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Form NPORT-P ADVISORS' INNER CIRCLE For: Jul 31

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StreetInsider.com Top Tickers, 4/25/2024

1. META
2. CMG
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4. IBM
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6. SPY
7. BSX
8. NOW
9. PI
10. ORCL


September 28, 2021 3:55 PM EDT 

  
    NPORT-P
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        S000013149
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      ADVISORS' INNER CIRCLE FUND
      811-06400
      0000878719
      549300LRWL70Z8CGWD77
      ONE FREEDOM VALLEY DRIVE
      OAKS
      
      19456
      8774463863
      Westwood Total Return Fund
      S000013149
      549300UVB7VHFONYZM52
      2021-10-31
      2021-07-31
      N
    
    
      142776732.82
      1154009.38
      141622723.44
      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
      
        
          USD
          
          
        
      
      
      
      N
      
        
          
          
          
        
        
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
        
        
        
        
      
      
      
      
      
    
    
      
        DELTA AIR LINES, INC.
        Q2CCMS6R0AS67HJMBN42
        DELTA AIR LINES INC 7.375000% 01/15/2026
        247361ZZ4
        
          
        
        195000.00000000
        PA
        USD
        229556.16000000
        0.162089920617
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2026-01-15
          Fixed
          7.37500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        AIRCASTLE LIMITED
        549300PNK8AKY3OIKP58
        AIRCASTLE LTD 144A 5.250000% 08/11/2025
        00928QAT8
        
          
        
        510000.00000000
        PA
        USD
        574614.88000000
        0.405736357868
        Long
        DBT
        NUSS
        US
        
        Y
        
        2
        
          2025-08-11
          Fixed
          5.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        RANGE RESOURCES CORPORATION
        H3Y3WLYCX0BTO1TRW162
        RANGE RESOURCES CORP 144A 8.250000% 01/15/2029
        75281ABH1
        
          
        
        50000.00000000
        PA
        USD
        55360.00000000
        0.039089772216
        Long
        DBT
        CORP
        US
        
        Y
        
        2
        
          2029-01-15
          Fixed
          8.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ARES CAPITAL CORPORATION
        WEQ82666OJYSI5GUAB47
        ARES CAPITAL CORP 3.875000% 01/15/2026
        04010LAZ6
        
          
        
        1625000.00000000
        PA
        USD
        1753900.48000000
        1.238431543609
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2026-01-15
          Fixed
          3.87500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        SSR MINING INC.
        549300JD2KR7AB9DYJ38
        SSR MINING INC 2.500000% 04/01/2039
        784730AB9
        
          
        
        1155000.00000000
        PA
        USD
        1423537.50000000
        1.005161788604
        Long
        DBT
        CORP
        CA
        
        N
        
        2
        
          2039-04-01
          Fixed
          2.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        SIMON PROPERTY GROUP, L.P.
        MR92GTD0MJTTTTQDVG45
        SIMON PROPERTY GROUP LP 3.800000% 07/15/2050
        828807DJ3
        
          
        
        148000.00000000
        PA
        USD
        168447.64000000
        0.118941110514
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2050-07-15
          Fixed
          3.80000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        SOUTHWEST AIRLINES CO.
        UDTZ87G0STFETI6HGH41
        SOUTHWEST AIRLINES CO 1.250000% 05/01/2025
        844741BG2
        
          
        
        715000.00000000
        PA
        USD
        1047921.88000000
        0.739939082193
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2025-05-01
          Fixed
          1.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        IRON MOUNTAIN INCORPORATED
        SQL3F6CKNNBM3SQGHX24
        IRON MOUNTAIN INC 144A 5.000000% 07/15/2028
        46284VAG6
        
          
        
        730000.00000000
        PA
        USD
        758287.50000000
        0.535427847721
        Long
        DBT
        CORP
        US
        
        Y
        
        2
        
          2028-07-15
          Fixed
          5.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        HOST HOTELS & RESORTS, INC.
        N6EL63S0K3PB1YFTDI24
        HOST HOTELS & RESORTS INC REIT
        44107P104
        
          
        
        51435.00000000
        NS
        USD
        819359.55000000
        0.578550906307
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        ALPHABET INC.
        5493006MHB84DD0ZWV18
        ALPHABET INC-CL A COMMON STOCK
        02079K305
        
          
        
        910.00000000
        NS
        USD
        2452022.30000000
        1.731376321850
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        EXXON MOBIL CORPORATION
        J3WHBG0MTS7O8ZVMDC91
        EXXON MOBIL CORP COMMON STOCK
        30231G102
        
          
        
        15851.00000000
        NS
        USD
        912542.07000000
        0.644347211968
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        ROYALTY PHARMA PLC
        549300FGFN7VOK8BZR03
        ROYALTY PHARMA PLC 144A 3.550000% 09/02/2050
        78081BAF0
        
          
        
        243000.00000000
        PA
        USD
        246581.30000000
        0.174111395410
        Long
        DBT
        NUSS
        US
        
        Y
        
        2
        
          2050-09-02
          Fixed
          3.55000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ZIONS BANCORPORATION, NATIONAL ASSOCIATION
        8WH0EE09O9V05QJZ3V89
        ZIONS BANCORP NA COMMON STOCK
        989701107
        
          
        
        21696.00000000
        NS
        USD
        1131446.40000000
        0.798915860758
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        FIREEYE, INC.
        549300E9D2UJUFLLY524
        FIREEYE INC 1.625000% 06/01/2035
        31816QAD3
        
          
        
        1040000.00000000
        PA
        USD
        1030854.24000000
        0.727887598092
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2035-06-01
          Fixed
          1.62500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        HSBC HOLDINGS PLC
        MLU0ZO3ML4LN2LL2TL39
        HSBC HOLDINGS PLC 2.099000% 06/04/2026
        404280CG2
        
          
        
        208000.00000000
        PA
        USD
        214753.48000000
        0.151637727889
        Long
        DBT
        NUSS
        GB
        
        N
        
        2
        
          2026-06-04
          Fixed
          2.09900000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ATLANTICA SUSTAINABLE INFRASTRUCTURE PLC
        549300ITBBGKJ651R879
        ATLANTICA SUSTAINABLE INFRAS COMMON STOCK
        G0751N103
        
          
        
        31953.00000000
        NS
        USD
        1270451.28000000
        0.897067397901
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        FORD MOTOR COMPANY
        20S05OYHG0MQM4VUIC57
        FORD MOTOR CO 9.000000% 04/22/2025
        345370CW8
        
          
        
        1000000.00000000
        PA
        USD
        1230950.00000000
        0.869175489709
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2025-04-22
          Fixed
          9.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MONGODB, INC.
        549300TPTG69WKWE1Z37
        MONGODB INC 0.250000% 01/15/2026
        60937PAD8
        
          
        
        550000.00000000
        PA
        USD
        990687.50000000
        0.699525807678
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2026-01-15
          Fixed
          0.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        PARTY CITY HOLDINGS INC.
        5493005PYM1JS6EZN307
        PARTY CITY HOLDINGS INC 144A 8.750000% 02/15/2026
        702150AG8
        
          
        
        625000.00000000
        PA
        USD
        661700.00000000
        0.467227280995
        Long
        DBT
        CORP
        US
        
        Y
        
        2
        
          2026-02-15
          Fixed
          8.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        TESLA, INC.
        54930043XZGB27CTOV49
        TESLA INC COMMON STOCK
        88160R101
        
          
        
        712.00000000
        NS
        USD
        489286.40000000
        0.345485800664
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        NATWEST GROUP PLC
        2138005O9XJIJN4JPN90
        NATWEST GROUP PLC -SPON ADR DEPOSITARY RECEIPT
        639057108
        
          
        
        150318.00000000
        NS
        USD
        840277.62000000
        0.593321184333
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Truist Financial Corporation
        549300DRQQI75D2JP341
        TRUIST FINANCIAL CORP MTN 2.500000% 08/01/2024
        05531FBH5
        
          
        
        400000.00000000
        PA
        USD
        422335.78000000
        0.298211875708
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2024-08-01
          Fixed
          2.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        SOUTHWEST AIRLINES CO.
        UDTZ87G0STFETI6HGH41
        SOUTHWEST AIRLINES CO 5.250000% 05/04/2025
        844741BJ6
        
          
        
        422000.00000000
        PA
        USD
        481765.84000000
        0.340175522894
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2025-05-04
          Fixed
          5.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        FMC CORPORATION
        CKDHZ2X64EEBQCSP7013
        FMC CORP 4.500000% 10/01/2049
        302491AV7
        
          
        
        366000.00000000
        PA
        USD
        450866.65000000
        0.318357562295
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2049-10-01
          Fixed
          4.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        DICK'S SPORTING GOODS, INC.
        529900SSBV5I4LWSK313
        DICK'S SPORTING GOODS INC 3.250000% 04/15/2025
        253393AD4
        
          
        
        575000.00000000
        PA
        USD
        1765609.38000000
        1.246699214019
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2025-04-15
          Fixed
          3.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        BRISTOL-MYERS SQUIBB COMPANY
        HLYYNH7UQUORYSJQCN42
        BRISTOL-MYERS SQUIBB CO 3.200000% 06/15/2026
        110122CN6
        
          
        
        800000.00000000
        PA
        USD
        881008.62000000
        0.622081399510
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2026-06-15
          Fixed
          3.20000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ORACLE CORPORATION
        1Z4GXXU7ZHVWFCD8TV52
        ORACLE CORP 2.875000% 03/25/2031
        68389XCE3
        
          
        
        116000.00000000
        PA
        USD
        122735.75000000
        0.086663882051
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2031-03-25
          Fixed
          2.87500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        NORTHERN TRUST CORPORATION
        549300GLF98S992BC502
        NORTHERN TRUST CORP 3.150000% 05/03/2029
        665859AU8
        
          
        
        800000.00000000
        PA
        USD
        893132.21000000
        0.630641883100
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2029-05-03
          Fixed
          3.15000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        WEC ENERGY GROUP, INC.
        549300IGLYTZUK3PVP70
        WEC ENERGY GROUP INC COMMON STOCK
        92939U106
        
          
        
        9100.00000000
        NS
        USD
        856674.00000000
        0.604898690825
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        AMPHENOL CORPORATION
        549300D3L3G0R4U4VT04
        AMPHENOL CORP-CL A COMMON STOCK
        032095101
        
          
        
        11908.00000000
        NS
        USD
        863210.92000000
        0.609514419037
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        CISCO SYSTEMS, INC.
        549300LKFJ962MZ46593
        CISCO SYSTEMS INC COMMON STOCK
        17275R102
        
          
        
        22650.00000000
        NS
        USD
        1254130.50000000
        0.885543272673
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        COLGATE-PALMOLIVE COMPANY
        YMEGZFW4SBUSS5BQXF88
        COLGATE-PALMOLIVE CO COMMON STOCK
        194162103
        
          
        
        14033.00000000
        NS
        USD
        1115623.50000000
        0.787743289284
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        NEXTERA ENERGY PARTNERS, LP
        5493008F4ZOQFNG3WN54
        NEXTERA ENERGY PARTNERS LP COMMON STOCK
        65341B106
        
          
        
        20387.00000000
        NS
        USD
        1580604.11000000
        1.116066738166
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        United States of America
        254900HROIFWPRGM1V77
        US TREASURY N/B 0.750000% 03/31/2026
        91282CBT7
        
          
        
        2586000.00000000
        PA
        USD
        2597616.80000000
        1.834180798747
        Long
        SN
        UST
        US
        
        N
        
        2
        
          2026-03-31
          Fixed
          0.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        WELLS FARGO & COMPANY
        PBLD0EJDB5FWOLXP3B76
        WELLS FARGO & CO COMMON STOCK
        949746101
        
          
        
        20999.00000000
        NS
        USD
        964694.06000000
        0.681171803908
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        PEBBLEBROOK HOTEL TRUST
        5493004Q1NNH6JXCSI52
        PEBBLEBROOK HOTEL TRUST 1.750000% 12/15/2026
        70509VAA8
        
          
        
        601000.00000000
        PA
        USD
        669814.50000000
        0.472956940616
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2026-12-15
          Fixed
          1.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        APOLLO MANAGEMENT HOLDINGS, L.P.
        5493006XQW0V5K38YM64
        APOLLO MANAGEMENT HOLDINGS LP 144A 2.650000% 06/05/2030
        03765HAF8
        
          
        
        446000.00000000
        PA
        USD
        458847.91000000
        0.323993140969
        Long
        DBT
        CORP
        US
        
        Y
        
        2
        
          2030-06-05
          Fixed
          2.65000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        LENNAR CORPORATION
        529900G61XVRLX5TJX09
        LENNAR CORP-A COMMON STOCK
        526057104
        
          
        
        12752.00000000
        NS
        USD
        1340872.80000000
        0.946792130125
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        United States of America
        254900HROIFWPRGM1V77
        US TREASURY N/B 2.125000% 12/31/2021
        912828G87
        
          
        
        750000.00000000
        PA
        USD
        756328.13000000
        0.534044333867
        Long
        SN
        UST
        US
        
        N
        
        2
        
          2021-12-31
          Fixed
          2.12500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        EXACT SCIENCES CORPORATION
        549300VM3X1FYD4N9Z14
        EXACT SCIENCES CORP 0.375000% 03/15/2027
        30063PAB1
        
          
        
        810000.00000000
        PA
        USD
        980100.00000000
        0.692049959352
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2027-03-15
          Fixed
          0.37500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        United States of America
        254900HROIFWPRGM1V77
        US TREASURY N/B 0.500000% 03/31/2025
        912828ZF0
        
          
        
        1200000.00000000
        PA
        USD
        1200609.37000000
        0.847751929095
        Long
        SN
        UST
        US
        
        N
        
        2
        
          2025-03-31
          Fixed
          0.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        HONEYWELL INTERNATIONAL INC.
        ISRPG12PN4EIEOEMW547
        HONEYWELL INTERNATIONAL INC COMMON STOCK
        438516106
        
          
        
        5114.00000000
        NS
        USD
        1195602.06000000
        0.844216260610
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        NCL FINANCE LIMITED
        N/A
        NCL FINANCE LTD 144A 6.125000% 03/15/2028
        62888HAA7
        
          
        
        100000.00000000
        PA
        USD
        101000.00000000
        0.071316239051
        Long
        DBT
        NUSS
        US
        
        Y
        
        2
        
          2028-03-15
          Fixed
          6.12500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        NGL ENERGY OPERATING LLC
        5493008CQD36WWZJ3O79
        NGL ENERGY OPERATING LLC / NGL ENERGY FINANCE CORP 7.500000% 02/01/2026
        62922LAA6
        
          
        
        825000.00000000
        PA
        USD
        847687.50000000
        0.598553310803
        Long
        DBT
        CORP
        US
        
        Y
        
        2
        
          2026-02-01
          Fixed
          7.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        JACK IN THE BOX INC.
        5493002OJW26P0SUUP68
        JACK IN THE BOX INC COMMON STOCK
        466367109
        
          
        
        10059.00000000
        NS
        USD
        1095022.74000000
        0.773197064286
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        CONMED CORPORATION
        Z6C0YCECH9DCU5ZIQW84
        CONMED CORP 2.625000% 02/01/2024
        207410AF8
        
          
        
        810000.00000000
        PA
        USD
        1304606.25000000
        0.921184269241
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2024-02-01
          Fixed
          2.62500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        EXPEDIA GROUP, INC.
        N/A
        EXPEDIA GROUP INC 144A ZERO COUPON 02/15/2026
        30212PBD6
        
          
        
        345000.00000000
        PA
        USD
        368115.00000000
        0.259926508302
        Long
        DBT
        CORP
        US
        
        Y
        
        2
        
          2026-02-15
          Fixed
          0.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Freddie Mac
        S6XOOCT0IEG5ABCC6L87
        FREDDIE MAC POOL FR SD8056
        3132DV5R2
        
          
        
        806406.82000000
        PA
        USD
        845886.97000000
        0.597281954091
        Long
        DBT
        USGA
        US
        
        N
        
        2
        
          2050-04-01
          Fixed
          3.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Viterra Finance B.V.
        213800HBZGEIZLKJBI17
        VITERRA FINANCE BV 144A 2.000000% 04/21/2026
        92852LAA7
        
          
        
        627000.00000000
        PA
        USD
        635085.92000000
        0.448435042466
        Long
        DBT
        NUSS
        NL
        
        Y
        
        2
        
          2026-04-21
          Fixed
          2.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        FREEPORT-MCMORAN INC.
        549300IRDTHJQ1PVET45
        FREEPORT-MCMORAN INC COMMON STOCK
        35671D857
        
          
        
        81297.00000000
        NS
        USD
        3097415.70000000
        2.187089490135
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        JPMORGAN CHASE & CO.
        8I5DZWZKVSZI1NUHU748
        JPMORGAN CHASE & CO COMMON STOCK
        46625H100
        
          
        
        9918.00000000
        NS
        USD
        1505354.04000000
        1.062932560139
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        ABBVIE INC.
        FR5LCKFTG8054YNNRU85
        ABBVIE INC COMMON STOCK
        00287Y109
        
          
        
        10752.00000000
        NS
        USD
        1250457.60000000
        0.882949832926
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        GLENCORE FUNDING LLC
        213800STG1QDNBY87K49
        GLENCORE FUNDING LLC 144A 3.875000% 04/27/2051
        378272BC1
        
          
        
        202000.00000000
        PA
        USD
        219488.56000000
        0.154981174396
        Long
        DBT
        CORP
        AU
        
        Y
        
        2
        
          2051-04-27
          Fixed
          3.87500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        VORNADO REALTY L.P.
        549300BMOJ05INE4YK86
        VORNADO REALTY LP 3.400000% 06/01/2031
        929043AL1
        
          
        
        275000.00000000
        PA
        USD
        290269.89000000
        0.204959968957
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2031-06-01
          Fixed
          3.40000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        AMERICAN ELECTRIC POWER COMPANY, INC.
        1B4S6S7G0TW5EE83BO58
        American Electric Power Co Inc PREFERRED STOCK
        02557T307
        
          
        
        20275.00000000
        NS
        USD
        1075994.25000000
        0.759761021299
        Long
        EP
        
        US
        
        N
        
        2
        
          N
          N
          N
        
      
      
        DIAMONDBACK ENERGY, INC.
        549300R22LSX6OHWEN64
        DIAMONDBACK ENERGY INC 4.400000% 03/24/2051
        25278XAQ2
        
          
        
        900000.00000000
        PA
        USD
        1028415.72000000
        0.726165755762
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2051-03-24
          Fixed
          4.40000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        United States of America
        254900HROIFWPRGM1V77
        US TREASURY N/B 0.875000% 11/15/2030
        91282CAV3
        
          
        
        2075000.00000000
        PA
        USD
        2014695.31000000
        1.422579132121
        Long
        SN
        UST
        US
        
        N
        
        1
        
          2030-11-15
          Fixed
          0.87500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        DARDEN RESTAURANTS, INC.
        CY1NFSCCB5GUXC7WZC70
        DARDEN RESTAURANTS INC 4.550000% 02/15/2048
        237194AM7
        
          
        
        690000.00000000
        PA
        USD
        817642.13000000
        0.577338233681
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2048-02-15
          Fixed
          4.55000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        SIMON PROPERTY GROUP, INC.
        529900GQL5X8H7AO3T64
        SIMON PROPERTY GROUP INC REIT
        828806109
        
          
        
        12770.00000000
        NS
        USD
        1615660.40000000
        1.140820032799
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        FORD MOTOR CREDIT COMPANY LLC
        UDSQCVRUX5BONN0VY111
        FORD MOTOR CREDIT CO LLC 4.271000% 01/09/2027
        345397A45
        
          
        
        485000.00000000
        PA
        USD
        522442.00000000
        0.368897015471
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2027-01-09
          Fixed
          4.27100000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        AMAZON.COM, INC.
        ZXTILKJKG63JELOEG630
        AMAZON.COM INC COMMON STOCK
        023135106
        
          
        
        683.00000000
        NS
        USD
        2272743.97000000
        1.604787646216
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        CABOT CORPORATION
        K05C0SER542GQ6VLRO68
        CABOT CORP 4.000000% 07/01/2029
        127055AL5
        
          
        
        395000.00000000
        PA
        USD
        434387.88000000
        0.306721880111
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2029-07-01
          Fixed
          4.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        T-MOBILE USA, INC.
        549300V2JRLO5DIFGE82
        T-MOBILE USA INC 3.375000% 04/15/2029
        87264ABV6
        
          
        
        325000.00000000
        PA
        USD
        338386.75000000
        0.238935350048
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2029-04-15
          Fixed
          3.37500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        TILRAY, INC.
        549300Y4V60733TO1478
        TILRAY INC 5.000000% 10/01/2023
        88688TAB6
        
          
        
        1000000.00000000
        PA
        USD
        975000.00000000
        0.688448842330
        Long
        DBT
        CORP
        CA
        
        N
        
        2
        
          2023-10-01
          Fixed
          5.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        OASIS PETROLEUM INC.
        529900FA4V2YNIKZ0M71
        OASIS PETROLEUM INC 144A 6.375000% 06/01/2026
        674215AL2
        
          
        
        900000.00000000
        PA
        USD
        931500.00000000
        0.657733432442
        Long
        DBT
        CORP
        US
        
        Y
        
        2
        
          2026-06-01
          Fixed
          6.37500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        BANK OF AMERICA CORPORATION
        9DJT3UXIJIZJI4WXO774
        BANK OF AMERICA CORP MTN 4.271000% 07/23/2029
        06051GHM4
        
          
        
        470000.00000000
        PA
        USD
        542872.60000000
        0.383323090259
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2029-07-23
          Fixed
          4.27100000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CITIGROUP INC.
        6SHGI4ZSSLCXXQSBB395
        CITIGROUP INC COMMON STOCK
        172967424
        
          
        
        17556.00000000
        NS
        USD
        1187136.72000000
        0.838238872381
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        TRITON CONTAINER INTERNATIONAL LIMITED
        549300O4LZFLCX53XZ54
        TRITON CONTAINER INTERNATIONAL LTD 144A 0.800000% 08/01/2023
        89680YAD7
        
          
        
        965000.00000000
        PA
        USD
        964751.35000000
        0.681212256455
        Long
        DBT
        NUSS
        BM
        
        Y
        
        2
        
          2023-08-01
          Fixed
          0.80000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        LIVENT CORPORATION
        254900OOLQ2VNMZTJL47
        LIVENT CORP 4.125000% 07/15/2025
        53814LAB4
        
          
        
        460000.00000000
        PA
        USD
        1109750.00000000
        0.783596002847
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2025-07-15
          Fixed
          4.12500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MICROSOFT CORPORATION
        INR2EJN1ERAN0W5ZP974
        MICROSOFT CORP COMMON STOCK
        594918104
        
          
        
        9074.00000000
        NS
        USD
        2585273.34000000
        1.825465064647
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        APPLE INC.
        HWUPKR0MPOU8FGXBT394
        APPLE INC COMMON STOCK
        037833100
        
          
        
        30530.00000000
        NS
        USD
        4453105.80000000
        3.144344136191
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        WORKDAY, INC.
        549300J0DYC0N31V7G13
        WORKDAY INC 0.250000% 10/01/2022
        98138HAF8
        
          
        
        645000.00000000
        PA
        USD
        1043674.50000000
        0.736940001328
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2022-10-01
          Fixed
          0.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MEDTRONIC PUBLIC LIMITED COMPANY
        549300GX3ZBSQWUXY261
        MEDTRONIC PLC COMMON STOCK
        G5960L103
        
          
        
        8490.00000000
        NS
        USD
        1114821.90000000
        0.787177278420
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        NMG HOLDING COMPANY, INC.
        N/A
        NMG HOLDING CO INC / NEIMAN MARCUS GROUP LLC 144A 7.125000% 04/01/2026
        62929RAC2
        
          
        
        150000.00000000
        PA
        USD
        160122.00000000
        0.113062364647
        Long
        DBT
        CORP
        US
        
        Y
        
        2
        
          2026-04-01
          Fixed
          7.12500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        JOHNSON & JOHNSON
        549300G0CFPGEF6X2043
        JOHNSON & JOHNSON COMMON STOCK
        478160104
        
          
        
        3979.00000000
        NS
        USD
        685183.80000000
        0.483809224506
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        GILEAD SCIENCES, INC.
        549300WTZWR07K8MNV44
        GILEAD SCIENCES INC COMMON STOCK
        375558103
        
          
        
        26279.00000000
        NS
        USD
        1794592.91000000
        1.267164524455
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        OASIS PETROLEUM INC.
        529900FA4V2YNIKZ0M71
        OASIS PETROLEUM INC COMMON STOCK
        674215207
        
          
        
        8638.00000000
        NS
        USD
        792190.98000000
        0.559367141626
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Chubb Limited
        E0JAN6VLUDI1HITHT809
        CHUBB LTD COMMON STOCK
        H1467J104
        
          
        
        4916.00000000
        NS
        USD
        829525.84000000
        0.585729337673
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        United States of America
        254900HROIFWPRGM1V77
        WI TREASURY SEC. 0.250000% 06/15/2024
        91282CCG4
        
          
        
        3500000.00000000
        PA
        USD
        3492343.75000000
        2.465948729957
        Long
        SN
        UST
        US
        
        N
        
        2
        
          2024-06-15
          Fixed
          0.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        United States of America
        254900HROIFWPRGM1V77
        US TREASURY N/B 0.125000% 05/31/2023
        91282CCD1
        
          
        
        4900000.00000000
        PA
        USD
        4896746.11000000
        3.457599169863
        Long
        SN
        UST
        US
        
        N
        
        2
        
          2023-05-31
          Fixed
          0.12500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        UNION PACIFIC CORPORATION
        549300LMMRSZZCZ8CL11
        UNION PACIFIC CORP COMMON STOCK
        907818108
        
          
        
        5411.00000000
        NS
        USD
        1183710.36000000
        0.835819514868
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        A.P. MOELLER - MAERSK A/S
        549300D2K6PKKKXVNN73
        AP MOLLER - MAERSK A/S 144A 4.500000% 06/20/2029
        00203QAE7
        
          
        
        600000.00000000
        PA
        USD
        701642.01000000
        0.495430389246
        Long
        DBT
        NUSS
        DK
        
        Y
        
        2
        
          2029-06-20
          Fixed
          4.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        FIRST SOLAR, INC.
        549300NPYMLM4NHTOF27
        FIRST SOLAR INC COMMON STOCK
        336433107
        
          
        
        12849.00000000
        NS
        USD
        1105527.96000000
        0.780614814591
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        MICRON TECHNOLOGY, INC.
        B3DXGBC8GAIYWI2Z0172
        MICRON TECHNOLOGY INC COMMON STOCK
        595112103
        
          
        
        11501.00000000
        NS
        USD
        892247.58000000
        0.630017244639
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        MARRIOTT INTERNATIONAL, INC.
        225YDZ14ZO8E1TXUSU86
        MARRIOTT INTERNATIONAL INC/MD 4.625000% 06/15/2030
        571903BE2
        
          
        
        167000.00000000
        PA
        USD
        193374.47000000
        0.136541979495
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2030-06-15
          Fixed
          4.62500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        United States of America
        254900HROIFWPRGM1V77
        US TREASURY N/B 1.875000% 02/15/2051
        912810SU3
        
          
        
        705000.00000000
        PA
        USD
        700042.97000000
        0.494301304900
        Long
        DBT
        UST
        US
        
        N
        
        2
        
          2051-02-15
          Fixed
          1.87500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MCDONALD'S CORPORATION
        UE2136O97NLB5BYP9H04
        MCDONALD'S CORP COMMON STOCK
        580135101
        
          
        
        5681.00000000
        NS
        USD
        1378835.51000000
        0.973597651922
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        ANNALY CAPITAL MANAGEMENT, INC.
        2DTL0G3FPRYUT58TI025
        ANNALY CAPITAL MANAGEMENT IN REIT
        035710409
        
          
        
        171231.00000000
        NS
        USD
        1453751.19000000
        1.026495716710
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        2020 CASH MANDATORY EXCHANGEABLE TRUST
        N/A
        2020 Cash Mandatory Exchangeable Trust PREFERRED STOCK
        901375105
        
          
        
        400.00000000
        NS
        USD
        501376.00000000
        0.354022283869
        Long
        EP
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Mitsubishi UFJ Financial Group, Inc.
        353800V2V8PUY9TK3E06
        MITSUBISHI UFJ FINANCIAL GROUP INC 0.953000% 07/19/2025
        606822BW3
        
          
        
        705000.00000000
        PA
        USD
        709214.55000000
        0.500777370165
        Long
        DBT
        NUSS
        JP
        
        N
        
        2
        
          2025-07-19
          Fixed
          0.95300000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        PAYPAL HOLDINGS, INC.
        5493005X2GO78EFZ3E94
        PAYPAL HOLDINGS INC COMMON STOCK
        70450Y103
        
          
        
        6246.00000000
        NS
        USD
        1720960.38000000
        1.215172493649
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Republica del Peru
        254900STKLK2DBJJZ530
        REPUBLIC OF PERU 3.300000% 03/11/2041
        715638DS8
        
          
        
        94000.00000000
        PA
        USD
        91650.00000000
        0.064714191179
        Long
        DBT
        NUSS
        PE
        
        N
        
        2
        
          2041-03-11
          Fixed
          3.30000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ALARM.COM HOLDINGS, INC.
        549300HIH92U1EKIHZ32
        ALARM.COM HOLDINGS INC 144A ZERO COUPON 01/15/2026
        011642AA3
        
          
        
        575000.00000000
        PA
        USD
        523537.50000000
        0.369670549529
        Long
        DBT
        CORP
        US
        
        Y
        
        2
        
          2026-01-15
          Fixed
          0.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        AADVANTAGE LOYALTY IP LTD.
        N/A
        AMERICAN AIRLINES INC/AADVANTAGE LOYALTY IP LTD 14 5.500000% 04/20/2026
        00253XAA9
        
          
        
        250000.00000000
        PA
        USD
        261562.50000000
        0.184689641356
        Long
        DBT
        NUSS
        US
        
        Y
        
        2
        
          2026-04-20
          Fixed
          5.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        J2 GLOBAL, INC.
        5493008OJYGLHD7MXA18
        J2 GLOBAL INC 144A 1.750000% 11/01/2026
        48123VAD4
        
          
        
        1182000.00000000
        PA
        USD
        1524780.00000000
        1.076649257240
        Long
        DBT
        CORP
        US
        
        Y
        
        2
        
          2026-11-01
          Fixed
          1.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        COMPASS GROUP DIVERSIFIED HOLDINGS LLC
        549300I6PTUQPX21TE93
        COMPASS GROUP DIVERSIFIED HOLDINGS LLC 144A 5.250000% 04/15/2029
        20451RAB8
        
          
        
        1121000.00000000
        PA
        USD
        1162874.96000000
        0.821107610243
        Long
        DBT
        CORP
        US
        
        Y
        
        2
        
          2029-04-15
          Fixed
          5.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        BOSTON SCIENTIFIC CORPORATION
        Y6ZDD9FP4P8JSSJMW954
        Boston Scientific Corp PREFERRED STOCK
        101137206
        
          
        
        8460.00000000
        NS
        USD
        1039395.60000000
        0.733918664147
        Long
        EP
        
        US
        
        N
        
        2
        
          N
          N
          N
        
      
      
        AIRCASTLE LIMITED
        549300PNK8AKY3OIKP58
        AIRCASTLE LTD 144A 2.850000% 01/26/2028
        00928QAU5
        
          
        
        1500000.00000000
        PA
        USD
        1539242.60000000
        1.086861319011
        Long
        DBT
        NUSS
        US
        
        Y
        
        2
        
          2028-01-26
          Fixed
          2.85000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        NATIONAL VISION HOLDINGS, INC.
        549300JHURCBLI5ROA42
        NATIONAL VISION HOLDINGS INC 2.500000% 05/15/2025
        63845RAB3
        
          
        
        665000.00000000
        PA
        USD
        1220690.63000000
        0.861931334428
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2025-05-15
          Fixed
          2.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        KKR GROUP FINANCE CO. VI LLC
        549300TUJWGHJM3FSJ07
        KKR GROUP FINANCE CO VI LLC 144A 3.750000% 07/01/2029
        48252AAA9
        
          
        
        345000.00000000
        PA
        USD
        390949.39000000
        0.276049902518
        Long
        DBT
        CORP
        US
        
        Y
        
        2
        
          2029-07-01
          Fixed
          3.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        AMBIENCE MERGER SUB, INC.
        N/A
        AMBIENCE MERGER SUB INC 144A 4.875000% 07/15/2028
        04650YAA8
        
          
        
        1000000.00000000
        PA
        USD
        1003750.00000000
        0.708749256912
        Long
        DBT
        CORP
        US
        
        Y
        
        2
        
          2028-07-15
          Fixed
          4.87500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        DELUXE CORPORATION
        KWGNKB8TX9LE5TV29231
        DELUXE CORP 144A 8.000000% 06/01/2029
        248019AU5
        
          
        
        1000000.00000000
        PA
        USD
        1092500.00000000
        0.771415754098
        Long
        DBT
        CORP
        US
        
        Y
        
        2
        
          2029-06-01
          Fixed
          8.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        AKAMAI TECHNOLOGIES, INC.
        OC1LZNN2LF5WTJ5RIL89
        AKAMAI TECHNOLOGIES INC 0.125000% 05/01/2025
        00971TAJ0
        
          
        
        985000.00000000
        PA
        USD
        1315467.50000000
        0.928853412819
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2025-05-01
          Fixed
          0.12500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Republica del Peru
        254900STKLK2DBJJZ530
        REPUBLIC OF PERU 2.783000% 01/23/2031
        715638DF6
        
          
        
        93000.00000000
        PA
        USD
        93361.77000000
        0.065922874332
        Long
        DBT
        NUSS
        PE
        
        N
        
        2
        
          2031-01-23
          Fixed
          2.78300000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MORGAN STANLEY
        IGJSJL3JD5P30I6NJZ34
        MORGAN STANLEY MTN 0.791000% 01/22/2025
        61747YEB7
        
          
        
        1085000.00000000
        PA
        USD
        1086746.85000000
        0.767353446963
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2025-01-22
          Fixed
          0.79100000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        SEI Daily Income Trust: Government Fund; Class F Shares
        N/A
        SEI DAILY INCOME TRUST GOVERNMENT FUND (#36)
        783965593
        
          
        
        4000079.87000000
        NS
        USD
        4000079.87000000
        2.824461903315
        Long
        STIV
        RF
        US
        
        N
        
        2
        
          N
          N
          N
        
      
      
        NICE LTD
        254900YTY4EF5Z4W0A51
        NICE LTD 144A ZERO COUPON 09/15/2025
        653656AA6
        
          
        
        1040000.00000000
        PA
        USD
        1161304.56000000
        0.819998748641
        Long
        DBT
        CORP
        IL
        
        Y
        
        2
        
          2025-09-15
          Fixed
          0.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        COUPA SOFTWARE INCORPORATED
        549300Q95ICR2GFL2K37
        COUPA SOFTWARE INC 0.375000% 06/15/2026
        22266LAF3
        
          
        
        840000.00000000
        PA
        USD
        897540.00000000
        0.633754229687
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2026-06-15
          Fixed
          0.37500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        BROADCOM INC.
        549300WV6GIDOZJTV909
        Broadcom Inc PREFERRED STOCK
        11135F200
        
          
        
        812.00000000
        NS
        USD
        1254004.08000000
        0.885454007337
        Long
        EP
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        United States of America
        254900HROIFWPRGM1V77
        US TREASURY N/B 1.250000% 05/15/2050
        912810SN9
        
          
        
        95000.00000000
        PA
        USD
        80865.04000000
        0.057098916074
        Long
        DBT
        UST
        US
        
        N
        
        1
        
          2050-05-15
          Fixed
          1.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        DIRECTV FINANCING, LLC
        N/A
        DIRECTV HOLDINGS LLC / DIRECTV FINANCING CO INC 14 5.875000% 08/15/2027
        25461LAA0
        
          
        
        129000.00000000
        PA
        USD
        133373.10000000
        0.094174929531
        Long
        DBT
        CORP
        US
        
        Y
        
        2
        
          2027-08-15
          Fixed
          5.87500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CMS ENERGY CORPORATION
        549300IA9XFBAGNIBW29
        CMS ENERGY CORP COMMON STOCK
        125896100
        
          
        
        10258.00000000
        NS
        USD
        633841.82000000
        0.447556581743
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        The Bank of New York Mellon Corporation
        WFLLPEPC7FZXENRZV188
        BANK OF NEW YORK MELLON CORP/THE MTN 1.600000% 04/24/2025
        06406RAN7
        
          
        
        1000000.00000000
        PA
        USD
        1029103.38000000
        0.726651313435
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2025-04-24
          Fixed
          1.60000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        BANK OF AMERICA CORPORATION
        9DJT3UXIJIZJI4WXO774
        BANK OF AMERICA CORP COMMON STOCK
        060505104
        
          
        
        66767.00000000
        NS
        USD
        2561182.12000000
        1.808454221038
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        SERVICE PROPERTIES TRUST
        529900IS770AG1K9QG27
        SERVICE PROPERTIES TRUST 5.000000% 08/15/2022
        44106MAQ5
        
          
        
        516000.00000000
        PA
        USD
        522960.84000000
        0.369263369110
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2022-08-15
          Fixed
          5.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        United States of America
        254900HROIFWPRGM1V77
        US TREASURY N/B 0.500000% 02/28/2026
        91282CBQ3
        
          
        
        2000000.00000000
        PA
        USD
        1987187.50000000
        1.403155829609
        Long
        SN
        UST
        US
        
        N
        
        2
        
          2026-02-28
          Fixed
          0.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        TENET HEALTHCARE CORPORATION
        0W9AIBT6U6ADJ2I8HK17
        TENET HEALTHCARE CORP 144A 6.250000% 02/01/2027
        88033GCX6
        
          
        
        925000.00000000
        PA
        USD
        963156.25000000
        0.680085954149
        Long
        DBT
        CORP
        US
        
        Y
        
        2
        
          2027-02-01
          Fixed
          6.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        THE AES CORPORATION
        2NUNNB7D43COUIRE5295
        AES Corp/The PREFERRED STOCK
        00130H204
        
          
        
        11575.00000000
        NS
        USD
        1173473.50000000
        0.828591253929
        Long
        EP
        
        US
        
        N
        
        2
        
          N
          N
          N
        
      
      
        RITE AID CORPORATION
        529900W353T1JY1DKT44
        RITE AID CORP 144A 7.500000% 07/01/2025
        767754CK8
        
          
        
        1000000.00000000
        PA
        USD
        1003720.00000000
        0.708728073871
        Long
        DBT
        CORP
        US
        
        Y
        
        2
        
          2025-07-01
          Fixed
          7.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        THE HOME DEPOT, INC.
        QEKMOTMBBKA8I816DO57
        HOME DEPOT INC COMMON STOCK
        437076102
        
          
        
        3114.00000000
        NS
        USD
        1021983.66000000
        0.721624069341
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        TARGA RESOURCES PARTNERS LP
        6OQWTZ1SPC04IFT4T704
        TARGA RESOURCES PARTNERS LP / TARGA RESOURCES PART 4.000000% 01/15/2032
        87612BBT8
        
          
        
        50000.00000000
        PA
        USD
        51685.50000000
        0.036495202707
        Long
        DBT
        CORP
        US
        
        Y
        
        2
        
          2032-01-15
          Fixed
          4.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        VECTOR GROUP LTD.
        549300TUIF4WWN6NDN50
        VECTOR GROUP LTD 144A 5.750000% 02/01/2029
        92240MBL1
        
          
        
        700000.00000000
        PA
        USD
        710500.00000000
        0.501685028180
        Long
        DBT
        CORP
        US
        
        Y
        
        2
        
          2029-02-01
          Fixed
          5.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        PELOTON INTERACTIVE, INC.
        5493002YS021166W0339
        PELOTON INTERACTIVE INC 144A ZERO COUPON 02/15/2026
        70614WAA8
        
          
        
        960000.00000000
        PA
        USD
        910800.00000000
        0.643117133943
        Long
        DBT
        CORP
        US
        
        Y
        
        2
        
          2026-02-15
          Fixed
          0.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        HERBALIFE NUTRITION LTD.
        549300BA7TYPBSZZIA41
        HERBALIFE NUTRITION LTD COMMON STOCK
        G4412G101
        
          
        
        30789.00000000
        NS
        USD
        1568391.66000000
        1.107443510408
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        GENERAL MOTORS COMPANY
        54930070NSV60J38I987
        GENERAL MOTORS CO COMMON STOCK
        37045V100
        
          
        
        34067.00000000
        NS
        USD
        1936368.28000000
        1.367272308402
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        HCA INC.
        L3CJ6J7LJ2DX62FTXD46
        HCA INC 3.500000% 07/15/2051
        404119CB3
        
          
        
        879000.00000000
        PA
        USD
        907582.95000000
        0.640845570509
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2051-07-15
          Fixed
          3.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        TELADOC HEALTH, INC.
        549300I2PVFBC9MFAC61
        TELADOC HEALTH INC 1.250000% 06/01/2027
        87918AAF2
        
          
        
        925000.00000000
        PA
        USD
        986327.50000000
        0.696447205675
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2027-06-01
          Fixed
          1.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        THE SHERWIN-WILLIAMS COMPANY
        Z15BMIOX8DDH0X2OBP21
        SHERWIN-WILLIAMS CO/THE COMMON STOCK
        824348106
        
          
        
        5943.00000000
        NS
        USD
        1729591.29000000
        1.221266791082
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        ENERGY TRANSFER LP
        MTLVN9N7JE8MIBIJ1H73
        ENERGY TRANSFER LP PARTNERSHIP SHARES
        29273V100
        
          
        
        276500.00000000
        NS
        USD
        2726290.00000000
        1.925037122418
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        ALIBABA GROUP HOLDING LIMITED
        5493001NTNQJDH60PM02
        ALIBABA GROUP HOLDING-SP ADR DEPOSITARY RECEIPT
        01609W102
        
          
        
        4831.00000000
        NS
        USD
        942962.89000000
        0.665827394852
        Long
        EC
        
        US
        
        N
        
        1
        
          N
          N
          N
        
      
    
    
      2021-07-31
      THE ADVISORS' INNER CIRCLE FUND
      Eric Olsen
      Eric Olsen
      CFO
    
  
  XXXX
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  
 

 

1

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  
              

 

 

  

 

2

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 ) 

 

3

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  

 

4

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 ) 
 

 

 

    

 

 

    

 

 

    

 

 

  
 

 

5

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

 

 

6

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  
 

 

1

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  
 

 

2

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  
 

 

3

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)

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 $59,085,551 and represents 6.7% 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)

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

 

 

4

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.

 

 

1

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

    

 

 

2

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

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.

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

 

 

1

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

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.

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

 

 

1

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

    

 

 

2

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  
 

 

1

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  
 

 

2

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)

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 $20,118,518 and represents 14.2% 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.

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

 

 

3

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

    

 

 

4

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
 

 

1

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
 

 

2

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)

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 $37,605,384 and represents 43.1% of Net Assets.

(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

 

 

3


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