ADVISORS' INNER CIRCLE FUND Form N-CSRS Filed 2018-07-09
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SECURITIES AND EXCHANGE COMMISSION FORM N-CSRS Certified semi-annual shareholder report of registered management investment companies filed on Form N-CSR Filing Date: 2018-07-09 | Period of Report: 2018-04-30 SEC Accession No. 0001193125-18-214347 (HTML Version on secdatabase.com) FILER ADVISORS' INNER CIRCLE FUND Mailing Address Business Address 1 FREEDOM VALLEY DRIVE 1 FREEDOM VALLEY DRIVE CIK:878719| IRS No.: 000000000 | Fiscal Year End: 1031 OAKS PA 19087 OAKS PA 19087 Type: N-CSRS | Act: 40 | File No.: 811-06400 | Film No.: 18943602 8009327781 Copyright © 2018 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-CSRS CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES Investment Company Act file number 811-06400 The Advisors Inner Circle Fund (Exact name of registrant as specified in charter) SEI Investments One Freedom Valley Drive Oaks, PA 19456 (Address of principal executive offices) (Zip code) SEI Investments One Freedom Valley Drive Oaks, PA 19456 (Name and address of agent for service) Registrants telephone number, including area code: 1-877-446-3863 Date of fiscal year end: October 31, 2018 Date of reporting period: April 30, 2018 Copyright © 2018 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Item 1. Reports to Stockholders. The Registrants schedules as of the close of the reporting period, as set forth in §§ 210.12-12 through 210.12-14 of Regulation S-X [17 CFR §§ 210-12.12-12.14], are attached hereto. Copyright © 2018 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document The Advisors Inner Circle Fund Cornerstone Advisors Global Public Equity Fund Cornerstone Advisors Income Opportunities Fund Cornerstone Advisors Public Alternatives Fund Cornerstone Advisors Real Assets Fund Cornerstone Advisors Core Plus Bond Fund Semi-Annual Report April 30, 2018 Copyright © 2018 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document THE ADVISORS INNER CIRCLE FUND CORNERSTONE ADVISORS FUNDS April 30, 2018 TABLE OF CONTENTS Schedules of Investments 1 Statements of Assets and Liabilities 92 Statements of Operations 94 Statements of Changes in Net Assets 96 Financial Highlights 99 Notes to Financial Statements 100 Disclosure of Fund Expenses 110 Board Considerations in Approving the Advisory Agreement and Sub-Advisory Agreements 111 The Cornerstone Advisors Funds files their complete schedule of fund holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q within sixty days after the end of the period. The Funds Forms N-Q will be available on the Commissions website at http://www.sec.gov, and may be reviewed and copied at the Commissions Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. Copyright © 2018 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document A description of the policies and procedures that the Funds use to determine how to vote proxies relating to fund securities, as well as information relating to how a Fund voted proxies relating to fund securities during the most recent 12-month period ended June 30, will be available (i) without charge, upon request, by calling 1-888-762-1442; and (ii) on the Commissions website at http://www.sec.gov. Copyright © 2018 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document THE ADVISORS INNER CIRCLE FUND CORNERSTONE ADVISORS GLOBAL PUBLIC EQUITY FUND April 30, 2018 (unaudited) Sector Weightings : COMMON STOCK continued Shares Value AUSTRALIA (continued) CYBG 18,923 $78,632 Dexus 17,287 123,368 Domain Holdings Australia 30,884 71,834 Dominos Pizza Enterprises 54,163 1,715,431 DuluxGroup 22,574 131,798 EVENT Hospitality and Entertainment 5,176 54,100 G8 Education 18,340 31,201 Goodman Group 26,578 181,427 GPT Group 32,364 117,850 Percentages are based on total investments. GrainCorp, Cl A 14,270 95,405 GUD Holdings 7,871 74,984 SCHEDULE OF INVESTMENTS GWA Group 37,333 108,286 COMMON STOCK 96.7% Hansen Technologies 24,702 79,813 Shares Value Harvey Norman Holdings 77,182 204,583 ARGENTINA 0.1% Insurance Australia Group 14,182 84,410 Arcos Dorados Holdings, Cl A * 23,997 $218,373 Integral Diagnostics 86,400 152,584 Grupo Financiero Galicia ADR Integrated Research 20,806 60,170 (A) 4,093 261,624 Investa Office Fund 37,124 122,524 MercadoLibre 554 188,144 InvoCare 4,200 41,184 Ternium ADR 13,966 554,031 JB Hi-Fi 4,199 81,013 1,222,172 LendLease Group 66,400 893,163 AUSTRALIA 2.1% LifeHealthcare Group 43,700 119,545 a2 Milk * 32,536 276,825 Link Administration Holdings 27,468 171,951 Adelaide Brighton 18,475 89,295 Macquarie Atlas Roads Group 18,280 88,211 AGL Energy 37,851 618,727 Medibank Pvt 44,633 98,294 ALS 38,925 227,620 Metcash 155,864 422,288 Altium 9,693 148,177 Mineral Resources 115,841 1,574,102 Amcor 35,511 367,148 Mirvac Group 70,791 119,336 AMP 29,564 89,577 Money3 103,000 137,063 Aristocrat Leisure 19,431 392,959 National Australia Bank 6,533 142,357 ASX 1,069 47,118 Navitas 18,894 60,828 Aurizon Holdings 28,258 95,501 New Hope 81,900 133,182 AusNet Services 179,425 232,043 Newcrest Mining 17,305 274,547 Bapcor 68,302 303,418 NEXTDC * 72,224 373,901 Beach Energy 208,561 248,568 Nine Entertainment Holdings 216,200 383,981 Bendigo & Adelaide Bank 11,830 94,507 Oil Search 46,095 271,972 Blackmores 1,621 143,782 Orora 59,340 149,233 Brambles 28,532 211,978 Premier Investments 6,039 71,472 BWP Trust 27,028 63,653 Qantas Airways 26,984 117,122 Caltex Australia 9,340 217,949 REA Group 2,228 135,661 carsales.com 17,182 185,070 Rio Tinto 2,512 150,785 CIMIC Group 2,045 69,667 Sandfire Resources NL 41,000 244,724 Class 24,221 41,993 Scentre Group 86,227 261,518 Cleanaway Waste Management 105,495 126,007 Southern Cross Media Group 57,479 49,923 Coca-Cola Amatil 18,534 129,605 Spark Infrastructure Group 126,681 223,938 Cochlear 895 130,610 Commonwealth Bank of Australia 4,763 257,272 CSL 10,349 1,325,260 The accompanying notes are an integral part of the financial statements. 1 Copyright © 2018 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document THE ADVISORS INNER CIRCLE FUND CORNERSTONE ADVISORS GLOBAL PUBLIC EQUITY FUND April 30, 2018 (unaudited) COMMON STOCK continued COMMON STOCK continued Shares Value Shares Value AUSTRALIA (continued) BELGIUM (continued) SpeedCast International 41,335 $183,785 Econocom Group 9,190 $59,370 St. Barbara 45,323 145,203 Elia System Operator 1,619 102,222 Star Entertainment Grp 29,336 116,796 Euronav 6,701 54,281 Stockland 54,409 169,680 Groupe Bruxelles Lambert 4,211 481,682 Suncorp Group 11,916 125,629 Kinepolis Group 1,229 85,742 Super Retail Group 9,154 49,678 Proximus SADP 8,421 258,133 Sydney Airport 27,357 146,909 RealDolmen 3,700 164,427 Tabcorp Holdings 56,186 185,193 Retail Estates 759 66,689 Technology One 22,739 84,851 Telenet Group Holding * 3,256 190,526 Teekay LNG Partners LP (B) 212,449 3,877,194 UCB 5,162 390,396 Telstra 196,133 469,280 Umicore 6,376 355,240 Transurban Group 36,733 321,065 3,465,057 Treasury Wine Estates 6,182 88,670 BRAZIL 1.2% Vicinity Centres 75,569 138,733 Aliansce Shopping Centers 17,400 84,934 Vita Group 98,800 81,070 Ambev ADR 140,254 928,482 Washington H Soul Pattinson 12,379 180,909 Arezzo Industria e Comercio 7,800 117,984 Wesfarmers 19,107 628,912 B3 - Brasil Bolsa Balcao 24,993 180,142 Westpac Banking 14,654 315,287 Banco BTG Pactual 30,700 200,682 Woodside Petroleum 19,221 466,887 Banco do Brasil 2,900 30,397 Xero * 7,130 199,546 BR Properties 23,000 58,564 24,389,300 Cia de Locacao das Americas 3,900 33,509 AUSTRIA 0.4% Cia de Saneamento Basico do ams 25,223 2,085,044 Estado de Sao Paulo 10,100 101,081 BUWOG 13,700 480,385 Cielo 69,821 383,266 Erste Group Bank 10,190 499,561 Cosan 12,800 129,381 Immobilien Anlagen 4,780 165,691 Cosan Industria e Comercio 17,722 202,200 Lenzing 395 46,415 CPFL Energia 14,431 99,277 Oesterreichische Post 4,381 211,105 CSU Cardsystem 97,100 279,393 OMV 3,324 206,456 CVC Brasil Operadora e Agencia Rhi Magnesita * 5,739 343,356 de Viagens 3,400 56,156 S IMMO 4,053 80,365 Cyrela Brazil Realty Telekom Austria, Cl A 8,670 82,597 Empreendimentos e Verbund 7,928 246,276 Participacoes 134,023 528,333 Vienna Insurance Group Duratex 156,900 483,706 Wiener Versicherung Gruppe 5,000 162,838 EcoRodovias Infraestrutura e Wienerberger 5,642 142,358 Logistica 58,000 165,729 4,752,447 EDP - Energias do Brasil 11,900 47,115 BELGIUM 0.3% Eletropaulo Metropolitana Aedifica 1,601 144,925 Eletricidade de Sao Paulo * 8,000 77,963 Anheuser-Busch InBev 4,645 461,535 Embraer 20,900 132,385 Barco 1,594 205,624 Engie Brasil Energia 6,700 71,242 Bekaert 1,905 80,120 Equatorial Energia 4,100 83,224 bpost 6,682 146,387 Estacio Participacoes 6,400 57,931 Cofinimmo 1,499 198,758 Fibria Celulose 3,237 63,517 Colruyt 338 19,000 Fleury 16,000 119,251 Gerdau ADR 182,132 850,556 Grendene 9,200 71,616 Iguatemi Empresa de Shopping Centers 10,300 105,405 The accompanying notes are an integral part of the financial statements.