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Barings Multi Asset Investment FundsInterim Report & Unaudited Financial Statementsfor the half year ended 29 February 2020

2

Barings Multi Asset FundInterim Report and Unaudited Financial Statements

For the period ended 29 February 2020Contents

Introduction 3

Investment objective and policy* 4

Risk profile* 4

The Fund at a glance on 29 February 2020* 5

Fund Information* 7

Report of the Investment Manager 9

Directors’ statement* 11

Portfolio Statement* 12

Statement of total return and Statement of change in net assets attributable to shareholders 18

Balance sheet 19

Distribution tables 20

The Risk and Reward profile* 23

Important Information* 24

Directory 26

* These pages comprise the Authorised Corporate Director’s Report.

3

Barings Multi Asset FundIntroduction

This Interim Report and Unaudited Financial Statements covers the period from 1 September 2019 to 29 February 2020 and reviews the performance and market outlook for the Barings Multi Asset Fund, a sub-fund of the Barings Multi Asset Investment Funds, managed by Baring Fund Managers Limited ("the Authorised Corporate Director" or "ACD").The functional and presentational currency for the Fund is Sterling.This is the first Interim Report and Financial Statements for the Company since the year end was changed to 31 August. As an investor in the Fund, your money is pooled with that of other investors and invested by the ACD in line with the Investment objective and policy as shown on page 4.

COVID-19The spread of COVID-19 around the world in the first quarter of 2020 has caused significant volatility in international markets. There is significant uncertainty around the breadth and duration of business disruptions related to COVID-19, as well as its impact on the international economies and, as such, the ACD is actively monitoring the extent of the impact to its operations, financial accounting and reporting. There was no impact to these financial statements as of 29 February 2020. Please refer to the Post balance sheet events note on page 19.

4

Barings Multi Asset FundInvestment objective and policy

The investment objective of the Fund is to generate a capital return in excess of UK inflation (RPI) over a three year period. There is no guarantee that this objective will be achieved over the three year period, or any other period, and the capital value of the Fund is at risk. The Fund will hold a diversified portfolio of investments in a range of asset classes including equities, fixed interest securities, property, gold, commodities and cash. It may also invest in alternative asset classes (e.g. private equity, hedge funds), near cash, deposits and money market instruments. The maximum exposure to equity will be restricted to 60% of the Fund and at least 50% of the Fund’s currency exposure will be in Sterling. The Fund may gain exposure to asset classes by direct investment and/or indirectly through collective investment schemes (in-house and/or third party), transferable securities and derivatives. Investment in property, gold and commodities will be indirect. The Fund may invest in derivative instruments for the purposes of investment and efficient portfolio management.Please refer to the Prospectus for the full investment objective and policy.Performance Target UK Retail Price Index (RPI) has been selected as the performance target because it is a key measure of consumer inflation in the United Kingdom. The Fund aims to deliver positive returns in excess of RPI, over a three year period. RPI is therefore an appropriate target for the Fund.How the Fund is managedBaring Fund Managers Limited (“the Authorised Corporate Director” or “ACD”) use the ideas generated by the Strategic Policy Group, our global macro research asset allocation group, to choose what we believe are the best investments to achieve the investment objectives of the Fund. This means we construct a portfolio of stocks, bonds and alternative investments from a mix of companies, countries and sectors to suit our current asset allocation policy at that point in time. We believe that asset allocation is the most important driver of returns. It is important to be in the right market at the right time, and to be able to retreat to a more defensive poise to help manage risk. We follow a two-stage investment process that accesses both long-term return opportunities, driven by slowly evolving macroeconomic factors, and shorter-term opportunities generated by market volatility. We maintain a forward-looking approach and are conscious that what proved to be a defensive asset in a previous downturn may not always be suitable. We use our wide investment universe to ensure that we avoid over diversification and focus on assets that we believe are appropriate for the prevailing economic and market cycle.

Risk profile*

Please see detailed below the key risks applicable to the Fund:• Changes in exchange rates between the currency of the Fund and the currencies in which the assets of the Fund

are valued can have the effect of increasing or decreasing the value of the Fund and any income generated.• The rating of a bond is subject to change. There is no guarantee that a bond issuer will pay the interest due or

repay the loan, and if not, this would result in a loss of income to the Fund, along with its initial investment. Bond values are likely to fall if interest rates rise.

• Derivative instruments can make a profit or a loss and there is no guarantee that a financial derivative contract will achieve its intended outcome. The use of derivatives can increase the amount by which the Fund’s value rises and falls and could expose the Fund to losses that are significantly greater than the cost of the derivative as a relatively small movement may have a larger impact on derivatives than the underlying assets.

• Emerging markets or less developed countries may face more political, economic or structural challenges than developed countries. Coupled with less developed regulation, this means your money is at greater risk.

• Investing in other funds may expose investors to increased risk due to restrictions on withdrawals, less strict regulations and use of derivatives.

• Losses may occur if an organisation through which we buy an asset (such as a bank) fails to meet its obligations.

5

Barings Multi Asset FundInvestment objective and policy (continued)

• Liquidity risk exists when a particular security or instrument is difficult to purchase or sell. If the amount of a transaction is particularly large or if the relevant market is illiquid (as is the case with many privately negotiated derivatives, structured products, etc), it may not be possible to initiate a transaction or liquidate a position at an advantageous time or price.

Please refer to the Prospectus for the full risk profile.The Fund at a glance on 29 February 2020*

Total Fund size: 29 February 2020 £122.94 million

Total Fund size: 31 August 2019 £118.37 millionOCF* 29/02/2020 31/08/2019Class A GBP Inc 1.75% 1.79%Class A GBP Acc 1.75% 1.79%Class B GBP Inc** 1.00% N/AClass B GBP Acc** 1.00% N/AClass I GBP Inc 0.80% 0.84%Class I GBP Acc 0.80% 0.84%

Initial Charge Annual ChargeClass A GBP Inc Up to 5.00% 1.50%Class A GBP Acc Up to 5.00% 1.50%Class B GBP Inc** 0.00% 0.75%Class B GBP Acc** 0.00% 0.75%Class I GBP Inc 0.00% 0.55%Class I GBP Acc 0.00% 0.55%

Minimum initial investment Minimum subsequent investmentClass A GBP Inc £2,000 £500Class A GBP Acc £2,000 £500Class B GBP Inc** £2,000 £500Class B GBP Acc** £2,000 £500Class I GBP Inc £500,000 £500Class I GBP Acc £500,000 £500

* The Ongoing Charge Figure (“OCF”) reflects the payments and expenses which cover aspects of operating the Fund and is deducted from the assets over the period. It includes fees paid for investment management, trustee and general charges. It also includes synthetic costs which consider the OCF of the underlying funds weighted on the basis of their investment proportion. The OCF figures for the current period have decreased due to the decrease in ‘Other expenses’ and the increase in the ‘Net assets attributable to shareholders’ as shown on the Balance Sheet on page 19.

** Share class was launched on 3 December 2019.

Risk profile (continued)

6

Barings Multi Asset FundInvestment objective and policy (continued)

Price per share (pence per share)

Class A GBP Acc 175.10p

Class A GBP Inc 156.30p

Class B GBP Acc 748.40p

Glass B GBP Inc 270.10p

Class I GBP Acc 189.40p

Class I GBP Inc 164.20p

The Fund at a glance on 29 February 2020* (continued)

7

Barings Multi Asset FundFund Information

Class A GBP Acc - Accumulation shares Class A GBP Inc - Distribution shares29/02/2020

(p)31/08/2019

(p)31/03/2018

(p)29/02/2020

(p)31/08/2019

(p)31/03/2018

(p)Change in net assets per shareOpening net asset value per share 180.54 173.98 169.61 161.17 160.79 158.99Return before operating charges (3.87) 11.04 7.41 (3.53) 10.09 6.96Operating charges (1.60) (4.48) (3.04) (1.42) (4.11) (2.84)Return after operating charges (5.47) 6.56 4.37 (4.95) 5.98 4.12Distributions (1.18) (6.13) (2.48) (1.05) (5.60) (2.32)Retained distributions on accumulation shares 1.18 6.13 2.48 – – –

Closing net asset value per share 175.07 180.54 173.98 155.17 161.17 160.79after direct transaction costs of* – 0.05 0.02 – 0.05 0.02PerformanceReturn after charges (3.03)% 3.77% 2.58% (3.07)% 3.72% 2.59%Other informationClosing net asset value ('000) £6,483 £7,425 £8,346 £342 £770 £1,333Closing number of share 3,703,027 4,112,470 4,796,739 220,253 478,060 829,043Operating charges 1.75% 1.79% 1.73% 1.75% 1.79% 1.73%Direct transaction costs 0.00% 0.03% (0.01)% 0.00% 0.03% (0.01)%Prices**

Highest share price 186.90 184.00 182.00 166.80 167.00 169.50Lowest share price 174.10 165.00 169.60 154.30 151.00 159.00

Class B GBP Acc - Accumulation shares Class B GBP Inc - Distribution shares29/02/2020^

(p)29/02/2020^

(p)Change in net assets per shareOpening net asset value per share 773.98 279.31Return before operating charges (23.73) (8.57)Operating charges (1.90) (0.68)Return after operating charges (25.63) (9.25)Distributions (4.30) (1.55)Retained distributions on accumulation shares 4.30 –

Closing net asset value per share 748.35 268.51after direct transaction costs of* 0.01 –PerformanceReturn after charges (3.31)% (3.31)%Other informationClosing net asset value ('000) £1,113 £4,088Closing number of share 148,734 1,522,397Operating charges 1.00% 1.00%Direct transaction costs 0.00% 0.00%Prices**

Highest share price 798.50 288.20Lowest share price 744.10 267.00

*Direct transaction costs comprise commission and taxes, principally applicable to equity investment purchases and sales. Shareholders should note that there are other additional transaction costs such as dealing spread and underlying costs with regard to Investment Fund holdings which will also have reduced the Fund and share class returns before operating charges.

**High/low prices included in the table above are for the accounting period from 1 September 2019 to 29 February 2020 and the years from 1 April 2018 and 2017 to 31 August 2019 and 31 March 2018, respectively.

^Share class was launched on 3 December 2019.

8

Barings Multi Asset FundFund Information (continued)

Class I GBP Acc - Accumulation shares Class I GBP Inc - Distribution shares29/02/2020

(p)31/08/2019

(p)31/03/2018

(p)29/02/2020

(p)31/08/2019

(p)31/03/2018

(p)Change in net assets per shareOpening net asset value per share 194.47 185.41 179.38 168.58 168.13 166.24Return before operating charges (4.38) 11.31 7.50 (3.75) 10.19 6.97Operating charges (0.79) (2.25) (1.47) (0.68) (2.01) (1.36)Return after operating charges (5.17) 9.06 6.03 (4.43) 8.18 5.61Distributions (1.88) (8.62) (4.03) (1.63) (7.73) (3.72)Retained distributions on accumulation shares 1.88 8.62 4.03 – – –

Closing net asset value per share 189.30 194.47 185.41 162.52 168.58 168.13after direct transaction costs of* – 0.05 0.02 – 0.05 0.02PerformanceReturn after charges (2.66)% 4.89% 3.36% (2.63)% 4.87% 3.37%Other informationClosing net asset value ('000) £93,853 £102,539 £139,150 £17,065 £7,639 £5,987Closing number of share 49,579,040 52,726,200 75,050,244 10,500,223 4,531,419 3,561,089Operating charges 0.80% 0.84% 0.79% 0.80% 0.84% 0.79%Direct transaction costs 0.00% 0.03% (0.01)% 0.00% 0.03% (0.01)%Prices**

Highest share price 202.00 198.00 193.70 175.20 175.00 177.70Lowest share price 188.20 177.00 179.50 161.60 159.00 166.30

*Direct transaction costs comprise commission and taxes, principally applicable to equity investment purchases and sales. Shareholders should note that there are other additional transaction costs such as dealing spread and underlying costs with regard to Investment Fund holdings which will also have reduced the Fund and share class returns before operating charges.

**High/low prices included in the table above are for the accounting period from 1 September 2019 to 29 February 2020 and the years from 1 April 2018 and 2017 to 31 August 2019 and 31 March 2018, respectively.

9

Barings Multi Asset FundReport of the Investment Manager

PerformanceDuring the reporting period from 1 September 2019 to 29 February 2020, the Barings Multi Asset Fund (“the Fund”) produced an absolute net return for Class A GBP Inc of -3.30% compared with a return of -1.19% for the performance target. The table below shows the 6 month, 1 year, 3 year and 5 year absolute net return for the Class A GBP Inc shares against the performance target.

6 months 1 year 3 years 5 yearsBarings Multi Asset Fund (3.30) 0.00 3.93 9.43UK Retail Price Index (RPI) (1.19) 2.59 9.75 13.10 Towards the end of 2019 equities performed well and the Fund saw positive contributions across its equity positions. A particular highlight was our mid cap European equity position, which also gained as mid-caps outperformed large-caps. UK and US equities exposure also helped performance. Given the upturn in economic data we added steadily to equities throughout the fourth quarter of 2019, and our equity weight increased by around 6% from 39% to 45%.We spent much of 2019 talking to clients about our conviction in the economically sensitive fixed income portions of the portfolio. These are fixed income positions including high yield bonds (US and European) and Emerging Market hard currency debt and it was heartening to see positive returns here at the end of 2019 – particularly when conventional government bonds were selling off. Income as well as spreads tightening both ‘worked’ which offset any losses from an increase in the underlying government bond yields. The exception is for Emerging Market local currency debt, where the strength of sterling was detrimental to these positions.Specialist investments are a small position in the Fund. Our positions here are focused in a range of vehicles including listed private equity, and catastrophe bonds. This has been the largest detractor from returns over the reporting period and the performance was impacted the most during the fourth quarter of 2019 as some of these positions experienced negative company specific news. However, Specialist Investments have been accretive to the performance over a longer period.In January, a contagious virus (Coronavirus) had been identified as a potentially global threat and the number of known cases in China was rapidly increasing. The authorities tried to contain this locally but in February Europe was reporting a growing number of cases and there had also been some confirmed cases in the United States. At the end of February, the number of confirmed cases outside of China had continued to increase rapidly. It is unknown to what extent investors will become risk averse, but the unfolding of this news has had a detrimental impact to global markets on the whole, with equities suffering the worst of the impact so far. This led to renewed fears of a global recession and a sharp global sell-off which detracted from performance. Our equity positions were reduced in February as our view on equities changed, as we feel that this sell-off will have a substantial hit on earnings.

10

Barings Multi Asset FundReport of the Investment Manager (continued)

The top ten purchases and sales during the period were as follows:

Purchases Costs £’000

UK Treasury Bond 0.00% 08/06/2020 6,974

iShares Core S&P 500 UCITS ETF 5,448

UK Treasury Bond 0.00% 22/06/2020 4,981

UK Treasury Bond 0.00% 06/07/2020 4,483

iShares JP Morgan EM Local Government Bond UCITS ETF 4,144

UK Treasury Bond 0.00% 11/05/2020 3,786

UK Treasury Bond 0.00% 10/08/2020 2,990

Xtrackers II EUR High Yield Corporate Bond UCITS ETF 2,077

UK Treasury Bond 0.00% 24/08/2020 1,993

Vanguard FTSE 250 UCITS ETF 1,967

Sales Proceeds £’000

Henderson UK Property Fund 4,514

UK Treasury Bond 0.00% 11/11/2019 3,800

iShares JP Morgan EM Local Government Bond UCITS ETF 3,185

UK Treasury Bond 0.00% 11/05/2020 2,492

iShares EUR High Yield Corp Bond UCITS ETF 2,029

Vanguard FTSE 250 UCITS ETF 1,687

iShares Core S&P 500 UCITS ETF 1,634

Hungary Government International Bond 5.375% 25/03/2024 1,528

Xtrackers II USD Emerging Markets Bond UCITS ETF 1,453

ETFS Physical Silver 1,385

Market outlookThe continuous spread of the Coronavirus and the potential human and economic impact, both in terms of size and duration of impact, is an unknown, and the development of economic conditions will determine how the key drivers of risky asset classes will evolve. As the Coronavirus outbreak develops, it brings with it revived fears of a global growth slowdown. There has already been an impact on travel, businesses and supply chains. Companies have been cancelling events globally, are advising for only essential business travel and are encouraging the use of video and audio conferencing as an alternative to face to face meetings. An air of caution naturally remains given the likelihood of greater economic disruption as the number of infected cases rise and more restrictions are imposed on people and businesses. Governments around the world have confirmed that they will provide stimulus to boost economic activity. There may be some rallies in markets on news of slowing infection rates or news of a medical/treatment breakthrough but the uncertainty will prevail. We will be looking to reduce risk asset exposure and add to areas such as emerging market debt and types like high yield. In these type of markets, we stand by our process and principles and continue to monitor the situation as it develops.

Baring Asset Management LimitedBaring Asset Management Limited (the “Investment Manager”) gives its portfolio managers full authority to manage their funds as they see fit, within the established guidelines set down. This includes the views that managers may take of the markets and sectors they invest in, which may differ from the views of other Barings portfolio managers.

11

Barings Multi Asset FundDirectors’ Statement

The financial statements on pages 18 to 22 were approved by Baring Fund Managers Limited (the “Authorised Corporate Director” or “ACD”) and signed on its behalf by:

E. BROWNING Director

J. SWAYNE Director London 22 April 2020

12

Portfolio statement

as at 29 February 2020

Barings Multi Asset Fund

Holdings Investments

Bid-Market value

(£)

Percentage of total net

assets (%)

Investment Funds: 56.89% (60.58%)

Germany: 3.75% (4.78%)378,905 Xtrackers II USD Emerging Markets Bond UCITS ETF* 4,605,569 3.75

Guernsey: 0.92% (0.00%)853,889 Chenavari Capital Solutions 537,950 0.44662,489 Crystal Amber 588,290 0.48

1,126,240 0.92

Ireland: 40.23% (41.55%)584,423 Barings European Opportunities Fund* 9,678,040 7.87105,500 Barings Global Dividend Champions Fund* 1,048,284 0.85

50,305 Barings European High Yield Bond Fund* 5,000,856 4.0747,667 Barings U.S Short Duration High Yield Bond Component

Fund* 3,598,550 2.938,080 Carador Income Fund 1,568 –

22,927 iShares Core S&P 500 UCITS ETF USD Acc NPV ETF – London* 5,183,107 4.22

24,840 iShares EUR High Yield Corp Bond UCITS ETF* 2,166,088 1.76142,769 iShares JP Morgan EM Local Government Bond UCITS ETF* 6,375,951 5.19215,828 Neuberger Berman CLO Income Fund 1,784,325 1.45

16,921 Twelve Cat* 1,320,624 1.07158,466 US High Yield Bond Component Inc* 12,173,454 9.90

7,144 Vanguard FTSE 250 UCITS ETF* 216,320 0.1833,635 Xtrackers MSCI World Consumer Staples* 912,286 0.74

49,459,453 40.23

Japan: 2.18% (3.47%)191,888 Baillie Gifford Overseas Growth Funds 2,684,513 2.18

Luxembourg: 1.65% (0.00%)139,300 Xtrackers II EUR High Yield Corporate Bond UCITS ETF* 2,025,917 1.65

United Kingdom: 0.87% (4.64%)534 Aviva Investors UK Property Fund 644 –

1 AXA Framlington UK Select Opportunities Fund 2 –50,000 ETFS Physical Silver* 627,426 0.51

319,693 Greencoat UK Wind Fund 439,897 0.365 Legal & General European Index Trust 23 –

1,067,992 0.87

United States: 7.29% (6.14%)30,049 iShares Core S&P 500 UCITS ETF* 6,801,962 5.53

5 Legal & General US Index Trust 22 –252,461 Neuberger Berman High Yield Bond Fund 2,167,534 1.76

8,969,518 7.29

13

Portfolio statement (continued)




Bid-Market value

(£)


assets (%)

Bonds: 31.68% (16.60%)

Brazil: 3.09% (3.24%)

BRL 60,000 Brazil Notas do Tesouro Nacional Serie F 10.00% 01/01/2023 116,064 0.09

USD 3,993,000 Brazilian Government International Bond 6.00% 07/04/2026 3,684,644 3.003,800,708 3.09

Greece: 2.61% (1.72%)EUR 482,000 Hellenic Republic 3.875% 12/03/2029 499,361 0.41

EUR 1,284,255 Hellenic Republic 3.75% 30/01/2028 1,305,857 1.06EUR 900,000 Hellenic Republic Government Bond 4.20% 30/01/2042 1,065,502 0.87EUR 350,000 Hellenic Republic Government Bond 3.375% 15/02/2025 336,660 0.27

3,207,380 2.61

Hungary: 0.72% (3.63%)USD 1,000,000 Hungary Government International Bond 5.375%

25/03/2024 882,400 0.72

Indonesia: 0.29% (0.31%)USD 200,000 Indonesia Government International Bond 4.75%

08/01/2026 175,236 0.14USD 200,000 Indonesia Government International Bond 5.875%

15/01/2024 176,633 0.15351,869 0.29

Italy: 0.66% (0.22%)GBP 632,000 Republic of Italy Government International Bond 6.00%

04/08/2028 818,494 0.66

Mexico: 2.19% (2.34%)MXN 42,270,000 Mexican Bonos 7.75% 29/05/2031 1,803,398 1.46

EUR 1,000,000 Mexico Government International Bond 1.625% 08/04/2026 894,840 0.732,698,238 2.19

Poland : 0.00% (0.10%)

Russia: 0.14% (0.16%)EUR 200,000 Russian Government International Bond 3.625% 16/09/2020 173,789 0.14

Russian Federation: 0.10% (0.00%)RUB 10,000,000 Russian Federal Bond - OFZ 7.00% 16/08/2023 119,662 0.10

South Africa: 0.09% (0.00%)ZAR 2,000,000 Republic of South Africa Government Bond 10.50%

21/12/2026 111,967 0.09

14





Bid-Market value

(£)


assets (%)

Bonds: 31.68% (16.60%) (continued) Thailand: 0.10% (0.00%)

THB 4,000,000 Thailand Government Bond 3.775% 25/06/2032 126,692 0.10

Turkey: 1.56% (1.68%)USD 750,000 Turkey Government International Bond 5.125% 17/02/2028 558,191 0.46EUR 400,000 Turkey Government International Bond 5.20% 16/02/2026 358,363 0.29USD 150,000 Turkey Government International Bond 7.375% 05/02/2025 126,261 0.10

USD 1,200,000 Turkey Government International Bond 4.25% 14/04/2026 873,079 0.711,915,894 1.56

United Kingdom: 20.13% (3.20%)

GBP 3,000,000 UK Treasury Bond 0.00% 10/08/2020 2,991,687 2.43GBP 2,000,000 UK Treasury Bond 0.00% 24/08/2020 1,993,974 1.62GBP 4,500,000 UK Treasury Bond 0.00% 06/07/2020 4,490,262 3.65GBP 1,300,000 UK Treasury Bond 0.00% 11/05/2020 1,298,358 1.06GBP 7,000,000 UK Treasury Bond 0.00% 08/06/2020 6,988,247 5.69GBP 5,000,000 UK Treasury Bond 0.00% 22/06/2020 4,990,390 4.06GBP 2,000,000 UK Treasury Bond 0.00% 01/09/2020 1,994,400 1.62

24,747,318 20.13

United States: 0.00% (0.00%)USD 400 US Treasury Index-Linked 3.375% 15/04/2032 641 –

Equities: 7.99% (20.22%)

Australia: 0.11% (0.06%)102,101 Orocobre 138,552 0.11

Belgium: 0.81% (0.83%)6,469 Cofinimmo 800,348 0.656,176 Umicore 197,769 0.16

998,117 0.81

France: 0.89% (1.43%)11,919 Unibail-Rodamco Reits 1,096,815 0.89

Germany: 1.63% (1.88%)87,124 Alstria Office REIT- AG Class A REITs 1,274,155 1.0438,378 TAG Immobilien 732,197 0.59

2,006,352 1.63

Guernsey: 1.75% (2.97%)1,867,257 JPEL Private Equity 1,716,218 1.40

1,264 NB Distressed Debt Investment Fund 805 –435,132 Sequoia Economic Infrastructure Income Fund 428,477 0.35

2,145,500 1.75

15





Bid-Market value

(£)


assets (%)

Equities: 7.99% (20.22%) (continued) Ireland : 0.00% (0.01%)

Japan: 1.05% (2.52%)800 Aica Kogyo 18,196 0.01

1,700 Aruhi 19,120 0.021,100 Bridgestone 28,263 0.02

900 Comsys 17,057 0.01100 Cosmos Pharmaceutical 16,703 0.01500 Daifuku 22,816 0.02500 Daiichi Sankyo 23,452 0.02200 Daikin Industries 20,909 0.02500 East Japan Railway 29,657 0.02800 Elecom 20,709 0.02

1,800 Fuji 22,250 0.02500 Giken 12,818 0.01600 Jafco 17,503 0.01

1,100 Japan Elevator Service 16,284 0.01600 Katitas 15,489 0.01100 Keyence 24,537 0.02

1,300 Komatsu 20,192 0.021,500 Kyowa Exeo 25,183 0.02

800 MEIJI 36,734 0.039,000 Mitsubishi UFJ Financial 34,102 0.031,100 Mitsui Fudosan 19,406 0.02

800 Murata Manufacturing 32,638 0.03900 NEC 25,965 0.02

1,400 Nifco 26,184 0.02800 Nihon M&A Center 18,681 0.02100 Nintendo 25,829 0.02

2,400 Nippon Telegraph & Telephone 43,301 0.04600 Nissan Chemical 19,431 0.02300 Nitori 31,974 0.03

1,000 NOF 24,637 0.021,000 Nomura Research Institute 16,789 0.011,600 OSG 18,453 0.02

700 Paltac 22,820 0.02800 Pigeon 20,881 0.02

1,000 Recruit 26,686 0.02489 Sakai Moving Service 17,914 0.01

2,500 Sanwa 17,656 0.01600 SCSK 23,780 0.02900 Sekisui House 13,584 0.01

1,400 Shimadzu 26,154 0.02400 Shin-Etsu Chemical 34,506 0.03600 Sho-Bond 16,839 0.01

1,100 Sony 51,829 0.041,200 Sumitomo Mitsui Financial 29,744 0.02

900 Takeda Pharmaceutical 24,172 0.021,200 Terumo 29,213 0.02

900 THK 15,843 0.01

16





Bid-Market value

(£)


assets (%)

Equities: 7.99% (20.22%) (continued) Japan: 1.05% (2.52%) (continued)

400 TIS 18,196 0.021,100 Tokio Marine 45,482 0.04

200 Tokyo Electron 31,692 0.031,300 Toyota Motor 65,903 0.051,500 ZoZo 16,175 0.01

1,294,331 1.05

Netherlands: 0.35% (0.41%)7,048 AMG Advanced Metallurgical 124,122 0.10

17,480 Eurocommercial Properties 300,681 0.25424,803 0.35

South Korea: 0.30% (0.32%)959 LG Chem 225,572 0.18

1,934 SK Innovation 139,687 0.12365,259 0.30

United Kingdom: 0.81% (9.70%)850,000 Aquila European Renewables Income Fund 765,147 0.62

1,322,554 Dexion Absolute** – –107,166 Doric Nimrod Air One 60,013 0.05119,819 Eurovestech 4,793 0.01

6,623 Johnson Matthey 161,601 0.1335,219 Low Carbon Accelerator*** – –

991,554 0.81

United States: 0.29% (0.09%)5,726 Albemarle 359,153 0.29

Futures Contracts: -1.77% (-0.08%)29 Future E-mini NASDAQ 100 March 2020 (292,337) (0.24)49 Futures Euro Stoxx 50 Eux March 2020 (355,736) (0.29)65 Futures FTSE 100 Index March 2020 (574,661) (0.47)

258 Futures MSCI Emerging Market March 2020 (978,384) (0.79)(5) Futures SGX Nikkei 225 March 2020 23,329 0.02

(2,177,789) (1.77)

Forward Currency Contracts: -0.94% (-0.87%)USD (3,415,621) Sold USD, bought JPY 380,148,000 for settlement

20/05/2020 (Canadian Imperial Bank of Commerce) 74,391 0.06GBP (780,529) Sold GBP, bought JPY 112,394,800 for settlement

20/05/2020 (Standard Chartered Bank) 23,833 0.02CHF (265,000) Sold CHF, bought GBP 209,751 for settlement 20/05/2020

(Standard Chartered Bank) (3,891) –CHF (260,000) Sold CHF, bought GBP 198,673 for settlement 08/04/2020

(Canadian Imperial Bank of Commerce) (10,569) (0.01)

17





Bid-Market value

(£)


assets (%)

Forward Currency Contracts: -0.94% (-0.87%) (continued)

USD (35,408,190) Sold USD, bought GBP 27,359,810 for settlement 20/05/2020 (Canadian Imperial Bank of Commerce) (71,814) (0.06)

EUR (9,729,000) Sold EUR, bought GBP 8,163,487 for settlement 08/04/2020 (State Street) (148,164) (0.12)

EUR (12,807,300) Sold EUR, bought GBP 10,744,049 for settlement 20/05/2020 (State Street) (212,375) (0.17)

JPY (837,083,000) Sold JPY, bought GBP 5,726,013 for settlement 08/04/2020 (State Street) (257,875) (0.21)

USD (17,607,000) Sold USD, bought GBP 13,106,459 for settlement 08/04/2020 (Canadian Imperial Bank of Commerce) (547,818) (0.45)

(1,154,282) (0.94)

Portfolio of investments: 93.85% (96.60%) 115,382,619 93.85

Net other assets 7,561,575 6.15

Net assets 122,944,194 100.00

Note: Securities shown on the portfolio statement are ordinary shares admitted to official stock exchange listings or traded on a regulated market, unless otherwise stated.Comparative figures shown in brackets relate to 31 August 2019. * Offshore Collective Investment Schemes** Dexion Absolute submitted the notice for voluntary liquidation on 23 March 2016.*** Low Carbon Accelerator is valued at zero as the Company has been liquidated since 2013.

18

Statement of total return and Statement of change in net assets attributable to shareholders

for the period ended 29 February 2020


01/09/2019 to 29/02/2020*

01/04/2018 to 30/09/2018**

£'000 £'000 £'000 £'000

IncomeNet capital (losses)/gains (4,922) 2,802Revenue 2,097 3,499Expenses (390) (558)

Interest payable and other similar charges (15) (5)Net revenue before taxation 1,692 2,936Taxation (239) (389)Net revenue after taxation 1,453 2,547Total return before distributions (3,469) 5,349Distributions (1,161) (2,051)Change in net assets attributable to shareholders from investment activities (4,630) 3,298

01/09/2019 to 29/02/2020*

01/04/2018 to 30/09/2018**

£'000 £'000 £'000 £'000

Opening net assets attributable to shareholders*** 118,373 154,816Amounts receivable on issue of shares 20,543 10,137Amounts payable on cancellation of shares (12,346) (20,062)

8,197 (9,925)Dilution adjustment 24 –Changes in net assets attributable to shareholders from investment activities (4,630) 3,298Retained distribution on accumulation shares 980 1,912Closing net assets attributable to shareholders 122,944 150,101

* The accounting interim period date was changed from 30 September to 29 February.** The accounting year end date was changed from 31 March to 31 August.***The opening net assets attributable to shareholders for 29 February 2020 differs to the closing position in 30 September 2018 by the movement

between the two interim periods of the Fund.

19

Balance sheet



29/02/2020* 31/08/2019**£'000 £'000

AssetsInvestment assets 118,837 115,728Current assets:

Debtors 2,676 1,857Cash and bank balances 8,540 49,817

Total assets 130,053 167,402

LiabilitiesCreditors:Investment liabilities (3,454) (1,380)

Bank overdraft (149) (46,304)Distribution payable on income shares (197) (185)Other creditors (3,309) (1,160)

Total liabilities (7,109) (49,029)Net assets attributable to shareholders 122,944 118,373 * The accounting interim period date was changed from 30 September to 29 February.** The accounting year end date was changed from 31 March to 31 August.

Note to the financial statementsfor the period ended 29 February 2020

The interim financial statements have been prepared on the same basis as the annual audited financial statements for the year ended 31 August 2019. They are in accordance with the historical cost convention, as modified by the revaluation of investments and the Statement of Recommended Practice for Authorised Funds issued by the Investment Association in May 2014 (the “IMA SORP 2014”). The financial statements have been prepared on a going-concern basis.

Post balance sheet eventsSubsequent to the period end, the price per share of the A Income class has decreased from 156.30p to 140.00p as at 17 April 2020. This movement takes into account routine transactions but also reflects the market movements including the impact on the financial markets from the increasing fears over the spread of Coronavirus. The ACD continues to monitor investment performance in line with investment objectives.

20

Barings Multi Asset FundDistribution Tables

Interim distributionGroup 1: Shares purchased prior to 1 September 2019*Group 2: Shares purchased between 1 September 2019 and 29 February 20201st interim accumulation - Class A GBP Acc (in pence per share)

GroupNet

RevenueEqualisation

2020 Accumulation

Payable

2018 Accumulation

Paid

1 1.1828 0.0000 1.1828 1.8893

2 0.7942 0.3886 1.1828 1.8893

1st interim distribution - Class A GBP Inc (in pence per share)

GroupNet

RevenueEqualisation

2020 Distribution

Payable

2018 Distribution

Paid

1 1.0509 0.0000 1.0509 1.7411

2 0.7265 0.3244 1.0509 1.7411

1st interim accumulation - Class B GBP Acc** (in pence per share)

GroupNet

RevenueEqualisation

2020 Accumulation

Payable

2018 Accumulation

Paid

1 4.2984 0.0000 4.2984 N/A

2 4.1464 0.1520 4.2984 N/A

1st interim distribution - Class B GBP Inc** (in pence per share)

GroupNet

RevenueEqualisation

2020 Distribution

Payable

2018 Distribution

Paid

1 1.5516 0.0000 1.5516 N/A

2 1.5298 0.0218 1.5516 N/A

1st interim accumulation - Class I GBP Acc (in pence per share)

GroupNet

RevenueEqualisation

2020 Accumulation

Payable

2018 Accumulation

Paid

1 1.8754 0.0000 1.8754 2.5993

2 1.0342 0.8412 1.8754 2.5993

21

Barings Multi Asset FundDistribution Tables (continued)

1st interim distribution - Class I GBP Inc (in pence per share)

GroupNet

RevenueEqualisation

2020 Distribution

Payable

2018 Distribution

Paid

1 1.6274 0.0000 1.6274 2.3576

2 0.9320 0.6954 1.6274 2.3576

Group 1: Shares purchased prior to 1 September 2019*Group 2: Shares purchased between 1 September 2019 and 29 February 20202nd interim accumulation - Class A GBP Acc (in pence per share)

GroupNet

RevenueEqualisation

2020 Accumulation

Payable

2019 Accumulation

Paid

1 N/A N/A N/A 1.0172

2 N/A N/A N/A 1.0172

2nd interim distribution - Class A GBP Inc (in pence per share)

GroupNet

RevenueEqualisation

2020 Distribution

Payable

2019 Distribution

Paid

1 N/A N/A N/A 0.9324

2 N/A N/A N/A 0.9324

2nd interim accumulation - Class B GBP Acc** (in pence per share)

GroupNet

RevenueEqualisation

2020 Accumulation

Payable

2019 Accumulation

Paid

1 N/A N/A N/A N/A

2 N/A N/A N/A N/A

2nd interim distribution - Class B GBP Inc** (in pence per share)

GroupNet

RevenueEqualisation

2020 Distribution

Payable

2019 Distribution

Paid

1 N/A N/A N/A N/A

2 N/A N/A N/A N/A

22

Barings Multi Asset FundDistribution Tables (continued)

2nd interim accumulation - Class I GBP Acc (in pence per share)

GroupNet

RevenueEqualisation

2020 Accumulation

Payable

2019 Accumulation

Paid

1 N/A N/A N/A 1.7668

2 N/A N/A N/A 1.7668

2nd interim distribution - Class I GBP Inc (in pence per share)

GroupNet

RevenueEqualisation

2020 Distribution

Payable

2019 Distribution

Paid

1 N/A N/A N/A 1.5927

2 N/A N/A N/A 1.5927

*

The accounting year end date was changed from 31 March to 31 August. As a result, during the period from 1 September 2019 to 29 February 2020, there was one interim distribution compared with two interim distributions in prior accounting period from 1 April 2018 to 31 August 2019.


23

Barings Multi Asset FundThe Risk and Reward Profile

SRRI risk category*29/02/2020

SRRI risk category*31/08/2019

Barings Multi Asset Fund - Class A GBP Inc 4 4

Barings Multi Asset Fund - Class A GBP Acc 4 4

Barings Multi Asset Fund - Class B GBP Inc** 4 N/A

Barings Multi Asset Fund - Class B GBP Acc** 4 N/A

Barings Multi Asset Fund - Class I GBP Inc 4 4

Barings Multi Asset Fund - Class I GBP Acc 4 4

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


24

Barings Multi Asset FundImportant Information

ConstitutionBarings Multi Asset Investment Funds (the "Company") is an open-ended investment company with variable capital incorporated in England and Wales (registered number IC000735) under the open-ended investment companies regulations 2001 and authorised by the Financial Conduct Authority ("FCA") with effect from 27 February 2009. The Company is an alternative investment fund and a non-UCITS retail scheme under the FCA's rules.The Company currently has one sub-fund, the Barings Multi Asset Fund (the "Fund") and the shareholders are not liable for the debts of the company.This document has been issued by Baring Fund Managers Limited (the "Authorised Corporate Director" or "ACD") which is authorised and regulated by the FCA.

PerformancePast performance is no indication of current or future performance. Investment involves risk. The value of any investments and any income generated may go down as well as up and is not guaranteed. Any references in this report to other investments held within the Fund should not be read as a recommendation to the investor to buy or sell the same, but are included for illustration purposes only.

Key changes during the periodB share classes have been relaunched on 3 December 2019.The depositary fees for the Barings Multi Asset Investment Funds changed as at 1 January 2020 as follows:

Old fees New fees First £150m 0.0200% First £200m 0.0175%Next £200m 0.0175% Next £200m 0.0150%Thereafter 0.0100% Next £800m 0.0100% Thereafter 0.0050%

Market timingRepeatedly purchasing and selling shares in the Fund in response to short-term market fluctuations – known as ‘market timing’ – can disrupt the ACD's investment strategy and increase the Fund’s expenses to the prejudice of all shareholders.The Fund is not intended for market timing or excessive trading. To deter these activities, the ACD may refuse to accept an application for shares from persons that it reasonably believes are engaged in market timing or are otherwise excessive or potentially disruptive to the Fund.The ACD also reserves the right to redeem shares which it reasonably believes have been purchased by shareholders engaged in market timing.

Publication of pricesThe prices of units are published on the Barings website at www.barings.com. You can also obtain prices by telephone by calling +44 (0) 333 300 0372.

Dealing basisThe Manager’s basis for dealing in purchases and sales of the Fund’s units is “forward”. This means that the price used for any deal will be calculated at the next valuation point following receipt of the investor’s instruction.

Fees and expensesThe ACD’s periodic charge is calculated on each business day, based on the value of the property of the Fund on the immediately preceding business day, and is paid to the ACD monthly, in arrears, on the first business day of the calendar month immediately following. The current annual management fees charged to the Fund are shown on page 5.

25

Barings Multi Asset FundImportant Information (continued)

Revenue allocations and reportsRevenue allocations are made on 30 April (interim) and 31 October (final) of each year, where applicable, and forwarded to shareholders together with tax vouchers. The most recent annual report and audited financial statements and interim report and unaudited financial statements will be available on the Baring Asset Management Limited website at www.barings.com.

Prospectus and ACD's reportsCopies of the Prospectus, the Key Investor Document(s) (“KID(s)”), and the most recent annual or interim report and financial statements are available to all persons free of charge from the ACD upon request.

Value AssessmentAs part of the FCA’s Asset Management Market Study, Authorised Fund Managers are now required to produce an annual Value Assessment for all UK authorised funds. The ACD will publish the first Value Assessment for the Barings funds as part of a broader composite report in the 4th Quarter 2020. This will be made available on the Barings website.

26

Barings Multi Asset FundDirectory

Authorised Corporate DirectorBaring Fund Managers LimitedAuthorised and regulated by the Financial Conduct Authority (“FCA”).

Investment Manager Baring Asset Management Limited 20 Old BaileyLondon, EC4M 7BFAuthorised and regulated by the FCA.

Directors J. Armstrong (non-executive) E. Browning R. Kent J. SwayneK. Troup (non-executive)

Registered Office20 Old BaileyLondon, EC4M 7BF

DepositaryNatWest Trustee and Depositary Services Limited250 BishopsgateLondon, EC2M 4AA Authorised by the Prudential Regulation Authority (“PRA”) and regulated by the FCA and PRA.

Administrator & RegistrarNorthern Trust Global Services SE6 rue Lou Hemmer,SenningerbergLuxembourg, L-1748

The Administrator & Registrar's principal place of business in the United Kingdom:Northern Trust Global Services SE UK Branch50 Bank StreetLondon, E14 5NTAuthorised by the PRA and regulated by the FCA and PRA.

Independent AuditorsPricewaterhouseCoopers LLPAtria One144 Morrison StreetEdinburgh, EH3 8EX

Address:Baring Asset Management Limited 20 Old Bailey London, EC4M 7BFContact:Tel: +44 (0)20 7628 6000 Fax: +44 (0)20 7638 7928 www.barings.com

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