BARING LATIN AMERICA FUND

OCTOBER 2010
SUMMARY FUND OBJECTIVE
The investment objective of the Fund is to seek long-
term capital growth primarily through investment in Latin
American equity securities. Investors should be aware of
the additional risks associated with funds which invest in
emerging and developing markets. (Please refer to the
Prospectus for the full investment objective and policy.)
MANAGER'S COMMENTS
Performance summary
Latin America equity markets were up in October due to stronger data coming from US and China and
third quarter results being stronger than expected. On the negative side the possibility of Brazil increasing
taxes on equity transactions, impacted negatively on the Brazilian equity market performance. Peru,
Mexico and Colombia outperformed the index, while Brazil and Chile were the laggards. At the sector
level, consumer stocks were the best performers.

Strategy / portfolio positioning

During October, we maintained our overweight (relative to the benchmark index) in Brazil and Peru while
keeping our underweight positions in Chile, Colombia and Mexico. As per sectors, we maintain our
preference of energy, financials, health care, industrials and telecommunication services sectors.
Regarding changes to our portfolio, we bought a Brazilian fertilizer producer and an Argentine
telecommunication company. We sold four companies in Brazil: an iron ore producer, a mall
administrator, a water utility and a logistics provider. In addition, we sold a Chilean bank.
All fund information in this factsheet relates to the
US$ A Income unit type
FUND INFORMATION ¹ Market outlook
Fund Manager Roberto Lampl We have a positive view regarding Latin American economies for the remainder of 2010 and for next
year. As expected, Dilma Rousseff emerged as Brazil's first female President, therefore a major overhang
Fund Type Irish Authorised UCITS was removed in Brazil. Now the focus moves to who will be part of the government and the shape of her
economic policies. The smaller economies of Chile, Peru and Colombia remain robust led by Foreign
Fund Size (Mn) US$848.7 Direct Investment and consumption. Both valuations remain attractive and growth robust resulting in a
Inception Date 05.04.1993 fund positioned for domestic led growth.

NAV price ⁴ US$54.35

Unit Types Available Income/Accumulation

A (US$,EUR,GBP) HISTORIC PERFORMANCE ² (CASH VALUE OF US$1000)
Available Classes
I (US$,EUR,GBP)
4,500
Umbrella Emerging Markets
Min Investment US$5000 3,500
Min Subsequent Inv N/A
2,500
Initial 5.00%
Management Charges Annual 1.25% 1,500

500
XD Date 01 May
Oct-05 Oct-06 Oct-07 Oct-08 Oct-09 Oct-10
Dividend Paid By 30 Jun
No. of Holdings 49 Baring Latin America Fund
ISIN IE0000828933 Morningstar GIFS Equity Latin America
Bloomberg Code BRGLAMI ID
MSCI Latin America until 1/6/08 then MSCI EM Latin America 10/40 Total, Gross Return
Lipper ID 60000665
TER 1.8% as at 30.09.10 Past performance is not a guide to future performance. The chart shown above should be viewed
in conjunction with the rolling 12 month performance table below.
MSCI EM Latin America
Benchmark Index 10/40 Total, Gross
Return
Historic Yield ³ 0.3% CALENDAR YEAR PERFORMANCE (US$) ² ROLLING 12 MONTH PERFORMANCE (US$) ²
% Change Fund Index % Change Fund
2009 +100.4 +102.6 31 October 2009 - 31 October 2010 +19.0
2008 -58.1 -49.7 31 October 2008 - 31 October 2009 +74.3
UK Reporting Status Yes 2007 +46.1 +50.7 31 October 2007 - 31 October 2008 -58.1
Morningstar Rating  2006 +45.3 +43.5 31 October 2006 - 31 October 2007 +80.1
2005 +56.7 +50.4 31 October 2005 - 31 October 2006 +44.0

PERFORMANCE (US$) ² ANNUALISED PERFORMANCE (US$) ²

% Change Fund Index % Change Fund Index
1 month +3.9 +3.8 3 years annualised -4.6 +3.8
3 months +12.4 +12.4 5 years annualised +17.6 +22.5
YTD +10.6 +14.7 10 years annualised +17.5 +21.2
1 year +19.0 +27.8 SI annualised +10.7 +15.6
Ratings are subject to change. Index return source: MSCI # www.barings.com
COUNTRY BREAKDOWN ¹ NOTES
¹ Unless otherwise stated, all fund portfolio figures within this factsheet are as
6.5% Brazil = 67.5% at the end of the month shown at the top of page one. Performance
characteristics are based on US$ returns over a 3 year period. Portfolio
8.9% Mexico = 17.1% Turnover is the lesser of purchases or sales divided by the average market
value over the previous 12 months. Sector Breakdown - Mutual Funds. Many
Funds are not sector specific and are therefore shown as a separate
Others* = 8.9% sector/category. Source: Barings.
² Performance figures are shown in US Dollars on a NAV per share basis,
Peru = 6.5% with gross income reinvested. Current Index effective from 1st May 2008.
17.1% Prior to this date the fund was shown against the MSCI Latin America Index.
Source: Morningstar. © Morningstar, Inc. all rights reserved. The information
contained herein: (1) is proprietary to Morningstar and/or its content providers
(2) may not be copied or distributed; and (3) is not warranted to be accurate,
complete or timely. Neither Morningstar nor its content providers are
responsible for any damages or losses arising from any use of this
67.5%
information.
³ The historic yield reflects distributions declared over the past 12 months as a
percentage of the mid-market unit price. It does not include any preliminary
charge and investors may be subject to tax on their distributions. Yields are
not guaranteed.
4
The NAV price is a single price for dealing which is a mid-price. For
SECTOR BREAKDOWN ¹ purchases, an initial charge is added to the NAV price.

GLOSSARY OF INVESTMENT TERMS

4.5% 4.1% Financials = 26.3% We produce a glossary to assist you in case you find any of the investment
terms we've used in this factsheet unfamiliar. This is available from our
4.8% 26.3% Materials = 24.5% website www.barings.com/uk/individualinvestors or free on request by calling
+44 (0) 845 082 2479.

10.2% Energy = 14.9%

UNCOMMITTED CASH POLICY
Telecommunication Services = 10.7% At the close of each day's trading, uncommitted cash is placed overnight into
money market funds (currently funds managed by Northern Trust). These
money market funds are reviewed on an ongoing basis and the intention is
Consumer Staples = 10.2% only to use funds that are rated Aaa/MR1+ by Moody's (or an equivalent rating
10.7% by another ratings agency). The money is placed in these funds to diversify
Health Care = 4.8% risk on uncommitted cash. The money market funds are not guaranteed and
their value may go down as well as up.
Others* = 4.5% UNCOMMITTED CASH POLICY
24.5% The fund is managed by Baring International Fund Managers (Ireland) Limited.
14.9% Industrials = 4.1% This document is approved and issued by Baring Asset Management Limited
and in jurisdictions other than the UK it is provided by the appropriate Baring
*Including a cash weight of 1.0% Asset Management company/affiliate whose name(s) and contact details are
specified herein. This is not an offer to sell or an invitation to apply for any
TOP 10 HOLDINGS ¹ PERFORMANCE CHARACTERISTICS ¹ product or service of Baring Asset Management and is by way of information
(%) Fund Index only. Before investing in any product, we recommend that recipients who are
not professional investors contact their financial adviser.
Cia Vale do Rio Doce 9.3 Standard Deviation +38.8 +36.5 All relevant documents relating to the product, such as reports and accounts
and prospectus (which specify the particular risks associated with a product,
America Movil S.A. de C.V. 8.5 Alpha -9.0 - together with any specific restrictions applying and the basis of dealing) should
be read. The information in this document does not constitute investment, tax,
Petroleo Brasil 7.6 Beta +1.0 - legal or other advice or recommendation or, an offer to sell or an invitation to
Banco Bradesco S/A 6.9 Sharpe Ratio -0.1 +0.2 apply for any product or service of Baring Asset Management.
Investment involves risk. The value of any investments and any income
OGX Petroleo e Gas Particip. 5.1 Tracking Error generated may go down as well as up and is not guaranteed. Past
+11.2 - performance is not a guide to future performance. Quoted yields are not
Banco ITAU Holding Finance 4.2 (Ex Post) guaranteed. Changes in rates of exchange may have an adverse effect on the
value, price or income of an investment. There are additional risks associated
Diagnosticos da America S/A 3.6 with investments (made directly or through investment vehicles which invest) in
emerging or developing markets. Investments in higher yielding bonds issued
Comp. de Minas Buenaventura 3.2
by borrowers with lower credit ratings may result in a greater risk of default and
Localiza Rent A Car S/A 3.0 PORTFOLIO TURNOVER (%) ¹ have a negative impact on income and capital value. Income payments may
constitute a return of capital in whole or in part. Income may be achieved by
Comp. de Bebidas Americas 3.0 12 months 96.3 foregoing future capital growth. We reasonably believe that the information
contained herein from 3rd party sources, as quoted, is accurate as at the date
of publication. The information and any opinions expressed herein may change
at any time. This document may include internal portfolio construction
guidelines. As guidelines the fund is not required to and may not always be
within these limits. These guidelines are subject to change without prior notice
and are provided for information purposes only.
Compensation arrangements under the Financial Services and Markets Act
2000 of the United Kingdom will not be available in respect of any offshore
fund. Shares in the Fund are not available in any jurisdiction in which the offer
or sale would be prohibited; in particular the Fund may not be sold directly or
indirectly in the US or to a US person. Subscriptions will only be received and
shares issued on the basis of the current Prospectus.
Version 05/SD
#
The MSCI data is comprised of a custom index calculated by MSCI for, and as
requested by, Baring Investment Services Limited. The MSCI data is for internal use
only and may not be redistributed or used in connection with creating or offering any
securities, financial products or indices. Neither MSCI nor any other third party involved
in or related to compiling, computing or creating the MSCI data (the "MSCI Parties")
makes any express or implied warranties or representations with respect to such data
(or the results to be obtained by the use thereof), and the MSCI Parties hereby expressly
disclaim all warranties of originality, accuracy, completeness, merchantability or fitness
for a particular purpose with respect to such data. Without limiting any of the foregoing,
in no event shall any of the MSCI Parties have any liability for any direct, indirect,
special, punitive, consequential or any other damages (including lost profits) even if
notified of the possibility of such damages.
S&P Fund Management Rating represents an opinion only and should not be relied on
when making an investment decision. “S&P” and “Standard & Poor’s” are trademarks of
The McGraw-Hill Companies, Inc. Copyright 2010 © Standard & Poor’s Financial
Services LLC.

Baring Asset Management Limited

155 Bishopsgate
EC2M 3XY CONTACT US: +44 (0) 845 082 2479
United Kingdom Calls may be recorded and monitored
Authorised and regulated by the
Financial Services Authority www.barings.com