Provided to Professional Advisers Only OFFSHORE FUNDS JUNE 2000 See Reuters screen, page BIIM for...

Provided to Professional Advisers Only

OFFSHOREFUNDS

JUNE 2000

See Reuters screen, page BIIM for Fund price indications

Internet: www.baring-asset.com

Facts&Briefing

Global Investor Magazine

Awards 2000

1stManager of Global Fixed

Income

31st May 2000

Standard & Poor’s Star RankingTM

PERFORMANCE as at 31.05.2000

% Change

PERFORMANCECHARACTERISTICS

For the 3 Year Period to 31.05.2000

All performance source: Standard & Poor’s as at 31.05.2000. Offer to offer, with gross income reinvested.All Performance Characteristics are source Baring Asset Management and are calculated using three year performance

figures sourced from Standard & Poor’s as at 31.05.2000.

MANAGER’S COMMENTS

TOP 10 HOLDINGS (%) ASSET ALLOCATION (%)

The objective of the Fund is to achieve long-term capital growth in the value of assets. The policy of the Managers is to hold a diversified portfolio of investments in companies incorporated in any European country (including the UK) or quoted or traded on any European stock exchange or over-the-counter market or in companies that have a significant proportion of their assets or other interests in Europe.

Vodafone Airtouch 5.4Nokia 4.8Ericsson 3.7Glaxo Wellcome 2.7Total Fina Elf 2.5Allianz 2.2Philip Electron 2.1HSBC 2.1T.I.M. Spa 2.0Skandia Insurance 1.9

Fund B'markUK 25.8 29.7France 16.4 16.8Germany 12.6 13.1Netherlands 10.1 7.5Sw eden 9.8 4.9Sw itzerland 9.3 8.5Finland 5.8 4.9Italy 5.5 6.3Spain 1.6 3.9Others 2.5 4.4Cash 0.6 0.0

CALENDAR YEAR PERFORMANCE ($)

% Change US$ £Fund B'mark Fund B'mark

YTD 2000 -13.8 -5.0 -7.1 +2.41 Year +9.1 +14.9 +17.1 +23.23 Years +51.8 +62.2 +66.2 +77.55 Years +112.0 +134.3 +125.3 +149.03 Years p.a. +14.9 +17.5 +18.4 +21.15 Years p.a. +16.2 +18.6 +17.6 +20.0

Fund B'mark1999 +19.1 +16.21998 +29.5 +28.91997 +24.9 +24.21996 +21.9 +21.6

Standard & Poor’s Fund Research Rating

AA

This Fund is recognised under the UK Financial Services Act 1986 and managed

by Baring International Fund Managers (Ireland) Ltd

FP Rating

A

0

500

1000

1500

2000

2500

3000

May-95 May-96 May-97 May-98 May-99 May-00

Cash Value of

US$1000

Baring IUF Europa

Mpal OS EQ Europe

MSCI Europe

Baring Europa Fund

Fund Size (Mn) US$209.2Euro 224.3

Current Offer Price US$42.23Euro 45.09

Yield 0.00%Charges Initial 5%

Annual 1.25%

Inception Date 21.04.1987Unit Type DistributionMin Investment US$5,000Umbrella InternationalBenchmark MSCI Europe

Fund B'markStandard Deviation +17.3 +16.8Alpha -1.4 -Beta +0.9 -Sharpe Ratio +0.5 +0.7

European markets continue to be volatile as rising interest rates in the US impact market sentiment. The technology and telecom area of the market is now searching for the bottom while the defensive areas such as foods and pharmaceuticals which have supported the market now appear tired. Volatility will continue until the peak in US rates can be seen.

Recent economic data supports the strong growth picture for 2000, with strong business sentiment and industrial production growing at 5.3% year on year. Corporate earnings reports have lead to upgrades to market expectations, particularly in the industrial, banking and IT hardware areas.

The portfolio is now neutral to the technology area overall though within that is biased towards IT hardware and telecom equipment and away from telecoms. We retain an underweight position in pharmaceuticals and defensive growth stocks where we find the growth and value unexciting. The industrial weighting in the portfolio is being reduced as we pass the peak rates of growth in the industrial cycle.

31st May 2000



% Change







The objective of the Fund is to achieve long-term capital growth in the value of assets. The policy of the Managers is to hold a diversified portfolio of quoted or traded equity investments in companies incorporated in France or quoted or traded on any French stock exchange or over-the-counter market or in companies that have a significant proportion of their assets or other interests in France. Within France, the portfolio will be balanced according to the Managers' assessment of investment prospects.

France Telecom 6.8Vivendi 5.7Axa 5.2Alcatel 5.2Banque National de Paris 4.7Canal Plus 3.8StMicroelectronic 3.4Aventis 3.3Total Fina Elf 3.0Suez Lyonn Eaux 2.9

Utilities 16.3Electrical & Electronics 13.8Banks 8.5Media 8.4Insurers 6.7Consumer Goods & Foods 6.0Information Technology 6.0Services 5.5Health 3.3Others 23.7Cash 1.8

% Change Euro (xFFr) £Fund B'mark* Fund B'mark*

YTD 2000 +18.2 +7.9 +17.9 +7.61 Year +79.7 +47.7 +71.4 +40.93 Years +208.2 +148.7 +174.8 +121.75 Years +361.0 +229.9 +244.3 +146.43 Years p.a. +45.5 +35.4 +40.0 +30.45 Years p.a. +35.7 +27.0 +28.0 +19.8

Euro conversion from French Francs 01.01.99

Fund B'mark*1999 +60.6 +51.11998 +35.8 +31.51997 +37.9 +29.51996 +32.0 +23.7

Standard & Poor’s Investment Funds Awards 2000

1stOver 5 Years

Internationally Marketed FundsFrench Equity Sector

The CAC40 has been flat over the last month and this has also been reflected in the fund’s performance. The underlying constituents of the index showed a mixed performance but the overriding theme was once more in

TMT related stocks in favour of more defensive areas. More recently, softer economic data coming from the US has helped to lower rate fears and this, in turn, has resulted in a bounce of TMT.

The banking sector has had a very good month and hence we have benefited from our overweight position in BNP/Paribas and Societe Generale. Improving balance sheets and ongoing strong growth in French retail banking and asset management are starting to feed through to earnings numbers. Both companies reported good results and we expect upgrades to future earnings forecasts.

0

500

1000

1500

2000

2500

3000

3500

4000

4500

5000

5500


Cash Value of

Euro 1000Baring CF French Growth

Mpal OS EQ France

France CAC 40

BaringFrench Growth Fund



CALENDAR YEAR PERFORMANCE (Euro xFF)

Inception Date 29.11.1994Unit Type Roll-upMin Investment Euro3500Umbrella CapitalisationBenchmark France CAC 40

Fund Size (Mn) Euro 78.7Current Offer Price Euro 38.65Yield 0.00%Charges Initial 5%

Annual 1.25%

*data for this benchmark does not include reinvested dividends

FP Rating

A

Fund B'mark*Standard Deviation +20.1 +19.8Alpha +12.2 -Beta +0.8 -Sharpe Ratio +1.4 +1.0

31st May 2000



% Change







The objective of the Fund is to achieve long-term capital growth in the value of assets. The policy of the Managers is to hold a diversified portfolio of quoted or traded equity investments in companies incorporated in North America or quoted or traded on any North American stock exchange or over-the-counter market or in companies that have a significant proportion of their assets or other interests in North America. Within North America, the portfolio will be balanced according to the Managers' assessment of investment prospects.

General Electric 6.1Cisco Systems 4.1Citigroup 4.0Intel 3.7Wells Fargo & Co 3.3American Intl Group 3.3American Express 3.1Microsoft 3.1Johnson & Johnson 2.9Pfizer 2.9


YTD 2000 -4.2 -2.9 +3.3 +4.71 Year +18.0 +10.2 +26.6 +18.23 Years +89.6 +74.2 +107.5 +90.75 Years +223.3 +189.5 +243.6 +207.73 Years p.a. +23.7 +20.3 +27.5 +24.05 Years p.a. +26.4 +23.7 +28.0 +25.2

Fund B'mark1999 +23.8 +20.81998 +36.5 +28.61997 +33.3 +33.41996 +25.7 +22.9

In May, investor anxiety heightened in response to an unfavourable inflation report and a growing consensus that the Fed was going to tighten monetary policy further than had been previously anticipated by the consensus a few months ago. The market, represented by the S&P 500, was down 2.1% for the month. During this period, the fund trailed the index by 2.0%.

Cyclical shares have generally been hit the hardest, primarily high P/E technology companies. Defensive shares have been the better performers as investors have turned to stocks with more stable predictable growth characteristics such as pharmaceuticals and selected staples.

We remain optimistic. Earnings prospects are healthy and current valuations already discount a higher rate environment. Real rates are now high by historical standards - at levels that have slowed the economy in the past. We anticipate a slowdown in consumer spending in the second half of the year which would calm inflation fears and the Fed .

Activity for the month included actions to reduce risk and add stable quality growth and energy companies to the portfolio. We reduced our consumer cyclicals exposure by selling Home Depot and increased our staples and energy exposure by purchasing Safeway and EOG. We further increased our healthcare weighting with the purchase of pharmaceutical maker, Eli Lilly. At the same time we sold one of our smaller healthcare holdings, Biogen, out of growing concern over earnings visibility for this biotechnology company.

Unit Type DistributionMin Investment US$5,000Umbrella InternationalBenchmark S&P 500

Composite

0

500

1000

1500

2000

2500

3000

3500

4000


Cash Value of

US$1000

Baring IUF North America

Mpal OS EQ North America

S&P 500 (Composite)

Technology 32.1Financials 19.0Health Care 13.7Capital Goods 6.5Consumer Staples 6.4Consumer Cyclicals 6.3Energy 5.3Communication Services 5.1Utilities 1.8Others 2.0Cash 1.8

BaringNorth America Fund



FP Rating

AAA





Annual 1.25%


AA

Fund B'markStandard Deviation +17.3 +17.4Alpha +5.4 -Beta +0.8 -Sharpe Ratio +1.0 +0.8

31st May 2000



% Change







The investment objective of the Fund is to seek long-term capital growth primarily through investment in a diversified portfolio of developing country equity securities. Also to invest in any one or more developing country; and equity securities not falling within the above but which are listed or traded principally on a stockmarket which is considered by the Managers to be small, immature or relatively inefficient. Investors should be aware of the additional risks associated with funds which invest in emerging and developing markets

Samsung Electric 5.8Taiw an Semiconductors 4.7China Telecom 3.4Telefonos Mexico 3.4Hon Hai Precision 2.5United Micro Electronics 1.9Korea Electric Pow er 1.8Check Point Soft 1.8GPO Televisa 1.7Embratel 1.7


YTD 2000 -13.4 -11.8 -6.6 -4.91 Year +20.4 +15.9 +29.2 +24.43 Years -0.4 -18.1 +9.0 -10.35 Years +8.8 -8.3 +15.6 -2.63 Years p.a. -0.1 -6.4 +2.9 -3.65 Years p.a. +1.7 -1.7 +2.9 -0.5

Fund B'mark1999 +68.0 +66.4

1998 -26.7 -25.41997 +7.5 -11.61996 +8.5 +6.0

Fund B'markTaiw an 16.3 13.3Korea 12.9 13.3Brazil 12.1 9.7Mexico 10.4 10.6India 8.1 8.3South Africa 6.6 9.6Israel 5.5 5.4Russia 4.9 2.9Hong Kong 4.3 0.0Others 18.5 26.9Cash 0.4 0.0

0

200

400

600

800

1000

1200

1400


Cash Value of

US$1000

Baring EMUF Global Emerg Mkts

Mpal OS EQ Global Em Mkt

MSCI Emerging Mkts

Baring GlobalEmerging Markets Fund



AA





Annual 1.5%

Inception Date 24.02.1992Unit Type DistributionMin Investment US$5,000Umbrella Emerging MarketsBenchmark MSCI Emerging

Markets Free


A

Taiwan is weighted 50% in FREE indices

Reuters Cash-Lipper Leaders Fund Award 2000

1stCertificate for consistent

performanceEmerging Markets Worldwide

FP Rating

Fund B'markStandard Deviation +32.6 +32.8Alpha +3.9 -Beta +0.9 -Sharpe Ratio -0.2 -0.3

Global emerging markets have continued to drift lower this month, despite the announcement of the long awaited interest rate rise in the US, unsettled by moves on NASDAQ and fears of further interest rate rises.

Within the Far East, North Asian markets outperformed their Asean counterparts. Taiwan was helped by the release of very good Q1 economic growth numbers, driven by strong export demand for semiconductors and telecom products, whilst news that China had reached an agreement with the EU on WTO entry, was positively received by investors.

Although most Latin America markets reacted negatively to the gyrations on NASDAQ, Chile bucked the trend, buoyed by the announcement that capital controls would be removed, thereby allowing non-Chilean investors to repatriate monies without facing punitive taxes.

Within the Emerging Europe, Middle East and Africa region, the Polish market fell, despite an S&P credit upgrade and the release of better than expected inflation numbers, as relations deteriorated between the two main parties within the coalition government. In South Africa, both the equity market and the rand weakened, as investor sentiment was undermined by the violent unrest in Zimbabwe.

Over the month, we have reduced positions in Mexico, South Africa and Israel, which are the most exposed to rising global interest rates. We have re-invested these proceeds into Malaysia and China, ahead of the changes to the MSCI indices at the end of the month.

31st May 2000



% Change







The investment objective of the Fund is to achieve long-term capital appreciation through investment in a diversified portfolio of securities of issuers located in or with a significant exposure to the emerging markets of Europe. Investors should be aware of the additional risks associated with funds which invest in emerging and developing markets. The Manager, Baring International Fund Managers (Ireland) Limited, is currently no longer accepting subscriptions into the Baring Eastern Europe Fund from new investors. Please see STOP PRESS for further details.

Surgutneftegaz 7.9Unified Energy 7.6OTP Bank 6.4Matav 6.1Lukoil Holdings 6.1Richter Gedeon 5.2Norilsk Nickel 4.6Telekomun 3.8Cesky Telecom 3.5Elektrim 3.1

Russia 31.7Hungary 22.0Poland 13.3Turkey 9.3Czech Republic 6.1Estonia 1.8Croatia 1.4Slovenia 0.1Cash 14.3

Fund B'mark1999 +50.2 +24.71998 +0.8 -47.11997 +51.7 +6.11996 n/a n/a


YTD 2000 -0.4 +5.4 +7.4 +13.71 Year +31.9 +23.2 +41.5 +32.23 Years +69.1 -28.5 +85.1 -21.8Since inc. +141.0 -10.5 +152.1 -6.43 Years p.a. +19.1 -10.6 +22.8 -7.9Since inc. p.a. +27.1 -3.0 +28.7 -1.8

BaringEastern Europe Fund



FP Rating

AAA





Annual 1.5%

Inception Date 30.09.1996Unit Type DistributionMin Investment US$5,000Umbrella GlobalBenchmark BEMI Greater

Eastern Europe


AAA

Reuters Cash-Lipper Leaders Fund Award 2000

1stCertificate for consistent

performanceEmerging Markets Europe

Performance was hurt during the month by the fund's overweight exposure to Russia which sold off on NASDAQ inspiring jitters despite fundamental newsflow remaining very positive.

NASDAQ overshadowed excellent current account numbers in Hungary and Russia where foreign exchange reserves continue to rise rapidly.

We remain wary of the region's internet sector where costs will continue to outpace revenues for the foreseeable future.

UES shares fell sharply on restructuring fears, however, a very active shareholder campaign should result in the senior management proposals being defeated. As a result we remain comfortable with our exposure on valuation grounds.

Fund B'markStandard Deviation +39.7 +45.4Alpha +33.2 -Beta +0.8 -Sharpe Ratio +0.3 -0.3

0

500

1000

1500

2000

2500

3000

3500

Nov-96 Sep-97 J ul-98 May-99 Mar-00

Cash Value of

US$1000Baring GUF Eastern Europe

Mpal OS EQ Europe Cent&E

BEMI Greater Eastern Europe

31st May 2000



% Change







The investment objective of the Fund is to seek long-term capital growth primarily through investment in Latin American equity securities. It will not be a primary investment objective of the Managers to acquire investments that will produce a significant level of income. Investors should be aware of the additional risks associated with funds which invest in emerging and developing markets

Telefonos Mexico 7.7GPO Televisa 7.0Embratel 6.0Carso GBL Telecom 5.9Petroleo Brasil 5.4GPO Fin Banamex 4.8Tele Norte Leste 4.6Fomento Economico 4.4Wal-Mart de Mex 3.7Banco Itau 3.7


YTD 2000 -17.0 -11.8 -10.5 -4.91 Year +8.9 +12.0 +16.8 +20.23 Years -33.6 -7.7 -27.4 +1.05 Years +0.4 +48.1 +6.8 +57.53 Years p.a. -12.8 -2.6 -10.1 +0.35 Years p.a. +0.1 +8.2 +1.3 +9.5

Fund B'mark1999 +55.0 +58.91998 -45.7 -35.11997 +19.7 +31.61996 +26.2 +22.2

0

200

400

600

800

1000

1200

1400

1600

1800

2000


Cash Value of

US$1000Baring EMUF Latin America

Mpal OS EQ Latin America

MSCI EMF Latin America

BaringLatin America Fund







Annual 1.25%

Inception Date 05.04.1993Unit Type DistributionMin Investment US$5,000Umbrella Emerging MarketsBenchmark MSCI EMF

Latin America

The MSCI Latin America Index was down 4.9% during May. This follows a 10.6% decline during April. Mexico, Argentina and Peru led the decline, while Chile, Brazil and Venezuela managed to outperform. This has been the worst decline seen in the Latin American markets since January 1999, following Brazil’s devaluation of the real. The sell-off was initiated by a significant correction in the NASDAQ index in the US, which has corrected over 40% since the peak in March. The NASDAQ correction mostly impacted TMT stocks in Latin America and the larger markets of Brazil and Mexico. We remain overweight TMT sectors and the two larger markets.

Although we remain concerned that the Federal reserve may tighten too aggressively over the next six months - another 50 basis points are expected - the fundamentals of the region as measured by growth, valuation and liquidity remain intact. In fact, Latin American earnings have been revised upward 1.1% during May and 5.1% in the past three months. Within Latin America, Brazil has the strongest earnings momentum in the region, up 8.9% in the last three months, resulting from both better local-currency earnings and stronger currency expectations.

Commodity prices, in general, have also been on a downward trend in May, as the most recent OECD leading indicators suggest that economic activity may have peaked in 1Q00 in G-7 countries. Oil prices, however, remain well supported by summer demand and low inventories. We would expect trade deficits in Latin America to widen again should commodity prices remain weak.

Fund B'markMexico 42.2 38.0Brazil 39.3 34.8Chile 7.9 13.3Argentina 2.5 7.5Venezuela 2.5 2.7Peru 2.0 2.6Others 4.0 1.1Cash -0.4 0.0

Fund B'markStandard Deviation +40.9 +39.8Alpha -9.9 -Beta +1.0 -Sharpe Ratio -0.4 -0.2

31st May 2000



% Change







The objective of the Fund is to seek long-term capital growth primarily through investment in a diversified portfolio of developing country equity securities. The policy of the Managers is to maintain diversification in terms of the countries to which investment exposure is maintained but there is no limit to the proportion of the assets which may be invested in any one country. Investors should be aware of the additional risks associated with funds which invest in emerging and developing markets

Taiw an Semiconductors 4.7Samsung Electric 4.4China Telecom 3.4Telefonos Mexico 3.4Baring Peacock Fund 2.5Hon Hai Precision 2.5Embratel 2.1United Micro Electronics 1.9Check Point Soft 1.8GPO Televisa 1.7

Fund B'markTaiw an 16.2 13.3Korea 12.7 13.3Brazil 12.0 9.7Mexico 10.4 10.6India 7.6 8.3South Africa 6.6 9.6Israel 5.5 5.4Russia 4.6 2.9Hong Kong 4.5 0.0Others 17.8 26.9Cash 2.1 0.0


YTD 2000 -12.1 -11.8 -5.2 -4.91 Year +24.7 +15.9 +33.8 +24.43 Years -5.4 -18.1 +3.6 -10.35 Years +1.1 -8.3 +7.5 -2.63 Years p.a. -1.8 -6.4 +1.2 -3.65 Years p.a. +0.2 -1.7 +1.5 -0.5

Fund B'mark1999 +76.6 +71.8

1998 -31.5 -25.41997 +7.4 -11.61996 -6.7 +6.0

0

200

400

600

800

1000

1200

1400


Cash Value of

£1000

Baring GUF Emerging World

Mpal OS EQ Global Em Mkt

MSCI Emerging Mkts Free

BaringEmerging World Fund



CALENDAR YEAR PERFORMANCE (£)

Fund Size (Mn) £24.3Euro 39.0

Current Offer Price £0.931Euro 1.498


Annual 1.5%

Inception Date 09.05.94Unit Type DistributionMin Investment £2,500Umbrella GlobalBenchmark MSCI Emerging

Markets Free


A


Global emerging markets have continued to drift lower this month, despite the announcement of the long awaited interest rate rise in the US, unsettled by moves on NASDAQ and fears of further interest rate rises.

Within the Far East, North Asian markets outperformed their Asean counterparts. Taiwan was helped by the release of very good Q1 economic growth numbers, driven by strong export demand for semiconductors and telecom products, whilst news that China had reached an agreement with the EU on WTO entry, was positively received by investors.

Although most Latin America markets reacted negatively to the gyrations on NASDAQ, Chile bucked the trend, buoyed by the announcement that capital controls would be removed, thereby allowing non-Chilean investors to repatriate monies without facing punitive taxes.

Within the Emerging Europe, Middle East and Africa region, the Polish market fell, despite an S&P credit upgrade and the release of better than expected inflation numbers, as relations deteriorated between the two main parties within the coalition government. In South Africa, both the equity market and the rand weakened, as investor sentiment was undermined by the violent unrest in Zimbabwe.

Over the month, we have reduced positions in Mexico, South Africa and Israel, which are the most exposed to rising global interest rates. We have re-invested these proceeds into Malaysia and China, ahead of the changes to the MSCI indices at the end of the month.


31st May 2000



% Change







The objective of the Fund is to achieve long-term capital growth in the value of assets. The policy of the Managers is to hold a diversified portfolio of quoted or traded equity investments in companies incorporated in Japan or quoted or traded on any stock exchange or over-the-counter market or in companies that have a significant proportion of their assets or other interests in Japan. Within Japan, the portfolio will be balanced according to the Managers' assessment of investment prospects.

Toyota Motor 7.3Nippon Tel & Tel 4.8NTT Docomo Inc 4.2Canon 3.9NEC 3.7Takeda 3.6DDI 3.3TDK 3.2Mitsui Fudosan 3.1Promise 3.0

Electric Machinery 14.1Transport Equipment 9.0Communication 7.5Pharmaceuticals 7.0Services 6.2Chemicals 5.6Electrical Pow er & Gas 4.5Banks 4.3Precision Instruments 4.0Others 32.7Cash 5.1

% Change US$ £Fund B'mark* Fund B'mark*

YTD 2000 -17.5 -15.9 -11.0 -9.41 Year +3.9 +32.8 +11.5 +42.43 Years -22.0 +10.8 -14.6 +21.35 Years -18.4 -4.5 -13.3 +1.53 Years p.a. -7.9 +3.5 -5.1 +6.65 Years p.a. -4.0 -0.9 -2.8 +0.3


Fund B'mark*1999 +41.0 +74.61998 +15.3 +6.61997 -40.2 -28.71996 -10.8 -17.1

0

200

400

600

800

1000

1200

1400

1600


Cash Value of

US$1000 Baring IUF J apan

Mpal OS EQ J apan

J apan (TSE) First Section

The business results season has offered a few surprises, especially in the sectors traditionally deemed defensive. Both foods and pharmaceuticals have displayed surprising cost cuts as well as top-line growths. Overall, the after-tax earnings showed a year-on-year increase of 42%, with this year likely to bring even more positive surprises.

We believe the cyclical upturn of the economy suggested by local analysts is not likely to materialise, as consumption should generally find it hard to come out of the current state of deflation amid the fear of more job losses. The aforementioned growth should be limited to those companies where secular fundamental changes, such as cost cuts and return conscious management, play the key role. These are precisely the companies this Fund continues to invest in. In the meantime, the breakdown of long duration stories amid the fear of another NASDAQ melt down should become pronounced as investors become concerned with the immediate prospects of earnings’ horizon rather than 5 years later.

TMT (Technologies/Media/Telecom) should merit a further examination in this environment as well as a reassessment of their respective valuation against their two year earnings’ horizon rather than five. On the opposite side of domestic economic recoveries, a few merit considerations in areas such as housing, retail and food, provided that the companies in question are undergoing a fundamental shift, independent of the mere economic upturn argument.

Baring Japan Fund







Annual 1.25%

Inception Date 31.03.1976Unit Type DistributionMin Investment US$5,000Umbrella InternationalBenchmark TSE 1st Section

Fund B'mark*Standard Deviation +23.5 +23.4Alpha -10.7 -Beta +0.9 -Sharpe Ratio -0.5 -0.1

31st May 2000



% Change







The investment objective of the Fund is to achieve long-term capital growth by investing in a diversified portfolio of quoted or traded equity investments in companies incorporated in Japan or quoted or traded on any Japanese Stock Exchange or over-the-counter market or in companies that have a significant proportion of their assets or other interests in Japan.

Mitsui Fudosan 6.1Eiken Chemical 5.6Fast Retailing 5.1Sumitomo Real Estate 5.0Roland 4.2Shimadzu 4.0Nippon Broadcast 4.0Nidec Copal 3.9Nintendo 3.7Kyow a Hakko Kogyo 3.4

Services 17.2Real Estate 14.1OTC Companies 13.4Pharmaceuticals 9.0Electrical Machinery 6.3Retail 5.1Wholesale 4.1Media 4.0Precision Instruments 4.0Others 19.5Cash 3.3

Fund B'mark*1999 +144.2 +143.91998 +19.1 +13.71997 -43.0 -41.51996 n/a n/a

The business results season has offered a few surprises, especially in the sectors traditionally deemed defensive. Both foods and pharmaceuticals have displayed surprising cost cuts as well as top-line growths. Overall, the after-tax earnings showed a year-on-year increase of 42%, with this year likely to bring even more positive surprises.

We believe the cyclical upturn of the economy suggested by local analysts is not likely to materialise, as consumption should generally find it hard to come out of the current state of deflation amid the fear of more job losses. The aforementioned growth should be limited to those companies where secular fundamental changes, such as cost cuts and return conscious management, play the key role. These are precisely the companies this Fund continues to invest in. In the meantime, the breakdown of long duration stories amid the fear of another NASDAQ melt down should become pronounced as investors become concerned with the immediate prospects of earnings’ horizon rather than 5 years later.

TMT (Technologies/Media/Telecom) should merit a further examination in this environment as well as a reassessment of their respective valuation against their two year earnings’ horizon rather than five. On the opposite side of domestic economic recoveries, a few merit considerations in areas such as housing, retail and food, provided that the companies in question are undergoing a fundamental shift, independent of the mere economic upturn argument.

Baring JapanSmaller Companies Fund







Annual 1.25%

Inception Date 16.01.1996Unit Type DistributionMin Investment US$5,000Umbrella GlobalBenchmark TSE 2nd Section


YTD 2000 -22.2 -11.1 -16.1 -4.21 Year +36.2 +59.5 +46.1 +71.13 Years +29.0 +47.8 +41.2 +61.8Since inc. +9.3 +13.9 +12.6 +17.33 Years p.a. +8.8 +13.9 +12.2 +17.4Since inc. p.a. +2.1 +3.0 +2.7 +3.7


Fund B'mark*Standard Deviation +32.6 +31.1Alpha -4.2 -Beta +1.0 -Sharpe Ratio +0.1 +0.3

0

500

1000

1500

2000

J an-96 J ul-96 J an-97 J ul-97 J an-98 J ul-98 J an-99 J ul-99 J an-00

Cash Value of

US$1000Baring GUF J ap Sm Cos

Mpal OS EQ J apan

J apan (TSE) Second Section

31st May 2000



% Change







The objective of the Fund is to achieve long-term capital growth in the value of assets. The policy of the Managers is to hold a diversified portfolio of quoted or traded equity investments in companies incorporated in Australia or quoted or traded on any Australian stock exchange or over-the-counter market or in companies that have a significant proportion of their assets or other interests in Australia. Within Australia, the portfolio will be balanced according to the Managers' assessment of investment prospects.

Telstra 8.7National Australia Bank 7.7Broken Hill 7.3Commercial Bank of Australia 5.8Australia & NZ Bank 4.8New s Corporation 4.7Rio Tinto 4.5Brambles 4.3Westpac Bank 4.2WMC 3.3

Banks & Finance 25.4Telecommunications 14.4Media 14.0Diversif ied Resources 11.8Transport 6.2Developers & Contractors 4.3Insurance 3.7Energy 3.3Investment & Financial Services 2.9Others 13.6Cash 0.4


YTD 2000 -13.7 -15.9 -7.0 -9.31 Year +2.1 -7.8 +9.6 -1.13 Years +14.5 -12.7 +25.4 -4.55 Years +75.9 +19.3 +87.0 +26.83 Years p.a. +4.6 -4.4 +7.8 -1.55 Years p.a. +12.0 +3.6 +13.3 +4.9

Fund B'mark1999 +32.8 +19.51998 +10.0 +5.11997 -4.9 -7.91996 +25.6 +22.4

The Fund slightly out-performed its benchmark in the month of May. This was helped by the Fund’s overweight exposure to banking and selected defensive growth stocks. The Fund also continued to slightly outperform its benchmark in the year to date period to the end of May.

The continuing weakness in the NASDAQ over the month continued to put pressure on the high-flying technology, media and telecom sectors. Energy, banking and defensive growth stocks such as Westfield and Lend Lease (overweight in the Fund) continued their recovery trend, boosted by investors’ return to ‘old economy’ sectors.

During the month, we added to Lang Corp, a very dynamic and entrepreneurial company involved in transport logistics and operating container and general stevedoring facilities and terminals in Australia.

Overall, in the short term, the Australian equities market seems likely to follow the trend of the US equity market. Continuing monetary tightening by the US Federal Reserve and Reserve Bank of Australia is likely to keep the market subdued in the short-term. Longer-term, we continue to remain optimistic on the continuing focus by the government and corporates to generate better efficiency and profits, together with the Reserve Bank of Australia’s determination to keep inflation in check.

0

500

1000

1500

2000

2500


Cash Value of

US$1000

Baring IUF Australia

Mpal OS EQ Australia

Australia All Ordinaries

Baring Australia Fund



FP Rating

AAA





Annual 1.25%

Inception Date 04.12.1981Unit Type DistributionMin Investment US$5,000Umbrella InternationalBenchmark Australia All

Ordinaries

South China Morning PostFund Manager of the Year

Awards 1st

Over 5 YearsEquity Australia

Standard Chartered Investment Fund Awards 2000

1stSingle Country Fund

Australia


31st May 2000



% Change







The objective of the Fund is to achieve long-term capital growth in the value of assets. The policy of the Managers is to hold a portfolio of quoted or traded equity investments in companies incorporated in Hong Kong or quoted or traded on any Hong Kong stock exchange or over-the-counter market or in companies that have a significant proportion of their assets in Hong Kong.

China Telecom 10.3HSBC 9.6Hutchison Whampoa 9.5Cheung Kong 6.9ASM Pacif ic Technology 4.3Li & Fung 4.2Giordano Intl 4.1Cable & Wireless 3.6Johnson Electric 3.5Citic Pacif ic 3.3


YTD 2000 -6.5 -13.5 +0.8 -6.71 Year +36.9 +20.6 +46.9 +29.33 Years -0.5 -0.9 +9.0 +8.55 Years +86.2 +55.3 +97.9 +65.03 Years p.a. -0.2 -0.3 +2.9 +2.85 Years p.a. +13.2 +9.2 +14.6 +10.5

Fund B'mark*1999 +68.2 +68.21998 -10.1 -6.31997 -16.7 -20.41996 +49.6 +33.5

The Hang Seng Index fell 5.2% during the month on the back of concerns over interest rate cycle and the valuation of technology and telecommunication related stocks. The change in MSCI Hong Kong Index also caused rebalancing activities on certain stocks.

While the economic backdrop of Hong Kong and China remains strong, there is growing concern on the residential property prices and transactions in the primary and secondary markets declined significantly. People adopted wait-and-see attitude amid increasing unsold units from private developers and the government.

As the rotation from ‘New Economy’ sectors into ‘Old Economy’ stocks continued, telecommunication and technology related stocks saw further decline in share prices. Nevertheless, investors continued to reward companies with strong and visible earnings growth. As a result, a number of commercial and industrial companies such as ASM Pacific and Giordano outperformed.

During the month the Fund increased its weighting in Hong Kong Land, on expectation of turning the office rental cycle.

Commercial & Industrial 46.1Finance 17.8Utilities 17.6Properties 13.5Cash 5.0

0

500

1000

1500

2000

2500


Cash Value of

US$1000

Baring IUF Hong Kong ChinaMpal OS EQ Hong Kong

Hong Kong Hang Seng

BaringHong Kong China Fund







Annual 1.25%

Inception Date 03.12.1982Unit Type DistributionMin Investment US$5,000Umbrella InternationalBenchmark Hong Kong

Hang Seng



A

South China Morning PostFund Manager of the Year

Awards 1st

Over 5 YearsEquity Greater China


31st May 2000



% Change







The objective of the Fund is to achieve long-term capital growth in the value of assets. The policy of the Managers is to hold a diversified portfolio of equity investments in the Pacific and Pacific Rim region including Australia, Chile, Hong Kong, Indonesia, Japan, Korea, Malaysia, Mexico, New Zealand, Singapore and Thailand. The Managers will also consider investing in other new and emerging markets in the Pacific and Pacific Rim region.

Nippon Tel & Tel 5.5Toyota Motor 5.4Hutchison Whampoa 4.1Canon 3.9Takeda Chemical Inds 3.7NEC 3.3China Telecom 3.0Matsushita 3.0Kao 3.0Mitsui Fudosan 2.7


YTD 2000 -19.1 -15.9 -12.8 -9.31 Year +8.9 +11.6 +16.8 +19.73 Years -28.3 -9.3 -21.5 -0.85 Years -10.1 -6.7 -4.5 -0.83 Years p.a. -10.5 -3.2 -7.7 -0.35 Years p.a. -2.1 -1.4 -0.9 -0.2

Fund B'mark1999 +55.1 +50.31998 -10.6 +2.71997 -34.3 -25.31996 +12.7 -8.4

0

200

400

600

800

1000

1200

1400

1600


Cash Value of

US$1000

Baring IUF PacificMpal OS EQ FE&PacBaring Pacific

Japan 50.5Hong Kong 15.7Taiw an 9.1Australia 8.6Singapore 7.2Korea 5.8Thailand 1.5Indonesia 1.2Cash 0.4

BaringPacific Fund







Annual 1.25%

Inception Date 11.10.1978Unit Type DistributionMin Investment US$5,000Umbrella InternationalBenchmark Baring Pacif ic

* MSCI P acific Index until 31.12.1998

then Baring P acific Index

Following the trend of the US, particularly the NASDAQ equity index, Pacific markets continued to weaken in the month of May and the Fund’s unit price declined in line.

Global and regional markets’ sentiment continued to be negatively affected by the following factors: firstly, the continuing weak trend of the NASDAQ, causing expensive stocks (mainly technology, telecoms and media) which have out-performed over the past 6 months to fall around the world and in the Asian region; secondly, a switch to more defensive assets, including utilities and cash.

During the month, we reduced the Fund’s weighting to Japan and sold out of the Philippines. We added to Taiwan, Korea and Singapore, where we find companies with better growth prospects which have been sold down excessively. In Japan, we switched from Hitachi to NEC. In Singapore, we took advantage of the price weakness in solid growth stocks such as Chartered Semiconductor Manufacturing to add to our position.

We continue to expect Asian economies and corporate earnings to grow at a strong rate in the year 2000. Japan is expected to recover gradually, owing to forecast increase in investment spending. Only Australia and NZ are expected to experience a slowdown in growth in the second half of this year. As far as next year is concerned, barring events such as a recession in the US and a significant slowdown in the world, we expect that the Asian recovery and Japanese re-structuring story to continue. As a result, we continue to expect a positive equity market trend in the Asia Pacific region in the coming 12 to 18 month period.


31st May 2000



% Change







The objective of the Fund is to provide long-term capital growth in the value of assets. The policy of the Managers is to hold a diversified portfolio of equity investments in Asia, including Hong Kong, India, Indonesia, Korea, Malaysia, the Philippines, Singapore, Taiwan and Thailand. The Managers may also invest in other Asian markets when and if they consider it appropriate.

Following the US equity market trend, particularly the NASDAQ index, Asian markets continued to fall in May. The Fund out-performed its benchmark index in the month, thanks to its overweight exposure to the better performing markets of Malaysia and Taiwan. In addition, the good stock selection in Korea and Taiwan contributed as well. The Fund continued to outperform its benchmark in the year to date period to the end of May.

Global and regional markets’ sentiment continued to be negatively affected by the following factors: firstly, the continuing weak trend of the NASDAQ, causing expensive stocks (mainly technology, telecoms and media) which have out-performed over the past 6 months to fall around the world and in the Asian region; secondly, a switch to more defensive assets, including utilities and cash.

During the month, we added to HK, Malaysia and Taiwan at the expense of Korea and small ASEAN markets. We reduced our large overweighting to Cheung Kong relative o the new MSCI benchmark index and switched to China Telecom and Johnson Electric. We added to the consumer non-durable sector via Ramayana Lestari in Indonesia to take advantage of the poor sentiment prevailing there, and Giordano in HK.

We continue to expect Asian economies and corporate earnings to grow at a strong rate in the year 2000. As far as next year is concerned, barring events such as a recession in the US and significant slowdown in the world, we expect that the Asian recovery and re-structuring story to continue. As a result, we continue to expect a positive Asian equity market trend in the coming 12 to 18 month period.

0

200

400

600

800

1000

1200

1400


Cash Value of

US$1000

Baring IUF Asia GrowthMpal OS EQ FE&Pac ex J apMSCI AC F.E. Fr ex J ap

Baring Asia Growth Fund (Formerly Baring Octopus Fund)





Fund B'mark*1999 +70.2 +59.41998 -20.2 -7.41997 -38.7 -45.51996 +13.5 +9.2





Annual 1.25%

Inception Date 03.02.1987Unit Type DistributionMin Investment US$5,000Umbrella InternationalBenchmark MSCI FE Ex.

Japan (Free)

Samsung Electric 9.0Hutchison Whampoa 8.1China Telecom 6.5Taiw an Semiconductors 5.7Cable & Wireless 4.5United Micro Electronics 3.6DBS 3.6HSBC 2.9Hon Hai Precision 2.8Johnson Electric 2.8

Fund B'markHong Kong 33.1 33.2Taiw an 23.9 23.2Korea 20.2 23.0Singapore 11.8 12.8Malaysia 6.3 0.0Thailand 2.7 3.7Indonesia 1.7 1.7Vietnam 0.0 2.4Cash 0.3 0.0



YTD 2000 -14.0 -18.7 -7.2 -12.31 Year +23.0 +5.3 +31.9 +12.93 Years -29.1 -33.0 -22.3 -26.75 Years -21.9 -29.8 -17.0 -25.43 Years p.a. -10.8 -12.5 -8.1 -9.85 Years p.a. -4.8 -6.8 -3.6 -5.7

31st May 2000



% Change







Not applicable

The objective of the Fund is to achieve long-term capital growth by investing in equities in any country and in any economic sector of the world through a wide range of international markets. The Investment Manager's policy is that the base for country percentage weightings will be broadly determined by the ratio of a particular market's capitalisation to the world market capitalisation.

Baring Emerging Europe Trust 3.7General Electric 2.8Cisco Systems 2.3Nokia 2.1Intel 2.0Microsoft 2.0Hutchison Whampoa 1.8Vodafone Airtouch 1.7Ericsson 1.6Citigroup 1.6

Fund B'markUSA 42.6 49.7Japan 10.4 12.6France 6.3 5.5Germany 5.4 4.3UK 5.3 9.8Hong Kong 4.8 1.0Sw itzerland 4.0 2.8Sw eden 3.8 1.6Singapore 3.7 0.4Others 12.2 12.3Cash 1.5 0.0

Fund B'mark1999 n/a n/a1998 n/a n/a1997 n/a n/a1996 n/a n/a

The outlook for interest rates in the United States continued to dominate sentiment in financial markets around the world. The Baring Global Equity Fund fell by 5% in May, the overweight position in high tech sectors and Emerging markets holding back performance relative to the index.

Volatility continued to be a feature with most markets recovering some ground in the final week of the month. Interest rate worries manifested themselves in high risk markets and market segments, such as Emerging and Pacific equity markets and the Technology, Media and Telecoms sectors. The Japanese equity market, where the Trust is underweight, was particularly weak as data suggested the economy may not be as robust as first thought.

We remain sanguine about the outlook for inflation and hence interest rates. Volatility will remain a feature but with interest rates concerns likely to fade over the Summer months investors appetite for risk will return. The Trust is positioned for this shift in sentiment.

BaringGlobal Equity Fund







Annual 1.5%

Inception Date 01.06.1999Unit Type DistributionMin Investment US$5,000Umbrella GlobalBenchmark MSCI World


AA

US$ £Fund B'mark Fund B'mark

YTD 2000 -12.6 -5.6 -5.7 +1.8Since inc. +6.6 +9.8 +14.3 +17.7

Fund B'markStandard Deviation n/a n/aAlpha n/a n/aBeta n/a n/aSharpe Ratio n/a n/a

750

850

950

1050

1150

1250

1350

May-99 Nov-99

Cash Value of

US$1000

Baring Glbl Equity Fund

Mpal OS EQ Global

MSCI World

31st May 2000



% Change







The objective of the Fund is to achieve long-term capital appreciation through investment in a diversified portfolio of the securities of commodity producers, being companies engaged in the extraction, production, processing and or trading of commodities such as oil, gold, aluminium, coffee and sugar.

Exxon Mobil 9.3BP Amoco 6.3Imperial Oil 5.8Suncor Energy 5.5Dow Chemical 5.1Shell Transport & Trading 4.7Encal Energy 4.4Phillips Petrol 3.1Talisman Energy 2.9Rio Tinto 2.8

There is no direct index against which to compare this Fund.

% Change US$ £Fund Fund

YTD 2000 -6.5 +0.81 Year -2.4 +12.13 Years -9.9 -7.95 Years +14.1 +21.23 Years p.a. -5.6 -2.75 Years p.a. +2.7 +3.9

Fund1999 +26.71998 -20.31997 -9.61996 +25.3

0

500

1000

1500

2000


Cash Value of

US$1000 Baring GUF Global Resources

Mpal OS SC Comm & Nat Res

Baring Global Resources Fund



FP Rating

A


The Baring Global Resources Fund rose 2.3% in May compared to a 4.1% increase by the Baring Resources Index. At the sector level the energy sector appreciated 5.9 percent over the same period while the Soft Commodities sector rose 2.2%. Base Metals fell 2.2%, Chemicals and Precious Metals rose 2.3%. The portfolio increased the weighting to the Energy Sector aggressively from 50 percent at the beginning May to 65% and is now running an active over weight of 5%.

We believe that the economic fundamentals for the world and therefore demand for natural resources look very healthy. In a preliminary edition of its Economic Outlook, the OECD said that prospects for the world economy were more favourable than they had been for over a decade. However, the OECD added that, if central banks were mindful of inflation, interest rates would have to rise steeply. In such an environment where inflation remains low, this is ‘nirvana’ for commodity companies. Assets are generating strong cash flows with prices remaining firm.

During the month we increased our Oil & Gas positions in especially North America. We increased our positions in Exxon, Suncor, Devon, and Talisman. On the gas side, the North American market is experiencing a tight supply / demand balance. With no new reserves coming on stream this is expected to remain for some time. The portfolio has increased the mix of gas/oil exposure. We have added Alberta Energy, a Canadian gas producer, and Phillips Petroleum of the US.

Looking forward at what we believe the environment is expected to be like for commodities, we are comfortable with the portfolios present construction. Investment will remain focused on energy stocks. Additionally we are looking on the oil servicing companies.

Mpal ComFund Nat Res

Standard Deviation +22.9 +24.9Alpha +6.2 -Beta +0.7 -Sharpe Ratio -0.5 -0.8




Annual 1.5%

Inception Date 12.12.1994Unit Type DistributionMin Investment US$5,000Umbrella Global

Energy 64.6Base Metals 15.3Precious Metals 8.1Chemicals 5.9Soft Commodities 5.8Cash 0.3

31st May 2000



% Change







The objective of the Fund is to achieve an attractive level of income together with potential long-term growth in the value of assets. The policy of the Managers is to hold an internationally diversified portfolio of fixed interest securities. The portfolio may also from time to time include securities with floating interest rates. The portfolio will normally consist of bonds and debentures issued by governments, local authorities, public authorities and corporations (whether secured or unsecured) and may include securities convertible into or exchangeable for equity shares. The Managers do not intend, however, to invest more than 25 per cent in aggregate of the Fund's assets in such convertible or exchangeable securities. Although the net asset value of the Fund is expressed in dollars, the relative attraction of investments denominated in other currencies is a major consideration of the Managers.

France 0% 03.08.00 5.6US Treasury 5.50% 15.05.09 4.6IADB 1.90% 08.07.09 4.4US Treasury 6.00% 15.02.26 4.0Germany 4.125% 27.08.04 3.9US Treasury 6.125% 15.08.29 3.8Spain 3.10% 20.09.06 3.0France 5.50% 25.04.29 2.9France 5.25% 25.04.08 2.9Germany 5.625% 04.01.28 2.9


YTD 2000 -3.9 -2.3 +3.7 +5.31 Year -5.2 -1.0 +1.7 +6.13 Years +4.7 +10.7 +14.6 +21.25 Years +25.9 +14.7 +33.8 +21.93 Years p.a. +1.5 +3.4 +4.6 +6.65 Years p.a. +4.7 +2.8 +6.0 +4.0

Fund B'mark1999 -8.5 -4.31998 +13.0 +15.31997 +5.2 +0.21996 +11.9 +3.6

Bond markets have given up some of the gains of the first quarter. Central banks in the US and Europe are likely to become more aggressive now that they have tangible evidence of the need for action. More aggressive monetary policy at a time when there are signs that growth rates are peaking up are likely to lead to further curve inversion. As tighter monetary policy begins to take effect so a second leg to the bond rally should emerge.

The explanation for the weakness of the Euro lies in changing market perceptions of the structure of policy making institutions and the ability of some of the people in them, as well as the relative unconcern of policy makers about the slide in the currency. In the market the first signs of concern about the permanence of the system are beginning to appear. Given that we believe that the political will behind the creation of the single currency remains intact we expect that policy makers will react but they might need to be prompted by the market before they do so.

The Yen looks likely to remain at high levels for longer than we had expected. There are several major reasons for this: (I) The current account surplus looks likely to expand as the impact of higher oil prices on the import bill fades. (II) The volatility of equity markets and the weakness of the Euro are impeding the recycling of the surplus. (III) Policy seems to be shifting the wrong way. In the long run Japan must adopt tighter fiscal policy and offset it with monetary policy looser than it otherwise would be. That policy combination ought to be accompanied by a weaker Yen.

0

200

400

600

800

1000

1200

1400

1600


Cash Value of

US$1000

Baring IUF Intl Bond

Mpal OS FI Global

Sal WGBI USD

BaringInternational Bond Fund



FP Rating

AAA





Annual 0.75%

Inception Date 07.07.1978Unit Type DistributionMin Investment US$5,000Umbrella InternationalBenchmark Salomon World

Govt Bond


AA


1stOver 10 Years

UK Marketed FundsFixed Income Global Sector


1stOver 10 Years

Internationally Marketed FundsFixed Income Global Sector

South China Morning PostFund Manager of the Year Awards

1stOver 5 Years

Fixed Income Global


Forwards Bonds Cash TotalEuro-11 1.1 36.5 1.2 38.8USA -14.2 39.1 2.5 27.4UK 0.0 5.9 0.0 5.9Japan 13.1 14.8 0.0 27.9

0.0 96.3 3.7 100.0

31st May 2000



% Change







Not applicable

The objective of the Fund is to achieve long-term growth in the value of its assets in Euro terms. The policy of the Managers is to invest solely in Euro denominated securities bearing fixed or variable rate income and, where appropriate, convertible bonds that are listed or traded on exchanges or markets in European States. The Fund will principally be invested in securities issued by issuers in EU Member States, in a mixture of government, supranational or corporate bonds.

Germany 4.125% 27.08.04 10.5Spain 4.50% 30.07.04 6.3Germany 4.25% 18.02.05 6.0Germany 4.00% 04.07.09 4.1Rheinische 4.50% 09.09.04 4.0Depfa Bank 3.75% 26.10.04 3.9Germany 5.25% 04.01.08 3.7Vodafone Airtouch 5.75% 27.10.06 3.1Portugal 3.625% 19.08.04 3.0EIB 3.875% 15.04.05 3.0

Fund B'mark1999 n/a n/a1998 n/a n/a1997 n/a n/a1996 n/a n/a

800

900

1000

1100

1200

Oct-99 Dec-99 Feb-00 Apr-00

Cash Value of

Euro 1000

Baring Euro Bond Fund

Lehman Euro-Aggregate

% Change Euro £Fund B'mark Fund B'mark

YTD 2000 -1.3 +1.7 -1.6 1.4Since inception -0.7 +2.1 -4.6 -2.0

Germany 39.3UK 12.3France 11.0USA 8.9Spain 8.2Netherlands 6.0Portugal 3.1Europe 3.0Italy 1.9Others 4.8Cash 1.5

BaringEuro Bond Fund



CALENDAR YEAR PERFORMANCE (Euro)


Annual 1%

Inception Date 04.10.1999Unit Type DistributionMin Investment Euro 3500Umbrella GlobalBenchmark Lehman Euro

Aggregate Bond

Fund B'markStandard Deviation n/a n/aAlpha n/a n/aBeta n/a n/aSharpe Ratio n/a n/a

The Fund has established a conservative blend of corporate, high-yield, asset-backed and Government bonds, mostly in short and intermediate maturities.

European bonds offer attractive returns at current levels, and there are signs of increasing demand in Europe for longer-term assets as the yield-curve flattens.

The European Central Bank is likely to tighten monetary policy at some point in the 1st quarter, against the background of improving economic activity in Europe. However, this action is largely priced into the structure of the yield-curve already, and it is likely to go hand-in-hand with an improving Euro and improving credit-ratings for European borrowers.

We expect corporate and other non-Government bonds in Europe to perform well this year.

31st May 2000



% Change







Mohegan Tribal 8.75% 01.01.09 2.8Mastec 7.75% 01.02.08 2.8ITT 6.75% 15.11.05 2.6Healthsouth 9.50% 01.04.01 2.4Packaging 9.625% 01.04.09 2.3Labranche & Co 12% 01.03.07 2.3Ford Mtr Credit 6.70% 16.07.04 2.3MBNA Amer Bk 6.875% 15.07.04 2.3Buckeye Tech 8.50% 15.12.05 2.3Calpine 7.625% 15.04.06 2.2

*Yield is defined as current income or coupon yield net of management and admin costs.

There is no direct index against which to compare this Fund

The objective of the Fund is to achieve a high yield, both in terms of total return and current yield, by investing in a prudently diversified portfolio of emerging markets (developing country) and US corporate bonds. The vast majority of such bonds do not carry investment grade ratings and investors are therefore warned that investment in the Fund carries a higher risk than that associated with traditional bond funds.

Fund1999 +13.31998 -10.61997 +12.21996 +27.0

% Change US$ £ CHARACTERISTICSFund Fund

YTD 2000 -1.0 +6.81 Year +10.7 +18.83 Years +5.1 +15.15 Years +59.2 +69.23 Years p.a. +1.7 +4.85 Years p.a. +9.7 +11.1



Yield* 8.11%

Charges Initial 5%Annual 1%

Inception Date 19.07.1993Unit Type DistributionMin Investment US$5,000Umbrella Global

0

200

400

600

800

1000

1200

1400

1600

1800


Cash Value of

US$1000

Baring GUF High Yield Bond

Mpal OS FI Glob High Yld

Emerging Market Bonds 52.6US Corporates 49.3Cash, Receivables & Payables (1.9)

Emerging Bond Market bonds weakened again in May, as risk appetite remained low following volatility on NASDAQ. The top performers in a more risk-averse market were lower beta countries, or those with less reliance on capital markets for refinancing. These included Brazil (-1.6%), South Korea (-1.8%) and Turkey (-1.4%). High risk countries with deteriorating fundamentals such as Ecuador (-13%) and Nigeria (-7%) were among the worst performers. Philippines (-7%) and Peru (-9%), where the Fund holds 2.5% stakes, also sold off on political concerns.

The fund benefited from last month’s reduction in emerging markets allocation to 52.6%, in favour of higher quality US corporate bonds. The Fund also benefited from the decision to switch out of Argentina (-4.9% in May) into BBB-rated countries such as Korea and Malaysia which outperformed most of the EMD universe.

The Fund took advantage of high US Treasury yields to extend interest rate duration at the beginning of the month. We switched out of floating rate emerging market bonds into long dated collaterallised Brady bonds. Since the switch, 30 year US Treasury yields have tightened by around 20 bps.

Within the emerging markets, Argentina announced US$ 940 million in expenditure cuts over the next 12 months, bringing planned spending cuts for 2000 to US$ 2 billion. The market reacted with cautious optimism but is likely to demand continued evidence of structural reform and fiscal discipline. Good news also came out of Colombia, where President Pastrana dropped his proposed referendum to dissolve Congress. This improved political climate should increase the chances for passing the economic reforms needed to meet IMF 2001 budget targets.

BaringHigh Yield Bond Fund




FundStandard Deviation n/aAlpha n/aBeta n/aSharpe Ratio n/a

31st May 2000



% Change







The objective of the Fund is to achieve, in Euro terms, an attractive total return from income and long-term growth in the value of assets. The policy of the Managers is to hold an internationally diversified portfolio of fixed interest securities. The portfolio may also, from time to time, include securities with floating interest rates.

Spain 4.50% 30.07.04 9.4Spain 6.00% 31.01.29 6.0Germany 5.375% 04.01.10 5.9Germany 5.625% 04.01.28 5.9British Govt 6.25% 25.11.10 4.9Germany 6.00% 04.01.07 4.6Canada 6.25% 26.11.04 4.2France 5.25% 25.04.08 3.9Netherlands 5.50% 15.01.28 3.8Spain 5.15% 30.07.09 3.8

% Change Euro (xFFr) £Fund B'mark Fund B'mark

YTD 2000 +1.4 +2.2 +1.1 +2.01 Year -1.6 -1.2 -6.2 -5.83 Years +22.0 +18.2 +8.7 +5.15 Years +67.9 +45.6 +25.4 +9.83 Years p.a. +6.8 +5.7 +2.8 +1.75 Years p.a. +10.9 +7.8 +4.6 +1.9

Fund B'mark*1999 -2.0 -2.61998 +10.4 +13.11997 +18.0 +10.31996 +21.0 +16.6

*JP Morgan ECU Traded

Forwards Bonds Cash* TotalEuro-11 17.3 72.6 1.5 91.4Denmark 0.0 5.5 0.0 5.5UK -11.2 13.3 0.1 2.2USA -5.3 5.1 0.7 0.5Italy 0.0 0.4 0.0 0.4

0.8 96.9 2.3 100.0

0

200

400

600

800

1000

1200

1400

1600


Cash Value of

Euro1000

Baring CF World Bond

Mpal OS FI Global

BaringWorld Bond Fund



FP Rating

AAA

CALENDAR YEAR PERFORMANCE (Euro x FF)


Annual 1%

Inception Date 13.04.1992Unit Type Roll-upMin Investment Euro 3500Umbrella CapitalisationBenchmark JP Morgan

EMU Aggregate Index

Bond markets have given up some of the gains of the first quarter. Central banks in the US and Europe are likely to become more aggressive now that they have tangible evidence of the need for action. More aggressive monetary policy at a time when there are signs that growth rates are peaking up are likely to lead to further curve inversion. As tighter monetary policy begins to take effect so a second leg to the bond rally should emerge.




AA


Fund Hedged: 14.47% non-Euro currency hedged into Euro

*This includes any profit/loss on currency hedging.

31st May 2000



% Change







The objective of the Fund is to achieve an attractive level of income together with the potential for long term growth in the value of its assets in Sterling terms. The policy of the Managers is to hold an internationally diversified portfolio of fixed interest securities. The portfolio will predominantly be invested in major world markets in a mixture of government, supranational and corporate bonds rated AA or better by Standard & Poors or Moodys or similar credit status.

Germany 5.625% 04.01.28 13.0Germany 3.75% 04.01.09 11.0US Treasury 5.50% 15.05.09 10.7US Treasury 0% 03.08.00 8.9Japan 0.30% 22.10.01 8.5US Treasury 7.625% 15.02.07 6.2US Treasury 7.50% 15.11.16 5.6Treuhand 7.375% 02.12.02 5.6Germany 3.00% 16.03.01 5.5Germany 4.50% 19.08.02 4.1

Not applicable

Fund B'mark1999 -7.1 -1.21998 +12.0 +14.01997 n/a n/a1996 n/a n/a


YTD 2000 -3.3 -2.3 +4.2 +5.31 Year -5.9 -1.0 +0.9 +6.1Since Inception +0.5 +8.0 +8.8 +16.9Since Inception p.a. +0.2 +3.0 +3.3 +6.1

Forwards Bonds Cash TotalEuro-11 2.7 43.4 1.6 47.7Japan 25.5 8.5 0.0 34.0USA -24.2 36.9 0.0 12.7UK -4.3 7.5 1.6 4.8Australia 0.0 0.8 0.0 0.8

-0.3 97.1 3.2 100.0

750

1000

1250

Oct-1997 May-1998 Dec-1998 J ul-1999 Feb-2000

Cash Value of

£1000

Baring Glbl Sterling World Bd

Mpal OS FI Global

Sal WGBI

Baring Sterling World Bond Fund




Fund Size (Mn) £49.9Euro 80.1

Current Offer Price £1.033Euro 1.652


Annual 1%

Inception Date 13.10.1997Unit Type DistributionMin Investment £2,500Umbrella GlobalBenchmark Salomon World

Govt Bond

Fund B'markStandard Deviation n/a n/aAlpha n/a -Beta n/a -Sharpe Ratio n/a n/a

Quality global bond markets in May regained their poise and began to rally towards the end of the month. The heightened inflation concerns evident in April have been met with actual or anticipated monetary tightening, led

by the US Federal Reserve following in the footsteps of the UK. In addition, the latest economic data from the US and the UK indicate a softening of economic activity; early days yet

but this might imply that interest rates may not need to go much higher. In currencies we are marginally overweight the Euro at the expense of non-core currencies; the Euro has for now

recovered its poise as European recovery is confirmed and inflation remains subdued (the shine also looks to be coming off the Dollar as a result of stock market weakness and the first signs of slower growth). We remain for now neutral on the US Dollar and the Yen.

In bond markets we remain overweight duration in Global markets Ex-Japan as we feel the real yields available are attractive and due to our expectations that inflationary pressures, where present, are modest and containable.

In Japan for the first time in a long while we have bought short dated bonds and in so doing have partially eliminated our forward purchase of Yen (owning 1-2year bonds unhedged is for now a more efficient way of holding a yen position). We remain very underweight Japanese bonds. Our overweight bond exposures are in the US and Euro markets with the portfolio average duration being 5.8 years.

The objective of the Fund is to achieve a favourable overall return in US dollar terms. The portfolio will be invested in assets denominated in a range of currencies selected by the Managers from time to time. The principal currencies are the United States Dollar, Deutschmark, Japanese Yen, Swiss Franc and Sterling, but other internationally traded currencies may be held as the Managers consider appropriate. As exchange rates may be subject to substantial fluctuations, the net asset value of a unit in this Fund is likely to be volatile.

CURRENCY BREAKDOWN %


% Change US$Fund

YTD 2000 -3.51 Year -1.13 Years +0.45 Years +6.03 Years p.a. +0.15 Years p.a. +1.2

Fund1999 -2.01998 +6.11997 -0.81996 +4.7



We are maintaining neutral Yen exposure as the currency shows signs of potential further appreciation in the short term.

900

950

1000

1050

1100

1150


Cash Value of

US$1000

Baring CUF Managed

Mpal Intl Mngd Ccy

BaringManaged Fund31st May 2000


% Change








Fund Size (Mn) US$12.2Current Offer Price US$61.04Yield 4.75%Charges Initial 5%

Annual 0.15%

Inception Date 05.01.1987Unit Type Roll-upMin Investment US$5,000Umbrella Currency

This Fund is an unregulated collective investment scheme, managed by Baring

International Fund Managers (Ireland) Ltd

MpalFund Mg'd

Standard Deviation +4.0 +4.0Alpha +0.0 -Beta +0.7 -Sharpe Ratio -1.3 -1.7

Euro-11 34.3USA 33.9Japan 25.7UK 6.1


The objective of the Fund is to provide as high an overall rate of return as is consistent with the prudent management of its assets. In seeking to maximise the return, the Managers will ensure that investments are made in highly liquid instruments. The policy of the Managers of the Fund is to achieve an overall rate of return based on wholesale money market rates by investing in high quality US Dollar denominated liquid instruments.


% Change US$Fund

YTD 2000 +2.21 Year +5.13 Years +15.95 Years +27.23 Years p.a. +5.05 Years p.a. +4.9

Fund1999 +4.61998 +5.11997 +5.21996 +4.9

As the latest data showed, the core inflation rate is posting a stable 2.2% y/y level. We can see therefore that the Federal Reserve has shown it is not waiting for accelerating inflation before they tighten monetary policy.

What the Fed is targeting is imbalances between the growth of demand and the growth of potential supply. Rates were raised by 50bp at the May FOMC meeting, to leave Fed funds rate currently standing at 6.50%. This more

aggressive hike was in response to continued strength of demand and the tight labour market. Further rate increases of 50bps are priced into the market. Whether this happens in full, or indeed in one or two

stages, will depend on the strength of the coming month's economic releases.

800

1000

1200

1400


Cash Value of

US$1000 Baring CUF US Dollar

Mpal USD

BaringUnited States Dollar Fund31st May 2000


% Change



All performance source: Standard & Poor’s as at 31.05.2000. Offer to offer, with gross income reinvested.All Performance Characteristics are source Baring Asset Management and are calculated using three year

performance figures sourced from Standard & Poor’s as at 31.05.2000.



Fund Size (Mn) US$26.7Current Offer Price US$21.69Yield 5.57%Charges Initial up to 2%*

Annual 0.15%

Inception Date 30.06.1985Unit Type Roll-upMin Investment US$5,000Umbrella Currency*At Manager's Discretion



Mpal USFund Dollar

Standard Deviation +0.2 +0.3Alpha -0.1 -Beta +0.3 -Sharpe Ratio -1.7 -3.1

31st May 2000



% Change







The investment objective of the Baring Europe Select Feeder Fund is to achieve long-term growth in the value of assets by investing in units of the Baring Europe Select Trust, a unit trust constituted in the United Kingdom and authorised under the Financial Services Act. The base currency of the Baring Europe Select Trust is sterling and the objective of the Trust is to achieve long-term capital growth through investment in securities of small to medium capitalisation companies, quoted on the principal European Stock Markets whilst retaining the flexibility to invest in larger growth companies, or special situations.

*Baring Fund Managers (regulated by IMRO and the PIA and a member of AUTIF) will waive the full amount of any preliminary charge on Baring Europe Select Trust, however the management fee of 1.50% will apply


YTD 2000 -2.6 -2.8 +5.0 +4.81 Year +39.1 +14.1 +49.2 +22.43 Years +45.0 +39.7 +58.7 +53.0Since inc. +74.5 +56.6 +81.4 +62.93 Years p.a. +13.2 +11.8 +16.6 +15.2Since inc. p.a. +15.3 +12.1 +16.4 +13.2

1999 +39.0 +19.7

1998 +9.1 +15.1

1997 +15.9 +18.51996 n/a n/a

Trust B'markGermany 23.1 14.2France 15.7 15.9Sw itzerland 15.5 9.5Netherlands 9.6 7.4Sw eden 7.8 6.5Spain 5.1 6.0Denmark 4.2 2.8UK 3.8 0.0

Finland 3.4 3.8

Others 10.6 33.9

Cash 1.2 0.0

This relates to the Baring Europe Select Trust This relates to the Baring Europe Select Trust

May was another volatile months in equity markets with the small and mid cap stocks being no exception. Until there is further clarity in when the peak of interest rates will occur this is likely to continue.

The fund’s current exposure to the Neuer Markt is 11% and the combined technology/media and telecommunications weighting of the fund is 33%. The remainder of the fund is invested in traditional growth companies like Amer, quality industrials such as Acerinox and Ryanair and specialist small cap financials like Tecis and Bipop-Carire.

Europe Select is invested primarily in long term growth stocks where the managers feel that the market has not recognised that growth potential or where they feel that the market has not discounted the value creation from the company. We are growth at the right price and not growth at any price investors. The second approach would have been a painful strategy in the last few months, and may have reinforced for private investors one of the virtues of a disciplined investment process from established fund managers.

Galeries Lafayette 2.7Qiagen 2.4Sw atch 2.2Amer 2.1Entrium Dir Bank 1.9Kudelski 1.8GFK 1.7ZAPF Creation 1.7ISS A/S 1.7

Germanos 1.7

Baring Europe Select Feeder Fund


Fund Size (Mn) £8.2Current Offer Price £1.908Yield 0.00%Charges Initial 5%

Annual 0.1%*

Inception Date 01.07.1996Unit Type Roll-upMin Investment £2,000

Benchmark HSBC Smaller

(Europe ex UK)




Fund B'mark*Standard Deviation +21.9 +15.7Alpha +0.5 -Beta +1.1 -Sharpe Ratio +0.3 +0.4

0

200

400

600

800

1000

1200

1400

1600

1800

2000

2200

2400

J un-96 Mar-97 Dec-97 Sep-98 J un-99 Mar-00

Cash Value of

£1000 Baring Europe Select Feeder Fund

Mpal OS EQ Europe Excl UK

HSBC Smaller Europe ex UK

31st May 2000



% Change







The Baring Korea Feeder Fund is a feeder fund for the Baring Korea Trust, a UK authorised unit trust. The investment objective of the Fund since November 1992 has been to achieve long-term growth in the value of assets by investing in units of the Baring Korea Trust, an authorised unit trust constituted in the United Kingdom.

Samsung Electric 9.7SK Telecom 7.7Korea Telecom 5.7Pohang Iron & Steel 5.2Korea Electric Pow er 4.6Hyundai Electric 4.5H & CB 4.2Samsung Electric Mech 3.8Kumkang Korea 3.7

Hankuk Electric Glass 2.9

Electronics 20.7Telecom 10.3Banks 9.8Telephone Netw orks 8.9Steel 6.6Utilities 4.6Food & Beverage 4.3Electronic & Electrical Eqpt 3.9Building & Construction 3.7

Others 26.3

Cash 0.9


YTD 2000 -29.3 -28.6 -23.8 -23.01 Year -2.1 +4.4 +5.1 +12.03 Years +1.1 -22.6 +10.6 -15.35 Years -25.6 -44.4 -20.9 -40.93 Years p.a. +0.4 -8.2 +3.4 -5.45 Years p.a. -5.7 -11.1 -4.6 -10.0

Fund B'mark*1999 +92.9 +94.01998 +107.6 +110.71997 -61.0 -71.21996 -31.9 -32.3

*Baring Fund Managers Ltd (regulated by IMRO and the PIA and a Member of AUTIF) will waive the full amount of any preliminary charge on the Baring Korea Trust, however, the BKT management fee of 1.25% will apply.

This relates to the Baring Korea Trust This relates to the Baring Korea Trust

0

200

400

600

800

1000

1200


Cash Value of

US$1000Baring Korea Feeder Fund

Mpal OS EQ Korea

Korea SE Composite

BaringKorea Feeder Fund

FP Rating

A


Fund Size (Mn) US$65.9Current Offer Price US$7.08Yield 0.00%Charges Initial 5%

Annual 0.1%*

Inception Date 17.10.1988Unit Type Roll-upMin Investment US$5,000Benchmark Korea Composite




Fund B'mark*Standard Deviation +55.4 +67.9Alpha +5.9 -Beta +0.8 -Sharpe Ratio -0.1 -0.2

May was an extremely volatile market for both the KOSDAQ and KOSPI. The KOSPI ended marginally higher on the month closing at 731.88 compared to 725.39 at the start. However, during the latter half of the period the index tested the 620 level twice during intra day trading, before rallying 11.5% in the last week. KOSDAQ ended down on the month despite a 17% rally in the final week of May.

ITC problems plagued the market in early May. During the second week investors sold KOSDAQ on the back of NASDAQ’s dismal performance. The third week the banks were sold aggressively as investors feared ‘good’ banks would be forced to merge with ‘bad’ banks. The fourth week was dominated by concerns over the ailing Hyundai Group.

Economic figures remained robust. 1Q GDP figures grew 12.8%. QoQ growth however slowed. The May trade surplus ($1.37bn) improved significantly compared to recent months.

The Hyundai Group liquidity concerns are partly the result of the on-going restructuring of the non bank financials. The bankruptcy concerns are overstated as Hyundai Electronics, Hyundai Heavy and Hyundai Motors are all generating strong cashflow. However, Hyundai Engineering & Construction is the weak link. The authorities have used this situation to their advantage and have forced the founding Chung family to step down from their management roles since they have been notorious in disregarding shareholders rights.

The Fund’s focus on quality companies with visible earnings trading at unrecognised growth valuations has enabled the portfolio to avoid the very worst of the market’s ravages.

Dealing Guide

Fund Name Currency Prices Available by AnnualManagement Front End

Charge % Load %EUROPEEuropa US$/Euro Next day approx. 1.30pm 1.25 5.0Europe Select Feeder Fund £ Next day approx. 1.30pm 0.10 ** 5.0French Growth Euro Next day approx. 1.30pm 1.25 5.0NORTH AMERICANorth America US$/Euro Next day approx. 1.30pm 1.25 5.0GLOBAL EMERGING Global Emerging Markets US$/Euro Next day approx. 3.00pm 1.50 5.0Emerging World £/Euro Same day approx. 3.00pm 1.50 5.0Eastern Europe*** US$/Euro Same day approx. 3.00pm 1.50 5.0Latin America US$/Euro Next day approx. 2.30pm 1.25 5.0JAPANJapan US$/Euro Same day approx. 2.30pm 1.25 5.0Japan Smaller Companies US$/Euro Same day approx. 2.30pm 1.25 5.0ASIA PACIFICAustralia US$/Euro Same day approx. 2.30pm 1.25 5.0Hong Kong China US$/Euro Same day approx. 2.30pm 1.25 5.0Korea Feeder Fund US$ Next day approx. 1.30pm 0.10 ** 5.0Pacific US$/Euro Same day approx. 2.30pm 1.25 5.0Asia Growth US$/Euro Same day approx. 2.30pm 1.25 5.0GLOBAL Global Equity Fund US$/Euro Next day approx. 2.30pm 1.50 5.0GLOBAL RESOURCESGlobal Resources US$/Euro Next day approx. 1.30pm 1.50 5.0BONDS & CURRENCIESWorld Bond Euro Next day approx. 1.30pm 1.00 5.0Sterling World Bond £/Euro Next day approx. 1.30pm 1.00 5.0International Bond US$/Euro Next day approx. 1.30pm 0.75 5.0High Yield Bond US$/Euro Same day approx. 3.00pm 1.00 5.0US Dollar US$ Same day approx. 2.30pm 0.15 Upto 2%*Managed US$ Same day approx. 2.30pm 0.15 5.0Euro Bond Euro Next day approx. 2.30pm 1.00 5.0

* Front End Load ("FEL") is not normally charged on Baring United States Dollar Fund; however, a FEL of up to 2% may be charged at the Managers' discretion upon request from the intermediary. ** The annual management charge of Baring Korea Trust is 1.25%. The annual management charge of Baring Europe Select Trust is 1.5%. Full details of other fees and charges made by the funds can be found in the relevant Prospectus.*** The Manager, Baring International Fund Managers (Ireland) Limited, is currently no longer accepting subscriptions into the Baring Eastern Europe Fund from new investors.

Minimum Investment: US$5,000 €3,500£2,500 FFr 30,000

Dealing: Daily

Deals to be Received by: 4pm (London Time)Exceptions are Emerging World Fund, Eastern Europe Fund and High Yield Bond Fund where deals to be received by 11.30am (London Time)

Settlement Period: 5 working daysExceptions are US Dollar Fund and Managed Currency Fund where settlement period is 3 working days

COMMISSION Rates of commission are variable and are available upon request.

SETTLEMENT Registration - Following receipt of settlement and registration details, units may be issued in either certificated or non-certificated form. Unless an investor indicates otherwise he will be issued with units in non-certificated form. Registration of the units and the dispatch of a unit certificate (if requested) will normally be effected within 21 days of the Managers receiving registration details and settlement.

Redemptions - Instructions for the redemption of non-certificated units should quote the relevant personal account number and, if the order is given by telephone, confirmation in writing must be received before payment of redemption proceeds can be made. If units are held in certificated form, the unit certificate, together with duly signed redemption instructions, completed on the reverse of the unit certificate, should be sent to BIIM for onward transmission to the Managers. Note: Joint signatures are required where payment is made to only one of the unitholders or to a third party.

Redemption proceeds are normally paid in the base currency of the relevant fund. Settlement of redemptions is made within five business days of the Dealing Day or receipt by the Managers of renounced documents, whichever the later.

FOREIGN EXCHANGE(for UK only)

Foreign exchanges are arranged on receipt of prices from IFM (Ireland) Ltd. In the case of funds which deal on a blind basis, the foreign exchange is normally arranged only when the price is received. (If specifically requested, the foreign exchange can be arranged when the order is placed. If the deal is subsequently cancelled any loss on the foreign exchange reversal will be borne by the client.)

Switching between Equity/Bond Fund - Units are sold at the NAV/bid price and switched into the relevant equity fund at the relevant NAV/bid price. In the case of switching units out of a fund that deals on a blind basis, the re-investment will be executed on the next dealing day. As settlement is required by the funds on specific days switching cannot always take place on the Dealing Day the order is received, for example:

Switching from an Equity/Bond Fund into a Currency Fund - The units of the equity/bond fund will be redeemed on the Dealing Day on which the order is received, provided that day is a Dealing Day; however, the subscription in the Currency Fund would be executed to coincide with the settlement date, normally 2 working days later. In order for the Trustees to complete settlement, either the certificate or written confirmation of the order must be received.

SWITCHING

PAYMENTINSTRUCTIONS

Standard US$ payment instructions are as follows:

The Northern Trust International Banking CorporationOne World Trade Center, Suite 3941, New York NY10048, USA

CHIPS UID: 177860Account: Barings (Guernsey) LimitedAccount No.: 104547-20230Sub-Account: Baring International Fund Managers (Ireland) LimitedRe: Insert Fund NameOther currency settlement details available upon request

Dealing Guide (cont/d ....)

PRICING Under normal circumstances, the method of establishing the net asset value of each fund is calculated on a mid-market value. The Managers, Baring International Fund Managers (Ireland) Limited, are entitled with the approval of the Trustee, to calculate the net asset value on either a bid or offer basis. The Managers’ intention is only to exercise this discretion to preserve the value of the holdings of continuing unitholders in the event of substantial redemptions or subscriptions into the relevant fund.

In addition, the Managers are entitled, with the approval of the Trustee, to limit the number of Units of any class realised on any Dealing Day (whether by sale to the Managers or by cancellation by the Trustee) to ten per cent. of the total number of Units of that class in issue. In this event, the limitation will apply pro rata so that all unitholders wishing to realise Units of that class on that Dealing Day realise the same proportion of such Units and Units not realised, but which would otherwise have been realised, will be carried forward for realisation on the next Dealing Day. If requests for realisation are so carried forward, the Managers will inform the unitholders affected

SEDOL ISIN Telekurs

Baring Europa (US$) 0-082-912 IE0000829121 558,788

Baring Europe Select Feeder (£) 0-081-834 IE0000818348 495,335

Baring French Growth (US$) 0-092-579 IE0000925796 335,089

Baring North America (US$) 0-083-001 IE0000830012 558,794

Baring Global Emerging Markets (US$) 0-083-830 IE0000838304 558,817

Baring Global Emerging Markets (Euro) 0-485-050 IE0004850503 731,565

Baring Eastern Europe (US$) 0-080-563 IE0000805634 521,977

Baring Eastern Europe (Euro) 0-485-210 IE0004852103 731,272

Baring Latin America (US$) 0-082-893 IE0000828933 070,208

Baring Latin America (Euro) 0-485-102 IE0004851022 731,592

Baring Emerging World (£) 0-080-422 IE0000804223 237,617

Baring Emerging World (Euro) 0-485-124 IE0004851246 950,386

Baring Japan (US$) 0-082-967 IE0000829675 558,763

Baring Japan Smaller Companies (US$) 0-080-400 IE0000804009 426,180

Baring Japan Smaller Companies (Euro) 0-485-191 IE0004851915 731,267

Baring Australia (US$) 0-082-945 IE0000829541 558,759

Baring Hong Kong China (US$) 0-082-923 IE0000829238 558,764

Baring Pacific (US$) 0-083-023 IE0000830236 558,758

Baring Asia Growth (US$) 0-083-012 IE0000830129 558,756

Baring Korea Feeder (US$) 0-083-818 IE0000838189 558,910

Baring Global Equity (US$) 0-690-315 IE0006903151 810,364

Baring Global Equity (Euro) 0-690-326 IE0006903268 810,365

Baring Global Resources (US$) 0-093-118 IE0000931182 328,524

Baring Global Resources (Euro) 0-485-135 IE0004851352 731,097

Baring International Bond (US$) 0-082-956 IE0000829568 558,761

Baring High Yield Bond (US$) 0-083-595 IE0000835953 100,387

Baring High Yield Bond (Euro) 0-485-180 IE0004851808 731,243

Baring World Bond (Euro) 0-083-506 IE0000835060 111,805

Baring Sterling World Bond (£) 0-153-926 IE0001539265 762,065

Baring Sterling World Bond (Euro) 0-485-221 IE0004852210 731,447

Baring Managed (US$) 0-083-089 IE0000830897 371,998

Baring United States Dollar (US$) 0-083-045 IE0000830459 371,927

Baring Euro Bond (Euro) 0-770-411 IE0007704111 909,803

Identification Codes

The Standard & Poor’s Micropal Star RankingTM is calculated using a fund’s monthly performance relative to its sector average for each of the 36 months over the three years to date. The average and volatility of these 36 numbers is used to calculate a fund’s star ranking.

TOP 10%

TOP 11-30%

TOP 31-50%

NEXT 25%

BOTTOM 25%

Standard & Poor’s Micropal Star Rankings

The Standard & Poor’s Micropal Star Rankings shown are correct as at 31st May 2000.

Glossary of Statistical Performance CharacteristicsThe statistical risk statistics used in this report examine performance characteristics of the fund relative to both (1) the market benchmark, which represents the asset class in which the fund is invested and (2) the returns on cash in the base currency of the fund, the "risk free" rate of return. Risk statistics in this report are calculated by Baring Asset Management based on monthly Standard & Poor's Micropal returns for the relevant funds for the three year period ending on the day shown in the report.

Standard Deviation - Measures the average deviation of a series of returns relative to their mean. When a benchmark or a fund has a wide range of returns it has a high standard deviation, indicating that there is a greater potential for volatility. If returns are normally distributed (i.e. have a bell shaped curve distribution) then approximately 2/3 of returns would occur within plus or minus one standard deviation from the mean.

Alpha - Measures the performance of a fund adjusted for the fund's sensitivity to market risk (its beta). It is generally used as a measure of the manager's contribution to performance with reference to security selection. A positive Alpha indicates that the fund added value relative to the amount of market risk taken, i.e. outperformed the benchmark by more than the amount that is explained by the beta (market sensitivity) of the fund.

Beta - Measures the sensitivity of fund returns to a 1% movement in the market benchmark. For example, if the beta of a fund is 1.3, a 1% increase or decrease in the benchmark return will, on average, result in a 1.3 % increase or decrease in the fund return. Funds with a beta below 1 will, on average, fall less than the benchmark in a falling market or rise less in a rising market.

Sharpe Ratio - Measures the return of a benchmark or a fund adjusted per unit of absolute risk (volatility). It is calculated by subtracting the risk free return on cash from the fund return and dividing the resulting "excess return" by the fund's risk level (standard deviation). A positive Sharpe Ratio for a benchmark or a fund indicates the risk taken relative to investments in cash instruments have been positively rewarded.

Explanatory Notes

Forsyth Partners RatingsThe FP Ratings are determined following in-depth qualitative and quantitative analysis which follow defined routines.

There are 3 key factors which lead us to the final FP Rating determination. These are:

- Risk adjusted performance

- Investment Process

- The skills of the individual manager

The FP “Triple-A” Rating is the highest rating awarded. It is given to funds which demonstrate very powerful investment processes and disciplines which are believed will translate into exceptional long term performance. It is an indication of excellence.

The FP “Double-A” Rating is determined using the same methodology as for the FP Triple-A rating. The FP Double-A rating is an indication of highly superior quality based on process and track record.

The FP “Single-A” Rating is again determined using the same methodology consistent with that applied for the FP Triple-A and FP Double-A ratings. This is a highly commendable rating.

FP Rating

A

FP Rating

AA

FP Rating

AAA

STOP PRESSThe Baring Eastern Europe Fund (the "Fund")

- a sub-fund of The Baring Global Umbrella Fund

As a result of the rapid growth in the assets of this Fund through a combination of net asset value performance and new subscriptions, Baring International Fund Managers (Ireland) Limited, (the "Manager"), have concluded that it is in the best interest of existing unitholders that we no longer accept subscriptions into this Fund from new investors. Existing unitholders are unaffected by this change and will be able to continue placing subscriptions and redemptions in the Fund as normal.

The Manager believes this step is necessary in order to slow the growth in the Fund’s assets, allowing the Investment Manager to maintain the flexible asset allocation and stock selection policies which have contributed to the Fund’s excellent performance since launch in September 1996. The net asset value of the Fund as at the 29th February 2000 was US$577.9 million.

This condition which is effective from today, will apply until you are advised to the contrary.

The Central Bank of Ireland, the Irish Stock Exchange, the Channel Islands Stock Exchange and the Securities and Futures Commission in Hong Kong have been notified of this change.

Dated: 27th March 2000

Note - Source: Standard & Poor’s Micropal. Offer to offer, gross income reinvested in US dollars. Ranked 1st Quartile in the Micropal Offshore Equity Europe (Central & East) Sector for the periods 28/02/1997 – 29/02/2000 and 30/09/1996 – 29/02/2000.

Standard & Poor’s is a statistical organisation covering a wide range of collective investment worldwide.

The Standard & Poor’s averages used in the performance charts are representative of the average fund in the stated sector.

MSCI = Morgan Stanley Capital International.

**Regulated by IMRO and licensed by the Bahrain Monetary Agency

Date Complied: 11th May 2000

LONDONBaring Global Fund Managers Limited, 155 Bishopsgate, London EC2M 3XY,

EnglandE-mail: [email protected]

PARISBaring Asset Management France

35 avenue Franklin Roosevelt75008 Paris, France

E-mail: [email protected]

HONG KONGBaring International Fund Managers

Limited & Baring Asset Management (Asia) Limited

19th Floor, Edinburgh Tower, 15 Queen's Road Central, Hong Kong

E-mail: [email protected]

FRANKFURTBaring Asset Management AG,

Friedrichstraβe 2-6, 60323 Frankfurt, Germany

E:mail: [email protected]

Head of European SalesMark Leader +44(0)20-7762 8103

CONTINENTAL EUROPEMartin Weisinger +44(0)20-7214 1999Ian Milton +44(0)20-7214 1999

PARIS Benoit du Mesnil +331-5393 6000Marc Olivier +331-5393 6000Guylaine Romestand +331-5393 6000

HONG KONG Albert Sze +852-2973 3467Katherine Ko +852-2973 3420

FRANKFURTEkkehardt von Knebel Doeberitz +49 69 7169 1888Axel Maier +49 69 7169 1888Susanne Godde +49 69 7169 1888Katrin Becker +49 69 7169 1888

SOUTH AMERICA,AFRICA,CARIBBEAN AND MIDDLE EASTEdward Remington-Hobbs +44(0)20-7214 1119Nick Davidson +44(0)20-7214 1847Ross Anderson +44(0)20-7214 1210

INVESTMENT SERVICES - EUROPEEleonora Fleming +44(0)20-7214 1999Lorraine Finegan +44(0)20-7214 1999

DEALINGHONG KONG - +852-2841 1411Gimmy Lau Jacqueline ChanKaren Chung

PARIS - +331-5393 6000Sebastien Courat Soizick Revillon

Head of UK Mutual Fund SalesKeith Wilson +44(0)20-7214 1791

LONDONKeith Wilson +44(0)20-7214 1791

LONDON AND EAST ANGLIAJames Wallace +44(0)20-7214 1825

LONDON AND SOUTH EASTIan Furtado +44(0)20-7214 1025

MIDLANDS AND SOUTH WESTKevin Snell +44(0)20-7214 1547

LIFE COMPANIES Laurie Jaques +44(0)20-7214 1227

SCOTLANDKeith Wilson +44(0)20-7214 1791

N.ENGLAND, IRELAND, ISLE OF MANNick Jordan +44(0)161-449 7394

CHANNEL ISLANDS Keith Wilson +44(0)20-7214 1791

INVESTMENT SERVICES - UKTricia O’Brien +44(0)20-7214 1900Anna Mapes +44(0)20-7214 1900Sherrie Hammond +44(0)20-7214 1900

DEALINGLONDON - +44(0)20-7214 1004Karen Denny Elaine O’SullivanDonna Langrish Nicky Wall (Admin)Iain McAuslan Alan WoodJan Albers Gaby Reiter

Baring Global Fund Managers Limited is an appointed representative of Baring International Investment Management Limited (regulated by IMRO) which has approved the issue of this document.

The contents of this document are based upon sources of information believed to be reliable, but no guarantee, warranty or representation, express or implied, is given as to their accuracy or completeness. This is not an offer nor a solicitation to buy or sell any investment referred to in this document. Baring International Investment Management Limited and its affiliates and/or their officers, directors and employees may own or have positions in any investment mentioned herein or any investment related thereto and from time to time add to or dispose of any such investment.

These Funds are not registered under the Securities Act 1933 of the United States of America ("USA") nor are they registered under the USA Investment Company Act of 1940. Consequently, the Funds may not be offered for sale or sold in the USA, its territories, possessions or protectorates under its jurisdiction, nor to nationals, citizens or residents in any of those areas. Baring Asset Management has not received approval by the Financial Services Board to market any of its mutual funds in South Africa. The Baring Managed Fund, Baring US Dollar Fund, Baring Europe Select Feeder Fund and Baring Korea Feeder Fund are unregulated collective investment schemes. They may be suitable for private investors, but usually only if so advised under a written agreement, by their own independent or professional advisers.

This booklet is not designed, intended, nor may it be used as an advertisement to any member of the public or Private Investor in the UK or any person in the US, its possessions or territories. In the UK, the Funds are available to professional or other Non-Private Investors. The Funds may be suitable for Private Investors, but only if so advised under a written agreement, by their own independent or professional advisers. Requests to deal received from intermediaries in the UK will only be accepted by the Managers and Baring International Investment Management Limited, on the warranty that the intermediary is an authorised person under the Act.

Investors should refer to the prospectus of the Funds referred to herein. The current prospectus and periodically published accounts contain full details of the Funds and units will be sold, redeemed or switched solely on the basis of the information and representations contained in them. The distribution of the prospectus and other documents is restricted in certain jurisdictions and accordingly persons into whose possession such prospectuses come are required to inform themselves about and to observe such restrictions.

The value of units and any income generated may go down as well as up and is not guaranteed. Past performance is not necessarily a guide to future performance. Changes in rate of exchange may have an adverse effect on the value, price or income of the investment. Investors should be aware of the additional risks associated with funds which invest in emerging and developing markets. Applicants should be aware of local laws governing investments in such funds. Applicants should seek independent financial advice regarding the suitability of any investments. This document may include forward-looking statements which are based upon our current opinions, expectations and projections. We undertake no obligation to update or revise any forward-looking statements. Actual results could differ materially from those anticipated in the forward-looking statements.

For Further Information Please Contact

Date post:	25-Dec-2015
Category:	Documents
Upload:	neal-tucker
View:	215 times
Download:	2 times

Provided to Professional Advisers Only OFFSHORE FUNDS JUNE 2000 See Reuters screen, page BIIM for...

Documents