Beginning on March 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of a Fund’s shareholder reports will no longer be sent by mail, unless you specifically request to continue receiving paper reports. Instead, as of that date, the reports will be made available on a website, and you will be notified by mail each time a report is posted. The mail notification will provide you with a website link permitting you to access the report.

Under these regulations, you can continue receiving paper copies of the shareholder reports (free of charge) after March 1, 2021 by notifying the Funds or your financial intermediary at any time. If you invest directly with a Fund, you can inform the Fund that you wish to continue receiving paper copies of your shareholder reports by calling 1-866-777-8227. If you invest through a financial intermediary such as a broker-dealer or bank, you can follow the instructions included with this disclosure, if applicable, or you can contact your financial intermediary to inform it that you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with your financial intermediary if you invest through a financial intermediary or all Cambiar Funds if you invest directly with the Funds.

The Funds file their complete schedules of investments with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT (Form N-Q for filings prior to March 31, 2020). The Funds’ Forms N-Q and N-PORT are available on the SEC’s website at http://www.sec.gov, and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities, as well as information relating to how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, is available (i) without charge, upon request, by calling 1-866-777-8227; and (ii) on the Commission’s website at http://www.sec.gov.

Cambiar Investors, LLC

Shareholder Letter

October 31, 2020

The Once in 100 Years Pandemic

Calendar year 2020 will doubtlessly form visceral memories in most people, as the COVID-19 virus and related personal and business disruptions have affected nearly every person on the globe. Entering the year, a two year long global manufacturing downcycle, mostly attributable to trade wars, was poised to end. Long awaited high-speed communications technologies such as 5G cellular and 4K television broadcasting appeared ready for broad market acceptance. The commercial aviation industry enjoyed its tightest capacity utilization in history, leading to 7-10 year waiting periods for the most popular models.

That whole version of the world died quickly in the last days of February. It became apparent that COVID-19 was, from a societal point of view, just about the most diabolical thing imaginable: a virus that spreads rapidly in the air, mostly in close and closed quarters, with the potential to be lethal in generally older people, deeply damaging in others, and maybe not such a big deal for younger and less risk-averse adults. Exactly how severe any one individual’s experience with it would be, you could not really say. The virus spread rapidly around the globe before health officials understood what they were dealing with, and risked blowing through most medical facilities’ capacity to treat the sick and the dying. An aggressive and 100% lockdown could in theory stamp out the spread in a matter of weeks, but Western nations such as the United States have either no tradition of centralized command and control, or a very distant memory of it, and have not been able to lock down decisively. Nine months later, a truncated version of daily life and work pervades most nations, with schools, sports arenas, airports, and office towers vacated and either virtualized on a screen or operating at greatly reduced capacities.

Markets collapsed quickly in March as it became evident that the virus’ rapid spread and unique characteristics would truly lead to a global pandemic and crushing of economic activity. Global equity indexes collapsed by 40-50% in about 4 weeks. Volatility and market stress, as measured by the CBOE VIX index, briefly rose above 80 in late March, in line with the depths of the Global Financial Crisis (GFC) in 2008.

Unlike the 2008-09 GFC, monetary authorities quickly ascertained just how calamitous the downside risks were, and armed with a variety of facilities implemented aggressive monetary actions. The Federal Reserve’s balance sheet grew by nearly $3 trillion in 8 weeks, roughly equal to its growth in the 8 years following the 2008 GFC. We have opined in past annual reports about the power of money supply growth and its (generally strong) effect on stock market performance and valuation. With money supply growth 2-3x peak GFC levels, 2020 has turned out not to be such as bad year for financial assets. Global markets recovered most of their lost ground in April through October, and look poised to turn positive for the full year.

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Schumpeter’s Gale and the Pandemic – Austrian Economist Joseph Schumpeter is most generally credited with introducing the term “creative destruction” into mainstream economic discourse in the 1940s. According to Schumpeter, the “gale of creative destruction” describes the “process of industrial mutation that continuously revolutionizes the economic structure from within, incessantly destroying the old one, incessantly creating a new one”. Analogs in the world of nature include the harmful but necessary cycle of forest fires and regrowth, or floods and the replenishment of wetlands.

Change, and necessary systemic change can and does happen through destructive events. Outside of world wars, what economic event in any living person’s lifetime has been so disruptive and damaging? Businesses large and small needed to find ways to distance and isolate employees, quickly, and still function effectively. This coping under extreme stress has precipitated rapid new approaches to customer engagement, products, marketing, and communication, especially given the alternatives. COVID-19 has been more akin to a creative destruction hurricane than a mere gale!

In the staid and reserved world of office jobs, off-the-shelf technologies and means of collaboration, such as video conferencing with Zoom, could not possibly have seen as rapid a rate of adoption as what has transpired due to the pandemic. In the rapid adoption of this new means of collaboration, the entire rationale of the skyscraper may have been scraped away, along with the necessity of 2-hour daily commutes into skyscraper nexuses such as Manhattan. Lower to the ground, the ‘germyness’ of touching physical money has accelerated the rate of purely digital commerce to near ubiquity, restaurant menus and transactions are QR codes read by our smartphones, and online food delivery has similarly compressed years of gradual development and adoption into weeks. It is hard to avoid concluding that commercial real estate, dining protocols, business conferences, education, and the relative value of some cities over others have all suddenly and irreversibly been transformed by the pandemic and widespread tele-meeting technology adoption.

As we exit calendar 2020, the prospect of vaccines ending our months of confinement and isolation is close; getting back to life as it was in 2019, commutes and all, is tantalizing. Stock markets, juiced by hyperaggressive central bank actions the world over, are at least notionally tantalized by both the immense recovery in economic activity, restocking, pent-up demand, and the prospect of the creative destruction wrought by COVID-19 leading to an acceleration of productivity-enhancing technologies. It is hard to miss the potential, yet in the markets’ collective exuberance, it feels like a lot of intermediate steps and risks are being conveniently ignored.

At the end of the 1990s, the stock market bifurcated into a variety of have and have not businesses from a valuation perspective, the “haves” being the “new economy” stocks of leading edge internet, communications, and technology businesses. In contrast, the “old economy” have-nots featured just about everything else: industrials, banks, transportation businesses, and most consumer products. A similar split has erupted in 2020 between the leaders of the “digital” economy and the “physical” economy. The latter has been unable to function properly or at all due to the pandemic, while the former appears as strong or stronger under varying forms of lockdown. Unbounded by the sheer strangeness of 2020, a gusher of money supply, and the sense of profound and accelerated change from Schumpeter’s COVID-19 hurricane, markets have raced forward, in some cases exceptionally, to embrace the new. It feels more than a bit speculative in many areas. But changed the world is, and we can’t really go back to how it all was in 2019 any more than we could go back to 1959.

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Valuations have become outright demanding in the established players of the digital economy, and exorbitant in the more speculative fringe. Valuation demands are less so in the physical economy, and our purchases have by and large been heavier in businesses whose stock prices remain disconnected from some sensible notion of recovery. It is seldom (if ever) clear why and when financial markets suddenly flip from being forward-looking believers willing to look through near-term disruptions to being “prove-it-to-me” cynics that scrutinize small inflections in growth and margins. But it does happen.

Cambiar Domestic Strategies – Each of Cambiar’s domestic strategies performed well in fiscal 2020 relative to their primary benchmarks, widening their longer-term excess return differentials. Given the Funds’ emphasis on quality and downside protection, we were encouraged that substantial relative outperformance occurred during the first quarter 2020 pandemic-driven bear market, and subsequent down-market waves in July and September. Cambiar remains focused on consistent execution in the underwriting of new positions, maintenance of existing holdings, and selective avoidance of industries/companies that do not meet our investment criteria.

Hedging and hedging instruments – Cambiar has not generally employed futures, forward contracts, and other such instruments to manage currency or other forms of volatility, as these represent “known costs for unknown benefits”, although we retain the option to do so. Our philosophy is that these instruments make the most sense for manufacturing companies, who expect to deliver a certain good at a certain time in the future with costs that can also be certain in today’s currency prices but not necessarily in the future. Mutual fund portfolios, on the other hand, are never “delivered” to a final buyer; they are intended to represent a continuous set of holdings for years or decades, with daily liquidity as an option for the investors in the fund. Hedging instruments are not designed with any of this in mind. Hedging costs are feasible (that is to say not overly costly) in a world of stable currencies and lower interest rates, but for currencies with volatile trading patterns or high local interest rates, such as emerging market currencies, the cost of hedging instruments can be either prohibitive or wholly inconsistent in their availability. For emerging market positions, of which we have but a few presently, if one is not confident of the value and stability of local currencies, we believe it is best not to invest heavily in general.

Derivatives – The only Cambiar fund that has held any derivatives since early 2012 is the Aggressive Value Fund, where Cambiar employs the use of longer maturity call options and total return swaps on occasion. In our view, these instruments, among other impacts, can permit a smoother management of Fund positions and cash balances during periods of cash flow and market volatility, and also allow for some degree of improved management portfolio returns. By their nature, derivatives embed a degree of leverage and can either amplify or reduce overall portfolio performance accordingly. The use of these instruments for the Aggressive Value Fund has been modest in 2020. The Fund held a position in AIG TARP warrants (those issued to the U.S. government for its assistance during the Financial Crisis of 2008) which mature in 2021, at the onset of the Pandemic. The Fund liquidated this position, reasoning that they risked expiring out-of-the-money in early 2021.

Final Comments – In 2017, we wrote that markets have become more visibly complacent about risks, that normal feedback mechanisms have become less reliable owing to low prevailing yields and high levels of indexation, and that this could keep going for a while longer. Here we are – it’s been a lot longer.

Thank you for your continued confidence in Cambiar.

Sincerely,

Brian M. Barish

President

Cambiar Investors LLC

This material represents an assessment of the market environment at a specific point in time and is not intended to be a forecast of future events, or a guarantee of future results. This information should not be relied upon by the reader as research or investment advice regarding the funds or any stock in particular, nor should it be construed as a recommendation to purchase or sell a security. This information is for educational purposes only.

Mutual fund investing involves risk, including possible loss of principal. In addition to the normal risks associated with equity investing, international investing may involve risk of capital loss from unfavorable fluctuations in currency values, from differences in generally accepted accounting principles or from economic or political instability in other nations. Investments in small companies typically exhibit higher volatility. Emerging markets involve heightened risks related to the same factors as well as increased volatility and lower trading volume. Funds may invest in derivatives, which are often more volatile than other investments and may magnify the Fund’s gains or losses.

Holdings are subject to change.

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Definition of Comparative Indices

MSCI World Index: The MSCI World Index is a free float-adjusted, market capitalization-weighted index that measures large and mid-cap equity performance across countries with developed markets.

MSCI EAFE Index: The MSCI EAFE Index (Europe, Australasia, Far East) is a free float-adjusted, market capitalization-weighted index that is designed to measure developed market equity performance, excluding the U.S. & Canada.

MSCI EAFE Growth Index: The MSCI EAFE Growth Index captures large and mid cap securities exhibiting overall growth style characteristics across Developed Markets countries around the world, excluding the US and Canada. The growth investment style characteristics for index construction are defined using five variables: long-term forward EPS growth rate, short-term forward EPS growth rate, current internal growth rate and long-term historical EPS growth trend and long-term historical sales per share growth trend.

MSCI EAFE Value Index: The MSCI EAFE Value Index captures large and mid cap securities exhibiting overall value style characteristics across Developed Markets countries around the world, excluding the US and Canada. The value investment style characteristics for index construction are defined using three variables: book value to price, 12-month forward earnings to price and dividend yield.

MSCI EAFE Small Cap Index: The MSCI EAFE (Europe, Australia, Far East) Small Cap Index is a free float-adjusted, market capitalization weighted index that is designed to measure small cap representation across developed market equity performance, excluding the U.S. & Canada.

Russell 1000^® Value Index: The Russell 1000^® Value Index is a float-adjusted, market capitalization weighted index of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values. The Russell 1000^® Index measures the performance of the 1,000 largest companies in the Russell 3000^® Index, which consists of 3,000 of the largest U.S. equities.

Russell 2000^® Value Index: The Russell 2000^® Value Index is a float-adjusted, market capitalization weighted index comprised of firms in the Russell 2000^® Index that experience lower price-to-book ratios and lower forecasted growth values. The Russell 2000 Index is a float-adjusted, market capitalization weighted index that measures the performance of the 2,000 smallest companies in the Russell 3000^® Index, which consists of 3,000 of the largest U.S. equities.

Russell 2500^® Value Index: The Russell 2500^® Value Index is a float-adjusted, market capitalization weighted index comprised of the smallest 2500 firms in the Russell 3000^® Index that experience lower price-to-book ratios and lower forecasted growth values. The Russell 3000 Index is a float-adjusted, market capitalization weighted index that measures the performance of the 3,000 smallest companies in the United States.

S&P 500 Index: The S&P 500 is a market capitalization weighted index of 500 of the top companies in leading industries of the U.S. economy.

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Fund Performance Commentary

Cambiar Opportunity Fund – The Fund benchmarks itself against the Russell 1000^® Value Index, and owns a mix of mostly large-cap U.S. stocks with some occasional mid-cap names. The Fund performed exceptionally well over the full fiscal year, gaining 6.91% versus a -7.57% decline for the Russell 1000^® Value Index, an excess return of 14.48% over this timeframe. The Fund is now in the top of the peer group over a multi-year time period. This is an exceptional amount of alpha to generate in a single year, and is not likely to be repeatable in the visible future. However, it is deeply satisfying, as it is a direct result of portfolio disciplines that have been implemented in recent years and effective execution around these disciplines.

Three critical time periods influenced the strong investment results. In the early weeks of 2020, just before the global pandemic had fully revealed itself, Cambiar exited several positions in appreciated stocks, most notably in credit-sensitive financials, on the premise that their credit quality was about as good as could be feasible, thus flattering earnings to cyclically elevated levels. Other stocks in the internet and technology spaces (Hewlett Packard and Twitter) seemed close to fully priced relative to their specific fundamentals and were also liquidated. These sales led to a somewhat elevated cash position in February, as we reasoned that continuing to hold fully valued stocks whose risk return was therefore unfavorable for shareholders was unwise, and that eventually the capital could be repurposed. We had little idea the repurposing would be nearly instantaneous in March and April, but proceeded to chew through an immense number of stock ideas in a variety of cyclical and acyclical businesses during the worst of the pandemic-driven market decline. We bought aggressively, getting the Fund back to a fully invested level by late March, not withstanding misgivings that most bear markets tend to run on and on for months (this one did not however). In the August-October time period, the Fund was aggressive in building “vaccine beneficiary” positions in a variety of consumer, travel, and technology driven categories, which have been contributed positively to performance.

In aggregate, key drivers to performance included positive contributions from the consumer discretionary, technology, and industrial sectors, as well as within energy (though in the latter, much of the outperformance was a result of not owning a lot of stocks there).

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(1) Returns shown represent the performance of the Investor Class Shares and Institutional Class Shares. The performance of the Institutional Class Shares may vary as a result of shareholder servicing fees paid by the Investor Class Shares. Investor Class Shares were offered beginning June 30, 1998 and Institutional Class Shares were offered beginning November 3, 2005. The S&P 500 Index annualized inception to date return since June 30, 1998. The Russell 1000^® Value Index annualized inception to date return since June 30, 1998.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, may be worth less than its original cost. If the Adviser had not limited certain expenses, the Fund’s total return would have been lower. The Fund’s performance assumes the reinvestment of dividends and capital gains. There are no assurances that the Fund will meet its stated objectives. The Fund’s holdings and allocations are subject to change because it is actively managed and should not be considered recommendations to buy individual securities. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

See definition of comparative indices on page 4.

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Cambiar SMID Fund – While fiscal year 2020 did not yield positive absolute returns for the SMID Fund, we are pleased that it protected investor capital better than the Fund’s assigned benchmark. The Fund’s modest loss of 3.42% for the fiscal year exceeded the -11.92% return for the Russell 2500^® Value Index by a wide margin.

Like the Small Cap Fund, the SMID Fund has benefitted from a more focused underwriting process at the point of initial investment and the implementation of an accountable Portfolio Management team. Given the common research, management and approach, we are pleased to see the results of the SMID and Small Cap Funds show similar performance on both an absolute and relative basis, despite approximately 90% of the portfolio’s capital being invested in companies unique to either Fund. Of course, performance between the two Funds will likely diverge over time given the unique portfolio constituents; that said, we hope this year’s results, stacked upon fiscal 2019 results, can yield further confidence in our strengthened investment team and process.

The Fund’s relative outperformance was driven by stock selection, as tends to be the case with Cambiar’s more focused, benchmark-agnostic portfolios. The Technology, Real Estate, Healthcare and Industrial sectors delivered the strongest benefit from stock selection and overall returns relative to the Index. With the Technology, Healthcare and Industrial sectors representing many unique businesses that demonstrate the market position and financial characteristics we hold dear, the Fund often has significant holdings in these areas. As such, stock selection efficacy here is critical and helpful to overall Fund performance.

We were less successful in the Consumer Discretionary, Materials and Financials sectors, which each represented a drag on performance. While stock selection in these areas was not as strong as we would like, some of that disappointing stock specific performance is a function of decisions made at the height of the COVID-related sell-off in March to fund the purchase of relatively stronger businesses that offered a combination of attractive entry points and higher earnings visibility. Amidst competition for portfolio capital when ideas are plentiful, Cambiar aims to upgrade underlying company quality while maintaining varying drivers of return. Pursuit of this objective sometimes means selling a good business at a low price for a better business, also at a low price, that could provide a better multi-year return and risk profile.

Heading into Fiscal 2021, the SMID Fund continues to demonstrate the company-specific and aggregate portfolio characteristics Cambiar holds dear. We believe downside capture to be a critical deliverable from active management, and intend for the Fund to provide this attribute. Market research completed by Cambiar and others reveals highly profitable businesses tend to weather market storms better than weaker businesses. Our focus on companies that leverage attractive positions in growing industries to produce above average margins and/or returns, while producing steady free cash flow, yields a portfolio that boasts profitability characteristics well above that of the benchmark. Our shunning of highly leveraged businesses reliant on the capital markets is also in contrast to many companies that continue to laden their balance sheets with excessive debt, exposing the equity to additional volatility or, at worst, threatening business operations in the event of a severe adverse development.

Portfolio construction continues to emphasize balance across sectors and return drivers, as we remain intent on not being too reliant on any specific investment insight. While this approach to investing could struggle to keep up with market indices as risk appetites grow over the short-term, we believe an emphasis on strong companies and prudent diversification is the best path toward delivering superior returns over rolling 3- and 5-year periods, while also limiting downside in the event of weaker market sentiment. Whether the pandemic-induced market implosion of March 2020 or the trade war driven crash in late calendar 2018, the Fund’s results in these mixed environments offer encouraging support to this assertion, though continued vigilance toward our principles, ongoing rigorous fundamental research and ultimate underwriting of incremental positions will be critical in continuing to produce superior performance for shareholder.

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(1) Returns shown represent the performance of the Investor Class Shares and Institutional Class Shares. The performance of the Institutional Class Shares may vary as a result of shareholder servicing fees paid by the Investor Class Shares. Investor Class Shares were offered beginning May 31, 2011 and Institutional Class Shares were offered beginning November 3, 2014. The Russell 2500^® Index annualized inception to date return since May 31, 2011. The Russell 2500^® Value Index annualized inception to date return since May 31, 2011.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, may be worth less than its original cost. If the Adviser had not limited certain expenses, the Fund’s total return would have been lower. The Fund’s performance assumes the reinvestment of dividends and capital gains. There are no assurances that the Fund will meet its stated objectives. The Fund’s holdings and allocations are subject to change because it is actively managed and should not be considered recommendations to buy individual securities. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

See definition of comparative indices on page 4.

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Cambiar Small Cap Fund – The Fund performed well ahead of its primary Russell 2000^® Value benchmark again during the 2020 fiscal year, enduring a modest loss of 5.76% compared to a -13.92% loss for the index. The Fund weathered vastly different market environments – from apoplectic to exuberant in short order – over the last 12 months that somehow seems much longer.

The goal for the Cambiar Small Cap Fund as always is to identify and invest at appropriate valuation levels in companies demonstrating above-average internal financial/operating performance reflective of a structural product and/or advantaged market position over multi-year periods. Our expectation is that in times of relatively high capital market risk tolerance such businesses and their respective stocks may lag, but alternatively should evidence their inherent underlying financial durability in times of market stress. The result is to deliver through-the-cycle excess equity returns relative to the benchmark. Individual stock valuation levels and associated price-sensitivity at entry remain critical investment process components, and portfolio balance is actively managed to maintain diverse sources of combined return and to provide consistent exposure to historically less volatile and/or acyclical areas of the market. These factors worked together as intended in the 2020 fiscal year for the Fund.

Backing up to the start of the fiscal year, a steady rise in small cap stocks to close calendar-year 2019 continued on into February 2020 before a dramatic approximate 40% drop in the Russell 2000^® Index over less than 30 calendar days commenced late in the month. As COVID uncertainty gripped global populations, businesses and capital markets, the unprecedented speed and scale with which U.S. monetary and fiscal policy makers responded led to a slow revaluation burn upward for small cap stocks through much of the balance of the Fund’s fiscal year, though small cap indices were still well down from intra-year highs as of the end of October.

Still, the Cambiar Small Cap Fund performed relatively well through the dramatic and volatile initial market declines, and invested actively during the periods of maximum market stress to further position the Fund well for the longer term. In aggregate, the Fund delivered 816 basis points of outperformance versus the Russell 2000^® Value benchmark. Importantly, the Fund delivered good downside and upside capture overall, again all partially owed to the conscious pivot toward quality and portfolio oversight over the last several years. The Small Cap Fund continued to evidence good aggregate stock selection across the majority of sectors, with a high batting average in-line with the longer-term portfolio goals. Stock selection was particularly strong in Financials, Real Estate and Information Technology, while weaker in Health Care, Materials and Consumer Discretionary.

The Cambiar Small Cap Fund continues to maintain good overall balance in terms of sector allocation, business diversification, and perhaps most importantly variance of forecasted value drivers across the portfolio. Current capital market indicators are still beset by contrasts – with various broad U.S. indices stretching to new highs well in advance of global economic activity recovering to similar pre-pandemic levels, while certain industries remain in deep despair. We note that there remains now more than $18 trillion in negative-yielding sovereign debt globally (from $17 trillion in last year’s letter), with the U.S. 10-Year Treasury bond yield still south of 1%. Very narrow spreads/yields persist despite corporate debt levels that are inarguably high. However, key macroeconomic indicators like M2 money supply growth and mortgage loan applications, along with the waves of the aforementioned monetary and fiscal support, seem to continue to provide a regular bid to many equities. We are mindful of the rhyme to previous exuberant capital market environments we have witnessed, whether 1999 or 2007, and continue to execute our investment process while that much more focused on the risk-reward relationship between valuation and fundamentals in the companies we evaluate.

In another parallel to 1999 at least, equity investors continue to bid up fast-growing newer public market entrants, with visions of tremendous market share capture and resulting longer term fiscal dominance far in advance of actual evidence of delivery. But most economic recoveries are often characterized by a combination of small-cap and value leadership, which could lead to a catch up to the seemingly one-sided growth trade that has persisted. Whatever the forward environment brings, fiscal 2020 performance of the Cambiar Small Cap Fund reflects the thoughtful, and positive, changes made to the business in previous years that we believe has restored historic credibility in the asset class, and set the stage for continued sustainable execution.

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(1) Returns shown represent the performance of the Investor Class Shares and Institutional Class Shares. The performance of the Institutional Class Shares may vary as a result of shareholder servicing fees paid by the Investor Class Shares. Investor Class Shares were offered beginning August 31, 2004 and Institutional Class Shares were offered beginning October 31, 2008. The Russell 2000^® Index annualized inception to date return since August 31, 2004. The Russell 2000^® Value Index annualized inception to date return since August 31, 2004.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, may be worth less than its original cost. If the Adviser had not limited certain expenses, the Fund’s total return would have been lower. The Fund’s performance assumes the reinvestment of dividends and capital gains. There are no assurances that the Fund will meet its stated objectives. The Fund’s holdings and allocations are subject to change because it is actively managed and should not be considered recommendations to buy individual securities. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

See definition of comparative indices on page 4.

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Cambiar International Equity Fund – The Cambiar International Equity Fund posted a total return of -12.07% for the period compared to MSCI EAFE, which returned -6.86% for the same time period. The biggest headwind facing performance this year was the wide gap between value and growth within international markets. The MSCI EAFE Value Index returned -18.4% during this period of time, while the MSCI EAFE Growth returned +5.2% - a performance gap of over 2300 basis points. Although Cambiar views the core EAFE Index as our primary performance benchmark, the underlying divergence by investment style that has occurred in fiscal 2020 makes comparison of return vs. the EAFE Value Index a relevant performance consideration.

The vast majority of the performance gap came from stock selection (rather than allocation). Sector allocation decisions provided a net benefit of 1.1%, while stock selection detracted by 5.4%. Given COVID-19 and global nationwide shutdowns, the Fund’s performance headwinds were almost exclusively isolated to the more economically-sensitive sectors of the Fund; holdings in the Industrials and Basic Material sectors were particularly challenged. Within Industrials, aerospace names including Aercap, Airbus, Japan Airlines and Rolls Royce were negatively impacted due to restrictions against travel. Additionally, travel and leisure companies including Sands China and Accor were heavily impacted from shutdowns as well.

The Fund’s investments in companies that were beneficiaries of the pandemic-related shutdowns and work-from-home trends were notable outperformers in the year; individual outperformers included internet companies Prosus and Alibaba. Delivery and logistics provider Deutsche Post was another positive contributor, as consumers ordered more goods online. The Fund also benefitted meaningfully from having no exposure to energy companies during the period. We believe the Energy sector is incurring disruption both in terms of new sources of supply from U.S. shale producers, but also from a secular decline in demand, as electric vehicles and general industry trends continue to move society away from oil and related fossil fuels.

Looking ahead, Cambiar believes that the global economy is set to reaccelerate, as the market now has a line of sight on vaccines. International equities have clearly started to price in some of this future “re-normalization,” given the rotation back into more economically-sensitive sectors starting in November after vaccine announcements were made. We have been selectively increasing the Fund’s exposure to many of those positions that had been hit hard by COVID-19, based on the expectation for a re-acceleration in demand at both the consumer and corporate level. We are optimistic about the Cambiar International Equity Fund as we move into 2021.

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(1) Returns shown represent the performance of the Investor Class Shares and Institutional Class Shares. The performance of the Institutional Class Shares may vary as a result of shareholder servicing fees paid by the Investor Class Shares. Investor Class Shares were offered beginning September 9, 2002 and Institutional Class Shares were offered beginning November 30, 2012. The MSCI EAFE Index annualized inception to date return since September 9, 2002.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, may be worth less than its original cost. If the Adviser had not limited certain expenses, the Fund’s total return would have been lower. The Fund’s performance assumes the reinvestment of dividends and capital gains. There are no assurances that the Fund will meet its stated objectives. The Fund’s holdings and allocations are subject to change because it is actively managed and should not be considered recommendations to buy individual securities. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

See definition of comparative indices on page 4.

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Cambiar International Small Cap Fund – The Cambiar International Small Cap Fund posted a total return of -4.89% for the reporting period, compared to the MSCI EAFE Small Cap Index which fell 1.36%, leading to a performance lag against the index of 3.53%. The significant performance discrepancy between value and growth stocks was particularly notable in the small cap international space, where growth stocks returned 10%, while value stocks fell 12% for the fiscal year. This 2000+basis point gap between the two sub-indexes of the EAFE Small Cap Index created both measurement problems vis a vis our effectiveness versus objectives and not surprisingly some significant opportunities in the dislocation. Given the huge gap between growth and value, the Cambiar International Small Cap Fund has performed, broadly speaking, in line with what should be expected—namely, while we underperformed our primary benchmark, the Fund was able to outperform the value sub-index by some 600-700bps. In our view, some normalization of this style discrepancy will help the fund’s relative performance compared to the overall index. This is indeed beginning to play out in the fourth quarter of calendar year 2020, although admittedly outside the timeframe for this performance discussion.

For the reporting period, the performance gap relative to the small cap index came overwhelmingly from stock selection—allocation actually resulted in a modest benefit of some 157bps. The central event driving performance during the period was the global COVID disruption—in many ways a significant proportion of the Fund’s ‘winners’ and ‘losers’ in the year were defined by their relative strength in the global pandemic. Lagging sectors included Consumer Staples, Information Technology, Consumer Discretionary and Industrials. The Staples sector divergence helps illustrate the point. One of the weakest stocks in the period was Greencore Group, a UK-based food company with a strong focus on prepared sandwiches. The majority of these sandwiches are sold in locations that were largely closed during the worst of the shutdowns (although some are sold through the grocery channel). This sharp drop in sales corresponded in a commensurate drop in the stock price. In contrast, Remy Cointreau was an outperformer in the year, as the company was deemed a “COVID winner” by the market. For Remy’s larger end markets such as the United States, “Zoom cocktails” and at-home luxury alcohol consumption made up for lost sales of alcohol in closed restaurants and bars. Remy’s own Cointreau became a huge beneficiary, as margaritas became one of the go-to at-home cocktails, and sales soared. A look into the lagging sectors and the most-impacted names reveals a similar pattern—COVID disruption was the central driver of underperformance.

Outperforming sectors for the timeframe under discussion include Health Care, Real Estate, Energy and Communication Services. The positive contributions derived in Real Estate and Energy were primarily due to the Fund’s exceedingly low (or no) exposure to the sectors, driving a combined allocation benefit north of 300bps. The outstanding sector performance generated in Health Care was roughly even between selection and allocation. Individual outperformers included Zai Lab, Gerresheimer and GN Store Nord. Similar to the Consumer Staples example of underperformance, Communications Services outperformance reflects a sector uniquely positioned to benefit from the global disruption. For example, Schibsted and Autohome represent on-line businesses uniquely positioned to benefit from the digital acceleration seen throughout the world.

To conclude, despite the Fund’s trailing return vs. the MSCI EAFE Small Cap Index, this relative underperformance is somewhat explainable – given the wide divergence in performance on a style basis that took place in fiscal 2020. Likewise, we are quite encouraged by the “normalization” taking place in the fourth quarter of 2020, which has driven sharp outperformance for the Fund and returned the strategy to positive index-relative performance for the calendar year (to date). Finally, Cambiar is optimistic that the opportunistic stance we have taken during the period of disruption, coupled with the very strong quality characteristics of the Fund, should enable to deliver above-benchmark returns for our shareholders in 2021.

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(1) Commenced operations on November 18, 2014.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, may be worth less than its original cost. If the Adviser had not limited certain expenses, the Fund’s total return would have been lower. The Fund’s performance assumes the reinvestment of dividends and capital gains. There are no assurances that the Fund will meet its stated objectives. The Fund’s holdings and allocations are subject to change because it is actively managed and should not be considered recommendations to buy individual securities. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

See definition of comparative indices on page 4.

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Cambiar Global Equity Fund – The Cambiar Global Equity Fund posted a return of -0.17% during the period versus the MSCI World Index return of 4.36% during the same timeframe. The major culprit continued to be the unprecedented gap between Growth and Value with MSCI World Growth outperforming MSCI World Value by nearly 34% during the period. While the Cambiar Global Equity Fund outperformed MSCI World Value by 3.75% during the period, the fund failed to keep up with the broader MSCI World benchmark given our style headwind.

The vast majority of underperformance during the period came from stock selection while allocation provided a 1.4% benefit to the fund. As a result of COVID-19 and subsequent nationwide shutdowns, companies sensitive to overall economic activity namely travel and leisure were hardest hit. This included aerospace related names such as Aercap, Airbus, Delta and Raytheon. Additionally, consumer discretionary names including Accor, Inditex and Booking Holdings were heavily impacted as travel restrictions were put in place. Lastly financial services including banks and insurance companies underperformed in the period as provisions related to potential loan losses and catastrophe insurance weighed on stocks.

Contributors to the portfolio included companies deemed as “Pandemic beneficiaries” as consumers worked and shopped from home. Companies including Prosus, Alibaba, Home Depot and Amazon benefitted as consumers spent more time at home and fixing up their homes. Information technology companies including Marvell, ASML, Skyworks and TSMC all benefitted from being largely immune from COVID-19 disruptions while secular tailwinds from increased 5G smartphone adoption and growth in data helped earnings. Furthermore high quality industrial companies especially those involved in logistics performed well as consumers ordered goods online and delivered to their homes.

To conclude we are pleased first that despite the lag versus the index we have steadily outperformed the value sub-index. Likewise we are quite encouraged by the “normalization” taking place in the fourth quarter of 2020, which has driven outperformance for the quarter to date. And finally we are optimistic that the opportunistic stance we have taken during the period of disruption, coupled with the very strong quality characteristics of the overall portfolio, will serve to extend current strong performance of the Cambiar Global Equity fund into the new year 2021.

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(1) Commenced operations on November 30, 2011.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, may be worth less than its original cost. If the Adviser had not limited certain expenses, the Fund’s total return would have been lower. The Fund’s performance assumes the reinvestment of dividends and capital gains. There are no assurances that the Fund will meet its stated objectives. The Fund’s holdings and allocations are subject to change because it is actively managed and should not be considered recommendations to buy individual securities. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

See definition of comparative indices on page 4.

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Cambiar Aggressive Value Fund – The Fund declined 7.44%, versus a 7.57% decline for the Russell 1000^® Value Index and a positive 4.36% return for the MSCI World Index during the fiscal year. In May 2020 the Fund reclaimed its original name as the Cambiar Aggressive Value Fund, at the request of the manager and with fund board approval. This fund was incepted in 2007 under this name, but in 2016 it was re-named the Cambiar Global Unconstrained Fund and subsequently the Cambiar Global Ultrafocus Fund in 2017.

The name changes to the two “Global U        ” titles were intended to align the fund with a more descriptive name for improved marketability and benchmarking. However, whether coincidental or not, the fund’s opportunistic and very concentrated strategy seemed at odds and out of step with markets in the 2017 and 2018 time period, generating poorer overall results on the heels of several portfolio misfires and a lack of digital platform businesses. The fund performed better in 2019 but entered 2020 rather heavily exposed to the global travel and aircraft supply spaces – ground zero from a business disruption and capital destruction perspective owing to the pandemic. March 2020 results undid a very solid 2019 in a space of days.

Your fund manager is not a firm believer in spiritual notions such as negative karma or that the name of a financial product wrapper might by lucky or unlucky as the case may be. However, following years of generally successful investing under the unique but provocative Aggressive Value name, I began to question whether we had messed with a good thing that was intended to be what it was (originally) intended to be, upsetting the financial gods in some way. Secondly, with markets and stocks severely disjointed from fair valuations given pandemic-based disruptions, the opportunity set for Aggressive Value to do what it is capable of doing seemed especially strong. There will be no subsequent renaming of Aggressive Value – this is what this fund was always intended to be called, it would seem. Performance following the name change has been very strong, with the fund gaining 16.0% as compared to a 5.6% gain for the Russell 1000^® Value index and 11.7% for the MSCI World Index. Yes that’s a little strange to contemplate.

The Fund employs a concentrated strategy, and typically holds 20-30 positions in global equities of varying capitalization ranges. The Fund’s objective is to gain long term capital appreciation by acquiring larger positions in equities that it deems to be distinctly undervalued with a range of drivers and returns, and to seek to achieve this by identifying uniquely attractive buy and sell points in which to build or exit these positions. Due to the concentrated nature of the Fund and the idiosyncratic nature of its positions, performance on a quarterly and annual basis can be very volatile, and for this reporting period, it was true to form. Given the Fund’s more focused portfolio construction approach and long-term performance orientation, investors are encouraged to look at 3-5 year expected holding periods for this strategy.

On a regional basis, the Fund remains tilted to the U.S. markets; the balance of the Fund is primarily invested in Europe/U.K. companies. International stocks in the Fund have performed relatively worse versus U.S. counterparts in 2020.

The investment management landscape has changed significantly since this fund was launched in 2007. At the time, the intent was to deliver something a bit different and unusual in the context of the mutual fund landscape, including concentration, geographic and capitalization opportunism, and some of the features of a two-sided balance sheet. All in a 1940-Act Fund. The Fund has endeavored to have a truly global investment horizon and personality. While this may yet prove valuable, it has been a liability in the landscape of the last decade, where U.S. stocks have enjoyed a historic performance advantage over international counterparts, and valuations have bled northward. The fund is (vastly) tuned down in its use of derivatives, owning none at the end of the fiscal year. However, some swap facilities from the fund’s earlier days remain in place, and can be used for portfolio hedging or to create parent-subsidiary stub equity positions. One position in German telecommunications giant Deutsche Telecom was created through a long / short swap versus its holding in American affiliate T Mobile. We intend to use the swap facility sparingly on a go-forward basis, putting most of the fund’s fate in our selection of unique investment opportunities and letting these positions do the work for fund investors.

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(1) Commenced operations on August 31, 2007.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, may be worth less than its original cost. If the Adviser had not limited certain expenses, the Fund’s total return would have been lower. The Fund’s performance assumes the reinvestment of dividends and capital gains. There are no assurances that the Fund will meet its stated objectives. The Fund’s holdings and allocations are subject to change because it is actively managed and should not be considered recommendations to buy individual securities. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

See definition of comparative indices on page 4.

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† Percentages based on total investments.