avatar Westwood Holdings Group, Inc. Finance, Insurance, And Real Estate
  • Location: Texas 
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    The Advisors’ Inner Circle Fund WESTWOOD® FUNDS Westwood LargeCap Value Westwood Low Volatility Equity Westwood SMidCap Plus Westwood SMidCap Westwood SmallCap Westwood MLP and Strategic Energy Westwood Income Opportunity Westwood Worldwide Income Opportunity Westwood Global Equity Westwood Emerging Markets Westwood Short Duration High Yield Westwood Opportunistic High Yield Westwood Market Neutral Income Westwood Strategic Convertibles Annual Report October 31, 2017 Investment Adviser: Westwood Management Corp.


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    THE ADVISORS’ INNER CIRCLE FUND WESTWOOD FUNDS TABLE OF CONTENTS Shareholder Letter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Schedules of Investments Westwood LargeCap Value Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32 Westwood Low Volatility Equity Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34 Westwood SMidCap Plus Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36 Westwood SMidCap Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38 Westwood SmallCap Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40 Westwood MLP and Strategic Energy Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42 Westwood Income Opportunity Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43 Westwood Worldwide Income Opportunity Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46 Westwood Global Equity Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49 Westwood Emerging Markets Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51 Westwood Short Duration High Yield Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54 Westwood Opportunistic High Yield Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62 Westwood Market Neutral Income Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69 Westwood Strategic Convertibles Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 74 Statements of Assets and Liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 76 Statements of Operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80 Statements of Changes in Net Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 84 Financial Highlights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 89 Notes to Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 91 Report of Independent Registered Public Accounting Firm . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 105 Disclosure of Fund Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 106 Trustees and Officers of The Advisors’ Inner Circle Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 108 Approval of Investment Advisory Agreement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 112 Notice to Shareholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 114 The Westwood Funds file their complete schedule of fund holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q within sixty days after the end of the period. The Funds’ Forms N-Q are available on the Com- mission’s website at http://www.sec.gov, and may be reviewed and copied at the Commission’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. A description of the policies and procedures that the Funds use to determine how to vote proxies relating to fund securities, as well as in- formation relating to how a Fund voted proxies relating to fund securities during the most recent 12-month period ended June 30, is available (i) without charge, upon request, by calling 877-386-3944; and (ii) on the Commission’s website at http://www.sec.gov.


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    THE ADVISORS’ INNER CIRCLE FUND WESTWOOD FUNDS (Unaudited) October 31, 2017 Dear Shareholders: In comparison to the tumultuous events of the prior year, 2016, the most recent 12 months could be considered less eventful by some; however, several important shifts continued in the investing landscape. The most important of those shifts concerned the Federal Reserve (the “Fed”) and interest rates. The process of normalizing monetary policy took another step forward with their recent announcement to reduce their balance sheet, which had grown to over $5 trillion in assets, over time. Together with raising rates in March and June 2017, the Fed has shifted expectations for the market toward a world where interest rates should be higher in the future than they have been most recently. This shift has reduced investor demand for yield-oriented assets, which had been extremely high as central banks around the world pushed interest rates to historic levels, even negative in some instances, to try to stimulate their respective economies. Further, higher rates should have a positive impact on correlations between stocks in the market, as some companies with higher-quality business models are able to offset higher interest expenses while others are not. This should help to further differentiate winners and losers in the market and increase correlations in the future. In terms of growth, the market rewarded growth stocks handsomely this year in comparison to value stocks as earnings growth increased, particularly in the Information Technology sector. Domestically, the U.S. economy accelerated from the prior year as nominal Gross Domestic Product (“GDP”) rose from 2.5% toward the 4% level, closer to historical averages. The market was and remains keenly focused on nominal GDP as a proxy for revenue growth, and ultimately, the driver for the profit cycle for businesses. Looking forward, earnings are expected to continue to grow again in the coming year, sup- ported by a solid economic backdrop, with the potential for tax reform and other fiscal policies to deliver additional upside. We expect high-quality businesses to be able to leverage higher sales with better margins driven by productivity and efficiencies. Capital investments in key areas like technology and automation will be necessary for many companies to offset the rising pressures for higher labor and input costs. However, those investments are expected to generate solid returns and help drive future earnings growth in the coming years. Improving global growth has underpinned the strong rally in the U.S. despite lingering questions regarding the various ma- jor world economies. Outside of the U.S., Europe saw stronger results translate into higher share prices, despite rising con- cerns on the continent including political unrest in Spain. The Chinese economy appeared to accelerate modestly from levels a year ago, as fears over their currency and protectionist policies disrupting their growth did not occur. Despite the strong showing across the world, energy prices and specifically, crude oil, remained contained around $50 per barrel until recently when oil prices pushed through the $55 per barrel level. In light of geopolitical concerns in several parts of the world and the regime changes underway domestically, volatility amaz- ingly remained near all-time historic lows. The shifts in the investing landscape continued to create new opportunities for different industries and businesses alike; this differentiation that has begun between winners and losers is a welcome change from the last several years. We believe our bottom-up focused process of quality value is more important than ever. While our performance has been strong broadly, we remain unchanged in our philosophy of protecting client capital, should vola- tility increase in the future. The Way Forward The current market environment has continued to produce dislocations with respect to valuation and increased levels of fundamental skepticism that play to our strength. As it has for over 30 years, our investment process continues to seek out fundamentally sound companies where we believe future earnings potential is being underestimated by the market, and strong fundamentals aimed to provide limited and quantifiable downside risk. 1


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    THE ADVISORS’ INNER CIRCLE FUND WESTWOOD FUNDS (Unaudited) A discussion of each fund’s performance during the fiscal year ended October 31, 2017 is presented below. Westwood LargeCap Value Fund The performance of the Westwood LargeCap Value Fund (the “Fund”) for the periods ended October 31, 2017 was as follows: 2017 Six Months Fiscal Year Westwood LargeCap Value Fund – Institutional Shares (WHGLX) 8.62% 22.00% Westwood LargeCap Value Fund – A Class Shares (WWLAX)* 8.50% 21.83% Russell 1000 Value Index 5.46% 17.78% * Without sales charge The performance data quoted represents past performance. Past performance does not guarantee future results. The invest- ment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. The Adviser has contractually agreed to waive fees and reimburse expenses until February 28, 2018. In the absence of current fee waivers, total return and yield would have been reduced. Strong stock selection in Health Care and Industrials drove relative performance. Banks, including Bank of America and JPMorgan, saw strong performance as easing regulatory burdens and a strong economic backdrop continued to support higher share prices. Additionally, higher interest rates could be a tailwind looking forward as net interest margins expand, and loan growth improves. Demand for aircraft remained strong and Boeing rallied on strong earnings and growth projec- tions given their backlog with impressive cash generation supporting additional share repurchases. Cigna moved higher on strong earnings growth in addition to clarity on details surrounding anticipated changes to the Affordable Care Act and the termination of their proposed merger with Anthem. Strength continued in housing; Sherwin-Williams saw shares move higher on rising paint store sales. Negative stock selection in Consumer Staples and an underweight in Financials detracted from relative performance. Energy shares were pressured on concerns over pricing implications from growing production out of the U.S. shale basins. This weighed heavily on shares of RSP Permian, a high-quality Permian exploration and production company, as well as Halli- burton, one of the largest provider of oilfield services. AT&T shares declined on fierce competition in their wireless segment and pressures on margins in their entertainment segment. CVS Health shares moved lower as contract losses negatively im- pacted earnings and investor concerns rose over Amazon entering the pharmacy market. Hormel shares were pressured by record commodity volatility and lower retail pricing in the near-term, though the longer-term vision by management to evolve into a broader food company remained intact. Westwood Low Volatility Equity Fund The performance of the Westwood Low Volatility Equity Fund (the “Fund”) for the periods ended October 31, 2017 was as follows: 2017 Six Months Fiscal Year Westwood Low Volatility Equity Fund (WLVIX)† 3.29% 14.24% Russell 1000 Index1 8.99% 23.67% S&P 500 Index1 9.10% 23.63% † The Low Volatility Equity Fund was formerly known as the Dividend Growth Fund. As of December 30, 2016, the Fund’s principal investment strategy changed. Past performance shown may have differed had the Fund’s current investment strategy been in effect. 1 As of December 30, 2016, in connection with a change in the Fund’s principal investment strategies, the Fund’s benchmark changed from the S&P 500 Index to the Russell 1000 Index. 2


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    THE ADVISORS’ INNER CIRCLE FUND WESTWOOD FUNDS (Unaudited) The performance data quoted represents past performance. Past performance does not guarantee future results. The invest- ment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. The Adviser has contractually agreed to waive fees and reimburse expenses until February 28, 2018. In the absence of current fee waivers, total return and yield would have been reduced. Selection in Materials, Consumer Discretionary and Energy positively contributed to relative performance. Technology stocks such as Microsoft and Apple benefited from strong organic growth and earnings results, as well as from optimism that U.S. tax reform may benefit big multi-national companies who might be able to repatriate their large cash balances cur- rently residing abroad. Defense stocks, such as General Dynamics, rose after the U.S. election on the expectation that the new administration will seek to spend more on defense. Selection in Financials, Health Care and Technology weighed on relative performance. AT&T was pressured from several angles, including aggressive competition in both its wireless and video-related businesses, a scuttled Sprint/T-Mobile merger, and hurdles to AT&T’s proposed acquisition of Time Warner. Hormel Foods declined after its management lowered guid- ance due to unfavorable market conditions in the turkey industry, renewing investors’ fears that competing protein prices, market share issues and higher operating costs will pressure the company’s profit outlook. Despite strong cost takeout ef- forts, General Mills moved lower as the company’s pricing strategy and promotional cadence was less effective than antici- pated. Westwood SMidCap Plus Fund The performance of the Westwood SMidCap Plus Fund (the “Fund”) for the periods ended October 31, 2017 was as follows: 2017 Six Months Fiscal Year Westwood SMidCap Plus Fund (WHGPX) 5.16% 18.28% Russell 2500 Index 7.80% 24.68% The performance data quoted represents past performance. Past performance does not guarantee future results. The invest- ment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. The Adviser has contractually agreed to waive fees and reimburse expenses until February 28, 2018. An underweight and strong stock selection in Real Estate along with favorable stock selection in Materials added to relative performance. Teleflex shares gained as strong organic growth set the stage for management guidance above estimates for the upcoming year and their recent acquisition is an additional potential upside catalyst. Albemarle rose as their lithium busi- ness continued delivering strong growth driven by secular demand for lithium-ion batteries and electric vehicles. Regional banks, including Western Alliance, Wintrust Financial, and Zions Bancorp, saw strong company-specific performance in addition to easing regulatory burdens. Additionally, higher interest rates could be a tailwind looking forward as net interest margins expand, and loan growth improves on the back of strong economic growth. Given their domestic focus, any reduc- tion in corporate taxes could be another incremental positive for the regional banks in terms of earnings and cash flow gen- eration. Negative stock selection in Information Technology and Industrials weighed on relative performance. Energy faced sig- nificant pressures as both crude oil and natural gas prices suffered double-digit declines. Commodity prices responded to the potential for additional supply growth to exceed demand growth, causing an imbalance. This negatively impacted several names, including PDC Energy and Parsley Energy, despite their advantaged cost positions and continued expectations for growth in production and cash flow. Pitney Bowes shares fell as their core North American mailing business, which had been stable, faltered and called into question their ability to offset those declines with a shift into digital offerings. Electronics for Imaging declined as management was forced to delay reporting their quarterly results after determining that there could be an issue with the timing of revenue recognition. J.M. Smucker suffered as investors questioned their ability to offset head- winds faced in their coffee and pet segments in the midst of sluggish topline trends in the industry. 3


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    THE ADVISORS’ INNER CIRCLE FUND WESTWOOD FUNDS (Unaudited) Westwood SMidCap Fund The performance of the Westwood SMidCap Fund (the “Fund”) for the periods ended October 31, 2017 was as follows: 2017 Six Months Fiscal Year Westwood SMidCap Fund (WHGMX) 5.70% 19.83% Russell 2500 Index 7.80% 24.68% The performance data quoted represents past performance. Past performance does not guarantee future results. The invest- ment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. The Adviser has contractually agreed to waive fees and reimburse expenses until February 28, 2018. Strong stock selection in Financials and Real Estate drove relative performance. Teleflex shares gained as strong organic growth set the stage for management guidance above estimates for the upcoming year and their recent acquisition is an additional potential upside catalyst. Albemarle rose as their lithium business continued delivering strong growth driven by secular demand for lithium-ion batteries and electric vehicles. Regional banks, including Western Alliance and Wintrust Financial, saw strong company-specific performance in addition to easing regulatory burdens and improving loan growth. Additionally, higher interest rates could be a tailwind looking forward for net interest margins expanding and any reduction in corporate taxes would also be an incremental positive. Huntington Ingalls rallied as strong demand for additions to the naval fleet supported solid revenue growth and margin improvements, with expectations for future awards remaining strong. Negative stock selection in Information Technology and an overweight in Energy, modestly offset by positive stock selection, weighed on relative performance. Energy faced significant pressures as both crude oil and natural gas prices suffered double-digit declines. Commodity prices responded to the potential for additional supply growth to exceed demand growth, causing an imbalance. This negatively impacted several names including PDC Energy and Parsley Energy, despite their advantaged cost positions and continued expectations for growth in production and cash flow. Electronics for Imaging de- clined as management was forced to delay reporting their quarterly results after determining that there could be an issue with the timing of revenue recognition. Equifax shares moved lower on the announcement of a data breach that saw over a hundred million people affected and subsequent changes in senior management. Middlby Corporation posted earnings re- sults below expectations as timing and order delays impacted their quarter, despite positive outlook commentary from their management team on the future pipeline. Westwood SmallCap Fund The performance of the Westwood SmallCap Fund (the “Fund”) for the periods ended October 31, 2017 was as follows: 2017 Six Months Fiscal Year Westwood SmallCap Fund (WHGSX)† 10.19% 29.71% Russell 2000 Value Index 5.54% 24.81% † The Westwood SmallCap Fund was formerly known as the Westwood SmallCap Value Fund. The performance data quoted represents past performance. Past performance does not guarantee future results. The invest- ment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. The Adviser has contractually agreed to waive fees and reimburse expenses until February 28, 2018. In the absence of current fee waivers, total return and yield would have been reduced. Broadly, the Fund enjoyed positive stock selection particularly in Industrials and Information Technology, which drove rela- tive performance. Novanta moved higher as their shift into secularly growing markets was rewarded after they posted strong top- and bottom-line growth over the last several quarters. Trex Company rose as the company reported strong growth in topline and margins driven by continued share gains for their composite deck products. MKS Instruments rallied on strong 4


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    THE ADVISORS’ INNER CIRCLE FUND WESTWOOD FUNDS (Unaudited) results underpinned by continued demand in the semiconductor equipment industry and faster growth from their acquis- ition, Newport. Comfort Systems gained on strong results, with backlog up over 20% and cash flow ahead of expectations. Management expects the strong market to continue in the commercial building cycle. Omnicell shares rose as their large product transition continued with minimal disruptions so far and they gained shares from competitors based on their new product offering. Negative stock selection in Consumer Staples and Consumer Discretionary weighed on relative performance. Hostess Brands moved lower as several unfavorable developments weighed on shares including slower sales trends in some channels, un- expected management changes, and the recent hurricanes. Electronics for Imaging declined as management was forced to delay reporting their quarterly results after determining that there could be an issue with the timing of revenue recognition. Energy faced significant pressures as both crude oil and natural gas prices suffered double-digit declines. Commodity prices responded to the potential for additional supply growth to exceed demand growth, causing an imbalance. This negatively impacted several names, including Resolute Energy and Callon Petroleum, despite their advantaged cost positions and con- tinued expectations for growth in production and cash flow. Ramco-Gershenson suffered as investor concerns rose for the tenants in their shopping centers given the changing consumer behavior underway impacting the retail industry. Westwood MLP and Strategic Energy Fund The performance of the Westwood MLP and Strategic Energy Fund (the “Fund”) for the periods ended October 31, 2017 was as follows: 2017 Six Months Fiscal Year Westwood MLP and Strategic Energy Fund – (WMLPX) -4.93% -0.65% Alerian MLP Index -11.84% -3.39% The performance data quoted represents past performance. Past performance does not guarantee future results. The invest- ment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. The Adviser has contractually agreed to waive fees and reimburse expenses until February 28, 2018. In the absence of current fee waivers, total return and yield would be reduced. After a surge in energy equity prices in late 2016, the sector has been on a downward trajectory until September of this year due to a volatile commodity price backdrop. West Texas Intermediate Crude oil prices spent most of the past 12 months trading between $42.53 – $54.45 per barrel, as global inventories have been slower than expected to moderate and U.S. crude production began to grow. Recently, crude oil prices have risen above this trading range due to geopolitical develop- ments as well as a growing mantra from energy producers to be more capital disciplined in the future. On the natural gas side, prices were on a roller coaster as a strong early winter drove up prices, only to disappoint early in the new year. Gas production, however, has been more disciplined in 2017 as we head into the current heating season, where prospects for higher prices look more positive. Overall, energy producers and master limited partnerships trailed the S&P 500 and utility indices. For the year ended October 31, 2017, the Fund was up 2.7% on a total return basis compared to the Alerian MLP Index loss of 3.39%. Over the same period, the Philadelphia Utilities Index rose 11.6% and the S&P500 Index rose 21.1%. Softness in crude oil and natural gas pricing together explain the majority of the asset class weakness. We have seen a favor- able shift for many midstream companies, which are emphasizing capital discipline and dividend safety in lieu of pursuing growth. This pursuit of higher returns should be a long-term positive for investors. Furthermore, we continue to see more midstream master limited partnerships restructure their partnerships by retiring general partner incentive distribution rights, which should be another long-term positive for investors. Among our best performers throughout the year have been NextEra Energy Partners and Noble Midstream Partners with returns over 50%. NextEra Energy Partners has benefitted from an incentive distribution right reset and favorable 5


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    THE ADVISORS’ INNER CIRCLE FUND WESTWOOD FUNDS (Unaudited) drop-down purchases from their general partner, which have provided superior economics for the partnership and allowed them to provide guidance further into the future. Noble Midstream Partners continued to execute in excess of expectations and has delivered excellent results in each of the past four quarters. On the negative side, Plains All-American GP was a dis- appointment as management reduced guidance on two separate occasions and eventually reduced the distribution level. We sold the holding before this reduction took place. Whether a company is a midstream service provider, upstream producer or utility, our attention is focused on attractively valued companies with irreplaceable assets, delivering accretive returns and top tier management teams. Our bias remains toward well-capitalized companies with visible growth and limited external financing needs. We look for 2018 to be a piv- otal year for energy commodities as capital discipline across the energy landscape should result in better returns for patient investors. Westwood Income Opportunity Fund The performance of the Westwood Income Opportunity Fund (the “Fund”) for the periods ended October 31, 2017 was as follows: 2017 Six Months Fiscal Year Westwood Income Opportunity Fund – Institutional Shares (WHGIX) 3.25% 9.98% Westwood Income Opportunity Fund – A Class Shares (WWIAX)* 3.12% 9.71% Citigroup 10-Year Treasury Index 0.19% -2.93% Citigroup 3-Month Treasury Bill Index 0.48% 0.71% S&P 500 Index 9.10% 23.63% FTSE NAREIT Index 3.09% 8.23% 25/25/25/25 Blended Benchmark Index** 3.18% 7.07% * Without sales charge ** 25% Citigroup 10-Year Treasury Index, 25% Citigroup 3-Month Treasury Bill Index, 25% S&P 500 Index, 25% FTSE NAREIT Index The performance data quoted represents past performance. Past performance does not guarantee future results. The invest- ment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. The Adviser has contractually agreed to waive fees and reimburse expenses until February 28, 2018. Performance for the period was driven primarily by allocation to Common Stock. Shares of Boeing rallied on strong earnings and cash flow results, as their backlog for new airplanes now stretches out over the next five years. Honeywell was well sup- ported throughout the period with operating strength seen across all of the company’s segments and a new CEO signaling an optimistic outlook in his first year, including better sales of energy-related products. Bank stocks, such as Bank of America, saw strong gains driven by expectations for an improving regulatory backdrop and U.S. corporate tax reform. Despite strong cost takeout efforts, General Mills moved lower as the company’s pricing strategy and promotional cadence was less effective than anticipated. CVS Health declined after management gave disappointing guidance due to two contract losses in their retail pharmacy business, and fears grew that Amazon may look to enter the pharmacy market in some way. Midstream energy players such as Western Gas Partners were weighed down by another high-profile earnings miss from Plains All American Pipeline, as well as lingering concerns over the need for additional equity issuance in the space. 6


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    THE ADVISORS’ INNER CIRCLE FUND WESTWOOD FUNDS (Unaudited) Westwood Worldwide Income Opportunity Fund The performance of the Westwood Worldwide Income Opportunity Fund (the “Fund”) for the periods ended October 31, 2017 was as follows: 2017 Six Months Fiscal Year Westwood Worldwide Income Opportunity Fund (WWIOX) 5.20% 10.37% MSCI World Index 9.50% 22.77% FTSE/EPRA NAREIT Developed Index 2.75% 6.12% Bloomberg Barclays Global Treasury G-7 Index 1.44% -1.58% Citigroup 3-Month Treasury Bill Index 0.48% 0.71% 25/25/25/25 Blended Benchmark Index* 3.51% 6.69% * 25% MSCI World Index, 25% FTSE/EPRA NAREIT Developed Index, 25% Bloomberg Barclays Global Treasury G-7 Index, 25% Citigroup 3-Month Treasury Bill Index. The performance data quoted represents past performance. Past performance does not guarantee future results. The invest- ment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. The Adviser has contractually agreed to waive fees and reimburse expenses until February 28, 2018. In the absence of current fee waivers, total return and yield would be reduced. Performance for the period was driven primarily by allocation to Common Stock. Shares of Boeing rallied on strong earnings and cash flow results, as their backlog for new airplanes now stretches out over the next five years. Keyence continued to post strong results, driven by overseas markets buoyed by improving global growth sentiment and rising capital ex- penditures. Honeywell was well supported throughout the period with operating strength seen across all of the company’s segments and a new CEO signaling an optimistic outlook in his first year, including better sales of energy-related products. Energy-related names, including Kinder Morgan, Occidental Petroleum and Enbridge, saw weakness as both oil and natural gas prices remained volatile and generally depressed. While Japanese Real Estate Investment Trusts (“REITs”) were mod- estly weaker in Yen terms, U.S. Dollar strength over the period accounted for roughly two thirds of the drag to performance in U.S. Dollar terms. Westwood Global Equity Fund The performance of the Westwood Global Equity Fund (the “Fund”) for the periods ended October 31, 2017 was as follows: 2017 Six Months Fiscal Year Westwood Global Equity Fund (WWGEX) 8.42% 18.11% MSCI All Country World Index 10.24% 23.20% The performance data quoted represents past performance. Past performance does not guarantee future results. The invest- ment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. The Adviser has contractually agreed to waive fees and reimburse expenses until February 28, 2018. In the absence of current fee waivers, total return and yield would be reduced. Global equity markets rose as developed economies remained in a “sweet spot” of moderately above-trend growth and be- nign inflation, but the wave of global monetary easing is now receding on the path to normalization. U.S. economic growth has been mediocre, but corporate earnings have been supported by strength in the rest of the world. This “secondhand growth” from the global cycle has remained a major tailwind, given that U.S. large-caps source almost half of their revenues from overseas. Policy uncertainty on tax reform from the Trump administration has remained a 7


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    THE ADVISORS’ INNER CIRCLE FUND WESTWOOD FUNDS (Unaudited) constraint on planned business capital expenditure, while the largest potential downside risk in U.S. equities appears to be valuation. U.S. equities are now trading at almost 30 times cyclically-adjusted earnings, the most expensive level since 1929 and the late 1990s. In Europe, robust growth and favorable politics outweighed the negative impact of a rising euro. Fundamentals remained positive, and forward-looking indicators such as producer and consumer confidence, remained elevated. Gross Domestic Product (“GDP”) growth is expected to reach 2% as corporate earnings are on track to deliver 10-15% growth for the year, driven by margin expansion. Recent political developments have brought some sense of stability to markets, as the trend against nationalistic ambition seems to be gaining momentum. Expectations around future monetary policy will be partic- ularly impactful towards the euro, as European Central Bank (“ECB”) President Mario Draghi has been perceived to be slightly hawkish. The outlook for the Asia-Pacific region remains constructive, notwithstanding the ongoing escalation of threats from North Korea. China rose as the Peoples Bank of China announced on September 30 that “targeted” Reserve Requirement Ratio (“RRR”) cuts will be rewarded to banks for “inclusive financing” of loans that meet certain thresholds, designed to target small businesses. The Chinese government also unveiled a new set of guidelines for outbound investments, easing an earlier crackdown on cross-border transactions. GDP growth reached 6.9% as manufacturing activity (official PMI) increased to 52.4, both exceeding estimates. The outlook for Japan is firming with GDP surprising on the upside, and Australia’s economic is gaining ground. Robust earnings growth estimates, a rise in commodity prices and a flattening USD led to continued outperformance of Emerging Markets (“EM”). EM equity funds saw further inflows as consensus earnings per share growth expectations in EM rose to 21% compared to 13% at the start of the year. Within the portfolio, security selection was the main driver of detraction, while negative country allocation offset positive sector allocation. Allocation to China, Egypt, United States, and Thailand detracted, while Taiwan, South Korea, and France were positive. By sector, Healthcare, Consumer Discretionary and Consumer Staples were the main detractors. In Healthcare, security selection and negative allocation led to detraction, particularly in the pharmaceutical segment. Genomma Lab, Astellas Pharma, and Lannett Company were the highest detractors. Astellas Pharma detracted amid a deteriorating life cycle for its core product portfolio, including slower sales growth for the drug Xtandi in the U.S., and an understocked pipeline. Following successive quarters of earnings misses for Lannett, and a recent acquisition that has failed to deliver incremental value to the company, management execution has been in doubt and we made the decision to exit out of the position. Roche Holding detracted as some of its chemotherapy drugs failed to show significant progress. Consumer Discretionary detracted from security selection despite a positive underweight allocation. Omnicom Group de- tracted from uncertainty in ad spending and competitive pricing pressure from online players, and although the company beat expectations in its latest quarterly results, shares were not immune to a broader industry selloff. Newell Brands de- tracted from production disruption caused by recent hurricanes, and the company posted weaker than expected top-line sales due to lower restocking by retailers. Security selection in food products, and a slight overweight allocation in Consumer Staples led to detraction. Kraft Heinz and Mondelez International continued to face pressure from slower organic sales growth and weak consumption trends as management remains focused on cost savings. Thai Union detracted amid higher input prices, particularly in tuna, while the company has been increasing operational efficiency to achieve higher profitability amid softer sales growth. Japan Tobacco also detracted, while Unilever was positive. Global equity markets continued to advance in a synchronized fashion as economic growth around the world has been under- pinned by a turnaround in export-oriented sectors and manufacturing activity. Trade growth has risen to the highest level since 2011, supported by China’s reacceleration. In the U.S., the outperformance of growth and large-cap stocks and domi- nance of the “FANG” tech stocks—Facebook, Amazon, Netflix, and Google (now Alphabet)—have raised concerns regard- ing concentrated exposure, trading volatility, and downside risk from historically high valuation levels. The recovery across 8


  • Page 11

    THE ADVISORS’ INNER CIRCLE FUND WESTWOOD FUNDS (Unaudited) continental Europe has gained further momentum as the ECB maintains a cautious approach to quantitative easing taper- ing. We continue to focus on the unique attributes of companies with a strong track record of generating economic profits. As long-term investors, we continue to find new ideas for positioning with a focus on fundamental security selection, risk mitigation and diversified exposure to drive portfolio construction. Westwood Emerging Markets Fund The performance of the Westwood Emerging Markets Fund (the “Fund”) for the periods ended October 31, 2017 was as follows: 2017 Six Months Fiscal Year Westwood Emerging Markets Fund – Institutional Shares (WWEMX) 6.31% 12.89% Westwood Emerging Markets Fund – A Class Shares (WWEAX)* 6.09% 12.64% MSCI Emerging Markets Index 16.14% 26.45% * Without sales charge. The performance data quoted represents past performance. Past performance does not guarantee future results. The invest- ment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. The Adviser has contractually agreed to waive fees and reimburse expenses until February 28, 2018. Robust earnings growth estimates, a rise in commodity prices and a flattening USD led to continued outperformance of Emerging Markets (“EM”). EM equity funds saw further inflows as consensus earnings per share growth expectations in EM rose to 21% compared to 13% at the start of the year. In Asia, China rose following the 19th Communist Party Congress as President Xi Jinping laid out his vision for his second term. The targeted Reserve Requirement Ratio (“RRR”) cut announced in September and a stable Q3 Gross Domestic Prod- uct (“GDP”) headline of 6.8% eased concerns of a domestic slowdown. India advanced as the government sought to stim- ulate the economic recovery by recapitalizing state banks and approving infrastructure investment. South Korea outperformed, driven by strong Q3 GDP of 3.6% along with subsiding political tensions both domestically and across the Korean peninsula. Taiwan gained as firms benefitted from strong pre-orders for Apple iPhone X, while Thailand rose in an- ticipation of a resumption in economic activity following the period of mourning. The EMEA region (“Europe, the Middle East and Africa”) was led by Poland and Hungary, amid further progress in the economic recovery in Europe Market expectations of European Central Bank (“ECB”) quantitative easing tapering and re- vival of growth in the Eurozone led to a stronger Euro. Russia benefited from tailwinds from higher gas prices. Currency appreciation helped to further gains in Turkey and South Africa. Unemployment showed signs of stabilization in Turkey as industrial production rose year over year, but a sharp depreciation in the lira (-6%) occurred as worsening relations with U.S. and Germany threatened the country’s funding sources. In South Africa, the Reserve Bank kept its benchmark repo rate unchanged at 6.75% following a previous rate cut, the first in five years, as the economy struggles out of recession. Latin America lagged amid concerns over NAFTA (“North American Free Trade Agreement”) renegotiations in Mexico and potential easing in monetary support in Brazil. Lower interest rates, rising growth expectations, improving earnings mo- mentum and increased attractiveness of equities over local bonds attracted investors to invest in Brazil. The dismissal of cor- ruption charges against President Temer reinvigorated hopes of further reform measures, while privatization plans to reduce the growing government deficit boosted investor confidence. Peru and Chile benefitted from a surge in copper prices, while the latter country saw favorable prospects for market-friendly candidate Pinera in the latest polls. Within the Fund, security selection was the main detractor while country and sector allocation was also negative. In- formation Technology, Consumer Staples, and Utilities led detraction. At the country level, exposure to China/HK, South Korea, Indonesia, and Mexico detracted, while India, Taiwan and Peru were positive. 9


  • Page 12

    THE ADVISORS’ INNER CIRCLE FUND WESTWOOD FUNDS (Unaudited) Information Technology detracted primarily from security selection, and underweight allocation, particularly as the sector has become heavily concentrated in a few Chinese internet stocks. The Fund’s underweight allocation to Samsung Elec- tronics, relative to the benchmark, detracted as the company’s growing earnings momentum and strong free cash flow gen- eration so far this year is expected to support a more favorable shareholder return policy going forward, particularly as corporate governance concerns begin to wane. Lenovo remained a detractor from persistent challenges in the mature personal computer (“PC”) business, however, other potential developments within the company’s portfolio may be catalysts for upside, including gains in mobile handsets and/or the continued restructuring of the data center and server businesses. Contributors in the sector included ASM Pacific, Largan Precision, and Tripod Technology in Taiwan. In Consumer Staples, overweight allocation and security selection led to detraction, led by Kimberly-Clark de Mexico. The company reported disappointing Q3 earnings due to a challenging operating environment from currency volatility (peso) and cost headwinds. British American Tobacco Malaysia detracted amid rising uncertainty on volumes and near-term earn- ings, as the Malaysian government implements a further crackdown on contraband and counterfeit cigarettes. Other de- tractors included seafood processor Thai Union Group and Mexico-based FEMSA. CT Environmental Group was the main detractor in Utilities, following disappointing performance results, and recent vola- tility in profits has raised investor concerns on earnings quality and outlook. While the structural thesis of environmental regulation and growing commercial demand remain valid, we continue to monitor developments at the company level, particularly with respect to management execution. Other detractors included PT Perusahaan Gas in Indonesia as volumes continue to disappoint amid regulatory uncertainty. The outperformance of Emerging Markets (“EM”) space continues to be supported by improving fundamentals as overall GDP growth in EM has reached a multi-year high of 5%. Consumer incomes and spending levels have risen while manu- facturing output and industrial production have been robust due to global export growth and simulative fiscal and monetary policies domestically. The current macro environment of growth resumption and benign inflation, combined with increased efficiencies achieved by companies during the recent downturn, should allow for potential upside in EM. Valuations remain attractive based on diminishing risk premiums and positive earnings revisions from rising top line growth and operational efficiencies, but investors should be aware of potential risk and volatility in such areas as the Chinese internet segment, where heavy concentration and exuberant expectations could possibly lead to a precipitous downfall. As long-term investors, we continue to maintain a bottom-up approach, seeking companies with a proven track record of economic profit gen- eration, as risk mitigation remains prevalent throughout our disciplined investment process and Fund positioning. Westwood Short Duration High Yield Fund The performance of the Westwood Short Duration High Yield Fund (the “Fund”) for the periods ended October 31, 2017 was as follows: 2017 Six Months Fiscal Year Westwood Short Duration High Yield Fund – Institutional Shares (WHGHX) 2.02% 5.27% Westwood Short Duration High Yield Fund – A Class Shares (WSDAX)* 1.89% 5.01% ICE BofA Merrill Lynch U.S. High Yield Index† 3.45% 9.14% * Without sales charge. † The Intercontinental Exchange BofA Merrill Lynch U.S. High Yield Index is provided solely as a relative market indicator. The Westwood Short Duration High Yield Fund is not a benchmarked product. The performance data quoted represents past performance. Past performance does not guarantee future results. The invest- ment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. The Adviser has contractually agreed to waive fees and reimburse expenses until February 28, 2018. In the absence of current fee waivers, total return and yield would be reduced. 10


  • Page 13

    THE ADVISORS’ INNER CIRCLE FUND WESTWOOD FUNDS (Unaudited) Over last twelve months ended October 31, 2017, risks assets were driven higher by increasingly improving U.S. economic data, the strongest corporate earnings in the last five years, falling default rates, optimism surrounding a pro-growth agenda and increasing rollback of regulations by the new administration. Equity prices continually reached record highs, while high yield market returns exceeded expectations. Remarkably strong returns also looked past increasing geopolitical tensions across the globe, terrorist attacks both domestic and international, at times legislative gridlock in Washington, the beginning of the Federal Reserve’s balance sheet normalization and a flattening interest rate yield curve with all points higher. Less a driver of the overall high yield market, but still influential, WTI (“West Texas Intermediate”) Crude oil prices fluctuated during the period with a low $42.53 per barrel and a high of $54.45, ending the period at $54.38. The U.S. Dollar Index declined 3.95% and the yield curve flattened with the 2-year Treasury up 75 basis points (“bps”) to 1.60% and the 10-year higher by 55 bps to 2.38%. During the period, the ICE BofA Merrill Lynch (“BofAML”) U.S. High Yield Index returned 9.14%, credit spreads decreased by 141 (basis points) bps to 345 bps, and the average yield-to-worst was lower by 0.82% to 5.44%. High yield out- performed investment grade corporates, as represented by the ICE BofAML U.S. Corporate Index’s 3.54% return, but underperformed large and small cap equities as represented by the S&P 500’s 23.62% return and the Russell 2000 Index’s 27.82%. In high yield, performance was positive across credit qualities, with BB, B, and CCC returning 7.7%, 9.1% and 14.6%, respectively. Performance was positive across all sectors as well, with Transportation as the top performer with a 16.98% return, while Retail was the bottom performer, returning 1.28%. The Westwood Short Duration High Yield Fund’s Institutional Shares posted a net-of-fees return of 5.27% for the twelve- month period ended October 31, approximating the current income for the period and capturing nearly 60% of the broader high yield market return (as measured by the ICE BofAML U.S. High Yield Index). From a sector standpoint, all sectors posted positive returns for the period, led by Energy and Basic Industry which together contributed more than one third of the one year return, while Retail and Telecom lagged. By rating, Triple-Cs were the top-performing ratings group, followed by Single-Bs and then Double-Bs. The Fund had an average coupon of 6.69%, a yield-to-worst of almost 80% of the broad yield market and over 45% of the market duration-to-worst. Exclusive of cash, Fund holdings (352 issues, representing 261 issuers) comprised 32% bonds with maturities of less than three years and 68% in longer maturities but trading to expected early take-outs inside this three-year period. We continue to believe that companies will proactively refinance debt ahead of stated maturities to capture the favorable interest rate environment that the new issue market still offers. We believe the Fund is well positioned to take advantage of potential volatility associated with changing geopolitical risks and rising interest rates considering the large amount of front-end maturities and expected near-term calls currently held in the portfolio. This helps to dampen duration extension risk and also provides cash which can be reinvested at prevailing market rates. We expect to continue to benefit from security selection and portfolio diversification, and will use market vola- tility to opportunistically add attractively priced positions to the Fund. Westwood Opportunistic High Yield Fund The performance of the Westwood Opportunistic High Yield Fund (the “Fund”) for the periods ended October 31, 2017 was as follows: 2017 Six Months Fiscal Year Westwood Opportunistic High Yield Fund – Institutional Shares (WWHYX) 3.01% 8.57% Westwood Opportunistic High Yield Fund – Ultra Shares (WHYUX) 3.07% 8.69% ICE BofA Merrill Lynch U.S. High Yield Index 3.45% 9.14% The performance data quoted represents past performance. Past performance does not guarantee future results. The invest- ment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. The Adviser has contractually agreed to waive fees and reimburse expenses until February 28, 2018. In the absence of current fee waivers, total return and yield would be reduced. 11


  • Page 14

    THE ADVISORS’ INNER CIRCLE FUND WESTWOOD FUNDS (Unaudited) Over last twelve months ended October 31, 2017, risk assets were driven higher by increasingly improving U.S. economic data, the strongest corporate earnings in the last five years, falling default rates, optimism surrounding a pro-growth agenda and increasing rollback of regulations by the new administration. Equity prices continually reached record highs, while high yield market returns exceeded expectations. Remarkably strong returns also looked past increasing geopolitical tensions across the globe, terrorist attacks both domestic and international, at times legislative gridlock in Washington, the beginning of the Federal Reserve’s balance sheet normalization and a flattening interest rate yield curve with all points higher. Less a driver of the overall high yield market, but still influential, WTI “(West Texas Intermediate”) Crude oil prices fluctuated during the period with a low $42.53 per barrel and a high of $54.45, ending the period at $54.38. The U.S. Dollar Index declined 3.95% and the yield curve flattened with the 2-year Treasury up 75 basis points (“bps”) to 1.60% and the 10-year higher by 55 bps to 2.38%. During the period, the ICE BofA Merrill Lynch (“BofAML”) U.S. High Yield Index returned 9.14%, credit spreads decreased by 141 bps to 345 bps, and the average yield-to-worst was lower by 0.82% to 5.44%. High yield outperformed investment grade corporates, as represented by the ICE BofAML U.S. Corporate Index’s 3.54% return, but underperformed large and small cap equities as represented by the S&P 500’s 23.62% return and the Russell 2000 Index’s 27.82%. In high yield, per- formance was positive across credit qualities, with BB, B, and CCC returning 7.7%, 9.1% and 14.6%, respectively. Performance was positive across all sectors as well, with Transportation as the top performer with a 16.98% return, while Retail was the bottom performer, returning 1.28%. The Westwood Opportunistic High Yield Fund posted a strong return for the one year period ended October 31, out- performing the benchmark on a gross-of-fees basis but underperforming net of fees. By risk type (defined by duration and yield to worst) overall allocation and security selection were positive contributors to relative performance. The primary driv- ers of outperformance were security selection within the shortest duration, more defensive and the better quality, more rate sensitive parts of the market. This was partially offset by weak selection in the most speculative part of the market. By sec- tor, strong selection in Services and Media as well as an underweight to the bottom-performing Retail sector were drivers of outperformance partially offset by weak selection in speculative Energy. We have maintained a consistent view of the market risks and opportunities for the last several months and have as a result, held our risk positioning constant. While a variety of geopolitical risks remain, markets have benefitted from the strongest corporate earnings growth in the last five years and the default rate has fallen from the peak reached early in 2017. We be- lieve further spread compression is possible absent a general spike in risk premiums from a risk that is currently under- appreciated in the market. Interest rate expectations seem to be rising, though in our view not meaningfully enough to derail the most rate and spread sensitive parts of the market. We expect high yield issuance to remain tilted towards better quality and refinancing, but generally be demand driven and sensitive to fund flows. Our conviction that fundamentals will continue to improve and high yield defaults have peaked remains high and the strongest driver of portfolio positioning. However, while corporate fundamentals are strong, we believe we are generally not being paid to take “equity-like” risk at current market levels due to the underlying secular and/or cyclical changes that much of the remaining higher-yielding part of the market faces. Based on our view of risks and valuations across the market, we continue to believe Single-B rated credit offers the best opportunity for attractive returns through credit picking. We continue to look for opportunities to benefit from credit picking among the higher-yielding segments of the market although remain underweight this segment. We believe the Fund continues to be well positioned for the current market environment. We have moderated our under- weight to the better quality, more spread sensitive segment of the market such that we have reached our target positioning. We continue to look for opportunities to benefit from credit picking among the higher-yielding segments of the market al- though remain underweight this segment. 12


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    THE ADVISORS’ INNER CIRCLE FUND WESTWOOD FUNDS (Unaudited) Westwood Market Neutral Income Fund The performance of the Westwood Market Neutral Income Fund (the “Fund”) for the periods ended October 31, 2017 was as follows: 2017 Six Months Fiscal Year Westwood Market Neutral Income Fund – Institutional Shares (WMNIX) 0.40% 2.16% Westwood Market Neutral Income Fund – Ultra Shares (WMNUX) 0.50% 2.31% Citigroup 1-Month Treasury Bill Index 0.45% 0.67% The performance data quoted represents past performance. Past performance does not guarantee future results. The invest- ment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. The Adviser has contractually agreed to waive fees and reimburse expenses until February 28, 2018. In the absence of current fee waivers, total return and yield would be reduced. Over the past year, liquid alternatives as an investment strategy provided steady, albeit uninspiring performance. Low levels of market volatility, while helpful to most risk asset classes, proved a headwind to strategies focused on relative value and non-correlated returns. During the twelve months ended October 31 2017, the Credit Suisse Liquid Alternatives Beta Index rose 4.83%, while the IQ Hedge Market Neutral Tracker ETF gained only 0.45% over the same period. The Fund had solid performance during the year, returning 2.16%. The continued low levels of volatility seen in the mar- kets does not provide an ideal environment for the Fund’s strategies, but the Fund continues to maintain the uncorrelated, market neutral characteristic that is its hallmark. In the final quarter of the Fund year, for example, the Fund posted pos- itive daily returns during the four largest decline days of the S&P 500. Both of the two major strategies of the Fund, short-duration yield and convertible arbitrage, provided positive returns dur- ing the year, while the Fund experienced a drag as a result of the cost of macro hedging strategies. Income generated through option writing strategies also provided a modest benefit to Fund investors during the period, as an additional means of monetizing underlying stock volatility. The short duration income portion of the Fund benefited somewhat from tightening credit spreads throughout the year, though the majority of gains were from interest income and accretion towards par of short-dated convertibles nearing ma- turity. The opportunity set in this strategy remains robust, as maturing short-dated Asian convertibles have been replaced by convertibles from U.S. and European based companies which mature in the 2018—2020 timeframe. U.S. short duration yield convertibles remain a significant part of the book, with some focus on mortgage REITs and other high-quality specialty finance issuers. The short duration book remains at an approximate 60% allocation in the Fund overall, though this may fluctuate modestly in the coming year to the extent that arbitrage opportunities avail themselves in the event of increased market volatility. The results of the arbitrage portion of the Fund reflect the continued ability of the Fund to profit from volatility of in- dividual stocks despite the market backdrop, which is one of cyclically and secularly low volatility. The Fund continues to harvest gamma within convertibles by actively adjusting delta hedges in many positions; this aspect of Fund returns will benefit from any sustained increase in market volatility. The strategy also has benefitted from a richening of certain posi- tions, either due to improving credit fundamentals or simply an inevitable pull towards fair value in cases where we have identified convertibles which are mispriced by the market. Also, it is worth noting, convertible valuation is positively im- pacted by increasing levels of volatility. The long-dated options embedded within the convertible bond structure make it so that convertibles are one of very few investible asset classes which will absolutely benefit from a return of market volatility. This benefit will be seen in the convertible arbitrage strategy. While a small aspect of the Fund during the period, income generation through option writing continued to provide a pos- itive benefit for returns. We continue to view this ability as a potential means of enhancing returns of the Fund, by monetiz- ing underlying stock volatility in a low-risk manner. 13


  • Page 16

    THE ADVISORS’ INNER CIRCLE FUND WESTWOOD FUNDS (Unaudited) The Fund’s tail hedging strategy was a drag on performance over the full year period, the result of low and falling market volatility combined with an upward trending equity market and tight credit spreads. This suppressed volatility regime typi- cally results in most macro hedges expiring out of the money, and it also lowers the ability of the Fund to monetize and adjust such hedges in response to market moves. Offsetting this somewhat is that the cost of such hedges naturally declines as well in such a low volatility market, meaning that there is a relatively low cost of protection vs the potential for an unforeseen market event. This strategy remains crucial to a true “market neutral” strategy, as we utilize these hedges to remove residual market risks, be they equity or credit related, from the underlying portfolio. This Fund continues to utilize all of its strategies in an attempt to provide a reasonable return in the form of a liquid portfo- lio of securities, one which intends to limit correlation with the broader equity and fixed income markets. With a market neutral income strategy, we intend to offer a positive absolute return for Fund investors regardless of shifts in global market expectations, and to provide a ballast within a larger asset allocation strategy in a shifting and potentially more volatile global investing landscape. Westwood Strategic Convertibles Fund The performance of the Westwood Strategic Convertibles Fund (the “Fund”) for the periods ended October 31, 2017 was as follows: 2017 Six Months Fiscal Year Westwood Strategic Convertibles Fund (WSGCX)† 2.96% 9.53% Thomson Reuters U.S. Focus Convertible Bond Index1 4.45% 13.16% Thomson Reuters Global Focus Convertible Bond Index1 4.38% 8.65% † Formerly, Westwood Strategic Global Convertibles Fund. 1 As of July 31, 2017, in connection with a change in the Fund’s principal investment strategies, the Fund’s benchmark changed from the Thomson Reuters Global Focus Convertible Bond Index to the Thomson Reuters U.S. Focus Convertible Bond Index. The performance data quoted represents past performance. Past performance does not guarantee future results. The invest- ment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. The Adviser has contractually agreed to waive fees and reimburse expenses until February 28, 2018. In the absence of current fee waivers, total return and yield would be reduced. The global convertible bond market performed well in the twelve month period ended October 31, 2017, aided by continued strength in global equity markets as well as healthy fixed income markets. The Thomson Reuters U.S. Focus Convertible Bond Index gained 13.16% and the Thomson Reuters Global Focus Convertible Bond Index gained 8.65% for the fiscal year. The return for convertibles naturally lagged the strong results of equities, with the MSCI World Index up a remarkable 22.77% over the same period. Fund performance was ahead of the Thomson Reuters Global Focus Convertible Bond Index during the period, with a total return, net of fees, of 9.53%. The main driver of relative outperformance was security selection, the result of the Fund’s bottom-up focus in portfolio construction. Top down factors aided performance during the period, as a tactical overweight position in the U.S. and Asia regions proved beneficial, as did being overweight delta in Europe. The Fund’s delta position, or sensitivity to global equity markets, was above that of the Thomson Reuters Global Focus Con- vertible Bond Index during the period. This positioning has been beneficial given the strength in global equity markets. By re- gion, U.S. Delta was slightly below the market, while the Asian delta was somewhat higher that of the index. The Fund was significantly overweight delta in the European region due mainly to security selection, as many index securities in this region have low deltas and are overvalued, resulting in poor convexity of returns versus the underlying equity. The Fund has found better risk/reward with higher delta convertibles, and this positioning has largely proven beneficial to investors in the Fund. Security selection relative to the index was strong during the period, and the active share of the Fund remains quite high. The positive performance of underlying positions was broad based from a sector perspective, with noted outperformance in the Financials, Industrials, and Health Care sectors. The only significant laggard from a sector selection perspective was Technology. Security selection by region was uniformly positive, mostly notably in Europe and the U.S. 14


  • Page 17

    THE ADVISORS’ INNER CIRCLE FUND WESTWOOD FUNDS (Unaudited) The benefit of an index agnostic, bottom-up approach can be seen in the results. SAF-Holland convertibles were the top con- tributor to overall Fund performance during the year, as the German industrial concern performed admirably, as did its convertibles, which were not part of the index. LendingTree, a U.S. consumer financial tech firm, was another off-index contributor to returns. Even in the case of convertibles which are in the benchmark index, the Fund will typically have a substantially different weight, such as in the case of Square Inc. and Qiagen N.V., which were top contributors as significant overweight positions versus the benchmark. The Fund had several positions which detracted from performance in the year. Dish Network was the largest absolute loss for the Fund, and to a lesser extent Steinhoff International, Sony Corp, and Asia View, Ltd. On a relative basis, the Fund suffered from avoidance of several benchmark securities, mainly technology names such as Altaba Inc., Micron Technology Inc., Intel Corp, and Advanced Micro Devices. Current positioning remains overweight delta, and somewhat overweight both the U.S. and Asia regions. We plan to con- tinue to hold a higher delta position versus benchmark in Europe, which somewhat offsets our underweight to the region. While we remain cognizant of positioning, our overall portfolio will continue to be guided by bottom-up security selection, the convexity of the convertibles, and the attractiveness of the underlying equities. We remain cautiously bullish on global stock markets, balancing the generally high valuations of equities against a clearly healthy macroeconomic backdrop. We see convertibles as a constructive way to strike a balance in this environment, positioned to benefit from further equity appreciation, while providing safety from the bond characteristics in the event that markets correct. Thank you for your continued trust. Sincerely, The Investment Team The Westwood Funds S&P Ratings are a grade given to bonds that indicate their credit quality. S&P give ratings after evaluating a bond issuer’s financial strength, or it’s the ability to pay a bond’s principal and interest in a timely fashion. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest). The information contained herein represents the views of the manager at a specific point in time and is based on information believed to be reliable. No representation or warranty is made concerning the accuracy or completeness of any data compiled herein. Any statements non-factual in nature constitute only current opinion, which is subject to change. Any statements concerning financial market trends are based on current market conditions, which will fluctuate. Past performance is not indicative of future results. All information provided herein is for informational purposes only and is not intended to be, and should not be interpreted as, an offer, solicitation, or recommendation to buy or sell or otherwise invest in any of the securities/sectors/countries that may be mentioned. Investing involves risk including possible loss of principal. To determine if a Fund is an appropriate investment for you, carefully consider the Fund’s investment objectives, risk factors, charges, and expenses before investing. This and other information can be found in the Fund’s prospectus, which may be obtained by calling 1-877-386-3944. Read the prospectus carefully before investing or sending money. Mutual fund investing involves risk, including possible loss of principal. There can be no assurance that the Portfolio will achieve its stated objectives. Bonds and bond funds will decrease in value as interest rates rise. Portfolio holdings are subject to change and should not be considered a recommendation to buy individual securities. In addition to the normal risks associated with investing, bonds and bond funds are subject to interest rate risk and will de- cline in value as interest rates rise. High Yield bonds are highly speculative and carry a greater degree of risk. Investments in smaller companies typically exhibit higher volatility. International investments may involve risk of capital loss from unfavorable fluctuation in currency values, from differences in gen- erally accepted accounting principles, or from social, economic, or political instability in other nations. A company may reduce or eliminate its dividend, causing losses to the Fund. Asset allocation does not guarantee against loss. There are specific risks inherent in small cap investing such as greater share price volatility as compared to other funds that invest in stocks of companies with larger and potentially more stable market capitalizations. Emerging markets involve heightened risks related to the same factors as well as increased volatility and lower trading volume. Several of the Funds may use de- rivatives. The primary risk of derivative instruments is that changes in the market value of securities held by the Fund and of the derivative instruments relating to those securities may not be proportionate. Derivatives are also subject to illiquidity and counterparty risk. In addition, REIT investments are subject to the changes in economic conditions, credit risk, and interest rate fluctuations. Diversification does not protect against market loss. The Westwood Funds are distributed by SEI Investments Distribution Co., which is not affiliated with the Advisor or any other affiliate. 15


  • Page 18

    THE ADVISORS’ INNER CIRCLE FUND Definition of the Comparative Indices & Key Terms Alerian MLP Index is the leading gauge of large and mid-cap energy Master Limited Partnerships (MLPs). The float-adjusted, capitalization-weighted index, includes 50 prominent companies and captures approximately 75% of available market capitalization. Bloomberg Barclays Global Credit Index is an unmanaged index composed investment grade and high yield credit securities from the Multiverse Index represented in U.S. Dollars on a total return and unhedged basis. The Multiverse Index is the merger of two index groups; the Global Aggregate Index and the Global High Yield Index. The index includes dividend and interest. Bloomberg Barclays Global G-7 Treasury Index tracks fixed-rate, local currency government debt of the US, Germany, UK, Italy, France, Canada and Japan. The index represents the treasury sector of the Barclays Global Aggregate Index and contains issues from the G7 countries denominated in 5 currencies. Beta is a measure of the volatility, or systematic risk, of a security or a portfolio in comparison to the market as a whole. Beta is used in the capital asset pricing model (CAPM), which calculates the expected return of an asset based on its beta and expected market returns. Citigroup 1-Month Treasury Bill Index is a market value-weighted index of public obligations of the U.S. Treasury bills with maturities of one month. The Index reflects no deduction for fees, expenses or taxes. Citigroup 3-Month Treasury Bill Index is an unmanaged index composed of three-month Treasury bills. Citigroup 10-Year Treasury Index is an unmanaged index composed of ten-year Treasury bonds and notes. Credit Suisse Liquid Alternatives Beta Index reflects the combined returns of the individual Liquid Alternative Beta strategy indices – Long/Short, Event Driven, Global Strategies, Merger Arbitrage and Managed Futures – weighted according to their respective strategy weights in the Credit Suisse Hedge Fund Index. Delta is the ratio comparing the change in the price of the underlying asset to the corresponding change in the price of a derivative. Duration to Worst is the duration of a bond computed using the bond’s nearest call date or maturity, whichever comes first. FTSE NAREIT Index is an unmanaged capitalization-weighted index that includes all tax qualified REITs listed in the New York Stock Exchange, the NASDAQ National Market System and the American Stock Exchange. FTSE/EPRA NAREIT Developed Index is a capitalization-managed index that tracks the performance of listed real estate companies and REITs worldwide. ICE BofA Merrill Lynch U.S. Corporate Index tracks the performance of U.S. dollar denominated investment grade corporate debt pub- licly issued in the US domestic market. Qualifying securities must have an investment grade rating(based on an average of Moody’s, S&P and Fitch) and an investment grade rated country of risk (based on an average of Moody’s, S&P and Fitch foreign currency long-term sovereign debt ratings). In addition, qualifying securities must have at least one year remaining term to final maturity, a fixed coupon schedule, and a minimum amount outstanding of $250 million. ICE BofA Merrill Lynch U.S. High Yield Index tracks the performance of U.S. dollar denominated below investment grade corporate debt publicly issued in the U.S. domestic market. Qualifying securities must have a below investment grade rating (based on an average of Moody’s, S&P, and Fitch) and an investment grade rated country of risk (based on an average of Moody’s, S&P and Fitch foreign cur- rency long-term sovereign debt ratings). Benchmark returns do not reflect any management fees, transaction costs, or expenses. Investors cannot invest directly in an index. IQ Hedge Market Neutral Trade ETF seeks to track, before fees and expenses, the performance of the IQ Hedge Market Neutral Index. Market Neutral hedge funds typically invest in both long and short positions in asset classes while minimizing exposure to systematic risk. These strategies seek to have a zero “beta” (or “market”) exposure to one or more systematic risk factors including the overall market (as represented by the S&P 500 Index), economic sectors or industries, market cap, region and country. 16


  • Page 19

    THE ADVISORS’ INNER CIRCLE FUND MSCI World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market perform- ance of developed markets. The MSCI World Index consists of the following 23 developed market country indexes: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom, and the United States. MSCI All Country World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity mar- ket performance of developed and emerging markets. The MSCI ACWI consists of 45 country indices comprising 24 developed and 21 emerging market country indices. The developed market country indices included are: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom and the United States. The emerging market country indices included are: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Morocco, Peru, Philippines, Poland, Rus- sia, South Africa, Taiwan, Thailand, and Turkey. MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market perform- ance of emerging markets. The MSCI Emerging Markets Index consists of the following 21 emerging market country indices: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Morocco, Peru, Philippines, Poland, Rus- sia, South Africa, Taiwan, Thailand, and Turkey. Russell 1000 Value Index measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower fore- casted growth values. Russell 2000 Index is an index measuring the performance approximately 2,000 small-cap companies in the Russell 3000 Index, which is made up of 3,000 of the biggest U.S. stocks. The Russell 2000 serves as a benchmark for small-cap stocks in the United States. Russell 2000 Growth Index measures the performance of the small-cap growth segment of the U.S. equity universe. It includes those Russell 2000 companies with higher price-to-book ratios and higher forecasted growth values. The Russell 2000 Growth Index is con- structed to provide a comprehensive and unbiased barometer for the small-cap growth segment. The Index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small-cap opportunity set and that the represented companies continue to reflect growth characteristics. Russell 2000 Value Index measures the performance of those Russell 2000 Index companies with lower price-to-book ratios and lower forecasted growth values. Russell 2500 Index measures the performance of the 2,500 smallest companies in the Russell 3000 Index, which represents approx- imately 16% of the total market capitalization of the Russell 3000 Index. Russell 3000 Index is a market capitalization weighted equity index maintained by the Russell Investment Group that seeks to be a benchmark of the entire U.S. stock market. More specifically, this index encompasses the 3,000 largest U.S.-traded stocks, in which the underlying companies are all incorporated in the U.S. S&P 500 Index is an unmanaged capitalization-weighted index of 500 stocks designed to measure performance of the broad domestic stock market through changes in the aggregate market value of 500 stocks representing all major industries. Thompson Reuters Global Focus Convertible Bond Index measures the size and performance of the convertibles asset class, and is one of the most widely used convertible bond benchmark internationally. It is a market capitalization-weighted, total-return index. They do not impose any currency, regional or sectoral weights, and do not have a fixed number of constituents. Thompson Reuters U.S. Focus Convertible Bond Index represents the convertible asset class with a U.S. region concentration, target- ing larger convertibles. It is limited in number of constituents to ensure breadth and manageability. USD is the United States Dollar Yield to Worst is the lowest potential yield that can be received on a bond without the issuer actually defaulting. 17


  • Page 20

    THE ADVISORS’ INNER CIRCLE FUND WESTWOOD LARGECAP VALUE FUND (Unaudited) Growth of a $10,000 Investment AVERAGE ANNUAL TOTAL RETURN* FOR PERIOD ENDED OCTOBER 31, 2017 One Year Three Year Five Year Ten Year Annualized Return Return Return Return Inception to Date* Institutional Shares 22.00% 8.98% 13.51% 5.80% 7.58% A Class Shares with sales charge 15.77% 6.89% 12.10% N/A 5.60% A Class Shares without sales charge 21.83% 8.74% 13.25% N/A 6.15% Russell 1000 Value Index 17.78% 7.99% 13.48% 5.99% 7.27% $18,000 $17,893 $17,577 $16,000 $14,000 $12,000 $10,000 $8,000 $6,000 10/31/07 10/31/08 10/31/09 10/31/10 10/31/11 10/31/12 10/31/13 10/31/14 10/31/15 10/31/16 10/31/17 Westwood Large Cap Value Fund, Russell 1000 Value Index Institutional Shares * Institutional Shares commenced operations on June 28, 2006. A Class Shares commenced operations on December 31, 2007. The Russell 1000 Value Index annualized inception to date is since June 28, 2006. The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. There are no assurances that the Fund will meet its stated objectives. The Fund’s holdings and allocations are subject to change because it is actively managed and should not be considered recommendations to buy individual securities. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index. The graph is based on Institutional Shares. Performance for A Class Shares would have been lower because it is subject to a maximum front-end sales charge of 5.00% and additional annual distribution expenses of 0.25%. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. If the Adviser had not limited certain expenses, the Fund’s total return would have been lower. See definition of comparative indices on pages 16 and 17. 18


  • Page 21

    THE ADVISORS’ INNER CIRCLE FUND WESTWOOD LOW VOLATILITY EQUITY FUND (Unaudited) Growth of a $10,000 Investment AVERAGE ANNUAL TOTAL RETURN FOR PERIOD ENDED OCTOBER 31, 2017* One Year Three Year Five Year Ten Year Return Return Return Return Institutional Shares 14.24% 6.42% 11.45% 6.70% Russell 1000 Index1 23.67% 10.58% 15.18% 7.61% S&P 500 Index1 23.63% 10.77% 15.18% 7.51% $22,000 $20,818 $20,638 $20,000 $19,132 $18,000 $16,000 $14,000 $12,000 $10,000 $8,000 $6,000 $4,000 10/31/07 10/31/08 10/31/09 10/31/10 10/31/11 10/31/12 10/31/13 10/31/14 10/31/15 10/31/16 10/31/17 Westwood Low Volatility Equity Fund, Institutional Class Russell 1000 Index S&P 500 Index * Total return for periods prior to February 5, 2011 represent the performance of the McCarthy Multi-Cap Stock Fund (the “Predecessor Fund”), which reorganized into the Fund on February 5, 2011. The Predecessor Fund’s performance has not been adjusted to reflect the lower net expenses of the Fund. The Predecessor Fund’s past performance does not necessarily indicate how the Fund will perform in the future. 1 As of December 30, 2016, in connection with a change in the Fund’s principal investment strategies, the Fund’s benchmark changed from the S&P 500 Index to the Russell 1000 Index. The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. There are no assurances that the Fund will meet its stated objectives. The Fund’s holdings and allocations are subject to change because it is actively managed and should not be considered recommendations to buy individual securities. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. If the Adviser had not limited certain expenses, the Fund’s total return would have been lower. See definition of comparative indices on pages 16 and 17. 19


  • Page 22

    THE ADVISORS’ INNER CIRCLE FUND WESTWOOD SMIDCAP PLUS FUND (Unaudited) Growth of a $10,000 Investment AVERAGE ANNUAL TOTAL RETURN FOR PERIOD ENDED OCTOBER 31, 2017* One Year Three Year Five Year Annualized Return Return Return Inception to Date* Institutional Shares 18.28% 5.93% 12.09% 8.84% Russell 2500 Index 24.68% 9.58% 14.45% 11.42% $22,000 $20,412 $20,000 $18,000 $17,479 $16,000 $14,000 $12,000 $10,000 $8,000 $6,000 3/28/11 10/31/11 10/31/12 10/31/13 10/31/14 10/31/15 10/31/16 10/31/17 Westwood SMidCap Plus Fund, Russell 2500 Index Institutional Shares * Commenced operations on March 28, 2011. The Russell 2500 Index annualized inception to date is since March 28, 2011. The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. There are no assurances that the Fund will meet its stated objectives. The Fund’s holdings and allocations are subject to change because it is actively managed and should not be considered recommendations to buy individual securities. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. If the Adviser had not limited certain expenses, the Fund’s total return would have been lower. See definition of comparative indices on pages 16 and 17. 20


  • Page 23

    THE ADVISORS’ INNER CIRCLE FUND WESTWOOD SMIDCAP FUND (Unaudited) Growth of a $10,000 Investment AVERAGE ANNUAL TOTAL RETURN FOR PERIOD ENDED OCTOBER 31, 2017 One Year Three Year Five Year Ten Year Return Return Return Return Institutional Shares 19.83% 5.88% 11.50% 7.84% Russell 2500 Index 24.68% 9.58% 14.45% 8.08% $22,000 $21,751 $21,266 $20,000 $18,000 $16,000 $14,000 $12,000 $10,000 $8,000 $6,000 $4,000 10/31/07 10/31/08 10/31/09 10/31/10 10/31/11 10/31/12 10/31/13 10/31/14 10/31/15 10/31/16 10/31/17 Westwood SMidCap Fund, Russell 2500 Index Institutional Shares The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. There are no assurances that the Fund will meet its stated objectives. The Fund’s holdings and allocations are subject to change because it is actively managed and should not be considered recommendations to buy individual securities. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. If the Adviser had not limited certain expenses, the Fund’s total return would have been lower. See definition of comparative indices on pages 16 and 17. 21


  • Page 24

    THE ADVISORS’ INNER CIRCLE FUND WESTWOOD SMALLCAP FUND (Unaudited) Growth of a $10,000 Investment AVERAGE ANNUAL TOTAL RETURN FOR PERIOD ENDED OCTOBER 31, 2017 One Year Three Year Five Year Ten Year Return Return Return Return Institutional Shares 29.71% 11.01% 17.29% 8.83% Russell 2000 Value Index 24.81% 9.67% 13.58% 7.04% $24,000 $23,298 $22,000 $20,000 $19,744 $18,000 $16,000 $14,000 $12,000 $10,000 $8,000 $6,000 10/31/07 10/31/08 10/31/09 10/31/10 10/31/11 10/31/12 10/31/13 10/31/14 10/31/15 10/31/16 10/31/17 Westwood SmallCap Fund, Russell 2000 Value Index Institutional Shares The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. There are no assurances that the Fund will meet its stated objectives. The Fund’s holdings and allocations are subject to change because it is actively managed and should not be considered recommendations to buy individual securities. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. If the Adviser had not limited certain expenses, the Fund’s total return would have been lower. See definition of comparative indices on pages 16 and 17. 22


  • Page 25

    THE ADVISORS’ INNER CIRCLE FUND WESTWOOD MLP AND STRATEGIC ENERGY FUND (Unaudited) Growth of a $10,000 Investment AVERAGE ANNUAL TOTAL RETURN* FOR PERIOD ENDED OCTOBER 31, 2017 One Year Annualized Return Inception to Date* Institutional Shares -0.65% -9.27% Alerian MLP Index -3.39% -11.12% $12,000 $10,000 $8,000 $7,587 $7,154 $6,000 12/29/14 10/31/15 10/31/16 10/31/17 Westwood MLP and Strategic Energy Fund, Alerian MLP Index Institutional Shares * Commenced operations on December 29, 2014. The Alerian MLP Index annualized inception to date is since December 29, 2014. The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. There are no assurances that the Fund will meet its stated objectives. The Fund’s holdings and allocations are subject to change because it is actively managed and should not be considered recommendations to buy individual securities. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. If the Adviser had not limited certain expenses, the Fund’s total return would have been lower. See definition of comparative indices on pages 16 and 17. 23


  • Page 26

    THE ADVISORS’ INNER CIRCLE FUND WESTWOOD INCOME OPPORTUNITY FUND (Unaudited) Growth of a $10,000 Investment AVERAGE ANNUAL TOTAL RETURN* FOR PERIOD ENDED OCTOBER 31, 2017 One Year Three Year Five Year Ten Year Annualized Return Return Return Return Inception to Date* Institutional Shares 9.98% 4.04% 6.98% 6.69% 6.94% A Class Shares with sales charge 4.20% 2.03% 5.63% N/A 6.34% A Class Shares without sales charge 9.71% 3.78% 6.72% N/A 6.90% 25/25/25/25 Blended Benchmark Index** 7.07% 5.10% 6.68% 5.33% 6.03% S&P 500 Index 23.63% 10.77% 15.18% 7.51% 8.47% FTSE NAREIT Index 8.23% 7.11% 10.05% 5.95% 7.49% Citigroup 3-Month Treasury Bill Index 0.71% 0.32% 0.21% 0.39% 1.07% Citigroup 10-Year Treasury Index -2.93% 1.58% 1.01% 4.55% 4.46% $22,000 $20,638 $20,000 $19,116 $18,000 $17,826 $16,811 $16,000 $15,602 $14,000 $12,000 $10,396 $10,000 $8,000 $6,000 $4,000 10/31/07 10/31/08 10/31/09 10/31/10 10/31/11 10/31/12 10/31/13 10/31/14 10/31/15 10/31/16 10/31/17 Westwood Income Opportunity Fund, Institutional Shares 25/25/25/25 Hybrid of the following: S&P 500 Index FTSE NAREIT Index Citigroup 3-Month Treasury Bill Index Citigroup 10-Year Treasury Index * Institutional Shares commenced operations on December 19, 2005. A Class Shares commenced operations on December 31, 2007. The S&P 500 Index, FTSE NAREIT Index, Citigroup 3-Month Treasury Bill Index, and Citigroup 10-Year Treasury Index annualized inception to date is since December 19, 2005. ** 25% Citigroup 10-Year Treasury Index, 25% Citigroup 3-Month Treasury Bill Index, 25% S&P 500 Index, 25% FTSE NAREIT Index. The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. There are no assurances that the Fund will meet its stated objectives. The Fund’s holdings and allocations are subject to change because it is actively managed and should not be considered recommendations to buy individual securities. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index. The graph is based on Institutional Shares. Performance for A Class Shares would have been lower because it is subject to a maximum front-end sales charge of 5.00% and additional annual distribution expenses of 0.25%. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. If the Adviser had not limited certain expenses, the Fund’s total return would have been lower. See definition of comparative indices on pages 16 and 17. 24


  • Page 27

    THE ADVISORS’ INNER CIRCLE FUND WESTWOOD WORLDWIDE INCOME OPPORTUNITY FUND (Unaudited) Growth of a $10,000 Investment AVERAGE ANNUAL TOTAL RETURN* FOR PERIOD ENDED OCTOBER 31, 2017 One Year Annualized Return Inception to Date* Institutional Shares 10.37% 2.22% MSCI World Index 22.77% 7.45% FTSE/EPRA NAREIT Developed Index 6.12% 2.69% Bloomberg Barclays Global Treasury G-7 Index -1.58% 2.21% Citigroup 3-Month Treasury Bill Index 0.71% 0.38% 25/25/25/25 Blended Benchmark Index** 6.69% 3.34% $12,000 $11,970 $11,000 $10,858 $10,688 $10,561 $10,565 $10,095 $10,000 $9,000 5/1/15 10/31/15 10/31/16 10/31/17 Westwood Worldwide Income Opportunity Fund, Institutional Shares 25/25/25/25 Hybrid of the following Indexes MSCI World Index FTSE EPRA/NAREIT Developed Index Bloomberg Barclays Global Treasury G-7 Index Citigroup 3-Month Treasury Bill Index * Commenced operations on May 1, 2015. ** 25% MSCI World Index, 25% FTSE/EPRA NAREIT Developed Index, 25% Bloomberg Barclays Global Treasury G-7 Index, 25% Citigroup 3-Month Treasury Bill Index The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. There are no assurances that the Fund will meet its stated objectives. The Fund’s holdings and allocations are subject to change because it is actively managed and should not be considered recommendations to buy individual securities. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. If the Adviser had not limited certain expenses, the Fund’s total return would have been lower. See definition of comparative indices on pages 16 and 17. 25


  • Page 28

    THE ADVISORS’ INNER CIRCLE FUND WESTWOOD GLOBAL EQUITY FUND (Unaudited) Growth of a $10,000 Investment AVERAGE ANNUAL TOTAL RETURN* FOR PERIOD ENDED OCTOBER 31, 2017 One Year Three Year Annualized Return Return Inception to Date* Institutional Shares 18.11% 6.44% 7.56% MSCI All Country World Index 23.20% 7.92% 10.42% $17,000 $16,169 $16,000 $15,000 $14,236 $14,000 $13,000 $12,000 $11,000 $10,000 $9,000 12/26/12 10/31/13 10/31/14 10/31/15 10/31/16 10/31/17 Westwood Global Equity Fund, MSCI All Country World Institutional Shares Index * Commenced operations on December 26, 2012. The MSCI All World Country Index annualized inception to date is since December 26, 2012. The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. There are no assurances that the Fund will meet its stated objectives. The Fund’s holdings and allocations are subject to change because it is actively managed and should not be considered recommendations to buy individual securities. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. If the Adviser had not limited certain expenses, the Fund’s total return would have been lower. See definition of comparative indices on pages 16 and 17. 26


  • Page 29

    THE ADVISORS’ INNER CIRCLE FUND WESTWOOD EMERGING MARKETS FUND (Unaudited) Growth of a $10,000 Investment AVERAGE ANNUAL TOTAL RETURN* FOR PERIOD ENDED OCTOBER 31, 2017 One Year Three Year Annualized Return Return Inception to Date* Institutional Shares 12.89% 2.37% 0.47% A Class Shares with sales charge 7.00% 0.35% -0.86% A Class Shares without sales charge 12.64% 2.10% 0.20% MSCI Emerging Markets Index 26.45% 5.70% 3.87% $13,000 $12,000 $12,019 $11,000 $10,231 $10,000 $9,000 $8,000 $7,000 12/26/12 10/31/13 10/31/14 10/31/15 10/31/16 10/31/17 Westwood Emerging Markets Fund, MSCI Emerging Markets Index Institutional Shares * Commenced operations on December 26, 2012. The MSCI Emerging Markets Index annualized inception to date is since December 26, 2012. The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. There are no assurances that the Fund will meet its stated objectives. The Fund’s holdings and allocations are subject to change because it is actively managed and should not be considered recommendations to buy individual securities. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. If the Adviser had not limited certain expenses, the Fund’s total return would have been lower. The graph is based on Institutional Shares. Performance for A Class Shares would have been lower because it is subject to a maximum front-end sales charge of 5.00% and additional annual distribution expenses of 0.25%. See definition of comparative indices on pages 16 and 17. 27


  • Page 30

    THE ADVISORS’ INNER CIRCLE FUND WESTWOOD SHORT DURATION HIGH YIELD FUND (Unaudited) Growth of a $10,000 Investment AVERAGE ANNUAL TOTAL RETURN* FOR PERIOD ENDED OCTOBER 31, 2017 One Year Three Year Five Year Annualized Return Return Return Inception to Date* Institutional Shares 5.27% 2.68% 3.08% 3.48% A Class Shares with sales charge 2.69% 1.68% N/A 2.34% A Class Shares without sales charge 5.01% 2.46% N/A 2.88% ICE BofA Merrill Lynch U.S. High Yield Index 9.14% 5.60% 6.29% 7.61% $16,000 $15,354 $15,000 $14,000 $13,000 $12,211 $12,000 $11,000 $10,000 $9,000 12/28/11 10/31/12 10/31/13 10/31/14 10/31/15 10/31/16 10/31/17 Westwood Short Duration High ICE BofA Merrill Lynch U.S. High Yield Fund, Institutional Shares Yield Index * Institutional Shares commenced operations on December 28, 2011. A Class commenced operations June 28, 2013. The ICE BofA Merrill Lynch U.S. High Yield Index annualized inception to date is since December 28, 2011. The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. There are no assurances that the Fund will meet its stated objectives. The Fund’s holdings and allocations are subject to change because it is actively managed and should not be considered recommendations to buy individual securities. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. If the Adviser had not limited certain expenses, the Fund’s total return would have been lower. The graph is based on Institutional Shares. Performance for A Class Shares would have been lower because it is subject to a maximum front-end sales charge of 2.25% and additional annual distribution expenses of 0.25%. See definition of comparative indices on pages 16 and 17. 28


  • Page 31

    THE ADVISORS’ INNER CIRCLE FUND WESTWOOD OPPORTUNISTIC HIGH YIELD FUND (Unaudited) Growth of a $10,000 Investment AVERAGE ANNUAL TOTAL RETURN* FOR PERIOD ENDED OCTOBER 31, 2017 One Year Annualized Return Inception to Date* Institutional Shares 8.57% 5.38% Ultra Shares 8.69% 5.43% ICE BofA Merrill Lynch U.S. High Yield Index 9.14% 6.75% $13,000 $12,000 $12,040 $11,603 $11,000 $10,000 $9,000 12/29/14 10/31/15 10/31/16 10/31/17 Westwood Opportunistic High Yield ICE BofA Merrill Lynch U.S. Fund, Institutional Shares High Yield Index * Institutional Shares commenced operations on December 29, 2014. Ultra Shares commenced operations December 29, 2014. The ICE BofA Merrill Lynch U.S. High Yield Index annualized inception to date is since December 29, 2014. The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. There are no assurances that the Fund will meet its stated objectives. The Fund’s holdings and allocations are subject to change because it is actively managed and should not be considered recommendations to buy individual securities. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index. The graph is based on Institutional Shares. Performance for Ultra Shares would vary due to differences in fee structures. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. If the Adviser had not limited certain expenses, the Fund’s total return would have been lower. See definition of comparative indices on pages 16 and 17. 29


  • Page 32

    THE ADVISORS’ INNER CIRCLE FUND WESTWOOD MARKET NEUTRAL INCOME FUND (Unaudited) Growth of a $10,000 Investment AVERAGE ANNUAL TOTAL RETURN* FOR PERIOD ENDED OCTOBER 31, 2017 One Year Annualized Return Inception to Date* Institutional Shares 2.16% 2.86% Ultra Shares 2.31% 2.98% Citigroup 1-Month Treasury Bill Index 0.67% 0.34% $11,000 $10,731 $10,500 $10,085 $10,000 $9,500 5/1/15 10/31/15 10/31/16 10/31/17 Westwood Market Neutral Income Citigroup 1-Month Treasury Fund, Institutional Shares Bill Index * Institutional Shares commenced operations on May 1, 2015. Ultra Shares commenced operations on May 1, 2015. Citigroup 1-Month Treasury Bill Index annualized inception to date is since May 1, 2015. The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. There are no assurances that the Fund will meet its stated objectives. The Fund’s holdings and allocations are subject to change because it is actively managed and should not be considered recommendations to buy individual securities. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index. The graph is based on Institutional Shares. Performance for Ultra Shares would vary due to differences in fee structures. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. If the Adviser had not limited certain expenses, the Fund’s total return would have been lower. See definition of comparative indices on pages 16 and 17. 30


  • Page 33

    THE ADVISORS’ INNER CIRCLE FUND WESTWOOD STRATEGIC CONVERTIBLES FUND (Unaudited) Growth of a $10,000 Investment AVERAGE ANNUAL TOTAL RETURN* FOR PERIOD ENDED OCTOBER 31, 2017 One Year Annualized Return Inception to Date* Institutional Shares 9.53% 2.36% Thomson Reuters U.S. Focus Convertible Bond Index1 13.16% 4.27% Thomson Reuters Global Focus Convertible Bond Index1 8.65% 2.31% $11,500 $11,103 $11,000 $10,600 $10,589 $10,500 $10,000 $9,500 5/1/15 10/31/15 10/31/16 10/31/17 Westwood Strategic Convertibles Fund, Institutional Class Thomson Reuters U.S. Focus Convertible Bond Index Thomson Reuters Global Focus Convertible Bond Index * Inception date is May 1, 2015. The Thomson Reuters U.S. Focus Convertible Bond Index annualized inception to date is since May 1, 2015. 1 As of July 31, 2017, in connection with a change in the Fund’s principal investment strategies, the Fund’s benchmark changed from the Thomson Reuters Global Focus Convertible Bond Index to the Thomson Reuters U.S. Focus Convertible Bond Index. The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. There are no assurances that the Fund will meet its stated objectives. The Fund’s holdings and allocations are subject to change because it is actively managed and should not be considered recommendations to buy individual securities. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. If the Adviser had not limited certain expenses, the Fund’s total return would have been lower. See definition of comparative indices on pages 16 and 17. 31


  • Page 34

    THE ADVISORS’ INNER CIRCLE FUND WESTWOOD LARGECAP VALUE FUND OCTOBER 31, 2017 Sector Weightings (unaudited)†: COMMON STOCK — continued 20.0% Financials Shares Value 16.0% Information Technology 13.0% Health Care HEALTH CARE — continued 11.1% Consumer Staples Cigna . . . . . . . . . . . . . . . . . . . . . . . 22,625 $ 4,462,102 10.3% Industrials 7.7% Energy Johnson & Johnson . . . . . . . . . . . . . 52,150 7,270,232 5.9% Consumer Discretionary 4.0% Utilities 26,876,948 3.5% Real Estate 3.2% Short-Term Investment INDUSTRIALS — 10.3% 3.0% Telecommunication Services 2.3% Materials Boeing . . . . . . . . . . . . . . . . . . . . . . . 17,045 4,397,269 †Percentages are based on total investments. FedEx . . . . . . . . . . . . . . . . . . . . . . . 19,350 4,369,424 SCHEDULE OF INVESTMENTS General Dynamics . . . . . . . . . . . . . . 20,000 4,059,600 COMMON STOCK — 96.7% Honeywell International . . . . . . . . . . 28,900 4,166,224 Shares Value Union Pacific . . . . . . . . . . . . . . . . . . 38,500 4,457,915 CONSUMER DISCRETIONARY — 5.9% 21,450,432 Comcast, Cl A . . . . . . . . . . . . . . . . . 97,500 $ 3,512,925 INFORMATION TECHNOLOGY — 16.0% Home Depot . . . . . . . . . . . . . . . . . . 25,700 4,260,546 Accenture, Cl A . . . . . . . . . . . . . . . . 30,825 4,388,247 VF . . . . . . . . . . . . . . . . . . . . . . . . . 64,950 4,523,768 Alphabet, Cl A* . . . . . . . . . . . . . . . . 4,224 4,363,561 12,297,239 Amdocs . . . . . . . . . . . . . . . . . . . . . . 61,800 4,023,180 Booz Allen Hamilton Holding, CONSUMER STAPLES — 11.1% Cl A . . . . . . . . . . . . . . . . . . . . . . . 122,400 4,625,496 Colgate-Palmolive . . . . . . . . . . . . . . 68,625 4,834,631 Lam Research . . . . . . . . . . . . . . . . . 13,140 2,740,610 CVS Health . . . . . . . . . . . . . . . . . . . 62,100 4,255,713 Microsoft . . . . . . . . . . . . . . . . . . . . . 28,435 2,365,223 Dr. Pepper Snapple Group . . . . . . . . 54,800 4,694,168 Motorola Solutions . . . . . . . . . . . . . . 45,650 4,133,151 General Mills . . . . . . . . . . . . . . . . . . 89,250 4,633,860 Oracle . . . . . . . . . . . . . . . . . . . . . . . 82,300 4,189,070 PepsiCo . . . . . . . . . . . . . . . . . . . . . . 42,500 4,684,775 Texas Instruments . . . . . . . . . . . . . . 24,511 2,369,969 23,103,147 33,198,507 ENERGY — 7.7% MATERIALS — 2.3% Chevron . . . . . . . . . . . . . . . . . . . . . 44,950 5,209,255 Sherwin-Williams . . . . . . . . . . . . . . 11,900 4,702,285 EOG Resources . . . . . . . . . . . . . . . . 55,550 5,547,778 REAL ESTATE — 3.4% RSP Permian* . . . . . . . . . . . . . . . . . 153,450 5,280,215 Public Storage . . . . . . . . . . . . . . . . . 23,700 4,911,825 16,037,248 Simon Property Group . . . . . . . . . . . 14,400 2,236,752 FINANCIALS — 20.0% 7,148,577 American International Group . . . . . 63,200 4,083,352 TELECOMMUNICATION SERVICES — 3.0% Bank of America . . . . . . . . . . . . . . . 286,565 7,849,015 AT&T . . . . . . . . . . . . . . . . . . . . . . . 183,050 6,159,632 BB&T . . . . . . . . . . . . . . . . . . . . . . . 84,585 4,164,966 Chubb . . . . . . . . . . . . . . . . . . . . . . . 26,750 4,034,435 UTILITIES — 4.0% Intercontinental Exchange . . . . . . . . 61,000 4,032,100 Nextera Energy . . . . . . . . . . . . . . . . 26,900 4,171,383 JPMorgan Chase . . . . . . . . . . . . . . . 75,165 7,562,350 WEC Energy Group . . . . . . . . . . . . . 61,850 4,168,072 Wells Fargo . . . . . . . . . . . . . . . . . . . 133,415 7,489,918 8,339,455 Western Alliance Bancorp* . . . . . . . 40,900 2,282,220 41,498,356 Total Common Stock (Cost $140,675,102) . . . . . . . . . . 200,811,826 HEALTH CARE — 13.0% Abbott Laboratories . . . . . . . . . . . . . 82,200 4,457,706 Aetna . . . . . . . . . . . . . . . . . . . . . . . 25,925 4,408,028 Becton Dickinson . . . . . . . . . . . . . . . 30,090 6,278,880 The accompanying notes are an integral part of the financial statements. 32


  • Page 35

    THE ADVISORS’ INNER CIRCLE FUND WESTWOOD LARGECAP VALUE FUND OCTOBER 31, 2017 SHORT-TERM INVESTMENT — 3.2% Shares Value SEI Daily Income Trust, Government Fund, Cl F, 0.870% (A) (Cost $6,611,233) . . . . . . . . . . . . 6,611,233 $ 6,611,233 Total Investments — 99.9% (Cost $147,286,335) . . . . . . . . . . $207,423,059 Percentages are based upon Net Assets of $207,628,996. * Non-income producing security. (A) The rate reported is the 7-day effective yield as of October 31, 2017. Cl – Class As of October 31, 2017, all of the Fund’s investments were considered Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles. For the year ended October 31, 2017, there were no transfers between Level 1 and Level 2 assets and liabilities. Transfers, if any, between levels are considered to have occurred as of the end of the period. For the year ended October 31, 2017, there were no Level 3 securities. For more information on valuation inputs, see Note 2 in Notes to Financial Statements. The accompanying notes are an integral part of the financial statements. 33


  • Page 36

    THE ADVISORS’ INNER CIRCLE FUND WESTWOOD LOW VOLATILITY EQUITY FUND OCTOBER 31, 2017 Sector Weightings (unaudited)†: COMMON STOCK — continued 20.2% Information Technology Shares/ 17.6% Convertible Bonds Face Amount Value 10.5% Financials 9.9% Industrials INDUSTRIALS — continued 7.0% Consumer Staples General Dynamics . . . . . . . . . . . . 3,593 $ 729,307 6.9% Health Care 6.7% Consumer Discretionary Honeywell International . . . . . . . . 5,431 782,933 6.6% Convertible Preferred Stock Illinois Tool Works . . . . . . . . . . . . 3,316 519,020 4.8% Utilities 3.8% Real Estate Raytheon . . . . . . . . . . . . . . . . . . . 2,950 531,590 1.9% Energy 1.8% Exchange Traded Fund Union Pacific . . . . . . . . . . . . . . . . 8,099 937,783 1.7% Materials 0.6% Short-Term Investment 4,417,196 †Percentages are based on total investments. INFORMATION TECHNOLOGY — 20.2% SCHEDULE OF INVESTMENTS Accenture, Cl A . . . . . . . . . . . . . . 6,275 893,309 COMMON STOCK — 73.3% Alphabet, Cl A* . . . . . . . . . . . . . . 863 891,513 Shares Value Amdocs . . . . . . . . . . . . . . . . . . . . 10,772 701,257 CONSUMER DISCRETIONARY — 6.7% Amphenol, Cl A . . . . . . . . . . . . . . 6,167 536,529 Comcast, Cl A . . . . . . . . . . . . . . . . . . . 17,215 $ 620,256 Apple . . . . . . . . . . . . . . . . . . . . . . 7,946 1,343,192 Home Depot . . . . . . . . . . . . . . . . . . . . . 5,431 900,351 Automatic Data Processing . . . . . . 6,537 759,992 McDonald’s . . . . . . . . . . . . . . . . . . . . . 6,693 1,117,129 Microsoft . . . . . . . . . . . . . . . . . . . 15,883 1,321,148 Walt Disney . . . . . . . . . . . . . . . . . . . . . 3,848 376,373 Motorola Solutions . . . . . . . . . . . . 5,065 458,585 Oracle . . . . . . . . . . . . . . . . . . . . . 18,403 936,713 3,014,109 Texas Instruments . . . . . . . . . . . . 12,473 1,206,014 CONSUMER STAPLES — 7.0% 9,048,252 Altria Group . . . . . . . . . . . . . . . . . . . . . 8,838 567,576 Colgate-Palmolive . . . . . . . . . . . . . . . . 11,874 836,523 MATERIALS — 1.7% Hershey . . . . . . . . . . . . . . . . . . . . . . . . 4,052 430,242 Sherwin-Williams . . . . . . . . . . . . . 1,918 757,898 McCormick . . . . . . . . . . . . . . . . . . . . . 4,512 449,079 REAL ESTATE — 3.8% PepsiCo . . . . . . . . . . . . . . . . . . . . . . . . 7,677 846,236 Alexandria Real Estate Equities . . 5,618 696,407 3,129,656 Boston Properties . . . . . . . . . . . . . 3,500 424,130 ENERGY — 1.9% Public Storage . . . . . . . . . . . . . . . 2,763 572,632 Chevron . . . . . . . . . . . . . . . . . . . . . . . . 7,180 832,090 1,693,169 FINANCIALS — 10.5% UTILITIES — 4.8% American International Group . . . . . . . 6,998 452,141 CMS Energy . . . . . . . . . . . . . . . . . 14,266 690,046 Bank of America . . . . . . . . . . . . . . . . . . 47,959 1,313,597 Nextera Energy . . . . . . . . . . . . . . 4,697 728,364 Chubb . . . . . . . . . . . . . . . . . . . . . . . . . 4,513 680,651 WEC Energy Group . . . . . . . . . . . 10,955 738,258 US Bancorp . . . . . . . . . . . . . . . . . . . . . 16,385 891,016 2,156,668 Wells Fargo . . . . . . . . . . . . . . . . . . . . . 16,478 925,075 XL Group . . . . . . . . . . . . . . . . . . . . . . 10,955 443,349 Total Common Stock 4,705,829 (Cost $25,975,812) . . . . . . . . . . 32,820,130 HEALTH CARE — 6.8% CONVERTIBLE BONDS — 17.6% Abbott Laboratories . . . . . . . . . . . . . . . 18,447 1,000,381 Cigna . . . . . . . . . . . . . . . . . . . . . . . . . . 4,525 892,421 CONSUMER DISCRETIONARY — 2.0% Johnson & Johnson . . . . . . . . . . . . . . . . 3,775 526,273 DISH Network Novartis ADR . . . . . . . . . . . . . . . . . . . . 7,825 646,188 2.375%, 03/15/24 (A) . . . . . . . . $ 920,000 883,775 3,065,263 CONSUMER STAPLES — 2.1% Vector Group INDUSTRIALS — 9.9% 1.750%, 04/15/20 (B) . . . . . . . . 825,000 927,094 FedEx . . . . . . . . . . . . . . . . . . . . . . . . . 4,059 916,563 The accompanying notes are an integral part of the financial statements. 34


  • Page 37

    THE ADVISORS’ INNER CIRCLE FUND WESTWOOD LOW VOLATILITY EQUITY FUND OCTOBER 31, 2017 CONVERTIBLE BONDS — continued SHORT-TERM INVESTMENT — 0.6% Face Amount/ Shares Value Shares Value FINANCIALS — 3.4% SEI Daily Income Trust, Government Cowen Fund, 3.000%, 03/15/19 . . . . . . . . . . . $ 665,000 $ 676,637 Cl F, 0.870% (C) Starwood Property Trust (Cost $270,738) . . . . . . . . . . . . . . . . 270,738 $ 270,738 4.550%, 03/01/18 . . . . . . . . . . . 830,000 864,238 Total Investments — 99.9% 1,540,875 (Cost $38,155,131) . . . . . . . . . . . . . . $44,735,386 HEALTH CARE — 4.9% Percentages are based upon Net Assets of $44,777,714. Medicines Company 2.750%, 07/15/23 . . . . . . . . . . . 755,000 707,341 * Non-income producing security. NuVasive 2.250%, 03/15/21 . . . . . . . . . . . 540,000 625,050 (A) Securities sold within the terms of a private placement memorandum, exempt from registration under section 144A of the Securities Act of 1933, Wright Medical Group as amended, and maybe sold only to dealers in that program or other 2.250%, 11/15/21 . . . . . . . . . . . 645,000 878,812 “accredited investors”. The total value of these securities at October 31, 2017 was $2,397,434 and represents 5.35% of Net Assets. 2,211,203 INDUSTRIALS — 1.7% (B) Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments Greenbrier on the underlying pool of assets. Rate disclosed is the rate in effect on 2.875%, 02/01/24 (A) . . . . . . . . 645,000 754,247 October 31, 2017. INFORMATION TECHNOLOGY — 3.5% (C) The rate reported is the 7-day effective yield as of October 31, 2017. Electronics For Imaging 0.750%, 09/01/19 . . . . . . . . . . . 825,000 804,375 ADR – American Depositary Receipt Nice Systems Cl – Class 1.250%, 01/15/24 (A) . . . . . . . . 660,000 759,412 ETF – Exchange Traded Fund 1,563,787 NASDAQ – National Association of Securities Dealers Automated Quotations Total Convertible Bonds (Cost $8,053,429) . . . . . . . . . . . 7,880,981 The following is a summary of the inputs used as of October 31, 2017 when valuing the Fund’s investments: CONVERTIBLE PREFERRED STOCK — 6.6% Investments in Securities Level 1 Level 2 Level 3 Total CONSUMER STAPLES — 2.2% Bunge, 4.875%* . . . . . . . . . . . . . . 9,225 961,245 Common Stock $32,820,130 $ — $ — $32,820,130 Convertible Bonds — 7,880,981 — 7,880,981 HEALTH CARE — 2.4% Convertible Allergan, 5.500%* . . . . . . . . . . . . 790 508,515 Preferred Stock 2,935,673 — — 2,935,673 Becton Dickinson, 6.125% . . . . . . 9,950 565,061 Exchange Traded Fund 827,864 — — 827,864 1,073,576 Short-Term Investment 270,738 — — 270,738 UTILITIES — 2.0% Total Investments DTE Energy, 6.500% . . . . . . . . . . 16,400 900,852 in Securities $36,854,405 $7,880,981 $ — $44,735,386 Total Convertible Preferred Stock (Cost $2,958,049) . . . . . . . . . . . 2,935,673 For the year ended October 31, 2017, there were no transfers between Level 1 and Level 2 assets and liabilities. Transfers, if any, between levels EXCHANGE TRADED FUND — 1.8% are considered to have occurred as of the end of the period. For the year ended October 31, 2017, there were no Level 3 securities. iShares Nasdaq Biotechnology ETF For more information on valuation inputs, see Note 2 in Notes to Financial (Cost $897,103) . . . . . . . . . . . . 2,635 827,864 Statements. The accompanying notes are an integral part of the financial statements. 35


  • Page 38

    THE ADVISORS’ INNER CIRCLE FUND WESTWOOD SMIDCAP PLUS FUND OCTOBER 31, 2017 Sector Weightings (unaudited)†: COMMON STOCK — continued 19.9% Financials Shares Value 12.4% Industrials 11.1% Information Technology FINANCIALS — continued 10.6% Consumer Discretionary XL Group . . . . . . . . . . . . . . . . . . . . 54,825 $ 2,218,768 9.1% Health Care 8.8% Materials Zions Bancorporation . . . . . . . . . . . 78,305 3,638,050 7.5% Real Estate 7.0% Energy 31,479,483 5.0% Utilities 4.8% Consumer Staples HEALTH CARE — 9.1% 2.4% Short-Term Investment 1.4% Telecommunication Services Cooper . . . . . . . . . . . . . . . . . . . . . . 7,525 1,807,957 †Percentages are based on total investments. CR Bard . . . . . . . . . . . . . . . . . . . . . 4,850 1,586,289 PerkinElmer . . . . . . . . . . . . . . . . . . 39,385 2,848,323 SCHEDULE OF INVESTMENTS COMMON STOCK — 97.7% Premier, Cl A* . . . . . . . . . . . . . . . . . 47,550 1,553,458 STERIS . . . . . . . . . . . . . . . . . . . . . . 29,635 2,765,835 Shares Value Teleflex . . . . . . . . . . . . . . . . . . . . . . 16,100 3,815,378 CONSUMER DISCRETIONARY — 10.6% Cable One . . . . . . . . . . . . . . . . . . . . 4,650 $ 3,300,617 14,377,240 Cedar Fair LP (A) . . . . . . . . . . . . . . 22,000 1,377,200 INDUSTRIALS — 12.4% Columbia Sportswear . . . . . . . . . . . . 24,780 1,545,776 Curtiss-Wright . . . . . . . . . . . . . . . . . 30,830 3,645,647 Hanesbrands . . . . . . . . . . . . . . . . . . 88,300 1,986,750 Hubbell, Cl B . . . . . . . . . . . . . . . . . . 26,810 3,373,234 Helen of Troy* . . . . . . . . . . . . . . . . 22,200 2,062,380 Huntington Ingalls Industries . . . . . . 14,000 3,259,620 Mohawk Industries* . . . . . . . . . . . . . 12,200 3,193,472 Ingersoll-Rand . . . . . . . . . . . . . . . . . 29,175 2,584,905 Newell Brands . . . . . . . . . . . . . . . . . 80,569 3,285,604 Middleby* . . . . . . . . . . . . . . . . . . . . 24,924 2,888,692 16,751,799 Pentair . . . . . . . . . . . . . . . . . . . . . . 29,730 2,094,776 Woodward . . . . . . . . . . . . . . . . . . . . 22,658 1,752,143 CONSUMER STAPLES — 4.8% Dr. Pepper Snapple Group . . . . . . . . 14,700 1,259,202 19,599,017 Energizer Holdings . . . . . . . . . . . . . 42,500 1,827,075 INFORMATION TECHNOLOGY — 11.2% J&J Snack Foods . . . . . . . . . . . . . . . 11,050 1,471,528 Amdocs . . . . . . . . . . . . . . . . . . . . . . 45,500 2,962,050 JM Smucker . . . . . . . . . . . . . . . . . . 14,775 1,566,889 Booz Allen Hamilton Holding, McCormick . . . . . . . . . . . . . . . . . . . 14,800 1,473,044 Cl A . . . . . . . . . . . . . . . . . . . . . . . 78,280 2,958,201 Coherent* . . . . . . . . . . . . . . . . . . . . 2,975 781,562 7,597,738 FLIR Systems . . . . . . . . . . . . . . . . . 38,714 1,812,589 ENERGY — 7.0% j2 Global . . . . . . . . . . . . . . . . . . . . . 25,425 1,885,010 Centennial Resource Development, KLA-Tencor . . . . . . . . . . . . . . . . . . 18,900 2,058,021 Cl A* . . . . . . . . . . . . . . . . . . . . . . 94,150 1,829,335 Littelfuse . . . . . . . . . . . . . . . . . . . . . 15,300 3,197,700 Diamondback Energy* . . . . . . . . . . . 33,400 3,579,144 MKS Instruments . . . . . . . . . . . . . . . 18,250 1,982,863 Parsley Energy, Cl A* . . . . . . . . . . . 94,400 2,511,040 RSP Permian* . . . . . . . . . . . . . . . . . 92,500 3,182,925 17,637,996 11,102,444 MATERIALS — 8.8% Albemarle . . . . . . . . . . . . . . . . . . . . 25,572 3,602,839 FINANCIALS — 19.9% Eagle Materials . . . . . . . . . . . . . . . . 36,075 3,808,438 Arthur J Gallagher . . . . . . . . . . . . . . 51,025 3,231,413 PolyOne . . . . . . . . . . . . . . . . . . . . . 41,800 1,925,726 Chemical Financial . . . . . . . . . . . . . 71,613 3,773,289 Sensient Technologies . . . . . . . . . . . 20,133 1,531,115 First Republic Bank . . . . . . . . . . . . . 35,095 3,418,253 Summit Materials, Cl A* . . . . . . . . . 36,845 1,156,933 Hartford Financial Services Group . . 44,815 2,467,066 WestRock . . . . . . . . . . . . . . . . . . . . 30,477 1,869,154 Home BancShares . . . . . . . . . . . . . . 122,400 2,751,552 Markel* . . . . . . . . . . . . . . . . . . . . . . 2,235 2,423,410 13,894,205 Western Alliance Bancorp* . . . . . . . . 74,300 4,145,940 REAL ESTATE — 7.5% Wintrust Financial . . . . . . . . . . . . . . 41,970 3,411,742 Alexandria Real Estate Equities . . . . 31,723 3,932,383 Brandywine Realty Trust . . . . . . . . . 131,300 2,296,437 The accompanying notes are an integral part of the financial statements. 36


  • Page 39

    THE ADVISORS’ INNER CIRCLE FUND WESTWOOD SMIDCAP PLUS FUND OCTOBER 31, 2017 COMMON STOCK — continued Shares Value REAL ESTATE — continued Highwoods Properties . . . . . . . . . . . 37,359 $ 1,907,177 Hudson Pacific Properties . . . . . . . . 67,350 2,277,777 Physicians Realty Trust . . . . . . . . . . 80,150 1,393,007 11,806,781 TELECOMMUNICATION SERVICES — 1.4% Zayo Group Holdings* . . . . . . . . . . . 61,600 2,221,296 UTILITIES — 5.0% ALLETE . . . . . . . . . . . . . . . . . . . . . 29,305 2,296,047 Alliant Energy . . . . . . . . . . . . . . . . . 46,900 2,028,894 DTE Energy . . . . . . . . . . . . . . . . . . 31,975 3,531,958 7,856,899 Total Common Stock (Cost $120,698,625) . . . . . . . . . . . 154,324,898 SHORT-TERM INVESTMENT — 2.4% SEI Daily Income Trust, Government Fund, Cl F, 0.870% (B) (Cost $3,764,543) . . . . . . . . . . . . 3,764,543 3,764,543 Total Investments — 100.1% (Cost $124,463,168) . . . . . . . . . . . $158,089,441 Percentages are based upon Net Assets of $157,882,019. * Non-income producing security. (A) Securities considered Master Limited Partnerships. At October 31, 2017, these securities amounted $1,377,200 or 0.9% of Net Assets. (B) The rate reported is the 7-day effective yield as of October 31, 2017. Cl — Class LP — Limited Partnership As of October 31, 2017, all of the Fund’s investments were considered Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles. For the year ended October 31, 2017, there were no transfers between Level 1 and Level 2 assets and liabilities. Transfers, if any, between levels are considered to have occurred as of the end of the period. For the year ended October 31, 2017, there were no Level 3 securities. For more information on valuation inputs, see Note 2 in Notes to Financial Statements. The accompanying notes are an integral part of the financial statements. 37


  • Page 40

    THE ADVISORS’ INNER CIRCLE FUND WESTWOOD SMIDCAP FUND OCTOBER 31, 2017 Sector Weightings (unaudited)†: COMMON STOCK — continued 21.7% Financials Shares Value 14.5% Industrials 11.0% Real Estate HEALTH CARE — 8.4% 9.8% Information Technology Cooper . . . . . . . . . . . . . . . . . . . . . 20,085 $ 4,825,622 8.4% Health Care 8.1% Materials PerkinElmer . . . . . . . . . . . . . . . . . 96,948 7,011,279 7.1% Energy Premier, Cl A* . . . . . . . . . . . . . . . . 105,721 3,453,905 7.0% Consumer Discretionary 5.7% Utilities STERIS . . . . . . . . . . . . . . . . . . . . . 58,550 5,464,472 4.9% Consumer Staples 1.3% Telecommunication Services Teleflex . . . . . . . . . . . . . . . . . . . . . 35,602 8,436,962 0.5% Short-Term Investment †Percentages are based on total investments. 29,192,240 INDUSTRIALS — 14.5% SCHEDULE OF INVESTMENTS COMMON STOCK — 99.6% Albany International, Cl A . . . . . . . 47,350 2,857,572 Comfort Systems USA . . . . . . . . . . 96,750 4,286,025 Shares Value Curtiss-Wright . . . . . . . . . . . . . . . . 68,265 8,072,336 CONSUMER DISCRETIONARY — 7.1% Gibraltar Industries* . . . . . . . . . . . 115,400 3,837,050 Cable One . . . . . . . . . . . . . . . . . . . 8,680 $ 6,161,151 Hubbell, Cl B . . . . . . . . . . . . . . . . 62,210 7,827,262 Cedar Fair LP (A) . . . . . . . . . . . . . 95,808 5,997,581 Huntington Ingalls Industries . . . . . 26,664 6,208,179 Columbia Sportswear . . . . . . . . . . . 57,169 3,566,202 Interface, Cl A . . . . . . . . . . . . . . . . 236,567 5,393,728 Hanesbrands . . . . . . . . . . . . . . . . . 194,415 4,374,337 Pentair . . . . . . . . . . . . . . . . . . . . . 66,945 4,716,945 Helen of Troy* . . . . . . . . . . . . . . . 47,000 4,366,300 Woodward . . . . . . . . . . . . . . . . . . . 92,708 7,169,110 24,465,571 50,368,207 CONSUMER STAPLES — 4.9% INFORMATION TECHNOLOGY — 9.8% Edgewell Personal Care* . . . . . . . . 43,286 2,810,560 Amdocs . . . . . . . . . . . . . . . . . . . . . 53,613 3,490,206 Energizer Holdings . . . . . . . . . . . . 124,686 5,360,251 Booz Allen Hamilton Holding, Flowers Foods . . . . . . . . . . . . . . . . 186,600 3,550,998 Cl A . . . . . . . . . . . . . . . . . . . . . . 137,877 5,210,372 J&J Snack Foods . . . . . . . . . . . . . . 38,550 5,133,704 Coherent* . . . . . . . . . . . . . . . . . . . 6,550 1,720,750 16,855,513 FLIR Systems . . . . . . . . . . . . . . . . 85,775 4,015,986 j2 Global . . . . . . . . . . . . . . . . . . . . 46,321 3,434,239 ENERGY — 7.1% Littelfuse . . . . . . . . . . . . . . . . . . . . 17,750 3,709,750 Centennial Resource Development, Cl A* . . . . . . . . . . . . . . . . . . . . . 295,700 5,745,451 Methode Electronics . . . . . . . . . . . . 59,307 2,781,498 Diamondback Energy* . . . . . . . . . . 88,492 9,482,803 MKS Instruments . . . . . . . . . . . . . . 41,075 4,462,799 RSP Permian* . . . . . . . . . . . . . . . . 275,872 9,492,755 OSI Systems* . . . . . . . . . . . . . . . . 59,500 5,258,610 24,721,009 34,084,210 FINANCIALS — 21.7% MATERIALS — 8.1% Arthur J Gallagher . . . . . . . . . . . . . 126,310 7,999,213 Albemarle . . . . . . . . . . . . . . . . . . . 50,470 7,110,718 Chemical Financial . . . . . . . . . . . . 179,685 9,467,603 Eagle Materials . . . . . . . . . . . . . . . 79,900 8,435,043 Great Western Bancorp . . . . . . . . . 182,785 7,419,243 KapStone Paper and Packaging . . . 154,352 3,466,746 Home BancShares . . . . . . . . . . . . . 203,815 4,581,761 PolyOne . . . . . . . . . . . . . . . . . . . . 90,325 4,161,273 Kemper . . . . . . . . . . . . . . . . . . . . . 74,972 4,805,705 Sensient Technologies . . . . . . . . . . 45,179 3,435,863 Renasant . . . . . . . . . . . . . . . . . . . . 124,552 5,156,453 Summit Materials, Cl A* . . . . . . . . 53,100 1,667,340 South State . . . . . . . . . . . . . . . . . . 47,450 4,272,872 28,276,983 Western Alliance Bancorp* . . . . . . . 173,400 9,675,720 REAL ESTATE — 11.0% Wintrust Financial . . . . . . . . . . . . . 113,558 9,231,130 Alexandria Real Estate Equities . . . 65,090 8,068,556 XL Group . . . . . . . . . . . . . . . . . . . 117,640 4,760,891 Brandywine Realty Trust . . . . . . . . 344,400 6,023,556 Zions Bancorporation . . . . . . . . . . 168,763 7,840,729 Highwoods Properties . . . . . . . . . . 115,715 5,907,251 75,211,320 Hudson Pacific Properties . . . . . . . 180,460 6,103,157 The accompanying notes are an integral part of the financial statements. 38


  • Page 41

    THE ADVISORS’ INNER CIRCLE FUND WESTWOOD SMIDCAP FUND OCTOBER 31, 2017 COMMON STOCK — continued Shares Value REAL ESTATE — continued Physicians Realty Trust . . . . . . . . . 242,735 $ 4,218,734 STAG Industrial . . . . . . . . . . . . . . 282,405 7,709,657 38,030,911 TELECOMMUNICATION SERVICES — 1.3% Zayo Group Holdings* . . . . . . . . . . 125,260 4,516,876 UTILITIES — 5.7% ALLETE . . . . . . . . . . . . . . . . . . . . 77,816 6,096,884 Alliant Energy . . . . . . . . . . . . . . . . 153,200 6,627,432 IDACORP . . . . . . . . . . . . . . . . . . . 78,250 7,201,347 19,925,663 Total Common Stock (Cost $268,088,195) . . . . . . . . . . 345,648,503 SHORT-TERM INVESTMENT — 0.6% SEI Daily Income Trust, Government Fund, Cl F, 0.870% (B) (Cost $1,895,618) . . . . . . . . . . . . 1,895,618 1,895,618 Total Investments — 100.2% (Cost $269,983,813) . . . . . . . . . . $347,544,121 Percentages are based upon Net Assets of $346,912,800. * Non-income producing security. (A) Securities considered Master Limited Partnerships. At October 31, 2017, these securities amounted $5,997,581 or 1.7% of Net Assets. (B) The rate reported is the 7-day effective yield as of October 31, 2017. Cl — Class LP — Limited Partnership As of October 31, 2017, all of the Fund’s investments were considered Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles. For the year ended October 31, 2017, there were no transfers between Level 1 and Level 2 assets and liabilities. Transfers, if any, between levels are considered to have occurred as of the end of the period. For the year ended October 31, 2017, there were no Level 3 securities. For more information on valuation inputs, see Note 2 in Notes to Financial Statements. The accompanying notes are an integral part of the financial statements. 39


  • Page 42

    THE ADVISORS’ INNER CIRCLE FUND WESTWOOD SMALLCAP FUND OCTOBER 31, 2017 Sector Weightings (unaudited)†: COMMON STOCK — continued Shares Value 24.2% Financials 23.7% Industrials FINANCIALS — continued 11.4% Consumer Discretionary 10.6% Real Estate Safety Insurance Group . . . . . . . . . . 24,904 $ 2,047,109 7.0% Energy 6.6% Information Technology ServisFirst Bancshares . . . . . . . . . . . 70,900 2,907,609 5.1% Materials South State . . . . . . . . . . . . . . . . . . . 51,129 4,604,166 3.8% Consumer Staples 3.4% Health Care 56,819,667 3.2% Utilities 1.0% Short-Term Investment HEALTH CARE — 3.4% †Percentages are based on total investments. CONMED . . . . . . . . . . . . . . . . . . . . 64,500 3,368,190 SCHEDULE OF INVESTMENTS Omnicell* . . . . . . . . . . . . . . . . . . . . 91,865 4,574,877 COMMON STOCK — 99.4% 7,943,067 Shares Value INDUSTRIALS — 23.8% CONSUMER DISCRETIONARY — 11.5% Alamo Group . . . . . . . . . . . . . . . . . . 22,552 2,379,236 Carriage Services, Cl A . . . . . . . . . . 100,685 $ 2,607,741 Albany International, Cl A . . . . . . . . 80,812 4,877,004 International Speedway, Cl A . . . . . . 61,180 2,376,843 Apogee Enterprises . . . . . . . . . . . . . 101,763 4,857,148 Lithia Motors, Cl A . . . . . . . . . . . . . 40,595 4,594,542 Comfort Systems USA . . . . . . . . . . . 134,101 5,940,674 Lydall* . . . . . . . . . . . . . . . . . . . . . . 49,473 2,859,539 Continental Building Products* . . . . 169,038 4,513,315 Marcus . . . . . . . . . . . . . . . . . . . . . . 181,779 4,935,300 Douglas Dynamics . . . . . . . . . . . . . . 112,883 4,735,442 Oxford Industries . . . . . . . . . . . . . . . 75,901 4,903,205 Esterline Technologies* . . . . . . . . . . 41,887 3,972,982 Sonic . . . . . . . . . . . . . . . . . . . . . . . . 181,200 4,602,480 Gibraltar Industries* . . . . . . . . . . . . 83,485 2,775,876 26,879,650 Interface, Cl A . . . . . . . . . . . . . . . . . 210,000 4,788,000 CONSUMER STAPLES — 3.8% Kaman . . . . . . . . . . . . . . . . . . . . . . 84,884 4,748,411 Hostess Brands, Cl A* . . . . . . . . . . . 391,800 4,517,454 Knoll . . . . . . . . . . . . . . . . . . . . . . . . 69,300 1,470,546 J&J Snack Foods . . . . . . . . . . . . . . . 33,617 4,476,776 Trex* . . . . . . . . . . . . . . . . . . . . . . . 50,175 5,491,654 Universal Forest Products . . . . . . . . 45,482 5,134,918 8,994,230 55,685,206 ENERGY — 7.0% Callon Petroleum* . . . . . . . . . . . . . . 389,645 4,321,163 INFORMATION TECHNOLOGY — 6.7% ProPetro Holding* . . . . . . . . . . . . . . 118,900 1,810,847 Brooks Automation . . . . . . . . . . . . . 97,350 3,347,867 Resolute Energy* . . . . . . . . . . . . . . . 156,900 4,711,707 Methode Electronics . . . . . . . . . . . . . 98,050 4,598,545 Rosehill Resources* . . . . . . . . . . . . . 66,557 646,934 Novanta* . . . . . . . . . . . . . . . . . . . . 102,061 4,827,485 SRC Energy* . . . . . . . . . . . . . . . . . . 516,604 4,928,402 OSI Systems* . . . . . . . . . . . . . . . . . 32,142 2,840,710 16,419,053 15,614,607 FINANCIALS — 24.3% MATERIALS — 5.1% Berkshire Hills Bancorp . . . . . . . . . . 62,805 2,405,432 Innospec . . . . . . . . . . . . . . . . . . . . . 73,215 4,528,348 Chemical Financial . . . . . . . . . . . . . 86,275 4,545,830 KapStone Paper and Packaging . . . . 141,800 3,184,828 Columbia Banking System . . . . . . . . 113,940 4,957,529 Summit Materials, Cl A* . . . . . . . . . 137,210 4,308,394 Employers Holdings . . . . . . . . . . . . 97,763 4,663,295 12,021,570 Glacier Bancorp . . . . . . . . . . . . . . . . 121,100 4,596,956 REAL ESTATE — 10.6% Great Western Bancorp . . . . . . . . . . 104,945 4,259,718 Easterly Government Properties . . . . 227,631 4,579,936 Hanmi Financial . . . . . . . . . . . . . . . 143,300 4,406,475 Potlatch . . . . . . . . . . . . . . . . . . . . . 69,054 3,576,997 Heritage Commerce . . . . . . . . . . . . . 237,751 3,656,610 Ramco-Gershenson Properties Kemper . . . . . . . . . . . . . . . . . . . . . . 77,280 4,953,648 Trust . . . . . . . . . . . . . . . . . . . . . . 285,895 3,610,854 LegacyTexas Financial Group . . . . . 111,185 4,435,170 STAG Industrial . . . . . . . . . . . . . . . 146,978 4,012,499 Renasant . . . . . . . . . . . . . . . . . . . . . 105,800 4,380,120 Summit Hotel Properties . . . . . . . . . 289,076 4,570,291 The accompanying notes are an integral part of the financial statements. 40


  • Page 43

    THE ADVISORS’ INNER CIRCLE FUND WESTWOOD SMALLCAP FUND OCTOBER 31, 2017 COMMON STOCK — continued Shares Value REAL ESTATE — continued Terreno Realty . . . . . . . . . . . . . . . . 123,526 $ 4,535,875 24,886,452 UTILITIES — 3.2% ALLETE . . . . . . . . . . . . . . . . . . . . . 52,020 4,075,767 Connecticut Water Service . . . . . . . . 55,874 3,465,305 7,541,072 Total Common Stock (Cost $178,717,184) . . . . . . . . . . 232,804,574 SHORT-TERM INVESTMENT — 1.0% SEI Daily Income Trust, Government Fund, Cl F, 0.870% (A) (Cost $2,429,731) . . . . . . . . . . . . 2,429,731 2,429,731 Total Investments — 100.4% (Cost $181,146,915) . . . . . . . . . . $235,234,305 Percentages are based upon Net Assets of $234,320,970. * Non-income producing security. (A) The rate reported is the 7-day effective yield as of October 31, 2017. Cl — Class As of October 31, 2017, all of the Fund’s investments were considered Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles. For the year ended October 31, 2017, there were no transfers between Level 1 and Level 2 assets and liabilities. Transfers, if any, between levels are considered to have occurred as of the end of the period. For the year ended October 31, 2017, there were no Level 3 securities. For more information on valuation inputs, see Note 2 in Notes to Financial Statements. The accompanying notes are an integral part of the financial statements. 41


  • Page 44

    THE ADVISORS’ INNER CIRCLE FUND WESTWOOD MLP AND STRATEGIC ENERGY FUND OCTOBER 31, 2017 Sector Weightings (unaudited)†: COMMON STOCK — continued 83.7% Energy Shares Value 9.8% Utilities 3.1% Preferred Stock UTILITIES — 9.8% 2.8% Industrials Dominion Energy . . . . . . . . . . . . . . . . . . 6,095 $ 494,548 0.6% Short-Term Investment †Percentages are based on total investments. NextEra Energy Partners LP (A) . . . . . . . 11,185 440,018 Sempra Energy . . . . . . . . . . . . . . . . . . . . 4,190 492,325 SCHEDULE OF INVESTMENTS COMMON STOCK — 95.9% 1,426,891 Shares Value Total Common Stock ENERGY — 83.3% (Cost $12,479,358) . . . . . . . . . . . . . . . 13,974,897 Andeavor . . . . . . . . . . . . . . . . . . . . . . . . 1,505 $ 159,891 CONSOL Energy* . . . . . . . . . . . . . . . . . 20,170 325,342 PREFERRED STOCK — 3.0% Dominion Midstream Partners LP (A) . . . 8,880 284,604 ENERGY — 3.0% Enable Midstream Partners (A) . . . . . . . . 22,200 334,998 Anadarko Petroleum, 7.500% . . . . . . . . . 11,700 444,600 Enbridge . . . . . . . . . . . . . . . . . . . . . . . . 18,674 718,202 Enbridge Energy Management LLC* . . . 20,516 295,431 (Cost $399,967) . . . . . . . . . . . . . . . . . 444,600 Energy Transfer Partners LP (A) . . . . . . 46,110 802,775 EnLink Midstream LLC . . . . . . . . . . . . . 17,745 275,048 SHORT-TERM INVESTMENT — 0.6% Enterprise Products Partners LP (A) . . . . 11,375 278,688 SEI Daily Income Trust, Government EOG Resources . . . . . . . . . . . . . . . . . . . . 5,025 501,847 Fund, EQT . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,945 496,881 Cl F, 0.870% (B) EQT Midstream Partners LP (A) . . . . . . . 5,970 436,168 (Cost $82,464) . . . . . . . . . . . . . . . . . . 82,464 82,464 GasLog Partners LP . . . . . . . . . . . . . . . . 12,860 305,425 Halliburton . . . . . . . . . . . . . . . . . . . . . . 10,860 464,156 Total Investments — 99.5% Kinder Morgan . . . . . . . . . . . . . . . . . . . . 37,980 687,818 (Cost $12,961,789) . . . . . . . . . . . . . . . $14,501,961 Marathon Petroleum . . . . . . . . . . . . . . . . 5,330 318,414 Percentages are based upon Net Assets of $14,574,511. MPLX LP (A) . . . . . . . . . . . . . . . . . . . . 8,451 297,982 Noble Energy . . . . . . . . . . . . . . . . . . . . . 13,570 378,196 * Non-income producing security. Noble Midstream Partners LP (A) . . . . . . 6,794 352,337 (A) Securities considered Master Limited Partnerships. At October 31, 2017, Occidental Petroleum . . . . . . . . . . . . . . . 5,025 324,464 these securities amounted $4,072,674 or 27.9% of Net Assets. ONEOK . . . . . . . . . . . . . . . . . . . . . . . . . 8,045 436,602 (B) The rate reported is the 7-day effective yield as of October 31, 2017. Pembina Pipeline . . . . . . . . . . . . . . . . . . 9,462 312,908 Pioneer Natural Resources . . . . . . . . . . . 3,260 487,924 ADR – American Depositary Receipt Range Resources . . . . . . . . . . . . . . . . . . . 12,900 233,619 Cl – Class Royal Dutch Shell ADR, Cl B . . . . . . . . . 2,815 183,988 LLC – Limited Liability Company Summit Midstream Partners LP (A) . . . . 13,747 281,126 Targa Resources . . . . . . . . . . . . . . . . . . . 10,025 416,038 LP – Limited Partnership TransCanada . . . . . . . . . . . . . . . . . . . . . 13,215 627,448 As of October 31, 2017, all of the Fund’s investments were considered Western Gas Partners LP (A) . . . . . . . . . 5,910 283,030 Level 1, in accordance with the authoritative guidance on fair value Williams . . . . . . . . . . . . . . . . . . . . . . . . 19,340 551,190 measurements and disclosure under U.S. generally accepted accounting principles. Williams Partners (A) . . . . . . . . . . . . . . . 7,585 280,948 For the year ended October 31, 2017, there were no transfers between 12,133,488 Level 1 and Level 2 assets and liabilities. Transfers, if any, between levels INDUSTRIALS — 2.8% are considered to have occurred as of the end of the period. For the year ended October 31, 2017, there were no Level 3 securities. Macquarie Infrastructure Co Trust . . . . . 5,960 414,518 For more information on valuation inputs, see Note 2 in Notes to Financial Statements. The accompanying notes are an integral part of the financial statements. 42


  • Page 45

    THE ADVISORS’ INNER CIRCLE FUND WESTWOOD INCOME OPPORTUNITY FUND OCTOBER 31, 2017 Sector Weightings (unaudited)†: COMMON STOCK — continued 19.7% Corporate Obligations Shares/ 12.7% Short-Term Investment Face Amount Value 11.2% Preferred Stock 8.0% Information Technology HEALTH CARE — continued 7.9% Industrials Johnson & Johnson . . . . . . . . . 250,550 $ 34,929,176 7.8% Energy 7.7% Financials 113,872,673 6.6% U.S. Government Agency Obligations 5.0% Consumer Discretionary INDUSTRIALS — 7.9% 4.3% Health Care 4.1% Real Estate Boeing . . . . . . . . . . . . . . . . . . 137,685 35,519,976 3.3% Consumer Staples 1.2% Utilities General Dynamics . . . . . . . . . . 164,276 33,344,743 0.5% U.S. Treasury Obligation Honeywell International . . . . . 477,714 68,867,250 †Percentages are based on total investments. Raytheon . . . . . . . . . . . . . . . . 198,793 35,822,499 SCHEDULE OF INVESTMENTS Union Pacific . . . . . . . . . . . . . 321,575 37,235,169 COMMON STOCK — 48.8% 210,789,637 Shares Value INFORMATION TECHNOLOGY — 8.0% CONSUMER DISCRETIONARY — 4.9% Booz Allen Hamilton Holding, Comcast, Cl A . . . . . . . . . . . . . . 1,756,670 $ 63,292,820 Cl A . . . . . . . . . . . . . . . . . . . 892,133 33,713,706 Home Depot . . . . . . . . . . . . . . . 418,025 69,300,185 Microsoft . . . . . . . . . . . . . . . . 458,125 38,106,838 132,593,005 Oracle . . . . . . . . . . . . . . . . . . 1,316,500 67,009,850 CONSUMER STAPLES — 3.2% TE Connectivity . . . . . . . . . . . 412,760 37,548,777 General Mills . . . . . . . . . . . . . . 457,123 23,733,826 Texas Instruments . . . . . . . . . 382,170 36,952,017 PepsiCo . . . . . . . . . . . . . . . . . . 569,100 62,731,893 213,331,188 86,465,719 REAL ESTATE — 4.1% ENERGY — 7.7% Alexandria Real Estate Equities . . . . . . . . . . . . . . . . 453,374 56,200,241 Andeavor Logistics LP (A) . . . . 496,125 22,414,928 Boston Properties . . . . . . . . . . 436,868 52,939,664 Enterprise Products Partners LP (A) . . . . . . . . . . . . . . . . . . 1,060,757 25,988,547 109,139,905 EQT Midstream Partners UTILITIES — 1.2% LP (A) . . . . . . . . . . . . . . . . . . 557,586 40,737,233 Nextera Energy . . . . . . . . . . . . 208,235 32,291,001 Magellan Midstream Partners LP (A) . . . . . . . . . . . . . . . . . . 477,544 32,812,048 Total Common Stock Phillips 66 Partners LP (A) . . . . 617,645 31,135,484 (Cost $958,023,827) . . . . . . 1,308,853,126 Shell Midstream Partners LP (A) . . . . . . . . . . . . . . . . . . 1,130,886 28,735,813 CORPORATE OBLIGATIONS — 19.5% Western Gas Partners LP (A) . . 523,807 25,085,117 ENERGY — 1.3% 206,909,170 Chevron FINANCIALS — 7.6% 1.344%, 11/09/17 . . . . . . . . $ 20,000,000 19,998,157 Bank of America . . . . . . . . . . . . 2,827,942 77,457,331 Total Capital International Chubb . . . . . . . . . . . . . . . . . . . 192,498 29,032,549 2.700%, 01/25/23 . . . . . . . . 13,750,000 13,890,544 Hartford Financial Services 33,888,701 Group . . . . . . . . . . . . . . . . . . 505,067 27,803,938 FINANCIALS — 10.7% US Bancorp . . . . . . . . . . . . . . . 1,271,920 69,167,010 Bank of New York Mellon 203,460,828 4.950%, VAR ICE LIBOR HEALTH CARE — 4.2% USD 3 Month+3.420%, 12/31/49 . . . . . . . . . . . . . . . 26,440,000 27,629,800 Abbott Laboratories . . . . . . . . . 798,250 43,289,097 Becton Dickinson . . . . . . . . . . . 170,865 35,654,400 The accompanying notes are an integral part of the financial statements. 43


  • Page 46

    THE ADVISORS’ INNER CIRCLE FUND WESTWOOD INCOME OPPORTUNITY FUND OCTOBER 31, 2017 CORPORATE OBLIGATIONS — continued CORPORATE OBLIGATIONS — continued Face Amount/ Face Amount Value Shares Value FINANCIALS — continued INFORMATION TECHNOLOGY — continued Citigroup Intel 5.900%, VAR ICE LIBOR 3.300%, 10/01/21 . . . . . . . . $ 14,000,000 $ 14,621,351 USD 3 Month+4.230%, 1.350%, 12/15/17 . . . . . . . . 25,000,000 25,000,364 12/29/49 . . . . . . . . . . . . . . . $ 25,000,000 $ 26,815,250 Oracle 1.750%, 05/01/18 . . . . . . . . 25,000,000 24,995,433 3.625%, 07/15/23 . . . . . . . . 15,000,000 15,933,561 Goldman Sachs Group 5.375%, VAR ICE LIBOR 79,585,751 USD 3 Month+3.922%, TELECOMMUNICATION SERVICES — 1.7% 12/29/49 . . . . . . . . . . . . . . . 19,850,000 20,594,375 AT&T JPMorgan Chase 2.375%, 11/27/18 . . . . . . . . 27,000,000 27,145,916 7.900%, VAR ICE LIBOR 1.400%, 12/01/17 . . . . . . . . 20,000,000 20,000,000 USD 3 Month+3.470%, 12/31/49 . . . . . . . . . . . . . . . 29,850,000 30,611,175 47,145,916 1.996%, VAR ICE LIBOR USD 3 Month+0.680%, Total Corporate Obligations 06/01/21 . . . . . . . . . . . . . 32,000,000 32,181,655 (Cost $516,279,172) . . . . . . 523,457,053 MetLife 5.250%, VAR ICE LIBOR PREFERRED STOCK — 11.1% USD 3 Month+3.575%, 12/29/49 . . . . . . . . . . . . . . . 23,000,000 24,035,000 ENERGY — 0.6% 1.903%, 12/15/17 . . . . . . . . 25,000,000 25,015,353 Kinder Morgan, 9.750% . . . . . 431,000 16,205,600 Morgan Stanley FINANCIALS — 8.6% 5.450%, VAR ICE LIBOR Bank of America, Ser D, USD 3 Month+3.610%, 6.204% . . . . . . . . . . . . . . . . 1,040,612 26,910,226 12/29/49 . . . . . . . . . . . . . . . 22,650,000 23,488,050 Bank of America, Ser 5, PNC Bank MTN 4.000% , VAR ICE LIBOR 1.600%, 06/01/18 . . . . . . . . 27,000,000 26,998,485 USD 3 Month+0.500% . . . . . 1,100,506 25,938,927 SunTrust Banks 5.050%, VAR ICE LIBOR BB&T, Ser D, 5.850% . . . . . . . 1,089,173 27,926,396 USD 3 Month+3.102%, JPMorgan Chase, Ser O, 06/15/22 . . . . . . . . . . . . . . . 25,600,000 26,336,000 5.500% . . . . . . . . . . . . . . . . 2,287,720 57,421,772 PNC Financial Services Group, 288,700,576 Ser Q, 5.375% . . . . . . . . . . . 793,996 20,286,598 HEALTH CARE — 1.8% US Bancorp, Ser B, 3.500% , Aetna VAR ICE LIBOR USD 3 1.700%, 06/07/18 . . . . . . . . 23,000,000 22,994,480 Month+0.600% . . . . . . . . . . 1,574,298 36,397,769 Pfizer Wells Fargo, 5.850% , VAR 2.100%, 05/15/19 . . . . . . . . 25,000,000 25,164,779 ICE LIBOR USD 3 Month+3.090% . . . . . . . . . . 1,331,420 36,267,881 48,159,259 231,149,569 INDUSTRIALS — 1.0% General Electric HEALTH CARE — 1.0% 5.000%, VAR ICE LIBOR Becton Dickinson, 6.125% . . . 483,825 27,476,422 USD 3 Month+3.330%, 12/29/49 . . . . . . . . . . . . . . . 24,888,000 25,976,850 UTILITIES — 0.9% DTE Energy, 6.500% . . . . . . . 423,800 23,279,334 INFORMATION TECHNOLOGY — 3.0% Apple Total Preferred Stock 1.561%, VAR ICE LIBOR (Cost $282,341,327) . . . . . . 298,110,925 USD 3 Month+0.250%, 05/03/18 . . . . . . . . . . . . . . . 24,000,000 24,030,475 The accompanying notes are an integral part of the financial statements. 44


  • Page 47

    THE ADVISORS’ INNER CIRCLE FUND WESTWOOD INCOME OPPORTUNITY FUND OCTOBER 31, 2017 U.S. GOVERNMENT AGENCY OBLIGATIONS — 6.5% The following is a summary of the inputs used as of October 31, 2017 when valuing the Fund’s investments: Face Amount/ Shares Value Investments in FHLMC Securities Level 1 Level 2 Level 3 Total 2.375%, 01/13/22 ......... $ 29,000,000 $ 29,415,541 Common Stock $1,308,853,126 $ — $ — $1,308,853,126 1.750%, 05/30/19 ......... 31,500,000 31,581,270 Corporate 1.375%, 05/01/20 ......... 27,000,000 26,791,074 Obligations — 523,457,053 — 523,457,053 1.000%, 12/15/17 ......... 25,000,000 24,995,050 Preferred Stock 298,110,925 — — 298,110,925 U.S. Government 0.875%, 03/07/18 ......... 36,000,000 35,956,620 Agency Obligations — 173,677,380 — 173,677,380 148,739,555 U.S. Treasury Obligation — 12,681,143 — 12,681,143 FNMA Short-Term 0.875%, 05/21/18 . . . . . . . . . 25,000,000 24,937,825 Investment 336,746,294 — — 336,746,294 Total Investments in Total U.S. Government Agency Securities $1,943,710,345 $709,815,576 $ — $2,653,525,921 Obligations (Cost $173,561,734) . . . . . . . 173,677,380 For the year ended October 31, 2017, there were no transfers between Level 1 and Level 2 assets and liabilities. Transfers, if any, between levels U.S. TREASURY OBLIGATION — 0.5% are considered to have occurred as of the end of the year. For the year ended October 31, 2017, there were no Level 3 securities. U.S. Treasury Note 3.375%, 11/15/19 For more information on valuation inputs, see Note 2 in Notes to Financial Statements. (Cost $12,525,982) . . . . . . . . 12,250,000 12,681,143 SHORT-TERM INVESTMENT — 12.5% SEI Daily Income Trust, Government Fund, Cl F, 0.870% (B) (Cost $336,746,294) . . . . . . . . 336,746,308 336,746,294 Total Investments — 98.9% (Cost $2,279,478,336) . . . . . . $2,653,525,921 Percentages are based upon Net Assets of $2,683,781,238. * Non-income producing security. (A) Securities considered Master Limited Partnerships. At October 31, 2017, these securities amounted $206,909,170 or 7.7% of Net Assets. (B) The rate reported is the 7-day effective yield as of October 31, 2017. Cl – Class 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 Ser – Series USD – U.S. Dollar VAR — Variable Rate The accompanying notes are an integral part of the financial statements. 45


  • Page 48

    THE ADVISORS’ INNER CIRCLE FUND WESTWOOD WORLDWIDE INCOME OPPORTUNITY FUND OCTOBER 31, 2017 Sector Weightings (unaudited)†: COMMON STOCK — continued 21.4% Corporate Obligations Shares/ 12.0% Industrials Face Amount Value 10.0% Information Technology 9.9% Short-Term Investment UNITED STATES — continued 7.7% Energy Hartford Financial Services 7.3% Health Care 6.4% Financials Group . . . . . . . . . . . . . . . . . . . . . 930 $ 51,197 6.3% Preferred Stock Honeywell International . . . . . . . . . 763 109,994 4.9% Telecommunication Services 3.2% Real Estate Johnson & Johnson . . . . . . . . . . . . . 545 75,978 3.1% Sovereign Debt Microsoft . . . . . . . . . . . . . . . . . . . . 1,150 95,657 2.8% Consumer Staples 2.6% Exchange Traded Fund Occidental Petroleum . . . . . . . . . . . 645 41,648 2.4% Consumer Discretionary Oracle . . . . . . . . . . . . . . . . . . . . . . 2,390 121,651 †Percentages are based on total investments. Phillips 66 Partners LP (A) . . . . . . 705 35,539 SCHEDULE OF INVESTMENTS Raytheon . . . . . . . . . . . . . . . . . . . . 785 141,457 COMMON STOCK — 55.9% Shell Midstream Partners LP (A) . . 1,240 31,508 Shares Value Union Pacific . . . . . . . . . . . . . . . . . 828 95,874 BELGIUM — 2.8% US Bancorp . . . . . . . . . . . . . . . . . . 2,390 129,968 Anheuser-Busch InBev ADR . . . . . . . . . . 1,105 $ 135,672 Western Gas Partners LP (A) . . . . . 477 22,844 CANADA — 0.9% 1,837,719 Enbridge . . . . . . . . . . . . . . . . . . . . . . . . 1,170 44,998 Total Common Stock GERMANY — 1.0% (Cost $2,294,240) . . . . . . . . . . . . 2,718,606 SAP ADR . . . . . . . . . . . . . . . . . . . . . . . . 435 49,677 JAPAN — 6.3% CORPORATE OBLIGATIONS — 21.1% Keyence . . . . . . . . . . . . . . . . . . . . . . . . . 296 163,560 AUSTRIA — 3.0% Nippon Telegraph & Telephone ADR . . . 2,905 140,399 Oesterreichische Kontrollbank 303,959 1.125%, 05/29/18 . . . . . . . . . . . . $ 148,000 147,692 NETHERLANDS — 2.0% CANADA — 0.8% Royal Dutch Shell ADR, Cl A . . . . . . . . . 1,580 99,587 Canadian National Railway 5.850%, 11/15/17 . . . . . . . . . . . . 38,000 38,059 SWITZERLAND — 2.6% Novartis ADR . . . . . . . . . . . . . . . . . . . . . 1,515 125,109 GERMANY — 4.1% Kreditanstalt fuer Wiederaufbau UNITED KINGDOM — 2.5% 0.875%, 04/19/18 . . . . . . . . . . . . 148,000 147,541 Lloyds TSB Group PLC ADR . . . . . . . . . 6,525 24,077 Landwirtschaftliche Rentenbank Vodafone Group PLC ADR . . . . . . . . . . . 3,375 97,808 1.875%, 09/17/18 . . . . . . . . . . . . 50,000 50,138 121,885 197,679 UNITED STATES — 37.8% SWITZERLAND — 1.6% Abbott Laboratories . . . . . . . . . . . . . . . . 880 47,722 Novartis Securities Investment Alexandria Real Estate Equities . . . . . . . 400 49,584 5.125%, 02/10/19 . . . . . . . . . . . . 76,000 79,171 Andeavor Logistics LP (A) . . . . . . . . . . . 480 21,686 UNITED KINGDOM — 4.3% Bank of America . . . . . . . . . . . . . . . . . . . 3,600 98,604 AstraZeneca Becton Dickinson . . . . . . . . . . . . . . . . . . 490 102,249 1.750%, 11/16/18 . . . . . . . . . . . . 142,000 141,946 Boeing . . . . . . . . . . . . . . . . . . . . . . . . . . 400 103,192 Lloyds Bank Booz Allen Hamilton Holding, Cl A . . . . . 1,350 51,017 1.750%, 05/14/18 . . . . . . . . . . . . 65,000 65,059 Boston Properties . . . . . . . . . . . . . . . . . . 840 101,791 207,005 Comcast, Cl A . . . . . . . . . . . . . . . . . . . . 3,205 115,476 Enterprise Products Partners LP (A) . . . . 2,910 71,295 General Dynamics . . . . . . . . . . . . . . . . . 600 121,788 The accompanying notes are an integral part of the financial statements. 46


  • Page 49

    THE ADVISORS’ INNER CIRCLE FUND WESTWOOD WORLDWIDE INCOME OPPORTUNITY FUND OCTOBER 31, 2017 CORPORATE OBLIGATIONS — continued SOVEREIGN DEBT — continued Face Amount/ Face Amount/ Shares Value Shares Value UNITED STATES — 7.3% POLAND — 1.6% Bank of New York Mellon Republic of Poland Government 4.950%, VAR ICE LIBOR USD International Bond 3 Month+3.420%, 12/31/49 . . . . $ 70,000 $ 73,150 5.125%, 04/21/21 . . . . . . . . . . . . $ 72,000 $ 78,608 General Electric 5.000%, VAR ICE LIBOR USD Total Sovereign Debt 3 Month+3.330%, 12/29/49 . . . . 70,000 73,063 (Cost $147,809) . . . . . . . . . . . . . 148,518 Goldman Sachs Group MTN 2.917%, VAR ICE LIBOR USD EXCHANGE TRADED FUNDS — 2.6% 3 Month+1.600%, 11/29/23 . . . . 62,000 64,579 CANADA — 0.3% JPMorgan Chase 5.300%, VAR ICE LIBOR USD iShares S&P/TSX Capped REIT 3 Month+3.800%, 12/31/49 . . . . 69,000 72,546 Index ETF . . . . . . . . . . . . . . . . . . 1,035 13,005 Wells Fargo JAPAN — 0.2% 7.980%, VAR ICE LIBOR USD Next Funds REIT Index ETF . . . . . 790 12,124 3 Month+3.770%, 03/15/18 . . . . 69,000 70,400 NETHERLANDS — 1.1% 353,738 iShares European Property Yield UCITS ETF . . . . . . . . . . . . . . . . . 1,115 52,244 Total Corporate Obligations (Cost $1,021,021) . . . . . . . . . . . . 1,023,344 UNITED STATES — 1.0% iShares International PREFERRED STOCK — 6.2% Developed ETF . . . . . . . . . . . . . . 1,675 48,944 NETHERLANDS — 1.5% Total Exchange Traded Funds Aegon, 6.375% . . . . . . . . . . . . . . . . 910 23,569 (Cost $119,865) . . . . . . . . . . . . . 126,317 ING Groep, 6.375% . . . . . . . . . . . . 1,858 47,751 SHORT-TERM INVESTMENT — 9.7% 71,320 UNITED STATES — 4.7% SEI Daily Income Trust, Government Fund, BB&T, Ser E, 5.625% . . . . . . . . . . 935 23,880 Cl F, 0.870% (B) Becton Dickinson, 6.125% . . . . . . . 900 51,111 (Cost $471,860) . . . . . . . . . . . . . 471,860 471,860 DTE Energy, 6.500% . . . . . . . . . . . 900 49,437 Kinder Morgan, Ser A, 9.750% . . . . 975 36,660 Total Investments — 98.6% US Bancorp, Ser B, 3.500%, VAR (Cost $4,355,441) . . . . . . . . . . . . $4,790,366 ICE LIBOR USD 3 Month+0.600% . . . . . . . . . . . . 1,484 34,310 Percentages are based upon Net Assets of $4,860,649. Wells Fargo, 5.850%, VAR ICE * Non-income producing security. LIBOR USD 3 Month+3.090% . . . 1,285 35,003 (A) Securities considered Master Limited Partnerships. At October 31, 2017, 230,401 these securities amounted to $182,872 or 3.8% of Net Assets. Total Preferred Stock (B) The rate reported is the 7-day effective yield as of October 31, 2017. (Cost $300,646) . . . . . . . . . . . . . 301,721 ADR – American Depositary Receipt SOVEREIGN DEBT — 3.1% Cl – Class CANADA — 1.5% ETF – Exchange Traded Fund Canada Government ICE – Intercontinental Exchange International Bond 1.125%, 03/19/18 . . . . . . . . . . . . 70,000 69,910 LIBOR – London Interbank Offered Rate The accompanying notes are an integral part of the financial statements. 47


  • Page 50

    THE ADVISORS’ INNER CIRCLE FUND WESTWOOD WORLDWIDE INCOME OPPORTUNITY FUND OCTOBER 31, 2017 LP – Limited Partnership MTN – Medium Term Note PLC – Public Limited Company REIT – Real Estate Investment Trust S&P – Standard & Poor’s Ser – Series TSX – Toronto Stock Exchange UCITS – Undertakings for the Collective Investment of Transferable Securities USD – U.S. Dollar VAR – Variable Rate The following is a summary of the inputs used as of October 31, 2017 when valuing the Fund’s investments: Investments in Securities Level 1 Level 2 Level 3 Total Common Stock $2,718,606 $ — $ — $2,718,606 Corporate Obligations — 1,023,344 — 1,023,344 Preferred Stock 301,721 — — 301,721 Sovereign Debt — 148,518 — 148,518 Exchange Traded Funds 126,317 — — 126,317 Short-Term Investment 471,860 — — 471,860 Total Investments in Securities $3,618,504 $1,171,862 $ — $4,790,366 For the year ended October 31, 2017, there were no transfers between Level 1 and Level 2 assets and liabilities. Transfers, if any, between levels are considered to have occurred as of the end of the year. For the year ended October 31, 2017, there were no Level 3 securities. For more information on valuation inputs, see Note 2 in Notes to Financial Statements. The accompanying notes are an integral part of the financial statements. 48

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