Company:  ADVISORS' INNER CIRCLE FU ... (AEMGX)
Form Type:  485BPOS
Filing Date:  2/26/2016 
CIK:  0000878719 
Address:  1 FREEDOM VALLEY DRIVE 
City, State, Zip:  OAKS, Pennsylvania 19087 
Telephone:  (800) 932-7781 
Fiscal Year:  10/31 
Register and access this filing in:     
  FORM 485BPOS
    INVESTMENT ADVISER:
    INVESTMENT OBJECTIVE
    FUND FEES AND EXPENSES
      OPERATING EXPENSES
    PRINCIPAL INVESTMENT STRATEGY
    PRINCIPAL RISKS
    PERFORMANCE INFORMATION
    INVESTMENT ADVISER
    CALCULATING YOUR SHARE PRICE
    BUYING OR SELLING SHARES THROUGH A FINANCIAL INTERMEDIARY
    DIVIDENDS AND DISTRIBUTIONS
    TAXES ON DISTRIBUTIONS
    ADDITIONAL INFORMATION ABOUT THE FUND
    MORE INFORMATION ABOUT FUND INVESTMENTS AND RISKS
    INVESTMENT MANAGEMENT
    INVESTMENT ADVISER
    FINANCIAL HIGHLIGHTS
      FINANCIAL HIGHLIGHTS TABLE
    INVESTMENT ADVISER:
    INVESTMENT OBJECTIVE
    FUND FEES AND EXPENSES
      OPERATING EXPENSES
    PRINCIPAL INVESTMENT STRATEGIES
    PRINCIPAL RISKS
    PERFORMANCE INFORMATION
      FUND PERFORMANCE
    INVESTMENT ADVISER
    MORE INFORMATION ABOUT THE FUND'S OBJECTIVE AND INVESTMENTS
    INVESTMENT ADVISER
    RELATED PERFORMANCE DATA OF THE ADVISER
    PERFORMANCE INFORMATION FOR THE ADVISER'S MICRO CAP CORE ...
    THE FOLLOWING DATA ILLUSTRATES THE PAST PERFORMANCE OF THE ...
    SUBSTANTIALLY SIMILAR ACCOUNTS AND DOES NOT REPRESENT THE ...
    BUYING OR SELLING SHARES THROUGH A FINANCIAL INTERMEDIARY
    DIVIDENDS AND DISTRIBUTIONS
    FINANCIAL HIGHLIGHTS
      FINANCIAL HIGHLIGHTS TABLE
      FINANCIAL HIGHLIGHTS TABLE
    INVESTMENT ADVISER
    INVESTMENT ADVISER:
    FUND FEES AND EXPENSES
      OPERATING EXPENSES
    PRINCIPAL INVESTMENT STRATEGIES
    PRINCIPAL RISKS
    PERFORMANCE INFORMATION
      FUND PERFORMANCE
    INVESTMENT ADVISER
    FUND FEES AND EXPENSES
      OPERATING EXPENSES
    PRINCIPAL INVESTMENT STRATEGIES
    PRINCIPAL RISKS
    PERFORMANCE INFORMATION
      FUND PERFORMANCE
    INVESTMENT ADVISER
    FUND FEES AND EXPENSES
      OPERATING EXPENSES
    PRINCIPAL INVESTMENT STRATEGIES
    PRINCIPAL RISKS
    RISKS OF INVESTING IN OTHER INVESTMENT COMPANIES -- To the ...
    PERFORMANCE INFORMATION
      FUND PERFORMANCE
    INVESTMENT ADVISER
    INVESTMENT ADVISER
      OPERATING EXPENSES
    RELATED PERFORMANCE DATA OF THE ADVISER
    PERFORMANCE INFORMATION FOR THE ADVISER'S MID CAP EQUITY ...
    PERFORMANCE INFORMATION FOR THE ADVISER'S INCOME ...
      FUND PERFORMANCE
    BUYING OR SELLING SHARES THROUGH A FINANCIAL INTERMEDIARY
    DIVIDENDS AND DISTRIBUTIONS
    FINANCIAL HIGHLIGHTS
      FINANCIAL HIGHLIGHTS TABLE
      FINANCIAL HIGHLIGHTS TABLE
      FINANCIAL HIGHLIGHTS TABLE
    INVESTMENT ADVISER
    INVESTMENT ADVISER:
    INVESTMENT OBJECTIVE
    FUND FEES AND EXPENSES
      OPERATING EXPENSES
    PRINCIPAL INVESTMENT STRATEGIES
    PRINCIPAL RISKS
    PERFORMANCE INFORMATION
    INVESTMENT ADVISER
    MORE INFORMATION ABOUT THE FUND'S OBJECTIVE AND INVESTMENTS
    INVESTMENT ADVISER
    RELATED PERFORMANCE DATA OF THE ADVISER
    THE FOLLOWING DATA DOES NOT REPRESENT THE PERFORMANCE OF THE ...
    PERFORMANCE INFORMATION FOR THE ADVISER'S SUBSTANTIALLY ...
      FUND PERFORMANCE
    BUYING OR SELLING SHARES THROUGH A FINANCIAL INTERMEDIARY
    DIVIDENDS AND DISTRIBUTIONS
    FINANCIAL HIGHLIGHTS
      FINANCIAL HIGHLIGHTS TABLE
    INVESTMENT ADVISER
    INVESTMENT ADVISER:
    INVESTMENT OBJECTIVE
    FUND FEES AND EXPENSES
      OPERATING EXPENSES
    PRINCIPAL INVESTMENT STRATEGIES
    PRINCIPAL RISKS
    PERFORMANCE INFORMATION
    INVESTMENT ADVISER
    MORE INFORMATION ABOUT THE FUND'S OBJECTIVE AND INVESTMENTS
    INVESTMENT ADVISER
    RELATED PERFORMANCE DATA OF THE ADVISER
    THE FOLLOWING DATA DOES NOT REPRESENT THE PERFORMANCE OF THE ...
    PERFORMANCE INFORMATION FOR THE ADVISER'S SUBSTANTIALLY ...
    BUYING OR SELLING SHARES THROUGH A FINANCIAL INTERMEDIARY
    DIVIDENDS AND DISTRIBUTIONS
    FINANCIAL HIGHLIGHTS
      FINANCIAL HIGHLIGHTS TABLE
    INVESTMENT ADVISER
    INVESTMENT ADVISER:
    INVESTMENT OBJECTIVE
    FUND FEES AND EXPENSES
      OPERATING EXPENSES
    PRINCIPAL INVESTMENT STRATEGIES
    PRINCIPAL RISKS
    PERFORMANCE INFORMATION
    INVESTMENT ADVISER
    MORE INFORMATION ABOUT THE FUND'S OBJECTIVE AND INVESTMENTS
    INVESTMENT ADVISER
    BUYING OR SELLING SHARES THROUGH A FINANCIAL INTERMEDIARY
    DIVIDENDS AND DISTRIBUTIONS
    FINANCIAL HIGHLIGHTS
      FINANCIAL HIGHLIGHTS TABLE
    INVESTMENT ADVISER
    INVESTMENT ADVISER:
    INVESTMENT OBJECTIVE
    FUND FEES AND EXPENSES
      OPERATING EXPENSES
    PRINCIPAL INVESTMENT STRATEGIES
    PRINCIPAL RISKS
    PERFORMANCE INFORMATION
    INVESTMENT ADVISER
    MORE INFORMATION ABOUT THE FUND'S OBJECTIVE AND INVESTMENTS
    INVESTMENT ADVISER
    BUYING OR SELLING SHARES THROUGH A FINANCIAL INTERMEDIARY
    DIVIDENDS AND DISTRIBUTIONS
    FINANCIAL HIGHLIGHTS
      FINANCIAL HIGHLIGHTS TABLE
    INVESTMENT ADVISER
    INVESTMENT ADVISER:
      SALES CHARGES
    FUND INVESTMENT OBJECTIVE
    FUND FEES AND EXPENSES
      OPERATING EXPENSES
      FINANCIAL HIGHLIGHTS TABLE
    PRINCIPAL INVESTMENT STRATEGIES
    PRINCIPAL RISKS
    PERFORMANCE INFORMATION
    LSV ASSET MANAGEMENT
    FUND INVESTMENT OBJECTIVE
    FUND FEES AND EXPENSES
      OPERATING EXPENSES
      FINANCIAL HIGHLIGHTS TABLE
    PRINCIPAL INVESTMENT STRATEGIES
    PRINCIPAL RISKS
    PERFORMANCE INFORMATION
    FUND INVESTMENT OBJECTIVE
    FUND FEES AND EXPENSES
      OPERATING EXPENSES
      FINANCIAL HIGHLIGHTS TABLE
    PRINCIPAL INVESTMENT STRATEGIES
    PRINCIPAL RISKS
    PERFORMANCE INFORMATION
    FUND INVESTMENT OBJECTIVE
    FUND FEES AND EXPENSES
      OPERATING EXPENSES
      FINANCIAL HIGHLIGHTS TABLE
    PRINCIPAL INVESTMENT STRATEGIES
    PRINCIPAL RISKS
    PERFORMANCE INFORMATION
    CORNERSTONE ACTS AS THE MANAGER OF MANAGERS OF THE FUNDS AND ...
    BUYING OR SELLING SHARES THROUGH A FINANCIAL INTERMEDIARY
    DIVIDENDS AND DISTRIBUTIONS
    FINANCIAL HIGHLIGHTS
      FINANCIAL HIGHLIGHTS TABLE
      FINANCIAL HIGHLIGHTS TABLE
      FINANCIAL HIGHLIGHTS TABLE
      FINANCIAL HIGHLIGHTS TABLE
    INVESTMENT ADVISER
    THE ADVISORS' INNER CIRCLE FUND'S INVESTMENT COMPANY ACT ...
    INVESTMENT ADVISER:
    INVESTMENT OBJECTIVE
    FEES AND EXPENSES OF THE FUND
      OPERATING EXPENSES
    PRINCIPAL INVESTMENT STRATEGIES
    PRINCIPAL RISKS OF INVESTING IN THE FUND
    PERFORMANCE INFORMATION
    INVESTMENT ADVISER
    INVESTMENT OBJECTIVE
    FEES AND EXPENSES OF THE FUND
      OPERATING EXPENSES
    PRINCIPAL INVESTMENT STRATEGIES
    PRINCIPAL RISKS OF INVESTING IN THE FUND
    PERFORMANCE INFORMATION
    INVESTMENT ADVISER
    MORE INFORMATION ABOUT THE INVESTMENT ADVISER
    BUYING OR SELLING SHARES THROUGH A FINANCIAL INTERMEDIARY
    DIVIDENDS AND DISTRIBUTIONS
    FINANCIAL HIGHLIGHTS
      FINANCIAL HIGHLIGHTS TABLE
      FINANCIAL HIGHLIGHTS TABLE
    INVESTMENT ADVISER
    INVESTMENT ADVISER:
    INVESTMENT OBJECTIVE
    FUND FEES AND EXPENSES
      OPERATING EXPENSES
    PRINCIPAL INVESTMENT STRATEGIES
    PRINCIPAL RISKS OF INVESTING IN THE FUND
    PERFORMANCE INFORMATION
    INVESTMENT ADVISER
    INVESTMENT ADVISER
    DIVIDENDS AND DISTRIBUTIONS
    FINANCIAL HIGHLIGHTS
      FINANCIAL HIGHLIGHTS TABLE
    INVESTMENT ADVISER
    INVESTMENT ADVISER:
    INVESTMENT OBJECTIVE
    FUND FEES AND EXPENSES
      OPERATING EXPENSES
    PRINCIPAL INVESTMENT STRATEGIES
    PRINCIPAL RISKS OF INVESTING IN THE FUND
    PERFORMANCE INFORMATION
    INVESTMENT ADVISER
    INVESTMENT ADVISER
    DIVIDENDS AND DISTRIBUTIONS
    FINANCIAL HIGHLIGHTS
      FINANCIAL HIGHLIGHTS TABLE
    INVESTMENT ADVISER
    INVESTMENT ADVISER:
    INVESTMENT OBJECTIVE
    FUND FEES AND EXPENSES
      OPERATING EXPENSES
    PRINCIPAL INVESTMENT STRATEGY
    PRINCIPAL RISKS
    PERFORMANCE INFORMATION
    INVESTMENT ADVISER
    MORE INFORMATION ABOUT THE FUND'S OBJECTIVE AND INVESTMENTS
    INVESTMENT ADVISER
    HISTORICAL PERFORMANCE DATA OF THE ADVISER
    THE INFORMATION IN THE TABLE DOES NOT REPRESENT THE ...
    PERFORMANCE OF THE FUND.
      FUND PERFORMANCE
    BUYING OR SELLING SHARES THROUGH A FINANCIAL INTERMEDIARY
    DIVIDENDS AND DISTRIBUTIONS
    FINANCIAL HIGHLIGHTS
      FINANCIAL HIGHLIGHTS TABLE
    INVESTMENT ADVISER
    INVESTMENT ADVISER:
    INVESTMENT OBJECTIVE
    FUND FEES AND EXPENSES
      OPERATING EXPENSES
    PRINCIPAL INVESTMENT STRATEGY
    PRINCIPAL RISKS
    PERFORMANCE INFORMATION
    INVESTMENT ADVISER
    CALCULATING YOUR SHARE PRICE
    BUYING OR SELLING SHARES THROUGH A FINANCIAL INTERMEDIARY
    DIVIDENDS AND DISTRIBUTIONS
    ADDITIONAL INFORMATION ABOUT THE FUND
    OTHER INVESTMENT PRACTICES AND STRATEGIES
    INVESTMENT MANAGEMENT
    INVESTMENT ADVISER
    FINANCIAL HIGHLIGHTS
      FINANCIAL HIGHLIGHTS TABLE
    INVESTMENT ADVISER:
    INVESTMENT OBJECTIVE
    FUND FEES AND EXPENSES
      OPERATING EXPENSES
    PRINCIPAL INVESTMENT STRATEGIES
    PRINCIPAL RISKS
    PERFORMANCE INFORMATION
    INVESTMENT ADVISER
    MORE INFORMATION ABOUT THE FUND'S OBJECTIVE AND INVESTMENTS
    INVESTMENT ADVISER
    DIVIDENDS AND DISTRIBUTIONS
    FINANCIAL HIGHLIGHTS
    INVESTMENT ADVISER
    THE ADVISORS' INNER CIRCLE FUND'S INVESTMENT COMPANY ACT ...
    INVESTMENT ADVISER:
    LSV ASSET MANAGEMENT
    INVESTMENT OBJECTIVE
    FUND FEES AND EXPENSES
      OPERATING EXPENSES
    PRINCIPAL INVESTMENT STRATEGIES
    PRINCIPAL RISKS
    PERFORMANCE INFORMATION
    INVESTMENT ADVISER
    LSV Asset Management
    MORE INFORMATION ABOUT THE INVESTMENT ADVISER
    BUYING OR SELLING SHARES THROUGH A FINANCIAL INTERMEDIARY
    DIVIDENDS AND DISTRIBUTIONS
    FINANCIAL HIGHLIGHTS
    FINANCIAL HIGHLIGHTS
      FINANCIAL HIGHLIGHTS TABLE
    INVESTMENT ADVISER
    INVESTMENT ADVISER:
    LSV ASSET MANAGEMENT
    INVESTMENT OBJECTIVE
    FUND FEES AND EXPENSES
      OPERATING EXPENSES
      OPERATING EXPENSES
    PRINCIPAL INVESTMENT STRATEGIES
    PRINCIPAL RISKS
    PERFORMANCE INFORMATION
    INVESTMENT ADVISER
    LSV Asset Management
    MORE INFORMATION ABOUT THE INVESTMENT ADVISER
    RELATED PERFORMANCE DATA OF THE ADVISER
    THE FOLLOWING DATA DOES NOT REPRESENT THE PERFORMANCE OF THE ...
    PERFORMANCE INFORMATION FOR THE ADVISER'S SUBSTANTIALLY ...
    BUYING OR SELLING SHARES THROUGH A FINANCIAL INTERMEDIARY
    DIVIDENDS AND DISTRIBUTIONS
    FINANCIAL HIGHLIGHTS
    FINANCIAL HIGHLIGHTS
      FINANCIAL HIGHLIGHTS TABLE
    INVESTMENT ADVISER
    INVESTMENT ADVISER:
    LSV ASSET MANAGEMENT
    INVESTMENT OBJECTIVE
    FUND FEES AND EXPENSES
      OPERATING EXPENSES
      OPERATING EXPENSES
    PRINCIPAL INVESTMENT STRATEGIES
    PRINCIPAL RISKS
    PERFORMANCE INFORMATION
    INVESTMENT ADVISER
    LSV Asset Management
    MORE INFORMATION ABOUT THE INVESTMENT ADVISER
    RELATED PERFORMANCE DATA OF THE ADVISER
    THE FOLLOWING DATA DOES NOT REPRESENT THE PERFORMANCE OF THE ...
    PERFORMANCE INFORMATION FOR THE ADVISER'S SUBSTANTIALLY ...
    BUYING OR SELLING SHARES THROUGH A FINANCIAL INTERMEDIARY
    DIVIDENDS AND DISTRIBUTIONS
    FINANCIAL HIGHLIGHTS
    FINANCIAL HIGHLIGHTS
      FINANCIAL HIGHLIGHTS TABLE
    INVESTMENT ADVISER
    INVESTMENT ADVISER:
    LSV ASSET MANAGEMENT
    INVESTMENT OBJECTIVE
    FUND FEES AND EXPENSES
      OPERATING EXPENSES
      OPERATING EXPENSES
    PRINCIPAL INVESTMENT STRATEGIES
    PRINCIPAL RISKS
    PERFORMANCE INFORMATION
    INVESTMENT ADVISER
    LSV Asset Management
    MORE INFORMATION ABOUT THE INVESTMENT ADVISER
    RELATED PERFORMANCE DATA OF THE ADVISER
    THE FOLLOWING DATA DOES NOT REPRESENT THE PERFORMANCE OF THE ...
    PERFORMANCE INFORMATION FOR THE ADVISER'S SUBSTANTIALLY ...
    BUYING OR SELLING SHARES THROUGH A FINANCIAL INTERMEDIARY
    DIVIDENDS AND DISTRIBUTIONS
    FINANCIAL HIGHLIGHTS
    FINANCIAL HIGHLIGHTS
      FINANCIAL HIGHLIGHTS TABLE
    INVESTMENT ADVISER
    INVESTMENT ADVISER:
    LSV ASSET MANAGEMENT
    INVESTMENT OBJECTIVE
    FUND FEES AND EXPENSES
      OPERATING EXPENSES
      OPERATING EXPENSES
    PRINCIPAL INVESTMENT STRATEGIES
    PRINCIPAL RISKS
    PERFORMANCE INFORMATION
    INVESTMENT ADVISER
    LSV Asset Management
    MORE INFORMATION ABOUT THE INVESTMENT ADVISER
    RELATED PERFORMANCE DATA OF THE ADVISER
    THE FOLLOWING DATA DOES NOT REPRESENT THE PERFORMANCE OF THE ...
    PERFORMANCE INFORMATION FOR THE ADVISER'S SUBSTANTIALLY ...
    BUYING OR SELLING SHARES THROUGH A FINANCIAL INTERMEDIARY
    DIVIDENDS AND DISTRIBUTIONS
    FINANCIAL HIGHLIGHTS
    FINANCIAL HIGHLIGHTS
      FINANCIAL HIGHLIGHTS TABLE
    INVESTMENT ADVISER
    INVESTMENT ADVISER:
    LSV ASSET MANAGEMENT
    INVESTMENT OBJECTIVE
    FUND FEES AND EXPENSES
      OPERATING EXPENSES
    PRINCIPAL INVESTMENT STRATEGIES
    PRINCIPAL RISKS
    PERFORMANCE INFORMATION
    INVESTMENT ADVISER
    LSV Asset Management
    MORE INFORMATION ABOUT THE INVESTMENT ADVISER
    BUYING OR SELLING SHARES THROUGH A FINANCIAL INTERMEDIARY
    DIVIDENDS AND DISTRIBUTIONS
    FINANCIAL HIGHLIGHTS
    FINANCIAL HIGHLIGHTS
      FINANCIAL HIGHLIGHTS TABLE
    INVESTMENT ADVISER
    INVESTMENT ADVISER:
    INVESTMENT OBJECTIVE
    FUND FEES AND EXPENSES
      OPERATING EXPENSES
    PRINCIPAL INVESTMENT STRATEGY
    PRINCIPAL RISKS
    PERFORMANCE INFORMATION
      FUND PERFORMANCE
    INVESTMENT ADVISER
    CALCULATING YOUR SHARE PRICE
    BUYING OR SELLING SHARES THROUGH A FINANCIAL INTERMEDIARY
    DIVIDENDS AND DISTRIBUTIONS
    TAXES ON DISTRIBUTIONS
    MORE INFORMATION ABOUT TAXES IS IN THE STATEMENT OF ...
      ADDITIONAL INFORMATION ABOUT THE FUND
      OTHER INVESTMENT PRACTICES AND STRATEGIES
      INVESTMENT MANAGEMENT
      INVESTMENT ADVISER
      FINANCIAL HIGHLIGHTS
        FINANCIAL HIGHLIGHTS TABLE
      INVESTMENT ADVISER:
        FINANCIAL HIGHLIGHTS TABLE
      INVESTMENT OBJECTIVE
      FUND FEES AND EXPENSES
        OPERATING EXPENSES
      PRINCIPAL INVESTMENT STRATEGIES
      PRINCIPAL RISKS
      PERFORMANCE INFORMATION
      INVESTMENT ADVISER
      INVESTMENT OBJECTIVE
      FUND FEES AND EXPENSES
        OPERATING EXPENSES
      PRINCIPAL INVESTMENT STRATEGIES
      PRINCIPAL RISKS
      PERFORMANCE INFORMATION
      INVESTMENT ADVISER
      INVESTMENT OBJECTIVE
      FUND FEES AND EXPENSES
        OPERATING EXPENSES
      PRINCIPAL INVESTMENT STRATEGIES
      PRINCIPAL RISKS
      PERFORMANCE INFORMATION
      INVESTMENT ADVISER
      CALCULATING YOUR SHARE PRICE
      BUYING OR SELLING SHARES THROUGH A FINANCIAL INTERMEDIARY
      DIVIDENDS AND DISTRIBUTIONS
      TAXES ON DISTRIBUTIONS
      ADDITIONAL INFORMATION ABOUT THE FUNDS
      OTHER INVESTMENT PRACTICES AND STRATEGIES
      INVESTMENT MANAGEMENT
      INVESTMENT ADVISER
      FINANCIAL HIGHLIGHTS
        FINANCIAL HIGHLIGHTS TABLE
        FINANCIAL HIGHLIGHTS TABLE
        FINANCIAL HIGHLIGHTS TABLE
      INVESTMENT ADVISER:
      INVESTMENT OBJECTIVE
      FUND FEES AND EXPENSES
        OPERATING EXPENSES
      PRINCIPAL INVESTMENT STRATEGY
      PRINCIPAL RISKS
      PERFORMANCE INFORMATION
      INVESTMENT ADVISER
      MORE INFORMATION ABOUT THE INVESTMENT ADVISER
      BUYING OR SELLING SHARES THROUGH A FINANCIAL INTERMEDIARY
      DIVIDENDS AND DISTRIBUTIONS
      FINANCIAL HIGHLIGHTS
        FINANCIAL HIGHLIGHTS TABLE
      INVESTMENT ADVISER
      INVESTMENT ADVISER:
      INVESTMENT OBJECTIVE
      FUND FEES AND EXPENSES
        OPERATING EXPENSES
      PRINCIPAL INVESTMENT STRATEGY
      PRINCIPAL RISKS
      PERFORMANCE INFORMATION
      INVESTMENT ADVISER
      MORE INFORMATION ABOUT THE INVESTMENT ADVISER
      BUYING OR SELLING SHARES THROUGH A FINANCIAL INTERMEDIARY
      DIVIDENDS AND DISTRIBUTIONS
      FINANCIAL HIGHLIGHTS
        FINANCIAL HIGHLIGHTS TABLE
      INVESTMENT ADVISER
      INVESTMENT ADVISER:
      FUND INVESTMENT OBJECTIVE
      FUND FEES AND EXPENSES
        OPERATING EXPENSES
      PRINCIPAL INVESTMENT STRATEGIES
      PRINCIPAL RISKS
      PERFORMANCE INFORMATION
      INVESTMENT ADVISER
      MORE INFORMATION ABOUT THE FUND'S OBJECTIVE AND INVESTMENTS
      INVESTMENT ADVISER
      RELATED PERFORMANCE DATA OF THE ADVISER
      THE DATA DOES NOT REPRESENT THE PERFORMANCE OF THE FUND.
      BUYING OR SELLING SHARES THROUGH A FINANCIAL INTERMEDIARY
      DIVIDENDS AND DISTRIBUTIONS
      FINANCIAL HIGHLIGHTS
        FINANCIAL HIGHLIGHTS TABLE
        FINANCIAL HIGHLIGHTS TABLE
      INVESTMENT ADVISER
      THE ADVISORS' INNER CIRCLE FUND'S INVESTMENT COMPANY ACT ...
      INVESTMENT ADVISER:
      FUND INVESTMENT OBJECTIVE
      FUND FEES AND EXPENSES
        OPERATING EXPENSES
      PRINCIPAL INVESTMENT STRATEGIES
      PRINCIPAL RISKS
      PERFORMANCE INFORMATION
      INVESTMENT ADVISER
      MORE INFORMATION ABOUT THE FUND'S OBJECTIVE AND INVESTMENTS
      INVESTMENT ADVISER
      BUYING OR SELLING SHARES THROUGH A FINANCIAL INTERMEDIARY
      DIVIDENDS AND DISTRIBUTIONS
      FINANCIAL HIGHLIGHTS
        FINANCIAL HIGHLIGHTS TABLE
        FINANCIAL HIGHLIGHTS TABLE
      INVESTMENT ADVISER
      THE ADVISORS' INNER CIRCLE FUND'S INVESTMENT COMPANY ACT ...
      INVESTMENT MANAGEMENT
      INVESTMENT OBJECTIVE
      FUND FEES AND EXPENSES
        OPERATING EXPENSES
      PRINCIPAL INVESTMENT STRATEGIES
      PRINCIPAL RISKS
      PERFORMANCE INFORMATION
      INVESTMENT ADVISER
      CALCULATING YOUR SHARE PRICE
      BUYING OR SELLING SHARES THROUGH A FINANCIAL INTERMEDIARY
      DIVIDENDS AND DISTRIBUTIONS
      TAXES ON DISTRIBUTIONS
    MORE INFORMATION ABOUT TAXES IS IN THE STATEMENT OF ...
      ADDITIONAL INFORMATION ABOUT THE FUND
      OTHER INVESTMENT PRACTICES AND STRATEGIES
      INVESTMENT MANAGEMENT
      INVESTMENT ADVISER
      FINANCIAL HIGHLIGHTS
        FINANCIAL HIGHLIGHTS TABLE
      INVESTMENT ADVISER:
      WESTWOOD MANAGEMENT CORP.
      FUND INVESTMENT OBJECTIVE
      FUND FEES AND EXPENSES
        SHAREHOLDER FEES
        OPERATING EXPENSES
        OPERATING EXPENSES
      PRINCIPAL INVESTMENT STRATEGIES
      PRINCIPAL RISKS
      PERFORMANCE INFORMATION
      INVESTMENT ADVISER
      Westwood Management Corp.
      FUND INVESTMENT OBJECTIVES
      FUND FEES AND EXPENSES
        SHAREHOLDER FEES
        OPERATING EXPENSES
      PRINCIPAL INVESTMENT STRATEGIES
      PRINCIPAL RISKS
      PERFORMANCE INFORMATION
      INVESTMENT ADVISER
      Westwood Management Corp.
      FUND INVESTMENT OBJECTIVE
      FUND FEES AND EXPENSES
        SHAREHOLDER FEES
        OPERATING EXPENSES
        OPERATING EXPENSES
      PRINCIPAL INVESTMENT STRATEGIES
      PRINCIPAL RISKS
      PERFORMANCE INFORMATION
      INVESTMENT ADVISER
      Westwood Management Corp.
      FUND INVESTMENT OBJECTIVE
      FUND FEES AND EXPENSES
        SHAREHOLDER FEES
        OPERATING EXPENSES
        OPERATING EXPENSES
      PRINCIPAL INVESTMENT STRATEGIES
      PRINCIPAL RISKS
      PERFORMANCE INFORMATION
      INVESTMENT ADVISER
      Westwood Management Corp.
      FUND INVESTMENT OBJECTIVE
      FUND FEES AND EXPENSES
        SHAREHOLDER FEES
        OPERATING EXPENSES
        OPERATING EXPENSES
      PRINCIPAL INVESTMENT STRATEGIES
      PRINCIPAL RISKS
      PERFORMANCE INFORMATION
      INVESTMENT ADVISER
      Westwood Management Corp.
      FUND INVESTMENT OBJECTIVE
      FUND FEES AND EXPENSES
        SHAREHOLDER FEES
        OPERATING EXPENSES
        OPERATING EXPENSES
      PRINCIPAL INVESTMENT STRATEGIES
      PRINCIPAL RISKS
      PERFORMANCE INFORMATION
      INVESTMENT ADVISERS
      FUND INVESTMENT OBJECTIVE
      FUND FEES AND EXPENSES
        SHAREHOLDER FEES
        OPERATING EXPENSES
        OPERATING EXPENSES
      PRINCIPAL INVESTMENT STRATEGIES
      PRINCIPAL RISKS
      PERFORMANCE INFORMATION
      INVESTMENT ADVISER
      Westwood Management Corp.
      INVESTMENT ADVISER
        OPERATING EXPENSES
      INVESTMENT SUB-ADVISER
      RELATED PERFORMANCE DATA OF THE ADVISER
      PERFORMANCE INFORMATION FOR THE ADVISER'S LARGECAP VALUE ...
      THE FOLLOWING DATA ILLUSTRATES THE PAST PERFORMANCE OF THE ...
      SUBSTANTIALLY SIMILAR ACCOUNTS AND DOES NOT REPRESENT THE ...
        FUND PERFORMANCE
      PERFORMANCE INFORMATION FOR THE ADVISER'S INCOME OPPORTUNITY ...
      THE FOLLOWING DATA ILLUSTRATES THE PAST PERFORMANCE OF THE ...
      SUBSTANTIALLY SIMILAR ACCOUNTS AND DOES NOT REPRESENT THE ...
      THE FOLLOWING DATA ILLUSTRATES THE PAST PERFORMANCE OF THE ...
        FUND PERFORMANCE
      THE FOLLOWING DATA ILLUSTRATES THE PAST PERFORMANCE OF THE ...
        FUND PERFORMANCE
      BUYING OR SELLING SHARES THROUGH A FINANCIAL INTERMEDIARY
        SALES CHARGES
        SALES CHARGES
      DIVIDENDS AND DISTRIBUTIONS
      FINANCIAL HIGHLIGHTS
        FINANCIAL HIGHLIGHTS TABLE
        FINANCIAL HIGHLIGHTS TABLE
        FINANCIAL HIGHLIGHTS TABLE
        FINANCIAL HIGHLIGHTS TABLE
      INVESTMENT ADVISER
      THE ADVISORS' INNER CIRCLE FUND'S INVESTMENT COMPANY ACT ...
      INVESTMENT ADVISER:
      WESTWOOD MANAGEMENT CORP.
      FUND INVESTMENT OBJECTIVE
      FUND FEES AND EXPENSES
        OPERATING EXPENSES
        OPERATING EXPENSES
      PRINCIPAL INVESTMENT STRATEGIES
      PRINCIPAL RISKS
      PERFORMANCE INFORMATION
      INVESTMENT ADVISER
      Westwood Management Corp.
      FUND INVESTMENT OBJECTIVES
      FUND FEES AND EXPENSES
        OPERATING EXPENSES
      PRINCIPAL INVESTMENT STRATEGIES
      PRINCIPAL RISKS
      PERFORMANCE INFORMATION
      INVESTMENT ADVISER
      Westwood Management Corp.
      FUND INVESTMENT OBJECTIVE
      FUND FEES AND EXPENSES
        OPERATING EXPENSES
      PRINCIPAL INVESTMENT STRATEGIES
      PRINCIPAL RISKS
      PERFORMANCE INFORMATION
      Westwood Management Corp.
      FUND INVESTMENT OBJECTIVE
      FUND FEES AND EXPENSES
        OPERATING EXPENSES
      PRINCIPAL INVESTMENT STRATEGIES
      PRINCIPAL RISKS
      PERFORMANCE INFORMATION
      INVESTMENT ADVISER
      Westwood Management Corp.
      FUND INVESTMENT OBJECTIVE
      FUND FEES AND EXPENSES
        OPERATING EXPENSES
      PRINCIPAL INVESTMENT STRATEGIES
      PRINCIPAL RISKS
      PERFORMANCE INFORMATION
      INVESTMENT ADVISER
      Westwood Management Corp.
      FUND INVESTMENT OBJECTIVE
      FUND FEES AND EXPENSES
        OPERATING EXPENSES
      PRINCIPAL INVESTMENT STRATEGIES
      PRINCIPAL RISKS
      RISKS OF INVESTING IN OTHER INVESTMENT COMPANIES -- To the ...
      PERFORMANCE INFORMATION
      INVESTMENT ADVISER
      Westwood Management Corp.
      FUND INVESTMENT OBJECTIVES
      FUND FEES AND EXPENSES
        OPERATING EXPENSES
      PRINCIPAL INVESTMENT STRATEGIES
      PRINCIPAL RISKS
      PERFORMANCE INFORMATION
      INVESTMENT ADVISER
      Westwood Management Corp.
      FUND INVESTMENT OBJECTIVE
      FUND FEES AND EXPENSES
        OPERATING EXPENSES
      PRINCIPAL INVESTMENT STRATEGIES
      PRINCIPAL RISKS
      PERFORMANCE INFORMATION
      INVESTMENT ADVISER
      Westwood Management Corp.
      FUND INVESTMENT OBJECTIVE
      FUND FEES AND EXPENSES
        OPERATING EXPENSES
        OPERATING EXPENSES
      PRINCIPAL INVESTMENT STRATEGIES
      PRINCIPAL RISKS
      PERFORMANCE INFORMATION
      Westwood Management Corp.
      FUND INVESTMENT OBJECTIVE
      FUND FEES AND EXPENSES
        OPERATING EXPENSES
        OPERATING EXPENSES
      PRINCIPAL INVESTMENT STRATEGIES
      PRINCIPAL RISKS
      PERFORMANCE INFORMATION
      Westwood Management Corp.
      FUND INVESTMENT OBJECTIVE
      FUND FEES AND EXPENSES
        OPERATING EXPENSES
      PRINCIPAL INVESTMENT STRATEGIES
      PRINCIPAL RISKS
      PERFORMANCE INFORMATION
      Westwood Management Corp.
      FUND INVESTMENT OBJECTIVE
      FUND FEES AND EXPENSES
        OPERATING EXPENSES
        OPERATING EXPENSES
      PRINCIPAL INVESTMENT STRATEGIES
      PRINCIPAL RISKS
      PERFORMANCE INFORMATION
      INVESTMENT ADVISERS
      FUND INVESTMENT OBJECTIVE
      FUND FEES AND EXPENSES
        OPERATING EXPENSES
      PRINCIPAL INVESTMENT STRATEGIES
      PRINCIPAL RISKS
      RISKS OF INVESTING IN OTHER INVESTMENT COMPANIES -- To the ...
      PERFORMANCE INFORMATION
      INVESTMENT ADVISERS
      FUND INVESTMENT OBJECTIVE
      FUND FEES AND EXPENSES
        OPERATING EXPENSES
        OPERATING EXPENSES
      PRINCIPAL INVESTMENT STRATEGIES
      PRINCIPAL RISKS
      PERFORMANCE INFORMATION
      INVESTMENT ADVISER
      Westwood Management Corp.
      FUND INVESTMENT OBJECTIVE
      FUND FEES AND EXPENSES
        OPERATING EXPENSES
      PRINCIPAL INVESTMENT STRATEGIES
      PRINCIPAL RISKS
      PERFORMANCE INFORMATION
      INVESTMENT ADVISER
      Westwood Management Corp.
      FUND INVESTMENT OBJECTIVE
      FUND FEES AND EXPENSES
        OPERATING EXPENSES
      PRINCIPAL INVESTMENT STRATEGIES
      PRINCIPAL RISKS
      PERFORMANCE INFORMATION
      INVESTMENT ADVISER
      Westwood Management Corp.
      INVESTMENT ADVISER
      INVESTMENT SUB-ADVISER
      RELATED PERFORMANCE DATA OF THE ADVISER
      PERFORMANCE INFORMATION FOR THE ADVISER'S LARGECAP VALUE ...
      THE FOLLOWING DATA ILLUSTRATES THE PAST PERFORMANCE OF THE ...
      SUBSTANTIALLY SIMILAR ACCOUNTS AND DOES NOT REPRESENT THE ...
        FUND PERFORMANCE
      PERFORMANCE INFORMATION FOR THE ADVISER'S SMIDCAP STRATEGY ...
      THE FOLLOWING DATA ILLUSTRATES THE PAST PERFORMANCE OF THE ...
      SUBSTANTIALLY SIMILAR ACCOUNTS AND DOES NOT REPRESENT THE ...
      PERFORMANCE INFORMATION FOR THE ADVISER'S SMALLCAP VALUE ...
      THE FOLLOWING DATA ILLUSTRATES THE PAST PERFORMANCE OF THE ...
      SUBSTANTIALLY SIMILAR ACCOUNTS AND DOES NOT REPRESENT THE ...
      PERFORMANCE INFORMATION FOR THE ADVISER'S INCOME OPPORTUNITY ...
      THE FOLLOWING DATA ILLUSTRATES THE PAST PERFORMANCE OF THE ...
      SUBSTANTIALLY SIMILAR ACCOUNTS AND DOES NOT REPRESENT THE ...
      THE FOLLOWING DATA ILLUSTRATES THE PAST PERFORMANCE OF THE ...
        FUND PERFORMANCE
      THE FOLLOWING DATA ILLUSTRATES THE PAST PERFORMANCE OF THE ...
        FUND PERFORMANCE
      THE FOLLOWING DATA ILLUSTRATES THE PAST PERFORMANCE OF THE ...
        FUND PERFORMANCE
      WESTWOOD OPPORTUNISTIC HIGH YIELD FUND RELATED PERFORMANCE DATA
      THE FOLLOWING DATA DOES NOT REPRESENT THE PERFORMANCE OF THE ...
      THE FOLLOWING DATA DOES NOT REPRESENT THE PERFORMANCE OF THE ...
        FUND PERFORMANCE
      BUYING OR SELLING SHARES THROUGH A FINANCIAL INTERMEDIARY
      DIVIDENDS AND DISTRIBUTIONS
      FINANCIAL HIGHLIGHTS
        FINANCIAL HIGHLIGHTS TABLE
        FINANCIAL HIGHLIGHTS TABLE
        FINANCIAL HIGHLIGHTS TABLE
        FINANCIAL HIGHLIGHTS TABLE
        FINANCIAL HIGHLIGHTS TABLE
        FINANCIAL HIGHLIGHTS TABLE
        FINANCIAL HIGHLIGHTS TABLE
        FINANCIAL HIGHLIGHTS TABLE
        FINANCIAL HIGHLIGHTS TABLE
        FINANCIAL HIGHLIGHTS TABLE
        FINANCIAL HIGHLIGHTS TABLE
        FINANCIAL HIGHLIGHTS TABLE
        FINANCIAL HIGHLIGHTS TABLE
        FINANCIAL HIGHLIGHTS TABLE
        FINANCIAL HIGHLIGHTS TABLE
      INVESTMENT ADVISER
      THE ADVISORS' INNER CIRCLE FUND'S INVESTMENT COMPANY ACT ...
      INVESTMENT ADVISER:
      WESTWOOD MANAGEMENT CORP.
      FUND INVESTMENT OBJECTIVE
      FUND FEES AND EXPENSES
        OPERATING EXPENSES
        OPERATING EXPENSES
      PRINCIPAL INVESTMENT STRATEGIES
      PRINCIPAL RISKS
      RISKS OF INVESTING IN OTHER INVESTMENT COMPANIES -- To the ...
      PERFORMANCE INFORMATION
      INVESTMENT ADVISERS
      FUND INVESTMENT OBJECTIVE
      FUND FEES AND EXPENSES
        OPERATING EXPENSES
        OPERATING EXPENSES
      PRINCIPAL INVESTMENT STRATEGIES
      PRINCIPAL RISKS
      PERFORMANCE INFORMATION
      INVESTMENT ADVISER
      Westwood Management Corp.
      INVESTMENT ADVISER
        OPERATING EXPENSES
      INVESTMENT SUB-ADVISER
      FUND RELATED PERFORMANCE DATA (WESTWOOD OPPORTUNISTIC HIGH ...
      THE FOLLOWING DATA DOES NOT REPRESENT THE PERFORMANCE OF THE ...
        FUND PERFORMANCE
      BUYING OR SELLING SHARES THROUGH A FINANCIAL INTERMEDIARY
      DIVIDENDS AND DISTRIBUTIONS
      FINANCIAL HIGHLIGHTS
        FINANCIAL HIGHLIGHTS TABLE
        FINANCIAL HIGHLIGHTS TABLE
      INVESTMENT ADVISER
      THE ADVISORS' INNER CIRCLE FUND'S INVESTMENT COMPANY ACT ...
    STATEMENT OF ADDITIONAL INFORMATION
      INVESTMENT ADVISER:
      RISKS OF INVESTING IN EQUITY SECURITIES:
      INVESTMENT POLICIES OF THE FUND
      INVESTMENT ADVISORY AND OTHER SERVICES
        TRUSTEE OWNERSHIP
      TRUSTEES AND OFFICERS OF THE TRUST
        NAME AND TITLE
        NAME AND TITLE
        NAME AND TITLE
        NAME AND TITLE
        TRUSTEE OWNERSHIP
        COMPENSATION TABLE
        NAME AND TITLE
      DETERMINATION OF NET ASSET VALUE
      CODES OF ETHICS
    APPENDIX A
    APPENDIX B -- PROXY VOTING POLICIES AND PROCEDURES
    STATEMENT OF ADDITIONAL INFORMATION
      INVESTMENT ADVISER:
      RISKS OF INVESTING IN EQUITY SECURITIES:
        TRUSTEE OWNERSHIP
      TRUSTEES AND OFFICERS OF THE TRUST
        NAME AND TITLE
        NAME AND TITLE
        NAME AND TITLE
        NAME AND TITLE
        TRUSTEE OWNERSHIP
        COMPENSATION TABLE
        NAME AND TITLE
      DETERMINATION OF NET ASSET VALUE
      CODES OF ETHICS
    APPENDIX A
    APPENDIX B -- PROXY VOTING POLICIES AND PROCEDURES
    STATEMENT OF ADDITIONAL INFORMATION
      INVESTMENT ADVISER:
        TRUSTEE OWNERSHIP
      TRUSTEES AND OFFICERS OF THE TRUST
        NAME AND TITLE
        NAME AND TITLE
        NAME AND TITLE
        NAME AND TITLE
        TRUSTEE OWNERSHIP
        COMPENSATION TABLE
        NAME AND TITLE
      DETERMINATION OF NET ASSET VALUE
        PORTFOLIO OF INVESTMENTS
      CODES OF ETHICS
        BENEFICIAL OWNERS
    APPENDIX A - DESCRIPTION OF RATINGS
    APPENDIX B -- PROXY VOTING POLICIES AND PROCEDURES
      AT INVESTMENT ADVISERS, INC.
    STATEMENT OF ADDITIONAL INFORMATION
      INVESTMENT ADVISER:
        OPERATING EXPENSES
        TRUSTEE OWNERSHIP
      TRUSTEES AND OFFICERS OF THE TRUST
        NAME AND TITLE
        NAME AND TITLE
        NAME AND TITLE
        NAME AND TITLE
        TRUSTEE OWNERSHIP
        COMPENSATION TABLE
        NAME AND TITLE
      DETERMINATION OF NET ASSET VALUE
      CODE OF ETHICS
        BENEFICIAL OWNERS
        BENEFICIAL OWNERS
    APPENDIX A -- DESCRIPTION OF RATINGS
    APPENDIX A
    STATEMENT OF ADDITIONAL INFORMATION
      INVESTMENT ADVISER:
      INVESTMENT SUB-ADVISERS:
      LSV Asset Management
      INVESTMENT ADVISER.
        TRUSTEE OWNERSHIP
        TRUSTEE OWNERSHIP
        TRUSTEE OWNERSHIP
        TRUSTEE OWNERSHIP
        TRUSTEE OWNERSHIP
        TRUSTEE OWNERSHIP
        TRUSTEE OWNERSHIP
        TRUSTEE OWNERSHIP
        TRUSTEE OWNERSHIP
        TRUSTEE OWNERSHIP
        TRUSTEE OWNERSHIP
      LSV ASSET MANAGEMENT
        TRUSTEE OWNERSHIP
        TRUSTEE OWNERSHIP
        TRUSTEE OWNERSHIP
        TRUSTEE OWNERSHIP
        TRUSTEE OWNERSHIP
        TRUSTEE OWNERSHIP
        TRUSTEE OWNERSHIP
        TRUSTEE OWNERSHIP
        TRUSTEE OWNERSHIP
        TRUSTEE OWNERSHIP
      TRUSTEES AND OFFICERS OF THE TRUST
        NAME AND TITLE
        NAME AND TITLE
        NAME AND TITLE
        NAME AND TITLE
        TRUSTEE OWNERSHIP
        COMPENSATION TABLE
        NAME AND TITLE
      DETERMINATION OF NET ASSET VALUE
      CODE OF ETHICS
        BENEFICIAL OWNERS
    APPENDIX A -- DESCRIPTION OF RATINGS
    APPENDIX A
      2. BOARD OF DIRECTORS:
      DIRECTOR PERFORMANCE EVALUATION:
      PROBLEMATIC COMPENSATION PRACTICES/PAY FOR PERFORMANCE ...
      MANAGEMENT PROPOSALS TO RATIFY A POISON PILL
      MANAGEMENT PROPOSALS TO RATIFY A PILL TO PRESERVE NET ...
        BENEFICIAL OWNERS
      VALUE MAXIMIZATION SHAREHOLDER PROPOSALS
      PAY-FOR-PERFORMANCE EVALUATION
      PROBLEMATIC PAY PRACTICES RELATED TO NON-PERFORMANCE-BASED ...
      SHAREHOLDER VALUE TRANSFER (SVT)
      PROBLEMATIC PAY PRACTICES OR SIGNIFICANT PAY-FOR-PERFORMANCE ...
      ADOPT ANTI-HEDGING/PLEDGING/SPECULATIVE INVESTMENTS POLICY
      PAY FOR PERFORMANCE/PERFORMANCE-BASED AWARDS
      PAY FOR SUPERIOR PERFORMANCE
      INVESTMENT ADVISORY AGREEMENTS
      CHANGE FUNDAMENTAL INVESTMENT OBJECTIVE TO NONFUNDAMENTAL
      REIMBURSE SHAREHOLDER FOR EXPENSES INCURRED
      TERMINATE THE INVESTMENT ADVISOR
      CEO AND MANAGEMENT SUCCESSION PLANNING
      CLASSIFIED BOARD OF DIRECTORS/STAGGERED TERMS
      REIMBURSEMENT OF EXPENSES FOR SUCCESSFUL SHAREHOLDER CAMPAIGNS
      PAY-FOR-PERFORMANCE PLANS
      PAY-FOR-SUPERIOR-PERFORMANCE
    APPENDIX: OUR APPROACH TO SAY ON PAY
      BOARD OF DIRECTORS
      MANAGEMENT PROPOSALS SEEKING APPROVAL TO RE-PRICE OPTIONS
      B. BOARD OF DIRECTORS
      PERFORMANCE EVALUATION FOR DIRECTORS
      PAY FOR SUPERIOR PERFORMANCE
      PERFORMANCE-BASED AWARDS
      INVESTMENT ADVISORY AGREEMENTS
      CHANGE FUNDAMENTAL INVESTMENT OBJECTIVE TO NONFUNDAMENTAL
      REIMBURSE SHAREHOLDER FOR EXPENSES INCURRED
      TERMINATE THE INVESTMENT ADVISOR
        FINANCIAL RESULTS/DIRECTOR AND AUDITOR REPORTS
      B. BOARD OF DIRECTORS
      DISCHARGE OF BOARD AND MANAGEMENT
      BOARD OF DIRECTORS ISSUES
      LSV ASSET MANAGEMENT
      RULE 206(4)-6 OF THE INVESTMENT ADVISERS ACT OF 1940; FORM ...
      OBJECTIVES OF POLICY:
      1. FIDUCIARY DUTY AND OBJECTIVE
    APPENDIX A
      8.15 PERFORMANCE-BASED STOCK OPTIONS
      MANAGEMENT INITIATIVES
      2. BOARD OF DIRECTORS:
      DIRECTOR PERFORMANCE EVALUATION:
      PROBLEMATIC COMPENSATION PRACTICES/PAY FOR PERFORMANCE ...
      MANAGEMENT PROPOSALS TO RATIFY A POISON PILL
      MANAGEMENT PROPOSALS TO RATIFY A PILL TO PRESERVE NET ...
        BENEFICIAL OWNERS
      VALUE MAXIMIZATION SHAREHOLDER PROPOSALS
      PAY-FOR-PERFORMANCE EVALUATION
      PROBLEMATIC PAY PRACTICES RELATED TO NON-PERFORMANCE-BASED ...
      SHAREHOLDER VALUE TRANSFER (SVT)
      PROBLEMATIC PAY PRACTICES OR SIGNIFICANT PAY-FOR-PERFORMANCE ...
      ADOPT ANTI-HEDGING/PLEDGING/SPECULATIVE INVESTMENTS POLICY
      PAY FOR PERFORMANCE/PERFORMANCE-BASED AWARDS
      PAY FOR SUPERIOR PERFORMANCE
      INVESTMENT ADVISORY AGREEMENTS
      CHANGE FUNDAMENTAL INVESTMENT OBJECTIVE TO NONFUNDAMENTAL
      REIMBURSE SHAREHOLDER FOR EXPENSES INCURRED
      TERMINATE THE INVESTMENT ADVISOR
      BAIRD INVESTMENT MANAGEMENT
      POLICY OBJECTIVES
      VOTING OBJECTIVES
    STATEMENT OF ADDITIONAL INFORMATION
      INVESTMENT ADVISER:
      ADDITIONAL INFORMATION ABOUT INVESTMENT OBJECTIVES AND POLICIES
        TRUSTEE OWNERSHIP
      TRUSTEES AND OFFICERS OF THE TRUST
        NAME AND TITLE
        NAME AND TITLE
        NAME AND TITLE
        NAME AND TITLE
        TRUSTEE OWNERSHIP
        COMPENSATION TABLE
        NAME AND TITLE
      DETERMINATION OF NET ASSET VALUE
      CODES OF ETHICS
    APPENDIX A
    APPENDIX B -- PROXY VOTING POLICIES AND PROCEDURES
    STATEMENT OF ADDITIONAL INFORMATION
      INVESTMENT ADVISER:
      ADDITIONAL INFORMATION ABOUT INVESTMENT OBJECTIVES AND POLICIES
        TRUSTEE OWNERSHIP
      TRUSTEES AND OFFICERS OF THE TRUST
        NAME AND TITLE
        NAME AND TITLE
        NAME AND TITLE
        NAME AND TITLE
        TRUSTEE OWNERSHIP
        COMPENSATION TABLE
        NAME AND TITLE
      DETERMINATION OF NET ASSET VALUE
      CODES OF ETHICS
        BENEFICIAL OWNERS
    APPENDIX A
    APPENDIX B
      INVESTMENT ADVISORY SERVICES FOR MUTUAL FUNDS
    STATEMENT OF ADDITIONAL INFORMATION
      INVESTMENT ADVISER:
      ADDITIONAL INFORMATION ABOUT INVESTMENT OBJECTIVES AND POLICIES
        OPERATING EXPENSES
        TRUSTEE OWNERSHIP
        TRUSTEE OWNERSHIP
      TRUSTEES AND OFFICERS OF THE TRUST
        NAME AND TITLE
        NAME AND TITLE
        NAME AND TITLE
        NAME AND TITLE
        TRUSTEE OWNERSHIP
        COMPENSATION TABLE
        NAME AND TITLE
      DETERMINATION OF NET ASSET VALUE
      CODES OF ETHICS
        BENEFICIAL OWNERS
    APPENDIX A
    APPENDIX B -- PROXY VOTING POLICIES AND PROCEDURES
      BOARD OF DIRECTORS
      MANAGEMENT PROPOSALS SEEKING APPROVAL TO RE-PRICE OPTIONS
      AMENDMENTS TO ADDED PERFORMANCE-BASED GOALS
      INVESTMENT ADVISORY AGREEMENTS
      CHANGING FUNDAMENTAL INVESTMENT OBJECTIVE TO NON-FUNDAMENTAL
      REIMBURSEMENT OF SHAREHOLDER FOR EXPENSES INCURRED
      TERMINATE THE INVESTMENT ADVISOR
      RECOVERY OF UNEARNED MANAGEMENT BONUSES
      QUANTIFIABLE PERFORMANCE METRICS
    STATEMENT OF ADDITIONAL INFORMATION
      INVESTMENT ADVISER:
      RISKS OF INVESTING IN EQUITY SECURITIES:
      INVESTMENT POLICIES OF THE FUND
        TRUSTEE OWNERSHIP
      TRUSTEES AND OFFICERS OF THE TRUST
        NAME AND TITLE
        NAME AND TITLE
        NAME AND TITLE
        NAME AND TITLE
        TRUSTEE OWNERSHIP
        COMPENSATION TABLE
        NAME AND TITLE
      DETERMINATION OF NET ASSET VALUE
      CODES OF ETHICS
        BENEFICIAL OWNERS
    APPENDIX A
    APPENDIX B -- PROXY VOTING POLICIES AND PROCEDURES
      BOARD OF DIRECTORS:
      DIRECTOR PERFORMANCE EVALUATION:
      PROBLEMATIC COMPENSATION PRACTICES/PAY FOR PERFORMANCE ...
        NAME AND TITLE
        NAME AND TITLE
      > Past Board Performance:
        BENEFICIAL OWNERS
      PAY-FOR-PERFORMANCE EVALUATION
      PROBLEMATIC PAY PRACTICES RELATED TO NON-PERFORMANCE-BASED ...
    STATEMENT OF ADDITIONAL INFORMATION
      INVESTMENT ADVISER:
      RISKS OF INVESTING IN EQUITY SECURITIES:
        TRUSTEE OWNERSHIP
      TRUSTEES AND OFFICERS OF THE TRUST
        NAME AND TITLE