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.

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

The Fund may have a relatively high percentage of assets in a particular country, region or sector of international markets – as well as in a small number of issuers. As a result, a decline in the value of an investment in a single region, sector or issuer could cause the Fund's overall value to decline to a greater degree than if the Fund held a more diverse portfolio. Securities of foreign issuers and ADRs are subject to certain inherent risks, such as political or economic instability, difficulty predicting international trade patterns, currency exchange rates, lack of uniform accounting and financial reporting standards and the possibility of imposition of exchange controls. These risks are more pronounced in emerging market countries. Mid-cap stocks may perform differently from large-cap stocks, as mid-cap stocks may be less liquid and more volatile than large-cap stocks.

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