CIPDX : Champlain Emerging Markets Fund Advisor Shares

Fund Summary

The investment seeks long term capital appreciation. Under normal market conditions, the fund will invest at least 80% of its net assets (plus borrowings for investment purposes) in equity securities of issuers who are economically tied to an emerging market country. The Adviser considers emerging market countries to include most Asian, Eastern European, African, Middle Eastern and Latin American nations. The fund is non-diversified.