Cambiar International Equity Fund (CAMYX)

The fund normally invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of foreign companies. The Adviser focuses predominantly on medium to large market capitalization equity securities. In some circumstances, the fund purchases American Depositary Receipts ("ADRs") which are traded on U.S. exchanges and represent an ownership interest in a foreign security, rather than foreign shares that are traded on foreign exchanges, because the ADRs have greater liquidity or for other reasons.