Cambiar Smid 30 Fund (Prospectus Summary) | Cambiar Smid 30 Fund

CAMBIAR SMID 30 FUND

FUND INVESTMENT OBJECTIVE

The Cambiar Smid 30 Fund (the "Fund") seeks long-term capital appreciation.

FUND FEES AND EXPENSES

This table describes the fees and expenses that you may pay if you buy and hold
Investor Class Shares of the Fund.

SHAREHOLDER FEES (FEES PAID DIRECTLY FROM YOUR INVESTMENT)

Shareholder Fees	Cambiar Smid 30 Fund Investor Class Shares
Redemption Fee (as a percentage of amount redeemed, if shares redeemed have been held for less than 90 days)	2.00%

ANNUAL FUND OPERATING EXPENSES (EXPENSES THAT YOU PAY EACH YEAR AS A PERCENTAGE OF THE VALUE OF YOUR INVESTMENT)

Annual Fund Operating Expenses		Cambiar Smid 30 Fund Investor Class Shares
Management Fees		1.05%
Shareholder Service Fees		0.25%
Other Expenses	[1]	5.48%
Acquired Fund Fees and Expenses	[2]	0.01%
Total Annual Fund Operating Expenses		6.79%
Less Fee Reductions and/or Expense Reimbursements		(5.43%)
Total Annual Fund Operating Expenses After Fee Reductions and/or Expense Reimbursements	[3]	1.36%

EXAMPLE

This Example is intended to help you compare the cost of investing in the Fund
with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the Fund for the time periods
indicated and then redeem all of your shares at the end of those periods.  The
Example also assumes that your investment has a 5% return each year and that the
Fund's operating expenses (including capped expenses for the period described in
the fee table) remain the same.

Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Expense Example (USD $)	Expense Example, With Redemption, 1 Year	Expense Example, With Redemption, 3 Years
Cambiar Smid 30 Fund Investor Class Shares	138	1,521

PORTFOLIO TURNOVER

The Fund pays transaction costs, such as commissions, when it buys and sells
securities (or "turns over" its portfolio). A higher portfolio turnover rate
may indicate higher transaction costs and may result in higher taxes when Fund
shares are held in a taxable account. These costs, which are not reflected in
total annual fund operating expenses or in the example, affect the Fund's
performance.

PRINCIPAL INVESTMENT STRATEGIES

Under normal circumstances, the Fund invests at least 80% of its net assets in
common stocks of small- to mid-sized companies. This investment policy may be
changed by the Fund upon 60 days' prior notice to shareholders. The Fund
considers small- and mid-sized companies to be those companies with market
capitalizations of up to $12 billion at the time of purchase. The Fund normally
invests in 25-35 common stocks.

Cambiar Investors LLC's ("Cambiar" or the "Adviser") investment professionals
work as a team to develop investment ideas by analyzing company and industry
statements, monitoring Wall Street and other research sources and interviewing
company management.  The Adviser also evaluates economic conditions and fiscal
and monetary policies. The Adviser's approach focuses first on individual
stocks and then on industries or sectors. The Adviser does not attempt to time
the market. The Adviser tries to select quality companies:

         o        Possessing above-average financial characteristics;

         o        Having seasoned management;

         o        Enjoying product or market advantages;

         o        Whose stock is selling at a low relative historical valuation
                  based on ratios such as price-to-earnings, price-to-book,
                  price-to-sales and price-to-cash flow;

         o        Experiencing positive developments not yet recognized by the
                  markets, such as positive changes in management, improved
                  margins, corporate restructuring or new products; and/or

         o        Possessing significant appreciation potential within 12 to 18
                  months.

The Adviser may sell a stock because:

         o        It realizes positive developments and achieves its target
                  price;

         o        It experiences exaggerated price moves relative to actual
                  developments;

         o        It becomes overweighted in the portfolio; or

         o        It experiences a change in or deteriorating fundamentals.

PRINCIPAL RISKS OF INVESTING IN THE FUND

As with all mutual funds, a shareholder is subject to the risk that his or her
investment could lose money. A Fund share is not a bank deposit and is not
insured or guaranteed by the FDIC or any government agency. The principal risk
factors affecting shareholders' investments in the Fund are set forth below.

Since it purchases equity securities, the Fund is subject to the risk that
stock prices will fall over short or extended periods of time. Historically,
the equity markets have moved in cycles, and the value of the Fund's equity
securities may fluctuate drastically from day to day.  Individual companies may
report poor results or be negatively affected by industry and/or economic
trends and developments.  The prices of securities issued by such companies may
suffer a decline in response. These factors contribute to price volatility,
which is the principal risk of investing in the Fund.

The Fund is also subject to the risk that the mid- and small capitalization
stocks may underperform other segments of the equity market or the equity
market as a whole. The mid- and small-capitalization companies that the Fund
invests in may be more vulnerable to adverse business or economic events than
larger, more established companies. In particular, these mid-and small-sized
companies may pose additional risks, including liquidity risk, because these
companies tend to have limited product lines, markets and financial resources,
and may depend upon a relatively small management group. Therefore, mid- and
small-cap stocks may be more volatile than those of larger companies. These
securities may be traded over-the-counter or listed on an exchange.

The Fund invests in the securities of relatively few issuers. As a result, the
Fund may be more susceptible to a single adverse economic or political
occurrence affecting one or more of these issuers, and may experience increased
volatility due to its investments in those securities.

The Fund pursues a "value style" of investing.  Value investing focuses on
companies whose stock appears undervalued in light of factors such as the
company's earnings, book value, revenues or cash flow.  If the Adviser's
assessment of a company's value or prospects for exceeding earnings
expectations or market conditions is inaccurate, the Fund could suffer losses
or produce poor performance relative to other funds. In addition, "value
stocks" can continue to be undervalued by the market for long periods of time.

PERFORMANCE INFORMATION

The Fund is new, and therefore has no performance history. Once the Fund has
completed a full calendar year of operations, a bar chart and table will be
included that will provide some indication of the risks of investing in the
Fund by showing the variability of the Fund's return based on net assets and
comparing the Fund's performance to a broad measure of market performance.

[1] Other Expenses are based on estimated amounts for the current fiscal year.

[2] Total Annual Fund Operating Expenses, both before and after fee reductions and/or expense reimbursements, include fees and expenses incurred indirectly by the Fund as a result of investment in shares of other investment companies (each, an "acquired fund"). Acquired Fund Fees and Expenses are based on estimated amounts for the current fiscal year.

[3] Cambiar Investors LLC (the "Adviser") has contractually agreed to reduce fees and reimburse expenses in order to keep net operating expenses (excluding shareholder service fees, interest, taxes, brokerage commissions, Acquired Fund Fees and Expenses, and extraordinary expenses (collectively, "excluded expenses")) from exceeding 1.10% of the Fund's Investor Class Shares' average daily net assets until September 1, 2012. In addition, if at any point it becomes unnecessary for the Adviser to reduce fees or make expense reimbursements, the Board may permit the Adviser to retain the difference between the Total Annual Fund Operating Expenses (not including excluded expenses) and 1.10% to recapture all or a portion of its prior fee reductions or expense reimbursements made during the preceding three-year period during which this agreement (or any prior agreement) was in place. This Agreement may be terminated: (i) by the Board, for any reason at any time; or (ii) by the Adviser, upon ninety (90) days' prior written notice to the Trust, effective as of the close of business on September 1, 2012.