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

Westwood LargeCap Value

Westwood Total Return

Westwood SMidCap

Westwood SmallCap

Westwood Income Opportunity

Westwood High Income

Westwood Alternative Income

The Funds file their complete schedules of investments with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year as an exhibit to its report on Form N-PORT (Form N-Q for filings prior to March 31, 2020). The Funds’ Forms N-Q and N-PORT are available on the SEC’s website at http://www.sec.gov, and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. 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, 2020

Dear Shareholders,

Looking back, the past 12 months began so full of hope. The Standard and Poor’s 500 Index (S&P 500) rallied through year-end, with new all-time highs set through February. Economic forecasts were centered around another year of low but solidly positive growth with inflation expected to be tame. The fireworks were supposed to start in the summer, heading into the presidential election which was already slated to be particularly contentious.

However, the spread of COVID-19 across the world during the early months of 2020 quickly sent markets sharply lower. Governments were forced to respond with lockdowns and quarantines to try and flatten the curve as health care systems, both in the U.S. and elsewhere, raced to secure needed ventilators and supplies. Reactions by global central banks were swift and sizable as the magnitude of the situation was grasped. By the time March ended, the Federal Reserve had cut interest rates twice to push rates to their theoretical floor of 0% to 0.25%. The U.S. Government had passed the largest stimulus bill in history — $2.2 trillion via the Coronavirus Aid, Relief, and Economic Security Act (CARES). In conjunction with the quantitative easing operations of the Federal Reserve, the amount of stimulus is unprecedented and represents north of 10% of annual U.S. GDP. The pandemic has taken a human toll that is incalculable, and the impact will be long-lasting and felt for some time to come. However, the markets recovered far faster than the economy on the back of the stimulus in helping to bridge the consumption gap for individuals and support businesses in their time of hardship.

During the summer, progress was made in the initial phases of reopening as states and cities began to relax some of the shelter-in-place orders. Businesses began to resume more normal operations, albeit with heightened safety protocols, and orders began to flow to replenish inventories that had been worked down and services began to see increased demand. This provided some improvement as well in indicators, including seeing unemployment fall by nearly half from the peak levels in the March-April time frame as well as the Institute of Supply Management pointing to a resumption of sequential growth. Rising COVID-19 caseloads would see these efforts face setbacks in specific locales and many school districts began a phased-in approach to reopening as the fall arrived. Recent spikes have again raised the specter of another coordinated lockdown to reduce the spread of the virus, though such plans have faced resistance given the economic toll taken earlier this year.

Looking forward, a “Groundhog Day-esque” outlook continues to appear appropriate. Volatility is likely to remain elevated as election results take time to resolve and the economic uncertainty persists. Macroeconomic data will continue to be choppy, with varied effects from the stimulus provided and reopening efforts offset by continued disruptions. Investors have continued to look through near-term economic weakness, with estimates for earnings for the S&P 500 Index now expected to recover to 2019 levels by the end of 2021. However, the path remains highly dependent and anything but certain. Election results look likely to be contested until the Electoral College vote in December; COVID-19 cases are rising again with colder weather limiting outdoor activities, where transmission was potentially lower; financial stress from the pandemic being delayed, not eliminated, as stimulus falls short of what companies, particularly small to medium-sized enterprises, need to survive. In aggregate, companies with stronger financial footing and balance sheets should be well-positioned to take advantage of opportunities created from these market conditions.

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 mispriced opportunities where fundamental analysis can uncover value being missed in the current market environment while maintaining a strong culture of risk management with a focus on mitigating potential downside risks.

Thank you for your 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, 2020, is presented below.

* Without sales charge

** Year to Date or Since Inception, whichever is shorter

WWLCX Inception Date: 3/31/2020

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 Feb. 28, 2021 for WHGLX and WWLAX and until Feb. 28, 2022 for WWLCX. In the absence of current fee waivers, total return and yield would have been reduced.

Information Technology was the top contributor to relative performance on strong stock selection, while Energy saw both positive allocation and selection tailwinds help drive relative performance. Apple moved higher as they continued to see accelerating service revenues and the anticipation of the upcoming 5G iPhone launch serving as a catalyst to drive more consumers to upgrade their phones. Microsoft gained as their cloud offerings remain the best hybrid solution for many corporations, with adoption accelerating as businesses transform to support more employees working from home across multiple geographies. Activision Blizzard rallied as the pandemic added to rising demand for their video game franchises as consumers stuck at home looked for entertainment choices. Abbot Labs benefited from developing COVID-19 testing capabilities, helping support sales growth, with other areas within diagnostics and diabetes also boosting results. Home Depot gained as the strength in the housing market helped fuel demand from both the consumer and professional channels for products to renovate and improve homes as people looked to take advantage of sheltering in their dwelling.

Financials and Industrials were a headwind to relative performance from less favorable stock selection. Wells Fargo remained challenged as the deteriorating macroeconomic environment compounded their regulatory issues limiting their ability to navigate these challenges effectively. Boeing faced pressures as the company continued to work through the expenses related to correcting the issues with the 737-Max and orders for new planes slowed given the challenges their airline customers faced from the pandemic. STORE Capital saw the pandemic significantly impact their tenants and future rent collections, as many of them were forced to close as lockdowns and shelter-in-place orders were enacted to stop the virus spread. AT&T declined as investors became concerned regarding their leverage profile as their media business faced pressures from the closures of theaters for their movie releases and no professional sports impacted Turner. Capital One saw shares move lower as investors questioned their potential credit losses, given their heavier exposure to the lower-end consumer, amid the widespread carnage to the economy from COVID-19.

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*Without Sales Charge

** Fiscal Year or Since Inception, whichever is shorter

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

WWTAX and WTOCX Inception Date: 3/31/2020

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 Feb. 28, 2021 for WLVIX and until Feb. 28, 2022 for WWTAX and WTOCX. In the absence of current fee waivers, total return and yield would have been reduced.

The Westwood Total Return Fund was formerly known as Westwood Low Volatility Equity Fund. Prior to Nov. 1, 2019, the Fund employed different investment strategies. Therefore, the past statistics and performance shown for periods prior to Nov. 1, 2019 may have differed had the Fund’s current investment strategy been in effect.

Health Care boosted relative performance due to positive selection while an overweight in Information Technology was also additive. Apple moved higher as they continued to see accelerating service revenues and the anticipation of the upcoming 5G iPhone launch serving as a catalyst to drive more consumers to upgrade their phones. Tesla saw strong demand for their electric vehicles globally help support further expansion of their production facilities both domestically and abroad to support their current and planned new vehicles. PayPal benefited from the accelerating shift to ecommerce and payments over traditional channels as a result of the lockdown efforts and shelter-in-place orders around the world shifting consumer behaviors. TeleDoc gained as their digital health care offerings saw a strong uptick in demand as consumers shifted their preferences as a result of the pandemic to avoid leaving their house and particularly doctor’s offices where they may be exposed to other sick patients. Newmont Mining moved higher as rising gold prices helped lift cash generation as the company worked to mitigate COVID-19 challenges and reduce their expenses through their joint venture in Nevada.

Utilities and Financials weighed on relative performance as both allocation and selection were headwinds. Wells Fargo remained challenged as the deteriorating macroeconomic environment compounded their regulatory issues limiting their ability to navigate these challenges effectively. Other banks including Bank of America and JPMorgan faced similar pressures from the shifting macroeconomic landscape, as interest rates were cut globally by central bankers and credit costs moved to the forefront given the impact to consumers and businesses alike. Chevron faced pressures in terms of demand destruction as a result of the pandemic as well as excess supply globally that weighed on shares. Boeing faced pressures as the company continued to work through the expenses related to correcting the issues with the 737-Max and orders for new planes slowed given the challenges their airline customers faced from the pandemic.

3

WWSMX Inception Date: 7/31/2020

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 Feb. 28, 2021 for WHGMX and until Feb. 28, 2022 for WWSMX.

Materials and Communication Services were the strongest contributors to relative performance driven by positive stock selection and modest allocation tailwinds. Monolithic Power saw demand remain strong for their specialized power management chips across a variety of end markets leading to higher cash generation and the need to expand capacity to meet demand. BJ’s Wholesale moved higher as they continued to see solid growth in both membership fee income as well as overall sales from consumers stocking up on groceries and other products. Papa John’s rose as consumers ordered more pizza for delivery during the lockdown phase of the pandemic and their digital offerings were a key differentiator versus smaller competitors. Perkin-Elmer benefitted as their new offerings for COVID-19 testing have helped offset growth headwinds from reduced demand for their other diagnostic products and helping deliver better than expected results. Ares Management gained as their credit-oriented investment business proved resilient with strong fundraising despite work-from-home challenges and continued realizations of their prior committed capital with an eye towards increasingly attractive new deployment opportunities.

Health Care and Information Technology were the largest detractors from relative performance due to unfavorable selection and allocation headwinds. Zion Bancorp faced challenges, as did other regional banks including Washington Federal, as the shifting economic landscape raised concerns regarding pressures on net interest margins as well as future credit losses from the impact of the pandemic on consumers and businesses alike. These pressures were felt across the industry, including by First Hawaiian who additional saw concerns rise regarding the impact from decreased tourism to the Hawaiian Islands as a result. Concerns over future forbearance and losses from their mortgage insurance portfolio sent shares of MGIC Investment lower despite being well capitalized and unlikely to need additional capital to weather these headwinds. Hudson Pacific faced challenges as their office and studio assets in the west coast markets have seen their tenants be slow to bring their employees back given concerns over COVID-19, though their recent efforts to shore up their balance sheet have been well-received.

* Without Sales Charge

** Fiscal Year or Since Inception, whichever is shorter

WHGAX and WHGCX Inception Date: 9/3/2019

WWSYX Inception Date: 3/31/20

On Nov. 2, 2020, WWSYX is converting from a Y share class to an Ultra share class.

4

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 Feb. 28, 2021 for WHGSX, WHGAX and WHGCX and until Feb. 28, 2022 for WWSYX. In the absence of current fee waivers, total return and yield would have been reduced.

Information Technology and Financials were the top contributors to relative performance on strong stock selection and an allocation benefit in Financials from being underweight. Lattice Semiconductor rose as the company converted strong demand for their semiconductor offerings across their end markets into strong cash generation, leading to a net cash position. BJ’s Wholesale moved higher as they continued to see solid growth in both membership fee income as well as overall sales from consumers stocking up on groceries and other products. Papa John’s rose as consumers ordered more pizza for delivery during the lockdown phase of the pandemic and their digital offerings were a key differentiator versus smaller competitors. Repay Holdings gained as their end markets, such as automobile loan payments, proved more resilient during the pandemic and overall volume growth outpaced expectations. Altra Industrial has seen their automation and specialty business rebound faster than anticipated, helping drive strong cash generation and help further reduce leverage.

Consumer Discretionary and Health Care were the top detractors to relative performance on less favorable selection, with some offset from positive allocation tailwinds. Children’s Place faced several challenges during the pandemic as the resulting lockdown materially impacted their retail operations. Great Western Bancorp went through a management change resulting in some near-term pressure from writing down goodwill and reducing the dividend as the new CEO aligned the business for the future and remains optimistic the worst may be past. Berkshire Hills Bancorp faced pressure on the expense front in both occupancy and technology and their strategy to optimize their asset mix was disrupted by the pandemic. Marcus Corporation declined as their two primary lines of business — movie theaters and hotels — were clearly impacted by COVID-19, depressing their results and raising questions regarding the future outlook for both segments. Knoll saw customers put their plans on hold regarding purchasing new office furniture, with some offset from the sharp increase in home offices being furnished, as many companies sent their employees home to help slow the spread of the coronavirus

* Without Sales Charge

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

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 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 Feb. 28, 2021. In the absence of current fee waivers, total return and yield would have been reduced.

Strong returns were seen across fixed income as interest rates declined sharply as a result of the pandemic, with prior strength persisting for equities as well. Barrick Gold saw shares lifted by higher gold prices, as their efforts to improve efficiency in their Nevada joint-venture should continue to help improve their margin profile. Apple moved higher as they continued to see accelerating service revenues and the anticipation of the upcoming 5G iPhone launch serving as a catalyst to drive more consumers to upgrade their phones. Zimmer Biomet gained despite the transitory impact to their sales from the postponement of elective procedures out of caution regarding COVID-19 as the reopening efforts have seen demand resume. Microsoft gained as their cloud offerings remain the best hybrid solution for many corporations, with adoption accelerating as businesses transform to support more employees working from home across multiple geographies. Amazon rallied as consumers flocked to their site in order to buy a variety of goods for delivery, avoiding leaving their house during the pandemic, as well as take advantage of their other services including Prime Video.

5

Real Estate Investment Trusts (REITs) and Master Limited Partnerships (MLPs) were negatively impacted by the pandemic as both occupancy and outlooks for most real estate verticals took a hit as did commodity prices which weighed on energy producers. Deteriorating macroeconomic conditions weighed on Bank of New York as investors questioned the impact of lower rates on their margins as well as rising credit costs flowing through their balance sheet. AT&T declined as investors became concerned regarding their leverage profile as their media business faced pressures from the closures of theaters for their movie releases and no professional sports impacted Turner. VEREIT saw the pandemic significantly impact their tenants and future rent collections, as many of them were forced to close as lockdowns and shelter-in-place orders were enacted to stop the virus spread. Broad industry concerns given the supply/demand dynamics in the energy markets and retrenchment in activity by their customers, energy producers, continued to weigh on Williams Companies despite their continued strong fundamental performance. Vornado Realty saw investor concerns rise given their concentration of office properties in the New York City area, with virus transmission and prolonged work from home as potential headwinds for those assets weighing on shares.

* Without sales charge

** Year to Date or Since Inception, whichever is shorter.

*** 80% Bloomberg Barclays U.S. Aggregate Bond Index /20% S&P 500 Index

WWHCX Inception Date: 3/31/2020

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 Feb. 28, 2021 for WHGHX and WSDAX and until Feb. 28, 2022 for WWHCX.

The Westwood High Income Fund was formally known as Westwood Short Duration High Yield Fund. Prior to Nov. 1, 2019, the Fund employed different investment strategies. Therefore, the past statistics and performance shown for periods prior to Nov. 1, 2019 may have differed had the fund’s current investment strategy been in effect.

Strong returns were seen across fixed income as interest rates declined sharply as a result of the pandemic, with prior strength persisting for equities as well. Nvidia has seen strength in both their data center offerings as well as their gaming products to support the ever-growing need for cloud infrastructure and entertainment for consumers stuck at home. Penn National Gaming faced pressures earlier this year but saw securities rise as optimism rose for online sports betting and their partnership with a leading online site. Amazon rallied as consumers flocked to their site in order to buy a variety of goods for delivery, avoiding leaving their house during the pandemic, as well as take advantage of their other services including Prime Video. Apple moved higher as they continued to see accelerating service revenues and the anticipation of the upcoming 5G iPhone launch serving as a catalyst to drive more consumers to upgrade their phones. The improving economic picture and potential for a vaccine in the coming year helped lift bonds of Disney, which were issued in the midst of the onset of the pandemic, given the impact to their theme park business from the shelter-in-place and reluctance of consumers to visit.

Real Estate Investment Trusts (REITs) and Master Limited Partnerships (MLPs) were negatively impacted by the pandemic as both occupancy and outlooks for most real estate verticals took a hit as did commodity prices which weighed on energy producers. Western Asset Mortgage Capital securities were pressured given rising credit concerns over their exposure to key verticals including hospitality and retail. Broad industry concerns given the supply/demand dynamics in the energy markets

6

continued to weigh on Plains All American despite their continued strong fundamental performance across their three segments. Securities of Bausch Health declined due to pressures from the pandemic on their procedure-oriented segments as well as their pharmaceutical offerings which were seeing increased usage by doctors slowing on lower office visits. Deteriorating macroeconomic conditions weighed on Truist Financial as investors questioned the impact of lower rates on their margins as well as rising credit costs flowing through their balance sheet. AT&T declined as investors became concerned regarding their leverage profile as their media business faced pressures from the closures of theaters for their movie releases and no professional sports impacted Turner.

* Without sales charge

** Year to Date or Since Inception, whichever is shorter.

WMNAX and WWACX Inception Date: 3/31/2020

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 Feb. 28, 2021 for WMNIX and WMNUX and until Feb. 28, 2022 for WMNAX and WWACX.

Prior to Nov. 1, 2019, the Westwood Alternative Income Fund was formerly known as the Westwood Market Neutral Income Fund. As of Nov. 1, 2019, the Fund began following the Sensible FeesTM framework.

The Westwood Alternative Income Fund returned 6.44% in the year ending Oct. 31, 2020. This was a strong performance on both an absolute and relative basis against the market neutral category. Of this total return, a significant portion was in the form of income distribution over the period. For comparison, the broader Morningstar Market Neutral category averaged a return of -1.29%, while the Lipper Alternative Equity Market Neutral Funds index averaged a return of -1.29% over the same period.

The exceptional volatility experienced by the markets over the first six months of the period provided a backdrop for the strong performance earned during the back half of the year. Although the Westwood Alternative Income Fund benefits from sustained upticks in volatility, the recent exceptionally high levels of volatility have been difficult for the majority of competing investments. The Fund again demonstrated its ability to protect investor capital in the risk-off environment that existed in early 2020 and participated as the market returned to a semblance of normalcy, showing the low volatility, low equity beta and uncorrelated nature of the Fund.

Short duration yield convertibles contributed to this positive performance over the past year, especially in the back half of the year as credit spreads normalized from the wide levels seen in the depths of the crisis this spring. Many of these convertibles owned in the Fund matured during the past six months, and with strong credit fundamentals underpinning these selections, it was inevitable that these valuations would recover to the benefit of investors. The same trend of tightening and par accretion was also seen in short duration bonds which will mature in the next six to 12 months, as the market grows comfortable with the ability of these companies to satisfy their near-term obligations, regardless of market or economic conditions. We continue to maintain investing discipline in this Fund strategy, as tightening spreads lead to caution in the potential risk/reward balance in lower quality credits. That said, we continue to find yield opportunities within the broad global convertibles market.

The convertible arbitrage strategy was a strong contributor to performance over the full year. During the risk-off environment in March 2020 and subsequent bounce into April 2020, the conservative management of this portion of the Fund enables the portfolio to capitalize on this period of increased volatility across the global capital markets. Additionally, the tactical delta adjustments of the individual arbitrage positions resulted in opportunities for the Fund to benefit as the markets oscillated in both

7

directions over the course of the year. The severe dislocations that existed in the convertible markets early in the year allowed for further strong performance in the last several months, as valuations normalized, and convertibles continued to benefit from the elevated volatility of the underlying equities of securities. During this period of volatility, regardless of direction, convertible arbitrage allowed for the monetization of equity moves through gamma trading. This aspect of the global convertible bond market continued to bear fruit for the strategy.

Macro (tail) hedges were a slight drag on performance over the full year, though they were additive to performance during the volatile first half of the year. Part of this Fund is to own listed derivatives to remove residual risk in the portfolio and to be prepared for idiosyncratic risk that might appear in the markets. The emergence of a global pandemic in the early part of 2020 again demonstrated the added value of these tail hedges in the overall performance of this Fund. The exceptional level of volatility provided an opportunity to monetize most of the tail hedges that had appreciated significantly and re-establish new tail hedges at more attractive valuation levels. In the second half of the year, as volatility receded and markets grinded higher, tail hedges declined in value accordingly.

The global convertible market remains an excellent source of opportunity in the current environment despite a substantial bounce in the equity markets and a central bank aided a move higher in traditional fixed income markets. The convertible market has been helped by these moves higher, but not to the degree of those other markets, thus the Fund continues to see substantial opportunities in the two main strategies — short duration yield convertibles and convertible arbitrage. Additionally, the convertible market has seen significant new issuance over the past year, thus providing even further opportunities in the current environment.

In closing, we believe the potential benefits of adding or increasing exposure to alternative investments within the context of a diversified asset allocation strategy are numerous. These alternative investments, we believe, could provide true, uncorrelated absolute return potential against a variety of market backdrops. The Westwood Alternative Income Fund seeks to continue to provide that opportunity through a disciplined approach toward generating the potential alpha in any environment. In doing so, we believe the Fund offers an integral component of a larger asset allocation strategy targeting strong risk-adjusted returns throughout market cycles.

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Definition of the Comparative Indices & Key Terms

Alpha is the measure of risk adjusted performance.

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.

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.

Compound Annual Growth Rate is the rate of return that would be required for an investment to grow from its beginning balance to its ending balance, assuming the profits are reinvested at the end of each year of the investment’s lifespan.

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

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.

Gamma is the rate of change for delta with respect to the underlying asset’s price. Gamma is an important measure of the convexity of a derivative’s value, in relation to the underlying assets.

ICE BofA U.S. High Yield Index tracks the performance of US dollar denominated below investment grade rated corporate debt publicly issued in the US domestic market.

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 the large-cap value segment of the U.S. equity universe. It includes those Russell 1000 companies with lower price-to-book ratios and lower expected and historical growth rates.

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 is a broadly diversified index predominantly made up of value stocks of small U.S. companies.

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.

Russell 2500 Value Index measures the performance of the small to mid-cap value segment of the U.S. equity universe. It includes those Russell 2500 companies with lower price-to-book ratio and lower forecasted growth values

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.

9

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 page 9.

10

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.

11

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 page 9.

12

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.

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 page 9.

13

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 page 9.

14

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 page 9.

15

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.

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 3.00% and additional annual distribution expenses of 0.25%.

See definition of comparative indices on page 9.

16

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 Ultra Shares. Performance for Institutional Shares would vary due to differences in fee structures. 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 page 9.

17

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

18

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

19

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

20