as of 06.30.17

Inception Date 09.08.14 Tencent Holdings Ltd.Ticker CIPDX Housing Development Finance Corp. LtdCUSIP 00764Q660 Alibaba Group Holding Ltd. Sponsored ADRNet Asset Value Unilever NV ADRNet Assets Heineken NVMinimum Investment Taiwan Semiconductor Manufacturing Co.Expense Ratio (Net) † Ctrip.com International Ltd Sponsored ADRExpense Ratio (Gross) Amorepacific Corp.

AIA Group LimitedArca Continental SAB de CVExcludes Cash. Holdings are subject to change. Top ten holdings constitute 36.89% of the portfolio.

Forward Twelve Month P/E 24.32x3-5 yr. EPS Growth Rate Consumer DiscretionaryReturn On Equity Consumer StaplesLT Debt-to-Capital EnergyWeighted Avg. Market Cap. $64.889 Billion FinancialsNumber of Holdings Health Care

IndustrialsInformation TechnologyMaterialsTelecommunication ServicesUtilities

ChinaIndiaMexicoSouth Korea

Performance: NetherlandsSouth AfricaTaiwan

Fund PhilippinesMSCI EM BrazilTR Net Index *Annualized Kenya

15.27%23.08%

25.0%

24.57%

43

Top 10 Country Weights (ex Cash)

0.0%15.5%

1.5%

21.8%9.6%8.1%7.7%3.4%3.4%3.3%3.2%

5.05%4.89%4.37%

3.40%

4.11%3.61%

3.07%

Fund Facts

$4,024,666$10,000

Top Ten Holdings

$9.04

1.50%2.96%2.72%2.71%

6.63%

Portfolio Characteristics

Net Returns as of 06.30.17

4.5%

15.2%Sector Breakdown

0.0%

4.6%20.9%

1.6%

34.0%

2.2%

8.00%-0.59%-3.32%

6.27%

Inception*Since

23.75%12.57%

YearOne

MonthThree

1.01%1.01%Month

One

Champlain EMERGING MARKETS Fund

Forward Twelve Month P/E is price divided by the estimatedforward twelve month earnings. The 3-5 Year estimated earnings-per-share (EPS) growth rate is the average rate that the analystcommunity expects normalized earnings per share to grow over a 3-5 year time horizon. All company level estimates are then used tocalculate the fund average which is the number reported. Normalized EPS numbers are those calculated from the core,recurring operations of the firm and exclude onetime and/orextraordinary items. Return on Equity is Net Income divided byTotal Equity. Debt-to-Capital is long-term debt divided by TotalCapital.

Fund Objective

Fund Description

Contact Information

To Obtain an SAI orMore Information:

By Telephone:1.866.773.3238

By Mail:Champlain FundsPO Box 219009

Kansas City, MO 64121Website:

www.cipvt.com

About the Adviser

The Fund’s objective is to seek long-term capital appreciation.

Fund may invest in securities ofissuers in countries with emergingeconomies and across all marketcapitalization spectrums. Theportfolio is comprised of companiesthat demonstrate sustainable growth trajectories and trade at attractivevaluations.

Champlain Investment Partners, LLC(Adviser) is an independent,employee-operated investmentmanagement firm headquartered inBurlington, Vermont. The firm is aregistered investment adviserfocused on managing equityinvestment strategies that seek toprovide superior absolute returnswhile managing risk. The EmergingMarkets fund is managed by a team of investment professionals led byRussell Hoss, CFA and located inChamplain’s Irvine, California office.

Performance since inception of the fund (11.16.15) is 10.55%. Since inception date for performance data above is 09.08.14. Performancedata prior to 11.16.15 is that of the predecessor fund. The Fund commenced operations on 09.08.14 as the New Sheridan DevelopingWorld Fund. On 06.30.15, the Fund was acquired by Champlain Investment Partners and on 11.16.15 the Fund was reorganized into theChamplain Emerging Markets Fund. It continues to be managed in the same way. If the Predecessor Fund’s performance information hadbeen adjusted to reflect the Fund’s expenses, the performance may have been higher or lower for a given period depending on theexpenses incurred by the Predecessor Fund for that period. The performance data quoted represents past performance. Pastperformance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that aninvestor’s shares, when redeemed, may be worth more or less than their original cost, and current performance may be higher orlower than the performance quoted. For performance data current to the most recent month end, please call 1.888.805.5999. Aredemption fee of 2.00% may be imposed on redemptions of shares you have owned for 30 days or less. Data for periods greater than oneyear are annualized. Mutual fund investing involves risk, including possible loss of principal. Foreign investments present risks due to currency fluctuations, economic and political factors,lower liquidity, government regulations, differences in securities regulations and accounting standards, possible changes in taxation, limited public information andother factors. The risks are magnified in countries with emerging markets, since these countries may have relatively unstable governments and less establishedmarkets and economies. Small-cap stocks also are subject to substantial risks such as market, business, size volatility, management experience, product diversification,financial resource, competitive strength, liquidity, and potential to fall out of favor that may cause their prices to fluctuate over time, sometimes rapidly and

unpredictably. The fund is non-diversified.You should carefully consider the fund's investment objectives, risk, charges, and expenses before investing. To obtain a prospectus, orsummary prospectus that contains this and other information about the fund, please visit www.cipvt.com or call 1.866.773.3238. Please readthe prospectus or summary prospectus carefully before investing.Champlain Emerging Markets Fund is distributed by SEI Investment Distribution Co.which is not affiliated with Champlain Investment Partners, LLC or any otheraffiliate. SEI Investments Distribution Co., 1 Freedom Valley Drive, Oaks, PA, 19456.

Please visit our website atwww.cipvt.com.

† The Adviser has contractually agreed to reduce fees and reimburse expenses in order to keep the Total Annual Fund Operating Expenses from exceeding 1.50% until 11/30/17. The Fund is currently running at or under the contractual cap.