Le Lézard
Subject: Mutual Fund

Cambiar Mutual Fund Fee Reduction


The singular focus at Cambiar Investors is delivering strong investment returns to our clients. In conjunction with this unwavering commitment, Cambiar is announcing a reduction in the management fee and related net expense ratios across the suite of Cambiar Funds. The new net expense ratios took effect on March 1, 2019.

"Cambiar has been applying an active, research-driven approach for over 45 years. While the investment landscape has changed dramatically over the years, Cambiar remains committed to the value proposition we want to deliver to our clients," said Nancy Wigton, Executive Director of Sales & Marketing.

The net fee reductions range from 10-19% for Cambiar's Institutional Share Classes and from 5-33% for the Investor Share Classes.

Cambiar's long-term objective of delivering above-market returns over a cycle is anchored by the following attributes:

We are confident this reduction in expenses, coupled with consistent execution of the Cambiar investment discipline, can provide meaningful value for our clients going forward.

Below are the breakdowns of the new net expense ratios:

Institutional Share Class       Ticker      

New Net

Expense Ratio* (%)

     

Previous Net

Expense Ratio* (%)

      Gross

Expense Ratio (%)

   
International Equity       CAMYX       0.90       0.95       0.95
International Small Cap       CAMFX       0.95       1.15       5.25
Opportunity       CAMWX       0.65       0.80       0.71
SMID       CAMUX       0.85       0.95       1.16
Small Cap       CAMZX       0.90       1.05       0.99

*Adviser has contractually agreed to waive fees until March 1, 2020.

                           
Investor Share Class       Ticker       New

Expense Ratio* (%)

      Previous

Expense Ratio* (%)

      Gross

Expense Ratio (%)

International Equity       CAMIX       1.03       1.08       1.08
Global Equity       CAMGX       0.80       1.20       1.45
Global Ultra Focus       CAMAX       0.98       1.12       1.10
Opportunity       CAMOX       0.85       1.00       0.91
SMID       CAMMX       0.85       0.95       1.16
Small Cap       CAMSX       0.97       1.10       1.06

*Adviser has contractually agreed to waive fees until March 1, 2020.

Disclosure

Mutual fund investing involves risk including loss of principal. In addition to the normal risks associated with investing, investments in small companies typically exhibit higher volatility.

To determine if a Fund is an appropriate investment for you, carefully consider the Fund's investment objectives, risk factors, charges and expenses before investing. This and other information can be found in the Funds' full and summary prospectus, which may be obtained by calling 1-866-777-8227 or by visiting our website at www.cambiar.com. Please read the prospectus carefully before investing.

The Cambiar mutual funds are distributed by SEI Investments Distribution Co., 1 Freedom Valley Drive, Oaks, PA 19456, which is not affiliated with Cambiar Investors LLC or its affiliates.



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