis in Europe and a slowdown in parts of Asia as a barrier to faster growth. The US Federal Reserve extended “Operation Twist” where it sells short-term bonds whilst buying longer dated securities in a bid to put “downward pressure on longer-term interest rates”. In September, in reaction to the continued weakness in the labour market, the US Federal Open Market Committee (FOMC) announced its commitment to open ended mortgage backed security (MBS) purchases at a rate of $40bn per month. These purchases would continue until the labour market improves “substantially”. Federal Reserve (Fed) chairman Bernanke also made a commitment that short-term interest rates will remain “exceptionally low” until at least mid-2015 (an extension from the previously quoted 2014).

Currencies which are perceived as “safe” such as the US dollar and the Japanese yen outperformed whilst emerging market currencies suffered weakness. Whilst the performance of “riskier” currencies (such as emerging markets) has been positive over the past few months, it has not been enough to compensate for the losses experienced in the first part of the period under review.

49 Baring International Umbrella Fund Baring International Bond Fund

Baring International Bond Fund – Investment Manager’s Report (continued)

Market Outlook

We introduced a number of changes to our scenario framework which we use for portfolio construction purposes. These changes affect scenarios 1 and 3, in both of these instances we have moved to being more pessimistic, versus our prior expectations, on the outcome for the global economy.

As scenario 1 (previously “US Recovery”) has become more globally focused, we have changed the scenario’s title to “Stabilisation of Global Growth”. The scenario describes a world where a sense of fiscal cohesion begins to emerge in developed markets. The US presents a more constructive approach to budgetary management in the face of the “fiscal cliff” whereas the Euro zone commences the process of “fiscal union”.

Under this scenario, currencies that benefitted from safe-haven flows, such as the Japanese yen, would be expected to weaken. Conversely, emerging market and commodity currencies would appreciate. Bond yields in the US would rise relative to those in Europe and Japan in anticipation of the Federal Reserve moving more tentatively towards normalising policy. The scenario presents benign economic conditions for risk assets generally and a supportive backdrop for credit markets in particular.

The general theme of Scenario 3 (“Financial Contagion Hits Growth”) remains the same (the shock effect of financial market contagion from a default in peripheral Europe sends the Euro zone and the world economy into recession). However, we have added a deeper element of stress within Europe to include the possibility that following the departure of either one or more of Greece, Ireland or Portugal, attention then turns to Spain and/or Italy. Here, their positions within the Euro zone become imperilled as their adherence to fiscal austerity falters.

In this scenario we aim to capture the essence of a severe risk off trend permeating through global markets. The lack of policy cohesiveness negatively reflects upon risk premia generally and the subsequent recovery from the initial shock only slowly develops beyond our forecasting horizon.

We made no changes to our second scenario (“Fiscal Slippage, Inflation Risks”). This describes a world where governments struggle to adhere to their fiscal plans on disappointing growth. Markets are vulnerable to deterioration in inflation expectations and a rise in risk premia.

Whilst European policy has stabilised financial conditions in the region, it has so far made little headway on the real economy. Euro area services and manufacturing output contracted more than expected in October and both the ECB and IMF have lowered their growth forecasts for the region. Meanwhile economic prospects in the US look a little brighter with the economy growing faster than expected in the third quarter (2%) helped by a rebound in consumer demand. However, weakness in external markets and the potential impact of the “fiscal cliff” (coinciding steep tax rises and government spending cuts) continue to pose risks to future growth.

50 Baring International Umbrella Fund Baring International Bond Fund

Portfolio Statement

As at 31 October 2012

Financial assets at fair value through profit or loss Nominal Currency Collective Investment Schemes Currency Holding Fair Value US$ % of NAV Euro Northern Trust Global Funds PLC - Euro Fund EUR 382,000 496,772 0.32 Pound Northern Trust Global Funds PLC - Sterling Fund GBP 53,000 85,409 0.06 Sterling US Dollar Northern Trust Global Funds PLC - US Dollar Fund USD 708,000 708,000 0.46 Total Collective Investment Schemes 1,290,181 0.84

Fixed Interest Australian Cooperatieve Centrale Raiffeisen-Boerenleenbank 6% Dollar 15/01/2013 AUD 2,500,000 2,607,431 1.70 International Finance 7.5% 28/02/2013 AUD 1,470,000 1,547,719 1.01 New South Wales Treasury 5.5% 01/03/2017 AUD 2,200,000 2,500,045 1.63 New South Wales Treasury 5.5% 01/03/2017 AUD 2,500,000 2,835,118 1.85 Queensland Treasury 6% 14/09/2017 AUD 5,100,000 5,942,176 3.88 Treasury Corporation of Victoria 5.5% 15/11/2018 AUD 2,200,000 2,542,933 1.66 Western Australian Treasury 7% 15/04/2015 AUD 2,200,000 2,497,875 1.63 20,473,297 13.36

Canadian Alberta (Province of) 2.75% 01/12/2014 CAD 2,750,000 2,843,358 1.86 Dollar Ontario (Province of) 3.15% 08/09/2015 CAD 4,200,000 4,406,053 2.88 Ontario (Province of) 4.25% 01/12/2021 CAD 1,350,000 1,513,189 0.99 8,762,600 5.73

Euro Austria (Republic of) 3.5% 15/09/2021 EUR 3,450,000 5,103,862 3.33 Austria (Republic of) 3.9% 15/07/2020 EUR 2,930,000 4,431,400 2.89 France (Government of) 4.75% 25/04/2035 EUR 1,750,000 2,891,090 1.89 Italy (Republic of) 3.5% 01/06/2014 EUR 4,900,000 6,493,149 4.24 Netherlands (Kingdom of) 3.75% 15/01/2023 EUR 1,550,000 2,371,722 1.55 Spain (Kingdom of) 3.75% 31/10/2015 EUR 3,500,000 4,563,068 2.98 25,854,291 16.88

Japanese Yen Depfa ACS Bank 1.65% 20/12/2016 JPY 100,000,000 1,197,119 0.78

Japan Finance Organization for Municipalities 1.9% 22/06/2018 JPY 220,000,000 3,012,395 1.97 Japan (Govt of) 1.1% 20/12/2021 JPY 640,000,000 8,312,504 5.42 Japan (Govt of) 1.7% 20/12/2031 JPY 615,000,000 7,750,194 5.06 20,272,212 13.23

Mexican Mexican Bonos 6.5% 10/06/2021 MXN 77,500,000 6,374,839 4.16 Pesos Mexican Bonos 7.25% 15/12/2016 MXN 107,000,000 8,852,554 5.78 Mexican Bonos 8% 19/12/2013 MXN 94,995,000 7,534,522 4.92 22,761,915 14.86

Norwegian Norway (Kingdom of) 0% 20/03/2013 NOK 26,000,000 4,538,520 2.96 Krone

51 Baring International Umbrella Fund Baring International Bond Fund

Portfolio Statement (continued)

As at 31 October 2012

Financial assets at fair value through profit or loss Nominal Currency Fixed Interest (continued) Currency Holding Fair Value US$ % of NAV Polish Zloty Poland (Republic of) 5% 25/04/2016 PLN 29,500,000 9,530,634 6.22 Poland (Republic of) 5.75% 25/04/2029 PLN 19,000,000 6,630,997 4.33 16,161,631 10.55

Singapore Singapore Government Bond 2.25% 01/06/2021 SGD 2,000,000 1,788,684 1.17 Dollar South African South Africa (Republic of) 8% 21/12/2018 ZAR 30,000,000 3,779,564 2.47 Rand Swedish Sweden (Kingdom of) 3% 12/07/2016 SEK 33,000,000 5,364,533 3.50 Kronor US Dollar Bank Nederlandse Gemeenten 4.375% 16/02/2021 USD 2,500,000 2,897,725 1.89 BellSouth 6% 15/11/2034 USD 800,000 924,255 0.60 Duke Energy Carolinas 6% 01/06/2037 USD 500,000 657,184 0.43 General Electric Capital 2.25% 09/11/2015 USD 1,000,000 1,034,811 0.68 JPMorgan Chase 6.125% 27/06/2017 USD 700,000 817,977 0.53 KFW 2.625% 25/01/2022 USD 4,500,000 4,786,974 3.12 United States Treasury Note/Bond 2.125% 15/08/2021 USD 1,900,000 1,993,516 1.30 United States Treasury Note/Bond 5.375% 15/02/2031 USD 3,500,000 5,024,687 3.28 Walt Disney 5.625% 15/09/2016 USD 650,000 767,505 0.50 18,904,634 12.33

Total Fixed Interest 148,661,881 97.04

Open Forward Foreign Currency Transactions Currency Currency Maturity Unrealised % of NAV Currency Sold Bought Rate Counterparty Date Gain MXN 145,000,000 USD 11,310,894 12.8195 Brown Bros Harriman 14/11/2012 212,745 0.14 USD 8,415,258 CNY 53,500,000 6.3575 Deutsche Bank 09/11/2012 144,247 0.09 USD 3,625,641 NOK 21,100,000 5.8197 State Street Bank 06/11/2012 79,728 0.05 CAD 2,660,000 USD 2,717,128 0.9790 Brown Bros Harriman 14/11/2012 51,022 0.03 USD 918,262 EUR 730,000 0.7950 UBS AG 06/11/2012 31,101 0.02 EUR 2,350,000 USD 3,084,453 0.7619 Credit Suisse AG 06/11/2012 28,285 0.02 USD 1,509,024 NOK 8,700,000 5.7653 UBS AG 06/11/2012 18,782 0.01 USD 1,290,320 EUR 1,000,000 0.7750 Barclays Bank 06/11/2012 10,177 0.01 USD 665,912 PLN 2,150,000 3.2287 Barclays Bank 06/11/2012 9,452 0.01 USD 3,435,687 SGD 4,200,000 1.2225 HSBC Bank 15/01/2013 8,261 0.01 USD 1,006,903 EUR 780,000 0.7747 Barclays Bank 06/11/2012 7,485 - USD 479,592 PLN 1,550,000 3.2319 UBS AG 06/11/2012 7,298 - USD 348,716 NOK 2,000,000 5.7353 Barclays Bank 06/11/2012 2,504 - SEK 2,900,000 USD 439,911 6.5922 State Street Bank 06/11/2012 1,435 - USD 2,955,106 HKD 22,900,000 7.7493 HSBC Bank 15/01/2013 215 - USD 2,541,862 HKD 19,700,000 7.7502 Brown Bros Harriman 14/11/2012 116 - Total Unrealised Gain on Open Forward Foreign Currency Transactions 612,853 0.39

Total financial assets at fair value through profit or loss 150,564,915 98.27

52 Baring International Umbrella Fund Baring International Bond Fund

Portfolio Statement (continued)

As at 31 October 2012

Financial assets at fair value through profit or loss

Open Forward Foreign Currency Transactions Currency Currency Maturity Unrealised % of NAV Currency Sold Bought Rate Counterparty Date Loss USD 333,231 SEK 2,200,000 6.6020 UBS AG 27/09/2012 (594) - USD 1,644,488 SEK 10,850,000 6.5978 Credit Suisse AG 18/10/2012 (3,980) - NOK 3,150,000 USD 546,630 5.7626 Goldman Sachs 28/09/2012 (6,541) - AUD 18,990,000 USD 19,696,143 0.9641 Brown Bros Harriman 18/10/2012 (7,349) - USD 4,229,676 GBP 2,620,000 0.6194 Brown Bros Harriman 18/10/2012 (7,724) (0.01) PLN 1,600,000 USD 493,863 3.2398 Goldman Sachs 28/09/2012 (8,733) (0.01) CNY 5,000,000 USD 787,185 6.3518 UBS AG 27/09/2012 (12,769) (0.01) SEK 15,070,000 USD 2,263,691 6.6573 UBS AG 03/09/2012 (14,876) (0.01) EUR 1,260,000 USD 1,621,953 0.7768 UBS AG 28/09/2012 (16,673) (0.01) EUR 2,000,000 USD 2,582,038 0.7746 UBS AG 14/09/2012 (18,955) (0.01) SEK 10,100,000 USD 1,504,902 6.7114 Brown Bros Harriman 30/10/2012 (22,207) (0.01) USD 8,216,023 JPY 650,000,000 79.1137 State Street Bank 22/10/2012 (69,180) (0.05) PLN 27,350,000 USD 8,150,989 3.3554 Barclays Bank 03/09/2012 (440,267) (0.29) Total Unrealised Gain on Open Forward Foreign Currency Transactions (629,848) (0.41)

Total financial liabilities at fair value through profit or loss (629,848) (0.41)

Total assets and liabilities at fair value through profit or loss 149,935,067 97.86 Cash 213,242 0.14 Other Net Assets 3,067,022 2.00 Total Net Assets attributable to holders of redeemable participating units 153,215,331 100.00

Analysis of Portfolio % of Total Assets* Collective Investment Schemes 0.84 Transferable securities** 96.43 OTC financial derivative instruments (0.01) Other Assets 2.74 100.00

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

**Transferable securities admitted to an official stock exchange listing or traded on a recognised market.

53 Baring International Umbrella Fund Baring International Bond Fund

Balance Sheet (Unaudited)

As at 31 October 2012

Baring Baring International International Bond Fund Bond Fund 31/10/2012 30/04/2012 Assets Notes US$ US$ Financial assets at fair value through profit or loss 150,564,915 148,711,298 Cash 213,242 504,006 Receivable for units sold 1,282,306 84,080 Dividends and interest receivable 2,087,973 2,237,462 Other assets 23,648 3,822 Total Assets 154,172,084 151,540,668

Liabilities Financial liabilities at fair value through profit or loss 629,848 635,761 Management fee payable 2 98,991 92,723 Administration fee payable 2 58,828 55,067 Trustee fee payable 2 3,472 3,152 Payable for units redeemed 292,236 504,069 Other liabilities 2 43,101 51,546 Total Liabilities (excluding net assets attributable to holders of redeemable units) 1,126,476 1,342,318

Net Assets attributable to holders of redeemable participating units (at bid market prices) 153,045,608 150,198,350

Adjustments from bid market prices to last traded market prices 169,723 159,647

Net Assets attributable to holders of redeemable participating units (at last traded market prices) 153,215,331 150,357,997

Units in Issue (Note 4) Class A USD Inc 4,013,010 4,161,018 Class A EUR Inc 700,877 682,484 Class A GBP Inc 654,561 507,817

Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Units for the period ended 31 October 2012 (Unaudited)

Baring Baring Baring International International International Bond Fund Bond Fund Bond Fund 31/10/2012 30/04/2012 31/10/2011 Notes US$ US$ US$ Net assets attributable to holders of redeemable participating units at the beginning of the period/year 150,357,997 115,652,217 115,652,217

Increase/(decrease) in net assets for the period/year from operations attributable to holders of redeemable participating units 2,761,691 (3,339,794) (146,277) Issue of redeemable participating units for the period/year 4 51,621,738 141,857,782 89,438,093 Redemption of redeemable participating units for the period/year 4 (51,526,095) (103,812,208) (44,979,418) Net Assets attributable to holders of redeemable participating units at the end of the period/year 153,215,331 150,357,997 159,964,615

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

54 Baring International Umbrella Fund Baring International Bond Fund

Profit and Loss Account (Unaudited)

For the period ended 31 October 2012

Baring Baring Baring International International International Bond Fund Bond Fund Bond Fund Notes 31/10/2012 30/04/2012 31/10/2011 US$ US$ US$ Investment Income Bank interest income 5,186 3,349 2,733 Bond interest income 2,807,087 5,371,521 2,536,722 Dividend income 1,103 2,859 - Net fair value gain/(loss) on financial assets at fair value through profit or loss 2,744,530 (3,299,304) (374,610) Total investment income 5,557,906 2,078,425 2,164,845

Expenses Management fees 2 594,943 1,074,231 484,372 Administration fees 2 356,966 644,538 290,623 Trustee fees 2 19,831 35,808 16,146 General expenses 2 23,519 43,522 26,602 Total operating expenses 995,259 1,798,099 817,743

Net income before finance costs and tax 4,562,647 280,326 1,347,102

Finance Costs Distributions 3 (1,810,957) (3,361,724) (1,337,205) Bank interest expense (75) (456) - Total finance costs (1,811,032) (3,362,180) (1,337,205)

Operating profit/(loss) 2,751,615 (3,081,854) 9,897

Movement in adjustments from bid market prices to last traded market prices 10,076 (257,940) (156,174)

Increase/(decrease) in net assets for the period/year from operations attributable to holders of redeemable participating units 2,761,691 (3,339,794) (146,277)

Gains and losses arose solely from continuing operations. There were no gains or losses other than those dealt with in the profit and loss account.

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

55 Baring International Umbrella Fund Baring North America Fund

Baring North America Fund - Investment Manager’s Report

Investment Objective and Policy

The Fund was terminated on 9 July 2012. The investment objective of the Fund was to achieve long-term capital growth in the value of assets by investing in North America. The Fund sought to achieve its investment objective by investing at least 70% of its total assets at any one time in equities and equity-related securities of companies incorporated in, or exercising the predominant part of their economic activity in, North America or quoted or traded on the stock exchanges in North America. Please refer to the Prospectus for the full Investment Objective and Policy.

How we manage the Fund

The Baring North America Fund invested in the US equity markets, primarily in larger company growth stocks for strong return potential. The Fund operated from the philosophy that it is possible to achieve long-term market outperformance by investing in a managed portfolio of high quality growth stocks. The portfolio manager employed a disciplined investment process that combined strategic, “top-down” sector analysis with “bottom-up” fundamental research. To determine strategic sector weightings, long-term growth trends were identified and evaluated while also taking into account intermediate-term, cyclical sector shifts.

Fundamental research was used for company-specific analysis and focused on relative value based on quality, growth and innovation.

The Fund managed risk by combining well-established businesses with sound portfolio construction. We maintained a broadly diversified portfolio of approximately 70 – 90 companies across different sectors and industries and continuously monitored portfolio characteristics to help reduce overall portfolio risk.

The Managers of Baring International Umbrella Fund, Baring International Fund Managers (Ireland) Limited, appointed Baring Asset Management Limited (“BAML”) as the Investment Manager of the Umbrella Fund. In turn, BAML appointed OFI Institutional Asset Management Inc. a wholly owned subsidiary of Oppenheimer Funds Inc., is a subsidiary of Mass Mutual, as sub-Investment Manager to the Baring North America Fund. The manager of the Baring North America Fund was Ms Julie Van Cleave, CFA. Ms. Van Cleave has over 26 years of investment experience.

Performance Summary of Fund Performance (excluding distribution payments where applicable)

Net asset value as at Net asset value as at 09/07/2012*** 30/04/2012 Net asset value % change Price per unit Price per unit

Class A USD Inc - $70.10 -

Class A EUR Inc - €52.96 -

Class A GBP Inc - £42.72 -

Performance Record to 31 October 2012 (including distribution payments where applicable)

01/05/2012 - 01/05/2011 - 01/05/2010- 01/05/2009- 01/05/2008- 09/07/2012** 30/04/2012 30/04/2011 30/04/2010 30/04/2009

% % % % %

Baring North America Fund - Class A USD Inc (1.49) 3.15 8.58 31.94 (41.17) (USD Terms)

Russell 1000 Growth Index (USD Terms)* (3.92) 7.26 20.86 38.16 (34.01)

Baring North America Fund - Class A EUR Inc 6.14 15.48 (2.45) 31.61 (31.14) (EUR Terms)

Baring North America Fund - Class A GBP Inc 3.29 5.72 (0.07) 27.57 (22.06) (GBP Terms)

56 Baring International Umbrella Fund Baring North America Fund

Baring North America Fund - Investment Manager’s Report (continued)

Performance (continued)

Performance figures are shown net of fees and charges, on a NAV per unit basis, with gross revenue reinvested. Source: Morningstar/Barings/Russell.

* Current Benchmark Index effective from 1 July 2008. Prior to this date the Fund was shown against the S&P 500 Index.

**The Fund terminated on 9 July 2012.

The Fund was launched on 6 November 1957.

Past performance is no indication of current or future performance. The performance data does not take account of the commissions and costs incurred on the issue and redemption of units.

Please note that the use of an index is for comparative use only.

Risk Profile

The Baring North America Fund was predominately invested in US equities. As a result, the Fund was exposed to the volatility which can characterise company share prices from time to time. In addition, as a single-country Fund, the Baring North America Fund was generally riskier than funds which invest more broadly across a range of global equity markets.

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 investment returns for investors. In addition, the approach we took to managing the Fund and keeping the number of holdings at a reasonably focused size means that the Fund may have proved more volatile in performance than more broadly- based US equity funds. Please refer to the Prospectus for the full risk profile.

Strategy and Performance

During the period ending 30 June 2012, the Baring North America Fund underperformed the Russell 1000 Growth Index (the “Index”). The Portfolio and Index produced negative returns in what was a tumultuous environment for global equity markets. Relative to the Index, the Portfolio underperformed primarily within the Consumer Discretionary, Energy and Information Technology sectors, due to weaker relative stock selection. The Portfolio outperformed the Index in the Health Care and Materials sectors due to stronger relative stock selection.

Review of the Market

After rallying over the first quarter of 2012, the second quarter was a volatile time for global markets. The fear of contagion from the worsening European sovereign debt crisis and a recession across much of Europe drove negative market sentiment, particularly over May and June. Very high unemployment, soaring debt and higher borrowing costs in Greece, Spain and Italy contributed to serious questions over how to implement austerity measures, restructure debt or instead take a different tact and provide some or all of those countries with additional funds. Perhaps most worrisome of all to investors was the possibility of Greece pulling out of the euro and its ramifications for the future of the Eurozone and its common currency. In the U.S., slower than expected first quarter growth also contributed to a sell-off in the U.S. stock market. Consumer confidence dropped as U.S. unemployment figures ticked slightly upwards after showing signs of improvement from the recession highs. However, the quarter ended on a positive note for the markets. The results of elections in Greece avoided that county’s immediate exit from euro zone and European policymakers continued their efforts to stabilize the situation in the region through lending and other means. These events appeared to soothe market jitters slightly in the final days of the quarter. As of period end Oppenheimer and Baring terminated the investment management agreement, and Oppenheimer is no longer the investment manager to the Baring North America Fund.

57 Baring International Umbrella Fund Baring North America Fund

Balance Sheet (Unaudited)

As at 31 October 2012

Baring Baring North North America America Fund Fund 31/10/2012* 30/04/2012 Assets Notes US$ US$ Financial assets at fair value through profit or loss - 120,212,115 Cash 57,064 1,315,477 Receivable for securities sold - 304,799 Dividends and interest receivable - 45,945 Other assets 20,164 3,488 Total Assets 77,228 121,881,824

Liabilities Management fee payable 2 2,481 128,863 Administration fee payable 2 710 46,208 Trustee fee payable 2 - 2,346 Payable for securities purchased - 306,651 Payable for units redeemed - 111,669 Other liabilities 2 74,037 41,683 Total Liabilities (excluding net assets attributable to holders of redeemable participating units) 77,228 637,420

Net Assets attributable to holders of redeemable participating units (at bid market prices) - 121,244,404

Adjustments from bid market prices to last traded market prices - 84,629

Net Assets attributable to holders of redeemable participating units (at last traded market prices) - 121,329,033

Units in Issue (Note 4) Class A USD Inc - 746,939 Class A EUR Inc - 47,290 Class A GBP Inc - 945,309

Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Units for the period ended 31 October 2012 (Unaudited)

Baring Baring Baring North North North America America America Fund Fund Fund 31/10/2012* 30/04/2012 31/10/2011 Notes US$ US$ US$ Net assets attributable to holders of redeemable participating units at the beginning of the period/year 121,329,033 116,067,774 116,067,774

(Decrease)/increase in net assets for the period/year from operations attributable to holders of redeemable participating units (4,720,845) 2,782,037 (7,141,370) Issue of redeemable participating units for the period/year 4 1,298,405 43,471,391 20,835,106 Redemption of redeemable participating units for the period/year 4 (117,906,593) (40,992,169) (20,583,706) Net Assets attributable to holders of redeemable participating units at the end of the period/year - 121,329,033 109,177,804

*The fund terminated on 9 July 2012.

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

58 Baring International Umbrella Fund Baring North America Fund

Profit and Loss Account (Unaudited)

For the period ended 31 October 2012

Baring Baring Baring North North North America America America Fund Fund Fund 31/10/2012* 30/04/2012 31/10/2011 Investment Income Notes US$ US$ US$ Bank interest income 1,359 340 14 Dividend income 312,871 1,422,014 679,879 Net fair value (loss)/gains on financial assets at fair value through profit or loss (4,470,950) 4,271,348 (7,334,904) Total investment income (4,156,720) 5,693,702 (6,655,011)

Expenses Management fees 2 239,784 1,341,848 642,038 Administration fees 2 86,322 483,065 231,134 Trustee fees 2 4,796 26,837 12,841 General expenses 2 55,127 90,909 30,764 Total operating expenses 386,029 1,942,659 916,777

Net (loss)/income before finance costs (4,542,749) 3,751,043 (7,571,788)

Finance Costs Bank interest expense (4,017) (2,723) (807) Total finance costs (4,017) (2,723) (807)

Loss for the financial period/year (4,546,766) 3,748,320 (7,572,595)

Tax Witholding tax on dividends and other investment income (89,450) (411,093) (198,749) Total Tax (89,450) (411,093) (198,749)

Operating loss (4,636,216) 3,337,227 (7,771,344)

Movement in adjustments from bid market prices to last traded market prices (84,629) (555,190) 629,974

(Decrease)/increase in net assets for the period/year from operations attributable to holders of redeemable participating units (4,720,845) 2,782,037 (7,141,370)

There were no gains or losses other than those dealt with in the profit and loss account.

*The fund terminated on 9 July 2012.

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

59 Baring International Umbrella Fund Notes to the Financial Statements

Notes to the Financial Statements

1. Principal Accounting Policies

The principal accounting policies applied in the preparation of these financial statements are consistent with those applied in the annual financial statements for the year ended 30 April 2012.

Basis of preparation

The condensed financial statements of Baring International Umbrella Fund (the “Trust”) have been prepared in accordance with the ASB Statement: Half Yearly Financial Reports and with Irish statute comprising the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011 (as amended) and the Trust Deed. The condensed interim financial statements should be read in conjunction with the annual financial statements for the year ended 30 April 2012, which have been prepared in accordance with accounting standards generally accepted in Ireland. Accounting standards generally accepted in Ireland in preparing financial statements giving a true and fair view are those published by the Institute of Chartered Accountants in Ireland and issued by the Accounting Standards Board (“ASB”).

The format and certain wordings of the financial statements have been adapted from those contained in FRS 3 “Reporting Financial Performance” so that, in the opinion of the Directors of the Managers, they more appropriately reflect the nature of the Trust’s business as an investment fund.

The Trust has availed of the exemption available to open-ended investment funds under FRS 1 not to prepare a cash flow statement.

2. Fees and Related Party Disclosures

Management Fees

The Investment Managers currently charge a management fee in respect of each Fund at the following percentage rate per annum of the net asset value of the Fund:-

ASEAN Frontiers Fund - Class A USD Inc 1.25% Europa Fund - Class A EUR Inc 1.25% ASEAN Frontiers Fund - Class A EUR Inc 1.25% Europa Fund - Class C EUR Inc 1.25% ASEAN Frontiers Fund - Class A GBP Inc 1.25% Europa Fund - Class C USD Inc 1.25% ASEAN Frontiers Fund - Class A RMB Hedged Acc 1.25% Hong Kong China Fund - Class A USD Inc 1.25% ASEAN Frontiers Fund - Class A USD Acc 1.25% Hong Kong China Fund - Class A EUR Inc 1.25% ASEAN Frontiers Fund - Class I EUR Acc 0.75% Hong Kong China Fund - Class A GBP Inc 1.25% ASEAN Frontiers Fund - Class I GBP Acc 0.75% Hong Kong China Fund - Class A HKD Inc 1.25% Asia Growth Fund - Class A USD Inc 1.25% Hong Kong China Fund - Class A USD Acc 1.25% Asia Growth Fund - Class A EUR Inc 1.25% Hong Kong China Fund - Class C EUR Inc 1.25% Asia Growth Fund - Class A GBP Inc 1.25% Hong Kong China Fund - Class C USD Inc 1.25% Australia Fund - Class A USD Inc 1.25% International Bond Fund - Class A USD Inc 0.75% Australia Fund - Class A AUD Inc 1.25% International Bond Fund - Class A EUR Inc 0.75% Australia Fund - Class A EUR Inc 1.25% International Bond Fund - Class A GBP Inc 0.75% Australia Fund - Class A GBP Inc 1.25% North America Fund - Class A USD Inc 1.25% Europa Fund - Class A USD Inc 1.25% North America Fund - Class A EUR Inc 1.25% North America Fund - Class A GBP Inc 1.25%

The Funds are managed by Baring Asset Management Limited (the ‘Investment Manager’), an investment management company incorporated in London on 6 April 1994. The Investment Manager is part of the Baring Asset Management group and is a wholly owned subsidiary of Massachusetts Mutual Life Insurance Company (“MassMutual”). The Investment Manager has appointed OFI Institutional Asset Management Inc, a wholly owned subsidiary of Oppenheimer Funds Inc, as sub-Investment Manager to the Baring North America Fund. The outstanding amounts payable at the end of the period for Management fee 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. Ian Pascal, John Burns and Ines Haag are connected to the Managers, through employment with the Managers and its subsidiaries as sub-Investment Manager to the Baring North America Fund. As part of the closure of Baring North America Fund the sub-investment management agreement between the Investment Manager and OFI Institutional Asset Management was terminated effective 9 July 2012.

60 Baring International Umbrella Fund Notes to the Financial Statements

Notes to the Financial Statements

2. Fees and Related Party Disclosures (continued)

The management fee is payable monthly in arrears and is calculated by reference to the net asset value of each Fund as at each day as at which the value of the net assets of the relevant Fund is calculated. The foregoing charges may be increased up to the relevant amount specified in the Prospectus on giving not less than three months’ notice to unitholders. Where the Net Asset Value of any Fund includes interests in any investment fund managed by a subsidiary of the parent company (a “Barings Fund”) the fee payable to the Managers relating to the holding will be reduced by the percentage rate (if any) charged to the Barings Fund for comparable management services. The rates have not changed from the previous period.

Administration Fees

The Managers shall be entitled to receive a fee in respect of each Fund at the rate of 0.45% per annum of the net asset value of each Fund calculated by reference to the daily calculation of asset values out of which the Manager will pay the Administrator. The fee will be subject to a minimum of £30,000 per annum for all Funds except the Baring Australia Fund and Baring Europa Fund for which the minimum will be £20,000 per annum for each Fund. Such fees are paid monthly in arrears and are also payable out of the assets of the Trust. The rates have not changed during the period.

Trustee Fee

The Trustee shall be entitled to the following:

 0.025% of the Net Asset Value of the Trust on the first £500 million

 0.015% of the Net Asset Value of the Trust on the next £500 million; and

 0.008% of the Net Asset Value of the Trust thereafter.

In addition the Trustee will receive a charge of £150 per transaction in respect of Single Line Assets and on annual active account a charge of £3,000 per fund. These fees are payable monthly in arrears. The Trustee is entitled to be reimbursed for all fees and charges of custodians and sub-custodians appointed by it and all other expenses incurred by it.

Legal Fee

Mark Thorne is a partner of the Legal Advisor and a director of the Managers. The fees paid to Dillon Eustace during the period amounted to US$10,388 (2011: US$4,667).

Other Expenses

The Trustee pays out of the assets of the 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 Managers. The costs of printing and distributing 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) are also paid out of the assets of the Trust.

Expenses are charged to the Fund in respect of which they are incurred or, where an expense is not considered by the Trustee to be attributable to any one Fund, the expense will normally be allocated by the Trustee to all Funds pro rata to the value of the net assets of the relevant Funds.

61 Baring International Umbrella Fund Notes to the Financial Statements

Notes to the Financial Statements

2. Fees and Related Party Disclosures (continued)

Collective Investment Schemes

Some of the funds invest in other investment funds managed by BAML. These holdings are detailed in the portfolio statement. All investments in other investments managed by BAML are at arm’s length and at normal commercial rates.

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.

Significant Unitholdings

The following table details significant concentrations in unitholdings of each fund 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 October 2012, the following had significant unitholdings in the Trust:

Number of unitholders Total % of units held by Total % of units held by investment with beneficial interest unitholders with beneficial funds managed by Baring greater than 20% of the interest greater than 20% of International Fund Managers Fund Name units in issue units in issue (Ireland) Limited or affiliates Baring Hong Kong China Fund nil(2012: nil) nil(2012: nil) nil(2012: 9.82%)

3. Distributions

In the period ended 31 October 2012 the following Funds declared and paid distributions as follows:

Income Net Distribution Date available for Distributed Income Distributed Undistributed per unit Declared Date Paid distribution amount equalisation amount amount Relevant Period

Baring Asean Frontiers Fund Class A US$ US$ US$ US$ US$ $1.089 01/05/2012 23/05/2012 2,593,995 2,306,980 286,999 2,593,979 16 01/05/2011 - 30/04/2012

Baring Australia Fund Class A US$ US$ US$ US$ US$ $2.444 01/05/2012 23/05/2012 4,114,264 4,403,281 (289,021) 4,114,260 4 01/05/2011 - 30/04/2012

Baring Europa Fund Class A US$ US$ US$ US$ US$ $0.433 01/05/2012 23/05/2012 772,493 794,823 (22,337) 772,486 7 01/05/2011 - 30/04/2012

Baring Europa Fund Class C USD US$ US$ US$ US$ US$ $0.042 01/05/2012 23/05/2012 250 201 49 250 - 01/05/2011 - 30/04/2012

Baring Europa Fund Class C EUR € € € € € €0.030 01/05/2012 23/05/2012 228 185 43 228 - 01/05/2011 - 30/04/2012

Baring International Bond Fund US$ US$ US$ US$ US$ $0.323 01/05/2012 16/05/2012 1,720,404 1,810,957 (90,584) 1,720,373 31 01/11/2011 - 30/4/2012

62 Baring International Umbrella Fund Notes to the Financial Statements

Notes to the Financial Statements

3. Distributions (continued)

Comparative 30 April 2012

In the year ended 30 April 2012 the following Funds declared and paid distributions as follows:

Income Net Distribution Date available for Distributed Income Distributed Undistributed per unit Declared Date Paid distribution amount equalisation amount amount Relevant Period US$ US$ US$ US$ US$ Baring ASEAN Frontiers Fund Class A $0.855 03/05/2011 24/05/2011 1,502,170 1,502,167 (347,121) 1,155,046 3 01/05/2010 - 30/04/2011

Baring Australia Fund US$ US$ US$ US$ US$ Class A $1.703 03/05/2011 24/05/2011 2,440,391 2,440,384 74,517 2,514,901 7 01/05/2010 - 30/04/2011

Baring Europa Fund € € € € € Class A $0.398 03/05/2011 24/05/2011 810,913 810,910 66,873 877,783 3 01/05/2010 - 30/04/2011

Baring International Bond Fund US$ US$ US$ US$ US$ $0.426 03/05/2011 17/05/2011 1,700,669 1,700,647 83,855 1,784,502 22 01/11/2010 - 30/04/2011 $0.349 01/11/2011 15/11/2011 1,940,718 1,940,664 (363,442) 1,577,222 54 01/05/2011 - 31/10/2011 3,641,387 3,641,311 (279,587) 3,361,724 76

4. Units Issued and Redeemed

Baring ASEAN Frontiers Fund Class A Class A Class A Class A Class A Class I Class I USD Inc EUR Inc GBP Inc RMB USD Acc EUR Acc GBP Acc Hedged Acc By Number: Units Units Units Units Units Units Units Units in issue as at 1 May 2012 1,605,069 637,185 140,169 185 3,752 18,298 1,414 Units issued during the period 620,211 171,675 36,200 - - 76,491 282 Units redeemed during the period (384,350) (277,962) (29,500) - (398) (514) (119)

Units in issue as at 31 October 2012 1,840,930 530,898 146,869 185 3,354 94,275 1,577

By Value: US$ € £ RMB US$ € £ Net Asset Value of Units issued during the period 104,565,004 23,108,924 3,835,247 - - 10,329,380 29,892 Net Asset Value of Units redeemed during the period (64,792,615) (36,024,440) (3,133,164) - (67,468) (71,248) (12,751)

Net Value of Units issued/(redeemed) during the period 39,772,389 (12,915,516) 702,083 - (67,468) 10,258,132 17,141

63 Baring International Umbrella Fund Notes to the Financial Statements

Notes to the Financial Statements

4. Units Issued and Redeemed (continued) Baring Asia Growth Fund Class A Class A Class A USD Inc EUR Inc GBP Inc By Number: Units Units Units Units in issue as at 1 May 2012 1,457,670 309,805 109,669 Units issued during the period 368,506 99,334 41,688 Units redeemed during the period (476,633) (98,372) (78,550)

Units in issue as at 31 October 2012 1,349,543 310,767 72,807

By Value: US$ € £ Net Asset Value of Units issued during the period 20,191,428 4,424,245 1,461,602 Net Asset Value of Units redeemed during the period (26,287,877) (4,220,593) (2,749,275)

Net Value of Units (redeemed)/issued during the period (6,096,449) 203,652 (1,287,673)

Baring Australia Fund Class A Class A Class A Class A USD Inc AUD Inc EUR Inc GBP Inc By Number: Units Units Units Units Units in issue as at 1 May 2012 1,482,505 29,503 161,173 11,080 Units issued during the period 345,207 6,550 155,795 2,296 Units redeemed during the period (543,839) (13,267) (211,930) (4,266)

Units in issue as at 31 October 2012 1,283,873 22,786 105,038 9,110

By Value: US$ AU$ € £ Net Asset Value of Units issued during the period 37,495,932 691,573 13,666,383 157,009 Net Asset Value of Units redeemed during the period (60,125,226) (1,404,878) (18,509,281) (300,425) Net Value of Units (redeemed) during the period (22,629,294) (713,305) (4,842,898) (143,416)

Baring Europa Fund Class A Class A Class C Class C USD Inc EUR Inc EUR Inc USD Inc By Number: Units Units Units Units Units in issue as at 1 May 2012 1,302,587 481,217 7,687 5,921 Units issued during the period 180,232 14,612 3,225 680 Units redeemed during the period (267,237) (73,415) (2,685) (460)

Units in issue as at 31 October 2012 1,215,582 422,414 8,227 6,141

By Value: US$ € € US$ Net Asset Value of Units issued during the period 6,570,646 423,253 93,835 23,983 Net Asset Value of Units redeemed during the period (9,877,587) 2,185,791 81,073 (17,588)

Net Value of Units (redeemed)/issued during the period (3,306,941) 2,609,044 174,908 6,395

64 Baring International Umbrella Fund Notes to the Financial Statements

Notes to the Financial Statements

4. Units Issued and Redeemed (continued)

Baring Hong Kong China Fund Class A Class A Class A Class A Class A Class C Class C USD Inc EUR Inc GBP Inc HKD Inc USD Acc EUR Inc USD Inc By Number: Units Units Units Units Units Units Units Units in issue as at 1 May 2012 3,510,750 732,858 2,522 18,431 692 1,924 4,221 Units issued during the period 288,185 47,805 237 2,022 187 195 638 Units redeemed during the period (962,138) (150,797) (357) (3,676) (168) (310) (895)

Units in issue as at 31 October 2012 2,836,797 629,866 2,402 16,777 711 1,809 3,964

By Value: US$ € £ HK$ US$ € US$ Net Asset Value of Units issued during the period 212,555,012 27,736,198 108,278 11,448,929 136,337 110,106 450,671 Net Asset Value of Units redeemed during the period (700,033,811) (87,303,411) (161,995) (20,818,137) (120,188) (174,773) 636,848

Net Value of Units (redeemed)/issued during the period (487,478,799) (59,567,213) (53,717) (9,369,208) 16,149 (64,667) 1,087,519

Baring International Bond Fund Class A Class A Class A USD Inc EUR Inc GBP Inc By Number: Units Units Units Units in issue as at 1 May 2012 4,161,018 682,484 507,817 Units issued during the period 1,459,791 206,496 189,052 Units redeemed during the period (1,607,799) (188,103) (42,308)

Units in issue as at 31 October 2012 4,013,010 700,877 654,561

By Value: US$ € £ Net Asset Value of Units issued during the period 40,616,290 4,553,928 3,324,358 Net Asset Value of Units redeemed during the period (45,093,392) (4,175,940) (743,647)

Net Value of Units (redeemed)/issued during the period (4,477,102) 377,988 2,580,711

Baring North America Fund Class A Class A Class A USD Inc EUR Inc GBP Inc By Number: Units Units Units Units in issue as at 1 May 2012 746,939 47,290 945,309 Units issued during the period 14,306 - 5,157 Units redeemed during the period (761,245) (47,290) (950,466)

Units in issue as at 31 October 2012 - - -

By Value: US$ € £ Net Asset Value of Units issued during the period 958,239 - 214,584 Net Asset Value of Units redeemed during the period (51,265,182) 2,557,410 (40,581,588)

Net Value of Units (redeemed)/issued during the period (50,306,943) 2,557,410 (40,367,004)

65 Baring International Umbrella Fund Notes to the Financial Statements

Notes to the Financial Statements

4. Units Issued and Redeemed (continued)

Comparatives 30 April 2012

Baring ASEAN Frontiers Fund Class A Class A Class A Class A Class A Class I Class I USD Inc EUR Inc GBP Inc RMB USD Acc EUR Acc GBP Acc Hedged Acc By Number: Units Units Units Units Units Units Units Units in issue as at 1 May 2011 1,230,512 423,700 102,726 - - 16,010 608 Units issued during the year 1,379,766 706,207 92,060 185 3,752 2,288 10,940 Units redeemed during the year (1,005,209) (492,722) (54,617) - - - (10,134) Units in issue as at 30 April 2012 1,605,069 637,185 140,169 185 3,752 18,298 1,414

By Value: US$ € £ RMB US$ € £ Net Asset Value of Units issued during the year 230,271,477 87,447,627 9,654,469 198,086 641,293 292,699 1,064,235 Net Asset Value of Units redeemed during the year (165,777,743) (57,977,771) (5,460,040) - - - (1,094,601) Net Value of Units issued/(redeemed) during the year 64,493,734 29,469,856 4,194,429 198,086 641,293 292,699 (30,366)

Baring Asia Growth Fund Class A Class A Class A USD Inc EUR Inc GBP Inc By Number: Units Units Units Units in issue as at 1 May 2011 2,527,143 354,112 92,004 Units issued during the year 1,287,388 155,421 65,841 Units redeemed during the year (2,356,861) (199,728) (48,176) Units in issue as at 30 April 2012 1,457,670 309,805 109,669

By Value: US$ € £ Net Asset Value of Units issued during the year 76,765,885 6,902,941 2,436,176 Net Asset Value of Units redeemed during the year (141,787,796) (8,430,713) (1,777,556) Net Value of Units (redeemed)/issued during the year (65,021,911) (1,527,772) 658,620

Baring Australia Fund Class A Class A Class A Class A USD Inc AUD Inc EUR Inc GBP Inc By Number: Units Units Units Units Units in issue as at 1 May 2011 1,231,559 21,871 159,763 7,582 Units issued during the year 2,201,485 42,250 677,637 4,739 Units redeemed during the year (1,950,539) (34,618) (676,227) (1,241) Units in issue as at 30 April 2012 1,482,505 29,503 161,173 11,080

By Value: US$ AU$ € £ Net Asset Value of Units issued during the year 259,797,867 4,743,002 58,214,936 346,010 Net Asset Value of Units redeemed during the year (224,336,610) (3,815,009) (57,864,205) (94,530) Net Value of Units issued during the year 35,461,257 927,993 350,731 251,480

66 Baring International Umbrella Fund Notes to the Financial Statements

Notes to the Financial Statements

4. Units Issued and Redeemed (continued)

Baring Europa Fund Class A Class A Class C Class C USD Inc EUR Inc EUR Inc USD Inc By Number: Units Units Units Units Units in issue as at 1 May 2011 1,421,630 635,202 6,427 2,834 Units issued during the year 445,839 37,483 4,635 5,495 Units redeemed during the year (564,882) (191,468) (3,375) (2,408) Units in issue as at 30 April 2012 1,302,587 481,217 7,687 5,921

By Value: US$ € € US$ Net Asset Value of Units issued during the year 17,789,027 1,073,093 132,284 230,373 Net Asset Value of Units redeemed during the year (22,114,246) (5,487,603) (90,895) (86,365) Net Value of Units (redeemed)/issued during the year (4,325,219) (4,414,510) 41,389 144,008

Baring Hong Kong China Fund Class A Class A Class A Class A Class A Class C Class C USD Inc EUR Inc GBP Inc HKD Inc USD Acc EUR Inc USD Inc By Number: Units Units Units Units Units Units Units Units in issue as at 1 May 2011 3,611,404 921,655 2,535 810 - 3,789 4,807 Units issued during the year 1,307,082 143,916 51,343 19,556 692 3,465 2,988 Units redeemed during the year (1,407,736) (332,713) (51,356) (1,935) - (5,330) (3,574) Units in issue as at 30 April 2012 3,510,750 732,858 2,522 18,431 692 1,924 4,221

By Value: US$ € £ HK$ US$ € US$ Net Asset Value of Units issued during the year 1,056,290,186 85,231,482 27,911,033 128,543,056 559,674 1,955,435 2,300,298 Net Asset Value of Units redeemed during the year (1,141,979,502) (196,911,697) (25,579,725) (10,757,804) - (3,060,198) (2,784,994) Net Value of Units (redeemed)/issued during the year (85,689,316) (111,680,215) 2,331,308 117,785,252 559,674 (1,104,763) (484,696)

Baring International Bond Fund Class A Class A Class A USD Inc EUR Inc GBP Inc By Number: Units Units Units Units in issue as at 1 May 2011 3,573,837 415,093 27,010 Units issued during the year 3,936,987 571,972 545,868 Units redeemed during the year (3,349,806) (304,581) (65,061) Units in issue as at 30 April 2012 4,161,018 682,484 507,817

By Value: US$ € £ Net Asset Value of Units issued during the year 110,740,986 11,692,324 9,621,492 Net Asset Value of Units redeemed during the year (93,514,430) (6,233,197) (1,135,846) Net Value of Units issued during the year 17,226,556 5,459,127 8,485,646

67 Baring International Umbrella Fund Notes to the Financial Statements

Notes to the Financial Statements

4. Units Issued and Redeemed (continued)

Baring North America Fund Class A Class A Class A USD Inc EUR Inc GBP Inc By Number: Units Units Units Units in issue as at 1 May 2011 734,629 54,831 914,010 Units issued during the year 366,064 180,966 126,734 Units redeemed during the year (353,754) (188,507) (95,435) Units in issue as at 30 April 2012 746,939 47,290 945,309

By Value: US$ € £ Net Asset Value of Units issued during the year 23,806,782 8,372,448 5,059,963 Net Asset Value of Units redeemed during the year (22,816,792) (8,737,424) (3,833,324) Net Value of Units issued/(redeemed) during the year 989,990 (364,976) 1,226,639

5. Soft Commission Arrangements The Manager and its associates will not receive cash or other rebates from brokers or dealers in respect of transactions for the Funds but may enter into soft commission arrangements for the provision to the Manager or associates of goods and services which are of demonstrable benefit to the Funds. Execution of transactions for the Trust will be consistent with best execution standards. The following Funds within the Trust had engaged in soft commission arrangements during the period: Baring ASEAN Frontiers Fund, Baring Asia Growth Fund, Baring Australia Fund, Baring Europa Fund and Baring Hong Kong China Fund.

6. Comparative Statistics

Net Asset Value per Unit Interim Audited Audited Audited 2012 2012 2011 2010 Baring ASEAN Frontiers Fund - Class A USD Inc 177.05 174.54 185.00 138.75 Baring ASEAN Frontiers Fund - Class A EUR Inc 136.14 132.03 124.85 104.22 Baring ASEAN Frontiers Fund - Class A GBP Inc 109.86 107.34 111.07 90.51 Baring ASEAN Frontiers Fund - Class A RMB Hedged Acc 1,117.54 1,097.25 - - Baring ASEAN Frontiers Fund - Class A USD Acc 178.16 174.53 - - Baring ASEAN Frontiers Fund - Class I EUR Acc 138.83 133.45 124.99 - Baring ASEAN Frontiers Fund - Class I GBP Acc 112.10 108.56 111.25 -

Baring Asia Growth Fund - Class A USD Inc 58.45 59.24 70.01 57.58 Baring Asia Growth Fund - Class A EUR Inc 44.95 44.82 47.25 43.25 Baring Asia Growth Fund - Class A GBP Inc 36.27 36.43 42.03 37.56

Baring Australia Fund - Class A USD Inc 118.77 120.73 139.08 114.12 Baring Australia Fund - Class A AUD Inc 114.35 115.76 127.53 122.65 Baring Australia Fund - Class A EUR Inc 91.33 91.33 93.86 85.72 Baring Australia Fund - Class A GBP Inc 73.70 74.25 83.50 74.45

Baring Europa Fund - Class A USD Inc 40.28 39.76 48.98 39.26 Baring Europa Fund - Class A EUR Inc 30.97 30.08 33.05 29.49 Baring Europa Fund - Class C EUR Inc 30.45 29.43 32.41 29.07 Baring Europa Fund - Class C USD Inc 39.68 38.98 48.11 38.77

68 Baring International Umbrella Fund Notes to the Financial Statements

Notes to the Financial Statements

6. Comparative Statistics (continued)

Net Asset Value per Unit Interim Audited Audited Audited 2012 2012 2011 2010 Baring Hong Kong China Fund - Class A USD Inc 779.35 813.45 980.35 863.26 Baring Hong Kong China Fund - Class A EUR Inc 599.29 615.36 661.61 648.41 Baring Hong Kong China Fund - Class A GBP Inc 483.62 500.28 588.58 563.15 Baring Hong Kong China Fund - Class A HKD Inc 6,040.07 6,311.41 7,617.99 - Baring Hong Kong China Fund - Class A USD Acc 779.46 813.46 - - Baring Hong Kong China Fund - Class C EUR Inc 579.14 597.67 649.18 641.92 Baring Hong Kong China Fund - Class C USD Inc 748.11 784.78 955.37 849.56

Baring International Bond Fund - Class A USD Inc 28.53 28.09 28.64 26.07 Baring International Bond Fund - Class A EUR Inc 21.94 21.25 19.33 17.00 Baring International Bond Fund - Class A GBP Inc 17.71 17.28 17.19 19.58

Baring North America Fund - Class A USD Inc* - 70.10 67.96 62.59 Baring North America Fund - Class A EUR Inc* - 52.96 45.86 47.01 Baring North America Fund - Class A GBP Inc* - 42.72 40.41 40.44

*The fund terminated on 9 July 2012.

7. Exchange Rates

31 October 2012

Exchange Rate Exchange to US$ Rate to US$ Australian dollar 0.9628 Polish zloty 3.1820 Canadian dollar 0.9975 Pound sterling 0.6205 Danish krone 5.7363 Singapore dollar 1.2195 Euro 0.7690 South African rand 8.6760 Hong Kong dollar 7.7501 South Korean won 1090.6000 Indian rupee 53.7950 Sri Lankan rupee 130.2500 Indonesian rupiah 9605.0000 Swedish krona 6.6130 Japanese yen 79.8250 Swiss franc 0.9312 Malaysian ringgit 3.0460 Taiwan dollar 29.2125 Mexican peso 13.0498 Thai baht 30.6500 Norwegian krone 5.6936 Turkish lira 1.7945 Philippines peso 41.1950

69 Baring International Umbrella Fund Notes to the Financial Statements

Notes to the Financial Statements

7. Exchange Rates (continued)

30 April 2012

Exchange Rate Exchange to US$ Rate to US$ Australian dollar 0.9588 Polish zloty 3.1542 Canadian dollar 0.9820 Pound sterling 0.6150 Danish krone 5.6272 Singapore dollar 1.2361 Euro 0.7565 South African rand 7.7373 Hong Kong dollar 7.7588 South Korean won 1130.1250 Indian rupee 52.7000 Sri Lankan rupee 130.3500 Indonesian rupiah 9190.5000 Swedish krona 6.7451 Japanese yen 80.1700 Swiss franc 0.9091 Malaysian ringgit 3.0260 Taiwan dollar 29.2085 Mexican peso 12.9541 Thai baht 30.7500 Norwegian krone 5.7366 Turkish lira 1.7551 Philippines peso 42.2200

8. Bank Facilities There is a bank overdraft facility in place with Northern Trust (Guernsey) Limited (The “Bank”). An “uncommitted” multi-currency loan facility has been made available by the Bank to the Funds. On 31 October 2012 there was no amount drawn down on this facility with the exception of the Baring Europa Fund (30 April 2012, Hong Kong China).

9. Taxation

Under current law and practice, the Trust qualifies as an investment undertaking as defined in Section 739B of the Taxes Consolidation Act, 1997, as amended (the “TCA”). On that basis, it is not chargeable to Irish tax on its income or capital gains.

However, Irish tax can arise on the happening of a chargeable event in the Trust. A chargeable event includes any distribution payments to shareholders or any encashment, redemption, transfer or cancellation of shares and any deemed disposal of shares for Irish tax purposes arising as a result of holding shares in the Trust for a period of eight years or more.

No Irish tax will arise in respect of chargeable events in respect of a shareholder who is an Exempt Irish Investor (as defined in Section 739D of the TCA) or who is neither Irish resident nor ordinarily resident in Ireland for tax purposes at the time of the chargeable event, provided, in each case, that an appropriate valid declaration in accordance with Schedule 2B of the TCA is held by the Trust or where the Trust has been authorised by Irish Revenue to make gross payments in absence of appropriate declarations.

Capital gains, dividends, and interest received on investments made by the Trust may be subject to withholding taxes imposed by the country of origin and such taxes may not be recoverable by the Trust or its shareholders.

70 Baring International Umbrella Fund Notes to the Financial Statements

Notes to the Financial Statements

10. Financial Derivative Instruments

The Managers or their delegate shall, in respect of and for the benefit of each Fund, have the power to employ Financial Derivative Instruments (“FDI”) techniques and instruments for the purposes of investment and efficient portfolio management, in each case subject to the limits laid down by the Central Bank. These FDI techniques and instruments may include, but are not limited to, warrants, exchange traded futures and options, forward currency contracts, long/short futures on ETFs, swap agreements, contracts for differences, index-linked notes and share and commodity index futures contracts.

The prices of derivative instruments, including futures and options prices can be highly volatile. Price movements of forward contracts, futures contracts and other derivative contracts are influenced by, among other things, interest rates. The use of techniques and instruments also involves certain special risks, including the possible absence of a liquid market for any particular instrument at any particular time.

11. Approval of Financial Statements

The financial statements were authorised by the Board of Directors of the Managers on 20 December 2012.

71 Baring International Umbrella Fund Information for Investors in Switzerland (unaudited)

Information for Investors in Switzerland (Unaudited)

The Managers have appointed BNP Paribas Securities Services, Zurich Branch, Selnaustrasse 16, P.O. Box 2119, CH-8002, Zurich, Switzerland, as representative and paying agent for Switzerland. For shares distributed in Switzerland, the performance place is at BNP Paribas (Switzerland) Limited’s address. Investors can obtain free of charge the Prospectus, the Key Investor Information Document(s) (“KIID”), the last Annual and Interim reports, copies of the Instrument of Incorporation and of amendment to the Instrument of Incorporation if any, as well as a list of the purchases and sales made on behalf of the Fund, in German, from the representative at the above address. Official publications for the Fund are found on the internet at www.fundinfo.com and the Swiss Official Trade Gazette. Share prices (Net Asset Value with the words "plus commissions") are published daily on the internet at www.fundinfo.com.

All the information appearing in these Reports & Accounts is solely with respect to those Funds of the Trust which are licensed for public offer and marketing in or from Switzerland, namely Baring ASEAN Frontiers Fund, Baring Asia Growth Fund, Baring Australia Fund, Baring Europa Fund, Baring Hong Kong China Fund, Baring International Bond Fund.

Representative and Paying Agent for Switzerland

BNP Paribas Securities Services, Paris

Succursale de Zurich

Selnaustrasse 16

8002 Zurich

Switzerland

Performance

Following a Guideline from the Swiss Funds Association (the “SFA”) dated 16 May 2008, the Board of Directors are supplying performance data in conformity with the said Guideline. This data can be found below and under each of the Funds’ reports on pages 7, 15, 23, 30, 38, 47 and 56. Further, the Board of Directors are required to provide the below additional information on performance.

There is no appropriate benchmark for the Funds. Any reference to an index is for comparison purposes only. The following comparative indices are used as in the Board of Director’s opinion and in the light of the investment policy of the relevant Fund, they are the most appropriate selection for comparison.

Baring ASEAN Frontiers Fund

The MSCI (Morgan Stanley Capital International) South East Asia index is a free float-adjusted market capitalisation index that is designed to measure international equity market performance of Indonesia, Malaysia, Philippines, Singapore and Thailand.

Baring Asia Growth Fund

The MSCI (Morgan Stanley Capital International) All Countries Far East ex Japan Index is a free float-adjusted market capitalisation index that is designed to measure equity market performance in the Far East, excluding Japan. It currently consists of 10 developed emerging market country indices: China, Hong Kong, India, Indonesia, Korea, Malaysia, the Philippines, Singapore, Taiwan and Thailand.

Baring Australia Fund

The benchmark index is the MSCI (Morgan Stanley Capital International) Australia 10/40 index. The stock weightings in this index are a better match to the permitted stock limits in collective investment vehicles such as Baring Australia Fund and as such we believe it to be a more appropriate comparative index. The index changed from the ASX300 on 31 March 2009. The previous index was a capitalisation- weighted index of the top 300 companies ranked by market size on the Australian Stock Exchange.

72 Baring International Umbrella Fund Information for Investors in Switzerland (unaudited)

Information for Investors in Switzerland (Unaudited) (continued)

Baring Europa Fund

The MSCI (Morgan Stanley Capital International) Europe Index is a free float-adjusted market capitalisation weighted index that is designed to measure the equity market performance of the developed markets in Europe. It currently consists of the following 16 developed market country indices: Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy, the Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, and the United Kingdom.

Baring Hong Kong China Fund

The MSCI (Morgan Stanley Capital International) China Index is a free float-adjusted market capitalisation-weighted index of Chinese equities that includes China-affiliated corporations and H shares listed on the Hong Kong exchange, and B shares listed on the Shanghai and Shenzhen exchanges. Further information on this index is available on: http://www.msci.barra.com/products/indices/china/en/.

The index changed from MSCI Zhong Hua Index on 1 February 2008 as the weighting on China got more emphasis and the MSCI China Index, in the view of the Fund Manager's directors was hence better suited for comparison purposes with its larger share in Chinese securities.

The previous comparative index, the MSCI Zhong Hua Index was a free float-adjusted market capitalisation-weighted index that was developed to measure the performance of securities in the developed countries China and Hong Kong. The index was composed of Chinese securities and Hong Kong securities in the proportion 1/3 to 2/3. The name of the index changed on 1 September 2006 from "Hong Kong Hang Seng Index" to "MSCI Zhong Hua Index".

Baring International Bond Fund

The Citigroup World Government Index (WGBI) is a market-capitalisation–weighted index that tracks the performance of the 21 government bond markets of Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Japan, the Netherlands, Norway, Poland, Portugal, Spain, Sweden, Switzerland, the UK and the US.

Baring North America Fund

The comparative index changed from the S&P 500 Index to the Russell 1000 Growth Index on 1 July 2008. In the Managers’ opinion, the Russell 1000 Growth Index, with its increased exposure to large-capitalisation growth stocks, is now the more appropriate index to be used for comparative purposes.

The comparative index applied until 30 June 2008 was the S&P 500 Index which is established independently by Standard & Poor's and consists of 500 stocks chosen for market size, liquidity, and industry group presentation. It is a market-value weighted index (stock price multiplied by the number of units outstanding), with each stock’s weight in the Index proportionate to its market value.

Investors should contact the Swiss representative at the above address should they require additional information e.g. on performance including the composition of the relevant indices where applicable.

73 Baring International Umbrella Fund Information for Investors in Switzerland (unaudited)

Information for Investors in Switzerland (Unaudited) (continued) Total Expense Ratio (Unaudited)

Pursuant to a Guideline from the Swiss Funds Association (SFA) dated 16 May 2008, the Funds are required to publish a Total Expense Ratio (TER) for the last six-month period ended 31 October 2012.

The Total Expense Ratio for each Fund for the period ended 31 October 2012 and 30 April 2012 are as follows:

Name of Fund 31/10/2012 30/04/2012 TER in % TER in % Baring ASEAN Frontiers Fund - Class A 1.75 1.75 Baring ASEAN Frontiers Fund - Class I 1.25 1.25 Baring Asia Growth Fund - Class A 1.78 1.76 Baring Australia Fund - Class A 1.76 1.75 Baring Europa Fund - Class A 1.80 1.78 Baring Europa Fund - Class C € 2.80 2.78 Baring Europa Fund - Class C USD 2.80 2.78 Baring Hong Kong China Fund - Class A 1.74 1.73 Baring Hong Kong China Fund - Class C € 2.74 2.73 Baring Hong Kong China Fund - Class C USD 2.74 2.73 Baring International Bond Fund - Class A 1.30 1.32

This information was established by the Managers, Baring International Fund Managers (Ireland) Limited, based on the data contained in the Profit and Loss Account for the above reference period (Fund management fees, administration fees, trustee fees, custodian fees, taxes and duties, all other commissions and expenses appearing as per the breakdown of the Profit & Loss Account and not already included in any of the foregoing categories). The TER is calculated using the average daily net asset value for the period.

74 Baring International Umbrella Fund Information for Investors in Switzerland (unaudited)

Information for Investors in Switzerland (Unaudited) (continued)

Portfolio Turnover Rate (Unaudited)

The Portfolio Turnover Rate (PTR) has been established in conformity with a Guideline from the Swiss Funds Association (SFA) of 16 May 2008, using as reference period the first part of the current and the second part of the previous accounting period.

(Purchases of securities + sales of securities) - (Units subscribed + Units redeemed) (Average fund value for 12 month) x 100

The Portfolio Turnover numbers for each Fund for the period ended October 2012 and April 2012 are as follows:

Name of Fund 31/10/2012 30/04/2012 PTR in % PTR in % Baring ASEAN Frontiers Fund 128.94 168.05 Baring Asia Growth Fund 111.53 155.94 Baring Australia Fund 42.12 141.42 Baring Europa Fund 22.76 57.00 Baring Hong Kong China Fund 147.89 365.21 Baring International Bond Fund 77.35 214.13

Turnover data includes the overnight uncommitted cash movements into money market funds.

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, CISA;

 sales agents (distributors) exempted from the authorisation requirement within the meaning of Article 19, Para 4, CISA and Article 8 CISO;

 sales partners who place fundunits exclusively with institutional investors with professional treasury facilities; and/or

 sales partners who place fundunits with their clients exclusively on the basis of a written commission-based asset management mandate.

Reimbursements (Rückvergütungen) may only be paid to the institutional investors detailed below who from a commercial perspective are holding the fund units for third parties:

 life insurance companies (inrespect of fund units held for the account of insured persons or to cover obligations towards insured persons);

 pension funds and other retirement provision institutions (in respect of fund units held for the account of beneficiaries);

 investment foundations (in respect of fund units held for the account of in-house funds);

 Swiss fund management companies (in respect of fund units held for the account of the funds managed);

 foreign fund management companies and providers (in respect of fund units held for the account of managed funds and investing unitholders); and/or

 investment companies (in respect of the investment of the company assets).

75 Baring International Umbrella Fund Information for Investors in Switzerland (unaudited)

Information for Investors in Switzerland (Unaudited) (continued)

Taxation

Please refer to the paragraph headed "European Union Taxation of Savings Income Directive" on page 79 below. The attention of investors is drawn to the fact that Switzerland and the European Union have entered into a bilateral agreement effective from 1 July 2005 based on which measures have been enacted in Switzerland which correspond to the European Union Taxation of Savings Income Directive. Generally these measures require tax to be withheld on interest payment made by paying agents to EU residents.

76 Baring International Umbrella Fund Information for Investors in Germany (unaudited)

Information for Investors in Germany (Unaudited)

The full Prospectus, the Key Investor Information Document(s) (“KIID”), a list of portfolio changes, the trust deed as well as the annual and the semi-annual reports are available free of charge in hard copy at the office of the German Paying and Information Agent and the Further German Information Agent.

GERMAN PAYING AND INFORMATION AGENT

Deutsche Bank AG Taunusanlage 12 60325 Frankfurt am Main Federal Republic of Germany

FURTHER GERMAN INFORMATION AGENT Baring Asset Management (Frankfurt) Ulmenstraße 37-39 60325 Frankfurt Federal Republic of Germany

Special Risks Resulting From Tax Publication Requirements in Germany Foreign investment companies must provide documentation to the German fiscal authorities upon request e.g. in order to verify the accuracy of the published tax information. The basis upon which such figures are calculated is open to interpretation and it cannot be guaranteed that the German fiscal authorities will accept the investment company’s calculation methodology in every material respect. In addition, 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 year. Consequently, the correction may positively or negatively affect the investors who receive a distribution or an attribution of deemed income distributions in the current year.

77 Baring International Umbrella Fund General Information (unaudited)

General Information (Unaudited) Market Timing

Repeatedly purchasing and selling Units in the Funds in response to short-term market fluctuations – known as ‘market timing’ – can disrupt the 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 Directors may refuse to accept an application for Units from persons that they reasonably believe are engaged in market timing or are otherwise excessive or potentially disruptive to the Funds.

The Directors reserve the right to redeem Units from a Unitholder, on the basis of the circumstances of the Unitholder concerned, or it has reasonable grounds to believe that the Unitholder engaging in any activity which might result in the Fund or its Unitholders as a whole suffering any legal, regulatory, reputational or other material disadvantage which the Fund or its Unitholders as a whole might not otherwise have suffered. UK Reporting Fund Status

Applications were made with effect from 1 May 2011 for UK Reporting Fund Status for those share classes in the Funds which previously had UK Distributor Status while further applications will be made from time to time for certain new share classes when they are launched. Applications may also be made from time to time for UK Reporting Fund status in respect of share classes which did not previously have UK Distributor Status. UK taxable investors in UK Reporting Funds are subject to tax on their share of the UK Reporting Fund's income attributable to their holdings in the Fund, whether or not distributed while typically any gains on disposal of their holdings are subject to capital gains tax.

Details of the share classes which currently have UK Reporting Fund status are available at the The HMRC Collective Investment Schemes Centre website http://www.hmrc.gov.uk/cisc/offshore-funds.htm.

It is important for UK tax payers to note that for each share class with Reporting Fund Status their share of any amounts of income, if any, that have not been distributed will be subject to tax. Further details will be made available on the Baring Asset Management Limited website – www.barings.com/uk European Union Taxation of Savings Income Directive

On 3 June 2003 the European Commission published a new directive regarding the taxation of savings income (‘the Directive’). From 1 July 2005 Member States have been required to provide to the tax authorities of another Member State details of payments of interest or other similar income paid by a person within its jurisdiction to an individual resident in that other Member State, subject to the right of certain Member States to opt instead for a withholding tax system in relation to such payments. For the purposes of the Directive, interest payments include distributions made by certain collective investment funds to the extent that any relevant fund has invested more than 15% of its assets directly or indirectly in interest bearing securities and income realised upon the sale, refund or redemption of fund units to the extent that the fund has invested more than currently 25% directly or indirectly in interest bearing securities.

Accordingly, the Custodian, Administrator, paying agent or such other entity considered a “paying agent” (for the purposes of the Directive a “paying agent” is the economic operator who pays interest to or secures the payment of interest for the immediate benefit of the beneficial owner) for the purposes of the Directive may be required to disclose details of or withhold tax on distributions and/or realisation payments by the Funds to Unitholders who are individuals or residual entities (located in another EU Member State) to the taxation authority in the home jurisdiction of the paying agent who will pass such details or tax to the Member State where the investor resides.

As Ireland has opted for exchange of information rather than a withholding tax system, since the Directive became effective, the principle consequence for Unitholders will be that details of relevant savings income are disclosed to the EU member states in which Unitholders are resident. The Directive has now been enacted into Irish legislation and the reporting of any relevant payments of interest made by the Companies, together with various specified information relating to recipients who are individuals or residual entities resident in EU states other than Ireland applied with effect from 1 July 2005.

Set out below are those Funds subject to disclosure and the disclosure to which they are currently and are expected to remain subject under the Directive.

Fund Disclosure of distribution to the Disclosure of redemption proceeds tax authorities of the underlying to the tax authorities of the Unitholder (15% rule) underlying Unitholder (25% rule) Baring International Bond Fund  

78 Baring International Umbrella Fund Appendix 1 (unaudited)

Appendix 1- Additional Information Hong Kong Code (Unaudited) Baring ASEAN Frontiers Fund

Highest Issue and Lowest Redemption Prices

Highest Issue Prices during the period

October April April April April April April April April April 2012 2012 2011 2010 2009 2008 2007 2006 2005 2004 Class A USD Inc 179.68 187.71 185.00 140.30 143.79 168.82 124.43 109.57 80.96 75.58 Class A EUR Inc 139.41 132.30 135.10 105.33 92.31 117.16 92.36 88.88 60.84 63.10 Class A GBP Inc 111.26 115.31 114.34 91.64 60.41 - - - - - Class A RMB Hedged Acc 1,133.94 1,099.48 ------Class A USD Acc 180.80 175.03 ------Class I EUR Acc 142.01 133.45 126.74 ------Class I GBP Acc 113.52 116.19 114.35 ------

Lowest Redemption Prices during the period

October April April April April April April April April April 2012 2012 2011 2010 2009 2008 2007 2006 2005 2004 Class A USD Inc 154.23 134.70 117.37 77.68 58.51 121.14 89.58 72.81 61.46 43.95 Class A EUR Inc 123.90 102.18 96.21 58.36 46.24 80.40 71.19 57.62 51.13 38.72 Class A GBP Inc 100.08 87.60 81.95 52.04 38.28 - - - - - Class A RMB Hedged Acc 975.48 1,047.17 ------Class A USD Acc 155.19 169.45 ------Class I EUR Acc 126.09 102.98 117.44 ------Class I GBP Acc 101.91 88.34 100.75 ------

79 Baring International Umbrella Fund Appendix 1 (unaudited)

Appendix 1- Additional Information Hong Kong Code (Unaudited) Baring ASEAN Frontiers Fund (continued)

Statement of Movements in Portfolio Holdings

31/10/2012 30/04/2012 30/04/2011 30/04/2010 % of NAV* % of NAV* % of NAV* % of NAV* Australia - - - 0.34 Bermuda - - - 1.87 Cayman Islands - - - 0.86 China - - 1.48 - Hong Kong - - 2.21 - India - - - 0.62 Indonesia 25.87 26.11 20.10 22.15 Japan - - - - Jersey, C.I - - 0.43 1.80 Luxembourg - - 0.84 - Malaysia 13.32 14.46 12.84 12.10 Mauritius - - - 1.22 Netherlands 1.06 0.85 0.43 - Philippines 6.74 4.86 5.55 3.38 Singapore 26.83 26.22 28.67 35.88 Sri Lanka 2.10 2.41 4.78 1.00 Thailand 20.15 20.57 17.63 12.61 Collective Investment Schemes 2.26 5.59 3.67 4.35 Total Investments 98.33 101.07 98.63 98.18 Cash 0.17 0.02 0.78 2.50 Other Net (Liabilities)/Assets 1.50 (1.09) 0.59 (0.68) Total Net Assets 100.00 100.00 100.00 100.00

*Movement in portfolio holdings have been analysed above based on a % of NAV invested in each geographic location. The movement in each countries position between years has to be inferred.

Portfolio Information

Top Ten % of NAV DBS Group Holdings 3.99 United Overseas Bank 3.45 Astra International 3.25 Keppel 2.97 Kasikornbank 2.88 CIMB Group Holdings 2.78 Bank Rakyat Indonesia Persero 2.67 Semen Gresik Persero 2.28 Singapore Telecommunications 2.20 Bank Central Asia 2.10

80 Baring International Umbrella Fund Appendix 1 (unaudited)

Appendix 1- Additional Information Hong Kong Code (Unaudited) Baring Asia Growth Fund

Highest Issue and Lowest Redemption Prices

Highest Issue Prices during the period

October April April April April April April April April April 2012 2012 2011 2010 2009 2008 2007 2006 2005 2004 Class A USD Inc 59.87 69.30 70.31 59.76 71.33 91.79 59.67 47.07 35.85 32.81 Class A EUR Inc 45.98 48.34 51.04 44.08 46.13 63.63 43.98 38.21 27.11 27.39 Class A GBP Inc 37.00 43.22 43.09 38.83 36.46 44.29 29.87 26.45 18.66 18.10

Lowest Redemption Prices during the period

October April April April April April April April April April 2012 2012 2011 2010 2009 2008 2007 2006 2005 2004 Class A USD Inc 52.74 48.23 47.75 40.15 29.86 58.71 38.75 32.14 25.95 20.34 Class A EUR Inc 41.98 36.16 38.91 30.16 23.74 39.00 30.79 25.62 21.58 17.93 Class A GBP Inc 33.20 26.89 19.64 29.29 21.04 17.43 14.67 12.68 33.83 31.21

Statement of Movements in Portfolio Holdings

31/10/2012 30/04/2012 30/04/2011 30/04/2010 % of NAV* % of NAV % of NAV % of NAV* Bermuda 3.11 - - - Cayman Islands 2.90 - - 1.38 China 16.45 13.69 16.31 15.11 Hong Kong 15.02 14.39 13.04 22.01 India 9.48 6.08 7.07 - Indonesia 5.87 7.37 5.51 6.33 Luxembourg - - 1.40 - Malaysia 3.16 2.05 2.56 2.54 Philippines 1.09 0.67 2.06 1.05 Singapore 5.80 3.41 4.97 8.46 South Korea 16.49 23.48 22.50 21.88 Taiwan 13.27 14.07 11.42 15.05 Thailand 5.19 4.66 5.71 2.24 Ireland 2.23 7.44 6.81 3.76 Total Investments 100.06 97.31 99.36 99.81 Cash 0.31 1.95 0.16 0.66 Other Net (Liabilities)/Assets (0.37) 0.74 0.48 (0.47) Total Net Assets 100.00 100.00 100.00 100.00

*Movement in portfolio holdings have been analysed above based on a % of NAV invested in each geographic location. The movement in each country’s position between years has to be inferred.

81 Baring International Umbrella Fund Appendix 1 (unaudited)

Appendix 1- Additional Information Hong Kong Code (Unaudited) Baring Asia Growth Fund (continued)

Portfolio Information

Top Ten % of NAV Samsung Electronics 6.78 Taiwan Semiconductor Manufacturing 2.66 Industrial & Commercial Bank of China 2.49 China Construction Bank 2.33 Baring China A-Share Fund 2.23 ICICI Bank 1.84 China Shenhua Energy 1.79 China Railway Construction 1.70 Techtronic Industries 1.56 SK Hynix 1.52

82 Baring International Umbrella Fund Appendix 1 (unaudited)

Appendix 1- Additional Information Hong Kong Code (Unaudited) Baring Australia Fund

Highest Issue and Lowest Redemption Prices

Highest Issue Prices during the period

October April April April April April April April April April 2012 2012 2011 2010 2009 2008 2007 2006 2005 2004 Class A USD Inc 120.82 133.94 139.08 120.15 147.21 155.07 118.23 93.74 77.32 60.24 Class A AUD Inc 116.43 123.45 131.36 128.87 ------Class A EUR Inc 94.06 93.17 95.87 88.75 94.35 107.51 86.91 75.53 58.27 49.23 Class A GBP Inc 75.15 82.06 84.76 77.96 -----

Lowest Redemption Prices during the period

October April April April April April April April April April 2012 2012 2011 2010 2009 2008 2007 2006 2005 2004 Class A USD Inc 100.20 96.63 86.36 67.04 51.60 96.69 81.36 66.79 50.81 41.57 Class A AUD Inc 102.18 102.00 105.21 112.27 ------Class A EUR Inc 80.17 73.29 70.52 50.01 40.88 71.90 64.64 52.84 42.50 36.56 Class A GBP Inc 64.33 62.83 58.36 62.06 ------

Statement of Movements in Portfolio Holdings

31/10/2012 30/04/2012 30/04/2011 30/04/2010 % of NAV* % of NAV* % of NAV* % of NAV* Consumer Discretionary 1.96 5.06 1.50 3.72 Consumer Staples 9.09 7.53 10.28 6.97 Energy 6.73 7.88 11.04 6.42 Financials 39.43 29.56 30.89 30.18 Healthcare 3.33 3.93 3.23 5.19 Industrials 6.14 7.40 2.85 10.52 Information Technology - 0.71 1.55 3.96 Materials 29.83 33.20 37.93 31.38 Telecommunications 3.22 2.30 - - Collective Investment Schemes 0.15 - - - Total Investments 99.88 97.57 99.27 98.34 Cash 0.12 0.15 2.41 1.61 Other Net Assets/(Liabilities) - 2.28 (1.68) 0.05 Total Net Assets 100.00 100.00 100.00 100.00

* Movement in portfolio holdings have been analysed above based on a % of NAV invested in each industry sector. The movement in each sector’s position between years has to be inferred.

83 Baring International Umbrella Fund Appendix 1 (unaudited)

Appendix 1- Additional Information Hong Kong Code (Unaudited) Baring Australia Fund (continued)

Portfolio Information

Top Ten % of NAV Commonwealth Bank of Australia 9.70 BHP Billiton 9.64 Westpac Banking 7.89 Australia & New Zealand Banking 7.36 Wesfarmers 4.94 National Australia Bank 4.79 Rio Tinto 4.69 Newcrest Mining 3.60 Westfield 3.38 CSL 3.33

84 Baring International Umbrella Fund Appendix 1 (unaudited)

Appendix 1- Additional Information Hong Kong Code (Unaudited) Baring Europa Fund

Highest Issue and Lowest Redemption Prices

Highest Issue Prices during the period

October April April April April April April April April April 2012 2012 2011 2010 2009 2008 2007 2006 2005 2004 Class A USD Inc 41.38 48.38 48.98 42.88 59.83 63.81 59.83 45.68 34.77 30.82 Class A EUR Inc 26.82 33.10 34.05 31.19 38.41 45.01 43.94 36.87 26.03 24.43 Class C EUR Inc 31.03 32.71 33.45 30.77 39.63 38.20 - - - - Class C USD Inc 48.11 42.47 60.83 58.94 - - - - 40.78 47.90

Lowest Redemption Prices during the period

October April April April April April April April April April 2012 2012 2011 2010 2009 2008 2007 2006 2005 2004 Class A USD Inc 33.06 31.35 31.75 29.60 22.13 48.95 39.58 31.47 26.97 21.11 Class A EUR Inc 31.55 23.35 26.03 22.06 17.59 33.58 31.45 24.76 22.10 18.38 Class C EUR Inc 26.48 22.98 25.76 22.16 17.78 34.09 - - - - Class C USD Inc 32.70 30.91 31.47 29.53 22.36 51.52 - - - -

Statement of Movements in Portfolio Holdings

31/10/2012 30/04/2012 30/04/2011 30/04/2010 % of NAV* % of NAV* % of NAV* % of NAV* Consumer Discretionary 9.59 9.48 8.65 4.34 Consumer Staples 11.01 10.99 9.19 6.97 Energy 10.60 11.92 11.33 12.50 Financials 23.27 22.56 23.39 25.23 Health Care 11.17 11.56 9.70 9.93 Industrials 10.64 10.49 9.56 10.18 Information Technology 2.58 1.49 4.70 5.50 Materials 9.07 9.44 10.39 9.86 Telecommunication Services 8.21 6.84 6.18 8.29 Utilities 3.58 4.59 5.93 7.04 Collective Investment Scheme 0.31 0.20 - - Total Investments 100.03 99.56 99.02 99.84 Cash (0.06) 0.30 1.10 (0.91) Other Net (Liabilities)/Assets 0.03 0.14 (0.12) 1.07 Total Net Assets 100.00 100.00 100.00 100.00

* Movement in portfolio holdings have been analysed above based on a % of NAV invested in each industry sector. The movement in each sector’s position between years has to be inferred.

85 Baring International Umbrella Fund Appendix 1 (unaudited)

Appendix 1- Additional Information Hong Kong Code (Unaudited) Baring Europa Fund (continued)

Portfolio Information

Top Ten % of NAV Nestle 5.34 Tullow Oil 3.80 Xstrata 3.54 Bayer 3.53 Imperial Tobacco 3.45 ST Modwen Properties 3.36 Novo Nordisk 2.95 BG Group 2.94 Allianz 2.55 BT Group 2.51

86 Baring International Umbrella Fund Appendix 1 (unaudited)

Appendix 1- Additional Information Hong Kong Code (Unaudited) Baring Hong Kong China Fund

Highest Issue and Lowest Redemption Prices

Highest issue prices during the period

October April April April April April April April April April 2012 2012 2011 2010 2009 2008 2007 2006 2005 2004 Class A USD Inc 817.52 975.74 999.87 927.44 982.15 1,431.80 771.91 504.69 325.78 312.74 Class A EUR Inc 622.40 676.07 727.94 682.83 632.93 994.82 569.97 409.45 246.58 251.33 Class A GBP Inc 505.34 595.12 616.85 601.24 ------Class A HKD Inc 6,342.69 7,580.03 7,768.70 ------Class A USD Acc 817.53 825.44 ------Class C EUR Inc 604.47 663.11 716.32 676.34 633.48 682.50 - - - - Class C USD Inc 788.67 950.79 974.58 915.58 981.10 1,004.87 - - - -

Lowest redemption prices during the period

October April April April April April April April April April 2012 2012 2011 2010 2009 2008 2007 2006 2005 2004 Class A USD Inc 695.05 645.35 753.18 615.61 427.81 756.72 399.83 302.88 228.38 163.91 Class A EUR Inc 553.96 487.38 603.60 462.52 340.59 491.08 318.01 239.80 190.00 146.62 Class A GBP Inc 437.12 419.67 517.90 498.91 ------Class A HKD Inc 5,391.38 5,024.06 6,423.17 ------Class A USD Acc 695.14 782.28 ------Class C EUR Inc 536.15 476.10 597.32 461.06 341.13 497.39 - - - - Class C USD Inc 668.20 626.18 740.83 611.57 426.16 767.67 - - - -

87 Baring International Umbrella Fund Appendix 1 (unaudited)

Appendix 1- Additional Information Hong Kong Code (Unaudited) Baring Hong Kong China Fund (continued)

Statement of Movements in Portfolio Holdings

31/10/2012 30/04/2012 30/04/2011 30/04/2010 % of NAV* % of NAV* % of NAV* % of NAV* Consumer Discretionary 9.62 6.26 5.87 11.92 Consumer Staples 1.60 1.52 3.56 2.69 Energy 10.68 12.53 15.30 12.64 Financials 38.76 31.18 31.97 40.45 Healthcare 2.82 2.29 2.49 2.42 Industrials 5.01 7.61 10.45 7.53 Information Technology 14.25 13.69 14.91 9.60 Materials 4.99 10.41 1.74 3.91 Telecommunications Services 5.11 8.45 10.97 5.37 Utilities 0.64 1.28 - 1.30 Collective Investment Scheme 5.90 5.03 1.20 0.99 Bonds - - - - Futures (0.03) 0.02 0.01 - Total Investments 99.35 100.27 98.47 98.82 Cash 2.09 (0.18) 1.81 1.05 Other Net (Liabilities)/Assets (1.44) (0.09) (0.28) 0.13 Total Net Assets 100.00 100.00 100.00 100.00

*Movement in portfolio holdings have been analysed above based on a % of NAV invested in each industry sector. The movement in each industry sector position between years has to be inferred.

Portfolio Information

Top Ten % of NAV Industrial & Commercial Bank of China 7.64 Tencent Holdings 5.52 China Life Insurance 4.92 Northern Trust Global Funds - US Dollar Fund 4.33 CNOOC 3.87 China Mobile 3.37 PetroChina 3.14 Bank of China 2.66 China Pacific Insurance 2.62 China Shenhua Energy 2.58

88 Baring International Umbrella Fund Appendix 1 (unaudited)

Appendix 1- Additional Information Hong Kong Code (Unaudited) Baring International Bond Fund

Highest Issue and Lowest Redemption Prices

Highest Issue Prices during the period

October April April April April April April April April April 2012 2012 2011 2010 2009 2008 2007 2006 2005 2004 Class A USD Inc 28.77 29.25 28.64 27.36 26.06 27.14 24.38 24.92 25.42 24.19 Class A EUR Inc 23.11 21.74 21.29 19.64 18.71 17.53 18.73 19.88 19.31 19.67 Class A GBP Inc 18.08 18.33 18.01 17.53 17.61 13.63 12.81 13.61 13.47 13.78

Lowest Redemption Prices during the period

October April April April April April April April April April 2012 2012 2011 2010 2009 2008 2007 2006 2005 2004 Class A USD Inc 27.31 27.21 24.78 23.10 22.37 21.78 22.77 22.45 22.15 21.20 Class A EUR Inc 21.02 19.05 19.05 16.80 15.87 16.27 17.35 18.64 18.56 18.71 Class A GBP Inc 17.14 17.09 16.78 14.33 12.51 10.99 11.53 12.82 12.45 12.51

Statement of Movements in Portfolio Holdings

31/10/2012 30/04/2012 30/04/2011 30/04/2010 % of NAV* % of NAV* % of NAV* % of NAV* Australian dollar 13.36 15.13 17.30 12.17 Canadian dollar 5.73 4.54 4.15 2.58 Euro 16.88 14.11 24.83 36.80 Hong Kong dollar - 2.27 - - Japanese yen 13.23 12.48 6.79 7.72 Pound sterling - - 3.99 9.31 Mexican peso 14.86 15.00 12.66 8.02 Norwegian krone 2.96 3.01 5.39 6.57 Polish zloty 10.55 9.86 11.09 4.36 Singapore Dollar 1.17 - - - South African rand 2.47 0.89 - - Swedish Krona 3.50 7.90 - - United States dollar 12.33 10.28 11.98 11.06 Collective Investment Schemes 0.84 2.01 - - Open Forwards (0.02) (0.08) (1.93) (0.67) Total Investments 97.86 97.40 96.25 97.92 Cash 0.14 0.34 1.59 1.07 Other Net Assets 2.00 2.26 2.16 1.01 Total Net Assets 100.00 100.00 100.00 100.00

*Movements in portfolio holdings have been analysed above based on a % of NAV invested in each currency. The movement in each currency position between years has to be inferred.

89 Baring International Umbrella Fund Appendix 1 (unaudited)

Appendix 1- Additional Information Hong Kong Code (Unaudited) Baring International Bond Fund (continued)

Portfolio Information

Top Ten % of NAV Poland (Republic of) 5% 25/04/2016 6.22 Mexican Bonos 7.25% 15/12/2016 5.78 Japan (Govt of) 1.1% 20/12/2021 5.42 Japan (Govt of) 1.7% 20/12/2031 5.06 Mexican Bonos 8% 19/12/2013 4.92 Poland (Republic of) 5.75% 25/04/2029 4.33 Italy (Republic of) 3.5% 01/06/2014 4.24 Mexican Bonos 6.5% 10/06/2021 4.16 Queensland Treasury 6% 14/09/2017 3.88 Sweden (Kingdom of) 3% 12/07/2016 3.50

90 Baring International Umbrella Fund Appendix 2 (unaudited)

Appendix 2- Significant Portfolio Movements (Unaudited) Baring ASEAN Frontiers Fund

Purchases Cost Sales Proceeds US$'000 US$'000 Northern Trust Global Funds PLC - US Dollar Fund 101,908 Northern Trust Global Funds PLC - US Dollar Fund 110,226 Singapore Telecommunications 13,045 Baring China A-Share Fund 12,942 Bank Central Asia 9,058 Genting 8,154 Astra International 7,093 Sime Darby 7,971 Suntec Real Estate Investment Trust 6,089 Fraser & Neave 6,858 Fraser & Neave 6,008 Golden Agri-Resources 6,828 Ayala Land 5,831 Alliance Global Group 5,850 Noble 5,673 Oversea-Chinese Banking 5,691 Bloomberry Resorts 5,251 Bank Mandiri 5,358 Dialog Group 4,979 Wilmar International 5,158 Tambang Batubara Bukit Asam Persero 4,925 Charoen Pokphand Foods 5,029 Bank Mandiri 4,878 Olam International 4,824 Vale Indonesia 4,703 Public Bank 4,669 Far East Hospitality Trust 4,570 Harum Energy 4,538 Singapore Press 4,460 Krung Thai Bank 4,418 Axiata Group 4,408 Gudang Garam 4,100 Overseas Union Enterprise 4,342 Bloomberry Resorts 3,721 Olam International 4,309 Indo Tambangraya Megah 3,649 Malayan Banking 4,176 Astra International 3,627 Bank Rakyat Indonesia Persero 4,171 Perusahaan Gas Negara 3,237

91 Baring International Umbrella Fund Appendix 2 (unaudited)

Appendix 2- Significant Portfolio Movements (Unaudited) Baring Asia Growth Fund

Purchases Cost Sales Proceeds US$'000 US$'000 China Construction Bank 2,954 Baring China A-Share Fund 5,488 Delta Electronics 1,516 Industrial & Commercial Bank of China 2,974 China Railway Construction 1,463 Pegatron 2,252 Cheung Kong Infrastructure 1,457 NHN 1,808 Semen Gresik Persero 1,440 Cheung Kong Holdings 1,798 Coretronic 1,440 BOC Hong Kong Holdings 1,795 Phison Electronics 1,418 PTT 1,695 China Life Insurance 1,413 Radiant Opto-Electronics 1,688 Mega Financial Holdings 1,405 Indocement Tunggal Prakarsa 1,591 SK Hynix 1,397 Catcher Technology 1,568 CapitaLand 1,392 Samsung Electronics 1,557 Hutchison Whampoa 1,385 Lenovo 1,503 Taiwan Semiconductor Manufacturing 1,335 China Mobile 1,502 Industrial & Commercial Bank of China 1,314 Hon Hai Precision Industry 1,418 MediaTek 1,285 Tingyi 1,362 Jiangxi Copper 1,264 PetroChina 1,316 Jardine Matheson 1,237 Hyundai Motor 1,303 Zhaojin Mining Industry 1,204 China Unicom 1,262 Minor International 1,159 CNOOC 1,260 United Overseas Bank 1,106 Haitong Securities 1,260

92 Baring International Umbrella Fund Appendix 2 (unaudited)

Appendix 2- Significant Portfolio Movements (Unaudited) Baring Australia Fund

Purchases Cost Sales Proceeds US$'000 US$'000 Northern Trust Global Funds PLC - US Dollar Fund 19,869 Northern Trust Global Funds PLC - US Dollar Fund 19,634 Northern Trust Global Funds PLC - Euro Fund 10,656 Northern Trust Global Funds PLC - Euro Fund 10,629 Stockland 3,633 National Australia Bank 3,691 Fortescue Metals 3,246 Fortescue Metals 3,453 Suncorp 2,524 Commonwealth Bank of Australia 3,317 Insurance Australia 2,463 Westpac Banking 3,180 Beach Energy 2,339 Monadelphous 2,973 National Australia Bank 2,253 Echo Entertainment 2,841 Telecom New Zealand 2,245 BHP Billiton 2,831 Newcrest Mining 1,997 Acrux 2,781 Goodman Fielder 1,856 Crown 2,440 Commonwealth Bank of Australia 1,809 Woodside Petroleum 2,414 McMillan Shakespeare 1,739 Santos 2,327 Fletcher Building 1,538 Telecom New Zealand 2,128 Coca-Cola Amatil 1,506 Wesfarmers 2,047 Atlas Iron 1,396 WorleyParsons 2,027 Senex Energy 1,220 Amcor 1,932 Whitehaven Coal 1,209 Transurban 1,911 Brambles 1,082 Boral 1,828 Westpac Banking 1,022 Australia & New Zealand Banking 1,785

93 Baring International Umbrella Fund Appendix 2 (unaudited)

Appendix 2- Significant Portfolio Movements (Unaudited) Baring Europa Fund

Purchases Cost Sales Proceeds US$'000 US$'000 Northern Trust Global Funds - Euro Fund 7,149 Northern Trust Global Funds - Euro Fund 7,069 Telefonica Deutschland 989 Yara International 1,718 Randgold Resources 985 Barclays 1,109 UniCredit 855 Fresenius 724 ASML 589 Fortum 691 Yara International 459 Xstrata 601 OPAP 412 BT Group 592 Xstrata 318 Shire 464 Cargotec 313 OPAP 402 Lanxess 278 BG Group 348 Shire 226 Immofinanz 322 Porsche Automobil 145 ICAP 292 Ryanair 123 Novo Nordisk 292 UBS 90 Tullow Oil 283 ICAP 74 Nestle 282 ST Modwen Properties 52 Standard Chartered 263 Northern Trust Global Funds PLC - US Dollar Fund 40 Pernod-Ricard 261 UBS 259 Porsche Automobil 257 Cargotec 236

94 Baring International Umbrella Fund Appendix 2 (unaudited)

Appendix 2- Significant Portfolio Movements (Unaudited) Baring Hong Kong China Fund

Purchases Cost Sales Proceeds US$'000 US$'000 Northern Trust Global Funds PLC - US Dollar Fund 642,964 Northern Trust Global Funds PLC - US Dollar Fund 640,496 China Life Insurance 93,820 China Mobile 101,693 Industrial & Commercial Bank of China 75,581 Baidu 85,330 Bank of China 66,598 Tencent Holdings 78,850 Ping An Insurance 65,368 CNOOC 76,087 China Construction Bank 61,585 China Construction Bank 70,990 China Pacific Insurance 53,579 Ping An Insurance 64,145 AIA 46,751 Agricultural Bank of China 63,804 Netease.com 46,058 PetroChina 63,720 SINA 38,845 China Unicom Hong Kong 62,991 Tencent Holdings 38,710 China Life Insurance 51,384 Haitong Securities 37,692 Gree Electric Appliances 39,493 Agricultural Bank of China 36,457 Evergrande Real Estate 39,166 Dongfeng Motor 35,632 Agile Property 38,615 China Unicom Hong Kong 35,425 China Telecom 35,558 Cheung Kong 33,876 China Resources Cement 33,264 Hengan International Group 33,043 China Pacific Insurance 32,616 China Minsheng Banking 32,938 New China Life Insurance 32,193 CITIC Securities 28,790 China National Building Material 31,749 BOC Hong Kong 27,060 Tangshan Jidong Cement 30,940

95 Baring International Umbrella Fund Appendix 2 (unaudited)

Appendix 2- Significant Portfolio Movements (Unaudited) Baring International Bond Fund

Purchases Cost Sales Proceeds US$'000 US$'000 Northern Trust Global Funds PLC - US Dollar Fund 21,427 Northern Trust Global Funds PLC - US Dollar Fund 22,866 Poland (Republic of) 5% 25/04/2016 9,872 Poland (Republic of) 5.75% Bond 23.09.2022 8,481 Poland (Republic of) 5.75% 25/04/2029 6,456 Poland (Republic of) 5.50% 25.10.2019 7,284 Italy (Republic of) 3.5% 01/06/2014 6,117 Sweden (Kingdom of) 3.00% 12.07.2016 6,458 Northern Trust Global Funds PLC - Sterling Fund 4,735 Northern Trust Global Funds - Sterling Fund 5,220 Norway (Kingdom of) 0% 20/03/2013 4,631 Queensland Treasury 6.00% 14.09.2017 5,014 Spain (Kingdom of) 3.75% 31/10/2015 4,628 Italy (Republic of) 2.00% 15.12.2012 4,952 Northern Trust Global Funds PLC - Euro Fund 4,430 New South Wales Treasury 5.50% 01.03.2017 4,517 Japan (Govt of) 1.7% 20/12/2031 3,528 Norway (Kingdom of) 0.00% 20.06.2012 4,385 United States Treasury Note/Bond 2.125% 15/08/2021 3,162 Northern Trust Global Funds - Euro Fund 4,228 South Africa (Republic of) 8% 21/12/2018 2,642 Hong Kong (Government of) 1.91% 21.03.2016 3,402 KFW 2.625% 25/01/2022 2,524 United States Treasury Note/Bond 2.125% 15.08.2021 2,730 Treasury Corporation of Victoria 5.5% 15/11/2018 2,516 Netherlands (Kingdom of) 3.75% 15.01.2023 2,145 Western Australian Treasury 7% 15/04/2015 2,490 Rabobank 5.50% 27.07.2012 1,567 Singapore Government Bond 2.25% 01/06/2021 1,661 Canada(Government of) 2.00% 01.06.2016 1,554 International Finance 7.5% 28/02/2013 1,547 Japan Finance Organization for Municipalities 1.90% 22.06.2018 1,529 Ontario (Province of) 4.25% 01/12/2021 1,519 Japan (Govt of) 1.10% 20.12.2021 1,461 Canada(Government of) 2.00% 01.06.2016 1,501 Mexican Bonos 8.00% 19.12.2013 1,448 New South Wales Treasury 5.5% 01/03/2017 1,374 Goldman Sachs 5.95% 15.01.2027 978 Mexican Bonos 6.5% 10/06/2021 1,278 Target 5.375% 01.05.2017 955

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