Dear Shareholder,
We are excited to present you with the enclosed proxy related to the approval of Champlain Investment Partners, LLC as the new sub-advisor to each of the EP China Fund, EP Latin America Fund and EP Emerging Markets Small Companies Fund (previously the EP Asia Small Companies Fund) and the proposed reorganization of the EP China Fund and EP Latin America Fund into the EP Emerging Markets Small Companies Fund.
New Sheridan Advisors, LLC, the sub-advisor previously managing Euro Pacific’s EP China Fund, EP Latin America Fund and EP Emerging Markets Small Companies Fund was acquired by Champlain Investment Partners on June 30, 2015, and Champlain is serving as the sub-advisor to each of those Funds on an interim basis until the shareholders of the Fund approves the new sub-advisory agreement with Champlain. Russell Hoss and Rick Hoss continue to serve as the portfolio managers to the Funds as employees of Champlain. Champlain brings a wealth of resources to the management team, with nearly 20 years of experience managing money and $6.6 billion under management.
In the enclosed proxy we are asking you to vote “for” two items:
| 1) | Appointing Champlain Investment Advisors as the sub-advisor to the EP China Fund, EP Latin America Fund and EP Emerging Markets Small Companies Fund. |
| 2) | Reorganizing the EP China Fund and the EP Latin America Fund into the EP Emerging Markets Small Companies Fund. |
Voting “for” each proposal has a number of advantages for you as the shareholder of these funds:
Appointment of New Sub-Advisor
| · | The appointment of Champlain Investment Advisors as subadvisor gives the portfolio managers additional research resources to manage the Funds’ investments. |
Proposed Reorganization
| · | We believe that market demand for regional funds is now limited, and that a broader strategy, focusing on emerging market small companies, has a much larger potential market which is currently underserved. |
| · | Thus we expect the combination of the three Funds will increase economies of scale, potentially resulting in lower fees for you as a shareholder. |
Each Fund expects that its shareholders generally will recognize no gain or loss for federal income tax purposes as a result of the proposed reorganization.
We hope that you will vote “FOR” each proposal. If you have any questions, please reach out to your investment advisor or broker, or call 1-800-727-7922 for more information.
Sincerely,
Peter Schiff
President & CEO
Euro Pacific Capital, Inc.
