Capital Gains – 2021 ESTIMATES

Capital Gains – 2021 ESTIMATES

Cambiar 2021 mutual fund capital gains estimates are now available.

Cambiar Investors LLC is releasing this information at this time to serve the best interests of the shareholders, by assisting them in evaluating the impact of capital gains on their tax liability. Final distribution rates will be published on the Fund’s schedule declaration date. To receive a distribution, you must be a registered shareholder of the Fund on the record date.

Based on number of shares outstanding as of October 31, 2021, Cambiar Investors LLC expects to declare the following capital gains for the Cambiar Global Equity Fund (CAMGX), Cambiar Opportunity Fund (CAMOX | CAMWX), Cambiar Small Cap Fund (CAMSX | CAMZX), Cambiar SMID Fund (CAMMX | CAMUX), and Cambiar International Small Cap Fund (CAMFX).

For investors within the Cambiar Aggressive Value Fund and Cambiar International Equity Fund, no capital gains distribution is expected.

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Disclosures

Please note that this information is preliminary and subject to revision. All estimates are subject to change due to fund share purchase and redemption activity through the Fund’s record date.

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 clicking here. Please read the prospectus carefully before investing.

Risk Disclosures

Mutual fund investing involves risk including loss of principal.

Cambiar Funds are distributed by SEI Investments Distribution Co. (SIDCO), which is not affiliated with Cambiar Investors LLC or its affiliates.