EP Emerging Markets Fund (EP Emerging Markets Small Compa) Fonds

The fund seeks to achieve its investment objective by investing at least 80% of its net assets in equity securities of companies that are tied economically to emerging market countries. The fund’s advisor considers emerging market countries to be those countries that are, at the time of investment, included in the MSCI Emerging Markets Index. The fund’s investments in equity securities may include common stock, preferred stocks, convertible stock and warrants.