Morningstar® Investment Profile™ | Disclosure Statement Morningstar - Free Trial   Champlain Small Company Adv  CIPSX   Snapshot Total Returns Rating & Risk Portfolio Nuts & Bolts Analyst Report Quote datadef_ratings Champlain Small Company Adv  CIPSX   Morningstar Report Overall Morningstar Rating™ What is this? As of 2009-10-31 Out of Small Growth Funds Rating derived from a weighted average of the fund's 3, 5, 10-year rating which are based on risk-adjusted performance. Morningstar® Style Box™ What is this?    Small    Growth       As of 2009-08-31 Day Change $ -0.03    NAV (2009-11-20) $ 11.26    YTD Return % (2009-11-20) 18.90%    Total Assets ($ mil) 605 View Data Definitions   Performance     Growth of $10,000 Fund: Champlain Small Company Adv (from 2004-11-30 to 2009-10-31) Category: Small Growth Index: S&P 500 TR Total Annualized Returns % 1yr, 3yr and 5yr Returns as of 2009-11-20 Inception date: 2004-11-30 10yr and Inception Returns as of 2009-10-31 YTD Returns as of 2009-11-20 YTD 1 Year 3 Year 5 Year 10 Year Since Inception Fund 18.90 49.10 0.31 --- --- 4.61 +/- Category -2.75 35.93 7.76 --- --- --- +/- S&P 500 TR -4.62 0.30 6.21 --- --- --- Standardized Annual Returns %   more on standardized returns Quarter-End (as of 2009-09-30) 19.85 -8.24 2.72 --- --- 5.45 Month-End (as of 2009-10-31) 15.73 12.17 0.45 --- --- 4.61 After Tax Returns % (as of 2009-09-30 )   On Distribution --- 11.44 -0.63 --- --- --- On Distribution & Sale of Shares --- 8.10 -0.14 --- --- --- Morningstar Rating --- --- --- --- --- # of compared funds covered (3 yrs : out of 669 funds), (5 yrs : out of funds), (10 yrs : out of funds). Ratings are based on risk-adjusted performance. The maximum initial sales fee is none, the maximum deferred sales fee is none, and the maximum redemption sales fee is none. The performance quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate thus an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted herein.   Portfolio Profile     Sector Breakdown % Information 23.70 Software 12.29 Hardware 5.33 Media 2.95 Telecommunications 3.13 Service 40.88 Healthcare 13.56 Consumer Services 1.10 Business Services 13.90 Financial Services 12.33 Manufacturing 35.42 Consumer Goods 14.25 Industrial Materials 13.44 Energy 7.73 Utilities 0.00 Asset Allocation % of Net Assets Cash 6.7 Stocks 93.3 Bonds 0.0 Other 0.0 Foreign Stocks 1.4 (as a % of Assets) Data through 2009-08-31 Data through 2009-08-31 Holding Status Total Number of Stock Holdings 97 Turnover % 48 Total Number of Bond Holdings 0 30 Day SEC Yield % 0.00 % of Assets in Top 10 Holdings 19.70 ending as of 2009-09-30 View Data Definitions Top 10 Holdings Sector P/E YTD Return % % of Net Assets Waste Connections, Inc. 21.32 0.70 2.29 Alberto Culver Company 22.78 15.50 2.19 ABM Industries, Inc. 18.48 1.42 2.15 Healthcare Realty Trust Inc. 67.11 -1.53 2.08 Sensient Technologies Corporation 12.64 10.89 2.00 AptarGroup, Inc. 16.16 4.82 1.98 Idex Corporation 15.08 26.29 1.89 Chattem, Inc. 21.60 -7.12 1.80 John Wiley & Sons, Inc. A 15.24 5.87 1.67 Bio-Rad Laboratories Inc. 23.15 29.50 1.65 Data through 2009-08-31 YTD Return through 2009-11-20   Other Information Fund Inception: 2004-11-30 Portfolio Manager  (Start Date) Scott T. Brayman  (2004-11-30) Brayman is the Managing Partner and Chief Investment Officer at Champlain and has more than 22 years of investment management experience. Prior to joining Champlain in 2004, he was a Senior Vice President and served as a portfolio manager at NL Capital Management, Inc. from 2003 to 2004, and served as a portfolio manager with Sentinel Advisers, Inc. from 1996 to 2004. Brayman began his career as a credit analyst with the First National Bank of Maryland. Brayman is a Chartered Financial Analyst holder. Daniel B. Butler  (2004-11-30) Butler has been a member of the investment team of the adviser since September 2004. Prior to joining the Adviser, he was a vice president and analyst at NL Capital from August 2004 to September 2004. From June 1998 to July 2004, Butler was a senior equity analyst for Principal Global Investors. Additionally, he held an analyst position at Raymond James Financial from September 1994 to June 1996. Butler has more than 10 years of investment experience. Butler has earned his CFA designation. Van Harissis  (2004-11-30) Harissis has been a member of the investment team and partner of the adviser since September 2004 and primarily serves as the fund's consumer sector analyst. Prior to joining the adviser, he was a senior vice president at NL Capital, and served as a portfolio manager at Sentinel from June 1999 to September 2004. Prior to joining NL Capital and Sentinel, he served as Managing Director and as a portfolio manager at Phoenix Investment Partners, Ltd. Harissis holds the Chartered Financial Analyst designation. Deborah Healey  (2004-11-30) Healey has been a securities trader and partner of the adviser since September 2004 and primarily serves as a securities trader of the fund. Prior to joining the adviser, she was a vice president and small cap equity trader at NL Capital from October 2003 to September 2004. From June 1994 to May 2002, Healey served as a senior vice president and senior equity trader at Putnam Investments. She has more than 18 years of investment experience. David O'Neal  (2004-11-30) O’Neal has been a member of the investment team and partner of the adviser since September 2004. Prior to joining the Adviser, he was a vice president and healthcare analyst for small cap and mid cap core strategies at NL Capital from January 2003 to September 2004. From February 1997 to June 2002, he served as senior research analyst at Midwest Research/First Tennessee Securities. He has more than 8 years of investment experience. Sales Charge % (taken from prospectus dated 2009-07-31) Front: None Deferred: None Expense Ratio % 1.40 based on net assets (taken from annual report dated 2009-07-31) Correspondence Information PO Box 219009 Kansas City,  MO  64121 Telephone: 866-773-3238 Data on this page does not include the fund's short positions (if any). Show Data Definitions © Copyright 2009 Morningstar, Inc. All rights reserved. Morningstar, the Morningstar logo, Morningstar.com, Morningstar Tools are either trademark or service marks of Morningstar, Inc. Past performance is no guarantee of future results. Returns will vary and shares may be worth more or less than their original cost when sold.