Chautauqua International Growth Fund (CCWSX) Diversifiers

The fund invests primarily in equity securities of non-U.S. companies with medium to large market capitalizations (i.e., those typically with market capitalizations in excess of U.S. $5 billion at the time of purchase). It 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 other than the U.S. It invests in developed markets and emerging markets.