Portfolio Update

Baring Emerging Europe PLC announces that at close of business 31 January 2020 its ten largest investments were as follows:                        

	% of  Total Assets
Sberbank	10.81
Lukoil	9.30
Gazprom	8.92
AO Tatneft	5.87
X5 Retail Group	4.82
PZU	4.27
Novatek	3.86
PKO Bank Polski	3.80
Mail.Ru	3.25
VakifBank	3.21

The geographic breakdown at close of business 31 January 2020 was as follows:

Russia	69.53
Poland	15.20
Turkey	12.00
Greece	4.33
Romania	2.65
Hungary	1.51
Czech	1.11
Kuwait	0.77
Other European	0.14
Cash & Equivalents	-7.24