A copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Investment Company Act or 1940, as amended (the “Act”) (17 CFR § 270.30e-1), is attached hereto.

The Advisors’ Inner Circle Fund

The Funds file their complete schedule of fund holdings with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year on Form N-Q or as an exhibit to its reports on Form N-PORT within sixty days after the end of the period. The Funds’ Forms N-Q and Form N-PORT reports are available on the Commission’s website at http://www.sec.gov, and may be reviewed and copied at the Commission’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to fund securities, as well as information relating to how a Fund voted proxies relating to fund securities during the most recent 12-month period ended June 30, is available (i) without charge, upon request, by calling 877-386-3944; and (ii) on the Commission’s website at http://www.sec.gov.

October 31, 2019

Dear Shareholders,

Looking back, the last 12 months saw relatively strong gains across both the stock market and the bond market as has seemingly been the case for the last decade. However, comments from Jerome (Jay) Powell, Chairman of the Federal Reserve (The Fed), sparked a sell-off that began in early October 2018, and the markets got off to a rocky start as investors grappled with the potential for a recession in the U.S., rising tariffs on imported Chinese goods and less monetary policy support from the Fed. Two of these concerns, the economy and tariffs, persisted through the last 12 months, and remain on investors’ minds today.

The other, however, has reversed course completely. Originally, the Fed had forecasted that they were going to raise interest rates during 2019. However, the weakness in the economy coupled with the markets caused the Fed first to pause, then ultimately to lower interest rates three times so far during 2019. This added stimulus provided support and comfort to the markets, which moved higher. Consequences were felt in other markets, though, as broader global slowing of economic growth pushed central banks outside of the U.S. to add monetary stimulus to their local economies. This pushed global interest rates lower, nearly doubling the amount of negative yielding debt in the world from $7 trillion to $13 trillion in total. Investors are essentially paying $101 for a bond that will pay out $100 when it matures, and despite these attractive borrowing rates, many corporations have not taken advantage of them to fund additional investments in new plants or equipment. Rather, many have used cheap debt in order to pursue additional share repurchases. The challenges continue in many areas outside of the U.S. as governments struggle to try and increase the rate at which their economy is growing in such an environment.

While global growth continues to come under pressure, early signs of improvement are emerging as survey data, such as the Institute on Supply Management’s Purchasing Manager’s Index, has recently begun to improve. This may help to sustain expectations, which remain elevated in the coming year, with growth in S&P 500 companies’ earnings currently being forecasted of more than 10%. In contrast, a recent Duke University survey of chief financial officers pointed to the majority of survey respondents’ expectation for a recession late in 2020, as economic uncertainty weighed on their decisions for additional hiring and capital expenditures. The U.S. has now eclipsed the prior record and remains in the longest economic expansion in history, though even with the headwinds in place, Gross Domestic Product growth forecasts also remain rather sanguine around the 2% level for 2020. Any sort of trade deal would likely help bolster confidence for the business community, which has fallen sharply given the escalations that have taken place during 2019. Recent announcements regarding a partial deal have helped boost the stock market, but until more details emerge, corporations have remained cautiously optimistic on a positive outcome.

Geopolitical concerns remained elevated, particularly regarding finding an agreement on trade with China, and pressured the global growth story that helped moved markets higher in the prior year as well as leading to higher volatility. These shifts in the investing landscape have created opportunities for different industries and businesses alike; this differentiation that has begun between winners and losers is a welcome change from the last several years.

We firmly believe our bottom-up, fundamental research process to identify high-quality businesses trading at attractive valuations is critical now, more than ever, as well as our deep-rooted philosophy of focusing on downside risks and protecting client capital.

The Way Forward

The current market environment continues to produce dislocations with respect to valuation and increased levels of fundamental skepticism that play to our strength. As it has for over 30 years, our investment process continues to seek out fundamentally sound companies where we believe future earnings potential is being underestimated by the market, and strong fundamentals provide limited and quantifiable downside risk.

Thank you for your continued trust.

Sincerely,

The Investment Team

The Westwood Funds

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The information contained herein represents the views of the manager at a specific point in time and is based on information believed to be reliable. No representation or warranty is made concerning the accuracy or completeness of any data compiled herein. Any statements non-factual in nature constitute only current opinion, which is subject to change. Any statements concerning financial market trends are based on current market conditions, which will fluctuate. Past performance is not indicative of future results. All information provided herein is for informational purposes only and is not intended to be, and should not be interpreted as, an offer, solicitation, or recommendation to buy or sell or otherwise invest in any of the securities/sectors/ countries that may be mentioned. Investing involves risk including possible loss of principal.

Mutual fund investing involves risk, including possible loss of principal. There can be no assurance that the Funds will achieve their stated objectives.

A discussion of each fund’s performance during the semiannual period ended October 31, 2019, is presented below.

* Without sales charge

The performance data quoted represents past performance. Past performance does not guarantee future results. 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. The Adviser has contractually agreed to waive fees and reimburse expenses until February 28, 2020. In the absence of current fee waivers, total return and yield would have been reduced.

Information Technology and Utilities were top contributors due to strong stock selection. AT&T gained as the wireless market competition remained rational and management worked to optimize their portfolio of assets while lowering leverage and returning excess capital to shareholders. Motorola Solutions moved higher as their efforts to grow their software and services business to complement their hardware business for first responders served them well in growing their recurring revenues and generating incremental cash flow. WEC Energy rallied given the confidence in their longer-term earnings growth given the stability within their regulated utility businesses in favorable geographies. Microsoft rose as sales and earnings exceeded expectations on strength in their cloud segment and best-in-class offerings for a hybrid environment. NextEra Energy gained amidst economic uncertainty given their clean portfolio of generation assets and favorable regulatory environment in Florida to support stable earnings growth.

Real Estate weighed on relative performance due to less favorable stock selection, which also pressured Industrials and more than offset positive allocation benefits. Broadly, energy producers were pressured by falling commodity prices as investors grappled with future demand growth for hydrocarbons. This negatively impacted EOG Resources and ConocoPhillips despite solid execution and a focus on driving returns and cash flows higher, rather than production. Lower demand for oilfield services, due to the lower energy prices, sent shares of Halliburton down as well given lower activity levels. FedEx declined as results failed to meet expectations due to their struggles in integrating and improving operations at their European acquisition, TNT Express. Simon Property Group fell as their mall-based tenants faced intense pressures, including some bankruptcies, from shifting consumer spending toward experiences and online shopping.

The performance data quoted represents past performance. Past performance does not guarantee future results. 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. The Adviser has contractually agreed to waive fees and reimburse expenses until February 28, 2021. In the absence of current fee waivers, total return and yield would have been reduced.

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Westwood Low Volatility Equity Fund to be renamed Westwood Total Return Fund, effective November 1, 2019

Positive allocation and selection in Energy and Information Technology helped boost relative performance. Teradyne saw strong sales in China, spurred by spending on building out a 5G cellular network, to help offset some headwinds in their other businesses like cobots. Medicines rallied as they saw positive results from the trials of their new drug, inclisiran. Microsoft rose as sales and earnings exceeded expectations on strength in their cloud segment and best-in-class offerings for a hybrid environment. Sherwin-Williams moved higher as strong same-store sales at their paint stores and expanding margins continued to deliver better than expected sales and earnings. Texas Instruments gained through the year as strong execution by management helped to moderate the impact from declining sales on their margins and cash generation.

Selection in Industrials and Health Care was a headwind to relative performance. CVS Health faced challenges in their retail operations, despite strength seen elsewhere, which weighed on shares. FedEx declined as results failed to meet expectations due to their struggles in integrating and improving operations at their European acquisition, TNT Express. Amdocs saw investor uncertainty regarding the potential contract renewal from a major wireless carrier. Wright Medical faced increased competitive threats to their extremities business and declining sales of Cartiva negatively impact their shares. Jazz saw positive news on several drugs be overshadowed by potential generic competition for Xyrem, a major contributor to their earnings.

The performance data quoted represents past performance. Past performance does not guarantee future results. 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. The Adviser has contractually agreed to waive fees and reimburse expenses until February 28, 2020.

Health Care and Consumer Discretionary benefited relative performance from positive allocation and stock selection. Summit Materials rallied on better-than-feared results in their cement and aggregates business given the historic flooding along the Mississippi river that negatively impacted their ability to ship their products. Hubbell shares moved higher as strength in their power segment, coupled with accretive acquisitions, helped push results ahead of expectations while the company continued to generate substantial free cash flow. Teleflex rose as solid organic growth in their core business of single-use medical products led to higher than expected levels of sales and earnings, with acquisitions helping to drive results even higher. Americold benefited from higher pricing on their pallet and handling fees for their cold storage with strong industry demand adding to their pipeline of potential development opportunities. Assurant gained as increasing demand for mobile phone warranties as well as for other consumer electronics helped boost their fee-based businesses ahead of expectations as management deployed capital into both accretive acquisitions as well as returning it to shareholders.

Energy and Financials weighed on relative performance due to less favorable stock selection. Broadly, energy producers were pressured by falling commodity prices as investors grappled with future demand growth for hydrocarbons. Additionally, acquisitions were highly scrutinized by investors with several instances where both the company proposing the acquisition and the company proposed to be acquired were sent lower. These two factors impacted several top detractors including Callon Petroleum and Penn Virginia. Centennial Development also struggled operationally, compounding the lower commodity price environment, sending shares lower. WPX Energy, conversely, showed strong execution but higher levels of production and capital expenditures were less favorably received by investors. Albemarle declined as falling lithium prices pressured that segment and concerns over future supply imbalances also weighed on their contracted volumes.

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*Without Sales Charge

** Fiscal Year or Since Inception, whichever is longer

WHGAX and WHGCX Inception Date: 9/3/2019

The performance data quoted represents past performance. Past performance does not guarantee future results. 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. The Adviser has contractually agreed to waive fees and reimburse expenses until February 28, 2020 for Institutional Shares. The Adviser has contractually agreed to waive fees and reimburse expenses until Feb. 28, 2021 for A Shares and C Shares. In the absence of current fee waivers, total return and yield would have been reduced.

Industrials and Health Care were top contributors to relative performance due to favorable allocation and stock selection. Installed Building Products rallied sharply as their pricing actions helped bolster margins and allay investor concerns regarding their ability to pass-through higher insulation prices. Universal Forest Products navigated volatile lumber prices to see shares move higher as management executed on their strategy to increase value-added sales into the housing market. CONMED shares gained as strong organic growth from their surgical and orthopedic products was augmented by their acquisition of additional products to help sustain their track record of beating estimates. Novanta rose as execution remained solid with better bookings and strength in their vision technologies segment boosting results. Knoll gained as strength in corporate office spending helped drive strong sales growth and orders while continuous improvement efforts offset rising transportation and commodity inflation.

Financials and Energy weighed on relative performance due to less favorable stock selection. Broadly, energy producers were pressured by falling commodity prices as investors grappled with future demand growth for hydrocarbons. Additionally, acquisitions were highly scrutinized by investors with several instances where both the company proposing the acquisition and the company proposed to be acquired were sent lower. These two factors impacted several top detractors including Callon Petroleum, Penn Virginia, SRC Energy and Jagged Peak Energy. Children’s Place continued to see near-term disruptions from the earlier bankruptcy of a competitor even as the outlook for market share gains in children’s clothing appear favorable.

** 40% S&P 500 Index/60% Bloomberg Barclays U.S. Aggregate Bond Index

***Fiscal Year or Since Inception, whichever is longer.

WWICX Inception Date: 9/3/2019

The performance data quoted represents past performance. Past performance does not guarantee future results. 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

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than their original cost and current performance may be lower or higher than the performance quoted. The Adviser has contractually agreed to waive fees and reimburse expenses until February 28, 2020 for Institutional Shares. The Adviser has contractually agreed to waive fees and reimburse expenses until Feb. 28, 2021 for A Shares and C Shares.

All the asset classes were positive contributors, with the strongest returns seen in Real Estate Investment Trusts (REITs) and Common Stocks and the smallest gains posted in Fixed Income. Home Depot benefited as spending on home improvement remained strong underpinned by improvement in the housing market. Alexandra Realty posted strong gains on solid execution as management remains active in disposing of assets and funding new laboratory development projects. PepsiCo raised organic sales growth, driven by strength in their North American Frito Lay operations, as well as boosting their expectations on the earnings front. AT&T gained as the wireless market competition remained rational and management worked to optimize their portfolio of assets while lowering leverage and returning excess capital to shareholders. Honeywell rallied as margins continued to expand across their segments, with backlog strength helping drive higher sales in the coming year.

FedEx declined as results failed to meet expectations due to their struggles in integrating and improving operations at their European acquisition, TNT Express. Cisco cited slowing across several areas including their service provider offerings, their business in China and decelerating orders for enterprise that all weighed on their guidance and caused management to reduce their forecasts. Johnson & Johnson faced headwinds from the potential legal liability resulting from selling opioids in the past. Colgate-Palmolive saw some disappointment with their margins despite higher advertising spending translating into higher sales growth. Norfolk Southern saw some modest pressure on shares from unexpected costs arising from a bridge outage and a train derailment while pricing and productivity were positives for their results.

* Without sales charge

The performance data quoted represents past performance. Past performance does not guarantee future results. 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. The Adviser has contractually agreed to waive fees and reimburse expenses until February 28, 2020.

Market Commentary

Emerging Markets underperformed developed markets with a loss during the period, as optimism toward potential further easing from the Fed and the European Central Bank (ECB), due to a series of weak economic data points, was tempered by uncertainty over the launch of a presidential impeachment inquiry in the U.S., and the reluctance of the People’s Bank of China (PBoC) in China to implement further rate cuts and fiscal stimulus. Brent Crude spiked over 14% in mid-September after a drone attack shut down about 5.7mn b/d of crude production in Saudi Arabia, the single biggest supply disruption ever, but prices softened subsequently as output was restored. Precious metals — gold, silver and platinum — all declined after strong rallies in the previous months.

The advance in Latin America (LatAm) was led by Brazil as President Jair Bolsonaro’s policy reforms gathered momentum with the approval of the pension reform bill in the Senate, the approval of an oil auction bill by the Senate, and the tabling of a Law Project to modernize the Foreign Exchange (FX) market by the Central Bank of Brazil. A 50 basis point rate cut by the central bank also provided some tailwind. Chile was gripped by widespread anti-government protests that prompted President Sebastian Pinera to enact a sweeping reshuffle of his cabinet and announce a package of social measures. Argentina strengthened capital control measures after the defeat of Mauricio Macri to Peronist leader Alberto Fernandez in the presidential elections, as the central bank cut its benchmark overnight deposit rate by 150 basis points in the wake of disinflation and a recovering currency.

Asia ex-Japan declined as China equities were sold amid domestic growth and trade war uncertainty despite a preliminary trade deal with the United States in September. Investor anticipation of further potential fiscal easing fueled returns in India, following a 25 basis point rate cut by the Reserve Bank of India. Korea also witnessed a 25 basis point rate cut from its central bank, while Taiwan reflected the rise in index heavyweight foundries. Performance in the Association of Southeast Asian Nations (ASEAN) region was mixed, dragged down by Thailand and Malaysia, while Philippines and Indonesia rose sharply, fueled by hopes of potential tax and interest rate cuts.

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Eastern Europe, Middle East and Africa (EEMEA) saw major gains in Egypt, Russia and Turkey from a recovery in domestic currencies, interest rate cuts to fuel growth and rising gas prices. South Africa reflected the rise in gold prices as mining companies advanced. Turkey slumped near the end of the period amid renewed volatility over investor concerns about potential U.S. sanctions in the aftermath of the Turkish attacks in Syria, despite a 250 basis point rate cut by the central bank.

Fund Performance

Stock selection drove relative return while sector and country positioning remained positive. Financials, Materials and Utilities led contribution, while Consumer Discretionary and Consumer Staples detracted. Exposure to India, Taiwan, South Korea and Egypt was positive, while South Africa, Argentina and Turkey detracted.

Contribution in Financials was led by Commercial International Bank of Egypt, as a decline in Egyptian headline inflation to a six-year low of 7.5% in August raised expectations that interest rates would fall sharply, supporting near-term growth prospects and credit demand. The bank reported results that showed an increase in net income despite subdued loan growth. Tisco Financial in Thailand also contributed as the company remained one of the best plays in the sector with a current yield of 8% versus sector average of 3% to 4%, a stronger balance sheet, and demonstrated efficiency in managing its profitability and risk exposure. Tisco has consistently generated at least 19% return on equity even during recent weakness in macro environment and loan growth, and its management team has a solid track-record of staying ahead of regulatory changes to optimize income and preserve capital. Other contributors included insurance firms AIA Group and BB Seguridade, while BOC Hong Kong detracted amid near-term growth concerns from ongoing protests in Hong Kong.

Materials contributed primarily from security selection, led by Barrick Gold. Company management indicated that production output remains at the top end of guidance pending a new five-year plan to be unveiled next quarter. The Nevada joint venture between Barrick Gold and Newmont Goldcorp, announced on July 1, 2019, is expected to deliver incremental value to the company, with the potential upside of almost $5 billion in synergy. Dampening domestic growth sentiment weighed on cement companies Anhui Conch and Siam Cement. Names in South America were the main detractors as iron ore and copper prices weakened, including Vale SA.

Security selection drove positive contribution in Utilities, led by China Resources Gas, Indraprastha Gas Ltd in India and Enel Americas in Chile. Shares of China Resources Gas soared to all-time highs following news of a signed cooperation agreement with Shanxi Gas Group on October 24 to consolidate the Shanxi city gas market. The deal could potentially be accretive to Earnings Per Share (EPS) by 14% to 33% with no need for any equity funding, plus potential synergistic benefits such as lower operating cost due to economies of scale, increased sales from better supply and lower financing costs. Internal Guidance Line (IGL) reported very strong performance in its latest quarterly results that exceeded expectations, as total volume increased, led by higher household connections. In aggregate, we expect volume growth to be sustainable at 11% year over year, over the next three years. Enel Américas’ latest quarterly results beat estimates as well, including a rise in net revenues of 16% year over year, while PT Perusahaan Gas in Indonesia detracted over pricing and regulatory uncertainty.

We added to the Financials sector through new holdings such as DBS Group, HDFC and Ping An Insurance while taking profits from Central Pattana, a Thai real estate developer, and airport construction and operator Grupo Aeroportuario in Mexico. Other holdings that faced a deteriorating investment outlook were sold, including Ambev and Cielo in Brazil, CT Environmental in China, and Thai Union Group and Enka Insaat in Turkey.

Current Strategy and Market Outlook

While recent corporate earnings have so far been relatively resilient and moderately positive compared to lowered expectations, lingering uncertainty from geopolitical tensions and slower global growth prospects suggests another potentially volatile quarter ahead. Although the United States/China truce over new tariffs provides hope for productive negotiation, increased tariff-related costs and uncertainties continue to weigh on business and consumer sentiment. In the absence of a quick resolution to a trade standoff that has undermined investor confidence, global central banks, particularly across Emerging Markets, have adopted easier monetary policy stances as governments implement moderate fiscal stimulus through tax cuts and investments.

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From a long-term perspective, Emerging Market equities remain attractive relative to global equities given the modest valuation of 12 times forward P/E, and less than eight times EV/EBITDA, for a decent 12% return on equity plus 3% dividend yield, based on the MSCI Emerging Market benchmark.

Our portfolio continues to provide exposure to a broad range of long-term growth opportunities throughout Emerging Markets. As long-term investors who have invested through past crises, we remain disciplined to our process, avoiding the lure of herd mentality, and positioning for the long-term growth story that is to come.    

* Without sales charge.

† The ICE BofAML U.S. High Yield Index is provided solely as a relative market indicator. The Westwood Short Duration Fund is not a benchmarked product.

The performance data quoted represents past performance. Past performance does not guarantee future results. 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. The Adviser has contractually agreed to waive fees and reimburse expenses until February 28, 2021.

Westwood Short Duration High Yield Fund to be renamed Westwood High Income Fund, effective November 1, 2019

The short duration segment of the high yield market posted strong absolute returns for the 10-month period ending Aug. 30, 2019, with significantly less volatility than the broader United States high yield market. Generally, longer duration (within the context of short duration) outperformed more speculative securities and shorter duration securities during the period.

The Westwood Short Duration High Yield Fund generated a 6.3% return net of fees for the period ending Aug. 30, 2019, capturing nearly 75% of the broad high yield market return (as defined by the ICE BofAML US High Yield Index). Given a duration shorter than the overall high yield market, this limited the ability of the Fund to capture the full upward price move, but did allow for substantially less volatility during the period.

The performance data quoted represents past performance. Past performance does not guarantee future results. 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. The Adviser has contractually agreed to waive fees and reimburse expenses until February 28, 2021.

Westwood Market Neutral Income Fund to be renamed Westwood Alternative Income Fund, effective November 1, 2019

During the past 12 months, markets have overcome a transitional Fed, from one reducing accommodation to one adding liquidity, accompanied by an inverted yield curve. The well-documented trade “war” action, rhetoric and escalation have been center stage in the consciousness of investors. Brexit drama has at times gripped the markets. Italian budget crisis, Argentina default, Saudi Arabian bombing, Hong Kong protests… the list goes on. It is with this backdrop that we have seen a general, but undisputed, rise in the level of volatility across all asset classes.

All the while, the Westwood Market Neutral Income Fund has steadily performed for fund holders. Our investment selection process coupled with active risk management has allowed us to weather the occasional risk-off environment witnessed during the past year, but still deliver solid returns when risk appetite has improved. Equity market drawdowns in December 2018, May 2019 and August 2019 are excellent examples of the how the strategy may help mitigate risk in difficult markets. Our focus on

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quality companies with supportive fundaments is crucial in capturing supportive yield while limiting the downside risk from the short duration component of the Fund. This goes for the arbitrage positioning as well, where company fundamentals are coupled with quantitative analysis to potentially position for maximum return on investment for given level of risk.

It is our opinion that the environment we are in, and will likely remain for some time, is conducive to higher levels of equity volatility. There are several reasons for this including full valuation, decade highs in consumer comfort, such as siege on globalization, populism, climate change, negative rates, and overall debt levels, to name a few. This is not to say we are bearish, only that the markets face challenges that make volatility more likely. This is potentially a good thing for the Market Neutral Income Fund. The arbitrage trades we focus on allow us to be in a long volatility position, capturing value when volatility rises. This can be the market as a whole, or when an individual stock experiences an idiosyncratic event. That is what we have experienced in the past year; couple it with a steady amount of income from our yield positions and a tail risk hedging program, and the outcome has been one of steady returns with low volatility and uncorrelated returns to other asset classes. A solid diversifier.

Taking a view of the three main contributors to return, Arbitrage, Yield and Tail Hedges, we have seen a consistent picture, with arbitrage and yield each contributing equally to return and tail hedges essentially flat. This is the cost of protection, but belies its power of the tail hedging, as in months when equity markets fell, this program limited the impact on the Fund by gaining in value. In the arbitrage book, we saw some great returns from positions in Medicines Company, Microchip Technology, Cardtronics and Interactive Corp. We profited from volatility and revaluation in all these cases. Sometimes from stock corrections, other times as stocks soared. There were a few laggards over the past year; OPKO Health, ANI Pharma and Pacific Biosciences were less than hoped for. In the Yield book, we saw substantial gains from positions in Tesla, Nextera and Zhongsheng Group. Undervalued credit and a little equity upside from out of the money options boosted returns above target. Yet, some yield names lagged, with Verastem Inc., Aabar Investments and Clovis Oncology coming in below expectations.

Finally, as reviewed above, we believe prospects for the Market Neutral Income Fund remain strong. Future uncertainty gives us confidence our strategy can produce for investors who desire a steady, low volatility, low correlation outcome. Downside risk management with the potential for income and volatility capture are key tenets in providing future results.

The performance data quoted represents past performance. Past performance does not guarantee future results. 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. The Adviser has contractually agreed to waive fees and reimburse expenses until February 28, 2020.

As the global financial markets continue to digest the myriad of issues, including, but not limited to trade, monetary policy, global growth and company fundamentals, the backdrop has been a more volatile market across all asset classes. In this more uncertain environment, convertible bonds have once again demonstrated their value to asset allocations, through their strong risk-adjusted return outcome.    Over the past 12 months, convertible bonds have performed well, as the equity component of convertibles has participated with rising equity markets since the Dec. 24, 2018, low in the equity markets. The Thomson Reuters US Convertible Bond Index rose 10.24% over the period, while the S&P 500 Index rose 14.32% over the same time frame, with convertibles capturing 71.5% of the equity move. In the fixed income markets, the Bloomberg Barclays US Aggregate Total Return gained 11.51% and the Bloomberg Barclays US Corporate High Yield rose 8.38% over the same period.

The Westwood Strategic Convertible Fund outpaced its benchmark during the period, with a total return, net of fees, of 10.99%. This return reflects a 76.7% capture of S&P 500 equity returns and is above the typical historical range for equity capture. The main driver of outperformance continued to be security selection. The Fund has benefited from a number of strong performers over the past year where the company delivered strong fundamentals and the convertible bond structure delivered its asymmetric return benefits. Some of these names included The Medicines Company, Exact Sciences, Mecradolibre and Xero Ltd.

The Fund’s delta position, or sensitivity to equity markets, has been in line with the benchmark for much of the year. The allocation to U.S. names has been consistent in the low 80% range over the past year, given the opportunity set in the region. The Asian convertible universe has been in the low teens over the past year and Europe has been below 5% over the period.

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The Fund continued to capitalize on unique and compelling, non-U.S. opportunities that provide a benefit either from a sector diversification standpoint or simply due to an especially attractive investment opportunity.

We continue to focus on maintaining exposure to balanced convertibles, as the asymmetrical return profile of these securities allows Fund investors to both continue to potentially benefit from upside participation in the equity markets, while maintaining the downside mitigation of the bond component in the event of market corrections. The bouts of market volatility seen over the past 12 months are likely to persist, and such periods should continue to provide opportunities for active managers to outperform and position the portfolio for the future benefit of Fund investors.

*50% Bloomberg Barclays U.S. Corp. Bond Index/50% Bloomberg Barclays U.S. Corp. High Yield Ba/B Index

**Fiscal Year or Since Inception, whichever is longer

WFLEX Inception Date: 12/19/2018

The performance data quoted represents past performance. Past performance does not guarantee future results. 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. The Adviser has contractually agreed to waive fees and reimburse expenses until February 28, 2020.

The Federal Reserve continued to ease monetary policy throughout 2019, which had a beneficial impact on lower interest-rate-sensitive industries. In this regard, the Fund’s holdings in Capital Markets and Real Estate Investment Trusts (REITs) were the greatest contributors to return during the period. Additionally, the Fund’s investments in Oil, Gas & Consumable Fuels were also strong contributors, mostly due to the Fund’s concentration of holdings in the Natural Gas Transportation realm.

Ares Capital Corporation (ARCC) common stock and TCG BDC (CGBD) common stock were top contributors to performance as their middle-market lending businesses are greatly influenced by Fed policy.

Industries which negatively impacted performance included Health Care Providers & Services, Textiles, Apparel & Luxury Goods, and Machinery. Both Health Care and Textiles Industries saw negative volatility during the period due to political factors: Health Care due to fears of the adoption of “Medicare for All” and Textiles due to the rise of import tariffs. Machinery and other Industrial Industries have seen slowing growth due to the tariff issue as well.

CVS Health (CVS) common stock, G-III Apparel (GIII) common stock and Manitowoc (MTW) 9% 2nd Lien Notes due 04/01/2026 were lagging positions in the Fund due to these political factors.

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Definition of the Comparative Indices & Key Terms

Alerian MLP Index is the leading gauge of large and mid-cap energy Master Limited Partnerships (MLPs). The float-adjusted, capitalization-weighted index, includes 50 prominent companies and captures approximately 75% of available market capitalization.

Bloomberg Barclays US Aggregate Bond Index is a broad-based flagship benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market.

Bloomberg Barclays U.S. Corp. Bond Index measures the investment grade, fixed-rate, taxable corporate bond market. Securities must be rated investment grade (Baa3/BBB-/BBB- or higher).

Bloomberg Barclays U.S. Corp. High Yield Ba/B Index measures the investment grade (Ba/B), fixed-rate, taxable corporate bond market.

Beta is a measure of the volatility, or systematic risk, of a security or a portfolio in comparison to the market as a whole. Beta is used in the capital asset pricing model (CAPM), which calculates the expected return of an asset based on its beta and expected market returns.

Delta is the ratio comparing the change in the price of the underlying asset to the corresponding change in the price of a derivative.

Duration-to-Worst is the duration of a bond computed using the bond’s nearest call date or maturity, whichever comes first.

EV/EBITDA is the ratio of Enterprise Value (EV) and EBITDA. EV is calculated as total market cap plus debt and minus total cash. EBITDA is earnings before interest, taxes, depreciation and amortization

FTSE 1-Month Treasury Bill Index is a market value-weighted index of public obligations of the U.S. Treasury bills with maturities of one month. The Index reflects no deduction for fees, expenses or taxes.

ICE BofAML U.S. High Yield Index tracks the performance of U.S. dollar denominated below investment grade corporate debt publicly issued in the U.S. domestic market. Qualifying securities must have a below investment grade rating (based on an average of Moody’s, S&P, and Fitch) and an investment grade rated country of risk (based on an average of Moody’s, S&P and Fitch foreign currency long-term sovereign debt ratings). Benchmark returns do not reflect any management fees, transaction costs, or expenses. Investors cannot invest directly in an index.

MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. The MSCI Emerging Markets Index consists of the following 21 emerging market country indices: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Morocco, Peru, Philippines, Poland, Russia, South Africa, Taiwan, Thailand, and Turkey.

Russell 1000 Index measures the performance of the large-cap segment of the U.S. equity universe. It is a subset of the Russell 3000 Index and includes approximately 1,000 of the largest securities based on a combination of their market cap and current index membership. The Russell 1000 represents approximately 92% of the Russell 3000 Index. The Russell 1000 Index is constructed to provide a comprehensive and unbiased barometer for the large-cap segment and is completely reconstituted annually to ensure new and growing equities are reflected.

Russell 1000 Value Index measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values.

Russell 2000 Index is an index measuring the performance approximately 2,000 small-cap companies in the Russell 3000 Index, which is made up of 3,000 of the biggest U.S. stocks. The Russell 2000 serves as a benchmark for small-cap stocks in the United States.

Russell 2000 Value Index measures the performance of those Russell 2000 Index companies with lower price-to-book ratios and lower forecasted growth values.

Russell 2500 Index measures the performance of the 2,500 smallest companies in the Russell 3000 Index, which represents approximately 16% of the total market capitalization of the Russell 3000 Index.

10

S&P 500 Index is an unmanaged capitalization-weighted index of 500 stocks designed to measure performance of the broad domestic stock market through changes in the aggregate market value of 500 stocks representing all major industries.

Thompson Reuters U.S. Focus Convertible Bond Index represents the convertible asset class with a U.S. region concentration, targeting larger convertibles. It is limited in number of constituents to ensure breadth and manageability.

Yield-to-Worst is the lowest potential yield that can be received on a bond without the issuer actually defaulting.

11

Growth of a $10,000 Investment

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. There are no assurances that the Fund will meet its stated objectives. The Fund’s holdings and allocations are subject to change because it is actively managed and should not be considered recommendations to buy individual securities. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

The graph is based on Institutional Shares. Performance for A Class Shares would have been lower because it is subject to a maximum front-end sales charge of 5.00% and additional annual distribution expenses of 0.25%.

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. If the Adviser had not limited certain expenses, the Fund’s total return would have been lower.

See definition of comparative indices on pages 10 and 11.

12

Growth of a $10,000 Investment

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. There are no assurances that the Fund will meet its stated objectives. The Fund’s holdings and allocations are subject to change because it is actively managed and should not be considered recommendations to buy individual securities. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. If the Adviser had not limited certain expenses, the Fund’s total return would have been lower.

See definition of comparative indices on pages 10 and 11.

13

Growth of a $10,000 Investment

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. There are no assurances that the Fund will meet its stated objectives. The Fund’s holdings and allocations are subject to change because it is actively managed and should not be considered recommendations to buy individual securities. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. If the Adviser had not limited certain expenses, the Fund’s total return would have been lower.

See definition of comparative indices on pages 10 and 11.

14

Growth of a $10,000 Investment

N/A - Not applicable.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. There are no assurances that the Fund will meet its stated objectives. The Fund’s holdings and allocations are subject to change because it is actively managed and should not be considered recommendations to buy individual securities. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

The graph is based on Institutional Shares. Performance for A Class Shares would have been lower because it is subject to a maximum front-end sales charge of 3.00% and additional annual distribution expenses of 0.25%.

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. If the Adviser had not limited certain expenses, the Fund’s total return would have been lower.

See definition of comparative indices on pages 10 and 11.

15

Growth of a $10,000 Investment

N/A – Not applicable.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. There are no assurances that the Fund will meet its stated objectives. The Fund’s holdings and allocations are subject to change because it is actively managed and should not be considered recommendations to buy individual securities. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

The graph is based on Institutional Shares. Performance for A Class Shares would have been lower because it is subject to a maximum front-end sales charge of 3.00% and additional annual distribution expenses of 0.25%.

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. If the Adviser had not limited certain expenses, the Fund’s total return would have been lower.

See definition of comparative indices on pages 10 and 11.

16

Growth of a $10,000 Investment

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. There are no assurances that the Fund will meet its stated objectives. The Fund’s holdings and allocations are subject to change because it is actively managed and should not be considered recommendations to buy individual securities. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. If the Adviser had not limited certain expenses, the Fund’s total return would have been lower.

The graph is based on Institutional Shares. Performance for A Class Shares would have been lower because it is subject to a maximum front-end sales charge of 5.00% and additional annual distribution expenses of 0.25%.

See definition of comparative indices on pages 10 and 11.

17

Growth of a $10,000 Investment

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. There are no assurances that the Fund will meet its stated objectives. The Fund’s holdings and allocations are subject to change because it is actively managed and should not be considered recommendations to buy individual securities. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. If the Adviser had not limited certain expenses, the Fund’s total return would have been lower.

The graph is based on Institutional Shares. Performance for A Class Shares would have been lower because it is subject to a maximum front-end sales charge of 2.25% and additional annual distribution expenses of 0.25%.

See definition of comparative indices on pages 10 and 11.

18

Growth of a $10,000 Investment

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. There are no assurances that the Fund will meet its stated objectives. The Fund’s holdings and allocations are subject to change because it is actively managed and should not be considered recommendations to buy individual securities. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

The graph is based on Institutional Shares. Performance for Ultra Class Shares would vary due to differences in fee structures.

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. If the Adviser had not limited certain expenses, the Fund’s total return would have been lower.

See definition of comparative indices on pages 10 and 11.

19

Growth of a $10,000 Investment

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. There are no assurances that the Fund will meet its stated objectives. The Fund’s holdings and allocations are subject to change because it is actively managed and should not be considered recommendations to buy individual securities. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. If the Adviser had not limited certain expenses, the Fund’s total return would have been lower.

See definition of comparative indices on pages 10 and 11.

20

Growth of a $10,000 Investment

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. There are no assurances that the Fund will meet its stated objectives. The Fund’s holdings and allocations are subject to change because it is actively managed and should not be considered recommendations to buy individual securities. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. If the Adviser had not limited certain expenses, the Fund’s total return would have been lower.

See definition of comparative indices on pages 10 and 11.

21

The accompanying notes are an integral part of the financial statements.

22

The accompanying notes are an integral part of the financial statements.

23

The accompanying notes are an integral part of the financial statements.

24