Chautauqua International Growth Fund

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The Chautauqua International Growth Fund invests primarily in equity securities of both U.S. and non-U.S. companies with medium to large market capitalizations (i.e., those with market capitalizations in excess of U.S. $5 billion at the time of purchase). Equity securities in which the Fund may invest include common stocks, preferred stocks, depository shares and receipts, rights, warrants and exchange-traded funds (ETFs). Under normal market conditions, the Fund will invest at least 65% of its total assets at the time of purchase in non-U.S. companies. The Fund will normally be diversified among at least three countries in addition to the United States. The Fund invests primarily in developed markets but may invest in emerging and less developed markets. In evaluating potential investments, the advisor considers companies with growth characteristics that the advisor believes are likely to benefit from current macroeconomic and global trends and sustainable competitive advantages. The Fund will normally hold a concentrated number (generally 25 to 35) of companies.

Redemption fee is for shares held 90 days or fewer, as a percentage of the amount redeemed.

The Net Expense Ratio is the Gross Expense Ratio minus any reimbursement from the Advisor. The advisor has contractually agreed to waive its fees and/or reimburse expenses at least through April 30, 2019, to the extent necessary to ensure that the total operating expenses do not exceed 1.20% of the Investor Class's average daily net assets and 0.95% of the Institutional Class's average daily net assets. Investor class expense ratios include a 0.25% 12b-1 fee.

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