The portfolio manager for the Excel Emerging Europe Fund is Baring Asset Management Limited (“Baring”) based in London, England. Managing emerging market investment since 1975, Baring was among the first investment managers to capitalize on the investment opportunities situated in Emerging Europe. Baring’s portfolio managers apply a top-down country allocation and bottom-up stock selection process and utilize a dedicated team as part of a comprehensive four stage investment process involving: ideas generation, extensive research, portfolio construction and implementation.