Barings Umbrella Fund Plc · 2020. 6. 29. · Barings Umbrella Fund Plc 3 Barings Umbrella Fund Plc...

Barings Umbrella Fund Plc(An Open-Ended Umbrella Investment Company with variable capital and segregated liability between Sub-Funds)

Condensed Interim Unaudited ReportFor the financial period ended 30 June 2017

Registered Number: 491487

1Barings Umbrella Fund Plc

Barings Umbrella Fund Plc

Condensed Interim Unaudited Reportfor the financial period ended 30 June 2017

Contents

Page

Directors and Other Information 2

Investment Managers’ Reports 3

Statement of Comprehensive Income 17

Statement of Financial Position 22

Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares 28

Statement of Cash Flows 33

Notes to the Financial Statements 38

Schedule of InvestmentsBarings Global Senior Secured Bond Fund 63Barings European High Yield Bond Fund 69Barings Global High Yield Bond Fund 75Barings Emerging Markets Corporate Bond Fund 84Barings Emerging Markets Local Debt Fund 92Barings Global Investment Grade Corporate Bond Fund 100Barings Emerging Markets Debt Short Duration Fund 107Barings Active Short Duration Fund 111Barings Emerging Markets Debt Blended Total Return Fund 121Barings Emerging Markets Sovereign Debt Fund 128Barings U.S. High Yield Bond Fund 134Barings U.S. Investment Grade Corporate Bond Fund 140Barings U.S. High Yield Bond Component Fund 150Barings U.S. Short Duration High Yield Bond Component Fund 154

Significant Changes In Portfolio CompositionBarings Global Senior Secured Bond Fund 156Barings European High Yield Bond Fund 158Barings Global High Yield Bond Fund 160Barings Emerging Markets Corporate Bond Fund 162Barings Emerging Markets Local Debt Fund 164Barings Global Investment Grade Corporate Bond Fund 165Barings Emerging Markets Debt Short Duration Fund 167Barings Active Short Duration Fund 169Barings Emerging Markets Debt Blended Total Return Fund 170Barings Emerging Markets Sovereign Debt Fund 171Barings U.S. High Yield Bond Fund 173Barings U.S. Investment Grade Corporate Bond Fund 175Barings U.S. High Yield Bond Component Fund 177Barings U.S. Short Duration High Yield Bond Component Fund 179

Additional Information for Investors in the Federal Republic of Germany 180

2 Barings Umbrella Fund Plc


Directors and Other Information

Directors

Mr. Oliver Burgel (UK resident, German national)Mr. James Cleary (Irish resident, Irish national)*Mr. Timothy Schulze (US resident, US national)Mr. Peter Clark (UK resident, UK national)(resigned with effect from 14 June 2017 )Ms. Barbara Healy (Irish resident, Irish national)*Mr. Julian Swayne (UK resident, UK national)(appointed with effect from 14 June 2017)Mr. David Conway (Irish resident, Irish national)(appointed with effect from 14 June 2017)

Registered Office

78 Sir John Rogerson’s QuayDublin 2Ireland

Investment Managers

Barings (U.K.) Limited61 AldwychLondon WC2B 4AEUnited Kingdom

Barings LLC550 S. Tryon StreetSuite 3300 CharlotteNorth Carolina 28202USA

Depositary

State Street Custodial Services (Ireland) Limited78 Sir John Rogerson’s QuayDublin 2Ireland

Administrator, Registrar, Transfer Agent

and Company Secretary

State Street Fund Services (Ireland) Limited78 Sir John Rogerson’s QuayDublin 2Ireland

Swiss Representative

UBS Fund Management (Switzerland) AGAeschenplatz 64052 BaselSwitzerland

Distributors

Barings (U.K.) Limited61 AldwychLondon WC2B 4AEUnited Kingdom

Barings Australia Pty LimitedLevel 22, Grosvenor Place225 George StreetSydney NSW 2000Australia

Barings Securities LLCIndependence Wharf470 Atlantic AvenueBoston, MA 02210United States

Independent Auditor

KPMGChartered Accountants1 Harbourmaster PlaceIFSCDublin 1Ireland

Legal Advisers

Matheson70 Sir John Rogerson’s QuayDublin 2Ireland

Swiss Paying Agent

UBS Switzerland AGBahnhofstrasse 458001 Zurich Switzerland

German Information Agent

UBS Europe SEBockenheimer Landstraße 2-460306 Frankfurt am MainGermany

*Independent Directors

Shareholders may obtain the prospectus, the Key Investor Information Document (KIID), the latest annual and semi-annualreports, the changes in the composition of the securities portfolio during the reporting period and copies of the Memorandumand Articles of Association free of charge from the registered office of the Manager, the Administrator, or the localrepresentatives in the countries where the Company is registered and in Switzerland at UBS Switzerland AG, Bahnhofstrasse45, 8001 Zurich, Switzerland.



Investment Managers’ Reportsfor the financial period ended 30 June 2017

Barings Global Senior Secured Bond Fund

Performance

In 2017, global high yield has seen a strong first half of the year driven by market technicals and fundamentals although newand recurring headwinds remain present. A strong corporate earnings season and demand for high yield have contributed topositive returns overall while renewed volatility in crude oil prices caused the Energy sector to be the performance laggardacross the market. As of June 30, the year-to-date return for the Bank of America Merrill Lynch BB/B Global High Yield SecuredBond Index was 4.70%.

During the period, market technicals remained firm with corporate fundamentals trending positive. Default rates across the highyield market remain low at 1.50% and are expected to stay range bound for the remainder of the year. While high yield net newissuance has been at historic lows, the issuance has predominantly been in the form of refinancing activity and higher in quality.Over the period, demand has outpaced supply and contributed to the strong technical picture. Outside of the reemergence ofEnergy sector volatility, a handful of macroeconomic data and events also remain in scope such as continued slower pace ofeconomic growth and investor uncertainty across the geopolitical landscape.

Crude oil prices began a rollercoaster of peaks and troughs over the past six months that ended with a 15.5% decline in priceper barrel from its high in mid-February and more recently hovering near November 2016 lows. Even as OPEC production cutsremain in place the effects of these discretional reductions remain to be seen. Crude oil price declines subsequently led tolower prices within the Energy sector resulting in notable underperformance year-to-date. As the second half of the year begins,a cautious optimism hangs over the future of crude oil prices while in the near-term expectations of continued volatility remain.

In the United States, the Federal Reserve voted to raise interest rates for the second time in 2017 as inflation rates extendedtheir decline. This leaves one additional rate hike left for the latter part of the year if Chairman Yellen follows through with theagreed upon three increases that was set forth late last year. Along with interest rate hikes, the Federal Reserve will be lookingto start winding down its $2 trillion balance sheet it began accumulating after the financial crisis as part of the governmentsquantitative easing efforts. Though the discussions have only surrounded allowing Treasuries to mature within the portfolio andnot actual sales of assets it remains to be seen how markets will react. As it stands, the recent rate hikes have had a negligibleeffect on global high yield.

In Europe, Central Banks continued a policy of credit easing and the British exit from the European Union negotiationscontinued with no substantial consequences. Several member states saw manufacturing and industrial productivity grow at itsfastest rate in six years as firms added to headcount at a record pace. High-profile elections took place in Great Britain andFrance, though markets remained steadfast as concerns of major disruptions receded. Most notably, the French took to thepolls in a resounding victory for centrist candidate Emmanuel Macron in May, delivering a defeat to right-wing nationalistcandidate, Marie LaPen, who, during her campaign, promised to pull the country out of the Eurozone. Strengthening ofeconomies across the Eurozone has provided the European Central Bank with some much needed flexibility as inflationnumbers posted higher than expected and prospects of policy tightening shown on the horizon.

For the past two months, the Fund has generated positive returns and has outperformed its benchmark.

Market & Outlook

In the coming months we will continue to monitor the geopolitical environment as well as the renewed instability in the energyspace. In North America and in Europe, we expect to see ongoing economic growth while labor markets continue to improveand domestic production expands. The U.S. political environment remains in the spotlight as a number of agenda items remainin progress including tax reform, healthcare and energy production regulations. As the second half of 2017 begins, crude oilprices, corporate earnings and overall market strength will be drivers of the global high yield market.

Barings (U.K.) Limited

Barings LLC

July 2017



Investment Managers’ Reportsfor the financial period ended 30 June 2017 (continued)

Barings European High Yield Bond Fund

Performance

The European High Yield Bond Fund generated a gross return of +0.02% for the month of June vs the index return of +0.12%.This brings the H1 returns to +4.24% (vs index of +3.89%), and Q2 returns to +2.26% (vs index of +2.04%). Some of the biggerpositive contributors over the second quarter consisted of names such as Valeant (a multi-national pharmaceutical company),and Takko (a leading German value fashion retailer). Valeant continues in a deleveraging mode, with the company resultsstabilising and the management remaining committed to repaying debt with cash flow and asset sale proceeds. Valeant alsoraised their full year adjusted EBITDA guidance, to which the market reacted positively and added support to the name. Takkois continuing to streamline their store footprint and reported a beat on EBITDA in their last set of results. Stock managementhas also become more efficient, with the company holding less of the older stock and thus reducing the discounting pressureon the overall portion of merchandise.

Some of the bigger negative contributors for the second quarter consisted of names such as KCA Deutag (a service providerto the oil and gas industry) and Concordia (a diverse healthcare company). KCA Deutag was subject to some more volatilitydue to the fluctuating oil price over the quarter, while the liquidity of the overall business remains strong (despite some weakercashflow on the back of working capital). We remain constructive on this name and expect the earnings to improve goingforward. Concordia has been subject to the enhanced volatility within the pharma sector, but the company is currently workingon its capital structure and the longer term business plan to improve the prospects of the company going forward. Despite thenear-term volatility that the company may continue to face, we believe in the robust business model and expect the credit toimprove over the longer term and thus remain comfortable with our holding.

Market & Outlook

Within the European high yield bond market, we continue to monitor the geopolitical events across Europe along with theinterest rate expectations in conjunction with the inflation outlook as we move through the second quarter of 2017. Despite thediverse nature of various economies within Europe, we expect to see stable but slow economic growth going forward while thecorporate earnings should remain on a robust footing. Although we expect the ongoing Brexit negotiation to continue as asource of potential volatility going forward, the positives of the Macron victory in France along with the generally improvingoutlook for the Eurozone along with the carefully managed easing and rate outlook from Mr Draghi remain at the forefront of thebigger picture items while the bid for yield from the diverse investor base continues strong.


Barings LLC

July 2017




Barings Global High Yield Bond Fund

Performance

In 2017, global high yield has seen a strong first half of the year driven by market technicals and fundamentals although newand recurring headwinds remain present. A strong corporate earnings season and demand for high yield have contributed topositive returns overall while renewed volatility in crude oil prices caused the Energy sector to be the performance laggardacross the market. As of June 30, the year-to-date return for the Bank of America Merrill Lynch Non-Financial DevelopedMarkets High Yield Constrained Index was 4.85%.

During the period, market technicals remained firm with corporate fundamentals trending positive. Default rates across the highyield market remain low at 1.50% and are expected to stay range bound for the remainder of the year. While high yield net newissuance has been at historic lows, the issuance has predominantly been in the form of refinancing activity and higher in quality.Over the period, demand has outpaced supply and contributed to the strong technical picture. Outside of the reemergence ofEnergy sector volatility, a handful of macroeconomic data and events also remain in scope such as the continued slower paceof economic growth and investor uncertainty across the geopolitical landscape.

Crude oil prices began a rollercoaster of peaks and troughs over the past six months that ended with a 15.5% decline in priceper barrel from its high in mid-February and more recently hovering near November 2016 lows. Even as OPEC production cutsremain in place the effects of these discretional reductions remain to be seen. Crude oil price declines subsequently led tolower prices within the Energy sector resulting in notable underperformance year-to-date. As the second half of the year begins,a cautious optimism hangs over the future of crude oil prices while in the near-term expectations of continued volatility remain.

In the United States, the Federal Reserve voted to raise interest rates for the second time in 2017 as inflation rates extendedtheir decline. This leaves one additional rate hike left for the latter part of the year if Chairman Yellen follows through with theagreed upon three increases that was set forth late last year. Along with interest rate hikes, the Federal Reserve will be lookingto start winding down its $2 trillion balance sheet it began accumulating after the financial crisis as part of the governmentsquantitative easing efforts. Though the discussions have only surrounded allowing Treasuries to mature within the portfolio andnot actual sales of assets it remains to be seen how markets will react. As it stands, the recent rate hikes have had a negligibleeffect on global high yield.

In Europe, Central Banks continued a policy of credit easing and the British exit from the European Union negotiationscontinued with no substantial consequences. Several member states saw manufacturing and industrial productivity grow at itsfastest rate in six years as firms added to headcount at a record pace. High-profile elections took place in Great Britain andFrance, though markets remained steadfast as concerns of major disruptions receded. Most notably, the French took to thepolls in a resounding victory for centrist candidate Emmanuel Macron in May, delivering a defeat to right-wing nationalistcandidate, Marie LaPen, who, during her campaign, promised to pull the country out of the Eurozone. Strengthening ofeconomies across the Eurozone has provided the European Central Bank with some much needed flexibility as inflationnumbers posted higher than expected and prospects of policy tightening shown on the horizon.

Since its inception in May 2012, the Fund has generated positive returns and has outperformed its benchmark.

Market & Outlook

In the coming months we will continue to monitor the geopolitical environment as well as the renewed instability in the energyspace. In North America and in Europe, we expect to see ongoing economic growth while labor markets continue to improveand domestic production expands. The U.S. political environment remains in the spotlight as a number of agenda items remainin progress including tax reform, healthcare and energy production regulations. As the second half of 2017 begins, crude oilprices, corporate earnings and overall market strength will be drivers of the global high yield market.


Barings LLC

July 2017


Barings Emerging Markets Corporate Bond Fund

Performance

During the first half of 2017, Emerging Markets corporate debt rallied on the back of a positive macroeconomic backdrop,stable commodity prices, improving fundamentals and strong investor demand for new issuances. Further support for EMcorporates comes from significant cost cutting initiatives, capex cuts and asset sales, resulting in lower leverage and overallhealthier balance sheets. Additionally, since commodities turned the corner in 2016, default rates have declined along withimproving economies, especially across Latin America.

During the reporting period, the Fund generated a net of fees return of 5.07%, outperforming the J.P. Morgan CEMBI BroadDiversified index, which returned 5.01%.

Historical performance is no indicator of current or future performance. The performance data does not take into account of anycommissions and costs charged when subscribing and redeeming shares.

Market & Outlook

We believe EM corporate debt will continue to benefit from an increasingly stable macroeconomic environment and a gradualpickup in EM growth. Capex adjustments and cost reductions that we saw throughout 2016 and into the first half of 2017 aretranslating into improvements in credit fundamentals. As we look towards the second half of 2017, selectivity and activemanagement are critical. In our view, a disciplined, bottom-up approach to credit selection is paramount to seeking the mostattractive risk-reward opportunities in the growing EM corporate asset class.


Barings LLC

July 2017




Barings Emerging Markets Local Debt Fund

Performance

During the first half of 2017, Emerging Markets Local Debt turned in strong double-digit performance with returns coming fromboth rates and currencies. EM currencies, overall, are at their strongest levels in years and reflect the significant fiscaladjustments and reforms many countries have made over the past few years (up 4.42% YTD). EM local rates have performedwell as a result of moderate growth, strong global trade, and low inflation across many local markets. During the reportingperiod, the Fund generated a net of fees return of 12.76%, outperforming the J.P. Morgan GBI-EMGD that returned 10.36%.


Market & Outlook

• We remain optimistic that some Emerging Markets headwinds are in the process of becoming tailwinds for manyeconomies.

• EM countries continue to make meaningful adjustments to their current accounts to accommodate lower commodityrevenues and continue to diversify and compete for export market share.

• Global inflation may rise but will likely remain relatively subdued and manageable over the next several years. Due tothe reduced inflationary pressures, we expect to see lower overall interest rates in countries with floating currencies andcredible central bank policies, where nominal yields offer significant compensation for risk.

• The portfolio continues to add to constructive positioning on selecte European and Latin American currencies, less soon Asian currencies, while maintaining a watchful eye on commodity prices.

• The portfolio continues to be positioned in selective rates where inflation is falling along with narrowing current accountdeficits. A picture of global disinflation should remain favorable for emerging markets local debt and the Fund.


Barings LLC

July 2017




Barings Global Investment Grade Corporate Bond Fund

Performance

The Fund returned 4.12%, outperforming the Bloomberg Barclays Global Aggregate Corporate Index, which returned 3.88%for the period.

While the U.S. Federal Reserve has been in the process of tightening monetary policy, the European and UK Central Bankshave recently started to discuss the possibility of the conclusion of easy policies. Despite signaling policy changes to markets,global rates, as measured by 10-year securities with the exception of the German Bund, ended at roughly the same yield levelto start the year. While rates traded in a tight range, spreads were tighter for the period. Spreads on the Bloomberg BarclaysGlobal Aggregate Corporate Index tightened 16 basis points. Financials led the way and were tighter by 21 bps, whileIndustrials tightened 13bps. Financials now trade approximately 2 bps wide of Industrials.

Corporate fundamentals are arguably stretched, with many companies exhibiting high net leverage, low coverage, and slightlyhigher margins. On the positive side, the fundamental deterioration appears to have stalled on both a quarter-over-quarter andyear-over-year basis. While leverage and coverage have worsened year-over-year, they continue to improve on a quarter-over-quarter basis. The investment grade market experienced heavy supply the first six months of the year. At the end of June, year-to-date issuance reached $793.6billion, $7.2 billion below this time last year. This elevated issuance is due in large part tocompanies looking to get ahead of potential rates rising and take advantage of continued strong demand. Notably, even withthe near-record issuance year-to-date, secondary volumes, as measured by TRACE, are at all-time highs. There have also beenstrong flows between buyers and sellers as demand remains healthy for the asset class.

Fund performance benefitted positively from an underweight to banking relative to the index and security selection in the retailsector. The Fund has been selective in retail due to tight spreads, lower foot traffic, and continued technology disruptions. Anoverweight to the Metals & Mining sector detracted from Fund returns. Fund positioning is neutral to the index in maturitieslonger than 10 years with the tighter spread environment. Going forward, fundamentals appear to be stabilizing to modestlyimproving with a tailwind from a softer US dollar and better global earnings. Against this backdrop, spreads may grind tighteras demand for yield and investment grade corporate paper looks to remain sound, even as flows from Europe have slowed.


Barings LLC

July 2017




Barings Emerging Markets Debt Short Duration Fund

Performance

During the first half of 2017, Emerging Markets corporate debt rallied on the back of a positive macroeconomic backdrop,stable commodity prices, improving fundamentals and strong investor demand for new issuances. Further support for EMcorporates comes from significant cost cutting initiatives, capex cuts and asset sales, resulting in lower leverage and overallhealthier balance sheets. Additionally, since commodities turned the corner in 1Q 2016, default rates have declined along withimproving economies, especially across Latin America.

EM fixed income cumulative fund flows ended the year at +$64 billion, a 5-year high. Total new issuance for 2017 stands at$233 billion, which I one of the strongest on record. With its low duration exposure, the Fund provides protection in a low interestrate environment and exhibited optimal risk/return characteristics.

During the reporting period, the Fund generated a net of fees return of 2.86%.


Market & Outlook

We believe EM corporate debt will continue to benefit from an increasingly stable macroeconomic environment and a gradualpickup in EM growth. Capex and cost reductions observed throughout 2016-2017 should translate into improvements in creditfundamentals. Going into the second half of 2017, selectivity and active management are critical. In our view, a disciplined,bottom-up approach to credit selection is paramount to seeking attractive risk-reward opportunities in the growing EMcorporate asset class. There are several macroeconomic factors that we believe will continue to be supportive of EM corporatedebt, including GDP growth in Asia and Latin America. Technicals remain favorable and over the next 6 months, we do notexpect to see sharp reversals in fund flows. Net financing is expected to stay subdued as a result of continued liabilitymanagement among EM corporates.


Barings LLC

July 2017




Barings Active Short Duration Fund

Performance

The Fund returned 2.07% versus 0.58% for the Barclays 1-3 Year Government Index for the six-month period.

The year started with a steep yield curve, prospect for further rate hikes, and increasing inflation expectations with the potentialfor healthy fiscal stimulus. As the period progressed, growth and inflation premiums priced into the market receded. The U.S.Federal Reserve did increase rates at the March and June FOMC meeting and may hike one more time closer towards the endof the year. Due to the interest rate hike, the short-end of the yield curve between 3 months and years flattened starting in Aprilas expectations for higher growth and inflation dissipated. A reversal of energy prices further dampened the prospects forhigher inflation.

With a flattening of the yield curve, the duration of the Fund shortened to 1.0 years at the end of the period in accordance withour duration management process. The duration will likely continue to shorten towards its minimum of three months as the yieldcurve remains flat. The Fund will continue to maintain an underweight in both Treasury and Agency securities with an activeallocation to securitized and corporate credit. The corporate allocation is at approximately 44.0%, with 37% in investment gradecorporates, 5% in BB-rated and crossover high yield, and 2.3% in U.S. dollar-denominated emerging markets. U.S. moneycenters and regional banks represent the largest corporate allocation to the Fund. Away from the banking sector, insurance stilloffers attractive income opportunities with decent fundamentals. The Securitized ABS allocation was maintained at 25.6%.Student loans represent the largest allocation, followed by automotive loan collateral. Additional ABS subsectors consist oftimeshares and franchise receivables. The Fund maintains an active positioning in RMBS and CMBS, where holdings remainin shorter-maturity seasoned issues.

Duration positioning positively contributed to performance. The front-end of the yield curve, between 3 months and 3 years,was steep to end 2016, and the Fund was in the process of lengthening duration towards its maximum of 3.0 years. Since April,the slope points along the curve we monitor started to flatten. In accordance with our duration management process, the Fundshortened duration to 1.0 years. The Fund’s allocation to corporate credit contributed positively to performance. Corporatespreads have tightened since the beginning of the year to help performance. The securitized sector positively impactedperformance over the period. Asset Backed Securities was the primary contributor. An allocation to student loans was thelargest contributing subsector.


Barings LLC

July 2017




Barings Emerging Markets Debt Blended Total Return Fund

Performance

Emerging Markets Debt performed well during the first half of 2017 as central banks remained dovish despite hikes in the U.S.and taper talk from the ECB, global growth continues to improve and import demand remains strong. Trade balances for mostEM economies have been improving steadily since 2012. Higher export volumes and prices should continue to help improvetrade balances of most EM economies over the next 12 months. Flows, a former headwind, has become a significant tailwindwith more than $64 billion of flows across EM Corporate, Sovereign and Local, having surpassed 2016 total flows of $42.7billion. The significant increase in flows is supportive of tighter hard currency spreads as well as stronger currencies.

For the first 6 months of 2017, the EM Debt Blended Total Return Fund returned 10.71% (net of fees).

Historical performance is no indicator of current or future performance. The performance data does not take account of anycommissions and costs charged when subscribing and redeeming shares.

Market & Outlook

• Developed market fiscal policies are likely to remain expansionary for the next 12 months, providing further support forglobal growth, which should continue to benefit emerging markets.

• Global inflation may rise but will likely remain relatively subdued and manageable over the next several years. Due tothe reduced inflationary pressures, we expect to see lower overall interest rates in countries with floating currencies andcredible central bank policies, where nominal yields offer significant compensation for risk.

• EM corporate debt should continue to perform well over the second half of 2017 given the favorable macro trends,meaningful steps to strengthen balance sheets and deleverage, stable commodity prices and improving sovereignstories across Europe and Latin America.

• EM corporate fundamentals are improving and will likely continue to benefit from an increasingly stable macroeconomicenvironment.

• Technicals remain favorable and over the next year, we do not expect to see sharp reversals in fund flows, which are attheir strongest levels since 2012. Net financing is expected to stay subdued as a result of continued liabilitymanagement among EM corporates. Also supportive of the asset class, cash flows from amortizations and coupons areexpected to remain robust in the coming years.


Barings LLC

July 2017






Barings Emerging Markets Sovereign Debt Fund

Performance

During first 6 months of 2017, EM sovereign debt, as defined by the JPMorgan EMBI Global Diversified Index, returned 6.19%on the back of healthy global growth, strong import demand from the U.S. and Europe, improving trade balances and strongflows into EM Debt. The Barings Emerging Markets Sovereign Debt Fund returned 7.94% outperforming its benchmark over thesame period by 1.75%.

Historical performance is no indicator of current or future performance. The performance data does not take account of anycommissions and costs charged when subscribing and redeeming shares.

Market & Outlook

• Developed market fiscal policies are likely to remain expansionary for the next 12 months, providing further support forglobal growth, which should continue to benefit emerging markets.

• Global inflation may rise but will likely remain relatively subdued and manageable over the next several years. Due tothe lower inflationary pressures, we expect to see lower overall interest rates in countries with floating currencies andcredible central bank policies, where nominal yields offer significant compensation for risk.

• We continue to favor select Latin American and Eastern European countries which have made meaningful fiscaladjustments on the back of lower currency prices and sovereigns which are the beneficiaries of a pickup in US and Euroarea growth.


Barings LLC

July 2017


Barings U.S. High Yield Bond Fund

Performance

In 2017, U.S. high yield has seen a strong first half of the year driven by market technicals and fundamentals although new andrecurring headwinds remain present. A strong corporate earnings season and demand for high yield have contributed topositive returns overall while renewed volatility in crude oil prices caused the Energy sector to be the performance laggardacross the market. As of June 30, the year-to-date return for the Barclays U.S. Corporate High Yield Index was 4.93%.

During the period, market technicals and fundamentals have continued to drive positive returns. Corporate trends havecontinued to buoy returns as a strong earnings season and low default rate have driven up demand for high yield, outpacingsupply. While high yield net new issuance has been at historic lows, the issuance has predominantly been in the form ofrefinancing activity and higher in quality. This imbalance has been the backdrop for a strong technical picture in the U.S. highyield market.

The most notable story during the first half of 2017 has been the renewed crude oil price volatility and its effects on Energysector returns. By the end of June, crude oil experienced a 15.5% decline in price per barrel from its high in mid-February andmore recently hovering near November 2016 lows. The sharp decline further led to declines within the Energy sector as a wholeputting emphasis on the growing uncertainty over the short term outlook of oil and gas producers. Crude oil fell below $43 perbarrel in mid-June before recovering modestly by month-end.

On the macroeconomic level, expectations continue for slower to moderate growth coupled with a low rate environment. OnJune 15th, the Federal Reserve voted to raise interest rates for the second time in 2017 as U.S. inflation rates extended theirdecline. This leaves one additional rate hike left for the latter part of the year if Chairman Yellen follows through with the agreedupon three increases that was set forth late last year. Along with interest rate hikes, the Federal Reserve will be looking to startwinding down its $2 trillion balance sheet it began accumulating after the financial crisis as part of the governments quantitativeeasing efforts. Though the discussions have only surrounded allowing Treasuries to mature within the portfolio and not actualsales of assets it remains to be seen how markets will react. As it stands, the recent rate hikes have had a negligible effect onthe high yield market.

Market & Outlook

In the coming months we will continue to monitor the geopolitical environment as well as the renewed instability in the energyspace. We expect to see ongoing economic growth while labor markets continue to improve and domestic production expands.The U.S. political environment remains in the spotlight as a number of agenda items remain in progress including tax reform,healthcare and energy production regulations. As the second half of 2017 begins, crude oil prices, corporate earnings andoverall market strength will be drivers of the high yield market.


Barings LLC

July 2017




Barings U.S. Investment Grade Corporate Bond Fund

Performance

The Fund returned 4.26%, outperforming the Bloomberg Barclays U.S. Credit Index, which returned 4.04% for the period ofDecember to July. Performance was bolstered by tighter investment grade corporate bond spreads and benign interest rateenvironment trading in a tight range over the last six months. For the period, U.S. corporate spreads were tighter by 14 basispoints, as measured by the Bloomberg Barclays U.S. Credit. Financials led the way, tightening by 17bps, followed by industrialstightening 13bps.

Investment grade corporate fundamentals have been somewhat stretched across the board, with many companies exhibitinghigh net leverage, low coverage, and slightly higher margins. On the positive side, the fundamental deterioration appears tohave stalled and both quarter-over-quarter and year-over-year revenue growth have been healthy at 2.3% and 1.5%,respectively. According to J.P. Morgan, this is the strongest quarterly performance in 22 quarters. Despite fundamentals, themarket was coming off a record in new issuance during 2016. Heavy new issuance continued into 2017, and at the end of June,year-to-date issuance reached $706 billion, only $12 billion below this time last year. This elevated issuance is due in large partto companies looking to get ahead of potential rates rising and take advantage of continued strong demand. Even with the nearrecord issuance, secondary volumes have been high, as there has been good flow between buyers and sellers.

Fund performance positively benefitted from security selection in Electric Utilities and Life Insurance Companies, where bothsectors represent overweights relative to the benchmark. The Oil Equipment sector was the primary detractor. The Fund hasbeen exiting shorter maturity names where spreads have tightened significantly. Positioning is also neutral to the index inmaturities longer than 10 years. We continue to believe spreads will tighten modestly this year, driven by the technical backdropbetween buyers and sellers.


Barings LLC

July 2017




Barings U.S. High Yield Bond Component Fund

Performance

In 2017, U.S. high yield has seen a strong first half of the year driven by market technicals and fundamentals although new andrecurring headwinds remain present. A strong corporate earnings season and demand for high yield have contributed topositive returns overall while renewed volatility in crude oil prices caused the Energy sector to be the performance laggardacross the market. As of June 30, the year-to-date return for the Barclays U.S. Corporate High Yield Index was 4.93%.



On the macroeconomic level, expectations continue for slower to moderate growth coupled with a low rate environment. OnJune 15th, the Federal Reserve voted to raise interest rates for the second time in 2017 as U.S. inflation rates extended theirdecline. As it stands, the recent rate hikes have had a negligible effect on the high yield market. Along with interest rate hikes,the Federal Reserve will be looking to start winding down its $2 trillion balance sheet it began accumulating after the financialcrisis as part of the governments quantitative easing efforts.

Market & Outlook



Barings LLC

July 2017




Barings U.S. Short Duration High Yield Bond Component Fund

Performance

In 2017, U.S. high yield has seen a strong first half of the year driven by market technicals and fundamentals although new andrecurring headwinds remain present. A strong corporate earnings season and demand for high yield have contributed topositive returns overall while renewed volatility in crude oil prices caused the Energy sector to be the performance laggardacross the market.



On the macroeconomic level, expectations continue for slower to moderate growth coupled with a low rate environment. OnJune 15th, the Federal Reserve voted to raise interest rates for the second time in 2017 as U.S. inflation rates extended theirdecline. As it stands, the recent rate hikes have had a negligible effect on the high yield market. Along with interest rate hikes,the Federal Reserve will be looking to start winding down its $2 trillion balance sheet it began accumulating after the financialcrisis as part of the governments quantitative easing efforts.

Market & Outlook



Barings LLC

July 2017




Note

Interest income from financial assets designated at fair value through profit or loss:Income from investments

- Realised (loss)/gain on investments- Unrealised gain/(loss) on investments- Realised (loss)/gain on derivatives- Unrealised gain/(loss) on derivatives

Other income- Net gain/(loss) on foreign exchange- Miscellaneous income- Management fee Reimbursement 4

Net operating income

Operating expenses

Finance Costs

Distributions 11Bank interest

increase in net assets

attributable to holders of

redeemable shares before tax

Taxation

Non-recoverable withholding tax

Change in net assets attributable

to holders of redeemable shares

There are no recognised gains or losses in the financial period other than those dealt with in the Statement of Comprehensive Income and accordingly no statement of total recognisedgains and losses has been presented.

All results are from continuing operations.

The accompanying notes are an integral part of the financial statements.

Barings

Global

Senior Secured

Bond Fund

period ended

30 June 2017

US$

6,620,185

(2,416,744)12,959,093 (1,014,590)

920,597

29,434 --

––––––––––––––17,097,975

––––––––––––––

(506,499)

(3,576,247)(2,106)

––––––––––––––

13,013,123

(1,254)––––––––––––––

13,011,869

––––––––––––––––––––––––––––

Barings

European

High Yield

Bond Fund

period ended

30 June 2017

€

10,296,900

2,625,199 (5,017,373)1,351,611 1,594,634

10,941 --

––––––––––––––10,861,912

––––––––––––––

(676,960)

(411,416)(13,841)

––––––––––––––

9,759,695

(2,623)––––––––––––––

9,757,072

––––––––––––––––––––––––––––

Barings

Global

High Yield

Bond Fund

period ended

30 June 2017

US$

18,939,386

8,571,567 6,062,164 4,990,258 9,638,182

233,086 --

––––––––––––––48,434,643

––––––––––––––

(1,219,888)

(3,098)(3,614)

––––––––––––––

47,208,043

(34,113)––––––––––––––

47,173,930

––––––––––––––––––––––––––––

Barings

Emerging

Markets

Corporate

Bond Fund

period ended

30 June 2017

US$

3,026,511

980,591 2,552,256

(43,853)(298,056)

(22,592)8,378

-––––––––––––––

6,203,235

––––––––––––––

(484,327)

(16,083)(2,939)

––––––––––––––

5,699,886

(706)––––––––––––––

5,699,180

––––––––––––––––––––––––––––

Barings

Emerging

Markets

Local

Debt Fund

period ended

30 June 2017

US$

10,062,861

(4,176,672)21,825,849 6,018,739 3,566,692

631,504 61,084

-––––––––––––––

37,990,057

––––––––––––––

(1,343,244)

-(33,779)

––––––––––––––

36,613,034

(538,094)––––––––––––––

36,074,940

––––––––––––––––––––––––––––


Statement of Comprehensive Incomefor the financial period ended 30 June 2017


Note


- Realised (loss)/gain on investments- Unrealised gain on investments- Realised (loss)/gain on derivatives- Unrealised (loss)/gain on derivatives

Other income- Net gain/(loss) on foreign exchange- Miscellaneous income- Management fee Reimbursement 4


Operating expenses

Finance Costs


Increase in net assets



Taxation







Barings

Global

Investment

Grade

Corporate

Bond Fund

period ended

30 June 2017

US$

824,946

(232,374)1,441,652 (473,615)(274,713)

28,387 1,308

36,159 ––––––––––––––

1,351,750

––––––––––––––

(94,918)

(781,883)(1,914)

––––––––––––––

473,035

(72)––––––––––––––

472,963

––––––––––––––––––––––––––––

Barings

Emerging

Markets

Debt Short

Duration

Fund

period ended

30 June 2017

US$

893,389

(54,466)216,270 99,075 16,941

(5,288)-

22,885 ––––––––––––––

1,188,806

––––––––––––––

(128,954)

(533,247)(180)

––––––––––––––

526,425

-––––––––––––––

526,425

––––––––––––––––––––––––––––

Barings

Active

Short Duration

Fund

period ended

30 June 2017

US$

750,278

(82,860)266,617 156,310 324,784

275 5,241

38,298 ––––––––––––––

1,458,943

––––––––––––––

(102,681)

-(584)

––––––––––––––

1,355,678

(79)––––––––––––––

1,355,599

––––––––––––––––––––––––––––

Barings

Emerging

Markets

Debt Blended

Total Return

Fund

period ended

30 June 2017

US$

2,666,026

(407,091)5,574,491 2,168,365

(53,367)

84,675 114,640

-––––––––––––––

10,147,739

––––––––––––––

(454,391)

(1,763,238)(12,497)

––––––––––––––

7,917,613

(58,070)––––––––––––––

7,859,543

––––––––––––––––––––––––––––

Barings

Emerging

Markets

Sovereign Debt

Fund

period ended

30 June 2017

US$

676,790

238,961 766,601 75,418

(11,673)

(6,972)23,744 24,191

––––––––––––––1,787,060

––––––––––––––

(111,058)

(587,792)(40)

––––––––––––––

1,088,170

(780)––––––––––––––

1,087,390

––––––––––––––––––––––––––––


Statement of Comprehensive Incomefor the financial period ended 30 June 2017 (continued)




Note


- Realised gain/(loss) on investments- Unrealised (loss)/gain on investments- Realised gain/(loss) on derivatives- Unrealised gain/(loss) on derivatives

Other income- Net gain on foreign exchange- Miscellaneous income- Management fee Reimbursement 4


Operating expenses

Finance Costs


Increase in net assets



Taxation




*This Sub-Fund launched on 1 July 2016, therefore there are no comparative figures.**This Sub-Fund launched on 18 January 2017, therefore there are no comparative figures.***This Sub-Fund launched on 15 February 2017, therefore there are no comparative figures.




Barings

U.S. High Yield

Bond Fund

period ended

30 June 2017

US$

9,568,869

7,054,938 (674,473)

74,797 189,583

---

––––––––––––––16,213,714

––––––––––––––

(502,056)

(16,173)(998)

––––––––––––––

15,694,487

(17,923)––––––––––––––

15,676,564

––––––––––––––––––––––––––––

Barings

U.S. Investment

Grade

Corporate

Bond Fund*

period ended

30 June 2017

US$

4,697,177

(607,770)4,456,320 (159,926)(53,443)

--

16,986 ––––––––––––––

8,349,344

––––––––––––––

(283,376)

-(294)

––––––––––––––

8,065,674

(1,203)––––––––––––––

8,064,471

––––––––––––––––––––––––––––

Barings

U.S. High Yield

Bond Component

Fund**

period ended

30 June 2017

US$

3,566,764

456,426 1,164,431

--

---

––––––––––––––5,187,621

––––––––––––––

(73,410)

(71,478)-

––––––––––––––

5,042,733

(16,419)––––––––––––––

5,026,314

––––––––––––––––––––––––––––

Barings

U.S. Short

Duration

High Yield Bond

Component

Fund***

period ended

30 June 2017

US$

1,549,563

(32,669)243,600

--

---

––––––––––––––1,760,494

––––––––––––––

(48,477)

(20,863)(134)

––––––––––––––

1,691,020

(3,555)––––––––––––––

1,687,465

––––––––––––––––––––––––––––

Company

Total

period ended

30 June 2017

US$

75,032,578

12,144,690 51,402,398 13,359,799 15,698,445

984,399 214,395 138,519

––––––––––––––168,975,223

––––––––––––––

(6,088,944)

(7,817,195)(74,120)

––––––––––––––

154,994,964

(675,118)––––––––––––––

154,319,846

––––––––––––––––––––––––––––



Statement of Comprehensive Incomefor the financial period ended 30 June 2016

Note

Interest income from financial assetsdesignated at fair value through profit or loss:Dividend income from financial asset designated at fair value through profit or lossIncome from investments

- Realised (loss)/gain on investments- Unrealised gain/(loss) on investments- Realised gain/(loss) on derivatives- Unrealised (loss)/gain on derivatives

Other income- Net (loss)/gain on foreign exchange- Miscellaneous income- Management fee Reimbursement 4


Operating expenses

Finance Costs


Increase in net assets attributable to

holders of redeemable shares before tax

Taxation




There are no recognised gains or losses in the financial period other than those dealt with in the Statement of Comprehensive Income and accordingly no statement oftotal recognised gains and losses has been presented.



Barings

Global

Senior Secured

Bond Fund

period ended

30 June 2016

US$

7,229,583

848

(5,096,224)3,395,1351,165,120

(49,158)

(127,426)--

––––––––––––––6,517,878

––––––––––––––

(600,582)

(4,454,427)(1,495)

––––––––––––––

1,461,374

-––––––––––––––

1,461,374

––––––––––––––––––––––––––––

Barings

European

High Yield

Bond Fund

period ended

30 June 2016

€

1,941,733

-

(25,824)(3,562,657)1,389,8411,782,661

(69,157)-

9,131––––––––––––––

1,465,728

––––––––––––––

(163,058)

(157,111)(6,856)

––––––––––––––

1,138,703

-––––––––––––––

1,138,703

––––––––––––––––––––––––––––

Barings

Global

High Yield

Bond Fund

period ended

30 June 2016

US$

14,389,750

7,599

1,342,87011,666,0809,150,347

(2,594,754)

(104,431)--

––––––––––––––33,857,461

––––––––––––––

(782,564)

(19,354)(5,838)

––––––––––––––

33,049,705

(19,649)––––––––––––––

33,030,056

––––––––––––––––––––––––––––

Barings

Emerging

Markets

Corporate

Bond Fund

period ended

30 June 2016

US$

2,820,583

-

(2,521,013)6,805,153

112,486438,869

(66,277)--

––––––––––––––7,589,801

––––––––––––––

(456,006)

(52,555)(3,569)

––––––––––––––

7,077,671

(125)––––––––––––––

7,077,546

––––––––––––––––––––––––––––

Barings

Emerging

Markets

Local

Debt Fund

period ended

30 June 2016

US$

4,066,118

-

(105,082)12,609,402

(852,772)2,753,640

15,9653,234

-––––––––––––––

18,490,505

––––––––––––––

(540,257)

-(823)

––––––––––––––

17,949,425

(183,571)––––––––––––––

17,765,854

––––––––––––––––––––––––––––

Barings

Global

Investment

Grade

Corporate Bond

Fund

period ended

30 June 2016

US$

948,703

-

(2,591,899)5,304,917(137,432)213,063

(54,926)-

44,715––––––––––––––

3,727,141

––––––––––––––

(141,691)

(462,393)(919)

––––––––––––––

3,122,138

(3,145)––––––––––––––

3,118,993

––––––––––––––––––––––––––––




Note

Interest income from financial assetsdesignated at fair value through profit or loss:Dividend income from financial asset designated at fair value through profit or lossIncome from investments

- Realised (loss)/gain on investments- Unrealised gain on investments- Realised gain/(loss) on derivatives- Unrealised gain/(loss) on derivatives

Other income- Net (loss)/gain on foreign exchange- Miscellaneous income- Management fee Reimbursement 4


Operating expenses

Finance Costs


Increase in net assets attributable to

holders of redeemable shares before tax

Taxation




There are no recognised gains or losses in the financial period other than those dealt with in the Statement of Comprehensive Income and accordingly no statement oftotal recognised gains and losses has been presented.



Barings

Emerging

Markets

Debt Short

Duration

Fund

period ended

30 June 2016

US$

483,183

-

(17,237)572,757

4,33327,839

(6,734)-

39,052––––––––––––––

1,103,193

––––––––––––––

(109,715)

(253,745)(17)

––––––––––––––

739,716

-––––––––––––––

739,716

––––––––––––––––––––––––––––

Barings

Active

Short Duration

Fund

period ended

30 June 2016

US$

768,996

898

(268,614)1,139,122

176,541(123,758)

-9

39,688––––––––––––––

1,732,882

––––––––––––––

(127,473)

(203,440)(181)

––––––––––––––

1,401,788

(463)––––––––––––––

1,401,325

––––––––––––––––––––––––––––

Barings

Emerging

Markets

Debt Blended

Total Return

Fund

period ended

30 June 2016

US$

2,181,964

-

(1,588,925)6,324,552

(2,735,256)(534,530)

136,55198

2,932––––––––––––––

3,787,386

––––––––––––––

(346,917)

(909,000)(2,190)

––––––––––––––

2,529,279

(35,238)––––––––––––––

2,494,041

––––––––––––––––––––––––––––

Barings

Emerging

Markets

Sovereign Debt

Fund

period ended

30 June 2016

US$

687,450

-

249,1901,193,801

47,58921,663

(980)2,161

30,549––––––––––––––

2,231,423

––––––––––––––

(112,290)

(248,793)(8)

––––––––––––––

1,870,332

(368)––––––––––––––

1,869,964

––––––––––––––––––––––––––––

Barings

U.S. High Yield

Bond Fund

period ended

30 June 2016

US$

5,016,593

-

1,032,2527,363,284

-(366,097)

---

––––––––––––––13,046,032

––––––––––––––

(222,077)

-(3,272)

––––––––––––––

12,820,683

(6,197)––––––––––––––

12,814,486

––––––––––––––––––––––––––––

Company

Total

period ended

30 June 2016

US$

40,752,667

9,345

(9,593,405)52,411,5438,476,8441,769,589

(285,180)5,502

167,092––––––––––––––

93,713,997

––––––––––––––

(3,620,938)

(6,778,458)(25,938)

––––––––––––––

83,288,663

(248,756)––––––––––––––

83,039,907

––––––––––––––––––––––––––––



Statement of Financial Positionas at 30 June 2017

NoteAssetsFinancial assets designated at fair value through profit or loss:

- Investments at fair valueFinancial assets held for trading:

- Interest rate swaps- Credit default swaps- Options- Futures contracts- Forward foreign currency

exchange contracts

Receivable for fund shares soldReceivable for management fee reimbursement 4Receivable for investments soldInterest receivableOther debtorsAmounts due from brokerCash and cash equivalents

Total assets

LiabilitiesFinancial liabilities held for trading:

- Interest rate swaps- Credit default swaps- Currency rate swaps- Futures contracts- Forward foreign currency

exchange contracts

Amounts due to brokerPayable for fund shares purchasedPayable for investments purchasedOther payables and accrued expenses

Total liabilities (excluding net assets attributable to holders of redeemable shares)

Net assets attributable to holders of redeemable participating shares at mid market prices


BaringsGlobal

Senior SecuredBond Fund

30 June 2017US$

193,985,001

----

1,215,033

271,530

- 3,309,968 3,275,982

--

4,152,183 ––––––––––––––

206,209,697 ––––––––––––––

----

(1,156,433)

-(5,550,847)(2,018,575)

(85,721)––––––––––––––

(8,811,576)––––––––––––––

197,398,121 ––––––––––––––––––––––––––––

BaringsEuropeanHigh Yield

Bond Fund30 June 2017

€

347,953,108

----

2,486,381

22,549

-3,885,509 5,755,879

-

3,978,933 ––––––––––––––

364,082,359 ––––––––––––––

----

(938,885)

--

(2,412,874)(125,804)

––––––––––––––

(3,477,563)––––––––––––––

360,604,796 ––––––––––––––––––––––––––––

BaringsGlobal

High YieldBond Fund

30 June 2017US$

619,257,815

----

5,647,368

41,951

-10,110,438 9,794,333

3,289 -

7,982,811 ––––––––––––––

652,838,005 ––––––––––––––

----

(1,423,379)

-(15,011,755)(22,673,484)

(237,731)––––––––––––––

(39,346,349)––––––––––––––

613,491,656 ––––––––––––––––––––––––––––

BaringsEmerging

MarketsCorporate


US$

111,418,603

-21,597

-7,601

38,885

-

-2,635,920 1,360,669

17,337 148,840

5,799,766 ––––––––––––––

121,449,218 ––––––––––––––

-(111,081)

-(3,339)

(96,213)

--

(2,835,731)(85,002)

––––––––––––––

(3,131,366)––––––––––––––

118,317,852 ––––––––––––––––––––––––––––

BaringsEmerging

MarketsLocal

Debt Fund30 June 2017

US$

407,560,808

1,986,113--

8,151,858

18,211,684

--

7,727,152 16,607

269,725 7,739,226

––––––––––––––451,663,173

––––––––––––––

(230,740)---

(5,117,319)

(4,610,000)-

(3,015,447)(745,650)

––––––––––––––

(13,719,156)––––––––––––––

437,944,017 ––––––––––––––––––––––––––––



Statement of Financial Positionas at 30 June 2017 (continued)




exchange contracts


Total assets



exchange contracts





BaringsGlobal

InvestmentGrade

CorporateBond Fund

30 June 2017US$

41,839,378

---

15,411

454

-

4,425 -

506,462 11,254 52,714

534,014 ––––––––––––––

42,964,112 ––––––––––––––

---

(30,186)

(145,634)

--

(270,130)(40,972)

––––––––––––––

(486,922)––––––––––––––

42,477,190 ––––––––––––––––––––––––––––

BaringsEmerging

MarketsDebt Short

DurationFund

30 June 2017US$

31,722,305

----

79,840

-

3,675 615,616 496,039 33,312

-1,036,033

––––––––––––––33,986,820

––––––––––––––

----

(29,432)

---

(91,484)––––––––––––––

(120,916)––––––––––––––

33,865,904 ––––––––––––––––––––––––––––

BaringsActive

Short DurationFund

30 June 2017US$

50,539,664

- -

91,727 45,680

119,042

79,182

6,377 -

299,564 11,898 61,120

814,588 ––––––––––––––

52,068,842 ––––––––––––––

-(52,755)

-(9,802)

(275)

--

(53,000)(42,263)

––––––––––––––

(158,095)––––––––––––––

51,910,747 ––––––––––––––––––––––––––––

BaringsEmerging

MarketsDebt Blended

Total ReturnFund

30 June 2017US$

85,775,703

355,276 19,074

--

1,910,787

-

--

1,446,286 16,964

1,053,059 2,647,915

––––––––––––––93,225,064

––––––––––––––

(106,414)(197,415)(10,721)(34,626)

(1,963,623)

(580,000)--

(205,531)––––––––––––––

(3,098,330)––––––––––––––

90,126,734 ––––––––––––––––––––––––––––

BaringsEmerging

MarketsSovereign Debt

Fund30 June 2017

US$

22,285,471

-6,038

-15,328

-

-

3,611 292,999 335,472 36,149 8,160

63,853 ––––––––––––––

23,047,081 ––––––––––––––

-(61,790)(5,361)

-

(55,239)

--

(283,933)(68,979)

––––––––––––––

(475,302)––––––––––––––

22,571,779 ––––––––––––––––––––––––––––



Statement of Financial Positionas at 30 June 2017 (continued)




exchange contracts


Total assets



exchange contracts




*This Sub-Fund launched on 18 January 2017, therefore there are no comparative figures.**This Sub-Fund launched on 15 February 2017, therefore there are no comparative figures.


BaringsU.S. High Yield


US$

259,723,726

----

11,320

-

-3,762,567 4,250,438

21,802 -

3,251,846 ––––––––––––––

271,021,699 ––––––––––––––

----

(378)

--

(3,294,637)(88,878)

––––––––––––––

(3,383,893)––––––––––––––

267,637,806 ––––––––––––––––––––––––––––

BaringsU.S. Investment

GradeCorporate


US$

225,207,889

---

50,908

-

4,493,451

2,748 -

2,520,841 40,006

145,010 451,673

––––––––––––––232,912,526

––––––––––––––

---

(105,449)

(875)

---

(81,789)––––––––––––––

(188,113)––––––––––––––

232,724,413 ––––––––––––––––––––––––––––


Bond ComponentFund*

30 June 2017US$

133,900,466

---

-

-

-2,601,7002,185,955

13,654 -

718,623 ––––––––––––––

139,420,398 ––––––––––––––

----

-

--

(1,467,000)(25,533)

––––––––––––––

(1,492,533)––––––––––––––

137,927,865 ––––––––––––––––––––––––––––

BaringsU.S. Short

DurationHigh Yield Bond

ComponentFund**

30 June 2017US$

70,847,438

----

-

-

-13,875

1,140,898 13,883

-6,153,438

––––––––––––––78,169,532

––––––––––––––

----

-

---

(14,583)––––––––––––––

(14,583)––––––––––––––

78,154,949 ––––––––––––––––––––––––––––

CompanyTotal

30 June 2017US$

2,651,481,396

2,341,388 46,709 91,727

134,928

20,014,406

23,123,552

20,836 27,778,312 41,914,166

236,156 1,738,628

45,890,506 ––––––––––––––

2,814,812,710 ––––––––––––––

(337,154)(423,041)(16,082)

(183,402)

(11,061,147)

(5,190,000)(20,562,602)(38,667,800)(1,957,803)

––––––––––––––

(78,399,031)––––––––––––––

2,736,413,679 ––––––––––––––––––––––––––––



Statement of Financial Positionas at 31 December 2016



- Interest rate swaps- Credit default swaps- Futures contracts- Forward foreign currency

exchange contracts


Total assets


- Interest rate swaps- Futures contracts- Forward foreign currency

exchange contracts





BaringsGlobal


31 Dec 2016US$

199,616,876

---

2,525,970

2,551,714

--

3,881,097--

5,383,290––––––––––––––

213,958,947––––––––––––––

--

(3,387,967)

---

(94,521)––––––––––––––

(3,482,488)––––––––––––––

210,476,459––––––––––––––––––––––––––––


Bond Fund31 Dec 2016

€

309,862,160

---

1,063,205

-

--

5,313,841--

7,750,215––––––––––––––

323,989,421––––––––––––––

--

(1,110,343)

---

(102,932)––––––––––––––

(1,213,275)––––––––––––––

322,776,146––––––––––––––––––––––––––––

BaringsGlobal

High YieldBond Fund

31 Dec 2016US$

540,818,690

---

2,646,847

37,539

--

9,563,9975,930

-6,654,886

––––––––––––––559,727,889

––––––––––––––

--

(8,061,041)

---

(200,194)––––––––––––––

(8,261,235)––––––––––––––

551,466,654––––––––––––––––––––––––––––

BaringsEmerging

MarketsCorporate


US$

103,861,032

-45,750

-

152,202

-

--

1,329,96321,300

141,5315,069,426

––––––––––––––110,621,204

––––––––––––––

-(29,695)

(12,752)

-(31,186)

-(83,472)

––––––––––––––

(157,105)––––––––––––––

110,464,099––––––––––––––––––––––––––––

BaringsEmerging

MarketsLocal

Debt Fund31 Dec 2016

US$

252,013,653

584,685--

5,712,636

-

--

3,987,10721,888

1,580,0004,027,640

––––––––––––––267,927,609

––––––––––––––

(195,653)-

(4,878,448)

(1,840,275)--

(281,329)––––––––––––––

(7,195,705)––––––––––––––

260,731,904––––––––––––––––––––––––––––



Statement of Financial Positionas at 31 December 2016 (continued)



- Interest rate swaps- Futures contracts- Forward foreign currency

exchange contracts


Total assets


- Credit default swaps- Interest rate swaps- Futures contracts- Forward foreign currency

exchange contracts





BaringsGlobal

InvestmentGrade

CorporateBond Fund

31 Dec 2016US$

41,286,527

-46,431

88,493

-

7,954-

447,37513,73279,443

1,071,902––––––––––––––

43,041,857––––––––––––––

--

(20,165)

-

--

(974,970)(42,495)

––––––––––––––

(1,037,630)––––––––––––––

42,004,227––––––––––––––––––––––––––––

BaringsEmerging

MarketsDebt Short

DurationFund

31 Dec 2016US$

24,730,755

--

36,447

-

5,815-

397,58840,251

-1,541,826

––––––––––––––26,752,682

––––––––––––––

---

(2,980)

---

(90,650)––––––––––––––

(93,630)––––––––––––––

26,659,052––––––––––––––––––––––––––––

BaringsActive

Short DurationFund

31 Dec 2016US$

47,798,750

-16,517

143,845

-

8,826314,333282,06214,37713,745

795,478––––––––––––––

49,387,933––––––––––––––

(30,505)-

(6,112)

(357,106)

--

(389,811)(45,092)

––––––––––––––

(828,626)––––––––––––––

48,559,307––––––––––––––––––––––––––––

BaringsEmerging

MarketsDebt Blended

Total ReturnFund

31 Dec 2016US$

78,973,955

382,87823,000

1,984,772

-

--

1,265,46120,43459,554

3,609,305––––––––––––––

86,319,359––––––––––––––

-(84,808)

-

(2,280,137)

(260,000)-

(1,599,747)(114,959)

––––––––––––––

(4,339,651)––––––––––––––

81,979,708––––––––––––––––––––––––––––



Statement of Financial Positionas at 31 December 2016 (continued)



- Interest rate swaps- Credit default swaps- Futures contracts- Forward foreign currency

exchange contracts


Total assets


- Credit default swaps- Interest rate swaps- Futures contracts- Forward foreign currency

exchange contracts





BaringsEmerging


Fund31 Dec 2016

US$

21,113,826

---

44,610

-

4,856-

364,25341,105

-118,210

––––––––––––––21,686,860

––––––––––––––

(87,437)--

(46,524)

---

(68,510)––––––––––––––

(202,471)––––––––––––––

21,484,389––––––––––––––––––––––––––––



US$

279,427,067

---

1,853

-

--

5,060,36324,776

-8,414,467

––––––––––––––292,928,526

––––––––––––––

---

(180,494)

---

(90,517)––––––––––––––

(271,011)––––––––––––––

292,657,515––––––––––––––––––––––––––––


GradeCorporate


US$

208,534,675

--

36,963

-

-

--

2,416,94944,96174,273

3,389,500––––––––––––––

214,497,321––––––––––––––

--

(38,936)

-

--

(2,111,048)(85,190)

––––––––––––––

(2,235,174)––––––––––––––

212,262,147––––––––––––––––––––––––––––

CompanyTotal

31 Dec 2016US$

2,124,352,337

967,56345,750

122,911

14,456,858

2,589,253

27,451314,333

34,589,832248,754

1,948,54648,234,198

––––––––––––––2,227,897,786

––––––––––––––

(117,942)(280,461)(94,908)

(20,376,252)

(2,100,275)(31,186)

(5,075,576)(1,305,281)

––––––––––––––

(29,381,881)––––––––––––––

2,198,515,905––––––––––––––––––––––––––––



Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Sharesfor the financial period ended 30 June 2017

Note

Balance at beginning of the

financial period

Net gain attributable to redeemable participating shareholders from operations

Issue of redeemable shares during the financial periodRedemption of redeemable shares during the financial period

Net movement as a result of share transactions

Foreign currency translation adjustment

Balance at end of the financial period


Barings

Global

Senior Secured

Bond Fund

period ended

30 June 2017

US$

208,008,177

13,011,869

32,798,564

(56,420,489)––––––––––––––

(23,621,925)

-––––––––––––––

197,398,121

––––––––––––––––––––––––––––

Barings

European

High Yield

Bond Fund

period ended

30 June 2017

€

322,776,146

9,757,072

41,584,426

(13,512,848) ––––––––––––––

28,071,578

-––––––––––––––

360,604,796

––––––––––––––––––––––––––––

Barings

Global

High Yield

Bond Fund

period ended

30 June 2017

US$

551,466,654

47,173,930

171,800,745

(156,949,673)––––––––––––––

14,851,072

-––––––––––––––

613,491,656

––––––––––––––––––––––––––––

Barings

Emerging

Markets

Corporate

Bond Fund

period ended

30 June 2017

US$

110,464,099

5,699,180

2,162,483

(7,910)––––––––––––––

2,154,573

-––––––––––––––

118,317,852

––––––––––––––––––––––––––––

Barings

Emerging

Markets

Local

Debt Fund

period ended

30 June 2017

US$

260,731,904

36,074,940

141,419,135

(281,962)––––––––––––––

141,137,173

-––––––––––––––

437,944,017

––––––––––––––––––––––––––––



Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Sharesfor the financial period ended 30 June 2017 (continued)

Note


financial period

Net gain attributable to redeemable participating shareholders from operations



Foreign currency translation adjustment



Barings

Global

Investment

Grade

Corporate

Bond Fund

period ended

30 June 2017

US$

42,004,227

472,963

-

-––––––––––––––

-

-––––––––––––––

42,477,190

––––––––––––––––––––––––––––

Barings

Emerging

Markets

Debt Short

Duration

Fund

period ended

30 June 2017

US$

26,659,052

526,425

11,298,131

(4,617,704)––––––––––––––

6,680,427

-––––––––––––––

33,865,904

––––––––––––––––––––––––––––

Barings

Active

Short Duration

Fund

period ended

30 June 2017

US$

48,559,307

1,355,599

2,169,164

(173,323)––––––––––––––

1,995,841

-––––––––––––––

51,910,747

––––––––––––––––––––––––––––

Barings

Emerging

Markets

Debt Blended

Total Return

Fund

period ended

30 June 2017

US$

81,979,708

7,859,543

287,483

- ––––––––––––––

287,483

-––––––––––––––

90,126,734

––––––––––––––––––––––––––––

Barings

Emerging

Markets

Sovereign Debt

Fund

period ended

30 June 2017

US$

21,484,389

1,087,390

-

-––––––––––––––

-

-––––––––––––––

22,571,779

––––––––––––––––––––––––––––




Note


financial period

Net gain/(loss) attributable to redeemable participating shareholders from operations



Foreign currency translation adjustment****


*This Sub-Fund launched on 1 July 2016, therefore there are no comparative figures.**This Sub-Fund launched on 18 January 2017, therefore there are no comparative figures.***This Sub-Fund launched on 15 February 2017, therefore there are no comparative figures.****The foreign exchange gain on translation is due to the movement in the exchange rates between 1 January 2017 and 30 June 2017 and is a notional gain which has no impact

on the Net Asset Value of any individual Sub-Fund in its base currency.


Barings

U.S. High Yield

Bond Fund

period ended

30 June 2017

US$

292,657,515

15,676,564

5,297,746

(45,994,019)––––––––––––––

(40,696,273)

-––––––––––––––

267,637,806

––––––––––––––––––––––––––––

Barings

U.S. Investment

Grade

Corporate

Bond Fund*

period ended

30 June 2017

US$

212,262,147

8,064,471

12,950,530

(552,735)––––––––––––––

12,397,795

-––––––––––––––

232,724,413

––––––––––––––––––––––––––––

Barings

U.S. High Yield

Bond Component

Fund**

period ended

30 June 2017

US$

-

5,026,314

133,221,616

(320,065)––––––––––––––

132,901,551

-––––––––––––––

137,927,865

––––––––––––––––––––––––––––

Barings

U.S. Short

Duration

High Yield Bond

Component

Fund***

period ended

30 June 2017

US$

-

1,687,465

76,492,200

(24,716) ––––––––––––––

76,467,484

-––––––––––––––

78,154,949

––––––––––––––––––––––––––––

Company

Total

period ended

30 June 2017

US$

2,196,047,623

154,319,846

635,088,366

(280,027,259)––––––––––––––

355,061,107

30,985,104 ––––––––––––––

2,736,413,679

––––––––––––––––––––––––––––



Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Sharesfor the financial period ended 30 June 2016


financial period

Net gain attributable to redeemableparticipating shareholders from operations

Issue of redeemable sharesduring the financial periodRedemption of redeemable sharesduring the financial period

Net movement as a result of sharetransactions

Foreign exchange gain on translation



Barings

Global

Senior Secured

Bond Fund

period ended

30 June 2016

US$

227,277,452

1,461,374

24,370,101

(29,212,103)––––––––––––––

(4,842,002)

-––––––––––––––

223,896,824

––––––––––––––––––––––––––––

Barings

European

High Yield

Bond Fund

period ended

30 June 2016

€

52,187,062

1,138,703

42,409,300

(1,496,192)––––––––––––––

40,913,108

-––––––––––––––

94,238,873

––––––––––––––––––––––––––––

Barings

Global

High Yield

Bond Fund

period ended

30 June 2016

US$

186,359,142

33,030,056

321,986,593

(41,048,884)––––––––––––––

280,937,709

-––––––––––––––

500,326,907

––––––––––––––––––––––––––––

Barings

Emerging

Markets

Corporate

Bond Fund

period ended

30 June 2016

US$

103,144,085

7,077,546

104,027

(1,491,140)––––––––––––––

(1,387,113)

-––––––––––––––

108,834,518

––––––––––––––––––––––––––––

Barings

Emerging

Markets

Local

Debt Fund

period ended

30 June 2016

US$

124,709,108

17,765,854

5,130,640

-––––––––––––––

5,130,640

-––––––––––––––

147,605,602

––––––––––––––––––––––––––––

Barings

Global

Investment

Grade

Corporate Bond

Fund

period ended

30 June 2016

US$

74,660,269

3,118,993

-

(35,000,000)––––––––––––––

(35,000,000)

-––––––––––––––

42,779,262

––––––––––––––––––––––––––––





financial period

Net gain attributable to redeemableparticipating shareholders from operations

Issue of redeemable sharesduring the financial periodRedemption of redeemable sharesduring the financial period

Net movement as a result of sharetransactions

Foreign exchange gain on translation*


*The foreign exchange gain on translation is due to the movement in the exchange rates between 1 January 2016 and 30 June 2016 and is a notional gain which has noimpact on the Net Asset Value of any individual Sub-Fund in its base currency.


Barings

Emerging

Markets

Debt Short

Duration

Fund

period ended

30 June 2016

US$

20,086,801

739,716

697,300

-––––––––––––––

697,300

-––––––––––––––

21,523,817

––––––––––––––––––––––––––––

Barings

Active

Short Duration

Fund

period ended

30 June 2016

US$

58,932,584

1,401,325

12,331,668

(38,340)––––––––––––––

12,293,328

-––––––––––––––

72,627,237

––––––––––––––––––––––––––––

Barings

Emerging

Markets

Debt Blended

Total Return

Fund

period ended

30 June 2016

US$

62,923,947

2,494,041

36,082,110

(18,165,331)––––––––––––––

17,916,779

-––––––––––––––

83,334,767

––––––––––––––––––––––––––––

Barings

Emerging

Markets

Sovereign Debt

Fund

period ended

30 June 2016

US$

20,082,680

1,869,964

-

-––––––––––––––

-

-––––––––––––––

21,952,644

––––––––––––––––––––––––––––

Barings

U.S. High Yield

Bond Fund

period ended

30 June 2016

US$

-

12,814,486

203,244,408

(63,331)––––––––––––––

203,181,077

-––––––––––––––

215,995,563

––––––––––––––––––––––––––––

Company

Total

period ended

30 June 2016

US$

934,890,345

83,039,907

651,117,716

(126,683,308)––––––––––––––

524,434,408

1,094,054––––––––––––––

1,543,458,714

––––––––––––––––––––––––––––



Statement of Cash Flowsfor the financial period ended 30 June 2017

Cash flows from operating activitiesTotal comprehensive gain after distributions to shareholders

Adjustments for:

Net realised (gain)/loss on investmentsNet realised loss/(gain) on optionsNet unrealised (gain)/loss on investments at fair value through profit or lossNet unrealised (gain)/loss on derivativesNet unrealised gain/(loss) on foreign exchangeNet payments from purchase/sale of investmentsDistributionsMovement in margin cash

Operating cash flows before movements in working capital

Movements in other receivablesMovements in other payables and accrued expenses

Net cash inflows/(outflows) from operating activities

Financing activitiesProceeds from issue of redeemable sharesPayments on redemptions of redeemable sharesDistributions to shareholders

Net cash inflow/(outflow)s from operating activities

Net increase/(decrease) in cash and cash equivalents

Cash and cash equivalents at beginning of the financial period

Unrealised foreign exchange gain/(loss) on cash and cash equivalentsForeign currency translation adjustment

Cash and cash equivalents at end of the financial period

Supplemental information:Interest paidTax paid


BaringsGlobal


period ended30 June 2017

US$

13,011,869

2,416,744 -

(12,959,093) (920,597)

29,434

14,882,831 3,576,247

-––––––––––––––

20,037,435

605,116

(8,800)––––––––––––––

20,633,751

32,610,465

(50,869,642)(3,576,247)

––––––––––––––

(21,835,424)––––––––––––––

(1,201,673)

5,383,290

(29,434)-

––––––––––––––

4,152,183 ––––––––––––––––––––––––––––

(2,106)(1,254)


Bond Fundperiod ended30 June 2017

€

9,757,072

(2,625,199)-

5,017,373 (1,594,634)

10,941

(41,955,757)411,416

-––––––––––––––

(30,978,788)

(442,038)

22,872 ––––––––––––––

(31,397,954)

41,561,877

(13,512,848)(411,416)

––––––––––––––

27,637,613 ––––––––––––––

(3,760,341)

7,750,215

(10,941)-

––––––––––––––

3,978,933 ––––––––––––––––––––––––––––

(13,841)(2,623)

BaringsGlobal

High YieldBond Fund


US$

47,173,930

(8,571,567)-

(6,062,164)(9,638,182)

233,086

(51,242,348)3,098

-––––––––––––––

(28,104,147)

(227,695)

37,536 ––––––––––––––

(28,294,306)

171,796,333

(141,937,918)(3,098)

––––––––––––––

29,855,317 ––––––––––––––

1,561,011

6,654,886

(233,086)-

––––––––––––––

7,982,811 ––––––––––––––––––––––––––––

(3,614)(34,113)

BaringsEmerging

MarketsCorporate


US$

5,699,180

(980,591)-

(2,552,256)298,056

(22,592)

(3,824,913)16,083 (7,309)

––––––––––––––

(1,374,342)

(26,744)

1,530 ––––––––––––––

(1,399,556)

2,162,483

(39,096)(16,083)

––––––––––––––

2,107,304––––––––––––––

707,748

5,069,426

22,592 -

––––––––––––––

5,799,766––––––––––––––––––––––––––––

(2,939)(706)

BaringsEmerging

MarketsLocal

Debt Fundperiod ended30 June 2017

US$

36,074,940

4,176,672 -

(21,825,849)(3,566,692)

631,504

(134,882,531)-

4,080,000 ––––––––––––––

(115,311,956)

(3,734,764)

464,321 ––––––––––––––

(118,582,399)

123,207,451

(281,962)-

––––––––––––––

122,925,489 ––––––––––––––

4,343,090

4,027,640

(631,504)-

––––––––––––––

7,739,226 ––––––––––––––––––––––––––––

(33,779)(538,094)



Statement of Cash Flowsfor the financial period ended 30 June 2017 (continued)


Adjustments for:

Net realised loss/(gain) on investmentsNet realised loss/(gain) on optionsNet unrealised (gain)/loss on investments at fair value through profit or lossNet unrealised (gain)/loss on derivativesNet unrealised (gain)/loss on foreign exchangeNet payments from purchase/sale of investmentsDistributionsMovement in margin cash



Net cash inflows/(outflows) fromoperating activities


Net cash inflows from financing activities







BaringsGlobal

InvestmentGrade

CorporateBond Fund


US$

472,963

232,374 -

(1,441,652)274,713

28,387

(48,413)781,883 26,729

––––––––––––––

326,984

(53,080)

(1,522)––––––––––––––

272,382

-

-(781,883)

––––––––––––––(781,883)

––––––––––––––

(509,501)

1,071,902

(28,387)-

––––––––––––––

534,014 ––––––––––––––––––––––––––––

(1,914)(72)

BaringsEmerging

MarketsDebt Short

DurationFund


US$

526,425

54,466 -

(216,270)(16,941)

(5,288)

(7,445,362)533,247

-––––––––––––––

(6,569,723)

(89,372)

834 ––––––––––––––

(6,658,261)

11,298,131

(4,617,704)(533,247)

––––––––––––––6,147,180

––––––––––––––

(511,081)

1,541,826

5,288 -

––––––––––––––

1,036,033 ––––––––––––––––––––––––––––

(180)-

BaringsActive

Short DurationFund


US$

1,355,599

82,860 (10,467)

(266,617)(324,784)

275

(2,671,362)-

(47,375)––––––––––––––

(1,881,871)

(12,574)

(2,829)––––––––––––––

(1,897,274)

2,089,982

(173,323)-

––––––––––––––1,916,659

––––––––––––––

19,385

795,478

(275)-

––––––––––––––

814,588 ––––––––––––––––––––––––––––

(584)(79)

BaringsEmerging

MarketsDebt Blended

Total ReturnFund


US$

7,859,543

407,091 -

(5,574,491)53,367

84,675

(3,234,095)1,763,238 (673,505)

––––––––––––––

685,823

(177,355)

90,572 ––––––––––––––

599,040

287,483

-(1,763,238)

––––––––––––––(1,475,755)

––––––––––––––

(876,715)

3,609,305

(84,675)-

––––––––––––––

2,647,915 ––––––––––––––––––––––––––––

(12,497)(58,070)

BaringsEmerging


Fundperiod ended30 June 2017

US$

1,087,390

(238,961)-

(766,601)11,673

(6,972)

(175,149)587,792

(8,160)––––––––––––––

491,012

34,982

469 ––––––––––––––

526,463

-

-(587,792)

––––––––––––––(587,792)

––––––––––––––

(61,329)

118,210

6,972 -

––––––––––––––

63,853 ––––––––––––––––––––––––––––

(40)(780)





Adjustments for:

Net realised (gain)/loss on investmentsNet realised loss/(gain) on optionsNet unrealised (gain)/loss on investments at fair value through profit or lossNet unrealised (gain)/loss on derivativesNet unrealised (gain)/loss on foreign exchangeNet payments from purchase/sale of investmentsDistributionsMovement in margin cash



Net cash inflows/(outflows) from operating activities


Net cash inflows from financing activities






*This Sub-Fund launched on 1 July 2016, therefore there are no comparative figures.**This Sub-Fund launched on 18 January 2017, therefore there are no comparative figures.***This Sub-Fund launched on 15 February 2017, therefore there are no comparative figures.




US$

15,676,564

(7,054,938)-

674,473 (189,583)

-

25,615,876 16,173

-––––––––––––––

34,738,565

812,899

(1,639)––––––––––––––

35,549,825

5,297,746

(45,994,019)(16,173)

––––––––––––––(40,712,446)

––––––––––––––

(5,162,621)

8,414,467

--

––––––––––––––

3,251,846 ––––––––––––––––––––––––––––

(998)(17,923)


GradeCorporate

Bond Fund*period ended30 June 2017

US$

8,064,471

607,770 -

(4,456,320)53,443

-

(14,935,712) -

(70,737)––––––––––––––

(10,737,085)

(101,685)

(3,401)––––––––––––––

(10,842,171)

8,457,079

(552,735)-

––––––––––––––7,904,344

––––––––––––––

(2,937,827)

3,389,500

--

––––––––––––––

451,673 ––––––––––––––––––––––––––––

(294)(1,203)


Bond ComponentFund**


US$

5,026,314

(456,426)-

(1,164,431)-

-

(133,414,309)71,478

-––––––––––––––

(129,937,374)

(2,199,609)

25,533 ––––––––––––––

(132,111,450)

133,221,616

(320,065)(71,478)

––––––––––––––132,830,073

––––––––––––––

718,623

-

--

––––––––––––––

718,623 ––––––––––––––––––––––––––––

-(16,419)

BaringsU.S. Short

DurationHigh Yield Bond

ComponentFund***


US$

1,687,465

32,669 -

(243,600)-

-

(70,650,382) 20,863

-––––––––––––––

(69,152,985)

(1,154,781)

14,583 ––––––––––––––

(70,293,183)

76,492,200

(24,716)(20,863)

––––––––––––––76,446,621

––––––––––––––

6,153,438

-

--

––––––––––––––

6,153,438 ––––––––––––––––––––––––––––

(134)(3,555)

CompanyTotal


US$

154,319,846

(12,144,690) (10,467)

(51,402,398)(15,698,445)

984,399

(427,619,971)7,817,195 3,299,643

––––––––––––––

(340,454,888)

(6,805,033)

642,042 ––––––––––––––

(346,617,879)

612,087,033

(259,495,843)(7,817,195)

––––––––––––––344,773,995

––––––––––––––

(1,843,884)

48,234,198

(984,399)484,591

––––––––––––––

45,890,506 ––––––––––––––––––––––––––––

(74,120)(675,118)


Cash flows from operating activitiesTotal comprehensive gain beforedistributions to shareholders

Adjustments for:

Net realised loss/(gain) on investmentsNet unrealised (gain)/loss on investmentsat fair value through profit or lossNet unrealised loss/(gain) on derivativesNet unrealised loss/(gain) on foreign exchangeNet payments from purchase/sale of investments

Operating cash flows before movementsin working capital

Movements in other receivablesMovements in other payablesand accrued expenses



Net cash (outflows)/inflows fromfinancing activities

Net (decrease)/increase in cashand cash equivalents

Cash and cash equivalents at beginningof the financial period

Unrealised foreign exchange loss/(gain) oncash and cash equivalentsEffect of exchange rate fluctuations oncash and cash equivalents


Supplemental information:Interest receivedInterest paid


BaringsGlobal



US$

5,915,801

5,348,518

(3,409,539)49,158

103,104

4,451,027––––––––––––––

12,458,069

(7,721,121)

2,599––––––––––––––

4,739,547

24,370,101

(29,212,103)(4,454,427)

––––––––––––––

(9,296,429)––––––––––––––

(4,556,882)

9,039,678

(103,104)

-––––––––––––––

4,379,692––––––––––––––––––––––––––––

7,627,405(1,495)



€

1,295,814

28,413

3,582,534(1,782,661)

(1,771,856)

(45,111,142)––––––––––––––

(43,758,898)

(651,769)

(9,983)––––––––––––––

(44,420,650)

42,409,300

(1,496,192)(157,111)

––––––––––––––

40,755,997––––––––––––––

(3,664,653)

2,027,120

1,771,856

-––––––––––––––

134,323––––––––––––––––––––––––––––

1,283,566(6,856)

BaringsGlobal

High YieldBond Fund


US$

33,049,410

(2,154,902)

(11,666,080)2,594,754

116,536

(296,427,958)––––––––––––––

(274,488,240)

(5,751,085)

119,949––––––––––––––

(280,119,376)

322,467,694

(41,048,884)(19,354)

––––––––––––––

281,399,456––––––––––––––

1,280,080

5,293,096

(116,536)

-––––––––––––––

6,456,640––––––––––––––––––––––––––––

8,527,718(5,838)

BaringsEmerging

MarketsCorporate


US$

7,130,101

2,892,456

(7,025,330)(438,869)

(79,223)

(4,825,263)––––––––––––––

(2,346,128)

12,136

3,034––––––––––––––

(2,330,958)

104,027

(1,491,140)(52,555)

––––––––––––––

(1,439,668)––––––––––––––

(3,770,626)

9,979,794

79,223

-––––––––––––––

6,288,391––––––––––––––––––––––––––––

2,978,764(3,569)

BaringsEmerging

MarketsLocal

Debt Fundperiod ended30 June 2016

US$

17,765,854

528,437

(12,305,364)(2,547,425)

(144,714)

(11,845,887)––––––––––––––

(8,549,099)

(519,955)

13,676––––––––––––––

(9,055,378)

5,130,640

--

––––––––––––––

5,130,640––––––––––––––

(3,924,738)

5,261,384

144,714

-––––––––––––––

1,481,360––––––––––––––––––––––––––––

3,657,936(823)

BaringsGlobal

InvestmentGrade

Corporate BondFund


US$

3,581,386

3,273,607

(5,843,658)(213,063)

(236,921)

35,703,591––––––––––––––

36,264,942

584,266

(29,703)––––––––––––––

36,819,505

-

(35,000,000)(462,393)

––––––––––––––

(35,462,393)––––––––––––––

1,357,112

1,062,164

236,921

-––––––––––––––

2,656,197––––––––––––––––––––––––––––

1,683,211(919)


Statement of Cash Flowsfor the financial period ended 30 June 2016




Cash flows from operating activitiesTotal comprehensive gain beforedistributions to shareholders

Adjustments for:

Net realised loss/(gain) on investmentsNet unrealised (gain)/loss on investmentsat fair value through profit or lossNet unrealised (gain)/loss on derivativesNet unrealised (gain)/loss on foreign exchangeNet payments from purchase/sale of investments

Operating cash flows before movementsin working capital

Movements in other receivablesMovements in other payablesand accrued expenses



Net cash inflows/(outflows) from financing activities

Net increase/(decrease) in cashand cash equivalents

Cash and cash equivalents at beginningof the financial period

Unrealised foreign exchange (gain)/loss oncash and cash equivalentsEffect of exchange rate fluctuations oncash and cash equivalents

Cash and cash equivalents at endof the financial period

Supplemental information:Interest receivedInterest paid


BaringsEmerging

MarketsDebt Short

DurationFund


US$

993,461

122,205

(555,991)(27,839)

(26,527)

(287,130)––––––––––––––

218,179

(55,283)

(27,849)––––––––––––––

135,047

697,300

-(253,745)

––––––––––––––

443,555––––––––––––––

578,602

297,929

26,527

-––––––––––––––

903,058––––––––––––––––––––––––––––

548,473(17)

BaringsActive

Short DurationFund


US$

1,604,765

436,709

(1,173,428)187,485

-

(12,813,992)––––––––––––––

(11,758,461)

(83,831)

(12,131)––––––––––––––

(11,854,423)

12,331,668

(38,340)(203,440)

––––––––––––––

12,089,888––––––––––––––

235,465

1,965,918

-

-––––––––––––––

2,201,383––––––––––––––––––––––––––––

823,090(181)

BaringsEmerging

MarketsDebt Blended

Total ReturnFund


US$

3,403,041

1,871,681

(6,557,004)740,743

596,106

(17,517,826)––––––––––––––

(17,463,259)

(337,998)

(6,753)––––––––––––––

(17,808,010)

36,082,110

(18,165,331)(909,000)

––––––––––––––

17,007,779––––––––––––––

(800,231)

3,267,666

(596,106)

-––––––––––––––

1,871,329––––––––––––––––––––––––––––

1,884,662(2,190)

BaringsEmerging


Fundperiod ended

30 June 2016US$

2,118,757

(274,771)

(1,193,801)(21,663)

(14,893)

(1,615,873)––––––––––––––

(1,002,244)

(128,268)

32,906––––––––––––––

(1,097,606)

-

-(248,793)

––––––––––––––

(248,793)––––––––––––––

(1,346,399)

1,460,906

14,893

-––––––––––––––

129,400––––––––––––––––––––––––––––

591,128(8)


Bond Fundperiod ended

30 June 2016US$

12,814,486

(1,066,277)

(8,432,443)366,097

-

(190,588,299)––––––––––––––

(186,906,436)

(3,457,920)

91,742––––––––––––––

(190,272,614)

203,244,408

(63,331)-

––––––––––––––

203,181,077––––––––––––––

12,908,463

-

-

-––––––––––––––

12,908,463––––––––––––––––––––––––––––

483,289(3,272)

CompanyTotal


US$

89,818,365

11,009,266

(54,177,870)(1,293,434)

(1,657,326)

(545,943,673)––––––––––––––

(502,244,672)

(18,184,006)

176,366––––––––––––––

(520,252,312)

651,598,817

(126,683,308)(6,778,458)

––––––––––––––

518,137,051––––––––––––––

(2,115,261)

39,831,506

1,657,326

51,407––––––––––––––

39,424,978––––––––––––––––––––––––––––

30,212,427(25,938)



Notes to the Financial Statementsfor the financial period ended 30 June 2017

1. General information

Barings Umbrella Fund Plc (the “Company”) is incorporated as an Irish open-ended umbrella investment company with variablecapital and segregated liability between Sub-Funds. The Company is authorised by the Central Bank under the EuropeanCommunities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011 (as amended) and underthe Central Bank (Supervision & Enforcement) Act 2013 (Section 48(1) (Undertakings for Collective Investment in TransferableSecurities) Regulations 2015, as amended (together, the “UCITS Regulations”). The Company is listed on the Irish StockExchange. The registered office of the Company is 78 Sir John Rogerson’s Quay, Dublin 2, Ireland.

Shares representing interests in different Sub-Funds may be issued from time to time by the Company. As at 30 June 2017,fourteen Sub-Funds were launched:

Sub-Fund Launch Date

Barings Global Senior Secured Bond Fund (“GSSB Fund”) 27 January 2011Barings European High Yield Bond Fund (“EHYB Fund”) 31 May 2011Barings Global High Yield Bond Fund (“GHYB Fund”) 30 April 2012Barings Emerging Markets Corporate Bond Fund (“EMCB Fund”) 16 April 2014Barings Emerging Markets Local Debt Fund (“EMLD Fund”) 16 April 2014Barings Global Investment Grade Corporate Bond Fund (“GCB Fund”) 1 October 2014Barings Emerging Markets Debt Short Duration Fund (“EMDSD Fund”) 17 November 2014Barings Active Short Duration Fund (“ASD Fund”) 18 November 2014Barings Emerging Markets Debt Blended Total Return Fund (“EMDBTR Fund”) 3 December 2014Barings Emerging Markets Sovereign Debt Fund (“EMSD Fund”) 10 September 2015Barings U.S. High Yield Bond Fund (“USHYB” Fund) 17 February 2016Barings U.S. Investment Grade Corporate Bond Fund (“USIGCB Fund”) 1 July 2016Barings U.S. High Yield Bond Component Fund (“USHYBC Fund”) 18 January 2017Barings U.S. Short Duration High Yield Bond Component Fund (“USSDHYBC Fund”) 15 February 2017

The Company may create additional Sub-Funds, with the prior approval of the Central Bank.

The investment objective of each Sub-Fund is to provide high current income generation, and where appropriate, capitalappreciation.

The investment activities of the GSSB Fund, the GHYB Fund, the EMCB Fund, the EMLD Fund, the GCB Fund, the EMDSDFund, the ASD Fund, the EMDBTR Fund and the EMSD Fund are managed by Barings (U.K.) Limited and Barings LLC (the“Investment Managers”). The investment activities of the EHYB Fund are managed by Barings (U.K.) Limited. The investmentactivities of the USHYB Fund, the USIGCB Fund, the USHYBC Fund and the USSDHYBC are managed by Barings LLC. Theadministration of the Company is delegated to State Street Fund Services (Ireland) Limited (the “Administrator”).

As at 30 June 2017, the Company had no employees.

2. Significant Accounting Policies

These financial statements are prepared in accordance with International Financial Reporting Standards (“IFRS”), issued by theInternational Accounting Standard Board (“IASB”) as adopted for use in the European Union, interpretations issued by theInternational Financial Reporting Interpretations Committee of the IASB and the provisions of the UCITS Regulations and theCentral Bank UCITS Regulations. Specifically these financial statements have been prepared in accordance with IAS(International Accounting Standard) 34: Interim Financial Reporting.

The comparative figures included for the Statement of Financial Position relate to the previous year ended 31 December 2016,while the comparative figures included for the Statement of Comprehensive Income, Statement of Changes in Net AssetsAttributable to Holders of Redeemable Participating Shares and Statement of Cash Flow relate to the six month period ended30 June 2016.

The accounting policies used in the preparation of these financial statements are consistent with those used in the Company’smost recent annual financial statements for the year ended 31 December 2016. There have been no changes in accountingpolicies since the date of the company’s last annual financial statements, for the year ended 31 December 2016. The format ofthese financial statements differs in some respects from that of the most recent annual financial statements, in that the notes tothe financial statements are presented in a summary form.

The condensed interim financial statements as at 30 June 2017 are unaudited. We note that the statutory auditor’s report in theaudited year end financial statements as at 31 December 2016 was unqualified.



Notes to the Financial Statementsfor the financial period ended 30 June 2017 (continued)

3. Derivatives and Efficient Portfolio Management

Each of the Sub-Funds may use Financial Derivative Instruments (“FDIs”) for efficient portfolio management. The efficientportfolio management purposes for which the Company intends to employ FDIs are reduction of risk, reduction of cost and thegeneration of additional capital or income for the relevant Sub-Fund with an appropriate level of risk, taking into account therisk profile of the Sub-Fund and the general provisions of the UCITS Regulations. The Company may use various types ofderivatives for these purposes, including, without limitation, forwards, futures, options, swaps (including but not limited to totalreturn swaps, credit default swaps, swaptions and interest rate swaps) and contracts for differences for these purposes.

The foreign currency risk that exists to investors in the non base currency share classes is mitigated by a share class hedgingprogramme.

During the financial period the Company entered into forward foreign currency exchange contracts, futures contracts, optionsand swap contracts for efficient portfolio management purposes. Forward foreign currency exchange contracts are entered intoby GSSB Fund, GHYB Fund, EMCB Fund, EMLD Fund, GCB Fund, EMDSD Fund, ASD Fund, EMDBTR Fund, EMSD Fund,USHYB Fund and USIGCB Fund Fund to hedge non-US$ denominated assets back to US$, the Sub-Funds’ base currency.Forward foreign currency exchange contracts are entered into by EHYB Fund to hedge non-€ denominated assets back into€, the Sub-Funds’ base currency. EMLD, EMDBTR and EMSD use forward foreign currency exchange contracts to take activeforeign exchange exposure. Futures contracts are entered into by EMCB Fund, GCB Fund, ASD Fund, EMDBTR Fund, EMSDFund and USIGCB Fund, options are entered into by ASD Fund and swaps are entered into by EMCB Fund, EMLD Fund, ASDFund, EMDBTR Fund and EMSD Fund.

Details of the gains/(losses) relating to these derivative instruments are contained in the Statement of Comprehensive Income.

The Company shall comply with the conditions and limits laid down from time to time by the Central Bank under the UCITSRegulations.

Forward foreign currency exchange contracts

The Sub-Funds are authorised for purposes of efficient portfolio management to enter into forward currency contracts for thepurpose of managing the foreign currency exposure arising from the Sub-Funds’ investment or anticipated investment insecurities denominated in foreign currencies. Forward contracts are commitments either to purchase or sell a designatedfinancial instrument, currency, commodity or an index at a specified future date for a specified price and may be settled in cashor another financial asset. Forwards are individually traded over-the counter contracts. Forward contracts result in creditexposure to the counterparty.

Forward contracts result in exposure to market risk based on changes in market prices relative to contracted amounts. Marketrisks arise due to the possible movement in foreign currency exchange rates, indices, and securities’ values underlying theseinstruments. In addition, because of the low margin deposits normally required in relation to notional contract sizes, a highdegree of leverage may be typical of a forward trading account. As a result, a relatively small price movement in an underlyingof forward contract may result in substantial losses to the Company.

Notional amounts are the underlying reference amounts to stock exchange indices, equities and foreign currencies upon whichthe fair value of the forward contracts traded by the Company are based. While notional amounts do not represent the currentfair value and are not necessarily indicative of the future cash flows of the Company’s forward contracts, the underlying pricechanges in relation to the variables specified by the notional amounts affect the fair value of these derivative financialinstruments. The fair value of forward contracts entered into by the Company as at 30 June 2017 are disclosed in the Scheduleof Investments.

Realised gains and losses are recorded in the Statement of Comprehensive Income at the time the forward foreign exchangecontract settles. Realised and unrealised gains and losses applicable to forward foreign exchange contracts entered into atSub-Fund level are allocated at Sub-Fund level. In relation to class specific forward foreign exchange contracts, the realisedand unrealised gains and losses and transaction costs are allocated solely to those share classes.

Futures

Futures are contracts for delayed delivery of commodities in which the seller agrees to make delivery at a specific future dateof a specific commodity, at a specified price or yield. Gains and losses on futures are recorded by the Sub-Funds based onmarket fluctuations and are recorded as realised or unrealised gains/(losses) or other income dependent upon settlement termsof the contracts held. The fair value of futures entered into by the Company as at 30 June 2017 are disclosed in the Scheduleof Investments.




3. Derivatives and Efficient Portfolio Management (continued)

Interest rate swaps

Interest rate swaps (“IRSs”) are used for trading purposes. IRSs are measured initially at fair value on the date on which thederivative contract is entered into and subsequently remeasured at fair value. Fair values are obtained from counterparties orfrom quoted market prices in active markets, including recent market transactions, and from valuation techniques usingdiscounted cash flow models and option pricing models as appropriate. IRSs are included in assets when the fair value ispositive, and in liabilities when the fair value is negative.

Credit default swaps

In a credit default swap (“CDS”), one party makes payments to another party in exchange for the right to receive a specifiedreturn (or to put a security) if a credit event (e.g. default or a similar event) occurs with respect to a reference entity or entities.The Company may use credit default swaps contracts to provide a measure of protection against defaults of sovereign orcorporate issues (i.e. to reduce risk where the Sub-Fund owns or has exposure to the issuer) or to take an active long or shortposition with respect to the likelihood of a particular issuer's default. The maximum exposure the Company has in selling creditprotection is equal to the notional amount of such credit default swap contracts. CDS’s are measured initially at fair value onthe date on which the derivative contract is entered into and subsequently remeasured at fair value.

For credit default swaps on asset-basket securities, a credit event may be triggered by various occurrences, which may includean issuer's failure to pay principal, maturity extension, rating downgrade or write-down. For credit default swap contracts oncorporate or sovereign issuers, a credit event may be triggered by occurrences such as an issuer bankruptcy, failure to payinterest or principal, repudiation/moratorium and/or restructuring. Any changes in fair value are recognised in the Statement ofComprehensive Income.

Options

Options are derivative financial instruments that give the buyer, in exchange for a premium payment, the right but not theobligation to either purchase from (call option) or sell to (put option) the writer a specified underlying instrument at a specifiedprice on or before a specified date. Daily fluctuations in the value of the option contract are recorded for financial reportingpurposes as unrealised gains or losses by the Sub-Funds and are recorded as a realised gain or loss when the position is closed.

The best evidence of fair value of a derivative at initial recognition is the transaction price. Subsequent changes in the fair valueof any derivative instrument are recognised immediately in the Statement of Comprehensive Income.

4. Related party transactions

Investment by Ultimate Parent of Investment Managers

Massachusetts Mutual Life Insurance Company (the ultimate parent company of Barings (U.K.) Limited) and Barings (U.K.)Limited, together did not hold any shares in issuance of the EHYB Fund as at 30 June 2017 (30 June 2016: approximately 37%).

Barings Global Strategies Fund and Barings (U.K.) Limited hold approximately 6% of shares in issuance of the GSSB Fund asat 30 June 2017 (30 June 2016: approximately 6%).

Barings Global High Yield Strategies Fund, Barings Management and Barings (U.K.) Limited hold 4%, 0.1% and 0.1%respectively of the shares in issuance of the GHYB Fund as at 30 June 2017 (30 June 2016: 7%, 0.1% and 0.1% respectively).

Massachusetts Mutual Life Insurance Company (the ultimate parent company of Barings (U.K.) Limited), Barings ManagementLLC and Barings (U.K.) Limited, together hold approximately 24% of the shares in issuance of the EMLD Fund as at 30 June2017 (30 June 2016: approximately 64%).

Massachusetts Mutual Life Insurance Company (the ultimate parent company of Barings (U.K.) Limited), Barings ManagementLLC and Barings (U.K.) Limited, together hold approximately 89% of the shares in issuance of the EMCB Fund as at 30 June2017 (30 June 2016: approximately 88%).

Massachusetts Mutual Life Insurance Company (the ultimate parent company of Barings (U.K.) Limited), holds approximately43% of shares in issuance of USHYB Fund as at 30 June 2017 (30 June 2016: 47%).

Barings LLC holds approximately 83% of shares in issuance of EMDBTR Fund as at 30 June 2017 (30 June 2016: 84%).

Barings LLC holds approximately 56% of shares in issuance of EMDSD Fund as at 30 June 2017 (30 June 2016: 97%).

Barings LLC holds 100% of shares in issuance of EMSD and GCB Funds as at 30 June 2017 (30 June 2016: 100%).




4. Related party transactions (continued)

Investment Managers

The Company has appointed Barings (U.K.) Limited, an investment management company incorporated in the United Kingdomand Barings Management LLC, an investment management company incorporated in the United States as InvestmentManagers to all of the Sub-Funds with the exception of the EHYB Fund. The Company has appointed Barings (U.K.) Limited asInvestment Manager to the EHYB Fund. Barings (U.K.) Limited is a subsidiary of Barings Management LLC.

The following note refers to the Investment Managers but does not distinguish between them. The Investment Managers’ feeswill accrue daily and be payable monthly in arrears.

The table below provides the investment management fees accrued during the financial period ended 30 June 2017 and 30June 2016. There were no investment management fees accrued during the financial period ended 30 June 2017 and 30 June2016 for USHYBC and USSDHYBC Fund.

Fund 30-Jun-17 30-Jun-16

GSSB US$361,473 US$434,620EHYB €490,666 €90,343GHYB US$937,778 US$587,872EMCB US$398,065 US$364,341EMLD US$889,934 US$372,841GCB US$35,435 US$67,161EMDSD US$68,648 US$43,064ASD US$36,901 US$51,060EMDBTR US$301,281 US$254,926EMSD US$60,067 US$57,672USHYB US$354,758 US$140,431USIGCB US$152,503 -

The table below provides the investment management fees which were payable as at 30 June 2017 and financial year ended30 June 2017. There were no investment management fees during the financial period ended 30 June 2017 and 30 June 2016for USHYBC and USSDHYBC Fund.

Fund 30-Jun-17 31-Dec-16

GSSB US$58,857 US$66,578EHYB €90,035 €72,669GHYB US$177,453 US$156,544EMCB US$68,240 US$65,170EMLD US$180,948 US$118,565GCB US$5,957 US$5,998EMDSD US$12,386 US$10,553ASD US$6,338 US$6,566EMDBTR US$51,830 US$47,968EMSD US$10,233 US$9,915USHYB US$56,647 US$62,436USIGCB US$26,310 US$24,978

As part of the investment management agreement, certain expenses of the Fund are capped at 20 bps with the exception ofGCB Fund and ASD Fund which are capped at 10 bps, of the net assets attributable to holders of redeemable participatingshares, thus resulting in an expense reimbursement from the Investment Managers. The management fee reimbursement forthe financial period and the balance outstanding at the financial period ended 30 June 2017, financial year ended 31 December2016 and financial period ended 30 June 2016 was as follows:





Financial period ended 30 June 2017

Management fee reimbursement

Balance outstanding


Balance outstanding


Balance outstanding

Financial year ended 31 Dec 2016


Balance outstanding


Balance outstanding



Balance outstanding


Balance outstanding

Barings (U.K.) Limited and Barings LLC each own one subscriber share in the Company.

GSSB Fund

US$

-––––––––––––––

-

EHYB Fund

€

-––––––––––––––

-

GHYB Fund

US$

-––––––––––––––

-

EMCB Fund

US$

-––––––––––––––

-

EMLD Fund

US$

-––––––––––––––

-

GCB Fund

US$

36,159––––––––––––––

4,425

EMDSD Fund

US$

22,885––––––––––––––

3,675

ASD Fund

US$

38,298––––––––––––––

6,377

EMDBTR Fund

US$

-––––––––––––––

-

EMSD Fund

US$

24,191––––––––––––––

3,611

USHYB Fund

US$

-––––––––––––––

-

USIGCB Fund

US$

16,986––––––––––––––

2,748

USHYBC Fund

US$

-––––––––––––––

-

USSDHYBC Fund

US$

-––––––––––––––

-

Company Total

US$

138,519––––––––––––––

20,836

GSSB Fund

US$

-––––––––––––––

-

EHYB Fund

€

-––––––––––––––

-

GHYB Fund

US$

-––––––––––––––

-

EMCB Fund

US$

-––––––––––––––

-

EMLD Fund

US$

-––––––––––––––

-

GCB Fund

US$

91,979––––––––––––––

7,954

EMDSD Fund

US$

73,418––––––––––––––

5,815

ASD Fund

US$

81,843––––––––––––––

8,826

EMDBTR Fund

US$

-––––––––––––––

-

EMSD Fund

US$

49,758––––––––––––––

4,856

USHYB Fund

US$

-––––––––––––––

-

USIGCB Fund

US$

-––––––––––––––

-

Company Total

US$

296,998––––––––––––––

27,451

GSSB Fund

US$

-––––––––––––––

-

EHYB Fund

€

9,131––––––––––––––

(2,077)

GHYB Fund

US$

-––––––––––––––

-

EMCB Fund

US$

-––––––––––––––

-

EMLD Fund

US$

-––––––––––––––

-

GCB Fund

US$

44,715––––––––––––––

8,058

EMDSD Fund

US$

39,052––––––––––––––

6,532

ASD Fund

US$

39,688––––––––––––––

7,277

EMDBTR Fund

US$

2,932––––––––––––––

(409)

EMSD Fund

US$

30,549––––––––––––––

5,718

USHYB Fund

US$

-––––––––––––––

-

Company Total

US$

167,092––––––––––––––

24,871





Directors’ relationships

Mr. Oliver Burgel and Mr. Peter Clark are managing directors of Barings (U.K.) Limited, the Investment Manager. Mr. TimothySchulze is a managing director of Barings LLC, also an Investment Manager.

For the financial period ended 30 June 2017 and the financial period ended 30 June 2016, these Directors waived theirDirectors’ fees. The remaining Directors earned Directors’ fees as outlined below.

The remaining Directors earned Directors’ fees as follows;







Directors’ fees

Directors’ fees of US$27,088 (30 June 2016: US$20,531) have been charged for the financial period of which US$4,455 is stilloutstanding as at 30 June 2017 (31 December 2016: US$17,146). All of these fees were emoluments in respect of services tothe Company. The listing of the members of the Board of Directors is shown on page 2.

Dealings with Connected Parties

Regulation 41 of the UCITS Regulations “Restrictions of transactions with connected persons” states that “A responsible personshall ensure that any transaction between a UCITS and a connected person conducted a) at arm’s length; and b) in the bestinterest of the unit-holders of the UCITS”.

As required under UCITS Regulation 78.4, the Directors, as responsible persons are satisfied that there are in place arrangements,evidenced by written procedures, to ensure that the obligations that are prescribed by Regulation 41(1) are applied to alltransactions with a connected party; and all transactions with a connected parties that were entered into during the period towhich the report relates complied with the obligations that are prescribed by Regulation 41(1).

5. Significant Agreements and Fees

The Company has appointed Barings (U.K.) Limited, Barings Australia Pty Limited and Barings Securities LLC as Distributors.

There were no distribution fees for the financial period ended 30 June 2017 (30 June 2016: Nil).

GSSB Fund

US$

1,925 ––––––––––––––––––––––––––––

1,902––––––––––––––––––––––––––––

EHYB Fund

€

1,807 ––––––––––––––––––––––––––––

1,757––––––––––––––––––––––––––––

GHYB Fund

US$

1,925 ––––––––––––––––––––––––––––

1,902––––––––––––––––––––––––––––

EMCB Fund

US$

1,925 ––––––––––––––––––––––––––––

1,902––––––––––––––––––––––––––––

EMLD Fund

US$

2,529 ––––––––––––––––––––––––––––

1,902––––––––––––––––––––––––––––

GCB Fund

US$

2,117 ––––––––––––––––––––––––––––

1,902––––––––––––––––––––––––––––

EMDSD Fund

US$

1,925 ––––––––––––––––––––––––––––

1,902––––––––––––––––––––––––––––

ASD Fund

US$

1,925 ––––––––––––––––––––––––––––

1,902––––––––––––––––––––––––––––

EMDBTR Fund

US$

1,925 ––––––––––––––––––––––––––––

1,902––––––––––––––––––––––––––––

EMSD Fund

US$

1,925 ––––––––––––––––––––––––––––

1,890––––––––––––––––––––––––––––

USHYB Fund

US$

1,925 ––––––––––––––––––––––––––––

1,471––––––––––––––––––––––––––––

USIGCB Fund

US$

1,925 ––––––––––––––––––––––––––––

-––––––––––––––––––––––––––––

USHYBC Fund

US$

1,730 ––––––––––––––––––––––––––––

-––––––––––––––––––––––––––––

USSDHYBC Fund

US$

1,423 ––––––––––––––––––––––––––––

-––––––––––––––––––––––––––––

Company Total

US$

27,088 ––––––––––––––––––––––––––––

-––––––––––––––––––––––––––––




5. Significant Agreements and Fees (continued)

Administration, Depositary and Operating Fees

The aggregate fees and expenses of the Administrator and Depositary which shall accrue daily and be payable monthly inarrears out of the assets of the Sub-Funds will not exceed 0.20% (except for GCB and ASD which is 0.10%) per annum of theNet Asset Value of the relevant Sub-Fund as detailed in the relevant Supplement of the Prospectus. Please refer to theInvestment Managers’ disclosure in Note 4 for actions taken if the combined expenses are above or below 0.20% (except forGCB and ASD which is 0.10%) per annum of the Net Assets Value of the relevant Sub-Fund.

Administrator fees of US$632,606 have been charged for the financial period ended 30 June 2017 (30 June 2016: US$328,359),of which US$107,820 was still outstanding as at 30 June 2017 (31 December 2016: US$96,147).

Depositary fees of US$121,844 have been charged for the financial period ended 30 June 2017 (30 June 2016: US$63,244),of which US$21,313 was still outstanding as at 30 June 2017 (31 December 2016: US$18,519).

6. Fair value hierarchy

In accordance with IFRS 13 the Company classifies fair value measurements using a fair value hierarchy that reflects thesignificance of the inputs used in making the measurements.

The fair value hierarchy has the following levels:

• Level 1 - Quoted market price in an active market for an identical instrument.

• Level 2 - Valuation techniques based on observable inputs. This category includes instruments valued using: quotedmarket prices in active markets for similar instruments; quoted prices for similar instruments in markets that areconsidered less than active; or other valuation techniques where all significant inputs are directly or indirectly observablefrom market data.

• Level 3 - Valuation techniques using significant unobservable inputs. This category includes all instruments where thevaluation technique includes inputs not based on observable data and the unobservable inputs could have a significantimpact on the instrument’s valuation. This category includes instruments that are valued based on quoted prices forsimilar instruments where significant unobservable adjustments or assumptions are required to reflect differencesbetween the instruments.

The level in the fair value hierarchy within which the fair value measurement is categorised in its entirety is determined on thebasis of the lowest level input that is significant to the fair value measurement in its entirety. For this purpose, the significanceof an input is assessed against the fair value measurement.

If a fair value measurement uses observable inputs that require significant adjustment based on observable inputs, thatmeasurement is a Level 3 measurement. Assessing the significance of a particular input to the fair value measurement in itsentirety requires judgement, considering factors specific to the asset or liability.

The determination of what constitutes “observable” requires significant judgement by the Company. The Company considersobservable data to be that market data that is readily available, regularly distributed or updated, reliable and verifiable, notproprietary and provided by independent sources that are actively involved in the relevant market. Single broker quotes andInvestment Manager priced assets are classified as Level 2 holdings because the inputs into the price supplied by the brokersand Investment Managers are observable, for example, rate yield, industry classification and credit rating. The InvestmentManagers review the prices independently received as single broker quotes and ensures that they are in line with expectations.

At 30 June 2017, all futures and one other investment are disclosed as Level 1. Blackrock Asset Management Ireland Limited- Institutional US Dollar Liquidity Fund with total Fair Value US$1,430,000 and US$20,200,000 were held by Barings GlobalSenior Secured Bond Fund and Barings Global High Yield Bond Fund respectively.

At 30 June 2017, all of the Company’s fixed income investments, open forward foreign currency exchange contracts, swapsand options are disclosed as Level 2.

At 30 June 2017 there were six investments held by the Barings Active Short Duration, Barings Global Senior Secured BondFund, Barings Global High Yield Bond Fund and Barings U.S. High Yield Bond Fund. which are disclosed as Level 3:




6. Fair value hierarchy (continued)

At 30 June 2017 there were three investments held by the Barings Active Short Duration which are disclosed as Level 3:

Transferable Security Fair Value US$

DRB Prime Student Loan Trust 2016-R 3.116% 368,793Sofi Consumer Loan Program 2016-5 LLC 3.060% 309,041Welk Resorts 2017-A LLC 3.410% 99,983

––––––––––––––777,817

––––––––––––––––––––––––––––

At 30 June 2017 there was one investment held by the Barings Global Senior Secured Bond Fund which is disclosed as Level 3:


Pinnacle Agriculture Holdings LLC 1,643,478––––––––––––––

1,643,478––––––––––––––––––––––––––––

At 30 June 2017 there was one investment held by the Barings Global High Yield Bond Fund which is disclosed as Level 3:


Pinnacle Agriculture Holdings LLC 297,434––––––––––––––

297,434––––––––––––––––––––––––––––

At 30 June 2017 there was one investment held by the Barings U.S. High Yield Bond Fund which is disclosed as Level 3:


Pinnacle Agriculture Holdings LLC 691,332––––––––––––––

691,332––––––––––––––––––––––––––––

At 31 December 2016 there were four investments held by the Barings Active Short Duration which are disclosed as Level 3:


DRB Prime Student Loan Trust 2016-R 2.480% 399,677HERO Funding Trust 2016-4A 3.570% 100,000New Residential Advance Receivables 2.575% 100,000Sofi Consumer Loan Program 2016-5 LLC 3.060% 399,248

––––––––––––––998,925

––––––––––––––––––––––––––––

The following table reconciles fair value changes in the ASD Fund’s Level 3 holdings for the period ended 30 June 2017 andyear ended 31 December 2016:

2017 2016

ASD US$ US$

Opening balance 998,925 1,313,597 Purchases 99,983 1,154,212 Realised gains and losses (1,012) (9,399)Movement in unrealised gains and losses 1,493 822 Sales (221,572) (1,047,906)Transfers from Level 3 to Level 2 (100,000) (412,401)

–––––––––––––– ––––––––––––––777,817 998,925

–––––––––––––– –––––––––––––––––––––––––––– ––––––––––––––





The following table reconciles fair value changes in the GSSB Fund’s Level 3 holdings for the period ended 30 June 2017:

2017

GSSB US$

Opening balance -Purchases 1,254,981 Movement in unrealised gains and losses 388,497

––––––––––––––1,643,478

––––––––––––––––––––––––––––

The following table reconciles fair value changes in the GHYB Fund’s Level 3 holdings for the period ended 30 June 2017:

2017

GHYB US$

Opening balance - Purchases 217,010 Movement in unrealised gains and losses 80,424

––––––––––––––297,434

––––––––––––––––––––––––––––

The following table reconciles fair value changes in the USHYB Fund’s Level 3 holdings for the period ended 30 June 2017:

2017

USHYB US$

Opening balance -Purchases 468,859 Movement in unrealised gains and losses 222,473

––––––––––––––691,332

––––––––––––––––––––––––––––

The Fund’s level 3 investments have been valued using unadjusted inputs that have not been internally developed by the Fundwhich involved using single broker quotations for these securities.

The Company determines the fair value for corporate bond instruments using independent, unadjusted indicative brokerquotes. A broker quote is generally not a binding offer. The categorisation of corporate bond instruments is dependent if thebroker quotes reflect actual current market conditions, or if they are indicative prices based on brokers valuation models,depending on the significance and observability of the inputs to the model.

For corporate bond instruments that have been categorised as Level 2, fair value has been determined using independentbroker quotes based on observable inputs. If it could not be verified that the valuation is based significantly on observableinputs, then the investments would fall into Level 3.





The Company considers observable data to be that market data that is readily available, regularly distributed or updated,reliable, not proprietary, and provided by independent sources that are actively involved in the relevant market.

At 30 June 2017, corporate bond instruments and preferred stocks with a fair value of US$3,410,061 (31 December 2016:US$998,925) were categorised as level 3. This classification was given to these securities as a result of decreased liquidity inthe market and wider spreads that are consequently reflected in a broader spectrum of indicative broker quotes, which arefactors that indicate that the broker quotes are not based on observable prices.

The table below sets out information about significant unobservable inputs used at 30 June 2017 in measuring financialinstruments categorised as Level 3 in the fair value hierarchy.

Unobservable Weighted

Asset Class Fair Value Inputs Ranges Average

Corporate Bonds $777,817 Broker Quotes 98.65-99.98 100.14%Preferred stocks $2,632,244 Single Broker Price 116.28 86.00%

The table below sets out information about significant unobservable inputs used at 31 December 2016 in measuring financialinstruments categorised as Level 3 in the fair value hierarchy.

Unobservable Weighted

Asset Class Fair Value Inputs Ranges Average

Corporate Bonds $998,925 Broker Quotes 99.81 - 100.00 99.92%

Sensitivity of Level 3 assets measured at fair value to changes in assumptions.The results of using reasonably possible alternative assumptions for valuing the Level 3 assets may result in the fair valueestimate and recoverability of the assets being subject to uncertainty and a range of possible outcomes are likely. Suchdifferences, if any, may have a material effect on the overall portfolio as at 30 June 2017 or as at 31 December 2016.

If the value of level 3 securities increased/(decreased) by 5%, the effect on the NAV would be US$170,503 (31 December 2016:US$49,946).

Transfers between levels of the fair value hierarchy are deemed to have occurred at the end of the year and are deemed tohave occurred when the pricing source or methodology used to price an investment has changed which triggers a change inlevel as defined under IFRS 13. There were transfers from Level 2 to Level 3 at the year end as shown in the reconciliationabove.

For each class of assets and liabilities not measured at fair value in the Statement of Financial Position but for which fair valueis disclosed, IFRS13 requires the Company to disclose the level within the fair value hierarchy which the fair value measurementwould be categorised and a description of the valuation technique and inputs used in the technique.

Cash and cash equivalents include deposits held with banks and other short-term investments in an active market and they arecategorised as Level 1. Cash held at broker (including positive cash collateral) and cash due to broker (including negative cashcollateral) are categorised as Level 2.

Receivable for investments sold and other receivables include the contractual amounts for settlement of trades and otherobligations due to the Company. Payable for investments sold and other payables represent the contractual amounts andobligations due by the Company for settlement of trades and expenses. All receivable and payable balances are categorisedas Level 2.

The puttable value of redeemable shares is calculated based on the net difference between total assets and all other liabilitiesof each Sub-Fund within the Company in accordance with the Funds’ offering memorandum. A demand feature is attached tothese shares, as they are redeemable at the holders’ option and can be put back to the Sub-Funds at any dealing date for cashequal to a proportionate share of the Sub-Fund’s net asset value attributable to the share class. The fair value is based on theamount payable on demand. As such, Level 2 is deemed to be the most appropriate categorisation for net assets attributableto holders of redeemable shares.




7. Net Asset Value per Redeemable Share and units in issue

At 30 June 2017 Net Assets Attributable to Net Asset Value per

Holders of Redeemable Redeemable

Participating Shares Participating Share Units in issue

GSSB Fund

Class A GBP Distribution £35,625,513 £107.20 332,317Class B EUR Accumulation €167,858 €109.32 1,536Class B EUR Distribution €2,294,575 €105.71 21,705Class B GBP Accumulation £365,928 £114.93 3,184Class B USD Accumulation US$847,915 US$116.16 7,299Class B USD Distribution US$960,928 US$110.30 8,712Class C USD Accumulation US$1,399,004 US$101.31 13,809Class D EUR Accumulation €16,894,624 €130.82 129,146Class D EUR Distribution €3,286,009 €102.69 32,000Class D USD Accumulation US$28,222,013 US$126.95 222,306Class D USD Distribution US$2,575,360 US$103.20 24,954Class E EUR Distribution €187,956 €103.56 1,815Class E GBP Accumulation £126,668 £101.33 1,250Class E USD Distribution US$1,356,347 US$99.75 13,598Class F EUR Accumulation €16,504,991 €149.56 96,625Class F GBP Accumulation £370,210 £137.38 2,695Class S USD Distribution US$71,930,922 US$106.56 675,000

EHYB Fund

Class A EUR Accumulation €273,384,839 €112.01 2,440,716Class A GBP Distribution £6,066,976 £107.38 56,500Class A USD Accumulation US$30,556,509 US$115.91 263,614Class B EUR Accumulation €53,210 €100.95 527Class B GBP Accumulation £13,820,565 £101.07 136,745Class B GBP Distribution £1,114,685 £101.07 11,029Class C EUR Accumulation €217,445 €107.97 2,014Class C GBP Distribution £763,888 £101.85 7,500Class C USD Accumulation US$2,369,305 US$104.14 22,751Class D EUR Accumulation €15,099,685 €105.68 142,876Class D EUR Distribution €5,691,676 €103.49 55,000Class D USD Accumulation US$155,201 US$103.47 1,500Class E CHF Accumulation CHF 326,020 CHF 101.61 3,209Class E EUR Accumulation €8,400,474 €113.39 74,084Class E GBP Accumulation £1,089,456 £103.17 10,560Class E USD Accumulation US$1,644,059 US$102.66 16,015Class S EUR Accumulation € 993,193 €160.00 6,207

GHYB Fund

Class A EUR Accumulation €71,171,440 €114.93 619,233Class A USD Accumulation US$41,565,104 US$118.86 349,687Class B EUR Accumulation €123,915,819 €120.26 1,030,406Class B USD Accumulation US$135,294,296 US$110.96 1,219,279Class C AUD Accumulation AUD 35,006,612 AUD 100.02 350,000Class C CHF Accumulation CHF 19,951,509 CHF 99.76 200,000Class C EUR Accumulation €518,728 €112.28 4,620Class C USD Accumulation US$84,334,459 US$120.20 701,634Class D EUR Accumulation €11,973,289 €102.08 117,290Class D GBP Accumulation £1,192,578 £106.78 11,168Class D USD Accumulation US$9,577,292 US$113.08 84,698Class D USD Distribution US$600,432 US$101.77 5,900Class E EUR Accumulation €2,675,049 €118.74 19,725Class E USD Accumulation US$454,234 US$104.40 4,351Class F EUR Accumulation €67,212,549 €160.75 366,078Class F GBP Accumulation £10,994,530 £143.85 76,429Class F USD Accumulation US$1,125,220 US$166.00 6,778




7. Net Asset Value per Redeemable Share and units in issue (continued)

At 30 June 2017 (continued) Net Assets Attributable to Net Asset Value per



EMCB Fund

Class A GBP Accumulation £217,768 £111.11 1,960Class A SEK Distribution SEK 9,771,962 SEK 97.72 100,000Class A USD Accumulation US$114,453,906 US$114.71 997,740Class A USD Distribution US$248,472 US$105.03 2,366Class B USD Accumulation US$2,171,924 US$104.07 20,870

EMLD Fund

Class A EUR Accumulation €24,631,394 €105.62 204,470Class A EUR Distribution €2,688,852 €102.61 26,205Class A GBP Accumulation £111,407 £118.52 940Class A USD Accumulation US$409,803,423 US$102.84 3,984,840Class E SEK Accumulation SEK 2,511,119 SEK 100.68 24,942

GCB Fund

Class D USD Accumulation US$447,196 US$110.29 4,055Class D USD Distribution US$42,029,994 US$105.85 397,065

EMSD Fund

Class A USD Accumulation US$590,776 US$120.72 4,894Class A USD Distribution US$21,981,002 US$112.31 195,720

EMDSD Fund

Class A USD Accumulation US$563,992 US$110.95 5,083Class A USD Distribution US$20,267,151 US$103.64 195,560Class B CHF Accumulation CHF 241,442 CHF 100.65 2,399Class B EUR Accumulation €3,358,165 €100.79 33,318Class B SEK Accumulation SEK 4,166,614 SEK 101.55 41,030Class B USD Accumulation US$8,216,300 US$104.01 78,998Class E USD Accumulation US$236,573 US$108.30 2,184

ASD Fund

Class S EUR Accumulation €6,340,684 €102.51 61,857Class S USD Accumulation US$44,668,737 US$106.36 419,987

EMDBTR Fund

Class A GBP Accumulation £15,054,577 £114.42 131,578Class A USD Accumulation US$443,531 US$115.61 3,836Class A USD Distribution US$70,022,953 US$112.20 624,077Class C GBP Accumulation £10,460 £104.60 100Class C GBP Distribution £29,789 £102.37 291

USHYB Fund

Class A GBP Accumulation £1,684,059 £111.80 15,063Class A USD Accumulation US$258,999,777 US$124.43 2,081,452Class A USD Distribution US$1,017,828 US$101.78 10,000Class D USD Accumulation US$5,426,798 US$107.44 50,510

USIGCB Fund

Class D GBP Accumulation £178,643,348 £102.90 1,736,077Class D USD Accumulation US$50,447 US$100.89 500

USHYBCFund

X USD Accumulation US$132,556,119 US$105.10 1,261,243X USD Distribution US$6,836,448 US$102.33 66,808

USSDHYBC Fund

X USD Accumulation US$75,322,770 US$102.62 733,985X USD Distribution US$3,145,586 US$100.45 31,314





At 31 December 2016 Net Assets Attributable to Net Asset Value per



GSSB Fund

Class A GBP Distribution £36,290,890 £106.20 346,089Class B EUR Accumulation €68,027 € 104.50 651Class B EUR Distribution €529,479 € 102.81 5,150Class B GBP Acumulation £63,789 £109.47 583Class B USD Accumulation US$2,306,827 US$110.10 20,952Class B USD Distribution US$1,218,646 US$107.88 11,296Class D EUR Accumulation €36,474,260 € 125.19 291,360Class D EUR Distribution €3,214,848 € 100.46 32,000Class D USD Accumulation US$26,126,585 US$120.44 216,926Class D USD Distribution US$2,518,993 US$100.95 24,954Class E EUR Distribution €151,727 € 101.15 1,500Class E USD Distribution US$519,478 US$97.56 5,325Class F EUR Accumulation €18,641,144 € 142.68 130,651Class F GBP Accumulation £351,911 £130.59 2,695Class S USD Distribution US$70,359,011 US$104.24 675,000

EHYB Fund

Class A EUR Accumulation €262,724,534 €107.64 2,440,716Class A GBP Distribution £6,001,916 £106.23 56,500Class A USD Accumulation US$41,800,115 US$110.45 378,448Class C EUR Accumulation €209,225 €103.89 2,014Class D EUR Accumulation €2,991,925 €101.74 29,408Class D EUR Distribution €5,627,681 €102.32 55,000Class E EUR Accumulation €3,532,122 €109.37 32,295Class S EUR Accumulation €954,466 €153.76 6,207

GHYB Fund

Class A EUR Accumulation €68,324,718 €110.34 619,233Class A USD Accumulation US$54,922,033 US$113.14 485,433Class B EUR Accumulation €198,191,196 €115.54 1,715,349Class B USD Accumulation US$117,883,847 US$105.70 1,115,290Class C EUR Accumulation €1,618,993 €107.93 15,000Class C USD Accumulation US$39,064,906 US$114.55 341,034Class D GBP Accumulation £950,633 £102.33 9,290Class D USD Accumulation US$5,113,123 US$107.81 47,426Class D USD Distribution US$5,128 US$106.92 48Class E EUR Accumulation €733,072 €114.42 6,407Class F EUR Accumulation €44,057,285 €154.13 285,844Class F GBP Accumulation £2,536,609 £137.44 18,456Class F USD Accumulation US$779,032 US$157.81 4,937

EMCB Fund

Class A GBP Accumulation £208,288 £106.27 1,960Class A SEK Distribution SEK 9,510,856 SEK 95.11 100,000Class A USD Accumulation US$108,922,992 US$109.17 997,740Class A USD Distribution US$91,848 US$101.99 901Class B USD Accumulation US$148,632 US$99.09 1,500



At 31 December 2016 (continued) Net Assets Attributable to Net Asset Value per



EMLD Fund

Class A GBP Accumulation £99,422 £105.77 940Class A USD Accumulation US$260,609,053 US$91.20 2,857,704

GCB Fund

Class D USD Accumulation US$434,036 US$107.05 4,055Class D USD Distribution US$41,570,190 US$104.69 397,065

EMDSD Fund

Class A USD Accumulation US$784,166 US$107.86 7,270Class A USD Distribution US$20,230,763 US$103.45 195,560Class B SEK Accumulation SEK 4,091,091 SEK 99.71 41,030Class B USD Accumulation US$1,039,524 US$101.16 10,276Class E USD Accumulation US$4,155,552 US$105.51 39,386

ASD Fund

Class S EUR Accumulation €4,497,121 €101.45 44,327Class S USD Accumulation US$43,825,411 US$104.35 419,987

EMDBTR Fund

Class A GBP Accumulation £13,456,327 £103.91 129,504Class A USD Accumulation US$400,661 US$104.43 3,836Class A USD Distribution US$64,949,660 US$104.07 624,077Class C GBP Accumulation £9,508 £95.08 100Class C GBP Distribution £27,666 £95.07 291

EMSD Fund

Class A USD Accumulation US$547,307 US$111.84 4,894Class A USD Distribution US$20,937,082 US$106.97 195,720

USHYB Fund

Class A EUR Accumulation €2,879,868 €106.53 27,034Class A GBP Accumulation £3,574,236 £106.42 33,585Class A USD Accumulation US$281,926,508 US$117.82 2,392,933Class D USD Accumulation US$3,294,625 US$101.90 32,331

USIGCB Fund

Class D GBP Accumulation £172,195,346 £104.85 1,642,272Class D USD Accumulation US$48,639 US$97.28 500




8. Presentational exchange rates

The following exchange rates (€ against the US$) were used to convert the EHYB Fund (base currency €) into US$ for inclusioninto the Company presentational currency.

Investments and other assets and liabilities denominated in currencies other than US$ were converted at the following rates at30 June 2017, 31 December 2016 and 30 June 2016:

US$ 30 June 2017 31 December 2016 30 June 2016

Euro (€) 0.875542 0.949983 0.901104

Income and expenses were converted at an average rate for the relevant period:

Average exchange Average exchange

rates for the Average exchange rates for the

financial rates for the financial

period ended year ended period ended

US$ 30 June 2017 31 December 2016 30 June 2016

Euro (€) 0.920201 0.907703 0.899057

9. Contingent liabilities

There are no contingent liabilities as at 30 June 2017 (31 December 2016: Nil).

10. Soft commissions

There were no soft commission arrangements entered into by the Investment Managers, on behalf of the Company, during thefinancial period or during the prior year.

11. Distributions

The following were the distributions declared by the GSSB Fund during the financial period ended 30 June 2017 and thefinancial period ended 30 June 2016.


Share Class US$ Ex- Date

A GBP Class 576,306 3 January 2017B EUR Class 6,338 3 January 2017B USD Class 19,073 3 January 2017D EUR Class 36,775 3 January 2017D USD Class 38,156 3 January 2017E EUR Class 1,575 3 January 2017E USD Class 7,345 3 January 2017S USD Class 1,127,809 3 January 2017A GBP Class 515,449 3 April 2017B EUR Class 3,480 3 April 2017B USD Class 8,595 3 April 2017D EUR Class 38,705 3 April 2017D USD Class 38,803 3 April 2017E EUR Class 1,665 3 April 2017E USD Class 10,756 3 April 2017S USD Class 1,145,417 3 April 2017

––––––––––––Total 3,576,247

––––––––––––––––––––––––




11. Distributions (continued)



A GBP Class 986,105 4 January 2016B EUR Class 10,497 4 January 2016D EUR Class 45,794 4 January 2016D SEK Class 24,816 4 January 2016D US$ Class 59,346 4 January 2016E EUR Class 2,001 4 January 2016E US$ Class 95,453 4 January 2016S US$ Class 1,093,748 4 January 2016A GBP Class 779,829 1 April 2016B EUR Class 9,248 1 April 2016B US$ Class 4,033 1 April 2016D EUR Class 45,123 1 April 2016D SEK Class 37,498 1 April 2016D US$ Class 59,662 1 April 2016E EUR Class 1,963 1 April 2016E US$ Class 100,381 1 April 2016S US$ Class 1,098,930 1 April 2016

––––––––––––Total 4,454,427

––––––––––––––––––––––––

The following were the distributions declared by the EHYB Fund during the financial period ended 30 June 2017 and thefinancial period ended 30 June 2016.


Share Class € Ex- Date

A GBP Class 114,851 3 January 2017D EUR Class 74,228 3 January 2017A GBP Class 114,313 3 April 2017C GBP Class 32,303 3 April 2017D EUR Class 75,721 3 April 2017

––––––––––––Total 411,416

––––––––––––––––––––––––


Share Class € Ex- Date

A GBP Class 59,329 4 January 2016A GBP Class 97,782 1 April 2016

––––––––––––Total 157,111

––––––––––––





The following were the distributions declared by the GHYB Fund during the financial period ended 30 June 2017 and thefinancial period ended 30 June 2016.



D USD Class 81 3 January 2017D USD Class 3,017 3 April 2017

––––––––––––Total 3,098

––––––––––––––––––––––––



D US$ Class 19,287 4 January 2016D US$ Class 67 1 April 2016

––––––––––––Total 19,354

––––––––––––––––––––––––

The following were the distributions declared by the EMCB Fund during the financial period ended 30 June 2017 and thefinancial period ended 30 June 2016.



A SEK Class 6,259 3 January 2017A USD Class 969 3 January 2017A SEK Class 7,388 3 April 2017A USD Class 1,467 3 April 2017

––––––––––––Total 16,083

––––––––––––––––––––––––



A SEK Class 32,931 4 January 2016A US$ Class 220 4 January 2016A SEK Class 19,217 1 April 2016A US$ Class 187 1 April 2016

––––––––––––Total 52,555

––––––––––––––––––––––––

The following was the distribution declared by the GCB Fund during the financial period ended 30 June 2017 and the financialperiod ended 30 June 2016.



D USD Class 399,391 3 January 2017D USD Class 382,492 3 April 2017

––––––––––––Total 781,883

––––––––––––––––––––––––



D US$ Class 462,393 1 April 2016––––––––––––

Total 462,393––––––––––––––––––––––––





The following was the distribution declared by the EMDSD Fund during the financial period ended 30 June 2017 and thefinancial period ended 30 June 2016.



A USD Class 269,410 3 January 2017A USD Class 263,837 3 April 2017

––––––––––––Total 533,247

––––––––––––––––––––––––



A US$ Class 253,745 1 April 2016––––––––––––

Total 253,745––––––––––––––––––––––––

The following were the distributions declared by the ASD Fund during the financial period ended 30 June 2016.



S US$ Class 103,665 4 January 2016S US$ Class 99,775 1 April 2016

––––––––––––Total 203,440

––––––––––––––––––––––––

The following was the distribution declared by the EMDBTR Fund during the financial period ended 30 June 2017 and thefinancial period ended 30 June 2016.



A USD Class 783,918 3 January 2017C GBP Class 326 3 January 2017A USD Class 978,570 3 April 2017C GBP Class 424 3 April 2017

––––––––––––Total 1,763,238

––––––––––––––––––––––––



A US$ Class 909,000 1 April 2016––––––––––––

Total 909,000––––––––––––––––––––––––







The following was the distribution declared by the EMSD Fund during the financial period ended 30 June 2017 and the financialperiod ended 30 June 2016.



A USD Class 281,649 3 January 2017A USD Class 306,143 3 April 2017

––––––––––––Total 587,792

––––––––––––––––––––––––



A USD Class 909.00 1 April 2017––––––––––––

Total 909.00––––––––––––––––––––––––

The following was the distribution declared by the USHYB Fund during the financial period ended 30 June 2017.



A USD Class 16,173 3 April 2017––––––––––––

Total 16,173––––––––––––––––––––––––

The following was the distribution declared by the USHYBC Fund during the financial period ended 30 June 2017.



X USD Class 71,478 3 April 2017––––––––––––

Total 71,478––––––––––––––––––––––––

The following was the distribution declared by the USSDHYBC Fund during the financial period ended 30 June 2017.



X USD Class 20,863 3 April 2017––––––––––––

Total 20,863––––––––––––––––––––––––


12. Total Expense Ratio

Total Expense Ratio (“TER”)

The average TER table shows the actual expenses incurred by the Sub-Funds, expressed as an annualised percentage of theaverage (“avg.”) Net Asset Value (“NAV”) of the relevant Sub-Fund for the corresponding period.

Expense Expense

% of avg. % of avg.

NAV NAV

30 June 17 31 Dec 16

Barings Global Senior Secured Bond Fund

Class A GBP Distribution Shares 0.55% 0.55%Class B EUR Accumulating Shares 0.55% 0.55%Class B EUR Distribution Shares 0.55% 0.55%Class B GBP Accumulating Shares 0.55% 0.55%Class B USD Accumulating Shares 0.55% 0.55%Class B USD Distribution Shares 0.54% 0.55%Class C USD Accumulating Shares 0.64% - Class D EUR Accumulating Shares 0.75% 0.75%Class D EUR Distribution Shares 0.75% 0.75%Class D USD Accumulating Shares 0.74% 0.73%Class D USD Distribution Shares 0.74% 0.75%Class E EUR Distribution Shares 1.15% 1.15%Class E GBP Accumulating Shares 1.15% - Class E USD Distribution Shares 1.14% 1.14%Class F EUR Accumulating Shares 0.15% 0.15%Class F GBP Accumulating Shares 0.15% 0.15%Class S USD Distribution Shares 0.39% 0.39%


Class A EUR Accumulating Shares 0.36% 0.36%Class A GBP Distribution Shares 0.37% 0.42%Class A USD Accumulating Shares 0.37% 0.40%Class B EUR Accumulating Shares 0.52% - Class B GBP Accumulating Shares 0.54% - Class B GBP Distribution Shares 0.54% - Class C EUR Accumulating Shares 0.61% 0.60%Class C USD Accumulating Shares 0.62% - Class C GBP Distribution Shares 0.62% - Class D EUR Accumulating Shares 0.71% 0.70%Class D EUR Distribution Shares 0.71% 0.73%Class D USD Accumulating Shares 0.72% - Class E CHF Accumulating Shares 1.12% - Class E EUR Accumulating Shares 1.11% 1.16%Class E GBP Accumulating Shares 1.11% - Class E USD Accumulating Shares 1.12% - Class S EUR Accumulating Shares 0.36% 0.44%


Class A EUR Accumulating Shares 0.36% 0.36%Class A USD Accumulating Shares 0.35% 0.35%Class B EUR Accumulating Shares 0.51% 0.51%Class B USD Accumulating Shares 0.50% 0.50%Class C EUR Accumulating Shares 0.60% 0.61%Class C USD Accumulating Shares 0.60% 0.60%Class D EUR Accumulating Shares 0.71% - Class D GBP Accumulating Shares 0.71% 0.71%Class D USD Accumulating Shares 0.70% 0.70%Class D USD Distribution Shares 0.70% 0.38%Class E EUR Accumulating Shares 1.11% 1.11%Class E USD Accumulating Shares 1.10% - Class F EUR Accumulating Shares 0.11% 0.12%Class F GBP Accumulating Shares 0.11% 0.12%Class F USD Accumulating Shares 0.11% 0.10%




12. Total Expense Ratio (continued)

Total Expense Ratio (“TER”) (continued)

Expense Expense

% of avg. % of avg.

NAV NAV

30 June 17 31 Dec 16


Class A EUR Accumulating Shares 0.72% - Class A EUR Distribution Shares 0.70% - Class A GBP Accumulating Shares 0.73% 0.79%Class A USD Accumulating Shares 0.72% 0.78%Class E SEK Accumulating Shares 1.42% -

Barings Emerging Markets Corporate Bond Fund

Class A GBP Accumulating Shares 0.86% 0.88%Class A SEK Distribution Shares 0.86% 0.88%Class A USD Accumulating Shares 0.85% 0.87%Class A USD Distribution Shares 0.85% 0.87%Class B USD Accumulating Shares 0.95% 0.97%

Barings Global Investment Grade Corporate Bond Fund

Class D USD Accumulating Shares 0.28% 0.31%Class D USD Distribution Shares 0.28% 0.31%


Class A USD Accumulating Shares 0.65% 0.66%Class A USD Distribution Shares 0.65% 0.66%Class B CHF Accumulating Shares 0.75% - Class B EUR Accumulating Shares 0.75% - Class B SEK Accumulating Shares 0.76% 0.79%Class B USD Accumulating Shares 0.74% 0.77%Class E USD Accumulating Shares 1.03% 1.05%

Barings Active Short Duration Fund

Class S EUR Accumulating Shares 0.27% 0.27%Class S USD Accumulating Shares 0.26% 0.26%

Barings Emerging Markets Debt Blended Total Return Fund

Class A GBP Accumulating Shares 0.91% 0.94%Class A USD Accumulating Shares 0.90% 0.93%Class A USD Distribution Shares 0.90% 0.93%Class C GBP Accumulating Shares 1.12% 1.17%Class C GBP Distribution Shares 1.12% 1.17%

Barings Emerging Markets Sovereign Debt Fund

Class A USD Accumulating Shares 0.80% 0.68%Class A USD Distribution Shares 0.80% 0.80%

Barings U.S High Yield Bond Fund

Class A EUR Accumulating Shares - 0.38%Class A GBP Accumulating Shares 0.37% 0.38%Class A USD Accumulating Shares 0.36% 0.37%Class A USD Distribution Shares 0.36% - Class D USD Accumulating Shares 0.70% 0.71%

Barings U.S. Investment Grade Corporate Bond Fund

Class D GBP Unhedged Accumulating Shares 0.24% 0.30%Class D USD Accumulating Shares 0.24% 0.30%




12. Total Expense Ratio (continued)

Total Expense Ratio (“TER”) (continued)

Expense Expense

% of avg. % of avg.

NAV NAV

30 June 17 31 Dec 16


Class X USD Accumulating Shares 0.13% - Class X USD Distribution Shares 0.13% -


Class X USD Accumulating Shares 0.19% - Class X USD Distribution Shares 0.19% -

13. Significant events during the financial period

Mr. Peter Clark resigned as a Director with effect from 14 June 2017.

Mr. Julian Swayne appointed as a Director with effect from 14 June 2017.

Mr. David Conway appointed as a Director with effect from 14 June 2017.

The following Sub-Funds launched during the financial period:

Launch date

Barings U.S. High Yield Bond Component Fund 18 January 2017Barings U.S. Short Duration High Yield Bond Component Fund 15 February 2017

The following Sub-Funds launched additional share classes during the financial period:

Barings Global Senior Secured Bond Fund Launch date

Tranche C USD Accumulating Shares 27 April 2017Tranche E GBP Accumulating Shares 24 April 2017 (re-launch date)


Tranche C AUD Accumulating Shares 31 May 2017Tranche C CHF Accumulating Shares 12 June 2017Tranche D EUR Accumulating Shares 16 February 2017Tranche D USD Distribution Shares 26 January 2017 ( re-launch date)Tranche E USD Accumulating Shares 03 January 2017


Tranche B EUR Accumulating Shares 03 May 2017Tranche B GBP Accumulating Shares 03 May 2017Tranche B GBP Distribution Shares 03 May 2017Tranche C GBP Distribution Shares 01 February 2017Tranche C USD Accumulating Shares 09 January 2017Tranche D USD Accumulating Shares 08 February 2017Tranche E CHF Accumulating Shares 24 February 2017Tranche E GBP Accumulating Shares 27 January 2017Tranche E USD Accumulating Shares 20 February 2017


Tranche A EUR Accumulating Shares 27 February 2017Tranche A EUR Distribution Shares 21 April 2017Tranche E SEK Accumulating Shares 15 May 2017


Tranche B CHF Accumulating Shares 22 March 2017Tranche B EUR Accumulating Shares 22 March 2017




13. Significant events during the financial period (continued)

Barings U.S High Yield Bond Fund Launch date

Tranche A USD Distribution Shares 09 March 2017


Tranche X USD Accumulating Shares 18 January 2017Tranche X USD Distribution Shares 18 January 2017


Tranche X USD Accumulating Shares 15 February 2017Tranche X USD Distribution Shares 15 February 2017

There have been no other significant subsequent events post financial period end.

14. Subsequent events

The Registered Office of Barings Umbrella Fund plc changed with effect from 11 July 2017 to George’s Court, 54-62 TownsendStreet, Dublin 2.

Effective 10 July 2017 Baring International Fund Managers (Ireland) Limited was appointed by the Company to act as managerpursuant to the Management Agreement.

The following distributions were declared by the funds in July 2017:

GSSB


A GBP Class 572,787 3 July 2017B EUR Class 27,618 3 July 2017B USD Class 14,229 3 July 2017D EUR Class 37,680 3 July 2017D USD Class 36,852 3 July 2017E EUR Class 1,941 3 July 2017E USD Class 18,056 3 July 2017S USD Class 1,092,049 3 July 2017

––––––––––––1,801,212

––––––––––––––––––––––––

EHYB


A GBP Class 109,289 3 July 2017B GBP Class 19,604 3 July 2017C GBP Class 13,218 3 July 2017D EUR Class 74,698 3 July 2017

––––––––––––216,809

––––––––––––––––––––––––

GHYB


D USD Class 9,178 3 July 2017––––––––––––

9,178 ––––––––––––––––––––––––




14. Subsequent events (continued)

EMCB


A SEK Class 7,583 3 July 2017A USD Class 2,744 3 July 2017

––––––––––––10,327

––––––––––––––––––––––––

EMLD


A EUR Class 24,000 3 July 2017––––––––––––

24,000––––––––––––––––––––––––

GCB


D USD Class 379,239 3 July 2017––––––––––––

379,239––––––––––––––––––––––––

EMDSD


A USD Class 264,674 3 July 2017––––––––––––

264,674 ––––––––––––––––––––––––

EMDBTR


A USD Class 886,701 3 July 2017C GBP Class 376 3 July 2017

––––––––––––887,077

––––––––––––––––––––––––

EMSD


A USD Class 299,938 3 July 2017––––––––––––

299,938 ––––––––––––––––––––––––

USHYB


A USD Class 16,648 3 July 2017––––––––––––

16,648 ––––––––––––––––––––––––




14. Subsequent events (continued)

USHYBC


X USD Class 109,006 3 July 2017––––––––––––

109,006 ––––––––––––––––––––––––

USSDHYBC


X USD Class 109,006 3 July 2017––––––––––––

109,006––––––––––––––––––––––––

A revised Prospectus and supplements to the Prospectus were issued on 10 July 2017.

There have been no other significant subsequent events post financial period end.

15. Approval of the financial statements

The Board of Directors approved these financial statements on 24 August 2017.




Barings Umbrella Fund PlcBarings Global Senior Secured Bond Fund

Schedule of Investmentsas at 30 June 2017

Coupon Maturity Fair Value % of Net

Nominal Security Rate Date US$ Assets

Transferable Securities (Corporate Bonds) - 96.71% (31 Dec 2016: 94.10%)

Belgium - 1.18% (31 Dec 2016: 1.72%)

1,065,820 LSF9 Balta Issuer SA 7.75% 15/09/2022 1,330,805 0.67800,000 Telenet Finance VI Luxembourg SCA 4.88% 15/07/2027 1,001,920 0.51

–––––––––––– ––––––––2,332,725 1.18

–––––––––––– ––––––––Canada - Nil (31 Dec 2016: 1.24%)

Chile - Nil (31 Dec 2016: 0.27%)

Denmark - 2.48% (31 Dec 2016: 0.79%)

2,100,000 Norican A/S 4.500% 15/05/2023 2,454,076 1.242,519,000 Welltec A/S 8.000% 01/02/2019 2,449,727 1.24

–––––––––––– ––––––––4,903,803 2.48

–––––––––––– ––––––––Finland - Nil (31 Dec 2016: 0.90%)

France - 4.10% (31 Dec 2016: 3.88%)

1,021,500 BiSoho SAS 5.88% 01/05/2023 1,274,388 0.651,250,000 Loxam SAS 4.25% 15/04/2024 1,510,320 0.771,000,000 Novafives SAS 4.50% 30/06/2021 1,162,073 0.59

743,000 SFR Group SA 6.00% 15/05/2022 778,293 0.39450,000 Verallia Packaging SASU 5.13% 01/08/2022 544,181 0.28650,000 WFS Global Holding SAS 9.50% 15/07/2022 813,208 0.41

1,600,000 WFS Global Holding SAS 9.50% 15/07/2022 2,001,743 1.01–––––––––––– ––––––––

8,084,206 4.10–––––––––––– ––––––––

Germany - 5.32% (31 Dec 2016: 4.88%%)

950,000 Galapagos SA 5.38% 15/06/2021 1,106,005 0.562,450,000 Monitchem HoldCo 3 SA 5.25% 15/06/2021 2,856,261 1.45

950,000 Takko Luxembourg 2 6.67% 15/04/2019 975,724 0.491,850,000 Takko Luxembourg 2 SCA 9.88% 15/04/2019 1,958,201 0.99

825,000 Unitymedia Hessen GmbH & Co KG 4.00% 15/01/2025 997,067 0.51500,000 Unitymedia Hessen GmbH & Co KG 3.50% 15/01/2027 590,905 0.30

1,100,000 Unitymedia Hessen GmbH & Co KG 6.25% 15/01/2029 1,428,204 0.72500,000 WEPA Hygieneprodukte GmbH 3.75% 15/05/2024 595,891 0.30

–––––––––––– ––––––––10,508,258 5.32

–––––––––––– ––––––––Ireland - 0.25% (31 Dec 2016: 1.41%)

470,000 Ardagh Packaging Finance Plc/Ardagh Holdings USA Inc 4.250% 15/09/2022 483,630 0.25

–––––––––––– ––––––––Italy - 1.88% (31 Dec 2016: 2.10%)

2,000,000 Bormioli Rocco Holdings SA 10.000% 01/08/2018 2,325,599 1.18300,000 Wind Acquisition Finance SA 3.668% 15/07/2020 344,410 0.17900,000 Wind Acquisition Finance SA 4.000% 15/07/2020 1,039,571 0.53

–––––––––––– ––––––––3,709,580 1.88

–––––––––––– ––––––––Mexico - 1.25% (31 Dec 2016: 1.14%)

1,000,000 Cemex Finance LLC 9.375% 12/10/2022 1,065,000 0.54300,000 Cemex SAB de CV 4.375% 05/03/2023 363,306 0.18475,000 Cemex SAB de CV 6.125% 05/05/2025 513,000 0.26



Schedule of Investmentsas at 30 June 2017 (continued)



Transferable Securities (Corporate Bonds) - 96.71% (31 Dec 2016: 94.10%) (continued)

Mexico - 1.25% (31 Dec 2016: 1.14%) (continued)

454,000 Cemex SAB de CV 7.750% 16/04/2026 520,398 0.27–––––––––––– ––––––––

2,461,704 1.25–––––––––––– ––––––––

Netherlands - 1.18% (31 Dec 2016: 1.02%)

2,000,000 Ziggo Secured Finance BV 3.750% 15/01/2025 2,390,976 1.21–––––––––––– ––––––––

Norway - Nil (31 Dec 2016: 0.35%)

Poland - Nil (31 Dec 2016: 0.41%)

Portugal - 0.85% (31 Dec 2016: 0.75%)

348,000 Altice Financing SA 6.625% 15/02/2023 370,077 0.191,172,000 Altice Financing SA 7.500% 15/05/2026 1,303,850 0.66

–––––––––––– ––––––––1,673,927 0.85

–––––––––––– ––––––––Spain - 0.73% (31 Dec 2016: 0.62%)

1,200,000 NH Hotel Group 3.750% 01/10/2023 1,450,250 0.73–––––––––––– ––––––––

Sweden - 0.31% (31 Dec 2016: 0.69%)

495,000 Verisure Holding AB 6.000% 01/11/2022 617,067 0.31–––––––––––– ––––––––

Switzerland - 1.95% (Dec 2016: 2.79%)

900,000 INEOS Group Holdings 5.375% 01/08/2024 1,089,973 0.55700,000 Swissport Investments SA 6.750% 15/12/2021 859,862 0.44

1,600,000 UPCB Finance IV Ltd 4.000% 15/01/2027 1,907,847 0.96–––––––––––– ––––––––

3,857,682 1.95–––––––––––– ––––––––

United Arab Emirates - Nil (31 Dec 2016: 1.12%)

United Kingdom - 29.63% (31 Dec 2016: 26.00%)

2,100,000 AA Bond Co Ltd 5.50% 31/07/2043 2,849,309 1.44800,000 Anglian Water Osprey Financing Plc 5.00% 30/04/2023 1,121,461 0.57

1,550,000 Arrow Global Finance 5.13% 15/09/2024 2,099,044 1.06750,000 B&M European Value Retail 4.13% 01/02/2022 1,015,032 0.51

1,725,000 Boing Group Financing Plc 6.63% 15/07/2019 2,003,648 1.02675,000 Cabot Financial Luxembourg 7.50% 01/10/2023 950,602 0.48

2,900,000 Cognita Financing Plc 7.75% 15/08/2021 3,951,606 2.001,200,000 CPUK Finance 4.25% 28/02/2047 1,577,619 0.80

600,000 CPUK Finance 4.88% 28/02/2047 793,706 0.401,000,000 Entertainment One Ltd 6.88% 15/12/2022 1,432,695 0.731,350,000 Galaxy Bidco Ltd 6.38% 15/11/2020 1,802,265 0.913,050,000 Garfunkelux Holdco 3 SA 8.50% 01/11/2022 4,263,951 2.161,500,000 Heathrow Finance Plc 3.88% 01/03/2027 1,944,629 0.99

400,000 House of Fraser Funding Plc 6.04% 15/09/2020 435,818 0.222,774,400 HSS Financing Plc 6.75% 01/08/2019 3,614,962 1.832,100,000 IDH Finance Plc 6.25% 15/08/2022 2,672,578 1.352,350,000 Jerrold Finco Plc 6.13% 15/01/2024 3,112,946 1.58

800,000 KCA Deutag UK Finance Plc 9.88% 01/04/2022 780,000 0.401,750,000 KCA Deutag UK Finance Plc 7.25% 15/05/2021 1,557,500 0.79

266,160 Keystone Financing Plc 9.50% 15/10/2019 363,646 0.18200,000 Marlin Intermediate Holdings Plc 10.50% 01/08/2020 277,736 0.14750,000 Moto Finance 4.50% 01/10/2022 995,192 0.50





United Kingdom - 29.63% (31 Dec 2016: 26.00%) (continued)

1,100,000 Ocado Group 4.00% 15/06/2024 1,414,090 0.722,200,000 Perform Group Financing Plc 8.50% 15/11/2020 3,005,077 1.521,500,000 Premier Foods Finance Plc 6.50% 15/03/2021 1,988,055 1.011,600,000 Travelex Financing 8.00% 15/05/2022 1,807,385 0.922,430,000 TVL Finance Plc 8.50% 15/05/2023 3,528,489 1.79

36,000 Virgin Media Secured Finance 5.50% 15/01/2025 49,589 0.031,500,000 Virgin Media Secured Finance Plc 4.88% 15/01/2027 2,016,612 1.02

500,000 Virgin Media Secured Finance Plc 6.25% 28/03/2029 708,621 0.361,700,000 Voyage Care Bondco Plc 5.88% 01/05/2023 2,317,561 1.171,500,000 Wagamama Finance Plc 7.88% 01/02/2020 2,034,625 1.03

–––––––––––– ––––––––58,486,049 29.63

–––––––––––– ––––––––United States - 45.57% (31 Dec 2016: 42.02%)

1,149,000 Altice US Finance I Corp 5.38% 15/07/2023 1,198,551 0.612,000,000 Appvion Inc 9.00% 01/06/2020 1,050,000 0.53

617,000 BMC East LLC 5.50% 01/10/2024 646,308 0.33638,000 Builders FirstSource Inc 5.63% 01/09/2024 666,710 0.34

3,624,000 C&S Group Enterprises LLC 5.38% 15/07/2022 3,587,760 1.821,442,000 Carlson Travel 6.75% 15/12/2023 1,470,840 0.753,901,000 Carrols Restaurant Group Inc 8.00% 01/05/2022 4,169,194 2.111,200,000 Charter Communications Operating LLC/

Charter Communications Operating Capital 4.91% 23/07/2025 1,298,494 0.661,000,000 Charter Communications Operating LLC/

Charter Communications Operating Capital 5.38% 01/05/2047 1,061,945 0.54912,000 Chesapeake Energy Corp 8.00% 15/12/2022 967,860 0.49

2,404,000 CHS/Community Health Systems Inc 6.25% 31/03/2023 2,490,784 1.262,744,000 Citgo Holding Inc 10.75% 15/02/2020 2,994,390 1.521,025,000 CITGO Petroleum Corp 6.25% 15/08/2022 1,045,500 0.531,874,000 CSVC Acquisition Corp 7.75% 15/06/2025 1,919,679 0.972,202,000 CTP Transportation Products LLC/

CTP Finance Inc 8.25% 15/12/2019 2,061,622 1.042,000,000 CVR Partners LP/CVR Nitrogen Finance Corp 9.25% 15/06/2023 2,100,000 1.062,155,000 Deck Chassis Acquisition Inc 10.00% 15/06/2023 2,397,437 1.212,169,000 Energy Transfer Equity LP 5.88% 15/01/2024 2,309,985 1.17

250,000 Energy Transfer Equity LP 5.50% 01/06/2027 260,000 0.132,247,000 EP Energy LLC/Everest Acquisition Finance Inc 8.00% 29/11/2024 2,252,617 1.142,406,000 EP Energy LLC/Everest Acquisition Finance Inc 8.00% 15/02/2025 1,804,500 0.914,000,000 First Data Corp 5.38% 15/08/2023 4,190,000 2.12

542,000 HCA Inc 5.25% 15/06/2026 585,902 0.301,010,000 HCA Inc 6.50% 15/02/2020 1,104,688 0.561,197,000 HCA Inc 5.25% 15/04/2025 1,289,768 0.652,695,000 Hertz Corp 7.63% 01/06/2022 2,695,269 1.37

513,000 HRG Group Inc 7.88% 15/07/2019 525,953 0.272,268,000 Hughes Satellite Systems Corp 5.25% 01/08/2026 2,378,565 1.203,476,000 International Automotive Components Group SA 9.125% 01/06/2018 3,415,170 1.732,374,000 KeHE Distributors LLC/KeHE Finance Corp 7.63% 15/08/2021 2,385,870 1.212,615,000 Kosmos Energy Ltd 7.88% 01/08/2021 2,680,375 1.361,824,000 Kosmos Energy Ltd 7.88% 01/08/2021 1,869,600 0.951,740,000 Orchestra Borrower LLC/

Orchestra Co-Issuer Inc 6.75% 15/06/2022 1,797,246 0.91749,000 PBF Holding Co LLC/PBF Finance Corp 7.00% 15/11/2023 741,510 0.38202,000 Peabody Energy Corp 6.00% 31/03/2022 201,243 0.10

2,758,000 Peabody Energy Corp 6.38% 31/03/2025 2,726,972 1.382,784,248 Pinnacle Operating Corp 9.00% 15/05/2023 2,672,878 1.35







United States - 45.57% (31 Dec 2016: 42.02%) (continued)

2,208,000 Prime Security Services Borrower LLC/Prime Finance Inc 9.25% 15/05/2023 2,404,865 1.22

1,973,000 RegionalCare Hospital Partners Holdings Inc 8.25% 01/05/2023 2,125,907 1.08648,135 Reynolds Group Issuer Inc/

Reynolds Group Issuer LLC/Reynolds Group Issuer Lu 6.88% 15/02/2021 666,769 0.34

2,839,000 Reynolds Group Issuer Inc/Reynolds Group Issuer LLC/Reynolds Group Issuer Lu 5.13% 15/07/2023 2,952,560 1.50

975,000 Tenet Healthcare Corp 6.00% 01/10/2020 1,046,906 0.53655,000 Tenet Healthcare Corp 4.63% 15/07/2024 657,456 0.33821,000 THC Escrow Corp III 4.63% 15/07/2024 825,269 0.42

1,019,000 THC Escrow Corp III 5.13% 01/05/2025 1,025,369 0.52896,000 Univision Communications Inc 5.13% 15/05/2023 906,913 0.46398,000 Univision Communications Inc 5.13% 15/02/2025 395,513 0.20306,000 Valeant Pharmaceuticals International 6.50% 15/03/2022 321,683 0.16

2,744,000 Valeant Pharmaceuticals International Inc 7.00% 15/03/2024 2,891,490 1.461,200,000 Veritas US Inc/Veritas Bermuda Ltd 7.50% 01/02/2023 1,476,800 0.75

700,000 WMG Acquisition 4.13% 01/11/2024 846,943 0.43410,000 WMG Acquisition Corp 5.00% 01/08/2023 421,788 0.21

1,850,000 Xerium Technologies Inc 9.50% 15/08/2021 1,970,250 1.00–––––––––––– ––––––––

89,951,666 45.57–––––––––––– ––––––––

Total Transferable Securities (Corporate Bonds) 190,911,523 96.71

–––––––––––– ––––––––

Fair Value % of Net

Holding Security US$ Assets

Transferable Securities (Preferred Stock) - 0.84% (31 Dec 2016: Nil)

United States - 0.84% (31 Dec 2016: Nil)

1,911,020 Pinnacle Agriculture Holdings LLC 1,643,478 0.84–––––––––––– ––––––––

Total Transferable Securities (Preferred Stock) 1,643,478 0.84

–––––––––––– ––––––––

Number Fair Value % of Net

of Shares Security US$ Assets

Investment Funds - 0.72% (31 Dec 2016: 0.74%)

Ireland - 0.72% (31 Dec 2016: 0.74%)

1,430,000 Institutional Cash Series Plc - Institutional US Dollar Liquidity Fund 9.500% 15/08/2021 1,430,000 0.72

–––––––––––– ––––––––Total Investment Funds 1,430,000 0.72

–––––––––––– ––––––––




Financial Derivative Instruments* - 0.03% (Dec 2016: ((0.41)%)

Open Forward Foreign Currency Exchange Contracts - 0.03% (Dec 2016: ((0.41)%)

Unrealised

Settlement Sub-Fund Amount Amount Gain/(Loss) % of Net

Date Counterparty Bought Sold US$ Assets

03/07/2017 State Street Bank US$ 271,530 £ 210,000 (1,984) (0.00)14/07/2017 State Street Bank € 4,701,000 US$ 5,305,901 65,821 0.0314/07/2017 National Australia Bank € 7,097,778 US$ 7,978,932 131,532 0.0714/07/2017 State Street Bank € 4,062 US$ 4,564 77 0.0014/07/2017 State Street Bank € 79,797 US$ 89,661 1,521 0.0014/07/2017 State Street Bank € 49,162 US$ 55,240 937 0.0014/07/2017 State Street Bank € 4,567 US$ 5,131 87 0.0014/07/2017 State Street Bank € 237,349 US$ 266,691 4,523 0.0014/07/2017 State Street Bank € 221,582 US$ 248,974 4,222 0.0014/07/2017 National Australia Bank € 224,949 US$ 252,756 4,288 0.0014/07/2017 National Australia Bank € 221,384 US$ 248,751 4,220 0.0014/07/2017 State Street Bank € 900,000 US$ 1,011,198 17,211 0.0114/07/2017 State Street Bank € 7,097,683 US$ 7,978,932 131,424 0.0714/07/2017 State Street Bank € 164,159 US$ 184,537 3,044 0.0014/07/2017 State Street Bank € 2,250,367 US$ 2,529,716 41,725 0.0214/07/2017 State Street Bank € 3,213,819 US$ 3,612,767 59,589 0.0314/07/2017 State Street Bank € 9,315,432 US$ 10,471,803 172,722 0.0914/07/2017 State Street Bank € 183,882 US$ 206,708 3,409 0.0014/07/2017 National Australia Bank € 8,949,794 US$ 10,060,687 166,032 0.0814/07/2017 State Street Bank € 314,000 US$ 357,716 1,085 0.0014/07/2017 State Street Bank £ 371,060 US$ 480,968 2,460 0.0014/07/2017 State Street Bank £ 431,413 US$ 559,198 2,860 0.0014/07/2017 State Street Bank £ 16,088,786 US$ 20,854,300 106,671 0.0514/07/2017 State Street Bank £ 127,086 US$ 164,729 843 0.0014/07/2017 National Australia Bank £ 14,683,734 US$ 19,033,277 97,149 0.0514/07/2017 State Street Bank £ 33,000 US$ 42,767 226 0.0014/07/2017 State Street Bank £ 4,700,000 US$ 5,955,370 167,936 0.1014/07/2017 State Street Bank £ 7,000 US$ 8,931 189 0.0014/07/2017 State Street Bank £ 600,000 US$ 760,545 21,154 0.0214/07/2017 State Street Bank £ 3,700 US$ 4,709 110 0.0014/07/2017 State Street Bank £ 210,000 US$ 271,628 1,966 0.0014/07/2017 State Street Bank US$ 2,010,163 € 1,780,993 (24,936) (0.01)14/07/2017 State Street Bank US$ 23,254,239 € 20,693,133 (391,316) (0.20)14/07/2017 National Australia Bank US$ 20,207,652 € 17,991,303 (350,586) (0.18)14/07/2017 State Street Bank US$ 570,954 € 499,717 (61) (0.00)14/07/2017 State Street Bank US$ 266,043 € 232,849 (28) (0.00)14/07/2017 State Street Bank US$ 105,275 € 92,140 (11) (0.00)14/07/2017 State Street Bank US$ 92,915 £ 71,590 (354) (0.00)14/07/2017 State Street Bank US$ 5,291 £ 4,083 (28) (0.00)14/07/2017 State Street Bank US$ 141 £ 109 (1) (0.00)14/07/2017 State Street Bank US$ 89 £ 69 (0) (0.00)14/07/2017 State Street Bank US$ 162 £ 125 (1) (0.00)14/07/2017 State Street Bank US$ 24,631,200 £ 19,012,392 (138,736) (0.07)14/07/2017 National Australia Bank US$ 27,518,706 £ 21,239,469 (152,738) (0.08)14/07/2017 National Australia Bank US$ 5,370 £ 4,144 (28) (0.00)14/07/2017 State Street Bank US$ 1,520,506 £ 1,200,000 (42,892) (0.02)14/07/2017 State Street Bank US$ 760,253 £ 600,000 (21,446) (0.01)14/07/2017 State Street Bank US$ 1,401,827 £ 1,100,000 (31,287) (0.02)

–––––––––––– ––––––––Unrealised gain on open forward foreign currency exchange contracts 1,215,033 0.62Unrealised loss on open forward foreign currency exchange contracts (1,156,433) (0.59)

–––––––––––– ––––––––Net unrealised gain on open forward foreign currency exchange contracts 58,600 0.03

–––––––––––– ––––––––Total Financial Derivative Instruments* 58,600 0.03

–––––––––––– ––––––––




Fair Value % of Net

€ Assets

Total Investments 194,043,601 98.30Cash at bank 4,152,183 2.10Other net liabilities (797,663) (0.40)

–––––––––––– ––––––––Total net assets at mid market prices 197,398,121 100.00

–––––––––––– –––––––––––––––––––– ––––––––

Classification

*All financial derivative instruments are traded over the counter (“OTC”).The counterparties for the open forward foreign currency exchange contracts are State Street Bank and National AustraliaBank.

Analysis of Total Assets % of Total Assets

Transferable securities admitted to an official stock exchange listing 94.07OTC financial derivative instruments 0.59Other current assets 5.34

––––––––Total Assets 100.00

––––––––––––––––




Barings Umbrella Fund PlcBarings European High Yield Bond Fund



Nominal Security Rate Date € Assets


Belgium - 1.82% (31 Dec 2016: 2.11%)

4,448,640 LSF9 Balta Issuer SA 7.750% 15/09/2022 4,863,342 1.351,550,000 Telenet Finance VI Luxembourg SCA 4.875% 15/07/2027 1,699,620 0.47

–––––––––––– ––––––––6,562,962 1.82

–––––––––––– ––––––––Canada - 0.18% (31 Dec 2016: 0.16%)

5,064,000 Concordia International Corp 7.000% 15/04/2023 665,062 0.18–––––––––––– ––––––––

Denmark - 1.76% (31 Dec 2016: 0.42%)

3,450,000 Norican A/S 4.500% 15/05/2023 3,529,919 0.983,300,000 Welltec A/S 8.000% 01/02/2019 2,809,833 0.78

–––––––––––– ––––––––6,339,752 1.76

–––––––––––– ––––––––Finland – Nil (31 Dec 2016: 1.10%)

France - 8.82% (31 Dec 2016: 10.64%)

2,950,000 Altice Luxembourg SA 6.250% 15/02/2025 3,226,341 0.902,790,000 BiSoho SAS 5.875% 01/05/2023 3,047,506 0.853,700,000 Constellium NV 7.000% 15/01/2023 3,820,546 1.061,642,000 Horizon Holdings I SAS 7.250% 01/08/2023 1,747,613 0.481,200,000 Loxam SAS 4.250% 15/04/2024 1,269,455 0.355,290,000 Loxam SAS 6.000% 15/04/2025 5,745,601 1.592,500,000 Novafives SAS 4.500% 30/06/2021 2,543,610 0.714,758,000 SFR Group SA 6.000% 15/05/2022 4,363,706 1.21

900,000 WFS Global Holding SAS 9.500% 15/07/2022 985,843 0.274,600,000 WFS Global Holding SAS 9.500% 15/07/2022 5,038,753 1.40

–––––––––––– ––––––––31,788,974 8.82

–––––––––––– ––––––––Germany - 5.65% (31 Dec 2016: 6.30%)

2,500,000 Galapagos SA 5.375% 15/06/2021 2,548,300 0.713,300,000 IHO Verwaltungs GmbH 3.750% 15/09/2026 3,450,562 0.964,300,000 Monitchem HoldCo 2 SA 6.875% 15/06/2022 4,310,922 1.191,950,000 Takko Luxembourg 2 SCA 9.875% 15/04/2019 1,807,163 0.503,525,000 Takko Luxembourg 2 SCA 6.668% 15/04/2019 3,169,856 0.881,900,000 Unitymedia Hessen GmbH & Co KG/

Unitymedia NRW GmbH 3.500% 15/01/2027 1,965,978 0.542,750,000 Unitymedia Hessen GmbH & Co KG/

Unitymedia NRW GmbH 6.250% 15/01/2029 3,126,131 0.87–––––––––––– ––––––––

20,378,912 5.65–––––––––––– ––––––––

Ireland - 2.43% (31 Dec 2016: 2.62%)

3,150,000 Ardagh Packaging Finance Plc/Ardagh Holdings USA Inc 6.750% 15/05/2024 3,528,303 0.98


–––––––––––– ––––––––8,782,308 2.43

–––––––––––– ––––––––Italy - 2.13% (31 Dec 2016: 2.49%)

3,800,000 Bormioli Rocco Holdings SA 10.000% 01/08/2018 3,868,704 1.074,200,000 Wind Acquisition Finance SA 7.375% 23/04/2021 3,826,666 1.06

–––––––––––– ––––––––7,695,370 2.13

–––––––––––– ––––––––







Mexico - 1.44% (31 Dec 2016: 1.06%)

3,700,000 Cemex Finance LLC 4.625% 15/06/2024 4,013,889 1.111,100,000 Cemex SAB de CV 4.375% 05/03/2023 1,166,330 0.33

–––––––––––– ––––––––5,180,219 1.44

–––––––––––– ––––––––Netherlands - 1.18% (31 Dec 2016: 0.95%)

300,000 Ziggo Secured Finance BV 3.750% 15/01/2025 314,010 0.093,700,000 Ziggo Secured Finance BV 4.250% 15/01/2027 3,927,887 1.09

–––––––––––– ––––––––4,241,897 1.18

–––––––––––– ––––––––Norway - 0.38% (31 Dec 2016: 0.94%)

1,500,000 Aker BP ASA 6.000% 01/07/2022 1,357,637 0.38–––––––––––– ––––––––

Portugal - 0.77% (31 Dec 2016: 0.91%)

3,000,000 Altice Financing SA 6.625% 15/02/2023 2,793,259 0.77–––––––––––– ––––––––

Spain - 1.03% (31 Dec 2016: 2.26%)

1,550,000 Ence Energia y Celulosa SA 5.375% 01/11/2022 1,669,226 0.461,950,000 NH Hotel Group SA 3.750% 01/10/2023 2,063,352 0.57

–––––––––––– ––––––––3,732,578 1.03

–––––––––––– ––––––––South Africa – Nil (31 Dec 2016: 0.48%)

Sweden - 2.47% (31 Dec 2016: 1.85%)

3,100,000 Intrum Justitia AB 3.125% 15/07/2024 3,093,220 0.8632,000,000 NorCell Sweden Holding 3 AB 3.500% 25/02/2022 3,447,131 0.952,179,800 Verisure Holding AB 6.000% 01/11/2022 2,379,143 0.66

–––––––––––– ––––––––8,919,494 2.47

–––––––––––– ––––––––Switzerland - 4.24% (31 Dec 2016: 3.92%)

4,800,000 INEOS Group Holdings SA 5.375% 01/08/2024 5,089,694 1.411,000,000 SIG Combibloc Holdings SCA 7.750% 15/02/2023 1,066,355 0.301,100,000 Swissport Investments SA 6.750% 15/12/2021 1,183,042 0.331,400,000 Swissport Investments SA 9.750% 15/12/2022 1,564,790 0.431,700,000 Unilabs Subholding AB 5.750% 15/05/2025 1,716,958 0.482,910,000 UPCB Finance IV Ltd 5.375% 15/01/2025 2,678,403 0.741,900,000 UPCB Finance IV Ltd 4.000% 15/01/2027 1,983,600 0.55

–––––––––––– ––––––––15,282,842 4.24

–––––––––––– ––––––––United Kingdom - 39.35% (31 Dec 2016: 36.29%)

7,000,000 AA Bond Co Ltd 5.500% 31/07/2043 8,315,633 2.311,350,000 Anglian Water Osprey Financing Plc 5.000% 30/04/2023 1,656,933 0.46

250,000 Arqiva Broadcast Finance Plc 9.500% 31/03/2020 304,537 0.082,250,000 Arqiva Broadcast Finance Plc 9.500% 31/03/2020 2,740,837 0.763,450,000 Arrow Global Finance Plc 5.125% 15/09/2024 4,090,590 1.131,850,000 B&M European Value Retail SA 4.125% 01/02/2022 2,192,134 0.613,250,000 Boing Group Financing Plc 6.625% 15/07/2019 3,305,162 0.921,100,000 Boparan Finance Plc 5.250% 15/07/2019 1,248,112 0.353,520,000 Boparan Finance Plc 5.250% 15/07/2019 3,993,960 1.111,450,000 Boparan Finance Plc 5.500% 15/07/2021 1,612,169 0.452,700,000 Cabot Financial Luxembourg SA 7.500% 01/10/2023 3,329,169 0.92






2,665,000 CEVA Group Plc 7.000% 01/03/2021 2,181,654 0.612,150,000 Cognita Financing Plc 7.750% 15/08/2021 2,565,022 0.713,600,000 Cognita Financing Plc 7.750% 15/08/2021 4,294,921 1.192,500,000 CPUK Finance Ltd 4.250% 28/02/2047 2,877,649 0.801,200,000 CPUK Finance Ltd 4.875% 28/02/2047 1,389,846 0.392,100,000 Debenhams Plc 5.250% 15/07/2021 2,426,363 0.671,500,000 Entertainment One Ltd 6.875% 15/12/2022 1,881,577 0.525,882,000 Galaxy Finco Ltd 7.875% 15/11/2021 6,942,299 1.937,350,000 Garfunkelux Holdco 3 SA 8.500% 01/11/2022 8,996,565 2.491,100,000 Heathrow Finance Plc 5.750% 03/03/2025 1,423,011 0.391,250,000 House of Fraser Funding Plc 6.040% 15/09/2020 1,192,428 0.332,108,000 HSS Financing Plc 6.750% 01/08/2019 2,404,818 0.674,300,000 IDH Finance Plc 6.250% 15/08/2022 4,791,335 1.332,300,000 Jaguar Land Rover Automotive Plc 3.875% 01/03/2023 2,775,857 0.774,650,000 Jerrold Finco Plc 6.125% 15/01/2024 5,393,040 1.501,750,000 KCA Deutag UK Finance Plc 7.250% 15/05/2021 1,363,657 0.38

400,000 KCA Deutag UK Finance Plc 9.875% 01/04/2022 341,461 0.094,125,000 KCA Deutag UK Finance Plc 9.875% 01/04/2022 3,521,321 0.981,749,049 Keystone Financing Plc 9.500% 15/10/2019 2,092,259 0.583,650,000 Marlin Intermediate Holdings Plc 10.500% 01/08/2020 4,437,851 1.232,250,000 Moto Finance Plc 4.500% 01/10/2022 2,613,997 0.722,250,000 Ocado Group Plc 4.000% 15/06/2024 2,532,467 0.704,618,000 Perform Group Financing Plc 8.500% 15/11/2020 5,522,857 1.533,150,000 Premier Foods Finance Plc 6.500% 15/03/2021 3,655,314 1.013,950,000 Thomas Cook Group Plc 6.250% 15/06/2022 4,268,911 1.183,050,000 Travelex Financing Plc 8.000% 15/05/2022 3,016,529 0.842,600,000 Travis Perkins Plc 4.500% 07/09/2023 3,068,843 0.855,220,000 TVL Finance Plc 8.500% 15/05/2023 6,636,360 1.841,350,000 Virgin Media Secured Finance Plc 5.500% 15/01/2025 1,628,145 0.45

350,000 Virgin Media Secured Finance Plc 5.125% 15/01/2025 420,553 0.121,300,000 Virgin Media Secured Finance Plc 4.875% 15/01/2027 1,530,212 0.421,100,000 Virgin Media Secured Finance Plc 6.250% 28/03/2029 1,364,940 0.382,800,000 Voyage Care Bondco Plc 5.875% 01/05/2023 3,342,084 0.932,650,000 Wagamama Finance Plc 7.875% 01/02/2020 3,147,139 0.872,600,000 William Hill Plc 4.875% 07/09/2023 3,054,300 0.85

–––––––––––– ––––––––141,884,821 39.35


4,700,000 AMC Entertainment Holdings Inc 6.375% 15/11/2024 5,766,964 1.602,500,000 Auris Luxembourg II SA 8.000% 15/01/2023 2,694,550 0.751,500,000 Axalta Coating Systems Dutch Holding B BV 3.750% 15/01/2025 1,581,405 0.441,150,000 Carlson Travel Inc 4.750% 15/06/2023 1,164,754 0.322,300,000 Carlson Travel Inc 6.750% 15/12/2023 2,054,022 0.571,700,000 Chemours 7.000% 15/05/2025 1,629,821 0.451,850,000 Chemours 5.375% 15/05/2027 1,674,241 0.462,000,000 Constellium NV 8.000% 15/01/2023 1,812,372 0.509,670,000 Coveris Holdings SA 7.875% 01/11/2019 8,381,826 2.332,150,000 Crown European Holdings SA 3.375% 15/05/2025 2,236,054 0.621,650,000 Gates Global LLC/Gates Global Co 5.750% 15/07/2022 1,695,375 0.472,400,000 Hanesbrands Finance Luxembourg SCA 3.500% 15/06/2024 2,522,820 0.703,000,000 Huntsman International LLC 4.250% 01/04/2025 3,454,362 0.965,200,000 Infor US Inc 5.750% 15/05/2022 5,438,290 1.512,000,000 Iron Mountain Europe Plc 6.125% 15/09/2022 2,416,115 0.67

650,000 Levi Strauss & Co 3.375% 15/03/2027 658,970 0.18








3,250,000 PSPC Escrow Corp 6.000% 01/02/2023 3,422,786 0.951,900,000 PVH Corp 3.625% 15/07/2024 2,030,984 0.563,150,000 Quintiles IMS Inc 3.250% 15/03/2025 3,211,286 0.891,800,000 Silgan Holdings Inc 3.250% 15/03/2025 1,846,008 0.512,400,000 Spectrum Brands Inc 4.000% 01/10/2026 2,503,702 0.693,200,000 Trinseo Materials Operating SCA/

Trinseo Materials Finance Inc 6.375% 01/05/2022 3,422,864 0.95500,000 Trinseo Materials Operating SCA/

Trinseo Materials Finance Inc 6.750% 01/05/2022 465,132 0.13250,000 Valeant Pharmaceuticals International Inc 6.500% 15/03/2022 230,103 0.06

9,350,000 Valeant Pharmaceuticals International Inc 4.500% 15/05/2023 7,712,806 2.142,629,000 Veritas US Inc/Veritas Bermuda Ltd 7.500% 01/02/2023 2,832,747 0.792,950,000 Veritas US Inc/Veritas Bermuda Ltd 10.500% 01/02/2024 2,834,677 0.793,100,000 Western Digital Corp 10.500% 01/04/2024 3,208,650 0.893,250,000 WMG Acquisition Corp 4.125% 01/11/2024 3,442,839 0.96

–––––––––––– ––––––––82,346,525 22.84

–––––––––––– ––––––––Total Transferable Securities (Corporate Bonds) 347,952,612 96.49

–––––––––––– ––––––––


of Shares € Assets

Collective Investment Schemes - 0.00% (31 Dec 2016: 0.62%)

Germany – 0.00% (31 Dec 2016: 0.62%)

497 Deutsche Global Liquidity Series Plc - Managed Euro Fund 496 0.00–––––––––––– ––––––––

Total Collective Investment Schemes 496 0.00

–––––––––––– ––––––––

Financial Derivative Instruments** - 0.65% (31 Dec 2016: (0.01) %)

Open Forward Foreign Currency Exchange Contracts – 0.65% (31 Dec 2016: (0.01%)

Unrealised


Date Counterparty Bought Sold € Assets

14/07/2017 State Street Bank CHF 1,384 € 1.276 (12) 0.0014/07/2017 State Street Bank CHF 326,237 € 300,719 (2,807) 0.0014/07/2017 State Street Bank € 84,089,307 £ 72,942,008 925,997 0.2614/07/2017 National Australia Bank € 56,845,819 £ 49,280,266 659,951 0.1814/07/2017 State Street Bank € 400,298 £ 347,058 4,607 0.0014/07/2017 State Street Bank € 2,568,247 £ 2,250,000 2,956 0.0014/07/2017 State Street Bank € 175,430 £ 152,098 2,019 0.0014/07/2017 State Street Bank € 49,972 £ 43,326 575 0.0014/07/2017 State Street Bank € 31,882 £ 27,642 367 0.0014/07/2017 State Street Bank € 29,555 £ 25,624 340 0.0014/07/2017 State Street Bank € 229,134 £ 202,779 (2,060) 0.0014/07/2017 State Street Bank € 308,721 £ 273,212 (2,776) 0.0014/07/2017 State Street Bank € 722,129 £ 639,069 (6,492) 0.0014/07/2017 State Street Bank € 1,354,848 £ 1,200,000 (13,307) 0.0014/07/2017 State Street Bank € 2,822,601 £ 2,500,000 (27,722) (0.01)14/07/2017 State Street Bank € 3,455,704 SEK 33,777,790 (54,822) (0.02)14/07/2017 State Street Bank € 28,686,236 US$ 32,236,617 474,738 0.13




Financial Derivative Instruments** - 0.65% (31 Dec 2016: (0.01) %) (continued)

Open Forward Foreign Currency Exchange Contracts – 0.65% (31 Dec 2016: (0.01%) (continued)

Unrealised


Date Counterparty Bought Sold € Assets

14/07/2017 National Australia Bank € 19,444,630 US$ 21,840,014 331,598 0.0914/07/2017 State Street Bank € 1,082,590 US$ 1,214,188 20,008 0.0114/07/2017 State Street Bank € 349,981 US$ 393,246 5,837 0.0014/07/2017 National Australia Bank € 338,745 US$ 380,618 5,651 0.0014/07/2017 State Street Bank € 270,648 US$ 303,547 5,002 0.0014/07/2017 State Street Bank € 201,118 US$ 224,782 4,403 0.0014/07/2017 State Street Bank € 52,393 US$ 58,870 874 0.0014/07/2017 State Street Bank € 30,239 US$ 33,977 505 0.0014/07/2017 State Street Bank € 1,312,847 US$ 1,500,000 140 0.0003/07/2017 State Street Bank € 22,549 US$ 25,665 78 0.0014/07/2017 State Street Bank € 3,439 US$ 3,864 57 0.0014/07/2017 State Street Bank £ 5,300,000 € 6,009,752 32,933 0.0114/07/2017 State Street Bank £ 675,677 € 763,495 6,864 0.0014/07/2017 State Street Bank £ 187,500 € 212,944 830 0.0014/07/2017 State Street Bank £ 13,930 € 15,831 51 0.0014/07/2017 State Street Bank £ 810,938 € 935,062 (10,488) 0.0014/07/2017 State Street Bank £ 1,120,726 € 1,292,267 (14,494) 0.0014/07/2017 State Street Bank £ 1,130,742 € 1,303,816 (14,624) 0.0014/07/2017 State Street Bank £ 6,231,029 € 7,184,763 (80,585) (0.02)14/07/2017 State Street Bank £ 14,196,448 € 16,369,385 (183,601) (0.05)14/07/2017 State Street Bank US$ 25,665 € 22,536 (76) 0.0014/07/2017 State Street Bank US$ 20,614 € 18,351 (311) 0.0014/07/2017 State Street Bank US$ 35,000 € 31,315 (686) 0.0014/07/2017 State Street Bank US$ 159,468 € 141,859 (2,302) 0.0014/07/2017 State Street Bank US$ 200,000 € 178,915 (3,887) 0.0014/07/2017 State Street Bank US$ 195,000 € 175,043 (4,391) 0.0014/07/2017 State Street Bank US$ 1,410,206 € 1,254,481 (20,356) (0.01)14/07/2017 State Street Bank US$ 2,440,589 € 2,171,081 (35,229) (0.01)14/07/2017 National Australia Bank US$ 15,576,280 € 13,856,360 (224,961) (0.06)14/07/2017 State Street Bank US$ 16,134,632 € 14,352,931 (232,896) (0.06)

–––––––––––– ––––––––Unrealised gain on open forward foreign currency exchange contracts 2,486,381 0.69Unrealised loss on open forward foreign currency exchange contracts (938,885) (0.26)

–––––––––––– ––––––––Net unrealised gain on open forward foreign currency exchange contracts 1,547,496 0.43

–––––––––––– ––––––––Total Financial Derivative Instruments* 1,547,496 0.43

–––––––––––– ––––––––

Fair Value % of Net

€ Assets

Total Investments 349,500,604 96.92Cash at bank 3,978,933 1.10Other net liabilities 7,125,259 1.98


–––––––––––– –––––––––––––––––––– ––––––––




Classification



Transferable securities admitted to an official stock exchange listing 79.51Transferable securities dealt in on another regulated market 16.06Collective Investment Schemes 0.00OTC financial derivative instruments 0.68Other current assets 3.75


––––––––––––––––




Barings Umbrella Fund PlcBarings Global High Yield Bond Fund





Belgium - 0.59% (31 Dec 2016: 0.84%)

2,919,420 LSF9 Balta Issuer SA 7.750% 15/09/2022 3,645,249 0.59–––––––––––– ––––––––

Brazil - 0.29% (31 Dec 2016: 0.57%)

2,000,000 JBS Investments GmbH 7.250% 03/04/2024 1,795,000 0.29–––––––––––– ––––––––

Canada - 3.57% (31 Dec 2016: 2.28%)

5,000,000 ATS Automation Tooling Systems Inc 6.500% 15/06/2023 5,225,000 0.8513,465,000 Jupiter Resources Inc 8.500% 01/10/2022 10,166,075 1.661,666,000 Kinross Gold Corp 5.950% 15/03/2024 1,848,744 0.303,243,000 Kinross Gold Corp 4.500% 15/07/2027 3,243,000 0.531,215,000 Teck Resources Ltd 8.500% 01/06/2024 1,406,362 0.23

–––––––––––– ––––––––21,889,181 3.57

–––––––––––– ––––––––Denmark - 1.25% (31 Dec 2016: 1.16%)

600,000 Norican A/S 4.500% 15/05/2023 701,165 0.117,181,000 Welltec A/S 8.000% 01/02/2019 6,983,522 1.14

–––––––––––– ––––––––7,684,687 1.25

–––––––––––– ––––––––Finland - Nil (31 Dec 2016: 0.10%)

France - 3.15% (31 Dec 2016: 2.91%)

2,100,000 Altice Luxembourg SA 6.250% 15/02/2025 2,623,195 0.432,450,000 Constellium NV 7.000% 15/01/2023 2,889,434 0.472,150,000 Horizon Holdings I SAS 7.250% 01/08/2023 2,613,567 0.43

950,000 Loxam SAS 6.000% 15/04/2025 1,178,491 0.194,483,000 SFR Group SA 6.000% 15/05/2022 4,695,943 0.773,400,000 WFS Global Holding SAS 9.500% 15/07/2022 4,253,703 0.69

850,000 WFS Global Holding SAS 9.500% 15/07/2022 1,063,426 0.17–––––––––––– ––––––––

19,317,759 3.15–––––––––––– ––––––––

Germany - 1.55% (31 Dec 2016: 1.06%)

1,778,000 Monitchem HoldCo 2 SA 6.875% 15/06/2022 2,035,900 0.33675,000 Takko Luxembourg 2 SCA 6.669% 15/04/2019 693,278 0.11

2,350,000 Takko Luxembourg 2 SCA 9.875% 15/04/2019 2,487,445 0.413,300,000 Unitymedia Hessen GmbH & Co KG/

Unitymedia NRW GmbH 6.250% 15/01/2029 4,284,611 0.70–––––––––––– ––––––––

9,501,234 1.55–––––––––––– ––––––––

Ghana - 0.82% (31 Dec 2016: 0.93%)

5,500,000 Tullow Oil Plc 6.250% 15/04/2022 5,039,375 0.82–––––––––––– ––––––––

Ireland - 1.34% (31 Dec 2016: 0.47%)




–––––––––––– ––––––––8,196,082 1.34

–––––––––––– ––––––––







Italy - 1.50% (31 Dec 2016: 1.06%)

2,777,000 Bormioli Rocco Holdings SA 10.000% 01/08/2018 3,229,095 0.52393,000 Telecom Italia SpA 5.303% 30/05/2024 422,966 0.07

5,350,000 Wind Acquisition Finance SA 7.375% 23/04/2021 5,567,344 0.91–––––––––––– ––––––––

9,219,405 1.50–––––––––––– ––––––––

Jamaica - 0.57% (31 Dec 2016: Nil)

4,000,000 Digicel Group Ltd 7.125% 01/04/2022 3,505,200 0.57–––––––––––– ––––––––

Mexico - 0.54% (31 Dec 2016: 0.71%)

2,914,000 Cemex SAB de CV 7.750% 16/04/2026 3,340,172 0.54–––––––––––– ––––––––

Netherlands - 0.85% (31 Dec 2016: 2.62%)

1,000,000 LGE HoldCo VI BV 7.125% 15/05/2024 1,283,803 0.21700,000 Ziggo Secured Finance BV 4.250% 15/01/2027 848,747 0.14

3,000,000 Ziggo Secured Finance BV 5.500% 15/01/2027 3,071,250 0.50–––––––––––– ––––––––

5,203,800 0.85–––––––––––– ––––––––

Norway – Nil (31 Dec 2016: 0.23%)

Portugal - 0.71% (31 Dec 2016: 0.55%)

2,000,000 Altice Financing SA 6.625% 15/02/2023 2,126,880 0.35566,000 Altice Financing SA 7.500% 15/05/2026 629,675 0.10

1,500,000 Altice Finco SA 7.625% 15/02/2025 1,606,875 0.26–––––––––––– ––––––––

4,363,430 0.71–––––––––––– ––––––––

Spain - Nil (31 Dec 2016: 0.23%)

Sweden - 0.21% (31 Dec 2016: Nil)

1,150,000 Intrum Justitia AB 3.125% 15/07/2024 1,310,600 0.21–––––––––––– ––––––––

Switzerland - 1.44% (31 Dec 2016: 1.21%)

1,050,000 INEOS Group Holdings SA 5.375% 01/08/2024 1,271,636 0.212,400,000 SIG Combibloc Holdings SCA 7.750% 15/02/2023 2,923,049 0.48

950,000 Swissport Investments SA 9.750% 15/12/2022 1,212,759 0.20400,000 UPCB Finance IV Ltd 5.375% 15/01/2025 420,500 0.07

2,500,000 UPCB Finance IV Ltd 4.000% 15/01/2027 2,981,011 0.48–––––––––––– ––––––––

8,808,955 1.44–––––––––––– ––––––––

Trinidad And Tobago- Nil (31 Dec 2016: 1.38%)

United Arab Emirates - 1.06% (31 Dec 2016: 1.14%)

6,459,000 Topaz Marine SA 8.625% 01/11/2018 6,479,733 1.06–––––––––––– ––––––––


3,500,000 AA Bond Co Ltd 5.500% 31/07/2043 4,748,849 0.77450,000 Arqiva Broadcast Finance Plc 9.500% 31/03/2020 626,089 0.10500,000 Arqiva Broadcast Finance Plc 9.500% 31/03/2020 695,655 0.11

1,450,000 Arrow Global Finance Plc 5.125% 15/09/2024 1,963,622 0.321,750,000 Boing Group Financing Plc 6.625% 15/07/2019 2,032,687 0.331,550,000 Boparan Finance Plc 5.250% 15/07/2019 2,008,703 0.33






850,000 Boparan Finance Plc 5.250% 15/07/2019 1,101,547 0.18800,000 Cabot Financial Luxembourg SA 7.500% 01/10/2023 1,126,640 0.18

2,200,000 Cognita Financing Plc 7.750% 15/08/2021 2,997,770 0.49850,000 CPUK Finance Ltd 4.250% 28/08/2022 1,117,480 0.18400,000 CPUK Finance Ltd 4.875% 28/08/2045 529,137 0.09

2,525,000 Galaxy Finco Ltd 7.875% 15/11/2021 3,403,789 0.565,450,000 Garfunkelux Holdco 3 SA 8.500% 01/11/2022 7,619,192 1.242,244,000 HSS Financing Plc 6.750% 01/08/2019 2,923,866 0.481,550,000 IDH Finance Plc 6.250% 15/08/2022 1,972,617 0.321,700,000 Jerrold Finco Plc 6.125% 15/01/2024 2,251,918 0.371,425,000 KCA Deutag UK Finance Plc 9.875% 01/04/2022 1,389,375 0.23

350,000 KCA Deutag UK Finance Plc 9.875% 01/04/2022 341,250 0.061,178,707 Keystone Financing Plc 9.500% 15/10/2019 1,610,432 0.263,090,000 Marlin Intermediate Holdings Plc 10.500% 01/08/2020 4,291,028 0.70

800,000 Ocado Group Plc 4.000% 15/06/2024 1,028,429 0.171,700,000 Perform Group Financing Plc 8.500% 15/11/2020 2,322,105 0.381,300,000 Premier Foods Finance Plc 6.500% 15/03/2021 1,722,981 0.281,700,000 Thomas Cook Group Plc 6.250% 15/06/2022 2,098,418 0.341,250,000 Travelex Financing Plc 8.000% 15/05/2022 1,412,020 0.233,240,000 TVL Finance Plc 8.500% 15/05/2023 4,704,651 0.774,000,000 Virgin Media Finance Plc 6.000% 15/10/2024 4,255,000 0.691,125,000 Virgin Media Secured Finance Plc 5.500% 15/01/2025 1,549,654 0.251,600,000 Virgin Media Secured Finance Plc 4.875% 15/01/2027 2,151,053 0.35

–––––––––––– ––––––––65,995,957 10.76


3,500,000 A Schulman Inc 6.875% 01/06/2023 3,718,750 0.616,754,000 Accudyne Industries Borrower/

Accudyne Industries LLC 7.750% 15/12/2020 6,787,770 1.113,055,000 Alere Inc 6.500% 15/06/2020 3,112,281 0.515,407,000 Allegheny Technologies Inc 5.950% 15/01/2021 5,447,552 0.891,205,000 Alliance Resource Operating Partners LP/

Alliance Resource Finance Corp 7.500% 01/05/2025 1,271,275 0.21900,000 AMC Entertainment Holdings Inc 6.375% 15/11/2024 1,261,290 0.21

6,250,000 American Airlines Group Inc 5.500% 01/10/2019 6,613,125 1.081,321,000 American Airlines Group Inc 4.625% 01/03/2020 1,371,224 0.224,637,000 Apex Tool Group LLC 7.000% 01/02/2021 4,335,595 0.716,500,000 Appvion Inc 9.000% 01/06/2020 3,412,500 0.562,200,000 Booz Allen Hamilton Inc 5.125% 01/05/2025 2,167,000 0.354,200,000 Brunswick Corp 7.125% 01/08/2027 4,889,980 0.802,762,000 C&S Group Enterprises LLC 5.375% 15/07/2022 2,734,380 0.451,866,000 Carlson Travel Inc 6.750% 15/12/2023 1,903,320 0.313,295,000 Carlson Travel Inc 9.500% 15/12/2024 3,381,494 0.554,000,000 Carrols Restaurant Group Inc 8.000% 01/05/2022 4,275,000 0.701,500,000 CCO Holdings LLC/CCO Holdings Capital Corp 5.750% 15/02/2026 1,608,750 0.26

651,000 CCO Holdings LLC/CCO Holdings Capital Corp 5.875% 01/05/2027 697,384 0.112,110,000 Change Healthcare Holdings LLC/

Change Healthcare Finance Inc 5.750% 01/03/2025 2,160,113 0.352,000,000 Charter Communications Operating LLC/

Charter Communications Operating Capital 4.908% 23/07/2025 2,164,156 0.353,919,000 Chemours Co 5.375% 15/05/2027 4,050,835 0.664,000,000 Chesapeake Energy Corp 8.000% 15/01/2025 3,975,000 0.653,000,000 Chesapeake Energy Corp 8.000% 15/06/2027 2,951,250 0.48








1,000,000 CHS/Community Health Systems Inc 6.250% 31/03/2023 1,036,100 0.176,689,000 Citgo Holding Inc 10.750% 15/02/2020 7,299,371 1.193,100,000 Clear Channel Worldwide Holdings Inc 7.625% 15/03/2020 3,069,000 0.50

250,000 Clear Channel Worldwide Holdings Inc 7.625% 15/03/2020 249,688 0.044,568,000 Community Health Systems Inc 6.875% 01/02/2022 4,008,420 0.652,972,000 Consolidated Energy Finance SA 6.750% 15/10/2019 3,035,155 0.492,852,000 Consolidated Energy Finance SA 6.875% 15/06/2025 2,944,690 0.486,527,000 Continental Resources Inc/OK 4.900% 01/06/2044 5,482,680 0.89

15,621,000 Coveris Holdings SA 7.875% 01/11/2019 15,464,790 2.52356,000 Covey Park Energy LLC/

Covey Park Finance Corp 7.500% 15/05/2025 356,890 0.065,683,000 CSVC Acquisition Corp 7.750% 15/06/2025 5,821,523 0.957,472,000 Deck Chassis Acquisition Inc 10.000% 15/06/2023 8,312,600 1.35

796,000 Dell International LLC/EMC Corp 5.875% 15/06/2021 835,800 0.141,986,000 Dell International LLC/EMC Corp 7.125% 15/06/2024 2,184,113 0.363,462,000 DISH DBS Corp 7.750% 01/07/2026 4,111,125 0.67

748,000 Eagle Holding Co II LLC 7.625% 15/05/2022 771,375 0.13514,000 Endo Dac/Endo Finance LLC/Endo Finco Inc 5.875% 15/10/2024 531,990 0.09

3,063,000 Endo Dac/Endo Finance LLC/Endo Finco Inc 6.000% 01/02/2025 2,511,660 0.412,542,000 EnPro Industries Inc 5.875% 15/09/2022 2,662,745 0.435,000,000 EP Energy LLC/Everest Acquisition Finance 8.000% 15/02/2025 3,750,000 0.615,029,000 EP Energy LLC/Everest Acquisition Finance Inc 8.000% 29/11/2024 5,041,572 0.821,000,000 Ferrellgas LP/Ferrellgas Finance Corp 6.750% 15/01/2022 945,000 0.155,842,000 Ferrellgas Partners LP/

Ferrellgas Partners Finance Corp 8.625% 15/06/2020 5,549,900 0.903,750,000 GCI Inc 6.875% 15/04/2025 4,073,437 0.664,086,000 GEO Group Inc 5.125% 01/04/2023 4,126,860 0.672,000,000 GEO Group Inc 6.000% 15/04/2026 2,085,000 0.343,899,000 GTT Communications Inc 7.875% 31/12/2024 4,181,677 0.685,550,000 HCA Inc 5.250% 15/06/2026 5,999,550 0.986,446,000 Hertz Corp 7.625% 01/06/2022 6,446,645 1.052,953,000 Hughes Satellite Systems Corp 5.250% 01/08/2026 3,096,959 0.501,654,000 Hughes Satellite Systems Corp 6.625% 01/08/2026 1,782,185 0.29

2,000 Icahn Enterprises LP/Icahn Enterprises Finance Corp 6.250% 01/02/2022 2,090 0.00

2,689,000 Icahn Enterprises LP/Icahn Enterprises Finance Corp 6.750% 01/02/2024 2,810,274 0.46

1,679,000 Intelsat Jackson Holdings SA 9.750% 15/07/2025 1,681,099 0.274,496,000 International Automotive Components Group SA 9.125% 01/06/2018 4,417,320 0.722,660,000 j2 Cloud Services LLC/j2 Global Co-Obligor Inc 6.000% 15/07/2025 2,753,100 0.456,450,000 JB Poindexter & Co Inc 9.000% 01/04/2022 6,780,562 1.111,000,000 JBS USA LUX SA/JBS USA Finance Inc 8.250% 01/02/2020 1,005,000 0.161,974,000 JBS USA LUX SA/JBS USA Finance Inc 5.875% 15/07/2024 1,860,495 0.302,710,000 KAR Auction Services Inc 5.125% 01/06/2025 2,767,587 0.456,533,000 Kenan Advantage Group Inc 7.875% 31/07/2023 6,892,315 1.123,058,000 Kinross Gold Corp 6.875% 01/09/2041 3,279,705 0.534,621,000 Kissner Holdings LP/Kissner Milling Co Ltd/

BSC Holding Inc/Kissner USA 8.375% 01/12/2022 4,817,392 0.793,075,000 Kosmos Energy Ltd 7.875% 01/08/2021 3,151,875 0.517,230,000 Kosmos Energy Ltd 7.875% 01/08/2021 7,410,750 1.216,000,000 LPL Holdings Inc 5.750% 15/09/2025 6,255,000 1.023,015,000 Mallinckrodt International Finance SA/

Mallinckrodt CB LLC 5.625% 15/10/2023 2,766,263 0.452,207,000 Mallinckrodt International Finance SA/

Mallinckrodt CB LLC 5.500% 15/04/2025 1,942,160 0.32








5,761,000 Molina Healthcare Inc 4.875% 15/06/2025 5,818,610 0.953,660,000 Nabors Industries Inc 5.500% 15/01/2023 3,481,575 0.571,000,000 Newfield Exploration Co 5.750% 30/01/2022 1,057,500 0.17

328,000 Newfield Exploration Co 5.375% 01/01/2026 341,120 0.061,633,000 Nexstar Broadcasting Inc 6.125% 15/02/2022 1,716,691 0.286,000,000 NFP Corp 6.875% 15/07/2025 6,075,000 0.994,036,000 NRG Energy Inc 7.250% 15/05/2026 4,197,440 0.682,000,000 NRG Energy Inc 6.625% 15/01/2027 2,012,500 0.335,500,000 Oasis Petroleum Inc 6.875% 15/03/2022 5,362,500 0.871,995,000 Orchestra Borrower LLC/Orchestra Co-Issuer 6.750% 15/06/2022 2,060,636 0.345,081,000 Ortho-Clinical Diagnostics Inc/

Ortho-Clinical Diagnostics SA 6.625% 15/05/2022 4,877,760 0.793,000,000 Parker Drilling Co 6.750% 15/07/2022 2,317,500 0.38

532,000 Peabody Energy Corp 6.000% 31/03/2022 530,005 0.091,687,000 Peabody Energy Corp 6.375% 31/03/2025 1,668,021 0.275,000,000 Penske Automotive Group Inc 5.500% 15/05/2026 4,987,500 0.81

375,000 Perry Ellis International Inc 7.875% 01/04/2019 375,938 0.06503,887 Pinnacle Operating 9.000% 15/05/2023 483,732 0.08

1,435,000 Post Holdings Inc 5.500% 01/03/2025 1,483,431 0.241,775,000 Post Holdings Inc 5.750% 01/03/2027 1,832,688 0.308,535,000 Prime Security Services Borrower LLC/

Prime Finance Inc 9.250% 15/05/2023 9,295,981 1.522,000,000 PSPC Escrow Corp 6.000% 01/02/2023 2,405,744 0.393,474,000 RegionalCare Hospital Partners Holdings Inc 8.250% 01/05/2023 3,743,235 0.611,152,000 Rowan Cos Inc 7.375% 15/06/2025 1,080,000 0.182,083,000 Sirius XM Radio Inc 5.375% 15/07/2026 2,161,113 0.353,584,000 Sirius XM Radio Inc 5.000% 01/08/2027 3,628,800 0.591,000,000 Sprint Capital Corp 6.875% 15/11/2028 1,114,070 0.181,500,000 Sprint Communications Inc 7.000% 15/08/2020 1,653,750 0.279,586,000 Sprint Corp 7.875% 15/09/2023 11,047,865 1.804,201,000 SunCoke Energy Partners LP/

SunCoke Energy Partners Finance Corp 7.500% 15/06/2025 4,169,492 0.684,000,000 Sunoco LP/Sunoco Finance Corp 6.250% 15/04/2021 4,190,000 0.68

892,000 Surgery Center Holdings Inc 6.750% 01/07/2025 905,380 0.151,980,000 T-Mobile USA Inc 5.375% 15/04/2027 2,128,500 0.352,399,000 Tenet Healthcare Corp 4.625% 15/07/2024 2,411,475 0.392,976,000 Tenet Healthcare Corp 5.125% 01/05/2025 2,994,600 0.49

500,000 Tenet Healthcare Corp 8.000% 01/08/2020 506,875 0.081,914,000 Tenet Healthcare Corp 4.625% 15/07/2024 1,921,178 0.312,188,000 TIBCO Software Inc 11.375% 01/12/2021 2,417,740 0.395,775,000 TransDigm Inc 6.375% 15/06/2026 5,876,062 0.961,900,000 Transocean Inc 6.800% 15/03/2038 1,396,500 0.23

611,000 Transocean Inc 9.350% 15/12/2041 546,845 0.093,000,000 TRI Pointe Group Inc 5.250% 01/06/2027 3,011,250 0.491,300,000 Trinseo Materials Operating SCA/

Trinseo Materials Finance Inc 6.375% 01/05/2022 1,588,203 0.26350,000 Trinseo Materials Operating SCA/

Trinseo Materials Finance Inc 6.750% 01/05/2022 371,875 0.06939,000 USG Corp 4.875% 01/06/2027 968,344 0.16

2,881,000 USIS Merger Sub Inc 6.875% 01/05/2025 2,938,620 0.48798,000 Valeant Pharmaceuticals International Inc 6.500% 15/03/2022 838,898 0.14

1,387,000 Valeant Pharmaceuticals International Inc 7.000% 15/03/2024 1,461,551 0.248,703,000 Valeant Pharmaceuticals International Inc 6.125% 15/04/2025 7,397,550 1.211,206,000 Venator Finance Sarl/Venator Materials Corp 5.750% 15/07/2025 1,221,075 0.202,050,000 Veritas US Inc/Veritas Bermuda Ltd 10.500% 01/02/2024 2,249,875 0.37








3,000,000 Western Digital Corp 10.500% 01/04/2024 3,546,40 0.585,291,000 WMG Acquisition Corp 6.750% 15/04/2022 5,575,391 0.912,007,000 Wynn Las Vegas LLC/

Wynn Las Vegas Capital Corp 5.250% 15/05/2027 2,058,429 0.342,597,000 York Risk Services Holding Corp 8.500% 01/10/2022 2,512,598 0.418,500,000 Zachry Holdings Inc 7.500% 01/02/2020 8,797,500 1.43

–––––––––––– ––––––––409,918,022 67.40

–––––––––––– ––––––––Total Corporate Bonds 598,760,381 97.60

–––––––––––– ––––––––


of Shares US$ Assets

Preferred Stock – 0.05% (31 Dec 2016: Nil)

United States – 0.05% (31 Dec 2016: Nil)

345,853 Pinnacle Agriculture Holdings LLC 297,434 0.05–––––––––––– ––––––––

297,434 0.05–––––––––––– ––––––––

Total Preferred Stock 297,434 0.05

–––––––––––– ––––––––Total Transferable Securities 599,057,815 97.65

–––––––––––– ––––––––

Collective Investment Schemes - 3.29% (31 Dec 2016: 3.17%)

Ireland - 3.29% (31 Dec 2016: 3.17%)

20,200,000 Institutional Cash Series Plc - Institutional US Dollar Liquidity Fund 20,200,000 3.29–––––––––––– ––––––––

Total Collective Investment Schemes 20,200,000 3.29

–––––––––––– ––––––––

Financial Derivative Instruments* - 0.14% (31 Dec 2016: (0.98)%)

Open Forward Foreign Currency Exchange Contracts - 0.14% (31 Dec 2016: (0.98)%)

Unrealised



3/7/2017 State Street Bank € 1,495 US$ 1,702 6 0.003/7/2017 State Street Bank US$ 30 £ 23 - 0.005/7/2017 State Street Bank € 302 US$ 345 (1) 0.005/7/2017 State Street Bank US$ 29,305 € 25,618 46 0.005/7/2017 State Street Bank US$ 12,615 £ 9,704 (24) 0.00

14/7/2017 State Street Bank AUD 495,821 US$ 374,111 6,933 0.0014/7/2017 State Street Bank AUD 34,517,553 US$ 26,003,005 524,077 0.0914/7/2017 State Street Bank CHF 20,000,000 US$ 20,688,942 180,026 0.0314/7/2017 National Australia Bank € 464,742 US$ 522,191 8,859 0.0014/7/2017 National Australia Bank € 810,961 US$ 911,208 15,458 0.0014/7/2017 National Australia Bank € 1,490,758 US$ 1,675,038 28,416 0.0014/7/2017 National Australia Bank € 18,490,136 US$ 20,785,224 343,019 0.0614/7/2017 National Australia Bank € 32,264,742 US$ 36,269,603 598,557 0.1014/7/2017 National Australia Bank € 59,311,008 US$ 66,672,987 1,100,305 0.18




Financial Derivative Instruments* - 0.14% (31 Dec 2016: (0.98)%) (continued)

Open Forward Foreign Currency Exchange Contracts - 0.14% (31 Dec 2016: (0.98)%) (continued)

Unrealised



14/7/2017 State Street Bank € 55 US$ 61 1 0.0014/7/2017 State Street Bank € 141 US$ 158 3 0.0014/7/2017 State Street Bank € 992 US$ 1,112 21 0.0014/7/2017 State Street Bank € 2,086 US$ 2,342 42 0.0014/7/2017 State Street Bank € 2,247 US$ 2,524 43 0.0014/7/2017 State Street Bank € 4,436 US$ 4,979 90 0.0014/7/2017 State Street Bank € 4,590 US$ 5,113 132 0.0014/7/2017 State Street Bank € 5,704 US$ 6,375 143 0.0014/7/2017 State Street Bank € 7,146 US$ 8,028 137 0.0014/7/2017 State Street Bank € 7,430 US$ 8,294 196 0.0014/7/2017 State Street Bank € 7,619 US$ 8,504 202 0.0014/7/2017 State Street Bank € 9,365 US$ 10,480 221 0.0014/7/2017 State Street Bank € 10,911 US$ 12,315 153 0.0014/7/2017 State Street Bank € 12,652 US$ 14,216 241 0.0014/7/2017 State Street Bank € 17,627 US$ 19,807 336 0.0014/7/2017 State Street Bank € 71,196 US$ 80,873 481 0.0014/7/2017 State Street Bank € 74,175 US$ 83,245 1,513 0.0014/7/2017 State Street Bank € 74,810 US$ 84,437 1,047 0.0014/7/2017 State Street Bank € 112,043 US$ 125,894 2,135 0.0014/7/2017 State Street Bank € 118,594 US$ 132,927 2,588 0.0014/7/2017 State Street Bank € 135,990 US$ 152,792 2,601 0.0014/7/2017 State Street Bank € 200,000 US$ 223,570 4,965 0.0014/7/2017 State Street Bank € 203,580 US$ 228,302 4,324 0.0014/7/2017 State Street Bank € 226,500 US$ 254,485 4,331 0.0014/7/2017 State Street Bank € 391,400 US$ 445,891 1,352 0.0014/7/2017 State Street Bank € 505,801 US$ 568,588 9,378 0.0014/7/2017 State Street Bank € 619,484 US$ 696,066 11,805 0.0014/7/2017 State Street Bank € 924,321 US$ 1,038,587 17,613 0.0014/7/2017 State Street Bank € 1,533,574 US$ 1,723,156 29,223 0.0014/7/2017 State Street Bank € 2,118,643 US$ 2,381,641 39,283 0.0114/7/2017 State Street Bank € 4,498,215 US$ 5,056,601 83,403 0.0114/7/2017 State Street Bank € 7,194,846 US$ 8,051,608 169,773 0.0314/7/2017 State Street Bank € 13,026,584 US$ 14,643,639 241,532 0.0414/7/2017 State Street Bank € 13,099,000 US$ 14,784,514 183,405 0.0314/7/2017 State Street Bank € 37,078,171 US$ 41,680,870 687,483 0.1214/7/2017 State Street Bank € 61,502,772 US$ 69,137,419 1,140,350 0.2014/7/2017 State Street Bank £ 1 US$ 2 - 0.0014/7/2017 State Street Bank £ 23 US$ 30 - 0.0014/7/2017 State Street Bank £ 44 US$ 57 1 0.0014/7/2017 State Street Bank £ 197 US$ 251 5 0.0014/7/2017 State Street Bank £ 659 US$ 854 5 0.0014/7/2017 State Street Bank £ 7,591 US$ 9,694 196 0.0014/7/2017 State Street Bank £ 9,704 US$ 12,619 24 0.0014/7/2017 State Street Bank £ 16,128 US$ 20,590 422 0.0014/7/2017 State Street Bank £ 20,716 US$ 26,376 614 0.0014/7/2017 State Street Bank £ 23,900 US$ 30,492 646 0.0014/7/2017 State Street Bank £ 37,628 US$ 47,891 1,132 0.0014/7/2017 State Street Bank £ 42,205 US$ 53,478 1,508 0.0014/7/2017 State Street Bank £ 61,954 US$ 80,291 425 0.0014/7/2017 State Street Bank £ 119,920 US$ 153,929 2,306 0.0014/7/2017 State Street Bank £ 197,283 US$ 256,050 977 0.0014/7/2017 State Street Bank £ 739,713 US$ 942,720 21,001 0.0014/7/2017 State Street Bank £ 1,191,606 US$ 1,544,560 7,900 0.0014/7/2017 State Street Bank £ 1,520,273 US$ 1,951,528 29,132 0.0014/7/2017 State Street Bank £ 2,000,000 US$ 2,535,150 70,512 0.01




Financial Derivative Instruments* - 0.14% (31 Dec 2016: (0.98)%) (continued)

Open Forward Foreign Currency Exchange Contracts - 0.14% (31 Dec 2016: (0.98)%) (continued)

Unrealised



14/7/2017 State Street Bank £ 9,700,501 US$ 12,573,798 64,314 0.0114/7/2017 State Street Bank US$ 146,188 CHF 142,037 (2,021) 0.0014/7/2017 National Australia Bank US$ 25,012,120 € 22,268,824 (433,940) (0.07)14/7/2017 State Street Bank US$ 148 € 133 (4) 0.0014/7/2017 State Street Bank US$ 160 € 143 (3) 0.0014/7/2017 State Street Bank US$ 216 € 191 (3) 0.0014/7/2017 State Street Bank US$ 557 € 497 (11) 0.0014/7/2017 State Street Bank US$ 659 € 590 (16) 0.0014/7/2017 State Street Bank US$ 1,231 € 1,084 (7) 0.0014/7/2017 State Street Bank US$ 1,703 € 1,495 (6) 0.0014/7/2017 State Street Bank US$ 1,917 € 1,707 (34) 0.0014/7/2017 State Street Bank US$ 3,111 € 2,772 (57) 0.0014/7/2017 State Street Bank US$ 5,422 € 4,835 (103) 0.0014/7/2017 State Street Bank US$ 18,516 € 16,480 (315) 0.0014/7/2017 State Street Bank US$ 25,639 € 22,824 (441) 0.0014/7/2017 State Street Bank US$ 25,807 € 23,166 (664) 0.0014/7/2017 State Street Bank US$ 105,275 € 92,140 (11) 0.0014/7/2017 State Street Bank US$ 106,417 € 93,140 (11) 0.0014/7/2017 State Street Bank US$ 115,090 € 102,616 (2,167) 0.0014/7/2017 State Street Bank US$ 467,145 € 408,860 (50) 0.0014/7/2017 State Street Bank US$ 1,284,005 € 1,150,000 (30,073) 0.0014/7/2017 State Street Bank US$ 2,417,985 € 2,152,167 (41,245) (0.01)14/7/2017 State Street Bank US$ 29,200,377 € 25,984,392 (491,376) (0.09)14/7/2017 National Australia Bank US$ 29,159,828 £ 22,506,119 (161,844) (0.03)14/7/2017 State Street Bank US$ 2,301 £ 1,775 (12) 0.0014/7/2017 State Street Bank US$ 260,301 £ 202,779 (3,886) 0.0014/7/2017 State Street Bank US$ 260,430 £ 202,879 (3,888) 0.0014/7/2017 State Street Bank US$ 279,272 £ 217,558 (4,169) 0.0014/7/2017 State Street Bank US$ 306,005 £ 238,383 (4,568) 0.0014/7/2017 State Street Bank US$ 506,835 £ 400,000 (14,297) 0.0014/7/2017 State Street Bank US$ 1,019,510 £ 800,000 (22,755) 0.0014/7/2017 State Street Bank US$ 1,077,025 £ 850,000 (30,382) 0.0014/7/2017 State Street Bank US$ 31,069,081 £ 23,981,679 (174,995) (0.03)



–––––––––––– ––––––––Total Financial Derivative Instruments* 4,223,989 0.69

–––––––––––– ––––––––




Fair Value % of Net

US$ Assets

Total Investments 623,481,804 101.63Cash at bank 7,982,811 1.30Other net liabilities (17,972,959) (2.93)


–––––––––––– –––––––––––––––––––– ––––––––

Classification



Transferable securities admitted to an official stock exchange listing 49.50Transferable securities dealt in on another regulated market 42.21Other transferable securities of the type referred to in Regulation 68(1)(a), (b) and (c) 0.05Investment Funds 3.09OTC financial derivative instruments 0.87Other current assets 4.28


––––––––––––––––




Barings Umbrella Fund PlcBarings Emerging Markets Corporate Bond Fund





Argentina - 4.21% (31 Dec 2016: 1.17%)

680,000 Aeropuertos Argentina 2000 SA 6.875% 01/02/2027 705,588 0.591,000,000 Arcor SAIC 6.000% 06/07/2023 1,065,000 0.90

500,000 IRSA Propiedades Comerciales SA 8.750% 23/03/2023 565,000 0.48200,000 Pampa Energia SA 7.500% 24/01/2027 209,212 0.18500,000 Petrobras Argentina 7.375% 21/07/2023 528,620 0.45

1,200,000 YPF SA 8.500% 23/03/2021 1,337,748 1.13500,000 YPF SA 8.500% 28/07/2025 564,500 0.48

–––––––––––– ––––––––4,975,668 4.21

–––––––––––– ––––––––Azerbaijan - 0.55% (31 Dec 2016: Nil)

600,000 Southern Gas Corridor CJSC 6.875% 24/03/2026 651,120 0.55–––––––––––– ––––––––

Brazil - 9.39% (31 Dec 2016: 11.11%)

150,000 B3 SA - Brasil Bolsa Balcao 5.500% 16/07/2020 157,320 0.13500,000 Braskem Finance Ltd 5.750% 15/04/2021 524,400 0.44500,000 BRF SA 4.750% 22/05/2024 494,600 0.42500,000 Cielo SA 3.750% 16/11/2022 482,500 0.41400,000 Embraer Netherlands Finance BV 5.400% 01/02/2027 418,500 0.35900,000 GTL Trade Finance Inc 5.893% 29/04/2024 911,700 0.77200,000 Itau Unibanco Holding SA 6.200% 15/04/2020 212,794 0.18

1,100,000 JBS Investments GmbH 7.750% 28/10/2020 1,047,530 0.89200,000 JBS Investments GmbH 7.250% 03/04/2024 179,500 0.15200,000 Marfrig Holdings Europe BV 8.000% 08/06/2023 203,540 0.17300,000 Minerva Luxembourg SA 6.500% 20/09/2026 293,250 0.25850,000 Petrobras Global Finance BV 4.875% 17/03/2020 869,210 0.74

1,300,000 Petrobras Global Finance BV 8.375% 23/05/2021 1,458,444 1.23300,000 Petrobras Global Finance BV 6.125% 17/01/2022 310,200 0.26

1,600,000 Petrobras Global Finance BV 4.750% 14/01/2025 1,872,340 1.58850,000 Petrobras Global Finance BV 5.625% 20/05/2043 708,475 0.60500,000 Vale Overseas Ltd 6.250% 10/08/2026 540,625 0.46400,000 Vale Overseas Ltd 6.875% 10/11/2039 431,000 0.36

–––––––––––– ––––––––11,115,928 9.39

–––––––––––– ––––––––Chile - 1.81% (31 Dec 2016: 2.79%)

800,000 Empresa Nacional de Telecomunicaciones SA 4.875% 30/10/2024 834,933 0.71200,000 Enel Americas SA 4.000% 25/10/2026 202,450 0.17500,000 GNL Quintero SA 4.634% 31/07/2029 520,000 0.44550,000 VTR Finance BV 6.875% 15/01/2024 584,375 0.49

–––––––––––– ––––––––2,141,758 1.81

–––––––––––– ––––––––China - 6.60% (31 Dec 2016: 6.00%)

500,000 Alibaba Group Holding Ltd 3.600% 28/11/2024 515,820 0.43900,000 Bank of China Ltd 5.000% 13/11/2024 966,415 0.82500,000 CDBL Funding 1 4.250% 02/12/2024 522,879 0.44

1,150,000 China Life Insurance Co Ltd 4.000% 03/07/2075 1,169,057 0.99200,000 CIFI Holdings Group Co Ltd 7.750% 05/06/2020 211,052 0.18600,000 Country Garden Holdings Co Ltd 7.250% 04/04/2021 622,921 0.53500,000 CRCC Yupeng Ltd 3.950% 28/02/2049 509,407 0.43500,000 Future Land Development Holdings Ltd 5.000% 16/02/2020 495,716 0.42500,000 Industrial & Commercial Bank of China Ltd 4.875% 21/09/2025 533,805 0.45500,000 Powerlong Real Estate Holdings Ltd 7.625% 26/11/2018 516,250 0.44500,000 Proven Honour Capital Ltd 4.125% 06/05/2026 510,274 0.43







China - 6.60% (31 Dec 2016: 6.00%) (continued)

700,000 Yuzhou Properties Co Ltd 9.000% 08/12/2019 741,656 0.63500,000 Yuzhou Properties Co Ltd 6.000% 25/10/2023 491,665 0.41

–––––––––––– ––––––––7,806,917 6.60

–––––––––––– ––––––––Colombia - 4.35% (31 Dec 2016: 4.54%)

750,000 Banco Bilbao Vizcaya Argentaria Colombia SA 4.875% 21/04/2025 782,812 0.66500,000 Banco de Bogota SA 6.250% 12/05/2026 533,810 0.45

1,850,000 Ecopetrol SA 5.875% 18/09/2023 2,027,600 1.71750,000 Empresa de Energia de Bogota SA ESP 6.125% 10/11/2021 775,125 0.66

1,000,000 Transportadora de Gas Internacional SA ESP 5.700% 20/03/2022 1,030,500 0.87–––––––––––– ––––––––

5,149,847 4.35–––––––––––– ––––––––

Costa Rica - 1.84% (31 Dec 2016: 1.86%)

750,000 Banco de Costa Rica 5.250% 12/08/2018 768,375 0.65500,000 Banco Nacional de Costa Rica 4.875% 01/11/2018 509,910 0.43

1,000,000 Instituto Costarricense de Electricidad 6.375% 15/05/2043 897,930 0.76–––––––––––– ––––––––

2,176,215 1.84–––––––––––– ––––––––

Croatia - 0.46% (31 Dec 2016: Nil)

500,000 Hrvatska Elektroprivreda 5.875% 23/10/2022 545,536 0.46–––––––––––– ––––––––

El Salvador - 0.19% (31 Dec 2016: 0.37%)

250,000 AES El Salvador Trust II 6.750% 28/03/2023 224,941 0.19–––––––––––– ––––––––

Hong Kong - 0.70% (31 Dec 2016: 0.73%)

300,000 Li & Fung Ltd 5.250% 29/12/2049 277,984 0.23500,000 Shimao Property Holdings Ltd 8.375% 10/02/2022 550,935 0.47

–––––––––––– ––––––––828,919 0.70

–––––––––––– ––––––––Hungary - 0.70% (31 Dec 2016: 0.74%)

800,000 Magyar Export-Import Bank Zrt 4.000% 30/01/2020 829,000 0.70–––––––––––– ––––––––

India - 3.78% (31 Dec 2016: 4.64%)

720,000 Adani Ports & Special Economic Zone Ltd 4.000% 30/07/2027 713,529 0.60200,000 Adani Transmission Ltd 4.000% 03/08/2026 200,555 0.17250,000 Bharti Airtel International Netherlands BV 5.125% 11/03/2023 263,598 0.22250,000 Bharti Airtel International Netherlands BV 5.350% 20/05/2024 264,697 0.22500,000 HPCL-Mittal Energy Ltd 5.250% 28/04/2027 515,723 0.44500,000 ICICI Bank Ltd 3.500% 18/03/2020 509,038 0.43500,000 JSW Steel Ltd 4.750% 12/11/2019 508,995 0.43

1,050,000 State Bank of India 5.500% 29/09/2049 1,085,700 0.92400,000 Vedanta Resources Plc 7.125% 31/05/2023 412,420 0.35

–––––––––––– ––––––––4,474,255 3.78

–––––––––––– ––––––––Indonesia - 1.46% (31 Dec 2016: 0.66%)

650,000 Majapahit Holding BV 8.000% 07/08/2019 723,970 0.611,000,000 Saka Energi Indonesia PT 4.450% 05/05/2024 1,006,420 0.85

–––––––––––– ––––––––1,730,390 1.46

–––––––––––– ––––––––







Israel - 2.84% (31 Dec 2016: 2.84%)

500,000 Israel Electric Corp Ltd 6.875% 21/06/2023 590,723 0.50500,000 Israel Electric Corp Ltd 5.000% 12/11/2024 538,500 0.45

1,250,000 Israel Electric Corp Ltd 7.750% 15/12/2027 1,584,709 1.34700,000 Teva Pharmaceutical Finance Netherlands III BV 4.100% 01/10/2046 647,407 0.55

–––––––––––– ––––––––3,361,339 2.84

–––––––––––– ––––––––Jamaica - 1.93% (31 Dec 2016: 1.69%)

525,000 Digicel Group Ltd 8.250% 30/09/2020 492,791 0.42400,000 Digicel Group Ltd 7.125% 01/04/2022 350,520 0.29

1,500,000 Digicel Ltd 6.000% 15/04/2021 1,443,750 1.22–––––––––––– ––––––––

2,287,061 1.93–––––––––––– ––––––––

Kazakhstan - 0.41% (31 Dec 2016: 0.69%)

500,000 Tengizchevroil Finance Co International Ltd 4.000% 15/08/2026 483,225 0.41–––––––––––– ––––––––

Kuwait - 2.16% (31 Dec 2016: 1.79%)

500,000 Ahli United Sukuk Ltd 5.500% 29/12/2049 503,750 0.43300,000 Equate Petrochemical BV 3.000% 03/03/2022 296,220 0.25700,000 Equate Petrochemical BV 4.250% 03/11/2026 711,200 0.60

1,000,000 NBK Tier 1 Financing Ltd 5.750% 29/12/2049 1,039,278 0.88–––––––––––– ––––––––

2,550,448 2.16–––––––––––– ––––––––

Mexico - 7.89% (31 Dec 2016: 8.78%)

700,000 Banco Mercantil del Norte SA 6.875% 31/12/2099 723,058 0.611,000,000 Banco Mercantil del Norte SA 7.625% 31/12/2099 1,037,300 0.88

300,000 Banco Nacional de Comercio Exterior SNC 3.800% 11/08/2026 300,000 0.251,000,000 BBVA Bancomer SA 6.500% 10/03/2021 1,106,250 0.94

230,000 BBVA Bancomer SA 5.350% 12/11/2029 234,025 0.20500,000 Cemex SAB de CV 4.375% 05/03/2023 605,511 0.51500,000 El Puerto de Liverpool SAB de CV 3.875% 06/10/2026 492,500 0.42500,000 Elementia SAB de CV 5.500% 15/01/2025 510,000 0.43

1,413,021 Fermaca Enterprises S de RL de CV 6.375% 30/03/2038 1,513,699 1.28300,000 Grupo Cementos de Chihuahua SAB de CV 5.250% 23/06/2024 306,600 0.26600,000 Grupo Idesa SA de CV 7.875% 18/12/2020 546,000 0.46500,000 Metalsa SA de CV 4.900% 24/04/2023 496,250 0.42250,000 Mexico City Airport Trust 5.500% 31/10/2046 253,750 0.21500,000 Petroleos Mexicanos 5.500% 24/02/2025 653,839 0.55500,000 Petroleos Mexicanos 6.875% 04/08/2026 555,250 0.47

–––––––––––– ––––––––9,334,032 7.89

–––––––––––– ––––––––Morocco - 0.86% (31 Dec 2016: 2.30%)

900,000 OCP SA 6.875% 25/04/2044 1,018,733 0.86–––––––––––– ––––––––

Netherlands - 1.05% (31 Dec 2016: Nil)

600,000 VimpelCom Holdings BV 5.950% 13/02/2023 639,000 0.54600,000 VimpelCom Holdings BV 4.950% 16/06/2024 603,348 0.51

–––––––––––– ––––––––1,242,348 1.05

–––––––––––– ––––––––





Panama - 0.48% (31 Dec 2016: 0.50%)

250,000 Global Bank Corp 5.125% 30/10/2019 260,938 0.22300,000 Global Bank Corp 4.500% 20/10/2021 307,800 0.26

–––––––––––– ––––––––568,738 0.48

–––––––––––– ––––––––Peru - 3.24% (31 Dec 2016: 4.74%)

500,000 Cia Minera Ares SAC 7.750% 23/01/2021 535,000 0.45450,000 Cia Minera Milpo SAA 4.625% 28/03/2023 457,200 0.39500,000 Kallpa Generacion SA 4.875% 24/05/2026 526,875 0.45500,000 Lima Metro Line 2 Finance Ltd 5.875% 05/07/2034 535,000 0.45

1,000,000 VM Holding SA 5.375% 04/05/2027 1,012,000 0.85750,000 Volcan Cia Minera SAA 5.375% 02/02/2022 770,625 0.65

–––––––––––– ––––––––3,836,700 3.24

–––––––––––– ––––––––Poland - 1.60% (31 Dec 2016: 0.66%)

700,000 Powszechna Kasa Oszczednosci Bank Polski SA Via PKO Finance AB 4.630% 26/09/2022 749,796 0.63

1,000,000 Tauron Polska Energia SA 2.375% 05/07/2027 1,145,439 0.97–––––––––––– ––––––––

1,895,235 1.60–––––––––––– ––––––––

Portugal - 1.35% (31 Dec 2016: 1.40%)


Qatar - 2.60% (31 Dec 2016: 2.00%)

1,000,000 Nakilat Inc 6.067% 31/12/2033 1,127,500 0.951,000,000 Ooredoo International Finance Ltd 3.750% 22/06/2026 988,600 0.84

400,000 Qatar Reinsurance Co Ltd 4.950% 31/12/2099 401,600 0.34500,000 Ras Laffan Liquefied Natural Gas Co Ltd III 5.838% 30/09/2027 562,105 0.47

–––––––––––– ––––––––3,079,805 2.60

–––––––––––– ––––––––Russia - 6.35% (31 Dec 2016: 8.76%)

600,000 Alfa Holding Issuance Plc 2.626% 28/04/2020 692,742 0.59500,000 DME Airport Ltd 5.875% 11/11/2021 525,563 0.44500,000 Gazprom OAO Via Gaz Capital SA 6.510% 07/03/2022 552,965 0.47

1,500,000 Lukoil International Finance BV 4.563% 24/04/2023 1,537,642 1.30500,000 Novolipetsk Steel via Steel Funding DAC 4.500% 15/06/2023 511,542 0.43500,000 Polyus Finance Plc 4.699% 28/03/2022 506,347 0.43

1,300,000 Rosneft Finance SA 7.875% 13/03/2018 1,347,963 1.141,800,000 Sberbank of Russia Via SB Capital SA 5.500% 26/02/2024 1,835,460 1.55

–––––––––––– ––––––––7,510,224 6.35

–––––––––––– ––––––––Singapore - 0.89% (31 Dec 2016: 0.91%)

1,000,000 Oversea-Chinese Banking Corp Ltd 4.250% 19/06/2024 1,047,741 0.89–––––––––––– ––––––––

South Africa - 2.33% (31 Dec 2016: 1.10%)

650,000 Myriad International Holdings BV 5.500% 21/07/2025 696,313 0.59550,000 Petra Diamonds US Treasury Plc 7.250% 01/05/2022 564,271 0.48500,000 Sasol Financing International Ltd 4.500% 14/11/2022 512,965 0.43

1,000,000 Stillwater Mining Co 7.125% 27/06/2025 984,730 0.83–––––––––––– ––––––––

2,758,279 2.33–––––––––––– ––––––––







South Korea - 2.10% (31 Dec 2016: 2.17%)

1,500,000 KEB Hana Bank 4.250% 14/10/2024 1,556,435 1.32500,000 Shinhan Bank Co Ltd 3.875% 24/03/2026 504,275 0.43400,000 Woori Bank 4.750% 30/04/2024 419,712 0.35

–––––––––––– ––––––––2,480,422 2.10

–––––––––––– ––––––––Sri Lanka - 1.07% (31 Dec 2016: 1.15%)

1,200,000 National Savings Bank 8.875% 18/09/2018 1,268,640 1.07–––––––––––– ––––––––

Supranational - 0.43% (31 Dec 2016: Nil)

500,000 Eastern and Southern African Trade and Development Bank 5.375% 14/03/2022 510,314 0.43

–––––––––––– ––––––––Switzerland - 0.85% (31 Dec 2016: Nil)

1,000,000 Holcim US Finance Sarl & Cie SCS 0.000% 05/07/2017 999,856 0.85–––––––––––– ––––––––

Thailand - 0.92% (31 Dec 2016: 0.47%)

500,000 Krung Thai Bank PCL 5.200% 26/12/2024 519,128 0.44550,000 PTT Exploration & Production PCL 4.875% 31/12/2099 564,315 0.48

–––––––––––– ––––––––1,083,443 0.92

–––––––––––– ––––––––Turkey - 7.19% (31 Dec 2016: 4.04%)

500,000 KOC Holding AS 5.250% 15/03/2023 523,578 0.44914,611 Turkish Airlines 2015-1 Class A

Pass Through Trust 4.200% 15/09/2028 876,883 0.74550,000 Turkiye Garanti Bankasi AS 6.250% 20/04/2021 584,141 0.49

1,000,000 Turkiye Garanti Bankasi AS 6.125% 24/05/2027 992,718 0.84500,000 Turkiye Halk Bankasi AS 4.875% 19/07/2017 500,865 0.42400,000 Turkiye Is Bankasi 5.000% 30/04/2020 403,657 0.34

1,000,000 Turkiye Is Bankasi 5.500% 21/04/2022 1,005,253 0.851,000,000 Turkiye Is Bankasi 7.000% 29/06/2028 1,001,172 0.85

800,000 Turkiye Sinai Kalkinma Bankasi AS 5.375% 30/10/2019 819,605 0.69600,000 Turkiye Sise ve Cam Fabrikalari AS 4.250% 09/05/2020 605,105 0.51500,000 Turkiye Vakiflar Bankasi TAO 2.375% 04/05/2021 572,903 0.49600,000 Yasar Holding AS 8.875% 06/05/2020 620,254 0.53

–––––––––––– ––––––––8,506,134 7.19

–––––––––––– ––––––––United Arab Emirates - 5.12% (31 Dec 2016: 3.22%)

1,000,000 ADCB Finance Cayman Ltd 4.500% 06/03/2023 1,037,437 0.88500,000 Alpha Star Holding III Ltd 6.250% 20/04/2022 511,225 0.43500,000 DP World Ltd 6.850% 02/07/2037 588,897 0.50500,000 DP World Ltd 6.850% 02/07/2037 588,897 0.50500,000 Emaar Sukuk Ltd 3.635% 15/09/2026 485,824 0.41

1,000,000 Emirates NBD 2014 Tier 1 Ltd 6.375% 17/12/2049 1,051,362 0.89250,000 Emirates NBD Tier 1 Ltd 5.750% 29/05/2049 254,708 0.21800,000 First Abu Dhabi Bank PJSC 5.250% 29/12/2049 809,597 0.68700,000 MAF Global Securities Ltd 7.125% 29/10/2049 733,456 0.62

–––––––––––– ––––––––6,061,403 5.12


1,000,000 FMC Technologies Inc 0.000% 06/07/2017 999,812 0.841,000,000 Mohawk Industries Inc 0.000% 03/07/2017 999,933 0.85








950,000 Molex Electronic Technologies LLC 0.000% 11/07/2017 949,631 0.80–––––––––––– ––––––––

2,949,376 2.49–––––––––––– ––––––––

Uruguay - 0.97% (31 Dec 2016: Nil)

500,000 Arcos Dorados Holdings Inc 6.625% 27/09/2023 543,745 0.46600,000 Arcos Dorados Holdings Inc 5.875% 04/04/2027 603,108 0.51

–––––––––––– ––––––––1,146,853 0.97

–––––––––––– ––––––––Zambia - 0.66% (31 Dec 2016: Nil)

800,000 First Quantum Minerals Ltd 7.250% 01/04/2023 784,000 0.66–––––––––––– ––––––––


–––––––––––– ––––––––

Transferable Securities (Government Bonds) - 0.35% (31 Dec 2016: 0.47%)

Belarus - 0.35% (31 Dec 2016: Nil)

400,000 Republic of Belarus International Bond 6.875% 28/02/2023 408,600 0.35–––––––––––– ––––––––

Romania - Nil (31 Dec 2016: 0.47%)

Total Transferable Securities (Government Bonds) 408,600 0.35

–––––––––––– ––––––––

Financial Derivative Instruments – (0.12)% (31 Dec 2016: 0.15%)

Open Futures Contracts – 0.00% (31 Dec 2016: (0.02)%)

Notional Average Unrealised

Amount Cost Price Gain/(Loss) % of Net

US$ US$ Description US$ Assets

4,245,433 117.93 36 of U.S. 5 Year Treasury Note FuturesLong Futures ContractsExpiring September 2017 (3,339) (0.00)

1,068,211 152.60 7 of U.S. Long Bond FuturesLong Futures ContractsExpiring September 2017 7,601 0.00

–––––––––––– ––––––––Unrealised gain on futures contracts 7,601 0.00Unrealised loss on futures contracts (3,339) (0.00)

–––––––––––– ––––––––Net unrealised gain on open futures contracts 4,262 0.00

–––––––––––– ––––––––




Financial Derivative Instruments – (0.12)% (31 Dec 2016: 0.15%) (continued)

Open Forward Foreign Currency Exchange Contracts – (0.05)% (31 Dec 2016: 0.13%)

Unrealised



14/07/2017 State Street Bank € 1,030,819 US$ 1,177,768 125 0.0014/07/2017 State Street Bank £ 218,017 US$ 282,594 1,446 0.0014/07/2017 State Street Bank SEK 114,761 US$ 13,198 430 0.0014/07/2017 State Street Bank SEK 9,663,313 US$ 1,110,709 36,884 0.0314/07/2017 State Street Bank US$ 5,710,319 € 5,081,413 (96,092) (0.08)14/07/2017 State Street Bank US$ 1,136,134 € 994,380 (121) (0.00)14/07/2017 State Street Bank US$ 87 £ 67 - 0.00

–––––––––––– ––––––––Unrealised gain on open forward foreign currency exchange contracts 38,885 0.03Unrealised loss on open forward foreign currency exchange contracts (96,213) (0.08)

–––––––––––– ––––––––Net unrealised loss on open forward foreign currency exchange contracts (57,328) (0.05)

–––––––––––– ––––––––

Credit Default Swaps – (0.07)% (31 Dec 2016: 0.04)

Notional Security Termination Fair Value % of Net

Currency Amount Name Premium Date US$ Assets

USD 700,000 Turkey Government International Bond 1.000% 20/12/2021 21,597 0.02

USD 1,000,000 Turkey Government International Bond 1.000% 20/06/2022 (63,475) (0.05)

USD 750,000 Brazilian Government International Bond 1.000% 20/06/2022 (47,606) (0.04)

–––––––––––– ––––––––Unrealised gain on credit default swaps 21,597 0.02Unrealised loss on credit default swaps (111,081) (0.09)

–––––––––––– ––––––––Credit default swaps at fair value (89,484) (0.07)

–––––––––––– ––––––––Total Financial Derivative Instruments (142,550) (0.12)

–––––––––––– ––––––––

Fair Value % of Net

US$ Assets

Total Investments 111,276,053 94.05Cash at bank 5,799,766 4.90Cash held at broker 148,840 0.13Other net liabilities 1,093,193 0.92


–––––––––––– –––––––––––––––––––– ––––––––




Classification

The counterparty for the open forward foreign currency exchange contracts is State Street Bank.The broker for open futures contracts is Goldman Sachs.The counterparties for credit default swaps are BNP Paribas and Goldman Sachs.


Transferable securities admitted to an official stock exchange listing. 71.46Transferable securities dealt in on another regulated market 19.85Other transferable securities of the type referred to in Regulation 68(1)(a), (b) and (c) 0.44Exchange traded financial derivative instruments 0.05OTC financial derivative instruments 0.01Other current assets 8.19


––––––––––––––––




Barings Umbrella Fund PlcBarings Emerging Markets Local Debt Fund





Canada - 0.68% (31 Dec 2016: Nil)

3,000,000 Magna International Inc 0.000% 11/07/2017 2,998,858 0.68–––––––––––– ––––––––

United States - 2.93% (31 Dec 2016: 10.71%)

3,050,000 Cox Enterprises Inc 0.000% 03/07/2017 3,049,765 0.703,000,000 Dollar General Corp 0.000% 06/07/2017 2,999,396 0.683,300,000 HP Inc 0.000% 05/07/2017 3,299,479 0.753,500,000 Xylem Inc 0.000% 05/07/2017 3,499,463 0.81

–––––––––––– ––––––––12,848,103 2.94


–––––––––––– ––––––––

Government Bonds - 89.45% (31 Dec 2016: 85.95%)

Brazil - 7.74% (31 Dec 2016: 4.94%)

27,456,000 Brazil Notas do Tesouro Nacional Serie B 6.000% 15/08/2050 26,752,043 6.1122,064,000 Brazilian Government International Bond 10.250% 10/01/2028 7,125,475 1.63

–––––––––––– ––––––––33,877,518 7.74

–––––––––––– ––––––––Chile - 2.11% (31 Dec 2016: 0.52%)

5,000,000,000 Bonos de la Tesoreria de la Republica en pesos 4.500% 01/03/2021 7,879,748 1.80855,300,000 Chile Government International Bond 5.500% 05/08/2020 1,369,977 0.31

–––––––––––– ––––––––9,249,725 2.11

–––––––––––– ––––––––Colombia - 7.50% (31 Dec 2016: 7.51%)

3,300,000,000 Colombian TES 10.000% 24/07/2024 1,315,384 0.3018,290,000,000 Colombian TES 7.500% 26/08/2026 6,396,923 1.4623,005,000,000 Colombian TES 6.000% 28/04/2028 7,175,137 1.6435,260,000,000 Colombian TES 7.750% 18/09/2030 12,525,208 2.868,000,000,000 Colombian TES 7.000% 30/06/2032 2,623,364 0.607,510,871,030 Colombian TES 4.750% 04/04/2035 2,817,532 0.64

–––––––––––– ––––––––32,853,548 7.50

–––––––––––– ––––––––Croatia - Nil (31 Dec 2016: 1.53%)

Ghana - 0.77% (31 Dec 2016: 0.80%)

5,360,000 Ghana Government Bond 21.500% 09/03/2020 1,293,297 0.302,600,000 Ghana Government Bond 24.750% 01/03/2021 686,512 0.165,030,000 Ghana Government Bond 24.750% 19/07/2021 1,342,100 0.31

–––––––––––– ––––––––3,321,909 0.77

–––––––––––– ––––––––Hungary - 3.72% (31 Dec 2016: 2.22%)

4,593,000,000 Hungary Government Bond 3.250% 22/10/2031 16,291,909 3.72–––––––––––– ––––––––

Indonesia - 10.72% (31 Dec 2016: 8.50%)

12,750,000,000 Indonesia Treasury Bond 8.250% 15/07/2021 1,010,075 0.2323,600,000,000 Indonesia Treasury Bond 7.000% 15/05/2022 1,797,336 0.4152,200,000,000 Indonesia Treasury Bond 8.375% 15/03/2024 4,245,110 0.9772,000,000,000 Indonesia Treasury Bond 7.000% 15/05/2027 5,480,698 1.25






Transferable Securities (Government Bonds) - 89.45% (31 Dec 2016: 85.95%) (continued)

Indonesia - 10.72% (31 Dec 2016: 8.50%) (continued)

92,000,000,000 Indonesia Treasury Bond 9.000% 15/03/2029 7,876,795 1.8041,000,000,000 Indonesia Treasury Bond 7.500% 15/08/2032 3,119,399 0.7173,355,000,000 Indonesia Treasury Bond 8.375% 15/03/2034 5,922,340 1.35104,080,000,000 Indonesia Treasury Bond 8.250% 15/05/2036 8,375,599 1.9134,000,000,000 Indonesia Treasury Bond 9.500% 15/05/2041 3,012,955 0.6952,000,000,000 Indonesia Treasury Bond 6.375% 15/04/2042 3,283,169 0.7534,500,000,000 Indonesia Treasury Bond 8.750% 15/02/2044 2,843,419 0.65

–––––––––––– ––––––––46,966,895 10.72

–––––––––––– ––––––––Israel - 1.23% (31 Dec 2016: Nil)

13,250,000 Israel Government Bond 5.500% 31/01/2042 5,376,971 1.23–––––––––––– ––––––––

Malaysia - 7.14% (31 Dec 2016: 7.13%)

23,828,000 Malaysia Government Bond 3.418% 15/08/2022 5,462,347 1.253,920,000 Malaysia Government Bond 4.181% 15/07/2024 927,800 0.216,000,000 Malaysia Government Bond 3.955% 15/09/2025 1,393,545 0.323,200,000 Malaysia Government Bond 4.392% 15/04/2026 763,351 0.17

17,060,000 Malaysia Government Bond 3.892% 15/03/2027 3,894,750 0.8912,985,000 Malaysia Government Bond 4.498% 15/04/2030 3,040,063 0.6916,080,000 Malaysia Government Bond 3.844% 15/04/2033 3,496,833 0.8016,095,000 Malaysia Government Bond 4.254% 31/05/2035 3,627,576 0.8334,633,000 Malaysia Government Bond 4.935% 30/09/2043 8,209,166 1.872,000,000 Malaysia Government Bond 4.736% 15/03/2046 463,583 0.11

–––––––––––– ––––––––31,279,014 7.14

–––––––––––– ––––––––Mexico - 13.44% (31 Dec 2016: 14.75%)

105,500,000 Mexican Bonos 6.500% 09/06/2022 5,799,144 1.32145,700,000 Mexican Bonos 10.000% 05/12/2024 9,584,323 2.1940,000,000 Mexican Bonos 5.750% 05/03/2026 2,064,115 0.47

108,010,000 Mexican Bonos 7.500% 03/06/2027 6,267,872 1.4312,650,000 Mexican Bonos 10.000% 20/11/2036 905,205 0.21

107,500,000 Mexican Bonos 8.500% 18/11/2038 6,759,223 1.54472,270,000 Mexican Bonos 7.750% 13/11/2042 27,485,925 6.28

–––––––––––– ––––––––58,865,807 13.44

–––––––––––– ––––––––Peru - 3.98% (31 Dec 2016: 3.44%)

20,520,000 Peru Government Bond 6.950% 12/08/2031 6,996,517 1.6031,475,000 Peru Government Bond 6.850% 12/02/2042 10,408,588 2.38

–––––––––––– ––––––––17,405,105 3.98

–––––––––––– ––––––––Poland - 4.28% (31 Dec 2016: 6.40%)

69,046,000 Poland Government Bond 2.500% 25/07/2018 18,799,921 4.28–––––––––––– ––––––––

Romania - 0.59% (31 Dec 2016: 0.95%)

10,330,000 Romania Government Bond 5.900% 26/07/2017 2,593,837 0.59–––––––––––– ––––––––

Russia - 7.49% (31 Dec 2016: 6.81%)

1,087,300,000 Russian Federal Bond - OFZ 8.500% 17/09/2031 19,482,747 4.45378,417,000 Russian Federal Bond - OFZ 7.000% 16/08/2023 6,167,682 1.41







Russia - 7.49% (31 Dec 2016: 6.81%) (continued)

424,610,000 Russian Federal Bond - OFZ 7.500% 27/02/2019 7,121,161 1.63–––––––––––– ––––––––

32,771,590 7.49–––––––––––– ––––––––

South Africa - 12.92% (31 Dec 2016: 12.45%)

260,267,000 South Africa Government Bond 6.250% 31/03/2036 14,011,611 3.20602,900,000 South Africa Government Bond 6.500% 28/02/2041 32,099,408 7.32154,075,000 South Africa Government Bond 8.750% 28/02/2048 10,499,093 2.40

–––––––––––– ––––––––56,610,112 12.92

–––––––––––– ––––––––Thailand - 1.75% (31 Dec 2016: 2.27%)

275,614,392 Thailand Government Bond 1.250% 12/03/2028 7,642,928 1.75–––––––––––– ––––––––

Turkey - 4.07% (31 Dec 2016: 4.03%)

64,500,000 Turkey Government Bond 6.300% 14/02/2018 17,807,058 4.07–––––––––––– ––––––––

Ukraine - Nil (31 Dec 2016: 1.70%)

Transferable Securities (Government Bonds) 391,713,847 89.45

–––––––––––– ––––––––

Total Transferable Securities 407,560,808 93.07

–––––––––––– ––––––––

Financial Derivative Instruments* - 1.09% (31 Dec 2016: 0.47%)

Open Forward Foreign Currency Exchange Contracts - 0.69% (31 Dec 2016: 0.32%)

Unrealised



15/06/2018 JPMorgan ARS 487,500,000 US$ 26,000,000 (873,035) (0.20)11/07/2017 JPMorgan BRL 22,573,214 US$ 7,054,570 (250,886) (0.06)06/09/2017 JPMorgan BRL 21,613,711 US$ 6,485,540 (47,839) (0.01)06/09/2017 BNP Paribas BRL 8,968,622 US$ 2,678,000 (6,672) (0.00)06/09/2017 Goldman Sachs BRL 6,697,142 US$ 2,023,000 (28,239) (0.01)06/09/2017 Goldman Sachs BRL 3,407,310 US$ 1,020,000 (5,124) (0.00)06/09/2017 BNP Paribas BRL 3,101,742 US$ 927,000 (3,138) (0.00)06/09/2017 BNP Paribas BRL 2,134,810 US$ 637,000 (1,141) (0.00)25/07/2017 BNP Paribas CLP 831,932,850 US$ 1,254,990 (4,081) (0.00)06/09/2017 JPMorgan CLP 10,359,108,300 US$ 15,614,000 (58,577) (0.01)14/11/2017 JPMorgan CNH 5,948,124 US$ 851,000 18,224 0.0106/03/2018 Bank of America CZK 221,396,885 € 8,290,000 253,172 0.0606/03/2018 BNP Paribas CZK 187,156,825 € 7,123,000 80,984 0.0206/03/2018 BNP Paribas CZK 163,729,560 € 6,168,000 144,113 0.0306/03/2018 BNP Paribas CZK 122,881,355 € 4,709,000 15,882 0.0106/03/2018 Barclays Bank CZK 42,388,844 € 1,629,000 167 0.0006/03/2018 JPMorgan CZK 38,930,998 € 1,485,000 13,002 0.0006/03/2018 JPMorgan CZK 26,472,276 € 1,018,000 (673) (0.00)06/03/2018 Bank of America CZK 24,839,071 € 928,000 30,804 0.0107/08/2017 BNP Paribas EGP 82,800,300 US$ 4,562,000 (38,481) (0.01)07/08/2017 JPMorgan EGP 50,633,065 US$ 2,789,701 (23,531) (0.01)07/08/2017 JPMorgan EGP 12,326,850 US$ 677,299 (3,863) (0.00)07/08/2017 JPMorgan EGP 4,344,210 US$ 237,000 331 0.0007/08/2017 Citibank EGP 4,020,840 US$ 219,000 665 0.00


Financial Derivative Instruments* - 1.09% (31 Dec 2016: 0.47%) (continued)

Open Forward Foreign Currency Exchange Contracts - 0.69% (31 Dec 2016: 0.32%) (continued)

Unrealised



14/07/2017 State Street Bank € 9,835,538 US$ 11,056,472 166,631 0.0414/07/2017 State Street Bank € 4,000,000 US$ 4,488,092 76,215 0.0214/07/2017 State Street Bank € 4,000,000 US$ 4,572,808 (8,501) (0.00)14/07/2017 State Street Bank € 2,639,886 US$ 2,967,588 44,724 0.0114/07/2017 State Street Bank € 124,702 US$ 139,944 2,351 0.0014/07/2017 State Street Bank € 113,175 US$ 126,215 2,926 0.0014/07/2017 State Street Bank € 88,328 US$ 99,294 1,494 0.0014/07/2017 State Street Bank € 69,180 US$ 77,770 1,170 0.0014/07/2017 State Street Bank € 52,758 US$ 59,267 934 0.0014/07/2017 State Street Bank € 25,927 US$ 28,914 670 0.0014/07/2017 State Street Bank € 24,643 US$ 27,655 465 0.0018/07/2017 Citibank € 946,000 HUF 296,027,050 (13,198) (0.00)18/07/2017 BNP Paribas € 1,737,326 PLN 7,414,561 (16,492) (0.01)18/07/2017 Bank of America € 885,000 PLN 3,739,155 1,805 0.0018/07/2017 Bank of America € 15,739,304 US$ 17,239,039 724,393 0.1718/07/2017 Bank of America € 9,104,746 US$ 9,717,487 673,856 0.1506/09/2017 Bank of America € 32,427,773 US$ 36,525,898 579,696 0.1306/09/2017 JPMorgan € 7,055,292 US$ 7,991,000 82,043 0.0206/09/2017 Barclays Bank € 6,013,683 US$ 6,794,000 87,178 0.0206/09/2017 JPMorgan € 5,713,782 US$ 6,438,170 99,846 0.0206/09/2017 Citibank € 3,139,163 US$ 3,594,000 (2,002) (0.00)14/07/2017 State Street Bank £ 112,272 US$ 145,527 351 0.0014/07/2017 State Street Bank £ 1,072 US$ 1,368 25 0.0014/07/2017 State Street Bank £ 1,022 US$ 1,302 26 0.0006/09/2017 JPMorgan £ 5,111,674 US$ 6,634,733 17,807 0.0106/09/2017 JPMorgan HRK 54,952,553 € 7,409,000 (2,645) (0.00)18/07/2017 JPMorgan HUF 4,586,607,983 € 14,687,250 170,211 0.0418/07/2017 Citibank HUF 706,849,510 € 2,281,000 6,231 0.0018/07/2017 Citibank HUF 628,291,076 € 2,054,000 (24,715) (0.01)18/07/2017 HSBC Bank HUF 414,590,815 € 1,343,000 (2,186) (0.00)18/07/2017 JPMorgan HUF 355,944,845 € 1,152,000 (706) (0.00)18/07/2017 BNP Paribas HUF 209,725,174 € 679,296 (1,020) (0.00)18/07/2017 Bank of America HUF 306,733,642 US$ 1,048,065 84,340 0.0228/08/2017 Bank of America IDR 46,334,892,450 US$ 3,451,903 1,615 0.0028/08/2017 Citibank IDR 42,637,440,000 US$ 3,180,000 (2,068) (0.00)28/08/2017 JPMorgan IDR 19,979,400,000 US$ 1,491,000 (1,859) (0.00)06/09/2017 JPMorgan JPY 947,587,912 US$ 8,431,000 24,751 0.0106/09/2017 Citibank KRW 13,542,297,250 US$ 11,864,638 (25,763) (0.01)25/07/2017 Bank of America KZT 3,211,668,373 US$ 10,137,842 (214,183) (0.05)25/07/2017 Citibank KZT 484,725,000 US$ 1,500,000 (2,259) (0.00)25/07/2017 Goldman Sachs KZT 220,547,250 US$ 693,000 (11,536) (0.00)25/07/2017 JPMorgan KZT 203,987,000 US$ 644,000 (13,705) (0.01)05/07/2017 JPMorgan MXN 26,611,634 US$ 1,472,193 (1,917) (0.00)11/07/2017 JPMorgan MXN 205,461,126 US$ 10,810,113 530,826 0.1211/07/2017 JPMorgan MXN 21,144,608 US$ 1,172,000 (4,871) (0.00)11/07/2017 HSBC Bank MXN 18,376,247 US$ 1,000,000 14,323 0.0011/07/2017 Bank of America MXN 10,018,702 US$ 554,000 (993) (0.00)25/07/2017 JPMorgan MYR 70,692,156 US$ 16,092,000 327,035 0.0725/07/2017 JPMorgan MYR 30,680,246 US$ 6,877,437 248,390 0.0625/07/2017 Goldman Sachs MYR 6,961,980 US$ 1,639,000 (22,003) (0.01)25/07/2017 JPMorgan MYR 6,409,296 US$ 1,504,000 (15,370) (0.01)25/07/2017 Citibank MYR 4,284,795 US$ 993,000 2,191 0.0004/10/2017 Citibank NGN 2,509,851,488 US$ 7,222,594 209,466 0.0504/10/2017 Citibank NGN 2,174,849,100 US$ 6,180,831 259,235 0.0604/10/2017 Citibank NGN 1,295,273,512 US$ 3,727,406 108,101 0.02






Unrealised



04/10/2017 JPMorgan NGN 411,982,200 US$ 1,211,000 8,943 0.0004/10/2017 JPMorgan NGN 379,278,000 US$ 1,109,000 14,101 0.0028/08/2017 Goldman Sachs PEN 5,927,597 US$ 1,790,761 25,436 0.0128/08/2017 JPMorgan PEN 1,887,367 US$ 577,000 1,283 0.0006/09/2017 Bank of America PHP 657,133,320 US$ 13,254,000 (315,419) (0.07)06/09/2017 JPMorgan PHP 55,640,840 US$ 1,094,000 1,537 0.0018/07/2017 BNP Paribas PLN 122,532,803 € 28,731,196 249,494 0.0618/07/2017 Citibank PLN 17,306,801 US$ 4,328,364 338,377 0.0818/07/2017 JPMorgan PLN 13,889,412 € 3,306,000 (27,922) (0.01)18/07/2017 JPMorgan PLN 12,816,073 € 3,038,000 (11,474) (0.00)18/07/2017 Bank of America PLN 7,336,705 € 1,734,000 (706) (0.00)18/07/2017 Citibank RON 43,224,571 € 9,681,514 (227,634) (0.05)18/07/2017 JPMorgan RON 603,945 US$ 142,214 8,993 0.0006/09/2017 BNP Paribas RON 30,553,572 € 6,674,000 22,405 0.0106/09/2017 Citibank RON 6,026,905 € 1,316,000 4,984 0.0006/09/2017 JPMorgan RON 5,527,855 € 1,206,000 5,750 0.0006/09/2017 BNP Paribas RON 3,175,233 € 696,000 (435) (0.00)06/09/2017 Bank of America RON 1,039,492 € 226,798 1,065 0.0006/09/2017 Bank of America RSD 807,992,449 € 6,537,156 143,486 0.0306/09/2017 Goldman Sachs RSD 51,746,500 € 419,000 8,801 0.0006/09/2017 Bank of America RSD 56,015,050 € 455,000 7,883 0.0018/07/2017 JPMorgan RUB 309,323,712 US$ 5,294,554 (89,280) (0.02)18/07/2017 Citibank RUB 66,826,592 US$ 1,127,000 (2,448) (0.00)06/09/2017 Citibank RUB 70,836,669 US$ 1,182,000 (2,797) (0.00)06/09/2017 BNP Paribas RUB 65,201,280 US$ 1,130,000 (44,608) (0.01)06/09/2017 Citibank RUB 57,884,727 US$ 1,001,000 (37,405) (0.01)06/09/2017 JPMorgan RUB 53,792,849 US$ 926,000 (30,522) (0.01)14/07/2017 State Street Bank SEK 2,520,752 US$ 289,737 9,271 0.0014/07/2017 State Street Bank SEK 23,867 US$ 2,727 104 0.0014/07/2017 State Street Bank SEK 22,889 US$ 2,633 82 0.0014/07/2017 State Street Bank SEK 10,243 US$ 1,177 38 0.0025/07/2017 JPMorgan SGD 5,228,943 US$ 3,786,247 12,629 0.0025/07/2017 Citibank THB 617,003,854 US$ 17,848,989 314,209 0.0725/07/2017 BNP Paribas THB 69,344,608 US$ 2,041,000 348 0.0025/07/2017 HSBC Bank THB 60,412,164 US$ 1,786,000 (7,602) (0.00)25/07/2017 HSBC Bank THB 55,960,280 US$ 1,644,000 3,344 0.0025/07/2017 Citibank THB 34,322,992 US$ 1,012,000 (1,609) (0.00)18/07/2017 Citibank TRY 33,814,067 US$ 9,359,000 199,909 0.0518/07/2017 Citibank TRY 31,622,717 US$ 8,936,000 3,436 0.0018/07/2017 JPMorgan TRY 168,795 US$ 44,344 3,372 0.0026/07/2017 JPMorgan TRY 7,172,960 US$ 2,032,000 (8,849) (0.00)26/07/2017 JPMorgan TRY 6,697,385 US$ 1,861,000 28,014 0.0126/07/2017 Goldman Sachs TRY 5,540,540 US$ 1,677,000 (114,277) (0.03)26/07/2017 Citibank TRY 4,833,402 US$ 1,366,000 (2,727) (0.00)05/07/2017 State Street Bank US$ 4,570,600 € 4,000,000 8,400 0.0011/07/2017 Citibank US$ 3,192,420 COP 9,315,959,600 145,345 0.0311/07/2017 Bank of America US$ 196,000 COP 574,966,000 7,939 0.0011/07/2017 Bank of America US$ 8,414,000 MXN 157,353,580 (271,524) (0.06)11/07/2017 JPMorgan US$ 1,042,847 MXN 19,085,668 (10,634) (0.00)11/07/2017 BNP Paribas US$ 909,000 MXN 16,382,313 4,737 0.0014/07/2017 State Street Bank US$ 282,360 € 250,000 (2,909) (0.00)14/07/2017 State Street Bank US$ 210,590 € 187,869 (3,783) (0.00)14/07/2017 State Street Bank US$ 161,011 € 144,316 (3,665) (0.00)14/07/2017 State Street Bank US$ 41,694 € 37,196 (749) (0.00)14/07/2017 State Street Bank US$ 31,818 € 28,519 (724) (0.00)






Unrealised



14/07/2017 State Street Bank US$ 1,957 £ 1,530 (31) (0.00)14/07/2017 State Street Bank US$ 1,505 £ 1,188 (38) (0.00)14/07/2017 State Street Bank US$ 16 £ 12 0 0.0014/07/2017 State Street Bank US$ 3,989 SEK 34,668 (123) (0.00)14/07/2017 State Street Bank US$ 3,081 SEK 26,981 (120) (0.00)18/07/2017 JPMorgan US$ 4,074,378 € 3,566,342 4,075 0.0018/07/2017 JPMorgan US$ 14,886,922 ILS 54,263,573 (669,768) (0.15)18/07/2017 Deutsche Bank US$ 735,000 ILS 2,581,158 (4,986) (0.00)18/07/2017 Deutsche Bank US$ 675,000 ILS 2,384,613 (8,639) (0.00)18/07/2017 Bank of America US$ 534,831 ILS 1,892,650 (7,768) (0.00)18/07/2017 JPMorgan US$ 4,205,343 RUB 240,980,558 150,143 0.0318/07/2017 JPMorgan US$ 3,772,214 RUB 216,261,014 132,991 0.0318/07/2017 JPMorgan US$ 393,000 RUB 22,793,493 9,433 0.0018/07/2017 Citibank US$ 7,165,000 ZAR 96,630,773 (193,603) (0.04)25/07/2017 Citibank US$ 1,255,842 CLP 831,932,850 4,933 0.0025/07/2017 JPMorgan US$ 9,725,000 MYR 41,807,775 14,682 0.0025/07/2017 JPMorgan US$ 382,000 MYR 1,648,903 (976) (0.00)25/07/2017 JPMorgan US$ 3,292,981 SGD 4,617,520 (61,690) (0.01)25/07/2017 Citibank US$ 231,000 SGD 317,072 644 0.0025/07/2017 HSBC Bank US$ 213,000 SGD 294,351 (848) (0.00)28/08/2017 JPMorgan US$ 1,731,121 IDR 23,184,900,000 3,061 0.0028/08/2017 BNP Paribas US$ 10,112,986 INR 661,161,746 (53,717) (0.01)28/08/2017 JPMorgan US$ 1,171,000 INR 76,248,494 (1,475) (0.00)28/08/2017 JPMorgan US$ 704,000 INR 45,436,160 5,327 0.0028/08/2017 Goldman Sachs US$ 648,000 INR 41,970,960 2,611 0.0028/08/2017 BNP Paribas US$ 1,560,000 PEN 5,151,900 (18,526) (0.01)28/08/2017 JPMorgan US$ 186,000 PEN 612,870 (1,781) (0.00)06/09/2017 JPMorgan US$ 8,431,000 CHF 8,042,145 65 0.0006/09/2017 Bank of America US$ 13,569,828 CLP 9,160,855,090 (186,277) (0.04)06/09/2017 Bank of America US$ 7,830,607 CLP 5,228,496,388 (20,597) (0.01)06/09/2017 JPMorgan US$ 2,147,000 CLP 1,449,117,650 (29,021) (0.01)06/09/2017 BNP Paribas US$ 1,098,000 CLP 724,680,000 9,807 0.0006/09/2017 BNP Paribas US$ 1,000,000 CLP 668,750,000 (4,207) (0.00)06/09/2017 BNP Paribas US$ 6,606,000 £ 5,111,674 (46,540) (0.01)06/09/2017 JPMorgan US$ 10,673,409 KRW 11,960,621,650 217,258 0.0506/09/2017 Citibank US$ 734,000 KRW 820,245,000 16,930 0.0106/09/2017 Barclays Bank US$ 679,000 KRW 761,430,600 13,346 0.0006/09/2017 BNP Paribas US$ 12,646,000 NZD 17,361,142 (51,523) (0.01)06/09/2017 Bank of America US$ 7,529,000 ZAR 99,407,646 22,120 0.0106/09/2017 Deutsche Bank US$ 4,456,847 ZAR 57,726,646 97,554 0.0206/09/2017 Citibank US$ 1,367,000 ZAR 17,484,300 46,653 0.0106/09/2017 Citibank US$ 1,300,000 ZAR 16,953,854 19,711 0.0106/09/2017 JPMorgan US$ 831,736 ZAR 11,000,000 1,059 0.0004/10/2017 JPMorgan US$ 1,757,624 NGN 595,834,567 (6,735) (0.00)14/11/2017 BNP Paribas US$ 18,198,000 CNH 126,763,628 (326,488) (0.07)14/11/2017 JPMorgan US$ 8,014,000 CNH 56,021,867 (172,704) (0.04)14/11/2017 JPMorgan US$ 2,551,000 CNH 17,854,449 (58,144) (0.01)14/11/2017 HSBC Bank US$ 2,383,000 CNH 16,413,403 (15,558) (0.01)14/11/2017 HSBC Bank US$ 2,196,000 CNH 15,071,570 (6,470) (0.00)14/11/2017 HSBC Bank US$ 2,180,000 CNH 15,362,220 (64,944) (0.01)14/11/2017 JPMorgan US$ 2,120,000 CNH 15,030,864 (76,522) (0.02)14/11/2017 JPMorgan US$ 1,301,000 CNH 8,901,507 186 0.0014/11/2017 JPMorgan US$ 1,231,000 CNH 8,443,220 (2,842) (0.00)14/11/2017 BNP Paribas US$ 820,000 CNH 5,897,850 (41,877) (0.01)14/11/2017 JPMorgan US$ 760,000 CNH 5,386,872 (27,206) (0.01)






Unrealised



15/12/2017 JPMorgan US$ 26,000,000 ARS 454,220,000 686,889 0.1605/07/2017 JPMorgan ZAR 25,207,529 US$ 1,926,473 (2,601) (0.00)



–––––––––––– ––––––––

Interest Rate Swaps – 0.40% (31 Dec 2016: 0.15%)

Notional Fund Fund Termination Fair Value % of Net

Currency Amount Pays Receives Date US$ Assets

BRL 47,585,871 0 Months BRCDI 11.560% 02/01/2023 941,557 0.21CZK 80,000,000 6 Months PRIBO 0.510% 25/05/2018 1,379 0.00CZK 260,400,000 0.263% 6 Months PRIBO 15/07/2021 289,035 0.07CZK 20,000,000 0.775% 6 Months PRIBO 02/11/2026 33,945 0.01CZK 38,700,000 1.113% 6 Months PRIBO 21/02/2027 20,086 0.00CZK 125,333,600 1.063% 6 Months PRIBO 04/04/2027 100,844 0.02HUF 6,102,000,000 1.215% 6 Months BUBOR 18/05/2022 (168,807) (0.04)ILS 90,800,000 0.430% 3 Months TELBO 19/05/2020 (50,030) (0.01)

KRW 3,175,000,000 1.640% 3 Months KSDA 20/05/2026 46,698 0.01KRW 714,000,000 1.423% 3 Months KSDA 07/10/2026 24,260 0.01KRW 5,800,000,000 1.850% 3 Months KSDA 01/12/2026 3,728 0.00ZAR 77,000,000 3 Months JIBAR 7.060% 24/03/2020 (11,903) (0.00)ZAR 44,000,000 3 Months JIBAR 9.035% 04/06/2025 87,494 0.02ZAR 47,000,000 3 Months JIBAR 9.350% 17/06/2025 129,009 0.03ZAR 27,000,000 3 Months JIBAR 8.545% 04/12/2025 94,367 0.02ZAR 28,400,000 3 Months JIBAR 8.665% 08/12/2025 117,945 0.03ZAR 53,000,000 3 Months JIBAR 8.260% 07/12/2026 95,766 0.02

–––––––––––– ––––––––Interest rate swaps at positive fair value 1,986,113 0.45Interest rate swaps at negative fair value (230,740) (0.05)

–––––––––––– ––––––––Interest rate swaps at fair value 1,755,373 0.40

–––––––––––– ––––––––Total Financial Derivative Instruments 4,789,912 1.09

–––––––––––– ––––––––




Fair Value % of Net

US$ Assets

Total Investments 412,350,720 94.16Cash at bank 7,739,226 1.77Cash due to broker (4,340,275) (0.99)Other net assets 22,194,346 5.06


–––––––––––– –––––––––––––––––––– ––––––––

*All financial derivative instruments are traded over the counter ("OTC").The counterparties for the open forward foreign currency exchange contracts are Bank of America, Barclays Bank, BNPParibas, Citibank, Deutsche Bank, Goldman Sachs, HSBC Bank, JPMorgan and State Street Bank.The counterparties to the interest rate swaps are Bank of America, Deutsche Bank, BNP Paribas, HSBC and JPMorgan.


Transferable securities admitted to an official stock exchange listing 77.63Transferable securities dealt in on another regulated market 12.50Other transferable securities of the type referred to in Regulation 68(1)(a), (b) and (c) 0.10OTC financial derivative instruments 2.24Other current assets 7.53


––––––––––––––––




Barings Umbrella Fund PlcBarings Global Investment Grade Corporate Bond Fund




Transferable Securities (Corporate Bonds) - 96.40% (Dec 2016: 85.89%)

Australia - 1.62% (Dec 2016: 1.57%)

130,000 Amcor Finance USA Inc 3.625% 28/04/2026 130,260 0.30225,000 BHP Billiton Finance Ltd 3.250% 25/09/2024 321,557 0.76100,000 BHP Billiton Finance Ltd 4.300% 25/09/2042 161,407 0.38

75,000 Brambles USA Inc 4.125% 23/10/2025 77,055 0.18–––––––––––– ––––––––

690,279 1.62–––––––––––– ––––––––

Belgium - 2.20% (Dec 2016: 2.17%)

220,000 Anheuser-Busch InBev Finance Inc 2.650% 01/02/2021 223,134 0.52270,000 Anheuser-Busch InBev Finance Inc 3.650% 01/02/2026 278,671 0.66200,000 Anheuser-Busch InBev Finance Inc 4.625% 01/02/2044 216,062 0.51190,000 Anheuser-Busch InBev Finance Inc 4.900% 01/02/2046 215,300 0.51

–––––––––––– ––––––––933,167 2.20

–––––––––––– ––––––––Bermuda - 0.71% (Dec 2016: 0.50%)

65,000 Enstar Group Ltd 4.500% 10/03/2022 67,130 0.16200,000 Fidelity International Ltd 2.500% 04/11/2026 234,053 0.55

–––––––––––– ––––––––301,183 0.71

–––––––––––– ––––––––Canada - 2.70% (Dec 2016: 2.55%)

750,000 Encana Corp 6.500% 15/05/2019 800,279 1.88100,000 Encana Corp 6.500% 01/02/2038 114,061 0.27235,000 NOVA Chemicals Corp 5.000% 01/05/2025 234,412 0.55

–––––––––––– ––––––––1,148,752 2.70

–––––––––––– ––––––––France - 3.00% (Dec 2016: 2.90X%)

200,000 Banque Federative du Credit Mutuel SA 3.250% 23/08/2022 261,251 0.61200,000 BNP Paribas SA 2.625% 14/10/2027 241,503 0.57200,000 Danone SA 1.208% 03/11/2028 225,020 0.53100,000 Orange SA 8.125% 28/01/2033 210,843 0.50275,000 RCI Banque SA 2.250% 29/03/2021 334,986 0.79

–––––––––––– ––––––––1,273,603 3.00

–––––––––––– ––––––––Germany - 1.09% (Dec 2016: 1.04%)

100,000 Deutsche Bank AG 1.125% 17/03/2025 112,591 0.27125,000 Deutsche Telekom International Finance BV 3.250% 17/01/2028 166,972 0.39100,000 E.ON International Finance BV 6.375% 07/06/2032 184,497 0.43

–––––––––––– ––––––––464,060 1.09

–––––––––––– ––––––––Ireland – Nil (Dec 2016: 0.97%)

Israel - 0.32% (Dec 2016: Nil)

55,000 Teva Pharmaceutical Finance Netherlands III BV2.200% 21/07/2021 54,043 0.1370,000 Teva Pharmaceutical Finance Netherlands III BV3.150% 01/10/2026 66,609 0.1615,000 Teva Pharmaceutical Finance Netherlands III BV4.100% 01/10/2046 13,873 0.03

–––––––––––– ––––––––134,525 0.32

–––––––––––– ––––––––






Transferable Securities (Corporate Bonds) - 96.40% (Dec 2016: 85.89%) (continued)

Italy - 1.32% (Dec 2016: 1.25%)

100,000 Enel Finance International NV 5.625% 14/08/2024 159,452 0.38100,000 Enel Finance International NV 5.750% 14/09/2040 178,703 0.42200,000 Intesa Sanpaolo SpA 5.250% 12/01/2024 221,245 0.52

–––––––––––– ––––––––559,400 1.32

–––––––––––– ––––––––Japan - 0.70% (Dec 2016: Nil)

260,000 Sumitomo Mitsui Financial Group Inc 1.413% 14/06/2027 295,747 0.70–––––––––––– ––––––––

Mexico - 1.55% (Dec 2016: 1.53%)

350,000 America Movil SAB de CV 5.000% 30/03/2020 376,457 0.89100,000 America Movil SAB de CV 5.750% 28/06/2030 167,675 0.39110,000 Petroleos Mexicanos 5.375% 13/03/2022 115,940 0.27

–––––––––––– ––––––––660,072 1.55

–––––––––––– ––––––––Netherlands - 0.52% (Dec 2016: 0.31%)

150,000 ABN AMRO Bank NV 7.125% 06/07/2022 220,572 0.52–––––––––––– ––––––––

South Africa - Nil (Dec 2016: 1.75%)

Spain - 3.14% (Dec 2016: 1.08%)

400,000 Banco Bilbao Vizcaya Argentaria SA 0.625% 17/01/2022 457,140 1.08300,000 Iberdrola International BV 3.500% 01/02/2021 382,180 0.90300,000 Iberdrola International BV 2.500% 24/10/2022 377,129 0.89100,000 Santander Issuances SAU 2.500% 18/03/2025 116,960 0.27

–––––––––––– ––––––––1,333,409 3.14

–––––––––––– ––––––––Sweden - 0.43% (Dec 2016: 0.71%)

160,000 Essity AB 1.625% 30/03/2027 182,874 0.43–––––––––––– ––––––––

Switzerland - 3.01% (Dec 2016: 1.32%)

300,000 Credit Suisse Group Funding Guernsey Ltd 1.250% 14/04/2022 350,081 0.82550,000 Glencore Finance Canada Ltd 2.700% 25/10/2017 550,866 1.30100,000 Glencore Finance Canada Ltd 6.000% 15/11/2041 110,776 0.26280,000 Roche Holdings Inc 2.375% 28/01/2027 265,884 0.63

–––––––––––– ––––––––1,277,607 3.01

–––––––––––– ––––––––United Kingdom - 7.45% (Dec 2016: 5.88%)

200,000 Barclays Plc 4.375% 12/01/2026 208,213 0.49100,000 GlaxoSmithKline Capital Plc 5.250% 10/04/2042 188,593 0.44250,000 HSBC Holdings Plc 6.000% 10/06/2019 317,041 0.75550,000 HSBC Holdings Plc 3.196% 05/12/2023 431,327 1.01455,000 Lloyds Banking Group Plc 3.750% 11/01/2027 457,712 1.08130,000 Marks & Spencer Plc 3.000% 08/12/2023 172,460 0.41130,000 Nationwide Building Society 4.000% 14/09/2026 128,832 0.30375,000 Pearson Funding Four Plc 3.750% 08/05/2022 376,961 0.89100,000 Sanctuary Capital Plc 5.000% 26/04/2047 186,181 0.44110,000 Santander UK Group Holdings Plc 3.125% 08/01/2021 111,821 0.26210,000 Sky Plc 3.750% 16/09/2024 216,049 0.51150,000 Standard Chartered Plc 3.625% 23/11/2022 189,349 0.44100,000 THFC Funding No 3 Plc 5.200% 11/10/2043 181,745 0.43

–––––––––––– ––––––––3,166,284 7.45

–––––––––––– ––––––––







United States - 66.64% (Dec 2016: 60.36%)

150,000 21st Century Fox America Inc 6.150% 15/02/2041 189,973 0.45105,000 Abbott Laboratories 3.750% 30/11/2026 107,392 0.25210,000 Advance Auto Parts Inc 4.500% 15/01/2022 223,535 0.53100,000 Air Lease Corp 3.000% 15/09/2023 99,564 0.23400,000 Allergan Funding SCS 3.450% 15/03/2022 412,758 0.97175,000 Allstate Corp 5.750% 15/08/2053 192,062 0.45

50,000 American Tower Corp 4.400% 15/02/2026 52,497 0.12150,000 American Tower Corp 3.550% 15/07/2027 149,049 0.35175,000 Amgen Inc 5.150% 15/11/2041 195,762 0.46290,000 Anadarko Petroleum Corp 5.550% 15/03/2026 324,630 0.7680,000 Arch Capital Finance LLC 4.011% 15/12/2026 82,683 0.1918,000 Ashland LLC 6.875% 15/05/2043 19,620 0.05

325,000 AT&T Inc 4.750% 15/05/2046 319,934 0.75210,000 Athene Global Funding 4.000% 25/01/2022 218,272 0.5140,000 AutoNation Inc 4.500% 01/10/2025 41,807 0.10

205,000 Avery Dennison Corp 3.350% 15/04/2023 206,025 0.49130,000 Avery Dennison Corp 1.250% 03/03/2025 145,347 0.3460,000 Avnet Inc 3.750% 01/12/2021 61,030 0.14

375,000 Bank of America Corp 1.625% 14/09/2022 444,650 1.05175,000 Bank of America Corp 5.000% 21/01/2044 198,591 0.47100,000 Becton Dickinson and Co 2.894% 06/06/2022 100,425 0.24100,000 Becton Dickinson and Co 3.700% 06/06/2027 100,519 0.2450,000 Becton Dickinson and Co 4.669% 06/06/2047 52,190 0.12

130,000 Boston Properties LP 3.650% 01/02/2026 131,788 0.3140,000 Broadridge Financial Solutions Inc 3.400% 27/06/2026 39,458 0.09

205,000 Brunswick Corp 4.625% 15/05/2021 209,497 0.49100,000 Bunge Finance Europe BV 1.850% 16/06/2023 116,934 0.28250,000 Bunge Ltd Finance Corp 8.500% 15/06/2019 279,733 0.6655,000 Bunge Ltd Finance Corp 3.500% 24/11/2020 56,431 0.1335,000 Bunge Ltd Finance Corp 3.250% 15/08/2026 33,507 0.08

175,000 Burlington Northern Santa Fe LLC 4.900% 01/04/2044 204,732 0.485,000 Cameron International Corp 5.950% 01/06/2041 6,099 0.01

65,000 Capital One Financial Corp 2.500% 12/05/2020 65,325 0.15200,000 Caterpillar Inc 3.803% 15/08/2042 201,270 0.47600,000 CF Industries Inc 6.875% 01/05/2018 624,750 1.4795,000 Charter Communications Operating LLC/

Charter Communications Operating Capital 3.579% 23/07/2020 98,240 0.2395,000 Charter Communications Operating LLC/

Charter Communications Operating Capital 4.908% 23/07/2025 102,797 0.2460,000 Chubb INA Holdings Inc 3.350% 03/05/2026 61,437 0.14

250,000 Cimarex Energy Co 4.375% 01/06/2024 262,440 0.62150,000 Cisco Systems Inc 5.900% 15/02/2039 195,436 0.46375,000 Citigroup Inc 2.375% 22/05/2024 465,949 1.10250,000 Citigroup Inc 5.500% 13/09/2025 278,469 0.66150,000 Comcast Corp 6.950% 15/08/2037 212,005 0.50375,000 Commonwealth Edison Co 3.400% 01/09/2021 390,507 0.9257,000 ConocoPhillips Co 4.300% 15/11/2044 58,430 0.14

150,000 CSX Corp 6.150% 01/05/2037 193,419 0.46100,000 Dell International LLC/EMC Corp 4.420% 15/06/2021 105,515 0.2520,000 Dell International LLC/EMC Corp 6.020% 15/06/2026 22,068 0.05

135,000 Delta Air Lines Inc 3.625% 15/03/2022 138,736 0.33150,000 Duke Energy Florida LLC 6.400% 15/06/2038 205,338 0.4825,000 Duke Realty LP 3.250% 30/06/2026 24,597 0.06

205,000 Ecolab Inc 1.000% 15/01/2024 233,517 0.55275,000 Energy Transfer LP 4.750% 15/01/2026 286,577 0.67





United States - 66.64% (Dec 2016: 60.36%) (continued)

215,000 EnLink Midstream Partners LP 4.850% 15/07/2026 224,089 0.53175,000 Enterprise Products Operating LLC 5.100% 15/02/2045 192,902 0.45250,000 EQT Corp 4.875% 15/11/2021 266,896 0.63

35,000 Estee Lauder Cos Inc 4.375% 15/06/2045 37,746 0.09300,000 Expedia Inc 2.500% 03/06/2022 361,903 0.85215,000 First Horizon National Corp 3.500% 15/12/2020 220,687 0.52350,000 Five Corners Funding Trust 4.419% 15/11/2023 376,383 0.8950,000 FLIR Systems Inc 3.125% 15/06/2021 50,444 0.12

108,000 General Electric Co 5.875% 14/01/2038 140,038 0.33265,000 General Motors Financial Co Inc 3.100% 15/01/2019 268,721 0.63550,000 Goldman Sachs Group Inc 2.625% 19/08/2020 673,035 1.5850,000 Goldman Sachs Group Inc 4.250% 21/10/2025 51,773 0.12

175,000 Goldman Sachs Group Inc 6.750% 01/10/2037 227,572 0.54120,000 Hartford Financial Services Group Inc 6.625% 30/03/2040 162,644 0.3850,000 Hartford Financial Services Group Inc 6.100% 01/10/2041 63,759 0.1550,000 Healthcare Trust of America Holdings LP 2.950% 01/07/2022 50,073 0.1245,000 Healthcare Trust of America Holdings LP 3.500% 01/08/2026 44,089 0.1015,000 Hexcel Corp 3.950% 15/02/2027 15,390 0.04

150,000 Home Depot Inc 5.875% 16/12/2036 195,768 0.46192,000 Hughes Satellite Systems Corp 6.500% 15/06/2019 208,080 0.4950,000 Ingredion Inc 3.200% 01/10/2026 49,308 0.12

650,000 International Lease Finance Corp 7.125% 01/09/2018 688,118 1.62560,000 ITC Holdings Corp 5.500% 15/01/2020 599,216 1.41375,000 JPMorgan Chase & Co 1.375% 16/09/2021 444,664 1.05150,000 JPMorgan Chase & Co 6.400% 15/05/2038 201,361 0.47135,000 Kraft Heinz Foods Co 3.000% 01/06/2026 129,451 0.30100,000 Kroger 4.450% 01/02/2047 96,780 0.23725,000 Lazard Group LLC 4.250% 14/11/2020 765,483 1.8035,000 Legg Mason Inc 4.750% 15/03/2026 37,047 0.09

105,000 Legg Mason Inc 5.625% 15/01/2044 111,917 0.26380,000 Lennar Corp 4.750% 15/12/2017 383,800 0.90200,000 LyondellBasell Industries NV 4.625% 26/02/2055 196,774 0.46135,000 Magellan Midstream Partners LP 5.000% 01/03/2026 149,137 0.35115,000 Marriott International Inc 2.300% 15/01/2022 113,608 0.2715,000 Marsh & McLennan Cos Inc 3.300% 14/03/2023 15,435 0.0489,000 Masco Corp 3.500% 01/04/2021 91,845 0.22

150,000 Merck & Co Inc 6.500% 01/12/2033 200,927 0.47150,000 Microsoft Corp 3.500% 12/02/2035 151,528 0.3644,000 Microsoft Corp 4.450% 03/11/2045 49,079 0.1240,000 Molson Coors Brewing Co 2.100% 15/07/2021 39,373 0.0970,000 Molson Coors Brewing Co 3.000% 15/07/2026 67,461 0.1635,000 Molson Coors Brewing Co 4.200% 15/07/2046 34,660 0.08

350,000 Morgan Stanley 5.000% 24/11/2025 381,267 0.90205,000 Morgan Stanley 3.125% 27/07/2026 199,544 0.47400,000 MPLX LP 4.500% 15/07/2023 425,170 1.0040,000 MPLX LP 5.200% 01/03/2047 41,351 0.1070,000 Mylan NV 3.150% 15/06/2021 71,278 0.17

315,000 Nabors Industries Inc 5.500% 15/01/2023 299,644 0.71256,000 National Oilwell Varco Inc 2.600% 01/12/2022 247,834 0.58140,000 National Oilwell Varco Inc 3.950% 01/12/2042 116,365 0.2790,000 Neuberger Berman Group LLC/

Neuberger Berman Finance Corp 4.500% 15/03/2027 94,386 0.2280,000 New York Life Global Funding 2.350% 14/07/2026 76,642 0.18

150,000 Oracle Corp 5.375% 15/07/2040 182,819 0.4345,000 Oracle Corp 4.000% 15/07/2046 45,561 0.11







United States - 66.64% (Dec 2016: 60.36%) (continued)

150,000 Pacific Gas & Electric Co 6.050% 01/03/2034 193,886 0.46125,000 Pfizer Inc 7.200% 15/03/2039 187,356 0.44215,000 Phillips 66 5.875% 01/05/2042 260,682 0.61115,000 Pioneer Natural Resources Co 4.450% 15/01/2026 121,336 0.29600,000 Pitney Bowes Inc 6.250% 15/03/2019 639,237 1.51120,000 Plains All American Pipeline LP/

PAA Finance Corp 4.500% 15/12/2026 121,589 0.29230,000 PPL Capital Funding Inc 3.100% 15/05/2026 225,530 0.53

55,000 Prologis LP 3.750% 01/11/2025 57,358 0.1477,000 Prudential Financial Inc 5.200% 15/03/2044 81,716 0.19

375,000 QVC Inc 4.375% 15/03/2023 379,766 0.89350,000 Reinsurance Group of America Inc 4.700% 15/09/2023 380,239 0.9090,000 Reinsurance Group of America Inc 3.950% 15/09/2026 91,645 0.22

150,000 Reliance Steel & Aluminum Co 4.500% 15/04/2023 158,642 0.37425,000 RenaissanceRe Finance Inc 3.700% 01/04/2025 428,990 1.01675,000 RPM International Inc 6.125% 15/10/2019 732,761 1.7355,000 RPM International Inc 5.250% 01/06/2045 61,957 0.1540,000 Sabine Pass Liquefaction LLC 4.200% 15/03/2028 40,496 0.10

275,000 Simon Property Group LP 2.375% 02/10/2020 333,349 0.7835,000 Spirit AeroSystems Inc 3.850% 15/06/2026 35,395 0.0890,000 Tanger Properties LP 3.125% 01/09/2026 84,507 0.2060,000 Tech Data Corp 3.700% 15/02/2022 61,288 0.14

205,000 Time Warner Inc 2.950% 15/07/2026 193,776 0.46250,000 Trinity Acquisition Plc 3.500% 15/09/2021 256,251 0.6015,000 Trinity Acquisition Plc 4.400% 15/03/2026 15,691 0.04

375,000 Tyson Foods Inc 3.950% 15/08/2024 392,996 0.93175,000 United Technologies Corp 4.500% 01/06/2042 191,533 0.45150,000 UnitedHealth Group Inc 6.875% 15/02/2038 213,462 0.5040,000 Unum Group 3.000% 15/05/2021 40,417 0.10

265,000 Verizon Communications Inc 3.125% 02/11/2035 333,880 0.79125,000 Virginia Electric & Power Co 8.875% 15/11/2038 212,344 0.50250,000 Waste Management Inc 4.100% 01/03/2045 263,084 0.62400,000 Weatherford International Ltd 6.000% 15/03/2018 405,000 0.9520,000 Weingarten Realty Investors 3.250% 15/08/2026 19,102 0.05

200,000 Wells Fargo Bank NA 5.250% 01/08/2023 311,321 0.73105,000 Western Gas Partners LP 5.450% 01/04/2044 106,961 0.2530,000 Willis North America Inc 3.600% 15/05/2024 30,347 0.07

160,000 XLIT Ltd 6.375% 15/11/2024 188,155 0.4425,000 Xylem Inc/NY 3.250% 01/11/2026 24,945 0.06

400,000 Zimmer Biomet Holdings Inc 2.700% 01/04/2020 403,904 0.95150,000 Zimmer Biomet Holdings Inc 4.450% 15/08/2045 150,344 0.35

–––––––––––– ––––––––28,305,379 66.64


–––––––––––– ––––––––

Government Bonds - 1.63% (Dec 2016: 12.42%)

Germany - 0.98% (Dec 2016: 0.94%)

200,000 Bundesrepublik Deutschland 0.500% 15/02/2026 232,108 0.55100,000 Bundesrepublik Deutschland 4.750% 04/07/2034 183,613 0.43

–––––––––––– ––––––––415,721 0.98

–––––––––––– ––––––––






Transferable Securities Government Bonds - 1.63% (Dec 2016: 12.42%) (continued)

Mexico - 0.24% (Dec 2016: Nil)

100,000 Mexico Government International Bond 5.750% 12/10/2049 104,075 0.24–––––––––––– ––––––––

United States - 0.41% (Dec 2016: 11.48%)

200,000 United States Treasury Note/Bond 1.625% 31/07/2020 200,266 0.47110,000 United States Treasury Note/Bond 2.000% 15/11/2026 107,276 0.25

70,000 United States Treasury Note/Bond 2.500% 15/05/2046 65,127 0.16–––––––––––– ––––––––

372,669 0.88–––––––––––– ––––––––

Total Government Bonds 892,465 2.10

–––––––––––– –––––––––––––––––––– ––––––––

Financial Derivative Instruments** - ((0.38)%) (Dec 2016: 0.26%)

Open Futures Contracts - ((0.04)%) (Dec 2016: 0.05%)




136,438 136.44 1 of Us 10 Year Ultra FuturesLong Futures ContractsExpiring September 2017 (1,625) 0.00

375,859 187.93 2 of Euro-Bund FuturesLong Futures ContractsExpiring September 2017 (6,099) (0.02)

446,052 111.51 4 of Can 10 Year Bond FuturesLong Futures ContractsExpiring September 2017 (12,523) (0.03)

(610,406) 152.60 4 of U.S. Long Bond Short Futures ContractsExpiring September 2017 (4,344) (0.01)

(996,140) 166.02 6 of Long Gilt FuturesShort Futures ContractsExpiring September 2017 14,848 0.03

(707,578) 117.93 6 of U.S. 5 Year Note Short Futures ContractsExpiring September 2017 563 0.00

3,895,564 108.21 18 of U.S. 2 Year Note Long Futures ContractsExpiring September 2017 (5,595) (0.01)

–––––––––––– ––––––––Unrealised gain on open futures contracts 15,411 0.03Unrealised loss on open futures contracts (30,186) (0.07)

–––––––––––– ––––––––Net unrealised loss on open futures contracts (14,775) (0.04)

–––––––––––– ––––––––




Financial Derivative Instruments** - ((0.38)%) (Dec 2016: 0.26%) (continued)

Open Forward Foreign Currency Exchange Contracts - ((0.34)%) (Dec 2016: 0.21%)

Unrealised



14/07/2017 Bank of America CAD 1,758 US$ 1,303 53 0.0014/07/2017 Citibank CAD 11,902 US$ 9,170 10 0.0014/07/2017 Goldman Sachs € 15,000 US$ 16,838 302 0.0014/07/2017 Citibank € 1,850 US$ 2,090 24 0.0014/07/2017 Goldman Sachs £ 6,375 US$ 8,263 43 0.0014/07/2017 Goldman Sachs £ 5,750 US$ 7,469 22 0.0003/07/2017 Goldman Sachs US$ 7,466 £ 5,750 (23) 0.0014/07/2017 Goldman Sachs US$ 2,669,199 £ 2,057,113 (10,872) (0.03)14/07/2017 Goldman Sachs US$ 429,649 CAD 579,446 (17,263) (0.04)14/07/2017 Goldman Sachs US$ 8,110,688 € 7,195,770 (111,749) (0.26)14/07/2017 Goldman Sachs US$ 291,370 € 260,001 (5,727) (0.01)

–––––––––––– ––––––––Unrealised gain on open forward foreign currency exchange contracts 454 0.00Unrealised loss on open forward foreign currency exchange contracts (145,634) (0.34)


–––––––––––– ––––––––Total Financial Derivative Instruments* (159,955) (0.38)

–––––––––––– –––––––––––––––––––– ––––––––

Fair Value % of Net

US$ Assets

Total Investments 41,679,423 98.12Cash at bank 534,014 1.26Cash due from broker 52,714 0.12Other net liabilities 211,039 0.50


–––––––––––– –––––––––––––––––––– ––––––––

Classification

The counterparty for the open forward foreign currency exchange contracts is Citibank.The broker for the open futures contracts is Morgan Stanley.


Transferable securities admitted to an official stock exchange listing 77.69Transferable securities dealt in on another regulated market 19.69Exchange traded financial derivative instruments 0.04OTC financial derivative instruments 0.00Other current assets 2.58


––––––––––––––––




Barings Umbrella Fund PlcBarings Emerging Markets Debt Short Duration Fund





Argentina - 3.11% (31 Dec 2016: 1.64%)

600,000 Provincia de Cordoba 12.375% 17/08/2017 606,000 1.79400,000 YPF SA 8.500% 23/03/2021 445,916 1.32

–––––––––––– ––––––––1,051,916 3.11

–––––––––––– ––––––––Brazil - 16.86% (31 Dec 2016: 14.21%)

650,000 B3 SA - Brasil Bolsa Balcao 5.500% 16/07/2020 681,720 2.01550,000 Banco Daycoval SA 5.750% 19/03/2019 567,875 1.68650,000 Gerdau Trade Inc 5.750% 30/01/2021 683,215 2.02400,000 GTL Trade Finance Inc 7.250% 20/10/2017 405,400 1.20400,000 Itau Unibanco Holding SA 6.200% 15/04/2020 425,588 1.26200,000 Itau Unibanco Holding SA 6.200% 21/12/2021 213,000 0.63400,000 JBS Investments GmbH 7.750% 28/10/2020 380,920 1.12200,000 Petrobras Global Finance BV 5.750% 20/01/2020 208,040 0.61500,000 Petrobras Global Finance BV 3.750% 14/01/2021 592,140 1.75400,000 Petrobras Global Finance BV 8.375% 23/05/2021 448,752 1.32300,000 Petrobras Global Finance BV 6.125% 17/01/2022 310,200 0.92750,000 Vale Overseas Ltd 5.625% 15/09/2019 793,125 2.34

–––––––––––– ––––––––5,709,975 16.86

–––––––––––– ––––––––Chile - 0.63% (31 Dec 2016: 1.55%)

200,000 VTR Finance BV 6.875% 15/01/2024 212,500 0.63–––––––––––– ––––––––

China - 12.19% (31 Dec 2016: 8.93%)

600,000 China Life Insurance Co Ltd 4.000% 03/07/2075 609,942 1.80200,000 China Resources Gas Group Ltd 4.500% 05/04/2022 212,674 0.63400,000 CIFI Holdings Group Co Ltd 7.750% 05/06/2020 422,103 1.25400,000 Country Garden Holdings Co Ltd 7.250% 04/04/2021 415,281 1.22200,000 ENN Energy Holdings Ltd 6.000% 13/05/2021 220,274 0.65400,000 Future Land Development Holdings Ltd 5.000% 16/02/2020 396,573 1.17400,000 Midea Investment Development Co Ltd 2.375% 03/06/2019 399,269 1.18400,000 Powerlong Real Estate Holdings Ltd 7.625% 26/11/2018 413,000 1.22600,000 Sino-Ocean Land Treasure Finance I Ltd 4.625% 30/07/2019 615,310 1.82400,000 Yuzhou Properties Co Ltd 9.000% 08/12/2019 423,803 1.25

–––––––––––– ––––––––4,128,229 12.19

–––––––––––– ––––––––Colombia - 2.48% (31 Dec 2016: 1.87%)

200,000 Bancolombia SA 5.950% 03/06/2021 221,320 0.65600,000 Transportadora de Gas Internacional SA ESP 5.700% 20/03/2022 618,300 1.83

–––––––––––– ––––––––839,620 2.48

–––––––––––– ––––––––Costa Rica - 1.81% (31 Dec 2016: 2.28%)

300,000 Banco de Costa Rica 5.250% 12/08/2018 307,350 0.91300,000 Banco Nacional de Costa Rica 4.875% 01/11/2018 305,946 0.90

–––––––––––– ––––––––613,296 1.81

–––––––––––– ––––––––







Hong Kong - 4.08% (31 Dec 2016: 5.06%)

400,000 Shimao Property Holdings Ltd 8.375% 10/02/2022 440,748 1.30500,000 CLP Power HK Finance Ltd 4.250% 29/05/2049 513,160 1.51400,000 Bank of China Hong Kong Ltd 5.550% 11/02/2020 429,008 1.27

–––––––––––– ––––––––1,382,916 4.08

–––––––––––– ––––––––India - 1.80% (31 Dec 2016: 2.37%)

600,000 JSW Steel Ltd 4.750% 12/11/2019 610,794 1.80–––––––––––– ––––––––

Indonesia - 0.99% (31 Dec 2016: 1.26%)

300,000 Majapahit Holding BV 8.000% 07/08/2019 334,140 0.99–––––––––––– ––––––––

Israel - Nil (31 Dec 2016: 3.13%)

Ireland - 12.44% (31 Dec 2016: Nil)

400,000 Alfa Holding Issuance Plc 2.626% 28/04/2020 461,828 1.36400,000 Gazprom OAO Via Gaz Capital SA 9.250% 23/04/2019 444,902 1.31700,000 Lukoil International Finance BV 6.125% 09/11/2020 763,350 2.26600,000 MMC Norilsk Nickel OJSC

via MMC Finance DAC 5.550% 28/10/2020 642,003 1.90400,000 Novatek OAO via Novatek Finance DAC 6.604% 03/02/2021 443,958 1.31400,000 Rosneft Finance SA 7.250% 02/02/2020 440,547 1.30200,000 Russian Railways via RZD Capital Plc 3.450% 06/10/2020 200,682 0.59800,000 Sberbank of Russia Via SB Capital SA 5.500% 26/02/2024 815,760 2.41

–––––––––––– ––––––––4,213,030 12.44

–––––––––––– ––––––––Kazahstan - 1.25% (31 Dec 2016: 4.38%)

400,000 KazMunayGas National Co JSC 9.125% 02/07/2018 423,836 1.25–––––––––––– ––––––––

Kuwait - 3.30% (31 Dec 2016: 2.57%)

500,000 Equate Petrochemical BV 3.000% 03/03/2022 493,700 1.46600,000 NBK Tier 1 Financing Ltd 5.750% 29/12/2049 623,567 1.84

–––––––––––– ––––––––1,117,267 3.30

–––––––––––– ––––––––Mexico - 9.26% (31 Dec 2016: 7.00%)

800,000 Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand 5.950% 30/01/2024 837,000 2.47

500,000 BBVA Bancomer SA 6.500% 10/03/2021 553,125 1.63650,000 Cemex Finance LLC 9.375% 12/10/2022 692,250 2.05400,000 Petroleos Mexicanos 6.375% 04/02/2021 433,920 1.28400,000 Petroleos Mexicanos 4.875% 24/01/2022 413,084 1.22200,000 Tenedora Nemak SA de CV 5.500% 28/02/2023 206,500 0.61

–––––––––––– ––––––––3,135,879 9.26

–––––––––––– ––––––––Panama - 1.85% (31 Dec 2016: 2.30%)

600,000 Global Bank Corp 5.125% 30/10/2019 626,250 1.85–––––––––––– ––––––––

Portugal - 1.26% (31 Dec 2016: Nil)

400,000 Altice Financing SA 6.625% 15/02/2023 425,376 1.26–––––––––––– ––––––––







Qatar - 0.58% (31 Dec 2016: 0.85%)

188,450 Ras Laffan Liquefied Natural Gas Co Ltd II 5.298% 30/09/2020 195,950 0.58–––––––––––– ––––––––

Russia - Nil (31 Dec 2016: 16.32%)

South Africa - 1.83% (31 Dec 2016: 2.20%)

200,000 FirstRand Bank Ltd 4.250% 30/04/2020 205,050 0.61200,000 Myriad International Holdings BV 6.000% 18/07/2020 216,750 0.64200,000 Stillwater Mining Co 6.125% 27/06/2022 197,400 0.58

–––––––––––– ––––––––619,200 1.83

–––––––––––– ––––––––Sri Lanka - 0.62% (31 Dec 2016: 1.55%)

200,000 National Savings Bank 8.875% 18/09/2018 211,440 0.62–––––––––––– ––––––––

Turkey - 10.06% (31 Dec 2016: 7.78%)

600,000 Turkiye Garanti Bankasi AS 4.750% 17/10/2019 615,001 1.82400,000 Turkiye Halk Bankasi AS 4.875% 19/07/2017 400,692 1.18500,000 Turkiye Halk Bankasi AS 3.875% 05/02/2020 487,693 1.44400,000 Turkiye Is Bankasi 5.000% 30/04/2020 403,657 1.19400,000 Turkiye Sinai Kalkinma Bankasi AS 5.375% 30/10/2019 409,802 1.21400,000 Turkiye Sise ve Cam Fabrikalari AS 4.250% 09/05/2020 403,404 1.19600,000 Turkiye Vakiflar Bankasi TAO 2.375% 04/05/2021 687,483 2.03

–––––––––––– ––––––––3,407,732 10.06


300,000 Alpha Star Holding Ltd 4.970% 09/04/2019 301,564 0.89500,000 Emirates NBD 2014 Tier 1 Ltd 6.375% 17/12/2049 525,681 1.55800,000 First Abu Dhabi Bank PJSC 5.250% 29/12/2049 809,597 2.39400,000 MAF Global Securities Ltd 7.125% 29/10/2049 419,117 1.24

–––––––––––– ––––––––2,055,959 6.07


–––––––––––– ––––––––


Argentina - Nil (31 Dec 2016: 2.38%)

Ghana - 1.20% (31 Dec 2016: 1.56%)

400,000 Republic of Ghana 8.500% 04/10/2017 407,000 1.20–––––––––––– ––––––––

Total Government Bonds 407,000 1.20

–––––––––––– ––––––––


Financial Derivative Instruments** - (0.15%) (31 Dec 2016: 0.13%)

Open Forward Foreign Currency Exchange Contracts - (0.15%) (31 Dec 2016: 0.13%)

Unrealised



14/07/2017 State Street Bank CHF 6,757 US$ 7,000 50 0.0014/07/2017 State Street Bank CHF 234,631 US$ 243,122 1,703 0.0114/07/2017 State Street Bank € 75,976 US$ 85,368 1,448 0.0014/07/2017 State Street Bank € 3,277,142 US$ 3,683,950 60,764 0.1814/07/2017 State Street Bank SEK 49,136 US$ 5,651 184 0.0014/07/2017 State Street Bank SEK 4,111,077 US$ 472,531 15,691 0.0514/07/2017 State Street Bank US$ 1,749,026 € 1,556,397 (29,432) (0.09)

Unrealised gain on open forward foreign currency exchange contracts 79,840 0.24Unrealised loss on open forward foreign currency exchange contracts (29,432) (0.09)



–––––––––––– ––––––––

Fair Value % of Net

US$ Assets



–––––––––––– –––––––––––––––––––– ––––––––

Classification

*All financial derivative instruments are traded over the counter ("OTC").All transferable securities are admitted to an official stock exchange listing.The counterparty for the open forward foreign currency exchange contracts is State Street Bank.


Transferable securities admitted to an official stock exchange listing 79.92Transferable securities dealt in on another regulated market 15.23OTC financial derivative instruments 0.23Other current assets 4.62


––––––––––––––––




Barings Umbrella Fund PlcBarings Active Short Duration Fund





Australia - 0.99% (31 Dec 2016: 0.85%)

150,000 Asciano Finance Ltd 5.000% 07/04/2018 152,764 0.2993,000 Incitec Pivot Finance LLC 6.000% 10/12/2019 99,446 0.19

200,000 James Hardie International Finance Ltd 5.875% 15/02/2023 210,500 0.4150,000 Macquarie Bank Ltd 2.850% 15/01/2021 50,519 0.10

–––––––––––– ––––––––513,229 0.99

–––––––––––– ––––––––Belgium - 0.30% (31 Dec 2016: 0.32%)

155,000 Anheuser-Busch InBev Finance Inc 2.650% 01/02/2021 157,208 0.30–––––––––––– ––––––––

Bermuda - 0.24% (31 Dec 2016: Nil)

120,000 Enstar Group Ltd 4.500% 10/03/2022 123,932 0.24–––––––––––– ––––––––

Brazil - 0.37% (31 Dec 2016: 0.44%)

200,000 JBS Investments GmbH 7.750% 28/10/2020 190,460 0.37–––––––––––– ––––––––

British Virgin Islands - 0.17% (31 Dec 2016: 0.24%)

88,542 Dong Fang Container Finance II SPV Ltd 1.950% 25/11/2039 87,958 0.17–––––––––––– ––––––––

Canada - 1.08% (31 Dec 2016: 0.52%)

117,857 Element Rail Leasing I LLC 2.299% 19/04/2044 115,733 0.22199,349 Element Rail Leasing II LLC 2.707% 19/02/2045 196,330 0.38

82,320 Element Rail Leasing II LLC Series 2016-1 3.968% 19/03/2046 83,294 0.16160,000 WestJet Airlines Ltd 3.500% 16/06/2021 163,658 0.32

–––––––––––– ––––––––559,015 1.08

–––––––––––– ––––––––Colombia - 0.21% (31 Dec 2016: 0.22%)

100,000 Bancolombia SA 5.950% 03/06/2021 110,660 0.21–––––––––––– ––––––––

France - 0.84% (31 Dec 2016: 0.40%)

235,000 Airgas Inc 3.050% 01/08/2020 240,917 0.46200,000 Danone SA 2.077% 02/11/2021 197,510 0.38

–––––––––––– ––––––––438,427 0.84

–––––––––––– ––––––––Indonesia - 0.22% (31 Dec 2016: 0.23%)

100,000 Majapahit Holding BV 7.750% 20/01/2020 112,000 0.22–––––––––––– ––––––––

Ireland - Nil (31 Dec 2016: 0.54%)

Israel - 0.91% (31 Dec 2016: 0.96%)

200,000 Israel Electric Corp Ltd 7.250% 15/01/2019 214,730 0.42260,000 Teva Pharmaceutical Finance

Netherlands III BV 2.200% 21/07/2021 255,476 0.49–––––––––––– ––––––––

470,206 0.91–––––––––––– ––––––––

Japan - 2.29% (31 Dec 2016: 1.07%)

290,000 Mitsubishi UFJ Trust & Banking Corp 2.650% 19/10/2020 291,983 0.56120,000 Nissan Motor Acceptance Corp 1.900% 14/09/2021 117,223 0.22180,703 Oscar US Funding Trust II 1.860% 15/10/2019 180,187 0.35120,000 Oscar US Funding Trust II 2.440% 15/06/2022 119,292 0.23

54,069 Oscar US Funding Trust IV 2.859% 15/07/2020 54,264 0.10135,422 OSCAR US Funding Trust V 2.310% 15/11/2019 135,434 0.26







Japan - 2.29% (31 Dec 2016: 1.07%) (continued)

62,985 OSCAR US Funding Trust VI LLC 1.180% 10/04/2018 62,934 0.1250,000 OSCAR US Funding Trust VI LLC 2.820% 10/06/2021 50,368 0.1030,000 OSCAR US Funding Trust VI LLC 3.300% 10/05/2024 30,341 0.06

100,000 Sumitomo Mitsui Financial Group Inc 2.058% 14/07/2021 98,372 0.1950,000 Sumitomo Mitsui Financial Group Inc 2.846% 11/01/2022 50,584 0.10

–––––––––––– ––––––––1,190,982 2.29

–––––––––––– ––––––––Mexico - 0.54% (31 Dec 2016: 0.58%)

280,000 Coca-Cola Femsa SAB de CV 2.375% 26/11/2018 281,586 0.54–––––––––––– ––––––––

New Zealand - 0.57% (31 Dec 2016: 0.61%)

295,000 ANZ New Zealand Int'l Ltd 2.250% 01/02/2019 296,156 0.57–––––––––––– ––––––––

Portugal - 0.49% (31 Dec 2016: 0.52%)

44,000 EDP Finance BV 4.900% 01/10/2019 46,262 0.09200,000 EDP Finance BV 4.125% 15/01/2020 207,208 0.40

–––––––––––– ––––––––253,470 0.49

–––––––––––– ––––––––South Africa - Nil (31 Dec 2016: 0.73%)

Spain - 0.39% (31 Dec 2016: Nil)

200,000 Banco Santander SA 3.500% 11/04/2022 204,919 0.39–––––––––––– ––––––––

Sweden - 0.47% (31 Dec 2016: Nil)

240,000 Telefonaktiebolaget LM Ericsson 4.125% 15/05/2022 244,785 0.47–––––––––––– ––––––––

Switzerland - 0.65% (31 Dec 2016: 1.02%)

87,000 Glencore Finance Canada Ltd 4.250% 25/10/2022 90,236 0.17230,000 Holcim US Finance Sarl & Cie SCS 6.000% 30/12/2019 249,070 0.48

–––––––––––– ––––––––339,306 0.65

–––––––––––– ––––––––Turkey - 0.40% (31 Dec 2016: 0.41%)

200,000 Turkiye Garanti Bankasi AS 4.750% 17/10/2019 205,000 0.40–––––––––––– ––––––––

United Kingdom - Nil (31 Dec 2016: 0.73%)


85,000 Abbott Laboratories 2.350% 22/11/2019 85,688 0.17180,000 Abbott Laboratories 2.900% 30/11/2021 182,194 0.35210,000 AbbVie Inc 1.800% 14/05/2018 210,310 0.4167,754 Access Group Inc 2015-1 1.916% 25/07/2056 67,394 0.1319,910 Aegis Asset Backed Securities Trust 2005-3 1.686% 25/08/2035 20,121 0.04

250,000 AIMCO CLO Series 2014-A 2.278% 20/07/2026 250,055 0.48250,000 Air Lease Corp 2.125% 15/01/2018 250,476 0.48310,000 Ally Financial Inc 3.600% 21/05/2018 313,875 0.60250,000 ALM VII Ltd 2.638% 15/10/2028 251,618 0.4854,936 Alterna Funding I LLC 1.639% 15/02/2021 54,387 0.10

115,000 Ameren Corp 2.700% 15/11/2020 116,462 0.227,791 American Airlines 2014-1 Class B

Pass Through Trust 4.375% 01/04/2024 7,976 0.024,197 American Credit Acceptance Receivables

Trust 2015-3 1.950% 12/09/2019 4,197 0.01






11,020 American Credit Acceptance Receivables Trust 2016-1A 2.370% 12/05/2020 11,026 0.02

49,140 American Credit Acceptance Receivables Trust 2016-2 2.220% 13/07/2020 49,151 0.09

125,000 American International Group Inc 3.300% 01/03/2021 128,712 0.25250,000 American Tower Corp 4.500% 15/01/2018 253,457 0.49

55,000 Analog Devices Inc 2.500% 05/12/2021 55,106 0.11250,000 Apidos Clo XXV 2.616% 20/10/2028 250,833 0.4898,500 Arbys Funding 2015-1A LLC 4.969% 30/10/2045 99,089 0.19

120,000 Ares Capital Corp 4.875% 30/11/2018 124,239 0.24110,000 ARI Fleet Lease Trust 2016-A 2.110% 15/07/2024 109,917 0.2191,744 ARL First LLC 2.744% 15/12/2042 89,323 0.17

206,627 Asset Backed Securities Corp Home Equity Loan Trust Series 2005-HE1 1.966% 25/03/2035 211,454 0.41

250,000 Athene Global Funding 4.000% 25/01/2022 259,847 0.50180,000 AutoNation Inc 3.350% 15/01/2021 183,408 0.35250,000 Avery Point III CLO Ltd 2.300% 18/01/2025 250,063 0.48255,000 Aviation Capital Group Corp 2.875% 17/09/2018 257,525 0.50

26,245 Banc of America Commercial Mortgage Trust 2007-4 5.887% 10/02/2051 26,479 0.05

110,000 Banc of America Commercial Mortgage Trust 2008-1 6.509% 10/02/2051 111,522 0.21

360,000 Bank of America Corp 2.250% 21/04/2020 360,390 0.6990,000 Bank of America Corp 2.151% 09/11/2020 89,664 0.1720,738 Bayview Financial Mortgage Pass-Through

Trust 2005-C 1.722% 28/06/2044 20,890 0.0434,414 BCC Funding Corp X 2.224% 20/10/2020 34,383 0.07

125,000 Bear Stearns Commercial Mortgage Securities Trust 2007-PWR17 5.915% 11/06/2050 125,254 0.24

125,000 Bear Stearns Commercial Mortgage Securities Trust 2007-PWR18 6.084% 11/06/2050 126,266 0.24

143,904 BlueVirgo 2015-1 Trust 3.000% 15/12/2022 144,722 0.2870,000 Boston Scientific Corp 2.850% 15/05/2020 71,019 0.14

195,000 Broadcom Corp/Broadcom Cayman Finance Ltd 3.000% 15/01/2022 196,946 0.38

263,000 Brunswick Corp 4.625% 15/05/2021 268,769 0.52235,000 Bunge Ltd Finance Corp 3.500% 24/11/2020 241,116 0.46

75,000 Capital One Financial Corp 2.500% 12/05/2020 75,375 0.1513,587 CarFinance Capital Auto Trust 2015-1 1.750% 15/06/2021 13,578 0.03

250,000 Carlyle Global Market Strategies CLO 2013-4 Ltd 2.628% 15/10/2025 251,131 0.48

62,339 Cazenovia Creek Funding I LLC 2.000% 10/12/2023 61,949 0.1210,456 CCG Receivables Trust 2014-1 1.060% 15/11/2021 10,455 0.0230,000 Celgene Corp 2.250% 15/05/2019 30,222 0.06

225,000 Celgene Corp 2.875% 15/08/2020 230,251 0.44225,000 CF Industries Inc 6.875% 01/05/2018 234,281 0.45130,000 Charter Communications Operating LLC/

Charter Communications Operating Capital 3.579% 23/07/2020 134,433 0.26135,000 Cigna Corp 4.500% 15/03/2021 144,168 0.28

91,000 Cigna Corp 4.000% 15/02/2022 96,286 0.192,610 Citi Held For Asset Issuance 2015-PM3 2.560% 16/05/2022 2,610 0.01

15,000 Citigroup Inc 2.450% 10/01/2020 15,099 0.03225,000 Citigroup Inc 2.400% 18/02/2020 226,353 0.44

1,361 Citigroup Mortgage Loan Trust 2006-SHL1 1.416% 25/11/2045 1,361 0.00








64,021 Citigroup Mortgage Loan Trust Series 2005-OPT3 Asset Backed Pass-Through Certifi 1.891% 25/05/2035 64,789 0.12

191,520 CKE Restaurant Holdings Inc 4.474% 20/03/2043 192,441 0.37140,000 Clean Harbors Inc 5.250% 01/08/2020 142,275 0.27

93,000 CNA Financial Corp 5.750% 15/08/2021 103,886 0.20150,000 CNH Industrial Capital LLC 3.625% 15/04/2018 151,695 0.2920,000 CNH Industrial Capital LLC 4.875% 01/04/2021 21,300 0.0490,000 CNH Industrial Capital LLC 3.875% 15/10/2021 92,587 0.1852,033 College Loan Corp Trust I 1.648% 15/01/2037 47,703 0.0955,000 Commercial Mortgage Pass

Through Certificates 3.147% 10/02/2047 55,923 0.1116,716 Commercial Mortgage Trust 2006-GG7 5.951% 10/07/2038 16,758 0.03

100,000 Commonbond Student Loan Trust 2017-A-GS 1.926% 25/05/2041 100,298 0.19245,000 Concho Resources Inc 5.500% 01/10/2022 252,350 0.4910,830 CPS Auto Receivables Trust 2014-D 1.490% 15/04/2019 10,830 0.02

150,000 CPS Auto Trust 2.680% 17/05/2021 150,858 0.2968,494 Credit Suisse ABS Repackaging Trust 2013-A 2.500% 25/01/2030 64,195 0.12

161,000 Crown Castle International Corp 3.400% 15/02/2021 165,460 0.32185,000 CVS Health Corp 2.125% 01/06/2021 182,915 0.35263,925 DB Master Finance LLC 2015-1 3.262% 20/02/2045 265,809 0.5180,000 DDR Corp 7.875% 01/09/2020 91,702 0.1880,000 Dell International LLC/EMC Corp 3.480% 01/06/2019 81,908 0.16

105,000 Dell International LLC/EMC Corp 4.420% 15/06/2021 110,791 0.21165,000 Delta Air Lines Inc 3.625% 15/03/2022 169,566 0.3380,247 Diamond Resorts Owner Trust 2013-1 1.950% 20/01/2025 79,958 0.15

145,808 Diamond Resorts Owner Trust 2013-2 2.270% 20/05/2026 145,403 0.2843,227 Diamond Resorts Owner Trust 2014-1 2.980% 20/05/2027 43,346 0.0858,802 Diamond Resorts Owner Trust 2015-2 2.990% 22/05/2028 58,781 0.1139,201 Diamond Resorts Owner Trust 2015-2 3.540% 22/05/2028 39,302 0.08

203,507 Diamond Resorts Owner Trust 2016-1 3.080% 20/11/2028 202,580 0.39100,000 Digital Realty Trust LP 3.400% 01/10/2020 102,638 0.20240,000 Dollar Tree Inc 5.750% 01/03/2023 254,472 0.49138,250 Domino's Pizza Master Issuer LLC 3.484% 25/10/2045 139,912 0.2735,000 Dow Chemical Co 8.550% 15/05/2019 39,218 0.0829,424 DRB Prime Student Loan Trust 2015-A 2.320% 25/04/2030 29,308 0.0647,551 DRB Prime Student Loan Trust 2015-A 3.060% 25/07/2031 46,352 0.0940,955 DRB Prime Student Loan Trust 2015-B 2.540% 27/04/2026 40,565 0.0897,952 DRB Prime Student Loan Trust 2015-D 2.916% 25/01/2040 100,243 0.1967,287 DRB Prime Student Loan Trust 2016-A 3.216% 25/04/2040 67,169 0.13

367,507 DRB Prime Student Loan Trust 2016-R 3.116% 25/10/2044 368,793 0.7160,000 Drive Auto Receivables Trust 2016-B 2.560% 15/06/2020 60,210 0.1260,000 Drive Auto Receivables Trust 2017-1 2.840% 15/04/2022 59,983 0.1244,923 Drug Royalty LP 1 6.130% 15/07/2024 45,505 0.09

149,820 DT Auto Owner Trust 2016-1 2.790% 15/05/2020 150,158 0.299,479 DT Auto Owner Trust 2016-2 1.730% 15/08/2019 9,476 0.02

90,000 DT Auto Owner Trust 2016-2 2.920% 15/05/2020 90,384 0.1740,553 DT Auto Owner Trust 2016-3 1.750% 15/11/2019 40,570 0.08

130,000 Duke Energy Corp 1.800% 01/09/2021 127,029 0.2445,000 DXC Technology Co 2.875% 27/03/2020 45,596 0.09

142,545 Earnest Student Loan Program 2016-B LLC 3.266% 26/02/2035 143,534 0.28208,551 Earnest Student Loan Program 2016-C LLC 2.680% 25/07/2035 203,223 0.39127,513 Earnest Student Loan Program 2016-D LLC 2.720% 25/01/2041 128,121 0.25234,367 ECMC Group Student Loan Trust 2016-1 2.566% 26/07/2066 235,833 0.4534,773 Elara HGV Timeshare Issuer 2014-A LLC 3.020% 25/02/2027 34,379 0.07








185,000 Entergy Texas Inc 7.125% 01/02/2019 199,022 0.38143,136 Enterprise Fleet Financing LLC 1.830% 20/09/2021 143,149 0.28

3,485 Exeter Automobile Receivables Trust 2015-2 1.540% 15/11/2019 3,485 0.01100,000 Exeter Automobile Receivables Trust 2015-2 3.900% 15/03/2021 101,572 0.20

14,835 Exeter Automobile Receivables Trust 2015-3 2.000% 16/03/2020 14,839 0.0380,000 Exeter Automobile Receivables Trust 2016-3 2.840% 16/08/2021 79,890 0.15

105,000 Expedia Inc 7.456% 15/08/2018 111,035 0.21110,000 Expedia Inc 5.950% 15/08/2020 120,293 0.23235,000 Express Scripts Holding Co 3.300% 25/02/2021 242,231 0.47103,646 Fannie Mae REMICS 3.500% 25/07/2026 109,443 0.2130,016 Fannie Mae REMICS 4.000% 25/10/2026 32,274 0.0654,890 Fannie Mae REMICS 3.500% 25/03/2027 57,792 0.1187,420 Fannie Mae REMICS 3.500% 25/02/2037 90,242 0.1795,606 Fannie Mae REMICS 2.500% 25/03/2037 95,795 0.1870,157 Fannie Mae REMICS 4.000% 25/10/2040 73,747 0.14

492,596 Fannie Mae REMICS 3.000% 25/02/2043 504,171 0.97489,292 Fannie Mae REMICS 3.000% 25/10/2045 500,244 0.9695,197 Fannie Mae REMICS 1.716% 25/09/2046 95,727 0.1885,650 Fannie Mae REMICS 1.716% 25/10/2046 86,345 0.1723,979 First Franklin Mortgage Loan Trust 2005-FF3 1.936% 25/04/2035 24,081 0.05

300,000 First Horizon National Corp 3.500% 15/12/2020 307,935 0.5942,431 First Investors Auto Owner Trust 2016-1 1.920% 15/05/2020 42,447 0.08

170,000 First Investors Auto Owner Trust 2016-2 2.210% 15/07/2022 169,305 0.3324,556 Flagship Credit Auto Trust 2013-2 3.210% 15/08/2019 24,585 0.053,334 Flagship Credit Auto Trust 2014-2 1.430% 16/12/2019 3,331 0.01

18,741 Flagship Credit Auto Trust 2015-2 1.980% 15/10/2020 18,771 0.04140,000 Flagship Credit Auto Trust 2016-3 2.430% 15/06/2021 139,405 0.27340,000 Flagship Credit Auto Trust 2016-4 2.410% 15/10/2021 337,713 0.65120,000 Flagship Credit Auto Trust 2016-4 2.710% 15/11/2022 118,964 0.2375,000 FLIR Systems Inc 3.125% 15/06/2021 75,666 0.1562,043 FNA 2015-1 Trust 3.240% 10/12/2023 61,725 0.1282,887 Freddie Mac REMICS 3.500% 15/01/2025 86,881 0.1784,968 Freddie Mac REMICS 3.500% 15/06/2026 89,454 0.17

150,063 Freddie Mac REMICS 4.000% 15/01/2036 157,690 0.30124,447 Freddie Mac REMICS 3.000% 15/05/2038 127,459 0.25181,342 Freddie Mac REMICS 3.500% 15/12/2038 188,599 0.36185,658 Freddie Mac REMICS 4.000% 15/09/2039 195,005 0.38173,824 Freddie Mac REMICS 4.000% 15/03/2040 183,494 0.3545,242 Freddie Mac REMICS 3.500% 15/04/2041 46,950 0.0936,965 Freddie Mac REMICS 3.000% 15/12/2044 38,009 0.0775,000 FS Investment Corp 4.000% 15/07/2019 75,794 0.15

130,000 GATX Corp 2.600% 30/03/2020 131,430 0.25255,000 General Motors Financial Co Inc 3.200% 13/07/2020 260,005 0.50195,000 Genpact Luxembourg SARL 3.700% 01/04/2022 197,663 0.38

7,400 GLS Auto Receivables Trust 2015-1 2.250% 15/12/2020 7,391 0.01175,000 Goldman Sachs Group Inc 2.375% 22/01/2018 175,800 0.34300,000 Goldman Sachs Group Inc 2.550% 23/10/2019 303,442 0.58230,000 Goodyear Tire & Rubber Co 5.125% 15/11/2023 241,500 0.47

30,379 Government National Mortgage Association 2.919% 20/05/2041 31,097 0.06220,000 Graphic Packaging International Inc 4.750% 15/04/2021 232,375 0.4539,766 Green Tree Mortgage Loan Trust 2005-HE1 1.691% 25/12/2032 40,492 0.08

240,000 Harris Corp 1.999% 27/04/2018 240,376 0.46230,000 HCA Inc 3.750% 15/03/2019 235,175 0.4560,000 Healthcare Trust of America Holdings LP 2.950% 01/07/2022 60,087 0.1266,903 HERO Funding Trust 2015-1 3.840% 21/09/2040 68,242 0.13








100,000 Highwoods Realty LP 7.500% 15/04/2018 104,101 0.2038,589 Hilton Grand Vacations Trust 2014-A 1.770% 25/11/2026 37,971 0.0768,341 HSI Asset Securitization Corp Trust 2005-NC1 1.981% 25/07/2035 68,225 0.13

227,000 Hughes Satellite Systems Corp 6.500% 15/06/2019 246,011 0.47250,000 Hyundai Capital America 2.550% 06/02/2019 251,035 0.48250,000 International Lease Finance Corp 3.875% 15/04/2018 253,853 0.49100,000 IPALCO Enterprises Inc 5.000% 01/05/2018 102,125 0.20250,000 Jackson National Life Global Funding 2.500% 27/06/2022 248,396 0.4851,683 JP Morgan Chase Commercial Mortgage

Securities Trust 2007-CIBC18 5.466% 12/06/2047 51,673 0.1051,391 JP Morgan Chase Commercial Mortgage

Securities Trust 2007-CIBC20 6.236% 12/02/2051 51,757 0.1010,711 JP Morgan Mortgage Acquisition

Corp 2005-FRE1 1.436% 25/10/2035 10,734 0.02230,000 JPMorgan Chase & Co 4.500% 24/01/2022 249,210 0.48170,000 KLA-Tencor Corp 2.375% 01/11/2017 170,410 0.33235,000 L3 Technologies Inc 5.200% 15/10/2019 251,000 0.48130,000 Laboratory Corp of America Holdings 2.625% 01/02/2020 131,152 0.25135,000 Lazard Group LLC 4.250% 14/11/2020 142,538 0.27134,733 Leaf Receivables Funding 12 LLC 1.500% 15/04/2018 134,743 0.26220,000 Lear Corp 4.750% 15/01/2023 227,650 0.44175,000 Leidos Holdings Inc 4.450% 01/12/2020 183,750 0.35230,000 Lennar Corp 4.500% 15/11/2019 239,487 0.46115,000 Lincoln National Corp 6.250% 15/02/2020 126,220 0.24305,000 LyondellBasell Industries NV 5.000% 15/04/2019 318,977 0.61188,601 Marlette Funding Trust 2016-1 3.060% 17/01/2023 188,351 0.36140,000 Marlette Funding Trust 2017-2 2.390% 15/07/2024 140,345 0.27190,000 Marriott International Inc 2.875% 01/03/2021 192,966 0.37

80,000 Martin Marietta Materials Inc 1.822% 22/05/2020 80,257 0.1520,000 Masco Corp 7.125% 15/03/2020 22,521 0.0490,000 Masco Corp 3.500% 01/04/2021 92,877 0.1828,767 Mastr Asset Backed Securities Trust

2005-WMC1 1.936% 25/03/2035 29,061 0.0656,680 Miramax LLC 3.340% 20/07/2026 56,465 0.11

200,000 Mondelez International Holdings Netherlands BV 2.000% 28/10/2021 195,063 0.38

16,139 Morgan Stanley Capital I Trust 2007-HQ11 5.508% 12/02/2044 16,145 0.0329,110 MVW Owner Trust 2013-1 2.150% 22/04/2030 28,841 0.063,995 National Collegiate Student Loan Trust 2005-1 1.456% 27/11/2028 3,988 0.01

63,023 Nations Equipment Finance Funding III LLC 3.610% 20/02/2021 63,292 0.12380,000 Navient Student Loan Trust 2016-6 2.516% 25/03/2066 388,821 0.75100,000 Navient Student Loan Trust 2017-3 2.266% 26/07/2066 101,257 0.2041,480 Navitas Equipment Receivables LLC 2015-1 2.120% 15/11/2018 41,450 0.0860,000 NCF Dealer Floorplan Master Trust 2.712% 20/10/2020 60,004 0.1244,029 Nelnet Student Loan Trust 2005-1 1.266% 25/10/2033 43,212 0.08

100,000 Nelnet Student Loan Trust 2012-1 2.216% 25/06/2042 90,921 0.18660,000 New Residential Advance Receivables

Trust Advance Receivables Backed Notes 2.575% 15/10/2049 656,543 1.2634,000 Newell Brands Inc 2.600% 29/03/2019 34,346 0.07

100,000 NextGear Floorplan Master Owner Trust 2.380% 15/10/2020 100,489 0.19150,000 NextGear Floorplan Master Owner Trust 2.859% 15/04/2021 151,650 0.2961,814 North Carolina State Education

Assistance Authority 1.956% 25/07/2025 61,906 0.1277,449 Northstar Education Finance Inc 1.922% 30/10/2045 76,801 0.15

100,000 NRZ Advance Receivables Trust 2015-ON1 3.107% 15/12/2050 98,638 0.19








235,000 NXP BV/NXP Funding LLC 4.125% 01/06/2021 248,042 0.48250,000 Oak Hill Credit Partners X Ltd 2.286% 20/07/2026 250,524 0.48100,000 OnDeck Asset Securitization Trust II LLC 4.210% 17/05/2020 99,582 0.19

15,850 Option One Mortgage Loan Trust 2005-5 Asset-Backed Certificates Series 2005-5 1.426% 25/12/2035 15,875 0.03

96,153 Orange Lake Timeshare Trust 2016-A 2.610% 08/03/2029 96,084 0.1980,000 Oxford Finance Funding 2016-1 LLC 3.968% 17/06/2024 79,422 0.15

125,000 Penske Truck Leasing Co Lp/PTL Finance Corp 3.050% 09/01/2020 127,525 0.2540,000 Penske Truck Leasing Co Lp/PTL Finance Corp 3.300% 01/04/2021 41,128 0.0870,000 Penske Truck Leasing Co Lp/PTL Finance Corp 2.500% 15/06/2019 70,388 0.14

164,815 PHEAA Student Loan Trust 2016-2 2.166% 25/11/2065 165,323 0.321,000 Pitney Bowes Inc 5.750% 15/09/2017 1,007 0.00

295,000 Pitney Bowes Inc 3.375% 01/10/2021 293,310 0.56120,000 Prestige Auto Receivables Trust 2015-1 2.040% 15/04/2021 120,214 0.23

42,000 Puget Energy Inc 6.500% 15/12/2020 46,986 0.09120,000 QVC Inc 3.125% 01/04/2019 121,381 0.2313,121 RAAC Series 2006-RP2 Trust 1.466% 25/02/2037 13,096 0.0318,618 RAMP Series 2005-EFC5 Trust 1.616% 25/10/2035 18,670 0.042,507 RASC Series 2005-AHL3 Trust 1.456% 25/11/2035 2,504 0.00

235,000 Regions Financial Corp 3.200% 08/02/2021 240,465 0.46135,000 Reinsurance Group of America Inc 5.000% 01/06/2021 146,857 0.28243,000 RPM International Inc 6.125% 15/10/2019 263,794 0.51235,000 Ryder System Inc 2.875% 01/09/2020 237,787 0.46175,000 S&P Global Inc 3.300% 14/08/2020 179,539 0.35140,000 Santander Drive Auto Receivables Trust 2014-4 3.100% 16/11/2020 142,133 0.2760,000 Santander Drive Auto Receivables Trust 2016-1 1.620% 16/03/2020 60,007 0.12

200,000 Santander Drive Auto Receivables Trust 2016-1 4.020% 15/04/2022 206,627 0.4047,015 Saxon Asset Securities Trust 2005-1 1.906% 25/05/2035 47,306 0.09

240,000 SBA Tower Trust 3.598% 15/04/2043 240,142 0.46225,000 SBA Tower Trust 3.156% 15/10/2045 229,678 0.4490,000 SBA Tower Trust 3.168% 15/04/2047 90,483 0.17

250,000 Seneca Park CLO Ltd 2014-1 2.278% 17/07/2026 250,120 0.48229,513 Shellpoint Co-Originator Trust 2016-1 3.000% 25/10/2031 229,585 0.44140,000 Sherwin-Williams Co 2.750% 01/06/2022 140,076 0.27135,000 Shire Acquisitions Investments Ireland DAC 2.400% 23/09/2021 133,559 0.2623,971 Sierra Timeshare 2013-1 Receivables

Funding LLC 1.590% 20/11/2029 23,990 0.0517,800 Sierra Timeshare 2014-1 Receivables



Funding LLC 2.580% 20/09/2032 39,951 0.08160,000 Simon Property Group LP 2.350% 30/01/2022 158,647 0.31255,000 Sirius XM Radio Inc 4.250% 15/05/2020 258,085 0.50

53,000 Sirius XM Radio Inc 3.875% 01/08/2022 53,679 0.10100,000 SLC Private Student Loan Trust 2006-A 1.458% 15/07/2036 98,799 0.1953,971 SLC Student Loan Trust 2005-1 1.382% 15/02/2045 49,901 0.1030,000 SLM Student Loan Trust 2003-14 1.456% 25/07/2025 29,623 0.0650,535 SLM Student Loan Trust 2004-3 1.626% 25/10/2064 44,293 0.0959,523 SLM Student Loan Trust 2005-4 1.336% 25/07/2055 55,492 0.11

106,869 SLM Student Loan Trust 2005-8 1.466% 25/01/2055 96,976 0.19157,557 SLM Student Loan Trust 2006-5 1.366% 25/10/2040 146,619 0.28100,000 SLM Student Loan Trust 2013-1 3.016% 25/11/2070 98,872 0.19117,477 SMB Private Education Loan Trust 2016-A 1.859% 15/05/2023 117,667 0.23








256,961 Sofi Consumer Loan Program 2016-1 LLC 3.260% 25/08/2025 260,559 0.50163,017 Sofi Consumer Loan Program 2016-2 LLC 3.090% 27/10/2025 164,598 0.32116,535 Sofi Consumer Loan Program 2016-3 LLC 3.050% 26/12/2025 117,522 0.23309,237 Sofi Consumer Loan Program 2016-5 LLC 3.060% 25/09/2028 309,041 0.60130,857 Sofi Consumer Loan Program 2017-2 LLC 3.280% 25/02/2026 130,471 0.25120,000 Southern Co 2.350% 01/07/2021 119,238 0.23215,070 SpringCastle America Funding LLC 3.050% 25/04/2029 216,606 0.42180,000 Springleaf Funding Trust 2016-A 2.900% 15/11/2029 180,958 0.35160,000 SPS Servicer Advance Receivables Trust

Advance Receivables Backed Notes 2016-T1 2.530% 16/11/2048 158,605 0.31115,000 Standard Industries Inc/NJ 5.500% 15/02/2023 121,612 0.23250,000 Symphony CLO XV Ltd 2.338% 17/10/2026 250,828 0.48158,800 Taco Bell Funding LLC 3.832% 25/05/2046 162,783 0.31

31,951 TAL Advantage V LLC 1.700% 20/05/2039 31,891 0.0645,000 Tech Data Corp 3.700% 15/02/2022 45,966 0.09

100,000 Textainer Marine Containers V Ltd 3.520% 20/06/2042 100,229 0.19255,000 TIAA Asset Management Finance Co LLC 2.950% 01/11/2019 258,789 0.50220,000 Trinity Acquisition Plc 3.500% 15/09/2021 225,501 0.43100,000 Triton Container Finance VI LLC 3.520% 20/06/2042 100,064 0.1955,000 Unum Group 3.000% 15/05/2021 55,573 0.11

105,000 Verizon Communications Inc 1.750% 15/08/2021 101,661 0.20124,886 VSE 2016-A VOI Mortgage LLC 2.540% 20/07/2033 124,624 0.24110,000 Wachovia Bank Commercial Mortgage Trust

Series 2006-C26 6.279% 15/06/2045 111,052 0.2145,000 Wachovia Bank Commercial Mortgage Trust

Series 2007-C33 6.174% 15/02/2051 45,001 0.0930,084 Welk Resorts 2015-A LLC 2.790% 16/06/2031 29,872 0.06

100,000 Welk Resorts 2017-A LLC 3.410% 15/06/2033 99,983 0.19373,350 Wendys Funding LLC 2015-1 3.371% 15/06/2045 376,152 0.72138,155 Westgate Resorts 2015-2 LLC 3.200% 20/07/2028 137,836 0.2765,000 Weyerhaeuser Co 7.375% 01/10/2019 72,141 0.14

160,000 WFRBS Commercial Mortgage Trust 2013-UBS1 3.591% 15/03/2046 166,833 0.32120,000 XLIT Ltd 5.750% 01/10/2021 134,439 0.26102,000 Zimmer Biomet Holdings Inc 2.000% 01/04/2018 102,203 0.20

–––––––––––– ––––––––37,669,977 72.57


–––––––––––– ––––––––



2,660,000 United States Treasury Note/Bond 0.750% 31/10/2018 2,639,739 5.091,450,000 United States Treasury Note/Bond 1.250% 31/03/2019 1,447,083 2.79

380,000 United States Treasury Note/Bond 1.625% 15/03/2020 381,247 0.73200,000 United States Treasury Note/Bond 1.500% 15/06/2020 199,738 0.38

1,760,000 United States Treasury Note/Bond 1.125% 30/09/2021 1,712,082 3.30710,000 United States Treasury Note/Bond 1.875% 31/03/2022 710,499 1.37

–––––––––––– ––––––––7,090,388 13.66

–––––––––––– ––––––––Total Government Bonds 7,090,388 13.66

–––––––––––– ––––––––




Financial Derivative Instruments - 0.37% (31 Dec 2016: (0.48)%)

Open Futures Contracts - 0.07% (31 Dec 2016: 0.02%)




(13,830,234) (118.21) 117 of U.S. 5 Year Note FuturesShort Futures ContractsExpiring September 2017 2,250 0.00

(1,080,750) (135.09) 8 of U.S. 10 Year Ultra FuturesShort Futures ContractsExpiring September 2017 43,430 0.08

216,344 108.17 1 of U.S. 2 Year Note FuturesLong Futures ContractsExpiring September 2017 (9,568) (0.01)

3,524,443 125.87 28 of U.S. 10 Year Note FuturesLong Futures ContractsExpiring September 2017 (234) 0.00


–––––––––––– ––––––––Net unrealised gain on open futures contracts 35,878 0.07

–––––––––––– ––––––––

Open Forward Foreign Currency Exchange Contracts - 0.23% (31 Dec 2016: (0.44)%)

Unrealised



14/07/2017 State Street Bank € 5,780,017 US$ 6,497,519 107,170 0.2114/07/2017 State Street Bank € 203,890 US$ 227,604 5,376 0.0114/07/2017 State Street Bank € 100,060 US$ 111,683 2,653 0.0114/07/2017 State Street Bank € 121,494 US$ 136,513 2,315 0.0014/07/2017 State Street Bank € 53,460 US$ 59,826 1,261 0.0014/07/2017 State Street Bank € 69,568 US$ 79,226 267 0.0003/07/2017 State Street Bank US$ 79,182 € 69,568 (275) (0.00)

–––––––––––– ––––––––Unrealised gain on open forward foreign currency exchange contracts 119,042 0.23Unrealised loss on open forward foreign currency exchange contracts (275) (0.00)


–––––––––––– ––––––––

Credit Default Swaps - ((0.10)%) (31 Dec 2016: (0.06)%)

Notional Security Termination Fair Value % of Net

Currency Amount Name Premium Date US$ Assets

USD 100,000 Canal Barge Inc 3.0000% 17/11/2045 (11,550) (0.02)USD 170,000 Canal Barge Inc 3.0000% 11/05/2063 (20,025) (0.04)USD 60,000 Canal Barge Inc 3.0000% 11/05/2063 (7,068) (0.01)USD 770,000 1 CCPCDX 1.0000% 20/06/2022 (14,112) (0.03)

–––––––––––– ––––––––Credit default swaps at negative fair value (52,755) (0.10)


–––––––––––– ––––––––




Financial Derivative Instruments - 0.43% (31 Dec 2016: (0.48)%) (continued)

Swaptions Purchased - 0.17% (31 Dec 2016: Nil) (continued)

Maturity Fair Value % of Net

Nominal Security Date US$ Assets

294,000 Call at 2.600 on BCM SWAPTION USD PAYExpiring January 2022 11/01/2022 32,822 0.06

490,000 Put at 2.600 on BCM SWAPTION USD PAYExpiring January 2022 11/01/2022 58,905 0.11

–––––––––––– ––––––––91,727 0.17

–––––––––––– ––––––––Total Swaptions Purchased 91,727 0.17


–––––––––––– ––––––––

Fair Value % of Net

US$ Assets

Total Investments 50,733,281 97.73Cash at bank 814,588 1.57Cash due from broker 61,120 0.12Other net assets 362,878 0.70


–––––––––––– –––––––––––––––––––– ––––––––

Classification

*All financial derivative instruments are traded over the counter (“OTC”).The broker for the open futures contracts is Morgan Stanley.The counterparty for the open forward foreign currency exchange contracts is State Street Bank.The counterparties for the credit default swaps and swaptions are Credit Suisse, Goldman Sachs and JP Morgan.


Transferable securities admitted to an official stock exchange listing 40.69Transferable securities dealt in on another regulated market 46.48Other transferable securities of the type referred to in Regulation 68(1)(a), (b) and (c) 9.89Exchange traded financial derivative instruments 0.09OTC financial derivative instruments 0.40Other current assets 2.45


––––––––––––––––




Barings Umbrella Fund PlcBarings Emerging Markets Debt Blended Total Return Fund





Argentina - 1.52% (31 Dec 2016: Nil)

1,350,000 Capex SA 6.875% 15/05/2024 1,368,639 1.52–––––––––––– ––––––––

Brazil - 4.07% (31 Dec 2016: 7.17%)

600,000 Minerva Luxembourg SA 6.500% 20/09/2026 586,519 0.65100,000 Petrobras Global Finance BV 6.125% 17/01/2022 103,419 0.12

1,975,000 Petrobras Global Finance BV 4.750% 14/01/2025 2,311,189 2.56800,000 Petrobras Global Finance BV 5.625% 20/05/2043 666,819 0.74

–––––––––––– ––––––––3,667,946 4.07

–––––––––––– ––––––––Chile - 2.48% (31 Dec 2016: 2.65%)

2,100,000 VTR Finance BV 6.875% 15/01/2024 2,231,327 2.48–––––––––––– ––––––––

Costa Rica - 0.60% (31 Dec 2016: 0.57%)

600,000 Instituto Costarricense de Electricidad 6.375% 15/05/2043 538,835 0.60–––––––––––– ––––––––

Jamaica - 0.85% (31 Dec 2016: 0.92%)

800,000 Digicel Ltd 6.000% 15/04/2021 770,077 0.85–––––––––––– ––––––––

Mexico – 11.46% (31 Dec 2016: 11.96%)

1,500,000 BBVA Bancomer SA 6.750% 30/09/2022 1,708,136 1.901,800,000 BBVA Bancomer SA 5.350% 12/11/2029 1,831,511 2.031,250,000 Cemex SAB de CV 4.375% 05/03/2023 1,513,788 1.672,590,539 Fermaca Enterprises S de RL de CV 6.375% 30/03/2038 2,775,126 3.07

300,000 Grupo Cementos de Chihuahua SAB de CV 5.250% 23/06/2024 306,611 0.34700,000 Grupo Idesa SA de CV 7.875% 18/12/2020 637,011 0.71

1,590,000 Metalsa SA de CV 4.900% 24/04/2023 1,578,086 1.74–––––––––––– ––––––––

10,350,269 11.46–––––––––––– ––––––––

Morocco - 0.63% (31 Dec 2016: 1.97%)

500,000 OCP SA 6.875% 25/04/2044 566,040 0.63–––––––––––– ––––––––

Peru - 2.12% (31 Dec 2016: 2.19%)

1,743,350 Abengoa Transmision Sur SA 6.875% 30/04/2043 1,909,045 2.12–––––––––––– ––––––––

Portugal - 0.94% (31 Dec 2016: 1.01%)


Qatar - 0.57% (31 Dec 2016: Nil)

500,000 Qatar Reinsurance Co Ltd 4.950% 31/12/2099 502,077 0.57–––––––––––– ––––––––

Russia - 2.95% (31 Dec 2016: 3.23%)

2,600,000 Sberbank of Russia Via SB Capital SA 5.500% 26/02/2024 2,651,297 2.95–––––––––––– ––––––––

Turkey - 3.04% (31 Dec 2016: 1.03%)

900,000 Turkiye Halk Bankasi AS 3.875% 05/02/2020 877,873 0.98900,000 Turkiye Is Bankasi 7.000% 29/06/2028 901,080 1.00925,000 Yasar Holding AS 8.875% 06/05/2020 956,250 1.06

–––––––––––– ––––––––2,735,203 3.04


1,500,000 Cox Enterprises Inc 0.000% 03/07/2017 1,499,961 1.66–––––––––––– ––––––––


–––––––––––– ––––––––






Transferable Securities (Government Bonds) - 62.28% (31 Dec 2016: 56.07%)

Argentina - 2.44% (31 Dec 2016: 2.67%)

730,000 City of Buenos Aires Argentina 7.500% 01/06/2027 790,240 0.88550,000 Province of Santa Fe 6.900% 01/11/2027 554,140 0.61600,000 Provincia de Cordoba 7.125% 10/06/2021 637,515 0.71200,000 Provincia de Mendoza Argentina 8.375% 19/05/2024 214,514 0.24

–––––––––––– ––––––––2,196,409 2.44

–––––––––––– ––––––––Armenia- 1.22% (31 Dec 2016: 1.29%)

1,000,000 Republic of Armenia International Bond 7.150% 26/03/2025 1,097,559 1.22–––––––––––– ––––––––

Belarus - 1.02% (31 Dec 2016: Nil)


Brazil - 10.71% (31 Dec 2016: 6.99%)

5,650,000 Brazil Notas do Tesouro Nacional Serie B 6.000% 15/08/2050 5,505,738 6.111,700,000 Brazilian Government International Bond 8.250% 20/01/2034 2,131,395 2.366,247,000 Brazilian Government International Bond 10.250% 10/01/2028 2,017,675 2.24

–––––––––––– ––––––––9,654,808 10.71

–––––––––––– ––––––––Colombia - 5.76% (31 Dec 2016: 6.09%)

1,260,000 Colombia Government International Bond 5.625% 26/02/2044 1,381,304 1.5310,700,000,000 Colombian TES 7.750% 18/09/2030 3,810,389 4.23

–––––––––––– ––––––––5,191,693 5.76

–––––––––––– ––––––––Croatia - 0.75% (31 Dec 2016: 0.80%)

600,000 Croatia Government International Bond 6.000% 26/01/2024 672,959 0.75–––––––––––– ––––––––

Dominican Republic - 0.94% (31 Dec 2016: 0.98%)

800,000 Dominican Republic International Bond 5.875% 18/04/2024 850,059 0.94–––––––––––– ––––––––

El Salvador - 0.68% (31 Dec 2016: 0.76%)

600,000 El Salvador Government International Bond 7.375% 01/12/2019 609,809 0.68–––––––––––– ––––––––

Ghana - 2.36% (31 Dec 2016: 4.25%)

1,720,000 Ghana Government International Bond 10.750% 14/10/2030 2,129,634 2.36–––––––––––– ––––––––

Indonesia - 4.62% (31 Dec 2016: 1.98%)

21,591,000,000 Indonesia Treasury Bond 7.875% 15/04/2019 1,660,959 1.847,700,000,000 Indonesia Treasury Bond 7.000% 15/05/2022 586,439 0.6424,100,000,000 Indonesia Treasury Bond 8.250% 15/05/2036 1,939,412 2.14

–––––––––––– ––––––––4,186,810 4.62

–––––––––––– ––––––––Ivory Coast - 0.53% (31 Dec 2016: Nil)

400,000 Ivory Coast Government International Bond 5.125% 15/06/2025 464,914 0.53–––––––––––– ––––––––

Malaysia - 3.24% (31 Dec 2016: 3.30%)

6,000,000 Malaysia Government Bond 3.955% 15/09/2025 1,393,574 1.556,800,000 Malaysia Government Bond 4.127% 15/04/2032 1,523,145 1.69

–––––––––––– ––––––––2,916,719 3.24

–––––––––––– ––––––––





Mexico - 11.34% (31 Dec 2016: 10.54%)

111,200,000 Mexican Bonos 7.750% 13/11/2042 6,454,352 7.163,620,000 Mexico Government International Bond 5.750% 12/10/2049 3,767,544 4.18

–––––––––––– ––––––––10,221,896 11.34

–––––––––––– ––––––––Peru - 5.87% (31 Dec 2016: 5.70%)

8,250,000 Peru Government Bond 6.950% 12/08/2031 2,812,947 3.122,600,000 Peru Government Bond 6.900% 12/08/2037 877,509 0.974,830,000 Peru Government Bond 6.850% 12/02/2042 1,597,270 1.78

–––––––––––– ––––––––5,287,726 5.87

–––––––––––– ––––––––Russia - 2.68% (31 Dec 2016: Nil)

134,000,000 Russian Federal Bond - OFZ 8.500% 17/09/2031 2,411,092 2.68–––––––––––– ––––––––

South Africa - 6.67 (31 Dec 2016: 7.16%)

35,000,000 Republic of South Africa Government Bond 6.500% 28/02/2041 1,866,337 2.0760,900,000 Republic of South Africa Government Bond

Republic of South Africa Government Bond 8.750% 28/02/2048 4,156,266 4.60–––––––––––– ––––––––

6,022,603 6.67–––––––––––– ––––––––

Suriname - Nil (31 Dec 2016: 0.15%)


1,300,059 Emirate of Dubai Government International Bonds5.250% 30/01/2043 1,300,059 1.45–––––––––––– ––––––––

Total Transferable Securities (Total Government Bonds) 56,134,158 62.28


–––––––––––– ––––––––Financial Derivative Instruments* - 0.03% (31 Dec 2016: 0.03%)

Open Futures Contracts - ((0.04)%) (31 Dec 2016: 0.03%)



EUR EUR Description US$ Assets

(2,619,374) 163.71 16 of U.S. Ultra Bond Futures Short Futures Contracts Expiring September 2017 (34,626) (0.04)

Unrealised loss on open futures contracts (34,626) (0.04)–––––––––––– ––––––––

Net unrealised loss on open futures contracts (34,626) (0.04)

–––––––––––– ––––––––

Open Forward Foreign Currency Exchange Contracts - ((0.06)%) (31 Dec 2016: (0.36)%)

Unrealised



15/06/2018 JPMorgan Chase Bank N.A ARS 84,375,000 USD 4,500,000 (174,666) (0.19)06/09/2017 Goldman Sachs

International BRL 1,406,963 USD 425,000 (5,807) (0.01)25/07/2017 BnP Paribas Sa CLP 46,534,650 USD 70,199 (135) 0.00 06/09/2017 JPMorgan Chase Bank N.A CLP 1,669,903,650 USD 2,517,000 (5,746) (0.01)06/03/2018 Bank of America, N.A. CZK 63,721,709 EUR 2,386,000 72,463 0.08





Open Forward Foreign Currency Exchange Contracts - ((0.06)%) (31 Dec 2016: (0.36)%) (continued)

Unrealised



06/03/2018 BnP Paribas Sa CZK 41,834,920 EUR 1,576,000 36,542 0.04 07/08/2017 JPMorgan Chase Bank N.A EGP 3,144,822 USD 172,792 (986) 0.00 07/08/2017 JPMorgan Chase Bank N.A EGP 12,917,492 USD 711,708 (6,003) (0.01)18/07/2017 BnP Paribas Sa EUR 3,849,000 PLN 16,426,762 (33,550) (0.04)18/07/2017 Bank of America, N.A. EUR 4,574,518 USD 5,010,405 217,857 0.2406/09/2017 Bank of America, N.A. EUR 7,131,501 USD 8,032,759 138,897 0.15 14/07/2017 State Street Bank

& Trust Company GBP 7,901,739 USD 10,242,242 52,390 0.06 14/07/2017 National Australia

Bank Limited GBP 7,219,231 USD 9,357,676 47,763 0.05 14/07/2017 State Street Bank

& Trust Company GBP 107,278 USD 137,053 2,713 0.00 14/07/2017 State Street Bank

& Trust Company GBP 29,925 USD 38,788 198 0.0014/07/2017 State Street Bank

& Trust Company GBP 10,508 USD 13,620 70 0.00 14/07/2017 State Street Bank

& Trust Company GBP 211 USD 270 5 0.00 14/07/2017 State Street Bank

& Trust Company GBP 74 USD 95 2 0.00 28/08/2017 Bank of America, N.A. IDR 2,847,207,000 USD 212,114 244 0.00 06/09/2017 JPMorgan Chase Bank N.A JPY 202,307,940 USD 1,800,000 3,449 0.00 06/09/2017 Citibank N.A. KRW 3,020,388,000 USD 2,646,213 (6,438) (0.01)25/07/2017 Bank of America, N.A. KZT 1,372,400,740 USD 4,332,073 (91,524) (0.10)11/07/2017 JPMorgan Chase Bank N.A MXN 231,408,128 USD 12,175,286 563,168 0.63 11/07/2017 JPMorgan Chase Bank N.A MXN 72,672,373 USD 4,034,000 (33,563) (0.04)25/07/2017 JPMorgan Chase Bank N.A MYR 27,377,176 USD 6,232,000 124,437 0.14 25/07/2017 JPMorgan Chase Bank N.A MYR 19,116,000 USD 4,500,000 (61,644) (0.07)04/10/2017 Citibank N.A. NGN 998,668,762 USD 2,873,867 77,863 0.09 04/10/2017 Citibank N.A. NGN 515,388,738 USD 1,483,133 40,183 0.04 06/09/2017 Bank of America, N.A. PHP 223,655,380 USD 4,511,000 (103,476) (0.11)18/07/2017 BnP Paribas Sa PLN 33,902,496 EUR 7,949,375 62,856 0.07 05/07/2017 JPMorgan Chase Bank N.A TRY 6,691,684 USD 1,856,676 44,140 0.05 15/12/2017 JPMorgan Chase Bank N.A USD 4,500,000 ARS 78,615,000 133,805 0.15 06/09/2017 JPMorgan Chase Bank N.A USD 4,501,000 CHF 4,293,405 5,924 0.01 25/07/2017 Citibank N.A. USD 70,246 CLP 46,534,650 183 0.00 06/09/2017 Bank of America, N.A. USD 4,272,544 CLP 2,884,351,880 (65,036) (0.07)14/11/2017 JPMorgan Chase Bank N.A USD 238,000 CNH 1,663,739 (5,136) (0.01)14/11/2017 BnP Paribas Sa USD 172,000 CNH 1,251,472 (10,888) (0.01)14/11/2017 BnP Paribas Sa USD 8,443,000 CNH 58,812,249 (151,707) (0.17)11/07/2017 Goldman Sachs

International USD 3,041,061 COP 8,826,741,009 146,820 0.16 11/07/2017 Citibank N.A. USD 1,148,000 COP 3,293,038,000 68,230 0.08 06/09/2017 BnP Paribas Sa USD 529,000 EUR 461,449 247 0.00 18/07/2017 Goldman Sachs

International USD 7,424,697 EUR 6,957,855 (527,505) (0.59)14/07/2017 State Street Bank

& Trust Company USD 3 GBP 2 - 0.00 14/07/2017 State Street Bank

& Trust Company USD 8 GBP 6 - 0.00 14/07/2017 State Street Bank

& Trust Company USD 95 GBP 75 (3) 0.00 14/07/2017 State Street Bank

& Trust Company USD 272 GBP 214 (8) 0.00





Open Forward Foreign Currency Exchange Contracts - ((0.06)%) (31 Dec 2016: (0.36)%) (continued)

Unrealised



14/07/2017 State Street Bank & Trust Company USD 1,491 GBP 1,150 (8) 0.00

14/07/2017 National Australia Bank Limited USD 2,640 GBP 2,037 (14) 0.00

14/07/2017 State Street Bank & Trust Company USD 135,663 GBP 107,071 (3,832) 0.00

18/07/2017 JPMorgan Chase Bank N.A USD 2,610,258 ILS 9,514,522 (118,498) (0.13)28/08/2017 BnP Paribas Sa USD 924,585 INR 60,447,036 (5,165) (0.01)25/07/2017 Bank of America, N.A. USD 1,726,987 INR 113,065,860 (18,664) (0.02)06/09/2017 JPMorgan Chase Bank N.A USD 2,695,331 KRW 3,020,388,000 55,556 0.06 11/07/2017 JPMorgan Chase Bank N.A USD 5,299,152 MXN 96,982,407 (39,494) (0.04)11/07/2017 Bank of America, N.A. USD 8,858,000 MXN 165,657,001 (261,015) (0.29)25/07/2017 JPMorgan Chase Bank N.A USD 4,504,000 MYR 19,362,696 8,368 0.01 25/07/2017 JPMorgan Chase Bank N.A USD 288,742 MYR 1,288,800 (10,492) (0.01)04/10/2017 JPMorgan Chase Bank N.A USD 410,922 NGN 139,302,724 (810) 0.00 06/09/2017 Citibank N.A. USD 2,701,000 NZD 3,707,328 (12,637) (0.01)25/07/2017 BnP Paribas Sa USD 1,558,736 PEN 5,106,420 (11,745) (0.01)05/07/2017 Citibank N.A. USD 1,757,000 TRY 6,691,684 (143,816) (0.16)06/09/2017 Bank of America, N.A. USD 4,535,000 ZAR 59,876,966 6,414 0.01 18/07/2017 Citibank N.A. USD 1,875,000 ZAR 25,287,188 (53,612) (0.06)

–––––––––––– ––––––––(52,836) (0.06)

–––––––––––– ––––––––Unrealised gain on open forward foreign currency exchange contracts 1,910,787 2.12 Unrealised loss on open forward foreign currency exchange contracts (1,963,623) (2.18)


–––––––––––– ––––––––

Interest Rate Swaps - 0.28% (31 Dec 2016: 0.36%%)



CZK 78,900,000 0.2625% 06MPRIBO 15/07/2021 87,682 0.10 CZK 52,000,000 06MPRIBO 0.5100% 25/05/2018 897 0.00 CZK 40,500,000 0.8150% 06MPRIBO 29/10/2025 46,437 0.05 HUF 2,570,000,000 1.2150% 06MBUBOR 18/05/2022 (71,255) (0.08)ILS 54,500,000 0.4300% 03MTELBO 19/05/2020 (30,040) (0.03)

KRW 3,175,000,000 1.6400% 03MKSDA 20/05/2026 46,698 0.05 ZAR 37,000,000 03MJIBAR 7.0600% 24/03/2020 (5,119) (0.01)ZAR 30,000,000 03MJIBAR 9.3500% 17/06/2025 82,473 0.09 ZAR 21,900,000 03MJIBAR 8.6650% 08/12/2025 91,089 0.11

–––––––––––– ––––––––Interest rate swaps at positive fair value 355,276 0.40Interest rate swaps at negative fair value (106,414) (0.12)

–––––––––––– ––––––––Interest rate swaps at fair value 248,862 0.28

–––––––––––– ––––––––





Credit Default Swaps – (0.20)% (31 Dec 2016: Nil)

Notional Security Fund Fund Termination Fair Value % of Net

Currency Amount Name Pays Receives Date US$ Assets

USD 800,000 Panerbangan Malaysia # 1.0000% 20/06/2022 5,812 0.01

USD 1,600,000 Panama Government International Bond # 1.0000% 20/06/2022 2,686 0.00

USD 800,000 Colombia Government International Bond # 1.0000% 20/06/2022 (13,437) (0.01)

USD 1,600,000 Mexico Government International Bond # 1.0000% 20/06/2022 (10,339) (0.01)

USD 1,600,000 Indonesia Government nternational Bond # 1.0000% 20/06/2022 (12,798) (0.01)

USD 1,600,000 Peruvian Government International Bond # 1.0000% 20/06/2022 10,576 0.01

USD 2,500,000 Brazilian Government International Bond # 1.0000% 20/06/2022 (160,841) (0.19)

–––––––––––– ––––––––Credit default swaps at positive fair value 19,074 0.02Credit default swaps at negative fair value (197,415) (0.22)


–––––––––––– ––––––––

Currency Rate Swap - ((0.01)%) (31 Dec 2016: Nil)



USD 400,000 5.1250% 7.6250% 15/06/2025 (10,721) (0.01)–––––––––––– ––––––––

Currency rate swaps at negative fair value (10,721) (0.01)–––––––––––– ––––––––

Currency rate swap at fair value (10,721) (0.01)


–––––––––––– ––––––––

Fair Value % of Net

US$ Assets

Total Investments 85,750,041 95.14Cash at bank 2,067,915 2.29Other net assets 2,308,778 2.57


–––––––––––– –––––––––––––––––––– ––––––––




Classification

*All financial derivative instruments are traded over the counter (“OTC”).The counterparties for the open forward foreign currency exchange contracts are Bank of America, BNP Paribas, Citibank,Goldman Sachs, JPMorgan, National Australia Bank and State Street Bank.The broker for the open futures contracts is Morgan Stanley.The counterparties to the swaps are Bank of America, BNP Paribas, Citibank, and JPMorgan.


Transferable securities admitted to an official stock exchange listing 78.39Transferable securities dealt in on another regulated market 11.42Other transferable securities of the type referred to in Regulation 68(1)(a), (b) and (c) 0.59OTC financial derivative instruments 2.45Other current assets 7.15


––––––––––––––––




Barings Umbrella Fund PlcBarings Emerging Markets Sovereign Debt Fund





Argentina - 0.74% (31 Dec 2016: Nil)

160,000 Aeropuertos Argentina 2000 SA 6.875% 01/02/2027 166,021 0.74–––––––––––– ––––––––

Brazil - 3.57% (31 Dec 2016: 3.52%)

700,000 Petrobras Global Finance BV 8.750% 23/05/2026 806,750 3.57–––––––––––– ––––––––

Chile – Nil (31 Dec 2016: 0.95%)

Costa Rica - 0.95% (31 Dec 2016: 0.97%)

200,000 Instituto Costarricense de Electricidad 6.950% 10/11/2021 215,600 0.95–––––––––––– ––––––––

Croatia - 1.93% (31 Dec 2016: Nil)

400,000 Hrvatska Elektroprivreda 5.875% 23/10/2022 436,429 1.93–––––––––––– ––––––––

El Salvador - 0.80% (31 Dec 2016: 0.86%)

200,000 AES El Salvador Trust II 6.750% 28/03/2023 179,953 0.80–––––––––––– ––––––––

Ghana - 0.85% (31 Dec 2016: Nil)

200,000 Tullow Oil Plc 6.000% 01/11/2020 191,000 0.85–––––––––––– ––––––––

Indonesia - 1.01% (31 Dec 2016: Nil)

200,000 Pertamina Persero PT 6.450% 30/05/2044 227,622 1.01–––––––––––– ––––––––

Mexico - 3.94% (31 Dec 2016: 5.08%)

800,000 Petroleos Mexicanos 6.875% 04/08/2026 888,400 3.94–––––––––––– ––––––––

Morocco - 1.96% (31 Dec 2016: 0.97%)

200,000 OCP SA 5.625% 25/04/2024 216,909 0.96200,000 OCP SA 6.875% 25/04/2044 226,385 1.00

–––––––––––– ––––––––443,294 1.96

–––––––––––– ––––––––Panama - 0.91% (31 Dec 2016: 0.91%)

200,000 Global Bank Corp 4.500% 20/10/2021 205,200 0.91–––––––––––– ––––––––

Poland - 1.27% (31 Dec 2016: Nil)

250,000 Tauron Polska Energia SA 2.375% 05/07/2027 286,360 1.27–––––––––––– ––––––––

South Africa - 0.91% (31 Dec 2016: Nil)

200,000 Petra Diamonds US Treasury Plc 7.250% 01/05/2022 205,189 0.91–––––––––––– ––––––––

Supranational - 0.90% (31 Dec 2016: Nil)

200,000 Eastern and Southern African Trade and Development Bank 5.375% 14/03/2022 204,126 0.90

–––––––––––– ––––––––Turkey - 3.86% (31 Dec 2016: 1.86%)

200,000 Export Credit Bank of Turkey 5.375% 08/02/2021 206,654 0.91200,000 KOC Holding AS 5.250% 15/03/2023 209,431 0.93250,000 Turkiye Garanti Bankasi AS 6.125% 24/05/2027 248,179 1.10200,000 Yasar Holding AS 8.875% 06/05/2020 206,751 0.92

–––––––––––– ––––––––871,015 3.86


500,000 Topaz Marine SA 8.625% 01/11/2018 500,650 2.22–––––––––––– ––––––––







Zambia - 0.87% (31 Dec 2016: Nil)

200,000 First Quantum Minerals Ltd 7.250% 01/04/2023 196,000 0.87–––––––––––– ––––––––


–––––––––––– ––––––––

Transferable Securities (Government Bonds) - 72.04% (31 Dec 2016:80.89%)

Angola – Nil (31 Dec 2016: 0.90%)

Argentina - 6.75% (31 Dec 2016: 7.87%)

250,000 City of Buenos Aires Argentina 7.500% 01/06/2027 270,625 1.20250,000 City of Cordoba 7.875% 29/09/2024 257,500 1.14300,000 Province of Santa Fe 6.900% 01/11/2027 302,250 1.34450,000 Provincia de Cordoba 7.125% 10/06/2021 478,125 2.12200,000 Provincia de Mendoza Argentina 8.375% 19/05/2024 214,500 0.95

–––––––––––– ––––––––1,523,000 6.75

–––––––––––– ––––––––Armenia - 3.89% (31 Dec 2016: 1.97%)

800,000 Republic of Armenia International Bond 7.150% 26/03/2025 878,000 3.89–––––––––––– ––––––––

Belarus - 1.58% (31 Dec 2016: Nil)


Bermuda - 1.12% (31 Dec 2016: 1.11%)

250,000 Bermuda Government International Bond 3.717% 25/01/2027 251,854 1.12–––––––––––– ––––––––

Brazil - 1.94% (31 Dec 2016: 1.89%)

350,000 Brazilian Government International Bond 8.250% 20/01/2034 438,813 1.94–––––––––––– ––––––––

Colombia - 4.21% (31 Dec 2016: 4.26%)

400,000 Colombia Government International Bond 8.125% 21/05/2024 511,200 2.27400,000 Colombia Government International Bond 5.625% 26/02/2044 438,500 1.94

–––––––––––– ––––––––949,700 4.21

–––––––––––– ––––––––Costa Rica - 0.93% (31 Dec 2016: 0.87%)

200,000 Costa Rica Government International Bond 7.158% 12/03/2045 211,000 0.93–––––––––––– ––––––––

Croatia - 7.75% (31 Dec 2016: 8.61%)

300,000 Croatia Government International Bond 6.375% 24/03/2021 333,562 1.48900,000 Croatia Government International Bond 6.000% 26/01/2024 1,009,350 4.47350,000 Croatia Government International Bond 3.000% 20/03/2027 405,549 1.80

–––––––––––– ––––––––1,748,461 7.75

–––––––––––– ––––––––Dominican Republic - 3.99% (31 Dec 2016: 3.98%)

400,000 Dominican Republic International Bond 5.875% 18/04/2024 425,000 1.88400,000 Dominican Republic International Bond 8.625% 20/04/2027 475,000 2.11

–––––––––––– ––––––––900,000 3.99

–––––––––––– ––––––––El Salvador - 3.63% (31 Dec 2016: 3.63%)

250,000 El Salvador Government International Bond 7.375% 01/12/2019 254,063 1.13200,000 El Salvador Government International Bond 7.750% 24/01/2023 203,250 0.90




Transferable Securities (Government Bonds) - 72.04% (31 Dec 2016:80.89%) (continued)

El Salvador - 3.63% (31 Dec 2016: 3.63%) (continued)

400,000 El Salvador Government International Bond 5.875% 30/01/2025 361,500 1.60–––––––––––– ––––––––

818,813 3.63–––––––––––– ––––––––

Ghana - 3.84% (31 Dec 2016: 6.09%)

700,000 Republic of Ghana 10.750% 14/10/2030 866,687 3.84–––––––––––– ––––––––

Honduras - 0.98% (31 Dec 2016: 1.00%)

200,000 Honduras Government International Bond 7.500% 15/03/2024 222,250 0.98–––––––––––– ––––––––

Hungary - 2.54% (31 Dec 2016: 2.59%)

500,000 Hungary Government International Bond 5.750% 22/11/2023 573,750 2.54–––––––––––– ––––––––

Indonesia - 4.82% (31 Dec 2016: 4.88%)

200,000 Indonesia Government International Bond 5.875% 15/01/2024 228,375 1.01800,000 Indonesia Government International Bond 4.750% 08/01/2026 860,500 3.81

–––––––––––– ––––––––1,088,875 4.82

–––––––––––– ––––––––Ivory Coast - 1.03% (31 Dec 2016: 1.71%)

200,000 Ivory Coast Government International Bond 5.125% 15/06/2025 232,427 1.03–––––––––––– ––––––––

Kenya - 1.13% (31 Dec 2016: 1.11%)

250,000 Kenya Government International Bond 6.875% 24/06/2024 255,938 1.13–––––––––––– ––––––––

Mexico - 6.04% (31 Dec 2016: 3.98%)

200,000 Mexico Government International Bond 6.050% 11/01/2040 236,700 1.05200,000 Mexico Government International Bond 4.350% 15/01/2047 189,000 0.84900,000 Mexico Government International Bond 5.750% 12/10/2049 936,675 4.15

–––––––––––– ––––––––1,362,375 6.04

–––––––––––– ––––––––Panama – Nil (31 Dec 2016: 1.13%)

Paraguay - 2.89% (31 Dec 2016: Nil)

200,000 Paraguay Government International Bond 4.700% 27/03/2027 206,500 0.91400,000 Paraguay Government International Bond 6.100% 11/08/2044 446,000 1.98

–––––––––––– ––––––––652,500 2.89

–––––––––––– ––––––––Poland – Nil (31 Dec 2016: 1.85%)

Romania – Nil )31 Dec 2016: 3.01%)

Serbia - 1.79% (31 Dec 2016: 4.17%)

350,000 Serbia International Bond 7.250% 28/09/2021 404,556 1.79–––––––––––– ––––––––

South Africa - 5.59% (31 Dec 2016: 5.84%)

200,000 Republic of South Africa Government International Bond 5.000% 12/10/2046 185,200 0.82

1,000,000 South Africa Government International Bond 5.875% 16/09/2025 1,076,875 4.77–––––––––––– ––––––––

1,262,075 5.59–––––––––––– ––––––––






Transferable Securities (Government Bonds) - 72.04% (31 Dec 2016:80.89%) (continued)

Suriname – Nil (31 Dec 2016: 0.46%

Tunisia - 1.03% (31 Dec 2016: Nil)

200,000 Banque Centrale de Tunisie International Bond5.625% 17/02/2024 232,713 1.03–––––––––––– ––––––––

Turkey – Nil (31 Dec 2016: 1.19%)

Ukraine - 3.21% (31 Dec 2016: 3.93%)

700,000 Ukraine Government International Bond 7.750% 01/09/2019 723,800 3.21–––––––––––– ––––––––

Uruguay - 1.36% (31 Dec 2016: 2.86%)

300,000 Uruguay Government International Bond 5.100% 18/06/2050 306,750 1.36–––––––––––– ––––––––

Total Government Bonds 16,261,862 72.04


–––––––––––– ––––––––

Financial Derivative Instruments* - ((0.45)%) (31 Dec 2016: (0.42)%)

Open Futures Contracts - 0.06% (31 Dec 2016: Nil)


Amount Cost Price Gain % of Net

EUR EUR Description EUR Assets

(303,916) (151.96) 2 of Euro-Bobl FuturesShort Futures ContractsExpiring September 2017 3,084 0.01

(751,763) (187.94) 4 of Euro-Bund FuturesShort Futures ContractsExpiring September 2017 12,244 0.05

–––––––––––– ––––––––Unrealised gain on open futures contracts 15,328 0.06

–––––––––––– ––––––––Net unrealised gain on open future contracts 15,328 0.06

–––––––––––– ––––––––

Open Forward Foreign Currency Exchange Contracts* - ((0.25)%) (31 Dec 2016: (0.01)%)

Unrealised



19/03/2018 Goldman Sachs US$ 639,326 € 589,920 (44,046) (0.20)19/03/2018 Deutsche Bank US$ 226,189 € 204,920 (11,193) (0.05)

–––––––––––– ––––––––(55,239) (0.25)

–––––––––––– ––––––––Unrealised loss on open forward foreign currency exchange contracts (55,239) (0.25)


–––––––––––– ––––––––




Financial Derivative Instruments* - ((0.45)%) (31 Dec 2016: (0.42)%) (continued)

Credit Default Swaps - (0.24)% (31 Dec 2016: (0.41)%)

Notional Termination Fair Value % of Net

Currency Amount Description Premium Date US$ Assets



USD 1,100,000 Mexico Government International Bond 1.00% 20/06/2022 (7,108) (0.03)

USD 600,000 Colombia Government International Bond 1.00% 20/06/2022 (10,077) (0.04)

USD 1,000,000 Panama Government International Bond 1.00% 20/06/2022 1,679 0.01

USD 600,000 Penerbangan Malaysia Bhd 1.00% 20/06/2022 4,359 0.02

–––––––––––– ––––––––Credit default swaps at positive fair value 6,038 0.03 Credit default swaps at negative fair value (61,790) (0.27)


–––––––––––– ––––––––

Credit currency swaps – (0.02)% (31 Dec 2016: Nil)



USD 200,000 5.1250% 7.6250% 15/06/2025 (5,361) (0.02)–––––––––––– ––––––––

Credit currency swaps at negative fair value (5,361) (0.02)–––––––––––– ––––––––

Credit currency swaps at fair value (5,361) (0.02)


–––––––––––– ––––––––

Fair Value % of Net

US$ Assets

Total Investments 22,184,447 98.28Cash at bank 63,853 0.28Cash due from broker 8,160 0.04Other net liabilities 315,319 1.40


–––––––––––– –––––––––––––––––––– ––––––––




Classification

*All financial derivative instruments are traded over the counter (“OTC”).The counterparty for the open future contracts is Morgan Stanley Co Incorporated. The counterparties for the open forward foreign currency exchange contracts are Goldman Sachs and Deutsche Bank.The counterparties for credit default swaps are Bank of America and BNP Paribas.The counterparty for the credit currency swaps is Bank of America.


Transferable securities admitted to an official stock exchange listing 77.16Transferable securities dealt in on another regulated market 19.53OTC financial derivative instruments 0.07Other current assets 3.24


––––––––––––––––




Barings Umbrella Fund PlcBarings U.S. High Yield Bond Fund


Fair Value % of Net

Nominal Security US$ Assets

Transferable Securities (Preferred Stock) – 0.26% (31 Dec 2016: Nil)

United States - 0.26% (31 Dec 2016: Nil)

803,875 Pinnacle Agriculture Holdings LLC 691,332 0.26–––––––––––– ––––––––

Total Transferable Securities (Preferred Stock) 691,332 0.26

–––––––––––– ––––––––




Australia - 0.48% (31 Dec 2016: 0.43%)

1,210,000 James Hardie International Finance Ltd 5.875% 15/02/2023 1,273,525 0.48–––––––––––– ––––––––

Canada - 2.39% (31 Dec 2016: 2.14%)

4,851,000 Jupiter Resources Inc 8.500% 01/10/2022 3,662,505 1.37929,000 Kinross Gold Corp 5.950% 15/03/2024 1,030,902 0.39

1,218,000 Kinross Gold Corp 4.500% 15/07/2027 1,218,000 0.45426,000 Teck Resources Ltd 8.500% 01/06/2024 493,095 0.18

–––––––––––– ––––––––6,404,502 2.39

–––––––––––– ––––––––Denmark - 1.45% (31 Dec 2016: 1.38%)

4,000,000 Welltec A/S 8.000% 01/02/2019 3,890,000 1.45–––––––––––– ––––––––

France - 2.05% (31 Dec 2016: 1.17%)

2,000,000 Altice Luxembourg SA 7.625% 15/02/2025 2,200,000 0.821,611,000 SFR Group SA 6.000% 15/05/2022 1,687,523 0.631,459,000 SFR Group SA 7.375% 01/05/2026 1,588,486 0.60

–––––––––––– ––––––––5,476,009 2.05

–––––––––––– ––––––––Ghana - 0.75% (31 Dec 2016: 0.70%)

2,185,000 Tullow Oil Plc 6.250% 15/04/2022 2,002,006 0.75–––––––––––– ––––––––

Ireland - 0.65% (31 Dec 2016: Nil)


–––––––––––– ––––––––Italy - 0.50% (31 Dec 2016: 0.67%)

1,253,000 Telecom Italia SpA 5.303% 30/05/2024 1,348,541 0.50–––––––––––– ––––––––

Jamaica - 0.80% (31 Dec 2016: 0.27%)

1,400,000 Digicel Group Ltd 8.250% 30/09/2020 1,314,110 0.49850,000 Digicel Ltd 6.000% 15/04/2021 818,125 0.31

–––––––––––– ––––––––2,132,235 0.80

–––––––––––– ––––––––Portugal - 0.70% (31 Dec 2016: 0.57%)

1,400,000 Altice Financing SA 6.625% 15/02/2023 1,488,816 0.55365,000 Altice Finco SA 8.125% 15/01/2024 398,762 0.15

–––––––––––– ––––––––1,887,578 0.70

–––––––––––– ––––––––







Trinidad And Tobago - Nil (31 Dec 2016: 0.99%)


3,730,000 Topaz Marine SA 8.625% 01/11/2018 3,741,973 1.40–––––––––––– ––––––––


750,000 Virgin Media Secured Finance Plc 5.500% 15/08/2026 787,500 0.29–––––––––––– ––––––––


2,666,000 A Schulman Inc 6.875% 01/06/2023 2,832,625 1.061,318,000 Accudyne Industries Borrower/

Accudyne Industries LLC 7.750% 15/12/2020 1,324,590 0.49160,000 Aircastle Ltd 5.500% 15/02/2022 175,200 0.07160,000 Aircastle Ltd 5.000% 01/04/2023 171,200 0.06

1,794,000 Aircastle Ltd 4.125% 01/05/2024 1,833,244 0.691,500,000 Alere Inc 7.250% 01/07/2018 1,502,250 0.561,082,000 Alere Inc 6.500% 15/06/2020 1,102,288 0.412,691,000 Allegheny Technologies Inc 5.950% 15/01/2021 2,711,182 1.012,419,000 Allison Transmission Inc 5.000% 01/10/2024 2,485,522 0.93

285,000 Ally Financial Inc 8.000% 01/11/2031 350,550 0.13872,000 AMC Entertainment Holdings Inc 5.875% 15/11/2026 912,330 0.34

4,017,000 American Airlines Group Inc 5.500% 01/10/2019 4,250,388 1.592,147,000 Amsted Industries Inc 5.375% 15/09/2024 2,232,880 0.832,356,000 Apex Tool Group LLC 7.000% 01/02/2021 2,202,860 0.823,536,000 Appvion Inc 9.000% 01/06/2020 1,856,400 0.691,277,000 Block Communications Inc 6.875% 15/02/2025 1,372,775 0.51

324,000 Booz Allen Hamilton Inc 5.125% 01/05/2025 319,140 0.12675,000 Brookfield Residential Properties Inc 6.500% 15/12/2020 698,625 0.26367,000 Brookfield Residential Properties Inc 6.375% 15/05/2025 381,680 0.14158,000 Brunswick Corp 7.375% 01/09/2023 184,032 0.07

1,552,000 Brunswick Corp 7.125% 01/08/2027 1,806,964 0.68238,000 C&S Group Enterprises LLC 5.375% 15/07/2022 235,620 0.09

1,185,000 Cardtronics Inc/Cardtronics USA Inc 5.500% 01/05/2025 1,223,513 0.46852,000 Carlson Travel Inc 6.750% 15/12/2023 869,040 0.32

1,666,000 Carlson Travel Inc 9.500% 15/12/2024 1,709,732 0.64356,000 CCO Holdings LLC/CCO Holdings Capital Corp 5.750% 15/01/2024 376,025 0.14

1,250,000 CCO Holdings LLC/CCO Holdings Capital Corp 5.875% 01/04/2024 1,337,500 0.50683,000 CCO Holdings LLC/CCO Holdings Capital Corp 5.875% 01/05/2027 731,664 0.27

1,171,000 Change Healthcare Holdings LLC/Change Healthcare Finance Inc 5.750% 01/03/2025 1,198,811 0.45

1,000,000 Charter Communications Operating LLC/Charter Communications Operating Capital 5.375% 01/05/2047 1,061,945 0.40

2,137,000 Chemours 7.000% 15/05/2025 2,340,015 0.87416,000 Chemours 5.375% 15/05/2027 429,994 0.16

1,932,000 Chesapeake Energy Corp 8.000% 15/01/2025 1,919,925 0.72500,000 Chesapeake Energy Corp 8.000% 15/06/2027 491,875 0.18

1,122,000 CHS/Community Health Systems 6.250% 31/03/2023 1,162,504 0.432,992,000 Citgo Holding Inc 10.750% 15/02/2020 3,265,020 1.221,599,000 Clear Channel Worldwide Holdings Inc 7.625% 15/03/2020 1,597,001 0.601,916,000 Community Health Systems Inc 6.875% 01/02/2022 1,681,290 0.631,609,000 Consolidated Energy Finance SA 6.750% 15/10/2019 1,643,191 0.611,228,000 Consolidated Energy Finance SA 6.875% 15/06/2025 1,267,910 0.475,808,000 Coveris Holdings SA 7.875% 01/11/2019 5,749,920 2.15

171,000 Covey Park Energy LLC/Covey Park Finance Corp 7.500% 15/05/2025 171,428 0.06

2,247,000 CSVC Acquisition 7.750% 15/06/2025 2,301,771 0.86






915,000 CTP Transportation Products LLC/CTP Finance Inc 8.250% 15/12/2019 856,669 0.32

4,294,000 Deck Chassis Acquisition Inc 10.000% 15/06/2023 4,777,075 1.78288,000 Dell International LLC/EMC Corp 5.875% 15/06/2021 302,400 0.11645,000 Dell International LLC/EMC Corp 5.450% 15/06/2023 700,805 0.26766,000 Dell International LLC/EMC Corp 7.125% 15/06/2024 842,412 0.31

2,078,000 DISH DBS Corp 7.750% 01/07/2026 2,467,625 0.92412,000 Eagle Holding Co II LLC 7.625% 15/05/2022 424,875 0.16269,000 Endo Dac/Endo Finance LLC/Endo Finco Inc 5.875% 15/10/2024 278,415 0.10

1,533,000 Endo Dac/Endo Finance LLC/Endo Finco Inc 6.000% 01/02/2025 1,257,060 0.472,574,000 EnPro Industries Inc 5.875% 15/09/2022 2,696,265 1.01

846,000 EP Energy LLC/Everest Acquisition Finance Inc 9.375% 01/05/2020 671,513 0.251,541,000 EP Energy LLC/Everest Acquisition Finance Inc 8.000% 29/11/2024 1,544,852 0.582,285,000 EP Energy LLC/Everest Acquisition Finance Inc 8.000% 15/02/2025 1,713,750 0.642,990,000 Ferrellgas Partners LP/

Ferrellgas Partners Finance Corp 8.625% 15/06/2020 2,840,500 1.06975,000 Ferrellgas Partners LP/

Ferrellgas Partners Finance Corp 8.625% 15/06/2020 926,250 0.351,679,000 GCI Inc 6.875% 15/04/2025 1,823,814 0.681,000,000 Genesis Energy LP/

Genesis Energy Finance Corp 6.000% 15/05/2023 985,000 0.371,491,000 Goodyear Tire & Rubber Co 5.000% 31/05/2026 1,546,912 0.58

408,000 GTT Communications Inc 7.875% 31/12/2024 437,580 0.16538,000 Hanesbrands Inc 4.625% 15/05/2024 548,760 0.21

1,016,000 Hanesbrands Inc 4.875% 15/05/2026 1,036,320 0.39480,000 HCA Inc 5.375% 01/02/2025 507,504 0.19480,000 HCA Inc 5.250% 15/04/2025 517,200 0.19841,000 HCA Inc 5.875% 15/02/2026 910,383 0.34

1,500,000 HCA Inc 4.500% 15/02/2027 1,546,875 0.581,990,000 Hecla Mining Co 6.875% 01/05/2021 2,065,122 0.771,790,000 Hertz 7.625% 01/06/2022 1,790,179 0.671,010,000 Hilcorp Energy I LP/Hilcorp Finance Co 5.000% 01/12/2024 934,250 0.351,595,000 Hughes Satellite Systems Corp 5.250% 01/08/2026 1,672,756 0.631,431,000 Hughes Satellite Systems Corp 6.625% 01/08/2026 1,541,902 0.581,707,000 Icahn Enterprises LP/

Icahn Enterprises Finance Corp 6.750% 01/02/2024 1,783,986 0.671,774,000 International Automotive Components Group SA 9.125% 01/06/2018 1,742,955 0.65

795,000 Interval Acquisition Corp 5.625% 15/04/2023 826,800 0.31741,000 inVentiv Group Holdings Inc/

inVentiv Health Inc/inVentiv Health Clinical Inc 7.500% 01/10/2024 807,690 0.30292,000 j2 Cloud Services LLC/j2 Global Co-Obligor Inc 6.000% 15/07/2025 302,220 0.11

4,468,000 JB Poindexter & Co Inc 9.000% 01/04/2022 4,696,985 1.761,306,000 JBS USA LUX SA/JBS USA Finance Inc 5.875% 15/07/2024 1,230,905 0.461,226,000 KAR Auction Services Inc 5.125% 01/06/2025 1,252,053 0.471,350,000 KeHE Distributors LLC/KeHE Finance Corp 7.625% 15/08/2021 1,356,750 0.513,792,000 Kenan Advantage Group Inc 7.875% 31/07/2023 4,000,560 1.491,073,000 Kinross Gold Corp 6.875% 01/09/2041 1,150,793 0.431,818,000 Kissner Holdings LP/Kissner Milling Co Ltd/

BSC Holding Inc/Kissner USA 8.375% 01/12/2022 1,895,265 0.713,777,000 Kosmos Energy Ltd (Luxembourg listing) 7.875% 01/08/2021 3,871,425 1.451,491,000 Kosmos Energy Ltd (US listing) 7.875% 01/08/2021 1,528,275 0.572,629,000 LBC Tank Terminals Holding Netherlands BV 6.875% 15/05/2023 2,740,732 1.02

825,000 Lennar Corp 4.750% 30/05/2025 865,219 0.322,000,000 Louisiana-Pacific Corp 4.875% 15/09/2024 2,047,500 0.772,856,000 LPL Holdings Inc 5.750% 15/09/2025 2,977,380 1.11








600,000 M/I Homes Inc 6.750% 15/01/2021 631,500 0.24646,000 Midcontinent Communications/

Midcontinent Finance Corp 6.875% 15/08/2023 699,295 0.26503,000 Mallinckrodt International Finance SA/

Mallinckrodt CB LLC 5.625% 15/10/2023 461,503 0.17118,000 Mallinckrodt International Finance SA/

Mallinckrodt CB LLC 5.500% 15/04/2025 103,840 0.041,129,000 Molina Healthcare Inc 5.375% 15/11/2022 1,200,974 0.45

399,000 Moog Inc 5.250% 01/12/2022 416,955 0.162,353,000 NCL Corp Ltd 4.750% 15/12/2021 2,448,273 0.91

355,000 Newfield Exploration Co 5.375% 01/01/2026 369,200 0.141,500,000 Nexstar Broadcasting Inc 6.125% 15/02/2022 1,576,875 0.591,491,000 NFP Corp 9.000% 15/07/2021 1,564,879 0.58

738,000 NRG Energy Inc 6.250% 01/05/2024 749,070 0.281,831,000 NRG Energy Inc 7.250% 15/05/2026 1,904,240 0.71

956,000 NRG Energy Inc 6.625% 15/01/2027 961,975 0.361,085,000 Oasis Petroleum Inc 6.875% 15/03/2022 1,057,875 0.40

301,000 Orchestra Borrower LLC/Orchestra Co-Issuer 6.750% 15/06/2022 310,903 0.121,519,000 Ortho-Clinical Diagnostics Inc/

Ortho-Clinical Diagnostics SA 6.625% 15/05/2022 1,458,240 0.54553,000 PBF Holding LLC/PBF Finance 7.000% 15/11/2023 547,470 0.20253,000 Peabody Energy 6.000% 31/03/2022 252,051 0.09325,000 Peabody Energy 6.375% 31/03/2025 321,344 0.12

3,409,000 Penske Automotive Group Inc 5.500% 15/05/2026 3,400,477 1.27207,000 Perry Ellis International Inc 7.875% 01/04/2019 207,518 0.08

1,171,199 Pinnacle Operating 9.000% 15/05/2023 1,124,351 0.42663,000 Post Holdings Inc 5.500% 01/03/2025 685,376 0.26820,000 Post Holdings Inc 5.750% 01/03/2027 846,650 0.32

2,951,000 Prime Security Services Borrower LLC/Prime Finance Inc 9.250% 15/05/2023 3,214,111 1.20

2,649,000 RegionalCare Hospital Partners Holdings Inc 8.250% 01/05/2023 2,854,297 1.07592,000 RHP Hotel Properties LP/RHP Finance Corp 5.000% 15/04/2023 608,280 0.23

1,500,000 Rowan Cos Inc 4.750% 15/01/2024 1,282,500 0.48526,000 Rowan Cos Inc 7.375% 15/06/2025 493,125 0.18301,000 RP Crown Parent LLC 7.375% 15/10/2024 313,793 0.12

2,650,000 Signode Industrial Group Lux SA/Signode Industrial Group US Inc 6.375% 01/05/2022 2,782,500 1.04

288,000 Sirius XM Radio Inc 5.375% 15/04/2025 298,800 0.112,617,000 Sirius XM Radio Inc 5.375% 15/07/2026 2,715,137 1.011,000,000 Sirius XM Radio Inc 5.000% 01/08/2027 1,012,500 0.381,317,000 Six Flags Entertainment Corp 4.875% 31/07/2024 1,328,353 0.50

800,000 SM Energy Co 6.500% 15/11/2021 782,000 0.291,250,000 SM Energy Co 6.500% 01/01/2023 1,196,875 0.45

850,000 Sprint Communications Inc 7.000% 15/08/2020 937,125 0.354,913,000 Sprint Corp 7.875% 15/09/2023 5,662,232 2.121,290,000 StoneMor Partners LP/Cornerstone Family

Services of West Virginia Subsidiary 7.875% 01/06/2021 1,286,775 0.481,901,000 SunCoke Energy Partners LP/

SunCoke Energy Partners Finance Corp 7.500% 15/06/2025 1,886,742 0.71384,000 Surgery Center Holdings Inc 6.750% 01/07/2025 389,760 0.15

1,700,000 Symantec Corp 5.000% 15/04/2025 1,783,402 0.67508,000 T-Mobile USA Inc 6.500% 15/01/2026 561,975 0.21878,000 T-Mobile USA Inc 5.375% 15/04/2027 943,850 0.35375,000 Tempo Acquisition LLC/

Tempo Acquisition Finance Corp 6.750% 01/06/2025 384,375 0.14








1,413,000 Tenet Healthcare Corp 8.000% 01/08/2020 1,432,429 0.54745,000 Tenet Healthcare Corp 8.125% 01/04/2022 792,494 0.30825,000 Tenet Healthcare Corp 4.625% 15/07/2024 828,094 0.31

1,033,000 THC Escrow III 4.625% 15/07/2024 1,038,372 0.391,282,000 THC Escrow III 5.125% 01/05/2025 1,290,013 0.481,290,000 TIBCO Software Inc 11.375% 01/12/2021 1,425,450 0.533,055,000 TMS International Corp 7.625% 15/10/2021 3,108,463 1.162,820,000 TransDigm Inc 6.375% 15/06/2026 2,869,350 1.07

404,000 Transocean Inc 6.800% 15/03/2038 296,940 0.11307,000 Transocean Inc 9.350% 15/12/2041 274,765 0.10431,000 USG Corp 4.875% 01/06/2027 444,469 0.17

1,463,000 USIS Merger Sub Inc 6.875% 01/05/2025 1,492,260 0.561,100,000 Valeant Pharmaceuticals International 6.375% 15/10/2020 1,071,125 0.40

615,000 Valeant Pharmaceuticals International 7.000% 15/03/2024 648,056 0.24361,000 Valeant Pharmaceuticals International Inc 6.500% 15/03/2022 379,501 0.14

1,042,000 Valeant Pharmaceuticals International Inc 5.500% 01/03/2023 889,597 0.332,600,000 Valeant Pharmaceuticals International Inc 6.125% 15/04/2025 2,210,000 0.83

808,000 Watco Cos LLC/Watco Finance Corp 6.375% 01/04/2023 846,380 0.321,343,000 West Corp 5.375% 15/07/2022 1,359,788 0.511,548,000 Western Digital Corp 10.500% 01/04/2024 1,830,015 0.68

680,000 WPX Energy Inc 6.000% 15/01/2022 676,600 0.251,200,000 WPX Energy Inc 5.250% 15/09/2024 1,146,000 0.43

924,000 Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp 5.250% 15/05/2027 947,678 0.35

1,554,000 Xerium Technologies 9.500% 15/08/2021 1,655,010 0.621,963,000 York Risk Services Holding Corp 8.500% 01/10/2022 1,899,202 0.712,669,000 Zachry Holdings Inc 7.500% 01/02/2020 2,762,415 1.03

–––––––––––– ––––––––228,348,742 85.32



–––––––––––– ––––––––

Financial Derivative Instruments * - (0.00%) (31 Dec 2016: (0.06)%)

Open Forward Foreign Currency Exchange Contracts - (0.00%) (31 Dec 2016: (0.06)%)

Unrealised



14/07/2017 State Street Bank £ 8,760 US$ 11,224 189 0.0014/07/2017 State Street Bank £ 1,678,943 US$ 2,176,247 11,131 0.0014/07/2017 State Street Bank US$ 13,043 £ 10,300 (376) 0.0014/07/2017 State Street Bank US$ 373 £ 288 (2) 0.00

–––––––––––– ––––––––Unrealised gain on open forward foreign currency exchange contracts 11,320 0.00Unrealised loss on open forward foreign currency exchange contracts (378) 0.00



–––––––––––– ––––––––




Fair Value % of Net

US$ Assets



–––––––––––– ––––––––

Classification

*All financial derivative instruments are traded over the counter (“OTC”).All transferable securities are admitted to an official stock exchange listing.The counterparty for the open forward foreign currency exchange contracts is State Street Bank.


Transferable securities admitted to an official stock exchange listing 95.83OTC financial derivative instruments 0.00Other current assets 4.17


––––––––––––––––







Australia - 0.90% (31 Dec 2016: 1.59%)

750,000 Amcor Finance USA Inc 3.625% 28/04/2026 751,502 0.32750,000 Asciano Finance Ltd 5.000% 07/04/2018 763,822 0.33500,000 BHP Billiton Finance USA Ltd 5.000% 30/09/2043 579,934 0.25

–––––––––––– ––––––––2,095,258 0.90

–––––––––––– ––––––––Belgium - 1.58% (31 Dec 2016: 1.77%)

466,000 Anheuser-Busch InBev Finance Inc 2.650% 01/02/2021 472,640 0.20358,000 Anheuser-Busch InBev Finance Inc 3.300% 01/02/2023 369,099 0.16448,000 Anheuser-Busch InBev Finance Inc 3.650% 01/02/2026 462,387 0.20

1,150,000 Anheuser-Busch InBev Finance Inc 4.900% 01/02/2046 1,303,129 0.561,075,000 Anheuser-Busch InBev Worldwide Inc 2.500% 15/07/2022 1,074,741 0.46

–––––––––––– ––––––––3,681,996 1.58

–––––––––––– ––––––––Bermuda - 0.14% (31 Dec 2016: Nil)

325,000 Enstar Group Ltd 4.500% 10/03/2022 335,650 0.14–––––––––––– ––––––––

Brazil - 0.68% (31 Dec 2016: 0.74%)

1,250,000 Vale Overseas Ltd 5.625% 15/09/2019 1,321,875 0.57250,000 Vale Overseas Ltd 6.875% 21/11/2036 269,375 0.11

–––––––––––– ––––––––1,591,250 0.68

–––––––––––– ––––––––Canada - 1.91% (31 Dec 2016: 1.43%)

900,000 Canadian Pacific Railway Co 2.900% 01/02/2025 893,465 0.382,027,000 Encana Corp 6.500% 15/05/2019 2,162,888 0.93

475,000 Encana Corp 6.500% 01/02/2038 541,787 0.23855,000 NOVA Chemicals Corp 5.000% 01/05/2025 852,863 0.37

–––––––––––– ––––––––4,451,003 1.91

–––––––––––– ––––––––Cayman Islands – Nil (31 Dec 2016: 0.35%)

France - 1.14% (31 Dec 2016: 0.24%)

1,125,000 BNP Paribas SA 2.375% 21/05/2020 1,133,623 0.49365,000 BNP Paribas SA 3.800% 10/01/2024 380,667 0.16

1,125,000 BPCE SA 2.250% 27/01/2020 1,126,874 0.49–––––––––––– ––––––––

2,641,164 1.14–––––––––––– ––––––––

Germany - 0.25% (31 Dec 2016: 0.26%)

575,000 Deutsche Bank AG 3.700% 30/05/2024 575,757 0.25–––––––––––– ––––––––

Ireland - Nil (31 Dec 2016: 0.84%)

Israel - 0.53% (31 Dec 2016: 0.55%)

220,000 Teva Pharmaceutical Finance Netherlands III BV 2.200% 21/07/2021 216,172 0.09280,000 Teva Pharmaceutical Finance Netherlands III BV 3.150% 01/10/2026 266,436 0.12810,000 Teva Pharmaceutical Finance Netherlands III BV 4.100% 01/10/2046 749,142 0.32

–––––––––––– ––––––––1,231,750 0.53

–––––––––––– ––––––––

Barings Umbrella Fund PlcBarings U.S. Investment Grade Corporate Bond Fund






Italy - 0.77% (31 Dec 2016: Nil)

740,000 Enel Finance International NV 2.875% 25/05/2022 741,866 0.32585,000 Enel Finance International NV 3.625% 25/05/2027 580,545 0.25445,000 Enel Finance International NV 4.750% 25/05/2047 459,733 0.20

–––––––––––– ––––––––1,782,144 0.77

–––––––––––– ––––––––Mexico - 2.11% (31 Dec 2016: 2.27%)

251,000 America Movil SAB de CV 5.000% 16/10/2019 268,088 0.11752,000 America Movil SAB de CV 5.000% 30/03/2020 808,844 0.35358,000 America Movil SAB de CV 3.125% 16/07/2022 365,723 0.16680,000 Coca-Cola Femsa SAB de CV 3.875% 26/11/2023 714,127 0.31

1,000,000 Petroleos Mexicanos 8.000% 03/05/2019 1,096,250 0.47280,000 Petroleos Mexicanos 5.375% 13/03/2022 295,120 0.13550,000 Petroleos Mexicanos 6.625% 15/06/2035 571,312 0.25450,000 Petroleos Mexicanos 5.500% 27/06/2044 400,050 0.17358,000 Telefonos de Mexico SAB de CV 5.500% 15/11/2019 384,224 0.16

–––––––––––– ––––––––4,903,738 2.11

–––––––––––– ––––––––Netherlands - 0.68% (31 Dec 2016: 0.39%)

750,000 Cooperatieve Rabobank UA 2.500% 19/01/2021 754,820 0.32800,000 Cooperatieve Rabobank UA 3.950% 09/11/2022 836,536 0.36

–––––––––––– ––––––––1,591,356 0.68

–––––––––––– ––––––––Portugal - 0.34% (31 Dec 2016: Nil)

800,000 EDP Finance BV 3.625% 15/07/2024 794,420 0.34–––––––––––– ––––––––

South Africa - Nil (31 Dec 2016: 0.65%)

Spain - 0.43% (31 Dec 2016: 0.29%)

500,000 Iberdrola International BV 6.750% 15/07/2036 652,690 0.28325,000 Telefonica Emisiones SAU 5.213% 08/03/2047 352,283 0.15

–––––––––––– ––––––––1,004,973 0.43

–––––––––––– ––––––––Switzerland - 2.79% (31 Dec 2016: 1.11%)

61,000 ABB Finance USA Inc 2.875% 08/05/2022 62,429 0.032,725,000 Credit Suisse Group Funding Guernsey Ltd 2.750% 26/03/2020 2,748,222 1.18

750,000 Credit Suisse Group Funding Guernsey Ltd 3.450% 16/04/2021 770,588 0.33500,000 Glencore Finance Canada Ltd 2.700% 25/10/2017 500,788 0.22485,000 Glencore Finance Canada Ltd 6.000% 15/11/2041 537,264 0.23

1,115,000 Roche Holdings Inc 2.375% 28/01/2027 1,058,788 0.45790,000 UBS Group Funding Switzerland AG 3.491% 23/05/2023 809,155 0.35

–––––––––––– ––––––––6,487,234 2.79

–––––––––––– ––––––––United Kingdom - 2.54% (31 Dec 2016: 2.03%)

455,000 Anglo American Capital Plc 3.750% 10/04/2022 458,412 0.201,075,000 Barclays Plc 2.750% 08/11/2019 1,085,572 0.471,700,000 Barclays Plc 3.250% 12/01/2021 1,730,750 0.74

90,000 BP Capital Markets Plc 2.750% 10/05/2023 89,693 0.04358,000 BP Capital Markets Plc 3.814% 10/02/2024 373,675 0.16161,000 GlaxoSmithKline Capital Plc 2.850% 08/05/2022 164,605 0.07










1,650,000 HSBC Holdings Plc 2.950% 25/05/2021 1,671,899 0.72250,000 HSBC Holdings Plc 6.500% 15/09/2037 324,267 0.14

–––––––––––– ––––––––5,898,873 2.54


575,000 21st Century Fox America Inc 6.150% 15/02/2041 728,228 0.31540,000 Abbott Laboratories 3.750% 30/11/2026 552,302 0.24448,000 AbbVie Inc 2.300% 14/05/2021 447,298 0.19358,000 AbbVie Inc 3.600% 14/05/2025 365,788 0.16375,000 AbbVie Inc 4.700% 14/05/2045 400,058 0.17167,000 Actavis Inc 6.125% 15/08/2019 180,432 0.08310,000 Actavis Inc 3.250% 01/10/2022 317,096 0.14800,000 Advance Auto Parts Inc 4.500% 15/01/2022 851,562 0.37201,000 Agilent Technologies Inc 3.200% 01/10/2022 204,807 0.09

1,250,000 Air Lease Corp 2.125% 15/01/2020 1,244,782 0.53650,000 Air Lease Corp 3.375% 01/06/2021 667,861 0.29390,000 Air Lease Corp 3.000% 15/09/2023 388,301 0.17394,000 Allergan Funding SCS 3.450% 15/03/2022 406,566 0.17448,000 Allergan Funding SCS 3.800% 15/03/2025 464,138 0.20350,000 Allergan Funding SCS 4.550% 15/03/2035 374,693 0.16250,000 Allstate Corp 5.550% 09/05/2035 306,773 0.13

1,000,000 Allstate Corp 5.750% 15/08/2053 1,097,500 0.47750,000 Ally Financial Inc 3.600% 21/05/2018 759,375 0.33750,000 American International Group Inc 4.500% 16/07/2044 765,622 0.33750,000 American Tower Corp 3.450% 15/09/2021 774,185 0.33805,000 American Tower Corp 3.550% 15/07/2027 799,895 0.34750,000 Amgen Inc 4.663% 15/06/2051 797,816 0.34

1,096,000 Anadarko Petroleum Corp 4.850% 15/03/2021 1,170,775 0.50750,000 Anadarko Petroleum Corp 6.450% 15/09/2036 885,391 0.38

90,000 Analog Devices Inc 2.875% 01/06/2023 90,014 0.04525,000 Apple Inc 3.000% 09/02/2024 533,428 0.23750,000 Apple Inc 3.850% 04/05/2043 751,625 0.32179,000 Applied Materials Inc 4.300% 15/06/2021 193,325 0.08395,000 Arch Capital Finance LLC 4.011% 15/12/2026 408,248 0.18500,000 Associated Banc-Corp 2.750% 15/11/2019 503,983 0.22

1,075,000 AT&T Inc 3.000% 15/02/2022 1,080,944 0.46675,000 AT&T Inc 3.600% 17/02/2023 691,686 0.30116,000 AT&T Inc 3.950% 15/01/2025 118,411 0.05

2,025,000 AT&T Inc 4.350% 15/06/2045 1,886,780 0.811,075,000 Athene Global Funding 4.000% 25/01/2022 1,117,343 0.48

290,000 Avnet Inc 3.750% 01/12/2021 294,977 0.13102,000 Baker Hughes Inc 3.200% 15/08/2021 105,001 0.05

1,800,000 Bank of America Corp 6.875% 25/04/2018 1,873,501 0.801,500,000 Bank of America Corp 3.875% 01/08/2025 1,553,376 0.67

750,000 Bank of America Corp 4.450% 03/03/2026 781,960 0.34500,000 Bank of America Corp 7.750% 14/05/2038 721,222 0.31450,000 Bank of America Corp 5.875% 07/02/2042 565,936 0.2486,000 Baxalta Inc 3.600% 23/06/2022 89,154 0.04

750,000 Bay Area Toll Authority 7.043% 01/04/2050 1,148,805 0.4920,000 Becton Dickinson and Co 3.125% 08/11/2021 20,392 0.01

550,000 Becton Dickinson and Co 2.894% 06/06/2022 552,338 0.24550,000 Becton Dickinson and Co 3.700% 06/06/2027 552,853 0.24280,000 Becton Dickinson and Co 4.669% 06/06/2047 292,262 0.13






269,000 Brown-Forman Corp 2.250% 15/01/2023 263,910 0.111,050,000 Brunswick Corp 4.625% 15/05/2021 1,073,034 0.461,500,000 Bunge Ltd Finance Corp 8.500% 15/06/2019 1,678,398 0.72

140,000 Bunge Ltd Finance Corp 3.250% 15/08/2026 134,028 0.06750,000 Burlington Northern Santa Fe LLC 4.900% 01/04/2044 877,422 0.38335,000 Capital One Financial Corp 2.500% 12/05/2020 336,675 0.14163,000 Caterpillar Financial Services Corp 2.625% 01/03/2023 163,163 0.07425,000 Caterpillar Inc 4.300% 15/05/2044 459,470 0.20170,000 Celgene Corp 3.950% 15/10/2020 178,900 0.08813,000 Celgene Corp 3.250% 15/08/2022 836,759 0.36269,000 CenterPoint Energy Houston Electric LLC 1.850% 01/06/2021 265,548 0.11

2,000,000 CF Industries Inc 6.875% 01/05/2018 2,082,500 0.89775,000 Charter Communications Operating LLC/

Charter Communications Operating Capital 4.464% 23/07/2022 826,643 0.36750,000 Chubb INA Holdings Inc 4.350% 03/11/2045 824,433 0.35358,000 Church & Dwight Co Inc 2.875% 01/10/2022 361,877 0.16

1,275,000 Cimarex Energy Co 4.375% 01/06/2024 1,338,443 0.57251,000 CIT Group Inc 5.500% 15/02/2019 264,178 0.11

1,125,000 Citigroup Inc 2.450% 10/01/2020 1,132,428 0.49825,000 Citigroup Inc 2.700% 30/03/2021 830,914 0.36

1,800,000 Citigroup Inc 4.500% 14/01/2022 1,937,540 0.83750,000 Citigroup Inc 5.500% 13/09/2025 835,408 0.36850,000 Citigroup Inc 3.700% 12/01/2026 861,243 0.37350,000 Citigroup Inc 8.125% 15/07/2039 539,043 0.23750,000 Clean Harbors Inc 5.125% 01/06/2021 767,813 0.33358,000 CMS Energy Corp 3.000% 15/05/2026 350,940 0.15750,000 CNA Financial Corp 5.750% 15/08/2021 837,794 0.36750,000 CNH Industrial Capital LLC 3.375% 15/07/2019 764,063 0.33106,000 Comcast Corp 3.125% 15/07/2022 109,704 0.05537,000 Comcast Corp 3.375% 15/02/2025 553,222 0.24179,000 Comcast Corp 3.375% 15/08/2025 183,827 0.08750,000 Comcast Corp 6.950% 15/08/2037 1,060,023 0.46700,000 Commonwealth Edison Co 4.600% 15/08/2043 782,235 0.34250,000 ConocoPhillips 6.500% 01/02/2039 329,311 0.14197,000 ConocoPhillips Co 4.200% 15/03/2021 209,044 0.09179,000 ConocoPhillips Co 4.950% 15/03/2026 199,704 0.09299,000 Consolidated Edison Inc 2.000% 15/05/2021 294,610 0.13

47,000 Consumers Energy Co 2.850% 15/05/2022 48,074 0.02206,000 Consumers Energy Co 3.375% 15/08/2023 215,628 0.0959,000 Covidien International Finance SA 3.200% 15/06/2022 61,041 0.03

161,000 CVS Health Corp 2.125% 01/06/2021 159,185 0.07750,000 CVS Health Corp 5.125% 20/07/2045 863,149 0.37

1,850,000 Dell International LLC/EMC Corp 3.480% 01/06/2019 1,894,115 0.81500,000 Dell International LLC/EMC Corp 4.420% 15/06/2021 527,577 0.23500,000 Dell International LLC/EMC Corp 6.020% 15/06/2026 551,697 0.24375,000 Dell International LLC/EMC Corp 8.100% 15/07/2036 472,578 0.20680,000 Delta Air Lines Inc 3.625% 15/03/2022 698,817 0.30280,000 Devon Energy Corp 5.600% 15/07/2041 291,764 0.13750,000 Digital Realty Trust LP 3.950% 01/07/2022 787,037 0.34575,000 Discovery Communications LLC 6.350% 01/06/2040 635,749 0.2795,000 Dominion Energy Inc 2.750% 15/09/2022 94,944 0.04

421,000 Dover Corp 3.150% 15/11/2025 429,542 0.18750,000 Duke Energy Carolinas LLC 5.300% 15/02/2040 923,842 0.40364,000 EI du Pont de Nemours & Co 2.800% 15/02/2023 365,713 0.16








1,000,000 Energy Transfer LP 9.000% 15/04/2019 1,112,533 0.48825,000 Energy Transfer LP 3.600% 01/02/2023 829,817 0.36275,000 Energy Transfer LP 6.500% 01/02/2042 308,167 0.13269,000 Entergy Corp 5.125% 15/09/2020 290,093 0.12525,000 Enterprise Products Operating LLC 5.100% 15/02/2045 578,705 0.25800,000 EQT Corp 8.125% 01/06/2019 883,180 0.38

1,350,000 EQT Corp 4.875% 15/11/2021 1,441,237 0.62421,000 Eversource Energy 2.800% 01/05/2023 422,684 0.18

1,550,000 Expedia Inc 7.456% 15/08/2018 1,639,083 0.70358,000 Express Scripts Holding Co 3.900% 15/02/2022 375,153 0.16575,000 Exxon Mobil Corp 3.567% 06/03/2045 554,534 0.24750,000 Federal Realty Investment Trust 3.950% 15/01/2024 781,865 0.34425,000 First Horizon National Corp 3.500% 15/12/2020 436,242 0.19575,000 First Republic Bank 4.375% 01/08/2046 566,069 0.24358,000 Florida Power & Light Co 2.750% 01/06/2023 362,124 0.16500,000 Ford Motor Co 4.750% 15/01/2043 484,388 0.21430,000 Ford Motor Credit Co LLC 5.000% 15/05/2018 441,092 0.19250,000 Ford Motor Credit Co LLC 5.875% 02/08/2021 279,038 0.12500,000 GE Capital International Funding

Co Unlimited Co 4.418% 15/11/2035 545,239 0.231,250,000 General Electric Co 6.750% 15/03/2032 1,715,950 0.74

500,000 General Motors Co 4.875% 02/10/2023 536,560 0.23893,000 General Motors Financial Co Inc 3.100% 15/01/2019 905,540 0.39107,000 Gilead Sciences Inc 4.500% 01/04/2021 115,444 0.05550,000 Gilead Sciences Inc 4.750% 01/03/2046 605,251 0.26

1,250,000 Goldman Sachs Group Inc 3.625% 22/01/2023 1,291,764 0.551,500,000 Goldman Sachs Group Inc 4.000% 03/03/2024 1,571,607 0.68

325,000 Goldman Sachs Group Inc 3.850% 08/07/2024 337,823 0.151,025,000 Goldman Sachs Group Inc 4.250% 21/10/2025 1,061,349 0.46

425,000 Goldman Sachs Group Inc 6.250% 01/02/2041 556,318 0.24750,000 Goodyear Tire & Rubber Co 5.125% 15/11/2023 787,500 0.34358,000 Halliburton Co 3.250% 15/11/2021 367,373 0.16116,000 Halliburton Co 3.500% 01/08/2023 119,553 0.05269,000 Halliburton Co 3.800% 15/11/2025 276,157 0.12500,000 Halliburton Co 6.700% 15/09/2038 642,362 0.28750,000 HCA Inc 6.500% 15/02/2020 820,313 0.35265,000 Healthcare Trust of America Holdings LP 2.950% 01/07/2022 265,384 0.11165,000 Healthcare Trust of America Holdings LP 3.500% 01/08/2026 161,660 0.07525,000 Hewlett Packard Enterprise Co 4.900% 15/10/2025 551,322 0.24

70,000 Hexcel Corp 3.950% 15/02/2027 71,821 0.03242,000 Home Depot Inc 2.700% 01/04/2023 245,713 0.11500,000 Home Depot Inc 5.875% 16/12/2036 652,561 0.28

1,125,000 Host Hotels & Resorts LP 4.000% 15/06/2025 1,147,599 0.491,031,000 Hughes Satellite Systems Corp 6.500% 15/06/2019 1,117,346 0.48

185,000 Ingredion Inc 3.200% 01/10/2026 182,440 0.08725,000 Intel Corp 4.800% 01/10/2041 832,352 0.36750,000 International Lease Finance Corp 7.125% 01/09/2018 793,982 0.34

1,275,000 International Lease Finance Corp 6.250% 15/05/2019 1,368,149 0.59251,000 ITC Holdings Corp 4.050% 01/07/2023 263,578 0.11922,000 ITC Holdings Corp 3.650% 15/06/2024 939,889 0.40750,000 ITC Holdings Corp 5.300% 01/07/2043 876,170 0.38

2,000,000 JPMorgan Chase & Co 2.250% 23/01/2020 2,006,922 0.861,500,000 JPMorgan Chase & Co 4.350% 15/08/2021 1,606,441 0.69

775,000 JPMorgan Chase & Co 3.875% 10/09/2024 800,350 0.34500,000 JPMorgan Chase & Co 6.400% 15/05/2038 671,203 0.29








358,000 Kraft Heinz Foods Co 3.500% 15/07/2022 369,505 0.16750,000 Kraft Heinz Foods Co 5.000% 04/06/2042 794,634 0.34600,000 Kroger 4.450% 01/02/2047 580,679 0.25161,000 Kroger Co 2.950% 01/11/2021 162,498 0.07358,000 Kroger Co 4.000% 01/02/2024 371,412 0.16152,000 Kroger Co 3.500% 01/02/2026 150,080 0.06

77,000 Laboratory Corp of America Holdings 3.750% 23/08/2022 80,107 0.03890,000 Lazard Group LLC 3.625% 01/03/2027 880,865 0.38555,000 Legg Mason Inc 5.625% 15/01/2044 591,561 0.25

1,350,000 Lennar Corp 4.500% 15/11/2019 1,405,687 0.60750,000 Liberty Mutual Group Inc 4.250% 15/06/2023 798,963 0.34250,000 Lincoln National Corp 6.150% 07/04/2036 304,494 0.13750,000 Los Angeles Unified School District 6.758% 01/07/2034 1,033,492 0.44179,000 Lowe's Cos Inc 3.800% 15/11/2021 189,797 0.08575,000 Lowe's Cos Inc 3.700% 15/04/2046 555,674 0.24750,000 LYB International Finance BV 4.875% 15/03/2044 797,199 0.3490,000 Marathon Petroleum Corp 3.625% 15/09/2024 91,078 0.04

143,000 McCormick & Co Inc 3.250% 15/11/2025 143,326 0.06500,000 McDonald's Corp 4.875% 09/12/2045 559,652 0.24224,000 Medtronic Inc 3.150% 15/03/2022 231,955 0.10750,000 Medtronic Inc 4.625% 15/03/2045 846,140 0.36750,000 Merck & Co Inc 4.150% 18/05/2043 801,104 0.34500,000 MetLife Inc 4.368% 15/09/2023 547,831 0.24575,000 MetLife Inc 4.050% 01/03/2045 581,315 0.25806,000 Microsoft Corp 2.125% 15/11/2022 799,784 0.34525,000 Microsoft Corp 2.875% 06/02/2024 534,007 0.23

1,225,000 Microsoft Corp 4.000% 12/02/2055 1,244,087 0.53575,000 Molson Coors Brewing Co 4.200% 15/07/2046 569,410 0.24

1,475,000 Morgan Stanley 5.625% 23/09/2019 1,585,447 0.681,500,000 Morgan Stanley 5.500% 28/07/2021 1,664,809 0.721,025,000 Morgan Stanley 3.750% 25/02/2023 1,066,619 0.46

775,000 Morgan Stanley 3.125% 27/07/2026 754,374 0.32350,000 Morgan Stanley 4.300% 27/01/2045 362,826 0.16300,000 MPLX LP 5.500% 15/02/2023 308,781 0.13

1,725,000 MPLX LP 4.875% 01/06/2025 1,832,112 0.79215,000 MPLX LP 5.200% 01/03/2047 222,264 0.10

1,620,000 Nabors Industries Inc 5.500% 15/01/2023 1,541,025 0.66827,000 National Oilwell Varco Inc 1.350% 01/12/2017 825,971 0.35624,000 National Oilwell Varco Inc 2.600% 01/12/2022 604,096 0.26450,000 Neuberger Berman Group LLC/

Neuberger Berman Finance Corp 4.500% 15/03/2027 471,930 0.20825,000 Nevada Power Co 6.650% 01/04/2036 1,114,538 0.48750,000 New York City Water & Sewer System 5.440% 15/06/2043 958,342 0.41305,000 New York Life Global Funding 2.350% 14/07/2026 292,198 0.13750,000 Newell Brands Inc 5.375% 01/04/2036 868,417 0.37700,000 NiSource Finance Corp 4.800% 15/02/2044 761,191 0.33806,000 Nucor Corp 5.750% 01/12/2017 819,081 0.35295,000 Oncor Electric Delivery Co LLC 4.100% 01/06/2022 314,406 0.14

99,000 Oracle Corp 3.625% 15/07/2023 104,531 0.04484,000 Oracle Corp 3.400% 08/07/2024 504,464 0.22750,000 Oracle Corp 4.000% 15/07/2046 759,353 0.33130,000 Owens Corning 4.200% 15/12/2022 137,320 0.06400,000 Pacific Gas & Electric Co 5.125% 15/11/2043 476,266 0.20500,000 Pacific Life Insurance Co 7.900% 30/12/2023 621,244 0.27








72,000 PacifiCorp 2.950% 01/02/2022 73,677 0.03269,000 PepsiCo Inc 2.750% 05/03/2022 275,133 0.12250,000 Pfizer Inc 7.200% 15/03/2039 374,712 0.16950,000 Phillips 66 Partners LP 3.605% 15/02/2025 942,295 0.40

1,050,000 Pioneer Natural Resources Co 7.200% 15/01/2028 1,305,643 0.561,500,000 Pitney Bowes Inc 6.250% 15/03/2019 1,598,092 0.691,000,000 Plains All American Pipeline LP/

PAA Finance Corp 8.750% 01/05/2019 1,112,203 0.48145,000 Plains All American Pipeline LP/

PAA Finance Corp 4.500% 15/12/2026 146,920 0.06750,000 Port Authority of New York & New Jersey 4.926% 01/10/2051 882,337 0.38

1,326,000 Precision Castparts Corp 3.250% 15/06/2025 1,355,570 0.581,050,000 Principal Financial Group Inc 4.700% 15/05/2055 1,086,750 0.47

145,000 Progress Energy Inc 3.150% 01/04/2022 148,178 0.06750,000 Prologis LP 3.750% 01/11/2025 782,155 0.34

1,000,000 Prudential Financial Inc 5.625% 15/06/2043 1,100,000 0.47152,000 Puget Energy Inc 6.500% 15/12/2020 170,043 0.07661,000 Puget Energy Inc 5.625% 15/07/2022 739,229 0.32287,000 QUALCOMM Inc 3.000% 20/05/2022 294,528 0.13448,000 QUALCOMM Inc 3.450% 20/05/2025 460,938 0.20310,000 Reinsurance Group of America Inc 4.700% 15/09/2023 336,783 0.14750,000 Reinsurance Group of America Inc 3.950% 15/09/2026 763,711 0.33625,000 Reliance Steel & Aluminum Co 4.500% 15/04/2023 661,007 0.28

2,175,000 RenaissanceRe Finance Inc 3.700% 01/04/2025 2,195,419 0.94500,000 Republic Services Inc 6.200% 01/03/2040 652,481 0.28134,000 Rockwell Automation Inc 2.875% 01/03/2025 133,352 0.06290,000 RPM International Inc 5.250% 01/06/2045 326,684 0.14215,000 Sabine Pass Liquefaction LLC 4.200% 15/03/2028 217,665 0.09

1,075,000 Shire Acquisitions Investments Ireland DAC 2.400% 23/09/2021 1,063,522 0.46575,000 Simon Property Group LP 4.250% 01/10/2044 576,209 0.25750,000 Sirius XM Radio Inc 5.250% 15/08/2022 772,883 0.33

56,000 Southern California Edison Co 3.875% 01/06/2021 59,251 0.03750,000 Southern California Edison Co 4.650% 01/10/2043 857,191 0.37233,000 Stanley Black & Decker Inc 2.900% 01/11/2022 236,506 0.10

1,750,000 SVB Financial Group 3.500% 29/01/2025 1,720,505 0.74340,000 Tanger Properties LP 3.125% 01/09/2026 319,248 0.14260,000 Tech Data Corp 3.750% 21/09/2017 260,803 0.11305,000 Tech Data Corp 3.700% 15/02/2022 311,548 0.13750,000 Time Warner Cable LLC 7.300% 01/07/2038 961,465 0.41

1,125,000 Time Warner Inc 3.600% 15/07/2025 1,124,385 0.48768,000 Toyota Motor Credit Corp 3.400% 15/09/2021 803,040 0.35

1,500,000 Trinity Acquisition Plc 3.500% 15/09/2021 1,537,507 0.66233,000 Tyson Foods Inc 3.950% 15/08/2024 244,181 0.10750,000 Tyson Foods Inc 4.875% 15/08/2034 822,953 0.35448,000 Union Pacific Corp 4.163% 15/07/2022 485,080 0.21350,000 UnitedHealth Group Inc 4.750% 15/07/2045 403,016 0.17

2,000,000 Verizon Communications Inc 3.500% 01/11/2024 2,021,640 0.871,350,000 Verizon Communications Inc 6.550% 15/09/2043 1,680,161 0.72

500,000 Visa Inc 4.300% 14/12/2045 549,764 0.24381,000 Weingarten Realty Investors 3.375% 15/10/2022 385,832 0.17548,000 Weingarten Realty Investors 3.850% 01/06/2025 552,427 0.24

1,025,000 Wells Fargo & Co 3.500% 08/03/2022 1,065,519 0.46800,000 Wells Fargo & Co 5.606% 15/01/2044 953,459 0.41555,000 Western Gas Partners LP 5.450% 01/04/2044 565,364 0.24








48,000 Whirlpool Corp 3.700% 01/03/2023 49,727 0.02140,000 Willis North America Inc 3.600% 15/05/2024 141,620 0.06750,000 XLIT Ltd 4.450% 31/03/2025 774,452 0.33100,000 Xylem Inc/NY 3.250% 01/11/2026 99,778 0.0463,000 Zimmer Biomet Holdings Inc 4.625% 30/11/2019 66,356 0.03

941,000 Zimmer Biomet Holdings Inc 3.550% 01/04/2025 952,047 0.41550,000 Zimmer Biomet Holdings Inc 4.450% 15/08/2045 551,262 0.24

–––––––––––– ––––––––179,132,643 76.97


–––––––––––– ––––––––

Transferable Securities (Government Bonds) - 3.01% (31Dec 2016: 3.56%)

Colombia - 0.59% (31 Dec 2016: 0.48%)

750,000 Colombia Government International Bond 4.000% 26/02/2024 780,000 0.33250,000 Colombia Government International Bond 5.625% 26/02/2044 274,063 0.12325,000 Colombia Government International Bond 5.000% 15/06/2045 328,250 0.14

–––––––––––– ––––––––1,382,313 0.59

–––––––––––– ––––––––Mexico - 0.89% (31 Dec 2016: 0.61%)

750,000 Mexico Government International Bond 3.625% 15/03/2022 779,438 0.341,150,000 Mexico Government International Bond 5.550% 21/01/2045 1,290,875 0.55

–––––––––––– ––––––––2,070,313 0.89

–––––––––––– ––––––––Panama - 0.46% (31 Dec 2016: 0.48%)

725,000 Panama Government International Bond 9.375% 01/04/2029 1,070,281 0.46–––––––––––– ––––––––

Peru - 0.20% (31 Dec 2016: Nil)

375,000 Peruvian Government International Bond 5.625% 18/11/2050 456,563 0.20–––––––––––– ––––––––

Philippines - 0.44% (31 Dec 2016: 0.47%)

250,000 Philippine Government International Bond 7.750% 14/01/2031 361,406 0.15500,000 Philippine Government International Bond 6.375% 23/10/2034 671,875 0.29

–––––––––––– ––––––––1,033,281 0.44

–––––––––––– ––––––––Poland - 0.36% (31 Dec 2016: 0.39%)

750,000 Republic of Poland Government International Bond 5.125% 21/04/2021 826,406 0.36


150,000 United States Treasury Note/Bond 3.500% 15/02/2039 169,523 0.07–––––––––––– ––––––––

Total Transferable Securities (Government Bonds) 7,008,680 3.01


–––––––––––– ––––––––




Financial Derivative Instruments* - ((0.02)%) (31 Dec 2016: 0.00%)

Open Futures Contracts - ((0.02)%) (31 Dec 2016: 0.00%)




(14,990,776) 118.04 127 of U.S. 5 Year Treasury Note FuturesShort Futures ContractsExpiring September 2017 25,611 0.01

5,661,141 153.00 37 of U.S. Long Bond FuturesLong futures ContractsExpiring September 2017 25,297 0.01

3,246,369 135.27 24 of U.S.10 Year Ultra FuturesLong Futures ContractsExpiring September 2017 (10,869) 0.00

21,211,134 108.22 98 of U.S. 2 Year Treasury Note FuturesLong Futures ContractsExpiring September 2017 (32,415) (0.01)

(5,079,960) 163.87 31 of U.S. Ultra Bond FuturesShort Futures ContractsExpiring September 2017 (62,165) (0.03)


–––––––––––– ––––––––Net unrealised loss on open futures contracts (54,541) (0.02)

–––––––––––– ––––––––

Open Forward Foreign Currency Exchange Contracts - (0.00%) (31 Dec 2016: Nil)

Unrealised



06/07/2017 State Street Bank US$ 4,492,725 £ 3,450,000 (875) 0.00–––––––––––– ––––––––

Unrealised loss on open forward foreign currency exchange contracts (875) 0.00–––––––––––– ––––––––

Net unrealised loss on open forward foreign currency exchange contracts (875) 0.00


–––––––––––– ––––––––

Fair Value % of Net

US$ Assets

Total Investments 225,152,473 96.75Cash at bank 451,673 0.19Cash due to broker 145,010 0.06Other net assets 6,975,257 3.00


–––––––––––– –––––––––––––––––––– ––––––––




Classification

*All financial derivative instruments are traded over the counter (“OTC”).All transferable securities are admitted to an official stock exchange listing.The broker for the open futures contracts is Morgan Stanley.The counterparty for the open forward foreign currency exchange contracts is State Street Bank.


Transferable securities admitted to an official stock exchange listing 70.47Transferable securities dealt in on another regulated market 25.81Other transferable securities of the type referred to in Regulation 68(1)(a), (b) and (c) 0.41Exchange traded financial derivative instruments 0.02Other current assets 3.29


––––––––––––––––






Transferable Securities (Corporate Bonds) - 97.08%

Canada - 2.70%

2,000,000 Jupiter Resources Inc 8.500% 01/10/2022 1,505,000 1.09697,000 Kinross Gold Corp 4.500% 15/07/2027 697,871 0.51

1,490,000 Teine Energy Ltd 6.875% 30/09/2022 1,517,938 1.10–––––––––––– ––––––––

3,720,809 2.70–––––––––––– ––––––––

Denmark - 0.85%

1,200,000 Welltec A/S 8.000% 01/02/2019 1,167,000 0.85–––––––––––– ––––––––

France - 2.72%

1,750,000 Altice Luxembourg SA 7.625% 15/02/2025 1,929,812 1.40350,000 SFR Group SA 6.000% 15/05/2022 366,188 0.26

1,350,000 SFR Group SA 7.375% 01/05/2026 1,459,687 1.06–––––––––––– ––––––––

3,755,687 2.72–––––––––––– ––––––––

Ghana - 1.33%

2,000,000 Tullow Oil Plc 6.250% 15/04/2022 1,832,500 1.33–––––––––––– ––––––––

Ireland - 1.22%


–––––––––––– ––––––––Italy - 0.58%

744,000 Telecom Italia SpA 5.303% 30/05/2024 800,730 0.58–––––––––––– ––––––––

Jamaica - 0.68%

1,000,000 Digicel Group Ltd 8.250% 30/09/2020 938,020 0.68–––––––––––– ––––––––

Portugal - 0.46%


United Arab Emirates - 0.94%

1,300,000 Topaz Marine SA 8.625% 01/11/2018 1,304,173 0.94–––––––––––– ––––––––

United States - 85.60%

969,000 A Schulman Inc 6.875% 01/06/2023 1,029,562 0.75697,000 Accudyne Industries Borrower/

Accudyne Industries LLC 7.750% 15/12/2020 700,485 0.511,750,000 Aircastle Ltd 5.000% 01/04/2023 1,876,875 1.361,500,000 Alere Inc 6.500% 15/06/2020 1,528,125 1.112,000,000 Allegheny Technologies Inc 5.950% 15/01/2021 2,015,000 1.46

321,000 Alliance Resource Operating Partners LP/Alliance Resource Finance Corp 7.500% 01/05/2025 337,853 0.24

2,000,000 Allison Transmission Inc 5.000% 01/10/2024 2,055,000 1.491,500,000 Ally Financial Inc 8.000% 01/11/2031 1,845,000 1.34

230,000 AMC Entertainment Holdings Inc 6.125% 15/05/2027 243,800 0.181,499,000 AmeriGas Partners LP/AmeriGas Finance Corp 5.750% 20/05/2027 1,521,485 1.101,850,000 Amsted Industries Inc 5.375% 15/09/2024 1,924,000 1.39

543,000 Appvion Inc 9.000% 01/06/2020 285,075 0.211,756,000 Block Communications Inc 6.875% 15/02/2025 1,887,700 1.371,500,000 C&S Group Enterprises LLC 5.375% 15/07/2022 1,485,000 1.08

607,000 Cardtronics Inc/Cardtronics USA Inc 5.500% 01/05/2025 622,175 0.451,500,000 Carlson Travel Inc 6.750% 15/12/2023 1,530,000 1.11

Barings Umbrella Fund PlcBarings U.S. High Yield Bond Component Fund





Transferable Securities (Corporate Bonds) - 97.08% (continued)

United States - 85.60% (continued)

1,300,000 Carlson Travel Inc 9.500% 15/12/2024 1,334,125 0.972,000,000 CCO Holdings LLC/CCO Holdings Capital Corp 5.125% 01/05/2027 2,058,140 1.491,610,000 Change Healthcare Holdings LLC/

Change Healthcare Finance Inc 5.750% 01/03/2025 1,648,237 1.191,264,000 Chemours Co 7.000% 15/05/2025 1,380,920 1.00

236,000 Chemours Co 5.375% 15/05/2027 241,900 0.181,000,000 Chesapeake Energy Corp 8.000% 15/01/2025 1,000,000 0.72

515,000 CHS/Community Health Systems Inc 6.250% 31/03/2023 534,313 0.391,534,000 Citgo Holding Inc 10.750% 15/02/2020 1,679,730 1.221,500,000 Clear Channel Worldwide Holdings Inc 7.625% 15/03/2020 1,485,000 1.081,500,000 Clear Channel Worldwide Holdings Inc 7.625% 15/03/2020 1,498,125 1.091,500,000 CNO Financial Group Inc 5.250% 30/05/2025 1,596,000 1.16

938,000 Community Health Systems Inc 6.875% 01/02/2022 819,577 0.59592,000 Consolidated Energy Finance SA 6.750% 15/10/2019 607,540 0.44703,000 Consolidated Energy Finance SA 6.875% 15/06/2025 725,848 0.53

1,500,000 Continental Resources Inc/OK 4.900% 01/06/2044 1,260,000 0.911,500,000 Coveris Holdings SA 7.875% 01/11/2019 1,485,000 1.081,286,000 CSVC Acquisition Corp 7.750% 15/06/2025 1,317,346 0.95

398,000 Deck Chassis Acquisition Inc 10.000% 15/06/2023 442,775 0.322,000,000 Dell International LLC/EMC Corp 7.125% 15/06/2024 2,200,270 1.591,000,000 DISH DBS Corp 7.750% 01/07/2026 1,187,500 0.86

203,000 Eagle Holding Co II LLC 7.625% 15/05/2022 209,344 0.15636,000 Endo Dac/Endo Finance LLC/Endo Finco Inc 6.000% 01/02/2025 524,700 0.38

1,200,000 EnPro Industries Inc 5.875% 15/09/2022 1,257,000 0.912,000,000 EP Energy LLC/Everest Acquisition Finance 8.000% 15/02/2025 1,487,500 1.082,000,000 Ferrellgas Partners LP/

Ferrellgas Partners Finance Corp 8.625% 15/06/2020 1,905,000 1.381,500,000 Gates Global LLC/Gates Global Co 6.000% 15/07/2022 1,515,000 1.101,000,000 Genesis Energy LP/

Genesis Energy Finance Corp 6.000% 15/05/2023 985,000 0.711,000,000 HCA Inc 5.875% 15/02/2026 1,082,500 0.781,931,000 Hertz Corp 7.625% 01/06/2022 1,931,000 1.402,000,000 Hughes Satellite Systems Corp 5.250% 01/08/2026 2,097,500 1.52

780,000 Hughes Satellite Systems Corp 6.625% 01/08/2026 840,450 0.612,000,000 Icahn Enterprises LP/

Icahn Enterprises Finance Corp 6.750% 01/02/2024 2,097,500 1.521,000,000 JBS USA LUX SA/JBS USA Finance Inc 5.875% 15/07/2024 942,500 0.681,055,000 KeHE Distributors LLC/KeHE Finance Corp 7.625% 15/08/2021 1,060,275 0.771,500,000 Kenan Advantage Group Inc 7.875% 31/07/2023 1,571,250 1.14

800,000 Kinross Gold Corp 6.875% 01/09/2041 858,000 0.621,800,000 Kissner Holdings LP/Kissner Milling Co Ltd/

BSC Holding Inc/Kissner USA 8.375% 01/12/2022 1,876,500 1.362,000,000 Kosmos Energy Ltd 7.875% 01/08/2021 2,050,000 1.492,000,000 LBC Tank Terminals Holding Netherlands BV 6.875% 15/05/2023 2,085,000 1.511,500,000 Lennar Corp 4.500% 30/04/2024 1,548,750 1.12

500,000 Louisiana-Pacific Corp 4.875% 15/09/2024 511,875 0.371,500,000 LPL Holdings Inc 5.750% 15/09/2025 1,563,750 1.131,000,000 Mallinckrodt International Finance SA/

Mallinckrodt CB LLC 5.500% 15/04/2025 880,000 0.641,500,000 Meritor Inc 6.250% 15/02/2024 1,571,250 1.141,500,000 Moog Inc 5.250% 01/12/2022 1,567,500 1.141,425,000 New Gold Inc 6.250% 15/11/2022 1,471,312 1.072,000,000 NRG Energy Inc 7.250% 15/05/2026 2,080,000 1.51

169,000 Orchestra Borrower LLC/Orchestra Co-Issuer 6.750% 15/06/2022 175,338 0.13








711,000 Ortho-Clinical Diagnostics Inc/Ortho-Clinical Diagnostics SA 6.625% 15/05/2022 682,560 0.49

1,500,000 PBF Holding LLC/PBF Finance Corp 7.000% 15/11/2023 1,485,000 1.08294,000 Peabody Energy Corp 6.000% 31/03/2022 292,163 0.21392,000 Peabody Energy Corp 6.375% 31/03/2025 386,610 0.28

1,500,000 Penske Automotive Group Inc 5.375% 01/12/2024 1,515,000 1.10913,000 Post Holdings Inc 5.500% 01/03/2025 946,096 0.69

1,000,000 Post Holdings Inc 5.750% 01/03/2027 1,036,250 0.752,000,000 Prime Security Services Borrower LLC/

Prime Finance Inc 9.250% 15/05/2023 2,178,320 1.581,500,000 PulteGroup Inc 5.000% 15/01/2027 1,545,000 1.121,286,000 RegionalCare Hospital Partners Holdings Inc 8.250% 01/05/2023 1,385,665 1.00

770,000 Sirius XM Radio Inc 5.000% 01/08/2027 776,699 0.56919,000 Six Flags Entertainment Corp 4.875% 31/07/2024 923,025 0.67

1,500,000 SM Energy Co 6.750% 15/09/2026 1,428,750 1.042,000,000 Sprint Capital Corp 6.875% 15/11/2028 2,228,140 1.62

307,000 Sprint Corp 7.875% 15/09/2023 352,666 0.262,000,000 Standard Industries Inc 5.000% 15/02/2027 2,045,000 1.48

83,000 StoneMor Partners LP/Cornerstone Family Services of West Virginia Subsidiary 7.875% 01/06/2021 82,793 0.06

1,500,000 Suburban Propane Partners LP/Suburban Energy Finance Corp 5.875% 01/03/2027 1,500,000 1.09

1,079,000 SunCoke Energy Partners LP/SunCoke Energy Partners Finance Corp 7.500% 15/06/2025 1,070,907 0.78

220,000 Surgery Center Holdings Inc 6.750% 01/07/2025 222,750 0.161,250,000 T-Mobile USA Inc 6.500% 15/01/2026 1,386,250 1.01

209,000 Tempo Acquisition LLC/Tempo Acquisition Finance Corp 6.750% 01/06/2025 214,225 0.16

592,000 Tenet Healthcare Corp 4.625% 15/07/2024 594,220 0.43734,000 Tenet Healthcare Corp 5.125% 01/05/2025 737,670 0.53472,000 Tenet Healthcare Corp 4.625% 15/07/2024 473,770 0.34714,000 TIBCO Software Inc 11.375% 01/12/2021 788,970 0.57

2,000,000 TransDigm Inc 6.375% 15/06/2026 2,040,000 1.48206,000 Transocean Inc 6.800% 15/03/2038 151,410 0.11157,000 Transocean Inc 9.350% 15/12/2041 140,515 0.10750,000 Triumph Group Inc 4.875% 01/04/2021 749,063 0.54500,000 Triumph Group Inc 5.250% 01/06/2022 499,375 0.36716,000 USIS Merger Sub Inc 6.875% 01/05/2025 730,320 0.53

1,000,000 Valeant Pharmaceuticals International Inc 6.375% 15/10/2020 980,000 0.71184,000 Valeant Pharmaceuticals International Inc 6.500% 15/03/2022 193,430 0.14322,000 Valeant Pharmaceuticals International Inc 7.000% 15/03/2024 340,515 0.25

1,000,000 Valeant Pharmaceuticals International Inc 6.125% 15/04/2025 852,500 0.62873,000 Xerium Technologies Inc 9.500% 15/08/2021 929,745 0.67

1,000,000 Zachry Holdings Inc 7.500% 01/02/2020 1,035,000 0.76–––––––––––– ––––––––118,055,647 85.60


–––––––––––– ––––––––




Fair Value % of Net

US$ Assets

Total Investments 133,900,466 97.08Cash at to bank 718,623 0.52Other net assets 3,308,776 2.40


–––––––––––– –––––––––––––––––––– ––––––––


Transferable securities admitted to an official stock exchange listing 54.41Transferable securities dealt in on another regulated market 41.67Other current assets 3.92


––––––––––––––––




Barings Umbrella Fund PlcBarings U.S. Short Duration High Yield Bond Component Fund




Transferable Securities (Corporate Bonds) - 90.65%

Denmark - 2.30%

1,849,000 Welltec A/S 8.000% 01/02/2019 1,798,153 2.30–––––––––––– ––––––––

France - 2.01%

1,500,000 SFR Group SA 6.000% 15/05/2022 1,569,375 2.01–––––––––––– ––––––––

Portugal - 2.81%


United States - 83.53%

2,000,000 Aircastle Ltd 4.625% 15/12/2018 2,072,500 2.65500,000 Alere Inc 7.250% 01/07/2018 500,750 0.64

1,000,000 Allegheny Technologies Inc 9.375% 01/06/2019 1,088,750 1.391,000,000 Allegiant Travel Co 5.500% 15/07/2019 1,042,500 1.331,000,000 Ally Financial Inc 3.750% 18/11/2019 1,025,000 1.311,500,000 American Airlines Group Inc 4.625% 01/03/2020 1,557,030 1.992,000,000 Anixter Inc 5.625% 01/05/2019 2,112,500 2.701,000,000 Cablevision Systems Corp 8.000% 15/04/2020 1,116,250 1.433,000,000 CF Industries Inc 6.875% 01/05/2018 3,116,250 3.99

589,000 CHS/Community Health Systems Inc 6.250% 31/03/2023 611,087 0.781,000,000 Citgo Holding Inc 10.750% 15/02/2020 1,095,000 1.401,000,000 Clear Channel Worldwide Holdings Inc 7.625% 15/03/2020 998,750 1.28

788,000 Consolidated Energy Finance SA 6.750% 15/10/2019 808,685 1.031,000,000 Coveris Holdings SA 7.875% 01/11/2019 990,000 1.271,000,000 CSC Holdings LLC 7.625% 15/07/2018 1,060,000 1.362,000,000 DISH DBS Corp 7.875% 01/09/2019 2,210,000 2.831,500,000 EMC Corp 2.650% 01/06/2020 1,469,276 1.882,498,000 EnPro Industries Inc 5.875% 15/09/2022 2,616,655 3.351,000,000 Ferrellgas LP/Ferrellgas Finance Corp 6.750% 15/01/2022 946,880 1.211,000,000 Freeport-McMoRan Inc 2.375% 15/03/2018 999,400 1.281,000,000 Frontier Communications Corp 8.125% 01/10/2018 1,058,750 1.351,000,000 GCI Inc 6.750% 01/06/2021 1,026,250 1.311,000,000 Genesis Energy LP/

Genesis Energy Finance Corp 5.750% 15/02/2021 1,000,000 1.281,500,000 Halyard Health Inc 6.250% 15/10/2022 1,571,250 2.011,000,000 Hertz Corp 6.750% 15/04/2019 1,000,000 1.282,000,000 HCA Inc 8.000% 01/10/2018 2,145,500 2.75

165,000 Hughes Satellite Systems Corp 6.500% 15/06/2019 178,819 0.231,500,000 Icahn Enterprises LP/

Icahn Enterprises Finance Corp 5.875% 01/02/2022 1,543,125 1.971,000,000 JBS USA LUX SA/JBS USA Finance Inc 7.250% 01/06/2021 1,004,500 1.29

505,000 KeHE Distributors LLC/KeHE Finance Corp 7.625% 15/08/2021 507,525 0.651,500,000 Kinross Gold Corp 5.125% 01/09/2021 1,605,000 2.052,000,000 Lennar Corp 4.125% 15/01/2022 2,077,500 2.661,000,000 Mallinckrodt International Finance SA 3.500% 15/04/2018 1,002,500 1.281,500,000 NCL Corp Ltd 4.750% 15/12/2021 1,556,400 1.991,250,000 NRG Energy Inc 6.250% 15/07/2022 1,289,062 1.651,500,000 PH Glatfelter Co 5.375% 15/10/2020 1,537,500 1.971,000,000 Prime Security Services Borrower LLC/

Prime Finance Inc 9.250% 15/05/2023 1,089,160 1.391,000,000 RegionalCare Hospital Partners Holdings Inc 8.250% 01/05/2023 1,077,500 1.382,000,000 Rockies Express Pipeline LLC 6.000% 15/01/2019 2,090,000 2.67

500,000 Simmons Foods Inc 7.875% 01/10/2021 532,500 0.68295,000 Southern Star Central Corp 5.125% 15/07/2022 301,638 0.39

1,500,000 Sprint Communications Inc 7.000% 15/08/2020 1,646,700 2.11






1,500,000 Sunoco LP/Sunoco Finance Corp 5.500% 01/08/2020 1,543,125 1.97450,000 TEGNA Inc 5.125% 15/07/2020 462,938 0.59

2,000,000 Tenet Healthcare Corp 6.250% 01/11/2018 2,116,000 2.711,000,000 Tesoro Corp 4.250% 01/10/2017 1,005,125 1.291,500,000 Tesoro Logistics LP/

Tesoro Logistics Finance Corp 5.500% 15/10/2019 1,591,875 2.041,500,000 TransDigm Inc 5.500% 15/10/2020 1,531,875 1.961,000,000 Triumph Group Inc 4.875% 01/04/2021 998,750 1.28

292,000 Valeant Pharmaceuticals International Inc 6.750% 15/08/2018 293,460 0.38416,000 Valeant Pharmaceuticals International Inc 6.500% 15/03/2022 437,320 0.56

1,000,000 West Corp 4.750% 15/07/2021 1,021,250 1.31–––––––––––– ––––––––

65,280,160 83.53–––––––––––– ––––––––


–––––––––––– ––––––––

Fair Value % of Net

US$ Assets

Total Investments 70,847,438 90.65Cash at bank 6,153,438 7.87Other net assets 1,154,073 1.48


–––––––––––– –––––––––––––––––––– ––––––––


Transferable securities admitted to an official stock exchange listing 65.13Transferable securities dealt in on another regulated market 25.52Other current assets 9.35


––––––––––––––––

There are no comparatives as this Sub-Fund launched on 15 February 2017





Significant Changes in Portfolio Compositionfor the financial period ended 30 June 2017

Purchases

Cost

Issuer US$

Jerrold Finco Plc, 6.125%, due 15/01/2024 3,293,232Valeant Pharmaceuticals International Inc, 7.000%, due 15/03/2024 2,850,875Peabody Energy Corp, 6.375%, due 31/03/2025 2,806,125Hertz Corp, 7.625%, due 01/06/2022 2,687,215SFR Group SA, 6.000%, due 15/05/2022 2,465,829CHS, 6.250%, due 31/03/2023 2,452,963EP Energy LLC, 8.000%, due 15/02/2025 2,408,500Norican A/S, 4.500%, due 15/05/2023 2,326,732Voyage Care Bondco Plc, 5.875%, due 01/05/2023 2,307,276Heathrow Finance Plc, 3.875%, due 01/03/2027 1,944,300CSVC Acquisition Corp, 7.750%, due 15/06/2025 1,874,000Orchestra Borrower LLC, 6.750%, due 15/06/2022 1,783,125Travelex Financing Plc, 8.000%, due 15/05/2022 1,740,000Chesapeake Energy Corp, 8.000%, due 15/12/2022 1,586,250CPUK Finance Ltd, 4.250%, due 28/08/2022 1,546,081Veritas US Inc/Veritas Bermuda Ltd, 7.500%, due 01/02/2023 1,463,063Institutional Cash Series PLC - Institutional US Dollar Liquidity Fund 1,430,000B&M European Value Retail SA, 4.125%, due 01/02/2022 1,407,437Ocado Group Plc, 4.000%, due 15/06/2024 1,402,115Cognita Financing Plc, 7.750%, due 15/08/2021 1,353,483Loxam SAS, 4.250%, due 15/04/2024 1,348,600WFS Global Holding SAS, 9.500%, due 15/07/2022 1,325,436IDH Finance Plc, 6.250%, due 15/08/2022 1,171,696Monitchem HoldCo 3 SA, 5.250%, due 15/06/2021 1,147,911Charter Communications Operating LLC, 5.375%, due 01/05/2047 1,065,290Novafives SAS, 4.500%, due 30/06/2021 1,064,338THC Escrow Corp III, 5.125%, due 01/05/2025 1,019,000INEOS Group Holdings SA, 5.375%, due 01/08/2024 1,005,553Telenet Finance VI Luxembourg SCA, 4.875%, due 15/07/2027 993,014Galapagos SA, 5.375%, due 15/06/2021 982,898Moto Finance Plc, 4.500%, due 01/10/2022 977,601CHS, 5.125%, due 15/08/2018 948,553Cabot Financial Luxembourg SA, 7.500%, due 01/10/2023 896,684Welltec A/S, 8.000%, due 01/02/2019 889,136Takko Luxembourg 2 SCA, 6.668%, due 15/04/2019 831,363THC Escrow Corp III, 4.625%, due 15/07/2024 821,000KCA Deutag UK Finance Plc, 9.875%, due 01/04/2022 791,882CPUK Finance Ltd, 4.875%, due 28/08/2025 773,040Carlson Travel Inc, 6.750%, due 15/12/2023 772,500Tenet Healthcare Corp, 4.625%, due 15/07/2024 655,000



Significant Changes in Portfolio Compositionfor the financial period ended 30 June 2017 (continued)

Sales

Proceeds

Issuer US$

Marlin Intermediate Holdings Plc, 10.500%, due 01/08/2020 3,234,272Vue International Bidco Plc, 7.875%, due 15/07/2020 2,872,618Shelf Drilling Holdings Ltd, 9.500%, due 02/11/2020 2,397,794SFR Group SA, 6.000%, due 15/05/2022 2,303,000LSB Industries Inc, 8.500%, due 01/08/2019 2,252,475Keystone Financing Plc, 9.500%, due 15/10/2019 2,222,049Pizzaexpress Financing 2 Plc, 6.625%, due 01/08/2021 2,143,063Charter Communications Operating LLC, 4.908%, due 23/07/2025 2,106,940CPUK Finance Ltd, 7.000%, due 28/08/2020 2,091,639eircom Finance DAC, 4.500%, due 31/05/2022 1,861,170SFR Group SA, 5.625%, due 15/05/2024 1,764,746TPC Group Inc, 8.750%, due 15/12/2020 1,746,4021011778 BC ULC/New Red Finance Inc 6.000%, due 01/04/2022 1,744,105Synlab Bondco Plc, 6.250%, due 01/07/2022 1,743,843Institutional Cash Series PLC - Institutional US Dollar Liquidity Fund 1,551,281LSF9 Balta Issuer SA, 7.750%, due 15/09/2022 1,451,808Tenet Healthcare Corp, 6.250%, due 01/11/2018 1,356,435Sabine Pass Liquefaction LLC, 5.625%, due 15/04/2023 1,326,377Douglas GmbH, 6.250%, due 15/07/2022 1,289,465Sabine Pass Liquefaction LLC, 5.625%, due 01/02/2021 1,213,371Constellium NV, 7.875%, due 01/04/2021 1,211,726Paroc Group Oy, 6.250%, due 15/05/2020 1,117,164Wind Acquisition Finance SA, 4.000%, due 15/07/2020 1,081,301UPCB Finance IV Ltd, 4.000%, due 15/01/2027 1,070,210AA Bond Co Ltd, 5.500%, due 31/07/2022 1,016,123Verallia Packaging SASU, 5.125%, due 01/08/2022 958,900BMC East LLC, 5.500%, due 01/10/2024 929,929Entertainment One Ltd, 6.875%, due 15/12/2022 922,602Telenet Finance VI Luxembourg SCA, 4.875%, due 15/07/2027 917,404Ineos Finance Plc, 4.000%, due 01/05/2023 885,7891011778 BC ULC/New Red Finance Inc, 4.625%, due 15/01/2022 874,470Play Finance 2 SA, 5.250%, due 01/02/2019 871,545Dell International LLC, 5.450%, due 15/06/2023 864,620Sabine Pass Liquefaction LLC, 5.750%, due 15/05/2024 822,214Paroc Group Oy, 0.000%, due 15/05/2020 810,105Sabine Pass Liquefaction LLC, 5.875%, due 30/06/2026 790,349Verisure Holding AB, 6.000%, due 01/11/2022 776,287Lock AS, 7.000%, due 15/08/2021 737,142Berry Plastics Corp, 6.000%, due 15/10/2022 681,375

Listed above are aggregate purchases of securities exceeding 1 per cent of the total value of purchases for the financial periodended 30 June 2017 and aggregate sales greater than 1 per cent of the total value of sales for the financial period ended 30June 2017.

At a minimum, the largest 20 purchases and sales are required to be disclosed, if applicable.




Purchases

Cost

Issuer €

Deutsche Global Liquidity Series Plc - Managed Euro Fund 13,500,000Garfunkelux Holdco 3 SA, 8.500%, due 01/11/2022 5,980,709Loxam SAS, 6.000%, due 15/04/2025 5,555,113Jerrold Finco Plc, 6.125%, due 15/01/2024 5,468,849Ardagh Packaging Finance Plc, 4.750%, due 15/07/2027 5,251,347INEOS Group Holdings SA, 5.375%, due 01/08/2024 5,124,000KCA Deutag UK Finance Plc, 9.875%, due 01/04/2022 3,756,898Constellium NV, 7.000%, due 15/01/2023 3,608,813Valeant Pharmaceuticals International Inc, 4.500%, due 15/05/2023 3,496,250Norican A/S, 4.500%, due 15/05/2023 3,476,500Cabot Financial Luxembourg SA, 7.500%, due 01/10/2023 3,450,081Voyage Care Bondco Plc, 5.875%, due 01/05/2023 3,411,421PSPC Escrow Corp, 6.000%, due 01/02/2023 3,363,875Huntsman International LLC, 4.250%, due 01/04/2025 3,182,500Quintiles IMS Inc, 3.250%, due 15/03/2025 3,150,000Intrum Justitia AB, 3.125%, due 15/07/2024 3,100,000Travelex Financing Plc, 8.000%, due 15/05/2022 3,050,000WFS Global Holding SAS, 9.500%, due 15/07/2022 2,938,500Veritas US Inc/Veritas Bermuda Ltd, 10.500%, due 01/02/2024 2,873,204CPUK Finance Ltd, 4.250%, due 28/08/2022 2,872,432SFR Group SA, 6.000%, due 15/05/2022 2,834,108Jaguar Land Rover Automotive Plc, 3.875%, due 01/03/2023 2,783,519AMC Entertainment Holdings Inc, 6.375%, due 15/11/2024 2,737,357Ziggo Secured Finance BV, 4.250%, due 15/01/2027 2,668,750Moto Finance Plc, 4.500%, due 01/10/2022 2,600,834Takko Luxembourg 2 SCA, 6.668%, due 15/04/2019 2,565,750Ocado Group Plc, 4.000%, due 15/06/2024 2,556,686Galapagos SA, 5.375%, due 15/06/2021 2,487,500Travelex Financing PL,C 8.000%, 01/08/2018 2,458,338Novafives SAS, 4.500%, due 30/06/2021 2,426,250IDH Finance Plc, 6.250%, due 15/08/2022 2,277,613B&M European Value Retail SA, 4.125%, due 01/02/2022 2,210,841CEVA Group Plc, 7.000%, due 01/03/2021 2,175,508CEMEX Finance LLC, 4.625%, due 15/06/2024 2,155,000Infor US Inc, 5.750%, due 15/05/2022 2,138,550Carlson Travel Inc, 6.750%, due 15/12/2023 1,985,052AA Bond Co Ltd, 5.500%, due 31/07/2022 1,970,590Altice Luxembourg SA, 6.250%, due 15/02/2025 1,906,575


Sales

Proceeds

Issuer €

Deutsche Global Liquidity Series Plc - Managed Euro Fund 15,492,291SIG Combibloc Holdings SCA, 7.750%, due 15/02/2023 5,713,863Ardagh Packaging Finance Plc, 6.750%, due 15/05/2024 3,382,920Constellium NV, 7.875%, due 01/04/2021 3,136,546Worldpay Finance Plc, 3.750%, due 15/11/2022 3,124,750Garfunkelux Holdco 3 SA, 7.500%, due 01/08/2022 3,112,125Lock AS, 7.000%, due 15/08/2021 2,988,938Platform Specialty Products Corp, 10.375%, due 01/05/2021 2,862,979eircom Finance DAC, 4.500%, due 31/05/2022 2,847,200Huntsman International LLC, 4.250%, due 01/04/2025 2,755,750Darling Global Finance BV, 4.750%, due 30/05/2022 2,718,938Horizon Holdings I SAS, 7.250%, due 01/08/2023 2,695,000Synlab Bondco Plc, 6.250%, due 01/07/2022 2,667,438Paroc Group Oy, 6.250%, due 15/05/2020 2,581,625Iron Mountain Europe Plc, 6.125%, due 15/09/2022 2,357,573Constellium NV, 7.000%, due 15/01/2023 2,120,000ZF North America Capital Inc, 4.750%, due 29/04/2025 2,093,064Axalta Coating Systems LLC, 4.250%, due 15/08/2024 2,092,350Campofrio Food Group SA, 3.375%, due 15/03/2022 2,032,875VWR Funding Inc, 4.625%, due 15/04/2022 2,020,688Sealed Air Corp, 4.500%, due 15/09/2023 2,020,500Elis SA, 3.000%, due 30/04/2022 1,999,480WEPA Hygieneprodukte GmbH, 3.750%, due 15/05/2024 1,987,875Goodyear Dunlop Tires Europe BV, 3.750%, due 15/12/2023 1,959,563Fresenius US Finance II Inc, 4.500%, due 15/01/2023 1,947,999HomeVi SAS, 6.875%, due 15/08/2021 1,947,120Vue International Bidco Plc, 7.875%, due 15/07/2020 1,923,211Debenhams Plc, 5.250%, due 15/07/2021 1,741,285Rexel SA, 3.500%, due 15/06/2023 1,740,750Douglas Gmbh, 6.250%, due 15/07/2022 1,640,625Veritas US Inc/Veritas Bermuda Ltd, 7.500%, due 01/02/2023 1,631,250Ence Energia y Celulosa SA, 5.380%, due 01/11/2022 1,621,875ProGroup AG, 5.125%, due 01/05/2022 1,612,500Pizzaexpress Financing 2 Plc, 6.625%, due 01/08/2021 1,600,269Ziggo Bond Co BV, 7.125%, due 15/05/2024 1,587,600Sappi Papier Holding GmbH, 3.375%, due 01/04/2022 1,563,750TalkTalk Telecom Group Plc, 5.375%, due 15/01/2022 1,457,424Hanesbrands Inc, 4.875%, due 15/05/2026 1,417,204CPUK Finance Ltd, 7.000%, due 28/08/2020 1,237,606








Purchases

Cost

Issuer US$

Institutional Cash Series Plc - Institutional US Dollar Liquidity Fund 41,600,000Accudyne Industries Borrower/Accudyne Industries LLC, 7.750%, due 15/12/2020 6,823,738Hertz Corp, 7.625%, due 01/06/2022 6,429,522EP Energy LLC/Everest Acquisition Finance Inc, 8.000%, due 15/02/2025 6,001,781NFP Corp, 6.875%, due 15/07/2025 6,000,000LPL Holdings Inc, 5.750%, due 15/09/2025 6,000,000CSVC Acquisition Corp, 7.750%, due 15/06/2025 5,983,000Hertz Corp, 6.750%, due 15/04/2019 5,901,780Molina Healthcare Inc, 4.875%, due 15/06/2025 5,761,000TransDigm Inc, 6.375%, due 15/06/2026 5,721,694Allegheny Technologies Inc, 5.950%, due 15/01/2021 5,430,609Jupiter Resources Inc, 8.500%, due 01/10/2022 5,330,548ATS Automation Tooling Systems Inc, 6.500%, due 15/06/2023 5,225,000USIS Merger Sub Inc, 6.875%, due 01/05/2025 5,000,000Prime Security Services Borrower LLC/Prime Finance Inc, 9.250%, due 15/05/2023 4,916,875Ortho-Clinical Diagnostics Inc/Ortho-Clinical Diagnostics SA, 6.625%, due 15/05/2022 4,790,753Unitymedia Hessen GmbH & Co KG/Unitymedia NRW GmbH, 6.250%, due 15/01/2029 4,493,401Carrols Restaurant Group Inc, 8.000%, due 01/05/2022 4,260,000Virgin Media Finance Plc, 6.000%, due 15/10/2024 4,240,000SunCoke Energy Partners LP/SunCoke Energy Partners Finance Corp, 7.500%, due 15/06/2025 4,138,531Sunoco LP/Sunoco Finance Corp, 6.250%, due 15/04/2021 4,072,745Community Health Systems Inc, 6.875%, due 01/02/2022 4,003,656Chemours Co, 5.375%, due 15/05/2027 4,000,279SFR Group SA, 6.000%, due 15/05/2022 3,713,304Icahn Enterprises LP/Icahn Enterprises Finance Corp, 6.750%, due 01/02/2024 3,689,000Citgo Holding Inc, 10.750%, due 15/02/2020 3,609,005Sirius XM Radio Inc, 5.000%, due 01/08/2027 3,584,000Symantec Corp, 5.000%, due 15/04/2025 3,575,965


Sales

Proceeds

Issuer US$

Institutional Cash Series Plc - Institutional US Dollar Liquidity Fund 38,917,198CPI International Inc, 8.750%, due 15/02/2018 12,444,553Allied Specialty Vehicles Inc, 8.500%, due 01/11/2019 10,445,000Platform Specialty Products Corp, 10.375%, due 01/05/2021 6,212,845Hecla Mining Co, 6.875%, due 01/05/2021 5,639,850Xerium Technologies Inc, 9.500%, due 15/08/2021 5,306,435Capsugel SA, 7.000%, due 15/05/2019 5,194,558Infor Software Parent LLC/Infor Software Parent Inc, 7.125%, due 01/05/2021 5,072,730Griffon Corp, 5.250%, due 01/03/2022 4,694,864CTP Transportation Products LLC/CTP Finance Inc, 8.250%, due 15/12/2019 4,326,300NCL Corp Ltd, 4.750%, due 15/12/2021 4,030,000MHGE Parent LLC/MHGE Parent Finance Inc, 8.500%, due 01/08/2019 3,926,400HCA Inc, 5.875%, due 15/02/2026 3,882,750Continental Resources Inc/OK, 5.000%, due 15/09/2022 3,685,500Symantec Corp, 5.000%, due 15/04/2025 3,581,460Callon Petroleum Co, 6.125%, due 01/10/2024 3,380,000NXP BV/NXP Funding LLC, 3.875%, due 01/09/2022 3,067,500Parsley Energy LLC/Parsley Finance Corp, 5.375%, due 15/01/2025 2,947,898Cerberus Nightingale 1 SARL, 8.250%, due 01/02/2020 2,735,766EnPro Industries Inc, 5.875%, due 15/09/2022 2,732,100ServiceMaster LLC, 5.125%, due 15/11/2024 2,721,375CrownRock LP/CrownRock Finance Inc, 7.750%, due 15/02/2023 2,632,500AdvancePierre Foods Holdings Inc, 5.500%, due 15/12/2024 2,548,838Amsted Industries Inc, 5.375%, due 15/09/2024 2,512,500Summit Midstream Holdings LLC/Summit Midstream Finance Corp, 5.500%, due 15/08/2022 2,503,125StoneMor Partners LP/Cornerstone Family Services of West Virginia Subsidiary, 7.875%, due 01/06/2021 2,493,750Icahn Enterprises LP/Icahn Enterprises Finance Corp, 6.250%, due 01/02/2022 2,449,480








Purchases

Cost

Issuer US$

Bank of Ceylon, 6.875%, due 03/05/2017 3,079,928Petrobras Global Finance BV, 4.750%, due 14/01/2025 1,714,962Digicel Ltd, 6.000%, due 15/04/2021 1,452,750JBS Investments GmbH, 7.750%, due 28/10/2020 1,146,150Tauron Polska Energia SA, 2.375%, due 05/07/2027 1,131,804Arcor SAIC, 6.000%, due 06/07/2023 1,066,250Nemak SAB de CV, 3.250%, due 15/03/2024 1,055,800Emirates NBD 2014 Tier 1 Ltd, 6.375%, due 17/12/2049 1,046,375Vimpel Communications Via VIP Finance Ireland Ltd OJSC, 7.748%, due 02/02/2021 1,007,625Alpha Star Holding III Ltd, 6.250%, due 20/04/2022 1,000,000Evraz Group SA, 5.375%, due 20/03/2023 1,000,000Metalloinvest Finance DAC, 4.850%, due 02/05/2024 1,000,000Saka Energi Indonesia PT, 4.450%, due 05/05/2024 1,000,000Capex SA, 6.875%, due 15/05/2024 1,000,000Turkiye Sinai Kalkinma Bankasi AS, 7.625%, due 29/03/2027 1,000,000Turkiye Garanti Bankasi AS, 6.125%, due 24/05/2027 1,000,000Turkiye Is Bankasi, 7.000%, due 29/06/2028 1,000,000Banco Mercantil del Norte SA, 7.625%, due 12/31/2099 1,000,000VM Holding SA, 5.375%, due 04/05/2027 994,615Argentine Republic Government International Bond, 6.875%, due 26/01/2027 991,120Stillwater Mining Co, 7.125%, due 27/06/2025 985,090Sigma Alimentos SA de CV, 4.125%, due 02/05/2026 959,375Republic of Belarus International Bond, 6.875%, due 28/02/2023 889,776Petrobras Global Finance BV, 8.375%, due 23/05/2021 880,000Turkiye Sinai Kalkinma Bankasi AS, 5.375%, due 30/10/2019 812,225Borets Finance DAC, 6.500%, due 07/04/2022 800,000Zenith Bank Plc, 7.375%, due 30/05/2022 800,000First Quantum Minerals Ltd, 7.250%, due 01/04/2023 800,000Consolidated Energy Finance SA, 6.875%, due 15/06/2025 796,000Adani Ports & Special Economic Zone Ltd, 4.000%, due 30/07/2027 713,722Banco Mercantil del Norte SA, 6.875%, due 12/31/2099 700,000Aeropuertos Argentina 2000 SA, 6.875%, due 01/02/2027 683,768ABH Financial Ltd Via Alfa Holding Issuance Plc, 2.626%, due 28/04/2020 647,040VimpelCom Holdings BV, 5.950%, due 13/02/2023 645,375Southern Gas Corridor CJSC, 6.875%, due 24/03/2026 644,814Petroleos Mexicanos, 5.500%, due 24/02/2025 636,874Country Garden Holdings Co Ltd, 7.250%, due 04/04/2021 631,200Yasar Holding AS, 8.875%, due 06/05/2020 623,500




Sales

Proceeds

Issuer US$

Petrobras Global Finance BV, 3.750%, due 14/01/2021 1,783,935Nemak SAB de CV, 3.250%, due 15/03/2024 1,162,387Gazprom Neft OAO Via GPN Capital SA, 6.000%, due 27/11/2023 1,072,750Abengoa Transmision Sur SA, 6.875%, due 30/04/2043 1,062,764Lima Metro Line 2 Finance Ltd, 5.875%, due 05/07/2034 1,061,250Cencosud SA, 4.875%, due 20/01/2023 1,048,000Turkiye Sinai Kalkinma Bankasi AS, 7.625%, due 29/03/2027 1,023,750OCP SA, 6.875%, due 25/04/2044 1,021,500Sigma Alimentos SA de CV, 4.125%, due 02/05/2026 1,018,800Capex SA, 6.875%, due 15/05/2024 1,011,250Metalloinvest Finance DAC, 4.850%, due 02/05/2024 1,004,500Evraz Group SA, 5.375%, due 20/03/2023 1,001,250Argentine Republic Government International Bond, 6.875%, due 26/01/2027 993,901Borets Finance DAC, 6.500%, due 07/04/2022 834,000Consolidated Energy Finance SA, 6.875%, due 15/06/2025 824,000Fresnillo Plc, 5.500%, due 13/11/2023 810,000Zenith Bank Plc, 7.375%, due 30/05/2022 807,000Embraer Netherlands Finance BV, 5.050%, due 15/06/2025 780,000OCP SA, 4.500%, due 22/10/2025 731,250Akbank TAS, 7.200%, due 16/03/2027 624,000MARB BondCo Plc, 7.000%, due 15/03/2024 591,000Cemex SAB de CV, 7.750%, due 16/04/2026 565,625BBVA Bancomer SA, 6.750%, due 30/09/2022 564,500Sappi Papier Holding GmbH, 4.000%, due 01/04/2023 564,293Turkiye Garanti Bankasi AS, 4.750%, due 17/10/2019 562,100MMC Norilsk Nickel OJSC via MMC Finance DAC, 6.625%, due 14/10/2022 558,750Banco Internacional del Peru SAA Interbank, 6.625%, due 19/03/2029 548,750Shimao Property Holdings Ltd, 8.125%, due 22/01/2021 543,750Israel Electric Corp Ltd, 7.250%, due 15/01/2019 542,750Petrobras Global Finance BV, 7.375%, due 17/01/2027 534,500Grupo Televisa SAB, 4.625%, due 30/01/2026 525,000BBVA Banco Continental SA, 5.250%, due 22/09/2029 525,000Romanian Government International Bond, 4.375%, due 22/08/2023 522,500VimpelCom Holdings BV, 5.200%, due 13/02/2019 518,000Alpha Star Holding III Ltd, 6.250%, due 20/04/2022 512,000Republic of Belarus International Bond, 6.875%, due 28/02/2023 511,875ONGC Videsh Ltd, 3.750%, due 07/05/2023 511,000Arcelik AS, 5.000%, due 03/04/2023 509,375Banco do Brasil SA, 9.000%, due 29/06/2049 505,000Novolipetsk Steel via Steel Funding DAC, 4.500%, due 15/06/2023 501,000Vale Overseas Ltd, 4.625%, due 15/09/2020 466,650Mobile Telesystems OJSC via MTS International Funding Ltd, 8.625%, due 22/06/2020 466,000Klabin Finance SA, 5.250%, due 16/07/2024 450,000Metalsa SA de CV, 4.900%, due 24/04/2023 445,500Minerva Luxembourg SA, 7.750%, due 31/01/2023 414,500Marfrig Holdings Europe BV, 8.000%, due 08/06/2023 408,000Turkiye Is Bankasi, 3.750%, due 10/10/2018 401,000






Purchases

Cost

Issuer US$

Republic of South Africa Government Bond, 6.500%, due 28/02/2041 24,377,039Russian Federal Bond - OFZ, 8.500%, due 17/09/2031 17,063,307Turkey Government Bond, 6.300%, due 14/02/2018 17,016,088Hungary Government Bond, 3.250%, due 22/10/2031 16,070,959Mexican Bonos, 7.750%, due 13/11/2042 15,372,719Brazil Notas do Tesouro Nacional Serie B, 6.000%, due 15/08/2050 14,737,723Bonos de la Tesoreria de la Republica en pesos, 4.500%, due 01/03/2021 7,878,049Indonesia Treasury Bond, 9.000%, due 15/03/2029 7,795,186Colombian TES, 7.750%, due 18/09/2030 7,730,674Brazilian Government International Bond, 10.250%, due 10/01/2028 7,235,130Malaysia Government Bond, 4.935%, due 30/09/2043 7,041,965Republic of South Africa Government Bond, 6.250%, due 31/03/2036 6,842,795Indonesia Treasury Bond, 7.000%, due 15/05/2027 5,392,676Mexican Bonos, 8.500%, due 18/11/2038 5,147,453Israel Government Bond - Fixed, 5.500%, due 31/01/2042 4,962,994Peru Government Bond, 6.850%, due 12/02/2042 4,799,059Peru Government Bond, 6.950%, due 12/08/2031 4,021,991Indonesia Treasury Bond, 7.500%, due 15/08/2032 3,137,700Malaysia Government Bond, 3.418%, due 15/08/2022 3,000,780Colombian TES, 4.750%, due 04/04/2035 2,853,673Indonesia Treasury Bond, 9.500%, due 15/05/2041 2,848,535Colombian TES, 7.000%, due 30/06/2032 2,816,559

Sales

Proceeds

Issuer US$

Turkey Government Bond, 8.000%, due 12/03/2025 10,300,489Hungary Government Bond, 6.750%, due 24/11/2017 6,025,396Republic of South Africa Government Bond, 7.000%, due 28/02/2031 5,842,900Mexican Bonos, 8.000%, due 07/12/2023 5,030,536Ukraine Government International Bond, 0.000%, due 31/05/2040 5,005,024Mexican Bonos, 8.000%, due 11/06/2020 3,602,099Russian Federal Bond - OFZ, 7.600%, due 20/07/2022 2,553,782Croatia Government Bond, 2.750%, due 08/07/2021 2,276,826Peru Government Bond, 7.840%, due 12/08/2020 1,978,505Croatia Government Bond, 4.250%, due 14/12/2026 1,692,895Romania Government Bond, 5.800%, due 26/07/2027 1,627,890Republic of South Africa Government Bond, 8.000%, due 21/12/2018 929,675






Purchases

Cost

Issuer US$

United States Treasury Note/Bond, 2.000%, due 15/11/2026 1,211,982United States Treasury Note/Bond, 3.500%, due 15/02/2039 674,179Goldman Sachs Group Inc, 2.625%, due 19/08/2020 632,295United States Treasury Note/Bond, 1.000%, due 15/11/2019 543,340United States Treasury Note/Bond, 1.625%, due 15/03/2020 502,813United States Treasury Note/Bond, 1.125%, due 30/09/2021 483,529Lloyds Banking Group Plc, 3.750%, due 11/01/2027 451,851Citigroup Inc, 2.375%, due 22/05/2024 436,689Banco Bilbao Vizcaya Argentaria SA, 0.625%, due 17/01/2022 425,102HSBC Holdings Plc, 3.196%, due 05/12/2023 421,987RenaissanceRe Finance Inc, 3.700%, due 01/04/2025 419,394Bank of America Corp, 1.625%, due 14/09/2022 416,960JPMorgan Chase & Co, 1.375%, due 16/09/2021 416,396United States Treasury Note/Bond, 2.500%, due 15/05/2046 359,865Iberdrola International BV, 3.500%, due 01/02/2021 359,347Credit Suisse Group Funding Guernsey Ltd, 1.250%, due 14/04/2022 325,141HSBC Holdings Plc, 6.000%, due 10/06/2019 301,149Nabors Industries Inc, 5.500%, due 15/01/2023 296,843Sumitomo Mitsui Financial Group Inc, 1.413%, due 14/06/2027 293,228Energy Transfer LP, 4.750%, due 15/01/2026 284,721EQT Corp, 4.875%, due 15/11/2021 268,763National Oilwell Varco Inc, 2.600%, due 01/12/2022 239,257BNP Paribas SA, 2.625%, due 14/10/2027 220,658Citigroup Inc, 3.887%, due 10/01/2028 210,000Athene Global Funding, 4.000%, due 25/01/2022 209,935Toyota Motor Credit Corp, 2.600%, due 11/01/2022 209,717Energy Transfer LP, 5.300%, due 15/04/2047 208,914Brunswick Corp, 4.625%, due 15/05/2021 208,331EnLink Midstream Partners LP, 4.850%, due 15/07/2026 207,802Hughes Satellite Systems Corp, 6.500%, due 15/06/2019 207,338ABN AMRO Bank NV, 7.125%, due 06/07/2022 205,686United States Treasury Note/Bond, 1.625%, due 31/07/2020 200,273American Airlines 2017-1 Class A Pass Through Trust, 4.000%, due 15/02/2029 200,000Nordea Bank AB, 6.125%, due 29/12/2049 195,900Essity AB, 1.625%, due 30/03/2027 169,224American Tower Corp, 3.550%, due 15/07/2027 149,660




Sales

Proceeds

Issuer US$

United States Treasury Note/Bond, 1.250%, due 31/03/2021 2,082,613United States Treasury Note/Bond, 0.750%, due 31/10/2018 1,290,746United States Treasury Note/Bond, 2.000%, due 15/11/2026 1,251,885United States Treasury Note/Bond, 1.125%, due 30/09/2021 1,018,951United States Treasury Note/Bond, 2.500%, due 15/05/2046 849,748United States Treasury Note/Bond, 3.500%, due 15/02/2039 745,537United States Treasury Note/Bond, 1.000%, due 15/11/2019 544,393United States Treasury Note/Bond, 1.625%, due 15/03/2020 501,816Kinder Morgan Inc, 3.050%, due 01/12/2019 407,608International Business Machines Corp, 1.625%, due 15/05/2020 396,376NBCUniversal Media Llc, 5.150%, due 30/04/2020 354,666BP Capital Markets Plc, 4.742%, due 11/03/2021 327,024Schlumberger Holdings Corp, 3.000%, due 21/12/2020 259,516Credit Agricole SA, 3.875%, due 15/04/2024 258,260Schlumberger Holdings Corp, 4.000%, due 21/12/2025 244,637Citigroup Inc, 3.887%, due 10/01/2028 210,832Toyota Motor Credit Corp, 2.600%, due 11/01/2022 209,882Nordea Bank AB, 6.125%, due 29/12/2049 209,800Energy Transfer LP, 5.300%, due 15/04/2047 208,738Entergy Arkansas Inc, 4.950%, due 15/12/2044 204,080American Airlines 2017-1 Class A Pass Through Trust, 4.000%, due 15/02/2029 200,500Kinder Morgan Inc, 5.050%, due 15/02/2046 196,088Berkshire Hathaway Energy Co, 6.125%, due 01/04/2036 187,805Abbott Laboratories, 2.350%, due 22/11/2019 175,457Phillips 66, 5.875%, due 01/05/2042 172,259United States Treasury Note/Bond, 1.625%, due 15/05/2026 158,425Halliburton Co, 4.850%, due 15/11/2035 158,073BGC Partners Inc, 5.125%, due 27/05/2021 143,897Kinder Morgan Inc, 4.300%, due 01/06/2025 140,586






Purchases

Cost

Issuer US$

Vimpel Communications Via VIP Finance Ireland Ltd OJSC 7.748%, due 02/02/2021 895,200Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand 5.950%, due 30/01/2024 828,500First Abu Dhabi Bank PJSC 5.250%, due 29/12/2049 823,000Gerdau Trade Inc 5.750%, due 30/01/2021 682,563B3 SA - Brasil Bolsa Balcao 5.500%, due 16/07/2020 681,050Transportadora de Gas Internacional SA ESP 5.700%, due 20/03/2022 617,800Sino-Ocean Land Treasure Finance I Ltd 4.625%, due 30/07/2019 616,920PTT Exploration & Production PCL 4.875%, due 29/12/2049 612,750Emirates NBD 2014 Tier 1 Ltd 5.250%, due 17/12/2049 520,875Shimao Property Holdings Ltd 8.375%, due 10/02/2022 447,250Petrobras Global Finance BV 8.375%, due 23/05/2021 446,500Rosneft Finance SA 7.250%, due 02/02/2020 442,100Novatek OAO via Novatek Finance DAC 6.604%, due 03/02/2021 440,000YPF SA 8.500%, due 23/03/2021 434,200Minerva Luxembourg SA 7.750%, due 31/01/2023 434,190ABH Financial Ltd Via Alfa Holding Issuance Plc 2.626%, due 28/04/2020 431,360CIFI Holdings Group Co Ltd 7.750%, due 05/06/2020 431,000Turkiye Vakiflar Bankasi TAO 2.375%, due 04/05/2021 427,569Itau Unibanco Holding SA 6.200%, due 15/04/2020 426,600JBS Investments GmbH 7.750%, due 28/10/2020 424,050Country Garden Holdings Co Ltd 7.250%, due 04/04/2021 420,800Powerlong Real Estate Holdings Ltd 7.625%, due 26/11/2018 417,500NBK Tier 1 Financing Ltd 5.750%, due 29/12/2049 413,500Altice Financing SA 6.625%, due 15/02/2023 413,000Banco Daycoval SA 5.750%, due 19/03/2019 413,000Turkiye Sinai Kalkinma Bankasi AS 5.375%, due 30/10/2019 405,050JSW Steel Ltd 4.750%, due 12/11/2019 404,000Turkiye Is Bankasi 5.000%, due 30/04/2020 401,500Turkiye Sise ve Cam Fabrikalari AS 4.250%, due 09/05/2020 400,000Future Land Development Holdings Ltd 5.000%, due 16/02/2020 399,612Petrobras Global Finance BV 6.130%, due 17/01/2022 306,500Alpha Star Holding LTD 4.970%, due 09/04/2019 303,000Bank of Ceylon 6.875%, due 03/05/2017 302,250Gerdau Holdings Inc 7.000%, due 20/01/2020 218,400Yuzhou Properties Co Ltd 9.000%, due 08/12/2019 216,200Petroleos Mexicanos 6.380%, due 04/02/2021 216,000Itau Unibanco Holding SA 6.200%, due 21/12/2021 214,000VTR Finance BV 6.875%, due 15/01/2024 208,000Shimao Property Holdings Ltd 6.625%, due 14/01/2020 207,000Nemak SAB de CV 5.500%, due 28/02/2023 206,400Sberbank of Russia Via SB Capital SA 5.500%, due 26/02/2024 205,800CLP Power HK Finance Ltd 4.250%, due 29/05/2049 204,700China Life Insurance Co Ltd 4.000%, due 03/07/2075 201,000Turkiye Halk Bankasi AS 4.875%, due 19/07/2017 200,000Stillwater Mining Co 6.125%, due 27/06/2022 197,888




Sales

Proceeds

Issuer US$

Israel Electric Corp Ltd, 5.625%, due 21/06/2018 835,450Minerva Luxembourg SA, 7.750%, due 31/01/2023 632,113VimpelCom Holdings BV, 5.200%, due 13/02/2019 621,600PTT Exploration & Production PCL, 4.875%, due 29/12/2049 612,750Marfrig Overseas Ltd, 9.500%, due 04/05/2020 604,500Lenovo Group Ltd, 4.700%, due 08/05/2019 519,200YPF SA, 8.875%, due 19/12/2018 433,000Novolipetsk Steel via Steel Funding DAC, 4.950%, due 26/09/2019 420,000Cencosud SA, 4.875%, due 20/01/2023 419,200Intergas Finance BV, 6.375%, due 14/05/2017 403,000Turkiye Is Bankasi, 3.750%, due 10/10/2018 401,000Gerdau Holdings Inc, 7.000%, due 20/01/2020 382,375KazMunayGas National Co JSC, 9.125%, due 02/07/2018 321,750Empresas Publicas de Medellin ESP, 7.625%, due 29/07/2019 281,000Mobile Telesystems OJSC via MTS International Funding Ltd, 8.625%, due 22/06/2020 233,000Shimao Property Holdings Ltd, 8.125%, due 22/01/2021 217,500Rosneft Finance SA, 7.875%, due 13/03/2018 211,600Akbank TAS, 6.500%, due 09/03/2018 206,400Vanke Real Estate Hong Kong Co Ltd, 3.950%, due 23/12/2019 204,460Russian Agricultural Bank OJSC Via RSHB Capital SA, 5.298%, due 27/12/2017 204,400Sappi Papier Holding GmbH, 4.000%, due 01/04/2023 169,288




Barings Umbrella Fund PlcBarings Active Short Duration FundSignificant Changes in Portfolio Compositionfor the financial period ended 30 June 2017

Purchases

Cost

Issuer US$

United States Treasury Note, 0.750%, due 31/10/2018 3,089,311United States Treasury Note, 1.125%, due 30/09/2021 2,283,712United States Treasury Note, 1.250%, due 31/03/2019 1,449,330Fannie Mae REMICS, 1.875%, due 31/03/2022 709,702Fannie Mae REMICS, 3.000%,due 25/02/2043 508,468United States Treasury Note, 3.000%,due 25/10/2045 504,699Concho Resources Inc, 1.625%,due 15/03/2020 381,603Symphony CLO XV Ltd, 5.500%,due 01/10/2022 253,958Oak Hill Credit Partners X Ltd, 2.286%,due 20/07/2026 250,000Seneca Park CLO Ltd 2014-1, 2.278%,due 17/07/2026 250,000Avery Point III CLO Ltd, 2.300%,due 18/01/2025 250,000AIMCO CLO Series 2014-A, 2.278%,due 20/07/2026 250,000Athene Global Funding, 4.000%,due 25/01/2022 250,000Jackson National Life Global Funding, 4.000%, due 25/01/2022 249,923JPMorgan Chase & Co, 2.500%, due 27/06/2022 249,243Telefonaktiebolaget LM Ericsson, 4.500%, due 24/01/2022 247,801Hughes Satellite Systems Corp, 4.125%, due 15/05/2022 246,089United States Treasury Note, 6.500%, due 15/06/2019 245,131Banco Santander SA, 1.500%, due 15/06/2020 199,914Genpact Luxembourg SARL, 3.500%, due 11/04/2022 199,364Broadcom Corp, 3.700%, due 01/04/2022 194,955Delta Air Lines Inc, 3.000%, due 15/01/2022 194,204Delta Air Lines Inc 3.625%, due 15/03/2022 164,977

Sales

Proceeds

Issuer US$

United States Treasury Note, 1.125%, due 30/09/2021 581,250United States Treasury Note, 1.250%, due 31/03/2021 540,332United States Treasury Inflation Indexed Bonds, 0.125%, due 15/04/2021 463,671United States Treasury Note, 0.750%, due 31/10/2018 446,637Morgan Stanley, 2.450%, due 01/02/2019 383,162Imperial Brands Finance Plc, 2.950%, due 21/07/2020 356,125UnitedHealth Group Inc, 1.700%, due 15/02/2019 254,740Ford Motor Credit Co LLC, 3.157%, due 04/08/2020 251,478BGC Partners Inc, 5.125%, due 27/05/2021 226,151Stanley Black & Decker Inc, 2.451%, due 17/11/2018 192,018DRB Prime Student Loan Trust 2015-D, 2.916%, due 25/01/2040 162,365Ecolab Inc, 2.000%, due 14/01/2019 150,374Aetna Inc, 1.900%, due 07/06/2019 149,840Elara HGV Timeshare Issuer 2016-A LLC, 3.020%, due 25/02/2027 139,614DRB Prime Student Loan Trust 2016-B, 2.890, due 25/06/2040 117,711Domino's Pizza Master Issuer LLC, 3.484%,due 25/10/2045 115,334HERO Funding Trust 2016-4A, 3.840%,due 21/09/2040 96,117Diamond Resorts Owner Trust 2015-1, 2.730%,due 20/07/2027 82,040Bunge Ltd Finance Corp, 3.500%, due 24/11/2020 71,635Clean Harbors Inc, 5.250%, due 01/08/2020 61,464






Purchases

Cost

Issuer US$

Mexican Bonos, 7.750%, due 13/11/2042 2,608,568Russian Federal Bond - OFZ, 8.500%, due 17/09/2031 2,364,069Petrobras Global Finance BV, 4.750%, due 14/01/2025 2,116,906Brazilian Government International Bond, 10.250%, due 10/01/2028 2,048,488Argentine Republic Government International Bond, 6.875%, due 26/01/2027 1,982,240Indonesia Treasury Bond, 8.250%, due 15/05/2036 1,906,342Brazil Notas do Tesouro Nacional Serie B, 6.000%, due 15/08/2050 1,871,801Capex SA, 6.875%, due 15/05/2024 1,350,000Ghana Government International Bond, 10.750%, due 14/10/2030 1,341,200Yasar Holding AS, 8.875%, due 06/05/2020 961,125Turkiye Is Bankasi, 7.000%, due 29/06/2028 900,000Republic of Belarus International Bond, 6.875%, due 28/02/2023 889,776Digicel Ltd, 6.000%, due 15/04/2021 774,800Grupo Idesa SA de CV, 7.875%, due 18/12/2020 637,000Indonesia Treasury Bond, 7.000%, due 15/05/2022 582,996Qatar Reinsurance Co Ltd, 4.950%, due 31/12/2099 501,250Ivory Coast Government International Bond, 5.125%, due 15/06/2025 448,660Grupo Cementos de Chihuahua SAB de CV, 5.250%, due 23/06/2024 300,000Petrobras Global Finance BV, 6.125%, due 17/01/2022 100,000

Sales

Proceeds

Issuer US$

Mexican Bonos, 7.500%, due 03/06/2027 2,605,979Petrobras Global Finance BV, 3.750%, due 14/01/2021 2,202,045Argentine Republic Government International Bond, 6.875%, due 26/01/2027 1,987,803Uruguay Government International Bond, 4.375%, due 27/10/2027 1,636,000Ghana Government International Bond, 8.500%, due 04/10/2017 1,342,250OCP SA, 6.875%, due 25/04/2044 1,248,500Ghana Government International Bond, 7.875%, due 07/08/2023 875,700Metalsa SA de CV, 4.900%, due 24/04/2023 554,400Ghana Government International Bond, 9.250%, due 15/09/2022 523,750Mexico City Airport Trust, 4.250%, due 31/10/2026 493,750Republic of Suriname, 9.250%, due 26/10/2026 124,688Province of Santa Fe, 6.900%, due 01/11/2027 102,000






Purchases

Cost

Issuer US$

Argentine Republic Government International Bond, 6.875%, due 26/01/2027 991,120Petrobras Global Finance BV, 8.750%, due 23/05/2026 793,450Croatia Government International Bond, 3.000%, due 20/03/2027 628,501Ukraine Government International Bond, 7.750%, due 01/09/2019 455,150Republic of Armenia International Bond, 7.150%, due 26/03/2025 441,000Hrvatska Elektroprivreda, 5.875%, due 23/10/2022 424,500Paraguay Government International Bond, 6.100%, due 11/08/2044 411,000Mexico Government International Bond, 5.750%, due 12/10/2110 391,300Republic of Belarus International Bond, 6.875%, due 28/02/2023 346,024Colombia Government International Bond, 5.000%, due 15/06/2045 293,484Uruguay Government International Bond, 5.100%, due 18/06/2050 285,000Tauron Polska Energia SA, 2.375%, due 05/07/2027 282,951Turkiye Garanti Bankasi AS, 6.125%, due 24/05/2027 250,375Zenith Bank Plc, 7.375%, due 30/05/2022 250,000MHP SA, 8.250%, due 02/04/2020 245,625Ghana Government International Bond, 10.750%, due 14/10/2030 239,500Serbia International Bond, 7.250%, due 28/09/2021 230,800Ivory Coast Government International Bond, 5.125%, due 15/06/2025 224,330Pertamina Persero PT, 6.450%, due 30/05/2044 220,200OCP SA, 6.875%, due 25/04/2044 212,700Banque Centrale de Tunisie International Bond, 5.625%, due 17/02/2024 211,242Turkiye Sinai Kalkinma Bankasi AS, 7.625%, due 29/03/2027 200,000Paraguay Government International Bond, 4.700%, due 27/03/2027 200,000Borets Finance DAC, 6.500%, due 07/04/2022 200,000Sri Lanka Government International Bond, 6.200%, due 11/05/2027 200,000First Quantum Minerals Ltd, 7.250%, due 01/04/2023 200,000Russian Federation, 5.250%, due 23/06/2047 200,000Petra Diamonds US Treasury Plc, 7.250%, due 01/05/2022 199,986Eastern and Southern African Trade and Development Bank, 5.375%, due 14/03/2022 198,920Export Credit Bank of Turkey, 5.375%, due 08/02/2021 197,880Tullow Oil Plc, 6.000%, due 01/11/2020 195,800Aeropuertos Argentina 2000 SA, 6.875%, due 01/02/2027 159,821




Sales

Proceeds

Issuer US$

Argentine Republic Government International Bond, 6.875%, due 26/01/2027 992,470Petrobras Global Finance BV, 8.375%, due 23/05/2021 778,750Serbia International Bond, 7.250%, due 28/09/2021 748,700Republica Orient Uruguay, 4.375%, due 27/10/2027 545,236Ukraine Government International Bond, 7.750%, due 01/09/2019 504,500Romania Government International Bond, 7.375%, due 22/08/2023 418,000Ivory Coast Government International Bond, 5.750%, due 31/12/2032 370,440Croatia Government International Bond, 6.375%, due 24/03/2021 333,000Croatia Government International Bond, 3.000%, due 20/03/2027 290,992Colombia Government International Bond, 5.000%, due 15/06/2045 288,000Turkey Government International Bond, 5.625%, due 30/03/2021 264,375Ghana Government International Bond, 9.250%, due 15/09/2022 261,875Zenith Bank Plc, 7.375%, due 30/05/2022 252,875MHP SA, 8.250%, due 02/04/2020 249,375Mexico City Airport Trust, 4.250%, due 31/10/2026 246,875Panama Government International Bond, 6.700%, due 26/01/2036 246,600Romanian Government International Bond, 6.125%, due 22/01/2044 244,500Ghana Government International Bond, 10.750%, due 14/10/2030 236,000Croatia Government International Bond, 6.750%, due 05/11/2019 218,250Borets Finance DAC, 6.500%, due 07/04/2022 213,500Republic Of Poland Government International Bond, 4.000%, due 22/01/2024 211,250Ghana Government International Bond, 8.500%, due 04/10/2017 206,500Turkiye Sinai Kalkinma Bankasi AS, 7.625%, due 29/03/2027 205,000Codelco Inc, 4.500%, due 16/09/2025 205,000Angolan Government International Bond, 9.500%, due 12/11/2025 203,500Sri Lanka Government International Bond, 6.200%, due 11/05/2027 202,540Republic Of Poland Government International Bond, 3.250%, due 06/04/26 202,200Russian Federation, 5.250%, due 23/06/2047 201,500Provincia del Chaco Argentina, 9.375%, due 18/08/2024 190,800Ukraine Government International Bond, 0.000%, due 31/05/2040 112,500Republic of Suriname, 9.250%, due 26/10/2026 99,750




Barings Umbrella Fund PlcBarings U.S. High Yield Bond FundSignificant Changes in Portfolio Compositionfor the financial period ended 30 June 2017

Purchases

Cost

Issuer US$

Six Flags Entertainment Corp, 4.875%, due 31/07/2024 2,970,000LPL Holdings Inc, 5.750%, due 15/09/2025 2,856,000TransDigm Inc, 6.375%, due 15/06/2026 2,794,951Allegheny Technologies Inc, 5.950%, due 15/01/2021 2,702,749USIS Merger Sub Inc, 6.875%, due 01/05/2025 2,451,000EP Energy LLC, 8.000%, due 15/02/2025 2,285,416CSVC Acquisition Corp, 7.750%, due 15/06/2025 2,247,000Century Communities Inc, 6.75%, due 15/05/2022 2,217,480Chemours Co, 7.000%, due 15/05/2025 2,169,713Altice Luxembourg SA, 7.625%, due 15/02/2025 2,138,794Altice Financing SA, 7.500%, due 15/05/2026 2,105,000SunCoke Energy Partners LP/ SunCoke Energy Partners Finance Corp, 7.500%, due 15/06/2025 1,872,732Hertz Corp, 6.750%, due 15/04/2019 1,824,118Aircastle Ltd, 4.125%, due 01/05/2024 1,794,000Hertz Corp, 7.625% due 01/06/2022 1,790,000Symantec Corp, 5.000%, due 15/04/2025 1,714,853Icahn Enterprises LP, 6.750%, due 01/02/2024 1,707,000Community Health Systems Inc, 6.875%, due 01/02/2022 1,670,718Ardagh Packaging Finance Plc/Ardagh Holdings USA Inc, 6.000%, due 15/02/2025 1,661,610Coveris Holdings SA, 7.875%, due 01/11/2019 1,608,851Clear Channel Worldwide Holdings Inc, 7.625%, due 15/03/2020 1,602,870Icahn Enterprises LP, 6.250%, due 01/02/2022 1,548,000Amsted Industries Inc, 5.375%, due 15/09/2024 1,483,258Altice Financing SA, 6.625%, due 15/02/2023 1,477,000Tenet Healthcare Corp, 8.000%, due 01/08/2020 1,428,896TIBCO Software Inc, 11.375%, due 01/12/2021 1,410,840Ortho-Clinical Diagnostics Inc, 6.625%, due 15/05/2022 1,408,873Endo Dac, 6.000%, due 01/02/2025 1,375,868JBS USA LUX SA, 5.875%, due 15/07/2024 1,343,065Accudyne Industries Borrower, 7.750%, due 15/12/2020 1,335,600SFR Group SA, 6.000%, due 15/05/2022 1,328,203Telecom Italia SpA, 5.303%, due 30/05/2024 1,321,585Digicel Group Ltd, 8.250%, due 30/09/2020 1,304,500THC Escrow Corp III, 5.125%, due 01/05/2025 1,282,000Block Communications Inc, 6.875%, due 15/02/2025 1,277,000KAR Auction Services Inc, 5.125%, due 01/06/2025 1,226,000Consolidated Energy Finance SA, 6.875%, due 15/06/2025 1,221,860Kinross Gold Corp, 4.500%, due 15/07/2027 1,218,000Consolidated Energy Finance SA, 6.750%, due 15/10/2019 1,209,000Freeport-McMoRan Inc, 6.875%, due 15/02/2023 1,207,500Cardtronics Inc, 5.500%, due 01/05/2025 1,185,000Change Healthcare Holdings LLC, 5.750%, due 01/03/2025 1,171,000CHS/Community Health Systems, 6.250%, due 31/03/2023 1,132,763Appvion Inc, 9.000%, due 01/06/2020 1,112,143Charter Communications Operating LLC, 5.375%, due 01/05/2047 1,065,290THC Escrow Corp III, 4.625%, due 15/07/2024 1,033,000Gardner Denver Inc, 6.875%, due 15/08/2021 1,030,000


Barings Umbrella Fund PlcBarings U.S. High Yield Bond FundSignificant Changes in Portfolio Composition

for the financial period ended 30 June 2017 (continued)

Sales

Proceeds

Issuer US$

CPI International Inc, 8.750%, due 15/02/2018 4,935,665Infor Software Parent LLC/Infor Software Parent Inc, 7.125%, due 01/05/2021 3,453,248Platform Specialty Products Corp, 10.375% due 01/05/2021 3,055,700Carrols Restaurant Group In,c 8.000%, due 01/05/2022 2,914,930Griffon Corp, 5.250%, due 01/03/2022 2,879,036Sabine Pass Liquefaction LLC, 5.875%, due 30/06/2026 2,877,476Netflix Inc, 4.375%, due 15/11/2026 2,782,818Altice Financing SA, 7.500%, due 15/05/2026 2,773,595Beazer Homes USA Inc, 8.750%, due 15/03/2022 2,682,490Halyard Health Inc, 6.250%, due 15/10/2022 2,671,928BMC East LLC, 5.500%, due 01/10/2024 2,575,000WMG Acquisition Corp, 6.750%, due 15/04/2022 2,559,588Century Communities Inc, 6.880%, due 15/05/2022 2,279,983Dollar Tree Inc, 5.750%, due 01/03/2023 2,160,425Pinnacle Entertainment Inc, 5.625%, due 01/05/2024 2,157,686US Concrete Inc, 6.375%, due 01/06/2024 2,115,000Murphy Oil USA Inc, 6.000%, due 15/08/2023 2,098,125Milacron LLC/Mcron Finance Corp, 7.750%, due 15/02/2021 2,078,600LSB Industries Inc, 8.500%, due 01/08/2019 1,980,523Sunoco LP/Sunoco Finance, 6.250%, due 15/04/2021 1,975,891Wind Acquisition Finance SA, 7.375%, due 23/04/2021 1,974,775Capsugel SA, 7.000%, due 15/05/2019 1,957,000NXP BV/NXP Funding LLC, 4.625%, due 01/06/2023 1,930,845EP Energy LLC/Everest Acquisition Finance Inc, 9.375%, due 01/05/2020 1,880,059Six Flags Entertainment Corp, 4.875%, due 31/07/2024 1,693,165Allied Specialty Vehicles Inc, 8.500%, due 01/11/2019 1,669,600Icahn Enterprises LP, 6.250%, due 01/02/2022 1,621,530Virgin Media Secured Finance Plc, 5.500%, due 15/08/2026 1,538,858Xerium Technologies Inc, 9.500%, due 15/08/2021 1,521,510GEO Group Inc, 6.000%, due 15/04/2026 1,504,500Valeant Pharmaceuticals International Inc, 6.125%, due 15/04/2025 1,322,418Freeport-McMoRan Inc, 4.000%, due 14/11/2021 1,252,298Brunswick Corp, 4.625%, due 15/05/2021 1,226,638Freeport-McMoRan Inc, 6.875%, due 15/02/2023 1,190,250Hornbeck Offshore Services Inc, 5.875%, due 01/04/2020 1,181,700MHGE Parent LLC/MHGE Parent Finance Inc, 8.500%, due 01/08/2019 1,173,575SBA Communications Corp, 4.875%, due 01/09/2024 1,168,133






Purchases

Cost

Issuer US$

United States Treasury Note/Bond, 2.000%, due 15/11/2026 7,623,350United States Treasury Note/Bond, 3.500%, due 15/02/2039 5,073,035United States Treasury Note/Bond, 0.750%, due 31/10/2018 4,964,453Credit Suisse Group Funding Guernsey Ltd, 2.750%, due 26/03/2020 2,738,321Lloyds Banking Group Plc, 3.750%, due 11/01/2027 2,303,946RenaissanceRe Finance Inc, 3.700%, due 01/04/2025 2,146,312JPMorgan Chase & Co, 2.250%, due 23/01/2020 2,012,260Morgan Stanley, 5.625%, due 23/09/2019 1,601,068Nabors Industries Inc, 5.500%, due 15/01/2023 1,531,100EQT Corp, 4.875%, due 15/11/2021 1,451,318United States Treasury Note/Bond, 1.625%, due 15/03/2020 1,408,969Goldman Sachs Group Inc, 3.625%, due 22/01/2023 1,279,625Enel Finance International NV, 3.625%, due 25/05/2027 1,138,385Citigroup Inc, 2.450%, due 10/01/2020 1,133,618BNP Paribas SA, 2.375%, due 21/05/2020 1,129,793Verizon Communications Inc, 3.500%, due 01/11/2024 1,127,250BPCE SA, 2.250%, due 27/01/2020 1,123,571Time Warner Inc, 3.600%, due 15/07/2025 1,113,863Hughes Satellite Systems Corp, 6.500%, due 15/06/2019 1,113,376Barclays Plc, 2.750%, due 08/11/2019 1,086,417Citigroup Inc, 3.887%, due 10/01/2028 1,080,000Toyota Motor Credit Corp, 2.600%, due 11/01/2022 1,078,542Athene Global Funding, 4.000%, due 25/01/2022 1,074,667Brunswick Corp, 4.625%, due 15/05/2021 1,067,063EnLink Midstream Partners LP, 4.850%, due 15/07/2026 1,064,985Energy Transfer LP, 5.300%, due 15/04/2047 1,064,468American Airlines 2017-1 Class A Pass Through Trust, 4.000%, due 15/02/2029 1,015,000Enel Finance International NV, 4.750%, due 25/05/2047 1,003,402AT&T Inc, 4.350%, due 15/06/2045 894,160Canadian Pacific Railway Co, 2.900%, due 01/02/2025 892,151Citigroup Inc, 3.700%, due 12/01/2026 848,122American Tower Corp, 3.550%, due 15/07/2027 803,173EDP Finance BV, 3.625%, due 15/07/2024 796,640




Sales

Proceeds

Issuer US$

United States Treasury Note/Bond, 2.000%, due 15/11/2026 8,554,037United States Treasury Note/Bond, 3.500%, due 15/02/2039 4,977,686United States Treasury Note/Bond, 0.750%, due 31/10/2018 4,970,508Nabors Industries Inc, 6.150%, due 15/02/2018 2,346,075Lloyds Banking Group Plc, 3.750%, due 11/01/2027 2,305,709Goldman Sachs Group Inc, 6.150%, due 01/04/2018 1,887,822JPMorgan Chase & Co, 2.550%, due 29/10/2020 1,809,378United States Treasury Note/Bond, 1.000%, due 15/11/2019 1,480,664United States Treasury Note/Bond, 1.625%, due 15/03/2020 1,407,602Kinder Morgan Energy Partners LP, 3.950%, due 01/09/2022 1,316,629Clorox Co, 3.050%, due 15/09/2022 1,222,656EnLink Midstream Partners LP, 4.850%, due 15/07/2026 1,140,302State of California, 7.600%, due 1/11/2040 1,119,645Citigroup Inc, 4.125%, due 25/07/2028 1,085,271Citigroup Inc, 3.887%, due 10/01/2028 1,084,277Toyota Motor Credit Corp, 2.600%, due 11/01/2022 1,079,395NBCUniversal Media LLC, 5.150%, due 30/04/2020 1,074,911Energy Transfer LP, 5.300%, due 15/04/2047 1,063,601American Airlines 2017-1 Class A Pass Through Trust, 4.000%, due 15/02/2029 1,017,538JPMorgan Chase & Co, 3.875%, due 10/09/2024 1,010,540BHP Billiton Finance USA Ltd, 3.250%, due 21/11/2021 945,991Abbott Laboratories, 2.350%, due 22/11/2019 936,870Phillips 66, 5.875%, due 01/05/2042 881,663Kinder Morgan Energy Partners LP, 6.950%, due 15/01/2038 878,205Lowe's Cos Inc, 3.120%, due 15/04/2022 856,054Entergy Arkansas Inc, 4.950%, due 15/12/2044 816,024Morgan Stanley, 4.350%, due 08/09/2026 764,438Exxon Mobil Corp, 2.726%, due 01/03/2023 719,861Verizon Communications Inc, 6.550%, due 15/09/2043 711,931Ford Motor Credit Co LLC, 3.810%, due 09/01/2024 697,717Union Pacific Corp, 4.000%, due 01/02/2021 686,551Apache Corp, 5.100%, due 01/09/2040 674,834






Purchases

Cost

Issuer US$

Dell International LLC/EMC Corp, 7.125%, due 15/06/2024 2,217,500T-Mobile USA Inc, 6.500%, due 15/01/2026 2,212,500Prime Security Services Borrower LLC/Prime Finance Inc, 9.250%, due 15/05/2023 2,173,813HCA Inc, 5.875%, due 15/02/2026 2,095,000NRG Energy Inc, 7.250%, due 15/05/2026 2,087,500LBC Tank Terminals Holding Netherlands BV, 6.875%, due 15/05/2023 2,085,000JBS USA LUX SA/JBS USA Finance Inc, 5.875%, due 15/07/2024 2,085,000Sprint Capital Corp, 6.875%, due 15/11/2028 2,077,500CCO Holdings LLC/CCO Holdings Capital Corp, 5.125%, due 01/05/2027 2,062,500Century Communities Inc, 6.875%, due 15/05/2022 2,040,000Kosmos Energy Ltd, 7.875%, due 01/08/2021 2,020,000Allison Transmission Inc, 5.000%, due 01/10/2024 2,017,500Allegheny Technologies Inc, 5.950%, due 15/01/2021 2,005,326Icahn Enterprises LP/Icahn Enterprises Finance Corp, 6.750%, due 01/02/2024 2,002,500EP Energy LLC/Everest Acquisition Finance Inc, 8.000%, due 15/02/2025 2,000,000Standard Industries Inc/NJ, 5.000%, due 15/02/2027 2,000,000Hughes Satellite Systems Corp, 5.250%, due 01/08/2026 1,991,875TransDigm Inc, 6.375%, due 15/06/2026 1,980,000Hertz Corp, 7.625%, due 01/06/2022 1,928,469Tullow Oil Plc, 6.250%, due 15/04/2022 1,865,000Altice Luxembourg SA, 7.625%, due 15/02/2025 1,862,521Kissner Holdings LP/Kissner Milling Co Ltd/BSC Holding Inc/Kissner USA, 8.375%, due 01/12/2022 1,858,500Amsted Industries Inc, 5.375%, due 15/09/2024 1,826,875Aircastle Ltd, 5.000%, due 01/04/2023 1,804,688Ally Financial Inc, 8.000%, due 01/11/2031 1,777,500Jupiter Resources Inc, 8.500%, due 01/10/2022 1,775,000Block Communications Inc, 6.875%, due 15/02/2025 1,756,000


Sales

Proceeds

Issuer US$

Century Communities Inc, 6.875%, due 15/05/2022 2,097,500Alpha 3 BV/Alpha US Bidco Inc, 6.250%, due 01/02/2025 1,607,508Sunoco LP/Sunoco Finance Corp, 6.250%, due 15/04/2021 1,575,000CalAtlantic Group Inc, 5.875%, due 15/11/2024 1,571,250Freeport-McMoRan Inc, 6.875%, due 15/02/2023 1,552,500Sunoco LP/Sunoco Finance Corp, 6.375%, due 01/04/2023 1,545,000Symantec Corp, 5.000%, due 15/04/2025 1,523,525Summit Midstream Holdings LLC/Summit Midstream Finance Corp, 5.750%, due 15/04/2025 1,515,300Silgan Holdings Inc, 4.750%, due 15/03/2025 1,503,750Treehouse Foods Inc, 6.000%, due 15/02/2024 1,234,406Hertz Corp, 6.750%, due 15/04/2019 1,235,080Hill-Rom Holdings Inc, 5.000%, due 15/02/2025 1,130,411IHS Markit Ltd, 4.750%, due 15/02/2025 1,126,820HCA Inc, 5.875%, due 15/02/2026 1,080,000JBS USA LUX SA/JBS USA Finance Inc, 5.875%, due 15/07/2024 1,045,000Louisiana-Pacific Corp, 4.875%, due 15/09/2024 1,012,500Wolverine World Wide Inc, 5.000%, due 01/09/2026 929,419T Mobile Usa Inc, 6.500%, due 15/01/2026 828,750Covanta Holding Corp, 5.875%, due 01/07/2025 805,005CommScope Technologies LLC, 5.000%, due 15/03/2027 787,000Aramark Services Inc, 4.750%, due 01/06/2026 756,375Six Flags Entertainment Corp, 4.875%, due 31/07/2024 661,180Xerium Technologies Inc, 9.500%, due 15/08/2021 660,558Koppers Inc, 6.000%, due 15/02/2025 620,880USIS Merger Sub Inc, 6.875%, due 01/05/2025 547,198Wynn Las Vegas Corp, 5,250%, due 15/05/2027 535,940Valeant Pharmaceuticals International Inc, 6.125%, due 15/04/2025 377,835




Purchases

Cost

Issuer US$

CF Industries Inc, due 6.875% 01/05/2018 3,146,250DISH DBS Corp, due 7.875% 01/09/2019 2,227,500Altice Financing SA, due 6.500% 15/01/2022 2,194,500HCA Inc, due 8.000% 01/10/2018 2,190,000Tenet Healthcare Corp, due 6.250% 01/11/2018 2,130,000Rockies Express Pipeline LLC, due 6.000% 15/01/2019 2,112,500Anixter Inc, due 5.625% 01/05/2019 2,105,000Aircastle Ltd, due 4.625% 15/12/2018 2,077,500EnPro Industries Inc, due 5.875% 15/09/2022 2,067,500PBF Holding Co LLC/PBF Finance Corp, due 8.250% 15/02/2020 2,040,000Consolidated Energy Finance SA, due 6.750% 15/10/2019 2,023,750Lennar Corp, due 4.125% 15/01/2022 1,990,000Welltec A/S, due 8.000% 01/02/2019 1,887,881Sprint Communications Inc, due 7.000% 15/08/2020 1,623,750Tesoro Logistics LP/Tesoro Logistics Finance Corp, due 5.500% 15/10/2019 1,578,750Halyard Health Inc, due 6.250% 15/10/2022 1,560,000Kinross Gold Corp, due 5.125% 01/09/2021 1,548,750SFR Group SA, due 6.000% 15/05/2022 1,545,000PH Glatfelter Co, due 5.375% 15/10/2020 1,539,375Sunoco LP/Sunoco Finance Corp, due 5.500% 01/08/2020 1,530,000Icahn Enterprises LP/Icahn Enterprises Finance Corp, due 5.875% 01/02/2022 1,526,795American Airlines Group Inc, due 4.625% 01/03/2020 1,520,625NCL Corp Ltd, due 4.750% 15/12/2021 1,518,750TransDigm Inc, due 5.500% 15/10/2020 1,503,125EMC Corp, due 2.650% 01/06/2020 1,458,750NRG Energy Inc, due 6.250% 15/07/2022 1,278,125Allegheny Technologies Inc, due 9.375% 01/06/2019 1,110,000Cablevision Systems Corp, due 8.000% 15/04/2020 1,097,500Prime Security Services Borrower LLC/Prime Finance Inc, due 9.250% 15/05/2023 1,093,750Citgo Holding Inc, due 10.750% 15/02/2020 1,087,500Frontier Communications Corp, due 8.125% 01/10/2018 1,081,250CSC Holdings LLC, due 7.625% 15/07/2018 1,063,750RegionalCare Hospital Partners Holdings Inc, due 8.250% 01/05/2023 1,053,750Allegiant Travel Co, due 5.500% 15/07/2019 1,036,250JBS USA LUX SA/JBS USA Finance Inc, due 7.250% 01/06/2021 1,033,750GCI Inc, due 6.750% 01/06/2021 1,027,500New Gold Inc, due 7.000% 15/04/2020 1,017,500West Corp, due 4.750% 15/07/2021 1,017,500CHS/Community Health Systems Inc, due 5.125% 15/08/2018 1,011,250Tesoro Corp, due 4.250% 01/10/2017 1,010,000Genesis Energy LP/Genesis Energy Finance Corp, due 5.750% 15/02/2021 1,005,000Mallinckrodt International Finance SA, due 3.500% 15/04/2018 1,003,750Hertz Corp, due 6.750% 15/04/2019 1,000,000Ally Financial Inc, due 3.750% 18/11/2019 1,000,000Ferrellgas LP/Ferrellgas Finance Corp, due 6.750% 15/01/2022 1,000,000Clear Channel Worldwide Holdings Inc, due 7.625% 15/03/2020 997,500Freeport-McMoRan Inc, due 2.375% 15/03/2018 995,000Coveris Holdings SA, due 7.875% 01/11/2019 995,000Valeant Pharmaceuticals International Inc, due 6.750% 15/08/2018 993,750Triumph Group Inc, due 4.875% 01/04/2021 952,500

Sales

Proceeds

Issuer US$

*There were no sales during the period.





Additional Information for Investors in the Federal Republic of Germany

This Country Supplement forms part of and should be read in conjunction with the prospectus for Barings Umbrella

Fund plc (the “Company”) and the supplements for Barings Global Senior Secured Bond Fund, Barings European High

Yield Bond Fund, Barings Global High Yield Bond Fund, Barings Emerging Markets Corporate Bond Fund, Barings

Emerging Markets Local Debt Fund, Barings Active Short Duration Fund, Barings Global Investment Grade Corporate

Bond Fund, Barings Emerging Markets Debt Short Duration Fund, Barings Emerging Markets Debt Blended Total Return

Fund, Barings Emerging Markets Sovereign Debt Fund, Barings U.S. High Yield Bond Fund, Barings U.S. Investment

Grade Corporate Bond Fund, Barings U.S. High Yield Bond Component Fund, Barings U.S. Short Duration High Yield

Bond Component Fund, the sub-funds of the Company (together the “Funds”) dated 12 December 2016 (together the

“Prospectus”). Together with the Prospectus, this Country Supplement, dated 30 June 2017, shall constitute the

Consolidated Prospectus for Germany (the “Consolidated Prospectus”).

Since no Shares in the Funds are issued as printed individual certificates, no paying agent has been appointed in Germany.

Investors should refer to the sections of the Prospectus entitled “Purchase of Shares”; “Redemption of Shares”; and “Purchaseand Redemption of Shares” in order to ascertain how to request subscription, redemption or conversation/exchange of unitsand when they are entitled to receive payments (redemption proceeds and disbursement or other payments) and how they willreceive these payments by the Company.

Investors should also refer to the “Fees and Expenses” section in the Prospectus.

The Information agent in Germany (the “German Information Agent“) is: UBS Deutschland AG, Bockenheimer Landstraße 2-4,D-60306 Frankfurt am Main, Germany.

The latest version of the Prospectus (as defined above), the key investor information documents (the “KIIDs”), the memorandumand articles of association of the Company, the certificate of incorporation of the Company, the material contracts of theCompany, the latest published annual report and any subsequent half-yearly report may be obtained free of charge and inpaper form from the German Information Agent or at the registered office of the Company. The issue, redemption and exchangeprices are available free of charge at the German Information Agent.

In addition, in the following cases, information will be provided to investors in Germany through investors’ letters:• suspension of the redemption of Shares;• termination of the management of the Fund or its winding-up;• amendments to the Fund rules which are inconsistent with existing investment principles, affect material investor rights,

or relate to remuneration or the reimbursement of expenses that may be taken out of the assets of the Fund, includingthe reasons for the amendments and the rights of investors;

• the merger of the Fund with one or more other funds;• the conversion of the Fund into a feeder fund or any change to a master fund.

The issue, redemption and exchange prices and any other information and documents which are required to be published inIreland, will be published on the website of the Irish Stock Exchange (http://www.ise.ie). However, documents available forinvestors in Ireland solely for inspection at an office specified in the sales documentation, will be published through the GermanInformation Agent by making those documents available for inspection free of charge at his office.

Tax regulations and the practices of financial authorities are constantly subject to change. Because of the complexity ofGerman tax law, it is recommended that investors contact a tax adviser regarding the effect on their individual tax situationbefore they decide about an investment in the Fund.

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