(PUB) Investing 2015

5

December 2015

Morningstar FundInvestor

Data through November 30, 2015 FINRA members: For internal or institutional use only. Champlain Mid Cap Adv

Ticker CIPMX

Yield 0.0%

Total Assets $766 mil

Mstar Category Mid-Cap Growth

Benchmark 1: Russell Mid Cap Growth TR USD Benchmark 2: S&P 500 TR USD Morningstar Analyst Rating 11-09-15 „

Investment Style Equity

Historical Profile Return Risk Rating Above Avg Below Avg QQQQ Above Avg

8 8 8 8 8 8 5 8

20.0

Growth of $10,000

15.0

Investment Values of Fund Investment Values of Benchmark 1

Morningstar Pillars Process

10.0

∞ Positive ∞ Positive ∞ Positive ¶ Neutral § Negative

Performance

People Parent

Performance Quartile (within Category)

) ) & ( * * *

Price

History

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 11-15

Morningstar Analyst Rating Morningstar evaluates mutual funds based on five key pillars, which its analysts believe lead to funds that are more likely to outperform over the long term on a risk-adjusted basis. Analyst Rating Spectrum Œ „ ´ ‰ Á

. . .

7.64 9.60 10.99 10.89 11.60 14.63 14.21 14.80 28.14 20.30 2.34 11.48 37.28 7.69 4.15 -18.15 -6.08 3.99 -4.32 1.54 -4.21 2.04 1.67 5.24 0.23 -4.52 4.90 -6.00 1.14 0.00 0.00 0.00 0.00 0.00 0.00 0.00 28.14 20.30 2.34 11.48 37.28 7.69 4.15 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.19 0.55 0.35 0.54 1.24 1.56 0.00 5.10 1.59 1.37 1.39 1.34 1.30 1.30 1.29 0.05 0.01 -0.21 -0.33 -0.20 -0.06 -0.21 -0.09 85 79 12 74 28 44 29

NAV

. . . . . . . . . . . . . . . . . . . . . . . .

Total Return % +/- Bmark 1 +/- Bmark 2 Income Return % Capital Return % Capital Gains $ Expense Ratio % Income Ratio % Turnover Rate % Net Assets $mil Total Rtn % Rank Cat Income $

Pillar Spectrum ∞ Positive

§ Negative

¶ Neutral

. . .

. . . .

Performance 11-30-15 1st Qtr 2nd Qtr

. . . . . . . . . . . .

3rd Qtr

4th Qtr

Total

2011 2012 2013 2014 2015

9.01 1.17 -16.83 11.58 2.34 11.20 -3.88 3.44 0.84 11.48 14.40 1.51 8.24 9.22 37.28 1.09 3.99 -2.21 4.75 7.69

0

55 64

63 88

33

41

50

52

46

29

227

380

573

542

560

Rating and Risk Time Period Load-Adj Return %

Portfolio Analysis 07-31-15 Total Stocks: 57 Share change since 04-30-15

3.73 2.51 -9.66

— —

Morningstar Rtn vs Cat

Morningstar Risk vs Cat

Morningstar Risk-Adj Rating

Sector

YTD Ret % % Assets -1.63 3.48 17.25 3.21 17.75 3.04 24.77 2.95 22.61 2.84 -1.88 2.54 11.98 2.47 -4.70 2.37 -5.83 2.32 17.26 2.32 -2.25 2.30 12.74 2.28 1.77 2.26 — 2.18 -4.72 2.17 -1.66 2.16 12.96 2.15 13.67 2.12 -9.74 2.00 — 2.32

Trailing

Total Return%

+/- Bmark 1

+/- Bmark 2

%Rank Cat

Growth of $10,000

Y St Jude Medical Inc

Hlth Care Cnsmr Def Technology Cnsmr Def Cnsmr Def

1 Yr 3 Yr 5 Yr

3.01

3 Mo 6 Mo

4.30 1.89 -1.77 -2.12 1.44 -1.90 3.01 1.19 0.26 15.73 -0.71 -0.36 13.48 0.06 -0.92

9 10,430 26 9,788 41 10,301 32 15,501 19 18,821

Y McCormick & Company Inc N

-Avg QQQQ -Avg QQQQ

15.73 13.48

+Avg +Avg

Y Red Hat Inc

1 Yr

Y Flowers Foods Inc T JM Smucker Co

10 Yr Incept

— — — —

3 Yr Avg 5 Yr Avg 10 Yr Avg 15 Yr Avg

10.31

Y Rockwell Automation Inc T Endurance Specialty Holdi

Industrl

— — — — — — — — — —

Finan Svcs

Other Measures

Standard Index

Best Fit Index

Y WEX Inc T Dover Corp

Industrl Industrl

Alpha

0.4

-0.2 0.96

Beta

0.96

Tax Analysis

Tax Adj Rtn% %Rank Cat Tax-Cost Rat %Rank Cat

Y Informatica Corp T SolarWinds Inc

Technology Technology Finan Svcs Finan Svcs Finan Svcs Finan Svcs Technology Finan Svcs Technology —

R-Squared

81

90

3 Yr (estimated) 5 Yr (estimated) 10 Yr (estimated)

13.31 11.63

34 27

2.09 1.64

63 73

Standard Deviation

11.17 15.73

T Allied World Assurance Co Y Northern Trust Corp Y Cullen/Frost Bankers Inc Y Fidelity® Instl MM Fds Tr Y Arthur J Gallagher & Co

— — — —

Mean

Sharpe Ratio

1.37

Potential Capital Gain Exposure: 21% of assets

Morningstar's Take by Laura Lallos 11-09-15 Champlain Mid Cap owes its Morningstar Analyst Rating of Silver to an experienced team employing a disciplined strategy that has led to competitive risk-adjusted long- term performance. This fund was launched as a mid-cap version of Silver-rated Champlain Small Company CIPSX. In both funds, lead manager Scott Brayman and the rest of the long-tenured team seek out companies with superior relative growth rates, stable business models, high returns on equity, low debt, and strong, predictable earnings. Within this strategy, they won't let more than 5% of the portfolio get above $20 billion in market cap. The portfolios are reasonably diversified, but the managers focus on five sectors where they feel they can add the most value--industrials, consumer, healthcare, technology,and financials.Theyconsiderdifferent "sector factors" for each one--for example, they look for innovators among industrials and low obsolescence risk in technology, while minimizing exposure to government copays within healthcare. A strict valuation discipline often leads them to trim the best recent performers and add to holdings that have stumbled.

Y PTC Inc

That valuation focus and quality bias can hold the fund back in more-speculative bull markets: It trailed both the mid-growth Morningstar Category and the Russell Midcap Growth benchmark in 2009 and 2010. However, it also held up well in 2011's tough market and after it launched in mid-2008. It has been one of the category's best performers since then, earning an annualized 10.2% return throughOctober2015,comparedwith7.5% for the category and 9.5% for the Russell Midcap Growth. Over that time, it has earned 86% of the upside performance of that benchmark but only 77% of the downside. Its rolling three-year returns have rarely landed in the bottom quartile of the category. AswithChamplainSmallCompany,thebiggeststrike against this fund is its expense ratio, which is above average compared with similarly distributed mid-cap funds. Despite that hurdle, it has been a competitive mid- cap player.

Y Commerce Bancshares Inc

Y Ansys Inc

Y Cooper Companies

Hlth Care

Current Investment Style

Sector Weightings h Cyclical r BasicMat t CnsmrCyc y FinanSvcs u Real Est j Sensitive i CommSrvs o Energy p Industrl a Technlgy k Defensive s CnsmrDef d Hlthcare f Utilities

% of Stocks

Rel Bmark 1

Market Cap % Giant 0.0 Large 5.9 Mid 76.9 Small 17.2 Micro 0.0 Avg $mil: 6,729

Value Blend Growth

Large Mid Small

30.64 0.82 0.00 0.00 13.07 0.55 17.57 3.03 0.00 0.00 38.02 0.93 0.00 0.00 3.62 4.70 16.81 0.82 17.59 0.99 31.33 1.44 11.23 1.18 20.10 1.65 0.00 0.00

Value Measures

Rel Category

Price/Earnings 22.07

0.97 0.80 1.03 1.03 1.44 0.79 0.70 0.78 0.21 0.66

Price/Book Price/Sales

2.63 2.01

Price/Cash Flow 13.33 Dividend Yield % 1.32

Growth Measures

% Rel Category

Long-Term Erngs 10.98

Book Value

7.05 7.13 2.52

Composition - Net

Sales

Cash 2.2 Stocks 97.8 Bonds 0.0 Other 0.0 Foreign 0.0 (% of Stock)

Address:

Advisors' Inner Circle (Champlain)

Minimum Purchase: Min Auto Inv Plan:

$10000 Add: — IRA: $3000

Cash Flow

Kansas City, MO 64121

$10000 Add: $25

Historical Erngs 8.64

866-773-3238 www.cipvt.com

Sales Fees:

No-load

Web Address:

Management Fee:

0.80%, 0.10%A

Profitability

%

Inception:

06-30-08

Actual Fees:

Mgt:0.80% Dist:0.25%

Return on Equity Return on Assets

16.62

Advisor:

Champlain Investment Partners, LLC

Expense Projections: Income Distribution:

3Yr:$406 5Yr:$702 10Yr:$1545

6.99

Subadvisor:

None

Annually

Net Margin

11.76

A

ß ® Mutual Funds

©2015Morningstar, Inc.All rights reserved. The information herein is not represented orwarranted to be accurate, complete or timely. Past performance is no guarantee of future results.Access updated reports at www.morningstar.com . To order reprints, call 312-696-6100.