ADVISORS' INNER CIRCLE FUND (Form: N-CSR, Received: 01/11/2021 16:18:07)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-06400

The Advisors’ Inner Circle Fund

(Exact name of registrant as specified in charter)

SEI Investments

One Freedom Valley Drive

Oaks, PA 19456

(Address of principal executive offices) (Zip code)

SEI Investments

One Freedom Valley Drive

Oaks, PA 19456

(Name and address of agent for service)

Registrant’s telephone number, including area code: (877) 446-3863

Date of fiscal year end: October 31, 2020

Date of reporting period: October 31, 2020

Item 1.

Reports to Stockholders.

A copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Investment Company Act or 1940, as amended (the “Act”) (17 CFR § 270.30e-1), is attached hereto.

The Advisors’ Inner Circle Fund

LOGO

Cornerstone Advisors Global Public Equity Fund

Cornerstone Advisors Core Plus Bond Fund


Annual Report		October 31, 2020

INVESTMENT ADVISOR:
PATHSTONE FAMILY OFFICE, LLC


THE ADVISORS’ INNER CIRCLE FUND		CORNERSTONE ADVISORS FUNDS
		October 31, 2020


TABLE OF CONTENTS
Management’s Discussion and Analysis of Fund Performance (unaudited)			1
Schedules of Investments			3


Statements of Assets and Liabilities			39
Statements of Operations			40
Statements of Changes in Net Assets			41
Financial Highlights			42
Notes to Financial Statements			43
Report of Independent Registered Public Accounting Firm			54
Trustees and Officers of the Advisors’ Inner Circle Fund (unaudited)			55
Disclosure of Fund Expenses (unaudited)			59
Board Considerations in Approving the Advisory Agreement and Sub-Advisory Agreements			60
Review of Liquidity Risk Management Program			68
Notice to Shareholders (unaudited)			69

The Cornerstone Advisors Funds file their complete schedules of investments with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year as an exhibit to its report on Form N-PORT (Form N-Q for filings prior to March 31, 2020). The Funds’ Forms N-Q and N-PORT are available on the SEC’s website at http://www.sec.gov, and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. 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 information relating to how a Fund voted proxies relating to fund securities during the most recent 12-month period ended June 30, will be available (i) without charge, upon request, by calling 1-888-762-1442; and (ii) on the SEC’s website at http://www.sec.gov.


THE ADVISORS’ INNER CIRCLE FUND		CORNERSTONE ADVISORS FUNDS
		October 31, 2020

Management’s Discussion and Analysis of Fund Performance (unaudited)

Cornerstone Advisors Global Public Equity Fund

The Cornerstone Advisors Global Public Equity Fund reached its eight-year anniversary on August 30th, 2020. The Fund’s net asset value was $397 million at fiscal year-end, October 31st, 2020. The Fund has performed within expectations for the time period given the market environment, slightly trailing the MSCI All Country World Index (“ACWI”) (“Fund benchmark”) since inception with an annualized return of +8.87% vs. +8.99%.

Fund performance was +4.57% for the fiscal year ending October 31st, 2020, versus the Fund benchmark at +4.89%. The Global Opportunistic Module was the best performer at +9.44%. Style Specialists rose +0.53%, while Global Structured fell -4.27%.

During the year, there were multiple changes to the sub-advisor roster. EAM Investors was added as the U.S. Small-Cap Growth sub-advisor, while 4 sub-advised strategies were removed: Allianz Global Investors U.S. Ultra Micro-Cap Growth, LSV Asset Management U.S. Micro-Cap Value, Driehaus Capital Management Emerging Markets Growth, and Acadian Asset Management Emerging Markets Value. With these changes, we removed dedicated exposures in certain areas to shift a larger portion of the active risk to the flexible allocation decisions of our Global Opportunistic managers.

Fiscal 2020 was a volatile period for global equity markets due to the COVID-19 pandemic. From October 31st, 2019 to February 12th, 2020, ACWI rose +9.11%, then fell a dramatic -33.74% in the six weeks from February 12th through March 23rd. From the bottom of the market in March through fiscal year-end in October, ACWI recovered +45.06% due to improving economic data, better than expected corporate earnings, and medical progress on vaccine candidates and therapeutics. In fiscal 2020 the U.S. outperformed International, Growth outperformed Value, and Large-Cap outperformed Small-Cap, a continuation of the trend in recent years. Our approach is designed to provide a broad level of exposure to global equities across varying investment styles, regions, currencies, economic sectors and market capitalizations, and seeks alpha primarily through the security selection of sub-advisors as well as the opportunistic investment of global active managers.

We look forward to sharing periodic updates in the coming year. Thank you for your continued trust and confidence in Pathstone.


AVERAGE ANNUAL TOTAL RETURN ^{1, 2}
	One Year Return		Three Year Return		Five Year Return		Annualized Inception to Date
Cornerstone Advisors Global Public Equity Fund		4.57%		3.15%		7.13%		8.87%
MSCI ACWI ³		4.89%		5.52%		8.11%		8.99%

Comparison of Change in the Value of a $10,000 Investment in the Cornerstone Advisors Global Public Equity Fund, versus the MSCI ACWI

LOGO

For the year ended October 31, 2020. Past performance is no indication of future performance. Shares of the Fund were offered beginning August 30, 2012.

Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

The MSCI ACWI is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The MSCI ACWI consists of 47 country indices comprising 23 developed and 24 emerging market country indices.

This represents the manager’s assessment of the Fund and market environment at a specific point in time and should not be relied upon by the reader as research or investment advice.

Investing in the Fund is subject to the risks of the underlying funds. In addition to the normal risks associated with investing, international investments may involve risk of capital loss from unfavorable fluctuation in currency values or from social, economic or political instability in other nations. Emerging markets involve heightened risks related to the same factors as well as increased volatility and lower trading volume. Investments in smaller companies typically exhibit higher volatility. The Fund is diversified and entails certain risks, including risk associated with the use of derivatives (options, swap agreements, futures contracts and similar instruments), hedging, and leverage, which can increase volatility and decrease performance.

One year return, five year return and annualized inception to date return as of 09/30/2020 are 10.14%, 8.95 and 9.25%, respectively. Gross expense ratio for the Fund from the most recent prospectus is 1.04%. The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more of less than their original cost and current performance may be lower or higher than the performance quoted. For performance data current to the most recent month end, please call 877-762-1442.


THE ADVISORS’ INNER CIRCLE FUND		CORNERSTONE ADVISORS FUNDS
		October 31, 2020

Management’s Discussion and Analysis of Fund Performance (unaudited)

Cornerstone Advisors Core Plus Bond Fund

The Cornerstone Advisors Core Plus Bond Fund reached its four-year anniversary on August 30th, 2020. The Fund’s net asset value was $355 million at fiscal year-end, October 31st, 2020. The Fund has performed within expectations given market conditions during the period, slightly trailing the Bloomberg Barclays U.S. Aggregate Bond Index (“Fund benchmark”) since inception with an annualized return of +3.12% vs. +3.64%.

Fund performance was +3.56% for the fiscal year ending October 31st, 2020, trailing the Fund benchmark which returned +6.19%. Two of the four sub-advisors outperformed the Fund benchmark during the year – Loomis, Sayles & Company (+8.75%) and Metropolitan West Asset Management (+7.43%). SLC Management slightly underperformed (+5.93%). The underperformance of the Fund was driven by the allocation to Franklin Templeton Investments Global Bond, which fell -6.52% for the year, underperforming the Fund benchmark primarily due to their underweight to duration, which was challenged in a falling-rate environment.

No sub-advisor changes were made during the year.

After three 0.25% rate cuts in 2019, in reaction to the growing concern of COVID-19 and associated economic damage, the U.S. Federal Reserve acted swiftly in March to cut the fed funds rate from a target of 1.50%-1.75% to a target of 0%-0.25% through a series of two emergency rate cuts. In addition, in response to market stress the Fed announced several programs to provide liquidity to markets and encourage lending in the economy. Other central banks around the world announced similar actions, calming markets. For its part, the U.S. Congress passed legislation to help struggling businesses and individuals. As a result, despite the unprecedented shutdown of certain sectors of the economy, during fiscal 2020 the yield curve steepened (the 2-Year Treasury yield fell 1.4%, the 10-Year fell 0.8%, and the 30-Year Treasury yield fell 0.5%). Credit spreads widened considerably in March but by fiscal year-end recovered to pre-stress levels.

We look forward to sharing periodic updates in the coming year. Thank you for your continued trust and confidence in Pathstone.


AVERAGE ANNUAL TOTAL RETURN ^{1, 2}
	One Year Return		Three Year Return		Annualized Inception to Date
Cornerstone Advisors Core Plus Bond Fund		3.56%		3.52%		3.12%
Bloomberg Barclays U.S. Aggregate Index ³		6.19%		5.06%		3.64%
FTSE WGBI⁴		6.00%		4.49%		2.49%

Comparison of Change in the Value of a $10,000 Investment in the Cornerstone Core Plus Bond Fund, versus the Bloomberg Barclays US Aggregate Index, and the FTSE WGBI

LOGO

For the period ended October 31, 2018. Past performance is no indication of future performance. Shares of the Fund were offered beginning August 30, 2016.

Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

The Bloomberg Barclays U.S. Aggregate Index represents securities that are SEC-registered, taxable, and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities.

The FTSE World Government Bond Index provides exposure to the global sovereign fixed income market, the index measures the performance of fixed-rate, local currency, investment-grade sovereign bonds. It comprises sovereign debt from over 20 countries, denominated in a variety of currencies.

This represents the manager’s assessment of the Fund and market environment at a specific point in time and should not be relied upon by the reader as research or investment advice.

One year return and annualized inception to date return as of 09/30/2020 are 4.08% and 3.18%, respectively. Gross expense ratio for the Fund from the most recent prospectus is 0.56%. The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more of less than their original cost and current performance may be lower or higher than the performance quoted. For performance data current to the most recent month end, please call 877-762-1442.


THE ADVISORS’ INNER CIRCLE FUND		CORNERSTONE ADVISORS GLOBAL PUBLIC EQUITY FUND
		October 31, 2020

Sector Weightings (unaudited) †:

LOGO

† Percentages are based on total investments.



SCHEDULE OF INVESTMENTS

COMMON STOCK — 97.9%

	Shares		Value

AUSTRALIA — 1.1%
Alliance Aviation Services, Cl A		23,600	$	55,113

Amcor		4,047		41,908

Ampol		1,514		27,602

Australia & New Zealand Banking Group		3,888		51,465

Aventus Group ‡		48,000		83,198

Bigtincan Holdings *		95,700		81,299

Brambles		5,284		35,657

Coca-Cola Amatil		4,282		37,543

Coles Group		1,487		18,589

Commonwealth Bank of Australia		2,890		139,950

CSL		1,333		269,214

Dexus ‡		8,112		49,025

Fortescue Metals Group		25,313		308,298

Harvey Norman Holdings		20,711		64,604

Medibank Pvt		21,609		40,549

Megaport *		6,900		65,107

Metcash		38,800		80,121

Mineral Resources		70,719		1,238,702

Mirvac Group ‡		16,929		25,040

Money3		53,800		85,037

National Australia Bank		3,804		49,885

New Hope		39,700		29,740

Newcrest Mining		4,891		100,707

NEXTDC *		32,218		288,362

Qantas Airways		34,047		100,494

Regis Resources		26,300		76,908

Rio Tinto		1,440		93,548

Sandfire Resources		16,200		50,318

Sydney Airport		4,668		17,884



COMMON STOCK (continued)

	Shares		Value

AUSTRALIA (continued)
Tabcorp Holdings		19,477	$	45,044

Telstra		44,009		82,823

Temple & Webster Group *		11,189		82,413

Vita Group		82,500		57,297

Wesfarmers		6,223		201,118

Westpac Banking		4,949		62,458

Woodside Petroleum		4,673		57,434

				4,194,454


AUSTRIA — 0.1%
BAWAG Group *		3,100		113,662

Erste Group Bank		1,877		38,576

Vienna Insurance Group Wiener Versicherung Gruppe		4,200		85,221

				237,459


BELGIUM — 0.1%
Ageas		829		33,475

Ascencio ‡		1,200		57,710

bpost		16,300		144,639

EVS Broadcast Equipment		4,600		66,245

Solvay		303		24,598

UCB		586		57,724

				384,391


BERMUDA — 0.4%
Teekay LNG Partners LP (A)		152,006		1,582,382


BRAZIL — 0.1%
Cosan		2,322		26,166

JBS		10,200		34,415

Rumo *		23,075		73,070

Suzano		4,276		36,881

Vale		2,900		30,501

				201,033


CANADA — 2.7%
Agnico Eagle Mines		1,814		143,603

Altus Group		2,100		85,920

Atco, Cl I		1,300		36,191

AutoCanada		16,600		250,813

Bank of Nova Scotia		15,000		623,170

Bausch Health *		35,164		579,336

BCE		2,182		87,686

Boardwalk ‡		2,967		59,639

Canada Goose Holdings *		5,200		162,136

Canadian Apartment Properties ‡		1,800		57,865

Canadian Imperial Bank of Commerce		1,800		134,267

Canadian National Railway		2,487		247,057

Centerra Gold		41,200		359,955

CGI, Cl A *		717		44,490

Cogeco		1,400		83,729

The accompanying notes are an integral part of the financial statements.


THE ADVISORS’ INNER CIRCLE FUND		CORNERSTONE ADVISORS GLOBAL PUBLIC EQUITY FUND
		October 31, 2020



COMMON STOCK (continued)

	Shares		Value

CANADA (continued)
Constellation Software		268	$	281,335

Dollarama		3,000		103,310

ECN Capital		13,500		53,501

Empire		7,144		194,915

Enbridge		8,358		230,347

Fairfax Financial Holdings		200		52,577

Fortis		635		25,084

Franco-Nevada		1,000		136,298

Genworth MI Canada		2,600		86,257

Hardwoods Distribution		4,700		84,348

iA Financial		2,400		83,621

K92 Mining *		13,300		70,379

Lululemon Athletica *		6,467		2,064,848

MCAN Mortgage		5,700		56,859

Methanex		3,500		103,768

Metro, Cl A		1,286		59,990

Newmont Goldcorp		200		12,556

Open Text		2,442		89,721

Parkland		8,278		202,181

Pizza Pizza Royalty		7,700		48,085

Quebecor, Cl B		7,700		178,644

Restaurant Brands International		400		20,785

Ritchie Bros Auctioneers		2,000		121,234

Saputo		2,600		63,288

Shopify, Cl A *		1,951		1,805,514

Sleep Country Canada Holdings		4,600		78,410

Teck Resources, Cl B		65,206		856,982

TFI International		2,200		97,954

Thomson Reuters		1,000		77,745

Waste Connections		1,310		129,850

Wheaton Precious Metals		3,708		170,162

Xebec Adsorption *		25,836		99,869

				10,696,274


CHILE — 0.1%
Antofagasta		5,378		71,672

Banco de Chile		714,934		55,194

Banco Santander Chile		985,230		34,489

Empresas CMPC		13,036		27,109

Falabella		13,787		37,797

				226,261


CHINA — 6.9%
Agricultural Bank of China, Cl H		123,000		41,764

Alibaba Group Holding ADR *		33,140		10,097,427

Anhui Conch Cement, Cl H		78,500		491,700

Bank of China, Cl H		1,472,000		466,393

Bank of Communications, Cl H		51,000		25,173

China Citic Bank, Cl H		82,000		33,425

China Communications Construction, Cl H		61,000		32,019



COMMON STOCK (continued)

	Shares		Value

CHINA (continued)
China Communications Services, Cl H		996,000	$	581,450

China Construction Bank, Cl H		50,000		34,643

China Medical System Holdings		571,000		601,479

China Mobile		186,983		1,142,259

China National Building Material, Cl H		220,000		253,135

China Petroleum & Chemical, Cl H		84,000		32,740

China Resources Beer Holdings		4,000		24,847

China Shenhua Energy, Cl H		22,500		39,018

China Telecom, Cl H		6,867,937		2,167,656

Country Garden Holdings		74,000		91,511

CRRC		113,000		43,923

Dongfeng Motor Group, Cl H		70,000		49,487

GDS Holdings ADR *		41,960		3,526,318

GSX Techedu ADR *		922		61,239

Industrial & Commercial Bank of China, Cl H		887,000		500,399

JD.com ADR *		10,400		847,808

Jiangxi Copper, Cl H		26,000		31,100

Li Ning		48,266		251,243

Metallurgical Corp of China, Cl H		240,000		38,809

New Oriental Education & Technology Group ADR *		1,079		173,050

PetroChina, Cl H		108,000		30,511

Ping An Insurance Group of China, Cl H		6,000		61,914

Powerlong Real Estate Holdings		130,000		87,803

Sihuan Pharmaceutical Holdings Group		508,000		58,755

TAL Education Group ADR *		1,900		126,274

Tencent Holdings		25,400		1,935,306

Tencent Holdings ADR		46,627		3,559,505

				27,540,083


CZECH REPUBLIC — 0.1%
Komercni banka as		18,865		382,930

Moneta Money Bank		19,914		45,182

				428,112


DENMARK — 1.3%
Ascendis Pharma ADR *		658		107,484

Chr Hansen Holding		1,064		106,989

Dfds		1,800		66,894

DSV PANALPINA		241		39,041

Netcompany Group *		1,777		147,830

Novo Nordisk, Cl B		2,916		187,140

Novozymes, Cl B		2,359		141,480

Royal Unibrew		1,481		144,448

Scandinavian Tobacco Group		21,812		308,639

Sydbank		2,800		47,851

Tryg		911		25,289

Vestas Wind Systems		22,016		3,757,027

				5,080,112

The accompanying notes are an integral part of the financial statements.


THE ADVISORS’ INNER CIRCLE FUND		CORNERSTONE ADVISORS GLOBAL PUBLIC EQUITY FUND
		October 31, 2020



COMMON STOCK (continued)

	Shares		Value

FINLAND — 0.3%
Cargotec, Cl B		2,000	$	68,686

Huhtamaki		2,641		128,843

Kone, Cl B		873		69,367

Konecranes, Cl A		3,405		107,083

Metso Outotec		44,340		312,463

Neste		2,442		127,126

Nokia		16,209		54,734

Nordea Bank Abp *		5,559		41,746

Orion, Cl B		1,821		77,968

Tokmanni Group		9,553		152,566

UPM-Kymmene		1,082		30,556

				1,171,138


FRANCE — 2.2%
Air France-KLM *		5,000		16,453

Air Liquide		3,446		503,746

Arkema		6,300		616,874

AXA		41,503		667,886

Cie des Alpes		3,400		53,493

Coface		19,287		150,969

Danone		294		16,221

Dassault Systemes		1,652		282,216

Derichebourg		15,800		46,550

Engie		2,277		27,581

EssilorLuxottica		1,426		176,399

Hermes International		2,226		2,067,888

Kaufman & Broad		2,600		93,087

L’Oreal		5,460		1,763,819

LVMH Moet Hennessy Louis Vuitton		352		165,002

Maisons du Monde		5,100		68,349

McPhy Energy *		2,557		66,112

Mersen		1,405		36,419

Orange		27,548		308,914

Pernod Ricard		164		26,401

Peugeot		14,705		264,471

Prodware		8,000		45,438

Sanofi		7,336		662,144

TOTAL		4,425		133,635

Trigano		708		94,005

Virbac *		909		211,647

				8,565,719


GERMANY — 1.9%
Aareal Bank		1,800		31,004

adidas		4,785		1,418,575

Allianz		5,082		894,260

Centrotec		4,600		84,756

Covestro		1,500		71,877

CropEnergies		8,300		112,882

Daimler		9,800		506,707



COMMON STOCK (continued)

	Shares		Value

GERMANY (continued)
Deutsche Boerse		683	$	100,410

Deutsche Telekom		23,561		359,128

Deutsche Wohnen		4,607		232,430

Duerr		5,038		144,595

DWS Group GmbH & KGaA *		4,015		136,760

Flatex *		2,845		152,618

Freenet		5,500		97,458

Fresenius & KGaA		556		20,656

Hamburger Hafen und Logistik		3,300		55,288

Henkel & KGaA		191		17,259

Hornbach Holding & KGaA		1,790		172,400

Merk		852		126,371

Muenchener Rueckversicherungs-Gesellschaft in Muenchen		242		56,576

Puma		1,706		148,852

QIAGEN *		2,399		113,657

SAP		2,964		315,841

Scout24		17,394		1,400,916

Siemens		1,834		215,254

Siemens Energy *		917		20,078

Softwareone Holding		7,975		196,689

Symrise, Cl A		1,082		133,510

TAG Immobilien		5,496		161,915

Wuestenrot & Wuerttembergische		3,300		55,013

				7,553,735


GREECE — 0.0%
FF Group *(B)(C)(D)		6,400		—

Motor Oil Hellas Corinth Refineries		4,400		41,092

				41,092


HONG KONG — 1.6%
AAC Technologies Holdings		4,500		23,647

AIA Group		18,800		178,491

Ant Group, Cl H *		–		—

ANTA Sports Products		15,000		166,287

ASM Pacific Technology		7,400		74,503

Brightoil Petroleum Holdings *(B)(C)(D)		139,000		26,895

Brilliance China Automotive Holdings		462,000		400,685

China Huishan Dairy Holdings *(B)(C)(D)		166,000		—

China Overseas Land & Investment		18,000		45,289

China Resources Cement Holdings		60,000		78,776

China Resources Gas Group		6,000		26,046

China SCE Group Holdings		191,000		82,194

China Vanke, Cl H		20,600		64,153

CSPC Pharmaceutical Group		23,040		24,491

CT Environmental Group *(B)(C)(D)		250,000		5,482

The accompanying notes are an integral part of the financial statements.


THE ADVISORS’ INNER CIRCLE FUND		CORNERSTONE ADVISORS GLOBAL PUBLIC EQUITY FUND
		October 31, 2020



COMMON STOCK (continued)

	Shares		Value

HONG KONG (continued)
Dawnrays Pharmaceutical Holdings		407,000	$	46,264

Far East Horizon		62,000		61,127

Galaxy Entertainment Group		251,315		1,665,503

Guangzhou Automobile Group, Cl H		54,800		56,500

Guangzhou R&F Properties		40,000		51,034

Haier Electronics Group		33,000		125,545

Hang Seng Bank		3,800		58,675

Henderson Land Development		12,008		42,682

Hongkong Land Holdings		6,800		24,982

Hua Han Health Industry Holdings *(B)(C)(D)		564,000		—

Jardine Matheson Holdings		2,300		102,058

Jiangsu Expressway, Cl H		44,000		44,114

Kerry Properties		17,500		43,042

Kingboard Holdings		16,500		55,851

Koolearn Technology Holding *		16,500		53,711

Lee & Man Paper Manufacturing		74,000		56,216

Lenovo Group		78,000		48,854

Link ‡		9,500		72,475

Longfor Group Holdings		24,000		131,804

MTR		6,500		32,218

Nine Dragons Paper Holdings		565,000		755,129

Postal Savings Bank of China, Cl H		68,000		33,486

Sunny Optical Technology Group		17,100		285,019

Superb Summit International Group *(B)(C)(D)		75,000		—

Swire Properties		17,800		47,836

Techtronic Industries		2,500		33,615

Tianyun International Holdings		489,000		61,172

Town Health International Medical Group (B)(C)(D)		1,086,000		—

WH Group		839,500		662,745

Wharf Real Estate Investment		13,000		50,009

Xiaomi, Cl B *		128,200		367,031

				6,265,636


HUNGARY — 0.0%
Magyar Telekom Telecommunications		55,700		61,526


INDIA — 1.5%
Bajaj Auto		1,435		55,879

GHCL		20,200		42,908

HCL Technologies		2,581		29,343

Housing Development Finance		3,459		89,851

Infosys ADR		45,620		650,997

IRB Infrastructure Developers		67,500		103,727

Larsen & Toubro		3,709		46,515

Maruti Suzuki India		681		64,108

Nandan Denim *		75,791		20,119



COMMON STOCK (continued)

	Shares		Value

INDIA (continued)
NHPC		302,000	$	81,114

Nucleus Software Exports		11,800		97,245

Oil India		51,808		60,282

Reliance Industries		151,758		4,141,776

Tata Consultancy Services		15,658		562,493

				6,046,357


INDONESIA — 0.1%
Adaro Energy		758,600		57,959

Bank Central Asia		90,400		178,584

				236,543


IRELAND — 0.9%
Accenture, Cl A		2,052		445,100

CRH PLC		1,259		44,244

Dalata Hotel Group		12,100		34,183

Flutter Entertainment		547		94,593

James Hardie Industries		15,682		378,985

Kingspan Group		806		70,523

Ryanair Holdings ADR *		25,525		2,057,315

Seagate Technology		12,200		583,404

				3,708,347


ISRAEL — 0.3%
Bank Hapoalim *		6,219		36,432

Bank Leumi Le-Israel		58,088		274,862

Check Point Software Technologies *		400		45,424

Elbit Systems		932		105,453

International Flavors & Fragrances		181		18,551

Israel Discount Bank, Cl A		161,524		454,467

Kornit Digital *		1,775		119,493

Mizrahi Tefahot Bank		2,005		39,142

Nice ADR *		305		69,619

Teva Pharmaceutical Industries ADR *		2,157		18,809

				1,182,252


ITALY — 0.3%
ACEA		1,700		33,820

ASTM		2,500		46,590

Enel		87,100		694,104

Ferrari		310		55,324

FinecoBank Banca Fineco		6,000		82,276

FNM		70,000		37,660

Intesa Sanpaolo		33,239		55,079

Iren		46,300		105,126

Moncler		1,756		70,334

Pirelli & C		10,027		41,874

				1,222,187


JAPAN — 5.0%
ADEKA		1,400		18,107

Aichi Steel		1,500		36,106

The accompanying notes are an integral part of the financial statements.


THE ADVISORS’ INNER CIRCLE FUND		CORNERSTONE ADVISORS GLOBAL PUBLIC EQUITY FUND
		October 31, 2020



COMMON STOCK (continued)

	Shares		Value

JAPAN (continued)
Aiphone		4,800	$	67,246

Air Water		3,500		50,030

Aisan Industry		7,800		33,271

ANA Holdings		1,700		37,113

Araya Industrial		4,000		43,642

Asahi Kasei		13,000		112,534

Asanuma		2,000		77,303

ASKUL		5,788		221,713

Astellas Pharma		6,055		83,242

Bridgestone		2,900		94,337

Brother Industries		32,900		507,174

Canon		2,000		34,589

Capcom		1,600		87,633

Central Japan Railway		300		36,172

Chugai Pharmaceutical		3,915		150,804

Chugoku Electric Power		1,800		22,638

CKD		5,145		85,371

East Japan Railway		1,000		52,242

Eco’s		2,200		46,934

ENEOS Holdings		34,250		115,184

FJ Next		9,100		80,176

Freee *		1,300		102,719

Fuji		5,500		110,217

FUJIFILM Holdings		10,000		509,500

Fujitec		6,400		139,443

Fujitsu		5,800		680,254

Furuno Electric		7,400		82,478

Grandy House		13,900		46,206

Gunma Bank		27,900		88,312

Harmonic Drive Systems		1,865		123,267

Hokko Chemical Industry		14,800		140,760

Ibiden		5,000		203,334

Idemitsu Kosan		3,676		74,297

ITOCHU		60,900		1,460,120

Japan Airlines		2,300		40,228

Japan Aviation Electronics Industry		4,700		64,678

Japan Exchange Group		3,800		92,564

Japan Post Bank		36,200		288,018

Japan Post Holdings		4,000		27,383

Kaga Electronics		2,500		48,358

Kaneka		2,500		69,645

KDDI		7,034		188,434

Keio		1,039		60,253

Keyence		400		181,364

Kitagawa		3,700		45,794

Kitano Construction		2,400		58,245

Konami Holdings		800		31,235

Lasertec		924		79,894

Makita		800		35,316



COMMON STOCK (continued)

	Shares		Value

JAPAN (continued)
Marubeni		10,000	$	52,241

McDonald’s Holdings Japan		800		37,929

MinebeaMitsumi		6,237		112,419

Mitsubishi		24,600		548,212

Mitsubishi Heavy Industries		2,000		42,842

Mitsubishi UFJ Financial Group		10,200		40,057

Mitsui		26,948		420,964

Mizuho Financial Group		56,750		698,317

Mizuho Leasing		2,200		56,062

MonotaRO		1,569		87,204

Mory Industries		3,000		67,801

MS&AD Insurance Group Holdings		2,200		60,020

Nabtesco		3,532		131,828

NEC		14,800		745,463

Nichias		4,836		104,833

Nidec		800		80,800

Nintendo		200		108,760

Nippon Telegraph & Telephone		69,900		1,466,867

Nishi-Nippon Financial Holdings		5,800		39,181

Nissan Motor		116,400		409,166

Nissin Electric		11,500		114,744

Nissin Foods Holdings		900		77,904

Nitto Fuji Flour Milling		1,300		81,749

Nomura Real Estate Holdings		4,900		85,499

Nomura Research Institute		4,290		126,573

NTT Data		2,500		28,180

NTT DOCOMO		5,098		189,628

Obic		500		88,885

Oisix ra daichi *		6,400		200,440

Olympus		24,800		473,581

Ono Pharmaceutical		5,000		141,973

Oriental Land		2,000		279,517

Otsuka Holdings		1,061		39,228

Raysum		6,200		56,155

Resona Holdings		194,700		640,361

Ryoden		5,800		85,106

Sakai Heavy Industries		1,500		34,121

Sakai Ovex		4,400		78,472

San-In Godo Bank		11,300		56,788

Sanko Metal Industrial		2,900		69,604

Sekisui House		3,700		61,230

SG Holdings		2,600		62,598

Shimadzu		2,700		77,079

Shimamura		500		53,177

Shizuoka Bank		6,000		40,293

SK-Electronics		3,200		34,087

Sojitz		21,300		46,854

Soken Chemical & Engineering		4,900		66,257

Sompo Holdings		2,000		74,626

Sony		5,500		457,797

The accompanying notes are an integral part of the financial statements.


THE ADVISORS’ INNER CIRCLE FUND		CORNERSTONE ADVISORS GLOBAL PUBLIC EQUITY FUND
		October 31, 2020



COMMON STOCK (continued)

	Shares		Value

JAPAN (continued)
Square Enix Holdings		3,567	$	208,982

St.-Care Holding		12,400		77,704

Sugi Holdings		2,032		134,138

Sumitomo		3,412		37,451

Sumitomo Mitsui Financial Group		4,000		110,588

Tachibana Eletech		3,700		60,472

Takeda Pharmaceutical		700		21,671

Takeuchi Manufacturing		8,000		173,966

TechnoPro Holdings		1,947		120,969

Teijin		3,000		45,922

THK		4,992		132,038

Toho Gas		900		46,398

Tokai Carbon		7,600		86,168

Tokai Rika		44,800		699,904

Tokio Marine Holdings		2,700		120,528

Tokyo Gas		1,764		39,873

Tokyo Tatemono		10,127		116,197

Tokyotokeiba		3,400		169,067

Tomoku		4,400		69,285

Towa Bank		7,600		50,032

Toyo Suisan Kaisha		2,000		99,504

Toyota Motor		4,134		269,430

Trend Micro		400		22,450

USS		1,200		21,973

Welcia Holdings		6,000		234,933

Yamaguchi Financial Group		10,900		70,745

Yamaya		3,700		74,633

Yotai Refractories		11,100		82,984

Yuasa Trading		1,300		37,028

Yushiro Chemical Industry		6,800		84,162

				19,918,544


MALAYSIA — 0.2%
AMMB Holdings		59,700		40,988

CIMB Group Holdings		50,500		35,958

Dialog Group		41,300		36,770

DiGi.Com		30,700		27,864

Genting		64,200		46,084

Genting Malaysia		514,200		248,789

HAP Seng Consolidated		16,100		28,395

Hong Leong Bank		9,641		34,390

Malayan Banking		23,500		39,650

Malaysia Airports Holdings		35,400		35,652

Pantech Group Holdings		311,028		26,164

Paramount		150,920		25,875

RHB Bank		37,300		37,985

				664,564


MEXICO — 0.1%
America Movil ADR, Cl L		3,536		42,149

Coca-Cola Femsa		9,900		37,679

Fomento Economico Mexicano		6,000		32,278



COMMON STOCK (continued)

	Shares		Value

MEXICO (continued)
Gruma, Cl B		3,300	$	35,221

Grupo Aeroportuario del Pacifico, Cl B		13,000		108,234

Grupo Cementos de Chihuahua		13,438		67,774

Grupo Financiero Banorte, Cl O *		11,900		53,072

Megacable Holdings		14,000		44,353

Orbia Advance		26,213		46,577

Wal-Mart de Mexico		19,500		47,216

				514,553


NETHERLANDS — 2.7%
Adyen *		682		1,145,255

Akzo Nobel		315		30,315

Alfen Beheer BV *		2,394		153,005

Argenx *		593		147,690

ASML Holding		1,434		519,121

ASML Holding, Cl G		5,859		2,116,329

BE Semiconductor Industries		2,432		98,289

Corbion		2,400		109,115

Koninklijke Ahold Delhaize		32,004		878,827

Koninklijke KPN		10,541		28,471

Koninklijke Philips Electronics		575		26,637

NN Group		72,115		2,516,160

NXP Semiconductors		2,649		357,933

OCI *		178,667		2,140,876

PostNL		35,100		116,674

Prosus		658		65,632

Signify		5,300		188,815

Van Lanschot Kempen		2,700		54,193

Wolters Kluwer		2,415		195,666

				10,889,003


NEW ZEALAND — 0.1%
a2 Milk *		7,025		67,948

Fisher & Paykel Healthcare		2,182		50,426

Spark New Zealand		8,632		25,691

Warehouse Group		35,400		55,910

				199,975


NORWAY — 0.1%
DNB *		2,570		34,618

Equinor		2,683		34,095

Gjensidige Forsikring		1,717		32,680

Mowi		2,618		41,345

Nordic Semiconductor *		4,800		50,858

Norsk Hydro		16,901		47,405

SpareBank 1 SR-Bank *		12,000		95,228

Telenor		3,739		57,654

Yara International		1,554		54,056

				447,939


PHILIPPINES — 0.0%
Bank of the Philippine Islands		33,601		51,289

The accompanying notes are an integral part of the financial statements.


THE ADVISORS’ INNER CIRCLE FUND		CORNERSTONE ADVISORS GLOBAL PUBLIC EQUITY FUND
		October 31, 2020



COMMON STOCK (continued)

	Shares		Value

PHILIPPINES (continued)
SM Investments		3,190	$	62,860

				114,149


POLAND — 0.1%
CD Projekt *		3,277		278,363

Powszechny Zaklad Ubezpieczen		4,050		22,103

				300,466


PORTUGAL — 0.0%
Banco Espirito Santo *(B)(C)(D)		66,989		78

EDP - Energias de Portugal		5,646		27,884

				27,962


RUSSIA — 0.4%
Gazprom PJSC ADR		62,872		241,091

Highland Gold Mining		36,000		140,273

LUKOIL PJSC ADR		10,626		542,966

MMC Norilsk Nickel PJSC ADR		885		21,044

Mobile TeleSystems PJSC ADR		2,953		23,092

Novatek GDR		1,042		125,633

Polyus PJSC		330		64,634

Ros Agro GDR		7,600		69,897

Rosneft Oil PJSC GDR		4,762		20,846

Sberbank of Russia PJSC ADR		13,230		133,659

Surgutneftegas PJSC ADR		8,910		36,485

Tatneft ADR		7,700		239,250

				1,658,870


SAUDI ARABIA — 0.1%
Al Rajhi Bank		1,123		19,713

Dar Al Arkan Real Estate Development *		103,520		220,901

Saudi Basic Industries		1,376		32,993

				273,607


SINGAPORE — 0.2%
Ascendas ‡		12,900		27,260

CapitaLand Mall Trust ‡		21,600		27,402

Centurion		176,200		41,245

DBS Group Holdings		15,400		230,118

Frencken Group		111,700		77,616

Genting Singapore		83,700		39,574

Hong Leong Finance		37,300		61,480

Keppel		9,000		29,031

Oversea-Chinese Banking		6,000		36,998

Singapore Airlines		12,000		29,844

Singapore Telecommunications		12,100		18,014

Sunningdale Tech		45,300		51,485

Suntec Real Estate Investment Trust ‡		27,900		27,446

United Overseas Bank		2,600		36,208

Venture		2,300		32,490

Wilmar International		13,800		40,907

Yangzijiang Shipbuilding Holdings		57,000		38,625



COMMON STOCK (continued)

	Shares		Value

SINGAPORE (continued)
Yanlord Land Group		95,700	$	73,754

				919,497


SOUTH AFRICA — 0.2%
Absa Group		8,727		46,925

Bidvest Group		10,371		85,090

Clicks Group		3,249		47,107

Exxaro Resources		15,441		103,451

FirstRand		15,771		36,645

Merafe Resources (C)(D)		1,219,900		34,797

MultiChoice Group		8,586		70,101

Northam Platinum *		29,588		283,638

Sanlam		12,331		35,968

Standard Bank Group		7,458		48,692

				792,414


SOUTH KOREA — 2.6%
Cafe24 *		1,000		49,386

Celltrion *		876		188,408

Celltrion Healthcare *		565		42,510

CJ Logistics *		370		52,178

CKD Bio		1,700		59,288

Coway		276		16,832

Daihan Pharmaceutical		3,400		87,582

Daishin Securities		6,200		73,655

Douzone Bizon		1,229		108,849

Fila Holdings		1,191		40,295

Hankook Tire & Technology		6,100		170,161

Hanon Systems		5,501		54,433

HLB *		534		43,307

Hyundai Mobis		2,720		542,030

Hyundai Motor		2,467		361,176

INTOPS		6,700		96,418

Kangwon Land		2,135		39,808

KB Financial Group		20,700		735,185

KB Financial Group ADR		300		10,719

Kia Motors		1,262		56,587

Korea Zinc		84		28,411

KT&G		11,262		804,651

LG		575		34,242

LG Uplus		5,600		54,511

NAVER		734		188,015

NCSoft		104		71,011

Netmarble		498		51,496

NHN KCP		2,600		154,481

POSCO		271		49,869

S-1, Cl 1		746		53,418

Samsung C&T		403		39,399

Samsung Electronics		102,289		5,142,976

Samsung Fire & Marine Insurance		270		42,854

Samsung SDS		1,547		230,172

The accompanying notes are an integral part of the financial statements.


THE ADVISORS’ INNER CIRCLE FUND		CORNERSTONE ADVISORS GLOBAL PUBLIC EQUITY FUND
		October 31, 2020



COMMON STOCK (continued)

	Shares		Value

SOUTH KOREA (continued)
Samyang Packaging		4,000	$	69,479

Shinhan Financial Group		842		22,583

SK Telecom		216		40,865

SK Telecom ADR		1,555		32,748

Tovis		11,300		60,065

Wins		6,000		83,898

Woori Financial Group		6,046		47,534

Yuhan		1,610		84,894

				10,216,379


SPAIN — 0.7%
Aena SME		277		37,311

Amadeus IT Group, Cl A		2,819		134,782

Befesa		3,631		149,340

Cellnex Telecom		36,685		2,356,876

Grifols		4,464		120,941

Mediaset Espana Comunicacion *		7,700		25,718

Naturhouse Health SAU		19,700		26,667

Red Electrica		1,884		33,228

Repsol		2,727		17,046

				2,901,909


SWEDEN — 1.2%
Assa Abloy, Cl B		4,942		106,105

BHG Group *		8,959		140,375

Bilia, Cl A *		82,600		1,103,979

Boozt *		8,165		132,297

Elekta, Cl B		11,700		136,941

Essity, Cl B		12,722		368,200

Husqvarna, Cl B		6,331		65,521

ICA Gruppen		919		43,555

Kindred Group		11,900		90,860

Lundin Energy		2,323		44,543

Mekonomen		10,960		106,633

NetEnt		12,446		118,323

New Wave Group, Cl B		10,700		48,291

Nobia		18,500		111,934

Nordic Waterproofing Holding		5,600		76,939

Proact IT Group		3,699		88,125

Securitas, Cl B		3,100		43,870

Svenska Handelsbanken, Cl A		4,093		33,263

Swedbank, Cl A		7,228		113,286

Tele2, Cl B		15,949		189,110

Telefonaktiebolaget LM Ericsson, Cl B		76,111		847,636

Volvo, Cl B		43,700		850,434

				4,860,220


SWITZERLAND — 2.7%
Bachem Holding, Cl B		314		127,164

Belimo Holding		5		37,165

Bellevue Group		1,600		42,059



COMMON STOCK (continued)

	Shares		Value

SWITZERLAND (continued)
Cie Financiere Richemont, Cl A		5,073	$	316,883

Comet Holding		738		103,839

Geberit		505		287,008

Givaudan		109		444,985

Helvetia Holding		600		47,043

Kuehne + Nagel International		171		34,232

Landis+Gyr Group *		600		33,583

Lonza Group		2,353		1,425,064

Nestle		4,623		520,082

Novartis		3,511		273,700

Roche Holding		18,235		5,867,701

Schindler Holding		591		151,693

SGS		11		27,463

Sika		2,062		508,311

STMicroelectronics		2,384		72,970

Tecan Group		87		41,339

Vetropack Holding *		2,000		111,639

VP Bank		400		45,315

Zehnder Group		1,700		81,604

Zurich Insurance Group		329		109,208

				10,710,050


TAIWAN — 2.3%
Acter Group		9,000		59,067

Asustek Computer		6,000		50,951

Capital Securities		161,000		61,308

Cathay Financial Holding		386,000		516,928

Chicony Electronics		19,477		58,491

China Steel		61,000		43,218

Darfon Electronics		48,000		66,674

Dimerco Express		37,000		85,500

E.Sun Financial Holding		124,486		105,424

Far Eastern New Century		61,939		55,633

Formosa Plastics		56,200		154,905

Fubon Financial Holding		30,000		42,545

Giant Manufacturing		18,288		179,161

Gigabyte Technology		192,000		483,213

Gold Circuit Electronics *		191,000		293,520

Grand Pacific Petrochemical		130,000		103,846

Hiwin Technologies		7,376		64,163

Hon Hai Precision Industry		298,302		805,970

Jarllytec		32,000		74,707

Mega Financial Holding		75,683		72,820

Sea ADR *		8,446		1,331,934

Taiwan Cooperative Financial Holding		57,318		38,430

Taiwan Hon Chuan Enterprise		29,000		59,084

Taiwan Semiconductor Manufacturing		113,625		1,706,127

Taiwan Semiconductor Manufacturing ADR		26,607		2,231,529

The accompanying notes are an integral part of the financial statements.


THE ADVISORS’ INNER CIRCLE FUND		CORNERSTONE ADVISORS GLOBAL PUBLIC EQUITY FUND
		October 31, 2020



COMMON STOCK (continued)

	Shares		Value

TAIWAN (continued)
Uni-President Enterprises		61,059	$	130,763

United Microelectronics		376,000		406,556

				9,282,467


THAILAND — 0.2%
Advanced Info Service (C)(D)		3,440		19,053

Bangkok Dusit Medical Services, Cl F (C)(D)		159,617		89,808

Bangkok Expressway & Metro (C)(D)		95,425		25,158

Hana Microelectronics		35,500		51,538

Pruksa Holding		113,000		35,663

PTT (C)(D)		62,100		61,878

Quality Houses		641,600		42,892

Susco		1,073,500		89,747

Thanachart Capital		386,500		341,769

				757,506


TURKEY — 0.0%
Akbank T.A.S.		51,150		29,241

Eregli Demir ve Celik Fabrikalari		35,332		40,274

Turkiye Is Bankasi, Cl C		58,400		35,704

Turkiye Sise ve Cam Fabrikalari		68,156		50,058

				155,277


UKRAINE — 0.0%
Ferrexpo		20,100		49,653


UNITED KINGDOM — 3.6%
3i Group		15,405		192,058

888 Holdings		23,600		82,104

Admiral Group		1,330		47,369

ASOS *		1,800		102,790

AstraZeneca		2,550		256,080

B&M European Value Retail		25,279		158,575

BAE Systems		108,060		554,970

Barratt Developments		375,589		2,351,520

Bellway		1,973		59,686

Berkeley Group Holdings		1,956		102,491

BHP Group		8,766		169,684

Biffa		18,900		53,538

BT Group, Cl A		29,185		38,421

Bunzl		1,986		61,733

Codemasters Group Holdings *		21,700		116,827

ConvaTec Group		65,082		151,979

Cranswick		1,996		83,293

Croda International		646		50,447

Devro		30,000		58,570

Dixons Carphone		46,400		57,708

Electrocomponents		20,832		183,388

Endava ADR *		2,442		156,044

Experian		609		22,241

Fevertree Drinks		5,700		148,488



COMMON STOCK (continued)

	Shares		Value

UNITED KINGDOM (continued)
GlaxoSmithKline		11,912	$	198,798

Halfords Group		60,800		190,188

Halma		1,439		44,130

Headlam Group		10,500		36,257

HSBC Holdings		138,529		582,017

Imperial Brands		12,225		193,529

Inchcape		7,100		45,495

International Personal Finance		32,400		24,211

Intertek Group		702		50,532

J Sainsbury		38,468		100,320

JD Sports Fashion		13,219		127,059

JET2		3,600		39,691

Kingfisher		153,759		572,011

Land Securities Group ‡		4,573		30,185

Linde		1,367		301,205

London Stock Exchange Group		1,189		127,479

Lookers *(C)(D)		149,200		40,591

National Grid		3,639		43,193

Natwest Group		28,151		45,392

Ocado Group *		16,187		477,040

OneSavings Bank		48,200		192,350

Petrofac		15,200		23,354

Pets at Home Group		29,700		147,824

Provident Financial		27,000		81,590

Reckitt Benckiser Group		2,668		234,609

Redrow		18,761		101,278

RELX		4,800		94,677

Rentokil Initial		10,538		71,793

Rio Tinto		3,856		217,650

Segro ‡		17,481		204,379

Serco Group		71,607		119,854

Severn Trent		1,806		56,807

Spirax-Sarco Engineering		1,231		179,977

Stagecoach Group		57,600		28,492

Standard Chartered		7,770		35,442

SThree		17,600		56,099

Stock Spirits Group		32,806		90,101

Tate & Lyle		16,900		130,235

Tesco		899,121		2,388,238

Unilever		9,901		560,606

Vesuvius		27,656		142,812

Vodafone Group		28,445		37,938

Weir Group		15,092		280,150

WM Morrison Supermarkets		17,168		36,235

XLMedia (C)(D)		86,000		25,347

				14,067,164


UNITED STATES — 53.4%

Communication Services — 7.2%
Activision Blizzard		14,350		1,086,726

The accompanying notes are an integral part of the financial statements.


THE ADVISORS’ INNER CIRCLE FUND		CORNERSTONE ADVISORS GLOBAL PUBLIC EQUITY FUND
		October 31, 2020



COMMON STOCK (continued)

	Shares		Value

UNITED STATES (continued)

Communication Services (continued)
Alphabet, Cl A *		4,078	$	6,590,497

AT&T		42,063		1,136,542

Bandwidth, Cl A *		820		131,491

Charter Communications, Cl A *		1,088		656,956

Comcast, Cl A		15,738		664,773

Electronic Arts *		2,801		335,644

Facebook, Cl A *		32,967		8,673,947

Match Group *		224		26,159

Netflix *		1,278		607,996

Nexstar Media Group, Cl A		3,403		280,407

Spotify Technology *		7,237		1,736,084

Take-Two Interactive Software *		2,263		350,584

TEGNA		4,951		59,561

T-Mobile US *		30,567		3,349,226

Twitter *		7,276		300,935

Verizon Communications		31,186		1,777,290

Walt Disney		5,423		657,539

				28,422,357


Consumer Discretionary — 8.0%
Advance Auto Parts		767		112,964

Amazon.com *		3,285		9,973,753

American Eagle Outfitters		12,238		167,783

Asbury Automotive Group *		1,927		198,442

AutoZone *		426		480,946

Bed Bath & Beyond		4,648		92,030

Best Buy		3,900		435,045

Big Lots		2,001		95,247

BJ’s Restaurants		2,957		83,417

Boot Barn Holdings *		6,598		211,268

BorgWarner		21,500		752,070

Carnival		7,210		98,849

CarParts.com *		8,319		105,568

Chipotle Mexican Grill, Cl A *		100		120,148

Churchill Downs		1,270		189,421

Dana		10,468		146,447

Deckers Outdoor *		647		163,930

Dollar General		1,600		333,936

Dollar Tree *		800		72,256

Domino’s Pizza		1,401		530,026

DR Horton		9,600		641,376

eBay		9,700		462,011

Etsy *		723		87,909

Floor & Decor Holdings, Cl A *		1,854		135,342

General Motors		18,600		642,258

Genuine Parts		318		28,757

G-III Apparel Group *		4,817		64,933

Group 1 Automotive		1,164		123,477

GrowGeneration *		6,780		113,226



COMMON STOCK (continued)

	Shares		Value

UNITED STATES (continued)

Consumer Discretionary (continued)
Hasbro		636	$	52,610

Hilton Grand Vacations *		4,687		96,552

Home Depot		5,197		1,386,092

Installed Building Products *		1,375		124,492

Kohl’s		4,992		106,280

Las Vegas Sands		786		37,775

La-Z-Boy, Cl Z		4,326		148,079

Lennar, Cl A		5,300		372,219

LGI Homes *		1,352		144,502

Lithia Motors, Cl A		415		95,272

Lowe’s		1,984		313,670

McDonald’s		2,474		526,962

Meritage Homes *		1,075		93,622

Michaels *		10,645		86,331

Modine Manufacturing *		13,007		83,245

Murphy USA		591		72,273

Nautilus *		6,343		137,580

NIKE, Cl B		4,424		531,234

O’Reilly Automotive *		413		180,316

Penn National Gaming *		2,702		145,854

RH *		557		186,723

Ross Stores		193		16,438

Ruth’s Hospitality Group		6,687		74,761

Scientific Games, Cl A *		7,945		253,287

Shutterstock		2,266		148,310

Stamps.com *		380		84,831

Starbucks		4,300		373,928

Stitch Fix, Cl A *		3,744		128,906

Target		14,728		2,241,896

Taylor Morrison Home, Cl A *		22,700		490,320

Tesla *		1,900		737,276

Tiffany		3,721		486,856

TJX		43,704		2,220,163

Toll Brothers		17,800		752,584

TopBuild *		1,948		298,453

TRI Pointe Group *		8,037		132,048

Tupperware Brands		4,281		135,793

Vail Resorts		224		51,977

Whirlpool		5,100		943,296

Williams-Sonoma		1,020		93,034

YETI Holdings *		2,372		117,366

Yum China Holdings		1,280		68,134

Yum! Brands		1,857		173,314

				31,607,489


Consumer Staples — 2.2%
Altria Group		492		17,751

BJ’s Wholesale Club Holdings *		2,736		104,762

Boston Beer, Cl A *		107		111,192

The accompanying notes are an integral part of the financial statements.


THE ADVISORS’ INNER CIRCLE FUND		CORNERSTONE ADVISORS GLOBAL PUBLIC EQUITY FUND
		October 31, 2020



COMMON STOCK (continued)

	Shares		Value

UNITED STATES (continued)

Consumer Staples (continued)
Celsius Holdings *		5,635	$	113,320

Church & Dwight		3,796		335,528

Clorox		2,323		481,442

Colgate-Palmolive		598		47,176

Costco Wholesale		1,831		654,802

Darling Ingredients *		3,257		140,051

Edgewell Personal Care *		2,444		64,082

Freshpet *		1,754		200,833

General Mills		670		39,610

Hormel Foods		6,488		315,901

Hostess Brands, Cl A *		11,552		146,017

Kellogg		4,480		281,747

Kimberly-Clark		2,756		365,418

Kraft Heinz		16,600		507,794

Kroger		10,885		350,606

McCormick		2,433		439,181

Molson Coors Beverage, Cl B		17,800		627,628

Mondelez International, Cl A		342		18,167

PepsiCo		4,568		608,869

Procter & Gamble		4,205		576,506

Spectrum Brands Holdings		3,590		204,163

Utz Brands		7,131		120,942

Walgreens Boots Alliance		37,232		1,267,377

Walmart		5,452		756,465

				8,897,330


Energy — 0.3%
Cabot Oil & Gas, Cl A		1,951		34,708

ChampionX *		13,146		114,765

Chevron		2,677		186,052

ExxonMobil		867		28,282

New Fortress Energy, Cl A		2,907		105,030

Parsley Energy, Cl A		18,444		184,624

PDC Energy *		7,021		83,690

Renewable Energy Group *		1,857		104,735

Valero Energy		11,800		455,598

				1,297,484


Financials — 5.3%
AGNC Investment ‡		1,909		26,669

Ameriprise Financial		5,500		884,565

Ameris Bancorp		4,359		127,719

Aon, Cl A		1,495		275,095

Artisan Partners Asset Management, Cl A		3,431		137,446

Atlantic Union Bankshares		7,256		183,504

Bancorp *		7,972		76,531

Banner		1,629		60,061

Berkshire Hathaway, Cl B *		5,406		1,091,472

Blackstone Mortgage Trust, Cl A ‡		8,791		190,765



COMMON STOCK (continued)

	Shares		Value

UNITED STATES (continued)

Financials (continued)
BRP Group, Cl A *		4,989	$	127,220

Capital One Financial		40,844		2,984,879

Charles Schwab		44,903		1,845,962

Chubb		1,123		145,889

Cincinnati Financial		2,100		148,554

Citigroup		67,946		2,814,323

Citizens Financial Group		22,900		624,025

CME Group, Cl A		1,500		226,080

Enterprise Financial Services		6,350		184,849

Equitable Holdings		11,043		237,314

Erie Indemnity, Cl A		997		232,171

Everest Re Group		489		96,372

FB Financial		2,787		82,217

Fidelity National Financial		3,028		94,746

First Merchants		5,428		141,725

FNB		24,972		188,788

Franklin Resources		2,084		39,075

Globe Life		1,580		128,122

Goosehead Insurance, Cl A		1,210		148,273

Heritage Insurance Holdings		16,048		151,493

Independent Bank Group		4,916		253,567

Intercontinental Exchange		2,900		273,760

JPMorgan Chase		5,540		543,142

Kinsale Capital Group		764		143,227

Lincoln National		18,000		631,800

Marsh & McLennan		2,500		258,650

Meta Financial Group		7,950		233,253

Mr Cooper Group *		6,010		126,691

OneMain Holdings, Cl A		6,167		215,167

Pacific Premier Bancorp		10,404		265,302

PennyMac Financial Services		10,005		508,454

Pinnacle Financial Partners		5,360		245,434

PNC Financial Services Group		2,200		246,136

Preferred Bank		4,278		144,725

Primerica		1,351		148,934

Progressive		1,200		110,280

S&P Global		4,601		1,484,881

Social Capital Hedosophia Holdings II, Cl A *		6,738		110,773

Sterling Bancorp		18,754		250,929

Stifel Financial		3,430		200,518

TCF Financial		5,221		142,063

Travelers		410		49,491

Triumph Bancorp *		3,220		135,659

Trupanion *		1,199		85,777

Umpqua Holdings		14,622		183,652

US Bancorp		5,015		195,334

Zions Bancorp		1,302		42,016

				20,925,519

The accompanying notes are an integral part of the financial statements.


THE ADVISORS’ INNER CIRCLE FUND		CORNERSTONE ADVISORS GLOBAL PUBLIC EQUITY FUND
		October 31, 2020



COMMON STOCK (continued)

	Shares		Value

UNITED STATES (continued)

Health Care — 7.4%
Abbott Laboratories		4,469	$	469,737

AbbVie		34,894		2,969,479

Alexion Pharmaceuticals *		9,200		1,059,288

Alphatec Holdings *		13,512		115,393

Amgen		4,481		972,108

Amicus Therapeutics *		13,024		232,218

Anthem		841		229,425

Arena Pharmaceuticals *		1,631		139,809

Arrowhead Pharmaceuticals *		3,596		206,051

Avanos Medical *		4,567		161,443

Axonics Modulation Technologies *		2,697		126,462

Becton Dickinson		330		76,273

Biogen *		3,100		781,417

Biohaven Pharmaceutical Holding *		1,450		112,317

BioTelemetry *		1,752		74,600

Blueprint Medicines *		1,907		195,048

Bristol-Myers Squibb		37,207		2,174,749

Cardiff Oncology *		7,714		122,036

CareDx *		3,148		154,409

Castle Biosciences *		2,294		106,510

Centene *		6,180		365,238

Charles River Laboratories International *		499		113,622

Cigna		1,493		249,286

Coherus Biosciences *		3,293		54,894

CryoPort *		3,216		129,090

CVS Health		466		26,138

Danaher		3,089		709,049

DaVita *		11,098		957,203

Denali Therapeutics *		3,841		164,318

DexCom *		1,400		447,412

Eli Lilly and		6,663		869,255

Emergent BioSolutions *		1,652		148,630

Fate Therapeutics *		3,313		147,097

Flexion Therapeutics *		5,509		66,053

Gilead Sciences		5,820		338,433

Halozyme Therapeutics *		4,114		115,192

HCA Healthcare		9,662		1,197,508

Henry Schein *		2,260		143,691

Horizon Therapeutics *		2,318		173,688

ICU Medical *		488		86,762

Immunovant *		3,296		143,772

Inari Medical *		1,427		94,467

Insmed *		4,975		163,877

Inspire Medical Systems *		1,127		134,598

Intra-Cellular Therapies, Cl A *		3,543		87,406

Invitae *		3,644		142,881



COMMON STOCK (continued)

	Shares		Value

UNITED STATES (continued)

Health Care (continued)
iRhythm Technologies *		684	$	144,632

Jazz Pharmaceuticals *		6,200		893,420

Johnson & Johnson		5,200		712,972

Karyopharm Therapeutics *		4,529		67,120

Kodiak Sciences *		1,811		164,457

Kura Oncology *		4,349		135,906

Livongo Health *		961		122,656

Magellan Health *		1,089		78,702

Medtronic		2,993		301,006

Merck		17,167		1,291,130

Meridian Bioscience *		5,722		98,132

Mirati Therapeutics *		1,104		239,723

Mylan *		2,276		33,093

NanoString Technologies *		2,895		106,102

Natera *		2,671		179,651

Ontrak *		1,646		100,801

Owens & Minor		5,488		137,859

Penumbra *		529		138,085

Pfizer		43,847		1,555,691

Providence Service *		1,483		174,327

R1 RCM *		8,132		145,725

Regeneron Pharmaceuticals *		942		512,034

Repligen *		731		121,763

Replimune Group *		3,108		129,946

Scholar Rock Holding *		4,097		159,373

Seres Therapeutics *		4,453		124,194

Shockwave Medical *		2,217		151,465

Silk Road Medical *		1,980		119,988

Tandem Diabetes Care *		1,069		116,521

Teladoc Health *		1,907		374,649

TG Therapeutics *		4,661		117,783

Thermo Fisher Scientific		1,495		707,314

Turning Point Therapeutics *		1,176		108,415

Twist Bioscience *		1,640		125,690

Ultragenyx Pharmaceutical *		1,583		159,092

UnitedHealth Group		3,698		1,128,408

Veracyte *		3,433		118,988

Vertex Pharmaceuticals *		3,100		645,916

				29,491,061


Industrials — 3.6%
3M		269		43,029

A O Smith		894		46,211

ABM Industries		2,947		102,320

Air Transport Services Group *		11,906		333,844

Allison Transmission Holdings		18,600		672,390

Ameresco, Cl A *		3,272		125,612

Atkore International Group *		4,489		92,877

Atlas Air Worldwide Holdings *		1,854		109,683

The accompanying notes are an integral part of the financial statements.


THE ADVISORS’ INNER CIRCLE FUND		CORNERSTONE ADVISORS GLOBAL PUBLIC EQUITY FUND
		October 31, 2020



COMMON STOCK (continued)

	Shares		Value

UNITED STATES (continued)

Industrials (continued)
AZEK, Cl A *		2,558	$	85,539

BMC Stock Holdings *		4,676		185,123

BrightView Holdings *		10,867		132,903

Builders FirstSource *		4,899		148,440

Carrier Global		1,864		62,239

CH Robinson Worldwide		4,748		419,866

Chart Industries *		1,787		150,912

CSX		4,900		386,806

Cummins		2,800		615,692

Dycom Industries *		2,188		142,089

EMCOR Group		1,830		124,788

Equifax		1,700		232,220

Expeditors International of Washington		3,900		344,643

Fastenal		1,025		44,311

Federal Signal		3,384		97,053

FedEx		2,400		622,728

Fortive		2,250		138,600

Generac Holdings *		491		103,184

General Dynamics		1,500		196,995

Gibraltar Industries *		3,002		172,465

Honeywell International		2,447		403,633

Hub Group, Cl A *		2,739		137,306

IAA *		2,517		142,437

ICF International		1,467		95,927

Johnson Controls International		1,900		80,199

Kadant		1,356		156,103

Kaman		1,524		60,442

KBR		2,849		63,504

Kforce		3,429		118,986

L3Harris Technologies		11,927		1,921,559

Lockheed Martin		798		279,404

Masonite International *		1,479		130,152

Matson		2,893		150,291

Maxar Technologies		4,971		128,102

MYR Group *		5,651		241,580

Norfolk Southern		132		27,604

Northrop Grumman		800		231,856

Otis Worldwide		932		57,113

Plug Power *		12,241		171,374

Quanta Services		2,783		173,743

Rexnord		5,013		160,817

Roper Technologies		433		160,790

Saia *		799		117,980

SkyWest		2,208		64,098

Southwest Airlines		1,470		58,109

Standex International		1,118		69,417

Sterling Construction *		12,632		185,690

Sunrun *		2,340		121,727



COMMON STOCK (continued)

	Shares		Value

UNITED STATES (continued)

Industrials (continued)
Tetra Tech		2,084	$	210,297

TPI Composites *		4,734		156,790

Trane Technologies		168		22,302

Trex *		1,951		135,672

Triton International		6,400		236,032

Union Pacific		2,084		369,264

United Airlines Holdings *		10,600		358,916

United Parcel Service, Cl B		3,687		579,264

Verisk Analytics, Cl A		1,666		296,498

Vicor *		1,370		106,860

Waste Management		1,400		151,074

				14,265,474


Information Technology — 14.9%
Adobe *		767		342,926

Advanced Energy Industries *		2,346		158,285

Amdocs		10,500		591,990

Amphenol, Cl A		2,702		304,894

Appian, Cl A *		2,285		144,641

Apple		94,076		10,241,113

Applied Materials		28,800		1,705,824

Atlassian, Cl A *		6,652		1,274,656

Automatic Data Processing		1,930		304,863

Avaya Holdings *		7,799		134,143

Bill.com Holdings *		1,019		101,900

Calix *		6,563		153,640

Cerence *		2,227		121,550

Cirrus Logic *		1,243		85,605

Cisco Systems		30,818		1,106,366

Citrix Systems		265		30,017

Digital Turbine *		3,182		91,196

Dropbox, Cl A *		2,866		52,333

Entegris		1,191		89,051

Fidelity National Information Services		3,100		386,229

Fiserv *		6,961		664,567

Five9 *		1,079		163,706

Global Payments		1,768		278,884

HP		42,300		759,708

II-VI *		1,845		83,892

Intel		30,135		1,334,378

Keysight Technologies *		398		41,738

KLA		1,894		373,459

LivePerson *		2,785		148,886

LiveRamp Holdings *		2,614		172,759

Mastercard, Cl A		3,312		955,976

Maxim Integrated Products		740		51,541

Methode Electronics		4,867		149,758

Micron Technology *		13,671		688,198

The accompanying notes are an integral part of the financial statements.


THE ADVISORS’ INNER CIRCLE FUND		CORNERSTONE ADVISORS GLOBAL PUBLIC EQUITY FUND
		October 31, 2020



COMMON STOCK (continued)

	Shares		Value

UNITED STATES (continued)

Information Technology (continued)
Microsoft		49,080	$	9,937,228

Motorola Solutions		2,128		336,352

Nuance Communications *		3,806		121,449

NVIDIA		5,457		2,735,921

Okta, Cl A *		1,832		384,408

ON Semiconductor *		17,400		436,566

Oracle		29,511		1,655,862

Paychex		4,831		397,350

PayPal Holdings *		15,189		2,827,129

Pegasystems		839		97,223

Plexus *		1,956		136,020

Progress Software		2,657		96,635

Qorvo *		25,614		3,262,199

QUALCOMM		4,021		496,031

Sailpoint Technologies Holdings *		4,499		186,753

salesforce.com *		1,059		245,974

ServiceNow *		4,661		2,319,174

SiTime *		1,729		144,354

SPS Commerce *		1,461		125,047

Square, Cl A *		13,700		2,121,856

SunPower, Cl A *		9,096		145,445

Synaptics *		1,331		102,048

Tenable Holdings *		3,820		130,300

Texas Instruments		5,932		857,708

Twilio, Cl A *		8,226		2,294,807

Unisys *		7,463		98,064

Varonis Systems *		1,225		141,573

Verint Systems *		2,868		139,155

VeriSign *		1,393		265,645

Visa, Cl A		14,739		2,678,224

Vontier *		900		25,866

Xilinx		1,936		229,784

Zoom Video Communications, Cl A *		1,331		613,471

Zscaler *		957		129,913

				59,204,206


Materials — 2.3%
Advanced Drainage Systems		2,676		169,739

Air Products and Chemicals		1,818		502,204

Avient		2,684		83,392

Ball		18,255		1,624,695

CF Industries Holdings		45,098		1,245,156

Ecolab		1,584		290,807

Ferro *		8,276		106,430

HB Fuller		2,887		130,637

Hecla Mining		12,101		55,423

Huntsman		27,200		660,688

Koppers Holdings *		3,654		81,959



COMMON STOCK (continued)

	Shares		Value

UNITED STATES (continued)

Materials (continued)
LyondellBasell Industries, Cl A		12,100	$	828,245

Martin Marietta Materials		138		36,756

Materion		2,637		134,988

Neenah		1,911		71,911

Newmont Mining		5,400		339,336

Packaging Corp of America		1,500		171,735

PPG Industries		196		25,425

Scotts Miracle-Gro, Cl A		584		87,629

Sherwin-Williams		3,439		2,365,963

Stepan		1,012		117,837

Vulcan Materials		239		34,617

				9,165,572


Real Estate — 1.6%
Alexandria Real Estate Equities ‡		160		24,243

American Finance Trust ‡		23,989		138,296

American Tower, Cl A ‡		2,862		657,258

Armada Hoffler Properties ‡		9,687		87,280

AvalonBay Communities ‡		1,039		144,556

Crown Castle International ‡		14,977		2,339,407

Digital Realty Trust ‡		900		129,870

Equinix ‡		794		580,605

eXp World Holdings *		2,199		93,216

Global Medical ‡		15,422		191,695

Hannon Armstrong Sustainable Infrastructure Capital ‡		3,213		134,464

Hudson Pacific Properties ‡		4,484		86,362

Independence Realty Trust ‡		18,440		224,046

Iron Mountain ‡		987		25,721

Pebblebrook Hotel Trust ‡		10,006		119,872

Public Storage ‡		1,400		320,698

QTS Realty Trust, Cl A ‡		1,794		110,349

Redfin *		3,191		133,288

Retail Opportunity Investments ‡		12,266		119,348

Sabra Health Care ‡		7,132		93,857

SBA Communications, Cl A ‡		500		145,185

Terreno Realty ‡		3,560		200,357

VEREIT ‡		68,600		425,320

				6,525,293


Utilities — 0.6%
Ameren		1,847		149,829

American Electric Power		3,937		354,054

Black Hills		2,872		162,728

Clearway Energy, Cl C		8,795		247,667

CMS Energy		3,900		246,987

Consolidated Edison		2,996		235,156

Duke Energy		297		27,357

Portland General Electric		2,678		105,245

South Jersey Industries		7,705		148,475

The accompanying notes are an integral part of the financial statements.


THE ADVISORS’ INNER CIRCLE FUND		CORNERSTONE ADVISORS GLOBAL PUBLIC EQUITY FUND
		October 31, 2020



COMMON STOCK (continued)

	Shares		Value

UNITED STATES (continued)

Utilities (continued)
Sunnova Energy International *		4,940	$	118,857

WEC Energy Group		786		79,032

Xcel Energy		4,722		330,682

				2,206,069

				212,007,854

Total Common Stock (Cost $313,533,760)				388,355,115


REGISTERED INVESTMENT COMPANY — 0.2%

EXCHANGE TRADED FUND — 0.2%
iShares MSCI ACWI ETF

Total Exchange Traded Fund (Cost $572,518)		7,100		554,794


PREFERRED STOCK — 0.1%

BRAZIL — 0.1%
Cia Paranaense de Energia, 1.019%		7,800		83,601

Itau Unibanco Holding ADR (E)		9,599		39,260

Itausa, 0.168%		24,817		39,315

Telefonica Brasil, 0.908%		5,272		39,086

				201,262


COLOMBIA — 0.0%
Bancolombia (E)		6,333		40,318


GERMANY — 0.0%
Jungheinrich, 1.114%		2,800		101,760

STO & KGaA, 0.247%		700		87,698

				189,458



PREFERRED STOCK (continued)

	Shares/ Number of Warrants		Value

SOUTH KOREA — 0.0%
LG Chemical, 2.840%		175	$	48,369

LG Household & Health Care, 1.430%		106		64,519

				112,888


Total Preferred Stock (Cost $444,744)				543,926


WARRANTS — 0.0%

MALAYSIA — 0.0%
Paramount, 1.790% *		43,120		934


SINGAPORE — 0.0%
Ezion Holdings, 0.276% *(B)(C)(D)		102,720		—


Total Warrants (Cost $—)				934


Total Investments in Securities — 98.2% (Cost $314,551,022)			$	389,454,769

A list of the outstanding forward foreign currency contracts held by the Fund at October 31, 2020, is as follows:

Counterparty

Settlement
Date

Currency to Deliver

Currency to Receive

Unrealized Appreciation
(Depreciation)

State Street

11/18/20

USD

237,252

EUR

201,800

$(2,133)

State Street

11/18/20

EUR

1,355,000

USD

1,608,222

29,498

State Street

01/14/21

GBP

1,742,200

USD

2,277,221

18,847

$46,212

Percentages are based on net assets of $396,613,085.

*	Non-income producing security.

‡	Real Estate Investment Trust

(A)	Security considered Master Limited Partnership. At October 31, 2020, these securities amounted to $1,582,382 or 0.4% of Net Assets.

(B)	Security is fair valued using methods determined in good faith by the Fair Value Committee of the Board of Trustees. The total

value of such securities as of October 31, 2020, was $32,455 and represented 0.0% of Net Assets.

(C)	Level 3 security in accordance with fair value hierarchy.

(D)	Securities considered illiquid. The total value of such securities as of October 31, 2020 was $329,087 and represented 0.1% of Net Assets.

(E)	There is currently no stated rate.

The accompanying notes are an integral part of the financial statements.


THE ADVISORS’ INNER CIRCLE FUND		CORNERSTONE ADVISORS GLOBAL PUBLIC EQUITY FUND
		October 31, 2020

ACWI — All Country World Index

ADR — American Depositary Receipt

Cl — Class

EUR — Euro

ETF — Exchange Traded Fund

GBP — British Pound

GDR — Global Depositary Receipt

LP — Limited Partnership

MSCI — Morgan Stanley Capital International

PJSC — Public Joint-Stock Company

USD — United States Dollar

The following is a list of the inputs used as of October 31, 2020, in valuing the Fund’s investments and other financial instruments carried at market value:


Investments in Securities	Level 1		Level 2		Level 3‡		Total
Common Stock
Australia	$	—	$	4,194,454	$	—	$	4,194,454
Austria		—		237,459		—		237,459
Belgium		—		384,391		—		384,391
Bermuda		1,582,382		—		—		1,582,382
Brazil		201,033		—		—		201,033
Canada		10,696,274		—		—		10,696,274
Chile		154,589		71,672		—		226,261
China		18,391,621		9,148,462		—		27,540,083
Czech Republic		—		428,112		—		428,112
Denmark		107,484		4,972,628		—		5,080,112
Finland		—		1,171,138		—		1,171,138
France		66,112		8,499,607		—		8,565,719
Germany		20,078		7,533,657		—		7,553,735
Greece		—		41,092		—		41,092
Hong Kong		—		6,233,259		32,377		6,265,636
Hungary		—		61,526		—		61,526
India		650,997		5,395,360		—		6,046,357
Indonesia		—		236,543		—		236,543
Ireland		3,085,819		622,528		—		3,708,347
Israel		253,345		928,907		—		1,182,252
Italy		—		1,222,187		—		1,222,187
Japan		—		19,918,544		—		19,918,544
Malaysia		—		664,564		—		664,564
Mexico		514,553		—		—		514,553
Netherlands		2,474,262		8,414,741		—		10,889,003
New Zealand		—		199,975		—		199,975
Norway		—		447,939		—		447,939
Philippines		—		114,149		—		114,149
Poland		—		300,466		—		300,466
Portugal		—		27,884		78		27,962
Russia		598,626		1,060,244		—		1,658,870
Saudi Arabia		—		273,607		—		273,607
Singapore		—		919,497		—		919,497
South Africa		150,558		641,856		—		792,414
South Korea		43,467		10,172,912		—		10,216,379
Spain		—		2,901,909		—		2,901,909
Sweden		—		4,860,220		—		4,860,220
Switzerland		—		10,710,050		—		10,710,050
Taiwan		3,563,463		5,719,004		—		9,282,467
Thailand		—		757,506		—		757,506
Turkey		—		155,277		—		155,277
Ukraine		—		49,653		—		49,653
United Kingdom		547,350		13,519,814		—		14,067,164
United States		212,007,854		—		—		212,007,854

Total Common Stock		255,109,867		133,212,793		32,455		388,355,115


Investments in Securities	Level 1		Level 2		Level 3‡		Total
Registered Investment Company	$	554,794	$	—	$	—	$	554,794
Preferred Stock
Brazil		201,262		—		—		201,262
Colombia		40,318		—		—		40,318
Germany		—		189,458		—		189,458
South Korea		—		112,888		—		112,888

Total Preferred Stock		241,580		302,346		—		543,926

Warrants		—		934		—		934

Total Investments in Securities	$	255,906,241	$	133,516,073	$	32,455	$	389,454,769

‡	A reconciliation of Level 3 investments is presented when the Fund has a significant amount of Level 3 investments at the beginning and/or end of the year in relation to net assets.


Other Financial Instruments	Level 1		Level 2		Level 3		Total
Forward Contracts *
Unrealized Appreciation	$	—	$	48,345	$	—	$	48,345
Unrealized Depreciation		—		(2,133)		—		(2,133)

Total Other Financial Instruments	$	—	$	46,212	$	—	$	46,212

* Forward contracts are valued at the unrealized appreciation (depreciation) on the instrument.

For the year ended October 31, 2020, there were no transfers in or out of Level 3.

Amounts designated as $— are either $0 or have been rounded to $0.

For more information on valuation inputs, see Note 2 in the Notes to Financial Statements.

The accompanying notes are an integral part of the financial statements.


THE ADVISORS’ INNER CIRCLE FUND		CORNERSTONE ADVISORS CORE PLUS BOND FUND
		October 31, 2020

Sector Weightings (unaudited) †:

LOGO

† Percentages are based on total investments.



SCHEDULE OF INVESTMENTS

CORPORATE OBLIGATIONS — 28.1%

	Face Amount		Value

COMMUNICATION SERVICES — 2.5%
Activision Blizzard

2.500%, 09/15/50	$	140,000	$	126,115

America Movil

2.875%, 05/07/30		200,000		214,972

AT&T

5.250%, 03/01/37		50,000		62,539

4.850%, 03/01/39		156,000		185,986

4.800%, 06/15/44		375,000		435,686

4.500%, 03/09/48		52,000		58,202

4.350%, 06/15/45		3,000		3,325

3.900%, 03/11/24		250,000		273,781

3.650%, 09/15/59(A)		66,000		62,937

3.600%, 07/15/25		250,000		277,984

3.550%, 09/15/55(A)		36,000		34,102

3.500%, 09/15/53(A)		346,000		330,786

3.300%, 02/01/52		60,000		54,953

Bharti Airtel International Netherlands BV

5.350%, 05/20/24(A)		235,000		255,016

CCL Industries

3.050%, 06/01/30(A)		70,000		74,360

CCO Holdings

5.750%, 02/15/26(A)		40,000		41,467

5.375%, 06/01/29(A)		44,000		47,630

4.500%, 08/15/30(A)		79,000		82,101

4.500%, 05/01/32(A)		64,000		66,160

4.250%, 02/01/31(A)		227,000		232,627

CenturyLink

4.000%, 02/15/27(A)		23,000		23,515

Comcast

3.750%, 04/01/40		55,000		64,018

3.150%, 02/15/28		250,000		279,008

2.650%, 02/01/30		85,000		91,654

CSC Holdings

5.500%, 05/15/26(A)		200,000		208,100

5.375%, 02/01/28(A)		10,000		10,625



CORPORATE OBLIGATIONS (continued)

	Face Amount		Value

COMMUNICATION SERVICES (continued)
Intelsat Jackson Holdings

9.750%, 07/15/25(A) (B)	$	190,000	$	118,750

8.500%, 10/15/24(A) (B)		43,000		26,557

Level 3 Financing

5.375%, 05/01/25		44,000		45,254

4.625%, 09/15/27(A)		33,000		33,660

4.250%, 07/01/28(A)		85,000		85,425

Live Nation Entertainment

4.750%, 10/15/27(A)		35,000		32,167

NBCUniversal Enterprise

5.250%, 06/19/69(A)		170,000		172,125

Northwestern Mutual Life Insurance

3.625%, 09/30/59(A)		80,000		87,233

Ooredoo International Finance MTN

3.250%, 02/21/23(A)		200,000		208,680

Prosus

4.850%, 07/06/27(A)		200,000		228,890

Qwest

7.250%, 09/15/25		65,000		74,738

Sprint

7.875%, 09/15/23		10,000		11,400

Sprint Spectrum

5.152%, 03/20/28(A)		250,000		291,302

3.360%, 09/20/21(A)		93,750		94,628

Tencent MTN

3.290%, 06/03/60(A)		200,000		200,099

Time Warner Cable

5.875%, 11/15/40		200,000		247,526

5.500%, 09/01/41		100,000		120,177

4.500%, 09/15/42		150,000		162,946

T-Mobile USA

6.000%, 03/01/23		93,000		93,000

6.000%, 04/15/24		45,000		45,796

4.500%, 02/01/26		30,000		30,750

4.375%, 04/15/40(A)		100,000		115,654

3.875%, 04/15/30(A)		290,000		325,774

2.550%, 02/15/31(A)		85,000		86,624

Verizon Communications

5.250%, 03/16/37		250,000		340,899

4.272%, 01/15/36		250,000		305,587

1.500%, 09/18/30		250,000		245,469

ViacomCBS

4.200%, 05/19/32		60,000		69,031

2.900%, 01/15/27		250,000		270,079

Virgin Media Secured Finance

5.500%, 05/15/29(A)		75,000		80,131

4.500%, 08/15/30(A)		130,000		132,113

Vodafone Group

5.250%, 05/30/48		115,000		148,924

The accompanying notes are an integral part of the financial statements.


THE ADVISORS’ INNER CIRCLE FUND		CORNERSTONE ADVISORS CORE PLUS BOND FUND
		October 31, 2020



CORPORATE OBLIGATIONS (continued)

	Face Amount		Value

COMMUNICATION SERVICES (continued)
4.875%, 06/19/49	$	163,000	$	201,719

4.250%, 09/17/50		35,000		40,321

Walt Disney

3.700%, 10/15/25		250,000		282,025

3.600%, 01/13/51		150,000		167,358

2.650%, 01/13/31		110,000		118,271

				8,938,731


CONSUMER DISCRETIONARY — 2.5%
1011778 BC ULC

3.500%, 02/15/29(A)		55,000		54,587

Alimentation Couche-Tard

3.550%, 07/26/27(A)		165,000		183,258

Amazon.com

4.250%, 08/22/57		80,000		105,873

3.875%, 08/22/37		250,000		306,631

American Honda Finance MTN

2.350%, 01/08/27		500,000		530,735

1.700%, 09/09/21		500,000		505,979

American University

3.672%, 04/01/49		250,000		267,225

Asbury Automotive Group

4.750%, 03/01/30(A)		15,000		15,488

4.500%, 03/01/28(A)		15,000		15,262

Caesars Entertainment

6.250%, 07/01/25(A)		33,000		33,804

Cargill

3.250%, 05/23/29(A)		500,000		554,540

Churchill Downs

5.500%, 04/01/27(A)		106,000		109,776

4.750%, 01/15/28(A)		40,000		40,600

Daimler Finance North America

2.000%, 07/06/21(A)		500,000		504,825

El Puerto de Liverpool

3.875%, 10/06/26(A)		390,000		404,141

Expedia Group

7.000%, 05/01/25(A)		35,000		37,479

6.250%, 05/01/25(A)		45,000		49,485

4.625%, 08/01/27(A)		35,000		36,701

3.600%, 12/15/23(A)		70,000		71,979

Falabella

3.750%, 04/30/23(A)		200,000		208,000

Ford Motor Credit

5.750%, 02/01/21		450,000		453,510

3.813%, 10/12/21		80,000		80,400

3.336%, 03/18/21		200,000		200,000

2.343%, 11/02/20		175,000		175,000

1.104%, 10/12/21		180,000		175,576

General Motors

5.000%, 04/01/35		135,000		149,839



CORPORATE OBLIGATIONS (continued)

	Face Amount		Value

CONSUMER DISCRETIONARY (continued)
General Motors Financial

4.375%, 09/25/21	$	50,000	$	51,544

4.200%, 11/06/21		40,000		41,213

3.450%, 04/10/22		30,000		30,876

3.200%, 07/06/21		40,000		40,539

3.150%, 06/30/22		85,000		87,435

2.900%, 02/26/25		80,000		83,084

Georgetown University

5.215%, 10/01/18		35,000		44,811

4.315%, 04/01/49		25,000		29,777

Group 1 Automotive

4.000%, 08/15/28(A)		40,000		40,050

Hanesbrands

5.375%, 05/15/25(A)		35,000		36,838

4.875%, 05/15/26(A)		40,000		43,000

4.625%, 05/15/24(A)		10,000		10,415

Hasbro

3.900%, 11/19/29		10,000		10,749

3.550%, 11/19/26		55,000		59,219

Home Depot

3.900%, 06/15/47		250,000		303,099

3.350%, 04/15/50		20,000		22,600

Hyundai Capital America

3.000%, 02/10/27(A)		85,000		88,621

2.650%, 02/10/25(A)		120,000		123,811

Ken Garff Automotive

4.875%, 09/15/28(A)		35,000		34,679

Lear

5.250%, 05/15/49		155,000		174,192

Lennar

4.750%, 11/15/22		10,000		10,512

4.500%, 04/30/24		5,000		5,388

Lithia Motors

4.375%, 01/15/31(A)		70,000		72,275

Lowe’s

4.050%, 05/03/47		250,000		297,712

Marriott International

3.500%, 10/15/32		175,000		172,715

Mohawk Industries

3.625%, 05/15/30		175,000		190,004

Newell Brands

4.875%, 06/01/25		30,000		32,484

Nissan Motor

3.522%, 09/17/25(A)		200,000		201,444

NVR

3.000%, 05/15/30		140,000		150,097

Reynolds American

5.850%, 08/15/45		265,000		323,384

The accompanying notes are an integral part of the financial statements.


THE ADVISORS’ INNER CIRCLE FUND		CORNERSTONE ADVISORS CORE PLUS BOND FUND
		October 31, 2020



CORPORATE OBLIGATIONS (continued)

	Face Amount		Value

CONSUMER DISCRETIONARY (continued)
Starbucks

3.500%, 11/15/50	$	155,000	$	165,108

3.350%, 03/12/50		80,000		83,329

Toyota Motor

2.358%, 07/02/24		105,000		111,471

Toyota Motor Credit MTN

1.800%, 02/13/25		130,000		135,375

Whirlpool

4.750%, 02/26/29		115,000		138,936

Whirlpool MTN

4.850%, 06/15/21		140,000		143,673

				8,861,152


CONSUMER STAPLES — 2.7%
Albertsons

3.250%, 03/15/26(A)		140,000		137,333

Altria Group

4.400%, 02/14/26		75,000		86,304

2.350%, 05/06/25		35,000		36,911

Anheuser-Busch

4.900%, 02/01/46		420,000		513,718

4.700%, 02/01/36		78,000		95,836

Anheuser-Busch InBev Finance

4.700%, 02/01/36		250,000		298,291

Anheuser-Busch InBev Worldwide

4.600%, 06/01/60		135,000		161,325

4.350%, 06/01/40		140,000		164,874

Archer-Daniels-Midland

3.250%, 03/27/30		115,000		132,112

2.500%, 08/11/26		250,000		272,125

Bacardi

5.300%, 05/15/48(A)		280,000		356,822

4.700%, 05/15/28(A)		65,000		74,985

Bausch Health

5.250%, 01/30/30(A)		80,000		79,004

5.000%, 01/30/28(A)		80,000		79,070

Bayer US Finance II

4.375%, 12/15/28(A)		270,000		311,321

4.250%, 12/15/25(A)		75,000		85,215

BRF

5.750%, 09/21/50(A)		200,000		190,225

Bunge Finance

3.250%, 08/15/26		250,000		269,790

1.630%, 08/17/25		25,000		25,150

Central Garden & Pet

4.125%, 10/15/30		110,000		111,375

CK Hutchison International 16

2.750%, 10/03/26(A)		200,000		215,129

Clorox

3.900%, 05/15/28		250,000		294,884



CORPORATE OBLIGATIONS (continued)

	Face Amount		Value

CONSUMER STAPLES (continued)
Coca-Cola

2.500%, 06/01/40	$	250,000	$	263,376

Conagra Brands

1.375%, 11/01/27		80,000		79,331

Constellation Brands

3.750%, 05/01/50		20,000		22,296

2.875%, 05/01/30		50,000		53,854

Fomento Economico Mexicano

3.500%, 01/16/50		256,000		266,847

JBS USA LUX

5.500%, 01/15/30(A)		10,000		10,875

Kraft Heinz Foods

5.000%, 06/04/42		310,000		340,680

4.875%, 10/01/49(A)		400,000		422,897

4.375%, 06/01/46		65,000		66,722

3.875%, 05/15/27(A)		105,000		111,075

Kroger

5.400%, 01/15/49		120,000		166,537

2.650%, 10/15/26		250,000		270,177

PepsiCo

4.000%, 05/02/47		250,000		313,714

3.875%, 03/19/60		60,000		75,311

Pilgrim’s Pride

5.875%, 09/30/27(A)		10,000		10,564

Post Holdings

5.750%, 03/01/27(A)		90,000		94,294

4.625%, 04/15/30(A)		200,000		205,500

Procter & Gamble

3.500%, 10/25/47		250,000		315,505

Providence St. Joseph Health Obligated Group

3.744%, 10/01/47		175,000		196,958

Shire Acquisitions Investments Ireland

2.875%, 09/23/23		500,000		530,199

Smithfield Foods

3.000%, 10/15/30(A)		15,000		15,282

Spectrum Brands

5.750%, 07/15/25		40,000		41,150

Stanford Health Care

3.795%, 11/15/48		250,000		294,322

Walgreen

4.400%, 09/15/42		220,000		231,211

Walmart

4.750%, 10/02/43		500,000		667,040

2.650%, 12/15/24		400,000		431,527

				9,489,043


ENERGY — 2.5%

Antero Resources

5.625%, 06/01/23		15,000		12,600

5.125%, 12/01/22		41,000		37,966

5.000%, 03/01/25		117,000		86,624

The accompanying notes are an integral part of the financial statements.


THE ADVISORS’ INNER CIRCLE FUND		CORNERSTONE ADVISORS CORE PLUS BOND FUND
		October 31, 2020



CORPORATE OBLIGATIONS (continued)

	Face Amount		Value

ENERGY (continued)
Calpine

5.000%, 02/01/31(A)	$	140,000	$	142,933

Canadian Natural Resources

3.850%, 06/01/27		50,000		52,860

Cheniere Energy Partners

5.250%, 10/01/25		10,000		10,172

Chevron

3.078%, 05/11/50		40,000		41,469

2.566%, 05/16/23		450,000		473,300

CNPC General Capital

3.950%, 04/19/22(A)		200,000		208,376

ConocoPhillips

4.150%, 11/15/34		250,000		279,964

Diamondback Energy

4.750%, 05/31/25		70,000		76,381

Dolphin Energy

5.500%, 12/15/21(A)		200,000		209,962

Energy Transfer Operating

6.050%, 06/01/41		315,000		322,697

5.500%, 06/01/27		75,000		83,180

5.300%, 04/15/47		20,000		19,055

5.250%, 04/15/29		4,000		4,334

5.000%, 05/15/50		75,000		70,056

4.950%, 06/15/28		50,000		53,729

EOG Resources

2.625%, 03/15/23		406,000		424,537

EQM Midstream Partners

6.500%, 07/01/27(A)		55,000		57,684

Equinor

3.700%, 04/06/50		130,000		144,574

Equities

5.000%, 01/15/29		10,000		10,100

3.900%, 10/01/27		25,000		24,008

Exxon Mobil

4.327%, 03/19/50		200,000		241,386

4.227%, 03/19/40		30,000		35,967

3.482%, 03/19/30		65,000		73,472

3.452%, 04/15/51		45,000		47,143

2.610%, 10/15/30		20,000		21,128

Gray Oak Pipeline

3.450%, 10/15/27(A)		5,000		5,070

2.600%, 10/15/25(A)		15,000		14,986

Jagged Peak Energy

5.875%, 05/01/26		75,000		77,250

Kinder Morgan

5.625%, 11/15/23(A)		320,000		360,208

Kinder Morgan Energy Partners

5.800%, 03/15/35		200,000		238,186

Leviathan Bond

6.125%, 06/30/25(A)		85,000		87,873



CORPORATE OBLIGATIONS (continued)

	Face Amount		Value

ENERGY (continued)
Nevada Power

3.125%, 08/01/50	$	250,000	$	263,951

Occidental Petroleum

5.875%, 09/01/25		30,000		26,400

3.000%, 02/15/27		250,000		188,750

2.600%, 08/13/21		150,000		146,625

ONEOK

5.850%, 01/15/26		50,000		56,859

Pattern Energy Operations

4.500%, 08/15/28(A)		45,000		46,918

Petroleos Mexicanos

7.690%, 01/23/50		125,000		103,866

6.950%, 01/28/60		35,000		27,370

6.625%, 06/15/35		60,000		49,414

5.950%, 01/28/31		15,000		12,555

Petroleos Mexicanos MTN

6.750%, 09/21/47		230,000		178,547

Phillips 66

4.300%, 04/01/22		500,000		525,172

Plains All American Pipeline

4.650%, 10/15/25		140,000		149,407

3.800%, 09/15/30		25,000		24,167

Range Resources

5.000%, 03/15/23		79,000		76,647

4.875%, 05/15/25		40,000		37,125

Rattler Midstream

5.625%, 07/15/25(A)		55,000		56,513

Rockies Express Pipeline

6.875%, 04/15/40(A)		40,000		41,000

Ruby Pipeline

7.750%, 04/01/22(A)		157,197		134,945

Sabine Pass Liquefaction

4.500%, 05/15/30(A)		175,000		195,776

Saudi Arabian Oil Company MTN

4.375%, 04/16/49(A)		200,000		235,482

Shell International Finance BV

1.750%, 09/12/21		500,000		506,450

SM Energy

10.000%, 01/15/25(A)		94,000		89,476

Sunoco Logistics Partners Operations

5.400%, 10/01/47		85,000		81,931

5.350%, 05/15/45		65,000		61,904

3.900%, 07/15/26		200,000		206,111

Targa Resources Partners

6.875%, 01/15/29		20,000		21,450

TC PipeLines

4.650%, 06/15/21		400,000		406,117

Thaioil Treasury Center MTN

4.875%, 01/23/43(A)		200,000		219,742

The accompanying notes are an integral part of the financial statements.


THE ADVISORS’ INNER CIRCLE FUND		CORNERSTONE ADVISORS CORE PLUS BOND FUND
		October 31, 2020



CORPORATE OBLIGATIONS (continued)

	Face Amount		Value

ENERGY (continued)
TransMontaigne Partners

6.125%, 02/15/26	$	23,000	$	23,511

Transocean Guardian

5.875%, 01/15/24(A)		81,900		49,959

Transocean Pontus

6.125%, 08/01/25(A)		47,580		42,034

Transocean Poseidon

6.875%, 02/01/27(A)		55,000		41,250

Transocean Proteus

6.250%, 12/01/24(A)		24,050		21,164

Transportadora de Gas Internacional ESP

5.550%, 11/01/28(A)		200,000		229,902

USA Compression Partners

6.875%, 04/01/26		10,000		9,916

6.875%, 09/01/27		27,000		27,141

Williams

3.500%, 11/15/30		175,000		187,928

WPX Energy

4.500%, 01/15/30		135,000		129,600

				8,982,305


FINANCIALS — 5.8%
Ally Financial

3.050%, 06/05/23		250,000		261,376

American Express

2.500%, 07/30/24		160,000		169,720

American Express Credit MTN

2.700%, 03/03/22		750,000		772,334

Athene Global Funding

2.450%, 08/20/27(A)		220,000		223,226

Banco Santander Chile

3.875%, 09/20/22(A)		180,000		189,000

2.700%, 01/10/25(A)		150,000		157,314

Bangkok Bank MTN

4.050%, 03/19/24(A)		205,000		222,083

Bank of America

3.004%, 12/20/23		70,000		73,383

2.592%, 04/29/31		105,000		109,644

Bank of America MTN

4.083%, 03/20/51		80,000		97,581

3.970%, 03/05/29		500,000		574,294

3.559%, 04/23/27		345,000		384,658

3.300%, 01/11/23		500,000		530,087

2.884%, 10/22/30		80,000		85,986

Bank of New York Mellon MTN

3.500%, 04/28/23		250,000		269,337

Bayer US Finance II

4.625%, 06/25/38(A)		100,000		117,033

Berkshire Hathaway Energy

4.250%, 10/15/50(A)		25,000		30,951

Berkshire Hathaway Finance

4.200%, 08/15/48		250,000		313,434



CORPORATE OBLIGATIONS (continued)

	Face Amount		Value

FINANCIALS (continued)
BNP Paribas

2.819%, 11/19/25(A)	$	320,000	$	338,544

BP Capital Markets America

3.633%, 04/06/30		160,000		180,158

Brighthouse Financial

5.625%, 05/15/30		130,000		153,462

Capital One Bank USA

3.375%, 02/15/23		500,000		529,528

Citigroup

4.412%, 03/31/31		270,000		320,585

3.980%, 03/20/30		250,000		286,781

3.200%, 10/21/26		110,000		120,978

2.572%, 06/03/31		140,000		145,893

Diageo Capital

2.125%, 04/29/32		250,000		259,648

Discover Bank

4.250%, 03/13/26		250,000		284,518

DNB Bank

2.150%, 12/02/22(A)		370,000		382,916

Farmers Insurance Exchange

8.625%, 05/01/24(A)		315,000		371,698

Fifth Third Bancorp

3.950%, 03/14/28		250,000		288,793

Goldman Sachs Group

6.750%, 10/01/37		115,000		167,551

3.750%, 05/22/25		500,000		555,880

3.691%, 06/05/28		55,000		62,016

3.272%, 09/29/25		260,000		282,265

HSBC Holdings

4.300%, 03/08/26		250,000		284,417

2.013%, 09/22/28		280,000		278,455

Huntington Bancshares

2.625%, 08/06/24		205,000		218,354

JPMorgan Chase

3.875%, 09/10/24		500,000		554,178

3.509%, 01/23/29		250,000		280,674

2.956%, 05/13/31		95,000		101,170

2.739%, 10/15/30		230,000		246,085

2.182%, 06/01/28		105,000		109,497

KeyCorp MTN

2.550%, 10/01/29		250,000		266,040

Liberty Mutual Group

3.950%, 05/15/60(A)		65,000		70,604

Lloyds Banking Group

4.344%, 01/09/48		330,000		389,673

4.050%, 08/16/23		100,000		108,553

Massachusetts Mutual Life Insurance

3.375%, 04/15/50(A)		110,000		112,170

MGM Growth Properties Operating Partnership

5.625%, 05/01/24		30,000		31,581

The accompanying notes are an integral part of the financial statements.


THE ADVISORS’ INNER CIRCLE FUND		CORNERSTONE ADVISORS CORE PLUS BOND FUND
		October 31, 2020



CORPORATE OBLIGATIONS (continued)

	Face Amount		Value

FINANCIALS (continued)
Morgan Stanley MTN

3.700%, 10/23/24	$	180,000	$	200,033

3.125%, 07/27/26		250,000		275,843

National Rural Utilities Cooperative Finance

4.750%, 04/30/43		175,000		180,688

3.400%, 02/07/28		250,000		286,247

Nationwide Building Society MTN

3.622%, 04/26/23(A)		200,000		207,845

Nationwide Mutual Insurance

2.540%, 12/15/24(A)		400,000		399,649

Navient MTN

6.125%, 03/25/24		85,000		86,063

Navient

6.750%, 06/15/26		10,000		10,075

5.875%, 10/25/24		10,000		9,925

5.000%, 03/15/27		110,000		102,722

New York Life Insurance

3.750%, 05/15/50(A)		150,000		167,303

OneAmerica Financial Partners

4.250%, 10/15/50(A)		20,000		20,923

PNC Bank

3.100%, 10/25/27		250,000		277,692

Quicken Loans

3.875%, 03/01/31(A)		80,000		78,700

Raymond James Financial

4.950%, 07/15/46		120,000		157,971

Royal Bank of Canada MTN

1.150%, 06/10/25		250,000		254,037

Santander UK

5.000%, 11/07/23(A)		55,000		60,154

Santander UK Group Holdings

5.625%, 09/15/45(A)		200,000		252,533

4.796%, 11/15/24		145,000		160,080

Societe Generale MTN

2.625%, 01/22/25(A)		310,000		322,553

Standard Chartered

2.819%, 01/30/26(A)		260,000		270,574

Sumitomo Mitsui Financial Group

3.040%, 07/16/29		200,000		217,323

1.474%, 07/08/25		200,000		203,545

Teachers Insurance & Annuity Association of America

4.375%, 09/15/54(A)		350,000		372,008

Toronto-Dominion Bank MTN

2.650%, 06/12/24		200,000		213,721

0.750%, 06/12/23		250,000		251,688

Trivium Packaging Finance BV

5.500%, 08/15/26(A)		90,000		94,275



CORPORATE OBLIGATIONS (continued)

	Face Amount		Value

FINANCIALS (continued)
Truist Financial

4.000%, 05/01/25	$	250,000	$	283,436

Truist Financial MTN

3.750%, 12/06/23		500,000		546,838
U.S. Bancorp MTN

3.150%, 04/27/27		250,000		279,643

University of Pennsylvania

3.610%, 02/15/19		60,000		61,948

Wells Fargo MTN

5.013%, 04/04/51		180,000		243,519

2.879%, 10/30/30		635,000		675,835

2.393%, 06/02/28		130,000		135,111

Wells Fargo

3.069%, 01/24/23		500,000		515,113

3.068%, 04/30/41		160,000		165,540

Willis North America

2.950%, 09/15/29		40,000		43,555


				20,448,814


HEALTH CARE — 2.9%
Abbott Laboratories

3.750%, 11/30/26		282,000		327,337

AbbVie

4.850%, 06/15/44(A)		125,000		154,762

4.400%, 11/06/42		200,000		239,150

4.250%, 11/21/49(A)		120,000		140,149

4.050%, 11/21/39(A)		50,000		57,338

3.600%, 05/14/25		250,000		276,689

Aetna

2.800%, 06/15/23		225,000		236,322

Amgen

4.400%, 05/01/45		85,000		103,726

3.625%, 05/15/22		500,000		520,824

Anthem

3.650%, 12/01/27		190,000		214,817

Bayer US Finance II

4.875%, 06/25/48(A)		240,000		288,627

Biogen

3.150%, 05/01/50		60,000		58,063

2.250%, 05/01/30		120,000		120,923

Bristol-Myers Squibb

3.875%, 08/15/25		250,000		284,331

Centene

5.375%, 08/15/26(A)		47,000		49,702

4.250%, 12/15/27		175,000		184,222

3.375%, 02/15/30		95,000		98,681

3.000%, 10/15/30		209,000		217,037

Cigna

4.125%, 11/15/25		350,000		400,308

3.400%, 03/15/50		145,000		152,535

3.000%, 07/15/23		500,000		530,825

The accompanying notes are an integral part of the financial statements.


THE ADVISORS’ INNER CIRCLE FUND		CORNERSTONE ADVISORS CORE PLUS BOND FUND
		October 31, 2020



CORPORATE OBLIGATIONS (continued)

	Face Amount		Value

HEALTH CARE (continued)
CommonSpirit Health

2.782%, 10/01/30	$	55,000	$	54,907

CVS Health

5.125%, 07/20/45		195,000		246,819

5.050%, 03/25/48		435,000		551,703

4.300%, 03/25/28		70,000		81,060

2.700%, 08/21/40		250,000		238,676

DaVita

4.625%, 06/01/30(A)		120,000		122,057

Eli Lilly

3.375%, 03/15/29		250,000		288,504

Encompass Health

4.750%, 02/01/30		57,000		59,372

4.625%, 04/01/31		50,000		51,500

Gilead Sciences

4.000%, 09/01/36		250,000		296,584

3.500%, 02/01/25		250,000		275,222

HCA

5.250%, 04/15/25		120,000		138,990

5.125%, 06/15/39		110,000		133,898

5.000%, 03/15/24		145,000		162,235

4.750%, 05/01/23		36,000		39,286

Johnson & Johnson

3.500%, 01/15/48		250,000		306,287

Medtronic

3.500%, 03/15/25		350,000		393,260

Molina Healthcare

5.375%, 11/15/22		35,000		36,370

4.375%, 06/15/28(A)		120,000		123,000

Partners Healthcare System

3.342%, 07/01/60		235,000		248,227

Quest Diagnostics

2.800%, 06/30/31		80,000		85,681

Stryker

3.650%, 03/07/28		100,000		114,429

1.950%, 06/15/30		105,000		106,556

Takeda Pharmaceutical

2.050%, 03/31/30		250,000		251,625

Tenet Healthcare

5.125%, 11/01/27(A)		80,000		82,376

4.875%, 01/01/26(A)		96,000		97,385

Teva Pharmaceutical Finance Netherlands III BV

7.125%, 01/31/25		200,000		207,250

UnitedHealth Group

4.750%, 07/15/45		170,000		230,577

Upjohn

4.000%, 06/22/50(A)		30,000		31,759

Zoetis

3.250%, 02/01/23		385,000		405,700


				10,117,663



CORPORATE OBLIGATIONS (continued)

	Face Amount		Value

INDUSTRIALS — 4.0%
3M MTN

3.125%, 09/19/46	$	250,000	$	268,921

AerCap Ireland Capital DAC

3.950%, 02/01/22		200,000		203,345

Air Lease MTN

3.750%, 06/01/26		185,000		190,208
Air Lease

3.500%, 01/15/22		180,000		184,199

Ardagh Packaging Finance

4.125%, 08/15/26(A)		110,000		112,200

Avolon Holdings Funding

5.250%, 05/15/24(A)		10,000		10,211

5.125%, 10/01/23(A)		10,000		10,175

3.950%, 07/01/24(A)		65,000		63,733

2.875%, 02/15/25(A)		150,000		141,375

BAT Capital

4.540%, 08/15/47		165,000		173,669

2.789%, 09/06/24		355,000		374,787

2.726%, 03/25/31		265,000		261,670

Boeing

5.805%, 05/01/50		175,000		206,099

5.705%, 05/01/40		175,000		202,994

3.650%, 03/01/47		250,000		221,191

Burlington Northern Santa Fe

3.900%, 08/01/46		250,000		297,363

3.550%, 02/15/50		65,000		74,854

Canadian Pacific Railway

2.050%, 03/05/30		500,000		517,280

Caterpillar Financial Services MTN

2.150%, 11/08/24		70,000		73,984

1.450%, 05/15/25		250,000		257,732

Clark Equipment

5.875%, 06/01/25(A)		30,000		31,200

Clean Harbors

5.125%, 07/15/29(A)		92,000		99,997

CNH Industrial Capital

4.375%, 04/05/22		120,000		125,872

1.950%, 07/02/23		55,000		55,950

CSX

4.750%, 05/30/42		250,000		316,102

Deere

3.750%, 04/15/50		30,000		37,158

Delta Air Lines

4.750%, 10/20/28(A)		115,000		117,554

Eaton

3.103%, 09/15/27		300,000		333,815

2.750%, 11/02/22		500,000		523,183

Embraer Netherlands Finance BV

5.050%, 06/15/25		190,000		183,540

Equifax

7.000%, 07/01/37		20,000		26,255

The accompanying notes are an integral part of the financial statements.


THE ADVISORS’ INNER CIRCLE FUND		CORNERSTONE ADVISORS CORE PLUS BOND FUND
		October 31, 2020



CORPORATE OBLIGATIONS (continued)

	Face Amount		Value

INDUSTRIALS (continued)
3.300%, 12/15/22	$	55,000	$	57,688

3.100%, 05/15/30		20,000		21,615

2.600%, 12/15/25		35,000		37,556

FedEx

4.050%, 02/15/48		250,000		288,600

3.875%, 08/01/42		250,000		276,415

GATX

4.000%, 06/30/30		45,000		51,919

3.250%, 09/15/26		250,000		272,534

GE Capital Funding

4.400%, 05/15/30(A)		110,000		120,235

GE Capital International Funding Unlimited

4.418%, 11/15/35		690,000		746,120

General Dynamics

1.875%, 08/15/23		500,000		518,907

General Electric

4.350%, 05/01/50		30,000		31,962

4.250%, 05/01/40		245,000		258,244

4.125%, 10/09/42		20,000		20,776

GFL Environmental

5.125%, 12/15/26(A)		66,000		69,313

3.750%, 08/01/25(A)		35,000		35,000

Huntington Ingalls Industries

4.200%, 05/01/30(A)		45,000		51,896

Icahn Enterprises

5.250%, 05/15/27		65,000		67,262

IHS Markit

5.000%, 11/01/22(A)		37,000		39,600

4.750%, 08/01/28		125,000		147,004

4.000%, 03/01/26(A)		24,000		26,722

John Deere Capital MTN

2.600%, 03/07/24		50,000		53,360

Kansas City Southern

3.500%, 05/01/50		50,000		51,535

Lockheed Martin

4.500%, 05/15/36		250,000		319,588

Mauser Packaging Solutions Holding

5.500%, 04/15/24(A)		10,000		10,004

Mexico City Airport Trust

5.500%, 07/31/47(A)		200,000		172,460

Molex Electronic Technologies

3.900%, 04/15/25(A)		87,000		90,227

Norfolk Southern

4.450%, 06/15/45		250,000		312,313

Northrop Grumman

3.250%, 01/15/28		250,000		279,356

Owens Corning

4.200%, 12/01/24		95,000		104,749

PowerTeam Services

9.033%, 12/04/25(A)		62,000		65,642



CORPORATE OBLIGATIONS (continued)

	Face Amount		Value

INDUSTRIALS (continued)
Raytheon

3.150%, 12/15/24	$	450,000	$	486,576

Raytheon Technologies

4.500%, 06/01/42		250,000		313,388

3.750%, 11/01/46		250,000		286,226

2.250%, 07/01/30		125,000		130,393

Republic Services

3.550%, 06/01/22		250,000		260,153

Roper Technologies

1.400%, 09/15/27		320,000		320,170

Ryder System MTN

2.500%, 09/01/24		115,000		121,396

Sabre GLBL

7.375%, 09/01/25(A)		40,000		40,800

Sensata Technologies

3.750%, 02/15/31(A)		65,000		64,350

Southwest Airlines

5.125%, 06/15/27		130,000		144,559

3.450%, 11/16/27		375,000		379,860

Textron

3.000%, 06/01/30		270,000		283,770

TTX MTN

3.900%, 02/01/45(A)		400,000		453,691

Union Pacific

4.150%, 01/15/45		250,000		299,477

Univar Solutions USA

5.125%, 12/01/27(A)		65,000		67,361

Waste Management

3.500%, 05/15/24		250,000		271,901

Waste Pro USA

5.500%, 02/15/26(A)		42,000		42,420

				14,261,709


INFORMATION TECHNOLOGY — 1.2%
Apple

3.850%, 05/04/43		45,000		55,213

2.200%, 09/11/29		85,000		90,820

2.050%, 09/11/26		165,000		175,764

Broadcom

4.700%, 04/15/25		145,000		164,881

3.150%, 11/15/25		175,000		188,612

Change Healthcare Holdings

5.750%, 03/01/25(A)		10,000		9,996

Corning

5.450%, 11/15/79		165,000		208,101

DXC Technology

4.125%, 04/15/25		35,000		37,684

4.000%, 04/15/23		135,000		142,980

Gartner

3.750%, 10/01/30(A)		110,000		112,486

The accompanying notes are an integral part of the financial statements.


THE ADVISORS’ INNER CIRCLE FUND		CORNERSTONE ADVISORS CORE PLUS BOND FUND
		October 31, 2020



CORPORATE OBLIGATIONS (continued)

	Face Amount		Value

INFORMATION TECHNOLOGY (continued)
Hewlett Packard Enterprise

6.200%, 10/15/35	$	160,000	$	197,899

4.650%, 10/01/24		25,000		28,218

4.450%, 10/02/23		115,000		126,950

Intel

4.750%, 03/25/50		155,000		211,416

2.875%, 05/11/24		500,000		537,048

J2 Global

4.625%, 10/15/30(A)		150,000		151,552

Jabil

3.000%, 01/15/31		60,000		60,663

Mastercard

3.850%, 03/26/50		45,000		56,016

Microchip Technology

4.333%, 06/01/23		95,000		102,382

2.670%, 09/01/23(A)		85,000		88,202

Micron Technology

2.497%, 04/24/23		120,000		124,888

Oracle

3.600%, 04/01/40		130,000		145,011

2.950%, 11/15/24		250,000		270,578

Park Aerospace Holdings

5.500%, 02/15/24(A)		40,000		41,355

5.250%, 08/15/22(A)		30,000		30,894

4.500%, 03/15/23(A)		95,000		96,081

PayPal Holdings

3.250%, 06/01/50		125,000		134,920

Qorvo

3.375%, 04/01/31(A)		115,000		116,438

Sabre GLBL

9.250%, 04/15/25(A)		15,000		16,538

Science Applications International

4.875%, 04/01/28(A)		15,000		15,714

Seagate HDD Cayman

4.125%, 01/15/31(A)		20,000		21,555

SS&C Technologies

5.500%, 09/30/27(A)		43,000		45,702

Texas Instruments

2.250%, 09/04/29		60,000		64,073

Xilinx

2.375%, 06/01/30		175,000		178,571

				4,049,201


MATERIALS — 1.3%

Air Liquide Finance

2.500%, 09/27/26(A)		250,000		271,191

Air Products and Chemicals

1.500%, 10/15/25		35,000		36,277

Albemarle

4.150%, 12/01/24		250,000		272,556

Amcor Finance USA

3.625%, 04/28/26		200,000		221,590



CORPORATE OBLIGATIONS (continued)

	Face Amount		Value

MATERIALS (continued)
Anglo American Capital

2.625%, 09/10/30(A)	$	200,000	$	200,151

Braskem America Finance

7.125%, 07/22/41(A)		280,000		298,550

Ecolab

4.800%, 03/24/30		15,000		19,043

Freeport-McMoRan

4.625%, 08/01/30		85,000		90,738

Fresnillo

4.250%, 10/02/50(A)		200,000		203,550

Glencore Funding

2.500%, 09/01/30(A)		255,000		247,883

Graphic Packaging International

4.750%, 07/15/27(A)		35,000		37,975

International Flavors & Fragrances

5.000%, 09/26/48		160,000		199,122

International Paper

3.800%, 01/15/26		250,000		285,339

Koppers

6.000%, 02/15/25(A)		75,000		76,688

LYB International Finance II BV

3.500%, 03/02/27		250,000		274,937

LYB International Finance III

2.250%, 10/01/30		40,000		39,921

Nutrien

3.375%, 03/15/25		250,000		274,397

Nutrition & Biosciences

3.468%, 12/01/50(A)		100,000		102,365

OCP

5.625%, 04/25/24(A)		200,000		217,106

Orbia Advance

6.750%, 09/19/42(A)		205,000		258,556

Owens-Brockway Glass Container

6.625%, 05/13/27(A)		60,000		64,350

Sealed Air

4.875%, 12/01/22(A)		55,000		57,888

4.000%, 12/01/27(A)		10,000		10,475

Sherwin-Williams

3.125%, 06/01/24		250,000		270,728

Sociedad Quimica y Minera de Chile

4.250%, 01/22/50(A)		200,000		220,000

Steel Dynamics

3.450%, 04/15/30		20,000		21,962

2.400%, 06/15/25		35,000		36,726

Summit Materials

5.250%, 01/15/29(A)		10,000		10,300

Suzano Austria GmbH

3.750%, 01/15/31		20,000		20,592

Vale Overseas

3.750%, 07/08/30		85,000		89,504

The accompanying notes are an integral part of the financial statements.


THE ADVISORS’ INNER CIRCLE FUND		CORNERSTONE ADVISORS CORE PLUS BOND FUND
		October 31, 2020



CORPORATE OBLIGATIONS (continued)

	Face Amount		Value

MATERIALS (continued)
Valvoline

4.375%, 08/15/25	$	55,000	$	56,581

4.250%, 02/15/30(A)		20,000		20,400

WRKCo

3.000%, 06/15/33		25,000		26,628

				4,534,069


REAL ESTATE — 0.9%
American Campus Communities Operating Partnership

3.625%, 11/15/27		200,000		214,533

American Tower

3.550%, 07/15/27		250,000		278,447

AvalonBay Communities MTN

2.300%, 03/01/30		250,000		261,788

Boston Properties

3.200%, 01/15/25		250,000		271,159

Brixmor Operating Partnership

4.050%, 07/01/30		20,000		21,616

Crown Castle International

4.150%, 07/01/50		10,000		11,443

CyrusOne

2.150%, 11/01/30		110,000		105,853

ERP Operating

3.250%, 08/01/27		250,000		275,925

GLP Capital

5.375%, 04/15/26		150,000		166,596

5.300%, 01/15/29		215,000		240,056

4.000%, 01/15/30		5,000		5,202

3.350%, 09/01/24		15,000		15,228

Iron Mountain

4.500%, 02/15/31(A)		140,000		139,380

iStar

4.750%, 10/01/24		15,000		14,325

4.250%, 08/01/25		195,000		178,913

Lamar Media

4.000%, 02/15/30		40,000		40,350

3.750%, 02/15/28		100,000		99,596

Prologis

2.250%, 04/15/30		200,000		211,494

Realty Income

3.250%, 01/15/31		45,000		49,223

SBA Communications

4.875%, 09/01/24		38,000		38,828

SL Green Operating Partnership

3.250%, 10/15/22		125,000		127,689

Ventas Realty

3.250%, 10/15/26		450,000		482,332

Welltower

2.750%, 01/15/31		50,000		51,121

				3,301,097



CORPORATE OBLIGATIONS (continued)

	Face Amount		Value

UTILITIES — 1.8%
Acwa Power Management And Investments One

5.950%, 12/15/39(A)	$	330,000	$	377,850

AES

5.125%, 09/01/27		30,000		32,177

3.950%, 07/15/30(A)		20,000		22,193

3.300%, 07/15/25(A)		40,000		43,421

Baltimore Gas & Electric

3.500%, 08/15/46		250,000		280,152

Boston Gas

3.001%, 08/01/29(A)		35,000		38,071

Connecticut Light & Power

4.000%, 04/01/48		250,000		313,280

Dominion Energy

3.375%, 04/01/30		85,000		95,896

DPL

4.125%, 07/01/25(A)		35,000		36,575

Duke Energy Carolinas

4.250%, 12/15/41		500,000		614,615

Edison International

4.950%, 04/15/25		10,000		11,060

Enel Americas

4.000%, 10/25/26		40,000		43,630

Enel Generacion Chile

4.250%, 04/15/24		45,000		48,244

Entergy

2.800%, 06/15/30		70,000		75,321

Essential Utilities

2.704%, 04/15/30		75,000		79,367

Exelon

4.050%, 04/15/30		45,000		52,090

Florida Power & Light

3.950%, 03/01/48		190,000		238,990

3.150%, 10/01/49		85,000		94,901

Georgia Power

4.300%, 03/15/43		250,000		296,725

ITC Holdings

3.650%, 06/15/24		204,000		222,285

Metropolitan Edison

4.000%, 04/15/25(A)		400,000		436,687

NextEra Energy Capital Holdings

2.750%, 11/01/29		250,000		268,533

Ohio Power

2.600%, 04/01/30		30,000		32,653

PacifiCorp

5.750%, 04/01/37		250,000		346,538

4.150%, 02/15/50		250,000		307,030

PG&E

5.250%, 07/01/30		15,000		15,000

5.000%, 07/01/28		20,000		20,050

The accompanying notes are an integral part of the financial statements.


THE ADVISORS’ INNER CIRCLE FUND		CORNERSTONE ADVISORS CORE PLUS BOND FUND
		October 31, 2020



CORPORATE OBLIGATIONS (continued)

	Face Amount		Value

UTILITIES (continued)
PNM Resources

3.250%, 03/09/21	$	190,000	$	191,653

PPL Electric Utilities

3.000%, 10/01/49		60,000		63,841

Public Service Electric & Gas MTN

4.000%, 06/01/44		500,000		594,767

Public Service of Colorado

4.100%, 06/15/48		250,000		313,056

Public Service of Oklahoma

4.400%, 02/01/21		300,000		302,997

Transelec

4.250%, 01/14/25(A)		200,000		217,000

Virginia Electric & Power

4.450%, 02/15/44		250,000		322,917

2.875%, 07/15/29		30,000		33,115

Xcel Energy

3.400%, 06/01/30		40,000		45,362

				6,528,042


Total Corporate Obligations (Cost $92,688,770)				99,511,826


MORTGAGE-BACKED SECURITIES — 24.5%

AGENCY MORTGAGE-BACKED OBLIGATIONS — 22.2%
FHLMC

5.000%, 02/01/49		1,382,175		1,519,008

4.500%, 05/01/47		2,303,157		2,498,660

4.000%, 12/01/44		3,403,349		3,695,950

3.500%, 05/01/34		9,994,013		10,876,584

3.000%, 10/01/45		3,868,877		4,057,768

2.500%, 06/01/50		1,309,190		1,364,662

FHLMC Multifamily Structured Pass-Through Certificates, Ser K062, Cl A2

3.413%, 12/25/26		65,000		74,213

FHLMC Multifamily Structured Pass-Through Certificates, Ser K063, Cl A2

3.430%, 01/25/27(C)		70,000		79,883

FHLMC Multifamily Structured Pass-Through Certificates, Ser K069, Cl A2

3.187%, 09/25/27(C)		15,000		17,053

FHLMC Multifamily Structured Pass-Through Certificates, Ser K071, Cl A2

3.286%, 11/25/27		15,000		17,236

FHLMC Multifamily Structured Pass-Through Certificates, Ser K072, Cl A2

3.444%, 12/25/27		100,000		115,606



MORTGAGE-BACKED SECURITIES (continued)

	Face Amount		Value

AGENCY MORTGAGE-BACKED OBLIGATIONS (continued)
FHLMC Multifamily Structured Pass-Through Certificates, Ser K073, Cl A2

3.350%, 01/25/28	$	80,000	$	92,108

FHLMC Multifamily Structured Pass-Through Certificates, Ser K074, Cl A2

3.600%, 01/25/28		155,000		180,685

FHLMC Multifamily Structured Pass-Through Certificates, Ser K084, Cl A2

3.780%, 10/25/28(C)		130,000		154,123

FHLMC Multifamily Structured Pass-Through Certificates, Ser K158, Cl A3

3.900%, 10/25/33(C)		240,000		297,259

FHLMC, Ser 2016-4639, Cl HZ

3.250%, 04/15/53		435,224		491,528

FHLMC, Ser 2018-4818, Cl CA

3.000%, 04/15/48		143,457		149,365

FNMA

5.000%, 06/01/48		524,790		579,179

4.500%, 03/01/49		4,510,286		4,908,166

4.000%, 12/01/45		3,063,328		3,313,136

3.500%, 10/01/45		5,816,585		6,200,292

3.450%, 05/01/34		220,000		258,678

3.210%, 11/01/37		303,372		348,722

3.182%, 09/01/27(C)		180,587		202,248

3.000%, 11/01/49		5,717,665		6,068,011

2.960%, 04/01/27		192,865		212,752

2.950%, 06/01/31		220,000		245,593

2.710%, 12/01/27		177,259		192,272

2.500%, 06/01/29		2,281,984		2,390,008

2.455%, 04/01/40		175,000		180,999

2.000%, 10/01/40		2,107,133		2,181,588

1.500%, 09/01/35		496,113		506,746

FNMA TBA

2.500%, 12/01/42		5,120,000		5,334,119

2.000%, 12/16/69		8,588,000		8,852,138

1.500%, 11/17/69		550,000		561,548

FNMA, Ser 2018-38, Cl PA

3.500%, 06/25/47		132,470		138,664

FNMA, Ser 2018-57, Cl QA

3.500%, 05/25/46		177,150		183,704

FNMA, Ser 2018-86, Cl JA

4.000%, 05/25/47		131,396		136,359

FNMA, Ser 2018-94, Cl KD

3.500%, 12/25/48		71,270		75,068

FNMA, Ser 2018-M10, Cl A2

3.482%, 07/25/28(C)		25,000		28,724

The accompanying notes are an integral part of the financial statements.


THE ADVISORS’ INNER CIRCLE FUND		CORNERSTONE ADVISORS CORE PLUS BOND FUND
		October 31, 2020



MORTGAGE-BACKED SECURITIES (continued)

	Face Amount		Value

AGENCY MORTGAGE-BACKED OBLIGATIONS (continued)
FNMA, Ser 2018-M2, Cl A2

2.900%, 01/25/28(C)	$	160,000	$	179,229

FNMA, Ser 2018-M7, Cl A2

3.030%, 03/25/28(C)		100,000		112,568

FNMA, Ser 2018-M8, Cl A2

3.300%, 06/25/28(C)		55,000		62,965

FNMA, Ser 2019-M12, Cl A2

2.885%, 06/25/29(C)		500,000		550,925

FNMA, Ser 2020-M10, Cl X1, IO

1.797%, 12/25/30(C)		304,800		43,171

FNMA, Ser 2020-M10, Cl X8

0.776%, 11/25/28		245,000		9,708

GNMA

5.000%, 04/20/47		322,186		354,074

4.500%, 06/20/47		684,632		746,911

4.169%, 10/20/65(C)		69,005		71,935

4.034%, 04/20/63(C)		107,253		109,200

4.000%, 09/20/48		744,415		801,854

3.500%, 02/20/48		1,889,092		2,015,025

3.000%, 10/20/46		1,069,418		1,116,188

GNMA TBA

2.500%, 11/20/68		1,375,000		1,438,146

2.000%, 11/19/69		2,150,000		2,233,396

GNMA, Ser 2015-H13, Cl FG

0.556%, VAR ICE LIBOR USD 1 Month+0.400%, 04/20/65		47,155		47,145

GNMA, Ser 2018-124, Cl NW

3.500%, 09/20/48		175,949		189,506

				78,862,351


NON-AGENCY MORTGAGE-BACKED OBLIGATIONS — 2.3%
Alternative Loan Trust, Ser 2005-56, Cl 1A1

0.879%, VAR ICE LIBOR USD 1 Month+0.730%, 11/25/35		450,732		446,468

American Home Mortgage Investment Trust, Ser 2005-1, Cl 6A

2.272%, VAR ICE LIBOR USD 6 Month+2.000%, 06/25/45		235,337		238,259

BAMLL Commercial Mortgage Securities Trust, Ser 2018-PARK, Cl A

4.227%, 08/10/38(A)(C)		185,000		214,088

BANK, Ser 2019-BN22, Cl A4

2.978%, 11/15/62		150,000		165,042

BANK, Ser 2019-BN24, Cl A3

2.960%, 11/15/62		70,000		76,953

BB-UBS Trust, Ser 2012-TFT, Cl A

2.892%, 06/05/30(A)		360,000		359,224

BCAP Trust, Ser 2015-RR5, Cl 1A3

0.348%, 08/26/36(A)(C)		73,897		73,192



MORTGAGE-BACKED SECURITIES (continued)

	Face Amount		Value

NON-AGENCY MORTGAGE-BACKED OBLIGATIONS (continued)
Bear Stearns Mortgage Funding Trust, Ser 2006-AR4, Cl A1

0.359%, VAR ICE LIBOR USD 1 Month+0.210%, 12/25/36	$	470,413	$	436,202

Bear Stearns Mortgage Funding Trust, Ser 2007-AR5, Cl 1A1A

0.319%, VAR ICE LIBOR USD 1 Month+0.170%, 06/25/47		549,709		499,893

BX Trust, Ser 2019-OC11, Cl A

3.202%, 12/09/41(A)		55,000		57,119

CALI Mortgage Trust, Ser 2019-101C, Cl A

3.957%, 03/10/29		120,000		133,550

Century Plaza Towers, Ser 2019-CPT, Cl A

2.865%, 11/13/39(A)		105,000		113,054

CIM Trust, Ser 2019-R4, Cl A1

3.000%, 10/25/59(A)(C)		486,828		452,076

Citigroup Commercial Mortgage Trust, Ser 2019-C7, Cl A4

3.102%, 12/15/72		165,000		182,762

Citigroup Commercial Mortgage Trust, Ser 2019-GC43, Cl A4

3.038%, 11/10/52		185,000		203,831

Citigroup Mortgage Loan Trust, Ser 2005-3, Cl 2A4

4.060%, 08/25/35(C)		264,142		227,038

COMM Mortgage Trust, Ser 2014-UBS5, Cl A4

3.838%, 09/10/47		310,000		338,864

DC Office Trust, Ser 2019-MTC, Cl A

2.965%, 09/15/45(A)		115,000		124,731

GS Mortgage Securities Trust, Ser 2020-GC45, Cl A5

2.911%, 02/13/53		75,000		81,895

HarborView Mortgage Loan Trust, Ser 2006-10, Cl 1A1A

0.347%, VAR ICE LIBOR USD 1 Month+0.200%, 11/19/36		475,369		419,008

Hudson Yards Mortgage Trust, Ser 2019-30HY, Cl A

3.228%, 07/10/39(A)		115,000		127,322

Hudson Yards Mortgage Trust, Ser 2019-55HY, Cl A

3.041%, 12/10/41(A)(C)		115,000		125,014

JPMBB Commercial Mortgage Securities Trust, Ser 2014-C22, Cl A4

3.801%, 09/15/47		180,000		196,013

JPMorgan Chase Commercial Mortgage Securities Trust, Ser 2019-OSB, Cl A

3.397%, 06/05/39(A)		110,000		124,187

MKT Mortgage Trust, Ser 2020-525M, Cl A

2.694%, 02/12/40(A)		140,000		143,650

The accompanying notes are an integral part of the financial statements.


THE ADVISORS’ INNER CIRCLE FUND		CORNERSTONE ADVISORS CORE PLUS BOND FUND
		October 31, 2020



MORTGAGE-BACKED SECURITIES (continued)

	Face Amount		Value

NON-AGENCY MORTGAGE-BACKED OBLIGATIONS (continued)
Natixis Commercial Mortgage Securities Trust, Ser 2020-2PAC, Cl A

2.966%, 12/15/38(A)	$	115,000	$	119,978

OBX Trust, Ser 2018-EXP1, Cl 1A3

4.000%, 04/25/48(A)(C)		64,940		67,041

One Bryant Park Trust, Ser 2019-OBP, Cl A

2.516%, 09/15/54(A)		145,000		152,811

Sequoia Mortgage Trust, Ser 2017-CH2, Cl A10

4.000%, 12/25/47(A)(C)		17,847		17,975

Sequoia Mortgage Trust, Ser 2018-CH1, Cl A1

4.000%, 02/25/48(A)(C)		42,901		43,865

Sequoia Mortgage Trust, Ser 2018-CH3, Cl A2

4.000%, 08/25/48(A)(C)		86,309		88,607

SFAVE Commercial Mortgage Securities Trust, Ser 5AVE, Cl A1

3.872%, 01/05/43(A)(C)		52,500		54,160

Structured Adjustable Rate Mortgage Loan Trust, Ser 2004-12, Cl 2A

2.846%, 09/25/34(C)		182,245		180,499

Structured Asset Mortgage Investments II Trust, Ser 2007-AR3, Cl 2A1

0.339%, VAR ICE LIBOR USD 1 Month+0.190%, 09/25/47		453,681		423,074

UBS-Citigroup Commercial Mortgage Trust, Ser C1, Cl AS

5.154%, 01/10/45(A)		265,000		273,632

WaMu Mortgage Pass-Through Certificates Trust, Ser 2005-AR15, Cl A1A1

0.409%, VAR ICE LIBOR USD 1 Month+0.260%, 11/25/45		371,669		361,417

WaMu Mortgage Pass-Through Certificates Trust, Ser 2005-AR17, Cl A1A1

0.419%, VAR ICE LIBOR USD 1 Month+0.270%, 12/25/45		329,688		332,839

WaMu Mortgage Pass-Through Certificates Trust, Ser 2005-AR2, Cl 1A1A

0.479%, VAR ICE LIBOR USD 1 Month+0.330%, 01/25/45		341,109		328,342

				8,003,675


Total Mortgage-Backed Securities (Cost $84,538,256)				86,866,026



U.S. TREASURY OBLIGATIONS — 22.1%
U.S. Treasury Bonds

4.500%, 02/15/36		165,000		243,942

3.875%, 08/15/40		250,000		360,449

3.750%, 08/15/41		250,000		357,256

3.625%, 08/15/43		250,000		354,756

3.125%, 08/15/44		250,000		331,123

3.000%, 05/15/45		55,000		71,579



U.S. TREASURY OBLIGATIONS (continued)

	Face Amount		Value

3.000%, 11/15/45	$	105,000	$	137,050

3.000%, 02/15/49		250,000		330,664

2.875%, 08/15/45		250,000		319,170

2.750%, 08/15/42		250,000		311,299

2.500%, 02/15/45		250,000		299,014

2.500%, 02/15/46		250,000		299,580

1.375%, 08/15/50		3,861,000		3,623,307

1.250%, 05/15/50		620,000		563,231

1.125%, 05/15/40		1,455,000		1,388,161

1.125%, 08/15/40		314,000		298,692

U.S. Treasury Inflation Protected Securities

1.000%, 02/15/49		919,290		1,251,036

0.250%, 02/15/50		521,439		598,507

0.125%, 07/15/30		483,564		530,787

U.S. Treasury Notes

3.125%, 11/15/28		1,370,000		1,627,464

2.875%, 05/31/25		400,000		445,937

2.875%, 08/15/28		545,000		634,755

2.750%, 02/15/24		500,000		541,387

2.625%, 12/31/25		1,561,000		1,737,832

2.250%, 11/15/24		250,000		269,599

2.125%, 05/31/26		385,000		420,312

2.000%, 02/15/25		250,000		267,891

2.000%, 08/15/25		250,000		269,307

1.875%, 08/31/22		500,000		515,625

1.875%, 09/30/22		500,000		516,387

1.750%, 11/15/20		1,130,000		1,130,642

1.625%, 02/15/26		1,090,000		1,158,295

1.625%, 10/31/26		840,000		894,994

1.500%, 02/28/23		500,000		515,449

1.500%, 08/15/26		250,000		264,346

1.375%, 08/31/23		500,000		516,719

0.625%, 03/31/27		425,000		426,477

0.625%, 08/15/30		1,069,000		1,045,616

0.500%, 10/31/27		475,000		470,769

0.375%, 09/30/27		2,520,000		2,477,475

0.250%, 09/30/25		5,651,000		5,616,564

0.250%, 10/31/25		5,965,000		5,926,787

0.125%, 08/31/22		8,505,000		8,500,016

0.125%, 09/30/22		7,755,000		7,750,153

0.125%, 10/31/22		3,885,000		3,882,724

United States Treasury Bills

1.892%, 11/12/20 (D)		4,335,000		4,334,913

0.326%, 11/03/20 (D)		1,125,000		1,124,998

0.250%, 01/26/21 (D)		3,915,000		3,913,706

0.205%, 01/28/21 (D)		1,635,000		1,634,625

0.168%, 11/24/20 (D)		445,000		444,977

0.097%, 01/21/21 (D)		610,000		609,883

0.090%, 01/12/21 (D)		5,350,000		5,349,103

0.073%, 12/03/20 (D)		1,200,000		1,199,912

The accompanying notes are an integral part of the financial statements.


THE ADVISORS’ INNER CIRCLE FUND		CORNERSTONE ADVISORS CORE PLUS BOND FUND
		October 31, 2020



U.S. TREASURY OBLIGATIONS (continued)

	Face Amount⁽¹⁾		Value
0.064%, 11/05/20 (D)		230,000	$	229,999

0.068%, 11/17/20 (D)		165,000		164,995


Total U.S. Treasury Obligations (Cost $77,430,430)				78,500,236



SOVEREIGN DEBT — 17.8%
Argentina Bonar Bond

31.832%, VAR 30-35d Argentina BADLAR Private Banks+2.000%, 04/03/22	ARS	2,982,000		17,003

Argentina Treasury Bond BONCER

1.500%, 03/25/24	ARS	33,756,436		206,017

1.400%, 03/25/23	ARS	33,756,432		222,662

1.300%, 09/20/22	ARS	369,900		2,458

1.200%, 03/18/22	ARS	57,019,017		420,435

1.100%, 04/17/21	ARS	10,565,000		78,744

1.000%, 08/05/21	ARS	2,148,900		16,841

Argentine Bonos del Tesoro

18.200%, 10/03/21 (E)	ARS	28,522,000		139,706

16.000%, 10/17/23	ARS	32,584,000		102,699

15.500%, 10/17/26	ARS	57,109,000		130,806

Brazil Letras do Tesouro Nacional

12.014%, 04/01/21 (D)	BRL	420,000		72,541

5.775%, 07/01/21 (D)	BRL	160,000		27,425

Brazil Notas do Tesouro Nacional

10.000%, 01/01/21	BRL	9,652,000		1,703,298

Colombian TES

10.000%, 07/24/24	COP	971,000,000		305,462

7.750%, 09/18/30	COP	3,223,600,000		951,959

7.000%, 05/04/22	COP	75,000,000		20,630

Columbia Government International Bond

4.125%, 05/15/51		200,000		209,300

Dominican Republic International Bond

4.875%, 09/23/32(A)		150,000		152,252

Ghana Government International Bond

24.750%, 03/01/21	GHS	100,000		17,547

24.750%, 07/19/21	GHS	100,000		17,902

19.750%, 03/25/24	GHS	960,000		164,136

19.750%, 03/15/32	GHS	2,890,000		449,494

19.000%, 11/02/26	GHS	2,890,000		468,390

18.750%, 01/24/22	GHS	960,000		165,635

17.600%, 11/28/22	GHS	100,000		16,781

16.500%, 03/22/21	GHS	150,000		25,677

16.250%, 05/17/21	GHS	340,000		57,998

Indonesia Government International Bond

8.375%, 03/15/24	IDR	976,000,000		1,572,806

3.700%, 01/08/22(A)		200,000		206,434

Indonesia Treasury Bond

6.500%, 06/15/25	IDR	8,935,000,000		2,057,600



SOVEREIGN DEBT (continued)

	Face Amount⁽¹⁾		Value
Japan Treasury Discount Bill

-0.099%, 11/09/20 (D)(F)	JPY	86,900,000	$	830,053

-0.099%, 01/18/21 (D)(F)	JPY	55,000,000		525,443

-0.123%, 02/25/21 (D)(F)	JPY	231,400,000		2,210,923

-0.167%, 03/25/21 (D)(F)	JPY	24,500,000		234,107

-0.184%, 11/10/20 (D)(F)	JPY	80,900,000		772,743

-0.185%, 01/12/21 (D)(F)	JPY	66,800,000		638,163

-0.217%, 11/25/20 (D)(F)	JPY	174,000,000		1,662,079

-0.380%, 01/12/21 (D)(F)	JPY	221,800,000		2,118,930

-0.416%, 02/10/21 (D)(F)	JPY	352,650,000		3,369,259

-0.601%, 12/14/20 (D)(F)	JPY	63,550,000		607,069

-1.793%, 03/10/21 (D)(F)	JPY	418,500,000		3,998,732

Korea Treasury Bond

1.875%, 03/10/22		KRW 2,848,000,000		2,547,234

1.875%, 03/10/24	KRW	2,650,000,000		2,398,089

1.375%, 09/10/21	KRW	4,200,000,000		3,723,445

1.375%, 09/10/24	KRW	4,000,000,000		3,557,600

1.375%, 12/10/29	KRW	5,455,000,000		4,738,357

Letras de la Nacion Argentina con Ajuste por CER

-49.474%, 12/04/20 (D)(F)	ARS	12,935,000		97,992

-137.917%, 02/26/21 (D)(F)	ARS	1,279,300		8,668

Mexican Bonos

10.000%, 12/05/24	MXN	1,420,000		79,181

8.500%, 05/31/29	MXN	3,750,800		206,288

8.000%, 12/07/23	MXN	7,727,000		397,940

7.250%, 12/09/21	MXN	84,680,000		4,116,051

6.750%, 03/09/23	MXN	3,313,000		163,683

6.500%, 06/10/21	MXN	15,720,000		749,986

6.500%, 06/09/22	MXN	64,744,000		3,146,409

5.750%, 03/05/26	MXN	9,600,000		460,464

Mexico Cetes

22.409%, 03/25/21 (D)	MXN	112,924,000		523,309

19.803%, 02/25/21 (D)	MXN	122,986,000		571,805

5.150%, 12/03/20 (D)	MXN	4,173,000		19,595

5.108%, 01/28/21 (D)	MXN	4,173,000		19,466

4.709%, 11/05/20 (D)	MXN	84,954,000		400,226

4.525%, 12/17/20 (D)	MXN	17,465,000		81,873

Norway Government Bond

3.750%, 05/25/21 (A)	NOK	27,537,000		2,943,143

3.000%, 03/14/24 (A)	NOK	9,451,000		1,080,176

2.000%, 05/24/23 (A)	NOK	17,470,000		1,912,454

1.750%, 03/13/25 (A)	NOK	3,113,000		345,604

1.500%, 02/19/26 (A)	NOK	1,971,000		218,043

Oman Government International Bond

3.875%, 03/08/22(A)		200,000		197,171

Panama Government International Bond

4.500%, 04/01/56		200,000		246,000

Peruvian Government International Bond

2.392%, 01/23/26		30,000		31,530

The accompanying notes are an integral part of the financial statements.


THE ADVISORS’ INNER CIRCLE FUND		CORNERSTONE ADVISORS CORE PLUS BOND FUND
		October 31, 2020



SOVEREIGN DEBT (continued)

	Face Amount⁽¹⁾		Value
Qatar Government International Bond

3.875%, 04/23/23(A)		200,000	$	214,500

Saudi Government International Bond

3.250%, 10/26/26(A)		385,000		419,496

Ukraine Government International Bond

7.253%, 03/15/33(A)		200,000		187,751

Uruguay Government International Bond

9.875%, 06/20/22 (A)	UYU	2,745,000		65,802

8.500%, 03/15/28 (A)	UYU	7,050,000		171,786


Total Sovereign Debt (Cost $71,747,544)				63,009,256



ASSET-BACKED SECURITIES — 3.8%
AUTOMOTIVE — 0.6%
Avis Budget Rental Car Funding AESOP, Ser 2017-1A, Cl A

3.070%, 09/20/23(A)		215,000		220,670

Avis Budget Rental Car Funding AESOP, Ser 2019-1A, Cl A

3.450%, 03/20/23(A)		100,000		102,307

Ford Credit Floorplan Master Owner Trust, Ser 2019-3, Cl A1

2.230%, 09/15/24		1,000,000		1,032,052

GM Financial Consumer Automobile Receivables Trust, Ser 2020-3, Cl A4

0.580%, 01/16/26		800,000		802,907

Santander Drive Auto Receivables Trust, Ser 2018-2, Cl C

3.350%, 07/17/23		7,269		7,347

Santander Drive Auto Receivables Trust, Ser 2019-3, Cl A3

2.160%, 11/15/22		63,102		63,314

				2,228,597


CREDIT CARDS — 0.7%
Capital One Multi-Asset Execution Trust, Ser 2019-A1, Cl A1

2.840%, 12/15/24		1,000,000		1,033,452

World Financial Network Credit Card Master Trust, Ser 2016-A, Cl A

2.030%, 04/15/25		405,000		408,681

World Financial Network Credit Card Master Trust, Ser 2019-B, Cl A

2.490%, 04/15/26		1,000,000		1,031,024

				2,473,157


FINANCIALS — 0.1%
CIM Trust, Ser 2017-1, Cl A3

3.649%, VAR ICE LIBOR USD 1 Month+3.500%, 01/25/57(A)		500,000		509,735



ASSET-BACKED SECURITIES (continued)

	Face Amount		Value
MORTGAGE RELATED SECURITIES — 0.3%
Asset-Backed Funding Certificates, Ser 2016-OPT1, Cl A2

0.289%, VAR ICE LIBOR USD 1 Month+0.140%, 09/25/36	$	204,146	$	201,757

Centex Home Equity, Ser 2006-A, Cl AV4

0.399%, VAR ICE LIBOR USD 1 Month+0.250%, 06/25/36		44,955		44,940

Nomura Home Equity Trust, Ser 2006-HE1, Cl M1

0.559%, VAR ICE LIBOR USD 1 Month+0.410%, 02/25/36		222,271		220,823

NovaStar Mortgage Funding Trust, Ser 2007-2, Cl A1A

0.349%, VAR ICE LIBOR USD 1 Month+0.200%, 09/25/37		480,425		458,554

				926,074


OTHER ASSET-BACKED SECURITIES — 2.1%
American Airlines Pass-Through Trust, Ser 2015-2, Cl AA

3.600%, 09/22/27		275,400		265,400

Bayview Opportunity Master Fund IVa Trust, Ser 2017-RT5, Cl A

3.500%, 05/28/69(A)(C)		70,964		73,377

Bayview Opportunity Master Fund IVb Trust, Ser 2017-SPL3, Cl A

4.000%, 11/28/53(A)(C)		75,850		78,909

Bayview Opportunity Master Fund Trust, Ser 2017-SPL1, Cl A

4.000%, 10/28/64(A)(C)		56,677		58,887

Coinstar Funding, Ser 2017-1A, Cl A2

5.216%, 04/25/47(A) (E)		255,725		242,955

Continental Airlines Pass-Through Trust, Ser 2000-1, Cl A

8.048%, 11/01/20		18		18

Continental Airlines Pass-Through Trust, Ser 2012-2, Cl A

4.000%, 10/29/24		185,343		178,880

Corevest American Finance Trust, Ser 2019-3, Cl A

2.705%, 10/15/52(A)		98,619		104,001

CSMC Trust, Ser 2014-USA, Cl A2

3.953%, 09/15/37(A)		100,000		101,389

CSMC Trust, Ser 2018-RPL8, Cl A1

4.125%, 07/25/58(A)(C)		493,128		495,118

Invitation Homes Trust, Ser 2018-SFR2, Cl A

1.048%, VAR ICE LIBOR USD 1 Month+0.900%, 06/17/37		311,561		310,191

Navient Student Loan Trust, Ser 2014-3, Cl A

0.769%, VAR ICE LIBOR USD 1 Month+0.620%, 03/25/83		245,463		237,722

The accompanying notes are an integral part of the financial statements.


THE ADVISORS’ INNER CIRCLE FUND		CORNERSTONE ADVISORS CORE PLUS BOND FUND
		October 31, 2020



ASSET-BACKED SECURITIES (continued)

	Face Amount		Value
OTHER ASSET-BACKED SECURITIES (continued)
Navient Student Loan Trust, Ser 2014-4, Cl A

0.769%, VAR ICE LIBOR USD 1 Month+0.620%, 03/25/83	$	238,155	$	230,087

Navient Student Loan Trust, Ser 2017-3A, Cl A3

1.199%, VAR ICE LIBOR USD 1 Month+1.050%, 07/26/66(A)		310,000		310,169

Nelnet Student Loan Trust, Ser 2014-4A, Cl A2

1.099%, VAR ICE LIBOR USD 1 Month+0.950%, 11/25/48(A)		300,000		293,686

Planet Fitness Master Issuer, Ser 2018-1A, Cl A2I

4.262%, 09/05/48(A)		181,300		181,260

SLM Student Loan Trust, Ser 2007-2, Cl B

0.385%, VAR ICE LIBOR USD 3 Month+0.170%, 07/25/25		370,000		317,932

SLM Student Loan Trust, Ser 2007-7, Cl A4

0.545%, VAR ICE LIBOR USD 3 Month+0.330%, 01/25/22		225,983		215,432

SLM Student Loan Trust, Ser 2008-5, Cl A4

1.915%, VAR ICE LIBOR USD 3 Month+1.700%, 07/25/23		77,027		76,064

SLM Student Loan Trust, Ser 2008-6, Cl A4

1.315%, VAR ICE LIBOR USD 3 Month+1.100%, 07/25/23		332,711		324,199

SLM Student Loan Trust, Ser 2008-6, Cl B

2.065%, VAR ICE LIBOR USD 3 Month+1.850%, 07/26/83		320,000		286,656

SLM Student Loan Trust, Ser 2008-9, Cl A

1.715%, VAR ICE LIBOR USD 3 Month+1.500%, 04/25/23		118,976		116,752

SLM Student Loan Trust, Ser 2011-2, Cl A2

1.349%, VAR ICE LIBOR USD 1 Month+1.200%, 10/25/34		150,000		150,835

SLM Student Loan Trust, Ser 2012-1, Cl A3

1.099%, VAR ICE LIBOR USD 1 Month+0.950%, 09/25/28		222,529		213,492

SLM Student Loan Trust, Ser 2014-1, Cl A3

0.749%, VAR ICE LIBOR USD 1 Month+0.600%, 02/26/29		198,784		186,308

SLM Student Loan Trust, Ser 2014-3A, Cl A6A

0.765%, VAR ICE LIBOR USD 3 Month+0.550%, 10/25/64(A)		300,082		293,601

Soundview Home Loan Trust, Ser 2005-2, Cl M5

1.139%, VAR ICE LIBOR USD 1 Month+0.990%, 07/25/35		243,733		245,695

Towd Point Mortgage Trust, Ser 2015-2, Cl 1A12

2.750%, 11/25/60(A)(C)		62,687		63,316



ASSET-BACKED SECURITIES (continued)

	Face Amount		Value
OTHER ASSET-BACKED SECURITIES (continued)
Towd Point Mortgage Trust, Ser 2015-4, Cl M2

3.750%, 04/25/55(A)(C)	$	195,000	$	208,883

Towd Point Mortgage Trust, Ser 2017-1, Cl A1

2.750%, 10/25/56(A)(C)		280,103		287,096

Verizon Owner Trust, Ser 2018-A, Cl B

3.380%, 04/20/23		1,000,000		1,034,871

Wachovia Student Loan Trust, Ser 2006-1, Cl A6

0.385%, VAR ICE LIBOR USD 3 Month+0.170%, 04/25/40(A)		250,066		239,575

				7,422,756


Total Asset-Backed Securities (Cost $13,515,199)				13,560,319


MUNICIPAL BONDS — 2.6%
Arkansas — 0.1%
University of Arkansas, Ser S, RB

2.730%, 11/01/31		250,000		264,115


California — 0.5%
Los Angeles, Wastewater System Revenue, RB

5.713%, 06/01/39		300,000		429,330

University of California, Ser AS, RB

3.552%, 05/15/39		500,000		579,345

University of California, Regents Medical Center, Ser M, RB

2.859%, 05/15/30		500,000		551,350

University of California, Regents Medical Center, Ser N, RB

3.256%, 05/15/60		295,000		297,475

				1,857,500


Florida — 0.2%
Greater Orlando Aviation Authority, Ser A, RB

4.000%, 10/01/44		50,000		55,431

Greater Orlando, Aviation Authority, Ser C, RB

3.494%, 10/01/36		500,000		501,555

				556,986


Maine — 0.1%
Maine State, Housing Authority, Ser D, RB

3.289%, 11/15/31		250,000		258,740


Massachusetts — 0.1%
Massachusetts State, Ser C, GO

3.000%, 03/01/49		180,000		190,771


Michigan — 0.0%
Great Lakes Water Authority Sewage Disposal System Revenue, Ser A, RB

1.654%, 07/01/25		100,000		101,287

The accompanying notes are an integral part of the financial statements.


THE ADVISORS’ INNER CIRCLE FUND		CORNERSTONE ADVISORS CORE PLUS BOND FUND
		October 31, 2020



MUNICIPAL BONDS (continued)

	Face Amount		Value
Missouri — 0.0%
Missouri State, RB

3.652%, 08/15/57	$	50,000	$	59,690


Montana — 0.1%
Montana State, Board of Regents, Ser C, RB

3.225%, 11/15/49		500,000		508,835


New York — 0.4%
Metropolitan Transportation Authority, Ser C2, RB

5.175%, 11/15/49		65,000		66,209

New York & New Jersey, Port Authority, Ser 181, RB

4.960%, 08/01/46		500,000		644,960

New York City Transitional Finance Authority Future Tax Secured Revenue, RB

5.508%, 08/01/37		120,000		159,068

New York City Water & Sewer System, Ser GG, RB

4.000%, 06/15/50		50,000		57,192

New York State Dormitory Authority, Ser A, RB

4.000%, 03/15/44		145,000		164,410

New York State, Dormitory Authority, Ser A, RB

4.000%, 07/01/50		110,000		122,454

New York State, Dormitory Authority, Ser S, RB

3.998%, 07/01/39		250,000		275,030

				1,489,323


Ohio — 0.1%
University of Cincinnati, Ser B, RB

2.883%, 06/01/32		250,000		261,538


Oregon — 0.1%
Oregon State, Department of Transportation, Ser B, RB

2.951%, 11/15/33		250,000		271,570


Pennsylvania — 0.1%
University of Pittsburgh-of the Commonwealth System of Higher Education, Ser C-REMK, RB

3.005%, 09/15/41		250,000		259,370


Texas — 0.5%
Austin, Electric Utility Revenue, Ser C, RB

3.566%, 11/15/49		250,000		266,422

Grand Parkway Transportation, Ser B, RB

3.236%, 10/01/52		275,000		277,846

Houston, Combined Utility System Revenue, Ser E, RB

3.923%, 11/15/30		250,000		291,775

North Texas Tollway Authority, RB

2.527%, 01/01/35		250,000		249,182



MUNICIPAL BONDS (continued)

	Face Amount		Value
Texas (continued)
Texas State, GO

2.884%, 04/01/33	$	250,000	$	274,587

Texas Tech University System, RB

2.153%, 02/15/34		400,000		395,016

				1,754,828


Virginia — 0.0%
University of Virginia, Ser A, RB

3.227%, 09/01/19		175,000		166,026


Washington — 0.1%
Washington State University, Ser A, RB

3.163%, 10/01/38		250,000		249,798


West Virginia — 0.2%
West Virginia University, RB

2.429%, 10/01/35		250,000		246,315

West Virginia University, Ser B, RB

4.471%, 10/01/42		500,000		613,985

				860,300

Total Municipal Bonds (Cost $8,671,312)				9,110,677



U.S. GOVERNMENT AGENCY OBLIGATIONS — 1.1%
FHLB

4.000%, 09/01/28		315,000		388,035

3.250%, 06/09/28		250,000		293,698

2.375%, 09/10/21		250,000		254,778

FHLMC

2.750%, 06/19/23		250,000		266,528

FNMA

2.625%, 09/06/24		250,000		272,209

2.125%, 04/24/26		250,000		271,519

1.875%, 09/24/26		500,000		536,523

0.750%, 10/08/27		500,000		496,888

0.250%, 07/10/23		300,000		300,322

Tennessee Valley Authority

4.625%, 09/15/60		215,000		329,692

4.250%, 09/15/65		320,000		468,755

Total U.S. Government Agency Obligations (Cost $3,595,214)				3,878,947



LOAN PARTICIPATION NOTES — 0.5%
BROADCASTING — 0.0%
Sinclair Television Group, Inc., Tranche B-2b Term Loan, 1st Lien

2.680%, VAR LIBOR+2.500%, 09/30/26		64,350		62,259


BROADCASTING AND ENTERTAINMENT — 0.0%
Energizer Holdings, Inc., Term B Loan, 1st Lien

3.250%, VAR US LIBOR+2.000%, 12/17/25		6,405		6,373

The accompanying notes are an integral part of the financial statements.


THE ADVISORS’ INNER CIRCLE FUND		CORNERSTONE ADVISORS CORE PLUS BOND FUND
		October 31, 2020



LOAN PARTICIPATION NOTES (continued)

	Face Amount		Value
BROADCASTING AND ENTERTAINMENT (continued)
Entercom Media Corp., Term B-2 Loan, 1st Lien

2.652%, VAR LIBOR+2.500%, 11/18/24	$	77,422	$	74,615

				80,988


BUILDING AND DEVELOPMENT — 0.0%
Summit Materials, LLC, Term Loan, 1st Lien

2.156%, VAR LIBOR+2.000%, 11/21/24		149,735		146,553


BUSINESS EQUIPMENT & SERVICES — 0.1%
Change Healthcare Holdings, Inc. (fka Emdeon Inc.), Closing Date Term Loan, 1st Lien

3.500%, VAR ICE LIBOR USD 1 Month+2.500%, 03/01/24		156,315		152,388


CABLE & SATELLITE TELEVISION — 0.0%
Virgin Media Bristol LLC, N Facility, 1st Lien

2.648%, VAR LIBOR+2.500%, 01/31/28		110,000		106,082


CABLE/WIRELESS VIDEO — 0.0%
CSC Holdings Inc. Term Loan B (2017)

2.398%, VAR LIBOR+2.250%, 07/17/25		109,433		105,427


DIVERSIFIED/CONGLOMERATE SERVICE — 0.0%
Trans Union LLC, 2019 Replacement Term B-5 Loan, 1st Lien

1.898%, VAR LIBOR+1.750%, 11/16/26		109,432		106,582


ELECTRONICS/ELECTRICAL — 0.1%
SS&C Technologies Holdings, Inc., Term B-5 Loan, 1st Lien

1.898%, VAR LIBOR+1.750%, 04/16/25		108,044		104,900

Uber Technologies, Inc., 2018 Refinancing Term Loan, 1st Lien

5.304%, VAR LIBOR+3.500%, 07/13/23		108,031		106,067

				210,967


HEALTH CARE — 0.1%
Bausch Health Companies Inc., First Incremental Term Loan, 1st Lien

2.899%, VAR LIBOR+2.750%, 11/27/25		125,562		122,475

Grifols Worldwide Operations Limited, Dollar Tranche B Term Loan, 1st Lien

2.094%, VAR LIBOR+2.000%, 11/15/27		49,625		48,341

				170,816



LOAN PARTICIPATION NOTES (continued)

	Face Amount		Value
INDUSTRIAL EQUIPMENT — 0.0%
Altra Industrial Motion Corp., Term Loan, 1st Lien

2.147%, VAR LIBOR+2.000%, 09/26/25	$	36,940	$	36,144


INSURANCE — 0.0%
Asurion, LLC (fka Asurion Corporation), Amendment No. 14 Replacement B-4 Term Loan, 1st Lien

3.148%, VAR LIBOR+3.000%, 08/04/22		72,535		71,317

Asurion, LLC (fka Asurion Corporation), Replacement B-6 Term Loan, 1st Lien

3.148%, VAR LIBOR+3.000%, 11/03/23		36,805		36,092

USI, Inc., 2019 New Term Loan, 1st Lien

4.220%, VAR LIBOR+4.000%, 12/02/26		24,813		24,394

				131,803


LEISURE, AMUSEMENT, MOTION PICTURES, ENTERTAINMENT — 0.0%
Frontdoor, inc., Initial Term Loan, 1st Lien

4.125%, VAR US LIBOR+2.250%, 08/14/25		17,474		17,234


MACHINERY (NON-AGRICULTURE, NON-CONSTRUCTION AND NON-ELECTRONIC) — 0.1%
Nielsen Finance LLC (VNU, Inc.), Term B-4 Loan, 1st Lien

2.147%, VAR US LIBOR+2.000%, 10/04/23		187,570		182,952


PERSONAL, FOOD AND MISCELLANEOUS SERVICES — 0.1%
1011778 B.C. Unlimited Liability Company (New Red Finance, Inc.) (aka Burger King/Tim Hortons), Term B-4 Loan, 1st Lien

1.898%, VAR LIBOR+1.750%, 11/19/26		183,613		175,886


REAL ESTATE — 0.0%
RE/MAX, LLC (fka RE/MAX International, LLC), Term Loan, 1st Lien

3.500%, VAR LIBOR+2.750%, 12/15/23		35,412		35,058


RETAIL STORES — 0.0%
Iron Mountain Information Management, LLC, Incremental Term B Loan, 1st Lien

1.898%, VAR US LIBOR+1.75%, 01/02/26		112,972		108,501


SERVICE — 0.0%
Kar Auction Services, B-6 Term Loan

2.438%, VAR LIBOR+2.250%, 09/13/26		29,700		28,438

The accompanying notes are an integral part of the financial statements.


THE ADVISORS’ INNER CIRCLE FUND		CORNERSTONE ADVISORS CORE PLUS BOND FUND
		October 31, 2020



LOAN PARTICIPATION NOTES (continued)

	Face Amount		Value
UTILITIES — 0.0%
PG&E Corporation, Term Loan, 1st Lien

5.500%, VAR LIBOR+4.500%, 06/23/25	$	89,775	$	88,653

Total Loan Participation Notes (Cost $1,987,597)				1,946,731



COMMERCIAL PAPER— 0.1%

	Face Amount		Value
Ford Credit Motor, 2.880%, 1/8/2021	$	215,000	$	213,747

Total Commercial Paper (Cost $213,863)				213,747

Total Investments in Securities — 100.6% (Cost $354,388,185)			$	356,597,765

A list of the open futures contracts held by the Fund at October 31, 2020, is as follows:


Type of Contract	Number of Contracts Long		Expiration Date		Notional Amount		Value		Unrealized Depreciation
U.S. Ultra Long Treasury Bond		7		Dec-2020	$	1,561,726	$	1,505,000	$	(56,726)

A list of the outstanding forward foreign currency contracts held by the Fund at October 31, 2020, is as follows:



Counterparty	Settlement Date		Currency to Deliver			Currency to Receive			Unrealized Appreciation (Depreciation)

Citigroup		11/04/20		USD	908,764		BRL	5,116,794		$(17,195)

Citigroup		11/04/20		USD	267,786		BRL	1,548,606		2,049

Citigroup		11/04/20 - 12/02/20		BRL	13,160,171		USD	2,396,899		105,334

Citigroup		01/04/21		BRL	1,548,606		USD	267,287		(1,970)

Citigroup		11/09/20		EUR	4,464,829		CHF	4,697,000		(77,223)

Citigroup		11/16/20		USD	207,748		JPY	22,255,807		4,869

Citigroup		11/16/20		JPY	22,255,807		USD	210,054		(2,563)

Citigroup		11/24/20 - 02/26/21		AUD	5,223,500		JPY	395,526,901		108,548

Citigroup		11/24/20		JPY	32,435,040		AUD	440,000		(575)

Citigroup		11/27/20		EUR	4,822,550		USD	5,712,658		92,736

Citigroup		12/30/20 - 06/30/21		EUR	4,787,000		JPY	591,734,730		69,298

Citigroup		01/27/21 - 01/28/21		MXN	49,440,000		USD	2,338,575		31,011

Citigroup		01/13/21 - 03/16/21		MXN	64,614,000		USD	2,952,942		(55,637)

Citigroup		01/19/21 - 04/13/21		KRW	18,956,392,000		USD	16,078,774		(599,913)

Deutsche Bank		11/27/20		USD	729,291		SEK	6,455,757		(3,588)

Deutsche Bank		11/27/20		SEK	1,660,000		USD	189,199		2,595

Deutsche Bank		04/06/21		EUR	1,434,524		SEK	15,070,250		19,812

HSBC		11/04/20		USD	414,577		BRL	2,319,311		(10,452)

HSBC		11/04/20 - 12/02/20		BRL	4,520,744		USD	840,232		53,033

HSBC		11/09/20 - 01/07/21		MXN	94,420,000		USD	4,363,390		(70,780)

HSBC		11/24/20 - 03/25/21		EUR	3,440,724		JPY	429,013,142		86,853

HSBC		11/24/20		EUR	860,176		JPY	101,601,351		(31,614)

HSBC		12/14/20 - 04/13/21		AUD	6,234,960		JPY	478,927,618		197,550

JPMorgan Chase Bank		11/04/20		USD	669,592		BRL	3,769,734		(12,739)

JPMorgan Chase Bank		11/04/20		BRL	3,769,734		USD	673,186		16,334

JPMorgan Chase Bank		11/20/20 - 11/23/20		USD	319,370		EUR	270,000		(4,768)

JPMorgan Chase Bank		01/29/21		EUR	1,507,920		USD	1,781,796		21,688

JPMorgan Chase Bank		11/20/20 - 11/23/20		EUR	754,167		USD	824,109		(54,638)

JPMorgan Chase Bank		01/13/21 - 07/13/21		AUD	4,187,665		JPY	318,489,329		102,467

JPMorgan Chase Bank		11/24/20		AUD	960,875		JPY	70,415,220		(2,725)

JPMorgan Chase Bank		11/27/20		USD	660,553		AUD	936,000		(2,544)

JPMorgan Chase Bank		11/27/20		AUD	4,180,000		USD	3,002,348		63,803

JPMorgan Chase Bank		02/26/21		USD	21,529		JPY	2,285,000		334

JPMorgan Chase Bank		02/26/21		USD	2,449,010		SEK	21,478,000		(31,744)

JPMorgan Chase Bank		04/13/21		EUR	227,790		NOK	2,489,638		(5,628)

										$(7,982)

The accompanying notes are an integral part of the financial statements.


THE ADVISORS’ INNER CIRCLE FUND		CORNERSTONE ADVISORS CORE PLUS BOND FUND
		October 31, 2020

Percentages are based on net assets of $354,579,708.


(1)		In U.S. Dollar unless otherwise indicated.
(A)		Securities sold within terms of a private placement memorandum, exempt from registration under Section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “accredited investors.”
(B)		Security in default on interest payments.
(C)		Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets.
(D)		Zero coupon security. The rate reported on the Schedule of Investments is the effective yield at time of purchase.
(E)		Securities considered illiquid. The total value of such securities as of October 31, 2020 was $382,661 and represented 0.1% of Net Assets.
(F)		Rate is negative due to the decrease in value of the foreign currency against the U.S. Dollar.

ARS — Argentine Peso

AUD — Australian Dollar

BADLAR — Central Bank of Argentina’s average rate

BRL — Brazilian Real

Cl — Class

COP — Colombian Peso

EUR — Euro

FHLB — Federal Home Loan Bank

FHLMC — Federal Home Loan Mortgage Corporation

FNMA — Federal National Mortgage Association

GHS — Ghanaian Cedi

GNMA — Government National Mortgage Association

GO — General Obligation

ICE — Intercontinental Exchange

IDR — Indonesian Rupiah

JPY — Japanese Yen

KRW — Korean Won

LIBOR — London Interbank Offered Rate

LLC — Limited Liability Company

MTN — Medium Term Note

MXN — Mexican Peso

NOK — Norway Krone

RB — Revenue Bond

SEK — Swedish Krona

Ser — Series

TBA — To Be Announced

USD — United States Dollar

UYU — Uruguayan Peso

VAR — Variable Rate

The following is a list of the inputs used as of October 31, 2020, in valuing the Fund’s investments and other financial instruments carried at market value:


Investments in Securities	Level 1		Level 2		Level 3		Total
Corporate Obligations	$	—	$	99,511,826	$	—	$	99,511,826
Mortgage-Backed Securities		—		86,866,026		—		86,866,026
U.S. Treasury Obligations		—		78,500,236		—		78,500,236
Sovereign Debt		—		63,009,256		—		63,009,256
Asset-Backed Securities		—		13,560,319		—		13,560,319
Municipal Bonds		—		9,110,677		—		9,110,677
U.S. Government Agency Obligations		—		3,878,947		—		3,878,947
Loan Participation Notes		—		1,946,731		—		1,946,731
Commercial Paper		—		213,747		—		213,747

Total Investments in Securities	$	—	$	356,597,765	$	—	$	356,597,765


Other Financial Instruments	Level 1		Level 2		Level 3		Total
Futures Contracts *
Unrealized Depreciation	$	(56,726)	$	—	$	—	$	(56,726)
Forward Contracts *
Unrealized Appreciation		—		978,314		—		978,314
Unrealized Depreciation		—		(986,296)		—		(986,296)

Total Other Financial Instruments	$	(56,726)	$	(7,982)	$	—	$	(64,708)

* Futures contracts and Forward contracts are valued at the unrealized appreciation (depreciation) on the instrument.

For the year ended October 31, 2020, there were no transfers in or out of Level 3.

Amounts designated as $ – are either $0 or have been rounded to $0.

For more information on valuation inputs, see Note 2 in the Notes to Financial Statements.

The accompanying notes are an integral part of the financial statements.


THE ADVISORS’ INNER CIRCLE FUND		CORNERSTONE ADVISORS FUNDS
		October 31, 2020

STATEMENTS OF ASSETS AND LIABILITIES


	Global Public Equity Fund		Core Plus Bond Fund
Assets:
Investments, at Value †	$	389,454,769	$	356,597,765
Foreign Currency, at Value ††		770,853		86,023
Cash and Cash Equivalents		4,572,238		25,772,952
Cash Pledged as Collateral for Futures Contracts		—		219,000
Cash Pledged as Collateral for Forward Contracts		—		410,000
Unrealized Appreciation on Spot Foreign Currency Contracts		2,258,453		—
Receivable for Investment Securities Sold		1,620,770		11,860,155
Reclaims Receivable		879,449		—
Dividends and Interest Receivable		590,038		1,928,534
Unrealized Appreciation on Forward Foreign Currency Contracts		48,345		978,314
Receivable for Capital Shares Sold		36,256		176,546
Prepaid Expenses		9,314		9,806

Total Assets		400,240,485		398,039,095

Liabilities:
Unrealized Depreciation on Spot Foreign Currency Contracts		2,258,374		—
Payable for Investment Securities Purchased		365,070		42,075,209
Accrued Foreign Capital Gains Tax		224,355		—
Investment Advisory Fees Payable - Note 6		210,491		79,317
Shareholder Servicing Fees Payable		126,039		10,176
Payable for Capital Shares Redeemed		96,988		95,989
Payable due to Administrator		36,573		31,187
Payable due to Custodian		17,249		—
Payable due to Trustees		13,784		11,506
Chief Compliance Officer Fees Payable		7,406		6,182
Management Fees Payable - Note 6		3,518		3,000
Unrealized Depreciation on Forward Foreign Currency Contracts		2,133		986,296
Variation Margin Payable		—		3,719
Other Accrued Expenses		265,420		156,806

Total Liabilities		3,627,400		43,459,387

Net Assets	$	396,613,085	$	354,579,708

† Cost of Investments	$	314,551,022	$	354,388,185
†† Cost of Foreign Currency		760,907		81,315

NET ASSETS CONSIST OF:
Paid-in Capital	$	315,918,789	$	352,198,322
Total Distributable Earnings		80,694,296		2,381,386

Net Assets	$	396,613,085	$	354,579,708

Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)		32,293,083		34,983,589

Net Asset Value, Offering and Redemption Price Per Share	$	12.28	$	10.14

The accompanying notes are an integral part of the financial statements.


THE ADVISORS’ INNER CIRCLE FUND		CORNERSTONE ADVISORS FUNDS
		For the year ended
		October 31, 2020

STATEMENTS OF OPERATIONS


	Global Public Equity Fund			Core Plus Bond Fund
Investment Income
Dividends	$	7,823,699		$	—
Dividends from Master Limited Partnerships		145,647			—
Income Distributions from Registered Investment Companies		4,790			—
Interest		30,357			9,660,495
Less: Foreign Taxes Withheld		(531,174	)		(76,346	)

Total Investment Income		7,473,319			9,584,149


Expenses
Investment Advisory Fees - Note 6		2,734,784			971,201
Administration Fees - Note 5		432,330			368,035
Shareholder Servicing Fees - Note 5		160,459			130,133
Trustees’ Fees		56,989			48,824
Management Fees - Note 6		43,134			36,451
Chief Compliance Officer Fees		27,844			23,892
Custodian Fees		375,494			112,762
Audit Fees		75,442			68,628
Legal Fees		72,310			64,460
Transfer Agent Fees		55,917			61,875
Printing Fees		41,782			27,309
Registration Fees		12,976			12,830
Insurance and Other Expenses		223,630			194,697

Total Expenses		4,313,091			2,121,097

Less:
Commission Recapture - Note 5		(4	)		—

Net Expenses		4,313,087			2,121,097


Net Investment Income		3,160,232			7,463,052


Net Realized Gain (Loss) on:
Investments		8,365,785			7,248,269
Futures Contracts		—			768,246
Swap Contracts		—			(4,915,080	)
Forward Foreign Currency Contracts		(678,934	)		(243,108	)
Foreign Currency Transactions		254,328			(5,324,969	)

Net Change in Unrealized Appreciation (Depreciation) on:
Investments		4,217,524			3,767,983
Futures Contracts		—			(27,608	)
Swap Contracts		—			2,513,630
Forward Foreign Currency Contracts		45,716			616,471
Foreign Currency Transactions		81,586			10,404
Accrued Foreign Capital Gains Tax on Appreciated Securities		(72,169	)		—

Net Realized and Unrealized Gain		12,213,836			4,414,238


Net Increase in Net Assets Resulting from Operations	$	15,374,068		$	11,877,290

The accompanying notes are an integral part of the financial statements.


THE ADVISORS’ INNER CIRCLE FUND		CORNERSTONE ADVISORS FUNDS

STATEMENTS OF CHANGES IN NET ASSETS


	Global Public Equity Fund						Core Plus Bond Fund
	Year ended October 31, 2020			Year ended October 31, 2019			Year ended October 31, 2020			Year ended October 31, 2019
Operations:
Net Investment Income	$	3,160,232		$	7,414,917		$	7,463,052		$	11,567,050
Net Realized Gain (Loss) on Investments, Written Options/Swaptions, Futures Contracts, Swap Contracts, Forward Foreign Currency Contracts and Foreign Currency Transactions		7,941,179			39,993,955			(2,466,642	)		7,912,218
Net Change in Unrealized Appreciation (Depreciation) on Investments, Futures Contracts, Swap Contracts, Forward Foreign Currency Contracts, Foreign Currency Transactions and Accrued Foreign Capital Gains Tax on Appreciated Securities		4,272,657			(26,212,846	)		6,880,880			12,678,851

Net Increase in Net Assets Resulting from Operations		15,374,068			21,196,026			11,877,290			32,158,119

Distributions		(43,100,881	)		(96,278,860	)		(6,768,644	)		(15,405,290	)

Capital Share Transactions:
Issued		25,277,922			43,997,227			57,773,914			86,209,974
Reinvestment of Dividends		43,073,353			96,278,860			6,764,019			15,400,415
Redeemed		(148,143,654	)		(654,910,132	)		(96,264,148	)		(144,751,721	)

Net Decrease in Net Assets from Capital Share Transactions		(79,792,379	)		(514,634,045	)		(31,726,215	)		(43,141,332	)

Total Decrease in Net Assets		(107,519,192	)		(589,716,879	)		(26,617,569	)		(26,388,503	)


Net Assets:
Beginning of Year		504,132,277			1,093,849,156			381,197,277			407,585,780

End of Year	$	396,613,085		$	504,132,277		$	354,579,708		$	381,197,277


Shares Issued and Redeemed:
Issued		2,264,236			3,614,930			5,753,993			8,877,070
Reinvestment of Dividends		3,434,810			8,685,295			684,016			1,587,499
Redeemed		(12,832,489	)		(57,404,056	)		(9,701,325	)		(14,928,559	)

Net Decrease in Shares Outstanding from Share Transactions		(7,133,443	)		(45,103,831	)		(3,263,316	)		(4,463,990	)

The accompanying notes are an integral part of the financial statements.


THE ADVISORS’ INNER CIRCLE FUND		CORNERSTONE ADVISORS FUNDS
		October 31, 2020

FINANCIAL HIGHLIGHTS

For the years or period ended October 31,

For a share outstanding throughout the years or period


	Net Asset Value, Beginning of Period		Net Investment Income*		Net Realized and Unrealized Gain (Loss) on Investments			Total from Operations			Dividends from Net Investment Income			Distributions from Net Realized Capital Gains			Total Distributions			Net Asset Value, End of Period		Total Return †		Net Assets End of Period (000)		Ratio of Expenses to Average Net Assets (including dividend expense, broker fees, interest on short sales and commission recapture)(1)		Ratio of Expenses to Average Net Assets (including dividend expense, broker fees and interest on short sales, excluding commission recapture)(1)		Ratio of Net Investment Income to Average Net Assets		Portfolio Turnover†
Global Public Equity Fund
2020	$	12.79	$	0.09	$	0.51		$	0.60		$	(0.18	)	$	(0.93	)	$	(1.11	)	$	12.28		4.57%	$	396,613		1.00%		1.00%		0.73%		96%

2019	$	12.94	$	0.15	$	0.95		$	1.10		$	(0.29	)	$	(0.96	)	$	(1.25	)	$	12.79		10.19%	$	504,132		1.04%		1.04%		1.23%		100%

2018	$	14.39	$	0.18	$	(0.81	)	$	(0.63	)	$	(0.17	)	$	(0.65	)	$	(0.82	)	$	12.94		(4.75)%	$	1,093,849		0.87%		0.88%		1.28%		56%

2017	$	11.58	$	0.14	$	2.79		$	2.93		$	(0.12	)	$	—		$	(0.12	)	$	14.39		25.56%	$	1,104,013		0.87%		0.87%		1.10%		52%

2016	$	12.25	$	0.13	$	0.12		$	0.25		$	(0.16	)	$	(0.76	)	$	(0.92	)	$	11.58		2.40%	$	885,020		0.91%		0.91%		1.19%		49%

Core Plus Bond Fund
2020	$	9.97	$	0.21	$	0.14		$	0.35		$	(0.18	)	$	—		$	(0.18	)	$	10.14		3.56%	$	354,580		0.58%		0.58%		2.05%		188%

2019	$	9.54	$	0.29	$	0.53		$	0.82		$	(0.39	)	$	—		$	(0.39	)	$	9.97		8.73%	$	381,197		0.56%		0.56%		3.00%		150%

2018	$	10.01	$	0.29	$	(0.44	)	$	(0.15	)	$	(0.32	)	$	—		$	(0.32	)	$	9.54		(1.49)%	$	407,586		0.50%		0.50%		2.99%		149%

2017	$	9.96	$	0.25	$	—**		$	0.25		$	(0.20	)	$	—		$	(0.20	)	$	10.01		2.57%	$	438,370		0.52%		0.52%		2.53%		179%

2016#	$	10.00	$	0.03	$	(0.04	)	$	(0.01	)	$	(0.03	)	$	—		$	(0.03	)	$	9.96		(0.10)%	$	395,710		0.60%		0.60%		1.94%		72%

#	The Fund commenced operations on August 30, 2016. All ratios for the period have been annualized.

*	Per share data calculated using average shares.

**	Amount represents less than $0.01.

†	Total return and portfolio turnover rates are for the period indicated and have not been annualized.

(1)	Ratio does not include expenses associated with underlying funds.

Amounts designated as (“—“) are $0.00 or have been rounded to $0.00.

The accompanying notes are an integral part of the financial statements.


THE ADVISORS’ INNER CIRCLE FUND		CORNERSTONE ADVISORS FUNDS
		October 31, 2020

NOTES TO FINANCIAL STATEMENTS

1. Organization:

The Advisors’ Inner Circle Fund (the “Trust”) is organized as a Massachusetts business trust under an Amended and Restated Agreement and Declaration of Trust dated February 18, 1997. The Trust is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company with 43 funds. The financial statements herein are those of the Cornerstone Advisors Funds. The Cornerstone Advisors Funds include the Cornerstone Advisors Global Public Equity Fund (the “Global Public Equity Fund”), and Cornerstone Advisors Core Plus Bond Fund (the “Core Plus Bond Fund”) (each a “Fund” and, collectively, the “Funds”). The Global Public Equity Fund commenced operations on August 30, 2012. The Core Plus Bond Fund commenced operations on August 30, 2016. Each of the Cornerstone Funds are classified as a diversified investment company under the 1940 Act. The Global Public Equity Fund seeks capital appreciation. The Core Plus Bond Fund seeks total return, consisting of current income and capital appreciation. The assets of each Fund are segregated, and a shareholder’s interest is limited to the Fund in which shares are held. The financial statements of the remaining funds of the Trust are presented separately.

2. Significant Accounting Policies:

The following are significant accounting policies, which are consistently followed in the preparation of the financial statements of the Funds. The Funds are investment companies that apply the accounting and reporting guidance issued in Topic 946 by the U.S. Financial Accounting Standards Board (“FASB”).

Use of Estimates — The preparation of financial statements, in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates and such differences could be material.

Security Valuation — Securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (except for securities traded on NASDAQ), including securities traded over the counter, are valued at the last quoted sale price on an exchange or market (foreign or domestic) on which they are traded on valuation date (or at approximately 4:00 pm ET if a security’s primary exchange is normally open at that time), or, if there is no such reported sale on the valuation date, at the most recent quoted bid price. For securities traded on NASDAQ, the NASDAQ Official Closing Price will be used. If available, debt securities are priced based upon valuations provided by independent, third-party pricing agents. Such values generally reflect the last reported sales price if the security is actively traded. The third-party pricing agents may also value debt securities at an evaluated bid price by employing methodologies that utilize actual market transactions, broker-supplied valuations, or other methodologies designed to identify the market value for such securities. Such methodologies generally consider such factors as security prices, yields, maturities, call features, ratings and developments relating to specific securities in arriving at valuations. On the first day a new debt security purchase is recorded, if a price is not available on the automated pricing feeds from our primary and secondary pricing vendors nor is it available from an independent broker, the security may be valued at its purchase price. Each day thereafter, the debt security will be valued according to the Trusts’ fair value procedures until an independent source can be secured. Debt obligations with remaining maturities of sixty days or less may be valued at their amortized cost, which approximates market value provided that it is determined the amortized cost continues to approximate fair value. Should existing credit, liquidity or interest rate conditions in the relevant markets and issuer specific circumstances suggest that amortized cost does not approximate fair value, then the amortized cost method may not be used. The prices for foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates. Prices for most securities held in the Funds are provided daily by recognized third-party independent pricing agents.

Options for which the primary market is a national securities exchange are valued at the last sale price on the exchange on which they are traded, or, in the absence of any sale, at the closing bid price for long positions and at the closing ask price for written options. Options not traded on a national securities exchange are valued at the last quoted bid price.

Swaps are marked-to-market daily based upon quotations from market makers and the resulting changes in market values, if any, are recorded as an unrealized gain or loss in the Statements of Operations. Centrally cleared swaps are valued at the settlement price established each day by the board of exchange on which they are traded. The daily settlement prices for centrally cleared swaps are provided by an independent source. Net payments of interest are recorded as realized gains or losses. Daily changes in valuation of Centrally Cleared swaps, if any, are recorded as a receivable or payable for the change in value as appropriate (“variation margin”) on the Statements of Assets and Liabilities.

All registered investment companies held in the Funds’ portfolios are valued at the published net asset value.

For securities that principally trade on a foreign market or exchange, a significant gap in time can exist between the time of a particular security’s last trade and the time at which a Fund calculates its net asset value. The closing prices of such securities may no longer reflect their market value at the time a Fund calculates net asset value if an event that could materially affect the value of those securities (a “Significant Event”) has occurred between the time of the security’s last close and the time that a Fund calculates net asset value. A Significant Event may relate to a single issuer or to an entire market sector. If Pathstone Family Office, LLC, (the “Adviser”) becomes aware of a Significant Event that has occurred with respect to a security or group of securities after the closing of the exchange or market on which the security or securities principally trade, but before the time at which a Fund calculates net asset value, it may request that a Committee meeting be called.

The Global Public Equity Fund uses MarkIt Fair Value (“MarkIt”) as a third party fair valuation vendor. MarkIt provides a fair value for foreign securities held by the Fund based on certain factors and methodologies (involving, generally, tracking valuation correlations between the U.S. market and each non-U.S. security) applied by MarkIt in the event that there is a movement in the U.S. market after the close of the foreign market that exceeds a specific threshold established by the Committee. The Committee establishes a “confidence interval” which is used to determine the level of correlation between the value of a foreign security and movements in the U.S. market and a particular security is fair valued when the threshold is exceeded. In the event that the threshold


THE ADVISORS’ INNER CIRCLE FUND		CORNERSTONE ADVISORS FUNDS
		October 31, 2020

established by the Committee is exceeded on a specific day, the Fund values the non-U.S. securities in its portfolio that exceed the applicable “confidence interval” or threshold based upon the fair values provided by MarkIt. In such event, it is not necessary to hold a Committee meeting. In the event that the Adviser believes that the fair values provided by MarkIt are not reliable, the Adviser contacts SEI Investments Global Fund Services (the “Administrator”) and may request that a meeting of the Committee be held.

Securities for which market prices are not “readily available” are valued in good faith in accordance with fair value procedures established by the Funds’ Board of Trustees (the “Board”). The Funds’ fair value procedures are implemented through a Fair Value Pricing Committee (the “Committee”) designated by the Board. Some of the more common reasons that may necessitate that a security be valued using fair value procedures include: the security’s trading has been halted or suspended; the security has been de-listed from a national exchange; the security’s primary trading market is temporarily closed at a time when under normal conditions it would be open; the security has not been traded for an extended period of time; the security’s primary pricing source is not able or willing to provide a price; or trading of the security is subject to local government-imposed restrictions. When a security is valued in accordance with the fair value procedures, the Committee will determine its value after taking into consideration relevant information reasonably available to the Committee. As of October 31, 2020, the Global Public Equity Fund had nine fair valued securities which amounted to $32,455 and represented 0.0% of net assets.

If a local market in which the Fund owns securities is closed for one or more days, the Fund shall value all securities held in that corresponding currency based on the fair value prices provided by MarkIt using the predetermined confidence interval discussed above.

In accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP, the Funds disclose the fair value of their investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. The objective of a fair value measurement is to determine the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). Accordingly, the fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are as follows:

•Level 1 — Unadjusted quoted prices in active markets for identical, unrestricted assets or liabilities that the Funds have the ability to access at the measurement date;

•Level 2 — Quoted prices which are not active, or inputs that are observable (either directly or indirectly) for substantially the full term of the asset or liability; and

•Level 3 — Prices, inputs or exotic modeling techniques which are both significant to the fair value measurement and unobservable (supported by little or no market activity).

Investments are classified within the level of the lowest significant input considered in determining fair value. Investments classified within Level 3 whose fair value measurement considers several inputs may include Level 1 or Level 2 inputs as components of the overall fair value measurement. For details of the investment classification, refer to the Schedules of Investments.

For the year ended October 31, 2020, there have been no changes to the Funds’ fair value methodologies.

Federal Income Taxes — It is each Fund’s intention to continue to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code and to distribute substantially all of its taxable income. Accordingly, no provision for Federal income taxes has been made in the financial statements. The Funds may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on either income or gains earned or repatriated. The Funds accrue and apply such taxes to net investment income, net realized gains and net unrealized gains as income and/or capital gains earned.

The Funds evaluate tax positions taken or expected to be taken in the course of preparing the Funds’ tax returns to determine whether it is “more-likely-than-not” (i.e., greater than 50-percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. Tax positions deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current year. The Funds did not record any tax provision in the current period. However, management’s conclusions regarding tax positions taken may be subject to review and adjustment at a later date based on factors including, but not limited to, examination by tax authorities (i.e., all open tax year ends, as applicable), on-going analysis of and changes to tax laws, regulations and interpretations thereof.

During the year ended October 31, 2020, the Funds did not have liabilities for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statements of Operations. During the year ended October 31, 2020, the Funds did not incur any interest or penalties.

Security Transactions, Dividend and Investment Income — Security transactions are accounted for on trade date for financial reporting purposes. Costs used in determining realized gains and losses on the sales of investment securities are based on the specific identification method. Dividend income is recognized on the ex-dividend date. Interest income is recognized on an accrual basis and includes the amortization of premiums and the accretion of discounts. Realized gains (losses) on paydowns of mortgage-backed and asset-backed securities are recorded as an adjustment to interest income.

Foreign Currency Translation — The books and records of the Funds, including investments in international securities, are maintained in U.S. dollars on the following basis: (I) market value of investment securities, assets and liabilities at the current rate of exchange; and (II) purchases and sales of investment securities, income and expenses at the relevant rates of exchange prevailing on the respective dates of such transactions. The Funds do not isolate that portion of gains and losses on investments in equity securities that is due to changes in the foreign exchange rates from that which is due to changes in market prices of equity securities. The Funds report certain foreign-currency-related transactions as components of realized gains for financial reporting purposes, whereas such components are treated as ordinary income for Federal income tax purposes.


THE ADVISORS’ INNER CIRCLE FUND		CORNERSTONE ADVISORS FUNDS
		October 31, 2020

Forward Foreign Currency Contracts — The Funds will hedge currency exposure utilizing forward foreign currency contracts if deemed appropriate by the Adviser or sub-adviser(s). Currency hedging, if utilized, is done to protect against specific transactions or Fund positions for a given stock from being significantly undermined by dollar/foreign currency fluctuations when the Adviser or sub-adviser perceives currency risk to be high. All forward foreign currency contracts are “marked-to-market” daily at the applicable foreign exchange rate, and any resulting unrealized gains or losses are recorded currently. Unrealized gains or losses on outstanding positions in forward foreign currency contracts held at the close of the period are recognized as ordinary income or loss for Federal income tax purposes. The Funds may also invest in securities denominated in foreign currencies and engage in foreign currency transactions on a spot (cash) basis. The Funds could be exposed to risk if the counterparties to the contracts are unable to meet the terms of the contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. Additionally, the risk exists that losses could exceed amounts disclosed on the Schedules of Investments or the Statements of Assets and Liabilities. Refer to each Fund’s Schedule of Investments for details regarding open forward foreign currency contracts as of October 31, 2020, if applicable.

Futures Contracts — To the extent consistent with its Investment Objective and Strategies, a Fund may use futures contracts for tactical hedging purposes as well as to enhance the Fund’s returns. Initial margin deposits of cash or securities are made upon entering into futures contracts. The futures contracts are valued at the settlement price established each day by the board of exchange on which they are traded. The futures contracts are marked to market daily and the resulting changes in value are accounted for as unrealized gains and losses. Variation margin payments are paid or received, depending upon whether unrealized gains or losses are incurred. When the futures contract is closed, the Funds record a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the amount invested in the futures contract.

Risks of entering into futures contracts include the possibility that there will be an imperfect price correlation between the futures and the underlying securities. Second, it is possible that a lack of liquidity for futures contracts could exist in the secondary market, resulting in an inability to close a position prior to its maturity date. Third, the futures contract involves the risk that a Fund could lose more than the original margin deposit required to initiate a futures transaction.

Finally, the risk exists that losses could exceed amounts disclosed on the Statements of Assets and Liabilities. Refer to each Fund’s Schedule of Investments for details regarding open futures contracts as of October 31, 2020, if applicable.

Options/Swaptions Written/Purchased — The Funds may invest in financial options contracts to add return or to hedge their existing portfolio securities, or securities that a Fund intends to purchase, against fluctuations in fair value caused by changes in prevailing market interest rates. The option techniques utilized are to hedge against changes in interest rates, foreign currency exchange rates or securities prices in order to establish more definitely the effective return on securities or currencies held or intended to be acquired by the Fund, to reduce the volatility of the currency exposure associated with an investment in non-U.S. securities, or as an efficient means of adjusting exposure to the bond, equity and currency markets and not for speculation. When a Fund writes or purchases an option/swaption, an amount equal to the premium received or paid by a Fund is recorded as a liability or an asset and is subsequently adjusted to the current market value of the option/swaption written or purchased. Premiums received or paid from writing or purchasing options/swaptions which expire unexercised are treated by the Fund on the expiration date as realized gains or losses. The difference between the premium and the amount paid or received on effecting a closing purchase or sale transaction, including brokerage commissions, is also treated as a realized gain or loss. If an option/swaption is exercised, the premium paid or received is added to the cost of the purchase or proceeds from the sale in determining whether a Fund has realized a gain or a loss. The risk in writing a call option/swaption is that a Fund gives up the opportunity for profit if the market price of the security increases. The risk in writing a put option/swaption is that a Fund may incur a loss if the market price of the security decreases and the option is exercised. The risk in purchasing an option/swaption is that a Fund pays a premium whether or not the option/swaption is exercised. A Fund also has the additional risk of being unable to enter into a closing transaction at an acceptable price if a liquid secondary market does not exist. Option/swaption contracts also involve the risk that they may not work as intended due to unanticipated developments in market conditions or other causes. Finally, for written options/swaptions, the risk exists that losses could exceed amounts disclosed on the Statements of Assets and Liabilities. Refer the each Fund’s Schedule of Investments for details regarding open option/swaption contracts as of October 31, 2020, if applicable.

Investments in Real Estate Investment Trusts (“REITs”) — Dividend income from REITs is determined and recorded based on the income included in distributions received from the REIT investments using published REIT reclassifications, including some management estimates when actual amounts are not available. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts.

Master Limited Partnerships — Entities commonly referred to as “MLPs” are generally organized under state law as limited partnerships or limited liability companies. The Funds intend to primarily invest in MLPs receiving partnership taxation treatment under the Internal Revenue Code of 1986 (the “Code”), and whose interests or “units” are traded on securities exchanges like shares of corporate stock. To be treated as a partnership for U.S. federal income tax purposes, an MLP whose units are traded on a securities exchange must receive at least 90% of its income from qualifying sources such as interest, dividends, real estate rents, gain from the sale or disposition of real property, income and gain from mineral or natural resources activities, income and gain from the transportation or storage of certain fuels, and, in certain circumstances, income and gain from commodities or futures, forwards and options with respect to commodities. Mineral or natural resources activities include exploration, development, production, processing, mining, refining, marketing and transportation (including pipelines) of oil and gas, minerals, geothermal energy, fertilizer, timber or industrial source carbon dioxide. An MLP consists of a general partner and limited partners (or in the case of MLPs organized as limited liability companies, a managing member and members). The general partner or managing member typically controls the operations and management of the MLP and has an ownership stake in the partnership. The limited partners or members, through their ownership of limited partner or member interests, provide capital to the entity, are intended to have no role in the operation and management of the entity and receive cash distributions. The MLPs themselves generally do not pay U.S. federal income taxes. Thus, unlike investors in corporate securities, direct MLP investors are generally not subject to double taxation (i.e., corporate level tax and tax on corporate dividends). Currently, most MLPs operate in the energy and/or natural resources sector.


THE ADVISORS’ INNER CIRCLE FUND		CORNERSTONE ADVISORS FUNDS
		October 31, 2020

Swap Contracts — The Funds are authorized to enter into swap contracts, including interest rate swap contracts, for the purposes of managing a Fund’s interest rate duration, yield curve exposure and yield spread sensitivity. Swaps are a two-party contract in which the seller (buyer) will pay to the buyer (seller) the difference between the current value of a security and its value at the time the contract was entered. Interest rate swaps involve the exchange by a Fund with another party of their respective commitment to pay or receive interest (e.g., an exchange of floating rate payments for fixed rate payments) with respect to a notional amount of principal. Swap contracts are privately negotiated in the over-the-counter market (“OTC Swaps”) or may be executed in a multilateral or other trade facility platform, such as a registered commodities exchange (“Centrally Cleared Swaps”).

Total return swaps allow an investor to benefit from the cash flow without ever actually owning the underlying security. The receiver must pay any decline in value to the payer at the end of the total return swap. However, the investor does not need to make a payment if there is no decline in price. Payments can be made on various indices, bonds (i.e. mortgage backed securities, bank debt and corporate), loans or commodities. The value of a total return swap is equal to the change in value of the underlying asset versus the accrued income payment based on LIBOR or some other form of indices on the notional amount. Payments received or made are recorded as realized gains or loss. A Fund could be exposed to credit or market risk due to unfavorable changes in the fluctuation of interest rates or if the counterparty defaults on its obligation to perform. Risk of loss may exceed amounts recognized on the Statements of Assets and Liabilities. Interest rate and Total Return swap contracts outstanding at period end, if any, are listed after a Fund’s portfolio. In connection with swap agreements securities may be set aside as collateral by a Fund’s custodian.

Periodic payments made or received are recorded as realized gains or losses. At period end, the Statements of Assets and Liabilities reflect, if any, unrealized appreciation or depreciation and accrued periodic payments for swap contracts the Funds may have open at period end.

Entering into swap contracts involve, to varying degrees, elements of credit, interest rate and market risk in excess of the amounts recognized on the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these contracts, that the counterparty to the contract may default on its obligation to perform and that there may be unfavorable changes in market conditions or fluctuations in interest rates. Swaps outstanding at period end, if any, are listed on the Schedules of Investments. In connection with swap contracts, cash or securities may be segregated as collateral by the Funds’ custodian. Refer to each Fund’s Schedule of Investments for details regarding open swap contracts as of October 31, 2020, if applicable.

There is the risk that the counterparty refuses to continue to enter into swap agreements with the Funds in the future, or requires increased fees, which could impair the Funds’ ability to achieve their investment objective. A counterparty may also increase its collateral requirements, which may limit the Funds ability to use leverage and reduce investment returns. In addition, if the Funds cannot locate a counterparty willing to enter into transactions with the Funds, they will not be able to implement their investment strategy.

Expenses — Expenses that are directly related to the Funds are charged to the Funds. Other operating expenses of the Trust are prorated to the Funds based on the number of funds and/or relative net assets.

Dividends and Distributions to Shareholders — The Global Public Equity Fund will distribute its net investment income and make distributions of its net realized capital gains, if any, at least annually. The Core Plus Bond Fund will distribute its net investment income monthly and make distributions of its net realized capital gains, if any, at least annually. All distributions are recorded on ex-dividend date.

3. Derivative Transactions:

The following tables include only Funds that had exposure to more than one type of risk on derivatives held throughout the year. For Funds that held derivatives throughout the period with only one type of risk exposure, additional information can be found on the Schedules of Investments, Statements of Assets and Liabilities and the Statements of Operations.

The fair value of derivative instruments as of October 31, 2020, was as follows:

Asset Derivatives

Liability Derivatives

Statement of Assets and Liabilities Location

Fair Value

Statement of Assets and Liabilities Location

Fair Value

Derivatives not accounted for as hedging instruments:

Core Plus Bond Fund

Foreign exchange contracts

Unrealized appreciation on forward foreign currency contracts

978,314

Unrealized depreciation on forward foreign currency contracts

986,296

Interest rate contracts

Net Assets — Unrealized appreciation on futures contracts

—

Net Assets — Unrealized depreciation on futures contracts

56,726

Total Derivatives not accounted for as hedging instruments

978,314

1,043,022

*	Includes cumulative appreciation (depreciation) of futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities.


THE ADVISORS’ INNER CIRCLE FUND		CORNERSTONE ADVISORS FUNDS
		October 31, 2020

The effect of derivative instruments on the Statement of Operations for the year ended October 31, 2020, was as follows:

The amount of realized gain (loss) on derivatives recognized in income:


Derivatives Not Accounted for as Hedging Instruments		Futures Contracts		Forward Foreign Currency Contracts		Swaps Contracts		Total
Core Plus Bond Fund
Foreign exchange contracts	$	—	$	(243,108)	$	—	$	(243,108)
Interest rate contracts		768,246		—		(4,915,080)		(4,146,834)
Total	$	768,246	$	(243,108)	$	(4,915,080)	$	(4,389,942)

Change in unrealized appreciation (depreciation) on derivatives recognized in income:


Derivatives Not Accounted for as Hedging Instruments		Futures Contracts		Forward Foreign Currency Contracts		Swaps Contracts		Purchased Options		Written Options		Total
Core Plus Bond Fund
Foreign exchange contracts	$	—	$	616,471	$	—	$	—	$	—	$	616,471
Interest rate contracts		(27,608)		—		2,513,630		—		—		2,486,022
Total	$	(27,608)	$	616,471	$	2,513,630	$	—	$	—	$	3,102,493

The International Swaps and Derivatives Association, Inc. (“ISDA”) Master Agreements maintain provisions for general obligations, representations, agreements, collateral, and events of default or termination. The occurrence of a specified event of termination may give a counterparty the right to terminate all of its contracts and effect settlement of all outstanding transactions under the applicable ISDA Master Agreement.

To reduce counterparty risk with respect to OTC transactions, the Funds have entered into master netting arrangements, established within the Funds’ ISDA Master Agreements, which allow the Funds to make (or to have an entitlement to receive) a single net payment in the event of default (close-out netting) for outstanding payables and receivables with respect to certain OTC positions in swaps for each individual counterparty. In addition, the Funds may require that certain counterparties post cash and/or securities in collateral accounts to cover their net payment obligations for those derivative contracts subject to ISDA Master Agreements. If the counterparty fails to perform under these contracts and agreements, the cash and/or securities will be made available to the Funds.

For financial reporting purposes, the Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statements of Assets and Liabilities. Bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.

Collateral terms are contract specific for OTC derivatives. For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark to market amount of each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Funds or the counterparty.

For financial reporting purposes, cash collateral that has been pledged to cover obligations of the Funds, if any, is reported separately on the Statements of Assets and Liabilities as cash pledged as collateral. Non-cash collateral pledged by the Funds, if any, is noted in the Schedules of Investments. Generally, the amount of collateral due from or to a party must exceed a minimum transfer amount threshold before a transfer has to be made. To the extent amounts due to the Funds from their respective counterparties are not fully collateralized, contractually or otherwise, the Funds bear the risk of loss from counterparty nonperformance.

The average notional value of futures contracts, forward foreign currency contracts, and swap contracts, was as follows for the year ended October 31, 2020:


Global Public Equity Fund	Forwards - Long	Forwards - Short
Average Notional Amount Outstanding	$ 319,213	$ 5,180,292

Core Plus Bond Fund	Forwards - Long	Forwards - Short	Futures - Long	Futures - Short	Interest Rate Swaps - Long	Interest Rate Swaps – Short
Average Notional Amount Outstanding	$ 50,007,575	$ 53,815,306	$ 10,298,980	$ 119,126	$ 164,793	$ 2,388,351

4. Transactions with Affiliates:

Certain officers of the Trust are also employees of the Administrator, a wholly owned subsidiary of SEI Investments Company, and/or SEI Investments Distribution Co. (the “Distributor”). Such officers are paid no fees by the Trust for serving as officers of the Trust other than the Chief Compliance Officer (“CCO”) as described below.

A portion of the services provided by the CCO and his staff, whom are employees of the Administrator, are paid for by the Trust as incurred. The services include regulatory oversight of the Trust’s Advisors and service providers as required by SEC regulations. The CCO’s services and fees have been approved by and are reviewed by the Board.


THE ADVISORS’ INNER CIRCLE FUND		CORNERSTONE ADVISORS FUNDS
		October 31, 2020

5. Administration, Distribution, Commission Recapture, Shareholder Servicing, Transfer Agent and Custodian Agreements:

The Funds and the Administrator are parties to an Administration Agreement under which the Administrator provides management and administrative services to the Funds. For these services, the Administrator is paid an asset based fee, which will vary depending on the number of share classes and the average daily net assets of the Fund. For the year ended October 31, 2020, the Global Public Equity Fund and the Core Plus Bond Fund paid $432,330 and $368,035, respectively, for these services.

The Trust and the Distributor are parties to a Distribution Agreement. The Distributor receives no fees under the agreement.

The Funds and the Distributor are parties to a Commission Recapture Agreement. The Funds direct certain fund trades to the Distributor, via a network of executing brokers, who pays a portion of the Fund’s expenses. Under this arrangement, the Global Public Equity Fund had expenses reduced by $4, which was used to pay operating expenses. This amount is labeled as “Commission Recapture” on the Statements of Operations.

The Funds have each adopted a shareholder servicing plan that provides that the Funds may pay financial intermediaries for shareholder services in an annual amount not to exceed 0.05% based on the Funds’ average daily net assets. The Funds do not pay these service fees on shares purchased directly. In addition to payments made directly to financial intermediaries by the Funds, the Adviser or its affiliates may, at their own expense, pay financial intermediaries for these and other services to the Funds’ shareholders.

DST Systems, Inc. serves as the transfer agent and dividend disbursing agent for the Funds under a transfer agency agreement with the Trust.

The Funds may earn cash management credits that can be used to offset transfer agent expenses. During the year ended October 31, 2020, the Funds earned credits which were used to offset transfer agent expenses. These amounts are included in Fees Paid Indirectly on the Statements of Operations.

Brown Brothers & Harriman (“BBH”) acts as custodian (the “Custodian”) for the Funds. The Custodian plays no role in determining the investment policies of the Funds or which securities are to be purchased or sold by the Funds.

6. Investment Advisory Agreement:

The Adviser serves as the overall investment adviser to the Funds. The Adviser continuously monitors the performance of various investment sub-advisers to the Funds. Although the Adviser advises the Board of Trustees with regard to investment matters, the Adviser does not make the day-to-day investment decisions for the Funds except for allocating Fund assets directly to affiliated and unaffiliated open-end funds, closed-end funds, unregistered funds (including hedge funds) and exchange-traded funds (“Underlying Funds”). The Adviser is, however, responsible for establishing and/or rebalancing allocation of the Funds’ assets among strategies and sub-advisers and/or Underlying Funds. Each of the Funds is authorized by the Board of Trustees to operate on a “multi-manager” basis. This means that a single Fund may be managed by one or more sub-advisers. The Adviser may, from time to time, reallocate the assets of a multi-manager Fund among the sub-advisers that provide portfolio management services to the Fund when it believes that such action would be appropriate to achieve the overall objectives of the particular Fund. Pursuant to an investment advisory agreement between the Funds and the Adviser, the Adviser receives an annual fee of 0.01% of each of the Fund’s average net assets. The fees that the Adviser receives are labeled as “Management Fees” on the Statements of Operations. In addition to the fee payable by each Fund to the Adviser, each of the Funds pays a fee directly to its sub-adviser(s). For each Fund, the sub-advisers receive a fee based on the specified percentage of that portion of the Fund’s assets allocated to that sub-adviser. The total fees paid to sub-advisers directly are labeled as “Investment Advisory Fees” on the Statements of Operations.

As of October 31, 2020, the Adviser has entered into investment sub-advisory agreements with the following parties:


Global Public Equity Fund		Core Plus Bond Fund
ClariVest Asset Management LLC		Franklin Advisers, Inc.

Driehaus Capital Management LLC		Loomis, Sayles & Company, L.P.

EAM Investors, LLC		Metropolitan West Asset Management LLC

LSV Asset Management		Sun Life Capital Management (US) LLC

Marsico Capital Management LLC

Parametric Portfolio Associates LLC

Phocas Financial Corporation

Thornburg Investment Management Inc.

7. Investment Transactions:

The cost of security purchases and proceeds from security sales, other than short-term securities, for the year ended October 31, 2020, were as follows:


	Purchases		Sales and Maturities		U.S. Government Purchases		U.S. Government Sales and Maturities
Global Public Equity Fund	$	405,006,374	$	523,420,286	$	—	$	—
Core Plus Bond Fund		68,142,558		74,257,889		528,131,777		559,124,292

8. Federal Tax Information:

The amount and character of income and capital gain distributions to be paid, if any, are determined in accordance with Federal income tax regulations, which may differ from U.S. GAAP. As a result, net investment income (loss) and net realized gain (loss) on investment transactions for a reporting period may differ


THE ADVISORS’ INNER CIRCLE FUND		CORNERSTONE ADVISORS FUNDS
		October 31, 2020

significantly from distributions during the year. The book/tax differences may be temporary or permanent. To the extent these differences are permanent in nature, they are charged or credited to distributable earnings or paid-in capital as appropriate, in the period that the difference arises.

The permanent differences primarily consist of foreign currency translations, reclassification of long term capital gain distribution on REITs, investments in publicly traded partnerships, investments in Passive Foreign Investment Companies, gains and losses on paydowns of mortgage and asset-backed securities for tax purposes, and investments in swaps and distribution reclassifications. The permanent differences that are credited or charged to Paid in Capital and Distributable Earnings as of October 31, 2020 are primarily related to investments in Treasury Inflation Protected securities.


	Distributable Earnings/Loss			Paid-in Capital
Core Plus Bond Fund	$	(4,864	)	$	4,864

The tax character of dividends and distributions declared during the fiscal years ended October 31, 2020 and October 2019, were as follows:


	Ordinary Income		Long-Term Capital Gain		Total
Global Public Equity Fund
2020	$	7,038,242	$	36,062,639	$	43,100,881
2019		16,241,006		80,037,854		96,278,860
Core Plus Bond Fund
2020	$	6,768,644		—	$	6,768,644
2019		15,405,290		—		15,405,290

As of October 31, 2020, the components of distributable earnings on a tax basis were as follows:


	Undistributed Ordinary Income		Undistributed Long-Term Capital Gain		Capital Loss Carryforwards			Unrealized Appreciation		Other Temporary Differences			Total Distributable Earnings
Global Public Equity Fund	$	1,885,720	$	6,576,118	$	—		$	72,232,467	$	(9	)	$	80,694,296
Core Plus Bond Fund		337,881		—		(45,898	)		2,081,427		7,976			2,381,386

The Core Plus Bond Fund utilized $2,244,247 of capital loss during the year. The Core Plus Bond Fund has $45,898 of long-term capital losses that may be carried forward indefinitely.

The Federal tax cost and aggregate gross unrealized appreciation and depreciation on total securities held by the Funds at October 31, 2020, were as follows:


	Federal Tax Cost		Aggregate Gross Unrealized Appreciation		Aggregate Gross Unrealized Depreciation			Net Unrealized Appreciation
Global Public Equity Fund	$	317,020,713	$	95,536,883	$	(23,304,416	)	$	72,232,467
Core Plus Bond Fund		354,516,843		13,426,970		(11,345,543	)		2,081,427

Tax cost on investments is different than book cost due to temporary differences. Temporary differences primarily consist of wash sales, investment in master limited partnerships and passive foreign investment companies. Other temporary differences consists of forwards foreign currency contracts.

9. Concentration of Risk:

As with all mutual funds, there is no guarantee that the Funds will achieve its investment objective. You could lose money by investing in the Funds. A Fund’s share is not a bank deposit and it is not insured or guaranteed by the FDIC or any government agency. The principal risk factors affecting shareholders’ investments in the Funds are set forth below. A more complete description of risks associated with the Funds are included in the Funds’ prospectus.

Because an Underlying Fund’s use of an investment strategy or investment in an asset class, security or other investment is subject to the same or similar risks as the Funds’ use of such strategy or investment in such asset class, security or other investment, the term “the Fund” in the paragraphs below collectively refers to both the Funds and each of the Underlying Funds.

Allocation Risk — The Adviser’s judgment about, and allocations among, Underlying Funds, sub-advisers, asset classes and investment strategies may adversely affect the Fund’s performance.

Asset-Backed Securities Risk — Payment of principal and interest on asset-backed securities is dependent largely on the cash flows generated by the assets backing the securities, and asset-backed securities may not have the benefit of any security interest in the related assets.

Bank Loans Risk — Investments in bank loans (through both assignments and participations) are generally subject to the same risks as investments in other types of debt instruments, including, in many cases, investments in junk bonds. There may be limited public information available regarding bank loans and bank loans may be difficult to value. If the Fund holds a bank loan through another financial institution, or relies on a financial institution to administer the loan, its receipt of principal and interest on the loan may be subject to the credit risk of that financial institution. It is possible that any collateral securing a loan may be insufficient or unavailable to the Fund, and that the Fund’s rights to collateral may be limited by bankruptcy or insolvency laws. In addition, the secondary market for bank loans may be subject to irregular trading activity, wide bid/ask spreads, and extended trade settlement periods, which may cause the Fund to be unable to realize the full value of its investment in a bank loan. The proceeds from the sale of a bank loan would also not be available to the Fund for making additional investments or meeting its redemption obligations during an extended trade settlement period.


THE ADVISORS’ INNER CIRCLE FUND		CORNERSTONE ADVISORS FUNDS
		October 31, 2020

Bank loans may not be considered “securities,” and purchasers, such as the Fund, therefore may not be entitled to rely on anti-fraud protections of the federal securities laws.

Below Investment Grade Securities Risk — Fixed income securities rated below investment grade (“junk” bonds) involve greater risks of default or downgrade and are more volatile than investment grade securities because the prospect of repayment of principal and interest of many of these securities is speculative.

Convertible Securities Risk — Convertible securities are bonds, debentures, notes, preferred stocks or other securities that may be converted or exchanged (by the holder or by the issuer) into shares of underlying common stock (or cash or securities of equivalent value). An issuer of a convertible security may fail to pay interest or dividends and principal in a timely manner.

Negative perceptions of the issuer’s ability to make such payments will cause the price of that security to decline. Companies that issue convertible securities are often small to mid-size, and they often have low credit ratings, including below investment grade ratings. In addition, the credit rating of a company’s convertible securities is generally lower than that of its nonconvertible debt securities. Convertibles are normally considered “junior” securities — that is, the company usually must pay interest on its nonconvertible debt before it can make payments on its convertible securities. If an issuer stops making interest or principal payments, these securities may become worthless and the Fund could lose its entire investment.

Corporate Fixed Income Securities Risk — Corporate fixed income securities respond to economic developments, especially changes in interest rates, as well as perceptions of the creditworthiness and business prospects of individual issuers.

Credit Risk — The risk that the issuer of a security or the counterparty to a contract will default or otherwise become unable to honor a financial obligation.

Currency Risk — As a result of the Fund’s investments in securities or other investments denominated in, and/or receiving revenues in, foreign currencies, the Fund is subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency hedged. In either event, the dollar value of an investment in the Fund would be adversely affected.

Derivatives Risk — The Fund’s use of futures contracts, options, forward contracts and swaps for all purposes, including speculative purposes, is subject to market risk, leverage risk, correlation risk and liquidity risk. In addition, the Fund’s use of derivatives for hedging purposes is subject to hedging risk. Leverage risk, liquidity risk and hedging risk are described below. Market risk is the risk that the market value of an investment may move up and down, sometimes rapidly and unpredictably. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly or at all with the underlying asset, rate or index. The Fund’s use of forward contracts and swaps is also subject to credit risk and valuation risk. Credit risk is described above and valuation risk is described below. Each of these risks could cause the Fund to lose more than the principal amount invested in a derivative instrument.

Equity Market Risk — The risk that stock prices and prices of other equity securities will fall over short or extended periods of time.

Exchange-Traded Funds (“ETFs”) Risk — The risks of owning shares of an ETF generally reflect the risks of owning the underlying securities the ETF is designed to track, although lack of liquidity in an ETF could result in its value being more volatile than the underlying portfolio securities.

Fixed Income Market Risk — The prices of the Fund’s fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments and their agencies. In the case of foreign securities, price fluctuations will reflect international economic and political events, as well as changes in currency values relative to the U.S. dollar.

Foreign Investment/Emerging Markets Risk — The risk that non-U.S. securities may be subject to additional risks due to, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory and tax environments. These additional risks may be heightened with respect to emerging market countries since political turmoil and rapid changes in economic conditions are more likely to occur in these countries.

Foreign Government Agencies Risk — Bonds issued by government agencies, subdivisions or instrumentalities of foreign governments are generally backed only by the general creditworthiness and reputation of the entity issuing the bonds and may not be backed by the full faith and credit of the foreign government. Moreover, a foreign government that explicitly provides its full faith and credit to a particular entity may be, due to changed circumstances, unable or unwilling to provide that support. A foreign government agency’s operations and financial condition are influenced by the foreign government’s economic and other policies.

Geographic Risk — The Fund’s investments may be focused in particular countries or geographic regions and, therefore, the Fund will be more susceptible to adverse market, political, regulatory, and geographic events affecting those regions than a fund that does not focus its investments in a particular region.

Growth Investment Style Risk — An investment in growth stocks may be susceptible to rapid price swings, especially during periods of economic uncertainty. Growth stocks typically have little or no dividend income to cushion the effect of adverse market conditions. In addition, growth stocks may be particularly volatile in the event of earnings disappointments or other financial difficulties experienced by the issuer.

Hedging Risk — The Fund may use derivative instruments for hedging purposes. Hedging through the use of these instruments does not eliminate fluctuations in the underlying prices of the securities that the Fund owns or intends to purchase or sell. While entering into these instruments tends to reduce the risk of loss due to a decline in the value of the hedged asset, such instruments also limit any potential gain that may result from the increase in value of the asset. There can be no assurance that any hedging strategy will be effective or that there will be a hedge in place at any given time.

High Yield Bond Risk — High yield, or “junk,” bonds are highly speculative securities that are usually issued by smaller, less creditworthy and/or highly leveraged (indebted) companies. Compared with investment-grade bonds, high yield bonds are considered to carry a greater degree of risk and are considered to be less likely to make payments of interest and principal. In particular, lower-quality high yield bonds (rated CCC, CC, C, or unrated securities judged to be of comparable quality) are subject to a greater degree of credit risk than higher-quality high yield bonds and may be near default. High yield bonds rated D are in default. Market developments and the financial and business conditions of the issuers of these securities generally influence their price and liquidity more than changes in interest rates, when compared to investment-grade debt securities.


THE ADVISORS’ INNER CIRCLE FUND		CORNERSTONE ADVISORS FUNDS
		October 31, 2020

Inflation-Protected Securities Risk — The value of inflation-protected securities generally fluctuates in response to changes in real interest rates, which are in turn tied to the relationship between nominal (or stated) interest rates and the rate of inflation. In general, the price of an inflation-protected debt security can decrease when real interest rates increase, and can increase when real interest rates decrease. Interest payments on inflation-protected debt securities will fluctuate as the principal and/or interest is adjusted for inflation and can be unpredictable. The market for inflation-protected securities may be less developed or liquid, and more volatile, than certain other securities markets.

Interest Rate Risk — The risk that the value of fixed income securities, including U.S. Government securities, will fall due to rising interest rates. Risks associated with rising interest rates are heightened given that interest rates in the U.S. are at, or near, historic lows.

Investment Company Risk — To the extent the Fund invests in other investment companies, such as open-end funds, closed-end funds and ETFs, the Fund will be subject to substantially the same risks as those associated with the direct ownership of the securities held by such other investment companies. As a shareholder of another investment company, the Fund relies on that investment company to achieve its investment objective. If the investment company fails to achieve its objective, the value of the Fund’s investment could decline, which could adversely affect the Fund’s performance. By investing in another investment company, Fund shareholders indirectly bear the Fund’s proportionate share of the fees and expenses of the other investment company, in addition to the fees and expenses that Fund shareholders directly bear in connection with the Fund’s own operations.

Because ETFs and certain closed-end funds are listed on national stock exchanges and are traded like stocks listed on an exchange, their shares potentially may trade at a discount or premium. Investments in ETFs and certain closed-end funds are also subject to brokerage and other trading costs, which could result in greater expenses to the Fund. In addition, because the value of ETF and certain closed-end fund shares depends on the demand in the market, the Adviser may not be able to liquidate the Fund’s holdings at the most optimal time, which could adversely affect Fund performance.

Leverage Risk — The use of leverage can amplify the effects of market volatility on the Fund’s share price and may also cause the Fund to liquidate portfolio positions when it would not be advantageous to do so in order to satisfy its obligations.

Liquidity Risk — The risk that certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to accept a lower price to sell a security, sell other securities to raise cash or give up an investment opportunity, any of which could have a negative effect on Fund management or performance.

Market Risk — The risk that the market value of an investment may move up and down, sometimes rapidly and unpredictably. Markets for securities in which the Funds invest may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, the impact of any epidemic, pandemic or natural disaster, or widespread fear that such events may occur, could negatively affect the global economy, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the markets in general in significant and unforeseen ways. Any such impact could adversely affect the prices and liquidity of the securities and other instruments in which the Funds invest, which in turn could negatively impact the Funds’ performance and cause losses on your investment in the Funds.

Micro-Capitalization Company Risk — Micro-capitalization companies may be newly-formed or in the early stages of development with limited product lines, markets or financial resources. In addition, there may be less public information available about these companies. Micro-cap stock prices may be more volatile than small-, mid- and large-capitalization companies and such stocks may be more thinly-traded and thus difficult for the Fund to buy and sell in the market.

Money Market Instruments Risk — The value of money market instruments may be affected by changing interest rates and by changes in the credit ratings of the investments. An investment in a money market fund is not a bank deposit and is not insured or guaranteed by any bank, the FDIC or any other government agency. A money market fund’s sponsor has no legal obligation to provide financial support to the fund, and there should be no expectation that the sponsor will provide financial support to the fund at any time. Certain money market funds float their net asset value while others seek to preserve the value of investments at a stable net asset value (typically, $1.00 per share). An investment in a money market fund, even an investment in a fund seeking to maintain a stable net asset value per share, is not guaranteed and it is possible for the Fund to lose money by investing in these and other types of money market funds. If the liquidity of a money market fund’s portfolio deteriorates below certain levels, the money market fund may suspend redemptions (i.e., impose a redemption gate) and thereby prevent the Fund from selling its investment in the money market fund or impose a fee of up to 2% on amounts the Fund redeems from the money market fund (i.e., impose a liquidity fee). These measures may result in an investment loss or prohibit the Fund from redeeming shares when the Adviser would otherwise redeem shares. Money market funds and the securities they invest in are subject to comprehensive regulations. The enactment of new legislation or regulations, as well as changes in interpretation and enforcement of current laws, may affect the manner of operation, performance and/or yield of money market funds.

Mortgage-Backed Securities Risk — Mortgage-backed securities are affected by, among other things, interest rate changes and the possibility of prepayment of the underlying mortgage loans. Mortgage-backed securities are also subject to the risk that underlying borrowers will be unable to meet their obligations.

Multi-Manager Risk — The Adviser may be unable to identify and retain sub-advisers who achieve superior investment records relative to other similar investments or effectively allocate the Fund’s assets among sub-advisers to enhance the return and reduce the volatility that would typically be expected of any one management style. While the Adviser monitors the investments of each sub-adviser and monitors the overall management of the Fund, each sub-adviser makes investment decisions for the assets it manages independently from one another. It is possible that the investment styles used by a sub-adviser will not always be complementary to those used by others, which could adversely affect the performance of the Fund. A multi-manager fund may, under certain circumstances, incur trading costs that might not occur in a fund that is served by a single adviser.

Municipal Bonds Risk — The Fund could be impacted by events in the municipal securities market. Negative events, such as severe fiscal difficulties, bankruptcy, an economic downturn, unfavorable legislation, court rulings or political developments could adversely affect the ability of municipal issuers to repay principal and to make interest payments.

Portfolio Turnover Risk — Due to its investment strategies, the Fund may buy and sell securities frequently. This may result in higher transaction costs and additional capital gains tax liabilities.


THE ADVISORS’ INNER CIRCLE FUND		CORNERSTONE ADVISORS FUNDS
		October 31, 2020

Prepayment and Extension Risk — When interest rates fall, issuers of high interest debt obligations may pay off the debts earlier than expected (prepayment risk), and the Fund may have to reinvest the proceeds at lower yields. When interest rates rise, issuers of lower interest debt obligations may pay off the debts later than expected (extension risk), thus keeping the Fund’s assets tied up in lower interest debt obligations.

Private Placements Risk — Investment in privately placed securities may be less liquid than investments in publicly traded securities. Although these securities may be resold in privately negotiated transactions, the prices realized from these sales could be less than those originally paid by the Fund or less than what may be considered the fair value of such securities. Further, companies whose securities are not publicly traded may not be subject to the disclosure and other investor protection requirements that might be applicable if their securities were publicly traded.

Quantitative Model Risk — Funds that are managed according to a quantitative model can perform differently from the market as a whole based on the factors used in the model, the weight placed on each factor and changes from the factors’ historical trends. Due to the significant role technology plays in a quantitative model, use of a quantitative model carries the risk of potential issues with the design, coding, implementation or maintenance of the computer programs, data and/or other technology used in the quantitative model. These issues could negatively impact investment returns. Such risks should be viewed as an inherent element of investing in an investment strategy that relies heavily upon a quantitative model.

Sector Focus Risk — Because the Fund’s investments may, from time to time, be more heavily invested in particular sectors, the value of its shares may be especially sensitive to factors and economic risks that specifically affect those sectors. As a result, the Fund’s share price may fluctuate more widely than the value of shares of a mutual fund that invests in a broader range of sectors. The specific risks for each of the sectors in which the Fund may focus its investments include the additional risks are described in the Funds’ Prospectus.

Small and Medium Capitalization Companies Risk — The smaller and medium capitalization companies in which the Fund invests may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, small and medium capitalization companies may have limited product lines, markets and financial resources and may depend upon a relatively small management group. Therefore, small and medium capitalization stocks may be more volatile than those of larger companies. Small and medium capitalization stocks may be traded over-the-counter or listed on an exchange.

Sovereign Debt Risk — The Fund’s investments in foreign sovereign debt securities are subject to the risks that: (i) the governmental entity that controls the repayment of sovereign debt may not be willing or able to repay the principal and/or interest when it becomes due, due to factors such as debt service burden, political constraints, cash flow problems and other national economic factors; (ii) governments may default on their debt securities, which may require holders of such securities to participate in debt rescheduling or additional lending to defaulting governments; and (iii) there is no bankruptcy proceeding by which defaulted sovereign debt may be collected in whole or in part.

Structured Notes Risk — Structured notes are specially-designed derivative debt instruments in which the terms may be structured by the purchaser and the issuer of the note. The Fund bears the risk that the issuer of the structured note will default. The Fund also bears the risk of loss of its principal investment and periodic payments expected to be received for the duration of its investment. In addition, a liquid market may not exist for the structured notes. The lack of a liquid market may make it difficult to sell the structured notes at an acceptable price or to accurately value them.

Supranational Entities Risk — Government members, or “stockholders,” usually make initial capital contributions to a supranational entity and in many cases are committed to make additional capital contributions if the supranational entity is unable to repay its borrowings. There is no guarantee, however, that one or more stockholders of the supranational entity will continue to make any necessary additional capital contributions. If such contributions are not made, the entity may be unable to pay interest or repay principal on its debt securities, and the Fund may lose money on such investments.

Underlying Fund Risk — The Fund’s performance is subject to the risks associated with the securities and other investments held by the Underlying Funds in which the Fund may invest. The ability of the Fund to achieve its investment objective may depend upon the ability of the Underlying Funds to achieve their investment objectives. When the Fund invests in an underlying fund, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the underlying fund’s expenses.

Unregistered Fund Risk — Investments in unregistered funds are subject to additional risks beyond those associated with investments in registered investment companies, because investments in unregistered funds do not have the benefit of the protections afforded by the Investment Company Act of 1940, as amended (the “1940 Act”), to investors in registered investment companies. In addition, investments in unregistered funds are often illiquid and difficult to value, their marketability may be restricted and the realization of investments from them may take considerable time and/or be costly, in particular because they may have restrictions that allow redemptions only at specific infrequent dates with considerable notice periods and apply lock-ups and/or redemption fees.

U.S. Government Securities Risk — U.S. Government securities are not guaranteed against price movements due to changing interest rates. Obligations issued by some U.S. Government agencies are backed by the U.S. Treasury, while others are backed solely by the ability of the agency to borrow from the U.S. Treasury or by the agency’s own resources.

Value Investment Style Risk — An investment in value stocks presents the risk that the stocks may never reach what the Adviser or a sub-adviser believes are their full market values, either because the market fails to recognize what the Adviser or a sub-adviser considers to be the companies’ true business values or because the Adviser or sub-adviser misjudged those values. In addition, value stocks may fall out of favor with investors and underperform growth stocks during given periods.

Valuation Risk — The risk that a security may be difficult to value. The Fund may value certain securities at a price higher than the price at which they can be sold. This risk may be especially pronounced for investments that are illiquid or may become illiquid.

Warrants Risk — Warrants are instruments that entitle the holder to buy an equity security at a specific price for a specific period of time. Warrants may be more speculative than other types of investments. The price of a warrant may be more volatile than the price of its underlying security, and an investment in a warrant may therefore create greater potential for capital loss than an investment in the underlying security. A warrant ceases to have value if it is not exercised prior to its expiration date.


THE ADVISORS’ INNER CIRCLE FUND		CORNERSTONE ADVISORS FUNDS
		October 31, 2020

10. Other:

At October 31, 2020, the percentage of total shares outstanding held by shareholders for each Fund, which are comprised of omnibus accounts that are held on behalf of various individual shareholders, was as follows:


	No. of Shareholders		% Ownership
	No. of Shareholders		% Ownership
Global Public Equity Fund		1		99	%
Core Plus Bond Fund		1		99	%

In the normal course of business, the Funds enter into contracts that provide general indemnifications. The Funds’ maximum exposure under these arrangements is dependent on future claims that may be made against the Funds and, therefore, cannot be established; however, based on experience, the risk of loss from such claims is considered remote.

11. New Accounting Pronouncements:

In October 2020, FASB issued Accounting Standards Update (“ASU”), ASU 2020-08, Receivables — Nonrefundable Fees and Other Costs (Codification Improvements Subtopic 310-20), Premium Amortization on Purchased Callable Debt Securities. ASU 2020-08 is an update of ASU No. 2017-08, which amends the amortization period of certain purchased callable debt securities held at a premium, shortening such period to the earliest call date. The ASU 2017-08 does not require any accounting change for debt securities held at a discount; the discount continues to be amortized to maturity. ASU 2020-08 updates the amortization period for callable debt securities to be amortized to the next call date. For purposes of this update, the next call date is the first date when a call option at a specified price becomes exercisable. Once that date has passed, the next call date is when the next call option at a specified price becomes exercisable, if applicable. The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. The adoption of this guidance did not have a material impact on the financial statements.

In August 2018, The FASB issued ASU 2018-13, Fair Value Measurement (Topic 820). The new guidance includes additions and modifications to disclosures requirements for fair value measurements. For public entities, the amendments are effective for financial statements issued for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. The Funds early adopted this guidance as of November 1, 2019. The adoption of this guidance did not have a material impact on the financial statements.

In March 2020, FASB issued ASU 2020-04, Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The main objective of the new guidance is to provide relief to companies that will be impacted by the expected change in benchmark interest rates at the end of 2021, when participating banks will no longer be required to submit LIBOR quotes by the FCA. The new guidance allows companies to, provided the only change to existing contracts are a change to an approved benchmark interest rate, account for modifications as a continuance of the existing contract without additional analysis. For new and existing contracts, the Funds may elect to apply the amendments as of March 12, 2020 through December 31, 2022. Management is currently assessing the impact of the ASU’s adoption to the Funds’ financial statements and various filings.

12. Subsequent Events:

The Funds have evaluated the need for additional disclosures and/or adjustments resulting from subsequent events through the date the financial statements were issued.

On November 11, 2020, a special meeting (the “Meeting”) of the Funds’ shareholders was held to vote on a proposal (the “Proposal”) to approve a new investment advisory agreement (the “New Agreement”) between the Trust, on behalf of the Funds, and Pathstone Family Office, LLC (“Pathstone” or the “Adviser”). Prior to the Meeting, Pathstone served as investment adviser to the Funds pursuant to an interim investment advisory agreement between the Trust, on behalf of the Funds, and Pathstone, which became effective on September 30, 2020 upon Pathstone’s purchase of substantially all of the net assets of Cornerstone Advisors, Inc., the Funds’ predecessor adviser.

Shareholders of the Funds approved the Proposal at the Meeting. The New Agreement became effective on November 11, 2020, and accordingly Pathstone now serves as investment adviser to the Funds pursuant to the New Agreement.

Pathstone Family Office, LLC, a Delaware limited liability company formed in 2010 and located at 10 Sterling Boulevard, Suite 402, Englewood, NJ 07631, serves as the Funds’ investment adviser. Pathstone is wholly owned by Pathstone Holdings, LLC, which is further owned by LM Checkmark Holdings LLC and certain employees and clients of Pathstone.

Based on this evaluation, no additional disclosures and/or adjustments were required to the financial statements.


THE ADVISORS’ INNER CIRCLE FUND		CORNERSTONE ADVISORS FUNDS
		October 31, 2020

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of The Advisors’ Inner Circle Fund and Shareholders of Cornerstone Advisors Global Public Equity Fund and Cornerstone Advisors Core Plus Bond Fund:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statements of assets and liabilities of Cornerstone Advisors Global Public Equity Fund and Cornerstone Advisors Core Plus Bond Fund, (collectively the “Funds”, each a portfolio of The Advisors’ Inner Circle Fund), including the schedules of investments, as of October 31, 2020, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended (as to Cornerstone Advisors Core Plus Bond Fund, each of the four years in the period then ended and the period from August 30, 2016 (commencement of operations) to October 31, 2016), and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the funds constituting the Advisors’ Inner Circle Fund as of October 31, 2020, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended (as to Cornerstone Advisors Core Plus Bond Fund, each of the four years in the period then ended and the period from August 30, 2016 (commencement of operations) to October 31, 2016.) then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2020, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

DELOITTE & TOUCHE LLP

Costa Mesa, California

December 24, 2020

We have served as the auditor of one or more Advisors’ Inner Circle Fund investment companies since 2012.


THE ADVISORS’ INNER CIRCLE FUND		CORNERSTONE ADVISORS FUNDS
		October 31, 2020
		(Unaudited)

TRUSTEES AND OFFICERS OF THE ADVISORS’ INNER CIRCLE FUND

Set forth below are the names, years of birth, position with the Trust and length of time served, and the principal occupations and other directorships held during at least the last five years of each of the persons currently serving as Trustees and Officers of the Trust. Unless otherwise noted, the business address of each Trustee is SEI Investments Company, One Freedom Valley Drive, Oaks, Pennsylvania 19456. Trustees who are deemed not to be interested persons of the Trust are referred to as “Independent Trustees”.” Messrs. Nesher and Klauder are Trustees who may be deemed to be “interested persons” of the Fund as that term is defined in the 1940 Act by virtue of their affiliation with the Trust’s Distributor. The Trust’s Statement of Additional Information (“SAI”) includes additional information about the Trustees and Officers. The SAI may be obtained without charge by calling 1-888-762-1442. The following chart lists Trustees and Officers as of October 31, 2020.


Name and Year of Birth	Position with Trust and Length of Time Served¹	Principal Occupation in the Past Five Years	Other Directorships Held in the Past Five Years²
INTERESTED TRUSTEES^3,4

Robert Nesher (Born: 1946)	Chairman of the Board of Trustees (since 1991)	SEI employee 1974 to present; currently performs various services on behalf of SEI Investments for which Mr. Nesher is compensated. President, Chief Executive Officer and Trustee of SEI Daily Income Trust, SEI Tax Exempt Trust, SEI Institutional Managed Trust, SEI Institutional International Trust, SEI Institutional Investments Trust, SEI Asset Allocation Trust, Adviser Managed Trust, New Covenant Funds, SEI Insurance Products Trust and SEI Catholic Values Trust. President and Director of SEI Structured Credit Fund, LP. Vice Chairman of O’Connor EQUUS (closed-end investment company) to 2016. President, Chief Executive Officer and Trustee of SEI Liquid Asset Trust to 2016. Vice Chairman of Winton Series Trust to 2017. Vice Chairman of Winton Diversified Opportunities Fund (closed-end investment company), The Advisors’ Inner Circle Fund III, Gallery Trust, Schroder Series Trust and Schroder Global Series Trust to 2018.	Current Directorships: Trustee of The Advisors’ Inner Circle Fund II, Bishop Street Funds, The KP Funds, Frost Family of Funds, SEI Daily Income Trust, SEI Institutional International Trust, SEI Institutional Investments Trust, SEI Institutional Managed Trust, SEI Asset Allocation Trust, SEI Tax Exempt Trust, Adviser Managed Trust, New Covenant Funds, SEI Insurance Products Trust and SEI Catholic Values Trust. Director of SEI Structured Credit Fund, LP, SEI Global Master Fund plc, SEI Global Assets Fund plc, SEI Global Investments Fund plc, SEI Investments—Global Funds Services, Limited, SEI Investments Global, Limited, SEI Investments (Europe) Ltd., SEI Investments—Unit Trust Management (UK) Limited, SEI Multi-Strategy Funds PLC and SEI Global Nominee Ltd. Former Directorships: Trustee of SEI Liquid Asset Trust to 2016.
N. Jeffrey Klauder (Born: 1952)	Trustee (since 2018)	Senior Advisor of SEI Investments since 2018. Executive Vice President and General Counsel of SEI Investments, 2004 to 2018.	Current Directorships: Trustee of The Advisors’ Inner Circle Fund II, Bishop Street Funds and The KP Funds. Director of SEI Private Trust Company, SEI Global Fund Services Ltd., SEI Investments Global Limited, SEI Global Master Fund, SEI Global Investments Fund and SEI Global Assets Fund. Former Directorships: Trustee of SEI Investments Management Corporation, SEI Trust Company, SEI Investments (South Africa), Limited and SEI Investments (Canada) Company to 2018.

1	Each Trustee shall hold office during the lifetime of this trust until the election and qualification of his or her successor, or until he or she sooner dies, resigns, or is removed in accordance with the Trust’s Declaration of Trust.

2	Directorships of Companies required to report to the Securities and Exchange Commission under the Securities Exchange act of 1934 (i.e., “public investment companies”) or other investment companies under the 1940 Act.

3	Trustees oversee 43 funds in The Advisors’ Inner Circle Fund.

4	Denotes Trustees who may be deemed to be “interested” persons of the Fund as that term is defined in the 1940 Act by virtue of their affiliation with the Distributor and/or its affiliates.


THE ADVISORS’ INNER CIRCLE FUND		CORNERSTONE ADVISORS FUNDS
		October 31, 2020
		(Unaudited)

TRUSTEES AND OFFICERS OF THE ADVISORS’ INNER CIRCLE FUND


Name and Year of Birth	Position with Trust and Length of Time Served¹	Principal Occupation in the Past Five Years	Other Directorships Held in the Past Five Years²
INDEPENDENT TRUSTEES³ (continued)

Joseph T. Grause, JR. (Born: 1952)	Trustee (since 2011) Lead Independent Trustee (since 2018)	Self-Employed Consultant since 2012. Director of Endowments and Foundations, Morningstar Investment Management, Morningstar, Inc., 2010 to 2011. Director of International Consulting and Chief Executive Officer of Morningstar Associates Europe Limited, Morningstar, Inc., 2007 to 2010. Country Manager — Morningstar UK Limited, Morningstar, Inc., 2005 to 2007.	Current Directorships: Trustee of The Advisors’ Inner Circle Fund II, Bishop Street Funds, The KP Funds and Frost Family of Funds. Director of RQSI GAA Systematic Global Macro Fund, Ltd. Former Directorships: Director of The Korea Fund, Inc. to 2019.
Mitchell A. Johnson (Born: 1942)	Trustee (since 2005)	Retired. Private investor since 1994.	Current Directorships: Trustee of The Advisors’ Inner Circle Fund II, Bishop Street Funds, The KP Funds, SEI Asset Allocation Trust, SEI Daily Income Trust, SEI Institutional International Trust, SEI Institutional Managed Trust, SEI Institutional Investments Trust, SEI Tax Exempt Trust, Adviser Managed Trust, New Covenant Funds, SEI Insurance Products Trust and SEI Catholic Values Trust. Director of Federal Agricultural Mortgage Corporation (Farmer Mac) since 1997 and RQSI GAA Systematic Global Macro Fund, Ltd. Former Directorships: Trustee of SEI Liquid Asset Trust to 2016.
Betty L. Krikorian (Born: 1943)	Trustee (since 2005)	Vice President, Compliance, AARP Financial Inc., from 2008 to 2010. Self-Employed Legal and Financial Services Consultant since 2003. Counsel (in-house) for State Street Bank from 1995 to 2003.	Current Directorships: Trustee of The Advisors’ Inner Circle Fund II, Bishop Street Funds and The KP Funds. Director of RQSI GAA Systematic Global Macro Fund, Ltd.
Robert Mulhall (Born: 1958)	Trustee (since 2019)	Partner, Ernst & Young LLP, from 1998 to 2018.	Current Directorships: Trustee of The Advisors’ Inner Circle Fund II, Bishop Street Funds, The KP Funds and Frost Family of Funds. Director of RQSI GAA Systematic Global Macro Fund, Ltd. Former Directorships: Trustee of Villanova University Alumni Board of Directors to 2018.
Bruce R. Speca (Born: 1956)	Trustee (since 2011)	Global Head of Asset Allocation, Manulife Asset Management (subsidiary of Manulife Financial), 2010 to 2011. Executive Vice President — Investment Management Services, John Hancock Financial Services (subsidiary of Manulife Financial), 2003 to 2010.	Current Directorships: Trustee of The Advisors’ Inner Circle Fund II, Bishop Street Funds, The KP Funds and Frost Family of Funds. Director of Stone Harbor Investments Funds (8 Portfolios), Stone Harbor Emerging Markets Income Fund (closed-end fund) and Stone Harbor Emerging Markets Total Income Fund (closed-end fund). Director of RQSI GAA Systematic Global Macro Fund, Ltd.

1	Each Trustee shall hold office during the lifetime of this trust until the election and qualification of his or her successor, or until he or she sooner dies, resigns, or is removed in accordance with the Trust’s Declaration of Trust.

2	Directorships of Companies required to report to the Securities and Exchange Commission under the Securities Exchange act of 1934 (i.e., “public investment companies”) or other investment companies under the 1940 Act.

3	Trustees oversee 43 funds in The Advisors’ Inner Circle Fund.


THE ADVISORS’ INNER CIRCLE FUND		CORNERSTONE ADVISORS FUNDS
		October 31, 2020
		(Unaudited)

TRUSTEES AND OFFICERS OF THE ADVISORS’ INNER CIRCLE FUND


Name and Year of Birth	Position with Trust and Length of Time Served¹	Principal Occupation in the Past Five Years	Other Directorships Held in the Past Five Years²
INDEPENDENT TRUSTEES³
(continued)

George J. Sullivan, Jr. (Born: 1942)	Trustee (since 1999)	Retired since 2012. Self-Employed Consultant, Newfound Consultants Inc., 1997 to 2011	Current Directorships: Trustee/Director of The Advisors’ Inner Circle Fund II, Bishop Street Funds, The KP Funds, SEI Structured Credit Fund, LP, SEI Daily Income Trust, SEI Institutional International Trust, SEI Institutional Investments Trust, SEI Institutional Managed Trust, SEI Asset Allocation Trust, SEI Tax Exempt Trust, Adviser Managed Trust, New Covenant Funds, SEI Insurance Products Trust and SEI Catholic Values Trust. Director of RQSI GAA Systematic Global Macro Fund, Ltd. Former Directorships: Trustee of SEI Liquid Asset Trust to 2016. Trustee/ Director of State Street Navigator Securities Lending Trust to 2017. Member of the independent review committee for SEI’s Canadian-registered mutual funds to 2017.
OFFICERS

Michael Beattie (Born: 1965)	President (since 2011)	Director of Client Service, SEI Investments, since 2004.	None.
James Bernstein (Born: 1962)	Vice President and Assistant Secretary (since 2017)	Attorney, SEI Investments, since 2017. Prior Positions: Self-employed consultant, 2017. Associate General Counsel & Vice President, Nationwide Funds Group and Nationwide Mutual Insurance Company, from 2002 to 2016. Assistant General Counsel & Vice President, Market Street Funds and Provident Mutual Insurance Company, from 1999 to 2002.	None.
John Bourgeois (Born: 1973)	Assistant Treasurer (since 2017)	Fund Accounting Manager, SEI Investments, since 2000.	None.
Stephen Connors (Born: 1984)	Treasurer, Controller and Chief Financial Officer (since 2015)	Director, SEI Investments, Fund Accounting since 2014. Audit Manager, Deloitte & Touche LLP, from 2011 to 2014.	None.

1	Each Trustee shall hold office during the lifetime of this trust until the election and qualification of his or her successor, or until he or she sooner dies, resigns, or is removed in accordance with the Trust’s Declaration of Trust.

2	Directorships of Companies required to report to the Securities and Exchange Commission under the Securities Exchange act of 1934 (i.e., “public investment companies”) or other investment companies under the 1940 Act.

3	Trustees oversee 43 funds in The Advisors’ Inner Circle Fund.


THE ADVISORS’ INNER CIRCLE FUND		CORNERSTONE ADVISORS FUNDS
		October 31, 2020
		(Unaudited)

TRUSTEES AND OFFICERS OF THE ADVISORS’ INNER CIRCLE FUND


Name and Year of Birth	Position with Trust and Length of Time Served	Principal Occupation in the Past Five Years	Other Directorships Held in the Past Five Years
OFFICERS (continued)

Russell Emery (Born: 1962)	Chief Compliance Officer (since 2006)	Chief Compliance Officer of SEI Structured Credit Fund, LP since 2007. Chief Compliance Officer of The Advisors’ Inner Circle Fund, The Advisors’ Inner Circle Fund II, Bishop Street Funds, The KP Funds, Frost Family of Funds, The Advisors’ Inner Circle Fund III, Gallery Trust, Schroder Series Trust, Schroder Global Series Trust, SEI Institutional Managed Trust, SEI Asset Allocation Trust, SEI Institutional International Trust, SEI Institutional Investments Trust, SEI Daily Income Trust, SEI Tax Exempt Trust, Adviser Managed Trust, New Covenant Funds, SEI Insurance Products Trust and SEI Catholic Values Trust. Chief Compliance Officer of O’Connor EQUUS (closed-end investment company) to 2016. Chief Compliance Officer of SEI Liquid Asset Trust to 2016. Chief Compliance Officer of Winton Series Trust to 2017. Chief Compliance Officer of Winton Diversified Opportunities Fund (closed-end investment company) to 2018.	None.

Eric C. Griffith (Born: 1969)	Vice President and Assistant Secretary (since 2019)	Counsel at SEI Investments since 2019. Vice President and Assistant General Counsel, JPMorgan Chase & Co., from 2012 to 2018.	None.

Matthew M. Maher (Born: 1975)	Vice President and Assistant Secretary (since 2018)	Counsel at SEI Investments since 2018. Attorney, Blank Rome LLP, from 2015 to 2018. Assistant Counsel & Vice President, Bank of New York Mellon, from 2013 to 2014. Attorney, Dilworth Paxson LLP, from 2006 to 2013.	None.

Robert Morrow (Born: 1968)	Vice President (since 2017)	Account Manager, SEI Investments, since 2007.	None.

Bridget E. Sudall (Born: 1980)	Anti-Money Laundering Compliance Officer and Privacy Officer (since 2015)	Senior Associate and AML Officer, Morgan Stanley Alternative Investment Partners, from 2011 to 2015. Investor Services Team Lead, Morgan Stanley Alternative Investment Partners, from 2007 to 2011.	None.


THE ADVISORS’ INNER CIRCLE FUND		CORNERSTONE ADVISORS FUNDS
		October 31, 2020
		(Unaudited)

DISCLOSURE OF FUND EXPENSES

All mutual funds have operating expenses. As a shareholder of a mutual fund, your investment is affected by these ongoing costs, which include (among others) costs for portfolio management, administrative services, and shareholder reports like this one. It is important for you to understand the impact of these costs on your investment returns.

Operating expenses such as these are deducted from the mutual fund’s gross income and directly reduce your final investment return. These expenses are expressed as a percentage of the mutual fund’s average net assets; this percentage is known as the mutual fund’s expense ratio.

The following examples use the expense ratio and are intended to help you understand the ongoing costs (in dollars) of investing in your Fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period (May 1, 2020 to October 31, 2020).

The table below illustrates your Fund’s costs in two ways:

Actual Fund Return. This section helps you to estimate the actual expenses after fee waivers that your Fund incurred over the period. The Expenses Paid During Period column shows the actual dollar expense cost incurred by a $1,000 investment in the Fund, and the Ending Account Value number is derived from deducting that expense cost from the Fund’s gross investment return.

You can use this information, together with the actual amount you invested in the Fund, to estimate the expenses you paid over that period. Simply divide your account value by $1,000 to arrive at a ratio (for example, an $8,600 account value divided by $1,000 = $8.6), then multiply that ratio by the number shown for your Fund under Expenses Paid During Period.”

Hypothetical 5% Return. This section helps you compare your Fund’s costs with those of other mutual funds. It assumes that the Fund had an annual 5% return before expenses during the period, but that the expense ratio (Column 3) is unchanged. This example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to make this 5% calculation. You can assess your Fund’s comparative cost by comparing the hypothetical result for your Fund in the Expense Paid During Period column with those that appear in the same charts in the shareholder reports for other mutual funds.

NOTE: Because the hypothetical return is set at 5% for comparison purposes NOT your Fund’s actual return, the account values shown do not apply to your specific investment.


	Beginning Account Value 5/1/20		Ending Account Value 10/31/20		Annualized Expense Ratios		Expenses Paid During Period*
Cornerstone Advisors Global Public Equity Fund

Actual Fund Return	$	1,000.00	$	1,168.40		1.01%		$ 5.51
Hypothetical 5% Return	$	1,000.00	$	1,020.06		1.01%		$ 5.13
Cornerstone Advisors Core Plus Bond Fund

Actual Fund Return	$	1,000.00	$	1,021.70		0.60%		$ 3.05
Hypothetical 5% Return	$	1,000.00	$	1,022.12		0.60%		$ 3.05

*	Expenses are equal to the Funds annualized expense ratio multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half period shown).


THE ADVISORS’ INNER CIRCLE FUND		CORNERSTONE ADVISORS FUNDS
		October 31, 2020 (Unaudited)

BOARD CONSIDERATIONS IN APPROVING THE ADVISORY AGREEMENT AND SUB-ADVISORY AGREEMENTS FOR CORNERSTONE ADVISORS GLOBAL PUBLIC EQUITY FUND

Board Considerations in Approving a Sub-Advisory Agreement between Cornerstone Advisors, Inc. and EAM Investors, LLC for the Cornerstone Advisors Global Public Equity Fund

Pursuant to Section 15 of the Investment Company Act of 1940 (the “1940 Act”), the Fund’s sub-advisory agreements must be approved by the vote of a majority of the members of the Board of Trustees (the “Board” or the “Trustees”) of The Advisors’ Inner Circle Fund (the “Trust”) who are not parties to the agreements or “interested persons” of any party thereto, as defined in the 1940 Act, cast in person at a meeting called for the purpose of voting on such approval.

A Board meeting was held on November 19, 2019 to decide whether to approve an investment sub-advisory agreement between Cornerstone Advisors, Inc. (the “Adviser”) and EAM Investors, LLC (“EAM”) with respect to the Fund (the “New Sub-Advisory Agreement”) for an initial two-year term, pursuant to which EAM would serve as an investment sub-adviser to the Fund.

In preparation for the meeting, the Trustees requested that the Adviser and EAM furnish information necessary to evaluate the terms of the New Sub-Advisory Agreement. The Trustees used this information, as well as other information that the Adviser, EAM and other service providers of the Fund presented or submitted to the Board at the meeting, to help them decide whether to approve the New Sub-Advisory Agreement for an initial two-year term.

Specifically, the Board requested and received written materials from the Adviser, EAM and other service providers of the Fund regarding, among other things: (i) the nature, extent and quality of the services to be provided by EAM; (ii) EAM’s investment management personnel; (iii) EAM’s operations and financial condition; (iv) EAM’s brokerage practices (including any soft dollar arrangements) and investment strategies; (v) the proposed sub-advisory fee to be paid to EAM and the Fund’s overall fees and operating expenses; (vi) EAM’s compliance program, including a description of material compliance matters and material compliance violations; (vii) EAM’s policies on and compliance procedures for personal securities transactions; (viii) EAM’s investment experience; (ix) the Adviser’s rationale for recommending EAM; and (x) EAM’s performance in managing comparably managed accounts.

Representatives from the Adviser and EAM, along with other Fund service providers, presented additional information and participated in question and answer sessions in-person or telephonically at the meeting to help the Trustees evaluate EAM’s services, fee and other aspects of the New Sub-Advisory Agreement.

Based on their evaluation of the information provided by the Adviser and EAM, the Trustees, including all of the trustees who are not parties to the New Sub-Advisory Agreement nor are considered “interested persons” (as such term is defined in the 1940 Act) of any party to the New Sub-Advisory Agreement (the “Independent Trustees”), voting separately, approved the New Sub-Advisory Agreement at the meeting. In considering the approval of the New Sub-Advisory Agreement, the Board considered various factors that they determined were relevant, including: (i) the nature, extent and quality of the services to be provided by EAM; and (ii) the fees to be paid to EAM, as discussed in further detail below.

•

Nature, Extent and Quality of Services to be Provided by EAM

In considering the nature, extent and quality of the services to be provided by EAM, the Board reviewed the portfolio management services to be provided by EAM to the Fund, including the quality and continuity of EAM’s portfolio management personnel, the resources of EAM and EAM’s compliance history and compliance program. The Trustees reviewed the terms of the proposed New Sub-Advisory Agreement. The Trustees also reviewed EAM’s proposed investment and risk management approaches for the Fund. The Trustees considered that the Adviser would supervise and monitor the performance of EAM. The most recent investment adviser registration form (“Form ADV”) for EAM was available to the Board, as was the response of EAM to a detailed series of questions which included, among other things, information about the investment sub-advisory services to be provided by EAM to the Fund.

The Trustees also considered other services to be provided to the Fund by EAM such as selecting broker-dealers for executing portfolio transactions, monitoring adherence to the Fund’s investment restrictions, and monitoring compliance with various Fund policies and procedures and with applicable securities laws and regulations. Based on the factors above, as well as those discussed below, the Board concluded, within the context of its full deliberations, that the nature, extent and quality of the services to be provided to the Fund by EAM would be satisfactory.

•

Costs of Advisory Services

In considering the advisory fee payable by the Fund to EAM, the Trustees reviewed, among other things, the proposed advisory fee to be paid to EAM. The Trustees also reviewed pro forma fee and expense information, as well as the management fees charged by EAM to other clients with comparable mandates. The Trustees considered any differences in management fees and took into account the respective demands, resources and complexity associated with the Fund and other client accounts as well as the extensive regulatory, compliance and tax regimes to which the Fund is subject. The Trustees also considered that the fee payable to EAM would reflect an arms-length negotiation between the Adviser and EAM. The Board concluded, within the context of its full deliberations, that the advisory fee was reasonable in light of the nature and quality of the services expected to be rendered by EAM.


THE ADVISORS’ INNER CIRCLE FUND		CORNERSTONE ADVISORS FUNDS
		October 31, 2020 (Unaudited)

•

Investment Performance, Profitability and Economies of Scale

Because EAM is new to the Fund and had not managed Fund assets, it did not yet have an investment performance record with respect to the Fund and it was not possible to determine the profitability that EAM might achieve with respect to the Fund or the extent to which economies of scale would be realized by EAM as the assets of the Fund grow. Accordingly, the Trustees did not make any conclusions regarding EAM’s investment performance with respect to the Fund, EAM’s profitability, or the extent to which economies of scale would be realized by EAM as the assets of the Fund grow, but will do so during future considerations of the New Sub-Advisory Agreement.

•

Approval of the New Sub-Advisory Agreement

Based on the Board’s deliberations and its evaluation of the information described above and other factors and information it believed relevant in the exercise of its reasonable business judgment, the Board, including all of the Independent Trustees, with the assistance of Fund counsel and Independent Trustees’ counsel, unanimously concluded that the terms of the New Sub-Advisory Agreement, including the fee to be paid thereunder, were fair and reasonable and agreed to approve the New Sub-Advisory Agreement for an initial term of two years. In its deliberations, the Board did not identify any absence of information as material to its decision, or any particular factor (or conclusion with respect thereto) or single piece of information that was all-important, controlling or determinative of its decision, but considered all of the factors together, and each Trustee may have attributed different weights to the various factors (and conclusions with respect thereto) and information.

Board Considerations in Renewing Sub-Advisory Agreements for the Cornerstone Advisors Global Public Equity Fund

Pursuant to Section 15 of the Investment Company Act of 1940 (the “1940 Act”), the Fund’s sub-advisory agreements must be renewed at least annually after their initial two-year term: (i) by the vote of the Board of Trustees (the “Board” or the “Trustees”) of The Advisors’ Inner Circle Fund (the “Trust”) or by a vote of a majority of the shareholders of the Fund; and (ii) by the vote of a majority of the Trustees who are not parties to the sub-advisory agreements or “interested persons” of any party thereto, as defined in the 1940 Act (the “Independent Trustees”), cast in person at a meeting called for the purpose of voting on such renewal.

A Board meeting was held on February 25, 2020 to decide whether to renew the sub-advisory agreements (the “Agreements”) between Cornerstone Advisors, Inc. (the “Adviser”) and the following sub-advisers (each, a “Sub-Adviser” and together, the “Sub-Advisers”), pursuant to which the Sub-Advisers serve as investment sub-advisers to the Fund for additional one-year terms:

Sub-Adviser

LSV Asset Management

Parametric Portfolio Associates LLC

Thornburg Investment Management, Inc.

In preparation for the meeting, the Trustees requested that the Sub-Advisers furnish information necessary to evaluate the terms of the Agreements. Prior to the meeting, the Independent Trustees of the Fund met to review and discuss the information provided and submitted a request for additional information to the Sub-Advisers, and information was provided in response to this request. The Trustees used this information, as well as other information that the Sub-Advisers and other service providers of the Fund presented or submitted to the Board at the meeting and other meetings held during the prior year, to help them decide whether to renew the Agreements for an additional year.

Specifically, the Board requested and received written materials from the Sub-Advisers and other service providers of the Fund regarding: (i) the nature, extent and quality of the Sub-Advisers’ services; (ii) the Sub-Advisers’ investment management personnel; (iii) the Sub-Advisers’ operations and financial condition; (iv) the Sub-Advisers’ brokerage practices (including any soft dollar arrangements) and investment strategies; (v) the Fund’s sub-advisory fees paid to the Sub-Advisers and the Fund’s overall fees and operating expenses compared with a peer group of mutual funds; (vi) the level of the Sub-Advisers’ profitability from their relationships with the Fund, including both direct and indirect benefits accruing to the Sub-Advisers and their affiliates; (vii) the Sub-Advisers’ potential economies of scale; (viii) the Sub-Advisers’ compliance programs, including a description of material compliance matters and material compliance violations; (ix) the Sub-Advisers’ policies on and compliance procedures for personal securities transactions; and (x) the Fund’s performance attributable to the Sub-Advisers and overall performance compared with a peer group of mutual funds and the Fund’s benchmark index.

Representatives from the Sub-Advisers, along with other Fund service providers, presented additional information and participated in question and answer sessions at the Board meeting to help the Trustees evaluate the Sub-Advisers’ services, fees and other aspects of the Agreements. The Independent Trustees received advice from independent counsel and met in executive sessions outside the presence of Fund management and the Sub-Advisers.

At the Board meeting, the Trustees, including all of the Independent Trustees, based on their evaluation of the information provided by the Sub-Advisers and other service providers of the Fund, renewed the Agreements. In considering the renewal of the Agreements, the Board considered various factors that they determined were relevant, including: (i) the nature, extent and quality of the services provided by the Sub-Advisers; (ii) the investment performance of the Fund and the Sub-Advisers; (iii) the costs of the services provided and profits realized by the Sub-Advisers from their relationships with the Fund, including both direct and indirect benefits accruing to the Sub-Advisers and their affiliates; (iv) the extent to which economies of scale are being realized by the Sub-Advisers; and (v) whether fee levels reflect such economies of scale for the benefit of Fund investors, as discussed in further detail below.


THE ADVISORS’ INNER CIRCLE FUND		CORNERSTONE ADVISORS FUNDS
		October 31, 2020 (Unaudited)

•

Nature, Extent and Quality of Services Provided by the Sub-Advisers

In considering the nature, extent and quality of the services provided by the Sub-Advisers, the Board reviewed the portfolio management services provided by the Sub-Advisers to the Fund, including the quality and continuity of the Sub-Advisers’ portfolio management personnel, the resources of the Sub-Advisers, and the Sub-Advisers’ compliance histories and compliance programs. The Trustees reviewed the terms of the Agreements. The Trustees also reviewed the Sub-Advisers’ investment and risk management approaches for the Fund. The Trustees considered that the Adviser supervises and monitors the performance of the Sub-Advisers. The most recent investment adviser registration forms (“Form ADV”) for the Sub-Advisers were available to the Board, as were the responses of the Sub-Advisers to a detailed series of questions which included, among other things, information about the investment advisory services provided by the Sub-Advisers to the Fund.

The Trustees also considered other services provided to the Fund by the Sub-Advisers such as selecting broker-dealers for executing portfolio transactions, monitoring adherence to the Fund’s investment restrictions, and monitoring compliance with various Fund policies and procedures and with applicable securities laws and regulations. Based on the factors above, as well as those discussed below, the Board concluded, within the context of its full deliberations, that the nature, extent and quality of the services provided to the Fund by the Sub-Advisers were sufficient to support renewal of the Agreements.

•

Investment Performance of the Fund and the Sub-Advisers

The Board was provided with regular reports regarding the Fund’s performance, and the Sub-Advisers’ contribution thereto, over various time periods. The Trustees also reviewed reports prepared by the Fund’s administrator comparing the Fund’s performance to its benchmark index and a peer group of mutual funds as classified by Lipper, an independent provider of investment company data, over various periods of time. Representatives from the Sub-Advisers provided information regarding and led discussions of factors impacting the Sub-Advisers’ performance for the Fund, outlining current market conditions and explaining their expectations and strategies for the future. The Trustees determined that the Fund’s performance was satisfactory, or, where the Fund’s performance was materially below its benchmark and/or peer group, the Trustees were satisfied by the reasons for the underperformance and/or the steps taken by the Sub-Advisers in an effort to improve the performance of the Fund. Based on this information, the Board concluded, within the context of its full deliberations, that the investment results that the Sub-Advisers had been able to achieve for the Fund were sufficient to support renewal of the Agreements.

•

Costs of Sub-Advisory Services, Profitability and Economies of Scale

In considering the advisory fees payable by the Fund to the Sub-Advisers, the Trustees reviewed, among other things, a report of the advisory fees paid to the Sub-Advisers. The Trustees also reviewed reports prepared by the Fund’s administrator comparing the Fund’s net and gross expense ratios and advisory fees to those paid by a peer group of mutual funds as classified by Lipper. The Trustees reviewed the management fees charged by certain Sub-Advisers to other clients with comparable mandates. The Trustees considered any differences in management fees and took into account the respective demands, resources and complexity associated with the Fund and other client accounts as well as the extensive regulatory, compliance and tax regimes to which the Fund is subject. The Trustees also considered that the fees payable to the Sub-Advisers reflected arms-length negotiations between the Adviser and the Sub-Advisers. The Board concluded, within the context of its full deliberations, that the advisory fees were reasonable in light of the nature and quality of the services rendered by the Sub-Advisers.

The Trustees reviewed the costs of services provided by and the profits realized by the Sub-Advisers from their relationship with the Fund, including both direct benefits and indirect benefits, such as research and brokerage services received under soft dollar arrangements, accruing to the Sub-Advisers and their affiliates. The Trustees considered how the Sub-Advisers’ profitability was affected by factors such as their organizational structures and methods for allocating expenses. The Trustees concluded that the profit margins of the Sub-Advisers with respect to the management of the Fund were not unreasonable.

The Trustees considered the Sub-Advisers’ views relating to economies of scale in connection with the Fund as Fund assets grow and the extent to which the benefits of any such economies of scale are shared with the Fund and Fund shareholders. The Board considered the existence of any economies of scale and whether those were passed along to the Fund’s shareholders through a graduated advisory fee schedule or other means, including fee waivers. The Trustees recognized that economies of scale are difficult to identify and quantify and are rarely identifiable on a fund-by-fund basis. Based on this evaluation, the Board concluded that the advisory fees were reasonable in light of the information that was provided to the Trustees by the Sub-Advisers with respect to economies of scale.

•

Renewal of the Agreements

Based on the Board’s deliberations and its evaluation of the information described above and other factors and information it believed relevant in the exercise of its reasonable business judgment, the Board, including all of the Independent Trustees, with the assistance of Fund counsel and Independent Trustees’ counsel, unanimously concluded that the terms of the Agreements, including the fees payable thereunder, were fair and reasonable and agreed to renew the Agreements for another year. In its deliberations, the Board did not identify any absence of information as material to its decision, or any particular factor (or conclusion with respect thereto) or single piece of information that was all-important, controlling or determinative of its decision, but considered all of the factors together, and each Trustee may have attributed different weights to the various factors (and conclusions with respect thereto) and information.


THE ADVISORS’ INNER CIRCLE FUND		CORNERSTONE ADVISORS FUNDS
		October 31, 2020 (Unaudited)

Board Considerations in Renewing the Advisory and Sub-Advisory Agreements for the Cornerstone Advisors Global Public Equity Fund and the Cornerstone Advisors Core Plus Bond Fund

Pursuant to Section 15 of the Investment Company Act of 1940 (the “1940 Act”), the Funds’ advisory and sub-advisory agreements must be renewed at least annually after their initial two-year term: (i) by the vote of the Board of Trustees (the “Board” or the “Trustees”) of The Advisors’ Inner Circle Fund (the “Trust”) or by a vote of a majority of the shareholders of the Funds; and (ii) by the vote of a majority of the Trustees who are not parties to the advisory or sub-advisory agreements or “interested persons” of any party thereto, as defined in the 1940 Act (the “Independent Trustees”), cast in person at a meeting called for the purpose of voting on such renewal.

Board meetings were held on May 19, 2020 and August 18, 2020 via videoconference (“the Meetings”) to decide whether to renew the following agreements (the “Agreements”) for additional one-year terms:

•

the advisory agreement between Cornerstone Advisors, Inc. (the “Adviser”) and the Trust, on behalf of the Funds; and

•

the sub-advisory agreements between the Adviser and certain sub-advisers (each, a “Sub-Adviser” and together, the “Sub-Advisers”), pursuant to which the Sub-Advisers serve as investment sub-advisers to the Funds, as set forth in the following table:


Sub-Adviser		Fund(s)
ClariVest Asset Management LLC		Cornerstone Advisors Global Public Equity Fund
Driehaus Capital Management LLC		Cornerstone Advisors Global Public Equity Fund
Franklin Advisers, Inc.		Cornerstone Advisors Core Plus Bond Fund
Loomis, Sayles & Company, L.P.		Cornerstone Advisors Core Plus Bond Fund
Marsico Capital Management, LLC		Cornerstone Advisors Global Public Equity Fund
Metropolitan West Asset Management, LLC		Cornerstone Advisors Core Plus Bond Fund
Phocas Financial Corporation		Cornerstone Advisors Global Public Equity Fund
Sun Life Capital Management (U.S.) LLC (d/b/a SLC Management)		Cornerstone Advisors Core Plus Bond Fund

The Meetings were held via videoconference in reliance on relief provided in orders issued by the Securities and Exchange Commission on March 13, 2020, March 25, 2020 and June 19, 2020 from 1940 Act sections and rules requiring that certain votes of a company’s board of trustees be cast in person due to circumstances related to the current or potential effects of the COVID-19 pandemic. In preparation for the Meetings, the Trustees requested that the Adviser and the Sub-Advisers furnish information necessary to evaluate the terms of the Agreements. Prior to the Meetings, the Independent Trustees of the Funds met to review and discuss the information provided and submitted a request for additional information to the Adviser and the Sub-Advisers, and information was provided in response to this request. The Trustees used this information, as well as other information that the Adviser, the Sub-Advisers and other service providers of the Funds presented or submitted to the Board at the Meetings and other meetings held during the prior year, to help them decide whether to renew the Agreements for an additional year.

Specifically, the Board requested and received written materials from the Adviser, the Sub-Advisers and other service providers of the Funds regarding: (i) the nature, extent and quality of the Adviser’s and the Sub-Advisers’ services; (ii) the Adviser’s and the Sub-Advisers’ investment management personnel; (iii) the Adviser’s and the Sub-Advisers’ operations and financial condition; (iv) the Adviser’s and the Sub-Advisers’ brokerage practices (including any soft dollar arrangements) and investment strategies; (v) the Funds’ advisory fees paid to the Adviser and the Sub-Advisers and overall fees and operating expenses compared with peer groups of mutual funds; (vi) the level of the Adviser’s and the Sub-Advisers’ profitability from their relationships with the Funds, including both direct and indirect benefits accruing to the Adviser and the Sub-Advisers and their affiliates; (vii) the Adviser’s and the Sub-Advisers’ potential economies of scale; (viii) the Adviser’s and the Sub-Advisers’ compliance programs, including a description of material compliance matters and material compliance violations; (ix) the Adviser’s and the Sub-Advisers’ policies on and compliance procedures for personal securities transactions; and (x) the Funds’ performance compared with peer groups of mutual funds and the Funds’ benchmark indices.

Representatives from the Adviser and certain of the Sub-Advisers, along with other Fund service providers, presented additional information and participated in question and answer sessions at the Meetings to help the Trustees evaluate the Adviser’s and the Sub-Advisers’ services, fees and other aspects of the Agreements. The Independent Trustees received advice from independent counsel and met in executive sessions outside the presence of Fund management, the Adviser and the Sub-Advisers.

At the Meetings, the Trustees, including all of the Independent Trustees, based on their evaluation of the information provided by the Adviser, the Sub-Advisers and other service providers of the Funds, renewed the Agreements. In considering the renewal of the Agreements, the Board considered various factors that they determined were relevant, including: (i) the nature, extent and quality of the services provided by the Adviser and the Sub-Advisers; (ii) the investment performance of the Funds and the Adviser and the Sub-Advisers; (iii) the costs of the services provided and profits realized by the Adviser and the Sub-Advisers from their relationships with the Funds, including both direct and indirect benefits accruing to the Adviser and the Sub-Advisers and their affiliates; (iv) the extent to which economies of scale are being realized by the Adviser and the Sub-Advisers; and (v) whether fee levels reflect such economies of scale for the benefit of Fund investors, as discussed in further detail below.


THE ADVISORS’ INNER CIRCLE FUND		CORNERSTONE ADVISORS FUNDS
		October 31, 2020 (Unaudited)

•

Nature, Extent and Quality of Services Provided by the Adviser and the Sub-Advisers

In considering the nature, extent and quality of the services provided by the Adviser and the Sub-Advisers, the Board reviewed the portfolio management services provided by the Adviser and the Sub-Advisers to the Funds, including the quality and continuity of the Adviser’s and the Sub-Advisers’ portfolio management personnel, the resources of the Adviser and the Sub-Advisers, and the Adviser’s and the Sub-Advisers’ compliance histories and compliance programs. The Trustees reviewed the terms of the Agreements. The Trustees also reviewed the Adviser’s and the Sub-Advisers’ investment and risk management approaches for the Funds. The Trustees considered that the Adviser supervises and monitors the performance of the Sub-Advisers. The most recent investment adviser registration forms (“Form ADV”) for the Adviser and the Sub-Advisers were available to the Board, as were the responses of the Adviser and the Sub-Advisers to a detailed series of questions which included, among other things, information about the investment advisory services provided by the Adviser and the Sub-Advisers to the Funds.

The Trustees also considered other services provided to the Funds by the Adviser and the Sub-Advisers such as selecting broker-dealers for executing portfolio transactions, monitoring adherence to the Funds’ investment restrictions, and monitoring compliance with various Fund policies and procedures and with applicable securities laws and regulations. Based on the factors above, as well as those discussed below, the Board concluded, within the context of its full deliberations, that the nature, extent and quality of the services provided to the Funds by the Adviser and the Sub-Advisers were sufficient to support renewal of the Agreements.

•

Investment Performance of the Funds, the Adviser and the Sub-Advisers

The Board was provided with regular reports regarding the Funds’ performance over various time periods. The Trustees also reviewed reports prepared by the Funds’ administrator comparing the Funds’ performance to their benchmark indices and peer groups of mutual funds as classified by Lipper, an independent provider of investment company data, over various periods of time. Representatives from the Adviser and certain of the Sub-Advisers provided information regarding and led discussions of factors impacting the performance of the Funds, outlining current market conditions and explaining their expectations and strategies for the future. The Trustees determined that the Funds’ performance was satisfactory, or, where the Funds’ performance was materially below their benchmarks and/or peer groups, the Trustees were satisfied by the reasons for the underperformance and/or the steps taken by the Adviser and the Sub-Advisers in an effort to improve the performance of the Funds. Based on this information, the Board concluded, within the context of its full deliberations, that the investment results that the Adviser and the Sub-Advisers had been able to achieve for the Funds were sufficient to support renewal of the Agreements.

•

Costs of Advisory Services, Profitability and Economies of Scale

In considering the advisory fees payable by the Funds to the Adviser and the Sub-Advisers, the Trustees reviewed, among other things, a report of the advisory fees paid to the Adviser and the Sub-Advisers. The Trustees also reviewed reports prepared by the Funds’ administrator comparing the Funds’ net and gross expense ratios and advisory fees to those paid by peer groups of mutual funds as classified by Lipper. The Trustees reviewed the management fees charged by certain Sub-Advisers to other clients with comparable mandates. The Trustees considered any differences in management fees and took into account the respective demands, resources and complexity associated with the Funds and other client accounts as well as the extensive regulatory, compliance and tax regimes to which the Funds are subject. The Trustees also considered that the fees payable to the Sub-Advisers reflected arms-length negotiations between the Adviser and the Sub-Advisers. The Board concluded, within the context of its full deliberations, that the advisory fees were reasonable in light of the nature and quality of the services rendered by the Adviser and the Sub-Advisers.

The Trustees reviewed the costs of services provided by and the profits realized by the Adviser and the Sub-Advisers from their relationship with the Funds, including both direct benefits and indirect benefits, such as research and brokerage services received under soft dollar arrangements, accruing to the Adviser and the Sub-Advisers and their affiliates. The Trustees considered how the Adviser’s and the Sub-Advisers’ profitability was affected by factors such as their organizational structures and methods for allocating expenses. The Trustees concluded that the profit margins of the Adviser and the Sub-Advisers with respect to the management of the Funds were not unreasonable.

The Trustees considered the Adviser’s and Sub-Advisers’ views relating to economies of scale in connection with the Funds as Fund assets grow and the extent to which the benefits of any such economies of scale are shared with the Funds and Fund shareholders. The Board considered the existence of any economies of scale and whether those were passed along to the Funds’ shareholders through a graduated advisory fee schedule or other means, including fee waivers. The Trustees recognized that economies of scale are difficult to identify and quantify and are rarely identifiable on a fund-by-fund basis. Based on this evaluation, the Board concluded that the advisory fees were reasonable in light of the information that was provided to the Trustees by the Adviser and the Sub-Advisers with respect to economies of scale.

•

Renewal of the Agreements

Based on the Board’s deliberations and its evaluation of the information described above and other factors and information it believed relevant in the exercise of its reasonable business judgment, the Board, including all of the Independent Trustees, with the assistance of Fund counsel and Independent Trustees’ counsel, unanimously concluded that the terms of the Agreements, including the fees payable thereunder, were fair and reasonable and agreed to renew the Agreements for another year. In its deliberations, the Board did not identify any absence of information as material to its decision, or any particular factor (or conclusion with respect thereto) or single piece of information that was all-important, controlling or determinative of its decision, but considered all of the factors together, and each Trustee may have attributed different weights to the various factors (and conclusions with respect thereto) and information.


THE ADVISORS’ INNER CIRCLE FUND		CORNERSTONE ADVISORS FUNDS
		October 31, 2020 (Unaudited)

Board Considerations in Approving the Advisory and Sub-Advisory Agreements for the Cornerstone Advisors Global Public Equity Fund and the Cornerstone Advisors Core Plus Bond Fund

Pursuant to Section 15 of the Investment Company Act of 1940 (the “1940 Act”), the Funds’ advisory and sub-advisory agreements must be approved: (i) by a vote of a majority of the shareholders of the Funds; and (ii) by the vote of a majority of the members of the Board of Trustees (the “Board” or the “Trustees”) of The Advisors’ Inner Circle Fund (the “Trust”) who are not parties to the agreements or “interested persons” of any party thereto, as defined in the 1940 Act (the “Independent Trustees”), cast in person at a meeting called for the purpose of voting on such approval.

Pathstone Family Office, LLC (“Pathstone”) purchased substantially all of the net assets of Cornerstone Advisors, Inc. (“Cornerstone”) on September 30, 2020 and Cornerstone’s operating business was merged into Pathstone (the “Transaction”). Prior to the Transaction, (1) Cornerstone served as investment adviser to each Fund pursuant to an investment advisory agreement between the Trust, on behalf of the Funds, and Cornerstone (the “Prior Advisory Agreement”); and (2) the following firms served as investment sub-advisers to the Funds, as set forth in the below table (each, a “Sub-Adviser” and together, the “Sub-Advisers”), pursuant to investment sub-advisory agreements between the Adviser and the Sub-Advisers (the “Prior Sub-Advisory Agreements”).


Sub-Adviser		Fund
ClariVest Asset Management LLC		Cornerstone Advisors Global Public Equity Fund
Driehaus Capital Management LLC		Cornerstone Advisors Global Public Equity Fund
EAM Investors, LLC		Cornerstone Advisors Global Public Equity Fund
Franklin Advisers, Inc.		Cornerstone Advisors Core Plus Bond Fund
Loomis, Sayles & Company, L.P.		Cornerstone Advisors Core Plus Bond Fund
LSV Asset Management		Cornerstone Advisors Global Public Equity Fund
Marsico Capital Management, LLC		Cornerstone Advisors Global Public Equity Fund
Metropolitan West Asset Management, LLC		Cornerstone Advisors Core Plus Bond Fund
Parametric Portfolio Associates LLC		Cornerstone Advisors Global Public Equity Fund
Phocas Financial Corporation		Cornerstone Advisors Global Public Equity Fund
Sun Life Capital Management (U.S.) LLC (d/b/a SLC Management)		Cornerstone Advisors Core Plus Bond Fund
Thornburg Investment Management, Inc.		Cornerstone Advisors Global Public Equity Fund

To enable Pathstone to serve as investment adviser to the Funds following the Transaction and the Sub-Advisers to serve as investment sub-advisers to the Funds following the Transaction, a Board meeting was held on August 4, 2020 (the “August 2020 Meeting”) to decide whether to approve the following agreements:

•

an interim investment advisory agreement between the Trust, on behalf of each Fund, and Pathstone for a term of up to 150 days (the “Interim Advisory Agreement”);

•

an investment advisory agreement between the Trust, on behalf of each Fund, and Pathstone for an initial term of two years (the “New Advisory Agreement”);

•

interim investment sub-advisory agreements for terms of up to 150 days between the Adviser and the Sub-Advisers, pursuant to which the Sub-Advisers serve as investment sub-advisers to the Funds, as set forth in the above table (the “Interim Sub-Advisory Agreements”); and

•

investment sub-advisory agreements for initial terms of two years between the Adviser and the Sub-Advisers, pursuant to which the Sub-Advisers serve as investment sub-advisers to the Funds, as set forth in the above table (the “New Sub-Advisory Agreements”).

The August 2020 Meeting was held via videoconference in reliance on relief provided in orders issued by the Securities and Exchange Commission on March 13, 2020, March 25, 2020 and June 19, 2020 from 1940 Act sections and rules requiring that certain votes of a company’s board of trustees be cast in person due to circumstances related to the current or potential effects of the COVID-19 pandemic.

Approval of the Interim Advisory Agreement and the New Advisory Agreement

In preparation for the August 2020 Meeting, the Trustees requested that Cornerstone and Pathstone furnish information necessary to evaluate the terms of the Interim Advisory Agreement and the New Advisory Agreement. The Trustees used this information, as well as other information that Cornerstone and Pathstone and other service providers of the Funds presented or submitted to the Board at the August 2020 Meeting, and other meetings held since the most recent renewal of the Prior Advisory Agreement, to help them decide whether to approve the Interim Advisory Agreement for a term of up to 150 days and the New Advisory Agreement for an initial two-year term.

Specifically, the Board requested and received written materials from Cornerstone and Pathstone regarding: (i) the terms, conditions, and expected timing of the Transaction, and the reasons that Cornerstone and Pathstone were undergoing the Transaction; (ii) the nature, extent and quality of the services to be provided by Pathstone; (iii) Pathstone’s operations and financial condition; (iv) the proposed advisory fee to be paid to Pathstone; (v) Pathstone’s compliance program; and (vi) Pathstone’s investment management personnel.


THE ADVISORS’ INNER CIRCLE FUND		CORNERSTONE ADVISORS FUNDS
		October 31, 2020 (Unaudited)

At the August 2020 Meeting, the Trustees, including all of the Independent Trustees, based on their evaluation of the information provided by Cornerstone and Pathstone and other service providers of the Fund, approved the Interim Advisory Agreement and the New Advisory Agreement. In considering the approval of the Interim Advisory Agreement and the New Advisory Agreement, the Board considered various factors that they determined were relevant, including: (i) the nature, extent and quality of the services to be provided by Pathstone; (ii) the investment performance of the Funds and Cornerstone; and (iii) the fee to be paid to Pathstone, as discussed in further detail below. In addition, the Board considered representations from Pathstone that the Transaction was not expected to result in any material changes to the nature, extent and quality of the services to be provided to the Funds, and that the Fund’s portfolio managers will continue to serve as portfolio managers of the Funds as employees of Pathstone following the Transaction.

•

Nature, Extent, and Quality of Services to be Provided by Pathstone

In considering the nature, extent and quality of the services to be provided by Pathstone, the Board reviewed the portfolio management services to be provided by Pathstone to the Funds, including the quality of the continuing portfolio management personnel, the resources of Pathstone and Pathstone’s compliance history and compliance program. The Trustees reviewed the terms of the proposed Interim Advisory Agreement and the proposed New Advisory Agreement, and noted that (1) the Interim Advisory Agreement has the same advisory fee as, and does not materially differ from, the Prior Advisory Agreement, except with respect to certain provisions that are required by law; and (2) the New Advisory Agreement has the same advisory fee as, and does not materially differ from, the Prior Advisory Agreement. The Trustees also reviewed Pathstone’s proposed investment and risk management approaches for the Funds. The most recent investment adviser registration form (“Form ADV”) for Pathstone was available to the Board, as was the response of Pathstone to a detailed series of questions which included, among other things, information about the investment advisory services to be provided by Pathstone to the Funds. The Board also considered information presented at the August 2020 Meeting and provided in written materials ahead of the August 2020 Meeting by Cornerstone and Pathstone regarding the benefits that they believe will be achieved as a result of the Transaction, including Pathstone’s capital backing. Based on the factors above, as well as those discussed below, the Board concluded, within the context of its full deliberations, that the nature, extent and quality of the services to be provided to the Funds by Pathstone would be satisfactory.

•

Investment Performance of the Fund and Cornerstone

In connection with its most recent approval of the continuation of the Prior Advisory Agreement, the Board was provided with reports regarding each Fund’s performance over various time periods. The Trustees also reviewed reports prepared by the Funds’ administrator comparing the Funds’ performance to their benchmark indices and peer groups of mutual funds as classified by Lipper, an independent provider of investment company data, over various periods of time. Representatives from Cornerstone provided information regarding and led discussions of factors impacting the performance of the Funds, outlining current market conditions and explaining their expectations and strategies for the future. The Trustees determined that the Funds’ performance was satisfactory, or, where the Funds’ performance was materially below their benchmarks and/or peer groups, the Trustees were satisfied by the reasons for the underperformance and/or the steps taken by the Adviser in an effort to improve the performance of the Funds. Based on this information, the Board concluded, within the context of its full deliberations, that the investment results that the Adviser had been able to achieve for the Funds were sufficient to support renewal of the Prior Advisory Agreement.

•

Costs of Advisory Services

The Board reviewed the proposed fee to be paid by each Fund to Pathstone. The Board considered that Pathstone would charge only a nominal, one basis point advisory fee for its services to each Fund. Following evaluation, the Board concluded that, within the context of its full deliberations, the proposed advisory fees to be paid by the Funds to Pathstone were reasonable in light of the extent and quality of the services expected to be provided to the Funds by Pathstone and supported approval of the Interim Advisory Agreement and the New Advisory Agreement.

•

Profitability and Economies of Scale

Because Pathstone is new to the Funds and has not managed Fund assets, it was not possible to determine the profitability that Pathstone might achieve with respect to the Funds. Accordingly, the Trustees did not make any conclusions regarding Pathstone’s profitability, but will do so during future considerations of the New Advisory Agreement. Further, the Board did not consider economies of scale in light of the nominal advisory fee proposed to be charged by Pathstone to each Fund.

Approval of the Interim Sub-Advisory Agreements and the New Sub-Advisory Agreements

At the August 2020 Meeting, the Board reviewed the terms of the Interim Sub-Advisory Agreements and the New Sub-Advisory Agreements. As part of its considerations to approve the Interim Sub-Advisory Agreements and the New Sub-Advisory Agreements at the August 2020 Meeting, the Board concluded that it was reasonable to take into account the conclusions that the Board made when considering and evaluating (1) the approval of the Prior Sub-Advisory Agreement with respect to EAM Investors, LLC (see “Board Considerations in Approving a Sub-Advisory Agreement between Cornerstone Advisors, Inc. and EAM Investors, LLC for the Cornerstone Advisors Global Public Equity Fund” for a discussion of the Board’s considerations with respect to approving this Prior Sub-Advisory Agreement); (2) the most recent approval of the continuation of the Prior Sub-Advisory Agreements with respect to LSV Asset Management, Parametric Portfolio Associates LLC and Thornburg Investment Management, Inc. (see “Board Considerations in Renewing Sub-Advisory Agreements for the Cornerstone Advisors Global Public Equity Fund” for a discussion of the Board’s considerations with respect to approving the continuation of these Prior Sub-Advisory Agreements); and (3) the most recent approval of the continuation of the Prior Sub-Advisory


THE ADVISORS’ INNER CIRCLE FUND		CORNERSTONE ADVISORS FUNDS
		October 31, 2020 (Unaudited)

Agreements with respect to ClariVest Asset Management LLC, Driehaus Capital Management LLC, Franklin Advisers, Inc., Loomis, Sayles & Company, L.P., Marsico Capital Management, LLC, Metropolitan West Asset Management, LLC, Phocas Financial Corporation and Sun Life Capital Management (U.S.) LLC (d/b/a SLC Management) (see “Board Considerations in Renewing the Advisory and Sub-Advisory Agreements for the Cornerstone Advisors Global Public Equity Fund and the Cornerstone Advisors Core Plus Bond Fund” for a discussion of the Board’s considerations with respect to approving the continuation of these Prior Sub-Advisory Agreements). The Board’s conclusion in this regard was based on the fact that (1) each Interim Sub-Advisory Agreement has the same sub-advisory fee as, and does not materially differ from, the respective Prior Sub-Advisory Agreement, except with respect to certain provisions that are required by law; and (2) each New Sub-Advisory Agreement has the same advisory fee as, and does not materially differ from, the respective Prior Sub-Advisory Agreement.

Conclusion

Based on the Board’s deliberations and its evaluation of the information described above and other factors and information it believed relevant in the exercise of its reasonable business judgment, the Board, including all of the Independent Trustees, with the assistance of Fund counsel and Independent Trustees’ counsel, unanimously concluded that the terms of the Interim Advisory Agreement, the New Advisory Agreement, the Interim Sub-Advisory Agreements and the New Sub-Advisory Agreements, including the fees payable thereunder, were fair and reasonable and agreed to (1) approve each of the Interim Advisory Agreement and Interim Sub-Advisory Agreements for a term of up to 150 days; (2) approve each of the New Advisory Agreement and New Sub-Advisory Agreements for an initial term of two years; and (3) recommend the approval of the New Advisory Agreement to the Funds’ shareholders. In its deliberations, the Board did not identify any absence of information as material to its decision, or any particular factor (or conclusion with respect thereto) or single piece of information that was all-important, controlling or determinative of its decision, but considered all of the factors together, and each Trustee may have attributed different weights to the various factors (and conclusions with respect thereto) and information.


THE ADVISORS’ INNER CIRCLE FUND		CORNERSTONE ADVISORS FUNDS
		October 31, 2020 (Unaudited)

Review of Liquidity Risk Management Program

Pursuant to Rule 22e-4 under the 1940 Act, the Funds’ investment adviser has adopted, and the Board has approved, a liquidity risk management program (the “Program”) to govern the Funds’ approach to managing liquidity risk. The Program is overseen by the Funds’ Liquidity Risk Management Program Administrator (the “Program Administrator”), and the Program’s principal objectives include assessing, managing and periodically reviewing each Fund’s liquidity risk, based on factors specific to the circumstances of the Funds.

At a meeting of the Board held on May 19, 2020, the Trustees received a report from the Program Administrator addressing the operations of the Program and assessing its adequacy and effectiveness of implementation. The Board acknowledged that (i) the report covered the period from December 1, 2018 through December 31, 2019 and thus did not cover the recent period of market volatility, and (ii) the Board held a call with the Trust’s officers on March 25, 2020 where the officers discussed the operations and effectiveness of the Program during the then-current market volatility. The Board requested that the Program Administrator provide an update of the operation of the Program during the then-current market volatility at its next meeting. The Program Administrator’s report noted that the Program Administrator had determined that the Program is reasonably designed to assess and manage each Fund’s liquidity risk and has operated adequately and effectively to manage each Fund’s liquidity risk since the Program was implemented on December 1, 2018. The Program Administrator’s report noted that during the period covered by the report, there were no liquidity events that impacted the Funds or their ability to timely meet redemptions without dilution to existing shareholders. The Program Administrator’s report also noted that the Board approved a change to the membership of the committee serving as Program Administrator. The Program Administrator’s report further noted that material changes had been made to the Program since its implementation relating to the Funds’ reasonably anticipated trading sizes.

There can be no assurance that the Program will achieve its objectives in the future. Please refer to the prospectus for more information regarding a Fund’s exposure to liquidity risk and other principal risks to which an investment in the Funds may be subject.


THE ADVISORS’ INNER CIRCLE FUND		CORNERSTONE ADVISORS FUNDS
		October 31, 2020 (Unaudited)

NOTICE TO SHAREHOLDERS

For shareholders that do not have an October 31, 2020 tax year end, this notice is for informational purposes only. For shareholders with an October 31, 2020 tax year end, please consult your tax advisor as to the pertinence of this notice. For the fiscal year ended October 31, 2020, the Funds are designating the following items with regard to distributions paid during the year.


	Return of Capital			Long Term Capital Gain Distribution			Ordinary Income Distributions			Total Distributions			Dividends Qualifying for Corporate Dividend Received Deduction (1)			Qualifying Dividend Income (2)			U.S. Government Interest (3)			Qualified Interest Income (4)			Qualified Short-Term Capital Gain (5)			Foreign Tax Credit (6)
Global Public Equity Fund
		0.00	%		83.67	%		16.33	%		100.00	%		47.80	%		100.00	%		0.00	%		0.18	%		0.00	%		0.00	%
Core Plus Bond Fund
		0.00	%		0.00	%		100.00	%		100.00	%		0.00	%		0.00	%		6.94	%		66.50	%		0.00	%		0.00	%

(1)	Qualifying dividends represent dividends which qualify for the corporate dividends received deduction and is reflected as a percentage of ordinary Income distributions (the total of short term capital gain and net investment income distributions).

(2)

The percentage in this column represents the amount of “Qualifying Dividend Income” as created by the Jobs and Growth Relief Reconciliation Act of 2003 and its reflected as a percentage of ordinary income distributions (the total of short term capital gain and net investment income distributions). It is the intention of each of the aforementioned funds to designate the maximum amount permitted by law.

(3)

U.S. Government Interest represents the amount of interest that was derived from U.S. Government obligations and distributed during the fiscal year. This amount is reflected as a percentage of total ordinary income distributions (the total of short term capital gain and net investment income distributions). Generally, interest from direct U.S. Government obligations is exempt from state income tax. However, for shareholders who are residents of California, Connecticut and New York, the statutory threshold requirements were not satisfied to permit exemption of these amounts from state income.

(4)	The percentage in this column represents the amount of “Qualifying Interest Income” as created by the American Jobs Creation Act of 2004 and is a percentage of net investment income that is exempt from U.S. withholding tax when paid for foreign investors.

(5)	The percentage in this column represents the amount of “Qualifying Short-Term Capital Gain” as created by the American Jobs Creation Act of 2004 and is reflected as a percentage of short-term capital gain distributions that is exempt from U.S. withholding tax when paid to foreign investors.

(6)	The percentage in this column represents the amount of “Qualifying Foreign Taxes” as a percentage of ordinary distributions during the fiscal year ended October 31, 2020.

The information reported herein may differ from the information and distributions taxable to the shareholders for the calendar year ending December 31, 2020. Complete information will be computed and reported in conjunction with your 2020 Form 1099-DIV.

Cornerstone Advisors Funds

c/o DST Systems, Inc.

P.O. Box 219009

Kansas City, Missouri 64121-9009

1-888-762-1442

Investment Adviser

Pathstone Family Office, LLC

10 Sterling Boulevard, Suite 402

Englewood, New Jersey 07631

Distributor

SEI Investments Distribution Co.

One Freedom Valley Drive

Oaks, Pennsylvania 19456

Administrator

SEI Investments Global Funds Services

One Freedom Valley Drive

Oaks, Pennsylvania 19456

Legal Counsel

Morgan, Lewis, Bockius LLP

1701 Market Street

Philadelphia, Pennsylvania 19103

This information must be preceded or accompanied by a current

prospectus for the Funds.

Item 2.

Code of Ethics.

The Registrant has adopted a code of ethics that applies to the Registrant’s principal executive officer, principal financial officer, controller or principal accounting officer, and any person who performs a similar function. There have been no amendments to or waivers granted to this code of ethics during the period covered by this report.

Item 3.

Audit Committee Financial Expert.

(a)(1) The Registrant’s board of trustees has determined that the Registrant has at least one audit committee financial expert serving on the audit committee.

(a)(2) The audit committee financial experts are George Sullivan and Robert Mulhall, and each whom is considered to be “independent,” as that term is defined in Form N-CSR Item 3(a)(2).

Item 4.

Principal Accountant Fees and Services.

Fees billed by PricewaterhouseCoopers LLP (“PwC”) relate to The Advisors’ Inner Circle Fund (the “Trust”).

PwC billed the Trust aggregate fees for services rendered to the Trust for the last two fiscal years as follows:

2020

2019

All fees and
services to
the Trust
that were
pre-approved

All fees and
services to
service
affiliates
that were
pre-approved

All other
fees and
services to
service
affiliates
that did not
require
pre-approval

All fees and
services to the
Trust that were
pre-approved

All fees and
services to
service
affiliates
that were
pre-approved

All other
fees and
services to
service
affiliates
that did not
require
pre-approval

(a)

Audit Fees⁽¹⁾

104,400

None

104,400

None

(b)

Audit-Related Fees

None

(c)

Tax Fees⁽²⁾

10,000

None

88,304

6,000

None

57,000

(d)

All Other Fees

None

376,378

None

97,500

Fees billed by Ernst & Young LLP (“E&Y”) related to the Trust

E&Y billed the Trust aggregate fees for services rendered to the Trust for the last two fiscal years as follows:

2020

2019

All fees and
services to
the Trust
that were
pre-approved

All fees and
services to
service
affiliates
that were
pre-approved

All other
fees and
services to
service
affiliates
that did not
require
pre-approval

All fees and
services to
the Trust
that were
pre-approved

All fees and
services to
service
affiliates
that were
pre-approved

All other
fees and
services to
service
affiliates
that did not
require
pre-approval

(a)

Audit Fees⁽¹⁾

766,250

None

608,176

None

(b)

Audit-Related Fees

None

(c)

Tax Fees

970

⁽⁴⁾

None

11,559

⁽³⁾

None

(d)

All Other Fees

None

Fees billed by Deloitte & Touche LLP (“D&T”) related to the Trust

D&T billed the Trust aggregate fees for services rendered to the Trust for the last two fiscal years as follows:

2020

2019

All fees and
services to
the Trust
that were
pre-approved

All fees and
services to
service
affiliates
that were
pre-approved

All other
fees and
services to
service
affiliates
that did not
require
pre-approval

All fees and
services to
the Trust
that were
pre-approved

All fees and
services to
service
affiliates
that were
pre-approved

All other
fees and
services to
service
affiliates
that did not
require
pre-approval

(a)

Audit Fees⁽¹⁾

69,500

None

68,000

None

(b)

Audit-Related Fees

None

(c)

Tax Fees⁽⁵⁾

24,150

None

(d)

All Other Fees

None

Fees billed by BBD, LLP (“BBD”) related to the Trust

BBD billed the Trust aggregate fees for services rendered to the Trust for the last two fiscal years as follows:

2020

2019

All fees and
services to
the Trust
that were
pre-approved

All fees and
services to
service
affiliates
that were
pre-approved

All other
fees and
services to
service
affiliates
that did not
require
pre-approval

All fees and
services to
the Trust
that were
pre-approved

All fees and
services to
service
affiliates
that were
pre-approved

All other
fees and
services to
service
affiliates
that did not
require
pre-approval

(a)

Audit Fees⁽¹⁾

95,300

None

113,300

None

(b)

Audit-Related Fees

None

(c)

Tax Fees

None

(d)

All Other Fees

None

Notes:

(1)

Audit fees include amounts related to the audit of the Trust’s annual financial statements and services normally provided by the accountant in connection with statutory and regulatory filings.

(2)

Tax compliance services provided to McKee International Equity Portfolio or affiliates of the Funds.

(3)

Tax compliance services for Westwood Emerging Markets Fund.

(4)

Common Reporting Services (“CRS”) tax services for the Sands Capital Global Growth Fund.

(5)

Review and signing of federal and state income tax returns.

(e)(1) The Trust’s Audit Committee has adopted and the Board of Trustees has ratified an Audit and Non-Audit Services Pre-Approval Policy (the “Policy”), which sets forth the procedures and the conditions pursuant to which services proposed to be performed by the independent auditor of the Funds may be pre-approved.

The Policy provides that all requests or applications for proposed services to be provided by the independent auditor must be submitted to the Registrant’s Chief Financial Officer (“CFO”) and must include a detailed description of the services proposed to be rendered. The CFO will determine whether such services:

require specific pre-approval;

are included within the list of services that have received the general pre-approval of the Audit Committee pursuant to the Policy; or

have been previously pre-approved in connection with the independent auditor’s annual engagement letter for the applicable year or otherwise. In any instance where services require pre-approval, the Audit Committee will consider whether such services are consistent with SEC’s rules and whether the provision of such services would impair the auditor’s independence.

Requests or applications to provide services that require specific pre-approval by the Audit Committee will be submitted to the Audit Committee by the CFO. The Audit Committee will be informed by the CFO on a quarterly basis of all services rendered by the independent auditor. The Audit Committee has delegated specific pre-approval authority to either the Audit Committee Chair or financial expert, provided that the estimated fee for any such proposed pre-approved service does not exceed $100,000 and any pre-approval decisions are reported to the Audit Committee at its next regularly-scheduled meeting.

Services that have received the general pre-approval of the Audit Committee are identified and described in the Policy. In addition, the Policy sets forth a maximum fee per engagement with respect to each identified service that has received general pre-approval.

All services to be provided by the independent auditor shall be provided pursuant to a signed written engagement letter with the Registrant, the investment adviser, or applicable control affiliate (except that matters as to which an engagement letter would be impractical because of timing issues or because the matter is small may not be the subject of an engagement letter) that sets forth both the services to be provided by the independent auditor and the total fees to be paid to the independent auditor for those services.

In addition, the Audit Committee has determined to take additional measures on an annual basis to meet the Audit Committee’s responsibility to oversee the work of the independent auditor and to assure the auditor’s independence from the Registrant, such as (a) reviewing a formal written statement from the independent auditor delineating all relationships between the independent auditor and the Registrant, and (b) discussing with the independent auditor the independent auditor’s methods and procedures for ensuring independence.

(e)(2) Percentage of fees billed applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows (PwC):


	2020		2019
Audit-Related Fees		None		None
Tax Fees		None		None
All Other Fees		None		None

(e)(2) Percentage of fees billed applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows (E&Y):


	2020		2019
Audit-Related Fees		None		None
Tax Fees		None		None
All Other Fees		None		None

(e)(2) Percentage of fees billed applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows (D&T):


	2020		2019
Audit-Related Fees		None		None
Tax Fees		None		None
All Other Fees		None		None

(e)(2) Percentage of fees billed applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows (BBD):


	2020		2019
Audit-Related Fees		None		None
Tax Fees		None		None
All Other Fees		None		None

(f) Not applicable.

(g) The aggregate non-audit fees and services billed by PwC for services rendered to the Registrant, and rendered to the Registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant for the last two fiscal-years-ended October 31^st were $464,682 and $160,500 for 2020 and 2019, respectively.

(g) The aggregate non-audit fees and services billed by E&Y for services rendered to the Registrant, and rendered to the Registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant for the last two fiscal-years-ended October 31^st were $970 and $11,559 for 2020 and 2019, respectively.

(g) The aggregate non-audit fees and services billed by D&T for services rendered to the Registrant, and rendered to the Registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant for the last two fiscal-years-ended October 31^st were $24,150 and $0 for 2020 and 2019, respectively.

(g) The aggregate non-audit fees and services billed by BBD for services rendered to the Registrant, and rendered to the Registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant for the last two fiscal-years-ended October 31^st were $0 and $0 for 2020 and 2019, respectively.

(h) During the past fiscal year, all non-audit services provided by the Registrant’s principal accountant to either the Registrant’s investment adviser or to any entity controlling, controlled by, or under common control with the Registrant’s investment adviser that provides ongoing services

to the Registrant were pre-approved by the Audit Committee of Registrant’s Board of Trustees. Included in the Audit Committee’s pre-approval of these non-audit service were the review and consideration as to whether the provision of these non-audit services is compatible with maintaining the principal accountant’s independence.

Item 5.

Audit Committee of Listed Registrants.

Not applicable to open-end management investment companies.

Item 6.

Schedule of Investments.

Schedule of Investments is included as part of the Report to Shareholders filed under Item 1 of this form.

Item 7.

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to open-end management investment companies.

Item 8.

Portfolio Managers of Closed-End Management Investment Companies

Not applicable to open-end management investment companies. Effective for closed-end management investment companies for fiscal-years-ending on or after December 31, 2005.

Item 9.

Purchases of Equity Securities by Closed-End Management Company and Affiliated Purchasers.

Not applicable to open-end management investment companies.

Item 10.

Submission of Matters to a Vote of Security Holders.

There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees during the period covered by this report.

Item 11.

Controls and Procedures.

(a) The Registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the Registrant’s disclosure controls and procedures, as defined in Rule 30a-3(c) under the Act (17 CFR § 270.30a-3(c)), as of a date within 90 days of the filing date of the report, are effective based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR § 270.30a-3(b)) and Rule 13a-15(b) or Rule 15d-15(b) under the Exchange Act (17 CFR § 240.13a-15(b) or § 240.15d-15(b)).

(b) There has been no change in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR § 270.3a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Items 12.

Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable to open-end management investment companies.

Items 13.

Exhibits.

(a)(1) A copy of the Registrant’s Code of Ethics, as required by Item 2 of this Form, accompanies this filing as an exhibit.

(a)(2) A separate certification for the principal executive officer and the principal financial officer of the Registrant, as required by Rule 30a-2(a) under the Act (17 CFR § 270.30a-2(a)), is filed herewith.

(b) Officer certifications, as required by Rule 30a-2(b) under the Act (17 CFR § 270.30a-2(b)), also accompany this filing as an exhibit.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


(Registrant)						The Advisors’ Inner Circle Fund

By (Signature and Title)*						/s/ Michael Beattie
						Michael Beattie, President

Date: January 8, 2021

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.


By (Signature and Title)*						/s/ Michael Beattie
						Michael Beattie, President

Date: January 8, 2021

By (Signature and Title)*						/s/ Stephen Connors
						Stephen Connors,
						Treasurer, Controller, and CFO

Date: January 8, 2021

*	Print the name and title of each signing officer under his or her signature.

Policy Statement: Sarbanes-Oxley effected sweeping corporate disclosure and financial reporting reform on public companies, including mutual funds, to address corporate malfeasance and assure investors that the companies in which the investors invest are accurately and completely disclosing financial information. Under Sarbanes-Oxley, all public companies (including the Funds) must either have a code of ethics for their senior financial officers, or disclose why the company does not have a code of ethics. Sarbanes-Oxley was intended to foster corporate environments which encourage employees to question and report unethical and potentially illegal business practices.

Each Fund has chosen to adopt a code of ethics (“Code of Ethics for Financial Officers”) to encourage the Fund’s Principal Executive Officer, Principal Financial, and Accounting Officer and Controller (the “Financial Officers”) for the purpose of promoting:

•

Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships.

•

Full, fair, accurate, timely, and understandable disclosure in reports and documents that a registrant files with, or submits to, the SEC and in other public communications made by the Funds.

•

Compliance with applicable laws and governmental rules and regulations.

•

Prompt internal reporting of violations of the Code of Ethics for Financial Officers to an appropriate person or persons identified in the Code of Ethics of Financial Officers.

•

Accountability for adherence to the Code of Ethics for Financial Officers.

Procedures: The Funds have adopted the following procedures regarding this matter:

A compliance officer is responsible for monitoring compliance with these procedures.

FINANCIAL OFFICER CODE OF ETHICS

I.	Introduction

The reputation and integrity of Series Trusts, (each a “Trust” and, collectively, the “Trusts”) are valuable assets that are vital to the each Trust’s success. The Trusts’ senior financial officers (“SFOs”) are responsible for conducting the Trusts’ business in a manner that demonstrates a commitment to the highest standards of integrity. The Trusts’ SFOs include the principal executive officer, the principal financial officer, comptroller or principal accounting officer, and any person who performs a similar function.

The Sarbanes-Oxley Act of 2002 (the “Act”) effected sweeping corporate disclosure and financial reporting reform on public companies, including mutual funds, to address corporate malfeasance and assure investors that the companies in which the investors invest are accurately and completely disclosing financial information. Under the Act, all public companies (including

the Trusts) must either have a code of ethics for their SFOs, or disclose why the company does not have a code of ethics. The Act was intended to foster corporate environments which encourage employees to question and report unethical and potentially illegal business practices. Each Trust has chosen to adopt this Financial Officer Code of Ethics (the “Code”) to encourage the Trust’s SFOs to act in a manner consistent with the highest principles of ethical conduct.

II.

Purposes of the Code

The purposes of this Code are:

To promote honest and ethical conduct by each Trust’s SFOs, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

To assist each Trust’s SFOs in recognizing and avoiding conflicts of interest, including disclosing to an appropriate person any material transaction or relationship that reasonably could be expected to give rise to such a conflict;

To promote full, fair, accurate, timely, and understandable disclosure in reports and documents that the Trusts file with, or submit to, the SEC and in other public communications made by the Trusts;

To promote compliance with applicable laws, rules, and regulations;

To encourage the prompt internal reporting to an appropriate person of violations of this Code; and

To establish accountability for adherence to this Code.

III.

Questions about this Code

Each Trust’s compliance officer designated to oversee compliance with the Trust’s Code of Ethics adopted pursuant to Rule 17j-1 shall serve as Compliance Officer for the implementation and administration of this Code. You should direct your questions about this Code to the Compliance Officer.

IV.

Conduct Guidelines

Each Trust has adopted the following guidelines under which the Trust’s SFOs must perform their official duties and conduct the business affairs of the Trust.

Ethical and honest conduct is of paramount importance. Each Trust’s SFOs must act with honesty and integrity and avoid violations of this Code, including the avoidance of actual or apparent conflicts of interest with the Trust in personal and professional relationships.

SFOs must disclose material transactions or relationships. Each Trust’s SFOs must disclose to the Compliance Officer any actual or apparent conflicts of interest the SFO may have with the Trust that reasonably could be expected to give rise to any violations of this Code. Such conflicts of interest may arise as a result of material transactions or business or personal relationships to which the SFO may be a party. If it is not possible to disclose the matter to the Compliance Officer, the matter should be disclosed to the

Trust’s Chief Financial Officer, Chief Executive Officer, or another appropriate person. In addition to disclosing any actual or apparent conflicts of interest in which an SFO is personally involved, the Trusts’ SFOs have an obligation to report any other actual or apparent conflicts which the SFOs discover or of which the SFOs otherwise become aware. If you are unsure whether a particular fact pattern gives rise to a conflict of interest, or whether a particular transaction or relationship is “material,” you should bring the matter to the attention of the Compliance Officer.

Standards for quality of information shared with service providers of the Trusts. Each Trust’s SFOs must at all times seek to provide information to the Trust’s service providers (adviser, administrator, outside auditor, outside counsel, custodian, etc.) that is accurate, complete, objective, relevant, timely, and understandable.

Standards for quality of information included in periodic reports. Each Trust’s SFOs must at all times endeavor to ensure full, fair, timely, accurate, and understandable disclosure in the Trust’s periodic reports.

Compliance with laws. Each Trust’s SFOs must comply with the federal securities laws and other laws and rules applicable to the Trusts, such as the Internal Revenue Code.

Standard of care. Each Trust’s SFOs must at all times act in good faith and with due care, competence, and diligence, without misrepresenting material facts or allowing your independent judgment to be subordinated. Each Trust’s SFOs must conduct the affairs of the Trust in a responsible manner, consistent with this Code.

Confidentiality of information. Each Trust’s SFOs must respect and protect the confidentiality of information acquired in the course of their professional duties, except when authorized by the Trust to disclose this information or where disclosure is otherwise legally mandated. You may not use confidential information acquired in the course of your work for personal advantage.

Sharing of information and educational standards. Each Trust’s SFOs should share information with relevant parties to keep these parties informed of the business affairs of the Trust, as appropriate, and to maintain skills important and relevant to the Trust’s needs.

Promote ethical conduct. Each Trust’s SFOs at all times should proactively promote ethical behavior among peers in the SFOs work environment.

10.

Standards for recordkeeping. Each Trust’s SFOs at all times must endeavor to ensure that the Trust’s financial books and records are thoroughly and accurately maintained to the best of the SFOs knowledge in a manner consistent with applicable laws and this Code.

V.	Waivers of this Code

You may request a waiver of a provision of this Code by submitting your request in writing to the Compliance Officer for appropriate review. For example, if a family member works for a service provider that prepares a Trust’s financial statements, you may have a potential conflict of interest in reviewing those statements and should seek a waiver of this Code to review the work. An executive officer of each Trust, or another appropriate person (such as a designated Board or Audit Committee member), will decide whether to grant a waiver. All waivers of this code must be disclosed to the applicable Trust’s shareholders and the designated Board to the extent required by SEC rules.

VI.

Affirmation of the Code

Upon adoption of the Code, each Trust’s SFOs must affirm in writing that the SFO has received, has read, and understands the Code, and annually thereafter must affirm that they have complied with the requirements of the Code. To the extent necessary, each Trust’s Compliance Officer will provide guidance on the conduct required by this Code and the manner in which violations or suspected violations must be reported and waivers must be requested.

VII.

Reporting Violations

In the event that an SFO discovers or, in good faith, suspects a violation of this Code, the SFO must immediately report the violation or suspected violation to the Compliance Officer. The Compliance Officer, in his or her discretion, may consult with another member of the Trust’s senior management or the Board in determining how to address the suspected violation. For example, a Code violation may occur when a periodic report or financial statement of a Trust omits a material fact, or is technically accurate but, in the view of the SFO, is written in a way that obscures the report’s or financial statement’s meaning.

SFOs who report violations or suspected violations in good faith will not be subject to retaliation of any kind. Reported violations will be investigated and addressed promptly and will be treated as confidential to the extent possible.

VIII.

Violations of the Code

Dishonest or unethical conduct or conduct that is illegal will constitute a violation of this Code, regardless of whether this Code specifically refers to such particular conduct. A violation of this Code may result in disciplinary action, up to and including removal as an SFO of the Trust. A variety of laws apply to the Trusts and their operations, including the Securities Act of 1933, the Investment Company Act of 1940, state laws relating to duties owed by Trust officers, and criminal laws. The Trusts will report any suspected criminal violations to the appropriate authorities, and will investigate, address, and report, as appropriate, non-criminal violations.

CERTIFICATION

Pursuant to Rule 30a-2(a) under the Investment Company Act of 1940

and Section 302 of the Sarbanes-Oxley Act of 2002

I, Michael Beattie, certify that:

1. I have reviewed this report on Form N-CSR of The Advisors’ Inner Circle Fund (the “Registrant”);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information, included in this report fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

4. The Registrant’s other certifying officer(s), if any, and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

(d) Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

5. The Registrant’s other certifying officer(s) and I have disclosed to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

Date: January 8, 2021


/s/ Michael Beattie
Michael Beattie
President

CERTIFICATION

Pursuant to Rule 30a-2(a) under the Investment Company Act of 1940

and Section 302 of the Sarbanes-Oxley Act of 2002

I, Stephen Connors, certify that:

1. I have reviewed this report on Form N-CSR of The Advisors’ Inner Circle Fund (the “Registrant”);

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

Date: January 8, 2021


/s/ Stephen Connors
Stephen Connors
Treasurer, Controller, and CFO

CERTIFICATION

Pursuant to 18 U.S.C. Section 1350,

As Adopted Pursuant to Section 906

of the Sarbanes-Oxley Act of 2002

The undersigned, the President of The Advisors’ Inner Circle Fund (the “Fund”), with respect to the Fund’s Form N-CSR for the period ended October 31, 2020, as filed with the Securities and Exchange Commission, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

1. such Form N-CSR fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. the information contained in such Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Fund.

Dated: January 8, 2021

/s/ Michael Beattie

Michael Beattie

President

CERTIFICATION

Pursuant to 18 U.S.C. Section 1350,

As Adopted Pursuant to Section 906

of the Sarbanes-Oxley Act of 2002

The undersigned, the Treasurer, Controller, and CFO of The Advisors’ Inner Circle Fund (the “Fund”), with respect to the Fund’s Form N-CSR for the period ended October 31, 2020, as filed with the Securities and Exchange Commission, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

1. such Form N-CSR fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. the information contained in such Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Fund.

Dated: January 8, 2021

/s/ Stephen Connors

Stephen Connors

Treasurer, Controller, and CFO