In addition, I looked through my stack of funds; and, I have two that bettered the 8.9% objective over a ten year period. They were FDSAX and SPECX. However, remember the 2007 and 2008 returns from the Great Recession that brought the average down will soon be coming off at the end of next year. My broker has the thinking that a balanced portfolio will return somewhere between 6% to 8% on average over the next ten year period depending on it's equity allocation and positioning. He is not looking for great things from bonds.
I think what the article was trying to establish is that market returns are not going to meat investor expectations.
I wish all ... "Good Investing."
Old_Skeet

I can't quite tell if you're talking nominal or real rate of return. Supposedly (though I have my doubts as noted above) the 8.9% objective is real return.
Using the BLS figures here for annual CPI-U (inflation) annual amounts for the 10 past July's, I computed a cumulative inflation of 18.07% over the past decade.
M* reports that $10K invested in FDSAX a decade ago would be worth $25,064 today, in nominal dollars. Adjusting for inflation (dividing by 1.18066) gives a real value of $21,229. Annualized, that $10K grew at a rate of 7.82%/year to become $21,229 in real dollars. Still terrific, but not quite 8.9% real return.
While 2008 will soon drop off the 10 year chart, that won't magically make your expected returns better, at least if you're looking long term. No more so than 2000-2002 dropping off the 5 year chart helped investors when 2008 came along. Bears will still come along sooner or later, you just don't know when. Looking at bull market data alone is IMHO misleading.
Not trying to be a wet blanket here, just trying to be, from my perspective, realistic. An aging population suggests slower growth, as does the fact that companies are hoarding cash (rather than putting the money to work).

Here's the full Natixis 2017 global survey report:
http://durableportfolios.com/global/understanding-investors/2017-global-survey-of-individual-investors-retirement-report
and the full Natixis press release on the US slice of that survey:
https://ngam.natixis.com/us/resources/2017-global-individual-investor-survey-press-release
(note that the table at the bottom of that US press release is global data, not data limited to US participants)
Just looking at the figures in the excerpt Ted quoted, my reaction was: what are these people smoking?
The historical real return of the US large cap market over the last century has been 7%. Depending on your source, bonds (10 year Treasuries) have returned between 2% and 6% less than stocks.
[See the stock link above: risk premium of stocks over bonds of 6%, historical nominal bond return of 5% with inflation average of 2%-3%, or simply the difference in nominal returns of stocks and bonds, which has been 2% or greater over the past 90 years.]
So even if the markets produce average real returns going forward (not expected over the next decade), you'd need a very aggressive (nearly all stock) portfolio to get to the 5.9% real return that advisors are supposedly predicting. (The 5.9%/advisors and 8.9%/investors figures are not in the Natixis releases, so they must come from the full survey.)
The FA Mag article says that there's a disconnect (51% difference) between investors and advisors, based on these two figures. If there is this disconnect, what does that say about the job that advisors are doing in educating and guiding their clients?
But there is another possibility. Investors may not understand what real return means, and are simply reporting nominal return expectations. That 3% difference would fall within a reasonable range of inflation possibilities. The Natixis report seems to support this interpretation of the data, as it observes that only 1/6 of Millennials (17%) "have factored inflation into their retirement savings planning." (The next sentence of the release hypothesizes a 3% inflation rate.)
Finally, note that the survey may not be representative of American households - just ones with money. It surveyed only investors with over $100K in investable assets. (About 30% Gen X, 30% Gen Y, 30% Boomers, 10% Retirees.) Most households don't have nearly that much in net worth let alone investable assets, though that's a whole 'nuther story.

A few topics:
--Strategies for withdrawing retirement funds.
--How to build the emergency cash cushion.
--How to find and evaluate a financial adviser.
So, none of these looks like a topic discussed on MFO?
Christine Benze has done an enormous amount of good for M* readers. I am unsure why her latest effort was imported to MFO discussion board. Only to scoff?

https://www.sec.gov/Archives/edgar/data/1217286/000119312517296892/d463886d497.htm
497 1 d463886d497.htm JPMORGAN TRUST I
JPMorgan Diversified Real Return Fund
(All Share Classes)
(a series of JPMorgan Trust I)
Supplement dated September 28, 2017
To the Prospectuses, Summary Prospectuses and Statement
of Additional Information dated December 29, 2016, as supplemented
NOTICE OF LIQUIDATION OF THE JPMORGAN DIVERSIFIED REAL RETURN FUND. As previously communicated to shareholders, the Board of Trustees of the JPMorgan Diversified Real Return Fund (the “Fund”) has approved the liquidation and dissolution of the Fund on or about December 8, 2017 (the “Liquidation Date”). In preparation for the liquidation, the Fund may liquidate its investments in securities and other direct investments and may invest in other J.P. Morgan Funds and exchange-traded funds (ETFs) (collectively, “Underlying Funds”) to gain exposure to inflation-sensitive and other asset classes that have exposure to broad equity, fixed income and alternative markets. Effective September 28, 2017, J.P. Morgan Investment Management Inc. and/or its affiliates will waive additional fees and/or reimburse additional expenses related to the investment in Underlying Funds to the extent Total Annual Fund Operating Expenses including the Cayman Subsidiary and Underlying Fund fees (but excluding dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, and extraordinary expenses) exceed 1.00%, 1.50%, 0.75, 1.30% and 0.65% of Class A, Class C, Class I, Class R2 and Class R5 Shares, respectively. In addition, the Fund may depart from its stated investment objective and strategies and liquidate any or all of its assets including any or all of its investments in Underlying Funds as it increases its cash holdings in preparation for its liquidation.
Unless you have an individual retirement account (“IRA”) where UMB Bank n.a. currently serves as the custodian, on the Liquidation Date, the Fund shall distribute pro rata to its shareholders of record all of the assets of the Fund in complete cancellation and redemption of all of the outstanding shares of beneficial interest, except for cash, bank deposits or cash equivalents in an estimated amount necessary to (i) discharge any unpaid liabilities and obligations of the Fund on the Fund’s books on the Liquidation Date, including, but not limited to, income dividends and capital gains distributions, if any, payable through the Liquidation Date, and (ii) pay such contingent liabilities as the officers of the Fund deem appropriate subject to ratification by the Board. Capital gain distributions, if any, may be paid on or prior to the Liquidation Date. If you have a Fund direct IRA account, your shares will be exchanged for Morgan Shares of the JPMorgan U.S. Government Money Market Fund unless you provide alternative direction prior to the Liquidation Date. For all other IRA accounts, the proceeds will be invested based upon guidelines of the applicable Plan administrator.
Upon liquidation, shareholders may purchase any class of another J.P. Morgan Fund for which they are eligible with the proceeds of the liquidating distribution. Shareholders holding Class A Shares or Class I Shares will be permitted to use their proceeds from the liquidation to purchase Class A Shares of another J.P. Morgan Fund at net asset value within 90 days of the liquidating distribution, provided that they remain eligible to purchase Class A Shares. They may also purchase other share classes for which they are eligible. If shareholders of Class C Shares purchase Class C Shares of another J.P. Morgan Fund within 90 days of the liquidating distribution, no contingent deferred sales charge will be imposed on those new Class C Shares. At the time of the purchase you must inform your Financial Intermediary or the Funds that the proceeds are from the liquidated fund.
FOR EXISTING SHAREHOLDERS OF RECORD OF THE FUND AS OF AUGUST 24, 2017, ADDITIONAL PURCHASES OF FUND SHARES WILL BE ACCEPTED UP TO AND INCLUDING DECEMBER 1, 2017 AFTER WHICH NO NEW PURCHASES WILL BE ACCEPTED. FOR ALL OTHER INVESTORS, PURCHASES OF FUND SHARES WERE NO LONGER ACCEPTED AFTER AUGUST 24, 2017.
INVESTORS SHOULD RETAIN THIS SUPPLEMENT
WITH THE PROSPECTUS, SUMMARY PROSPECTUS AND
STATEMENT OF ADDITIONAL INFORMATION FOR FUTURE REFERENCE
SUP-DRR-LIQ-917

It's my understanding that the rules get complex when state laws get involved. Liability, bankruptcy type protections may be lost if moving from a employer plan to an IRA rollover. This varies by state. Also, the state Medicaid exemptions for spousal retirement accounts may include the employer plan but not a rollover account. Again, how spousal retirement accounts are treated may vary by state. This sort of thing keeps the elder lawyer crowd in business.
As far as fees go. I have rolled over three accounts, two from MSF_ to Vanguard and one from Fidelity to Vanguard and have not paid a fee. The first two were traditional IRAs to rollover IRAs. The second was part 457(b) and part 401(a) to one of the rollover IRAs from the MSF_ transaction.

FYI: You've left a job where you have money in a 401(k) plan. Do you leave it at your old employer, or roll it over into one of three choices: the 401(k) plan at your new employer, an individual retirement account or a Roth IRA?
Regards,
Ted
http://www.investors.com/etfs-and-funds/retirement/401k-choices-what-to-do-when-leave-your-job/

Hi Guys,
This article by author Andrew Hallam has a very simple answer to the question offered in the title of that article: an easy qualified Yes even under stressful market reversals. It's qualified because it uses past market crashes to define the severity of a downturn, and it postulates an investor who has a baseline drawdown schedule of 4% with an unwavering commitment to continue that schedule even as his portfolio diminishes in value. That may not be easy to do.
But if those constraints can be satisfied, Hallam concludes that an easily defined investment program satisfies the portfolio survival issue. Simply buy a set of low cost Index funds and stay the course. No further action is required; don't panic, don't try alternate actively managed funds.
Just buy and go away. Things couldn't be more simple. However, it's not clear to me that spending could be significantly reduced as a retirement portfolio suffers a couple of years of negative returns. It's always good to be flexible, but flexibility has its limits, especially if the food budget comes under attack.
Regardless, not reacting to every market action, and constructing a low cost Index dominated portfolio is not a bad overall strategy.
Best Regards

FYI: You worked hard for your money. You planned for retirement. But now you’re getting nervous. U.S. stocks gained 233 percent between January 2009 and September 2017. If you retire this year, and stocks take a dive, could you run out of money?
Regards,
Ted
https://assetbuilder.com/knowledge-center/articles/would-your-retirement-portfolio-last-if-the-market-crashed

https://www.sec.gov/Archives/edgar/data/1283381/000139834417012114/fp0028112_497.htm
497 1 fp0028112_497.htm
September 19, 2017
TFS CAPITAL INVESTMENT TRUST
(the “Trust”)
TFS Market Neutral Fund (TFSMX)
TFS Small Cap Fund (TFSSX)
TFS Hedged Futures Fund (TFSHX)
Supplement to the Prospectuses dated March 1, 2017
Effective immediately, TFS Market Neutral Fund, TFS Small Cap Fund, and TFS Hedged Futures Fund (each a “Fund” and collectively the “Funds”) have terminated the public offering of their shares and will discontinue each Fund’s operations on or about October 27, 2017 (the “Liquidation Date”). Shares of the Funds are no longer available for purchase, including for purchases through Automatic Investment Plans. The Funds intend to make a final distribution of capital gains and income on or about September 29, 2017.
At a meeting of the Board of Trustees held on September 19, 2017 (the “Board Meeting”), the Board of Trustees, in consultation with the Trust’s investment adviser, TFS Capital LLC (the “Adviser”), determined, to liquidate the Trust based on, among other factors, the Adviser’s belief that it would be in the best interests of the Funds and their shareholders to discontinue each Fund’s operations. Through the Liquidation Date, the Adviser will continue to waive fees and reimburse expenses of each Fund, as necessary, to maintain each Fund’s fees and expenses at their current level, as specified in the Funds’ Prospectuses dated March 1, 2017.
At the Board Meeting, the Board of Trustees directed that with respect to each Fund: (i) all or substantially all of the Fund’s portfolio securities be liquidated in an orderly manner no later than September 29, 2017; and (ii) all or substantially all outstanding shareholder accounts on the Liquidation Date will be closed and the proceeds of each account would be sent to the shareholder’s address of record or to such other address as directed by the shareholder, including special instructions that may be needed for Individual Retirement Accounts (“IRAs”) and qualified pension and profit sharing fund accounts. Because of the liquidation of each Fund’s portfolio securities described above, each Fund’s normal exposure to its investment strategy will be reduced and eventually eliminated. Accordingly, shareholders should not expect any of the Funds to achieve its stated investment objective.
Shareholders may continue to freely redeem their shares of the Funds on each business day during the Trust’s liquidation process.
This transaction will be considered for tax purposes a sale of Fund shares by shareholders, and shareholders should consult with their own tax advisors to ensure its proper treatment on their income tax returns. In addition, shareholders invested through an IRA or other tax-deferred account should consult the rules regarding the reinvestment of these assets. To avoid a potential tax issue, shareholders may choose to authorize, prior to the Liquidation Date, a direct transfer of their retirement account assets to another tax-deferred retirement account. Typically, shareholders have 60 days from the Liquidation Date to invest the proceeds in another IRA or qualified retirement account; otherwise the liquidation proceeds may be required to be included in the shareholder’s taxable income for the current tax year.
If you have any questions regarding any Fund, please call 1-888-534-2001.
Investors Should Retain this Supplement for Future Reference

Target date funds are designed as set-and-forget investments for those who want to have nothing to do with their investments. (I doubt many people here fall into that category.)
It's rarely pointed out (as this article does in its first paragraph), that they don't work as intended if you throw in other investments: "Investors who mix target-date funds with other long-term equity or fixed income products could be inadvertently sabotaging their investment goals....This could lead to skewed asset allocations, over-diversification and potentially poor risk-adjusted returns."
For such investors, if they don't like the glide path, they can pick another fund family or a different target date. They don't have to mix and match - that defeats the autopilot objective. For most people, target date funds are best used as all-or-nothing.
I do see a couple of reasons why one might want to invest in more than a single target date fund. One is because a person might have different objectives. The standard objective is retirement. But one might also have a 529 plan. These plans often offer target date funds (also called age-date, as in these Calif. 529 funds). Obviously two different glide paths are appropriate for college and retirement.
Another reason is to do the complete opposite of what target date funds are designed for. Deconstruct them, use their components as part of your personally managed portfolio. Though I'd be more inclined to crack open funds of funds that don't have glide paths.
For example, if you want access to Vanguard Alternative Strategies Fund (VASFX), you can get by investing in Vanguard Managed Payout Fund (VPGDX). 1/8 of that fund is VASFX. You do have to like the other funds in the package as well, and build your portfolio around them to make this work.

https://www.sec.gov/Archives/edgar/data/1199046/000119312517282865/d287623d497.htm
497 1 d287623d497.htm UNIFIED SERIES TRUST
ROOSEVELT MULTI-CAP FUND
Supplement to the Prospectus
And Statement of Additional Information
dated March 30, 2017
Supplement dated September 12, 2017
The Board of Trustees has determined to cease operations of the Roosevelt Multi-Cap Fund (the “Fund”) due to the adviser’s business decision that it does not want to continue to manage the Fund because it is no longer economically feasible.
As of the date of this supplement, the Fund is no longer accepting purchase orders for its shares and it will close effective November 15, 2017. Shareholders may redeem Fund shares at any time prior to this closing date. Procedures for redeeming your account, including reinvested distributions, are contained in the section “How to Redeem Shares” of the Fund’s Prospectus. Any shareholders that have not redeemed their shares of the Fund prior to November 15, 2017 will have their shares automatically redeemed as of that date, with proceeds being sent to the address of record. If your Fund shares were purchased through a broker-dealer and are held in a brokerage account, redemption proceeds may be forwarded by the Fund directly to the broker-dealer for deposit into your brokerage account.
Effective immediately, the Fund is no longer pursuing its investment objective. All holdings in the Fund’s portfolio are being liquidated, and the proceeds will be invested in money market instruments or held in cash. Any capital gains will be distributed as soon as practicable to shareholders and reinvested in additional Fund shares, unless you have requested payment in cash.
IMPORTANT INFORMATION FOR RETIREMENT PLAN INVESTORS
If you are a retirement plan investor, you should consult your tax adviser regarding the consequences of a redemption of Fund shares. If you receive a distribution from an Individual Retirement Account (IRA) or a Simplified Employee Pension (SEP) IRA, you must roll the proceeds into another IRA within 60 days of the date of the distribution in order to avoid having to include the distribution in your taxable income for the year. If you are the trustee of a qualified retirement plan or the custodian of a 403(b)(7) custodian account (tax-sheltered account) or a Keogh account, you may reinvest the proceeds in any way permitted by its governing instrument.
* * * * * *
This supplement and the Prospectus provide the information a prospective investor should know about the Fund and should be retained for future reference. A Statement of Additional Information, dated March 30, 2017 has been filed with the Securities and Exchange Commission, and is incorporated herein by reference. You may obtain the Prospectus or Statement of Additional Information without charge by calling the Fund at (877) 322-0576 or visiting www.rooseveltinvestments.com.

TALKING TO A BROKER or insurance salesman? Here are 10 things you’ll likely never hear:
1. 'Wow, your 401(k) has great low-cost institutional funds. There’s no way you should roll that money into an IRA."

I had to double check that the date of this column really was after Jun 9, 2017. 'Cause that's when the DOL fiduciary rule kicked in for IRA rollovers.
Maybe you won't hear a broker saying that you should keep your money in a 401(k), but you won't be hearing brokers recommending IRA rollovers if they can't demonstrate that a rollover would be in the best interest of the customer.
From American Funds:
https://www.americanfunds.com/advisor/tools/policy-spotlight/dol-best-interest-contract-article.html

Under the DOL fiduciary rule, which took effect June 9, financial advisors who recommend that a client roll over a 401(k) into an individual retirement account (IRA) are considered fiduciaries. [Brokers who offer advice on rollovers are considered advisors here, and are thus held to the fiduciary standard.]
Fiduciary Requirements for Advisors Recommending 401(k) Rollovers
Under the fiduciary rule, which took effect on June 9, advisors must recommend a rollover only if it is in the client’s best interest. As part of this responsibility, advisors will need to consider:

• Fees and expenses associated with both the plan and the IRA
  
• Available investments under both
  
• Whether the employer pays some or all plan expenses

Here's one projection of the impact on rollovers, from Investment News Sept. 8, 2016:
"DOL fiduciary rule could cause half of potential IRA rollover assets to stay put: Report"

Start early, save as much as possible, live below your means, and you will likely to do alright with your retirement. The power of compounding over time will do the rest.

FYI: When I was in college, I often burned the midnight oil, staying up late to write an essay or cram for an exam. I was born to procrastinate.
Sometimes, I imagine going back in time. I did some dumb things in college–things I would like to set right. You might think improving time management would be on my list of things to fix. But I’m not sure. After all, I still passed those exams, finished those essays, and earned the same degree as my more responsible peers.
Perhaps you can relate. After all, many of us procrastinate. But when it comes to saving for retirement, procrastinating is crazy. Early birds don’t just get the worm. They get five star buffets for almost zero effort.
Regards,
Ted
https://assetbuilder.com/knowledge-center/articles/procrastinating-is-crazy-if-youre-saving-for-retirement

https://www.sec.gov/Archives/edgar/data/1016073/000119312517278810/d456584d497.htm
497 1 d456584d497.htm 497
Driehaus Mutual Funds
Driehaus Micro Cap Growth Fund *DMCRX
(the “Fund”)
Supplement dated September 7, 2017 to
Prospectus for the Fund dated April 30, 2017 and
Summary Prospectus for the Fund dated April 30, 2017
The Board of Trustees of the Driehaus Mutual Funds has approved the closure of the Driehaus Micro Cap Growth Fund (the “Fund”) to new investors, except as described below. The closure will be effective immediately after 4:00 pm Eastern Time on September 29, 2017.
You may purchase Fund shares and reinvest dividends and capital gains you receive on your holdings of Fund shares in additional shares of the Fund if you are:
• A current Fund shareholder;
• A participant in a qualified retirement plan that offers the Fund as an investment option or that has the same or a related plan sponsor as another qualified retirement plan that offers the Fund as an investment option; or
• A financial advisor or registered investment adviser whose clients have Fund accounts.
You may open a new account in the Fund if you:
• Are an employee of Driehaus Capital Management LLC (the “Adviser”) or its affiliates or a Trustee of Driehaus Mutual Funds;
• Hold shares of the Fund in another account, provided your new account and your existing account are registered under the same address of record, the same primary Social Security Number or Taxpayer Identification Number, the same name(s), and the same beneficial owner(s); or
• Are a financial advisor or registered investment adviser whose clients have Fund accounts.
These restrictions apply to investments made directly through Driehaus Securities LLC, the Fund’s distributor, as well as investments made through intermediaries. Intermediaries that maintain omnibus accounts are not allowed to open new sub-accounts for new investors, unless the investor meets the criteria listed above. Once an account is closed, additional investments will not be accepted unless you meet the criteria listed above. Investors may be required to demonstrate eligibility to purchase shares of the Fund before an investment is accepted. The Fund reserves the right to (i) eliminate any of the exceptions listed above and impose additional restrictions on purchases of Fund shares; and (ii) make additional exceptions that, in the Adviser’s judgment, do not adversely affect its ability to manage the Fund.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
For more information, please call Driehaus Mutual Funds at (800) 560-6111.

Good stuff @bee. I'm also a big believer in funding HSA's for retirement purposes. No better vehicle in my opinion.

I'm still looking for a primary source (i.e. tax code, or even IRS) on this. Best secondary sources I've found so far suggest that the "successor beneficiary" simply continues the same distribution schedule. No lump sum is required.

After an individual retirement account (IRA) owner dies, an IRA beneficiary [e.g. Maurice] may want to name a successor beneficiary to receive his/her remaining share of inherited IRA assets when he/she dies.
Nonspouse is Original Beneficiary of a Decedent’s IRA:
A successor beneficiary continues using the existing single life expectancy payout schedule or the original five-year period, whichever was elected by the original nonspouse beneficiary [e.g. Maurice].

https://www.wolterskluwerfs.com/article/iras-and-successor-beneficiaries.aspx

What are the rules when you inherit an inherited IRA?
Jim dies and names [Maurice] as his beneficiary on the beneficiary form. Five years later [Maurice] dies and has named Phyllis, who is a successor beneficiary, on the beneficiary form.
When Phyllis inherits the IRA five years later, she simply picks up the life expectancy factor where [Maurice] leaves off.

https://www.irahelp.com/slottreport/inheriting-inherited-ira

From a recent read:
Roth IRAs (as well as H.S.A.) aren’t subject to the required minimum distributions (RMDs) that apply to most retirement accounts starting at age 70½, so you can let any Roth (and H.S.A) assets continue to benefit from potential tax-free growth for the rest of your life. (T Rowe Price quote).
FYI:
-Roth IRAs are inherited tax free.
-H.S.A are taxable when received as a non-spousal inheritance.
-Interestingly, Roth 401K account do have RMDs.
I have a few personal strategy for dealing with RMDs. Consider strategically spending down these taxable IRA dollars first rather than raiding taxable accounts, Roth accounts or Health Savings Accounts, especially between the years of 59.5 and 70.5.
Fund an H.S.A:
-Between the age of 59.5 and 65 (when you become medicare eligible) distribute a portion of your tax deferred IRA yearly equal to your maximum H.S.A contribution. This will provide a funding source for my H.S.A as well as make these IRA distributions tax free since there tax liability will be offset by the H.S.A contribution (income tax credit) for that same year.
Fund Itemize Medical Expenses:
- Between ages (65 -70.5) track medical expenses that are eligible as an itemized tax deduction. Do not use your H.S.A dollars during this time frame to pay for these medical costs. Instead, pay all of these medical expenses with yearly IRA distributions. Using IRA distributions as the funding source for medical related expenses may potentially lowering your taxes on these taxable distributions.
Here's a debatable strategy:
Defer 25% of your IRA well beyond 70.5 by purchasing a QLAC:
why-a-qlac-in-an-ira-is-a-terrible-way-to-defer-the-required-minimum-distribution-rmd-obligation/

FYI: EVERY YEAR, MANY SENIORS needlessly incur hefty penalties or overpay their taxes. The reason: They don’t understand the strict rules that govern removing money from their tax-deferred retirement accounts.
Regards,
Ted
http://www.humbledollar.com/2017/09/late-thatll-cost-50/

https://www.sec.gov/Archives/edgar/data/890540/000113542817000918/champlainmc-497.txt
DOCUMENT>
497
1
champlainmc-497.txt
THE ADVISORS' INNER CIRCLE FUND II
CHAMPLAIN MID CAP FUND (THE "FUND")
ADVISOR SHARES (CIPMX)
INSTITUTIONAL SHARES (CIPIX)
SUPPLEMENT DATED SEPTEMBER 5, 2017
TO THE SUMMARY PROSPECTUS, PROSPECTUS AND
STATEMENT OF ADDITIONAL INFORMATION (THE "SAI") DATED NOVEMBER 28, 2016
THIS SUPPLEMENT PROVIDES NEW AND ADDITIONAL INFORMATION BEYOND THAT CONTAINED
IN THE SUMMARY PROSPECTUS, PROSPECTUS AND SAI, AND SHOULD BE READ IN
CONJUNCTION WITH THE SUMMARY PROPSECTUS, PROSPECTUS AND SAI.
Effective October 1, 2017, the Fund will be closed to new investors. As of
October 1, 2017, shares of the Fund may be purchased only by existing fund
shareholders, qualified retirement plans and fee-based advisory programs with
centralized investment discretion that have selected the Fund as an investment
option prior to October 1, 2017. The Fund reserves the right to permit
additional investments on a case-by-case basis as deemed appropriate by and in
the sole discretion of Champlain Investment Partners, LLC, the Fund's adviser
(the "Adviser").
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.
CSC-SK-013-0100