avatar Westwood Holdings Group, Inc. Finance, Insurance, And Real Estate
  • Location: Texas 
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    The Advisors’ Inner Circle Fund Westwood LargeCap Value Westwood Dividend Growth Westwood SMidCap Plus Westwood SMidCap Westwood SmallCap Value Westwood MLP and Strategic Energy Westwood Income Opportunity Westwood Worldwide Income Opportunity Westwood Global Equity Westwood Global Dividend Westwood Emerging Markets Westwood Short Duration High Yield Westwood Opportunistic High Yield Westwood Market Neutral Income Westwood Strategic Global Convertibles Annual Report October 31, 2016 Investment Adviser: Westwood Management Corp.


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    THE ADVISORS’ INNER CIRCLE FUND WESTWOOD FUNDS TABLE OF CONTENTS Shareholder Letter ............................................................................ 1 Schedules of Investments Westwood LargeCap Value Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34 Westwood Dividend Growth Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36 Westwood SMidCap Plus Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37 Westwood SMidCap Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39 Westwood SmallCap Value Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41 Westwood MLP and Strategic Energy Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43 Westwood Income Opportunity Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44 Westwood Worldwide Income Opportunity Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47 Westwood Global Equity Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50 Westwood Global Dividend Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52 Westwood Emerging Markets Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54 Westwood Short Duration High Yield Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57 Westwood Opportunistic High Yield Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65 Westwood Market Neutral Income Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 74 Westwood Strategic Global Convertibles Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 77 Statements of Assets and Liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80 Statements of Operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 84 Statements of Changes in Net Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 88 Financial Highlights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 93 Notes to Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 95 Report of Independent Registered Public Accountants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 109 Disclosure of Fund Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 110 Trustees and Officers of The Advisors’ Inner Circle Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 112 Approval of Investment Advisory Agreement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 116 Notice to Shareholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 119 The Westwood Funds file their complete schedule of fund holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q within sixty days after the end of the period. The Funds’ Forms N-Q are available on the Com- mission’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 in- formation 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.


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    THE ADVISORS’ INNER CIRCLE FUND WESTWOOD FUNDS (Unaudited) October 31, 2016 Dear Shareholders: The last twelve months have been nothing short of eventful. “In a year of improbable, the impossible has happened” to steal a quote from Vin Scully. Looking back on some of the anomalous events, interest rates have moved sharply lower, so low in fact, that they breached the zero-bound and the term “lower for longer” was replaced by some as “lower forever”. The bull market has endured to become the second longest in history and yet has been described as the most hated bull market in history. Dividend yields for stocks eclipsed the yield for the 10-year Treasury and investors were faced with the proposition of owning stocks for their income yields and bonds for price appreciation. S&P 500 earnings likely will end the year relatively unchanged; this marks the third year in a row where earnings have not been able to grow meaningfully. Growth remains the focus for all involved in the markets with an appropriate comparison to “driving in a school zone” where you are moving forward but at a reduced speed. Unanswered questions remain regarding the United States’ ability to accelerate from here, Europe and whether the continent is structurally impaired, and China managing to orchestrate a soft landing. These questions resurfaced in the fourth quarter of 2015, weighing down a number of markets around the world and forced bond yields lower. Oil prices were cut nearly in half by early 2016; China appeared headed for a hard landing and likely to take emerging markets down with it. All the negativity reversed sharply in February as central banks stepped in to provide liquidity and stimulus and took interest rates to historic lows. In a world where money became essentially “free” for companies, many businesses that were of lesser quality and with high leverage took advantage of the banks’ will- ingness to lend to raise capital. The markets enjoyed strong returns broadly after the losses suffered early led by higher beta and lower quality securities. Daring to disrupt this march higher by equities, a swelling populist movement that started in the United Kingdom with a referendum to leave the European Union traveled across the ocean in the form of support for an atypical presidential candi- date here in the U.S. This unfolded despite macroeconomic data points for the U.S., particularly related to the consumer and housing, which were largely positive as job metrics continued to look favorable and inflation appeared to be rising. With that comes a renewed focus on operational efficiency; companies that are unable to offset rising costs — whether labor or other- wise — through price or productivity improvements will face falling margins and lower earnings and cash flows at the same time that the markets are making all-time highs. In light of the extremes we have seen this year and in transition as monetary policy looks to pass the baton to the fiscal stim- ulus promised by incoming political leaders, we believe Westwood’s bottom-up focus on fundamentals is more important than ever. As the landscape remains volatile, beneficiaries will emerge from new policy initiatives and shifts in macro- economic forces. Against the backdrop of what has been a low return environment, Federal Reserve actions will likely con- tinue to put upward pressure on interest rates and further help to differentiate winners and losers. While our performance over the short term has been mixed, we remain unchanged in our philosophy on protecting client capital, should this tran- sition create further volatility. The Way Forward The current market environment continues to produce dislocations with respect to valuation and increased levels of funda- mental skepticism that play to our strength. Growth continues to outperform value despite long-term comparisons favoring value during periods of heightened volatility, which is more compelling as we think about the merits of our approach. As it has for over 30 years, our investment process continues to seek out and find fundamentally sound companies where we be- lieve the valuation provides limited and quantifiable downside risk. 1


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    THE ADVISORS’ INNER CIRCLE FUND WESTWOOD FUNDS (Unaudited) A discussion of each fund’s performance during the fiscal year ended October 31, 2016 is presented below. Westwood LargeCap Value Fund The performance of the Westwood LargeCap Value Fund (the “Fund”) for the periods ended October 31, 2016 was as follows: 2016 Six Months Fiscal Year Westwood LargeCap Value Fund – Institutional Shares (WHGLX) 1.37% 2.00% Westwood LargeCap Value Fund – A Class Shares (WWLAX)* 1.19% 1.74% Russell 1000 Value Index 4.36% 6.37% * Without sales charge The performance data quoted represents past performance. Past performance does not guarantee future results. The invest- ment 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, 2017. Strong stock selection in Utilities and stock selection along with an underweight in Energy drove relative performance. John- son & Johnson benefitted from continued strong results in their Pharmaceutical and margin improvement in their Consumer segment along with further acquisitions to tuck into their platforms. NextEra Energy moved higher as investors appreciated their strong growth profile within Utilities and continued dividend growth looking forward. Texas Instruments shares clim- bed as two of their largest end markets, Industrial and Automotive, have driven growth above expectations and allowed for continued return of cash to shareholders through dividend growth and share repurchases. Becton Dickinson rose as their CareFusion acquisition has continued delivering synergies on the cost-side and aided their organic growth, particularly look- ing forward into next year. Microsoft hit an all-time high in October as their transition to the Cloud and Software as a Serv- ice (SaaS) continues to unfold and provide a stronger outlook for topline growth amidst solid expense control translating that to cash flow. Negative stock selection in Technology and Real Estate Investment Trusts (REITs) detracted from relative performance. Marathon Petroleum saw poor performance as a result of weak crack spreads in their Refining business as the crude oil in- ventory glut spilled over to the product inventories and pressured their business. The position was sold during the period. Wells Fargo shares declined as investors grappled with the ultimate impact to their financials from the recent negative head- lines regarding their cross-selling practices. Apple shares fell over worries that the iPhone 7 sales would disappoint and neg- atively impact the company’s ability to grow revenues. The position was sold during the period. CIT Group moved lower on concerns around their infrastructure portfolio, which has exposure to energy-related railcars. The cyclical concerns over their indirect energy exposure led to exiting the position during the period. Public Storage shares declined as worries over potential industry oversupply overtook the strong fundamental position of the company in regards to their continued growth and best-in-class balance sheet. Westwood Dividend Growth Fund The performance of the Westwood Dividend Growth Fund (the “Fund”) for the periods ended October 31, 2016 was as follows: 2016 Six Months Fiscal Year Westwood Dividend Growth Fund (WHGDX) 2.78% 1.82% S&P 500 Index 4.06% 4.51% The performance data quoted represents past performance. Past performance does not guarantee future results. The invest- ment 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, 2017. 2


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    THE ADVISORS’ INNER CIRCLE FUND WESTWOOD FUNDS (Unaudited) The Westwood Dividend Growth Fund generated positive absolute return for the year but lagged modestly on a relative ba- sis to the index. Sector allocation was modestly positive offset by negative stock selection. The strongest performing sectors were Energy and Health Care. Within Energy, the Fund benefitted from strong perform- ance from Chevron that experienced contributions from several large capital projects including Gorgon LNG. Free cash flow for the firm is trending higher and capital expenditures are trending down. Within Health Care, the Fund benefitted from strong performance from UnitedHealth Group and Johnson and Johnson. UnitedHealth Group generated stellar growth and strong margins across their Health Care and Optum segments while management continued to return cash flow to share- holders through dividends and share repurchases. Concerns around Johnson and Johnson’s key drug Remicade eased as the company expects to defend its patents through 2018. The portfolio team continues to hold both UnitedHealth and Johnson and Johnson and view them both as core holdings. The weakest performing sectors included Financial Services, Technology and Utilities. Within Financial Services, holdings in Invesco and Wells Fargo detracted from performance. Invesco has experienced challenges to growth with headwinds includ- ing outflows of assets and pressures on fees and as a result, the portfolio team sold the position in Invesco. Weak perform- ance from Wells Fargo was driven by a widely reported scandal that involved aggressive, and some cases fraudulent, sales practices which were motivated by inappropriate sales incentives. The scandal eventually led to the resignation of CEO John Stumpf. The Dividend Growth team believes management has addressed the problems by modifying their incentive compen- sation structure, and the company’s competitive advantages are firmly in place. Within Technology, weak performance was driven mainly by what the Fund did not own compared to the benchmark; primarily Google and Facebook. Finally, the strategies underweight positioning in the strongest performing sector, Utilities, detracted from performance. The Fund seeks companies that generate strong and sustainable cash flow returns on capital while trading at a discount to our estimate of intrinsic value. In addition, we look for companies where returns are improving. In terms of positioning, the Fund is overweight Technology, Producer Durables and Consumer Staples as our bottom-up process is finding better oppor- tunities in those sectors. The Fund remains underweight Energy and Materials as cash flows generated by companies within those sectors are highly unpredictable and driven by the commodity prices. Westwood SMidCap Plus Fund The performance of the Westwood SMidCap Plus Fund (the “Fund”) for the periods ended October 31, 2016 was as follows: 2016 Six Months Fiscal Year Westwood SMidCap Plus Fund (WHGPX) 2.46% 0.30% Russell 2500 Index 4.35% 3.98% The performance data quoted represents past performance. Past performance does not guarantee future results. The invest- ment 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, 2017. Strong stock selection in Health Care and Energy aided relative performance. Cable One rallied as they continued to show steady progress on their transition to a broadband first company which comes with higher margins and better cash flow as their network upgrade spending is largely complete. Cooper Companies shares moved higher as the company continued delivering solid results as the roll-out of their new contact lens went smoothly and margins look poised to rise as their scale grows. Jarden Corporation agreed to be acquired by Newell Rubbermaid at a significant premium in early December. Albe- marle rose as investors liked their divestiture of their automotive coatings business and exposure to the lithium market which has a bright future as the battery technology enabling electric vehicles. Huntington Ingalls shares climbed higher as results exhibited strong execution over the last few quarters in conjunction with their increasing focus on returning cash to share- holders in the form of share repurchases and dividend increases. 3


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    THE ADVISORS’ INNER CIRCLE FUND WESTWOOD FUNDS (Unaudited) Negative stock selection in Technology and Consumer Discretionary weighed on relative performance. AMC Networks de- clined as concerns over their original content and ability to expand beyond a few key hit franchises weighed on investor per- ceptions even as quarterly results were largely uneventful. H&R Block suffered as they lost market share and were unable to offset lower volumes with higher prices given the competitive dynamics in the marketplace. CIT Group moved lower on con- cerns around their infrastructure portfolio, which has exposure to energy-related railcars. The cyclical concerns over their indirect energy exposure led to exiting the position during the period. IAC/InterActiveCorp shares fell as their results failed to match analyst estimates and concerns arose over potential secular challenges. NetApp shares were hit as negative trends in the Information Technology hardware space continued to weigh on their results in an uncertain global economic environment. Westwood SMidCap Fund The performance of the Westwood SMidCap Fund (the “Fund”) for the periods ended October 31, 2016 was as follows: 2016 Six Months Fiscal Year Westwood SMidCap Fund (WHGMX) 3.73% -1.08% Russell 2500 Index 4.35% 3.98% The performance data quoted represents past performance. Past performance does not guarantee future results. The invest- ment 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, 2017. In the absence of current fee waivers, total return and yield would be reduced. Strong stock selection in Health Care and Energy aided relative performance. Energizer Holdings benefitted from better industry pricing and margin expansion as well as further building out their consumer brand platform via an acquisition. Albemarle rose as investors liked their divestiture of their automotive coatings business and exposure to the lithium market which has a bright future as the battery technology enabling electric vehicles. Cable One rallied as they continued to show steady progress on their transition to a broadband first company which comes with higher margins and better cash flow as their network upgrade spending is largely complete. Cooper Companies shares moved higher as the company continued delivering solid results as the roll-out of their new contact lens went smoothly and margins look poised to rise as their scale grows. Cardtronics climbed as the company continued delivering consistent results as investors look for their sizable acquis- ition to replace some business that was lost. Negative stock selection in Consumer Discretionary and Materials weighed on relative performance. H&R Block suffered as they lost market share and were unable to offset lower volumes with higher prices given the competitive dynamics in the marketplace. Boise Cascade was negatively impacted by increased competition from international producers who increased their imports and pressured pricing for Boise’s products. ClubCorp Holdings declined over fears of further declines in golf and their geographic exposure to energy-heavy states such as Texas. CIT Group moved lower on concerns around their infrastructure portfolio, which has exposure to energy-related railcars. The cyclical concerns over their indirect energy ex- posure led to exiting the position during the period. IAC/InterActiveCorp shares fell as their results failed to match analyst estimates and concerns arose over potential secular challenges. 4


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    THE ADVISORS’ INNER CIRCLE FUND WESTWOOD FUNDS (Unaudited) Westwood SmallCap Value Fund The performance of the Westwood SmallCap Value Fund (the “Fund”) for the periods ended October 31, 2016 was as follows: 2016 Six Months Fiscal Year Westwood SmallCap Value Fund (WHGSX) 10.18% 6.40% Russell 2000 Value Index 7.54% 8.81% The performance data quoted represents past performance. Past performance does not guarantee future results. The invest- ment 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, 2017. Strong stock selection in Real Estate Investment Trusts (REITs) and Energy drove relative performance. Callon Petroleum moved higher as their acreage in the Permian Basin performed well and their acquisition in Howard County further strengthened their position. RSP Permian shares climbed as they also had strong results out of their Permian Basin acreage and further expanded their footprint with the Silver Hill acquisition. Trex Company rose as the company reported strong growth in topline and margins driven by continued share gains for their composite deck products. DTS Inc., agreed to be acquired in an all-cash transaction at a significant premium by Tessera. CyrusOne rallied as results continued to support an ever growing demand for data center space and they remain well positioned. Negative stock selection in Materials and Consumer Discretionary weighed on relative performance. OSI Systems fell as con- cerns over their Health Care segment which had issues with a new product launch and some delays with their security prod- uct deliveries. Synergy Resources reacted negatively as the price of crude fell early in 2016 and weighed heavily on shares along with a proposal in Colorado that was ultimately defeated but would have disrupted their operations. Kapstone Paper was pressured by pricing uncertainty for containerboard as pricing fell initially in the year but has since recovered with an additional hike by producers in the fall. ClubCorp Holdings declined over fears of further declines in golf and their geo- graphic exposure to energy-heavy states such as Texas. Boise Cascade was negatively impacted by increased competition from international producers who increased their imports and pressured pricing for Boise’s products. Westwood MLP and Strategic Energy Fund The performance of the Westwood MLP and Strategic Energy Fund (the “Fund”) for the periods ended October 31, 2016 was as follows: 2016 Six Months Fiscal Year Westwood MLP and Strategic Energy Fund – (WMLPX) 7.21% -1.93% Alerian MLP Index 4.10% -1.80% The performance data quoted represents past performance. Past performance does not guarantee future results. The invest- ment 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, 2017. In the absence of current fee waivers, total return and yield would be reduced. Energy equities experienced a volatile twelve months as crude oil prices fell significantly and then rebounded to prior year levels. It was period marked by investor anxiety as the precipitous decline in the commodity threatened the viability of many energy companies. However, during this period several oil and gas producers were able to recapitalize their balance sheets and survive the cycle. The Master Limited Partnership (MLP) asset class performance experienced the same volatility as energy producers as the energy cycle appears to have bottomed. The reengagement of producer activity bodes well for mid- stream energy infrastructure in the coming year. Lastly, Utilities outperformed handily as it became clear the Federal Open Market Committee (FOMC) would keep interest rates low. 5


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    THE ADVISORS’ INNER CIRCLE FUND WESTWOOD FUNDS (Unaudited) For the year ended October 31, 2016, the Fund fell 1.93% on a total return basis compared to the Alerian MLP Index loss of 1.80%. Over the same period, the Philadelphia Utilities Index rose 18.50% and the S&P 500 Index rose 4.51%. Rising crude oil and natural gas pricing coupled with falling U.S. 10-year Treasury yields helped propel energy and utilities early in the year. Several MLP management teams adopted supplemental self-help measures including cash distribution reductions, sometimes paired with roll-up strategies to combine the general partner with the limited partner structure. These measures helped compress yields in the space, improve cost of capital, and simplify select corporate structures, albeit at the expense of near-term growth in cash distribution payouts. Expansion projects also moderated in size and in scope as up- stream drilling budgets were curtailed. With shrinking organic opportunities, acquisition strategies grew more popular evi- denced by a handful of large combinations during the year with the potential for more to occur. Among our best performers throughout the year has been Consol Energy, which completed the exit of their coal mining busi- ness and produced excellent drilling results in the Marcellus and Utica basins. Management also successfully implemented cost controls that helped result in better than expected margins. Spectra Energy Corp. was another top contributor to per- formance and benefited from a buyout at a premium valuation. Throughout the year several midstream and utility positions were sold as valuations grew full, and we initiated several upstream and other midstream positions as we began to see opportunity present itself. Among our worst performers was Teekay Corp., due to a dividend cut in December. As the fundamentals warranted, we exited our position in the company. Energy fundamentals began to improve during the past year, but not without fits and starts. In recent months, the Orga- nization of Petroleum Exporting Countries (OPEC) has attempted to build consensus among members on production cuts necessary to bring global oil market supply back into balance with demand. However, the level of cooperation among mem- ber nations to avoid overproduction remains unclear. Moreover, non-OPEC suppliers would remain free to drill without par- ticular regard for OPEC output targets. At trough earnings levels, energy equity valuations appeared expensive. However, on a forward-looking basis, we have begun to identify attractive opportunities to buy companies with visible cash flow gen- eration and undervalued assets. Capital markets remain open for higher-quality issuers, and we have seen the beginnings of consolidation in the midstream industry. Although some obstacles remain, we feel the energy industry is well on its way down the path to repair. Westwood Income Opportunity Fund The performance of the Westwood Income Opportunity Fund (the “Fund”) for the periods ended October 31, 2016 was as follows: 2016 Six Months Fiscal Year Westwood Income Opportunity Fund – Institutional Shares (WHGIX) 1.89% 3.15% Westwood Income Opportunity Fund – A Class Shares (WWIAX)* 1.77% 2.96% Citigroup 10-Year Treasury Index 0.48% 4.25% Citigroup 3-Month Treasury Bill Index 0.14% 0.23% S&P 500 Index 4.06% 4.51% FTSE NAREIT Index 2.55% 7.78% 25/25/25/25 Blended Benchmark Index** 1.88% 4.41% * Without sales charge ** 25% Citigroup 10-Year Treasury Index, 25% Citigroup 3-Month Treasury Bill Index, 25% S&P 500 Index, 25% FTSE NAREIT Index The performance data quoted represents past performance. Past performance does not guarantee future results. The invest- ment 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, 2017. Performance for the period was driven primarily by allocation to, and security selection among, Common Stock. Allocation to Preferred Stock and selection among Real Estate Investment Trusts (REITs) also contributed meaningfully, with both 6


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    THE ADVISORS’ INNER CIRCLE FUND WESTWOOD FUNDS (Unaudited) asset classes benefitting from the decline in interest rates over the period. Shares of Becton Dickinson were the largest con- tributor to overall performance. The company posted strong earnings results driven by robust organic growth and significant cost synergies related to the CareFusion acquisition. Shares of Johnson & Johnson, a global Health Care company with sig- nificant non-U.S. revenues, benefited from U.S. Dollar weakness during the first half of calendar 2016. The company’s management also announced a new $10 billion share repurchase program. Spectra Energy’s shares rose significantly on the announcement that the company will be acquired by Enbridge. Weakness in crude oil prices negatively impacted the Fund’s energy and energy-related securities. While Master Limited Partnerships (MLPs) were the only asset class that detracted from performance in the period, several of the Fund’s MLP holdings were particularly hard hit and were among the top detractors from performance. The single largest detractor from the Fund’s performance was Plains All American Pipeline—often regarded as an MLP bellwether. In addition to suffering from the weakness in crude oil prices, Energy Transfer Equity and Williams Partners both experienced additional head- winds due to mounting uncertainties regarding the merger agreement between Energy Transfer Equity and Williams Part- ners’ parent company. Westwood Worldwide Income Opportunity Fund The performance of the Westwood Worldwide Income Opportunity Fund (the “Fund”) for the periods ended October 31, 2016 was as follows: 2016 Six Months Fiscal Year Westwood Worldwide Income Opportunity Fund (WWIOX) 0.39% -0.17% MSCI World Index 2.25% 1.18% FTSE/EPRA NAREIT Developed Index -1.11% 2.48% Bloomberg Barclays Global Treasury G-7 Index -0.98% 7.25% Citigroup 3-Month Treasury Bill Index 0.14% 0.23% 25/25/25/25 Blended Benchmark Index* 0.15% 2.98% * 25% MSCI World Index, 25% FTSE/EPRA NAREIT Developed Index, 25% Bloomberg Barclays Global Treasury G-7 Index, 25% Citigroup 3-Month Treasury Bill Index. The performance data quoted represents past performance. Past performance does not guarantee future results. The invest- ment 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, 2017. In the absence of current fee waivers, total return and yield would be reduced. Performance for the period was driven primarily by security selection among Common Stocks. An allocation to Preferred Stocks and Real Estate Investment Trusts (REITs) also contributed meaningfully, with both asset classes benefitting from the decline in interest rates over the period. Shares of Spectra Energy were the largest contributor to overall performance. Its shares rose significantly on the announcement that the company will be acquired by Enbridge. Becton, Dickinson and Com- pany’s shares performed well after the company posted strong earnings results driven by robust organic growth and sig- nificant cost synergies related to the CareFusion acquisition. Shares of Johnson & Johnson, a global Health Care company with significant non-U.S. revenues, benefited from U.S. Dollar weakness during the first half of calendar 2016. The compa- ny’s management also announced a new $10 billion share repurchase program. Weakness in crude oil prices negatively impacted the Fund’s energy and energy-related securities. Kinder Morgan Inc., often regarded as a midstream oil & gas bellwether, together with Western Gas Partners were among those significantly weighed down by the weakness in energy prices. Shares of European and U.K. banks such as Lloyds Banking Group experienced several macro headwinds, including heightened concerns over energy credit exposure, the impact of negative interest rates in Europe on net interest margins, and Brexit (Great Britain’s European Union referendum). 7


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    THE ADVISORS’ INNER CIRCLE FUND WESTWOOD FUNDS (Unaudited) Westwood Global Equity Fund The performance of the Westwood Global Equity Fund (the “Fund”) for the periods ended October 31, 2016 was as follows: 2016 Six Months Fiscal Year Westwood Global Equity Fund (WWGEX) 3.57% 4.95% MSCI All Country World Index 3.31% 2.63% The performance data quoted represents past performance. Past performance does not guarantee future results. The invest- ment 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, 2017. In the absence of current fee waivers, total return and yield would be reduced. Global equity markets posted a modest advance, led by Emerging Markets. A non-committal stance by the European Cen- tral Bank (ECB) towards further policy easing caused some nervousness among investors, but this was offset by the Federal Reserve’s (Fed) decision to abstain from hiking rates until the end of the year. The Bank of Japan’s new policy framework of targeting the yield curve was viewed positively, while prevailing issues related to Brexit, the U.S. presidential election, and Organization of Petroleum Exporting Countries (OPEC) discussions added uncertainty to near-term outlook. Asia ex-Japan led returns as China and Hong Kong markets rose sharply. The China Insurance Regulatory Commission al- lowed mainland insurers to invest directly in Hong Kong via the Shanghai-HK Stock Connect. South Korea and Taiwan outperformed as the tech sector benefitted from the iPhone 7 launch. New Zealand and Japan also advanced from optimism towards further liquidity measures and improving commodity prices. Europe was positive as investors continued to deal with the aftermath of the Brexit vote, leading to a rise in volatility and a further drop in bond yields amid political and economic turbulence from upcoming elections in France, Germany and Italy. North America rose as the U.S. was positive. Growth in non-farm payrolls rebounded from previous weakness, and earnings growth for S&P 500 companies showed marginal ex- pansion. The potential outcome of the presidential election remained a key event risk driven by policy unpredictability. Emerging Markets outperformed with an 8% return, led by Asian economies, as overall exports showed signs of recovery. Latin America rose with Brazil posting a 10% gain amid the ongoing political transition and improving economic prospects, while Mexico fell from political uncertainty tied to the U.S. election. Europe, Middle East and Asia (EMEA) was positive as Egypt and Hungary advanced strongly, while South Africa and Russia also gained. Turkey fell as the sovereign rating was downgraded to junk by Moody’s. Security selection was the key driver in positive relative return for the portfolio, offsetting negative sector allocation. In- dustrials, Consumer Discretionary, and Consumer Staples were the main contributors. Security selection and positive overweight allocation contributed to positive return from Industrials. In the U.S., diversified industrial conglomerate Honeywell International, and security and defense company Raytheon Company, were the top con- tributors as shares of these companies continued to rise on improving global and domestic growth outlook. Dun & Brad- street, back-up generator supplier Generac, and power supply company Schneider Electric SE also contributed. Contribution in Consumer Discretionary was led by Hanon Systems, a climate-control company that has gained market share in the growing global automobile segment. Media company, Omnicom Group, was positive as shares climbed after reporting better than expected results that exceeded management guidance. Informa Plc., a provider of business information across a range of industries around the world, contributed as the company has been implementing a turnaround plan, and global luggage brand Samsonite also contributed, while the sole detractor in the sector was Persimmon, a U.K. homebuilder. In Consumer Staples, security selection was the main driver of return, led by Thai Union Group, Kraft Heinz, Henkel AG, and Japan Tobacco. Although valuations are at or beyond historical range, the fundamental thesis for these holdings re- mains intact. 8


  • Page 11

    THE ADVISORS’ INNER CIRCLE FUND WESTWOOD FUNDS (Unaudited) Other contributors in the portfolio not mentioned above included Genomma Lab, Largan Precision, and Taiwan Semi- conductor. Detractors included Jones Lang LaSalle, Lannett Company, Lloyds Banking and Lenovo Group. The global economy should remain on its path of muted growth and stabilization in the near-term, supporting the outlook for corporate earnings and equity valuations. A prolonged period of monetary stimulus from central banks remains the most likely underlying trend, as governments around the world seem to be shifting towards the Keynesian style of countercyclical fiscal spending to stimulate their respective economies. The growing divergence in growth prospects and economic perform- ance of global equities should present new opportunities for investors through prudent allocation and stock selection. Westwood Global Dividend Fund The performance of the Westwood Global Dividend Fund (the “Fund”) for the periods ended October 31, 2016 was as follows: 2016 Six Months Fiscal Year Westwood Global Dividend Fund (WWGDX) 1.29% 2.58% MSCI All Country World Index 3.31% 2.63% The performance data quoted represents past performance. Past performance does not guarantee future results. The invest- ment 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, 2017. In the absence of current fee waivers, total return and yield would be reduced. Global equity markets posted a modest advance, led by Emerging Markets. A non-committal stance by the European Cen- tral Bank (ECB) towards further policy easing caused some nervousness among investors, but this was offset by the Fed’s decision to abstain from hiking rates until the end of the year. The Bank of Japan’s new policy framework of targeting the yield curve was viewed positively, while prevailing issues related to Brexit, the U.S. presidential election, and Organization of Petroleum Exporting Countries (OPEC) discussions added uncertainty to near-term outlook. Asia ex-Japan led returns as China and Hong Kong markets rose sharply. The China Insurance Regulatory Commission al- lowed mainland insurers to invest directly in Hong Kong via the Shanghai-HK Stock Connect. South Korea and Taiwan outperformed as the tech sector benefitted from the iPhone 7 launch. New Zealand and Japan also advanced from optimism towards further liquidity measures and improving commodity prices. Europe was positive as investors continued to deal with the aftermath of the Brexit vote, leading to a rise in volatility and a further drop in bond yields amid political and economic turbulence from upcoming elections in France, Germany and Italy. North America rose as the U.S. was positive. Growth in non-farm payrolls rebounded from previous weakness, and earnings growth for S&P 500 companies showed marginal ex- pansion. The potential outcome of the presidential election remained a key event risk driven by policy unpredictability. Emerging Markets outperformed with an 8% return, led by Asian economies, as overall exports showed signs of recovery. Latin America rose with Brazil posting a 10% gain amid the ongoing political transition and improving economic prospects, while Mexico fell from political uncertainty tied to the U.S. election. Europe, Middle East and Asia (EMEA) was positive as Egypt and Hungary advanced strongly, while South Africa and Russia also gained. Turkey fell as the sovereign rating was downgraded to junk by Moody’s. Security selection was the key driver in positive relative return for the portfolio, offsetting negative sector allocation. In- dustrials and Financials were the main contributors, while Energy detracted. Security selection and positive overweight allocation contributed to positive return from Industrials. In the U.S., diversified industrial conglomerate Honeywell International, and security and defense company Raytheon Company, were the top con- tributors as shares of these companies continued to rise on improving global and domestic growth outlook. Power supply company, Schneider Electric SE, and electronic equipment and systems provider Koninklijke Philips from Europe also con- tributed. 9


  • Page 12

    THE ADVISORS’ INNER CIRCLE FUND WESTWOOD FUNDS (Unaudited) Financials contributed to the portfolio from positive security selection that exceeded negative overweight allocation. Brazil insurance company BB Seguridade contributed amid a broader market recovery in hopes of improving economic conditions following a potential impeachment of the president. U.S. insurance company Chubb Limited (formerly ACE Insurance) and Bank of Georgia, the country’s leading domestic bank with over 33% market share, also contributed. Notable detractors were Close Brothers in the U.K, and UBS Group. Energy detracted from security selection, led by services-related companies Williams Companies, Kinder Morgan Inc., and Petrofac Limited, amid uncertainty in earnings outlook as capital spending among exploration and production firms remains tentative. Other contributors in the portfolio not mentioned above included Taiwan Semiconductor, Thai Union Group, and Texas In- struments. Detractors included Lenovo Group, Bristol-Myers, and Eutelsat Communications. The global economy should remain on its path of muted growth and stabilization in the near-term, supporting the outlook for corporate earnings and equity valuations. A prolonged period of monetary stimulus from central banks remains the most likely underlying trend, as governments around the world seem to be shifting towards the Keynesian style of countercyclical fiscal spending to stimulate their respective economies. The growing divergence in growth prospects and economic perform- ance of global equities should present new opportunities for investors through prudent allocation and stock selection. Westwood Emerging Markets Fund The performance of the Westwood Emerging Markets Fund (the “Fund”) for the periods ended October 31, 2016 was as follows: 2016 Six Months Fiscal Year Westwood Emerging Markets Fund – Institutional Shares (WWEMX) 9.10% 14.61% Westwood Emerging Markets Fund – A Class Shares (WWEAX)* 8.72% 14.16% MSCI Emerging Markets Index 9.68% 9.67% * Without sales charge. The performance data quoted represents past performance. Past performance does not guarantee future results. The invest- ment 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, 2017. In the absence of current fee waivers, total return and yield would be reduced. Emerging Markets (EM) outperformed developed regions with a strong advance during the year, supported by an apprecia- tion in currencies following the Federal Reserve’s (Fed) decision to postpone further rate hikes until the end of the year. Exports from EM continued to show recovery amid a stabilization in global growth, but prevailing issues related to Brexit, the U.S. presidential election, and Organization of Petroleum Exporting Countries (OPEC) discussions raised near-term uncertainty in outlook. The Asian region led returns as China rose sharply following an announcement from the China Insurance Regulatory Com- mission, allowing mainland insurers to invest directly in Hong Kong via the Shanghai-HK Stock Connect. The country also aims to fund infrastructure and public projects worth RMB10.6 trillion through public-private partnerships, while the retail gas and diesel price regulator announced the largest of three consecutive price cuts this year. South Korea and Taiwan out- performed as the tech sector benefitted from the iPhone 7 launch. Indonesia rose as the central bank cut benchmark rates to spur economic recovery, and Thailand rose from higher than expected 2Q Gross Domestic Product (GDP) year-over-year growth, and the passage of a national referendum on a draft constitution written by an army-appointed committee, sup- ported by a clear majority. A Goods and Services Tax Bill, which has potential for long-term tax reforms, was passed in In- dia’s parliament as the central bank appointed a new chief, Urjit Patel. Latin America was positive as Brazil outperformed amid the ongoing political transition with impeachment proceedings confirmed by the Senate against the former president 10


  • Page 13

    THE ADVISORS’ INNER CIRCLE FUND WESTWOOD FUNDS (Unaudited) Rousseff, as economic prospects continued to improve. Mexico fell from political uncertainty tied to the U.S. election, as the central bank commented that risks surrounding economic growth had deteriorated since the last rate cut in June. Europe, Middle East and Asia (EMEA) also advanced as Egypt, Hungary, South Africa and Russia were positive. A recovery in oil prices contributed to a strengthening of the Russian ruble. Turkey fell as the sovereign rating was downgraded to junk by Moody’s. The portfolio remained fully invested but was opportunistic in taking profits and/or adding to positions that were unjustly impacted by market gyrations. For the period, the portfolio outperformed its benchmark primarily from security selection, particularly in Financials, Consumer Discretionary, and Energy. Contribution from security selection in Financials was led by stocks in Brazil, Banco Bradesco, and BB Seguridade. Other contributors included Credicorp, PT Bank Mandiri in Indonesia, and Bank of Georgia, the country’s leading domestic bank with over 33% market share, as the bank recently reported an improvement in profitability to a Return on Equity (ROE) of 25%. Shares of Credicorp benefitted from a broad market rally following recent elections, as the bank beat estimates with a reported 18% increase in recurring earnings and 9% growth in net interest income growth. Consumer Discretionary detracted from overweight allocation and security selection. Contributors included Lojas Ameri- canas, a household retailer, and Grendene in Brazil. South Korean holdings Hanon Systems and Hankook Tire contributed from exposure in the global auto industry. Indonesia-based PT Media Nusantara also contributed, while Giant and Ford Otomotiv in Turkey detracted. Petroleo Brasileiro SA was the main contributor in Energy as shares rose in response to positive developments in the compa- ny’s ongoing restructuring and divestment plan. Recent asset sales have helped to improve the risk profile of the company by raising cash to lower debt on the balance sheet, and the production profile of Petrobras has also improved, with consecutive monthly oil production growth reaching 8% on a quarterly basis. PTTEP of Thailand and Tenaris, the manufacturer of seamless tubular equipment used in oil exploration were also positive, while one of the world’s highest grade refiners, Tur- kiye Petrol Rafinerileri, detracted. Other top contributors in the portfolio not mentioned above included Randgold, Taiwan Semiconductor, Tripod Technology, and Largan Precision. Detractors included TAV Havalimanlari, Lenovo Group, BNK Financial, and CT Environmental. We sold Koza Altin, Massmart Holdings, Gerdau, ONGC based on a deteriorating fundamental outlook. The recent outperformance of Emerging Markets relative to the rest of the world has, in our view, been long overdue relative to the attractive buying opportunities that persist. Valuations remain at or near historic lows while return metrics are com- parable to those in the developed world. While uncertainty from exogenous developments such as Brexit, the U.S. election, potential Fed tightening, and the risk of further geopolitical instability may continue to persist, there are positive funda- mental and structural developments that are occurring within EM economies that will support higher domestic growth rates and rising standards of living. Our proven investment approach ensures that we will be well-positioned for the unfolding of the long-term EM growth story that is to come. Westwood Short Duration High Yield Fund The performance of the Westwood Short Duration High Yield Fund (the “Fund”) for the periods ended October 31, 2016 was as follows: 2016 Six Months Fiscal Year Westwood Short Duration High Yield Fund – Institutional Class Shares (WHGHX) 3.87% 4.75% Westwood Short Duration High Yield Fund – A Class Shares (WSDAX)* 3.74% 4.50% BofA Merrill Lynch U.S. High Yield Index† 7.74% 10.16% * Without sales charge. † The BofA Merrill Lynch U.S. High Yield Index is provided solely as a relative market indicator. The Westwood Short Duration High Yield Fund is not a benchmarked product. 11


  • Page 14

    THE ADVISORS’ INNER CIRCLE FUND WESTWOOD FUNDS (Unaudited) The performance data quoted represents past performance. Past performance does not guarantee future results. The invest- ment 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, 2017. In the absence of current fee waivers, total return and yield would be reduced. Over the twelve month period ended October 31, 2016, markets exhibited periods of volatility in response to shifting global risks, fluctuating commodity prices, the first increase in U.S. interest rates in a decade and political uncertainty. High yield showed weakness during the first three months of the period amid concerns on global growth and financial market con- ditions due to weak global economic data, but went on to post positive returns for the next nine months. Market conditions improved as the European Central Bank (ECB) and U.S.’s Federal Open Market Committee (FOMC) lifted the overall mar- kets with supportive policy responses in early 2016. The ECB announced an expanded asset purchase program, which ex- ceeded market expectations, and the FOMC indicated a slower-than-expected pace for rate hikes through its “dot plots”. Markets rebounded after the unexpected U.K. Brexit vote result in June, with little negative impact on global markets. West Texas Intermediate Crude oil (WTI Crude) prices fluctuated during the period reaching a low of $26.21 per barrel on February 21, and a high of $51.60 as recently as October 19, and ended the period at $46.86. The U.S. Dollar Index rose 0.10% and the yield curve flattened with the Two-year Treasury up 11 basis points (bps) to 0.85% and the 10-year lower by 32 bps to 1.83%. During the period, the BofA Merrill Lynch U.S. High Yield Index returned 10.16%, credit spreads tightened by 100 bps to 486 bps, and the average yield-to-worst was lower by 1.13% to 6.26%. High yield outperformed investment grade corpo- rates, as represented by the BofA Merrill Lynch U.S. Corporate Index’s 7.03%, as well as large and small cap equities as represented by the S&P 500’s 4.51% return and the Russell 2000 Index’s 4.11%. In high yield, performance was positive across credit qualities, with BB, B, and CCC returning 8.9%, 9.0% and 18.5%, respectively. Performance was positive across all sectors as well, with Basic Industry as the top performer with an 18.53% return, while Health Care was the bottom per- former, returning 3.47%. The Short Duration subset of the high yield market captured about half the market return, some- what price constrained due to near-term take-outs. The Fund closed the year ended October 31 with 355 bond holdings, representing 260 issuers. This is up from last year. We believe diversification of holdings is integral for this strategy and helps to reduce risk. The largest position was HCA Inc. 6.5% Notes due 2020, which represented a 0.70% holding in the Fund. As of October 31, 2016, the Fund had approx- imately 75% of the broad high yield market’s yield-to-worst with just over 45% of the broad market duration-to-worst (as measured by the BofA Merrill Lynch U.S. High Yield Index). Approximately one-third of the holdings had maturities of less than three years with the other two-thirds having longer maturities but trading to expected early take-outs inside this three-year period. This is a slight swing in favor of the latter group and brings us back to a more normalized mix. Recall last year at this time we were valuing outright maturities for their ability to dampen volatility in the portfolio. However, as overall market volatility has declined, we have brought this group down a little and focused on higher-returning opportunities in the yield-to-call space. Performance was a function of high coupon income with gains and losses largely offsetting each other. All sectors con- tributed positive returns, with Basic Industry leading and Retail the laggard. The top three positive contributors to overall returns were MEG Energy 6.5% of 2021, Alta Mesa 9.625% of 2018 and ArcelorMittal 6.25% of 2020, each of which added between 6 and 8 bps. The bottom contributors to returns were SPL Logistics 8.875% of 2020, Energy XXI 9.25% of 2017 and Breitburn Energy 8.625% of 2020, each of which cost 13 bps. The portfolio is constructed with a large amount of front-end maturities and expected near-term calls. This should translate into increased portfolio turnover. We can use this natural cash generation to take advantage of volatility and a changing yield curve as speculation swirls around the Fed’s actions later this year. We expect to continue to benefit from security se- lection and portfolio diversification, using market volatility to opportunistically add attractively priced positions to the Fund. Diversification does not ensure a profit or guarantee against a loss. 12


  • Page 15

    THE ADVISORS’ INNER CIRCLE FUND WESTWOOD FUNDS (Unaudited) Westwood Opportunistic High Yield Fund The performance of the Westwood Opportunistic High Yield Fund (the “Fund”) for the periods ended October 31, 2016 was as follows: 2016 Six Months Fiscal Year Westwood Opportunistic High Yield Fund – Institutional Shares (WWHYX) 6.89% 7.46% Westwood Opportunistic High Yield Fund – Ultra Shares (WHYUX) 6.95% 7.56% BofA Merrill Lynch U.S. High Yield Index 7.74% 10.16% The performance data quoted represents past performance. Past performance does not guarantee future results. The invest- ment 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, 2017. In the absence of current fee waivers, total return and yield would be reduced. Over the twelve month period ended October 31, 2016, markets exhibited periods of volatility in response to shifting global risks, fluctuating commodity prices, the first increase in U.S. interest rates in a decade and political uncertainty. High yield showed weakness during the first three months of the period amid concerns on global growth and financial market con- ditions due to weak global economic data, but went on to post positive returns for the next nine months. Market conditions improved as the European Central Bank (ECB) and U.S.’s Federal Open Market Committee (FOMC) lifted the overall mar- kets with supportive policy responses in early 2016. The ECB announced an expanded asset purchase program, which ex- ceeded market expectations, and the FOMC indicated a slower-than-expected pace for rate hikes through its “dot plots”. Markets rebounded after the unexpected U.K. Brexit vote result in June, with little negative impact on global markets. West Texas Intermediate Crude oil (WTI Crude) prices fluctuated during the period reaching a low of $26.21 per barrel on February 21, and a high of $51.60 as recently as October 19, and ended the period at $46.86. The U.S. Dollar Index rose .10% and the yield curve flattened with the Two-year Treasury up 11 basis points (bps) to 0.85% and the 10-year lower by 32 bps to 1.83%. During the period, the BofA Merrill Lynch U.S. High Yield Index returned 10.16%, credit spreads tightened by 100 bps to 486 bps, and the average yield-to-worst was lower by 1.13% to 6.26%. High yield outperformed investment grade corpo- rates, as represented by the BofA Merrill Lynch U.S. Corporate Index’s 7.03%, as well as large and small cap equities as represented by the S&P 500’s 4.51% return and the Russell 2000 Index’s 4.11%. In high yield, performance was positive across credit qualities, with BB, B, and CCC returning 8.9%, 9.0% and 18.5%, respectively. Performance was positive across all sectors as well, with Basic Industry as the top performer with an 18.53% return, while Health Care was the bottom per- former, returning 3.47%. The Short Duration subset of the high yield market captured about half the market return, some- what price constrained due to near-term take-outs. Performance for the Fund remains on track with its objective which seeks to maximize total return through a high level of current income and capital appreciation. Top contributors for the period include Alta Mesa Holdings 9.625% notes due 2018, REX Energy Corp 1.0% notes due 2020 and Approach Resources Inc. notes due 2021, all within the Energy sector. Bottom contributors to performance include Legacy Reserve 8.0% notes due 2020 within the Energy sector, Rue21 Inc. 9.0% notes due 2021 within the Retail sector and satellite telecommunications provider Intelsat 7.75% notes due 2021. The Fund ended October with 385 holdings representing 294 issuers. The largest position, Casella Waste Systems 7.75% notes due 2019, represented 0.91% of the portfolio and the top five positions represented 3.74%. The Fund had a yield-to-worst of 6.80%, which was 0.54% above the index, and a duration-to-worst of 3.5 years, which was 0.4 years shorter than the index. Looking forward, the Fund expects to invest cash flows into targeted new debt issuance of companies believed to be well positioned relative to cyclical and secular risks, have managements with credible execution strategies and have substantial financial flexibility to weather volatile capital markets. 13


  • Page 16

    THE ADVISORS’ INNER CIRCLE FUND WESTWOOD FUNDS (Unaudited) Westwood Market Neutral Income Fund The performance of the Westwood Market Neutral Income Fund (the “Fund”) for the periods ended October 31, 2016 was as follows: 2016 Six Months Fiscal Year Westwood Market Neutral Income Fund – Institutional Shares (WMNIX) 4.23% 3.62% Westwood Market Neutral Income Fund – Ultra Shares (WMNUX) 4.30% 3.73% Citigroup 1-Month Treasury Bill Index 0.10% 0.17% The performance data quoted represents past performance. Past performance does not guarantee future results. The invest- ment 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, 2017. In the absence of current fee waivers, total return and yield would be reduced. The broader liquid alternatives investment category had fairly muted results over the past year. Increased volatility in the global markets in early 2016 gave way to a broad-based rally over the next several months, and provided for significant dispersion of returns during the year. However, the trailing year results for the category have been rather tepid: the Credit Suisse Liquid Alternatives Beta Index rose 1.25% for the year ended October 31, 2016, while the IQ Hedge Market Neutral Tracker ETF rose 1.57% over the same period. The Westwood Market Neutral Income Fund Institutional Shares had solid performance in the twelve months ended Oc- tober 31, 2016, returning 3.62% during a period which included the most significant percentage decline the S&P has seen in nearly five years. During the past year, the two major strategies of the Fund, short-duration yield convertibles and con- vertible arbitrage, have both performed within expectations. The short duration income portfolio has provided a ballast to the Fund, as the Fund has generated both income and modest capital appreciation from convertible bonds throughout the globe. U.S. and European convertibles in this strategy have provided stable income to the Fund, and the positive accretion of short-dated Asian convertibles toward par has proven to be a rewarding tactical investment. Within the convertible arbitrage strategy of the Fund, the focus is to target global convertible bonds which trade below fair value while concurrently selling the related equity exposure by shorting stock. By doing so, the Fund seeks to capture the move towards fair value of the convertible position, while also potentially participating in the volatility of the stock that is sold as a hedge. Performance was driven by a healthy mix of event-driven opportunities that caused convertible cheapness to resolve in favor of our investors, and also ongoing opportunities to trade around corresponding equity movements, monetiz- ing the underlying volatility while waiting for the gradual movement towards convertible fair value. We continue to see compelling investment opportunities within this portion of the Fund. Two other components of the Fund’s strategy are worth highlighting. First, income generation through option writing was modestly beneficial to the Fund’s performance during the past year, and we anticipate that this will continue to be a means of enhancing returns of the Fund in a low risk manner. Second, the Fund has continued to employ tail hedging strategies to protect the Fund and maintain optimal flexibility in “risk-off” market environments. In the past year, the Fund has em- ployed put options on the S&P 500, the Russell 2000 Index, the SPDR Barclays High Yield Bond ETF (JNK), a VIX Call spread, and other liquid options that helped to protect the portfolio in a cost-effective manner. As discussed above, this Fund is made up of multiple strategies, intended to provide a reasonable return and healthy liquid- ity, in a manner which limits correlation with the broader equity and fixed income markets. As shifts in global monetary policy continue to impact various market factors such as economic growth, inflationary concerns, interest rate changes, and risk appetite amongst global investors, we would expect this Fund to continue to offer some protection from a potential vola- tile global investing landscape. 14


  • Page 17

    THE ADVISORS’ INNER CIRCLE FUND WESTWOOD FUNDS (Unaudited) Westwood Strategic Global Convertibles Fund The performance of the Westwood Strategic Global Convertibles Fund (the “Fund”) for the periods ended October 31, 2016 was as follows: 2016 Six Months Fiscal Year Westwood Strategic Global Convertibles Fund (WSGCX) -0.05% -1.04% Thomson Reuters Global Focus Convertible Bond Index 0.38% -0.50% The performance data quoted represents past performance. Past performance does not guarantee future results. The invest- ment 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, 2017. In the absence of current fee waivers, total return and yield would be reduced. The global convertible bond market was essentially flat over the twelve month period ended October 31, 2016, as the Thom- son Reuters Global Focus Convertible Bond Index was lower by 0.50%. Positive performance in the second half of the year helped to erase most of the decline seen during the first six months of the period. Convertible bonds were negatively affected by underperformance of the underlying equities, in part because of the natural growth bias of companies within the con- vertibles asset class. As an illustration, during the period, the MSCI All Cap World Index increased 2.64% while the Russell 2000 Growth Index declined 0.49%. Over the same period, the Bloomberg Barclays Global Credit Index returned 5.59%. The Westwood Strategic Global Convertibles Fund performed slightly below the Thomson Reuters Global Focus Convertible Bond Index in the twelve months ended October 31, 2016. Top down factors aided performance in the second half of the period, as a tactical overweight position in the U.S. region and comparative underweights in Asia and Europe proved benefi- cial. This marked a reversal from the first half of the Fund year, when an overweight in the underperforming U.S. market and an underweight in the outperforming European market negatively impacted returns. The Fund’s delta position, or sensitivity to global equity markets, was above that of the benchmark. While this was a drag in the first half of the period as stocks sold off around the globe, this was beneficial in mid-2016 as markets rallied. Delta posi- tioning by region was somewhat mixed, as overweight U.S. delta benefitted the Fund in the back half of the year, after hav- ing hindered it earlier. Likewise, the underweight delta positioning in Europe helped somewhat in the second half, after having been an earlier headwind. Asian delta was somewhat underweight benchmark, though this was more related to available security selection that fit our profile of balanced, convex convertible bonds. Security selection relative to the index was somewhat mixed, though the active share of the Fund remained high. While cer- tain holdings were significant positive contributors to Fund performance during the year, the Fund also suffered from a lack of exposure to certain index positions that performed well, but did not meet our investment criteria. Wright Medical Group bonds were a top performing position for the Fund, as the manufacturer of orthopedic devices posted steady growth and removed an overhang by settling potential litigation. ServiceNow convertibles aided performance, as the company continued to improve its fundamental growth story. Kingdee International Software, a China-focused provider of enterprise management software was another top performer among Fund holdings, as was an issue from Schindler Holdings which was harvested for a gain during the period. On the downside, holdings in certain U.K. Real Estate Investment Trust (REIT) names were negatively impacted by the Brexit vote in June, as bonds from British Land and Helical Bar were a drag on fund returns during the year. Weakness late in the period from energy holdings such as Chesapeake Energy and Weatherford International caused a similar negative impact on period performance. 15


  • Page 18

    THE ADVISORS’ INNER CIRCLE FUND WESTWOOD FUNDS (Unaudited) Relative to the index, Fund performance also suffered as a result of not holding certain large benchmark positions, as their profiles did not meet the Fund’s risk/reward criteria due to a lack of convexity. Despite not being balanced convertible bonds, outperformance by the underlying equities in these high-delta names such as Intel and Microchip Technologies hin- dered relative performance versus the index. The Fund continues to be positioned somewhat overweight delta on a global basis; however, we remain focused on maintain- ing a portfolio of balanced convertible bonds that will maintain the asymmetric return profile that we believe provides the most attractive characteristic in the asset class, one that should perform well in both stable and volatile markets. Thank you for your continued trust. Sincerely, The Investment Team The Westwood Funds S&P Ratings are a grade given to bonds that indicate their credit quality. S&P give ratings after evaluating a bond issuer’s financial strength, or it’s the ability to pay a bond’s principal and interest in a timely fashion. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest). 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. To determine if a Fund is an appropriate investment for you, carefully consider the Fund’s investment objectives, risk factors, charges, and expenses before investing. This and other information can be found in the Fund’s prospectus, which may be obtained by calling 1-877-386-3944. Read the prospectus carefully before investing or sending money. Mutual fund investing involves risk, including possible loss of principal. There can be no assurance that the Portfolio will achieve its stated objectives. Bonds and bond funds will decrease in value as interest rates rise. Portfolio holdings are subject to change and should not be considered a recommendation to buy individual securities. In addition to the normal risks associated with investing, bonds and bond funds are subject to interest rate risk and will de- cline in value as interest rates rise. High Yield bonds are highly speculative and carry a greater degree of risk. Investments in smaller companies typically exhibit higher volatility. International investments may involve risk of capital loss from unfavorable fluctuation in currency values, from differences in gen- erally accepted accounting principles, or from social, economic, or political instability in other nations. A company may reduce or eliminate its dividend, causing losses to the Fund. Asset allocation does not guarantee against loss. There are specific risks inherent in small cap investing such as greater share price volatility as compared to other funds that invest in stocks of companies with larger and potentially more stable market capitalizations. Emerging markets involve heightened risks related to the same factors as well as increased volatility and lower trading volume. Several of the Funds may use de- rivatives. The primary risk of derivative instruments is that changes in the market value of securities held by the Fund and of the derivative instruments relating to those securities may not be proportionate. Derivatives are also subject to illiquidity and counterparty risk. In addition, REIT investments are subject to the changes in economic conditions, credit risk, and interest rate fluctuations. Diversification does not protect against market loss. The Westwood Funds are distributed by SEI Investments Distribution Co., which is not affiliated with the Advisor or any other affiliate. 16


  • Page 19

    THE ADVISORS’ INNER CIRCLE FUND 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 Global Credit Index is an unmanaged index composed investment grade and high yield credit securities from the Multiverse Index represented in U.S. Dollars on a total return and unhedged basis. The Multiverse Index is the merger of two index groups; the Global Aggregate Index and the Global High Yield Index. The index includes dividend and interest. Bloomberg Barclays Global G-7 Treasury Index tracks fixed-rate, local currency government debt of the US, Germany, UK, Italy, France, Canada and Japan. The index represents the treasury sector of the Barclays Global Aggregate Index and contains issues from the G7 countries denominated in 5 currencies. 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. BofA Merrill Lynch U.S. Corporate Index tracks the performance of U.S. dollar denominated investment grade corporate debt publicly issued in the US domestic market. Qualifying securities must have an 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 sover- eign debt ratings). In addition, qualifying securities must have at least one year remaining term to final maturity, a fixed coupon schedule, and a minimum amount outstanding of $250 million. BofA Merrill Lynch 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 cur- rency long-term sovereign debt ratings). Benchmark returns do not reflect any management fees, transaction costs, or expenses. Investors cannot invest directly in an index. Citigroup 1-Month Treasury Bill Index is a market value-weighted index of public obligations of the U.S. Treasury bills with matur- ities of one month. The Index reflects no deduction for fees, expenses or taxes. Citigroup 3-Month Treasury Bill Index is an unmanaged index composed of three-month Treasury bills. Citigroup 10-Year Treasury Index is an unmanaged index composed of ten-year Treasury bonds and notes. Credit Suisse Liquid Alternatives Beta Index reflects the combined returns of the individual Liquid Alternative Beta strategy indices – Long/Short, Event Driven, Global Strategies, Merger Arbitrage and Managed Futures – weighted according to their respective strategy weights in the Credit Suisse Hedge Fund Index. 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. FTSE NAREIT Index is an unmanaged capitalization-weighted index that includes all tax qualified REITs listed in the New York Stock Exchange, the NASDAQ National Market System and the American Stock Exchange. FTSE/EPRA NAREIT Developed Index is a capitalization-managed index that tracks the performance of listed real estate companies and REITs worldwide. IQ Hedge Market Neutral Trade ETF seeks to track, before fees and expenses, the performance of the IQ Hedge Market Neutral Index. Market Neutral hedge funds typically invest in both long and short positions in asset classes while minimizing exposure to systematic risk. These strategies seek to have a zero “beta” (or “market”) exposure to one or more systematic risk factors including the overall market (as represented by the S&P 500 Index), economic sectors or industries, market cap, region and country. 17


  • Page 20

    THE ADVISORS’ INNER CIRCLE FUND MSCI World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market perform- ance of developed markets. The MSCI World Index consists of the following 23 developed market country indexes: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom, and the United States. MSCI All Country World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The MSCI ACWI consists of 45 country indices comprising 24 developed and 21 emerging market country indices. The developed market country indices included are: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom and the United States. The emerging market country indices included are: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Morocco, Peru, Philippines, Poland, Rus- sia, South Africa, Taiwan, Thailand, and Turkey. MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market perform- ance 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, Rus- sia, South Africa, Taiwan, Thailand, and Turkey. Russell 1000 Value Index measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower fore- casted 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 Growth Index measures the performance of the small-cap growth segment of the U.S. equity universe. It includes those Russell 2000 companies with higher price-to-book ratios and higher forecasted growth values. The Russell 2000 Growth Index is con- structed to provide a comprehensive and unbiased barometer for the small-cap growth segment. The Index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small-cap opportunity set and that the represented companies continue to reflect growth characteristics. 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 approx- imately 16% of the total market capitalization of the Russell 3000 Index. Russell 3000 Index is a market capitalization weighted equity index maintained by the Russell Investment Group that seeks to be a benchmark of the entire U.S. stock market. More specifically, this index encompasses the 3,000 largest U.S.-traded stocks, in which the underlying companies are all incorporated in the U.S. 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 Global Focus Convertible Index measures the size and performance of the convertibles asset class, and is one of the most widely used convertible bond benchmark internationally. It is a market capitalization-weighted, total-return index. They do not impose any currency, regional or sectoral weights, and do not have a fixed number of constituents. USD is the United States Dollar Yield to Worst is the lowest potential yield that can be received on a bond without the issuer actually defaulting. 18


  • Page 21

    THE ADVISORS’ INNER CIRCLE FUND WESTWOOD LARGECAP VALUE FUND (Unaudited) Growth of a $10,000 Investment AVERAGE ANNUAL TOTAL RETURN* FOR PERIOD ENDED OCTOBER 31, 2016 One Year Three Year Five Year Ten Year Annualized Return Return Return Return Inception to Date* Institutional Shares 2.00% 6.90% 11.78% 5.76% 6.28% A Class Shares with sales charge -3.34% 4.81% 10.36% N/A 3.90% A Class Shares without sales charge 1.74% 6.62% 11.50% N/A 4.51% Russell 1000 Value Index 6.37% 7.59% 13.31% 5.35% 6.30% $18,000 $17,511 $16,837 $16,000 $14,000 $12,000 $10,000 $8,000 $6,000 10/31/06 10/31/07 10/31/08 10/31/09 10/31/10 10/31/11 10/31/12 10/31/13 10/31/14 10/31/15 10/31/16 Westwood LargeCap Value Fund, Russell 1000 Value Index Institutional Shares * Institutional Shares commenced operations on June 28, 2006. A Class Shares commenced operations on December 31, 2007. The Russell 1000 Value Index annualized inception to date is since June 28, 2006. 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 17 and 18. 19


  • Page 22

    THE ADVISORS’ INNER CIRCLE FUND WESTWOOD DIVIDEND GROWTH FUND (Unaudited) Growth of a $10,000 Investment AVERAGE ANNUAL TOTAL RETURN FOR PERIOD ENDED OCTOBER 31, 2016* One Year Three Year Five Year Ten Year Return Return Return Return Institutional Shares 1.82% 6.13% 10.89% 6.01% S&P 500 Index 4.51% 8.84% 13.57% 6.70% $20,000 $19,123 $18,000 $17,923 $16,000 $14,000 $12,000 $10,000 $8,000 $6,000 10/31/06 10/31/07 10/31/08 10/31/09 10/31/10 10/31/11 10/31/12 10/31/13 10/31/14 10/31/15 10/31/16 Westwood Dividend Growth Fund, S&P 500 Index Institutional Shares * Total return for periods prior to February 5, 2011 represent the performance of the McCarthy Multi-Cap Stock Fund (the “Predecessor Fund”), which reorganized into the Fund on February 5, 2011. The Predecessor Fund’s performance has not been adjusted to reflect the lower net expenses of the Fund. The Predecessor Fund’s past performance does not necessarily indicate how the Fund will perform in the future. 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 17 and 18. 20


  • Page 23

    THE ADVISORS’ INNER CIRCLE FUND WESTWOOD SMIDCAP PLUS FUND (Unaudited) Growth of a $10,000 Investment AVERAGE ANNUAL TOTAL RETURN FOR PERIOD ENDED OCTOBER 31, 2016* One Year Three Year Five Year Annualized Return Return Return Inception to Date* Institutional Shares 0.30% 3.72% 10.47% 7.23% Russell 2500 Index 3.98% 5.17% 12.22% 9.20% $17,000 $16,371 $16,000 $15,000 $14,777 $14,000 $13,000 $12,000 $11,000 $10,000 $9,000 $8,000 $7,000 3/28/11 10/31/11 10/31/12 10/31/13 10/31/14 10/31/15 10/31/16 Westwood SMidCap Plus Fund, Russell 2500 Index Institutional Shares * Commenced operations on March 28, 2011. The Russell 2500 Index annualized inception to date is since March 28, 2011. 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 17 and 18. 21


  • Page 24

    THE ADVISORS’ INNER CIRCLE FUND WESTWOOD SMIDCAP FUND (Unaudited) Growth of a $10,000 Investment AVERAGE ANNUAL TOTAL RETURN FOR PERIOD ENDED OCTOBER 31, 2016 One Year Three Year Five Year Ten Year Annualized Return Return Return Return Inception to Date* Institutional Shares -1.08% 2.56% 9.52% 8.07% 8.77% Russell 2500 Index 3.98% 5.17% 12.22% 7.00% 7.54% $24,000 $22,000 $21,728 $20,000 $19,663 $18,000 $16,000 $14,000 $12,000 $10,000 $8,000 $6,000 10/31/06 10/31/07 10/31/08 10/31/09 10/31/10 10/31/11 10/31/12 10/31/13 10/31/14 10/31/15 10/31/16 Westwood SMidCap Fund, Russell 2500 Index Institutional Shares * Commenced operations on December 19, 2005. The Russell 2500 Index annualized inception to date is since December 19, 2005. 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 17 and 18. 22


  • Page 25

    THE ADVISORS’ INNER CIRCLE FUND WESTWOOD SMALLCAP VALUE FUND (Unaudited) Growth of a $10,000 Investment AVERAGE ANNUAL TOTAL RETURN* FOR PERIOD ENDED OCTOBER 31, 2016 One Year Three Year Five Year Annualized Return Return Return Inception to Date* Institutional Shares 6.40% 5.67% 14.74% 6.67% Russell 2000 Value Index 8.81% 4.47% 11.63% 4.52% $20,000 $18,554 $18,000 $16,000 $15,281 $14,000 $12,000 $10,000 $8,000 $6,000 4/2/07 10/31/07 10/31/08 10/31/09 10/31/10 10/31/11 10/31/12 10/31/13 10/31/14 10/31/15 10/31/16 Westwood SmallCap Value Fund, Russell 2000 Value Index Institutional Shares * Commenced operations on April 2, 2007. The Russell 2000 Value Index annualized inception to date is since April 2, 2007. 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 17 and 18. 23


  • Page 26

    THE ADVISORS’ INNER CIRCLE FUND WESTWOOD MLP AND STRATEGIC ENERGY FUND (Unaudited) Growth of a $10,000 Investment AVERAGE ANNUAL TOTAL RETURN* FOR PERIOD ENDED OCTOBER 31, 2016 One Year Annualized Return Inception to Date* Institutional Shares -1.93% -13.64% Alerian MLP Index -1.80% -15.06% $11,000 $10,000 $9,000 $8,000 $7,637 $7,404 $7,000 12/29/14 10/31/15 10/31/16 Westwood MLP and Strategic Energy Fund, Alerian MLP Index Institutional Shares * Commenced operations on December 29, 2014. The Alerian MLP Index annualized inception to date is since December 29, 2014. 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 17 and 18. 24


  • Page 27

    THE ADVISORS’ INNER CIRCLE FUND WESTWOOD INCOME OPPORTUNITY FUND (Unaudited) Growth of a $10,000 Investment AVERAGE ANNUAL TOTAL RETURN* FOR PERIOD ENDED OCTOBER 31, 2016 One Year Three Year Five Year Ten Year Annualized Return Return Return Return Inception to Date* Institutional Shares 3.15% 4.31% 7.07% 6.40% 6.67% A Class Shares with sales charge -2.21% 2.28% 5.73% N/A 5.96% A Class Shares without sales charge 2.96% 4.05% 6.82% N/A 6.59% 25/25/25/25 Blended Benchmark Index** 4.41% 6.10% 7.24% 5.29% 5.93% S&P 500 Index 4.51% 8.84% 13.57% 6.70% 7.18% FTSE NAREIT Index 7.78% 10.31% 11.74% 5.18% 7.42% Citigroup 3-Month Treasury Bill Index 0.23% 0.09% 0.08% 0.80% 1.10% Citigroup 10-Year Treasury Index 4.25% 4.34% 3.07% 5.41% 5.17% $20,000 $19,123 $18,599 $18,000 $16,943 $16,000 $16,739 $16,565 $14,000 $12,000 $10,833 $10,000 $8,000 $6,000 $4,000 10/31/06 10/31/07 10/31/08 10/31/09 10/31/10 10/31/11 10/31/12 10/31/13 10/31/14 10/31/15 10/31/16 Westwood Income Opportunity Fund, Institutional Shares 25/25/25/25 Hybrid of the following: S&P 500 Index FTSE NAREIT Index Citigroup 3-Month Treasury Bill Index Citigroup 10-Year Treasury Index * Institutional Shares commenced operations on December 19, 2005. A Class Shares commenced operations on December 31, 2007. The S&P 500 Index, FTSE NAREIT Index, Citigroup 3-Month Treasury Bill Index, and Citigroup 10-Year Treasury Benchmark annualized inception to date is since December 19, 2005. ** 25% Citigroup 10-Year Treasury Index, 25% Citigroup 3-Month Treasury Bill Index, 25% S&P 500 Index, 25% FTSE NAREIT Index. 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 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 17 and 18. 25


  • Page 28

    THE ADVISORS’ INNER CIRCLE FUND WESTWOOD WORLDWIDE INCOME OPPORTUNITY FUND (Unaudited) Growth of a $10,000 Investment AVERAGE ANNUAL TOTAL RETURN* FOR PERIOD ENDED OCTOBER 31, 2016 One Year Annualized Return Inception to Date* Institutional Shares -0.17% -2.88% MSCI World Index 1.18% -1.67% FTSE/EPRA NAREIT Developed Index 2.48% 0.47% Bloomberg Barclays Global Treasury G-7 Index 7.25% 4.81% Citigroup 3-Month Treasury Bill Index 0.23% 0.16% 25/25/25/25 Blended Benchmark Index** 2.98% 1.18% $11,000 $10,731 $10,177 $10,071 $10,000 $10,024 $9,750 $9,572 $9,000 5/1/15 10/31/15 10/31/16 Westwood Worldwide Income Opportunity Fund, Institutional Shares 25/25/25/25 Hybrid of the following Indexes: MSCI World Index FTSE EPRA/NAREIT Developed Index Bloomberg Barclays Global Treasury G-7 Index Citigroup 3-Month Treasury Index * Commenced operations on May 1, 2015. ** 25% MSCI World Index, 25% FTSE/EPRA NAREIT Developed Index, 25% Bloomberg Barclays Global Treasury G-7 Index, 25% Citigroup 3-Month Treasury Bill Index 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. 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 17 and 18. 26


  • Page 29

    THE ADVISORS’ INNER CIRCLE FUND WESTWOOD GLOBAL EQUITY FUND (Unaudited) Growth of a $10,000 Investment AVERAGE ANNUAL TOTAL RETURN* FOR PERIOD ENDED OCTOBER 31, 2016 One Year Three Year Annualized Return Return Inception to Date* Institutional Shares 4.95% 1.69% 4.97% MSCI All Country World Index 2.63% 3.77% 7.90% $14,000 $13,124 $13,000 $12,000 $12,052 $11,000 $10,000 $9,000 $8,000 $7,000 12/26/12 10/31/13 10/31/14 10/31/15 10/31/16 Westwood Global Equity Fund, MSCI All Country Institutional Shares World Index * Commenced operations on December 26, 2012. The MSCI All World Country Index annualized inception to date is since December 26, 2012. 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 17 and 18. 27


  • Page 30

    THE ADVISORS’ INNER CIRCLE FUND WESTWOOD GLOBAL DIVIDEND FUND (Unaudited) Growth of a $10,000 Investment AVERAGE ANNUAL TOTAL RETURN* FOR PERIOD ENDED OCTOBER 31, 2016 One Year Three Year Annualized Return Return Inception to Date* Institutional Shares 2.58% 1.06% 4.20% MSCI All Country World Index 2.63% 3.77% 7.90% $14,000 $13,124 $13,000 $12,000 $11,716 $11,000 $10,000 $9,000 12/26/12 10/31/13 10/31/14 10/31/15 10/31/16 Westwood Global Dividend Fund, MSCI All Country World Institutional Shares Index * Commenced operations on December 26, 2012. The MSCI All World Country Index annualized inception to date is since December 26, 2012. 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 17 and 18. 28


  • Page 31

    THE ADVISORS’ INNER CIRCLE FUND WESTWOOD EMERGING MARKETS FUND (Unaudited) Growth of a $10,000 Investment AVERAGE ANNUAL TOTAL RETURN* FOR PERIOD ENDED OCTOBER 31, 2016 One Year Three Year Annualized Return Return Inception to Date* Institutional Shares 14.61% -0.90% -2.53% A Class Shares with sales charge 8.40% -2.83% -4.10% A Class Shares without sales charge 14.16% -1.15% -2.80% MSCI Emerging Markets Index 9.67% -1.70% -0.95% $11,000 $10,000 $9,505 $9,000 $9,062 $8,000 $7,000 12/26/12 10/31/13 10/31/14 10/31/15 10/31/16 Westwood Emerging Markets MSCI Emerging Markets Index Fund, Institutional Shares * Commenced operations on December 26, 2012. The MSCI Emerging Markets Index annualized inception to date is since December 26, 2012. 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 17 and 18. 29


  • Page 32

    THE ADVISORS’ INNER CIRCLE FUND WESTWOOD SHORT DURATION HIGH YIELD FUND (Unaudited) Growth of a $10,000 Investment AVERAGE ANNUAL TOTAL RETURN* FOR PERIOD ENDED OCTOBER 31, 2016 One Year Three Year Annualized Return Return Inception to Date* Institutional Shares 4.75% 1.61% 3.11% A Class Shares with sales charge 2.19% 0.64% 1.55% A Class Shares without sales charge 4.50% 1.40% 2.25% BofA Merrill Lynch U.S. High Yield Index† 10.16% 4.53% 7.30% $15,000 $14,000 $14,068 $13,000 $12,000 $11,599 $11,000 $10,000 $9,000 12/28/11 10/31/12 10/31/13 10/31/14 10/31/15 10/31/16 Westwood Short Duration High BofA Merrill Lynch Yield Fund, Institutional Shares U.S. High Yield Index * Institutional Shares commenced operations on December 28, 2011. A Class commenced operations June 28, 2013. The BofA Merrill Lynch U.S. High Yield Index annualized inception to date is since December 28, 2011. † The BofA Merrill Lynch U.S. High Yield Index is provided solely as a relative market indicator. The Westwood Short Duration High Yield Fund is not a benchmarked product. 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 17 and 18. 30


  • Page 33

    THE ADVISORS’ INNER CIRCLE FUND WESTWOOD OPPORTUNISTIC HIGH YIELD FUND (Unaudited) Growth of a $10,000 Investment AVERAGE ANNUAL TOTAL RETURN* FOR PERIOD ENDED OCTOBER 31, 2016 One Year Annualized Return Inception to Date* Institutional Shares 7.46% 3.68% Ultra Shares 7.56% 3.70% BofA Merrill Lynch U.S. High Yield Index 10.16% 5.48% $12,000 $11,000 $11,032 $10,687 $10,000 $9,000 12/29/14 10/31/15 10/31/16 Westwood Opportunistic High BofA Merrill Lynch U.S. Yield Fund, Institutional Shares High Yield Index * Institutional Shares commenced operations on December 29, 2014. Ultra Shares commenced operations December 29, 2014. The BofA Merrill Lynch U.S. High Yield Index annualized inception to date is since December 29, 2014. 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 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 17 and 18. 31


  • Page 34

    THE ADVISORS’ INNER CIRCLE FUND WESTWOOD MARKET NEUTRAL INCOME FUND (Unaudited) Growth of a $10,000 Investment AVERAGE ANNUAL TOTAL RETURN* FOR PERIOD ENDED OCTOBER 31, 2016 One Year Annualized Return Inception to Date* Institutional Shares 3.62% 3.34% Ultra Shares 3.73% 3.43% Citigroup 1-Month Treasury Bill Index 0.17% 0.12% $11,000 $10,504 $10,000 $10,018 $9,000 5/1/15 10/31/15 10/31/16 Westwood Market Neutral Income Citigroup 30-Day Treasury Fund, Institutional Shares Bill * Institutional Shares commenced operations on May 1, 2015. Ultra Shares commenced operations on May 1, 2015. Citigroup 30-Day Treasury Bill Index annualized inception to date is since May 1, 2015. 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 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 17 and 18. 32


  • Page 35

    THE ADVISORS’ INNER CIRCLE FUND WESTWOOD STRATEGIC GLOBAL CONVERTIBLES FUND (Unaudited) Growth of a $10,000 Investment AVERAGE ANNUAL TOTAL RETURN* FOR PERIOD ENDED OCTOBER 31, 2016 One Year Annualized Return Inception to Date* Institutional Shares -1.04% -2.16% Thomson Reuters Global Focus Convertible Bond Index -0.50% -1.71% $10,500 $10,000 $9,743 $9,678 $9,500 5/1/15 10/31/15 10/31/16 Westwood Strategic Thomson Reuters Global Global Convertibles Fund, Focus Convertible Institutional Shares Bond Index * Inception date is May 1, 2015. The Thomson Reuters Global Focus Convertible Bond Index annualized inception to date is since May 1, 2015. 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 17 and 18. 33


  • Page 36

    THE ADVISORS’ INNER CIRCLE FUND WESTWOOD LARGECAP VALUE FUND OCTOBER 31, 2016 Sector Weightings (unaudited)†: COMMON STOCK — continued 21.9% Financial Services Shares Value 13.1% Producer Durables 11.2% Consumer Staples HEALTH CARE — 11.2% 11.2% Health Care Abbott Laboratories . . . . . . . . . . . . . 121,300 $ 4,759,812 9.4% Consumer Discretionary 9.3% Technology Aetna . . . . . . . . . . . . . . . . . . . . . . . 32,600 3,499,610 9.0% Energy Becton Dickinson . . . . . . . . . . . . . . . 21,600 3,626,856 6.5% Utilities 4.1% Short-Term Investment Cigna . . . . . . . . . . . . . . . . . . . . . . . 28,500 3,386,655 2.7% Real Estate Investment Trust 1.6% Materials & Processing Johnson & Johnson . . . . . . . . . . . . . 48,500 5,625,515 †Percentages are based on total investments. 20,898,448 SCHEDULE OF INVESTMENTS MATERIALS & PROCESSING — 1.6% COMMON STOCK — 95.9% Sherwin-Williams . . . . . . . . . . . . . . 12,200 2,987,292 Shares Value PRODUCER DURABLES — 13.1% CONSUMER DISCRETIONARY — 9.4% Boeing . . . . . . . . . . . . . . . . . . . . . . . 27,400 3,902,582 Comcast, Cl A . . . . . . . . . . . . . . . . . 97,900 $ 6,052,178 Booz Allen Hamilton Holding, Home Depot . . . . . . . . . . . . . . . . . . 41,800 5,100,018 Cl A . . . . . . . . . . . . . . . . . . . . . . . 132,700 4,043,369 Mohawk Industries* . . . . . . . . . . . . . 12,900 2,377,470 FedEx . . . . . . . . . . . . . . . . . . . . . . . 18,300 3,190,056 Time Warner . . . . . . . . . . . . . . . . . . 44,625 3,971,179 General Dynamics . . . . . . . . . . . . . . 25,600 3,858,944 17,500,845 Honeywell International . . . . . . . . . . 31,900 3,498,792 Raytheon . . . . . . . . . . . . . . . . . . . . . 14,100 1,926,201 CONSUMER STAPLES — 11.2% Union Pacific . . . . . . . . . . . . . . . . . . 47,000 4,144,460 Colgate-Palmolive . . . . . . . . . . . . . . 50,400 3,596,544 CVS Health . . . . . . . . . . . . . . . . . . . 40,400 3,397,640 24,564,404 Dr. Pepper Snapple Group . . . . . . . . 43,600 3,827,644 REAL ESTATE INVESTMENT TRUST — 2.7% General Mills . . . . . . . . . . . . . . . . . . 46,150 2,860,377 Simon Property Group . . . . . . . . . . . 27,700 5,151,092 McCormick . . . . . . . . . . . . . . . . . . . 36,800 3,528,016 TECHNOLOGY — 9.3% PepsiCo . . . . . . . . . . . . . . . . . . . . . . 35,500 3,805,600 Amdocs . . . . . . . . . . . . . . . . . . . . . . 66,050 3,860,623 21,015,821 Lam Research . . . . . . . . . . . . . . . . . 18,840 1,824,842 ENERGY — 9.0% Microsoft . . . . . . . . . . . . . . . . . . . . . 71,200 4,266,304 Chevron . . . . . . . . . . . . . . . . . . . . . 36,700 3,844,325 Oracle . . . . . . . . . . . . . . . . . . . . . . . 91,100 3,500,062 EOG Resources . . . . . . . . . . . . . . . . 43,000 3,888,060 Texas Instruments . . . . . . . . . . . . . . 55,281 3,916,659 EQT . . . . . . . . . . . . . . . . . . . . . . . . 29,300 1,933,800 17,368,490 Exxon Mobil . . . . . . . . . . . . . . . . . . 52,600 4,382,632 UTILITIES — 6.5% Schlumberger . . . . . . . . . . . . . . . . . 35,700 2,792,811 Nextera Energy . . . . . . . . . . . . . . . . 34,500 4,416,000 16,841,628 Verizon Communications . . . . . . . . . 73,100 3,516,110 FINANCIAL SERVICES — 21.9% WEC Energy Group . . . . . . . . . . . . . 69,500 4,150,540 Alliance Data Systems . . . . . . . . . . . 17,190 3,514,839 12,082,650 Allstate . . . . . . . . . . . . . . . . . . . . . . 54,100 3,673,390 American International Group . . . . . 71,200 4,393,040 Total Common Stock Bank of America . . . . . . . . . . . . . . . 339,300 5,598,450 (Cost $142,835,828) . . . . . . . . . . 179,313,844 Chubb . . . . . . . . . . . . . . . . . . . . . . . 30,900 3,924,300 Intercontinental Exchange . . . . . . . . 14,500 3,920,655 JPMorgan Chase . . . . . . . . . . . . . . . 90,800 6,288,808 PayPal Holdings* . . . . . . . . . . . . . . 92,800 3,866,048 Wells Fargo . . . . . . . . . . . . . . . . . . . 124,400 5,723,644 40,903,174 The accompanying notes are an integral part of the financial statements. 34


  • Page 37

    THE ADVISORS’ INNER CIRCLE FUND WESTWOOD LARGECAP VALUE FUND OCTOBER 31, 2016 SHORT-TERM INVESTMENT — 4.1% Shares Value SEI Daily Income Trust, Government Fund, Cl A, 0.200% (A) (Cost $7,636,897) . . . . . . . . . . . . 7,636,897 $ 7,636,897 Total Investments — 100.0% (Cost $150,472,725) . . . . . . . . . . $186,950,741 Percentages are based upon Net Assets of $186,933,657. * Non-income producing security. (A) The rate reported is the 7-day effective yield as of October 31, 2016. Cl – Class As of October 31, 2016, all of the Fund’s investments were considered Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles. For the year ended October 31, 2016, there were no transfers between Level 1 and Level 2 assets and liabilities. Transfers, if any, between levels are considered to have occurred as of the end of the period. For the year ended October 31, 2016, there were no Level 3 securities. For more information on valuation inputs, see Note 2 in Notes to Financial Statements. The accompanying notes are an integral part of the financial statements. 35


  • Page 38

    THE ADVISORS’ INNER CIRCLE FUND WESTWOOD DIVIDEND GROWTH FUND OCTOBER 31, 2016 Sector Weightings (unaudited)†: COMMON STOCK — continued 23.7% Technology Shares Value 14.3% Producer Durables 12.8% Consumer Discretionary PRODUCER DURABLES — continued 11.9% Financial Services Honeywell International . . . . . . . . . . . 15,450 $ 1,694,556 11.7% Consumer Staples 10.2% Health Care Lockheed Martin . . . . . . . . . . . . . . . . 6,200 1,527,556 6.5% Short-Term Investment Union Pacific . . . . . . . . . . . . . . . . . . . 12,860 1,133,995 3.8% Energy 3.1% Utilities 8,246,472 2.0% Real Estate Invesment Trust †Percentages are based on total investments. REAL ESTATE INVESTMENT TRUST — 2.0% SCHEDULE OF INVESTMENTS Public Storage . . . . . . . . . . . . . . . . . . 5,475 1,170,117 COMMON STOCK — 94.0% TECHNOLOGY — 23.8% Shares Value Accenture, Cl A . . . . . . . . . . . . . . . . . 14,875 1,729,070 CONSUMER DISCRETIONARY — 12.8% Amdocs . . . . . . . . . . . . . . . . . . . . . . . 29,621 1,731,348 Genuine Parts . . . . . . . . . . . . . . . . . . 13,600 $ 1,232,024 Apple . . . . . . . . . . . . . . . . . . . . . . . . 25,000 2,838,500 Home Depot . . . . . . . . . . . . . . . . . . . 12,325 1,503,773 Microsoft . . . . . . . . . . . . . . . . . . . . . . 40,300 2,414,776 Time Warner . . . . . . . . . . . . . . . . . . . 18,625 1,657,439 Oracle . . . . . . . . . . . . . . . . . . . . . . . . 46,800 1,798,056 TJX . . . . . . . . . . . . . . . . . . . . . . . . . . 24,365 1,796,919 TE Connectivity . . . . . . . . . . . . . . . . 20,585 1,294,179 Walt Disney . . . . . . . . . . . . . . . . . . . 12,630 1,170,674 Texas Instruments . . . . . . . . . . . . . . . 26,525 1,879,296 7,360,829 13,685,225 CONSUMER STAPLES — 11.7% UTILITIES — 3.1% Colgate-Palmolive . . . . . . . . . . . . . . . 27,575 1,967,752 Sempra Energy . . . . . . . . . . . . . . . . . 11,600 1,242,360 Dr. Pepper Snapple Group . . . . . . . . . 6,550 575,024 Verizon Communications . . . . . . . . . . 11,600 557,960 Hormel Foods . . . . . . . . . . . . . . . . . . 31,030 1,194,655 1,800,320 McCormick . . . . . . . . . . . . . . . . . . . . 12,795 1,226,657 PepsiCo . . . . . . . . . . . . . . . . . . . . . . . 16,550 1,774,160 Total Common Stock (Cost $45,783,768) . . . . . . . . . . . . 53,978,567 6,738,248 ENERGY — 3.9% SHORT-TERM INVESTMENT — 6.6% Chevron . . . . . . . . . . . . . . . . . . . . . . 18,200 1,906,450 SEI Daily Income Trust, Government Exxon Mobil . . . . . . . . . . . . . . . . . . . 3,625 302,035 Fund, 2,208,485 Cl A, 0.200% (A) (Cost $3,763,609) . . . . . . . . . . . . . 3,763,609 3,763,609 FINANCIAL SERVICES — 12.0% American International Group . . . . . . 31,100 1,918,870 Total Investments — 100.6% Broadridge Financial Solutions . . . . . . 21,300 1,377,258 (Cost $49,547,377) . . . . . . . . . . . . $57,742,176 Chubb . . . . . . . . . . . . . . . . . . . . . . . . 14,175 1,800,225 Percentages are based upon Net Assets of $57,401,109. Wells Fargo . . . . . . . . . . . . . . . . . . . . 38,300 1,762,183 (A) The rate reported is the 7-day effective yield as of October 31, 2016. 6,858,536 Cl – Class HEALTH CARE — 10.3% Abbott Laboratories . . . . . . . . . . . . . 44,300 1,738,332 As of October 31, 2016, all of the Fund’s investments were considered Level 1, in accordance with the authoritative guidance on fair value Becton Dickinson . . . . . . . . . . . . . . . . 7,400 1,242,534 measurements and disclosure under U.S. generally accepted accounting Johnson & Johnson . . . . . . . . . . . . . . 10,726 1,244,109 principles. UnitedHealth Group . . . . . . . . . . . . . 11,925 1,685,360 For the year ended October 31, 2016, there were no transfers between 5,910,335 Level 1 and Level 2 assets and liabilities. Transfers, if any, between levels are considered to have occurred as of the end of the period. For the year PRODUCER DURABLES — 14.4% ended October 31, 2016, there were no Level 3 securities. FedEx . . . . . . . . . . . . . . . . . . . . . . . . 11,465 1,998,578 For more information on valuation inputs, see Note 2 in Notes to Financial General Dynamics . . . . . . . . . . . . . . . 12,550 1,891,787 Statements. The accompanying notes are an integral part of the financial statements. 36


  • Page 39

    THE ADVISORS’ INNER CIRCLE FUND WESTWOOD SMIDCAP PLUS FUND OCTOBER 31, 2016 Sector Weightings (unaudited)†: COMMON STOCK — continued 18.1% Financial Services Shares Value 12.6% Producer Durables 12.2% Consumer Discretionary FINANCIAL SERVICES — continued 11.1% Health Care Wintrust Financial . . . . . . . . . . . . . . 37,400 $ 2,017,730 10.6% Utilities 7.7% Real Estate Investment Trust XL Group . . . . . . . . . . . . . . . . . . . . 79,200 2,748,240 7.0% Consumer Staples Zions Bancorporation . . . . . . . . . . . 66,900 2,154,849 5.8% Materials & Processing 5.1% Technology 5.0% Energy 24,005,294 4.8% Short-Term Investment HEALTH CARE — 11.4% †Percentages are based on total investments. Cooper . . . . . . . . . . . . . . . . . . . . . . 14,600 2,570,184 SCHEDULE OF INVESTMENTS CR Bard . . . . . . . . . . . . . . . . . . . . . 11,950 2,589,326 COMMON STOCK — 97.6% Patterson . . . . . . . . . . . . . . . . . . . . . 58,000 2,477,180 Shares Value PerkinElmer . . . . . . . . . . . . . . . . . . 36,500 1,857,485 CONSUMER DISCRETIONARY — 12.5% Premier, Cl A* . . . . . . . . . . . . . . . . . 41,750 1,329,320 AMC Networks, Cl A* . . . . . . . . . . . 24,800 $ 1,213,464 STERIS . . . . . . . . . . . . . . . . . . . . . . 17,900 1,196,078 Cable One . . . . . . . . . . . . . . . . . . . . 4,950 2,854,863 Teleflex . . . . . . . . . . . . . . . . . . . . . . 18,400 2,633,592 Cedar Fair LP (A) . . . . . . . . . . . . . . 22,000 1,250,700 14,653,165 Columbia Sportswear . . . . . . . . . . . . 21,880 1,239,283 MATERIALS & PROCESSING — 5.9% Hanesbrands . . . . . . . . . . . . . . . . . . 52,600 1,351,820 Albemarle . . . . . . . . . . . . . . . . . . . . 32,372 2,704,681 Helen of Troy* . . . . . . . . . . . . . . . . 27,800 2,265,700 PolyOne . . . . . . . . . . . . . . . . . . . . . 75,550 2,208,326 Mohawk Industries* . . . . . . . . . . . . . 12,200 2,248,460 Sensient Technologies . . . . . . . . . . . 18,133 1,351,090 Newell Brands . . . . . . . . . . . . . . . . . 38,014 1,825,432 WestRock . . . . . . . . . . . . . . . . . . . . 30,477 1,407,733 Time . . . . . . . . . . . . . . . . . . . . . . . . 142,369 1,850,797 7,671,830 16,100,519 PRODUCER DURABLES — 12.9% CONSUMER STAPLES — 7.1% B/E Aerospace . . . . . . . . . . . . . . . . . 20,500 1,220,160 Dr. Pepper Snapple Group . . . . . . . . 13,900 1,220,281 Booz Allen Hamilton Holding, Edgewell Personal Care* . . . . . . . . . 16,400 1,236,560 Cl A . . . . . . . . . . . . . . . . . . . . . . . 110,900 3,379,123 Energizer Holdings . . . . . . . . . . . . . 42,500 1,976,675 FLIR Systems . . . . . . . . . . . . . . . . . 84,364 2,777,263 J&J Snack Foods . . . . . . . . . . . . . . . 11,050 1,349,757 Hubbell, Cl B . . . . . . . . . . . . . . . . . 14,400 1,505,088 JM Smucker . . . . . . . . . . . . . . . . . . 17,300 2,271,663 Huntington Ingalls Industries . . . . . . 15,200 2,452,672 Mead Johnson Nutrition, Cl A . . . . . 15,300 1,143,981 Pitney Bowes . . . . . . . . . . . . . . . . . . 144,100 2,570,744 9,198,917 Textron . . . . . . . . . . . . . . . . . . . . . . 34,400 1,378,752 ENERGY — 5.1% Woodward . . . . . . . . . . . . . . . . . . . . 22,658 1,336,369 Diamondback Energy* . . . . . . . . . . 28,900 2,638,281 16,620,171 Parsley Energy, Cl A* . . . . . . . . . . . 45,000 1,480,500 REAL ESTATE INVESTMENT TRUST — 7.9% RSP Permian* . . . . . . . . . . . . . . . . . 69,000 2,490,900 Alexandria Real Estate Equities . . . . 24,123 2,600,701 6,609,681 Brandywine Realty Trust . . . . . . . . . 160,700 2,490,850 FINANCIAL SERVICES — 18.6% Highwoods Properties . . . . . . . . . . . 36,800 1,826,384 Broadridge Financial Solutions . . . . . 37,050 2,395,653 Hudson Pacific Properties . . . . . . . . 39,600 1,331,352 Chemical Financial . . . . . . . . . . . . . 43,323 1,860,723 PS Business Parks . . . . . . . . . . . . . . 18,200 1,998,178 Equifax . . . . . . . . . . . . . . . . . . . . . . 15,600 1,933,932 10,247,465 Hartford Financial Services TECHNOLOGY — 5.3% Group . . . . . . . . . . . . . . . . . . . . . . 66,000 2,911,260 Amdocs . . . . . . . . . . . . . . . . . . . . . . 45,500 2,659,475 Home BancShares . . . . . . . . . . . . . . 124,800 2,684,448 Avnet . . . . . . . . . . . . . . . . . . . . . . . 33,000 1,384,350 Markel* . . . . . . . . . . . . . . . . . . . . . . 2,875 2,522,611 Brocade Communications Systems . . 126,100 1,336,660 Western Alliance Bancorp* . . . . . . . 74,300 2,775,848 The accompanying notes are an integral part of the financial statements. 37


  • Page 40

    THE ADVISORS’ INNER CIRCLE FUND WESTWOOD SMIDCAP PLUS FUND OCTOBER 31, 2016 COMMON STOCK — continued Shares Value TECHNOLOGY — continued KLA-Tencor . . . . . . . . . . . . . . . . . . 18,900 $ 1,419,579 6,800,064 UTILITIES — 10.9% Alliant Energy . . . . . . . . . . . . . . . . . 68,100 2,591,205 DTE Energy . . . . . . . . . . . . . . . . . . 35,300 3,389,153 j2 Global . . . . . . . . . . . . . . . . . . . . . 40,425 2,876,239 NorthWestern . . . . . . . . . . . . . . . . . 45,100 2,595,505 WEC Energy Group . . . . . . . . . . . . . 42,900 2,561,988 14,014,090 Total Common Stock (Cost $111,286,088) . . . . . . . . . . 125,921,196 SHORT-TERM INVESTMENT — 4.9% SEI Daily Income Trust, Government Fund, Cl A, 0.200% (B) (Cost $6,344,974) . . . . . . . . . . . . 6,344,974 6,344,974 Total Investments — 102.5% (Cost $117,631,062) . . . . . . . . . . $132,266,170 Percentages are based upon Net Assets of $129,017,378. * Non-income producing security. (A) Securities considered Master Limited Partnerships. At October 31, 2016, these securities amounted $1,250,700 or 1.0% of Net Assets. (B) The rate reported is the 7-day effective yield as of October 31, 2016. Cl – Class LP – Limited Partnership As of October 31, 2016, all of the Fund’s investments were considered Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles. For the year ended October 31, 2016, there were no transfers between Level 1 and Level 2 assets and liabilities. Transfers, if any, between levels are considered to have occurred as of the end of the period. For the year ended October 31, 2016, there were no Level 3 securities. For more information on valuation inputs, see Note 2 in Notes to Financial Statements. The accompanying notes are an integral part of the financial statements. 38


  • Page 41

    THE ADVISORS’ INNER CIRCLE FUND WESTWOOD SMIDCAP FUND OCTOBER 31, 2016 Sector Weightings (unaudited)†: COMMON STOCK — continued 17.7% Financial Services Shares Value 12.7% Producer Durables 11.7% Health Care HEALTH CARE — 11.4% 10.2% Real Estate Investment Trust Cooper . . . . . . . . . . . . . . . . . . . . . . 46,000 $ 8,097,840 9.0% Consumer Discretionary 8.6% Utilities Integra LifeSciences Holdings* . . . . . 49,880 3,965,959 8.2% Materials & Processing Patterson . . . . . . . . . . . . . . . . . . . . . 185,400 7,918,434 6.3% Technology 5.8% Consumer Staples PerkinElmer . . . . . . . . . . . . . . . . . . 116,098 5,908,228 5.6% Energy 4.2% Short-Term Investment Premier, Cl A* . . . . . . . . . . . . . . . . . 192,606 6,132,575 †Percentages are based on total investments. STERIS . . . . . . . . . . . . . . . . . . . . . . 59,200 3,955,744 Teleflex . . . . . . . . . . . . . . . . . . . . . . 62,187 8,900,825 SCHEDULE OF INVESTMENTS COMMON STOCK — 93.4% 44,879,605 Shares Value MATERIALS & PROCESSING — 8.0% CONSUMER DISCRETIONARY — 8.8% Albemarle . . . . . . . . . . . . . . . . . . . . 98,370 8,218,813 AMC Networks, Cl A* . . . . . . . . . . . 47,200 $ 2,309,496 Apogee Enterprises . . . . . . . . . . . . . 89,866 3,662,039 Cable One . . . . . . . . . . . . . . . . . . . . 14,380 8,293,521 Interface, Cl A . . . . . . . . . . . . . . . . . 376,390 5,965,782 Cedar Fair LP (A) . . . . . . . . . . . . . . 141,908 8,067,470 KapStone Paper and Packaging . . . . 439,152 7,966,217 Columbia Sportswear . . . . . . . . . . . . 79,569 4,506,788 PolyOne . . . . . . . . . . . . . . . . . . . . . 45,200 1,321,196 Hanesbrands . . . . . . . . . . . . . . . . . . 158,900 4,083,730 Sensient Technologies . . . . . . . . . . . 56,850 4,235,894 Helen of Troy* . . . . . . . . . . . . . . . . 6,800 554,200 31,369,941 Time . . . . . . . . . . . . . . . . . . . . . . . . 514,349 6,686,537 PRODUCER DURABLES — 12.4% 34,501,742 B/E Aerospace . . . . . . . . . . . . . . . . . 61,626 3,667,979 CONSUMER STAPLES — 5.7% Booz Allen Hamilton Holding, Edgewell Personal Care* . . . . . . . . . 52,086 3,927,284 Cl A . . . . . . . . . . . . . . . . . . . . . . . 320,802 9,774,837 Energizer Holdings . . . . . . . . . . . . . 172,286 8,013,022 FLIR Systems . . . . . . . . . . . . . . . . . 257,800 8,486,776 Flowers Foods . . . . . . . . . . . . . . . . . 194,900 3,024,848 Herman Miller . . . . . . . . . . . . . . . . . 128,153 3,562,654 J&J Snack Foods . . . . . . . . . . . . . . . 59,750 7,298,463 Huntington Ingalls Industries . . . . . . 48,624 7,845,969 OSI Systems* . . . . . . . . . . . . . . . . . 102,300 7,174,299 22,263,617 Pitney Bowes . . . . . . . . . . . . . . . . . . 135,900 2,424,456 ENERGY — 5.4% Woodward . . . . . . . . . . . . . . . . . . . . 100,283 5,914,691 Diamondback Energy* . . . . . . . . . . 95,700 8,736,453 48,851,661 Parsley Energy, Cl A* . . . . . . . . . . . 130,400 4,290,160 RSP Permian* . . . . . . . . . . . . . . . . . 233,672 8,435,559 REAL ESTATE INVESTMENT TRUST — 10.0% Alexandria Real Estate Equities . . . . 73,450 7,918,645 21,462,172 Brandywine Realty Trust . . . . . . . . . 497,890 7,717,295 FINANCIAL SERVICES — 17.2% Highwoods Properties . . . . . . . . . . . 119,300 5,920,859 Broadridge Financial Solutions . . . . . 124,100 8,024,306 Hudson Pacific Properties . . . . . . . . 123,100 4,138,622 Cardtronics* . . . . . . . . . . . . . . . . . . 92,216 4,610,800 PS Business Parks . . . . . . . . . . . . . . 70,851 7,778,731 Chemical Financial . . . . . . . . . . . . . 136,685 5,870,621 STAG Industrial . . . . . . . . . . . . . . . 248,200 5,725,974 Equifax . . . . . . . . . . . . . . . . . . . . . . 47,510 5,889,815 39,200,126 Great Western Bancorp . . . . . . . . . . 122,435 3,947,304 Home BancShares . . . . . . . . . . . . . . 385,700 8,296,407 TECHNOLOGY — 6.1% Western Alliance Bancorp* . . . . . . . 219,400 8,196,784 Amdocs . . . . . . . . . . . . . . . . . . . . . . 172,928 10,107,642 Wintrust Financial . . . . . . . . . . . . . . 148,658 8,020,099 Avnet . . . . . . . . . . . . . . . . . . . . . . . 154,400 6,477,080 XL Group . . . . . . . . . . . . . . . . . . . . 245,790 8,528,913 Brocade Communications Systems . . 700,121 7,421,282 Zions Bancorporation . . . . . . . . . . . 200,263 6,450,471 24,006,004 67,835,520 The accompanying notes are an integral part of the financial statements. 39


  • Page 42

    THE ADVISORS’ INNER CIRCLE FUND WESTWOOD SMIDCAP FUND OCTOBER 31, 2016 COMMON STOCK — continued Shares Value UTILITIES — 8.4% Alliant Energy . . . . . . . . . . . . . . . . 290,900 $ 11,068,745 IDACORP . . . . . . . . . . . . . . . . . . . 104,947 8,226,795 j2 Global . . . . . . . . . . . . . . . . . . . . 147,396 10,487,226 NorthWestern . . . . . . . . . . . . . . . . 54,044 3,110,232 32,892,998 Total Common Stock (Cost $312,797,619) . . . . . . . . . . 367,263,386 SHORT-TERM INVESTMENT — 4.0% SEI Daily Income Trust, Government Fund, Cl A, 0.200% (B) (Cost $15,915,519) . . . . . . . . . . . 15,915,519 15,915,519 Total Investments — 97.4% (Cost $328,713,138) . . . . . . . . . . $383,178,905 Percentages are based upon Net Assets of $393,434,010. * Non-income producing security. (A) Securities considered Master Limited Partnerships. At October 31, 2016, these securities amounted $8,067,470 or 2.1% of Net Assets. (B) The rate reported is the 7-day effective yield as of October 31, 2016. Cl – Class LP – Limited Partnership As of October 31, 2016, all of the Fund’s investments were considered Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles. For the year ended October 31, 2016, there were no transfers between Level 1 and Level 2 assets and liabilities. Transfers, if any, between levels are considered to have occurred as of the end of the period. For the year ended October 31, 2016, there were no Level 3 securities. For more information on valuation inputs, see Note 2 in Notes to Financial Statements. The accompanying notes are an integral part of the financial statements. 40


  • Page 43

    THE ADVISORS’ INNER CIRCLE FUND WESTWOOD SMALLCAP VALUE FUND OCTOBER 31, 2016 Sector Weightings (unaudited)†: COMMON STOCK — continued 20.2% Financial Services Shares Value 15.9% Producer Durables 12.7% Materials & Processing HEALTH CARE — 6.6% 12.6% Consumer Discretionary CONMED . . . . . . . . . . . . . . . . . . . . 61,700 $ 2,468,000 12.3% Real Estate Investment Trust 6.6% Health Care Integra LifeSciences Holdings* . . . . . 35,317 2,808,055 6.0% Utilities Merit Medical Systems* . . . . . . . . . . 63,000 1,382,850 5.7% Energy 5.0% Technology Omnicell* . . . . . . . . . . . . . . . . . . . . 85,500 2,789,437 2.2% Consumer Staples 0.8% Short-Term Investment 9,448,342 †Percentages are based on total investments. MATERIALS & PROCESSING — 12.7% SCHEDULE OF INVESTMENTS A Schulman . . . . . . . . . . . . . . . . . . . 42,782 1,229,982 COMMON STOCK — 99.0% Apogee Enterprises . . . . . . . . . . . . . 75,523 3,077,562 Shares Value Comfort Systems USA . . . . . . . . . . . 108,401 3,127,369 CONSUMER DISCRETIONARY — 12.6% Continental Building Products* . . . . 143,728 2,939,238 ClubCorp Holdings . . . . . . . . . . . . . 156,630 $ 1,809,076 Interface, Cl A . . . . . . . . . . . . . . . . . 168,100 2,664,385 International Speedway, Cl A . . . . . . 88,475 2,910,827 KapStone Paper and Packaging . . . . 126,400 2,292,896 Lithia Motors, Cl A . . . . . . . . . . . . . 32,600 2,796,428 Trex* . . . . . . . . . . . . . . . . . . . . . . . 53,015 2,852,737 Marcus . . . . . . . . . . . . . . . . . . . . . . 129,955 3,443,808 18,184,169 Oxford Industries . . . . . . . . . . . . . . . 48,300 3,029,376 PRODUCER DURABLES — 15.8% Sonic . . . . . . . . . . . . . . . . . . . . . . . . 68,450 1,568,190 Alamo Group . . . . . . . . . . . . . . . . . . 22,552 1,464,076 Time . . . . . . . . . . . . . . . . . . . . . . . . 185,300 2,408,900 Esterline Technologies* . . . . . . . . . . 40,512 2,975,606 17,966,605 Gorman-Rupp . . . . . . . . . . . . . . . . . 58,278 1,399,837 CONSUMER STAPLES — 2.2% Heartland Express . . . . . . . . . . . . . . 160,700 2,956,880 J&J Snack Foods . . . . . . . . . . . . . . . 26,217 3,202,407 Herman Miller . . . . . . . . . . . . . . . . . 103,400 2,874,520 ENERGY — 5.7% Kaman . . . . . . . . . . . . . . . . . . . . . . 69,784 3,046,770 Callon Petroleum* . . . . . . . . . . . . . . 228,455 2,967,630 Kelly Services, Cl A . . . . . . . . . . . . . 70,692 1,324,061 Centennial Resource Development, Knoll . . . . . . . . . . . . . . . . . . . . . . . . 67,850 1,468,274 Cl A* . . . . . . . . . . . . . . . . . . . . . . 65,837 977,679 Littelfuse . . . . . . . . . . . . . . . . . . . . . 24,613 3,433,514 Matrix Service* . . . . . . . . . . . . . . . . 75,265 1,332,191 OSI Systems* . . . . . . . . . . . . . . . . . 24,142 1,693,078 Synergy Resources* . . . . . . . . . . . . . 408,359 2,793,176 22,636,616 8,070,676 REAL ESTATE INVESTMENT TRUST — 12.3% FINANCIAL SERVICES — 20.2% CyrusOne . . . . . . . . . . . . . . . . . . . . 30,400 1,356,144 AMERISAFE . . . . . . . . . . . . . . . . . . 51,667 2,872,685 Easterly Government Properties . . . . 114,231 2,166,962 Berkshire Hills Bancorp . . . . . . . . . . 110,630 3,269,116 Potlatch . . . . . . . . . . . . . . . . . . . . . 60,629 2,328,154 Chemical Financial . . . . . . . . . . . . . 66,650 2,862,618 PS Business Parks . . . . . . . . . . . . . . 19,933 2,188,444 Columbia Banking System . . . . . . . . 94,500 3,120,390 STAG Industrial . . . . . . . . . . . . . . . 137,803 3,179,115 Employers Holdings . . . . . . . . . . . . 105,288 3,300,779 Summit Hotel Properties . . . . . . . . . 245,476 3,188,733 Glacier Bancorp . . . . . . . . . . . . . . . . 111,600 3,153,816 Terreno Realty . . . . . . . . . . . . . . . . 122,106 3,186,967 Heritage Commerce . . . . . . . . . . . . . 126,151 1,368,738 17,594,519 LegacyTexas Financial Group . . . . . 100,585 3,441,013 TECHNOLOGY — 5.0% Safety Insurance Group . . . . . . . . . . 24,904 1,686,001 Everyday Health* . . . . . . . . . . . . . . 218,037 2,289,388 ServisFirst Bancshares . . . . . . . . . . . 14,800 801,272 MKS Instruments . . . . . . . . . . . . . . . 62,500 3,153,125 Wintrust Financial . . . . . . . . . . . . . . 56,003 3,021,362 Novanta* . . . . . . . . . . . . . . . . . . . . 97,950 1,709,228 28,897,790 7,151,741 The accompanying notes are an integral part of the financial statements. 41


  • Page 44

    THE ADVISORS’ INNER CIRCLE FUND WESTWOOD SMALLCAP VALUE FUND OCTOBER 31, 2016 COMMON STOCK — continued Shares Value UTILITIES — 5.9% ALLETE . . . . . . . . . . . . . . . . . . . . . 54,130 $ 3,317,628 Connecticut Water Service . . . . . . . . 38,849 2,022,867 NorthWestern . . . . . . . . . . . . . . . . . 54,818 3,154,776 8,495,271 Total Common Stock (Cost $119,692,832) . . . . . . . . . . 141,648,136 SHORT-TERM INVESTMENT — 0.8% SEI Daily Income Trust, Government Fund, Cl A, 0.200% (A) (Cost $1,187,543) . . . . . . . . . . . . 1,187,543 1,187,543 Total Investments — 99.8% (Cost $120,880,375) . . . . . . . . . . $142,835,679 Percentages are based upon Net Assets of $143,084,692. * Non-income producing security. (A) The rate reported is the 7-day effective yield as of October 31, 2016. Cl – Class As of October 31, 2016, all of the Fund’s investments were considered Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles. For the year ended October 31, 2016, there were no transfers between Level 1 and Level 2 assets and liabilities. Transfers, if any, between levels are considered to have occurred as of the end of the period. For the year ended October 31, 2016, there were no Level 3 securities. For more information on valuation inputs, see Note 2 in Notes to Financial Statements. The accompanying notes are an integral part of the financial statements. 42


  • Page 45

    THE ADVISORS’ INNER CIRCLE FUND WESTWOOD MLP AND STRATEGIC ENERGY FUND OCTOBER 31, 2016 Sector Weightings (unaudited)†: COMMON STOCK — continued 79.4% Energy Shares Value 8.5% Utilities 6.9% Short-Term Investment UTILITIES — 8.6% 5.2% Preferred Stock Dominion Resources . . . . . . . . . . . . . 11,300 $ 849,760 †Percentages are based on total investments. NextEra Energy Partners LP (A) . . . . 31,200 853,320 SCHEDULE OF INVESTMENTS Sempra Energy . . . . . . . . . . . . . . . . . 8,400 899,640 COMMON STOCK — 88.2% 2,602,720 Shares Value ENERGY — 79.6% Total Common Stock CONSOL Energy* . . . . . . . . . . . . . . . 21,200 $ 359,340 (Cost $28,022,693) . . . . . . . . . . . . 26,772,082 Dominion Midstream Partners PREFERRED STOCK — 5.2% LP (A) . . . . . . . . . . . . . . . . . . . . . . 21,925 517,430 Enbridge . . . . . . . . . . . . . . . . . . . . . . 36,000 1,554,120 ENERGY — 5.2% Enbridge Energy Management Anadarko Petroleum, 7.500%* . . . . . 22,900 965,235 LLC* . . . . . . . . . . . . . . . . . . . . . . . 29,845 728,815 Kinder Morgan, 9.750%* . . . . . . . . . . 13,200 607,860 Energy Transfer Partners LP (A) . . . . 26,055 911,404 EnLink Midstream LLC . . . . . . . . . . 42,000 640,500 Total Preferred Stock Enterprise Products Partners LP (A) . . 23,040 581,530 (Cost $1,556,643) . . . . . . . . . . . . . 1,573,095 EOG Resources . . . . . . . . . . . . . . . . . 9,800 886,116 EQT . . . . . . . . . . . . . . . . . . . . . . . . . 9,425 622,050 SHORT-TERM INVESTMENT — 6.9% EQT Midstream Partners LP (A) . . . . 12,075 904,055 SEI Daily Income Trust, Government GasLog Partners LP (A) . . . . . . . . . . 33,000 676,500 Fund, Genesis Energy LP (A) . . . . . . . . . . . 16,900 590,317 Cl A, 0.200% (B) Kinder Morgan . . . . . . . . . . . . . . . . . 50,400 1,029,672 (Cost $2,097,314) . . . . . . . . . . . . . 2,097,314 2,097,314 Macquarie Infrastructure Co Trust . . . 12,800 1,047,168 Magellan Midstream Partners Total Investments — 100.3% LP (A) . . . . . . . . . . . . . . . . . . . . . . 7,900 531,117 (Cost $31,676,650) . . . . . . . . . . . . $30,442,491 Marathon Petroleum . . . . . . . . . . . . . 17,100 745,389 Percentages are based upon Net Assets of $30,354,056. MPLX LP (A) . . . . . . . . . . . . . . . . . . 18,371 624,981 Noble Midstream Partners LP* (A) . . 9,594 287,820 * Non-income producing security. Occidental Petroleum . . . . . . . . . . . . . 8,000 583,280 (A) Securities considered Master Limited Partnerships. At October 31, 2016, ONEOK . . . . . . . . . . . . . . . . . . . . . . 12,600 610,218 these securities amounted $9,064,595 or 29.9% of Net Assets. Pioneer Natural Resources . . . . . . . . . 4,200 751,884 (B) The rate reported is the 7-day effective yield as of October 31, 2016. Plains GP Holdings LP, Cl A . . . . . . . 120,100 1,508,456 Schlumberger . . . . . . . . . . . . . . . . . . 11,900 930,937 Cl – Class SemGroup, Cl A . . . . . . . . . . . . . . . . 19,150 617,588 LLC – Limited Liability Company Spectra Energy . . . . . . . . . . . . . . . . . 7,550 315,666 Summit Midstream Partners LP (A) . . 25,827 573,359 LP – Limited Partnership Sunoco Logistics Partners LP (A) . . . . 32,125 823,685 As of October 31, 2016, all of the Fund’s investments were considered Targa Resources . . . . . . . . . . . . . . . . 19,100 838,490 Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting Tesoro . . . . . . . . . . . . . . . . . . . . . . . . 3,800 322,886 principles. TransCanada . . . . . . . . . . . . . . . . . . . 25,400 1,150,112 VTTI Energy Partners LP (A) . . . . . . 31,036 549,337 For the year ended October 31, 2016, there were no transfers between Level 1 and Level 2 assets and liabilities. Transfers, if any, between levels Western Gas Partners LP (A) . . . . . . . 11,600 639,740 are considered to have occurred as of the end of the period. For the year Williams . . . . . . . . . . . . . . . . . . . . . . 24,500 715,400 ended October 31, 2016, there were no Level 3 securities. 24,169,362 For more information on valuation inputs, see Note 2 in Notes to Financial Statements. The accompanying notes are an integral part of the financial statements. 43


  • Page 46

    THE ADVISORS’ INNER CIRCLE FUND WESTWOOD INCOME OPPORTUNITY FUND OCTOBER 31, 2016 Sector Weightings (unaudited)†: COMMON STOCK — continued 21.1% Short-Term Investment Shares Value 12.7% Preferred Stock 9.5% Energy HEALTH CARE — 5.7% 9.1% Corporate Obligations Abbott Laboratories . . . . . . . . . 760,900 $ 29,857,716 7.4% U.S. Government Agency Obligations 7.4% Producer Durables Becton Dickinson . . . . . . . . . . . 349,500 58,684,545 6.5% Financial Services Johnson & Johnson . . . . . . . . . . 418,400 48,530,216 5.7% Health Care 4.8% Consumer Staples 137,072,477 3.8% Consumer Discretionary 3.7% Real Estate Investment Trust MATERIALS & PROCESSING — 0.0% 3.5% U.S. Treasury Obligations 2.7% Technology AdvanSix* . . . . . . . . . . . . . . . . 1 9 1.1% Convertible Bond 1.0% Utilities PRODUCER DURABLES — 7.4% 0.0% Materials & Processing Boeing . . . . . . . . . . . . . . . . . . . 223,335 31,809,604 †Percentages are based on total investments. General Dynamics . . . . . . . . . . . 219,076 33,023,516 SCHEDULE OF INVESTMENTS General Electric . . . . . . . . . . . . 953,400 27,743,940 COMMON STOCK — 44.9% Honeywell International . . . . . . 499,014 54,731,856 Shares Value Raytheon . . . . . . . . . . . . . . . . . 217,343 29,691,227 CONSUMER DISCRETIONARY — 3.8% 177,000,143 Comcast, Cl A . . . . . . . . . . . . . . 921,100 $ 56,942,402 REAL ESTATE INVESTMENT TRUST — 3.7% Time Warner . . . . . . . . . . . . . . 378,800 33,709,412 Alexandria Real Estate 90,651,814 Equities . . . . . . . . . . . . . . . . . 441,024 47,546,797 Boston Properties . . . . . . . . . . . 343,918 41,435,241 CONSUMER STAPLES — 4.8% CVS Health . . . . . . . . . . . . . . . 312,200 26,256,020 88,982,038 General Mills . . . . . . . . . . . . . . 457,123 28,332,484 TECHNOLOGY — 2.7% PepsiCo . . . . . . . . . . . . . . . . . . 563,300 60,385,760 Microsoft . . . . . . . . . . . . . . . . . 598,900 35,886,088 114,974,264 Oracle . . . . . . . . . . . . . . . . . . . 746,800 28,692,056 ENERGY — 9.4% 64,578,144 Enterprise Products Partners UTILITIES — 1.0% LP (A) . . . . . . . . . . . . . . . . . . 1,845,182 46,572,394 Nextera Energy . . . . . . . . . . . . . 184,300 23,590,400 EQT Midstream Partners LP (A) . . . . . . . . . . . . . . . . . . 397,360 29,750,343 Total Common Stock Magellan Midstream Partners (Cost $882,195,895) . . . . . . . 1,078,400,372 LP (A) . . . . . . . . . . . . . . . . . . 446,634 30,027,204 Occidental Petroleum . . . . . . . . 302,263 22,037,995 PREFERRED STOCK — 12.7% Phillips 66 Partners LP (A) . . . . 558,975 24,706,695 ENERGY — 0.8% Shell Midstream Partners Kinder Morgan, 9.750%* . . . . . 431,000 19,847,550 LP (A) . . . . . . . . . . . . . . . . . . 883,861 23,979,149 Tesoro Logistics LP (A) . . . . . . 496,125 23,685,008 FINANCIAL SERVICES — 9.8% Western Gas Partners LP (A) . . 474,769 26,183,510 Bank of America, Ser D, 6.204% . . . . . . . . . . . . 1,102,112 28,214,067 226,942,298 Bank of America, FINANCIAL SERVICES — 6.4% Ser 5, 4.000% (B) . . . . . . . . . 1,100,506 25,861,891 Chubb . . . . . . . . . . . . . . . . . . . 236,148 29,990,796 BB&T, Ser D, 5.850% . . . . . . . . 1,089,173 27,915,504 JPMorgan Chase, 5.500% . . . . . 2,287,720 58,153,843 Hartford Financial Services Group . . . . . . . . . . . . . . . . . . 760,392 33,540,891 PNC Financial Services Group, Ser Q, 5.375% . . . . . . . . . . . . 793,996 20,159,558 US Bancorp . . . . . . . . . . . . . . . 1,391,100 62,265,636 US Bancorp, 3.500% (B) . . . . . . 1,574,298 38,759,217 Wells Fargo . . . . . . . . . . . . . . . 626,200 28,811,462 Wells Fargo, 5.850% (B) . . . . . . 1,331,420 35,469,029 154,608,785 234,533,109 The accompanying notes are an integral part of the financial statements. 44


  • Page 47

    THE ADVISORS’ INNER CIRCLE FUND WESTWOOD INCOME OPPORTUNITY FUND OCTOBER 31, 2016 PREFERRED STOCK — continued U.S. GOVERNMENT AGENCY OBLIGATIONS — 7.4% Shares/ Face Amount/ Face Amount Value Shares Value REAL ESTATE INVESTMENT TRUST — 1.1% FHLMC Public Storage, 5.900% . . . . . . 1,056,385 $ 26,747,668 3.750%, 03/27/19 ........ $ 8,000,000 $ 8,521,400 2.375%, 01/13/22 ........ 29,000,000 30,293,574 UTILITIES — 1.0% 1.750%, 05/30/19 ........ 31,500,000 32,098,909 DTE Energy, 6.500%* . . . . . . . 423,800 22,567,350 0.875%, 03/07/18 ........ 36,000,000 36,021,240 0.500%, 01/27/17 ........ 45,000,000 45,011,565 Total Preferred Stock (Cost $284,941,099) . . . . . . . 303,695,677 151,946,688 CORPORATE OBLIGATIONS — 9.0% FNMA 1.125%, 04/27/17 . . . . . . . . 26,000,000 26,076,232 ENERGY — 1.1% 26,076,232 Occidental Petroleum 2.700%, 02/15/23 . . . . . . . . $11,500,000 11,684,311 Total U.S. Government Agency Total Capital International Obligations 2.700%, 01/25/23 . . . . . . . . 13,750,000 14,026,430 (Cost $175,970,444) . . . . . . 178,022,920 25,710,741 U.S. TREASURY OBLIGATIONS — 3.5% FINANCIAL SERVICES — 4.7% Bank of America MTN U.S. Treasury Bond 5.650%, 05/01/18 . . . . . . . . 9,000,000 9,519,651 3.375%, 11/15/19 . . . . . . . . 12,250,000 13,111,812 Bank of New York Mellon U.S. Treasury Notes 4.950%, 06/20/20 (B) . . . . . 18,000,000 18,427,500 0.875%, 12/31/16 . . . . . . . . 35,000,000 35,035,035 Citigroup 0.625%, 05/31/17 . . . . . . . . 35,000,000 35,006,825 5.900%, 12/29/49 (B) . . . . . 25,000,000 25,875,000 70,041,860 JPMorgan Chase 1.625%, 05/15/18 . . . . . . . . 29,000,000 29,049,010 Total U.S. Treasury Obligations MetLife (Cost $82,625,444) . . . . . . . 83,153,672 5.250%, 12/29/49 (B) . . . . . 18,000,000 18,337,500 Toyota Motor Credit MTN CONVERTIBLE BOND — 1.1% 1.750%, 05/22/17 . . . . . . . . 12,000,000 12,046,296 TECHNOLOGY — 1.1% 113,254,957 Microchip Technology PRODUCER DURABLES — 0.9% 1.625%, 02/15/25 . . . . . . . . 21,000,000 26,066,250 General Electric 5.000%, 12/29/49 (B) . . . . . 21,603,000 22,845,172 (Cost $20,987,749) . . . . . . . 26,066,250 TECHNOLOGY — 2.3% SHORT-TERM INVESTMENT — 21.0% Apple 1.009%, 05/03/18 (B) . . . . . 24,000,000 24,054,816 SEI Daily Income Trust, Intel Government Fund, 3.300%, 10/01/21 . . . . . . . . 14,000,000 14,911,652 Cl A, 0.200% (C) Oracle (Cost $504,985,554) . . . . . . 504,985,554 504,985,554 3.625%, 07/15/23 . . . . . . . . 15,000,000 16,072,245 Total Investments — 99.6% 55,038,713 (Cost $2,161,880,519) . . . . . $2,391,174,028 Total Corporate Obligations Percentages are based upon Net Assets of $2,401,628,983. (Cost $210,174,334) . . . . . . . 216,849,583 * Non-income producing security. The accompanying notes are an integral part of the financial statements. 45


  • Page 48

    THE ADVISORS’ INNER CIRCLE FUND WESTWOOD INCOME OPPORTUNITY FUND OCTOBER 31, 2016 (A) Securities considered Master Limited Partnerships. At October 31, 2016, these securities amounted $204,904,303 or 8.5% of Net Assets. (B) Floating rate security – Rate disclosed is the rate in effect on October 31, 2016. (C) The rate reported is the 7-day effective yield as of October 31, 2016. Cl – Class FHLMC – Federal Home Loan Mortgage Corporation FNMA – Federal National Mortgage Association LP – Limited Partnership MTN – Medium Term Note Ser – Series The following is a summary of the inputs used as of October 31, 2016 when valuing the Fund’s investments: Investments in Securities Level 1 Level 2 Level 3 Total Common Stock $1,078,400,372 $ — $ — $1,078,400,372 Preferred Stock 303,695,677 — — 303,695,677 Corporate Obligations — 216,849,583 — 216,849,583 U.S. Government Agency Obligations — 178,022,920 — 178,022,920 U.S. Treasury Obligations — 83,153,672 — 83,153,672 Convertible Bond — 26,066,250 — 26,066,250 Short-Term Investment 504,985,554 — — 504,985,554 Total Investments in Securities $1,887,081,603 $504,092,425 $ — $2,391,174,028 For the year ended October 31, 2016, there were no transfers between Level 1 and Level 2 assets and liabilities. Transfers, if any, between levels are considered to have occurred as of the end of the year. For the year ended October 31, 2016, there were no Level 3 securities. For more information on valuation inputs, see Note 2 in Notes to Financial Statements. The accompanying notes are an integral part of the financial statements. 46


  • Page 49

    THE ADVISORS’ INNER CIRCLE FUND WESTWOOD WORLDWIDE INCOME OPPORTUNITY FUND OCTOBER 31, 2016 Sector Weightings (unaudited)†: COMMON STOCK — continued 20.8% Short-Term Investment Shares/ 16.4% Corporate Obligations Face Amount Value 10.7% Preferred Stock 7.6% Health Care UNITED STATES — continued 6.5% Financial Services Johnson & Johnson . . . . . . . . . . . . . 1,150 $ 133,389 6.1% Producer Durables 5.8% Energy Phillips 66 Partners LP (A) . . . . . . 1,200 53,040 5.4% Exchange Traded Funds Raytheon . . . . . . . . . . . . . . . . . . . . 675 92,212 4.3% U.S. Government Agency Obligations 3.9% Real Estate Investment Trust Shell Midstream Partners LP (A) . . 1,700 46,121 3.4% Consumer Discretionary Spectra Energy . . . . . . . . . . . . . . . . 1,850 77,348 3.1% Communications 2.6% Technology Tesoro Logistics LP (A) . . . . . . . . . 675 32,225 2.3% Consumer Staples US Bancorp . . . . . . . . . . . . . . . . . . 3,725 166,731 1.1% Convertible Bond †Percentages are based on total investments. Wells Fargo . . . . . . . . . . . . . . . . . . 2,550 117,326 Western Gas Partners LP (A) . . . . . 725 39,984 SCHEDULE OF INVESTMENTS COMMON STOCK — 40.6% 1,927,256 Shares Value Total Common Stock BELGIUM — 2.3% (Cost $2,627,120) . . . . . . . . . . . . 2,651,774 Anheuser-Busch InBev ADR . . . . . . . . . 1,300 $ 150,137 CORPORATE OBLIGATIONS — 16.1% GERMANY — 1.9% SAP ADR . . . . . . . . . . . . . . . . . . . . . . 1,400 122,976 CANADA — 0.6% Canadian National Railway HONG KONG — 0.9% 5.850%, 11/15/17 . . . . . . . . . . . . $ 38,000 39,784 AIA Group . . . . . . . . . . . . . . . . . . . . . 8,900 56,173 FRANCE — 0.8% JAPAN — 3.2% Sanofi Keyence . . . . . . . . . . . . . . . . . . . . . . . 65 47,763 1.250%, 04/10/18 . . . . . . . . . . . . 51,000 51,026 Nippon Telegraph & Telephone ISRAEL — 2.4% ADR . . . . . . . . . . . . . . . . . . . . . . . . . 3,705 164,466 Teva Pharmaceutical Finance BV 212,229 2.400%, 11/10/16 . . . . . . . . . . . . 160,000 160,041 SWITZERLAND — 1.6% JAPAN — 1.2% Novartis ADR . . . . . . . . . . . . . . . . . . . 1,515 107,595 Nippon Telegraph & Telephone 1.400%, 07/18/17 . . . . . . . . . . . . 80,000 80,086 UNITED KINGDOM — 1.2% GlaxoSmithKline ADR . . . . . . . . . . . . . 825 33,008 NETHERLANDS — 1.0% Lloyds TSB Group PLC ADR . . . . . . . . 1,785 5,034 Heineken Segro REIT . . . . . . . . . . . . . . . . . . . . . 1,390 7,438 1.400%, 10/01/17 (B) . . . . . . . . . 63,000 63,082 Vodafone Group ADR . . . . . . . . . . . . . 1,075 29,928 SWITZERLAND — 0.8% Tyco Electronics Group 75,408 6.550%, 10/01/17 . . . . . . . . . . . . 47,000 49,242 UNITED STATES — 29.5% UNITED KINGDOM — 6.9% Abbott Laboratories . . . . . . . . . . . . . . 2,400 94,176 AstraZeneca Alexandria Real Estate Equities . . . . . . 970 104,576 1.750%, 11/16/18 . . . . . . . . . . . . 142,000 142,851 Becton Dickinson . . . . . . . . . . . . . . . . . 690 115,858 Diageo Capital Boeing . . . . . . . . . . . . . . . . . . . . . . . . . 660 94,004 1.500%, 05/11/17 . . . . . . . . . . . . 65,000 65,172 Boston Properties . . . . . . . . . . . . . . . . 1,150 138,552 GlaxoSmithKline Capital Comcast, Cl A . . . . . . . . . . . . . . . . . . . 2,500 154,550 1.500%, 05/08/17 . . . . . . . . . . . . 76,000 76,194 Enterprise Products Partners LP (A) . . 4,900 123,675 Lloyds Bank 1.750%, 05/14/18 . . . . . . . . . . . . 65,000 65,283 General Dynamics . . . . . . . . . . . . . . . . 600 90,444 Vodafone Group General Electric . . . . . . . . . . . . . . . . . . 2,275 66,203 5.625%, 02/27/17 . . . . . . . . . . . . 97,000 98,361 Hartford Financial Services Group . . . . 1,625 71,679 447,861 Honeywell International . . . . . . . . . . . . 1,050 115,163 The accompanying notes are an integral part of the financial statements. 47


  • Page 50

    THE ADVISORS’ INNER CIRCLE FUND WESTWOOD WORLDWIDE INCOME OPPORTUNITY FUND OCTOBER 31, 2016 CORPORATE OBLIGATIONS — continued EXCHANGE TRADED FUNDS — 5.3% Face Amount/ Shares/ Shares Value Face Amount Value UNITED STATES — 2.4% CANADA — 0.5% Bank of New York Mellon iShares S&P/TSX Capped REIT 4.950%, 06/20/20 (C) . . . . . . . . . $ 70,000 $ 71,662 Index ETF . . . . . . . . . . . . . . . . . . 2,860 $ 33,498 Becton Dickinson JAPAN — 1.0% 1.800%, 12/15/17 . . . . . . . . . . . . 25,000 25,109 Next Funds REIT Index ETF . . . . . 3,500 63,378 Goldman Sachs Group MTN 2.429%, 11/29/23 (C) . . . . . . . . . 62,000 62,921 NETHERLANDS — 1.9% iShares European Property Yield 159,692 UCITS ETF . . . . . . . . . . . . . . . . . 3,050 123,379 Total Corporate Obligations UNITED STATES — 1.9% (Cost $1,048,691) . . . . . . . . . . . . 1,050,814 iShares International Developed ETF . . . . . . . . . . . . . . . . . . . . . . 4,525 128,601 PREFERRED STOCK — 10.5% Total Exchange Traded Funds NETHERLANDS — 2.1% (Cost $369,152) . . . . . . . . . . . . . 348,856 Aegon, Ser 1, 4.000% (C) . . . . . . . . 295 7,331 Aegon, 6.375% . . . . . . . . . . . . . . . . 1,275 32,462 U.S. GOVERNMENT AGENCY OBLIGATIONS — 4.3% ING Groep, 6.125% . . . . . . . . . . . . 665 16,951 FHLMC ING Groep, 6.375% . . . . . . . . . . . . 2,583 66,640 2.375%, 01/13/22 . . . . . . . . . . . . $ 140,000 146,245 ING Groep, 7.200% . . . . . . . . . . . . 510 13,194 1.750%, 05/30/19 . . . . . . . . . . . . 130,000 132,472 136,578 UNITED KINGDOM — 0.8% Total U.S. Government Agency Obligations Barclays Bank, 7.100% . . . . . . . . . 260 6,705 (Cost $274,074) . . . . . . . . . . . . . 278,717 Barclays Bank, 8.125% . . . . . . . . . 490 12,760 HSBC Holdings, 8.125% . . . . . . . . 245 6,573 CONVERTIBLE BOND — 1.1% HSBC Holdings, 6.200% . . . . . . . . 525 13,545 UNITED STATES — 1.1% HSBC Holdings, Ser 2, 8.000% . . . . 505 13,161 Microchip Technology 52,744 1.625%, 02/15/25 . . . . . . . . . . . . 57,000 70,751 UNITED STATES — 7.6% Bank of America, (Cost $58,950) . . . . . . . . . . . . . . 70,751 Ser 5, 4.000% (C) . . . . . . . . . . . . 3,115 73,203 SHORT-TERM INVESTMENT — 20.5% BB&T, 5.625% . . . . . . . . . . . . . . . . 1,300 33,540 DTE Energy, 6.500%* . . . . . . . . . . 900 47,925 SEI Daily Income Trust, Goldman Sachs Group, Government Fund, 4.000% (C) . . . . . . . . . . . . . . . . . 1,800 40,356 Cl A, 0.200% (D) MetLife, Ser A, 4.000% (C) . . . . . . 1,373 34,751 (Cost $1,335,672) . . . . . . . . . . . . 1,335,672 1,335,672 Morgan Stanley, 4.000% (C) . . . . . 2,255 51,662 US Bancorp, Ser B, 3.500% (C) . . . 4,294 105,718 Total Investments — 98.4% (Cost $6,366,436) . . . . . . . . . . . . $6,422,284 Wells Fargo, 5.850% (C) . . . . . . . . 4,100 109,223 496,378 Percentages are based upon Net Assets of $6,525,584. * Non-income producing security. Total Preferred Stock (Cost $652,777) . . . . . . . . . . . . . 685,700 (A) Securities considered Master Limited Partnerships. At October 31, 2016, these securities amounted $295,045 or 4.5% of Net Assets. The accompanying notes are an integral part of the financial statements. 48

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