Cambiar International Equity Fund

This fund typically commits a minimum of 80% of its total assets, including any capital raised through borrowing for investment, to equity instruments issued by non-U.S. corporations. The investment advisor primarily concentrates on stocks of companies boasting medium to large market capitalizations. On occasion, rather than directly purchasing foreign shares, the fund may opt for American Depositary Receipts (ADRs). These ADRs, which are traded on American exchanges and symbolize an ownership stake in an overseas security, are favored either for their enhanced liquidity or for other strategic advantages.