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

Westwood Quality Value Westwood Total Return Westwood Quality SMidCap Westwood Quality SmallCap Westwood Income Opportunity Westwood High Income Westwood Alternative Income

The 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, is available (i) without charge, upon request, by calling 877-386-3944; and (ii) on the SEC’s website at http://www.sec.gov.

April 30, 2021

Dear Shareholders,

What a difference six months make! After a host of unprecedented events, add one more to the list. Hopes that we could find a vaccine turned into confidence that vaccines would restore the world to normal. Overcoming distribution challenges, vaccines have proven highly effective in controlling the spread and severity of COVID-19. Cases are down dramatically in the U.S. with an even larger decline in hospitalizations and deaths from the virus. Vaccinations have plateaued as nearly two-thirds of the adult population has now been vaccinated in the U.S., and the process to spread additional doses around the world is already underway. As other countries catch up, the world could witness a rolling boost as populations are freed to resume their lives. The risk remains that variants arise which are resistant to vaccines, however, optimism remains high that any such occurrences could be addressed quickly.

This tailwind lifted markets significantly as 2021 began, with equity markets reaching new heights and interest rates rebounding from depressed levels. The yield on the 10-year Treasury bond nearly doubled, from 0.84% to 1.65% (November 30, 2020 to April 30, 2021). With stronger economic data coming in, forecasted GDP growth has also moved higher and is now expected to exceed 6.5% which would be the highest level in over 30 years. Businesses are reopening and outlooks continue to be for strong growth ahead. The sharp increase in demand for consumer goods has seen shortages arise for components, like semiconductors, that have led to shortages and empty shelves. Automobiles have been impacted, for example, and recent demand for used vehicles has seen prices move higher in excess of 10% in April 2021 (according to AP News)¹. Current belief is this inflation will be transitory, but time will tell as the world adapts to a post-vaccine world.

Another area that has changed from the pandemic is the rise of retail trading as participation and interest has risen dramatically over the last year. The emergence of Robinhood and the push to reduce the cost to trade has engaged a younger generation, many of who were first-time investors. Their engagement has been meaningful and noteworthy, perhaps most of all in “meme” stocks which first burst on to the scene in January with GameStop and more recently, AMC Entertainment. The resulting moves in those shares were staggering, taking many institutional investors by surprise, as they and the rest of the populace learned about Reddit, WallStreetBets and “Roaring Kitty.” While this recent bout of exuberance has been stunning, the longer-term impact of a more engaged retail trader could be meaningful given their crowd-sourced approach to due diligence on potential investments.

Markets remain well-supported from the continued fiscal and monetary stimulus. As the world heals, the potential for central banks like the Federal Reserve to begin to taper their efforts could see a rise in volatility in both equities and fixed income. Equities appear well-positioned for continued improvements in earnings estimates while valuation multiples are supported by the current low-rate environment. Fixed Income may be a more challenging place, given the potential for higher interest rates as a headwind while credit spreads have tightened significantly, providing little potential offset. As always, there will be selective opportunities across asset classes for active managers to capture these mispriced securities.

The Way Forward

Markets will continue to wrestle with elevated volatility and uncertainty for some time into the future as the reality of a post-pandemic world may take time to settle. Companies and consumers alike will have to adjust, and the shifts that occurred in the investing landscape could linger for quite some time. “Winners” and “losers” within industries and sectors should provide long-term opportunities for active managers. The road to normal may be a long and winding journey for some companies while others find themselves emerging even better positioned than before the pandemic. We believe our approach of constructing high-conviction, bottom-up portfolios with strong risk management is well-suited to identify and capture these types of opportunities as the world recovers in the coming years.

Thank you for your trust.

Sincerely,

The Investment Team

The Westwood Funds

1. AP News, “Some used vehicles now cost more than original sticker price”, June 22, 2021.

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The information contained herein represents the views of the manager at a specific point in time and is based on information believed to be reliable. No representation or warranty is made concerning the accuracy or completeness of any data compiled herein. Any statements non-factual in nature constitute only current opinion, which is subject to change. Any statements concerning financial market trends are based on current market conditions, which will fluctuate. Past performance is not indicative of future results. All information provided herein is for informational purposes only and is not intended to be, and should not be interpreted as, an offer, solicitation, or recommendation to buy or sell or otherwise invest in any of the securities/sectors/ countries that may be mentioned. Investing involves risk including possible loss of principal.

Mutual fund investing involves risk, including possible loss of principal. There can be no assurance that the Funds will achieve their stated objectives.

A discussion of each fund’s performance during the semiannual period ended April 30, 2021, is presented below.

The performance data quoted represents past performance. Past performance 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 or less than their original cost and current performance may be lower or higher than the performance quoted. The Adviser has contractually agreed to waive certain fees and reimburse expenses until Feb. 28, 2022. In the absence of current fee waivers, total return and yield would have been reduced.

The Westwood Quality Value Fund was formerly known as Westwood LargeCap Value Fund.

Relative performance was aided by positive stock selection within Health Care and Materials. Top individual contributors included JPMorgan Chase, which saw shares move higher with the rise in rates and solid revenue growth in trading and fee-related income. Charles Schwab gained as increased retail trading and engagement with markets produced strong fundamental results alongside synergy tailwinds from their recent acquisition. EOG Resources benefited on solid execution and sharply higher crude oil prices as global producers remained disciplined in their plans to add incremental barrels of supply back to the market. Bank of America moved higher as the shift in the yield curve improved their profit outlook while credit costs remained low. ConocoPhillips also rallied in tandem with strong oil prices and management’s continued plan to return capital to shareholders.

Unfavorable selection in Consumer Discretionary and Consumer Staples detracted from relative performance. Top individual detractors included WEC Energy, where investors rotated away from more defensive businesses like regulated utilities in favor of more economically-sensitive firms. NIKE saw shares moved lower on rising tensions and questions over sourcing methods for cotton from China. Dollar General faced headwinds as rising wage inflation fears pushed shares lower along with the potential for more challenging comparisons to last year’s sales. Intercontinental Exchange reported solid results, but their recent acquisition into the mortgage market raised questions over the sustainability of those sales as interest rates have risen. Church & Dwight, similar to WEC Energy, continued to post strong results, but investor rotation into more cyclical areas pushed shares lower for the period.

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The performance data quoted represents past performance. Past performance 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 or less than their original cost and current performance may be lower or higher than the performance quoted. The Adviser has contractually agreed to waive certain fees and reimburse expenses until Feb. 28, 2022. In the absence of current fee waivers, total return and yield would have been reduced.

Given strength in the equity markets, the strongest contributors to returns were common stocks and convertible bonds. Bank of America moved higher as the shift in the yield curve improved their profit outlook while credit costs remained low. Disney posted improving results as vaccine deployment raised optimism for reopening of their theme parks while their Disney+ subscribers continued to grow. PayPal gained as sales growth remained impressive amid the shift toward online payments with consumer spending increasing. Apple rallied as consumers increased their spending within their ecosystem as well as on new devices like the iPhone and AirPods. Livent convertible bonds posted strong returns as their lithium products enable batteries for electric vehicles, which are gaining in potential adoption across a number of manufacturers.

The move higher in interest rates pressured a number of fixed income securities, particularly U.S. Treasuries. As optimism increased, typical “safe-havens” like gold were pressured in addition to a rotation into other potential stores of value such as bitcoin. This impacted two holdings in a meaningful way — Newmont Mining and SSR Mining convertible bonds. The rise in interest rates also weighed on 30-year U.S. Treasury holdings during the period. First Solar felt pressure from rising commodity prices that may delay utility-scale projects even as trends look favorable for their products in the future. Herbalife remained a strong generator for free cash flow, but a transition in their distribution structure in China concerned investors in the near term and pushed shares modestly lower.

The performance data quoted represents past performance. Past performance 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 or less than their original cost and current performance may be lower or higher than the performance quoted. The Adviser has contractually agreed to waive certain fees and reimburse expenses until Feb. 28, 2022. In the absence of current fee waivers, total return and yield would have been reduced.

The Westwood Quality SMidCap Fund was formerly known as Westwood SMidCap Fund.

Relative performance was aided by strong allocation tailwinds from being underweight in Health Care and positive security selection, along with an underweight, in Information Technology. First Hawaiian moved higher on a recovery in tourism bolstering their borrowers on the island along with the improving backdrop from the rise in interest rates. Sabre gained on similar expectations for improved bookings for leisure and travel across their platform as people return to visiting others for work and pleasure. Bloomin’ Brands rose on continued recovery in their comparisons as restaurants resume in-person dining across the

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country. Albemarle rallied on rising optimism concerning a key end market, electric vehicles, where their high-grade lithium serves as the foundation for batteries to power those cars. BOK Financial moved up on similar improvement in the backdrop given the rise in rates for their net interest margin, potential higher demand for loans and continued low credit costs.

Real Estate and Industrials weighed on relative performance due to stock selection. WW International Inc. (Weight Watchers) shares faced pressure as in-person weight loss meetings remained significantly below pre-pandemic levels but were offset by sharp gains in digital-only subscriptions. Pioneer Natural Resources saw concerns over the durability of higher commodity prices amid the potential for increased supply, pushing shares lower during the period. Cabot Oil & Gas detracted from performance as it saw more mixed price trends in natural gas impact shares along with their recent proposed acquisition to add meaningful exposure to the Permian Basin into their acreage portfolio. Simmons First National, a purchase late in the period, declined modestly with the market even as their results and outlook remained positive. Alliant Energy fell as investors rotated away from more defensive businesses like regulated utilities in favor of more economically-sensitive firms.

*Without Sales Charge

The performance data quoted represents past performance. Past performance 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 or less than their original cost and current performance may be lower or higher than the performance quoted. The Adviser has contractually agreed to waive certain fees and reimburse expenses until Feb. 28, 2022. In the absence of current fee waivers, total return and yield would have been reduced.

The Westwood Quality SmallCap Fund was formerly known as Westwood SmallCap Fund.

Financials and Health Care added to relative performance on strong security selection. Great Western Bancorp gained on improved outlook for the agricultural industry, a key exposure for the bank, along with the improved outlook for rates and loan demand as the economy recovers. PDC Energy moved higher on rising crude oil prices and continued focus on returning incremental cash generated to shareholders. Oxford Industries gained on continued strength in consumer spending for their clothing brands ahead of vacations and other travels. Bloomin’ Brands rose on continued recovery in their comparisons as restaurants resume in-person dining across the country. Amkor rose as the shortage of semiconductor chips to supply various end markets helped drive higher gross margins than expected for their products.

Consumer Staples and Information Technology weighed on relative performance due to less favorable selections. Weight Watchers shares faced pressure as in-person weight loss meetings remained significantly below pre-pandemic levels but were offset by sharp gains in digital-only subscriptions. PNM Resources, which agreed to be acquired at a premium, declined modestly from those levels as the deal proceeded toward closing. Academy Sports and Outdoors, a recent purchase, fell modestly from the initial purchase even as fundamentals remained strong. PQG, a similar purchase near the end of the period, detracted modestly as the company closed a secondary offering of their shares.

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The performance data quoted represents past performance. Past performance 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 or less than their original cost and current performance may be lower or higher than the performance quoted. The Adviser has contractually agreed to waive certain fees and reimburse expenses until Apr. 30, 2022. In the absence of current fee waivers, total return and yield would have been reduced.

Given strength in the equity markets, the strongest contributors to returns were common stocks and convertible bonds. Freeport-McMoRan rose along with higher commodity prices, particularly copper prices, on tight supply and demand conditions that may persist for the intermediate-term given the economic recovery underway. Bank of America moved higher as the shift in the yield curve improved their profit outlook while credit costs remained low. Charles Schwab gained as increased retail trading and engagement with markets produced strong fundamental results alongside synergy tailwinds from their recent acquisition. Toll Brothers and Lennar benefited as strength in the consumer translated into increased demand for new homes. With limited inventory and upward pressure on input costs, both saw strong orders and pricing drive better than expected results with solid cash generation.

The move higher in interest rates pressured several fixed income securities, particularly U.S. Treasuries. As optimism increased, typical “safe-havens” like gold were pressured in addition to a rotation into other potential stores of value such as bitcoin. This impacted two holdings in a meaningful way — Barrick Gold and Newmont Mining. Alibaba has faced some pressures as uncertainty over Chinese regulatory issues and some necessary investment spending may crimp near-term profitability. The rise in interest rates also weighed on 30-year U.S. Treasury holdings during the period as well as a Waste Management bond due 2049. Investor preferences for more cyclical business has pressured more stable industries like waste management.

The performance data quoted represents past performance. Past performance 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 or less than their original cost and current performance may be lower or higher than the performance quoted. The Adviser has contractually agreed to waive certain fees and reimburse expenses until Feb. 28, 2022. In the absence of current fee waivers, total return and yield would have been reduced.

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Strong returns were seen across risk assets as FDA approval of COVID-19 vaccines lifted investor sentiment and initiated a “growth-to-value” rotation. Small-cap and cyclical equities outperformed and fixed income investments were buoyed by continued spread compression of both high yield and investment grade debt. Amkor Technology benefited from increased customer demand for semiconductors and a favorable pricing environment. Truist Financial rallied on the back of an expected increase in long-term interest rates and loan demand, which, in conjunction with continued Merger & Acquisition (M&A) integration and cost benefits, should further accelerate earnings growth in the near term. Cinemark Holdings moved higher as the theater industry is expected to welcome back consumers en masse in mid-2021, following the massive U.S. vaccination effort and mixed performance of direct-to-consumer releases during the pandemic. Moelis continues to reap the benefits of a very favorable IPO and M&A market, with the special purpose acquisition companies (SPAC) boom in early ’21 supplementing an already robust corporate action pipeline. NGL Energy took advantage of healthy oil prices and wide-open capital markets to refinance upcoming debt maturities, removing a large overhang and allowing management to return focus to operations.

The rise in interest rates negatively impacted long-term bonds, growth equity and gold (among others). Barrick Gold declined as rising interest rates tempered inflation and U.S. Dollar fears, ultimately reducing gold’s luster. Concerns around subscriber trends and renewal rates led to a decline in WW International Inc. (Weight Watchers) equity; however, many of these fears were overblown as the company continues to make progress on its “digital-first” strategy and posted a healthy quarter. Despite spreads compressing to near all-time lows, longer-dated investment grade bonds underperformed as rising interest rates more than offset the narrowing of spreads. For fixed income investors, the Fed continues to be top-of-mind, with any reduction in the remarkable support provided potentially causing a “taper tantrum.”

The performance data quoted represents past performance. Past performance 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 or less than their original cost and current performance may be lower or higher than the performance quoted. The Adviser has contractually agreed to waive certain fees and reimburse expenses until Feb. 28, 2022. In the absence of current fee waivers, total return and yield would have been reduced.

The Westwood Alternative Income Fund gained 4.67% in the six months ending April 30, 2021, strong performance in both absolute terms and relative to similar Morningstar market neutral peers.

While volatility has declined from the unprecedented levels, it remains higher than it was pre-pandemic. Global capital markets have largely recovered, outpacing the gains in the broader economy. With valuations elevated, future returns may be more modest than witnessed most recently. As well, should the recovery efforts fall short of expectations, volatility may again rise as investors continue to try and calibrate their estimates for the future in a post-pandemic world.

Short-duration convertibles provided steady returns during the six month period with broad performance seen across the securities. Credit spreads continued to grind tighter, as they have for some time, though further tightening may be more challenging given low absolute spread levels. The rally in the equity markets boosted performance as rising share prices moved the embedded option values higher for several positions, transitioning some of these positions from the yield bucket to the arbitrage bucket. Credits held by the Fund remain high quality and should continue to provide a stable base on which positive returns can be achieved, with potential upside optionality if the equity rally persists in the coming year.

The convertible arbitrage strategy enjoyed broadly strong performance across our holdings despite facing numerous headwinds from rising rates, decreased volatility and record-setting primary issuance. Convertible valuation improved, gamma trading opportunities persisted and credit spreads ground a bit tighter. The continued activity in the primary market led to ample opportunities, allowing us to source cheap, attractive paper. With primary supply remaining robust, we continue to see some

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pressure on secondary markets which should prove opportunistic should the need for new capital slow as the economy reopens. This translates into confidence the arbitrage opportunity remains well positioned. The backdrop of continued elevated equity market volatility provides both substantial gamma trading opportunities as well as a potential revaluation higher of the embedded equity option within the convertible structure.

Macro tail hedges were a headwind on performance, as markets remained risk-on. The slight drag of these positions is the cost of the potential downside protection that these positions offer, as evidenced by the first quarter of 2020 and other periods of market tumult. We continue to monitor and systematically adjust these positions for maximum Fund flexibility, and as a means of capital preservation during periods of market volatility.

Overall, we believe the convertible landscape is one of the best in the recent decade and remains ripe with potential quality income and arbitrage opportunities. The strategy remains well positioned across both the yield portion of the portfolio of short duration, high credit conviction securities as well as those within the arbitrage portion of the portfolio. Given the rising equity markets, several positions originally falling within the yield portion have transitioned to arbitrage positions. While this shift was positive to overall returns, we continue to look for additional high credit conviction opportunities in shorter-duration convertibles with attractive yield. Rising interest rates have been offset so far by tightening credit spreads; this is true in convertibles as it is in other areas of fixed income including investment-grade. However, current spread levels are increasingly challenged to tighten further given the starting point and further rises in rates may be a greater headwind. Volatility remains a key attribute, allowing for value creation in two distinct ways: profitable gamma trading return premia and a natural increase or revaluation of the embedded option of a convertible security. The dynamics of our blend of yield-focused investments and convertible arbitrage allows for capturing enhanced profitability from volatility while being selective to seek to avoid the credit risk that remains in the markets despite the overall improvements.

In closing, we believe the potential benefits of adding or increasing exposure to alternative investments within the context of a diversified asset allocation strategy are numerous. These alternative investments we believe should provide true, uncorrelated absolute return potential against a variety of market backdrops. The Westwood Alternative Income Fund seeks to continue to provide that opportunity through a disciplined approach toward generating the potential alpha in any environment. In doing so, we believe the Fund offers an integral component of a larger asset allocation strategy targeting strong risk-adjusted returns throughout market cycles.

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Definition of the Comparative Indices & Key Terms

Alpha is the measure of risk adjusted performance.

Bloomberg Barclays US Aggregate Bond Index is a broad-based flagship benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market.

Beta is a measure of the volatility, or systematic risk, of a security or a portfolio in comparison to the market as a whole. Beta is used in the capital asset pricing model (CAPM), which calculates the expected return of an asset based on its beta and expected market returns.

Delta is the ratio comparing the change in the price of the underlying asset to the corresponding change in the price of a derivative.

FTSE 1-Month Treasury Bill Index is a market value-weighted index of public obligations of the U.S. Treasury bills with maturities of one month. The Index reflects no deduction for fees, expenses or taxes.

Gamma is the rate of change for delta with respect to the underlying asset’s price. Gamma is an important measure of the convexity of a derivative’s value, in relation to the underlying assets.

Russell 1000 Index measures the performance of the large-cap segment of the U.S. equity universe. It is a subset of the Russell 3000 Index and includes approximately 1,000 of the largest securities based on a combination of their market cap and current index membership. The Russell 1000 represents approximately 92% of the Russell 3000 Index. The Russell 1000 Index is constructed to provide a comprehensive and unbiased barometer for the large-cap segment and is completely reconstituted annually to ensure new and growing equities are reflected.

Russell 1000 Value Index measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000 companies with lower price-to-book ratios and lower expected and historical growth rates.

Russell 2000 Value Index is a broadly diversified index predominantly made up of value stocks of small U.S. companies.

Russell 2500 Index measures the performance of the 2,500 smallest companies in the Russell 3000 Index, which represents approximately 16% of the total market capitalization of the Russell 3000 Index.

Russell 2500 Value Index measures the performance of the small to mid-cap value segment of the U.S. equity universe. It includes those Russell 2500 companies with lower price-to-book ratio and lower forecasted growth values

S&P 500 Index is an unmanaged capitalization-weighted index of 500 stocks designed to measure performance of the broad domestic stock market through changes in the aggregate market value of 500 stocks representing all major industries.

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

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

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

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