2020 was truly unprecedented historically and perhaps beyond words for those tasked to try to describe or provide context to it. In contrast to 2019, when the market story centered on the straightforward liquidity versus fundamentals narrative, last year investors had to embrace the pivot of the U.S. Federal Reserve and other global central banks. It was the thing to get right and proved more beneficial to returns over taking the time to commit to some in-depth fundamental analysis of the underlying global economy. As we ended 2019, the Fed stayed on hold, ending a year of significant global central bank support, which boosted risk asset prices (and several equity indexes) to record highs.

Global markets started 2020 positively with the signing of a phase one trade deal between the U.S. and China. In January, the Fed held steady on rates and U.S. GDP was stable but below target. The first two weeks of January saw record inflows to U.S. Treasuries. With the negative turn in sentiment, U.S. and European government bond returns were positive, as was gold. Global central banks remained accommodative and economic data showed signs of improvement globally. By February, the COVID-19 outbreak took center stage, replacing trade as the global financial market’s heavyweight worry. Fear of a worldwide slowdown and prolonged supply chain issues rocked markets.

Volatility increased and continued through March and by quarter-end, we witnessed the worst first quarter for the Dow Jones in its 124-year history and unemployment claims skyrocketed. The CARES Act, which amounted to roughly 9% of U.S. GDP, was signed into law. Though both the Dow Jones and S&P 500 rebounded somewhat from their respective lows during the month, they experienced their worst month since October 2008. In April, global financial markets rebounded to begin Q2, with the risk-on rally happening early in the month. Central bank purchases were aggressive and global yields lifted off historic lows. The Fed’s intervention helped to calm markets, restore liquidity and strengthen functionality. Though COVID-19 continued to dominate the news cycle and market action in May, the conversation has shifted from containment to how countries would relax their lockdowns and the potential effect on their economies. The stock market’s move higher came against a backdrop of weak economic data. In Europe, the EU recovery plan started to take shape, virus infection rates were down considerably, and bond spreads between Germany and peripheral countries came in.

Global financial markets extended their rebound in June to finish the quarter on a positive note. Markets seesawed higher and lower on positive or negative pandemic news in June. The S&P 500 had its best quarter in over 20 years, and each sector experienced gains in the quarter. The June 16 Federal Open Market Committee meeting minutes showed the Fed’s disinclination toward yield curve control as a policy option. With some exceptions, global equity markets were broadly positive for July, though economic data confirmed the downturn’s depth in the second quarter. Fixed income was positive in July, gold hit a new record high and the U.S. Dollar Currency Index (DXY), which measures the

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greenback’s strength against six major currencies, declined during the month. The Fed signaled that it would keep rates low for the foreseeable future, and while Congress debated, it was unable to extend unemployment benefits. European stocks were positive for July as the EU finally passed a stimulus bill financed with a common cross-border bond.

By August, the S&P 500 reached a new all-time high, recovering with great speed from the deep decline that took place during the pandemic sell-off. The Fed announced that it would now focus on average inflation targeting and take a long-term supportive stance. There was a rise in long-term yields in fixed income due to the Fed’s new accommodative policy. The U.S. dollar (as measured by the DXY) continued to weaken in August. The market seemed to continue to embrace August’s gains after the S&P 500 recorded an all-time high on September 2. However, both the S&P 500 and the Nasdaq were negative for September. At month-end, volatility (as measured by the Chicago Board Options Exchange’s CBOE Volatility Index) was close to twice the average since the Global Financial Crisis.

U.S. and European financial markets finished in negative territory for October, whereas emerging markets finished positive for the month. Market volatility picked up due to a spike in COVID-19 cases globally and anxiety regarding the U.S. presidential election outcome. U.S. Treasuries rose modestly for the month. Though U.S. daily virus cases rose steadily during October, 29 states had fully reopened. GDP surged in the third quarter, mainly on the back of a big jump in consumer spending, and U.S. manufacturing activity also accelerated in October. The prevailing and all-consuming narrative for 2020 was the global pandemic and all that has come with it. The massive and violent market drawdown was met head-on and countered with an equally colossal policy response. Markets propelled upward and participants, given the news of a vaccine, began to look beyond their existing environment to the back half of 2021. They saw a return to some form of normalcy and moved to tag a stock’s price to that outcome.

At Chiron, we pride ourselves on being dynamic and understanding the game the market is rewarding. It is essential to understand what is driving investors’ focus. Given the low-rate environment, investors’ cash-flow focus intensified in 2020. They severely discounted valuations and put a premium on companies that could produce a credible yield and provide stability to show compounding cash flow out into the future. Even after the downturn in March, they held onto assets that they owned coming into 2020 and were not prepared to embrace cyclicality and start a new cycle. Traditional value did not catch on as investors were wary of these stocks’ ability to defend and grow the dividend without a healthy cash flow story. This low-rate environment is not a phenomenon that any current investors have ever experienced. It is a cycle with a twist. Investors will demand cash flow until GDP picks up to support value stocks.

Fiscal year 2020 proved, despite everything, to be a good year for active fundamental managers. If you knew what to focus on and where to look, you had to have the conviction to go there when others hesitated. We exited 2019 making the argument for

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active management and pointed to the problematic crowding in stocks that populate the top of the indexes, especially in the U.S. We pointed out that this crowding behavior was okay on the way in, but it can be problematic on the way out. As we end fiscal year 2020, we believe that all the pandemic’s pricing disconnects have provided a fertile feeding ground for active management. We see our ability to move dynamically in these fast-moving markets as having increased relevance to the Fund shareholders.

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we further tempered our value tilt and reduced our pro-cyclical stance. By June, it was evident that central banks globally would use their full firepower to keep government and corporate borrowing at a low cost. We responded by increasing our overall equity allocation in June and throughout the second quarter. We decreased our cyclical exposure, went up in market-cap size and increased our exposure to North America. By July, the Fund’s core had a secular growth feel to it. We acknowledged that a broader allocation to cyclical stocks would depend on a pickup in the yield curve. We positioned the Fund to be overweight to the U.S. and Chinese markets. The Fund added idiosyncratic positioning through exposure to select European industrials, global video gaming and online gambling.

In September, we decreased the net equity weight and altered our sector weights. We added some hedging at the index level globally, with an emphasis on the U.S. markets. We brought down the weight in names that had a run-up in valuation. We increased our overall fixed income allocation and added substantially to our U.S. government bonds position. Finishing out the fiscal year in October, we tacked back toward our 60/40 benchmark given the uptick in volatility. While our fixed income exposure was unchanged, we continued to take a more cyclical/reopen tilt with equities, adding to Consumer Discretionary and Materials and reducing our Information Technology exposure. We were bar-belling value and growth in the portfolio.

For fiscal year 2020, we had positive returns from Equities, Fixed Income and Precious Metals, while our Dispute Hedge, Long Index Hedge, Fixed Income Hedging and Currency returns detracted from performance. The Fund was positioned above benchmark weight in equities and below benchmark weight in fixed income for the fiscal year. We outperformed relative to our equity benchmark while underperforming in fixed income. In fixed income, we underperformed in government and securitized loans while outperforming in corporate bonds.

By sector, Consumer Discretionary, Communication Services and Information Technology were the leading contributors to return, while Financials, Energy and Consumer Staples detracted from performance. In developed markets, the U.S., Ireland, and Switzerland were the leading contributors, while France, Germany and the U.K. were the lead detractors. Within emerging markets, China, Taiwan and Mexico were the leading contributors, while Russia, Brazil and South Korea were the leading detractors.

Portfolio Positioning

Over the past 12 months, the Fund’s net equity allocation rose to 64.1% from 44.2% as of the prior year-end. The Fund’s fixed income asset allocation decreased to 26.9% from 32.9%, and the Fund’s cash position stood at 4.1% compared to 6.3%.

At the onset of 2020, our quantamental investment process identified a Value Domain in both developed and emerging markets. In response, we increased our allocation to net equities and within the equity allocation, we took a value/cyclical tilt coming into 2020

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that morphed into a more barbell value and growth mix after the first calendar quarter in 2020. We maintained this stance for the remainder of the fiscal year. Conversely, we took an underweight position throughout the year in fixed income. On a regional basis, the Fund’s allocation to developed markets (North America, Asia, Europe, the U.K.) decreased from 81.5% to 75.8% of equity holdings. Emerging markets grew to 24.2% from 18.5% of equity holdings on October 31, 2019.

On a sector basis, compared to the prior year-end, the Fund’s largest weightings as a percentage of net assets were in the Industrials sector (25.8% of equity assets, up from 6.9%), Consumer Discretionary (23.0% of equity assets, up from 14.6%), Communication Services (17.1% of equity assets, up from 12.9%). The Fund’s Health Care, Financials and Energy weightings decreased. The Fund took a barbell approach to value and growth after Q1, tilted to the reopen trade in Q2 and gradually added more cyclicality in the fall.

In fixed income, we lowered the Fund’s net fixed income allocation to 26.9% of total net assets from 32.9% as of the prior fiscal year-end, reducing our weighting in government bond exposure to the U.S. government and credit in general. We did this to exploit more compelling opportunities in equities in our work. We maintained the Fund’s weighting in other fixed income instruments (outside of U.S. government bonds) to less than 2.5% of net assets.

Ryan Caldwell

CIO, Co-Founder

Chiron Investment Management, LLC

The Chiron Funds are distributed by SEI Investments Distribution Co. (SIDCo). SIDCo is not affiliated with Chiron Investment Management, LLC.

Investing involves risk, including possible loss of principal. Bonds and bond funds will decrease in value as interest rates rise. High yield bonds involve greater risks of default or downgrade and are more volatile than investment grade securities, due to the speculative nature of their investments. In addition to the normal risks associated with investing, international investments may involve risk or capital loss from unfavorable fluctuation in currency values, differences in generally accepted accounting principles or from social, economic or political instability in other nations. Emerging markets involve heightened risks related to these factors as well as increased volatility and lower trading volume. REIT investments are subject to changes in economic conditions, credit risk and interest rate fluctuations. The Fund may invest in derivatives, which are often more volatile than other investments and may magnify the Fund’s gains or losses.

Chiron Investment Management, LLC is a registered investment adviser.

Information contained herein has been obtained from sources believed to be reliable, but not guaranteed. Forward-looking statements are not guarantees of future results. They involve risks, uncertainties and assumptions, there can be no assurance that actual results will not differ materially from expectations. Past performance is no guarantee of future results. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission from Chiron Investment Management, LLC.

Chiron SMid Opportunities Fund

Fund Performance

The Chiron SMid Opportunities Fund (Fund) generated a negative one-year return of -5.24%, compared to the MSCI ACWI SMID Cap Index (benchmark) positive return of 0.61%. The Fund’s underperformance resulted from the portfolio’s tilting to more cyclical sectors like Energy, Financials and Industrials and underperformance relative to the benchmark in those sectors. During the Fund’s fiscal year, growth continued to dominate until the final months, where we started to see a more cyclical rotation. Markets rallied from the March lows but remained mostly large-cap issuer focused, with global central banks standing front and center, willing to support if needed. It was another year where global small-mid cap stocks underperformed large-cap stocks and value meaningfully underperformed growth. The S&P 500 returned 9.71% versus a 0.14% loss for the Russell 2000 Index and the Russell 2000 Growth Index rose 13.37% versus a 13.92% loss for the Russell 2000 Value Index.

Key Sectors and Countries

The Fund’s most significant sector weights at year-end as a percentage of net assets included Consumer Discretionary at 21.3%, Materials at 16.2% (including a 2.9% allocation to gold miners), Industrials at 15.2%, and Information Technology at 12.3%. Communication Services, Materials, and Consumer Discretionary were the Fund’s largest sector overweights relative to the benchmark. Communication Services, Information Technology and Materials were the leading contributors to the Fund’s return, whereas Energy, Financials, and Industrial sectors were the leading detractors. Regionally, Developed Market stocks, led by Australia, Germany, and Canada, were the leading contributors to return. Japan, U.S. and Spain were the leading detractors from performance. In Emerging Markets, Taiwan and Brazil were positive contributors to performance, while Cambodia, Indonesia and South Korea were the leading detractors. The Fund’s allocation by Region at year-end was 45.9% in North America, 13.2% in Europe, 10.5% in Emerging Markets, and 20.7% in Asia, with 1.7% in the U.K.

Our Process and Positioning

As we entered 2020, we wanted to be mindful of our quant work, as Chiron’s Domain Model had pushed into Value across most major countries. This valuation opportunity in cyclical stocks was not surprising given the set up of the global economy at that time. Though a pickup in global growth was necessary for sustained outperformance, many sectors and countries were priced provocatively relative to history. After the market sell-off in March, small- and mid-cap stocks were trading at multi-year valuation lows relative to large-cap stocks. This valuation set up was not surprising, given risk-off sentiment. Any acceleration in global growth from that starting point would have been extremely beneficial to small and mid-size companies that would have benefited from a possible reflation trade. By the end of Q2, our fundamental view and quantitative indicators were

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more closely aligned on a longer-term basis than in the recent past. We remained keenly focused on individual equities with strong cash flow, quality balance sheets and global competitive advantages. As the Fund’s fiscal year ended, the Fund was cyclically fully invested and we do not anticipate becoming more aggressive from this point, other than if the market were to sell-off. A lower entry point would allow us to build some tactical positioning.

Outlook

This fiscal year we have experienced is unprecedented for so many reasons, the risk on and off sentiment that investors displayed becomes evident when looking at the World from a size perspective. The Cap Index underperformed the (Net) leading into and during Q1 2020. The Cap Index then led out of the market bottom for April and May, only to underperform large global stocks for the summer months and then outperform in September and October. Throughout this time, given valuations and the opportunity set, the Fund was positioned for value and global cyclicals, underweight to the U.S. and Europe and overweight to Japan and Emerging Markets. We continue not to look beyond the obvious and see the recovery being virus dependent. It is likely not going to be smooth, but we believe we might be coming to the point where we observe some signs of an early cycle handoff to small and mid-cap stocks. At this point, we want to be aggressive and embrace cheap, cyclical, and international. It is at this time in the economic cycle when small and mid-cap equities can start to have sustainable outperformance. We believe that investors are looking past the present to the latter half of 2021, where they believe companies can get back to 2019 earnings. So much capacity has been cut that markets could move fast with the possibility of a quick recovery. As a global investor, in contrast to the last decade, we see exciting opportunities opening up outside the U.S.

Grant Sarris

Portfolio Manager

Chiron Investment Management, LLC

The Chiron Funds are distributed by SEI Investments Distribution Co. (SIDCo). SIDCo is not affiliated with Chiron Investment Management, LLC.

Investing involves risk, including possible loss of principal. In addition to the normal risks associated with investing, investments in smaller companies typically exhibit higher volatility and lower trading volume; international investments may involve risk or capital loss from unfavorable fluctuation in currency values, differences in generally accepted accounting principles or from social, economic or political instability in other nations. Emerging markets involve heightened risks related to these factors as well as increased volatility and lower trading volume. REIT investments are subject to changes in economic conditions, credit risk and interest rate fluctuations. The Fund may invest in derivatives, which are often more volatile than other investments and may magnify the Fund’s gains or losses.

Chiron Investment Management, LLC is a registered investment adviser.

Information contained herein has been obtained from sources believed to be reliable, but not guaranteed. Forward-looking statements are not guarantees of future results. They involve risks, uncertainties and assumptions, there can

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be no assurance that actual results will not differ materially from expectations. Past performance is no guarantee of future results. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission from Chiron Investment Management, LLC.

Definition of Comparative Indices

The MSCI ACWI (Net) is a market capitalization weighted index designed to provide a broad measure of equity-market performance throughout the world and is calculated with dividends reinvested after deduction of withholding tax.

The FTSE World Broad Investment-Grade Bond Index (WorldBIG) is a multi-asset, multi-currency benchmark, which provides a broad-based measure of the global fixed income markets. The inclusion of government, government-sponsored/supranational, collateralized, and corporate debt from a family of fixed income indices makes the WorldBIG a comprehensive representation of the global, investment-grade universe.

The MSCI ACWI (All Country World Index) SMID Cap Index captures mid and small cap representation across 23 Developed Markets and 26 Emerging Markets countries.

The 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. The index includes Treasuries, government-related and corporate securities, MBS (agency fixed-rate and hybrid ARM pass-through), ABS and CMBS (agency and non-agency). Provided the necessary inclusion rules are met, US Aggregate eligible securities also contribute to the multi-currency Global Aggregate Index and the US Universal Index, which includes high yield and emerging markets debt. The US Aggregate Bond Index was created in 1986.

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Comparison of Change in the Value of a $100,000 Investment in the Chiron Capital Allocation Fund, Class I Shares, versus the 60/40 Blend of MSCI ACWI (Net) and Bloomberg Barclays U.S. Aggregate Bond Index