Strategic Focus

Champlain Strategic Focus strategy may invest in stocks of medium sized companies and, to a lesser extent, small and large sized companies. The portfolio is comprised of companies that we believe have attractive long-term fundamentals, appreciation potential, and valuations. The strategy consists of 15 to 30 common stocks from the Champlain Mid Cap Strategy and S&P MidCap 400.

Vehicle

Institutional Separate Account & Commingled Fund

The institutional separate account minimum is $10 million and the commingled fund minimum is $1 million. For further information, please contact us.

Vehicle

Mutual Fund

The Champlain Strategic Focus Fund is available in two share classes: “Advisor” Shares and “Institutional” Shares. The “Advisor” Shares require a $10,000 minimum initial investment and the “Institutional” Shares have a minimum initial investment of $1 million.

Advisor Shares^ Institutional Shares

Ticker	CIPRX
Cusip	00791R400
Fund Inception	N/A
Expense Ratio (Net)	1.10%*
Expense Ratio (Gross)	1.61%
Minimum Investment	$10,000

* The Adviser has contractually agreed to reduce fees and reimburse expenses in order to keep the Total Annual Fund Operating Expenses from exceeding 1.10% until April 30, 2025.

^The Advisor Share class has not been funded.

Ticker	CIPTX
Cusip	00791R509
Fund Inception	10.16.23
Expense Ratio (Net)	0.85%*
Expense Ratio (Gross)	1.36%
Minimum Investment	$1,000,000

* The Adviser has contractually agreed to reduce fees and reimburse expenses in order to keep the Total Annual Fund Operating Expenses from exceeding 0.85% until April 30, 2025.

You may be required to pay commissions and/or other forms of compensation to a broker for transactions in Institutional Shares, which are not reflected in the table above.

The Champlain Funds are available to US investors only and may not be available in all states. The Champlain Funds are distributed by SEI Investments Distribution Co. (SIDCO) 1 Freedom Valley Drive, Oaks, PA, 19456, which is not affiliated with Champlain. Check the background of SIDCO on FINRA’s BrokerCheck.

Important Information:
To determine if this Fund is an appropriate investment for you, carefully consider the Funds investment objectives, risk factors, charges, and expenses before investing. This and other information can be found in the Funds full or summary prospectus, which may be obtained by calling 1-866-773-3238. Read the prospectus carefully before investing or sending money.

Mutual fund investing involves risk including possible loss of principal. In addition to the normal risks associated with investing, investments in smaller companies typically exhibit higher volatility. The Fund is not diversified. There is no guarantee the Fund will achieve its stated objective.