Cambiar International Equity Fund (CAMIX)
3rd Quarter 2007 Market Commentary

During the third quarter of 2007, the domestic sub-prime contagion and resulting near freezing of credit markets was felt overseas, creating one of the more volatile quarters in recent memory. Recognizing the severity of the situation within the financial markets, the European Central Bank added enormous amounts of liquidity to their banking system to aid the subsequent re-pricing of risk. While Japan feels relatively insulated from U.S. sub-prime issues, their central bank disclosed they may not follow through a series of planned rate hikes, citing lower capital expenditures and anticipated slowing economic growth. In light of these developments, global markets around the world finished mostly positive for the quarter, suggesting that strong fundamentals and access to capital provide support in tumultuous times.

Cambiar’s International Equity Fund returned 3.82%, outpacing the 2.23% returned by the MSCI EAFE index. As has been the theme all year, outperformance remains driven by strong stock selection within the portfolio. In response to the global concerns plaguing the Financial Services sector, Cambiar reduced exposure to this segment of the market, while selectively adding Materials, Energy and Technology franchises.

From a sector perspective, solid performance was generated within the Industrials, Financials, Energy, Telecom, Technology and Healthcare sectors, while select few names within Consumer Staples lagged. By country, while our allocation to China remains in the single digits, these holdings again contributed well as Chinese markets remained quite strong throughout the recent financial crisis. As we continue to uncover few compelling stories in Japan, we remain underweight, which benefited portfolio performance.

While most of our country components contributed in a positive manner, Germany and the U.K. detracted. Interestingly, this was due to a handful of isolated names, one being amongst Britain’s oldest companies. We remain steadfast in our belief that our portfolio holdings within these countries continue to demonstrate attractive characteristics on a forward basis.

Additionally, as we believe currency exposure is an added diversification component to international investing, we do not hedge the portfolio, which subsequently benefited from the continuous weakening of the U.S. dollar.

As we’ve stated in prior communications, investor concerns specific to the deterioration of the U.S. sub prime mortgage market and a broader global economic slowdown appear to have been tempered by the continued positive outlook for global economic growth driven my various emerging markets. As we enter the last quarter of 2007, the Cambiar investment team continues to maintain a high degree of conviction for our holdings, as well as the portfolio’s aggregate sector exposures. As investor-owners, Cambiar’s long term interests remain aligned with those of our shareholders, and our unwavering focus on delivering consistent, long-term performance for our clients remains paramount in importance.

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.

As of 9/30/07, the annualized performance of the Fund was: 1 year: 30.36%, 3 year: 22.49%, 5 year: 24.57%, and since inception (8/31/97): 13.83%. The performance quoted represents past performance and the investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost, and current performance may be lower or higher than the performance quoted. For performance data current to the most recent month-end, please call 1-866-777-8227 or visit our website at www.cambiar.com

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