THE ADVISORS’ INNER CIRCLE FUND	HAMLIN HIGH DIVIDEND
	EQUITY FUND
	MARCH 31, 2020
	(Unaudited)

SCHEDULE OF INVESTMENTS

COMMON STOCK — 98.9%

	Shares		Value
Communication Services — 14.7%
AT&T		765,435	$	22,312,430
China Mobile ADR		354,850		13,367,200
Cinemark Holdings		366,350		3,733,107
Interpublic Group of Cos		847,270		13,717,301
Verizon Communications		443,155		23,810,718
				76,940,756
Consumer Discretionary — 12.6%
Cracker Barrel Old Country Store		116,485		9,693,882
General Motors		661,275		13,741,294
Genuine Parts		208,035		14,006,997
Home Depot		25,195		4,704,158
MDC Holdings		244,803		5,679,430
Target		194,060		18,041,758
				65,867,519
Consumer Staples — 7.6%
Flowers Foods		645,960		13,255,099
General Mills		253,240		13,363,475
Procter & Gamble		119,010		13,091,100
				39,709,674
Energy — 9.5%
Chevron		274,525		19,892,081
Dorchester Minerals LP (A)		154,723		1,440,471
Enterprise Products Partners (A)		1,280,015		18,304,215
Valero Energy		224,260		10,172,434
				49,809,201
Financials — 9.5%
CNA Financial		203,500		6,316,640
KeyCorp		1,560,465		16,182,022
Old Republic International		1,100,873		16,788,313
People’s United Financial		926,075		10,233,129
				49,520,104
Health Care — 20.6%
AbbVie		258,705		19,710,734
Gilead Sciences		155,245		11,606,116

1

THE ADVISORS’ INNER CIRCLE FUND	HAMLIN HIGH DIVIDEND
	EQUITY FUND
	MARCH 31, 2020
	(Unaudited)

COMMON STOCK — continued

	Shares		Value
Health Care — continued
Johnson & Johnson		141,660	$	18,575,876
Pfizer		651,785		21,274,262
Roche Holding ADR		422,775		17,151,982
Sanofi ADR		446,205		19,508,083
				107,827,053
Industrials — 7.8%
3M		71,590		9,772,751
Cummins		76,515		10,354,010
Eaton		100,735		7,826,102
Emerson Electric		156,445		7,454,604
Snap-on		47,530		5,172,215
				40,579,682
Information Technology — 9.6%
Broadcom		51,500		12,210,650
Cisco Systems		337,680		13,274,201
Paychex		160,005		10,067,514
QUALCOMM		221,225		14,965,871
				50,518,236
Materials — 3.6%
Dow		164,695		4,815,682
Packaging Corp of America		97,375		8,455,071
Steel Dynamics		257,465		5,803,261
				19,074,014
Real Estate — 3.4%
Monmouth Real Estate Investment ‡		703,660		8,479,103
National Health Investors ‡		193,000		9,557,360
				18,036,463
TOTAL COMMON STOCK
(Cost $568,449,636)				517,882,702

2

THE ADVISORS’ INNER CIRCLE FUND	HAMLIN HIGH DIVIDEND
	EQUITY FUND
	MARCH 31, 2020
	(Unaudited)

SHORT-TERM INVESTMENT(B) — 0.9%

	Shares		Value
SEI Daily Income Trust, Government Fund, Cl F, 0.290%
(Cost $4,990,106)		4,990,106	$	4,990,106
TOTAL INVESTMENTS — 99.8%
(Cost $573,439,742)			$	522,872,808

Percentages are based on Net Assets of $523,859,375.

‡ Real Estate Investment Trust

(A) Securities considered Master Limited Partnership. At March 31, 2020, these securities amounted to $19,744,686 or 3.8% of net assets.

(B) The reporting rate is the 7-day effective yield as of March 31, 2020.

ADR — American Depositary Receipt

Cl — Class

LP — Limited Partnership

As of March 31, 2020, all of the Fund’s investments were considered Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

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

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

HCM-QH-001-1600

3