EPEIX : EP Emerging Markets Small Companies Fund Class I

Fund Summary

The investment seeks long term capital appreciation. The fund seeks to achieve its investment objective by investing at least 80% of its net assets in equity securities of small capitalization companies that are tied economically to emerging market countries. The fund's sub-advisor defines small capitalization companies as those companies with market capitalizations, at the time of investment, of below $5 billion. Emerging market countries are those countries that are, at the time of investment, included in the MSCI Emerging Markets Index.