(null)


  
    NPORT-P
    false
    
      
      
        
          0000878719
          XXXXXXXX
        
      
      
      
      
        S000012716
        C000218773
        C000034254
        C000058075
      
      
      
    
  
  
    
      ADVISORS' INNER CIRCLE FUND
      811-06400
      0000878719
      549300LRWL70Z8CGWD77
      ONE FREEDOM VALLEY DRIVE
      OAKS
      
      19456
      8774463863
      Westwood LARGECAP VALUE Fund
      S000012716
      549300IRBYNUBJF6RL11
      2021-10-31
      2021-07-31
      N
    
    
      200111640.52
      1191286.52
      198920354.00
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      N
      
        
          
          
          
        
        
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
        
        
        
        
      
      
      
      
      
    
    
      
        PROLOGIS, INC.
        529900DFH19P073LZ636
        PROLOGIS INC REIT
        74340W103
        
          
        
        30776.00000000
        NS
        USD
        3940559.04000000
        1.980973269331
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        INTERCONTINENTAL EXCHANGE, INC.
        5493000F4ZO33MV32P92
        INTERCONTINENTAL EXCHANGE IN COMMON STOCK
        45866F104
        
          
        
        33017.00000000
        NS
        USD
        3956427.11000000
        1.988950366537
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        VISA INC.
        549300JZ4OKEHW3DPJ59
        VISA INC-CLASS A SHARES COMMON STOCK
        92826C839
        
          
        
        16725.00000000
        NS
        USD
        4120872.75000000
        2.071619453281
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        MOHAWK INDUSTRIES, INC.
        549300JI1115MG3Q6322
        MOHAWK INDUSTRIES INC COMMON STOCK
        608190104
        
          
        
        20485.00000000
        NS
        USD
        3992526.50000000
        2.007098026781
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        DTE ENERGY COMPANY
        549300IX8SD6XXD71I78
        DTE ENERGY COMPANY COMMON STOCK
        233331107
        
          
        
        35652.00000000
        NS
        USD
        4182692.64000000
        2.102697162905
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        THE PNC FINANCIAL SERVICES GROUP, INC.
        CFGNEKW0P8842LEUIA51
        PNC FINANCIAL SERVICES GROUP COMMON STOCK
        693475105
        
          
        
        20811.00000000
        NS
        USD
        3796134.51000000
        1.908369070165
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        ALPHABET INC.
        5493006MHB84DD0ZWV18
        ALPHABET INC-CL A COMMON STOCK
        02079K305
        
          
        
        1218.00000000
        NS
        USD
        3281937.54000000
        1.649875175669
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        BECTON, DICKINSON AND COMPANY
        ICE2EP6D98PQUILVRZ91
        BECTON DICKINSON AND CO COMMON STOCK
        075887109
        
          
        
        25265.00000000
        NS
        USD
        6461523.75000000
        3.248296928930
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        ASML Holding N.V.
        724500Y6DUVHQD6OXN27
        ASML HOLDING NV-NY REG SHS DEPOSITARY RECEIPT
        N07059210
        
          
        
        8358.00000000
        NS
        USD
        6408412.92000000
        3.221597383644
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        WALMART INC.
        Y87794H0US1R65VBXU25
        WALMART INC COMMON STOCK
        931142103
        
          
        
        44240.00000000
        NS
        USD
        6306412.00000000
        3.170320117166
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        MCKESSON CORPORATION
        549300WZWOM80UCFSF54
        MCKESSON CORP COMMON STOCK
        58155Q103
        
          
        
        20009.00000000
        NS
        USD
        4078434.47000000
        2.050285145782
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        EATON CORPORATION PUBLIC LIMITED COMPANY
        549300VDIGTMXUNT7H71
        EATON CORP PLC COMMON STOCK
        G29183103
        
          
        
        40661.00000000
        NS
        USD
        6426471.05000000
        3.230675454156
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        ALEXANDRIA REAL ESTATE EQUITIES, INC.
        MGCJBT4MKTQBVLNUIS88
        ALEXANDRIA REAL ESTATE EQUIT REIT
        015271109
        
          
        
        1729.00000000
        NS
        USD
        348116.86000000
        0.175003137185
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        DOLLAR GENERAL CORPORATION
        OPX52SQVOZI8IVSWYU66
        DOLLAR GENERAL CORP COMMON STOCK
        256677105
        
          
        
        18620.00000000
        NS
        USD
        4331756.80000000
        2.177633767935
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        FREEPORT-MCMORAN INC.
        549300IRDTHJQ1PVET45
        FREEPORT-MCMORAN INC COMMON STOCK
        35671D857
        
          
        
        94831.00000000
        NS
        USD
        3613061.10000000
        1.816335547040
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        THE WALT DISNEY COMPANY
        549300GZKULIZ0WOW665
        WALT DISNEY CO/THE COMMON STOCK
        254687106
        
          
        
        16824.00000000
        NS
        USD
        2961360.48000000
        1.488716675016
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        CHEVRON CORPORATION
        N/A
        CHEVRON CORP COMMON STOCK
        166764100
        
          
        
        30177.00000000
        NS
        USD
        3072320.37000000
        1.544497739029
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        THE HOME DEPOT, INC.
        QEKMOTMBBKA8I816DO57
        HOME DEPOT INC COMMON STOCK
        437076102
        
          
        
        12559.00000000
        NS
        USD
        4121738.21000000
        2.072054531935
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        UNITEDHEALTH GROUP INCORPORATED
        549300GHBMY8T5GXDE41
        UNITEDHEALTH GROUP INC COMMON STOCK
        91324P102
        
          
        
        12339.00000000
        NS
        USD
        5086382.58000000
        2.556994534606
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        MICROCHIP TECHNOLOGY INCORPORATED
        5493007PTFULNYZJ1R12
        MICROCHIP TECHNOLOGY INC COMMON STOCK
        595017104
        
          
        
        19977.00000000
        NS
        USD
        2859108.24000000
        1.437313066515
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        BERKSHIRE HATHAWAY INC.
        5493000C01ZX7D35SD85
        BERKSHIRE HATHAWAY INC-CL B COMMON STOCK
        084670702
        
          
        
        17105.00000000
        NS
        USD
        4760150.45000000
        2.392993152425
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        GENERAL MOTORS COMPANY
        54930070NSV60J38I987
        GENERAL MOTORS CO COMMON STOCK
        37045V100
        
          
        
        84211.00000000
        NS
        USD
        4786553.24000000
        2.406266198380
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        MICROSOFT CORPORATION
        INR2EJN1ERAN0W5ZP974
        MICROSOFT CORP COMMON STOCK
        594918104
        
          
        
        16093.00000000
        NS
        USD
        4585056.63000000
        2.304971079027
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        BANK OF AMERICA CORPORATION
        9DJT3UXIJIZJI4WXO774
        BANK OF AMERICA CORP COMMON STOCK
        060505104
        
          
        
        99571.00000000
        NS
        USD
        3819543.56000000
        1.920137121815
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        L3HARRIS TECHNOLOGIES, INC.
        549300UTE50ZMDBG8A20
        L3HARRIS TECHNOLOGIES INC COMMON STOCK
        502431109
        
          
        
        19926.00000000
        NS
        USD
        4518021.24000000
        2.271271465764
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        ACTIVISION BLIZZARD, INC.
        549300TPQQDBP9GNOF40
        ACTIVISION BLIZZARD INC COMMON STOCK
        00507V109
        
          
        
        48984.00000000
        NS
        USD
        4096042.08000000
        2.059136733689
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        EOG RESOURCES, INC.
        XWTZDRYZPBUHIQBKDB46
        EOG RESOURCES INC COMMON STOCK
        26875P101
        
          
        
        46368.00000000
        NS
        USD
        3378372.48000000
        1.698354347388
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        CAPITAL ONE FINANCIAL CORPORATION
        ZUE8T73ROZOF6FLBAR73
        CAPITAL ONE FINANCIAL CORP COMMON STOCK
        14040H105
        
          
        
        23924.00000000
        NS
        USD
        3868510.80000000
        1.944753627373
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        VALERO ENERGY CORPORATION
        549300XTO5VR8SKV1V74
        VALERO ENERGY CORP COMMON STOCK
        91913Y100
        
          
        
        48441.00000000
        NS
        USD
        3244093.77000000
        1.630850591589
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        MICRON TECHNOLOGY, INC.
        B3DXGBC8GAIYWI2Z0172
        MICRON TECHNOLOGY INC COMMON STOCK
        595112103
        
          
        
        59933.00000000
        NS
        USD
        4649602.14000000
        2.337418995343
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        THE GOLDMAN SACHS GROUP, INC.
        784F5XWPLTWKTBV3E584
        GOLDMAN SACHS GROUP INC COMMON STOCK
        38141G104
        
          
        
        14832.00000000
        NS
        USD
        5560220.16000000
        2.795199208221
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        CISCO SYSTEMS, INC.
        549300LKFJ962MZ46593
        CISCO SYSTEMS INC COMMON STOCK
        17275R102
        
          
        
        111487.00000000
        NS
        USD
        6173035.19000000
        3.103269758910
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        THE CHARLES SCHWAB CORPORATION
        549300VSGCJ7E698NM85
        SCHWAB (CHARLES) CORP COMMON STOCK
        808513105
        
          
        
        78522.00000000
        NS
        USD
        5335569.90000000
        2.682264430315
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        HONEYWELL INTERNATIONAL INC.
        ISRPG12PN4EIEOEMW547
        HONEYWELL INTERNATIONAL INC COMMON STOCK
        438516106
        
          
        
        17735.00000000
        NS
        USD
        4146265.65000000
        2.084384813632
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        UNION PACIFIC CORPORATION
        549300LMMRSZZCZ8CL11
        UNION PACIFIC CORP COMMON STOCK
        907818108
        
          
        
        17133.00000000
        NS
        USD
        3748015.08000000
        1.884178770363
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        CONOCOPHILLIPS
        WPTL2Z3FIYTHSP5V2253
        CONOCOPHILLIPS COMMON STOCK
        20825C104
        
          
        
        72457.00000000
        NS
        USD
        4061939.42000000
        2.041992857100
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        CVS HEALTH CORPORATION
        549300EJG376EN5NQE29
        CVS HEALTH CORP COMMON STOCK
        126650100
        
          
        
        73383.00000000
        NS
        USD
        6043823.88000000
        3.038313454841
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        WESTERN ALLIANCE BANCORPORATION
        5493003VJXZ5JXT9S762
        WESTERN ALLIANCE BANCORP COMMON STOCK
        957638109
        
          
        
        39555.00000000
        NS
        USD
        3671495.10000000
        1.845711123156
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        AMERICAN INTERNATIONAL GROUP, INC.
        ODVCVCQG2BP6VHV36M30
        AMERICAN INTERNATIONAL GROUP COMMON STOCK
        026874784
        
          
        
        86031.00000000
        NS
        USD
        4073567.85000000
        2.047838628921
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Pepsico, Inc.
        FJSUNZKFNQ5YPJ5OT455
        PEPSICO INC COMMON STOCK
        713448108
        
          
        
        28022.00000000
        NS
        USD
        4398052.90000000
        2.210961729939
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        T-MOBILE US, INC.
        549300QHIJYOHPACPG31
        T-MOBILE US INC COMMON STOCK
        872590104
        
          
        
        25906.00000000
        NS
        USD
        3730982.12000000
        1.875616066920
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        MEDTRONIC PUBLIC LIMITED COMPANY
        549300GX3ZBSQWUXY261
        MEDTRONIC PLC COMMON STOCK
        G5960L103
        
          
        
        40738.00000000
        NS
        USD
        5349306.78000000
        2.689170148973
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        THE MIDDLEBY CORPORATION
        JDFO86U9VQRBKW5KYA35
        MIDDLEBY CORP COMMON STOCK
        596278101
        
          
        
        27106.00000000
        NS
        USD
        5190527.94000000
        2.609349840589
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        PUBLIC STORAGE
        549300LMZF40TKJ6DM64
        PUBLIC STORAGE REIT
        74460D109
        
          
        
        11368.00000000
        NS
        USD
        3552272.64000000
        1.785776351473
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        SEI Daily Income Trust: Government Fund; Class F Shares
        N/A
        SEI DAILY INCOME TRUST GOVERNMENT FUND (#36)
        783965593
        
          
        
        1423272.74000000
        NS
        USD
        1423272.74000000
        0.715498797071
        Long
        STIV
        RF
        US
        
        N
        
        2
        
          N
          N
          N
        
      
      
        NEXTERA ENERGY, INC.
        N/A
        NEXTERA ENERGY INC COMMON STOCK
        65339F101
        
          
        
        47784.00000000
        NS
        USD
        3722373.60000000
        1.871288445424
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        ROSS STORES, INC.
        549300ENZFLPGRDFZQ60
        ROSS STORES INC COMMON STOCK
        778296103
        
          
        
        31602.00000000
        NS
        USD
        3877249.38000000
        1.949146631822
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
    
    
      2021-07-31
      THE ADVISORS' INNER CIRCLE FUND
      Eric Olsen
      Eric Olsen
      CFO
    
  
  XXXX

FOR VALIDATION PURPOSES ONLY - [183230.TX]


THE ADVISORS’ INNER CIRCLE FUND		WESTWOOD ALTERNATIVE INCOME FUND
		JULY 31, 2021 (Unaudited)


SCHEDULE OF INVESTMENTS
CONVERTIBLE BONDS —83.1%

	Face Amount		Value
Accuray 3.750%, 06/01/26 (A)	$	3,000,000	$	3,082,500
Apellis Pharmaceuticals 3.500%, 09/15/26		1,000,000		1,878,750
Apollo Commercial Real Estate Finance 4.750%, 08/23/22		4,000,000		4,040,000
Ares Capital 3.750%, 02/01/22		3,000,000		3,155,625
Atlas Air Worldwide Holdings 2.250%, 06/01/22		1,500,000		1,593,750
Avadel Finance Cayman 4.500%, 02/01/23 (A)		1,000,000		1,065,024
Avaya Holdings 2.250%, 06/15/23		2,000,000		2,234,000
Blackstone Mortgage Trust 4.375%, 05/05/22		2,000,000		2,038,800
Bloom Energy 2.500%, 08/15/25 (A)		2,000,000		3,045,000
Bridgebio Pharma 2.500%, 03/15/27		1,000,000		1,496,900
2.250%, 02/01/29 (A)		1,150,000		1,047,168
Cheesecake Factory 0.375%, 06/15/26		1,500,000		1,400,625
CONMED 2.625%, 02/01/24		2,000,000		3,221,250
CryoLife 4.250%, 07/01/25		3,000,000		4,155,000
DigitalBridge Group 5.000%, 04/15/23		2,000,000		2,040,820
DraftKings 0.000%, 03/15/28 (A) (B)		4,000,000		3,506,000
Etsy 0.250%, 06/15/28 (A)		2,500,000		2,611,250
Exact Sciences 0.375%, 03/01/28		1,200,000		1,369,500
FireEye 1.625%, 06/01/35		2,000,000		1,982,412
Ford Motor 0.056%, 03/15/26 (A) (B)		2,500,000		2,675,000
GEO Corrections Holdings 6.500%, 02/23/26 (A)		1,750,000		1,670,156
Golar LNG 2.750%, 02/15/22		2,000,000		1,980,000
Gossamer Bio 5.000%, 06/01/27		1,500,000		1,188,300
Granite Point Mortgage Trust 5.625%, 12/01/22 (A)		4,000,000		3,957,500
GSK Finance No. 3 0.000%, 06/22/23 (A) (B)		735,000		739,594
Hercules Capital 4.375%, 02/01/22		1,000,000		1,065,000
Horizon Global 2.750%, 07/01/22		2,000,000		1,947,736
Huazhu Group 3.000%, 05/01/26 (A)		1,785,000		2,288,147
Innoviva 2.125%, 01/15/23		2,000,000		2,056,250
iQIYI 4.000%, 12/15/26		2,000,000		1,717,504


CONVERTIBLE BONDS — continued

	Face Amount		Value
Itron 0.000%, 03/15/26 (A) (B)	$	2,000,000	$	2,049,794
J2 Global 1.750%, 11/01/26 (A)		2,500,000		3,225,000
JOYY 1.375%, 06/15/26		1,600,000		1,428,000
Liberty Media 0.500%, 12/01/50 (A)		2,500,000		2,743,750
Ligand Pharmaceuticals 0.750%, 05/15/23		2,000,000		1,951,236
Magnite 0.250%, 03/15/26 (A)		3,000,000		2,580,000
MicroStrategy 0.000%, 02/15/27 (A) (B)		1,700,000		1,259,700
NCL 6.000%, 05/15/24		2,000,000		3,909,000
OSI Systems 1.250%, 09/01/22		2,470,000		2,599,675
PDC Energy 1.125%, 09/15/21		3,000,000		2,973,999
PennyMac 5.500%, 11/01/24		3,500,000		3,524,062
Progress Software 1.000%, 04/15/26 (A)		4,000,000		4,011,208
PROS Holdings 1.000%, 05/15/24		1,500,000		1,515,938
Realogy Group 0.250%, 06/15/26 (A)		1,500,000		1,522,080
SFL 5.750%, 10/15/21		3,000,000		3,026,400
4.875%, 05/01/23		2,000,000		1,967,500
Shake Shack 0.000%, 03/01/28 (A) (B)		1,400,000		1,298,500
Slack Technologies 0.500%, 04/15/25		2,500,000		3,868,750
Spotify USA 1.338%, 03/15/26 (A) (B)		3,000,000		2,703,000
SunPower 4.000%, 01/15/23		1,500,000		1,948,200
Tilray 5.000%, 10/01/23		4,650,000		4,533,750
Twitter 1.000%, 09/15/21		3,000,000		3,001,875
Weibo 1.250%, 11/15/22		1,800,000		1,710,000
Workiva 1.125%, 08/15/26		1,000,000		1,727,472
Zillow Group 2.750%, 05/15/25		515,000		918,245
Total Convertible Bonds (Cost $123,355,885)				128,246,695


CORPORATE OBLIGATIONS —4.8%

American Electric Power 0.750%, 11/01/23		2,750,000		2,752,059
Avolon Holdings Funding 4.250%, 04/15/26 (A)		250,000		273,304


THE ADVISORS’ INNER CIRCLE FUND		WESTWOOD ALTERNATIVE INCOME FUND
		JULY 31, 2021 (Unaudited)


CORPORATE OBLIGATIONS — continued

	Face Amount		Value
Goldman Sachs Group 0.627%, VAR United States Secured Overnight Financing Rate+0.538%, 11/17/23	$	1,000,000	$	1,000,303
NextEra Energy Capital Holdings 0.650%, 03/01/23		400,000		401,441
NGL Energy Operating 7.500%, 02/01/26 (A)		925,000		950,438
Phillips 66 0.900%, 02/15/24		500,000		500,442
Starwood Property Trust 5.000%, 12/15/21		445,000		446,112
Vector Group 5.750%, 02/01/29 (A)		1,000,000		1,015,000
Total Corporate Obligations (Cost $7,305,960)				7,339,099


U.S. TREASURY OBLIGATIONS —3.9%

U.S. Treasury Bill 0.110%, 11/04/21 (B)		3,000,000		2,999,609
U.S. Treasury Note 0.125%, 10/31/22		3,000,000		3,000,703
Total U.S. Treasury Obligations (Cost $5,997,329)				6,000,312


SOVEREIGN DEBT —0.4%

Mexico Government International Bond 3.771%, 05/24/61		235,000		218,550


SOVEREIGN DEBT — continued

	Face Amount			Value
Peruvian Government International Bond 3.300%, 03/11/41	$	240,000		$	234,000
2.783%, 01/23/31		235,000			235,914
Total Sovereign Debt (Cost $702,241)					688,464


SHORT-TERM INVESTMENT —4.9%

	Shares
SEI Daily Income Trust, Government Fund, Cl F, 0.010% (C)		7,573,981			7,573,981

Total Short-Term Investment (Cost $7,573,981)					7,573,981

Total Investments — 97.1% (Cost $144,935,396)				$	149,848,551


SECURITIES SOLD SHORT COMMON STOCK — (0.3)%

	Shares			Value
UNITED STATES — (0.3)%
Twitter *		(7,500	)	$	(523,125	)
Total Securities Sold Short — (0.3)% (Proceeds $524,847)				$	(523,125	)


*PURCHASED OPTIONS — 0.2%(D)**

	Contracts			Value
Total Purchased Options (Cost $547,205)		78		$	233,895

A list of the OTC option contracts held by the Fund at July 31, 2021, is as follows:




PURCHASED OPTIONS — 0.2%

	Contracts		Notional		Strike Price		Expiration Date		Value
Put Options

UNITED STATES — 0.2%
August 21 Puts on NDX*		10		$14,959,900		$12,300.00		08/21/21		$6,300
July 21 Puts on SPXW*		25		10,988,150		3,675.00		08/21/21		125
October 21 Puts on SPXW*		43		18,899,618		3,950.00		11/20/21		227,470

Total Put Options										233,895


Total Purchased Options										$233,895


THE ADVISORS’ INNER CIRCLE FUND		WESTWOOD ALTERNATIVE INCOME FUND
		JULY 31, 2021 (Unaudited)

A list of the open futures contracts held by the Fund at July 31, 2021, is as follows:


Type of Contract	Number of Contracts Short			Expiration Date		Notional Amount			Value			Unrealized Depreciation

U.S. 10-Year Treasury
Note		(2	)		Sep-2021	$	(263,438	)	$	(268,906	)	$	(5,468	)
U.S. 5-Year Treasury
Note		(2	)		Oct-2021		(247,375	)		(248,891	)		(1,516	)
U.S. Long Treasury
Bond		(4	)		Sep-2021		(624,375	)		(658,875	)		(34,500	)

						$	(1,135,188	)	$	(1,176,672	)	$	(41,484	)

A list of the open OTC swap agreements at July 31, 2021 is as follows:

Total Return Swaps

Counterparty

Reference Entity/Obligation

Fund Pays

Fund Receives

Payment Frequency

Termination
Date

Currency

Notional

Amount

Value

Upfront
Payments/
Receipts

Net Unrealized
Appreciation
(Depreciation)

BNP Paribas

Accuracy Inc.

BNP PARIBAS -ARAY

TOTAL RETURN

Effective Rate -0.27%

US- 004397105

STOCK

Annually

05/21/2023

USD

1,569,742

(4,000

)

–

(4,000

)

BNP Paribas

Atlas Air Worldwide, 2.250%

BNP PARIBAS

FIX NOMINAL

Effective Rate 1.19%

-AAWW 2 1/4

06/01/22- 049164BH8

Annually

06/01/2022

USD

(600,431

)

(3,568

)

–

(3,568

)

BNP Paribas

Avadel Pharmaceutica

BNP PARIBAS -AVDL

TOTAL RETURN

Effective Rate -0.27%

US- 05337M104

STOCK

Annually

01/28/2023

USD

189,786

(29,348

)

–

(29,348

)

BNP Paribas

Avaya Holdings Corp.

BNP PARIBAS -AVYA

TOTAL RETURN

Effective Rate -0.27%

US- 05351X101

STOCK

Annually

12/04/2022

USD

1,174,680

41,063

–

41,063

BNP Paribas

Beyond Meat

BNP PARIBAS

TOTAL RETURN

Effective Rate 1.19%

- 08862EAA7

BOND

Annually

03/15/2027

USD

3,100,000

(70,950

)

–

(70,950

)

BNP Paribas

Beyond Meat

BNP PARIBAS -BYND

TOTAL RETURN

Effective Rate -0.27%

US -‘08862E109

STOCK

Annually

03/05/2023

USD

1,148,901

56,752

–

56,752

BNP Paribas

Bloom Energy

BNP BLOOM ENERGY

TOTAL RETURN

Effective Rate -0.27%

093712107

STOCK

Annually

08/11/2022

USD

2,224,992

(125,278

)

–

(125,278

)

BNP Paribas

Cheesecake Factory

BNP PARIBAS -CAKE

TOTAL RETURN

Effective Rate -0.27%

US- 163072101

STOCK

Annually

06/15/2023

USD

583,224

67,200

–

67,200

BNP Paribas

Chefs’ Warehouse

BNP PARIBAS

TOTAL RETURN

Effective Rate 1.19%

- 163086AC5

BOND

Annually

12/01/2024

USD

2,500,000

20,050

–

20,050

BNP Paribas

Chefs’ Warehouse

BNP PARIBAS -CHEF

TOTAL RETURN

Effective Rate -0.27%

US- 163086101

STOCK

Annually

04/08/2023

USD

793,815

(24,703

)

–

(24,703

)

BNP Paribas

Copa Holdings

BNP PARIBAS

TOTAL RETURN

Effective Rate 1.19%

- 21720AAB8

BOND

Annually

04/15/2025

USD

(4,666,038

)

48,877

–

48,877

BNP Paribas

Cryolife

BNP PARIBAS -CRY

TOTAL RETURN

Effective Rate -0.27%

US- 228903100

STOCK

Annually

05/14/2023

USD

2,645,478

(116,895

)

–

(116,895

)

BNP Paribas

Dexcom Inc.

BNP PARIBAS

FIX NOMINAL

Effective Rate 1.19%

- DXCM-252131AK3

Annually

11/15/2025

USD

(2,110,837

)

156,888

–

156,888

BNP Paribas

DraftKings

BNP PARIBAS -DKNG

TOTAL RETURN

Effective Rate -0.27%

US- 26142R104

STOCK

Annually

04/08/2023

USD

1,192,478

(97,745

)

–

(97,745

)

BNP Paribas

Etsy

BNP PARIBAS -ETSY

TOTAL RETURN

Effective Rate -0.27%

US- 29786A106

STOCK

Annually

06/14/2023

USD

1,203,180

(8,110

)

–

(8,110

)

BNP Paribas

Exact Sciences, 0.38%

BNP PARIBAS EXACT

FIX NOMINAL

Effective Rate 1.19%

SCI CO 30063PAC9

Annually

03/01/2028

USD

(930,994

)

(17,110

)

–

(17,110

)

BNP Paribas

Ford Motor Company

BNP PARIBAS -F

TOTAL RETURN

Effective Rate -0.27%

US- 345370860

STOCK

Annually

03/19/2023

USD

1,094,882

4,576

–

4,576

BNP Paribas

Geo Group

BNP PARIBAS -GEO

TOTAL RETURN

Effective Rate -0.27%

US- 36162J106

STOCK

Annually

03/01/2023

USD

1,143,690

(37,672

)

–

(37,672

)

BNP Paribas

IQIYI Inc.

BNP PARIBAS -IQ

TOTAL RETURN

Effective Rate -0.27%

US- 46267X108

STOCK

Annually

01/28/2023

USD

855,456

105,416

–

105,416

BNP Paribas

Itron

BNP PARIBAS -ITRI

TOTAL RETURN

Effective Rate -0.27%

US- 465741106

STOCK

Annually

03/15/2023

USD

826,239

(31,840

)

–

(31,840

)

BNP Paribas

Live Nation Entertainment

BNP PARIBAS -LYV

TOTAL RETURN

Effective Rate -0.27%

US- 538034109

STOCK

Annually

11/13/2022

USD

1,350,817

17,436

–

17,436

BNP Paribas

Magnite

BNP PARIBAS -MGNI

TOTAL RETURN

Effective Rate -0.27%

US- 55955D100

STOCK

Annually

03/18/2023

USD

759,294

(22,524

)

–

(22,524

)

BNP Paribas

Microstrategy Inc.

BNP PARIBAS -MSTR

TOTAL RETURN

Effective Rate -0.27%

US- 594972408

STOCK

Annually

12/11/2022

USD

378,728

(59,518

)

–

(59,518

)

BNP Paribas

Minerals Technologies

BNP PARIBAS -MNKD

TOTAL RETURN

Effective Rate -0.27%

US- 56400P706

STOCK

Annually

03/17/2023

USD

962,022

76,889

–

76,889

BNP Paribas

Minerals Technologies

BNP PARIBAS

TOTAL RETURN

Effective Rate 1.19%

- 56400PAP7

BOND

Annually

03/01/2026

USD

(1,662,722

)

(24,597

)

–

(24,597

)

BNP Paribas

National Vision Holdings Inc.

BNP PARIBAS

TOTAL RETURN

Effective Rate 1.19%

- 63845RAB3

BOND

Annually

05/15/2025

USD

(4,375,206

)

225,330

–

225,330

BNP Paribas

National Vision Holdings Inc.

BNP PARIBAS -EYE

TOTAL RETURN

Effective Rate -0.27%

US- 63845R107

STOCK

Annually

01/22/2023

USD

3,445,560

(225,436

)

–

(225,436

)

BNP Paribas

OSI Systems

BNP PARIBAS -OSIS

TOTAL RETURN

Effective Rate -0.27%

US 671044105

STOCK

Annually

08/31/2022

USD

888,797

(21,750

)

–

(21,750

)


THE ADVISORS’ INNER CIRCLE FUND		WESTWOOD ALTERNATIVE INCOME FUND
		JULY 31, 2021 (Unaudited)

Total Return Swaps (continued)

Counterparty

Reference Entity/Obligation

Fund Pays

Fund Receives

Payment Frequency

Termination
Date

Currency

Notional

Amount

Value

Upfront
Payments/
Receipts

Net Unrealized
Appreciation
(Depreciation)

BNP Paribas

Progress Software

BNP PARIBAS -PRGS

TOTAL RETURN

Effective Rate -0.27%

US- 743312100

STOCK

Annually

04/23/2023

USD

1,732,992

(17,843

)

–

(17,843

)

BNP Paribas

Pros Holdings Inc.

BNP PARIBAS -PRO

TOTAL RETURN

Effective Rate -0.27%

US- 74346Y103

STOCK

Annually

11/13/2022

USD

346,415

3,361

–

3,361

BNP Paribas

Realogy Holdings Corp.

BNP PARIBAS -RLGY

TOTAL RETURN

Effective Rate -0.27%

US- 75605Y106

STOCK

Annually

06/04/2023

USD

630,360

(7,625

)

–

(7,625

)

BNP Paribas

Shake Shack

BNP PARIBAS -SHAK

TOTAL RETURN

Effective Rate -0.27%

US- 819047101

STOCK

Annually

03/04/2023

USD

465,200

(37,548

)

–

(37,548

)

BNP Paribas

Southwest Airlines Co.

BNP PARIBAS -LUV

TOTAL RETURN

Effective Rate -0.27%

US- 844741108

STOCK

Annually

12/11/2022

USD

3,080,910

74,652

–

74,652

BNP Paribas

Southwest Airlines Co., 1.250%

BNP PARIBAS

FIX NOMINAL

Effective Rate 1.19%

-LUV 1 1/4

05/01/25- 844741BG2

Annually

05/01/2025

USD

(4,465,036

)

(60,542

)

–

(60,542

)

BNP Paribas

Spotify Technology

BNP PARIBAS -SPOT

TOTAL RETURN

Effective Rate -0.27%

US- L8681T102

STOCK

Annually

04/01/2023

USD

674,478

52,426

–

52,426

BNP Paribas

SunPower

BNP PARIBAS - SPWR

TOTAL RETURN

Effective Rate -0.27%

-867652406

STOCK

Annually

10/09/2022

USD

916,500

(49,625

)

–

(49,625

)

BNP Paribas

Twitter

BNP PARIBAS

TOTAL RETURN

Effective Rate 1.19%

- 90184LAM4

BOND

Annually

03/15/2026

USD

3,000,000

20,871

–

20,871

BNP Paribas

Twitter

TOTAL RETURN

FIX NOMINAL

Effective Rate -0.27%

STOCK

Annually

02/12/2023

USD

551,367

(13,665

)

–

(13,665

)

BNP Paribas

Zogenix

BNP PARIBAS

TOTAL RETURN

Effective Rate 1.19%

- 98978LAA3

BOND

Annually

10/01/2027

USD

(2,651,053

)

(172,649

)

–

(172,649

)

BNP Paribas

Zogenix

BNP PARIBAS -ZGNX

TOTAL RETURN

Effective Rate -0.27%

US- 98978L204

STOCK

Annually

04/23/2023

USD

1,471,524

136,901

–

136,901

Deutsche Bank

Akam, 0.125%

EUTSCHE BANK-

FIX NOMINAL

Effective Rate 1.19%

AKAM 0 1/8 5/1/25

- 00971TAJ0

Annually

05/01/2025

USD

(2,618,602

)

51,993

–

51,993

Deutsche Bank

Akamai Tech Inc.

DEUTSCHE BANK -

TOTAL RETURN

Effective Rate -0.27%

AKAMAI TECH INC

STOCK

- 00971T101

Annually

01/15/2024

USD

1,770,040

(52,927

)

–

(52,927

)

Deutsche Bank

Apellis Pharmaceuticals Inc.

DEUTSCHE

TOTAL RETURN

Effective Rate -0.27%

BANK -APLS US

STOCK

- 03753U106

Annually

05/15/2022

USD

1,299,573

(28,354

)

–

(28,354

)

Deutsche Bank

Atlas Air Worldwide

DEUTSCHE

TOTAL RETURN

Effective Rate -0.27%

BANK - AAWWUS

STOCK

- 049164205

Annually

08/29/2022

USD

771,732

(11,897

)

–

(11,897

)

Deutsche Bank

Bridge Bio

DEUTSCHE BANK -

FIX NOMINAL

Effective Rate 1.19%

BBIO -10806XAB8

Annually

03/15/2027

USD

(3,214,742

)

(203,318

)

–

(203,318

)

Deutsche Bank

Bridge Bio

DEUTSCHE BANK

TOTAL RETURN

Effective Rate -0.27%

- BRIDGEBIO

STOCK

-10806X102

Annually

03/05/2022

USD

4,036,604

400,250

–

400,250

Deutsche Bank

Conmed Corp

DEUTSCHE

TOTAL RETURN

Effective Rate -0.27%

BANK - CONMED

STOCK

CORP- 207410101

Annually

04/13/2022

USD

2,425,626

(181,691

)

–

(181,691

)

Deutsche Bank

Copa Holdings

DEUTSCHE BANK

TOTAL RETURN

Effective Rate -0.27%

-CPA US- P31076105

STOCK

Annually

04/30/2022

USD

3,486,796

(80,337

)

–

(80,337

)

Deutsche Bank

CSG Systems International Inc.

DEUTSCHE BANK

TOTAL RETURN

Effective Rate -0.27%

- CSG SYS INT INC

STOCK

- 126349109

Annually

01/15/2024

USD

146,528

1,361

–

1,361

Deutsche Bank

Dexcom Inc.

DEUTSCHE

TOTAL RETURN

Effective Rate -0.27%

BANK -DXCM

STOCK

US- 252131107

Annually

05/14/2022

USD

662,130

(111,203

)

–

(111,203

)

Deutsche Bank

Exact Sciences

DEUTSCHE BANK

TOTAL RETURN

Effective Rate -0.27%

- EXACT SCI CORP

STOCK

-30063P105

Annually

01/15/2022

USD

1,344,672

42,365

–

42,365

Deutsche Bank

Fireeye Inc.

DEUTSCHE BANK

TOTAL RETURN

Effective Rate -0.27%

- FIREEYE INC

STOCK

- 31816Q101

Annually

01/15/2024

USD

329,238

(7,025

)

–

(7,025

)

Deutsche Bank

Fireeye Inc.

DEUTSCHE BANK

FIX NOMINAL

Effective Rate 1.19%

- FEYE 0 7/8 2024

- 31816QAF8

Annually

06/01/2024

USD

(880,786

)

10,251

–

10,251

Deutsche Bank

Gossamer Bio Inc.

DEUTSCHE

TOTAL RETURN

Effective Rate -0.27%

BANK -GOSS

STOCK

US- 38341P102

Annually

05/21/2022

USD

485,601

(35,873

)

–

(35,873

)

Deutsche Bank

Huazhu Group Ltd.

DEUTSCHE BANK -

TOTAL RETURN

Effective Rate -0.27%

HTHT US 44332N106 STOCK

STOCK

Annually

06/05/2022

USD

1,828,960

231,981

–

231,981

Deutsche Bank

Integra Lifesciences Holding

DEUTSCHE BANK -

TOTAL RETURN

Effective Rate -0.27%

IAR -457985208

STOCK

Annually

02/20/2022

USD

1,138,176

(99,811

)

–

(99,811

)

Deutsche Bank

Integra Lifesciences Holding

DEUTSCHE

FIX NOMINAL

Effective Rate 1.19%

BANK IART 0 1/2

08/15/25-457669AA7

Annually

02/20/2022

USD

(2,171,904

)

104,453

–

104,453

Deutsche Bank

J2 Global

DEUTSCHE BANK - J2

TOTAL RETURN

Effective Rate -0.27%

GLOBAL - 48123V102

STOCK

Annually

02/25/2022

USD

2,226,697

(33,853

)

–

(33,853

)

Deutsche Bank

Jazz Pharmaceuticals Inc.

DEUTSCHE BANK -

TOTAL RETURN

Effective Rate -0.27%

JAZZ INVESTMENTS

STOCK

G50871105

Annually

01/15/2022

USD

713,800

35,646

–

35,646


THE ADVISORS’ INNER CIRCLE FUND		WESTWOOD ALTERNATIVE INCOME FUND
		JULY 31, 2021 (Unaudited)

Total Return Swaps (continued)

Counterparty

Reference Entity/Obligation

Fund Pays

Fund Receives

Payment Frequency

Termination
Date

Currency

Notional

Amount

Value

Upfront
Payments/
Receipts

Net Unrealized
Appreciation
(Depreciation)

Deutsche Bank

Jazz, 1.5%

DEUTSCHE BANK -

FIX NOMINAL

Effective Rate 1.19%

JAZZ INVESTMENTS

472145AD3

Annually

08/15/2024

USD

(2,215,757

)

(45,154

)

–

(45,154

)

Deutsche Bank

Joyy Inc.

DEUTSCHE

TOTAL RETURN

Effective Rate -0.27%

BANK - JOYY INC

STOCK

- 46591M109

Annually

01/15/2022

USD

643,544

92,773

–

92,773

Deutsche Bank

LITE

DEUTSCHE

TOTAL RETURN

Effective Rate 1.19%

BANK -LITE 0 1/2

BOND

12/15/26-55024UAD1

Annually

12/15/2026

USD

(756,790

)

11,609

–

11,609

Deutsche Bank

Lumentum Holdings Inc.

DEUTSCHE

TOTAL RETURN

Effective Rate -0.27%

BANK-LUMENTUM

STOCK

HOLDINGS

INC-55024U109

Annually

01/15/2025

USD

349,719

(11,474

)

–

(11,474

)

Deutsche Bank

Lyft Inc.

DEUTSCHE BANK

FIX NOMINAL

Effective Rate 1.19%

- LYFT- 55087PAB0

Annually

05/15/2025

USD

(2,431,570

)

(33,777

)

–

(33,777

)

Deutsche Bank

Lyft Inc.

DEUTSCHE BANK

TOTAL RETURN

Effective Rate -0.27%

-LYFT US 55087P104

STOCK

Annually

05/15/2022

USD

1,751,360

(19,061

)

–

(19,061

)

Deutsche Bank

Okta Inc.

DEUTSCHE BANK -

TOTAL RETURN

Effective Rate -0.27%

OKTAS - 679295105

STOCK

Annually

01/15/2022

USD

1,496,754

(64,478

)

–

(64,478

)

Deutsche Bank

Okta Inc., 0.125%

DEUTSCHE BANK -

FIX NOMINAL

Effective Rate 1.19%

OKTAB - 679295AD7

Annually

09/01/2025

USD

(2,115,887

)

65,812

–

65,812

Deutsche Bank

salesforce.com

DEUTSCHE BANK

TOTAL RETURN

Effective Rate -0.27%

- SALESFORCE INC

STOCK

79466L302

Annually

08/15/2022

USD

1,346,692

(26,619

)

–

(26,619

)

Deutsche Bank

Systems International Inc.

DEUTSCHE BANK-

TOTAL RETURN

Effective Rate 1.19%

CSGS 4.25% 3/15/36

BOND

- 126349AF6

Annually

03/15/2036

USD

(750,125

)

940

–

940

Deutsche Bank

Theravance Biopharma

DEUTSCHE BANK US

TOTAL RETURN

Effective Rate -0.27%

-TBPH US-G8807B106

STOCK

Annually

06/22/2022

USD

68,100

3,193

–

3,193

Deutsche Bank

Wday, 0.25%

DEUTSCHE BANK -

FIX NOMINAL

Effective Rate 1.19%

WDAY0.25 10/01/22

- 98138HAF8

Annually

10/01/2022

USD

(1,591,270

)

27,037

–

27,037

Deutsche Bank

Work

DEUTSCHE BANK-

TOTAL RETURN

Effective Rate 1.19%

WORK - 04/15/2025-

STOCK

83088VAB8

Annually

04/15/2025

USD

(1,122,658

)

21,934

–

21,934

Deutsche Bank

Workday Inc.

DEUTSCHE BANK

TOTAL RETURN

Effective Rate -0.27%

- WORKDAY INC

STOCK

- 98138H101

Annually

01/15/2025

USD

1,395,070

(34,914

)

–

(34,914

)

Deutsche Bank

Workiva Inc.

DEUTSCHE BANK -

TOTAL RETURN

Effective Rate -0.27%

WKUS - 98139A105

STOCK

Annually

01/15/2022

USD

1,191,306

(125,983

)

–

(125,983

)

Deutsche Bank

Zillow Group

DEUTSCHE BANK -Z

TOTAL RETURN

Effective Rate -0.27%

US - 98954M200

STOCK

Annually

05/15/2022

USD

739,334

(10,071

)

–

(10,071

)

Goldman Sachs

Norwegian Cruise Line

GOLDMAN -

TOTAL RETURN

Effective Rate -0.27%

NORWEGIAN CRUISE

LINE HOLDIN

Annually

04/29/2025

USD

3,166,275

54,063

–

54,063

(234,012

)

–

(234,012

)

Percentages are based upon Net Assets of $154,307,481.

*	Non-income producing security.

(A)

Securities sold within the terms of a private placement memorandum, exempt from registration under section 144A of the Securities Act of 1933, as amended, and maybe sold only to dealers in that program or other “accredited investors”. The total value of these securities at July 31, 2021 was $49,319,113 and represents 32.0% of Net Assets.

(B)	Zero coupon security. The rate reported is the effective yield at the time of purchase.

(C)	The rate reported is the 7-day effective yield as of July 31, 2021.

(D)	Refer to table below for details on Options Contracts.

OTC — Over the counter

SPX — S&P 500 Index

USD — U.S. Dollar

VAR — Variable Rate

The following is a summary of the inputs used as of July 31, 2021 when valuing the Fund’s investments and other financial instruments:


Investments in Securities	Level 1		Level 2		Level 3		Total

Convertible Bonds	$	—	$	128,246,695	$	—	$	128,246,695
Corporate Obligations		—		7,339,099		—		7,339,099
U.S. Treasury Obligations		—		6,000,312		—		6,000,312
Sovereign Debt		—		688,464		—		688,464
Short-Term Investment		7,573,981		—		—		7,573,981

Total Investmentsin Securities	$	7,573,981	$	142,274,570	$	—	$	149,848,551


Securities Sold Short	Level 1			Level 2		Level 3		Total

Common Stock	$	(523,125	)	$	—	$	—	$	(523,125	)
Total Securities

Sold Short	$	(523,125	)	$	—	$	—	$	(523,125	)


THE ADVISORS’ INNER CIRCLE FUND		WESTWOOD ALTERNATIVE INCOME FUND
		JULY 31, 2021 (Unaudited)


Other Financial Instruments	Level 1			Level 2			Level 3		Total

Purchased Options	$	233,895		$	—		$	—	$	233,895
Futures Contracts*
Unrealized Depreciation		(41,484	)		—			—		(41,484	)
OTC Swaps Total Return Swaps*
Unrealized Appreciation		—			2,264,349			—		2,264,349
Unrealized Depreciation		—			(2,498,361	)		—		(2,498,361	)

Total Other Financial Instruments	$	192,411		$	(234,012	)	$	—	$	(41,601	)

* Future, forward contracts and swap contracts are valued at the unrealized appreciation (depreciation) on the instruments.

For the period ended July 31, 2021, there were no transfers in or out of Level 3.

For information regarding the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to the Fund’s most recent financial statements.

WHG-QH-019-1300


THE ADVISORS’ INNER CIRCLE FUND		WESTWOOD INCOME OPPORTUNITY FUND
		JULY 31, 2021 (Unaudited)


SCHEDULE OF INVESTMENTS
COMMON STOCK — 37.5%

	Shares		Value

COMMUNICATION SERVICES — 1.2%
Alphabet, Cl C *		1,065	$	2,880,207
AT&T		269,581		7,561,747
				10,441,954

CONSUMER DISCRETIONARY — 6.9%
Alibaba Group Holding ADR *		30,667		5,985,892
Amazon.com *		5,230		17,403,296
General Motors *		158,513		9,009,879
Home Depot		35,210		11,555,570
Lennar, Cl A		120,289		12,648,388
Toll Brothers		68,784		4,076,828
				60,679,853

CONSUMER STAPLES — 0.9%
Colgate-Palmolive		94,242		7,492,239

ENERGY — 4.3%
Baker Hughes, Cl A		433,232		9,201,848
Energy Transfer		1,276,192		12,583,253
Exxon Mobil		213,759		12,306,105
Plains All American Pipeline LP		339,185		3,395,242
				37,486,448

FINANCIALS — 6.1%
Annaly Capital Management ‡		989,433		8,400,286
Bank of America		87,380		3,351,897
Charles Schwab		63,341		4,304,021
Citigroup		114,258		7,726,126
JPMorgan Chase		51,355		7,794,662
Natwest Group ADR		993,984		5,556,371
Sumitomo Mitsui Financial Group ADR .		1,041,402		7,019,049
Zions Bancorp		178,234		9,294,903
				53,447,315

HEALTH CARE — 4.0%
AbbVie		98,072		11,405,774
Becton Dickinson		24,081		6,158,715
Gilead Sciences		114,125		7,793,596
Medtronic PLC		74,467		9,778,262
				35,136,347

INDUSTRIALS — 2.9%
Honeywell International		42,930		10,036,605
Republic Services, Cl A		61,524		7,281,981
Union Pacific		35,190		7,698,164
				25,016,750

INFORMATION TECHNOLOGY — 5.6%
Apple		122,823		17,914,963
Micron Technology		82,033		6,364,120
Microsoft		55,676		15,862,649
PayPal Holdings *		31,288		8,620,783
				48,762,515

MATERIALS — 2.9%
Barrick Gold		384,552		8,371,697
Freeport-McMoRan		454,725		17,325,022
				25,696,719

REAL ESTATE — 2.1%
Host Hotels & Resorts *‡		221,739		3,532,302


COMMON STOCK — continued

	Shares		Value

REAL ESTATE — continued
Regency Centers ‡		131,653	$	8,611,423
Simon Property Group ‡		52,709		6,668,743
				18,812,468

UTILITIES — 0.6%
Atlantica Sustainable Infrastructure PLC		136,299		5,419,248

Total Common Stock (Cost $243,362,117)				328,391,856


CORPORATE OBLIGATIONS —29.2%

	Face Amount

COMMUNICATION SERVICES — 2.2%
Activision Blizzard
2.500%, 09/15/50	$	361,000		329,585
AT&T
3.300%, 02/01/52		5,861,000		5,854,149
Comcast
0.250%, 05/20/27		3,000,000		3,615,765
DIRECTV Holdings
5.875%, 08/15/27 (A)		598,000		618,272
Verizon Communications
3.550%, 03/22/51		811,000		882,383
3.400%, 03/22/41		811,000		876,302
Vodafone Group
4.875%, 06/19/49		5,627,000		7,176,686
				19,353,142

CONSUMER DISCRETIONARY — 3.8%
7-Eleven
0.950%, 02/10/26 (A)		2,170,000		2,148,626
Amazon.com
3.100%, 05/12/51		2,347,000		2,528,300
Anheuser-Busch InBev Worldwide
5.550%, 01/23/49		4,896,000		6,877,080
Carnival
11.500%, 04/01/23 (A)		39,000		43,972
Ford Motor
8.500%, 04/21/23		414,000		459,635
Ford Motor Credit
4.271%, 01/09/27		9,953,000		10,721,372
Genuine Parts
1.875%, 11/01/30		390,000		384,577
Marriott International
4.625%, 06/15/30		1,581,000		1,830,689
Ross Stores
4.600%, 04/15/25		6,085,000		6,849,121
Whirlpool
4.600%, 05/15/50		1,180,000		1,501,205
				33,344,577

CONSUMER STAPLES — 1.5%
Altria Group
2.450%, 02/04/32		2,077,000		2,044,690
Smithfield Foods
3.000%, 10/15/30 (A)		2,799,000		2,861,371
Vector Group
5.750%, 02/01/29 (A)		3,727,000		3,782,905
Viterra Finance BV
2.000%, 04/21/26 (A)		4,528,000		4,586,394
				13,275,360


THE ADVISORS’ INNER CIRCLE FUND		WESTWOOD INCOME OPPORTUNITY FUND
		JULY 31, 2021 (Unaudited)


CORPORATE OBLIGATIONS — continued

	Face Amount		Value

ENERGY — 2.0%
BP Capital Markets America 3.543%, 04/06/27 3.379%, 02/08/61	$	4,159,000 1,521,000	$	4,629,563 1,581,443
Diamondback Energy 3.125%, 03/24/31		1,159,000		1,216,686
Gray Oak Pipeline 3.450%, 10/15/27 (A)		420,000		446,267
MPLX 2.650%, 08/15/30		728,000		747,386
NGL Energy Operating 7.500%, 02/01/26 (A)		3,313,000		3,404,108
Oasis Petroleum 6.375%, 06/01/26 (A)		2,875,000		2,975,625
Schlumberger Finance Canada 1.400%, 09/17/25		1,001,000		1,018,917
Transcontinental Gas Pipe Line 3.250%, 05/15/30		892,000		972,710
				16,992,705

FINANCIALS — 8.8%
Aircastle 5.250%, 08/11/25 (A)		4,209,000		4,742,263
Ally Financial 1.450%, 10/02/23		382,000		387,876
Apollo Management Holdings 2.650%, 06/05/30 (A)		4,034,000		4,150,208
Bank of America MTN
2.456%, VAR ICE LIBOR USD 3 Month+0.870%, 10/22/25		5,253,000		5,504,480
Barclays 4.375%, 01/12/26		9,743,000		10,988,642
Berkshire Hathaway Finance 2.850%, 10/15/50		1,906,000		1,953,489
BNP Paribas
4.625%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+3.340%, 08/25/69 (A)(D)		4,146,000		4,311,011
Capital One Financial 2.600%, 05/11/23		1,228,000		1,273,509
Compass Group Diversified Holdings 5.250%, 04/15/29 (A)		5,893,000		6,113,133
Goldman Sachs Group
2.615%, VAR United States Secured Overnight Financing Rate+1.281%, 04/22/32		822,000		851,886
HSBC Holdings
2.099%, VAR United States Secured Overnight Financing Rate+1.929%, 06/04/26		1,999,000		2,063,905
0.976%, VAR United States Secured Overnight Financing Rate+0.708%, 05/24/25		1,125,000		1,127,971
Intesa Sanpaolo 4.198%, 06/01/32 (A)		2,890,000		2,974,053
JPMorgan Chase
3.328%, VAR United States Secured Overnight Financing Rate+1.580%, 04/22/52		10,392,000		11,294,974
Mitsubishi UFJ Financial Group
0.953%, VAR US Treas Yield Curve Rate T Note Const Mat 1 Yr+0.550%, 07/19/25		5,075,000		5,105,339
Morgan Stanley MTN
0.791%, VAR United States Secured Overnight Financing Rate+0.509%, 01/22/25		6,718,000		6,728,816


CORPORATE OBLIGATIONS — continued

	Face Amount		Value

FINANCIALS — continued
Nomura Holdings 2.679%, 07/16/30	$	250,000	$	256,099
Starwood Property Trust 3.625%, 07/15/26 (A)		480,000		487,800
Unum Group 4.125%, 06/15/51		5,315,000		5,418,140
Wells Fargo
3.900%, VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+3.453%, 03/15/70		1,044,000		1,083,818
				76,817,412

HEALTH CARE — 3.1%
Amgen 3.150%, 02/21/40		8,387,000		8,972,386
Bristol-Myers Squibb 3.200%, 06/15/26		5,628,000		6,197,896
HCA 3.500%, 07/15/51		5,571,000		5,752,155
Royalty Pharma 3.550%, 09/02/50 (A)		1,915,000		1,943,223
Tenet Healthcare 6.250%, 02/01/27 (A)		3,975,000		4,138,969
				27,004,629

INDUSTRIALS — 1.8%
AerCap Ireland Capital DAC 6.500%, 07/15/25		1,184,000		1,386,025
Delta Air Lines 7.375%, 01/15/26		1,008,000		1,186,629
Flowserve 3.500%, 10/01/30		1,867,000		1,985,292
GE Capital Funding 3.450%, 05/15/25		6,663,000		7,267,649
Southwest Airlines 5.250%, 05/04/25		3,524,000		4,023,087
				15,848,682

INFORMATION TECHNOLOGY — 4.6%
Citrix Systems 3.300%, 03/01/30		16,369,000		17,427,073
Dell International 8.350%, 07/15/46		3,980,000		6,515,050
International Business Machines 3.500%, 05/15/29		7,143,000		8,031,788
Jabil 1.700%, 04/15/26		2,909,000		2,951,381
Microchip Technology 2.670%, 09/01/23		1,266,000		1,315,019
Oracle 2.875%, 03/25/31		779,000		824,234
VMware 4.700%, 05/15/30		2,911,000		3,500,631
				40,565,176

MATERIALS — 0.7%
FMC 4.500%, 10/01/49		3,734,000		4,599,825
Glencore Funding 3.875%, 04/27/51 (A)		1,342,000		1,458,186
				6,058,011

REAL ESTATE — 0.7%
Crown Castle International 2.900%, 04/01/41		2,407,000		2,375,866


THE ADVISORS’ INNER CIRCLE FUND		WESTWOOD INCOME OPPORTUNITY FUND
		JULY 31, 2021 (Unaudited)


CORPORATE OBLIGATIONS — continued

	Face Amount		Value

REAL ESTATE — continued
Simon Property Group 3.800%, 07/15/50	$	1,843,000	$	2,097,628
Vornado Realty 3.400%, 06/01/31		1,757,000		1,854,561
				6,328,055

Total Corporate Obligations (Cost $239,613,567)				255,587,749

U.S. TREASURY OBLIGATIONS —17.3%

U.S. Treasury Bond 1.875%, 02/15/51		4,335,000		4,304,520

U.S. Treasury Inflation Indexed Bonds 0.875%, 01/15/29 0.250%, 07/15/29 0.125%, 07/15/24		10,392,440 16,446,751 12,757,639		12,346,030 18,810,971 13,803,914
				44,960,915

U.S. Treasury Notes 0.750%, 03/31/26 0.375%, 01/31/26 0.250%, 05/15/24 0.250%, 06/15/24 0.125%, 04/30/23 0.125%, 05/31/23 0.125%, 06/30/23		15,000,000 14,615,000 17,000,000 16,905,000 2,000,000 21,650,000 15,000,000		15,067,383 14,449,440 16,969,453 16,868,020 1,998,750 21,635,623 14,988,867
				101,977,536

Total U.S. Treasury Obligations (Cost $145,967,436)				151,242,971

PREFERRED STOCK — 8.6%

	Shares

COMMUNICATION SERVICES — 0.9%
2020 Cash Mandatory Exchangeable Trust, 5.250% *		6,575		8,241,368

FINANCIALS — 4.3%
Charles Schwab, 5.375% , VAR US Treas Yield Curve Rate T Note Const Mat 5 Yr+4.971%		805,000		898,943
Citigroup, 5.900% , VAR ICE LIBOR USD 3 Month+4.230%		4,784,000		5,020,330
KKR, 6.000% *		86,350		7,170,504
Morgan Stanley, 3.736% , VAR ICE LIBOR USD 3 Month+3.610%		5,332,000		5,353,328
Truist Financial, 5.050% , VAR ICE LIBOR USD 3 Month+3.102%		5,483,000		5,626,874
US Bancorp, Ser B, 3.500% , VAR ICE LIBOR USD 3 Month+0.600%		306,862		7,739,060
Wells Fargo, 5.850% , VAR ICE LIBOR USD 3 Month+3.090%		214,711		5,818,668
				37,627,707

HEALTH CARE — 1.0%
Boston Scientific, 5.500% *		68,665		8,436,182

UTILITIES — 2.4%
AES, 6.875%		60,310		6,114,228
American Electric Power, 6.125% *		146,780		7,789,614


PREFERRED STOCK — continued

	Shares		Value

UTILITIES — continued
Southern, 4.950%		269,930	$	7,239,523
				21,143,365

Total Preferred Stock (Cost $66,808,699)				75,448,622

CONVERTIBLE BONDS —3.3%

	Face Amount

CONSUMER DISCRETIONARY — 0.2%
Peloton Interactive 0.000%, 02/15/26 (A) (B)	$	2,290,000		2,172,638


HEALTH CARE — 0.9%
Exact Sciences 0.375%, 03/15/27		6,523,000		7,892,830


INDUSTRIALS — 0.8%
Southwest Airlines 1.250%, 05/01/25		5,086,000		7,454,169


INFORMATION TECHNOLOGY — 0.9%
Akamai Technologies 0.125%, 05/01/25		5,733,000		7,656,421


REAL ESTATE — 0.5%
Pebblebrook Hotel Trust 1.750%, 12/15/26		3,785,000		4,218,382

Total Convertible Bonds (Cost $25,055,705)				29,394,440

SOVEREIGN DEBT —1.1%

Mexico Government International Bonds
3.771%, 05/24/61		835,000		776,550
2.659%, 05/24/31		890,000		875,333
				1,651,883
Panama Government International Bond
3.870%, 07/23/60		508,000		524,800

Peruvian Government International Bonds
3.300%, 03/11/41		749,000		730,275
2.783%, 01/23/31		735,000		737,859
				1,468,134

Saudi Government International Bond
2.250%, 02/02/33(A)		5,835,000		5,726,527

Total Sovereign Debt (Cost $9,529,797)				9,371,344

U.S. GOVERNMENT AGENCY MORTGAGE-BACKED OBLIGATIONS —0.9%

FHLMC
3.000%, 03/01/50		2,125,629		2,229,487
3.000%, 04/01/50		3,259,294		3,418,863


THE ADVISORS’ INNER CIRCLE FUND		WESTWOOD INCOME OPPORTUNITY FUND
		JULY 31, 2021 (Unaudited)


U.S. GOVERNMENT AGENCY MORTGAGE-BACKED OBLIGATIONS — continued

	Face Amount		Value
FNMA
3.500%, 07/01/49	$	2,151,825	$	2,279,159
Total U.S. Government Agency Mortgage-Backed Obligations (Cost $7,739,033)				7,927,509


SHORT-TERM INVESTMENT— 1.8%

	Shares

SEI Daily Income Trust, Government Fund, Cl F, 0.010% (C) (Cost $15,961,561)		15,961,561		15,961,561

Total Investments — 99.7% (Cost $754,037,915)			$	873,326,052

Percentages are based upon Net Assets of $875,936,850.

*	Non-income producing security.

‡	Real Estate Investment Trust.

(A)

(B)	Zero coupon security. The rate reported is the effective yield at the time of purchase.

(C)	The rate reported is the 7-day effective yield as of July 31, 2021.

(D)	Perpetual security with no stated maturity date.

ADR — American Depository Receipt

Cl — Class

DAC — Designated Activity Company

FHLMC — Federal Home Loan Mortgage Corporation

FNMA — Federal National Mortgage Association

ICE — Intercontinental Exchange

LIBOR — London Interbank Offered Rate

LP — Limited Partnership

MTN — Medium Term Note

PLC — Public Limited Company

Ser — Series

USD — U.S. Dollar

VAR — Variable Rate

The following is a summary of the inputs used as of July 31, 2021 when valuing the Fund’s investments:


Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	328,391,856	$	—	$	—	$	328,391,856
Corporate Obligations		—		255,587,749		—		255,587,749
U.S. Treasury Obligations		—		151,242,971		—		151,242,971
Preferred Stock		75,448,622		—		—		75,448,622
Convertible Bonds		—		29,394,440		—		29,394,440
Sovereign Debt		—		9,371,344		—		9,371,344
U.S. Government Agency Mortgage- Backed Obligations		—		7,927,509		—		7,927,509
Short-Term Investment		15,961,561		—		—		15,961,561

Total Investments in Securities	$	419,802,039	$	453,524,013	$	—	$	873,326,052

For the period ended July 31, 2021, there were no transfers in or out of Level 3.

For information regarding the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to the Fund’s most recent financial statements.

WHG-QH-005-2900


THE ADVISORS’ INNER CIRCLE FUND		WESTWOOD QUALITY SMIDCAP FUND
		JULY 31, 2021 (Unaudited)


SCHEDULE OF INVESTMENTS
COMMON STOCK — 97.9%

	Shares		Value

COMMUNICATION SERVICES — 2.7%
Madison Square Garden Entertainment *		79,811	$	5,583,577
Radius Global Infrastructure, Cl A *		220,220		3,375,973
				8,959,550

CONSUMER DISCRETIONARY — 14.1%
1-800-Flowers.com, Cl A *		149,195		4,550,447
Academy Sports & Outdoors *		89,394		3,312,048
Callaway Golf *		102,193		3,237,474
Columbia Sportswear		49,703		4,951,413
Dana		294,676		7,119,372
Holley *		332,225		3,913,611
Jack in the Box		61,157		6,657,551
Skechers USA, Cl A *		70,361		3,776,978
Sonic Automotive, Cl A		68,862		3,756,422
WW International *		193,597		5,951,172
				47,226,488

CONSUMER STAPLES — 3.7%
J & J Snack Foods		38,522		6,332,246
Nomad Foods *		234,320		6,120,439
				12,452,685

ENERGY — 3.2%
ChampionX *		210,875		4,900,735
Diamondback Energy		38,556		2,973,824
PDC Energy		68,820		2,721,831
				10,596,390

FINANCIALS — 21.7%
Ares Management, Cl A		52,883		3,786,952
BOK Financial		99,154		8,329,928
Evercore, Cl A		22,843		3,019,844
Everest Re Group		26,530		6,707,580
International General Insurance Holdings		355,531		3,228,221
MGIC Investment		239,313		3,312,092
Moelis, Cl A		58,999		3,495,691
Perella Weinberg Partners *		378,929		4,619,144
Pinnacle Financial Partners		76,640		6,867,710
Simmons First National, Cl A		235,656		6,414,556
South State		30,094		2,071,671
Veritex Holdings		196,622		6,596,668
Voya Financial		107,499		6,922,936
Western Alliance Bancorp		45,594		4,232,035
Wintrust Financial		45,146		3,223,424
				72,828,452

HEALTH CARE — 7.3%
Aveanna Healthcare Holdings *		267,753		2,768,566
Envista Holdings *		95,086		4,096,305
Hill-Rom Holdings		56,770		7,860,374
Integra LifeSciences Holdings *		60,363		4,369,678
Merit Medical Systems *		77,844		5,456,086
				24,551,009

INDUSTRIALS — 13.5%
AZZ		64,005		3,391,625
Builders FirstSource *		154,374		6,869,643
Encore Wire		83,741		6,567,807
Hubbell, Cl B		26,710		5,354,286


COMMON STOCK — continued

	Shares		Value

INDUSTRIALS — continued
Huntington Ingalls Industries		16,036	$	3,289,465
KAR Auction Services *		382,462		6,302,974
Knight-Swift Transportation Holdings, Cl A		66,821		3,320,335
Masonite International *		44,032		4,982,661
Middleby *		27,676		5,299,677
				45,378,473

INFORMATION TECHNOLOGY — 9.7%
ADTRAN		123,298		2,763,108
Amkor Technology		273,355		6,735,467
CACI International, Cl A *		25,649		6,847,257
Sabre *		544,761		6,422,732
Science Applications International		37,700		3,291,210
Viavi Solutions *		387,724		6,471,114
				32,530,888

MATERIALS — 7.0%
Eagle Materials		35,225		4,977,997
Huntsman		251,635		6,645,680
Livent *		341,805		6,668,616
PQ Group Holdings		336,143		5,230,385
				23,522,678

REAL ESTATE — 10.7%
Alexander & Baldwin ‡		181,683		3,637,294
Americold Realty Trust ‡		170,596		6,627,655
Hudson Pacific Properties ‡		240,840		6,565,298
National Retail Properties ‡		122,668		5,994,785
STAG Industrial ‡		169,699		7,011,963
Urban Edge Properties ‡		309,959		5,889,221
				35,726,216

UTILITIES — 4.3%
Alliant Energy		58,401		3,418,211
IDACORP		73,678		7,769,345
NorthWestern		54,943		3,405,917
				14,593,473

Total Common Stock (Cost $281,942,477)				328,366,302

SHORT-TERM INVESTMENT — 1.7%

SEI Daily Income Trust, Government Fund, Cl F, 0.010% (A) (Cost $5,802,766)		5,802,766		5,802,766

Total Investments — 99.6% (Cost $287,745,243)			$	334,169,068

Percentages are based upon Net Assets of $335,412,301.

*	Non-income producing security.

‡	Real Estate Investment Trust.

(A)	The rate reported is the 7-day effective yield as of July 31, 2021.

Cl — Class

As of July 31, 2021, 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.


THE ADVISORS’ INNER CIRCLE FUND		WESTWOOD QUALITY SMIDCAP FUND
		JULY 31, 2021 (Unaudited)

For the period ended July 31, 2021 , there were no transfers in or out of Level 3.

For information regarding the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to the Fund’s most recent financial statements.

WHG-QH-006-3000


THE ADVISORS’ INNER CIRCLE FUND		WESTWOOD QUALITY VALUE FUND
		JULY 31, 2021 (Unaudited)


SCHEDULE OF INVESTMENTS
COMMON STOCK — 98.4%

	Shares		Value

COMMUNICATION SERVICES — 7.5%
Activision Blizzard		58,106	$	4,858,824
Alphabet, Cl A *		1,218		3,281,938
T-Mobile US *		25,906		3,730,982
Walt Disney *		16,824		2,961,360
				14,833,104

CONSUMER DISCRETIONARY — 10.4%
Dollar General		17,075		3,972,328
General Motors *		84,211		4,786,553
Home Depot		12,559		4,121,738
Mohawk Industries *		20,485		3,992,526
Ross Stores		31,602		3,877,250
				20,750,395

CONSUMER STAPLES — 5.4%
PepsiCo		28,022		4,398,053
Walmart		44,240		6,306,412
				10,704,465

ENERGY — 6.9%
Chevron		30,177		3,072,320
ConocoPhillips		72,457		4,061,939
EOG Resources		46,368		3,378,373
Valero Energy		48,441		3,244,094
				13,756,726

FINANCIALS — 18.9%
American International Group		86,031		4,073,568
Bank of America		99,571		3,819,544
Berkshire Hathaway, Cl B *		17,105		4,760,150
Capital One Financial		23,924		3,868,511
Charles Schwab		78,522		5,335,570
Goldman Sachs Group		13,247		4,966,035
Intercontinental Exchange		33,017		3,956,427
PNC Financial Services Group		20,811		3,796,134
Western Alliance Bancorp		31,637		2,936,546
				37,512,485

HEALTH CARE — 13.6%
Becton Dickinson		25,265		6,461,523
CVS Health		73,383		6,043,824
McKesson		20,009		4,078,434
Medtronic PLC		40,738		5,349,307
UnitedHealth Group		12,339		5,086,383
				27,019,471

INDUSTRIALS — 11.6%
Eaton PLC		37,906		5,991,043
Honeywell International		17,735		4,146,266
L3Harris Technologies		17,561		3,981,781
Middleby *		27,106		5,190,528
Union Pacific		17,133		3,748,015
				23,057,633

INFORMATION TECHNOLOGY — 14.3%
ASML Holding, Cl G		8,358		6,408,413
Cisco Systems		111,487		6,173,035
Microchip Technology		19,977		2,859,108
Micron Technology		51,573		4,001,033
Microsoft		17,389		4,954,300


COMMON STOCK — continued

	Shares		Value

INFORMATION TECHNOLOGY — continued
Visa, Cl A		16,725	$	4,120,873
				28,516,762

MATERIALS — 1.8%
Freeport-McMoRan		94,831		3,613,061

REAL ESTATE — 4.1%
Alexandria Real Estate Equities ‡		11,684		2,352,457
Prologis ‡		30,776		3,940,559
Public Storage ‡		6,220		1,943,626
				8,236,642

UTILITIES — 3.9%
DTE Energy		33,777		3,962,718
Nextera Energy		47,784		3,722,374
				7,685,092

Total Common Stock (Cost $144,7 43,987)				195,685,836

SHORT-TERM INVESTMENT— 0.7%

SEI Daily Income Trust, Government Fund, Cl F, 0.010% (A) (Cost $1,423,273)		1,423,273		1,423,273

Total Investments — 99.1% (Cost $146,167,260)			$	197,109,109

Percentages are based upon Net Assets of $198,979,304.

*	Non-income producing security.

‡	Real Estate Investment Trust.

(A)	The rate reported is the 7-day effective yield as of July 31, 2021.

Cl — Class

PLC — Public Limited Company

For the period ended July 31, 2021, there were no transfers in or out of Level 3.

For information regarding the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to the Fund’s most recent financial statements.

WHG-QH-007-3000


THE ADVISORS’ INNER CIRCLE FUND		WESTWOOD QUALITY SMALLCAP FUND
		JULY 31, 2021 (Unaudited)


SCHEDULE OF INVESTMENTS
COMMON STOCK — 98.8%

	Shares		Value

COMMUNICATION SERVICES — 1.0%
Radius Global Infrastructure, Cl A *		714,432	$	10,952,243

CONSUMER DISCRETIONARY — 14.6%
Academy Sports & Outdoors *		323,724		11,993,974
Bloomin’ Brands *		421,246		10,585,912
Century Communities		307,848		21,380,044
Chuy’s Holdings *		315,970		10,427,010
Jack in the Box		193,260		21,038,284
Monro		377,239		21,879,862
Oxford Industries		41,791		3,632,892
Papa John’s International		96,750		11,041,110
Sonic Automotive, Cl A		445,473		24,300,552
WW International *		616,006		18,936,024
				155,215,664

CONSUMER STAPLES — 5.9%
Central Garden & Pet, Cl A *		482,753		20,908,032
Hostess Brands, Cl A *		1,333,687		21,459,024
J & J Snack Foods		126,297		20,760,701
				63,127,757

ENERGY — 3.0%
Brigham Minerals, Cl A		528,179		10,373,436
PDC Energy		528,350		20,896,242
				31,269,678

FINANCIALS — 22.3%
Argo Group International Holdings		370,290		19,303,218
Columbia Banking System		606,549		21,192,822
Great Western Bancorp		667,789		20,567,901
Hilltop Holdings		295,003		9,345,695
James River Group Holdings		425,017		15,462,118
Moelis, Cl A		347,647		20,598,085
Perella Weinberg Partners *		660,653		8,053,360
Piper Sandler		168,956		20,729,211
Provident Financial Services		486,977		10,518,703
Renasant		529,778		18,637,590
Sandy Spring Bancorp		492,849		20,497,590
Simmons First National, Cl A		729,516		19,857,426
Trustmark		368,201		11,053,394
Veritex Holdings		617,875		20,729,706
				236,546,819

HEALTH CARE — 6.0%
Aveanna Healthcare Holdings *		848,168		8,770,057
CONMED		151,610		20,913,084
Merit Medical Systems *		328,160		23,000,734
Patterson		366,986		11,424,274
				64,108,149

INDUSTRIALS — 19.8%
Alamo Group		69,832		10,249,243
Altra Industrial Motion		341,324		21,394,188
AZZ		217,256		11,512,396
Columbus McKinnon		233,941		10,854,862
Comfort Systems USA		286,046		21,381,938
Encore Wire		141,880		11,127,648
Federal Signal		563,245		22,310,135
Griffon		461,491		10,669,672
Healthcare Services Group		672,783		17,559,636
Kaman		234,660		10,407,171


COMMON STOCK — continued

	Shares		Value

INDUSTRIALS — continued
Masonite International *		195,464	$	22,118,706
Moog, Cl A		258,807		20,153,301
UFP Industries		284,673		21,139,817
				210,878,713

INFORMATION TECHNOLOGY — 6.9%
ADTRAN		190,192		4,262,203
Amkor Technology		1,004,222		24,744,030
Repay Holdings, Cl A *		903,499		22,506,160
Viavi Solutions *		1,283,425		21,420,363
				72,932,756

MATERIALS — 7.0%
Avient		452,774		21,968,595
Innospec		121,601		10,755,608
Livent *		545,535		10,643,388
PQ Group Holdings		690,799		10,748,832
Stepan		173,365		20,448,402
				74,564,825

REAL ESTATE — 7.3%
Community Healthcare Trust ‡		212,264		10,577,115
National Storage Affiliates Trust ‡		404,439		21,908,461
Plymouth Industrial ‡		570,179		13,159,732
PotlatchDeltic ‡		204,928		10,643,960
Summit Hotel Properties *‡		1,240,397		11,175,977
Urban Edge Properties ‡		550,030		10,450,570
				77,915,815

UTILITIES — 5.0%
Avista		497,416		21,304,327
NorthWestern		346,998		21,510,406
South Jersey Industries		401,527		10,106,435
				52,921,168

Total Common Stock (Cost $850,300,260)				1,050,433,587

SHORT-TERM INVESTMENT — 1.3%

SEI Daily Income Trust, Government Fund, Cl F, 0.010% (A) (Cost $14,426,515)		14,426,515		14,426,515

Total Investments — 100.1% (Cost $864,726,775)			$	1,064,860,102

Percentages are based upon Net Assets of $1,063,577,339.

*	Non-income producing security.

‡	Real Estate Investment Trust.

(A)	The rate reported is the 7-day effective yield as of July 31, 2021.

Cl — Class

For the period ended July 31, 2021, there were no transfers in or out of Level 3.


THE ADVISORS’ INNER CIRCLE FUND		WESTWOOD QUALITY SMALLCAP FUND
		JULY 31, 2021 (Unaudited)

For information regarding the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to the Fund’s most recent financial statements.

WHG-QH-009-3000


THE ADVISORS’ INNER CIRCLE FUND		WESTWOOD TOTAL RETURN FUND
		JULY 31, 2021 (Unaudited)


SCHEDULE OF INVESTMENTS
COMMON STOCK — 43.9%

	Shares		Value

COMMUNICATION SERVICES — 1.7%
Alphabet, Cl A *		910	$	2,452,022

CONSUMER DISCRETIONARY — 7.4%
Alibaba Group Holding ADR *		4,831		942,963
Amazon.com *		683		2,272,744
General Motors *		34,067		1,936,368
Home Depot		3,114		1,021,984
Jack in the Box		10,059		1,095,023
Lennar, Cl A		12,752		1,340,873
McDonald’s		5,681		1,378,835
Tesla *		712		489,287
				10,478,077

CONSUMER STAPLES — 1.9%
Colgate-Palmolive		14,033		1,115,623
Herbalife *		30,789		1,568,392
				2,684,015

ENERGY — 3.1%
Energy Transfer		276,500		2,726,290
Exxon Mobil		15,851		912,542
Oasis Petroleum		8,638		792,191
				4,431,023

FINANCIALS — 7.4%
Annaly Capital Management ‡		171,231		1,453,751
Bank of America		66,767		2,561,182
Chubb		4,916		829,526
Citigroup		17,556		1,187,137
JPMorgan Chase		9,918		1,505,354
Natwest Group ADR		150,318		840,278
Wells Fargo		20,999		964,694
Zions Bancorp		21,696		1,131,446
				10,473,368

HEALTH CARE — 3.4%
AbbVie		10,752		1,250,458
Gilead Sciences		26,279		1,794,593
Johnson & Johnson		3,979		685,184
Medtronic PLC		8,490		1,114,822
				4,845,057

INDUSTRIALS — 1.7%
Honeywell International		5,114		1,195,602
Union Pacific		5,411		1,183,710
				2,379,312

INFORMATION TECHNOLOGY — 9.1%
Amphenol, Cl A		11,908		863,211
Apple		30,530		4,453,106
Cisco Systems		22,650		1,254,130
First Solar *		12,849		1,105,528
Micron Technology		11,501		892,248
Microsoft		9,074		2,585,273
PayPal Holdings *		6,246		1,720,960
				12,874,456

MATERIALS — 3.4%
Freeport-McMoRan		81,297		3,097,416


COMMON STOCK — continued

	Shares		Value

MATERIALS — continued
Sherwin-Williams		5,943	$	1,729,591
				4,827,007

REAL ESTATE — 1.7%
Host Hotels & Resorts *‡		51,435		819,360
Simon Property Group ‡		12,770		1,615,660
				2,435,020

UTILITIES — 3.1%
Atlantica Sustainable Infrastructure PLC		31,953		1,270,451
CMS Energy		10,258		633,842
NextEra Energy Partners		20,387		1,580,604
WEC Energy Group		9,100		856,674
				4,341,571

Total Common Stock (Cost $47,625,698)				62,220,928

CORPORATE OBLIGATIONS —21.8%

	Face Amount

COMMUNICATION SERVICES — 0.3%
DIRECTV Holdings
5.875%, 08/15/27 (A)	$	129,000		133,373
T-Mobile USA
3.375%, 04/15/29		325,000		338,387
				471,760

CONSUMER DISCRETIONARY — 2.6%
Darden Restaurants
4.550%, 02/15/48		690,000		817,642
Ford Motor
9.000%, 04/22/25		1,000,000		1,230,950
Ford Motor Credit
4.271%, 01/09/27		485,000		522,442
Marriott International
4.625%, 06/15/30		167,000		193,375
NCL Finance
6.125%, 03/15/28 (A)		100,000		101,000
NMG Holding
7.125%, 04/01/26 (A)		150,000		160,122
Party City Holdings
8.750%, 02/15/26 (A)		625,000		661,700
				3,687,231

CONSUMER STAPLES — 1.7%
Rite Aid
7.500%, 07/01/25 (A)		1,000,000		1,003,720
Vector Group
5.750%, 02/01/29 (A)		700,000		710,500
Viterra Finance BV
2.000%, 04/21/26 (A)		627,000		635,086
				2,349,306

ENERGY — 2.1%
Diamondback Energy
4.400%, 03/24/51		900,000		1,028,416
NGL Energy Operating
7.500%, 02/01/26 (A)		825,000		847,687
Oasis Petroleum
6.375%, 06/01/26 (A)		900,000		931,500
Range Resources
8.250%, 01/15/29 (A)		50,000		55,360


THE ADVISORS’ INNER CIRCLE FUND		WESTWOOD TOTAL RETURN FUND
		JULY 31, 2021 (Unaudited)


CORPORATE OBLIGATIONS — continued

	Face Amount		Value

ENERGY — continued
Targa Resources Partners 4.000%, 01/15/32 (A)	$	50,000	$	51,685
				2,914,648

FINANCIALS — 7.6%
Aircastle 5.250%, 08/11/25 (A)		510,000		574,615
2.850%, 01/26/28 (A)		1,500,000		1,539,243
Apollo Management Holdings 2.650%, 06/05/30 (A)		446,000		458,848
Ares Capital 3.875%, 01/15/26		1,625,000		1,753,901
Bank of America MTN 4.271%, VAR ICE LIBOR USD 3
Month+1.310%, 07/23/29		470,000		542,872
Bank of New York Mellon MTN 1.600%, 04/24/25		1,000,000		1,029,103
Compass Group Diversified Holdings 5.250%, 04/15/29 (A)		1,121,000		1,162,875
HSBC Holdings 2.099%, VAR United States
Secured Overnight Financing Rate+1.929%, 06/04/26		208,000		214,753
KKR Group Finance VI 3.750%, 07/01/29 (A)		345,000		390,949
Mitsubishi UFJ Financial Group 0.953%, VAR US Treas Yield Curve Rate T Note Const Mat 1 Yr+0.550%, 07/19/25		705,000		709,215
Morgan Stanley MTN 0.791%, VAR United States Secured Overnight Financing Rate+0.509%, 01/22/25		1,085,000		1,086,747
Northern Trust 3.150%, 05/03/29		800,000		893,132
Truist Financial MTN 2.500%, 08/01/24		400,000		422,336
				10,778,589

HEALTH CARE — 2.1%
Bristol-Myers Squibb 3.200%, 06/15/26		800,000		881,009
HCA 3.500%, 07/15/51		879,000		907,583
Royalty Pharma 3.550%, 09/02/50 (A)		243,000		246,581
Tenet Healthcare 6.250%, 02/01/27 (A)		925,000		963,156
				2,998,329

INDUSTRIALS — 2.6%
American Airlines 5.500%, 04/20/26 (A)		250,000		261,562
AP Moller - Maersk 4.500%, 06/20/29 (A)		600,000		701,642
Delta Air Lines 7.375%, 01/15/26		195,000		229,556
Deluxe 8.000%, 06/01/29 (A)		1,000,000		1,092,500
Southwest Airlines 5.250%, 05/04/25		422,000		481,766
Triton Container International 0.800%, 08/01/23 (A)		965,000		964,751
				3,731,777


CORPORATE OBLIGATIONS — continued

	Face Amount		Value

INFORMATION TECHNOLOGY — 0.8%
Ambience Merger Sub 4.875%, 07/15/28 (A)	$	1,000,000	$	1,003,750
Oracle 2.875%, 03/25/31		116,000		122,736
				1,126,486

MATERIALS — 0.8%
Cabot 4.000%, 07/01/29		395,000		434,388
FMC 4.500%, 10/01/49		366,000		450,867
Glencore Funding 3.875%, 04/27/51 (A)		202,000		219,489
				1,104,744

REAL ESTATE — 1.2%
Iron Mountain 5.000%, 07/15/28 (A)		730,000		758,287
Service Properties Trust 5.000%, 08/15/22		516,000		522,961
Simon Property Group 3.800%, 07/15/50		148,000		168,448
Vornado Realty 3.400%, 06/01/31		275,000		290,270
				1,739,966

Total Corporate Obligations (Cost $29,218,084)				30,902,836


CONVERTIBLE BONDS —15.0%

CONSUMER DISCRETIONARY — 3.8%
Dick’s Sporting Goods 3.250%, 04/15/25		575,000		1,765,609
Expedia Group 0.000%, 02/15/26 (A) (B)		345,000		368,115
National Vision Holdings 2.500%, 05/15/25		665,000		1,220,691
Nice 0.000%, 09/15/25 (A) (B)		1,040,000		1,161,305
Peloton Interactive 0.955%, 02/15/26 (A) (B)		960,000		910,800
				5,426,520

CONSUMER STAPLES — 0.7%
Tilray 5.000%, 10/01/23		1,000,000		975,000

HEALTH CARE — 2.3%
CONMED 2.625%, 02/01/24		810,000		1,304,606
Exact Sciences 0.375%, 03/15/27		810,000		980,100
Teladoc Health 1.250%, 06/01/27		925,000		986,328
				3,271,034

INDUSTRIALS — 0.7%
Southwest Airlines 1.250%, 05/01/25		715,000		1,047,922


THE ADVISORS’ INNER CIRCLE FUND		WESTWOOD TOTAL RETURN FUND
		JULY 31, 2021 (Unaudited)


CONVERTIBLE BONDS — continued

	Face Amount		Value
INFORMATION TECHNOLOGY — 5.2%
Akamai Technologies 0.125%, 05/01/25	$	985,000	$	1,315,467
Alarm.com Holdings 0.158%, 01/15/26 (A) (B)		575,000		523,537
Coupa Software 0.375%, 06/15/26		840,000		897,540
FireEye 1.625%, 06/01/35		1,040,000		1,030,854
J2 Global 1.750%, 11/01/26 (A)		1,182,000		1,524,780
MongoDB 0.250%, 01/15/26		550,000		990,688
Workday 0.250%, 10/01/22		645,000		1,043,675
				7,326,541

MATERIALS — 1.8%
Livent 4.125%, 07/15/25		460,000		1,109,750
SSR Mining 2.500%, 04/01/39		1,155,000		1,423,537
				2,533,287

REAL ESTATE — 0.5%
Pebblebrook Hotel Trust 1.750%, 12/15/26		601,000		669,814

Total Convertible Bonds (Cost $17,108,750)				21,250,118


U.S. TREASURY OBLIGATIONS —12.5%

U.S. Treasury Bonds 1.875%, 02/15/51		705,000		700,043
1.250%, 05/15/50		95,000		80,865
				780,908
U.S. Treasury Notes 2.125%, 12/31/21		750,000		756,328
0.875%, 11/15/30		2,075,000		2,014,695
0.750%, 03/31/26		2,586,000		2,597,617
0.500%, 03/31/25		1,200,000		1,200,609
0.500%, 02/28/26		2,000,000		1,987,188
0.250%, 06/15/24		3,500,000		3,492,344
0.125%, 05/31/23		4,900,000		4,896,746
				16,945,527

Total U.S. Treasury Obligations (Cost $17,646,549)				17,726,435


PREFERRED STOCK — 3.6%

	Shares
COMMUNICATION SERVICES — 0.4%
2020 Cash Mandatory Exchangeable Trust, 5.250% *		400		501,376

HEALTH CARE — 0.7%
Boston Scientific, 5.500% *		8,460		1,039,396

INFORMATION TECHNOLOGY — 0.9%
Broadcom, 8.000% *		812		1,254,004

UTILITIES — 1.6%
AES, 6.875%		11,575		1,173,473


PREFERRED STOCK — continued

	Shares		Value

UTILITIES — continued
American Electric Power, 6.125% *		20,275	$	1,075,994
				2,249,467
Total Preferred Stock (Cost $4,425,918)				5,044,243


U.S. GOVERNMENT AGENCY MORTGAGE-BACKED OBLIGATIONS —0.6%

	Face Amount
FHLMC 3.000%, 04/01/50	$	806,407		845,887
Total U.S. Government Agency Mortgage-Backed Obligations (Cost $852,019)				845,887


SOVEREIGN DEBT —0.1%
Peruvian Government International Bonds
3.300%, 03/11/41		94,000		91,650
2.783%, 01/23/31		93,000		93,362
Total Sovereign Debt (Cost $183,965)				185,012


SHORT-TERM INVESTMENT — 2.8%

	Shares
SEI Daily Income Trust, Government Fund, Cl F, 0.010% (C) (Cost $4,000,080)		4,000,080		4,000,080
Total Investments — 100.3% (Cost $121,061,063)			$	142,175,539

Percentages are based upon Net Assets of $141,691,046.

*	Non-income producing security.

‡	Real Estate Investment Trust.

(A)

(B)	Zero coupon security. The rate reported is the effective yield at the time of purchase.

(C)	The rate reported is the 7-day effective yield as of July 31, 2021.

ADR— American Depository Receipt

Cl — Class

FHLMC — Federal Home Loan Mortgage Corporation

ICE — Intercontinental Exchange

LIBOR — London Interbank Offered Rate

MTN — Medium Term Note

PLC — Public Limited Company

USD — U.S. Dollar

VAR — Variable Rate


THE ADVISORS’ INNER CIRCLE FUND		WESTWOOD TOTAL RETURN FUND
		JULY 31, 2021 (Unaudited)

The following is a summary of the inputs used as of July 31, 2021 when valuing the Fund’s investments:


Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	62,220,928	$	—	$	—	$	62,220,928
Corporate Obligations		—		30,902,836		—		30,902,836
Convertible Bonds		—		21,250,118		—		21,250,118
U.S. Treasury Obligations		—		17,726,435		—		17,726,435
Preferred Stock		5,044,243		—		—		5,044,243
U.S. Government Agency Mortgage-Backed Obligation		—		845,887		—		845,887
Sovereign Debt		—		185,012		—		185,012
Short-Term Investment		4,000,080		—		—		4,000,080

Total Investments in Securities	$	71,265,251	$	70,910,288	$	—	$	142,175,539

For the period ended July 31, 2021, there were no transfers in or out of Level 3.

For information regarding the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to the Fund’s most recent financial statements.

WHG-QH-010-2200


THE ADVISORS’ INNER CIRCLE FUND		WESTWOOD HIGH INCOME FUND
		JULY 31, 2021 (Unaudited)


SCHEDULE OF INVESTMENTS
CORPORATE OBLIGATIONS — 71.5%

	Face Amount		Value
COMMUNICATION SERVICES — 6.1%
CCO Holdings 5.000%, 02/01/28 (A)	$	1,260,000	$ 1,321,110
Clear Channel Worldwide Holdings 5.125%, 08/15/27 (A)		700,000	718,690
DIRECTV Holdings 5.875%, 08/15/27 (A)		121,000	125,102
Lumen Technologies 7.600%, 09/15/39		625,000	712,263
T-Mobile USA 2.550%, 02/15/31		1,250,000	1,279,563
Zayo Group Holdings 4.000%, 03/01/27 (A)		1,215,000	1,208,925
			5,365,653

CONSUMER DISCRETIONARY — 11.1%
Caesars Entertainment 6.250%, 07/01/25 (A)		1,100,000	1,160,500
Darden Restaurants 4.550%, 02/15/48		790,000	936,141
Ford Motor Credit 4.271%, 01/09/27		1,000,000	1,077,200
G-III Apparel Group 7.875%, 08/15/25 (A)		1,000,000	1,086,250
Guitar Center 8.500%, 01/15/26 (A)		1,000,000	1,066,250
Macy’s 8.375%, 06/15/25 (A)		500,000	545,000
New Albertsons 7.750%, 06/15/26		410,000	467,400
NMG Holding 7.125%, 04/01/26 (A)		500,000	533,740
Nordstrom 2.300%, 04/08/24		325,000	326,199
Party City Holdings 8.750%, 02/15/26 (A)		625,000	661,700
Royal Caribbean Cruises 9.125%, 06/15/23 (A)		950,000	1,033,248
Wynn Las Vegas 4.250%, 05/30/23 (A)		755,000	773,875
			9,667,503

CONSUMER STAPLES — 5.1%
Altria Group 2.450%, 02/04/32		900,000	886,000
B&G Foods 5.250%, 09/15/27		630,000	655,988
Keurig Dr Pepper 3.200%, 05/01/30		607,000	668,477
Rite Aid 7.500%, 07/01/25 (A)		750,000	752,790
Vector Group 5.750%, 02/01/29 (A)		1,000,000	1,015,000
Viterra Finance BV 2.000%, 04/21/26 (A)		428,000	433,520
			4,411,775

ENERGY — 7.4%
Antero Resources 7.625%, 02/01/29 (A)		250,000	273,987
Crestwood Midstream Partners 6.000%, 02/01/29 (A)		1,000,000	1,040,000
Diamondback Energy 3.125%, 03/24/31		125,000	131,222


CORPORATE OBLIGATIONS — continued

	Face Amount		Value
ENERGY — continued
DT Midstream 4.375%, 06/15/31 (A)	$	100,000	$ 103,750
NGL Energy Operating 7.500%, 02/01/26 (A)		1,100,000	1,130,250
Northern Oil and Gas 8.125%, 03/01/28 (A)		1,100,000	1,152,085
Oasis Petroleum 6.375%, 06/01/26 (A)		900,000	931,500
Range Resources 8.250%, 01/15/29 (A)		800,000	885,760
Summit Midstream Holdings 5.750%, 04/15/25		850,000	782,000
			6,430,554

FINANCIALS — 11.3%
Aircastle 5.250%, 08/11/25 (A)		435,000	490,112
Apollo Commercial Real Estate Finance 4.625%, 06/15/29 (A)		850,000	834,062
Ares Capital 3.875%, 01/15/26		1,225,000	1,322,171
Bank of America MTN 4.271%, VAR ICE LIBOR USD 3 Month+1.310%, 07/23/29		605,000	698,804
Compass Group Diversified Holdings 5.250%, 04/15/29 (A)		1,423,000	1,476,156
HSBC Holdings 4.950%, 03/31/30		700,000	851,605
Mitsubishi UFJ Financial Group 0.953%, VAR US Treas Yield Curve Rate T Note Const Mat 1 Yr+0.550%, 07/19/25		435,000	437,600
Morgan Stanley MTN 0.791%, VAR United States Secured Overnight Financing Rate+0.509%, 01/22/25		672,000	673,082
New Residential Investment 6.250%, 10/15/25 (A)		1,000,000	998,750
Owl Rock Capital 3.400%, 07/15/26		780,000	820,001
Prospect Capital 3.364%, 11/15/26		710,000	718,350
Unum Group 4.125%, 06/15/51		514,000	523,974
			9,844,667

HEALTH CARE — 6.7%
Amgen 3.150%, 02/21/40		823,000	880,443
2.450%, 02/21/30		760,000	795,262
CHS 6.625%, 02/15/25 (A)		1,250,000	1,310,737
Emergent BioSolutions 3.875%, 08/15/28 (A)		700,000	695,625
HCA 3.500%, 07/15/51		552,000	569,950
Royalty Pharma 3.550%, 09/02/50 (A)		760,000	771,201
Tenet Healthcare 6.250%, 02/01/27 (A)		800,000	833,000
			5,856,218

INDUSTRIALS — 5.5%
AerCap Ireland Capital DAC 6.500%, 07/15/25		700,000	819,440


THE ADVISORS’ INNER CIRCLE FUND		WESTWOOD HIGH INCOME FUND
		JULY 31, 2021 (Unaudited)


CORPORATE OBLIGATIONS — continued

	Face Amount		Value

INDUSTRIALS — continued
Bombardier 7.875%, 04/15/27 (A)	$	725,000	$	750,556
Delta Air Lines 7.375%, 01/15/26		340,000		400,252
Deluxe 8.000%, 06/01/29 (A)		1,000,000		1,092,500
Icahn Enterprises 5.250%, 05/15/27		825,000		867,281
Triton Container International 0.800%, 08/01/23 (A)		585,000		584,849
United Airlines 4.625%, 04/15/29 (A)		250,000		257,187
				4,772,065

INFORMATION TECHNOLOGY — 10.5%
Ambience Merger Sub 7.125%, 07/15/29 (A)		100,000		101,250
4.875%, 07/15/28 (A)		1,000,000		1,003,750
Broadcom 3.500%, 02/15/41 (A)		500,000		518,968
Citrix Systems 3.300%, 03/01/30		825,000		878,327
CommScope 6.000%, 03/01/26 (A)		940,000		979,950
Dell International 8.350%, 07/15/46		575,000		941,245
NXP BV 2.500%, 05/11/31 (A)		1,000,000		1,036,724
Oracle 2.950%, 04/01/30		1,175,000		1,256,493
Sotheby’s 7.375%, 10/15/27 (A)		1,225,000		1,308,484
VMware 4.650%, 05/15/27		957,000		1,110,899
				9,136,090

MATERIALS — 1.7%
Axalta Coating Systems 4.750%, 06/15/27 (A)		700,000		737,625
Cleveland-Cliffs 6.750%, 03/15/26 (A)		700,000		755,125
				1,492,750

REAL ESTATE — 4.9%
Brixmor Operating Partnership 4.050%, 07/01/30		475,000		541,059
Crown Castle International 2.900%, 04/01/41		263,000		259,598
Host Hotels & Resorts 3.500%, 09/15/30		375,000		398,822
Iron Mountain 5.000%, 07/15/28 (A)		1,020,000		1,059,525
iStar 5.500%, 02/15/26		750,000		783,750
Service Properties Trust 7.500%, 09/15/25		750,000		845,625
Simon Property Group 3.800%, 07/15/50		196,000		223,079
Vornado Realty 3.400%, 06/01/31		181,000		191,051
				4,302,509


CORPORATE OBLIGATIONS — continued

	Face Amount		Value

UTILITIES — 1.2%
TerraForm Power Operating 4.750%, 01/15/30 (A)	$	1,005,000	$ 1,057,763

Total Corporate Obligations (Cost $59,478,016)			62,337,547


COMMON STOCK — 19.1%

	Shares

COMMUNICATION SERVICES — 1.7%
Activision Blizzard		9,512	795,393
AT&T		24,240	679,932
			1,475,325

CONSUMER DISCRETIONARY — 4.0%
Amazon.com *		265	881,811
General Motors *		12,077	686,457
Lennar, Cl A		8,466	890,200
TJX		8,480	583,509
WW International *		14,026	431,159
			3,473,136

CONSUMER STAPLES — 0.8%
Philip Morris International		6,818	682,414

ENERGY — 3.0%
Chevron		3,173	323,043
DT Midstream *		10,514	445,794
Energy Transfer		37,929	373,980
EOG Resources		4,770	347,542
Plains All American Pipeline LP		61,218	612,792
Schlumberger		17,409	501,901
			2,605,052

FINANCIALS — 3.3%
Annaly Capital Management‡		72,968	619,498
Citigroup		10,316	697,568
Moelis, Cl A		12,902	764,443
Truist Financial		15,668	852,809
			2,934,318

HEALTH CARE — 1.4%
AbbVie		4,705	547,192
Gilead Sciences		10,274	701,611
			1,248,803

INFORMATION TECHNOLOGY — 2.6%
Apple		7,307	1,065,799
Cisco Systems		10,194	564,442
Micron Technology		7,834	607,762
			2,238,003

MATERIALS — 0.9%
Barrick Gold		18,103	394,103
Freeport-McMoRan		9,883	376,542
			770,645

REAL ESTATE — 0.8%
National Retail Properties ‡		15,169	741,309


THE ADVISORS’ INNER CIRCLE FUND		WESTWOOD HIGH INCOME FUND
		JULY 31, 2021 (Unaudited)


COMMON STOCK — continued

	Shares		Value

UTILITIES — 0.6%
Atlantica Sustainable Infrastructure PLC		12,538	$ 498,511

Total Common Stock (Cost $13,830,833)			16,667,516


CONVERTIBLE BONDS —3.8%

	Face Amount

CONSUMER DISCRETIONARY — 1.1%
Liberty Media 2.750%, 12/01/49 (A)	$	955,000	998,453

CONSUMER STAPLES — 0.6%
Tilray 5.000%, 10/01/23		500,000	487,500

FINANCIALS — 1.0%
Apollo Commercial Real Estate Finance 5.375%, 10/15/23		850,000	855,312

INDUSTRIALS — 1.1%
SFL 5.750%, 10/15/21		1,000,000	1,008,800

Total Convertible Bonds (Cost $3,149,450)			3,350,065


U.S. TREASURY OBLIGATIONS —2.4%

U.S. Treasury Notes 2.375%, 05/15/29		540,000	592,186
0.125%, 06/30/23		1,500,000	1,498,887

Total U.S. Treasury Obligations (Cost $2,062,360)			2,091,073


U.S. GOVERNMENT AGENCY MORTGAGE-BACKED OBLIGATIONS —0.7%

FHLMC 3.500%, 08/01/49		346,041	366,282
FNMA 3.000%, 05/01/50		283,381	297,025

Total U.S. Government Agency Mortgage-Backed Obligations (Cost $654,900)			663,307


PREFERRED STOCK — 0.7%

	Shares

COMMUNICATION SERVICES — 0.7%
2020 Cash Mandatory Exchangeable Trust, 5.250% *		465	582,850

Total Preferred Stock (Cost $533,411)			582,850


SHORT-TERM INVESTMENT — 1.7%

	Shares		Value
SEI Daily Income Trust, Government Fund, Cl F, 0.010% (B) (Cost $1,481,818)		1,481,818	$ 1,481,818

Total Investments — 99.9% (Cost $81,190,788)			$ 87,174,176

Percentages are based upon Net Assets of $87,220,718.

*	Non-income producing security.

‡	Real Estate Investment Trust.

(A)

(B)	The rate reported is the 7-day effective yield as of July 31, 2021.

Cl — Class

DAC — Designated Activity Company

FHLMC — Federal Home Loan Mortgage Corporation

FNMA — Federal National Mortgage Association

ICE — Intercontinental Exchange

LIBOR — London Interbank Offered Rate

LP — Limited Partnership

MTN — Medium Term Note

PLC — Public Limited Company

USD — U.S. Dollar

VAR — Variable Rate

The following is a summary of the inputs used as of July 31, 2021 when valuing the Fund’s investments:


Investments in Securities	Level 1		Level 2		Level 3		Total
Corporate Obligations	$	—	$	62,337,547	$	—	$	62,337,547
Common Stock		16,667,516		—		—		16,667,516
Convertible Bonds		—		3,350,065		—		3,350,065
U.S. Treasury Obligations		—		2,091,073		—		2,091,073
U.S. Government Agency Mortgage- Backed Obligations		—		663,307		—		663,307
Preferred Stock		582,850		—		—		582,850
Short-Term Investment		1,481,818		—		—		1,481,818

Total Investments in Securities	$	18,732,184	$	68,441,992	$	—	$	87,174,176

For the period ended July 31, 2021, there were no transfers in or out of Level 3.

For information regarding the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to the Fund’s most recent financial statements.

WHG-QH-012-2000