Cambiar Investors

General

1. What investment style does Cambiar adhere to?

Cambiar applies a disciplined, relative-value philosophy to investing and focuses attention to individual companies that meet the firm’s investment criteria. Portfolios typically consist of undervalued securities with strong financial and business characteristics. We select quality companies that are attractively priced, that demonstrate positive developments not yet recognized by the market and that offer significant appreciation potential within a 12 to 18 month time horizon.

Please click here to visit the Philosophy section of our website.

2. What is your market outlook?

Please click here to visit the Market Commentary section of our website.

3. What are the backgrounds of your investment team?

Please click here to read the Biographies of our investment team.

Mutual Fund

1. What are the ticker symbols for the Cambiar Funds?

Ticker	Name	Description
CAMOX	Cambiar Opportunity Fund	Large Cap Value
CAMSX	Cambiar Conquistador Fund	Small Cap Value
CAMIX	Cambiar International Equity Fund	International Equity
CAMAX	Cambiar Aggressive Value Fund	Global Multi Cap

2. What are the minimum investments for the Cambiar Funds?

Fund

Minimum Investment

Cambiar Opportunity Fund

$2,500 / $500 IRA

Cambiar Conquistador Fund

$10,000 / $2,500 IRA

Cambiar International Equity Fund

$2,500 / $500 IRA

Cambiar Aggressive Value Fund
$100,000 / $25,000 IRA

3. What are the expense ratios of the Cambiar Funds?

Fees

Total Annual Expense

Fee Waivers

Net Expenses*

Cambiar Opportunity Fund

1.32%

-0.12%

1.20%

Cambiar Conquistador Fund

1.40%

-0.10%

1.30%

Cambiar International Equity Fund

1.47%

-0.17%

1.30%

Cambiar Aggressive Value Fund
2.23%

-0.73%

1.50%

* Cambiar has voluntarily agreed to waive all or part of the advisor fee in order to keep total fund expenses at or below 1.2% for the Cambiar Opportunity Fund (CAMOX), 1.3% for the Cambiar Conquistador Fund (CAMSX) and 1.3% for the Cambiar International Equity Fund (CAMIX).

Cambiar Funds are available to US investors.

4. How often will you distribute dividends and capital gains?

Available dividends and capital gains are generally distributed on an annual basis in the month of December. Click here to view 2008 Capital Gain Estimates for the Cambiar Funds.

5. How can I receive information about a specific fund?

To receive more information about a specific fund, you can:

Download and view a prospectus.
Call your financial advisor and ask for more information.
Call our Investor Services number at 1-800-777-8227 for more information about a particular fund.

Mutual fund investing involves risk, including the possible loss of principal. In addition to the normal risks associated with investing, investments in smaller companies typically exhibit higher volatility and international investments may involve risk of capital loss from unfavorable fluctuation in currency values, from differences in generally accepted accounting principles or from economic or political instability in other nations.

To determine if a Fund is an appropriate investment for you, carefully consider the Fund’s investment objectives, risk factors and charges and expenses before investing. This and other information can be found in the Fund’s prospectus which can be obtained by clicking here or calling 1-866-777-8227. Please read it carefully before investing. There is no guarantee that the Funds will meet their stated objectives.

Cambiar Funds are distributed by SEI Investments Distribution Co., which is not affiliated with the Advisor.
Cambiar Funds are available to US investors only.