Cambiar International Small Cap Fund Institutional Class NMFQS:CAMFX

The fund invests at least 80% of its net assets in equity securities of small-cap foreign companies. The manager expects to invest in at least three different countries. The equity securities in which the fund invests are generally common stocks traded on foreign exchanges, although it may also purchase ADRs, which are traded on U.S. exchanges and markets and represent an ownership interest in a foreign security. The manager considers small-cap foreign companies to be those with market capitalizations not greater than either that of the largest company in the MSCI EAFE Small Cap Index or $5 billion.