Cambiar Global Select Fund (Prospectus Summary) | Cambiar Global Select Fund

CAMBIAR GLOBAL SELECT FUND

FUND INVESTMENT OBJECTIVE

The Cambiar Global Select 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 Global Select 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 Global Select Fund Investor Class Shares
Management Fees		1.00%
Shareholder Service Fees		0.25%
Other Expenses	[1]	5.29%
Total Annual Fund Operating Expenses		6.54%
Less Fee Reductions and/or Expense Reimbursements		(5.24%)
Total Annual Fund Operating Expenses After Fee Reductions and/or Expense Reimbursements	[2]	1.30%

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 Global Select Fund Investor Class Shares	132	1,109

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

equity securities of companies located throughout the world.  The equity

securities in which the Fund generally invests are common stocks and American

Depositary Receipts ("ADRs"). The Fund may invest in securities of companies of

any market capitalization and expects, under normal market conditions, to

invest at least 40% of its assets in non-U.S. companies. The Adviser considers

a company to be a "non-U.S. company" if: (i) 50% of the company's assets are

located outside of the United States; or (ii) 50% of the company's revenues are

generated outside of the United States; or (iii) the company is domiciled or

doing a substantial amount of business outside of the United States. The

majority of these companies operate in "established" markets; however, when

opportunities warrant, the Adviser may invest up to 25% of its assets in

securities of companies in "emerging market" countries. An "emerging market"

country is any country determined by the Adviser to have an emerging market

economy, considering factors such as the country's credit rating, its political

and economic stability and the development of its financial and capital

markets. Typically, emerging markets are in countries that are in the process

of industrialization, with lower gross national products than more developed

countries. In many circumstances, the Fund purchases ADRs of foreign companies

on U.S. exchanges, rather than foreign shares on foreign exchanges, to

facilitate greater liquidity and lower custodial expenses.



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.



When the Fund invests in foreign securities, it will be subject to risks not

typically associated with domestic securities.  Although ADRs and European

Depositary Receipts ("EDRs") are alternatives to directly purchasing the

underlying foreign securities in their national markets and currencies, they

are also subject to many of the risks associated with investing directly in

foreign securities. Foreign investments, especially investments in emerging

markets, can be riskier and more volatile than investments in the United

States.  Adverse political and economic developments or changes in the value of

foreign currency can make it difficult for the Fund to sell its securities and

could reduce the value of your shares.  Differences in tax and accounting

standards and difficulties in obtaining information about foreign companies can

negatively affect investment decisions.



Investments in emerging markets securities are considered speculative and

subject to heightened risks in addition to the general risks of investing in

non-U.S. securities. Unlike more established markets, emerging markets may have

governments that are less stable, markets that are less liquid and economies

that are less developed. In addition, the securities markets of emerging market

countries may consist of companies with smaller market capitalizations and may

suffer periods of relative illiquidity; significant price volatility; restrictions

on foreign investment; and possible restrictions on repatriation of investment income

and capital. Furthermore, foreign investors may be required to register the proceeds

of sales, and future economic or political crises could lead to price controls,

forced mergers,expropriation or confiscatory taxation, seizure, nationalization or

creation of government monopolies.



Fund investments in foreign currencies and securities denominated in foreign

currencies are subject to currency risk. As a result, the value of securities

denominated in foreign currencies can change significantly when foreign

currencies strengthen or weaken relative to the U.S. dollar. Additionally, the

value of a Fund's assets measured in U.S. dollars may be affected by exchange

control regulations.  The Fund will generally incur transaction costs in

connection with conversions between various currencies which will negatively

impact performance.



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] Cambiar Investors LLC (the "Adviser") has contractually agreed to reduce fees and reimburse expenses in order to keep net operating expenses (excluding interest, taxes, brokerage commissions, Acquired Fund Fees and Expenses, and extraordinary expenses (collectively, "excluded expenses")) from exceeding 1.30% of the Fund's Investor Class Shares' average daily net assets until September 1, 2013. In addition, if at any point Total Annual Fund Operating Expenses (not including excluded expenses) are below the expense cap, the Adviser may retain the difference between the Total Annual Fund Operating Expenses (not including excluded expenses) and the expense cap to recover all or a portion of its prior fee reductions or expense reimbursements made during the preceding three-year period during which this 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, 2013.