N-Q 1 d445248dnq.htm AIC AT DISCIPLINED EQUITY AIC AT Disciplined Equity

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM N-Q

 

 

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-06400

 

 

The Advisors’ Inner Circle Fund

(Exact name of registrant as specified in charter)

 

 

c/o CT Corporation

101 Federal Street

Boston, MA 02110

(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: 1-877-446-3863

Date of fiscal year end: October 31, 2017

Date of reporting period: July 31, 2017

 

 

 

Item 1. Schedule of Investments

THE ADVISORS’ INNER CIRCLE FUND    AT DISCIPLINED EQUITY FUND
   JULY 31, 2017 (Unaudited)
  
  

 

 

 

 

SCHEDULE OF INVESTMENTS

      

COMMON STOCK — 96.2%

 

      
           Shares                  Value        

CONSUMER DISCRETIONARY — 12.9%

      

Amazon.com *

      40,252      $ 39,760,121  

Comcast, Cl A

      568,033        22,976,935  

Dollar General

      157,115        11,808,763  

Home Depot

      108,686        16,259,426  

Omnicom Group

      98,575        7,761,795  

TJX

      91,076        6,403,553  

VF

      124,676        7,753,601  
     

 

 

  
              112,724,194  
     

 

 

  

CONSUMER STAPLES — 4.0%

      

Colgate-Palmolive

      119,221        8,607,756  

CVS Health

      141,996        11,349,740  

PepsiCo

      131,594        15,345,177  
     

 

 

  
        35,302,673  
     

 

 

  

ENERGY — 4.6%

      

Anadarko Petroleum

      157,514        7,193,664  

EOG Resources

      118,677        11,290,930  

Kinder Morgan

      531,941        10,867,554  

Pioneer Natural Resources

      65,398        10,666,414  
     

 

 

  
        40,018,562  
     

 

 

  

FINANCIALS — 14.8%

      

American Express

      89,600        7,636,608  

BlackRock, Cl A

      34,785        14,836,846  

Capital One Financial

      125,172        10,787,323  

Citigroup

      317,456        21,729,863  

JPMorgan Chase

      241,115        22,134,357  

Prudential Financial

      148,116        16,771,175  

US Bancorp

      312,960        16,518,029  

Wells Fargo

      344,117        18,561,671  
     

 

 

  
        128,975,872  
     

 

 

  

HEALTH CARE — 21.1%

      

Aetna

      108,481        16,739,703  

Allergan

      73,998        18,671,915  

Cigna

      59,508        10,328,208  

Danaher

      218,195        17,780,711  

Express Scripts Holding *

      173,867        10,891,029  

Johnson & Johnson

      165,665        21,987,059  

McKesson

      47,352        7,664,868  

Medtronic

      203,475        17,085,796  

 

1

THE ADVISORS’ INNER CIRCLE FUND    AT DISCIPLINED EQUITY FUND
   JULY 31, 2017 (Unaudited)
  
  

 

 

 

 

COMMON STOCK — continued

 

      
           Shares                  Value        

HEALTH CARE — continued

      

Merck

      194,803      $ 12,444,016  

Stryker

      122,704        18,049,758  

Thermo Fisher Scientific

      66,886        11,740,499  

UnitedHealth Group

      110,234        21,143,984  
     

 

 

  
              184,527,546  
     

 

 

  

INDUSTRIALS — 8.4%

      

Boeing

      45,647        11,067,571  

Fortive

      157,091        10,170,071  

General Electric

      576,148        14,755,151  

Honeywell International

      105,118        14,308,662  

Union Pacific

      107,525        11,070,774  

United Technologies

      99,361        11,781,234  
     

 

 

  
        73,153,463  
     

 

 

  

INFORMATION TECHNOLOGY — 25.8%

      

Adobe Systems *

      57,161        8,373,515  

Alliance Data Systems

      30,552        7,376,169  

Alphabet, Cl A *

      10,644        10,063,902  

Alphabet, Cl C *

      34,713        32,300,446  

Apple

      135,308        20,124,359  

Automatic Data Processing

      160,973        19,141,299  

Cisco Systems

      476,546        14,987,372  

Fidelity National Information Services

      126,708        11,558,304  

Fiserv *

      115,629        14,858,327  

Microsoft

      400,649        29,127,182  

Oracle

      402,766        20,110,107  

QUALCOMM

      273,385        14,541,348  

Visa, Cl A

      224,557        22,356,895  
     

 

 

  
        224,919,225  
     

 

 

  

MATERIALS — 1.4%

      

Praxair

      95,672        12,452,667  
     

 

 

  

REAL ESTATE — 1.9%

      

American Tower, Cl A ‡

      122,148        16,652,437  
     

 

 

  

UTILITIES — 1.3%

      

NextEra Energy

      77,953        11,388,154  
     

 

 

  

TOTAL COMMON STOCK
(Cost $531,172,795)

         840,114,793  
     

 

 

  

 

2

THE ADVISORS’ INNER CIRCLE FUND    AT DISCIPLINED EQUITY FUND
   JULY 31, 2017 (Unaudited)
  
  

 

 

 

 

CASH EQUIVALENT(A) — 3.5%

 

      
           Shares                  Value        

JPMorgan U.S. Government Money Market Fund, Cl Institutional, 0.880%
(Cost $30,664,102)

      30,664,102      $ 30,664,102  
     

 

 

  

TOTAL INVESTMENTS — 99.7%
(Cost $561,836,897)†

       $       870,778,895  
     

 

 

  

Percentages are based on Net Assets of $873,751,065.

(A) The reporting rate is the 7-day effective yield as of July 31, 2017.
* Non-income producing security.
‡ Real Estate Investment Trust

 

† At July 31, 2017, the tax basis cost of the Fund’s investments was $561,836,897, and the unrealized appreciation and depreciation were $316,176,724 and $(7,234,726) respectively.

Cl — Class

As of July 31, 2017, all of the Fund’s investments were considered Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

For the period ended July 31, 2017, there were no transfers between Level 1 and Level 2 assets and liabilities. Transfers, if any, between levels are considered to have occurred as of the end of the period. For the period ended July 31, 2017, there were no Level 3 securities.

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

ATF-QH-001-0800

 

3

THE ADVISORS’ INNER CIRCLE FUND    AT MID CAP EQUITY FUND
   JULY 31, 2017 (Unaudited)
  
  

 

 

 

 

SCHEDULE OF INVESTMENTS

 

      

 

COMMON STOCK — 96.4%**

 

      
           Shares                  Value        

CONSUMER DISCRETIONARY — 16.4%

      

AutoZone *

      16,637      $ 8,980,985  

BorgWarner

      56,007        2,617,767  

Carter’s

      60,037        5,207,009  

Delphi Automotive

      56,214        5,082,870  

Dick’s Sporting Goods

      57,040        2,129,874  

Discovery Communications, Cl C *

      111,187        2,571,755  

Dollar Tree *

      106,847        7,701,532  

Hanesbrands

      169,261        3,879,462  

LKQ *

      160,064        5,531,812  

Marriott International, Cl A

      61,380        6,395,182  

Mohawk Industries *

      25,833        6,432,159  

O’Reilly Automotive *

      19,323        3,947,689  

Ross Stores

      122,347        6,768,236  

Tractor Supply

      54,354        3,050,347  

Ulta Salon Cosmetics & Fragrance *

      14,467        3,634,255  

Whirlpool

      34,823        6,194,315  
     

 

 

  
        80,125,249  
     

 

 

  

CONSUMER STAPLES — 5.6%

      

Brown-Forman, Cl B

      97,960        4,839,224  

Church & Dwight

      120,281        6,416,991  

Monster Beverage *

      204,601        10,792,703  

Sprouts Farmers Market *

      212,144        5,106,306  
     

 

 

  
                27,155,224  
     

 

 

  

ENERGY — 2.2%

      

Cimarex Energy

      24,800        2,455,944  

Concho Resources *

      42,470        5,532,142  

EQT

      41,230        2,626,351  
     

 

 

  
        10,614,437  
     

 

 

  

FINANCIALS — 4.5%

      

Ameriprise Financial

      50,220        7,275,874  

Intercontinental Exchange

      96,617        6,445,320  

MSCI, Cl A

      27,693        3,017,152  

TD Ameritrade Holding

      114,080        5,216,878  
     

 

 

  
        21,955,224  
     

 

 

  

HEALTH CARE — 11.9%

      

Acadia Healthcare *

      108,707        5,753,862  

Alkermes *

      72,747        3,958,164  

AmerisourceBergen, Cl A

      78,534        7,368,060  

 

1

THE ADVISORS’ INNER CIRCLE FUND    AT MID CAP EQUITY FUND
   JULY 31, 2017 (Unaudited)
  
  

 

 

 

 

COMMON STOCK — continued

 

      
           Shares                  Value        

HEALTH CARE — continued

      

Edwards Lifesciences *

      50,840      $ 5,855,751  

Envision Healthcare *

      55,284        3,119,676  

HCA Healthcare *

      78,327        6,292,791  

HealthSouth

      149,834        6,376,935  

Humana

      22,733        5,255,870  

Jazz Pharmaceuticals *

      24,077        3,698,468  

Ligand Pharmaceuticals *

      18,703        2,261,380  

Teleflex

      11,987        2,483,946  

Universal Health Services, Cl B

      49,394        5,474,337  
     

 

 

  
        57,899,240  
     

 

 

  

INDUSTRIALS — 12.5%

      

AMETEK

      91,657        5,644,238  

HD Supply Holdings *

      146,631        4,764,041  

Hexcel

      85,767        4,388,698  

Hubbell, Cl B

      38,130        4,529,463  

IHS Markit *

      88,867        4,145,646  

Kansas City Southern

      48,670        5,022,257  

Masco

      113,874        4,342,016  

Parker-Hannifin

      31,310        5,196,834  

Pentair

      62,827        3,962,499  

Rexnord *

      190,341        4,408,297  

Roper Technologies

      31,620        7,350,385  

TransUnion *

      105,504        4,835,248  

Wabtec

      31,517        2,375,121  
     

 

 

  
                60,964,743  
     

 

 

  

INFORMATION TECHNOLOGY — 33.9%

      

Alliance Data Systems

      46,707        11,276,471  

Amphenol, Cl A

      75,227        5,763,893  

ANSYS *

      43,297        5,609,127  

Autodesk *

      41,127        4,556,460  

Check Point Software Technologies *

      55,594        5,880,733  

Citrix Systems *

      33,377        2,636,116  

Cognizant Technology Solutions, Cl A

      193,854        13,437,959  

EPAM Systems *

      93,827        8,062,554  

Euronet Worldwide *

      86,180        8,325,850  

Fidelity National Information Services

      94,137        8,587,177  

Fiserv *

      130,717        16,797,134  

FleetCor Technologies *

      30,380        4,619,583  

Global Payments

      86,180        8,132,807  

Microchip Technology

      123,174        9,858,847  

NXP Semiconductors *

      93,207        10,283,528  

 

2

THE ADVISORS’ INNER CIRCLE FUND    AT MID CAP EQUITY FUND
   JULY 31, 2017 (Unaudited)
  
  

 

 

 

 

COMMON STOCK — continued

 

      
           Shares                  Value        

INFORMATION TECHNOLOGY — continued

      

PTC *

      127,411      $ 7,031,813  

Red Hat *

      37,613        3,718,797  

Skyworks Solutions

      75,640        7,932,367  

TE Connectivity

      74,400        5,981,016  

Vantiv, Cl A *

      158,824        10,093,265  

WEX *

      37,820        4,110,278  

Xilinx

      42,677        2,699,747  
     

 

 

  
        165,395,522  
     

 

 

  

MATERIALS — 5.4%

      

Ashland Global Holdings

      27,383        1,779,073  

Berry Global Group *

      130,614        7,324,833  

Crown Holdings *

      72,024        4,283,267  

FMC

      84,010        6,416,684  

International Flavors & Fragrances

      37,303        4,968,014  

Valvoline

      75,124        1,703,064  
     

 

 

  
              26,474,935  
     

 

 

  

REAL ESTATE — 2.5%

      

Equinix ‡

      19,013        8,569,729  

Jones Lang LaSalle ‡

      30,277        3,851,840  
     

 

 

  
        12,421,569  
     

 

 

  

TELECOMMUNICATION SERVICES — 1.5%

      

SBA Communications, Cl A *

      54,870        7,547,369  
     

 

 

  

TOTAL COMMON STOCK
(Cost $407,921,346)

         470,553,512  
     

 

 

  
     

 

CASH EQUIVALENT(A) — 3.6%

 

      

JPMorgan U.S. Government Money Market Fund, Cl Institutional, 0.880%
(Cost $17,387,163)

      17,387,163        17,387,163  
     

 

 

  

TOTAL INVESTMENTS — 100.0%
(Cost $425,308,509)†

       $ 487,940,675  
     

 

 

  

Percentages are based on Net Assets of $488,013,511.

(A) The reporting rate is the 7-day effective yield as of July 31, 2017.
* Non-income producing security.
** More narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting purposes.
‡ Real Estate Investment Trust

 

3

THE ADVISORS’ INNER CIRCLE FUND    AT MID CAP EQUITY FUND
   JULY 31, 2017 (Unaudited)
  
  

 

 

 

† At July 31, 2017, the tax basis cost of the Fund’s investments was $425,308,509, and the unrealized appreciation and depreciation were $73,277,705 and $(10,645,539) respectively.

Cl — Class

As of July 31, 2017, all of the Fund’s investments were considered Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

For the period ended July 31, 2017, there were no transfers between Level 1 and Level 2 assets and liabilities. Transfers, if any, between levels are considered to have occurred as of the end of the period. For the period ended July 31, 2017, there were no Level 3 securities.

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

ATF-QH-002-0700

 

4

THE ADVISORS’ INNER CIRCLE FUND    AT INCOME OPPORTUNITIES FUND
   JULY 31, 2017 (Unaudited)
  
  

 

 

 

 

SCHEDULE OF INVESTMENTS

      

COMMON STOCK — 62.2%

 

      
           Shares                  Value        

CONSUMER DISCRETIONARY — 7.0%

      

Amazon.com *

      850      $ 839,613  

Comcast, Cl A

      92,425        3,738,591  

Home Depot

      23,825        3,564,220  

NIKE, Cl B (A)

      17,100        1,009,755  

Regal Entertainment Group, Cl A (A)

      110,600        2,103,612  

Starbucks

      37,000        1,997,260  

Tupperware Brands (A)

      77,100        4,680,741  

VF (A)

      63,100        3,924,189  
     

 

 

  
        21,857,981  
     

 

 

  

CONSUMER STAPLES — 4.0%

      

Kellogg

      61,850        4,205,800  

PepsiCo

      38,775        4,521,553  

Walgreens Boots Alliance

      45,100        3,638,217  
     

 

 

  
        12,365,570  
     

 

 

  

ENERGY — 5.1%

      

Chevron

      55,300        6,038,207  

Kinder Morgan

      245,000        5,005,350  

Linn Energy *

      4,433        155,820  

Occidental Petroleum (A)

      74,100        4,589,013  
     

 

 

  
        15,788,390  
     

 

 

  

FINANCIALS — 10.7%

      

Ares Capital

      249,275        4,085,617  

Golub Capital

      181,800        3,556,008  

Hercules Capital

      169,873        2,266,106  

JPMorgan Chase

      75,700        6,949,260  

Navient

      197,600        2,914,600  

Prudential Financial (A)

      49,375        5,590,731  

US Bancorp

      88,150        4,652,557  

Wells Fargo

      63,125        3,404,963  
     

 

 

  
              33,419,842  
     

 

 

  

HEALTH CARE — 6.7%

      

Allergan (A)

      4,600        1,160,718  

Johnson & Johnson (A)

      43,650        5,793,228  

Merck

      86,175        5,504,859  

Novartis ADR

      41,900        3,569,880  

Pfizer

      144,500        4,791,620  
     

 

 

  
        20,820,305  
     

 

 

  

 

1

THE ADVISORS’ INNER CIRCLE FUND    AT INCOME OPPORTUNITIES FUND
   JULY 31, 2017 (Unaudited)
  
  

 

 

 

 

COMMON STOCK — continued

 

      
           Shares                  Value        

INDUSTRIALS — 7.8%

      

Boeing

      25,400      $ 6,158,484  

General Electric (A)

      149,525        3,829,335  

Lockheed Martin (A)

      21,900        6,397,647  

Union Pacific (A)

      29,250        3,011,580  

United Parcel Service, Cl B

      44,245        4,879,781  
     

 

 

  
        24,276,827  
     

 

 

  

INFORMATION TECHNOLOGY — 12.5%

      

Alphabet, Cl A *

      2,500        2,363,750  

Apple

      37,025        5,506,728  

Automatic Data Processing

      37,175        4,420,479  

Cisco Systems (A)

      188,200        5,918,890  

Intel

      99,595        3,532,635  

Microchip Technology (A)

      58,469        4,679,859  

Microsoft

      106,650        7,753,455  

Paychex (A)

      32,000        1,851,200  

QUALCOMM (A)

      24,500        1,303,155  

Visa, Cl A

      14,675        1,461,043  
     

 

 

  
              38,791,194  
     

 

 

  

MATERIALS — 1.1%

      

Praxair (A)

      26,825        3,491,542  
     

 

 

  

REAL ESTATE — 3.0%

      

Crown Castle International ‡

      36,285        3,649,545  

Hannon Armstrong Sustainable Infrastructure Capital ‡

      104,560        2,431,020  

Weyerhaeuser ‡

      96,075        3,172,397  
     

 

 

  
        9,252,962  
     

 

 

  

TELECOMMUNICATION SERVICES — 0.7%

      

Verizon Communications (A)

      44,500        2,153,800  
     

 

 

  

UTILITIES — 3.6%

      

American Water Works

      42,750        3,467,025  

NextEra Energy (A)

      25,004        3,652,834  

NRG Yield, Cl A

      49,750        906,943  

NRG Yield, Cl C

      179,750        3,343,350  
     

 

 

  
        11,370,152  
     

 

 

  

TOTAL COMMON STOCK
(Cost $170,441,202)

         193,588,565  
     

 

 

  

 

2

THE ADVISORS’ INNER CIRCLE FUND    AT INCOME OPPORTUNITIES FUND
   JULY 31, 2017 (Unaudited)
  
  

 

 

 

 

CORPORATE OBLIGATIONS — 25.4%

 

      
      Face Amount             Value        

CONSUMER DISCRETIONARY — 5.2%

      

Ford Motor Credit

      

3.336%, 03/18/21

      $      2,855,000      $ 2,926,252  

General Motors Financial

      

2.569%, 10/04/19(B)

      2,000,000        2,024,588  

Goodyear Tire & Rubber

      

5.125%, 11/15/23

      2,250,000        2,342,813  

Regal Entertainment Group

      

5.750%, 03/15/22

      2,000,000        2,084,800  

Sirius XM Radio

      

6.000%, 07/15/24(C)

      750,000        809,062  

Speedway Motorsports

      

5.125%, 02/01/23

      1,835,000        1,880,875  

Tenneco

      

5.375%, 12/15/24

      630,000        655,200  

Time Warner

      

3.600%, 07/15/25

      3,500,000        3,536,715  
     

 

 

  
        16,260,305  
     

 

 

  

ENERGY — 3.6%

      

Chesapeake Energy

      

8.000%, 12/15/22(C)

      515,000        545,900  

DCP Midstream Operating

      

6.750%, 09/15/37(C)

      1,500,000        1,620,000  

Genesis Energy

      

6.000%, 05/15/23

      1,700,000        1,683,000  

Kinder Morgan MTN

      

7.800%, 08/01/31

      1,400,000        1,787,647  

Regency Energy Partners

      

5.500%, 04/15/23

      3,265,000        3,362,950  

Sabine Pass Liquefaction

      

5.750%, 05/15/24

      1,250,000        1,405,069  

5.625%, 03/01/25

      750,000        834,165  
     

 

 

  
              11,238,731  
     

 

 

  

FINANCIALS — 6.3%

      

Ally Financial

      

3.750%, 11/18/19

      3,500,000        3,578,750  

Ares Capital

      

3.875%, 01/15/20

      2,500,000        2,555,150  

Bank of America MTN

      

3.950%, 04/21/25

      3,250,000        3,328,780  

Goldman Sachs Group MTN

      

3.064%, 10/28/27(B)

      3,000,000        3,126,036  

 

3

THE ADVISORS’ INNER CIRCLE FUND    AT INCOME OPPORTUNITIES FUND
   JULY 31, 2017 (Unaudited)
  
  

 

 

 

 

CORPORATE OBLIGATIONS — continued

 

      
      Face Amount             Value        

FINANCIALS — continued

      

Morgan Stanley

      

2.487%, 01/20/22(B)

      $      4,000,000      $ 4,039,916  

Navient MTN

      

4.875%, 06/17/19

      500,000        516,250  

4.625%, 09/25/17

      425,000        426,062  

Wells Fargo MTN

      

4.100%, 06/03/26

      2,000,000        2,087,618  
     

 

 

  
        19,658,562  
     

 

 

  

HEALTH CARE — 1.9%

      

Fresenius US Finance

      

II 4.500%, 01/15/23(C)

      2,000,000        2,117,500  

HCA

      

6.500%, 02/15/20

      1,150,000        1,256,375  

5.000%, 03/15/24

      1,250,000        1,326,875  

Universal Health Services

      

4.750%, 08/01/22(C)

      500,000        513,750  

3.750%, 08/01/19(C)

      750,000        765,000  
     

 

 

  
              5,979,500  
     

 

 

  

INDUSTRIALS — 1.5%

      

Masco

      

4.450%, 04/01/25

      2,750,000        2,942,967  

United Rentals North America

      

6.125%, 06/15/23

      1,650,000        1,726,313  
     

 

 

  
        4,669,280  
     

 

 

  

INFORMATION TECHNOLOGY — 2.0%

      

CommScope Technologies Finance

      

6.000%, 06/15/25(C)

      2,000,000        2,150,000  

NXP BV

      

4.625%, 06/15/22(C)

      1,000,000        1,073,750  

4.625%, 06/01/23(C)

      1,000,000        1,080,180  

Sanmina

      

4.375%, 06/01/19(C)

      1,750,000        1,795,938  
     

 

 

  
        6,099,868  
     

 

 

  

MATERIALS — 0.6%

      

NOVA Chemicals

      

5.000%, 05/01/25(C)

      2,000,000        2,010,000  
     

 

 

  

 

4

THE ADVISORS’ INNER CIRCLE FUND    AT INCOME OPPORTUNITIES FUND
   JULY 31, 2017 (Unaudited)
  
  

 

 

 

 

CORPORATE OBLIGATIONS — continued

 

      
       Face Amount              Value        

REAL ESTATE — 0.7%

      

Sabra Health Care

      

5.500%, 02/01/21‡

    $ 2,000,000      $ 2,076,510  
     

 

 

  

TELECOMMUNICATION SERVICES — 2.9%

      

Level 3 Financing

      

5.250%, 03/15/26

      2,000,000        2,125,000  

Sprint Capital

      

6.900%, 05/01/19

      1,000,000        1,063,750  

Sprint Spectrum

      

3.360%, 09/20/21(C)

      3,500,000        3,547,950  

Verizon Communications

      

3.500%, 11/01/24

      2,250,000        2,270,095  
     

 

 

  
        9,006,795  
     

 

 

  

UTILITIES — 0.7%

      

AES

      

6.000%, 05/15/26

      2,000,000        2,145,000  
     

 

 

  

TOTAL CORPORATE OBLIGATIONS
(Cost $76,814,201)

               79,144,551  
     

 

 

  
     

 

EXCHANGE TRADED FUNDS — 5.3%

 

      
           Shares               

Nuveen AMT-Free Municipal Credit Income Fund

      327,600        5,074,524  

PIMCO 0-5 Year High Yield Corporate Bond Index ETF

      36,990        3,764,102  

PowerShares Senior Loan Portfolio

      324,400        7,548,788  
     

 

 

  

TOTAL EXCHANGE TRADED FUNDS
(Cost $16,649,520)

         16,387,414  
     

 

 

  
     

 

PREFERRED STOCK — 1.5%

 

      

FINANCIALS — 0.7%

      

Wells Fargo, 7.500%

      1,700        2,256,750  
     

 

 

  

HEALTH CARE — 0.4%

      

Allergan, 5.500%

      1,190        1,063,872  
     

 

 

  

 

5

THE ADVISORS’ INNER CIRCLE FUND    AT INCOME OPPORTUNITIES FUND
   JULY 31, 2017 (Unaudited)
  
  

 

 

 

 

PREFERRED STOCK — continued

 

     
           Shares                 Value        

REAL ESTATE — 0.4%

     

Public Storage, 4.900% ‡

      50,000     $ 1,229,500  
    

 

 

  

TOTAL PREFERRED STOCK
(Cost $3,988,228)

        4,550,122  
    

 

 

  
    

 

U.S. TREASURY OBLIGATION — 0.6%

 

     
       Face Amount          

U.S. Treasury Bond
2.500%, 02/15/45
(Cost $1,912,897)

      2,000,000       1,847,344  
    

 

 

  
    

 

CASH EQUIVALENT(D) — 4.1%

 

     
           Shares              

JPMorgan U.S. Government Money Market Fund, Cl Institutional, 0.880%
(Cost $12,792,719)

      12,792,719       12,792,719  
    

 

 

  

TOTAL INVESTMENTS — 99.1%
(Cost $282,598,767)†

      $     308,310,715  
    

 

 

  
    

 

WRITTEN EQUITY OPTIONS — 0.0%

 

     
       Contracts          

NextEra Energy, Expires 8/19/2017,
Call Price 145.00*

      (78 )      (19,032)  

NIKE, Expires 9/16/2017,
Call Price 62.50*

      (171 )      (4,959)  

Paychex, Expires 9/16/2017,
Call Price 60.00*

      (320 )      (21,120)  

Praxair, Expires 8/19/2017,
Call Price 140.00*

      (37 )      (481)  

QUALCOMM, Expires 8/19/2017,
Call Price 62.50*

      (245 )      (490)  

Regal Entertainment Group, Expires 8/19/2017,
Call Price 22.50*

      (275 )      (1,375)  

Regal Entertainment Group, Expires 9/16/2017,
Call Price 17.50*

      (221 )      (5,525)  

Tupperware Brands, Expires 9/16/2017,
Call Price 65.00*

      (323 )      (12,920)  

Tupperware Brands, Expires 8/19/2017,
Call Price 75.00*

      (330 )      (330)  
    

 

 

  

TOTAL WRITTEN OPTIONS — 0.0%
(Premiums Received $148,865)

        (66,232)  
    

 

 

  

 

6

THE ADVISORS’ INNER CIRCLE FUND    AT INCOME OPPORTUNITIES FUND
   JULY 31, 2017 (Unaudited)
  
  

 

 

 

Percentages are based on Net Assets of $311,144,254.

* Non-income producing security.
‡ Real Estate Investment Trust
(A) Security, or portion thereof, has been pledged as collateral on written equity options.
(B) Floating rate security - Rate disclosed is the rate in effect on July 31, 2017.
(C) 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.” The total value of such securities as of July 31, 2017 was $18,029,030 which represents 5.8% of Net Assets
(D) The reporting rate is the 7-day effective yield as of July 31, 2017.
† At July 31, 2017, the tax basis cost of the Fund’s investments was $282,598,767, and the unrealized appreciation and depreciation were $30,594,820 and $(4,882,872) respectively.

ADR — American Depositary Receipt

AMT — Alternative Minimum Tax

Cl — Class

ETF — Exchange Traded Fund

MTN — Medium Term Note

The following is a summary of the inputs used as of July 31, 2017, when valuing the Fund’s investments:

 

Investments in Securities    Level 1      Level 2      Level 3      Total  
                                     

Common Stock

    $   193,588,565      $ —      $ —      $ 193,588,565  

Corporate Obligations

      —      $ 79,144,551      $ —      $ 79,144,551  

Exchange Traded Funds

      16,387,414        —        —        16,387,414  

Preferred Stock

      4,550,122        —        —        4,550,122  

U.S. Treasury Obligation

      —        1,847,344        —        1,847,344  

Cash Equivalent

      12,792,719        —        —        12,792,719  
  

 

 

  

Total Investments in Securities

    $ 227,318,820      $     80,991,895      $                   —      $   308,310,715  
  

 

 

  

Liabilities

            

Written Options

    $ (66,232)      $ —      $ —      $ (66,232)  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Liabilities

    $ (66,232)      $ —      $ —      $ (66,232)  
  

 

 

     

 

 

     

 

 

     

 

 

  

For the period ended July 31, 2017, there were no transfers between Level 1 and Level 2 assets and liabilities. Transfers, if any, between levels are considered to have occurred as of the end of the period. For the period ended July 31, 2017, there were no Level 3 securities.

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

ATF-QH-003-0700

 

7

Item 2. 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 Investment Company Act of 1940 (the “1940 Act”)) are effective, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 as of a date within 90 days of the filing date of this report.

(b) There were no significant changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the Registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

 

Item 3. Exhibits.

(a) 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 Investment Company Act of 1940, as amended (17 CFR 270.30a-2(a)), are filed herewith.

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: September 27, 2017

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: September 27, 2017

By (Signature and Title)    

/s/ Stephen Connors

      Stephen Connors
      Treasurer, Controller & CFO

Date: September 27, 2017