• Description

UPDATE. Cambiar has contractually agreed to reduce the net operating expenses for the International Equity Fund Investor Share by 0.10%, effective as of September 1,2012. As part of the agreement, Cambiar will also limit the management fee to no more than 0.90%, excluding interest, taxes, brokerage commissions, acquiring fund fees and expenses, and extraordinary expenses. The new net operating expense will now be 1.20%, previously it had been capped at 1.30.

The Cambiar International Equity Fund is constructed by Cambiars nine person international investment team. The strategy is managed by Jennifer Dunne and Brian Barish, who oversee the day to day operations of the portfolio.

The starting universe for the Fund includes any international company with a market cap above $1 billion. Cambiars quality and value bias will result in portfolio overweight to developed markets, subsequent underweight in emerging markets

While Cambiar understands that the MSCI EAFE Index is used to evaluate the Funds performance, the index does not play a factor in portfolio buy/sell decisions. Cambiar believes that it is necessary to differentiate in order to outperform the benchmark.

Share Class: Investor and Institutional

Ticker: CAMIX (Investor) | CAMYX (Institutional)

Inception Date: 8.31.1997 (Investor) | 11.30.2012 (Institutional)

Minimum Initial Investment: $2,500 (IRA $500) | $5m (Institutional)

CAMIX — Morningstar Rating as of 12/31/14

Overall rated 3 stars for the period ending 12/31/14 out of 650 Foreign Large Blend Funds. Morningstar rankings are based on risk adjusted returns and the Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three, five and ten year Morningstar Ratings metric.

The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investors shares, when redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. Returns assume reinvestment of all dividend and capital gains distributions. The performance data quoted for periods prior to September 9, 2002 is that of the Cambiar International Equity Trust, a similarly managed Fund. This Fund was not registered under the Investment Company Act of 1940. If the Fund had been registered, performance may have been lower. Investor Share Class. Expense ratio is 1.45% (gross); 1.22% (net). Cambiar Investors LLC has contractually agreed to reduce fees and reimburse expenses in order to limit its management fee to not more than 0.90% and to keep net operating expenses from exceeding 1.20% of the Funds Investor Class Shares average daily net assets until September 1, 2015. Institutional Share Class: Expense ratio is 1.17% (gross); 0.97% (net). Cambiar Investors LLC has contractually agreed to keep net operating expenses from exceeding 0.95% of the Funds Institutional Class Shares average daily net assets until September 1, 2015. Absent these waivers, total return would be reduced. For performance current to the most recent month end, please call 1-866-777-8227. MSCI EAFE Index (Europe, Australasia, Far East) is a free float-adjusted market capitalization index that is designed to measure developed market equity performance, excluding the U.S. & Canada.

The Fund charges a 2.00% redemption fee on redemptions of shares held for less than 90 days.

For each fund with at least a three year history, Morningstar calculates a Morningstar Rating based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a funds monthly performance (including the effects of sales charges, loads and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-, five- and ten-year Morningstar Ratings metric. CAMIX was rated against 650 Foreign Large Blend funds over a three year time period and 583 Foreign Large Blend Funds over a five year time period and 313 over a ten year period. With respect to these Foreign Large Blend funds, CAMIX received a Morningstar Rating of 3 stars, 4 stars and 3 stars, respectively. Past performance is no guarantee of future results.

The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investors shares, when redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. Returns assume reinvestment of all dividend and capital gains distributions. The performance data quoted for periods prior to September 9, 2002 is that of the Cambiar International Equity Trust, a similarly managed Fund. This Fund was not registered under the Investment Company Act of 1940. If the Fund had been registered, performance may have been lower. Investor Share Class. Expense ratio is 1.45% (gross); 1.22% (net). Cambiar Investors LLC has contractually agreed to reduce fees and reimburse expenses in order to limit its management fee to not more than 0.90% and to keep net operating expenses from exceeding 1.20% of the Funds Investor Class Shares average daily net assets until September 1, 2015. Institutional Share Class: Expense ratio is 1.17% (gross); 0.97% (net). Cambiar Investors LLC has contractually agreed to keep net operating expenses from exceeding 0.95% of the Funds Institutional Class Shares average daily net assets until September 1, 2015. Absent these waivers, total return would be reduced. For performance current to the most recent month end, please call 1-866-777-8227. MSCI EAFE Index (Europe, Australasia, Far East) is a free float-adjusted market capitalization index that is designed to measure developed market equity performance, excluding the U.S. & Canada.

The Fund charges a 2.00% redemption fee on redemptions of shares held for less than 90 days.