THE ADVISORS’ INNER CIRCLE FUND	CORNERSTONE ADVISORS
	GLOBAL PUBLIC EQUITY FUND
	July 31, 2019
	(Unaudited)

SCHEDULE OF INVESTMENTS
COMMON STOCK — 93.8%
	Shares		Value
ARGENTINA — 0.0%
Arcos Dorados Holdings, Cl A		11,890	$	94,525
YPF ADR		3,915		64,402
				158,927
AUSTRALIA — 1.6%
Amcor		4,047		42,935
Aristocrat Leisure		6,855		143,069
Aurizon Holdings		28,258		111,234
AusNet Services		114,756		139,249
Brambles		10,001		89,634
Caltex Australia		6,704		123,465
CIMIC Group		2,045		51,154
Coca-Cola Amatil		18,534		133,897
Cochlear		895		134,753
Coles Group *		19,107		184,957
Commonwealth Bank of Australia		6,015		337,503
CSL		3,025		473,179
Dexus ‡		17,287		154,974
Goodman Group ‡		34,763		352,194
GPT Group ‡		16,526		70,143
Harvey Norman Holdings		39,100		117,266
Inghams Group		277,000		770,279
Macquarie Group		4,703		410,875
Megaport *		25,408		126,388
Metcash		56,000		107,377
Mineral Resources		96,486		1,055,949
Mirvac Group ‡		70,791		155,749
Money3		53,800		78,727
New Hope		39,700		67,980
Newcrest Mining		4,891		118,276
NEXTDC *		33,411		156,994
Oil Search		11,945		58,067
Qantas Airways		31,647		123,634
Rio Tinto		2,512		169,452
Sandfire Resources NL		20,200		92,528
Santos		80,133		396,281
Scentre Group ‡		48,977		133,526
Sydney Airport		11,526		65,735
Telstra		106,096		288,184
Transurban Group		16,734		178,003
Vicinity Centres ‡		29,560		52,749
Vita Group		82,500		69,192
Washington H Soul Pattinson		1,196		18,556
Wesfarmers		8,836		237,064
Westpac Banking		4,949		96,776
Woodside Petroleum		11,512		272,649
				7,960,596

COMMON STOCK (continued)
	Shares		Value
AUSTRIA — 0.2%
ams		4,898	$	257,003
Erste Group Bank		2,309		82,881
Immobilien Anlagen		2,047		72,084
Lenzing		395		40,433
Oesterreichische Post		2,647		88,518
OMV		1,541		77,285
Telekom Austria, Cl A		8,670		64,114
Verbund		1,407		78,539
Vienna Insurance Group Wiener Versicherung Gruppe		4,200		107,915
Wienerberger		1,744		39,863
				908,635
BELGIUM — 0.5%
Ageas		1,427		76,698
Anheuser-Busch InBev		14,097		1,412,077
Ascencio ‡		1,200		74,866
Barco		927		193,339
Colruyt		565		29,474
KBC Groep		1,776		114,315
Proximus SADP		4,974		141,805
RealDolmen *(A)(B)		3,700		151,549
Sofina		281		54,443
Solvay		2,366		242,729
Telenet Group Holding		1,721		84,537
UCB		2,977		232,070
				2,807,902
BERMUDA — 0.5%
Teekay LNG Partners LP (C)		180,482		2,609,770
BRAZIL — 1.1%
Ambev ADR		16,300		85,901
Atacadao		15,200		91,606
B3 - Brasil Bolsa Balcao		15,066		166,990
Banco BTG Pactual		13,600		213,817
Banco do Brasil		15,900		205,731
BK Brasil Operacao e Assessoria a Restaurantes		27,521		148,626
Centrais Eletricas Brasileiras		10,800		110,933
Cielo		52,021		98,689
Cosan		7,922		105,742
CSU Cardsystem		31,700		53,991
Engie Brasil Energia		8,375		105,951
IRB Brasil Resseguros S		400		9,826
Itau Unibanco Holding ADR		35,566		325,429
JBS		35,600		232,274
Klabin		12,500		52,504
Localiza Rent a Car		34,300		393,659
Lojas Renner		18,993		235,147
Magazine Luiza		2,702		186,206

THE ADVISORS’ INNER CIRCLE FUND	CORNERSTONE ADVISORS
	GLOBAL PUBLIC EQUITY FUND
	July 31, 2019
	(Unaudited)

COMMON STOCK (continued)
	Shares		Value
BRAZIL (continued)
Multiplan Empreendimentos Imobiliarios		21,600	$	160,853
Notre Dame Intermedica Participacoes		17,248		195,468
Petrobras Distribuidora		10,900		75,202
Petroleo Brasileiro ADR		8,608		129,550
Porto Seguro		2,800		38,218
Raia Drogasil		7,072		152,879
Rumo *		47,046		268,493
Sao Martinho		49,000		258,973
Sul America		23,065		253,474
Suzano		4,276		34,274
Tim Participacoes		21,800		69,975
Transmissora Alianca de Energia Eletrica		11,686		84,881
Ultrapar Participacoes		8,200		42,651
Vale		28,107		365,740
Vale ADR, Cl B		15,244		198,020
YDUQS Part		29,400		266,086
				5,417,759
CANADA — 2.4%
Agnico Eagle Mines		1,814		94,768
Air Canada, Cl B *		3,200		110,102
Algonquin Power & Utilities		4,700		58,545
Aritzia *		8,683		120,330
Artis Real Estate Investment Trust ‡		3,200		28,320
Atco, Cl I		1,300		43,330
Bank of Montreal		2,400		179,664
Bank of Nova Scotia		20,100		1,073,076
Barrick Gold		1,835		29,823
Bausch Health *		36,764		883,305
BCE		6,053		273,527
CAE		6,639		179,029
Canadian Apartment Properties ‡		1,800		66,433
Canadian Imperial Bank of Commerce		1,800		141,608
Canadian National Railway		2,487		235,396
Canadian Pacific Railway		3,162		754,946
Canadian Tire, Cl A		1,200		131,029
Canopy Growth *		6,500		213,104
CCL Industries, Cl B		5,412		270,641
CGI, Cl A *		9,800		754,269
Choice Properties Real Estate Investment Trust ‡		16,277		169,331
Cogeco		2,100		149,568
Constellation Software		810		770,654
Dollarama		3,000		111,153
Emera		3,000		124,564
Empire		14,177		375,210

COMMON STOCK (continued)
	Shares		Value
CANADA (continued)
Enbridge		13,558	$	452,702
Fairfax Financial Holdings		200		92,658
First Capital Realty ‡		2,624		43,442
Fortis		5,164		203,539
Franco-Nevada		1,000		86,907
Genworth MI Canada		4,200		155,010
Gildan Activewear		4,089		161,044
H&R Real Estate Investment Trust ‡		4,100		70,456
Hardwoods Distribution		8,800		83,279
Hydro One		6,840		120,807
Kinaxis *		4,196		263,943
Kinross Gold *		26,437		106,966
MCAN Mortgage		5,700		68,886
Methanex		1,600		62,979
Morneau Shepell		9,656		222,268
Newmont Goldcorp		1,344		48,992
Norbord		4,400		101,982
Open Text		18,756		799,951
Parkland Fuel		10,298		336,530
Pembina Pipeline		4,300		156,029
Quebecor, Cl B		7,700		174,443
Restaurant Brands International		2,600		191,484
RioCan ‡		3,700		72,946
Saputo		4,400		132,887
SNC-Lavalin Group		912		14,428
Teck Resources, Cl B		31,300		640,324
Thomson Reuters		1,000		67,162
Waste Connections		1,310		118,821
Wheaton Precious Metals		4,508		117,841
				12,510,431
CHILE — 0.2%
Aguas Andinas, Cl A		68,999		38,620
AntarChile		1,855		20,418
Antofagasta		5,378		60,827
Banco de Chile		511,509		73,383
Banco de Credito e Inversiones		491		30,921
Banco Santander Chile ADR		3,735		108,278
CAP		10,807		110,829
Cia Cervecerias Unidas ADR		2,069		57,849
Empresa Nacional de Telecomunicaciones *		3,239		29,675
Empresas CMPC		25,570		59,965
Empresas COPEC		5,934		54,450
Enel Americas		463,116		76,412
Latam Airlines Group		6,280		59,855
Multiexport Foods		7,909		4,042
Quinenco		11,575		31,239
SACI Falabella		12,365		76,401

THE ADVISORS’ INNER CIRCLE FUND	CORNERSTONE ADVISORS
	GLOBAL PUBLIC EQUITY FUND
	July 31, 2019
	(Unaudited)

COMMON STOCK (continued)
	Shares		Value
CHILE (continued)
Sigdo Koppers		2,263	$	3,954
				897,118
CHINA — 4.8%
Agricultural Bank of China, Cl H		535,000		217,461
Alibaba Group Holding ADR *		28,107		4,865,603
Anhui Conch Cement, Cl H		203,000		1,180,852
Anhui Kouzi Distillery, Cl A		400		3,501
Autohome ADR *		1,513		128,605
Bank of China, Cl H		1,366,000		556,881
Bank of Communications, Cl H		51,000		37,241
Baoye Group, Cl H		30,000		18,665
BYD Electronic International		576,000		908,747
CGN Power, Cl H		264,000		76,373
China Communications Services, Cl H		996,000		697,327
China Construction Bank, Cl H		762,000		588,216
China Medical System Holdings		767,000		735,892
China Mobile		59,500		506,050
China Petroleum & Chemical, Cl H		282,000		181,811
China Railway Group, Cl H		1,302,000		917,797
China Resources Beer Holdings		38,000		179,081
China Telecom, Cl H		504,000		226,146
China United Network Communications, Cl A		219,400		188,152
Chinese Universe Publishing and Media Group, Cl A		17,500		32,749
Chongqing Rural Commercial Bank, Cl H		1,109,000		582,318
CNHTC Jinan Truck, Cl A		11,700		27,725
CNOOC		184,000		303,074
Country Garden Holdings		202,000		274,191
CRRC		100,000		79,042
Datang International Power Generation, Cl H		214,000		48,217
Dongfeng Motor Group, Cl H		70,000		62,672
Foshan Haitian Flavouring & Food, Cl A		10,744		155,341
Fujian Sunner Development, Cl A		1,300		5,257
GDS Holdings ADR *		43,866		1,806,402
Greenland Holdings Group, Cl A		86,077		86,696
Hopefluent Group Holdings		69,762		19,385
Hunan Valin Steel, Cl A *		29,500		18,871
Industrial & Commercial Bank of China, Cl H		1,322,498		892,134
Inner Mongolia Yili Industrial Group, Cl A		18,750		84,790
JD.com ADR *		8,543		255,521

COMMON STOCK (continued)
	Shares		Value
CHINA (continued)
Jiangxi Copper, Cl H		65,000	$	80,910
Kweichow Moutai, Cl A		200		28,143
Leju Holdings ADR *		4,100		5,043
Li Ning		175,591		433,183
NetEase ADR		732		168,960
New Oriental Education & Technology Group ADR *		2,748		286,644
PetroChina, Cl H		566,000		299,917
Ping An Insurance Group of China, Cl H		52,643		624,599
Powerlong Real Estate Holdings		270,000		164,192
RiseSun Real Estate Development, Cl A		6,072		7,691
Sany Heavy Industry, Cl A		193,690		396,200
Shenzhou International Group Holdings		22,925		317,777
Sihuan Pharmaceutical Holdings Group		508,000		104,650
Sinopec Shanghai Petrochemical, Cl H		222,000		77,257
Sinopharm Group, Cl H		22,000		81,628
Sinotrans, Cl H		160,000		55,453
Sunac China Holdings		26,000		118,358
TAL Education Group ADR *		1,900		61,180
Tencent Holdings		69,069		3,224,325
Vipshop Holdings ADR *		8,581		65,216
Want Want China Holdings		133,000		103,906
Wuhu Sanqi Interactive Entertainment Network Technology Group, Cl A		30,800		63,867
Wuliangye Yibin, Cl A		18,140		315,917
XCMG Construction Machinery, Cl A		265,100		187,002
Yangzijiang Shipbuilding Holdings		109,800		113,738
Zhuzhou CRRC Times Electric, Cl H		16,947		81,414
ZTO Express Cayman ADR		4,100		80,565
				24,496,521
COLOMBIA — 0.0%
Ecopetrol ADR		13,143		235,654
DENMARK — 0.6%
Carlsberg, Cl B		1,560		213,133
Chr Hansen Holding		1,064		92,930
Danske Bank		8,041		119,320
Dfds *		3,114		114,956
DSV		607		57,875
GN Store Nord		3,607		171,358
ISS		981		27,487
Netcompany Group *		4,956		194,848

THE ADVISORS’ INNER CIRCLE FUND	CORNERSTONE ADVISORS
	GLOBAL PUBLIC EQUITY FUND
	July 31, 2019
	(Unaudited)

COMMON STOCK (continued)
	Shares		Value
DENMARK (continued)
Novo Nordisk, Cl B		4,201	$	201,675
Novozymes, Cl B		2,359		109,358
Orsted		2,270		207,473
Pandora		1,327		50,896
Royal Unibrew		1,734		129,062
Sydbank		2,800		48,657
Vestas Wind Systems		17,891		1,468,160
				3,207,188
EGYPT — 0.0%
Al Baraka Bank Egypt		24,447		17,626
Commercial International Bank Egypt SAE		39,376		172,079
Faisal Islamic Bank of Egypt		31,433		29,089
				218,794
FINLAND — 0.3%
Cargotec, Cl B		2,000		59,529
Elisa		2,886		135,557
Fortum		6,382		146,715
Huhtamaki		7,654		290,776
Kesko, Cl B		1,860		112,716
Kone, Cl B		2,863		163,193
Neste		4,722		156,562
Nokia		31,306		168,597
Nordea Bank Abp		10,795		69,268
Orion, Cl B		2,962		101,429
Sampo, Cl A		1,391		57,956
UPM-Kymmene		3,115		84,058
				1,546,356
FRANCE — 3.4%
Air France-KLM *		9,200		95,681
Air Liquide		4,368		603,261
Airbus		20,181		2,852,572
Arkema		9,100		817,287
Atos		8,017		646,273
AXA		48,986		1,237,133
BNP Paribas		10,794		502,739
Cie des Alpes		2,600		71,753
CNP Assurances		3,431		70,931
Dassault Systemes		1,652		251,393
Derichebourg		15,800		58,459
Edenred		3,895		195,438
Eiffage		3,260		321,938
Electricite de France		67,313		833,679
Engie		18,541		284,938
EssilorLuxottica		3,116		421,559
Hermes International		2,804		1,972,935
JCDecaux		3,296		95,150
Kaufman & Broad		2,600		106,539
Kering		1,137		586,842
L’Oreal		1,675		447,464

COMMON STOCK (continued)
	Shares		Value
FRANCE (continued)
LVMH Moet Hennessy Louis Vuitton		769	$	317,603
Orange		35,990		533,604
Pernod Ricard		2,798		492,158
Peugeot		50,956		1,200,361
Prodware		8,000		56,191
Safran		972		139,450
Sanofi		6,007		501,341
Teleperformance		964		201,795
TOTAL		9,443		489,341
Ubisoft Entertainment *		2,764		227,484
Unibail-Rodamco-Westfield ‡		2,317		310,356
Veolia Environnement		3,964		100,016
Virbac *		659		122,269
				17,165,933
GERMANY — 2.8%
Aareal Bank		2,400		68,573
adidas		2,170		694,097
Allianz		6,140		1,425,601
Aroundtown		156,478		1,251,641
Ascendis Pharma ADR *		737		85,315
BASF		4,858		325,191
Befesa		3,007		108,514
Beiersdorf		844		97,880
CENTROTEC Sustainable		6,200		81,387
CropEnergies		10,900		72,188
Daimler		20,200		1,043,716
Deutsche Boerse		683		94,975
Deutsche Lufthansa		2,028		32,188
Deutsche Telekom		32,089		527,133
Deutsche Wohnen		4,607		169,225
Eckert & Ziegler Strahlen- und Medizintechnik		300		39,607
Fresenius & KGaA		2,570		129,043
Fresenius Medical Care & KGaA		2,255		156,374
Gerresheimer		1,300		101,686
HeidelbergCement		1,519		109,756
Henkel & KGaA		2,780		262,410
Innogy		4,942		237,812
Kloeckner		13,000		64,703
Leoni		3,300		44,024
Merk		1,465		149,169
MTU Aero Engines		573		143,251
Muenchener Rueckversicherungs-Gesellschaft in Muenchen		787		188,881
Mutares & KGaA		2,600		28,432
Puma		4,803		335,090
QIAGEN *		4,895		185,877
Rheinmetall		732		83,445

THE ADVISORS’ INNER CIRCLE FUND	CORNERSTONE ADVISORS
	GLOBAL PUBLIC EQUITY FUND
	July 31, 2019
	(Unaudited)

COMMON STOCK (continued)
	Shares		Value
GERMANY (continued)
RWE		5,183	$	139,835
SAP		23,663		2,915,512
Scout24		5,455		302,790
Siemens		3,081		337,011
Symrise, Cl A		1,082		99,903
TAG Immobilien		7,814		184,244
Telefonica Deutschland Holding		8,989		22,705
TUI		2,748		27,209
Wirecard		11,776		1,957,262
Wuestenrot & Wuerttembergische		3,300		65,722
				14,389,377
GREECE — 0.1%
FF Group *(A)(B)		6,400		–
Hellenic Telecommunications Organization		8,206		112,828
Hellenic Telecommunications Organization ADR		1,026		7,049
Motor Oil Hellas Corinth Refineries		6,300		156,220
StealthGas *		2,571		9,358
				285,455
HONG KONG — 2.7%
3SBio *		58,932		100,596
AAC Technologies Holdings		18,500		99,446
AIA Group		49,343		508,170
ANTA Sports Products		15,000		112,315
ASM Pacific Technology		7,400		86,847
Brightoil Petroleum Holdings *(A)(B)		139,000		26,635
Changshouhua Food		1,000		369
China Evergrande Group		26,000		69,135
China Hongqiao Group		74,000		54,225
China Huishan Dairy Holdings *		166,000		–
China Mengniu Dairy		54,821		221,661
China Overseas Land & Investment		18,000		61,722
China Resources Cement Holdings		321,000		295,938
China Resources Gas Group		30,000		152,034
China Resources Power Holdings		70,000		100,812
China SCE Group Holdings		288,000		158,001
China Tower, Cl H		440,000		114,283
China Vanke, Cl H		20,600		77,795
CIMC Enric Holdings		112,602		81,707
CLP Holdings		18,500		201,356
Country Garden Services Holdings		82,717		200,787
CSPC Pharmaceutical Group		92,000		160,848

COMMON STOCK (continued)
	Shares		Value
HONG KONG (continued)
CT Environmental Group (A)(B)		250,000	$	10,858
Dali Foods Group		58,500		36,665
Dawnrays Pharmaceutical Holdings		407,000		77,420
Far East Horizon		125,000		116,774
Fullshare Holdings		117,500		4,209
Future Land Development Holdings		34,000		28,787
Galaxy Entertainment Group		256,241		1,758,268
Guangdong Investment		72,000		151,578
Guangnan Holdings		268,000		30,952
Guangzhou Automobile Group, Cl H		54,800		56,006
Guangzhou Baiyunshan Pharmaceutical Holdings, Cl H		22,000		90,964
Guangzhou R&F Properties		40,000		72,767
Haier Electronics Group		33,000		78,040
Hang Seng Bank		8,800		209,577
Henderson Land Development		12,008		62,248
HK Electric Investments & HK Electric Investments		39,000		39,580
HKT Trust & HKT		92,000		147,056
Holly Futures, Cl H		37,000		5,903
Hong Kong & China Gas		93,709		206,958
Hong Kong Exchanges & Clearing		3,685		124,672
Hongkong Land Holdings		6,800		41,505
Hua Han Health Industry Holdings *(A)(B)		564,000		–
Hysan Development		4,000		19,085
Jardine Matheson Holdings		2,400		145,711
Jardine Strategic Holdings		2,300		78,885
Jiangsu Expressway, Cl H		44,000		59,435
Kerry Properties		25,000		94,237
Kingboard Holdings		16,500		40,939
Kunlun Energy		126,000		110,423
Lee & Man Paper Manufacturing		151,000		92,515
Lenovo Group		172,000		137,566
Link ‡		9,500		110,442
Longfor Group Holdings		39,500		146,953
Luzheng Futures, Cl H		136,000		15,730
Meituan Dianping, Cl B *		18,953		154,192
MGM China Holdings		736,391		1,215,431
Modern Land China		162,000		23,312
MTR		19,000		124,814
New World Development		1,214,925		1,716,664
Nine Dragons Paper Holdings		830,000		672,977
NWS Holdings		27,000		50,201

THE ADVISORS’ INNER CIRCLE FUND	CORNERSTONE ADVISORS
	GLOBAL PUBLIC EQUITY FUND
	July 31, 2019
	(Unaudited)

COMMON STOCK (continued)
	Shares		Value
HONG KONG (continued)
Overseas Chinese Town Asia Holdings		16,000	$	5,862
Pacific Online		19,604		4,519
Shangri-La Asia		58,000		70,797
Sunny Optical Technology Group		17,100		200,616
Superb Summit International Group *(A)(B)		75,000		–
Swire Pacific, Cl A		4,000		46,015
Swire Properties		17,800		64,517
Techtronic Industries		57,075		425,846
Tianyun International Holdings		747,600		115,813
Time Watch Investments		140,000		16,636
Tonly Electronics Holdings		800		592
Town Health International Medical Group		1,086,000		47,862
WH Group		761,500		748,042
Wharf Real Estate Investment		13,000		82,372
Wuxi Biologics Cayman *		15,372		165,147
Xiaomi, Cl B *		128,200		147,413
Yue Yuen Industrial Holdings		19,000		53,297
Yuzhou Properties		442,000		208,914
Zhongsheng Group Holdings		43,500		121,636
				13,770,877
HUNGARY — 0.1%
Magyar Telekom Telecommunications		55,700		80,775
Magyar Telekom Telecommunications ADR		2,665		19,214
OTP Bank Nyrt		13,325		554,884
				654,873
INDIA — 1.5%
Aditya Birla Capital *		34,949		41,597
Ambuja Cements		16,467		48,322
Ashok Leyland		38,492		39,083
Asian Paints		3,335		73,983
Bajaj Auto		1,435		52,491
Bharti Airtel		33,795		165,818
Bharti Infratel		16,963		60,588
Biocon		12,000		39,608
Cipla		10,643		80,730
Coal India		13,290		39,488
Container of India		2,743		20,395
Cummins India		4,414		45,484
Dabur India		12,231		75,783
Eicher Motors		215		51,123
GAIL India		1,304		2,445
Garden Reach Shipbuilders & Engineers *		20,883		41,244
GHCL		20,200		61,098

COMMON STOCK (continued)
	Shares		Value
INDIA (continued)
Gujarat Industries Power		63,819	$	64,108
HCL Technologies		3,581		53,882
HDFC Bank ADR		3,680		423,126
Hero MotoCorp		1,088		37,312
Hinduja Global Solutions		6,810		58,623
Housing Development Finance		10,087		311,379
ICICI Bank ADR		37,893		462,674
IndusInd Bank		3,140		64,410
Infinite Computer Solutions India *(A)(B)		15,900		109,510
Infosys ADR		38,756		438,718
InterGlobe Aviation		3,998		90,579
ION Exchange India *		2,518		24,943
IRB Infrastructure Developers		81,000		110,397
JSW Steel		6,672		23,045
Kotak Mahindra Bank		14,576		322,150
Larsen & Toubro		3,709		74,772
Mahindra & Mahindra		3,726		29,787
Maruti Suzuki India		681		54,174
Nandan Denim		75,791		30,580
NHPC		443,670		142,623
NMDC		26,177		41,329
NTPC		51,242		94,412
Nucleus Software Exports		22,500		95,894
Oil India		51,808		120,278
Oracle Financial Services Software		1,104		54,416
PDS Multinational Fashions *		4,540		21,887
Pidilite Industries		4,384		79,157
Power Finance *		87,063		138,792
Power Grid Corp of India		47,177		144,547
Reliance Industries		129,837		2,200,007
Tata Consultancy Services		14,375		461,203
Tech Mahindra		1,727		15,969
UltraTech Cement		1,100		69,494
United Spirits *		7,520		65,051
UPL		4,482		38,730
Venky’s India		94		1,685
Wipro		38,612		148,824
WNS Holdings ADR *		3,294		207,588
				7,865,335
INDONESIA — 0.4%
Adaro Energy		758,600		68,661
Astra International		304,000		151,282
Bank Central Asia		331,041		730,531
Bumi Serpong Damai *		736,900		74,564
Hanjaya Mandala Sampoerna		96,500		20,859
Indofood CBP Sukses Makmur		100,800		76,873
Indofood Sukses Makmur		112,700		56,831
Kalbe Farma		286,200		29,960

THE ADVISORS’ INNER CIRCLE FUND	CORNERSTONE ADVISORS
	GLOBAL PUBLIC EQUITY FUND
	July 31, 2019
	(Unaudited)

COMMON STOCK (continued)
	Shares		Value
INDONESIA (continued)
Lippo Cikarang *		1,000,615	$	118,731
Mandala Multifinance		460,101		37,419
Mitra Pinasthika Mustika		573,500		32,341
Perusahaan Gas Negara Persero		455,100		66,463
Perusahaan Perkebunan London Sumatra Indonesia		1,668,900		126,236
Samindo Resources TBK		491,100		48,875
Saratoga Investama Sedaya		6,055		1,564
Surya Citra Media		302,900		33,495
Telekomunikasi Indonesia Persero		1,020,660		311,861
Unilever Indonesia		5,000		15,528
United Tractors		61,400		108,986
Waskita Karya Persero		644,100		93,808
				2,204,868
IRELAND — 0.7%
Accenture, Cl A		2,052		395,174
Bank of Ireland Group		18,605		82,088
CRH PLC		3,581		118,527
Experian		3,030		91,951
Flutter Entertainment		364		28,863
Icon *		761		118,845
James Hardie Industries		4,582		62,222
Kerry Group, Cl A		909		106,046
Ryanair Holdings ADR *		26,289		1,633,336
Seagate Technology		18,000		833,580
				3,470,632
ISRAEL — 0.5%
Amot Investments		15,663		110,789
Bank Leumi Le-Israel		6,493		47,407
Bezeq The Israeli Telecommunication		142,985		97,370
Check Point Software Technologies *		1,000		111,950
Elbit Systems		1,290		207,273
International Flavors & Fragrances		917		133,433
Israel Chemicals		23,235		125,734
Israel Discount Bank, Cl A		191,049		829,972
Melisron		1,774		93,555
Mizrahi Tefahot Bank *		3,810		91,619
Nice ADR *		2,506		382,716
Oil Refineries *		133,566		71,904
Paz Oil		847		120,311
Phoenix Holdings		11,300		70,696
Strauss Group		2,646		80,142
Teva Pharmaceutical Industries ADR *		16,377		129,870
Tower Semiconductor *		–		7
				2,704,748

COMMON STOCK (continued)
	Shares		Value
ITALY — 1.4%
ACEA		7,000	$	131,344
Amplifon		7,376		181,567
Assicurazioni Generali		4,226		78,483
ASTM		2,500		86,276
Atlantia		91,876		2,357,574
Autogrill		14,058		148,487
Brembo		3,998		40,887
Davide Campari-Milano		31,560		293,613
De’ Longhi		2,186		43,906
DiaSorin		2,552		295,901
Enel		229,778		1,573,768
Eni		14,754		231,080
Ferrari		1,151		185,141
FinecoBank Banca Fineco		5,360		53,216
FNM		70,000		39,305
Intesa Sanpaolo		33,239		71,989
Iren		46,300		121,083
Leonardo		26,756		325,911
Mediobanca Banca di Credito Finanziario		4,445		44,387
Moncler		1,756		71,986
Piaggio & C		65,566		196,683
Prysmian		2,315		47,768
Snam		19,573		96,007
Telecom Italia *		462,776		260,973
Terna Rete Elettrica Nazionale		10,319		62,773
Unione di Banche Italiane		15,937		40,905
				7,081,013
JAPAN — 4.7%
Activia Properties ‡		8		36,703
ADEKA		1,400		20,467
Advance Residence Investment ‡		8		24,802
Aichi Steel		3,500		109,334
Aiphone		4,800		73,556
Air Water		3,500		57,098
Aisan Industry		7,800		52,133
Aisin Seiki		1,500		48,617
Ajinomoto		4,200		75,373
ANA Holdings		1,700		57,138
Araya Industrial		4,000		54,895
Asahi Group Holdings		11,300		490,020
Asahi Kasei		13,000		132,153
Asanuma		2,800		89,290
Astellas Pharma		6,055		85,953
Bridgestone		2,900		108,735
Calbee		4,000		112,878
Canon		4,600		124,817
Central Japan Railway		600		120,617
Chugai Pharmaceutical		1,305		93,588

THE ADVISORS’ INNER CIRCLE FUND	CORNERSTONE ADVISORS
	GLOBAL PUBLIC EQUITY FUND
	July 31, 2019
	(Unaudited)

COMMON STOCK (continued)
	Shares		Value
JAPAN (continued)
Chugoku Electric Power		7,300	$	91,143
Cosmo Energy Holdings		15,000		308,959
Daicel		2,200		18,605
Daito Trust Construction		727		93,544
Daiwa House Investment, Cl A ‡		38		93,025
East Japan Railway		1,000		91,771
Eco’s		3,100		42,324
Eisai		874		47,246
FALCO HOLDINGS		4,800		70,700
FJ Next		9,100		88,932
Fuji		6,400		85,293
FUJIFILM Holdings		2,600		123,385
GLP J-Reit ‡		84		93,698
Grandy House		13,900		62,927
GungHo Online Entertainment		8,140		214,653
Gunma Bank		27,900		95,914
Hisamitsu Pharmaceutical		700		28,189
Hitachi High-Technologies		3,557		179,993
Hokko Chemical Industry		18,700		82,855
IBJ Leasing		2,200		55,277
Idemitsu Kosan		3,676		101,366
ITOCHU		139,100		2,650,811
Japan Aviation Electronics Industry		10,200		142,254
Japan Exchange Group		3,800		55,723
Japan Post Holdings		4,000		39,174
Japan Prime Realty Investment ‡		14		61,996
Japan Real Estate Investment ‡		10		62,608
Japan Retail Fund Investment ‡		19		38,285
JSR		2,800		46,369
JTEKT		10,800		128,517
JXTG Holdings		34,250		161,090
Kaga Electronics		3,700		56,054
Kaneka		5,400		200,765
Kao		2,300		168,022
KDDI		7,934		207,297
Keio		1,039		64,391
Kewpie		4,500		101,799
Keyence		398		229,258
Kitagawa		3,700		71,709
Kitano Construction		2,400		57,734
Kobe Bussan		3,731		209,050
Konami Holdings		1,700		72,373
Konica Minolta		107,900		899,336
Kuraray		1,400		16,599
M&A Capital Partners *		4,147		279,155

COMMON STOCK (continued)
	Shares		Value
JAPAN (continued)
M3		5,400	$	109,204
Makino Milling Machine		2,400		100,327
Makita		2,600		85,553
Maruichi Steel Tube		800		21,053
MEIJI Holdings		1,100		76,476
MINEBEA MITSUMI		8,418		144,613
Mitsubishi Motors		6,700		29,523
Mitsubishi Tanabe Pharma		2,200		24,892
Mitsui		30,948		504,061
Mizuho Financial Group		646,000		913,816
Mory Industries		3,000		54,341
MS&AD Insurance Group Holdings		2,200		72,113
NEC		1,900		78,051
NET One Systems		9,228		243,486
NH Foods		3,000		111,176
Nichias		4,736		84,807
Nidec		400		53,783
Nihon Unisys		4,681		153,861
Nintendo		600		220,031
Nippon Building Fund ‡		16		112,323
Nippon Chemi-Con		2,900		44,582
Nippon Prologis ‡		30		72,166
Nippon Telegraph & Telephone		39,300		1,772,079
Nishi-Nippon Financial Holdings		5,800		40,888
Nissan Chemical		2,200		96,240
Nissin Electric		11,500		132,187
Nissin Foods Holdings		900		55,820
Nomura Real Estate Holdings		4,900		99,480
Nomura Real Estate Master Fund ‡		52		82,579
Nomura Research Institute		4,290		76,066
NTT Data		5,000		65,846
NTT DOCOMO		6,498		156,367
Obic		500		53,388
Ono Pharmaceutical		5,000		90,655
Oriental Land		700		92,584
Orix JREIT ‡		37		71,847
Osaka Gas		7,300		134,052
Otsuka Holdings		1,061		39,027
Paltac		2,592		127,016
Raysum		10,600		100,665
Recruit Holdings		4,500		152,915
Resona Holdings		219,000		890,722
Ricoh		5,700		52,304
Ryoden		5,800		86,596
Sakai Heavy Industries		3,500		94,730
Sakai Ovex		4,400		74,388
San-In Godo Bank		17,300		104,315

THE ADVISORS’ INNER CIRCLE FUND	CORNERSTONE ADVISORS
	GLOBAL PUBLIC EQUITY FUND
	July 31, 2019
	(Unaudited)

COMMON STOCK (continued)
	Shares		Value
JAPAN (continued)
Sanko Metal Industrial		2,900	$	64,853
SCSK		3,585		170,189
Sekisui House		3,700		62,241
SG Holdings		5,319		140,488
Shimadzu		10,309		247,781
Shimamura		500		35,347
Showa		4,200		56,607
SoftBank Group		12,400		636,656
Sojitz		21,300		66,669
Soken Chemical & Engineering		4,900		73,331
Sompo Holdings		2,900		120,233
Sugi Holdings		1,853		89,388
Sumitomo		26,912		399,585
Sumitomo Mitsui Financial Group		4,000		139,985
T&D Holdings		4,500		50,474
Tachibana Eletech		3,700		57,474
Taiheiyo Cement		1,800		50,647
Taisho Pharmaceutical Holdings		489		37,245
Takeda Pharmaceutical		5,700		191,896
TechnoPro Holdings		4,439		252,023
Teijin		3,000		51,819
THK		3,400		85,818
Toho Gas		1,900		72,347
Tohoku Electric Power		11,000		110,078
Tokai Rika		44,800		733,859
Tokio Marine Holdings		2,700		143,307
Tokyo Gas		6,064		151,246
Tokyo Tatemono		18,644		218,088
Tomoku		4,400		71,267
Toray Industries		15,000		103,223
Towa Bank		7,600		50,409
Toyo Suisan Kaisha		2,000		80,342
Toyota Motor		4,634		298,982
Trend Micro		1,400		61,143
Ulvac		2,100		88,101
United Arrows		4,762		136,610
United Urban Investment ‡		38		64,420
USS		6,900		136,982
Yachiyo Industry		3,500		20,427
Yamaguchi Financial Group		10,200		71,198
Yokogawa Electric		10,372		185,874
Yotai Refractories		7,900		41,418
Yushiro Chemical Industry		6,800		83,948
				24,115,347
MALAYSIA — 0.4%
Allianz Malaysia		8,400		28,312
Asia File		11,700		6,859
Dialog Group		283,590		236,671

COMMON STOCK (continued)
	Shares		Value
MALAYSIA (continued)
DiGi.Com		117,800	$	142,516
Favelle Favco		12,700		7,871
Fraser & Neave Holdings		6,400		53,337
HAP Seng Consolidated		16,100		38,561
Heineken Malaysia		8,900		49,160
Hong Leong Bank		9,641		41,923
I-BHD		118,300		10,034
IGB ‡		100,100		46,594
IHH Healthcare		77,600		107,640
IOI Properties Group		134,500		40,994
Kenanga Investment Bank		52,900		7,299
Kuala Lumpur Kepong		9,700		55,429
Kumpulan Fima		88,800		37,734
Lii Hen Industries		26,100		18,693
Lingkaran Trans Kota Holdings		2,643		2,943
Malakoff		344,167		74,986
Malayan Banking		25,300		52,993
Malaysia Airports Holdings		31,100		63,025
Malaysian Pacific Industries		68,487		151,322
MISC		36,400		63,826
My EG Services		212,100		79,248
Padini Holdings		175,032		149,118
Pantech Group Holdings		307,949		37,280
Paramount		150,920		55,318
Petronas Chemicals Group		63,300		114,686
Petronas Dagangan		14,000		79,666
Public Bank		4,200		22,247
Sarawak Oil Palms		46,500		25,684
Sunway ‡		86,000		39,868
Sunway Construction Group		1,680		882
Tan Chong Motor Holdings		10,700		3,785
Tenaga Nasional		47,830		159,653
				2,106,157
MEXICO — 0.4%
America Movil ADR, Cl L		10,536		147,399
Arca Continental		13,200		70,141
Becle		25,600		38,005
Bio Pappel *		41,926		56,663
Cemex		1		–
Cia Minera Autlan		40,637		19,700
Fibra Shop Portafolios Inmobiliarios SAPI ‡		6,801		3,002
Fomento Economico Mexicano ADR		4,099		371,779
Gruma, Cl B		3,300		30,230
Grupo Aeroportuario del Pacifico, Cl B		20,200		202,698
Grupo Aeroportuario del Sureste, Cl B		9,303		140,780

THE ADVISORS’ INNER CIRCLE FUND	CORNERSTONE ADVISORS
	GLOBAL PUBLIC EQUITY FUND
	July 31, 2019
	(Unaudited)

COMMON STOCK (continued)
	Shares		Value
MEXICO (continued)
Grupo Cementos de Chihuahua		15,038	$	80,323
Grupo Financiero Banorte, Cl O		27,300		136,573
Grupo Financiero Inbursa, Cl O		1,926		2,359
Grupo Televisa		11,800		22,352
Industrias Bachoco		2,179		9,868
Industrias Penoles		6,500		59,798
Infraestructura Energetica Nova		12,800		49,333
Mexichem		26,213		47,902
Prologis Property Mexico ‡		76,800		154,291
Promotora y Operadora de Infraestructura		6,000		54,008
Wal-Mart de Mexico		150,242		443,347
				2,140,551
NETHERLANDS — 2.9%
ABN AMRO Group		1,957		38,746
Aegon		178,300		876,544
Akzo Nobel		3,228		304,358
Altice Europe, Cl A *		13,102		48,708
Argenx *		1,540		216,380
ASM International		2,280		185,671
ASML Holding		2,006		446,598
ASML Holding, Cl G		6,741		1,501,962
BE Semiconductor Industries		3,376		99,723
Heineken		950		101,920
ING Groep		16,703		185,685
InterXion Holding *		27,935		2,103,506
Koninklijke Ahold Delhaize		26,578		600,880
Koninklijke KPN		59,570		169,789
Koninklijke Philips Electronics		40,788		1,910,818
NN Group		35,598		1,334,118
NXP Semiconductors		7,749		801,169
OCI *		85,312		2,235,735
Royal Dutch Shell, Cl A		11,451		360,486
Signify		6,340		171,904
Unilever		8,468		489,498
Van Lanschot Kempen		2,700		55,452
VEON ADR		68,561		214,596
Wolters Kluwer		2,415		174,984
				14,629,230
NEW ZEALAND — 0.1%
a2 Milk *		7,025		82,781
Auckland International Airport		10,645		64,853
Contact Energy		9,672		49,383
Fletcher Building		19,132		62,254
Mercury NZ		10,568		31,624

COMMON STOCK (continued)
	Shares		Value
NEW ZEALAND (continued)
New Zealand Refining		32,700	$	46,323
Precinct Properties New Zealand ‡		52,735		61,752
SKYCITY Entertainment Group		17,970		47,147
Spark New Zealand		25,839		67,504
Warehouse Group		47,400		70,700
Xero *		2,001		88,623
Z Energy		17,191		73,272
				746,216
NORWAY — 0.3%
DNB		6,010		107,292
Entra		3,824		55,458
Equinor		7,649		135,693
Gjensidige Forsikring		6,010		116,840
Kongsberg Gruppen		4,727		60,014
Mowi		5,581		134,144
Salmar		1,212		55,983
SpareBank 1 SR-Bank		12,000		129,253
Telenor		10,420		211,631
Tomra Systems		5,573		164,929
Yara International		6,705		314,064
				1,485,301
PANAMA — 0.1%
Copa Holdings, Cl A		3,748		378,923
PERU — 0.1%
Credicorp		1,149		250,471
Empresa Siderurgica del Peru SAA		111,989		21,696
				272,167
PHILIPPINES — 0.2%
Bank of the Philippine Islands		26,351		46,580
BDO Unibank		111,740		322,251
DMCI Holdings		154,800		30,846
Jollibee Foods		12,840		65,404
Lopez Holdings		926,500		82,678
LT Group		134,000		37,106
Manila Electric		10,320		73,984
PLDT		2,510		56,823
Semirara Mining & Power, Cl A		77,160		34,930
SM Investments		3,190		62,455
SM Prime Holdings		201,842		144,544
Top Frontier Investment Holdings *		1,125		5,719
Universal Robina		27,230		85,327
				1,048,647
POLAND — 0.5%
Agora		1,908		6,048

THE ADVISORS’ INNER CIRCLE FUND	CORNERSTONE ADVISORS
	GLOBAL PUBLIC EQUITY FUND
	July 31, 2019
	(Unaudited)

COMMON STOCK (continued)
	Shares		Value
POLAND (continued)
Amica		1,828	$	55,542
Atal		80		782
Bank Millennium *		17,123		33,346
Bank Polska Kasa Opieki		1,413		37,506
CD Projekt		8,510		505,193
ComArch		206		9,349
Cyfrowy Polsat		15,386		119,046
Dino Polska *		5,432		204,635
Dom Development		1,398		28,229
Energa		58,500		110,655
ING Bank Slaski		696		34,381
Jastrzebska Spolka Weglowa *		9,360		94,337
LPP		38		76,913
PGE Polska Grupa Energetyczna *		54,421		124,693
PLAY Communications		5,012		40,784
Polski Koncern Naftowy ORLEN		12,980		325,660
Polskie Gornictwo Naftowe i Gazownictwo		15,801		22,934
Powszechna Kasa Oszczednosci Bank Polski		38,801		408,745
Powszechny Zaklad Ubezpieczen		18,105		195,056
Stalexport Autostrady		19,326		17,316
Wirtualna Polska Holding		524		8,421
Zespol Elektrowni Patnow Adamow Konin *		9,427		19,435
				2,479,006
PORTUGAL — 0.1%
Banco Comercial Portugues		432,333		110,434
Banco Espirito Santo *(A)(B)		66,989		74
EDP - Energias de Portugal		28,405		104,141
Galp Energia SGPS		7,482		116,214
Jeronimo Martins SGPS		9,418		152,107
NOS SGPS		17,249		107,287
				590,257
PUERTO RICO — 0.1%
First BanCorp Puerto Rico		9,480		102,005
OFG Bancorp		7,200		162,936
				264,941
RUSSIA — 0.9%
Gazprom PJSC ADR		11,654		85,046
LUKOIL PJSC ADR		15,780		1,287,169
Mobile TeleSystems PJSC ADR		42,545		347,593
Novatek GDR		2,594		541,749
Novolipetsk Steel GDR		2,649		62,426
PhosAgro PJSC GDR		5,713		70,950
Rosneft Oil PJSC GDR		26,803		177,417

COMMON STOCK (continued)
	Shares		Value
RUSSIA (continued)
Sberbank of Russia PJSC ADR		56,760	$	845,109
Surgutneftegas PJSC ADR		24,000		120,240
Tatneft PJSC ADR		12,010		836,626
X5 Retail Group GDR		3,696		123,704
Yandex, Cl A *		2,827		110,875
				4,608,904
SAUDI ARABIA — 0.2%
Al Rajhi Bank		2,683		49,157
Arab National Bank		37,683		264,038
Dar Al Arkan Real Estate Development *		69,692		212,666
Emaar Economic City *		51,310		70,849
Jarir Marketing		893		39,678
Mouwasat Medical Services		2,124		49,553
National Commercial Bank		3,085		45,066
Rabigh Refining & Petrochemical *		7,318		37,764
Saudi Airlines Catering		1,459		35,205
Saudi Arabian Mining *		3,247		40,610
Saudi Basic Industries		1,376		39,354
Saudi Electricity		13,464		70,120
Saudi Telecom		2,600		74,733
Savola Group *		9,377		79,837
				1,108,630
SINGAPORE — 0.3%
Ascendas ‡		12,900		28,682
CapitaLand Commercial Trust ‡		44,700		66,784
CapitaLand Mall Trust ‡		21,600		41,131
Centurion		176,200		53,099
ComfortDelGro		21,000		41,311
DBS Group Holdings		5,300		101,084
Flex *		12,533		139,743
Genting Singapore		185,500		123,667
Hong Leong Finance		37,300		75,192
Keppel ‡		47,560		42,858
SATS		8,700		30,405
Singapore Airlines		6,400		44,890
Singapore Exchange		10,300		59,198
Singapore Technologies Engineering		20,000		61,505
Singapore Telecommunications		74,300		179,476
Sunningdale Tech		45,300		45,371
Suntec Real Estate Investment Trust ‡		27,900		38,649
United Overseas Bank		4,900		93,517
Venture		4,400		49,415
Wilmar International		45,800		132,464
Yanlord Land Group		148,100		139,445
				1,587,886

THE ADVISORS’ INNER CIRCLE FUND	CORNERSTONE ADVISORS
	GLOBAL PUBLIC EQUITY FUND
	July 31, 2019
	(Unaudited)

COMMON STOCK (continued)
	Shares		Value
SOUTH AFRICA — 0.5%
Anglo American Platinum		547	$	32,556
AngloGold Ashanti		4,578		79,813
ArcelorMittal South Africa *		49,852		8,377
Aspen Pharmacare Holdings		1,187		7,469
Bid		2,069		43,092
Bidvest Group		5,310		68,170
Capitec Bank Holdings		2,849		234,133
Clicks Group		21,570		306,787
Combined Motor Holdings		12,142		18,415
Discovery		5,521		50,686
Exxaro Resources		18,619		217,003
FirstRand		21,332		91,218
Gold Fields		6,068		31,615
Group		26,284		206,098
Growthpoint Properties ‡		17,805		29,598
Hulamin		178,974		31,818
Kumba Iron Ore		7,767		256,653
Merafe Resources		1,219,900		103,169
MiX Telematics ADR		3,883		58,090
Momentum Metropolitan Holdings		14,299		16,916
MultiChoice Group *		658		6,151
Naspers, Cl N		1,495		363,922
Netcare		49,850		57,967
Pick n Pay Stores		25,688		119,043
Remgro		4,291		53,415
Sappi		9,469		34,450
Standard Bank Group		449		5,598
Tiger Brands		2,842		44,048
Tongaat Hulett *		13,500		12,433
Vodacom Group		2,011		16,431
Wilson Bayly Holmes-Ovcon		15,832		127,593
Woolworths Holdings		11,784		45,024
				2,777,751
SOUTH KOREA — 2.8%
Amorepacific		607		71,598
BGF retail		370		64,022
Celltrion *		2,027		290,307
Cheil Worldwide		3,148		71,905
Chongkundang Holdings		1,800		157,693
CJ Logistics *		370		42,795
CKD Bio		3,700		90,074
Cymechs		15,100		94,659
Daelim Industrial		502		44,740
Daewon San Up		3,484		17,694
Daihan Pharmaceutical		4,200		118,462
Daishin Securities		6,200		62,068
Daum Kakao		26		2,784
DB Insurance		988		46,662
Dongsuh		1,830		27,576

COMMON STOCK (continued)
	Shares		Value
SOUTH KOREA (continued)
Dongwon Development		1,106	$	4,493
Douzone Bizon		2,077		111,907
Fila Korea		10,723		608,794
GS Engineering & Construction		814		23,252
Hanmi Science ltd		393		15,531
Hanon Systems		6,330		62,412
Hanwha Chemical		3,004		47,174
HLB *		712		16,221
HwaSung Industrial		1,820		19,964
Hyundai Engineering & Construction		676		24,528
Hyundai Glovis		558		72,431
Hyundai Mobis		797		161,839
Hyundai Motor		6,547		698,825
Hyundai Steel		1,261		41,205
Industrial Bank of Korea		5,256		58,337
INTOPS		9,200		115,402
Kangwon Land		3,282		85,328
KB Financial Group		28,982		1,062,415
KB Financial Group ADR		300		10,851
Kia Motors		8,915		328,831
Koh Young Technology		476		33,381
Kolmar Korea		743		34,742
Kolon Industries		936		31,484
Korea Electric Power		7,240		170,800
Korea Zinc		233		87,077
KT ADR		770		9,086
KT Hitel *		3,091		14,898
KT&G		13,098		1,064,677
Kumho Petrochemical		1,216		83,737
LG		2,445		145,918
LG Electronics		4,082		224,317
LG Household & Health Care		161		170,804
LG Uplus		15,645		171,731
Lotte Chemical		235		46,154
Lotte Chilsung Beverage		480		58,848
Macquarie Korea Infrastructure Fund		16,303		160,547
Mando		400		11,427
Medy-Tox		302		106,426
Meritz Fire & Marine Insurance		2,426		40,806
NAVER		2,570		299,413
NCSoft		199		80,900
NICE Information Service		1,845		24,264
NongShim		172		34,075
OCI		582		36,883
Orion		636		43,277
Ottogi		93		50,702
S&T Holdings		519		6,658

THE ADVISORS’ INNER CIRCLE FUND	CORNERSTONE ADVISORS
	GLOBAL PUBLIC EQUITY FUND
	July 31, 2019
	(Unaudited)

COMMON STOCK (continued)
	Shares		Value
SOUTH KOREA (continued)
S-1, Cl 1		746	$	65,916
Samsung C&T		1,434		110,639
Samsung Electronics		80,459		3,060,345
Samsung Electronics GDR		28		26,931
Samsung Fire & Marine Insurance		742		165,056
Samsung Life Insurance		5,800		372,324
Samsung SDI		351		73,261
Samsung SDS		2,521		442,817
SeAH Steel Holdings		2,320		101,807
Shinhan Financial Group		6,267		230,157
SK Holdings		397		74,055
SK Hynix		6,551		422,091
SK Innovation		1,489		214,888
SK Materials		408		61,289
SK Telecom		890		186,651
SK Telecom ADR		2,755		63,117
S-Oil		1,707		134,956
Tovis		11,300		66,195
Wins		6,000		64,449
Woongjin Coway		649		45,846
Woori Financial Group		6,791		75,102
Yuhan		307		56,112
				14,129,815
SPAIN — 0.6%
Aena SME		685		124,089
Amadeus IT Group, Cl A		3,747		295,075
Banco Bilbao Vizcaya Argentaria		21,589		109,718
Banco de Sabadell		63,095		54,930
Bankia		30,143		59,540
CaixaBank		13,160		32,488
Cellnex Telecom		8,214		307,247
Ence Energia y Celulosa		17,100		61,644
Ferrovial		3,297		85,699
Grifols		7,874		254,939
Iberdrola		27,292		258,366
Industria de Diseno Textil		9,777		291,863
Masmovil Ibercom *		11,084		251,909
Naturhouse Health SAU		19,700		42,803
Red Electrica		3,696		69,881
Repsol		17,086		271,186
Siemens Gamesa Renewable Energy		4,178		58,339
Telefonica		31,432		240,230
				2,869,946
SWEDEN — 1.8%
Alfa Laval		2,574		47,896
Assa Abloy, Cl B		6,651		153,105
Bilia, Cl A		78,100		690,187

COMMON STOCK (continued)
	Shares		Value
SWEDEN (continued)
Castellum		7,198	$	146,279
Elekta, Cl B		26,301		375,104
Essity, Cl B		48,362		1,436,065
Fabege		5,889		91,088
Hemfosa Fastigheter		4,300		38,816
Hennes & Mauritz, Cl B		9,185		160,005
Hexagon, Cl B		1,080		52,372
Hexpol		8,999		68,520
Holmen, Cl B		4,495		95,193
Husqvarna, Cl B		11,234		99,758
Lundin Petroleum		4,023		127,033
New Wave Group, Cl B		10,700		71,463
Nobia		18,500		120,127
Nordic Waterproofing Holding		8,300		71,405
NP3 Fastigheter		12,300		107,277
Sandvik		24,104		370,211
Securitas, Cl B		12,255		189,998
Skanska, Cl B		2,585		48,184
Svenska Cellulosa SCA, Cl B		7,155		59,458
Svenska Handelsbanken, Cl A		12,595		113,609
Swedbank, Cl A		7,228		98,687
Swedish Match		3,098		118,129
Swedish Orphan Biovitrum *		3,879		74,993
Tele2, Cl B		18,703		267,740
Telefonaktiebolaget LM Ericsson, Cl B		305,067		2,677,285
Telia		43,435		193,721
Volvo, Cl B		65,800		978,341
				9,142,049
SWITZERLAND — 1.9%
Alcon *		860		49,982
Autoneum Holding		600		65,892
Cie Financiere Richemont		7,465		636,685
Galenica		3,105		159,798
Geberit		550		253,233
Givaudan		140		371,228
Helvetia Holding		850		108,261
Kuehne + Nagel International		939		138,183
Nestle		23,091		2,443,006
Novartis		4,302		394,404
Partners Group Holding		185		147,625
Roche Holding		10,916		2,919,728
Schindler Holding		591		136,045
SGS		98		241,546
Sika		2,062		297,190
STMicroelectronics		16,598		304,723
Swiss Re		996		96,315
Swisscom		581		280,725
Tecan Group		1,039		263,678
Vetropack Holding		40		82,012

THE ADVISORS’ INNER CIRCLE FUND	CORNERSTONE ADVISORS
	GLOBAL PUBLIC EQUITY FUND
	July 31, 2019
	(Unaudited)

COMMON STOCK (continued)
	Shares		Value
SWITZERLAND (continued)
VP Bank		700	$	109,626
Zurich Insurance Group		837		290,434
				9,790,319
TAIWAN — 1.6%
Acer		145,000		88,026
Asia Vital Components		153,000		198,787
AU Optronics		87,000		23,015
Cheng Shin Rubber Industry		61,000		78,989
Chia Chang		11,000		13,987
Chicony Electronics		19,477		49,648
Chipbond Technology		202,000		408,076
Chunghwa Telecom		87,000		301,785
Compal Electronics		69,000		42,315
CTBC Financial Holding		117,915		76,796
CTCI		39,000		57,054
Darfon Electronics		105,000		140,562
Delta Electronics		49,946		242,119
E.Sun Financial Holding		115,299		96,181
Eclat Textile		6,060		79,772
Far Eastern New Century		61,939		58,783
Far EasTone Telecommunications		5,000		11,482
First Financial Holding		113,038		84,872
Formosa Chemicals & Fibre		37,000		112,769
Formosa Petrochemical		27,000		91,669
Formosa Plastics		56,200		180,602
Gamania Digital Entertainment		3,000		6,532
Giant Manufacturing		62,673		479,385
Globe Union Industrial		133,000		69,177
Grand Pacific Petrochemical		130,000		85,258
Hiwin Technologies		10,380		92,717
Hon Hai Precision Industry		59,302		149,467
Hota Industrial Manufacturing		15,957		56,001
Jarllytec		66,000		146,028
King Slide Works		5,000		52,976
Largan Precision		335		45,506
Makalot Industrial		7,569		44,428
MediaTek		2,000		20,133
Mega Financial Holding		75,683		77,941
Novatek Microelectronics		182,000		968,056
Realtek Semiconductor		9,000		60,293
Ruentex Industries		17,400		37,133
Simplo Technology		15,000		117,046
St. Shine Optical *		3,000		50,190
Standard Foods		31,000		59,853
Taiwan Cooperative Financial Holding		54,029		36,410
Taiwan High Speed Rail *		73,000		97,535

COMMON STOCK (continued)
	Shares		Value
TAIWAN (continued)
Taiwan Semiconductor Manufacturing		34,000	$	281,497
Taiwan Semiconductor Manufacturing ADR		32,388		1,380,700
Tong Yang Industry		26,000		38,171
TTY Biopharm		15,000		39,039
Unimicron Technology		32,000		39,012
Uni-President Enterprises		113,059		293,101
United Microelectronics		16,000		7,066
United Microelectronics ADR		71,433		155,724
Voltronic Power Technology *		3,150		68,044
Walsin Lihwa		383,000		184,816
Wan Hai Lines		86,000		57,389
Win Semiconductors		11,000		93,723
Yuanta Financial Holding		305,000		171,115
Zhen Ding Technology Holding		61,000		223,139
				8,221,890
THAILAND — 0.9%
Advanced Info Service		24,340		168,410
Advanced Information Technology		63,300		49,831
Bangkok Bank		7,190		42,340
Bangkok Dusit Medical Services, Cl F		159,617		129,510
Bangkok Expressway & Metro		95,425		32,532
Bank of Ayudhya NVDR		24,000		30,616
Central Pattana		37,000		87,724
Central Plaza Hotel		44,700		49,316
CP ALL		28,900		81,482
CP ALL NVDR		139,385		392,846
Electricity Generating		8,414		89,735
Fabrinet *		1,300		69,784
Hana Microelectronics		86,800		78,899
Home Product Center		156,100		87,140
Kasikornbank		6,500		36,403
Muramoto Electron Thailand NVDR		2,100		12,128
Pruksa Holding		215,400		154,033
PTT		62,100		95,096
PTT Exploration & Production NVDR		42,400		186,299
Quality Houses		1,778,200		175,397
Sea ADR *		29,529		1,036,468
Siam Cement		4,700		66,206
Susco		1,073,500		111,750
Thai Beverage		123,800		75,155
Thai Oil		19,000		42,492
Thai Rayon NVDR		40,215		48,682
Thai Wah		214,100		50,123
Thanachart Capital		386,500		740,339

THE ADVISORS’ INNER CIRCLE FUND	CORNERSTONE ADVISORS
	GLOBAL PUBLIC EQUITY FUND
	July 31, 2019
	(Unaudited)

COMMON STOCK (continued)
	Shares		Value
THAILAND (continued)
Thanachart Capital NVDR		9,962	$	19,093
TMB Bank		671,876		41,252
WHA NVDR		1,832,700		278,280
				4,559,361
TURKEY — 0.3%
Akbank T.A.S.		160,711		216,807
Arcelik		3,715		11,625
Enka Insaat ve Sanayi		68,300		74,629
Eregli Demir ve Celik Fabrikalari		109,570		145,804
KOC Holding		50,795		169,668
Pegasus Hava Tasimaciligi *		25,079		213,915
Trakya Cam Sanayii		118,252		58,690
Turk Hava Yollari AO *		16,007		35,665
Turkiye Garanti Bankasi		112,873		198,359
Turkiye Is Bankasi, Cl C		172,848		192,677
Turkiye Vakiflar Bankasi TAO, Cl D		166,789		151,656
				1,469,495
UNITED ARAB EMIRATES — 0.1%
Abu Dhabi Commercial Bank PJSC		54,037		132,136
Network International Holdings *		20,942		156,094
				288,230
UNITED KINGDOM — 3.7%
3i Group		18,219		246,249
Aon		1,495		282,929
Ashmore Group		17,356		112,653
Ashtead Group		23,987		660,838
AstraZeneca		2,550		219,186
AVEVA Group		3,643		176,219
B&M European Value Retail		18,989		85,273
BAE Systems		158,560		1,053,379
Balfour Beatty		60,345		150,711
Barratt Developments		96,594		753,377
Barrick Gold		4,614		79,632
Berkeley Group Holdings		1,956		91,915
BHP Group		8,766		209,063
Biffa		40,500		107,885
BP PLC		9,693		64,164
BT Group, Cl A		56,237		132,099
Bunzl		1,986		51,703
Burford Capital		12,896		235,602
Carnival		1,327		60,087
Clinigen Group		15,527		189,791
Close Brothers Group		5,300		85,681
CNH Industrial		146,720		1,481,027
Coca-Cola European Partners		4,900		270,872

COMMON STOCK (continued)
	Shares		Value
UNITED KINGDOM (continued)
Compass Group		6,200	$	156,822
Croda International		1,578		89,500
Dart Group		5,000		45,999
De La Rue		18,400		52,087
Devro		30,000		74,813
Diageo		27,559		1,153,182
Drax Group		127,099		465,211
easyJet		86,503		1,009,510
Endava ADR		4,488		166,056
Entertainment One		18,365		98,243
Euromoney Institutional Investor		1,187		19,876
Ferguson		1,378		102,662
Ferrexpo		20,100		62,750
Flutter Entertainment		804		63,767
Fresnillo		2,494		18,087
GlaxoSmithKline		9,477		196,337
Globaltrans Investment GDR		9,203		81,061
Greene King		10,600		80,417
Greggs		3,448		93,535
GW Pharmaceuticals ADR *		3,638		590,447
Halfords Group		17,600		40,851
Hammerson ‡		33,969		88,214
Headlam Group		10,500		56,046
Highland Gold Mining		36,000		95,244
Hon Hai Precision Industry GDR		40,976		209,610
HSBC Holdings		28,182		225,286
Imperial Brands		15,081		383,149
Inchcape		16,400		124,372
Informa		20,054		212,910
Intermediate Capital Group		6,824		115,398
International Personal Finance		32,400		39,953
Intertek Group		702		48,510
Kingspan Group		1,883		92,139
Land Securities Group ‡		14,286		138,279
Lloyds Banking Group		136,027		87,734
London Stock Exchange Group		1,189		95,560
LSR Group PJSC GDR		1,827		4,624
Marston’s		7,600		9,916
Merlin Entertainments		11,279		61,681
Micro Focus International		16,211		341,309
MMC Norilsk Nickel PJSC ADR		3,890		89,640
Mondi		1,941		42,215
National Express Group		23,100		117,838
National Grid		35,600		365,918
OneSavings Bank		25,700		113,229
Oxford Biomedica *		8,584		72,076
Pearson		8,139		86,225

THE ADVISORS’ INNER CIRCLE FUND	CORNERSTONE ADVISORS
	GLOBAL PUBLIC EQUITY FUND
	July 31, 2019
	(Unaudited)

COMMON STOCK (continued)
	Shares		Value
UNITED KINGDOM (continued)
Petrofac		15,200	$	77,263
Pets at Home Group		67,800		170,642
QinetiQ Group		9,100		31,950
Reckitt Benckiser Group		2,668		206,145
Redrow		18,761		128,002
RELX		4,800		114,036
Rentokil Initial		46,295		245,000
Rio Tinto		3,856		218,620
Rolls-Royce Holdings		4,646		48,615
Ros Agro GDR		12,900		149,967
Segro ‡		17,481		162,441
Serco Group *		119,481		214,174
Severn Trent		5,915		144,803
Spirax-Sarco Engineering		1,745		190,231
St. James’s Place		4,859		58,012
Stagecoach Group		57,600		91,062
SThree		20,100		68,861
Stock Spirits Group		33,634		93,666
Subsea 7		10,317		110,499
Tate & Lyle		23,172		211,893
Tesco		252,234		681,949
Unilever		3,792		228,073
Vesuvius		20,449		124,209
Weir Group		13,926		251,498
Whitbread		1,246		68,415
				18,868,649
UNITED STATES — 42.5%
Communication Services — 5.2%
Activision Blizzard		3,800		185,212
Alphabet, Cl A *		3,814		4,646,215
AT&T		55,356		1,884,872
Boingo Wireless *		12,163		182,688
Cardlytics *		6,953		197,465
Charter Communications, Cl A *		1,088		419,293
Comcast, Cl A		35,438		1,529,858
DHI Group *		23,000		84,640
Electronic Arts *		1,900		175,750
Entercom Communications, Cl A		33,469		190,104
Entravision Communications, Cl A		16,500		53,790
EverQuote, Cl A *		14,078		209,340
Facebook, Cl A *		34,984		6,794,942
Fluent *		26,760		139,152
Gaia, Cl A *		10,682		61,742
Gannett		13,100		134,275
Liberty Media -Liberty Formula One, Cl C *		4,812		189,497
Nexstar Media Group, Cl A		4,392		446,974
Omnicom Group		2,100		168,462

COMMON STOCK (continued)
	Shares		Value
UNITED STATES (continued)
Communication Services (continued)
Pareteum *		26,172	$	91,602
QuinStreet *		11,140		181,471
Rosetta Stone *		10,238		235,064
Snap, Cl A *		56,536		949,805
Spotify Technology *		3,073		476,131
TechTarget *		7,250		166,895
TEGNA		6,389		97,049
T-Mobile US *		28,254		2,252,691
Townsquare Media, Cl A		12,500		67,375
Verizon Communications		32,486		1,795,501
Viacom, Cl B		21,200		643,420
Walt Disney		12,777		1,827,239
				26,478,514
Consumer Discretionary — 4.6%
Abercrombie & Fitch, Cl A		5,500		104,115
Advance Auto Parts		767		115,541
Afya, Cl A *		961		27,792
Amazon.com *		2,776		5,182,181
American Eagle Outfitters		11,509		203,594
AutoZone *		226		253,807
BorgWarner		21,500		812,700
Carriage Services, Cl A		5,630		107,646
Carrols Restaurant Group *		15,150		141,198
Century Casinos *		17,032		168,106
Cheesecake Factory		2,101		90,511
Citi Trends		3,200		49,120
Dave & Buster’s Entertainment		2,000		81,300
Delta Apparel *		5,400		102,816
Dollar General		1,600		214,432
Dollar Tree *		9,918		1,009,157
Express *		11,500		28,405
Flexsteel Industries		2,100		38,577
General Motors		22,300		899,582
Genesco *		3,500		137,830
Genuine Parts		1,395		135,482
G-III Apparel Group *		3,738		107,131
Hasbro		1,305		158,114
Haverty Furniture		4,800		86,928
Hibbett Sports *		2,700		49,680
Hilton Grand Vacations *		6,457		211,144
Home Depot		5,497		1,174,654
Hooker Furniture		2,900		60,465
HyreCar *		16,010		51,072
Kohl’s		13,900		748,654
La-Z-Boy, Cl Z		3,200		105,568
Leggett & Platt		2,680		107,120
LGI Homes *		2,451		172,281
Lowe’s		1,758		178,261

THE ADVISORS’ INNER CIRCLE FUND	CORNERSTONE ADVISORS
	GLOBAL PUBLIC EQUITY FUND
	July 31, 2019
	(Unaudited)

COMMON STOCK (continued)
	Shares		Value
UNITED STATES (continued)
Consumer Discretionary (continued)
M/I Homes *		2,800	$	99,036
Marriott International, Cl A		5,364		745,918
MasterCraft Boat Holdings *		7,718		128,119
McDonald’s		9,317		1,963,278
Modine Manufacturing *		5,200		71,344
NIKE, Cl B		5,723		492,350
O’Reilly Automotive *		413		157,254
Penske Automotive Group		2,331		107,156
PetMed Express		5,200		90,324
RCI Hospitality Holdings		3,400		57,630
Red Lion Hotels *		16,052		108,993
Rocky Brands		4,500		141,840
Ross Stores		2,720		288,402
Rubicon Project *		18,220		138,654
RumbleON, Cl B *		18,834		87,955
Ruth’s Hospitality Group		7,818		174,107
Shoe Carnival		2,600		65,988
Six Flags Entertainment		3,865		204,188
Sonic Automotive, Cl A		4,400		121,308
Starbucks		4,300		407,167
Tailored Brands		5,200		25,324
Target		13,800		1,192,320
TJX		10,296		561,750
Toll Brothers		24,000		863,280
TopBuild *		4,983		404,271
Unique Fabricating		11,800		30,326
Whirlpool		6,400		931,072
William Lyon Homes, Cl A *		5,900		115,876
Williams-Sonoma		2,526		168,434
Winnebago Industries		2,200		88,660
Wolverine World Wide		3,820		103,713
Yum China Holdings		3,307		150,468
Yum! Brands		1,857		208,950
ZAGG *		6,300		41,769
				23,652,188
Consumer Staples — 1.7%
Altria Group		5,996		282,232
B&G Foods		9,594		175,378
Church & Dwight		3,796		286,370
Clorox		2,323		377,720
Colgate-Palmolive		5,700		408,918
Estee Lauder, Cl A		2,837		522,547
Hormel Foods		6,488		265,943
Hostess Brands, Cl A *		14,910		210,529
Ingles Markets, Cl A		2,200		69,256
John B Sanfilippo & Son		2,329		202,413
Kellogg		5,200		302,744
Kimberly-Clark		3,465		470,027
McCormick		2,433		385,728

COMMON STOCK (continued)
	Shares		Value
UNITED STATES (continued)
Consumer Staples (continued)
Molson Coors Brewing, Cl B		17,800	$	961,022
PepsiCo		4,568		583,836
Primo Water *		10,495		155,011
Procter & Gamble		6,310		744,832
SpartanNash		6,000		70,920
Sysco		4,300		294,851
Village Super Market, Cl A		3,400		85,102
Walgreens Boots Alliance		19,858		1,082,062
Walmart		7,365		812,949
Weis Markets		900		32,805
				8,783,195
Energy — 1.6%
Arch Coal		700		62,412
Bonanza Creek Energy *		4,900		106,820
Callon Petroleum *		33,371		164,185
Carrizo Oil & Gas *		6,600		62,898
Chevron		6,824		840,103
CNX Resources *		10,800		88,776
Concho Resources		973		95,043
DHT Holdings		9,000		50,850
DMC Global		5,637		294,477
EOG Resources		6,900		592,365
Evolution Petroleum		13,388		81,667
ExxonMobil		18,943		1,408,601
Golar LNG		1,200		20,328
Jagged Peak Energy *		18,262		134,043
Mammoth Energy Services		1,300		8,424
Marathon Petroleum		10,800		609,012
McDermott International *		17,357		111,432
Midstates Petroleum *		5,130		23,342
Murphy Oil		7,152		171,934
NACCO Industries, Cl A		1,700		90,355
National Energy Services Reunited *		6,600		52,800
Occidental Petroleum		5,407		277,704
PDC Energy *		4,088		117,448
Peabody Energy		6,171		129,961
Penn Virginia *		2,472		84,641
Phillips 66		3,800		389,728
Renewable Energy Group *		2,500		33,975
SilverBow Resources *		3,800		39,482
Smart Sand *		24,200		56,870
SRC Energy *		21,900		89,352
Unit *		2,400		15,600
Valero Energy		18,337		1,563,229
W&T Offshore *		9,600		43,104
Whiting Petroleum *		5,893		104,188
				8,015,149

THE ADVISORS’ INNER CIRCLE FUND	CORNERSTONE ADVISORS
	GLOBAL PUBLIC EQUITY FUND
	July 31, 2019
	(Unaudited)

COMMON STOCK (continued)
	Shares		Value
UNITED STATES (continued)
Financials — 5.8%
1st Constitution Bancorp		5,100	$	92,871
Aflac		8,510		447,966
AGNC Investment ‡		9,799		167,955
American Express		2,800		348,236
American National Bankshares		2,600		96,174
Ameriprise Financial		6,900		1,004,019
Annaly Capital Management ‡		10,848		103,598
Apollo Commercial Real Estate Finance ‡		3,800		71,516
Ares Commercial Real Estate ‡		10,900		165,353
Atlantic Capital Bancshares *		10,055		184,911
Atlantic Union Bankshares		9,365		356,151
Bank of Commerce Holdings		8,200		88,314
Banner		1,920		113,779
Bar Harbor Bankshares		6,100		154,879
BB&T		4,900		252,497
Berkshire Hathaway, Cl B *		2,953		606,635
Berkshire Hills Bancorp		6,100		200,080
C&F Financial		2,000		108,600
Cadence BanCorp, Cl A		15,786		270,572
Capital One Financial		23,874		2,206,435
CB Financial Services		400		9,760
CenterState Bank		12,775		310,688
Central Pacific Financial		4,400		129,668
Chemical Financial		3,595		151,134
Chimera Investment ‡		15,413		297,163
Chubb		1,123		171,639
Cincinnati Financial		2,100		225,393
Citigroup		46,405		3,302,180
Citizens Financial Group		27,700		1,032,102
CME Group, Cl A		1,500		291,630
CNB Financial		6,400		180,608
Customers Bancorp *		9,800		202,076
Dime Community Bancshares		3,000		60,540
Dynex Capital ‡		7,033		114,638
Eagle Bancorp		5,571		224,567
Enterprise Financial Services		4,584		191,061
Evans Bancorp		2,200		81,532
Everest Re Group		489		120,607
Exantas Capital ‡		7,700		86,163
Farmers National Banc		5,200		75,972
FB Financial		2,265		86,093
Federal Agricultural Mortgage, Cl C		2,400		185,448
Fidelity National Financial		3,028		129,841
Financial Institutions		5,900		181,661
First Bancorp Maine		2,200		57,662

COMMON STOCK (continued)
	Shares		Value
UNITED STATES (continued)
Financials (continued)
First Business Financial Services		2,700	$	64,341
First Commonwealth Financial		12,700		174,879
First Defiance Financial		5,100		146,472
First Financial		3,400		147,594
First Interstate BancSystem, Cl A		5,224		209,117
First Merchants		4,501		177,384
Flushing Financial		3,300		67,188
FNB		26,875		323,844
FS Bancorp		1,400		69,020
Hanmi Financial		6,400		137,536
Heritage Commerce		13,040		161,305
Heritage Insurance Holdings		29,417		395,364
Horizon Bancorp		2,941		51,232
Horizon Technology Finance, Cl C		5,700		69,711
IBERIABANK		4,119		323,630
Independent Bank		5,700		123,918
Independent Bank Group		1,489		84,590
Intercontinental Exchange		2,900		254,794
JPMorgan Chase		6,140		712,240
Lakeland Bancorp		7,035		115,233
LCNB		4,100		73,841
Lincoln National		18,500		1,208,790
M&T Bank		1,000		164,250
Marsh & McLennan		3,200		316,160
Mercantile Bank		2,000		67,200
Meta Financial Group		10,260		316,726
Midland States Bancorp		6,800		184,416
MidWestOne Financial Group		6,400		198,848
Mortgage Investment Trust ‡		4,700		76,892
National Western Life Group, Cl A		300		80,700
New Mountain Finance		10,300		141,831
New Residential Investment ‡		17,494		274,481
New York Mortgage Trust ‡		23,700		144,807
Newtek Business Services		3,800		81,928
Northeast Bank		3,500		76,825
Northrim BanCorp		3,500		136,395
Oaktree Specialty Lending		16,700		89,011
OneMain Holdings, Cl A		12,324		510,830
OP Bancorp		4,899		48,304
Pacific Premier Bancorp		6,592		208,505
Parke Bancorp		3,700		88,689
PennantPark Investment		17,000		112,880
Peoples Bancorp		2,100		68,061
People’s Utah Bancorp		5,075		153,773
Pinnacle Financial Partners		3,714		225,588

THE ADVISORS’ INNER CIRCLE FUND	CORNERSTONE ADVISORS
	GLOBAL PUBLIC EQUITY FUND
	July 31, 2019
	(Unaudited)

COMMON STOCK (continued)
	Shares		Value
UNITED STATES (continued)
Financials (continued)
PNC Financial Services Group		2,200	$	314,380
Preferred Bank		8,674		470,044
Premier Financial Bancorp		5,400		84,348
Primerica		1,744		213,971
Republic Bancorp, Cl A		1,000		47,770
Riverview Bancorp		8,900		75,650
S&P Global		4,245		1,039,813
Sandy Spring Bancorp		200		7,288
Selective Insurance Group		4,673		351,410
Shore Bancshares		4,300		70,520
Sierra Bancorp		2,500		65,175
Southern National Bancorp of Virginia		10,000		159,200
Stifel Financial		3,319		198,509
Summit Financial Group		1,700		45,237
THL Credit		17,800		118,548
Torchmark		2,000		182,640
Triumph Bancorp *		6,436		200,868
Umpqua Holdings		10,172		177,603
United Community Financial		7,800		79,404
Universal Insurance Holdings		6,200		153,822
US Bancorp		6,115		349,472
Wells Fargo		22,800		1,103,748
West Bancorporation		2,700		57,186
Wintrust Financial		2,313		165,472
				29,531,568
Health Care — 6.0%
AbbVie		6,715		447,353
Addus HomeCare *		2,723		219,447
Albireo Pharma *		1,707		44,194
Allergan		7,247		1,163,143
Alphatec Holdings *		11,492		54,012
Amgen		6,100		1,138,138
ANI Pharmaceuticals *		5,881		497,474
Antares Pharma *		36,562		116,633
Anthem		1,041		306,689
ArQule *		10,500		105,945
Audentes Therapeutics *		2,220		86,402
Axogen *		7,167		128,863
Axsome Therapeutics *		2,994		76,347
Becton Dickinson		1,758		444,422
BioCryst Pharmaceuticals *		10,823		34,309
Biogen *		3,400		808,588
Biohaven Pharmaceutical Holding *		1,472		63,355
BioLife Solutions *		9,041		172,412
BioSpecifics Technologies *		2,418		140,486
BioTelemetry *		3,493		163,996
Bristol-Myers Squibb		8,939		396,981

COMMON STOCK (continued)
	Shares		Value
UNITED STATES (continued)
Health Care (continued)
Cara Therapeutics *		4,079	$	97,651
Catasys *		10,500		182,910
Celgene *		7,568		695,196
Centene *		7,280		379,215
Champions Oncology *		12,473		80,700
Cigna		3,014		512,139
Codexis *		6,431		118,137
Corbus Pharmaceuticals Holdings *		6,417		38,502
Corcept Therapeutics *		10,000		112,600
CryoLife *		7,145		205,919
CryoPort *		17,565		359,556
Cymabay Therapeutics *		7,001		43,266
CytoSorbents *		16,105		113,057
Danaher		3,089		434,005
DaVita *		25,846		1,546,883
Dicerna Pharmaceuticals *		5,991		81,657
Eagle Pharmaceuticals *		4,900		268,814
Edwards Lifesciences *		1,607		342,050
Eli Lilly		3,763		409,979
Emergent BioSolutions *		3,575		157,801
Fluidigm *		16,983		199,550
FONAR *		6,698		164,369
Gilead Sciences		3,600		235,872
GlycoMimetics *		4,877		45,015
HCA Healthcare		13,362		1,783,961
Henry Schein *		2,260		150,380
Homology Medicines *		2,623		46,637
Innoviva *		12,300		146,124
Intellia Therapeutics *		6,600		119,460
Intuitive Surgical *		1,685		875,374
Jazz Pharmaceuticals *		6,200		864,156
Johnson & Johnson		5,200		677,144
Joint *		9,442		174,488
Kindred Biosciences *		9,571		65,274
Kura Oncology *		5,209		99,596
Lannett *		13,200		93,324
Lantheus Holdings *		3,200		72,384
MacroGenics *		4,418		63,575
Medpace Holdings *		5,862		461,691
Medtronic		4,676		476,671
Merck		19,827		1,645,443
Mesa Laboratories		882		221,982
NanoString Technologies *		3,638		119,545
NeoGenomics *		16,079		391,845
NuVasive *		3,040		202,464
OptimizeRx *		9,664		145,830
OrthoPediatrics *		6,191		218,604
Owens & Minor		6,600		17,886

THE ADVISORS’ INNER CIRCLE FUND	CORNERSTONE ADVISORS
	GLOBAL PUBLIC EQUITY FUND
	July 31, 2019
	(Unaudited)

COMMON STOCK (continued)
	Shares		Value
UNITED STATES (continued)
Health Care (continued)
Patterson		5,154	$	102,049
Pfizer		41,447		1,609,801
Progenics Pharmaceuticals *		34,666		186,503
Protagonist Therapeutics *		4,178		46,042
Quanterix *		8,463		262,184
Quotient *		16,168		170,734
Ra Pharmaceuticals *		3,924		133,573
RadNet *		11,999		176,745
Stemline Therapeutics *		4,802		63,723
Surmodics *		4,969		207,207
Syneos Health, Cl A *		4,559		232,919
Tabula Rasa HealthCare *		4,898		295,202
Tactile Systems Technology *		4,697		271,205
Thermo Fisher Scientific		1,795		498,436
Twist Bioscience *		2,464		83,086
UnitedHealth Group		11,075		2,757,786
Vanda Pharmaceuticals *		5,677		70,679
Veracyte *		12,390		351,504
Vericel *		7,083		135,427
Viking Therapeutics *		8,874		68,241
Vocera Communications *		7,896		202,690
Voyager Therapeutics *		3,888		85,575
ZIOPHARM Oncology *		18,681		129,646
Zynex		16,955		141,066
				30,849,893
Industrials — 3.4%
ACCO Brands		17,300		169,194
Alaska Air Group		3,006		190,460
Allied Motion Technologies		3,142		124,549
Allison Transmission Holdings		18,600		854,670
AMETEK		3,600		322,596
ARC Document Solutions *		25,300		47,817
Arconic		38,100		954,024
Atkore International Group *		15,019		409,869
Atlas Air Worldwide Holdings *		8,792		401,355
Boeing		2,332		795,632
CAI International *		5,100		116,280
CBIZ *		17,188		401,684
CH Robinson Worldwide		3,709		310,555
Columbus McKinnon		7,745		297,718
Cornerstone Building Brands *		13,400		77,988
CRA International		2,617		113,630
CSX		5,900		415,360
Cubic		1,629		107,840
Cummins		5,600		918,400
Ducommun *		5,360		225,924
EMCOR Group		2,362		199,329
Equifax		1,700		236,453

COMMON STOCK (continued)
	Shares		Value
UNITED STATES (continued)
Industrials (continued)
Expeditors International of Washington		3,900	$	297,765
FedEx		4,800		818,544
Fortive		2,250		171,113
General Dynamics		1,500		278,910
Gibraltar Industries *		3,127		129,583
GMS *		6,800		153,068
Hawaiian Holdings		6,000		155,940
Honeywell International		3,027		522,036
Hurco		1,867		63,833
Interface, Cl A		4,200		58,212
Kadant		3,069		286,829
Kelly Services, Cl A		6,400		178,112
Knoll		7,000		169,750
LiqTech International *		21,703		181,220
Lockheed Martin		3,046		1,103,170
Matson		2,200		90,002
Meritor *		10,400		257,192
Miller Industries		2,300		71,806
MYR Group *		3,909		141,193
Northrop Grumman		800		276,456
NV5 Global *		4,762		378,436
Park-Ohio Holdings		2,200		67,320
Quad		4,800		54,288
Quanta Services		6,135		229,572
Raytheon		1,222		222,758
Roper Technologies		433		157,460
SkyWest		5,369		325,952
Stanley Black & Decker		1,900		280,421
Sterling Construction *		12,553		157,164
Timken		2,118		96,814
TrueBlue *		3,200		63,264
Union Pacific		2,084		375,016
United Continental Holdings *		10,600		974,246
United Technologies		1,864		249,030
Universal Logistics Holdings		6,400		126,016
Vectrus *		5,900		238,596
Verisk Analytics, Cl A		300		45,516
Wabash National		10,500		166,215
Waste Management		1,400		163,800
				17,467,945
Information Technology — 9.5%
ACM Research, Cl A *		7,796		135,884
Adesto Technologies *		20,045		170,783
Adobe *		6,049		1,807,804
Agilysys *		7,987		195,921
Airgain *		9,713		126,075
Amphenol, Cl A		3,000		279,960
Apple		21,033		4,480,870

THE ADVISORS’ INNER CIRCLE FUND	CORNERSTONE ADVISORS
	GLOBAL PUBLIC EQUITY FUND
	July 31, 2019
	(Unaudited)

COMMON STOCK (continued)
	Shares		Value
UNITED STATES (continued)
Information Technology (continued)
Applied Materials		16,200	$	799,794
Atlassian, Cl A *		11,083		1,552,950
Automatic Data Processing		1,930		321,384
AVX		10,243		156,001
Axcelis Technologies *		2,700		43,335
AXT *		19,810		84,589
Bel Fuse, Cl B		2,400		39,576
Belden		3,602		163,747
Benchmark Electronics		3,900		105,534
Brightcove *		17,107		213,495
Cabot Microelectronics		876		106,565
CACI International, Cl A *		1,379		296,692
Carbonite *		4,714		84,522
Cisco Systems		39,147		2,168,744
Corning		19,300		593,475
Cree *		1,276		79,342
CyberArk Software *		957		132,908
Digital Turbine *		37,313		202,610
EchoStar, Cl A *		29,627		1,348,621
eGain *		18,599		143,956
Evolving Systems *		13,315		10,752
Fidelity National Information Services		3,100		413,075
Finisar *		4,003		94,191
Fiserv *		2,261		238,377
FormFactor *		10,448		175,317
Globant *		2,718		288,108
Hackett Group		8,506		139,669
HP		42,300		889,992
Ichor Holdings *		9,333		235,285
Intel		20,300		1,026,165
International Business Machines		2,500		370,600
inTEST *		13,300		60,249
KEMET		4,600		92,552
Key Tronic *		6,153		30,334
Kimball Electronics *		4,100		65,190
KLA-Tencor		4,494		612,622
Kulicke & Soffa Industries		8,100		183,303
Lam Research		3,300		688,413
Mastercard, Cl A		10,357		2,819,900
MAXIMUS		1,554		114,235
Methode Electronics		2,100		62,895
Micron Technology *		11,676		524,136
Microsoft		43,512		5,929,380
MKS Instruments		1,775		151,106
MobileIron *		25,580		176,502
Model N *		10,805		236,197
MoneyGram International *		7,400		18,130

COMMON STOCK (continued)
	Shares		Value
UNITED STATES (continued)
Information Technology (continued)
Motorola Solutions		2,428	$	402,951
Nanometrics *		3,950		123,951
Napco Security Technologies *		6,875		199,031
Nuance Communications *		6,186		102,935
NVIDIA		8,760		1,477,987
ON Semiconductor *		40,800		877,608
Oracle		23,265		1,309,820
Pagseguro Digital, Cl A *		2,060		89,569
Paychex		4,831		401,215
PayPal Holdings *		6,749		745,090
PC Connection		1,500		49,065
PCM *		2,800		97,524
Perficient *		3,973		135,757
Photronics *		8,445		81,325
Plexus *		1,800		107,478
Progress Software		3,430		148,485
QAD, Cl A		4,216		181,878
Qorvo *		20,567		1,507,355
QUALCOMM		4,021		294,176
Rudolph Technologies *		1,500		40,380
salesforce.com *		14,538		2,246,121
ScanSource *		4,000		135,800
ShotSpotter *		4,060		152,615
SMART Global Holdings *		3,600		109,584
SS&C Technologies Holdings		15,400		738,430
StoneCo, Cl A *		3,200		112,032
SYNNEX		2,244		221,124
Tech Data *		1,254		127,080
Total System Services		6,253		848,657
Ultra Clean Holdings *		5,700		83,163
Unisys *		15,096		187,039
Upland Software *		6,585		289,674
Verint Systems *		3,702		214,235
VeriSign *		1,393		294,048
Visa, Cl A		13,626		2,425,428
Vishay Precision Group *		2,800		114,072
Wayside Technology Group		5,374		60,619
Zix *		21,650		197,232
				48,412,345
Materials — 1.8%
Advanced Emissions Solutions		11,200		142,576
AdvanSix *		4,000		102,560
Air Products & Chemicals		1,818		414,995
American Vanguard		5,992		85,566
Ball		1,810		129,379
CF Industries Holdings		20,862		1,033,921
Constellium, Cl A *		11,000		132,110
Eastman Chemical		2,600		195,910

THE ADVISORS’ INNER CIRCLE FUND	CORNERSTONE ADVISORS
	GLOBAL PUBLIC EQUITY FUND
	July 31, 2019
	(Unaudited)

COMMON STOCK (continued)
	Shares		Value
UNITED STATES (continued)
Materials (continued)
Ecolab		1,584	$	319,540
Ferro *		11,619		171,148
Friedman Industries		11,600		71,688
HB Fuller		1,109		53,021
Huntsman		27,200		558,960
International Flavors & Fragrances		73		10,511
International Paper		2,700		118,557
Kaiser Aluminum		1,610		154,995
Koppers Holdings *		7,962		217,363
Kraton *		6,000		184,020
Linde		2,932		560,833
LyondellBasell Industries, Cl A		12,100		1,012,649
Martin Marietta Materials		1,100		272,525
Materion		5,069		314,937
Mercer International		9,400		122,482
Packaging Corp of America		1,500		151,455
PPG Industries		2,294		269,293
Rayonier Advanced Materials		8,100		37,665
Schnitzer Steel Industries, Cl A		6,100		162,443
Sherwin-Williams		2,729		1,400,086
TimkenSteel *		6,945		48,546
US Concrete *		3,060		144,095
Verso *		5,900		95,462
Vulcan Materials		1,600		221,360
Warrior Met Coal		2,800		69,272
Wheaton Precious Metals		5,678		148,309
				9,128,232
Real Estate — 1.9%
Acadia Realty Trust ‡		10,039		281,795
American Tower, Cl A ‡		3,200		677,184
Ashford Hospitality Trust ‡		14,400		39,024
AvalonBay Communities ‡		1,739		363,086
Boston Properties ‡		2,209		293,687
Braemar Hotels & Resorts ‡		6,500		59,280
CBRE Group, Cl A *		19,300		1,023,093
City Office ‡		7,900		97,802
Crown Castle International ‡		3,821		509,186
Equinix ‡		794		398,667
Equity Residential ‡		5,785		456,379
Essential Properties Realty Trust ‡		5,175		109,296
Franklin Street Properties ‡		9,800		78,988
Gladstone Commercial ‡		4,900		104,174
Global Medical ‡		6,800		70,244
Global Net Lease ‡		3,600		70,272
Independence Realty Trust ‡		26,875		331,906

COMMON STOCK (continued)
	Shares		Value
UNITED STATES (continued)
Real Estate (continued)
Industrial Logistics Properties Trust ‡		5,500	$	117,590
Iron Mountain ‡		4,505		132,492
Jernigan Capital ‡		14,868		294,981
Kite Realty Group Trust ‡		8,100		128,871
National Storage Affiliates Trust ‡		8,038		243,471
Pebblebrook Hotel Trust ‡		7,451		208,553
Preferred Apartment Communities, Cl A ‡		8,900		128,961
PS Business Parks ‡		1,245		217,875
Public Storage ‡		1,400		339,864
QTS Realty Trust, Cl A ‡		5,620		260,094
Rexford Industrial Realty ‡		9,339		386,635
Sabra Health Care ‡		10,868		224,316
Simon Property Group ‡		2,746		445,401
Summit Hotel Properties ‡		7,900		87,769
Ventas ‡		4,300		289,347
VEREIT ‡		89,400		815,328
Welltower ‡		5,400		448,848
				9,734,459
Utilities — 1.0%
Ameren		1,847		139,799
American Electric Power		3,937		345,708
AquaVenture Holdings *		10,903		187,859
Black Hills		2,026		160,358
CMS Energy		3,900		227,058
Consolidated Edison		3,400		288,864
Dominion Energy		9,579		711,624
DTE Energy		1,829		232,484
Duke Energy		2,711		235,098
Exelon		15,414		694,555
IDACORP		2,275		232,187
New Jersey Resources		2,660		132,654
NextEra Energy		700		145,019
Portland General Electric		2,993		164,166
South Jersey Industries		5,138		174,949
Southern		6,898		387,668
Spire		2,184		179,983
TerraForm Power, Cl A		9,708		149,600
WEC Energy Group		3,066		262,020
Xcel Energy		4,722		281,475
				5,333,128
				217,386,616
Total Common Stock (Cost $419,058,095)				479,635,046

THE ADVISORS’ INNER CIRCLE FUND	CORNERSTONE ADVISORS
	GLOBAL PUBLIC EQUITY FUND
	July 31, 2019
	(Unaudited)

REGISTERED INVESTMENT COMPANIES — 3.8%
	Shares/ Number of Warrants		Value
EXCHANGE TRADED FUNDS — 3.8%
iShares MSCI ACWI Index Fund		15,450	$	1,139,592
iShares Russell 2000 Growth Index Fund		91,430		18,605,091
				19,744,683
Total Registered Investment Companies (Cost $19,572,854)				19,744,683
PREFERRED STOCK — 0.3%
BRAZIL (D) — 0.3%
Banco Bradesco		600		5,446
Banco do Estado do Rio Grande do Sul		57,800		357,733
Centrais Eletricas Santa Catarina		1,800		21,918
Cia Paranaense de Energia		22,700		294,074
Itausa - Investimentos Itau		24,817		81,415
Lojas Americanas		14,793		70,353
Petroleo Brasileiro		10,500		72,250
Telefonica Brasil		18,372		251,244
				1,154,433
CHILE — 0.0%
Embotelladora Andina, Cl B, 2.220%		23,398		82,257
GERMANY — 0.0%
STO & KGaA, 0.247%		800		81,825
SOUTH AFRICA — 0.0%
Absa Bank, 36.851%		223		11,763
SOUTH KOREA — 0.0%
CJ *(A)(B)(D)		78		3,203
LG Chemical, 2.840%		358		54,104
LG Household & Health Care, 1.430%		106		71,785
				129,092
Total Preferred Stock (Cost $1,002,341)				1,459,370
WARRANTS* — 0.0%
Malaysia — 0.0%
Paramount, Expires 12/31/21 (A)(B)		43,120		1,327
SINGAPORE — 0.0%
Ezion Holdings, Expires 04/16/23 (A)(B)		102,720		–
Total Warrants (Cost $–)				1,327
Total Investments— 97.9% (Cost $439,633,290)			$	500,840,426

A list of the open forward foreign currency contracts held by the Fund at July 31, 2019, is as follows:

Counterparty	Settlement  Date			Currency to Deliver			Currency to Receive		Unrealized Appreciation/ (Depreciation)
State Street		08/15/19	USD		3,504,100	EUR		3,957,009	$	73,031
State Street		10/10/19	USD		506,700	GBP		634,479		16,105
Brown Brothers Harriman		10/31/19	USD		642,600	AUD		444,654		3,831
Brown Brothers Harriman		12/18/19	CHF		573,487	USD		561,000		(1,729	)
Brown Brothers Harriman		12/18/19	USD		561,000	CHF		573,268		1,510
									$	92,748

Percentages are based on net assets of $511,455,092.

* Non-income producing security.

‡ Real Estate Investment Trust

(A) 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 July 31, 2019, was $303,156 and represented 0.1% of Net Assets.

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

(C) Security considered Master Limited Partnership. At July 31, 2019, these securities amounted to $2,609,770 or 0.5% of Net Assets.

(D) There is currently no stated rate.

ACWI — All Country World Index

ADR — American Depositary Receipt

AUD — Australian Dollar

CHF — Swiss Franc

Cl — Class

EUR — Euro

GBP — British Pound

GDR — Global Depositary Receipt

LP — Limited Partnership

MSCI — Morgan Stanley Capital International

MYR — Malaysian Ringgit

NVDR — Non-Voting Depositary Receipt

PJSC — Private Joint Stock Company

USD — United States Dollar

THE ADVISORS’ INNER CIRCLE FUND	CORNERSTONE ADVISORS
	GLOBAL PUBLIC EQUITY FUND
	July 31, 2019
	(Unaudited)

The following is a list of the inputs used as of July 31, 2019, 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
Argentina	$	158,927	$	–		$	–	$	158,927
Australia		–		7,960,596			–		7,960,596
Austria		–		908,635			–		908,635
Belgium		–		2,656,353			151,549		2,807,902
Bermuda		2,609,770		–			–		2,609,770
Brazil		5,417,759		–			–		5,417,759
Canada		12,510,431		–			–		12,510,431
Chile		836,291		60,827			–		897,118
China		7,723,738		16,772,783			–		24,496,521
Colombia		235,654		–			–		235,654
Denmark		–		3,207,188			–		3,207,188
Egypt		9,342		209,452			–		218,794
Finland		–		1,546,356			–		1,546,356
France		310,356		16,855,577			–		17,165,933
Germany		85,315		14,304,062			–		14,389,377
Greece		172,627		112,828			–		285,455
Hong Kong		48,231		13,685,153			37,493		13,770,877
Hungary		19,214		635,659			–		654,873
India		1,595,236		6,160,589			109,510		7,865,335
Indonesia		48,875		2,155,993			–		2,204,868
Ireland		2,980,935		489,697			–		3,470,632
Israel		624,536		2,080,212			–		2,704,748
Italy		–		7,081,013			–		7,081,013
Japan		–		24,115,347			–		24,115,347
Malaysia		10,034		2,096,123			–		2,106,157
Mexico		2,140,551		–			–		2,140,551
Netherlands		4,621,233		10,007,997			–		14,629,230
New Zealand		–		746,216			–		746,216
Norway		–		1,485,301			–		1,485,301
Panama		378,923		–			–		378,923
Peru		272,167		–			–		272,167
Philippines		30,846		1,017,801			–		1,048,647
Poland		76,913		2,402,093			–		2,479,006
Portugal		–		590,183			74		590,257
Puerto Rico		264,941		–			–		264,941
Russia		1,556,108		3,052,796			–		4,608,904
Saudi Arabia		84,758		1,023,872			–		1,108,630
Singapore		214,935		1,372,951			–		1,587,886
South Africa		102,341		2,675,410			–		2,777,751
South Korea		174,562		13,955,253			–		14,129,815
Spain		–		2,869,946			–		2,869,946
Sweden		–		9,142,049			–		9,142,049
Switzerland		–		9,790,319			–		9,790,319
Taiwan		1,682,452		6,539,438			–		8,221,890
Thailand		1,156,375		3,402,986			–		4,559,361
Turkey		–		1,469,495			–		1,469,495
United Arab Emirates		–		288,230			–		288,230
United Kingdom		1,749,159		17,119,490			–		18,868,649
United States		217,386,616		–			–		217,386,616
Total Common Stock		267,290,151		212,046,269			298,626		479,635,046
Registered Investment Companies		19,744,683		–			–		19,744,683
Preferred Stock
Brazil		1,154,433		–			–		1,154,433
Chile		82,257		–			–		82,257
Germany		–		81,825			–		81,825
South Africa		11,763		–			–		11,763
South Korea		–		125,889			3,203		129,092
Total Preferred Stock		1,248,453		207,71	4		3,203		1,459,370
Warrant
Malaysia		–		–			1,327		1,327
Singapore		–		–			–		–
Total Warrants		–		–			1,327		1,327
Total Investments in Securities	$	288,283,287	$	212,253,983		$	303,156	$	500,840,426

Other Financial Instruments	Level 1		Level 2			Level 3		Total
Forwards Contracts *
Unrealized Appreciation	$	–	$	94,477		$	–	$	94,477
Unrealized Depreciation		–		(1,729	)		–		(1,729	)
Total Other Financial Instruments	$	–	$	92,748		$	–	$	92,748

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

‡ 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.

For the period ended July 31, 2019, there were transfers between Level 1 and Level 2 assets and liabilities. The primary reason for changes in the classifications between Levels 1 and 2 occurs when foreign equity securities are fair valued using other observable market based inputs in place of the closing exchange price due to halt or events occurring after the close of the exchange or market on which the investment is principally traded. For the period ended July 31, 2019, securities with a total value of $212,253,983 transferred from Level 1 to Level 2. For the period ended July 31, 2019, there were transfers between Level 1 and Level 3 assets in the amount of $303,156 due to pricing restrictions implemented by the Adviser. All transfers were considered to have occurred as of the end of the period.

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

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

THE ADVISORS’ INNER CIRCLE FUND	CORNERSTONE ADVISORS
	CORE PLUS BOND FUND
	July 31, 2019
	(unaudited)

SCHEDULE OF INVESTMENTS
MORTGAGE-BACKED SECURITIES — 25.1%
	Face Amount		Value
AGENCY MORTGAGE-BACKED OBLIGATIONS — 22.8%
FHLMC
5.000%, 10/01/48	$	1,358,440	$	1,444,155
4.500%, 10/01/48		2,237,216		2,364,733
4.000%, 01/01/49		3,898,772		4,104,124
3.500%, 06/01/49		15,120,532		15,695,134
3.000%, 03/01/47		5,199,534		5,278,854
2.500%, 11/01/31		1,356,900		1,367,283
FHLMC Multifamily Structured Pass Through Certificates, Ser 1511, Cl A2
3.470%, 03/25/31		580,000		625,866
FHLMC Multifamily Structured Pass-Through Certificates, Ser K058, Cl A2
2.653%, 08/25/26		30,000		30,640
FHLMC Multifamily Structured Pass-Through Certificates, Ser K062, Cl A2
3.413%, 12/25/26		65,000		69,576
FHLMC Multifamily Structured Pass-Through Certificates, Ser K063, Cl A2
3.430%, 01/25/27(A)		70,000		74,999
FHLMC Multifamily Structured Pass-Through Certificates, Ser K069, Cl A2
3.187%, 09/25/27(A)		15,000		15,827
FHLMC Multifamily Structured Pass-Through Certificates, Ser K071, Cl A2
3.286%, 11/25/27		15,000		15,946
FHLMC Multifamily Structured Pass-Through Certificates, Ser K072, Cl A2
3.444%, 12/25/27		100,000		107,591
FHLMC Multifamily Structured Pass-Through Certificates, Ser K073, Cl A2
3.350%, 01/25/28		80,000		85,352
FHLMC Multifamily Structured Pass-Through Certificates, Ser K074, Cl A2
3.600%, 01/25/28		155,000		168,234
FHLMC Multifamily Structured Pass-Through Certificates, Ser K081, Cl A2
3.900%, 08/25/28(A)		275,000		305,712
FHLMC Multifamily Structured Pass-Through Certificates, Ser K082, Cl A2
3.920%, 09/25/28(A)		90,000		100,152
FHLMC Multifamily Structured Pass-Through Certificates, Ser K084, Cl A2
3.780%, 10/25/28(A)		130,000		143,298
FHLMC Multifamily Structured Pass-Through Certificates, Ser K158, Cl A3
3.900%, 10/25/33(A)		240,000		268,923
FHLMC Multifamily Structured Pass-Through Certificates, Ser K727, Cl A2
2.946%, 07/25/24		155,000		159,669
FHLMC, Ser 2016-4639, Cl HZ

MORTGAGE-BACKED SECURITIES (continued)
	Face Amount		Value
AGENCY MORTGAGE-BACKED OBLIGATIONS (continued)
3.250%, 04/15/53	$	417,920	$	432,678
FHLMC, Ser 2018-4818, Cl CA
3.000%, 04/15/48		291,825		294,084
FNMA
5.000%, 06/01/48		695,685		740,115
4.500%, 05/01/48		4,041,118		4,266,707
4.000%, 11/01/44		7,430,107		7,771,570
3.820%, 11/01/30		300,000		332,478
3.500%, 07/01/49		5,833,226		6,028,403
3.450%, 05/01/34		220,000		232,897
3.260%, 09/01/24		474,456		495,524
3.210%, 11/01/37		310,684		320,341
3.201%, 09/01/27		217,278		228,783
3.170%, 02/01/30		248,919		259,813
3.110%, 02/01/28		215,000		224,910
3.020%, 06/01/28		242,276		250,921
3.010%, 04/01/28		215,000		223,626
3.000%, 10/01/46		8,845,722		8,971,591
2.960%, 04/01/27		198,310		205,657
2.950%, 11/01/27		270,000		277,192
2.900%, 12/01/27		75,000		77,243
2.880%, 12/01/27		50,000		51,495
2.780%, 05/01/28		214,444		219,284
2.710%, 12/01/27		183,159		186,928
2.500%, 08/01/46		3,091,196		3,073,696
2.000%, 01/01/24		774,121		771,532
FNMA TBA
5.000%, 09/01/37		1,003,000		1,065,713
4.500%, 09/01/33		1,150,000		1,206,063
4.000%, 08/13/39		280,000		289,836
3.500%, 08/01/40		1,657,000		1,697,260
3.000%, 09/13/42		1,319,000		1,329,105
2.500%, 09/15/43		388,000		383,090
FNMA, Ser 2015-M17, Cl A2
2.937%, 11/25/25(A)		90,000		93,005
FNMA, Ser 2016-M4, Cl A2
2.576%, 03/25/26		145,000		146,354
FNMA, Ser 2017-66, Cl BA
3.000%, 03/25/47		865,836		882,008
FNMA, Ser 2017-M14, Cl A2
2.876%, 11/25/27(A)		240,000		247,045
FNMA, Ser 2017-M15, Cl A2
2.959%, 09/25/27(A)		40,000		41,607
FNMA, Ser 2017-M3, Cl A2
2.484%, 12/25/26(A)		110,000		110,667
FNMA, Ser 2017-M7, Cl A2
2.961%, 02/25/27(A)		85,000		87,743
FNMA, Ser 2018-38, Cl PA
3.500%, 06/25/47		228,535		234,969
FNMA, Ser 2018-57, Cl QA
3.500%, 05/25/46		308,866		315,074
FNMA, Ser 2018-86, Cl JA
4.000%, 05/25/47		241,495		252,776
FNMA, Ser 2018-94, Cl KD
3.500%, 12/25/48		149,644		154,372
FNMA, Ser 2018-M1, Cl A2
2.986%, 12/25/27(A)		65,000		67,461
FNMA, Ser 2018-M10, Cl A2
3.497%, 07/25/28(A)		25,000		26,727
FNMA, Ser 2018-M2, Cl A2
2.902%, 01/25/28(A)		160,000		164,986
FNMA, Ser 2018-M7, Cl A2
3.052%, 03/25/28(A)		100,000		104,190
FNMA, Ser 2018-M8, Cl A2
3.325%, 06/25/28(A)		55,000		58,539

THE ADVISORS’ INNER CIRCLE FUND	CORNERSTONE ADVISORS
	CORE PLUS BOND FUND
	July 31, 2019
	(unaudited)

MORTGAGE-BACKED SECURITIES (continued)
	Face Amount		Value
AGENCY MORTGAGE-BACKED OBLIGATIONS (continued)
FNMA, Ser 2019-9, Cl LA
3.500%, 03/25/49	$	985,319	$	1,000,173
FNMA, Ser M12, Cl A2
2.885%, 05/25/29(A)		500,000		514,506
GNMA
5.000%, 04/20/47		571,516		605,346
4.500%, 06/20/47		1,204,206		1,261,663
4.467%, 10/20/65(A)		441,252		446,552
4.377%, 04/20/63(A)		514,206		521,631
4.000%, 09/20/48		1,432,316		1,491,655
3.500%, 06/20/46		2,785,402		2,886,036
3.000%, 10/20/46		1,294,900		1,327,209
GNMA TBA
5.000%, 08/01/33		35,000		36,651
GNMA, Ser 2015-H13, Cl FG
2.831%, VAR ICE LIBOR USD 1 Month+ 0.400%, 04/20/65		60,779		60,659
GNMA, Ser 2018-124, Cl NW
3.500%, 09/20/48		238,623		245,379
				87,719,586
NON-AGENCY MORTGAGE-BACKED OBLIGATIONS — 2.3%
Alternative Loan Trust, Ser 2005-56, Cl 1A1
4.364%, VAR ICE LIBOR USD 1 Month+0.730%, 11/25/35		556,913		567,895
American Home Mortgage Investment Trust, Ser 2005-1, Cl 6A
4.560%, VAR ICE LIBOR USD 6 Month+2.000%, 06/25/45		340,127		346,568
BAMLL Commercial Mortgage Securities Trust, Ser 2018-PARK, Cl A
4.227%, 08/10/38(A) (B)		185,000		204,845
BBCMS Trust, Ser 2013-TYSN, Cl A2
3.756%, 09/05/32(B)		110,000		111,061
BB-UBS Trust, Ser 2012-TFT, Cl A
2.892%, 06/05/30(B)		360,000		359,321
BCAP Trust, Ser 2015-RR5, Cl 1A3
4.378%, 08/26/36(A) (B)		351,443		345,762
Bear Stearns Mortgage Funding Trust, Ser 2006-AR4, Cl A1
2.476%, VAR ICE LIBOR USD 1 Month+0.210%, 12/25/36		551,883		563,187
Bear Stearns Mortgage Funding Trust, Ser 2007-AR5, Cl 1A1A
2.574%, VAR ICE LIBOR USD 1 Month+0.170%, 06/25/47		449,173		433,506
CALI Mortgage Trust, Ser 2019-101C, Cl A
3.957%, 03/10/29		120,000		131,887
CGRBS Commercial Mortgage Trust, Ser 2013-VN05, Cl A
3.369%, 03/13/35(B)		125,000		129,807

MORTGAGE-BACKED SECURITIES (continued)
	Face Amount		Value
NON-AGENCY MORTGAGE-BACKED OBLIGATIONS (continued)
CIM Trust, Ser 2017-2, Cl A1
4.440%, VAR ICE LIBOR USD 1 Month+2.000%, 12/25/57(B)	$	473,560	$	475,614
Citigroup Mortgage Loan Trust, Ser 2005-3, Cl 2A4
4.439%, 08/25/35(A)		328,336		306,135
COMM Mortgage Trust, Ser 2014-UBS5, Cl A4
3.838%, 09/10/47		310,000		329,831
Core Industrial Trust, Ser 2015-CALW, Cl A
3.040%, 02/10/34(B)		118,584		120,602
Core Industrial Trust, Ser 2015-TEXW, Cl A
3.077%, 02/10/34(B)		163,762		167,178
GS Mortgage Securities Trust, Ser 2012-ALOH, Cl A
3.551%, 04/10/34(B)		110,000		112,908
HarborView Mortgage Loan Trust, Ser 2006-10, Cl 1A1A
2.498%, VAR ICE LIBOR USD 1 Month+0.200%, 11/19/36		567,663		523,203
Hudson Yards Mortgage Trust, Ser 2019-30HY, Cl A
3.228%, 07/10/39(B)		115,000		119,080
JPMBB Commercial Mortgage Securities Trust, Ser 2014-C18, Cl A3
3.578%, 02/15/47		104,699		105,962
JPMBB Commercial Mortgage Securities Trust, Ser 2014-C22, Cl A4
3.801%, 09/15/47		180,000		191,061
JPMorgan Chase Commercial Mortgage Securities Trust, Ser 2012-HSBC, Cl A
3.093%, 07/05/32(B)		119,114		121,760
JPMorgan Chase Commercial Mortgage Securities Trust, Ser 2019-OSB, Cl A
3.397%, 06/05/39(B)		110,000		115,736
Morgan Stanley Capital I Trust, Ser 2014-CPT, Cl A
3.350%, 07/13/29(B)		105,000		106,701
OBX Trust, Ser 2018-EXP1, Cl 1A3
4.000%, 04/25/48(A) (B)		129,557		131,266
Sequoia Mortgage Trust, Ser 2017-CH2, Cl A10
4.000%, 12/25/47(A) (B)		52,351		52,791
Sequoia Mortgage Trust, Ser 2018-CH1, Cl A1
4.000%, 02/25/48(A) (B)		83,630		86,201
Sequoia Mortgage Trust, Ser 2018-CH3, Cl A2
4.000%, 08/25/48(A) (B)		198,829		202,588
SFAVE Commercial Mortgage Securities Trust, Ser 2015-5AVE, Cl A1
3.872%, 01/05/43(A) (B)		105,000		109,440

THE ADVISORS’ INNER CIRCLE FUND	CORNERSTONE ADVISORS
	CORE PLUS BOND FUND
	July 31, 2019
	(unaudited)

MORTGAGE-BACKED SECURITIES (continued)
	Face Amount		Value
NON-AGENCY MORTGAGE-BACKED OBLIGATIONS (continued)
Structured Adjustable Rate Mortgage Loan Trust, Ser 2004-12, Cl 2A
4.442%, 09/25/34(A)	$	256,958	$	255,939
Structured Asset Mortgage Investments II Trust, Ser 2007-AR3, Cl 2A1
2.594%, VAR ICE LIBOR USD 1 Month+0.190%, 09/25/47		538,684		530,824
UBS-Citigroup Commercial Mortgage Trust, Ser 2011-C1, Cl AS
5.154%, 01/10/45(B)		265,000		279,431
VNDO Mortgage Trust, Ser 2013-PENN, Cl A
3.808%, 12/13/29(B)		115,000		116,556
WaMu Mortgage Pass-Through Certificates Trust, Ser 2005-AR15, Cl A1A1
2.664%, VAR ICE LIBOR USD 1 Month+0.260%, 11/25/45		498,643		503,047
WaMu Mortgage Pass-Through Certificates Trust, Ser 2005-AR2, Cl 1A1A
2.596%, VAR ICE LIBOR USD 1 Month+0.330%, 01/25/45		412,759		409,209
Wells Fargo Mortgage-Backed Securities Trust, Ser 2004-DD, Cl 1A1
5.011%, 01/25/35(A)		157,709		165,706
				8,832,608
Total Mortgage-Backed Securities
(Cost $95,691,993)				96,552,194
CORPORATE OBLIGATIONS — 24.6%
COMMUNICATION SERVICES — 1.8%
AT&T
5.450%, 03/01/47		70,000		80,903
5.250%, 03/01/37		340,000		385,858
4.850%, 03/01/39		156,000		170,345
4.800%, 06/15/44		375,000		395,782
4.750%, 05/15/46		25,000		26,427
4.500%, 03/09/48		60,000		61,364
4.350%, 06/15/45		10,000		10,058
3.900%, 03/11/24		250,000		263,864
3.600%, 07/15/25		250,000		260,039
Bharti Airtel International Netherlands BV
5.350%, 05/20/24(B)		235,000		250,182
CBS
2.900%, 01/15/27		250,000		243,700
CCO Holdings
5.375%, 06/01/29(B)		66,000		68,392
Clear Channel International BV
8.750%, 12/15/20(B)		24,000		24,420

CORPORATE OBLIGATIONS (continued)
	Face Amount		Value
COMMUNICATION SERVICES (continued)
Colombia Telecomunicaciones ESP
5.375%, 09/27/22(B)	$	200,000	$	201,252
Comcast
3.150%, 02/15/28		250,000		256,631
CSC Holdings
5.500%, 05/15/26(B)		200,000		209,000
Intelsat Jackson Holdings
9.750%, 07/15/25(B)		109,000		112,679
5.500%, 08/01/23		43,000		39,614
Level 3 Financing
5.375%, 05/01/25		44,000		45,430
Myriad International Holdings BV
6.000%, 07/18/20(B)		355,000		364,695
4.850%, 07/06/27(B)		200,000		215,646
NBCUniversal Enterprise
5.250%, 06/19/67(B)		170,000		174,675
Ooredoo International Finance MTN
3.250%, 02/21/23(B)		200,000		203,000
Qwest
7.250%, 09/15/25		65,000		72,775
Sprint
7.625%, 03/01/26		10,000		11,175
Sprint Spectrum
5.152%, 03/20/28(B)		250,000		265,625
3.360%, 09/20/21(B)		112,500		112,837
TEGNA
6.375%, 10/15/23		60,000		61,584
Telefonica Emisiones
5.462%, 02/16/21		210,000		219,138
Time Warner Cable
5.875%, 11/15/40		200,000		220,273
5.500%, 09/01/41		100,000		106,073
4.500%, 09/15/42		195,000		184,836
T-Mobile USA
6.000%, 03/01/23		93,000		94,608
4.500%, 02/01/26		30,000		30,562
0.000%, 01/15/24(C)		45,000		–
0.000%, 03/01/25(C)		45,000		–
0.000%, 01/15/26(C)		30,000		–
Verizon Communications
5.250%, 03/16/37		330,000		397,348
4.500%, 08/10/33		185,000		209,471
4.329%, 09/21/28		105,000		116,497
4.272%, 01/15/36		250,000		271,428
3.125%, 03/16/22		150,000		153,412
Vodafone Group
4.875%, 06/19/49		63,000		67,625
Walt Disney
3.700%, 10/15/25(B)		250,000		267,011
				6,926,234
CONSUMER DISCRETIONARY — 2.0%
Alimentation Couche-Tard
3.550%, 07/26/27(B)		165,000		168,724
Amazon.com
4.250%, 08/22/57		295,000		344,753
3.875%, 08/22/37		250,000		276,853

THE ADVISORS’ INNER CIRCLE FUND	CORNERSTONE ADVISORS
	CORE PLUS BOND FUND
	July 31, 2019
	(unaudited)

CORPORATE OBLIGATIONS (continued)
	Face Amount		Value
CONSUMER DISCRETIONARY (continued)
American Honda Finance MTN
1.700%, 09/09/21	$	1,000,000	$	986,763
Cargill
3.250%, 05/23/29(B)		500,000		520,217
Churchill Downs
5.500%, 04/01/27(B)		59,000		61,821
4.750%, 01/15/28(B)		40,000		40,050
Daimler Finance North America
2.000%, 07/06/21(B)		1,000,000		989,801
eG Global Finance
6.750%, 02/07/25(B)		58,000		58,217
El Puerto de Liverpool
3.875%, 10/06/26(B)		390,000		389,610
Ford Motor Credit
8.125%, 01/15/20		225,000		230,447
5.750%, 02/01/21		445,000		462,347
5.596%, 01/07/22		458,000		482,670
3.336%, 03/18/21		200,000		201,043
3.220%, 10/12/21		180,000		177,847
2.343%, 11/02/20		130,000		129,413
General Motors
5.000%, 04/01/35		170,000		170,129
General Motors Financial
3.200%, 07/13/20		225,000		225,917
2.650%, 04/13/20		180,000		180,141
Georgetown University
5.215%, 10/01/18		50,000		62,403
4.315%, 04/01/49		50,000		58,682
Home Depot
3.900%, 06/15/47		250,000		270,651
Hyundai Capital America MTN
3.000%, 10/30/20(B)		260,000		260,673
Lowe’s
4.050%, 05/03/47		250,000		250,671
Reynolds American
5.850%, 08/15/45		105,000		115,142
SACI Falabella
3.750%, 04/30/23(B)		200,000		205,352
Toyota Motor
2.358%, 07/02/24		105,000		105,068
Whirlpool
4.750%, 02/26/29		135,000		147,517
Whirlpool MTN
4.850%, 06/15/21		140,000		145,630
				7,718,552
CONSUMER STAPLES — 2.5%
Altria Group
4.400%, 02/14/26		90,000		95,996
Anheuser-Busch
4.900%, 02/01/46		115,000		130,592
Anheuser-Busch InBev Finance
4.700%, 02/01/36		250,000		278,580
2.625%, 01/17/23		750,000		755,721

CORPORATE OBLIGATIONS (continued)
	Face Amount		Value
CONSUMER STAPLES (continued)
Anheuser-Busch InBev Worldwide
4.750%, 01/23/29	$	120,000	$	136,697
4.000%, 04/13/28		125,000		135,640
Archer-Daniels-Midland
2.500%, 08/11/26		250,000		249,597
Bacardi
5.300%, 05/15/48(B)		310,000		330,865
4.700%, 05/15/28(B)		65,000		69,543
Bayer US Finance II
4.375%, 12/15/28(B)		250,000		262,608
Bunge Finance
3.250%, 08/15/26		250,000		242,234
Campbell Soup
3.300%, 03/15/21		190,000		192,200
Central Garden & Pet
6.125%, 11/15/23		14,000		14,525
CK Hutchison International 16
2.750%, 10/03/26(B)		200,000		197,413
Clorox
3.900%, 05/15/28		250,000		273,401
ERAC USA Finance
2.700%, 11/01/23(B)		1,000,000		1,006,192
First Quality Finance
5.000%, 07/01/25(B)		21,000		21,315
Kraft Heinz Foods
4.625%, 01/30/29		350,000		377,294
3.950%, 07/15/25		100,000		103,970
Kroger
5.400%, 01/15/49		120,000		134,064
2.650%, 10/15/26		250,000		243,371
PepsiCo
4.000%, 05/02/47		250,000		278,957
Post Holdings
5.500%, 12/15/29(B)		98,000		99,102
Procter & Gamble
3.500%, 10/25/47		250,000		267,382
Providence St. Joseph Health Obligated Group
3.744%, 10/01/47		175,000		183,477
2.746%, 10/01/26		335,000		333,689
Rite Aid
6.125%, 04/01/23(B)		110,000		92,812
Shire Acquisitions Investments Ireland
2.875%, 09/23/23		500,000		505,242
1.900%, 09/23/19		390,000		389,688
Spectrum Brands
5.750%, 07/15/25		40,000		41,438
Stanford Health Care
3.795%, 11/15/48		250,000		271,567
Sysco
3.250%, 07/15/27		250,000		257,626
Tyson Foods
4.000%, 03/01/26		50,000		53,424
Walgreen
4.400%, 09/15/42		220,000		212,454

THE ADVISORS’ INNER CIRCLE FUND	CORNERSTONE ADVISORS
	CORE PLUS BOND FUND
	July 31, 2019
	(unaudited)

CORPORATE OBLIGATIONS (continued)
	Face Amount		Value
CONSUMER STAPLES (continued)
Walgreens Boots Alliance
3.450%, 06/01/26	$	250,000	$	254,889
Walmart
4.750%, 10/02/43		500,000		611,035
2.650%, 12/15/24		400,000		407,807
				9,512,407
ENERGY — 2.1%
Antero Resources
5.625%, 06/01/23		15,000		14,175
5.125%, 12/01/22		41,000		39,155
5.000%, 03/01/25		106,000		94,851
Canadian Natural Resources
3.850%, 06/01/27		50,000		51,724
Centennial Resource Production
6.875%, 04/01/27(B)		29,000		28,275
Chevron
2.566%, 05/16/23		450,000		456,184
CNPC General Capital
3.950%, 04/19/22(B)		200,000		206,099
ConocoPhillips
4.150%, 11/15/34		250,000		270,084
CrownRock
5.625%, 10/15/25(B)		18,000		17,730
Dolphin Energy
5.500%, 12/15/21(B)		200,000		211,816
Energy Transfer Operating
6.250%, 04/15/49		84,000		99,885
6.050%, 06/01/41		370,000		415,290
5.875%, 01/15/24		50,000		55,531
5.500%, 06/01/27		80,000		89,633
4.050%, 03/15/25		200,000		208,103
EOG Resources
2.625%, 03/15/23		406,000		409,712
EQM Midstream Partners
4.125%, 12/01/26		275,000		263,597
Gulfport Energy
6.375%, 05/15/25		14,000		10,710
Kinder Morgan
5.625%, 11/15/23(B)		400,000		442,259
Kinder Morgan Energy Partners
5.800%, 03/15/35		200,000		231,995
Matador Resources
5.875%, 09/15/26		33,000		32,604
Nabors Industries
5.500%, 01/15/23		175,000		163,625
5.100%, 09/15/23		265,000		238,500
Occidental Petroleum
3.000%, 02/15/27		250,000		249,093
Parsley Energy
5.375%, 01/15/25(B)		61,000		61,766
Petroleos Mexicanos MTN
6.750%, 09/21/47		50,000		45,320
Petroleos Mexicanos
6.500%, 03/13/27		60,000		59,502
6.500%, 01/23/29		355,000		346,924

CORPORATE OBLIGATIONS (continued)
	Face Amount		Value
ENERGY (continued)
Phillips 66
4.300%, 04/01/22	$	500,000	$	525,707
Plains All American Pipeline
4.650%, 10/15/25		140,000		149,240
QEP Resources
5.250%, 05/01/23		70,000		63,700
Range Resources
5.000%, 03/15/23		105,000		92,400
4.875%, 05/15/25		80,000		67,200
Rockies Express Pipeline
6.875%, 04/15/40(B)		40,000		44,372
5.625%, 04/15/20(B)		180,000		184,210
Ruby Pipeline
6.000%, 04/01/22(B)		196,970		204,211
Saudi Arabian Oil Company MTN
4.375%, 04/16/49(B)		200,000		207,850
Shell International Finance BV
1.750%, 09/12/21		500,000		495,245
SM Energy
6.125%, 11/15/22		85,000		83,088
5.625%, 06/01/25		40,000		34,700
5.000%, 01/15/24		5,000		4,587
Targa Resources Partners
6.875%, 01/15/29(B)		20,000		22,054
TC PipeLines
4.650%, 06/15/21		400,000		412,013
Thaioil Treasury Center MTN
4.875%, 01/23/43(B)		200,000		220,685
TransMontaigne Partners
6.125%, 02/15/26		23,000		22,137
Transocean Guardian
5.875%, 01/15/24(B)		93,450		95,319
Transocean Pontus
6.125%, 08/01/25(B)		57,645		59,374
Transocean Poseidon
6.875%, 02/01/27(B)		17,000		18,148
Transocean Proteus
6.250%, 12/01/24(B)		27,750		28,860
Transportadora de Gas Internacional ESP
5.550%, 11/01/28(B)		200,000		226,752
USA Compression Partners
6.875%, 09/01/27(B)		27,000		28,078
Valaris
5.750%, 10/01/44		80,000		45,400
WPX Energy
5.750%, 06/01/26		18,000		18,495
				8,167,967
FINANCIALS — 6.3%
Ally Financial
3.750%, 11/18/19		235,000		235,705
American Express
2.500%, 07/30/24		215,000		214,333
American Express Credit MTN
2.700%, 03/03/22		750,000		756,818

THE ADVISORS’ INNER CIRCLE FUND	CORNERSTONE ADVISORS
	CORE PLUS BOND FUND
	July 31, 2019
	(unaudited)

CORPORATE OBLIGATIONS (continued)
	Face Amount		Value
FINANCIALS (continued)
Ardonagh Midco 3
8.625%, 07/15/23(B)	$	200,000	$	186,000
Banco Santander Chile
3.875%, 09/20/22(B)		180,000		186,728
Bangkok Bank MTN
4.050%, 03/19/24(B)		405,000		425,552
Bank of America
3.004%, 12/20/23		70,000		70,971
2.738%, 01/23/22		185,000		185,558
Bank of America MTN
4.271%, 07/23/29		525,000		573,618
3.970%, 03/05/29		500,000		533,903
3.559%, 04/23/27		470,000		489,947
3.499%, 05/17/22		400,000		406,946
3.300%, 01/11/23		500,000		513,136
Bank of Montreal MTN
3.100%, 04/13/21		140,000		142,127
Bank of New York Mellon MTN
3.500%, 04/28/23		500,000		519,773
Barclays
2.875%, 06/08/20		410,000		410,517
BB&T MTN
3.750%, 12/06/23		500,000		528,733
Berkshire Hathaway Finance
4.200%, 08/15/48		250,000		281,642
Capital One
2.250%, 09/13/21		500,000		497,016
Capital One Bank USA
3.375%, 02/15/23		500,000		510,654
Cielo USA
3.750%, 11/16/22(B)		115,714		114,835
Citigroup
3.980%, 03/20/30		250,000		267,139
2.700%, 03/30/21		560,000		562,762
Discover Bank
4.250%, 03/13/26		250,000		266,275
Farmers Insurance Exchange
8.625%, 05/01/24(B)		315,000		376,833
Fifth Third Bancorp
3.950%, 03/14/28		250,000		270,505
Goldman Sachs Bank USA NY
3.017%, 05/24/21		125,000		125,143
Goldman Sachs Group
6.750%, 10/01/37		115,000		152,481
3.750%, 05/22/25		500,000		522,231
3.272%, 09/29/25		190,000		193,951
2.600%, 04/23/20		340,000		340,294
Goldman Sachs Group MTN
6.000%, 06/15/20		55,000		56,682
HSBC Holdings
4.300%, 03/08/26		250,000		267,252
Huntington Bancshares
2.625%, 08/06/24		205,000		204,647
Intercontinental Exchange
2.750%, 12/01/20		1,007,000		1,011,718
JPMorgan Chase
4.625%, 05/10/21		530,000		550,581

CORPORATE OBLIGATIONS (continued)
	Face Amount		Value
FINANCIALS (continued)
4.350%, 08/15/21	$	400,000	$	415,236
4.023%, 12/05/24		270,000		286,268
3.875%, 09/10/24		500,000		524,817
3.220%, 03/01/25		455,000		467,003
2.550%, 10/29/20		500,000		500,920
KeyCorp MTN
2.900%, 09/15/20		1,000,000		1,006,623
Lloyds Banking Group
4.344%, 01/09/48		330,000		313,186
2.907%, 11/07/23		200,000		198,934
MGM Growth Properties Operating Partnership
5.625%, 05/01/24		30,000		32,025
Morgan Stanley
2.800%, 06/16/20		650,000		651,882
Morgan Stanley MTN
3.700%, 10/23/24		180,000		188,749
3.208%, 07/22/22		275,000		276,955
3.125%, 07/27/26		250,000		253,492
National Rural Utilities Cooperative Finance
4.750%, 04/30/43		175,000		175,000
3.400%, 02/07/28		250,000		264,887
Nationwide Building Society MTN
3.622%, 04/26/23(B)		200,000		202,662
Nationwide Mutual Insurance
4.700%, 12/15/24(B)		400,000		400,007
Navient MTN
8.000%, 03/25/20		175,000		180,469
PNC Bank
3.100%, 10/25/27		250,000		257,456
Raymond James Financial
4.950%, 07/15/46		175,000		199,910
Santander UK
3.400%, 06/01/21		200,000		203,124
Santander UK Group Holdings
5.625%, 09/15/45(B)		200,000		219,357
2.875%, 08/05/21		200,000		199,868
Springleaf Finance
6.125%, 03/15/24		340,000		368,369
Sumitomo Mitsui Financial Group
3.040%, 07/16/29		200,000		200,387
2.696%, 07/16/24		200,000		199,794
SunTrust Banks
4.000%, 05/01/25		250,000		266,076
Teachers Insurance & Annuity Association of America
4.375%, 09/15/54(B)		350,000		362,450
Toronto-Dominion Bank MTN
2.650%, 06/12/24		265,000		267,091
U.S. Bancorp MTN
3.150%, 04/27/27		250,000		260,004
Wells Fargo
3.069%, 01/24/23		500,000		507,313
3.000%, 04/22/26		190,000		192,279

THE ADVISORS’ INNER CIRCLE FUND	CORNERSTONE ADVISORS
	CORE PLUS BOND FUND
	July 31, 2019
	(unaudited)

CORPORATE OBLIGATIONS (continued)
	Face Amount		Value
FINANCIALS (continued)
Wells Fargo MTN
3.550%, 09/29/25	$	300,000	$	312,878
2.625%, 07/22/22		60,000		60,342
Westpac Banking
2.150%, 03/06/20		1,000,000		998,499
				24,367,318
HEALTH CARE — 2.8%
Abbott Laboratories
3.750%, 11/30/26		282,000		304,275
AbbVie
4.400%, 11/06/42		200,000		198,065
3.600%, 05/14/25		250,000		257,854
Aetna
2.800%, 06/15/23		225,000		225,443
Allergan Funding SCS
4.850%, 06/15/44		125,000		129,573
Allergan Sales
5.000%, 12/15/21(B)		100,000		104,884
Amgen
4.400%, 05/01/45		390,000		416,770
3.625%, 05/15/22		500,000		516,268
Anthem
3.650%, 12/01/27		190,000		196,779
Bayer US Finance II
4.875%, 06/25/48(B)		100,000		103,058
Becton Dickinson
2.894%, 06/06/22		125,000		126,091
2.404%, 06/05/20		125,000		124,724
Biogen
2.900%, 09/15/20		60,000		60,265
Boston Scientific
3.450%, 03/01/24		500,000		519,135
Catalent Pharma Solutions
4.875%, 01/15/26(B)		74,000		75,480
Celgene
5.000%, 08/15/45		250,000		297,923
3.875%, 08/15/25		250,000		265,874
Centene
5.625%, 02/15/21		118,000		119,679
CHS
8.625%, 01/15/24(B)		18,000		18,000
8.000%, 03/15/26(B)		23,000		22,051
Cigna
4.125%, 11/15/25(B)		350,000		371,680
3.050%, 10/15/27		175,000		174,307
CVS Health
5.125%, 07/20/45		200,000		216,872
5.050%, 03/25/48		435,000		471,483
2.800%, 07/20/20		1,000,000		1,001,913
Eli Lilly
3.375%, 03/15/29		250,000		266,014
Express Scripts Holding
3.000%, 07/15/23		500,000		505,848
Gilead Sciences
4.000%, 09/01/36		250,000		267,826
3.500%, 02/01/25		562,000		589,150
HCA
5.875%, 02/01/29		31,000		34,604

CORPORATE OBLIGATIONS (continued)
	Face Amount		Value
HEALTH CARE (continued)
5.250%, 04/15/25	$	120,000	$	132,250
5.125%, 06/15/39		110,000		115,522
4.750%, 05/01/23		36,000		38,421
Johnson & Johnson
3.500%, 01/15/48		250,000		261,296
Medtronic
3.500%, 03/15/25		500,000		529,552
Molina Healthcare
5.375%, 11/15/22		35,000		36,542
4.875%, 06/15/25(B)		8,000		8,120
PerkinElmer
5.000%, 11/15/21		140,000		146,498
Stryker
3.650%, 03/07/28		100,000		106,753
Teleflex
4.625%, 11/15/27		32,000		33,229
Tenet Healthcare
6.000%, 10/01/20		20,000		20,575
4.750%, 06/01/20		90,000		91,125
4.500%, 04/01/21		83,000		84,660
4.375%, 10/01/21		25,000		25,469
UnitedHealth Group
4.750%, 07/15/45		170,000		199,683
Universal Health Services
4.750%, 08/01/22(B)		230,000		232,875
WellCare Health Plans
5.375%, 08/15/26(B)		47,000		49,709
Zimmer Biomet Holdings
3.169%, 03/19/21		190,000		190,011
Zoetis
3.250%, 02/01/23		385,000		393,674
				10,677,852
INDUSTRIALS — 3.1%
3M MTN
3.125%, 09/19/46		250,000		233,381
AerCap Ireland Capital DAC
4.500%, 05/15/21		190,000		195,810
Air Lease MTN
3.750%, 06/01/26		185,000		190,605
Air Lease
3.500%, 01/15/22		180,000		184,384
2.125%, 01/15/20		150,000		149,689
American Airlines Pass-Through Trust , Ser 2015-2, Cl AA
3.600%, 09/22/27		300,273		311,082
BAT Capital
4.540%, 08/15/47		15,000		14,203
Boeing
3.650%, 03/01/47		250,000		249,352
Burlington Northern Santa Fe
3.900%, 08/01/46		250,000		267,960
3.550%, 02/15/50		225,000		227,199
Clean Harbors
5.125%, 07/15/29(B)		92,000		96,973
CNH Industrial Capital
4.375%, 04/05/22		120,000		124,438

THE ADVISORS’ INNER CIRCLE FUND	CORNERSTONE ADVISORS
	CORE PLUS BOND FUND
	July 31, 2019
	(unaudited)

CORPORATE OBLIGATIONS (continued)
	Face Amount		Value
INDUSTRIALS (continued)
Continental Airlines Pass-Through Trust , Ser 2000-1, Cl A
8.048%, 11/01/20	$	65,523	$	66,218
Continental Airlines Pass-Through Trust , Ser 2012-2, Cl A
4.000%, 10/29/24		206,213		215,988
CSX
4.750%, 05/30/42		250,000		285,247
Eaton
3.103%, 09/15/27		300,000		304,865
2.750%, 11/02/22		500,000		504,168
Embraer Netherlands Finance BV
5.050%, 06/15/25		190,000		205,914
Equifax
7.000%, 07/01/37		20,000		24,753
3.300%, 12/15/22		55,000		56,034
FedEx
4.050%, 02/15/48		250,000		242,248
3.875%, 08/01/42		250,000		235,588
GATX
3.250%, 09/15/26		250,000		250,499
GE Capital International Funding Unlimited
4.418%, 11/15/35		860,000		869,717
2.342%, 11/15/20		545,000		542,658
General Dynamics
1.875%, 08/15/23		500,000		493,141
General Electric MTN
5.500%, 01/08/20		255,000		258,084
5.300%, 02/11/21		35,000		36,288
4.625%, 01/07/21		240,000		246,811
General Electric
4.125%, 10/09/42		250,000		242,592
IHS Markit
5.000%, 11/01/22(B)		37,000		39,120
4.750%, 08/01/28		125,000		138,139
4.000%, 03/01/26(B)		24,000		24,957
John Deere Capital MTN
2.600%, 03/07/24		50,000		50,345
L3Harris Technologies
4.400%, 06/15/28(B)		190,000		209,591
Lockheed Martin
4.500%, 05/15/36		250,000		289,515
Matthews International
5.250%, 12/01/25(B)		37,000		36,260
Mexico City Airport Trust
5.500%, 07/31/47(B)		200,000		198,700
Molex Electronic Technologies
3.900%, 04/15/25(B)		87,000		89,765
Norfolk Southern
4.450%, 06/15/45		250,000		280,073
Northrop Grumman
3.250%, 01/15/28		440,000		453,372
Owens Corning
4.200%, 12/01/24		95,000		99,174

CORPORATE OBLIGATIONS (continued)
	Face Amount		Value
INDUSTRIALS (continued)
Park Aerospace Holdings
5.250%, 08/15/22(B)	$	110,000	$	116,115
4.500%, 03/15/23(B)		50,000		51,816
Republic Services
3.550%, 06/01/22		250,000		256,783
Reynolds Group Issuer
5.750%, 10/15/20		106,602		106,989
Southwest Airlines
3.450%, 11/16/27		375,000		387,478
TTX MTN
3.900%, 02/01/45(B)		400,000		407,770
Union Pacific
4.150%, 01/15/45		250,000		262,169
3.950%, 09/10/28		125,000		136,513
United Technologies
4.500%, 06/01/42		250,000		286,658
3.750%, 11/01/46		425,000		442,197
3.350%, 08/16/21		60,000		61,159
Waste Management
3.500%, 05/15/24		250,000		261,516
				12,012,063
INFORMATION TECHNOLOGY — 0.6%
Change Healthcare Holdings
5.750%, 03/01/25(B)		57,000		57,125
Hewlett Packard Enterprise
6.200%, 10/15/35		160,000		183,563
3.600%, 10/15/20		195,000		197,292
Intel
2.875%, 05/11/24		500,000		512,444
Microchip Technology
4.333%, 06/01/23		95,000		98,841
Microsoft
2.400%, 02/06/22		1,000,000		1,007,835
Oracle
2.950%, 11/15/24		250,000		257,016
SS&C Technologies
5.500%, 09/30/27(B)		33,000		34,320
				2,348,436
MATERIALS — 0.9%
Air Liquide Finance
2.500%, 09/27/26(B)		250,000		245,967
Albemarle
4.150%, 12/01/24		250,000		263,169
Amcor Finance USA
3.625%, 04/28/26(B)		200,000		204,208
Berry Global
4.875%, 07/15/26(B)		26,000		27,040
Braskem America Finance
7.125%, 07/22/41(B)		280,000		332,150
Crown Americas
4.250%, 09/30/26		30,000		30,456
Freeport-McMoRan
3.550%, 03/01/22		340,000		340,874
Graphic Packaging International
4.750%, 07/15/27(B)		35,000		36,487

THE ADVISORS’ INNER CIRCLE FUND	CORNERSTONE ADVISORS
	CORE PLUS BOND FUND
	July 31, 2019
	(unaudited)

CORPORATE OBLIGATIONS (continued)
	Face Amount		Value
MATERIALS (continued)
International Flavors & Fragrances
5.000%, 09/26/48	$	160,000	$	180,174
International Paper
3.800%, 01/15/26		250,000		262,159
Koppers
6.000%, 02/15/25(B)		50,000		47,250
LYB International Finance II BV
3.500%, 03/02/27		250,000		253,247
Methanex
5.250%, 03/01/22		180,000		187,864
Mexichem
6.750%, 09/19/42(B)		205,000		237,289
OCP
5.625%, 04/25/24(B)		200,000		217,517
Sealed Air
4.875%, 12/01/22(B)		55,000		58,081
Sherwin-Williams
3.125%, 06/01/24		250,000		255,076
Silgan Holdings
4.750%, 03/15/25		80,000		81,200
Syngenta Finance
3.698%, 04/24/20(B)		245,000		246,550
WRKCo
4.900%, 03/15/29		120,000		133,088
				3,639,846
REAL ESTATE — 0.9%
American Campus Communities Operating Partnership
3.625%, 11/15/27		200,000		204,872
American Tower
3.550%, 07/15/27		250,000		256,944
Boston Properties
3.200%, 01/15/25		425,000		435,626
ERP Operating
3.250%, 08/01/27		250,000		259,713
GLP Capital
5.375%, 04/15/26		150,000		163,218
5.300%, 01/15/29		215,000		232,888
iStar
6.500%, 07/01/21		200,000		203,000
Liberty Property
4.750%, 10/01/20		350,000		357,097
SBA Communications
4.875%, 09/01/24		38,000		39,088
SL Green Operating Partnership
3.250%, 10/15/22		125,000		126,371
Ventas Realty
3.250%, 10/15/26		450,000		454,997
Welltower
5.250%, 01/15/22		275,000		291,675
				3,025,489

CORPORATE OBLIGATIONS (continued)
	Face Amount		Value
UTILITIES — 1.6%
Acwa Power Management And Investments One
5.950%, 12/15/39(B)	$	330,000	$	352,275
Baltimore Gas & Electric
3.500%, 08/15/46		250,000		247,781
Boston Gas
3.001%, 08/01/29(B)		35,000		35,320
Connecticut Light & Power
4.000%, 04/01/48		250,000		279,233
Duke Energy Carolinas
4.250%, 12/15/41		500,000		552,591
3.750%, 06/01/45		290,000		304,583
Enel Americas
4.000%, 10/25/26		40,000		41,040
Enel Generacion Chile
4.250%, 04/15/24		45,000		47,401
Florida Power & Light
3.950%, 03/01/48		190,000		209,928
Georgia Power
4.300%, 03/15/43		250,000		266,573
ITC Holdings
3.650%, 06/15/24		204,000		212,515
Metropolitan Edison
4.000%, 04/15/25(B)		400,000		418,179
NextEra Energy Capital Holdings
3.045%, 05/04/21		310,000		309,947
NiSource
2.650%, 11/17/22		150,000		150,805
PacifiCorp
5.750%, 04/01/37		250,000		322,580
4.150%, 02/15/50		250,000		281,788
PNM Resources
3.250%, 03/09/21		190,000		191,535
Public Service Electric & Gas MTN
4.000%, 06/01/44		500,000		536,505
Public Service of Colorado
4.100%, 06/15/48		250,000		280,381
Public Service of Oklahoma
4.400%, 02/01/21		300,000		308,414
Southern Gas Capital
2.450%, 10/01/23		400,000		397,922
Transelec
4.250%, 01/14/25(B)		200,000		209,752
Virginia Electric & Power
4.450%, 02/15/44		250,000		287,192
2.875%, 07/15/29		30,000		30,225
				6,274,465
Total Corporate Obligations (Cost $92,431,324)				94,670,629

THE ADVISORS’ INNER CIRCLE FUND	CORNERSTONE ADVISORS
	CORE PLUS BOND FUND
	July 31, 2019
	(unaudited)

SOVEREIGN DEBT — 19.4%
	Face Amount(1)		Value
Argentina Bonar Bond
51.264%, VAR 30-35d Argentina BADLAR Private Banks+2.000%, 04/03/22	ARS	2,982,000	$	59,066
Argentina POM Politica Monetaria
61.675%, VAR Argentina Central Bank 7 Day Repo Rate+0.000%, 06/21/20	ARS	230,000		5,076
Argentina Treasury Bills
6.334%, 07/31/20 (D)	ARS	2,104,000		47,054
5.674%, 02/28/20 (D)	ARS	75,000		1,716
0.495%, 10/31/19 (D)	ARS	10,623,000		318,787
0.000%, 09/30/19 (D)	ARS	29,813,400		947,062
0.000%, 04/30/20 (D)	ARS	6,726,000		176,669
Argentine Bonos del Tesoro
18.200%, 10/03/21	ARS	28,522,000		419,160
16.000%, 10/17/23	ARS	32,584,000		491,179
15.500%, 10/17/26	ARS	57,109,000		866,216
Argentine Republic Government International Bond
7.625%, 04/22/46		150,000		120,450
7.500%, 04/22/26		225,000		192,375
Bank of Thailand Bills
1.691%, 09/05/19 (D)	THB	18,242,000		592,204
Bank of Thailand Bond
1.950%, 11/26/20	THB	32,238,000		1,050,830
1.820%, 08/27/20	THB	32,230,000		1,048,659
1.770%, 03/27/20	THB	5,908,000		192,077
1.570%, 09/25/20	THB	16,520,000		535,909
1.490%, 08/28/19	THB	63,610,000		2,067,973
Bonos de la Nacion Argentina con Ajuste por CER
4.000%, 03/06/20	ARS	83,000		2,896
Bonos De La Nacion Argentina En Moneda Dua
4.500%, 02/13/20		359,000		338,021
Brazil Letras do Tesouro Nacional
9.798%, 07/01/20 (D)	BRL	3,010,000		751,460
5.773%, 07/01/21 (D)	BRL	160,000		37,735
5.666%, 04/01/21 (D)	BRL	420,000		100,578
5.628%, 01/01/20 (D)	BRL	240,000		61,442
5.499%, 04/01/20 (D)	BRL	890,000		225,013
Brazil Notas do Tesouro Nacional
10.000%, 01/01/21	BRL	15,390,000		4,263,350
Brazil Notas do Tesouro Nacional, Ser F
10.000%, 01/01/27	BRL	32,740,000		9,947,476
Colombian TES
10.000%, 07/24/24	COP	971,000,000		357,676
7.750%, 09/18/30	COP	3,223,600,000		1,121,389
7.000%, 05/04/22	COP	75,000,000		24,143
Ghana Government International Bond
24.750%, 03/01/21	GHS	100,000		20,063
24.750%, 07/19/21	GHS	100,000		20,222
21.500%, 03/09/20	GHS	50,000		9,476
19.750%, 03/25/24	GHS	960,000		176,661
19.750%, 03/15/32	GHS	2,890,000		525,605
19.000%, 11/02/26	GHS	2,890,000		531,767
18.750%, 01/24/22	GHS	960,000		177,411

SOVEREIGN DEBT (continued)
	Face Amount(1)		Value
18.500%, 06/01/20	GHS	50,000	$	9,317
18.250%, 09/21/20	GHS	100,000		18,534
17.600%, 11/28/22	GHS	50,000		8,898
16.500%, 03/22/21	GHS	150,000		27,084
16.250%, 05/17/21	GHS	340,000		60,890
Indonesia Government International Bond
3.700%, 01/08/22(B)		200,000		205,318
Indonesia Treasury Bond
9.000%, 03/15/29	IDR	2,485,000,000		195,658
8.375%, 03/15/24	IDR	59,460,000,000		4,511,189
8.375%, 09/15/26	IDR	46,383,000,000		3,527,782
Japan Treasury Discount Bills
0.000%, 10/07/19 (D)	JPY	366,700,000		3,371,422
0.000%, 12/10/19 (D)	JPY	141,000,000		1,296,809
Korea Monetary Stabilization Bond
2.140%, 06/02/20	KRW	710,000,000		604,032
1.715%, 05/09/20	KRW	680,000,000		576,329
1.560%, 09/17/19 (D)	KRW	2,710,000,000		2,286,177
Korea Treasury Bond
2.000%, 03/10/21	KRW	4,100,000,000		3,502,430
1.875%, 03/10/22	KRW	2,848,000,000		2,440,302
1.375%, 09/10/21	KRW	4,200,000,000		3,553,430
1.250%, 12/10/19	KRW	4,000,000,000		3,379,336
Mexican Bonos
10.000%, 12/05/24	MXN	1,420,000		82,868
8.000%, 06/11/20	MXN	5,510,000		288,011
8.000%, 12/07/23	MXN	4,070,000		217,813
7.250%, 12/09/21	MXN	83,400,000		4,340,738
6.500%, 06/10/21	MXN	15,720,000		807,240
6.500%, 06/09/22	MXN	62,150,000		3,176,327
5.750%, 03/05/26	MXN	9,600,000		458,455
5.000%, 12/11/19	MXN	88,870,000		4,578,924
Mexico Cetes
9.031%, 04/02/20 (D)	MXN	205,728,000		1,017,707
8.110%, 02/27/20 (D)	MXN	238,837,000		1,190,067
Oman Government International Bond
3.875%, 03/08/22(B)		200,000		199,077
Qatar Government International Bond
3.875%, 04/23/23(B)		200,000		210,750
Saudi Government International Bond
3.250%, 10/26/26(B)		385,000		396,550
Uruguay Government International Bond
9.875%, 06/20/22 (B)	UYU	2,745,000		80,796
8.500%, 03/15/28 (B)	UYU	6,440,000		168,898
Total Sovereign Debt (Cost $80,114,223)				74,614,004
U.S. TREASURY OBLIGATIONS — 18.4%
U.S. Treasury Bills
2.387%, 08/01/19 (D)		1,340,000		1,340,000
2.342%, 08/29/19 (D)		2,875,000		2,870,688
2.327%, 11/29/19 (D)		2,865,000		2,845,540
2.310%, 09/05/19 (D)		3,390,000		3,383,422
2.148%, 09/12/19 (D)		495,000		493,869
2.144%, 09/26/19 (D)		112,000		111,645
2.044%, 10/24/19 (D)		440,000		437,918

THE ADVISORS’ INNER CIRCLE FUND	CORNERSTONE ADVISORS
	CORE PLUS BOND FUND
	July 31, 2019
	(unaudited)

U.S. TREASURY OBLIGATIONS (continued)
	Face Amount		Value
U.S. Treasury Bonds
3.875%, 08/15/40	$	250,000	$	311,914
3.750%, 08/15/41		250,000		306,689
3.625%, 08/15/43		250,000		301,729
3.375%, 11/15/48		635,000		746,844
3.125%, 08/15/44		250,000		278,730
3.125%, 05/15/48		135,000		151,364
3.000%, 05/15/45		210,000		229,474
3.000%, 02/15/49		695,000		762,790
2.875%, 08/15/45		250,000		267,022
2.875%, 05/15/49		6,502,000		6,974,665
2.750%, 08/15/42		250,000		262,256
2.500%, 02/15/45		250,000		248,945
2.500%, 02/15/46		250,000		248,623
U.S. Treasury Inflation Protected Securities
1.000%, 02/15/46		875,456		929,067
1.000%, 02/15/49		538,369		567,784
0.875%, 01/15/29		2,661		2,804
0.875%, 02/15/47		190,960		197,200
0.750%, 07/15/28		3,112		3,247
0.750%, 02/15/45		2,343,606		2,348,040
0.500%, 04/15/24		416,314		420,512
0.375%, 07/15/25		275,375		278,073
0.250%, 01/15/25		1,881,323		1,879,475
0.250%, 07/15/29		810,948		810,085
0.125%, 07/15/24		10,785		10,751
U.S. Treasury Notes
3.125%, 11/15/28		6,605,000		7,224,219
2.875%, 08/15/28		545,000		584,023
2.750%, 02/15/24		500,000		519,453
2.375%, 05/15/29		1,919,000		1,978,969
2.250%, 11/15/24		250,000		254,727
2.125%, 05/31/21		4,280,000		4,295,381
2.000%, 02/28/21		500,000		500,215
2.000%, 05/31/21		500,000		500,527
2.000%, 08/31/21		500,000		500,976
2.000%, 05/31/24		2,142,000		2,157,814
2.000%, 02/15/25		250,000		251,475
2.000%, 08/15/25		250,000		251,367
1.875%, 12/31/19		170,000		169,827
1.875%, 08/31/22		500,000		500,293
1.875%, 09/30/22		500,000		500,469
1.875%, 07/31/26		595,000		593,001
1.750%, 07/31/21		1,805,000		1,800,064
1.750%, 02/28/22		500,000		498,535
1.750%, 06/30/24		7,568,000		7,533,412
1.750%, 07/31/24		6,810,000		6,779,674
1.625%, 11/30/20		500,000		497,539
1.625%, 06/30/21		1,135,000		1,129,148
1.625%, 02/15/26		250,000		245,410
1.500%, 02/28/23		500,000		493,945
1.500%, 08/15/26		250,000		242,793
1.375%, 05/31/20		500,000		496,973
1.375%, 08/31/23		500,000		490,684
Total U.S. Treasury Obligations (Cost $70,375,720)				71,012,078

ASSET-BACKED SECURITIES — 3.8%
	Face Amount		Value
AUTOMOTIVE — 0.6%
Americredit Automobile Receivables Trust, Ser 2016-4, Cl B
1.830%, 12/08/21	$	440,000	$	438,663
Avis Budget Rental Car Funding AESOP, Ser 2014-2A, Cl A
2.500%, 02/20/21(B)		180,000		179,958
Avis Budget Rental Car Funding AESOP, Ser 2017-1A, Cl A
3.070%, 09/20/23(B)		215,000		218,138
Avis Budget Rental Car Funding AESOP, Ser 2019-1A, Cl A
3.450%, 03/20/23(B)		100,000		102,140
CPS Auto Trust, Ser 2017-A, Cl B
2.680%, 05/17/21(B)		41,693		41,690
Credit Acceptance Auto Loan Trust, Ser 2016-3A, Cl A
2.150%, 04/15/24(B)		20,642		20,635
Drive Auto Receivables Trust, Ser 2017-AA, Cl C
2.980%, 01/18/22(B)		154,385		154,520
Exeter Automobile Receivables Trust, Ser 2018-2A, Cl A
2.790%, 07/15/21(B)		14,778		14,780
Santander Drive Auto Receivables Trust, Ser 2017-2, Cl B
2.210%, 10/15/21		948		948
Santander Drive Auto Receivables Trust, Ser 2018-2, Cl B
3.030%, 09/15/22		10,000		10,028
Santander Drive Auto Receivables Trust, Ser 2018-2, Cl C
3.350%, 07/17/23		10,000		10,073
World Omni Auto Receivables Trust, Ser 2018-D, Cl A3
3.330%, 04/15/24		1,000,000		1,022,059
				2,213,632
CREDIT CARDS — 0.6%
Capital One Multi-Asset Execution Trust, Ser 2019-A1, Cl A1
2.840%, 12/15/24		1,000,000		1,017,162
Citibank Credit Card Issuance Trust, Ser 2014-A1, Cl A1
2.880%, 01/23/23		1,000,000		1,009,812
World Financial Network Credit Card Master Trust, Ser 2016-A, Cl A
2.030%, 04/15/25		405,000		402,573
				2,429,547
MORTGAGE RELATED SECURITIES — 0.4%
Asset-Backed Funding Certificates, Ser 2016-OPT1, Cl A2
2.406%, VAR ICE LIBOR USD 1 Month+0.140%, 09/25/36		320,995		315,157

THE ADVISORS’ INNER CIRCLE FUND	CORNERSTONE ADVISORS
	CORE PLUS BOND FUND
	July 31, 2019
	(unaudited)

ASSET-BACKED SECURITIES (continued)
	Face Amount		Value
MORTGAGE RELATED SECURITIES (continued)
Centex Home Equity, Ser 2006-A, Cl AV4
2.516%, VAR ICE LIBOR USD 1 Month+0.250%, 06/25/36	$	201,420	$	201,104
Citigroup Mortgage Loan Trust, Ser 2006-HE1, Cl M2
2.776%, VAR ICE LIBOR USD 1 Month+0.510%, 01/25/36		41,422		41,432
First Franklin Mortgage Loan Trust, Ser 2006-FF10, Cl A4
2.554%, VAR ICE LIBOR USD 1 Month+0.150%, 07/25/36		101,248		101,174
Nomura Home Equity Trust, Ser 2006-HE1, Cl M1
2.676%, VAR ICE LIBOR USD 1 Month+0.410%, 02/25/36		343,114		344,307
NovaStar Mortgage Funding Trust, Ser 2007-2, Cl A1A
2.604%, VAR ICE LIBOR USD 1 Month+0.200%, 09/25/37		591,253		574,479
				1,577,653
OTHER ASSET-BACKED SECURITIES — 2.2%
Bayview Opportunity Master Fund IVa Trust, Ser 2017-RT5, Cl A
3.500%, 05/28/69(A) (B)		103,449		104,979
Bayview Opportunity Master Fund IVb Trust, Ser 2017-SPL3, Cl A
4.000%, 11/28/53(A) (B)		104,064		106,607
Bayview Opportunity Master Fund Trust, Ser 2017-SPL1, Cl A
4.000%, 10/28/64(A) (B)		76,306		78,186
Coinstar Funding, Ser 2017-1A, Cl A2
5.216%, 04/25/47(B)		259,038		264,272
Invitation Homes Trust, Ser 2018-SFR2, Cl A
3.294%, VAR LIBOR USD 1 Month+0.900%, 06/17/37(B)		330,892		330,750
Navient Student Loan Trust, Ser 2014-2, Cl A
2.906%, VAR ICE LIBOR USD 1 Month+0.640%, 03/25/83		266,737		262,633
Navient Student Loan Trust, Ser 2014-3, Cl A
2.886%, VAR ICE LIBOR USD 1 Month+0.620%, 03/25/83		275,828		271,808
Navient Student Loan Trust, Ser 2014-4, Cl A
2.886%, VAR ICE LIBOR USD 1 Month+0.620%, 03/25/83		274,702		271,387

ASSET-BACKED SECURITIES (continued)
	Face Amount		Value
OTHER ASSET-BACKED SECURITIES (continued)
Navient Student Loan Trust, Ser 2016-1A, Cl A
2.966%, VAR ICE LIBOR USD 1 Month+0.700%, 02/25/70(B)	$	218,815	$	218,336
Navient Student Loan Trust, Ser 2017-1A, Cl A3
3.416%, VAR ICE LIBOR USD 1 Month+1.150%, 07/26/66(B)		300,000		303,073
Navient Student Loan Trust, Ser 2017-3A, Cl A3
3.316%, VAR ICE LIBOR USD 1 Month+1.050%, 07/26/66(B)		310,000		310,975
Nelnet Student Loan Trust, Ser 2008-3, Cl A4
4.301%, VAR ICE LIBOR USD 3 Month+1.650%, 11/25/24		187,205		187,251
Nelnet Student Loan Trust, Ser 2014-4A, Cl A2
3.354%, VAR ICE LIBOR USD 1 Month+0.950%, 11/25/48(B)		300,000		296,029
OneMain Financial Issuance Trust, Ser 2016-1A, Cl A
3.660%, 02/20/29(B)		251,099		252,074
Planet Fitness Master Issuer, Ser 2018-1A, Cl A2I
4.262%, 09/05/48(B)		183,613		188,629
SLM Student Loan Trust, Ser 2007-2, Cl B
2.453%, VAR ICE LIBOR USD 3 Month+0.170%, 07/25/25		370,000		338,540
SLM Student Loan Trust, Ser 2007-7, Cl A4
2.613%, VAR ICE LIBOR USD 3 Month+0.330%, 01/25/22		266,150		260,799
SLM Student Loan Trust, Ser 2008-5, Cl A4
3.976%, VAR ICE LIBOR USD 3 Month+1.700%, 07/25/23		95,296		96,724
SLM Student Loan Trust, Ser 2008-6, Cl A4
3.376%, VAR ICE LIBOR USD 3 Month+1.100%, 07/25/23		386,366		385,428
SLM Student Loan Trust, Ser 2008-6, Cl B
4.126%, VAR ICE LIBOR USD 3 Month+1.850%, 07/26/83		320,000		321,015
SLM Student Loan Trust, Ser 2008-9, Cl A
3.776%, VAR ICE LIBOR USD 3 Month+1.500%, 04/25/23		146,793		148,525

THE ADVISORS’ INNER CIRCLE FUND	CORNERSTONE ADVISORS
	CORE PLUS BOND FUND
	July 31, 2019
	(unaudited)

ASSET-BACKED SECURITIES (continued)
	Face Amount		Value
OTHER ASSET-BACKED SECURITIES (continued)
SLM Student Loan Trust, Ser 2011-2, Cl A2
3.466%, VAR ICE LIBOR USD 1 Month+1.200%, 10/25/34	$	150,000	$	152,203
SLM Student Loan Trust, Ser 2012-1, Cl A3
3.216%, VAR ICE LIBOR USD 1 Month+0.950%, 09/25/28		254,357		251,085
SLM Student Loan Trust, Ser 2014-1, Cl A3
2.866%, VAR ICE LIBOR USD 1 Month+0.600%, 02/26/29		232,831		226,478
SLM Student Loan Trust, Ser 2014-3A, Cl A6A
3.310%, VAR ICE LIBOR USD 3 Month+0.550%, 10/25/64(B)		330,000		324,227
Soundview Home Loan Trust, Ser 2005-2, Cl M5
3.394%, VAR ICE LIBOR USD 1 Month+0.990%, 07/25/35		465,525		468,869
Towd Point Mortgage Trust, Ser 2015-2, Cl 1A12
2.750%, 11/25/60(A) (B)		162,245		162,094
Towd Point Mortgage Trust, Ser 2015-4, Cl M2
3.750%, 04/25/55(A) (B)		195,000		201,284
Towd Point Mortgage Trust, Ser 2017-1, Cl A1
2.750%, 10/25/56(A) (B)		421,733		423,285
Verizon Owner Trust, Ser 2018-A, Cl B
3.380%, 04/20/23		1,000,000		1,025,529
Wachovia Student Loan Trust, Ser 2006-1, Cl A6
2.446%, VAR ICE LIBOR USD 3 Month+0.170%, 04/25/40(B)		299,555		289,900
				8,522,974
Total Asset-Backed Securities (Cost $14,602,929)				14,743,806
U.S. GOVERNMENT AGENCY OBLIGATIONS — 1.3%
FHLB
4.000%, 09/01/28		315,000		360,384
3.250%, 06/09/28		250,000		268,926
2.875%, 09/11/20		250,000		252,232
2.375%, 09/10/21		250,000		252,305
1.375%, 02/18/21		250,000		247,663
FHLB DN
2.040%, 08/05/15 (D)		225,000		224,949
2.001%, 08/01/19 (D)		600,000		600,000
FHLMC
2.750%, 06/19/23		250,000		257,605
FNMA
2.625%, 09/06/24		250,000		258,645
2.125%, 04/24/26		250,000		251,757
1.875%, 09/24/26		500,000		494,622
1.250%, 05/06/21		250,000		246,977

U.S. GOVERNMENT AGENCY OBLIGATIONS (continued)
	Face Amount		Value
FNMA DN
1.900%, 08/02/19 (D)	$	675,000	$	674,961
Tennessee Valley Authority
5.880%, 04/01/36		125,000		173,029
4.625%, 09/15/60		190,000		252,420
4.250%, 09/15/65		235,000		294,584
Total U.S. Government Agency Obligations
(Cost $5,077,505)				5,111,059
MUNICIPAL BONDS — 1.2%
California — 0.5%
California State, High-Speed Passenger Train Project, GO
2.193%, 04/01/47(E)		400,000		399,820
Los Angeles, Wastewater System Revenue, RB
5.713%, 06/01/39		300,000		395,571
University of California, Ser AS, RB
3.552%, 05/15/39		500,000		523,730
University of California, Regents Medical Center, Ser M, RB
2.859%, 05/15/30		500,000		498,105
				1,817,226
Florida — 0.1%
Greater Orlando, Aviation Authority, Ser C, RB
3.494%, 10/01/36		500,000		508,915
Maine — 0.1%
Maine State, Housing Authority, Ser D, RB
3.289%, 11/15/31		250,000		251,567
New York — 0.2%
New York & New Jersey, Port Authority, Ser 181, RB
4.960%, 08/01/46		500,000		634,790
New York State, Dormitory Authority, Ser S, RB
3.998%, 07/01/39		250,000		261,990
				896,780
Texas — 0.1%
Austin, Electric Utility Revenue, Ser C, RB
3.566%, 11/15/49		250,000		250,000
Houston, Combined Utility System Revenue, RB
3.923%, 11/15/30		250,000		274,840
				524,840
West Virginia — 0.2%
West Virginia University, Ser B, RB
4.471%, 10/01/42		500,000		570,145
Total Municipal Bonds (Cost $4,477,834)				4,569,473

THE ADVISORS’ INNER CIRCLE FUND	CORNERSTONE ADVISORS
	CORE PLUS BOND FUND
	July 31, 2019
	(unaudited)

LOAN PARTICIPATION NOTES — 0.5%
	Face Amount		Value
1011778 BC ULC, Term Loan B3, 1st Lien
4.484%, 02/16/24(A)	$	189,440	$	189,393
Altra Industrial Motion Corp, Term Loan, 1st Lien
4.402%, 09/26/25		42,649		42,489
AMC Entertainment Holdings Inc, Term Loan B, 1st Lien
5.230%, 04/22/26(F)		109,725		109,803
Bausch Health Companies Inc., Term Loan, 1st Lien
5.129%, 11/27/25(F)		146,610		146,519
Change Healthcare Holdings LLC, Term Loan B, 1st Lien
4.734%, VAR US LIBOR+0.000%, 03/01/24		169,624		169,173
Energizer Holdings Inc., Term Loan B, 1st Lien
4.739%, 12/17/25		29,475		29,420
Frontdoor Inc., Term Loan B, 1st Lien
4.750%, 08/14/25		17,697		17,730
Go Daddy Operating Company LLC, Term Loan B, 1st Lien
4.402%, 02/15/24(A)		82,583		82,815
Grifols Worldwide Operations USA Inc., Term Loan B, 1st Lien
4.599%, 01/31/25(A)		109,440		109,673
Iron Mountain Information Management LLC, Term Loan B, 1st Lien
3.984%, 01/02/26(A)		114,421		112,561
KAR Auction Services Inc., Term Loan, 1st Lien
3.563%, 03/09/23		4,395		4,389
Level 3 Financing Inc., Term Loan B, 1st Lien
4.547%, 02/22/24(A)(F)		190,000		190,080
Michaels Stores Inc., Term Loan B, 1st Lien
4.737%, 01/30/23(A)		109,690		106,043
Nielsen Finance LLC, Term Loan B4, 1st Lien
4.367%, 10/04/23(A)(F)		190,000		189,593
RESIDIO Funding Inc., Term Loan B, 1st Lien
4.630%, 10/03/25		15,827		15,817
Sinclair Television Group Inc., Term Loan B, 1st Lien
0.000%, 07/17/26(F)		30,000		30,038
Sinclair Television Group Inc., Term Loan, 1st Lien
0.000%, 07/17/26(F)		35,000		35,044
SS&C Technologies Holdings Inc., Term Loan B, 1st Lien
4.484%, 04/16/25		109,440		109,402
Uber Technologies Inc., Term Loan B, 1st Lien
5.930%, 07/13/23		109,437		109,614
Total Loan Participation Notes (Cost $1,798,465)				1,799,596
Total Investments — 94.3% (Cost $364,569,993)			$	363,072,839

THE ADVISORS’ INNER CIRCLE FUND	CORNERSTONE ADVISORS
	CORE PLUS BOND FUND
	July 31, 2019
	(unaudited)

A list of the futures contracts held by the Fund at July 31, 2019, is as follows:

Type of Contract	Number of Contracts Long		Expiration Date		Notional Amount		Value		Unrealized Appreciation
U.S. 2-Year Treasury Notes		52		Oct-2019	$	11,108,673	$	11,149,125	$	40,452
U.S. 5-Year Treasury Notes		60		Oct-2019		6,960,410		7,053,281		92,871
U.S. Ultra Long Treasury Bond		3		Sep-2019		505,436		532,688		27,252
					$	18,574,519	$	18,735,094	$	160,575

A list of the forward foreign currency contracts held by the Fund at July 31, 2019, is as follows:

Counterparty	Settlement Date		Currency to Deliver			Currency to Receive			Unrealized Appreciation/ (Depreciation)
Citigroup		08/02/19-02/03/20		USD	50,135,000		EUR	56,566,449	$	579,839
JPMorgan Chase Bank		08/12/19-08/26/19		NOK	4,567,567		USD	39,186,000		(140,218)
Deutsche Bank		08/12/19-09/26/19		SEK	4,567,076		USD	43,004,000		(104,126)
HSBC		09/06/19-06/22/20		JPY	14,556,263		USD	1,550,396,000		(112,297)
HSBC		09/12/19-06/12/20		JPY	8,070,000		AUD	603,120,447		73,321
Citigroup		09/27/19-10/17/19		USD	18,956,392,000		KRW	16,782,541		792,763
Citigroup		10/18/19-12/05/19		USD	13,587,000		AUD	9,655,476		332,830
									$	1,422,112

A list of the open centrally cleared swap agreements held by the Fund at July 31, 2019, is as follows:

Interest Rate Swaps
																Swap Contracts, at Value
Fund Pays	Fund Receives		Payment Frequency		Termination Date		Currency		Notional Amount		Premiums Paid		Unrealized Appreciation (Depreciation)			Asset		Liability
2.97981		3-MONTH USD - LIBOR		Quarterly		02/20/48		USD		6,234,000	$	–	$	(1,250,302	)	$	–	$	(1,250,302	)
2.5873		3-MONTH USD - LIBOR		Semi-Annually		07/27/47		USD		2,000,000		–		(242,568	)		–		(242,568	)
2.7935		3-MONTH USD - LIBOR		Quarterly		03/13/47		USD		1,300,000		–		(229,579	)		–		(229,579	)
2.3782		USD LIBOR BBA		Quarterly		11/18/46		USD		3,800,000		–		(335,770	)		–		(335,770	)
1.526		3-MONTH USD - LIBOR		Quarterly		09/16/26		USD		13,860,000		–		(39,537	)		–		(39,537	)
2.37%		3 MONTH USD - LIBOR		Quarterly		05/08/25		USD		1,290,000		–		(35,056	)		–		(35,056	)
2.2337		3 MONTH USD - LIBOR		Semi-Annually		04/11/25		USD		2,325,000		–		(59,599	)		–		(59,599	)
3 MONTH USD - LIBOR		2.2825%		Semi-Annually		05/08/22		USD		3,155,000		–		32,079			32,079		–
3 MONTH USD - LIBOR		2.2635		Semi-Annually		04/11/22		USD		5,660,000		–		54,727			54,727		–
											$	–	$	(2,105,605	)	$	86,806	$	(2,192,411	)

Percentages are based on net assets of $384,846,440.

(1) In U.S. Dollars unless otherwise indicated.

(A) 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.

(B) 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.”

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

(D) Zero coupon security. The rate reported on the Schedule of Investments is the effective yield at time of purchase.

(E) Variable or floating rate security, the interest rate of which adjusts periodically based prevailing interest rates.

(F) Unsettled bank loan. Interest rate may not be available.

ARS — Argentine Peso

AUD — Australian Dollar

BBA — British Bankers’ Association

BRL — Brazilian Real

Cl — Class

COP — Colombian Peso

DN — Discount Note

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

THE ADVISORS’ INNER CIRCLE FUND	CORNERSTONE ADVISORS
	CORE PLUS BOND FUND
	July 31, 2019
	(unaudited)

JPY — Japanese Yen

KRW — Korean Won

LIBOR — London Interbank Offered Rate

MTN — Medium Term Note

MXN — Mexican Peso

NOK — Norwegian Krone

RB — Revenue Bond

SEK — Swedish Krona

Ser — Series

TBA — To Be Announced

THB — Thai Baht

USD — United States Dollar

ULC — Unlimited Liability Company

UYU — Uruguayan Peso

VAR — Variable Rate

The following is a list of the inputs used as of July 31, 2019, in valuing the Fund’s investments and other financial instruments carried at market value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Mortgage-Backed Securities	$	–	$	96,552,194	$	–	$	96,552,194
Corporate Obligations		–		94,670,629		–†		94,670,629
Sovereign Debt		–		74,614,004		–		74,614,004
U.S. Treasury Obligations		–		71,012,078		–		71,012,078
Asset-Backed Securities		–		14,743,806		–		14,743,806
U.S. Government Agency Obligations		–		5,111,059		–		5,111,059
Municipal Bonds		–		4,569,473		–		4,569,473
Loan Participation Notes		–		1,799,596		–		1,799,596
Total Investments in Securities	$	–	$	363,072,839	$	–	$	363,072,839
Other Financial Instruments	Level 1		Level 2		Level 3		Total
Futures Contracts *
Unrealized Appreciation	$	160,575	$	—	$	—	$	160,575
Forwards Contracts *
Unrealized Appreciation		—		1,778,753		—		1,778,753
Unrealized Depreciation		—		(356,641)		—		(356,641)
Centrally Cleared Interest Rate Swaps *
Unrealized Appreciation		—		86,806		—		86,806
Unrealized Depreciation		—		(2,192,411)		—		(2,192,411)
Total Other Financial Instruments	$	160,575	$	(683,493)	$	—	$	(522,918)

† Represents securities in which the fair value is $0.

* Futures contracts, forwards contracts and swap contracts are valued at the unrealized appreciation (depreciation) on the instrument.

For the period ended July 31, 2019, there were no transfers between Level 1 and Level 2 assets and liabilities.

For the period ended July 31, 2019, there were no transfers between Level 2 and Level 3 assets and liabilities.

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

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