AIC Acadian

(Registrant)

The Advisors’ Inner Circle Fund

By (Signature and Title)

/s/ Michael Beattie

Michael Beattie

N-Q 1 d73675dnq.htm AIC ACADIAN AIC Acadian

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-06400

The Advisors’ Inner Circle Fund

(Exact name of registrant as specified in charter)

c/o CT Corporation

101 Federal Street

Boston, MA 02110

(Address of principal executive offices) (Zip code)

SEI Investments

One Freedom Valley Drive

Oaks, PA 19456

(Name and address of agent for service)

Registrant’s telephone number, including area code: 1-877-446-3863

Date of fiscal year end: October 31, 2015

Date of reporting period: July 31, 2015

Item 1.

Schedule of Investments


THE ADVISORS’ INNER CIRCLE FUND		ACADIAN EMERGING
		MARKETS PORTFOLIO
		JULY 31, 2015 *(Unaudited)*


SCHEDULE OF INVESTMENTS
COMMON STOCK — 95.4%
	Shares		Value

Argentina — 0.3%
Ternium ADR		356,805	$	5,548,318

Brazil — 7.3%
Ambev		233,200		1,317,899
Banco do Brasil		1,810,800		11,529,210
BM&F Bovespa SA		264,000		801,881
BRF		759,200		15,860,505
CETIP — Mercados Organizados		517,200		5,353,340
Cia de Saneamento de Minas Gerais-COPASA		115,100		405,411
Cia Energetica de Minas Gerais ADR		413,702		1,137,681
Cosan, Cl A		323,560		1,520,732
EDP — Energias do Brasil		1,190,000		4,518,173
Embratel Participacoes*		794		2
Fibria Celulose		755,500		10,004,343
FII BTG Pactual Corporate Office Fund‡		6,995		222,683
JBS		4,172,407		18,644,498
Light		496,800		2,053,102
Lojas Renner		103,700		3,287,617
Magazine Luiza		180,300		185,884
Marfrig Global Foods*		1,476,100		2,310,751
MRV Engenharia e Participacoes		202,900		461,628
Multiplus		63,000		762,488
Nova Embrapar Participacoes*		854		—
Porto Seguro		550,300		6,266,504
Qualicorp		166,700		980,058
Raia Drogasil		570,600		7,234,260
Sao Martinho		41,300		405,889
Seara Alimentos* (A)		911		2
Ser Educacional		26,500		84,284
Smiles		352,100		5,639,441
Telefonica Brasil ADR		520,019		6,770,648
Tim Participacoes		1,524,100		4,157,506
Tim Participacoes ADR		431,228		5,869,013
Ultrapar Participacoes		317,600		6,504,216
Valid Solucoes		63,600		923,737
Via Varejo		325,200		801,615

				126,015,001

Chile — 0.6%
Corpbanca ADR		16,234		245,134
Empresa Nacional de Electricidad ADR		6,729		276,898
Enersis ADR		672,846		10,166,703

				10,688,735

China — 15.3%
51job ADR*		18,670		570,555
Agricultural Bank of China		43,478,000		19,629,400
Air China		5,230,000		5,255,434
ANTA Sports Products		234,000		600,070
Autohome ADR*		8,717		338,133

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


THE ADVISORS’ INNER CIRCLE FUND		ACADIAN EMERGING
		MARKETS PORTFOLIO
		JULY 31, 2015 *(Unaudited)*


COMMON STOCK — continued
	Shares		Value

China — (continued)
Bank of China		77,239,000	$	42,244,671
Bank of Chongqing		482,500		426,341
Bank of Communications		4,211,000		3,704,581
Changyou.com ADR*		26,036		606,378
China Citic Bank		16,636,000		11,867,069
China Construction Bank		34,067,000		27,816,791
China Eastern Airlines*		628,000		504,681
China Galaxy Securities		6,084,000		5,485,747
China Lodging Group ADR*		34,279		793,902
China Machinery Engineering		302,000		229,452
China Merchants Bank		6,892,000		17,824,981
China Ming Yang Wind Power Group ADR*		159,793		409,070
China Petroleum & Chemical		3,054,000		2,316,412
China Railway Construction		2,894,500		3,756,133
China Railway Group		7,254,000		6,194,481
China Southern Airlines		9,450,000		9,361,867
China Sports International*		670,000		10,744
China Telecom		38,942,000		21,801,050
Chongqing Rural Commercial Bank		3,122,000		2,235,092
Datang International Power Generation		2,262,000		977,478
Great Wall Motor		166,000		549,244
Guangdong Electric Power Development, Cl B		670,133		465,928
Huadian Power International		3,458,000		3,497,120
Huaneng Power International		12,952,000		15,838,520
Industrial & Commercial Bank of China		933,000		642,676
Jiangsu Future Land, Cl B		561,100		964,531
Lao Feng Xiang, Cl B*		61,700		246,121
Metallurgical Corp of China		1,164,000		388,886
Mindray Medical International ADR		15,575		425,042
NetEase ADR		155,002		21,487,927
New China Life Insurance		957,800		4,114,230
People’s Insurance Group of China		7,656,000		3,970,063
Ping An Insurance Group of China		1,356,000		7,801,246
Qingling Motors		508,000		163,167
Semiconductor Manufacturing International*		4,278,000		386,285
Shanghai Mechanical and Electrical Industry, Cl B		268,300		751,777
Shenzhen Expressway		446,000		328,504
Sinopec Shanghai Petrochemical		778,000		317,129
TravelSky Technology		484,000		584,998
Vipshop Holdings ADR*		507,835		9,897,704
Weiqiao Textile		891,000		464,332
WuXi PharmaTech Cayman ADR*		90,510		3,756,165
Xiamen International Port		1,210,000		369,916
Xinhua Winshare Publishing and Media		433,000		385,395
Zhejiang Expressway		984,000		1,133,485

				263,890,904

Colombia — 0.1%
Avianca Holdings ADR*		114,340		999,332
Ecopetrol ADR		37,242		420,462

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


THE ADVISORS’ INNER CIRCLE FUND		ACADIAN EMERGING
		MARKETS PORTFOLIO
		JULY 31, 2015 *(Unaudited)*


COMMON STOCK — continued
	Shares		Value

Colombia — (continued)
Grupo Aval Acciones y Valores ADR		105,720	$	914,478

				2,334,272

Czech Republic — 0.1%
CEZ		65,131		1,576,296

Egypt — 0.2%
Commercial International Bank Egypt		335,463		2,418,899
Talaat Moustafa Group		521,702		546,458
Telecom Egypt		282,406		288,341

				3,253,698

Greece — 0.0%
Aegean Marine Petroleum Network		26,157		285,896
Tsakos Energy Navigation		44,637		407,089

				692,985

Hong Kong — 3.9%
Belle International Holdings		2,558,000		2,659,531
Chaoda Modern Agriculture Holdings ADR*		6,346		14,406
China Aoyuan Property Group		1,459,000		272,893
China Dongxiang Group		1,827,000		466,631
China Foods*		902,000		416,542
China Lesso Group Holdings		2,626,000		2,059,528
China Lilang		568,000		612,525
China Mobile		2,228,500		29,177,502
China Power International Development		4,308,000		3,050,826
China Silver Group		592,000		194,729
China Travel International Investment Hong Kong		1,524,000		589,761
China Unicom Hong Kong		9,128,000		12,881,380
CITIC		655,000		1,172,736
CNOOC		782,000		969,393
Fosun International		152,000		319,595
Future Land Development Holdings		1,724,000		277,982
Geely Automobile Holdings		6,770,000		2,846,923
GOME Electrical Appliances Holding		9,975,000		1,737,065
Lee & Man Paper Manufacturing		553,000		340,975
Longfor Properties		1,256,000		1,795,142
Real Nutriceutical Group		885,000		214,620
Shenzhen Investment		832,000		320,896
Sino Biopharmaceutical		448,000		519,526
Skyworth Digital Holdings		4,370,000		3,342,763
Sunac China Holdings		308,000		275,727
Tonly Electronics Holdings		71,000		53,852
Universal Health International Group Holding		794,000		339,014
Yuexiu Real Estate Investment Trust‡		607,000		342,951

				67,265,414

India — 11.5%
Amtek Auto		676,330		1,790,025
Apollo Tyres		2,386,085		7,537,665
Aurobindo Pharma		1,681,076		19,923,355
Bharat Forge		113,628		2,034,179

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


THE ADVISORS’ INNER CIRCLE FUND		ACADIAN EMERGING
		MARKETS PORTFOLIO
		JULY 31, 2015 *(Unaudited)*


COMMON STOCK — continued
	Shares		Value

India — (continued)
Bharat Petroleum		785,516	$	11,353,671
Bharti Infratel*		173,442		1,210,909
Britannia Industries		58,278		2,866,400
Canara Bank		411,074		1,773,335
CCL Products India		161,888		613,662
Ceat		63,505		906,497
Chennai Petroleum*		139,387		417,173
Coal India		329,565		2,256,699
Colgate-Palmolive India		16,798		521,311
Dish TV India*		253,930		459,598
Emami		61,940		1,266,463
Escorts		171,715		378,817
Federal Bank		645,936		682,523
Geometric		101,511		203,756
Gujarat State Fertilizers & Chemicals*		515,989		587,867
HCL Technologies		1,737,902		27,057,227
Hexaware Technologies		631,474		2,823,591
Hindustan Petroleum		1,027,032		14,762,798
Hindustan Unilever		44,854		644,742
Indian Oil*		529,253		3,560,507
Indraprastha Gas		205,809		1,554,043
Infosys		102,513		1,722,001
JK Tyre & Industries		596,820		1,066,711
JSW Energy		514,670		676,667
Lupin		461,278		12,206,369
Maruti Suzuki India		205,243		13,865,015
Mindtree		56,584		1,129,285
MRF		16,312		10,389,715
National Aluminium		324,062		179,169
NCC		4,436		5,708
Petronet LNG		266,868		804,539
PVR		37,716		496,257
Reliance Industries		58,287		910,737
Sasken Communications Technologies		175,093		652,794
Sintex Industries		183,266		329,699
SRF		24,120		523,135
Syndicate Bank		407,716		603,770
Tata Chemicals		91,225		697,154
Tata Consultancy Services		48,772		1,909,821
Tata Elxsi		108,901		2,896,182
Tata Motors		2,472,768		14,803,472
Tata Motors ADR		162,931		4,832,534
Uflex		63,461		157,420
UPL		722,056		6,032,693
Welspun India		30,233		423,001
Wipro		746,259		6,632,371
WNS Holdings ADR*		80,743		2,406,949
Wockhardt		192,634		4,698,815

				198,238,796

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


THE ADVISORS’ INNER CIRCLE FUND		ACADIAN EMERGING
		MARKETS PORTFOLIO
		JULY 31, 2015 *(Unaudited)*


COMMON STOCK — continued
	Shares		Value

Indonesia — 1.6%
Adaro Energy		2,942,400	$	128,332
Agung Podomoro Land*		5,423,800		148,350
AKR Corporindo		891,400		378,899
Alam Sutera Realty		11,184,400		417,529
Bank Mandiri Persero		1,294,500		911,485
Bank Negara Indonesia Persero		12,872,300		4,529,451
Bank Tabungan Negara Persero		6,633,600		573,743
Darma Henwa*		6,998,260		25,867
Elnusa		5,914,000		168,753
Indofood Sukses Makmur		4,787,900		2,159,023
Lippo Cikarang*		277,800		170,448
Lippo Karawaci		3,576,800		305,393
Mitra Keluarga Karyasehat		109,600		218,552
Multipolar*		4,964,500		214,691
Pakuwon Jati		8,256,000		253,280
Pembangunan Perumahan Persero		1,131,600		326,660
Siloam International Hospitals		363,600		444,840
Sri Rejeki Isman		46,384,600		1,611,588
Surya Semesta Internusa		8,109,000		473,562
Telekomunikasi Indonesia ADR		79,449		3,417,102
Telekomunikasi Indonesia Persero		39,309,300		8,543,289
Unilever Indonesia		124,300		367,548
United Tractors		1,119,700		1,671,997

				27,460,382

Malaysia — 2.2%
British American Tobacco Malaysia		22,400		395,346
Digi.Com		368,700		520,586
DRB-Hicom		277,800		103,144
KSL Holdings		514,400		223,272
Land & General		512,300		58,269
MISC		150,800		307,554
Petronas Chemicals Group		214,400		359,342
Petronas Dagangan		133,100		733,625
Public Bank		219,000		1,087,985
Telekom Malaysia		3,979,900		6,816,145
Tenaga Nasional		7,665,100		24,451,358
Top Glove		774,600		1,543,326
Westports Holdings		370,400		388,366
YTL		1,111,700		459,272

				37,447,590

Mexico — 4.3%
America Movil, Ser L		10,597,783		10,306,734
America Movil ADR, Cl L		1,482,036		28,721,858
Arca Continental		68,950		414,107
Axtel*		762,000		284,701
Banregio Grupo Financiero		128,407		734,380
Bio Pappel*		50,594		60,634
Cemex ADR*		130,153		1,106,300
Gentera		398,802		686,595
Gruma, Cl B		649,232		8,493,909

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


THE ADVISORS’ INNER CIRCLE FUND		ACADIAN EMERGING
		MARKETS PORTFOLIO
		JULY 31, 2015 *(Unaudited)*


COMMON STOCK — continued
	Shares		Value

Mexico — (continued)
Grupo Aeroportuario del Centro Norte Sab, Cl B		72,962	$	405,101
Grupo Aeroportuario del Pacifico ADR		13,336		1,051,944
Grupo Aeroportuario del Pacifico, Cl B		887,143		7,000,790
Grupo Financiero Banorte, Cl O		887,880		4,690,541
Grupo Financiero Inbursa, Cl O		375,327		850,237
Grupo Financiero Interacciones, Cl O		168,034		1,047,990
Grupo Mexico, Ser B		158,822		433,810
Grupo Televisa ADR		102,785		3,583,085
OHL Mexico*		1,803,469		2,952,708
Wal-Mart de Mexico		768,639		1,863,338

				74,688,762

Peru — 0.4%
Credicorp		53,172		7,013,387

Philippines — 0.5%
Aboitiz Power		681,100		650,794
Cebu Air		210,340		427,717
First Gen		2,493,000		1,409,075
Globe Telecom		48,100		2,713,414
Megaworld		4,147,400		429,839
Nickel Asia		1,982,700		456,929
Robinsons Land		560,900		345,235
Vista Land & Lifescapes		18,919,900		2,928,893

				9,361,896

Poland — 1.8%
Asseco Poland		54,129		827,555
Enea		78,613		307,191
Energa		262,898		1,419,695
Orange Polska		196,871		424,316
PGE Polska Grupa Energetyczna		601,318		2,824,781
Polski Koncern Naftowy Orlen		1,057,155		21,338,719
Polskie Gornictwo Naftowe i Gazownictwo		814,519		1,358,215
Tauron Polska Energia		2,327,921		2,338,968

				30,839,440

Qatar — 0.6%
Barwa Real Estate		672,906		9,240,041
United Development QSC		50,408		350,243

				9,590,284

Russia — 1.0%
Gazprom PAO ADR		290,186		1,349,365
Magnit GDR		38,757		2,102,567
Novolipetsk Steel GDR		33,283		437,671
QIWI ADR		72,107		2,207,917
Severstal PAO GDR		466,660		5,263,925
Sistema GDR		303,923		2,580,306
Surgutneftegas ADR		96,347		544,360
Tatneft ADR		65,869		1,938,525
VimpelCom ADR		109,459		632,673

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


THE ADVISORS’ INNER CIRCLE FUND		ACADIAN EMERGING
		MARKETS PORTFOLIO
		JULY 31, 2015 *(Unaudited)*


COMMON STOCK — continued
	Shares		Value

Russia — (continued)
X5 Retail Group GDR*		23,352	$	418,001

				17,475,310

South Africa — 6.2%
Attacq*		170,899		297,210
Barclays Africa Group		136,303		2,006,147
Barloworld		81,677		581,090
Clicks Group		49,136		374,747
FirstRand		7,578,074		32,791,745
Foschini Group		166,192		1,892,318
Imperial Holdings		89,314		1,201,655
Investec		34,502		312,967
Liberty Holdings		254,071		2,855,983
MMI Holdings		2,796,214		6,509,634
Mondi		110,107		2,635,379
Mr Price Group		94,625		1,886,478
Netcare		446,197		1,424,628
Pioneer Foods		30,972		484,769
Redefine Properties‡		1,272,451		1,156,751
Reinet Investments*		228,426		515,167
Reunert		95,468		477,708
Sanlam		1,536,912		8,118,137
Sappi*		297,263		976,131
Sasol		458,614		15,907,972
Shoprite Holdings		68,011		904,286
Sibanye Gold		490,856		646,055
Sibanye Gold ADR		189,498		1,013,814
SPAR Group		81,254		1,270,942
Standard Bank Group		355,722		4,282,077
Steinhoff International Holdings		2,331,600		14,112,813
Telkom		660,239		3,208,750

				107,845,353

South Korea — 16.9%
ADTechnology*		13,514		356,285
Amorepacific		8,110		2,848,532
AMOREPACIFIC Group		3,830		636,615
Asiana Airlines*		101,914		518,214
AtlasBX		249,908		7,613,742
BGF retail		3,452		587,060
BNK Financial Group		25,607		300,898
CJ		101,167		26,412,441
CJ Hellovision		33,523		368,133
CKH Food & Health*		80,755		288,128
Coway		4,460		372,762
Daewoo Securities		568,518		7,044,833
Daou Technology		27,852		715,252
DGB Financial Group		32,964		315,512
Dongwon Development		8,166		362,887
Dongyang E&P		15,443		175,526
Ecoplastic		228,571		500,057
e-LITECOM		17,423		279,923

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


THE ADVISORS’ INNER CIRCLE FUND		ACADIAN EMERGING
		MARKETS PORTFOLIO
		JULY 31, 2015 *(Unaudited)*


COMMON STOCK — continued
	Shares		Value

South Korea — (continued)
GS Retail		9,170	$	409,070
Hana Financial Group		544,880		13,573,689
Hanil E-Hwa		119,199		1,252,957
Hanwha		283,370		11,502,863
Hanwha Life Insurance		86,892		616,334
Hite Holdings		14,760		215,695
Husteel		22,760		394,845
Hyosung		6,683		813,851
Hyundai Development-Engineering & Construction		9,629		576,020
Hyundai Hy Communications & Network		15,910		55,066
Hyundai Securities		153,579		1,126,101
Hyundai Steel		31,141		1,554,189
INTOPS		8,242		111,640
JB Financial Group		58,455		320,712
KB Financial Group		10,941		344,083
KB Insurance		31,920		769,255
Kia Motors		475,025		17,821,303
Korea District Heating		2,802		176,240
Korea Electric Power		371,899		16,177,122
Korea Gas		8,094		292,938
Korea Petro Chemical Industries		2,321		357,031
Korean Air Lines*		84,753		2,542,264
KT		437,563		11,442,488
Kwangju Bank*		73,625		478,187
Kyobo Securities		12,515		125,669
LG Chemical		6,819		1,456,864
LG Display		620,301		11,715,295
LG Electronics		79,479		2,757,636
LG Uplus		143,340		1,414,842
Lotte Chemical		1,687		375,562
NH Investment & Securities		58,389		541,401
NS Shopping*		2,694		537,580
Samsung Electronics		74,947		75,898,129
Samsung Life Insurance		26,087		2,385,429
Seohan		198,385		463,687
Seoyon		89,170		903,016
SK Holdings (A)		75,349		14,517,698
SK Hynix		778,039		24,667,989
SK Innovation		3,453		293,615
SK Telecom		44,905		9,574,668
S-Oil		6,440		345,074
Sungwoo Hitech		27,695		213,248
Taeyoung Engineering & Construction		67,270		389,771
Tongyang Life Insurance		33,896		441,750
TS		21,285		509,319
Woori Bank		1,138,155		9,279,151
Youngone Holdings		12,776		959,715

				292,387,851

Taiwan — 12.7%
Accton Technology		450,000		186,006

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


THE ADVISORS’ INNER CIRCLE FUND		ACADIAN EMERGING
		MARKETS PORTFOLIO
		JULY 31, 2015 *(Unaudited)*


COMMON STOCK — continued
	Shares		Value

Taiwan — (continued)
Advanced Ceramic X		46,000	$	305,244
Advanced Semiconductor Engineering		3,790,000		4,381,642
Ardentec*		397,000		267,211
AU Optronics		15,048,000		4,813,987
BES Engineering*		3,041,000		824,508
Catcher Technology		208,000		2,292,701
Cathay Financial Holding		455,000		734,999
Chang Hwa Commercial Bank		494,000		276,170
Charoen Pokphand Enterprise		239,400		191,844
Chen Full International		308,000		412,176
Cheng Loong		1,863,680		669,996
China Airlines*		4,558,000		2,028,408
Chunghwa Telecom		544,000		1,688,612
Compal Electronics		713,000		481,032
Coretronic		689,250		545,785
CTBC Financial Holding		4,041,000		2,931,090
Elite Advanced Laser		127,200		459,300
Elite Material		268,000		551,763
Elitegroup Computer Systems		300,926		200,163
Evergreen Marine Taiwan		892,840		428,441
First Financial Holding		8,283,570		4,460,374
Forhouse*		586,000		199,531
Formosa Chemicals & Fibre		262,000		620,737
Formosa Petrochemical		180,000		424,750
Formosan Rubber Group		287,000		198,627
Foxconn Technology		1,464,000		4,451,610
Fubon Financial Holding		15,057,520		27,471,395
Global Brands Manufacture		389,643		80,838
Gold Circuit Electronics		998,000		347,719
Grand Pacific Petrochemical		609,000		304,775
Greatek Electronics		264,000		250,859
Hon Hai Precision Industry		11,988,712		34,441,701
Hong YI Fiber Industry		146,000		147,519
Hua Nan Financial Holdings		500,000		284,275
Innolux		24,709,640		8,609,222
Inotera Memories*		4,083,000		2,463,651
Inventec		6,025,851		3,426,002
King Yuan Electronics		2,127,000		1,435,000
King’s Town Bank		506,000		423,116
Largan Precision		3,000		304,547
Lite-On Technology		933,184		1,025,655
Mega Financial Holding		5,293,000		4,526,582
Mercuries & Associates Holding		1,025,138		608,819
Mirle Automation		271,950		223,097
Pegatron		8,651,343		24,333,315
Pou Chen		8,669,270		12,301,706
Powertech Technology		1,199,000		2,248,256
Ruentex Industries		155,000		324,026
Sesoda		264,600		286,629
Shinkong Synthetic Fibers		649,000		203,304
Siliconware Precision Industries		2,816,000		3,188,699

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


THE ADVISORS’ INNER CIRCLE FUND		ACADIAN EMERGING
		MARKETS PORTFOLIO
		JULY 31, 2015 *(Unaudited)*


COMMON STOCK — continued
	Shares		Value

Taiwan — (continued)
SinoPac Financial Holdings		15,931,560	$	6,787,118
Star Comgistic Capital*		342,000		168,988
Sun Financial Holding		653,248		397,268
Taishin Financial Holding		14,962,807		5,924,175
Taiwan Business Bank*		2,154,000		627,680
Taiwan Land Development*		742,000		265,575
Taiwan Life Insurance*		404,000		405,644
Taiwan PCB Techvest		455,000		456,852
Taiwan Semiconductor		454,000		360,220
Taiwan Semiconductor Manufacturing ADR		656,904		14,524,147
Taiwan Surface Mounting Technology		647,829		560,180
Taiwan Union Technology		395,000		278,376
Tatung*		3,520,000		648,889
TOPBI International Holdings*		108,000		391,682
United Integrated Services		256,000		252,988
United Microelectronics		25,149,000		8,961,445
Wan Hai Lines		1,864,000		1,561,624
Win Semiconductors		814,000		871,457
Winbond Electronics*		13,969,000		3,075,069
Yageo		354,520		505,310
Yi Jinn Industrial		1,224,000		478,799
Yuanta Financial Holding		17,912,000		8,510,207
Zig Sheng Industrial*		676,000		256,941

				220,558,048

Thailand — 3.6%
Ananda Development		2,546,400		231,196
AP Thailand		6,054,900		1,013,588
Asia Aviation*		2,526,800		349,859
Bangchak Petroleum NVDR		2,392,800		2,325,249
Bangkok Airways		555,600		338,925
Bangkok Bank		803,000		3,782,040
Bangkok Bank NVDR		420,400		1,980,037
Bangkok Expressway NVDR		166,400		179,407
Bangkok Ranch*		1,798,200		515,302
Banpu		383,700		272,166
Delta Electronics Thailand NVDR		169,700		387,597
IRPC		6,509,300		775,686
Jasmine International NVDR		1,293,000		183,430
Krung Thai Bank		5,257,400		2,610,427
Krung Thai Bank NVDR		10,352,900		5,140,467
PTG Energy		1,216,000		493,369
PTT Global Chemical NVDR		5,111,900		8,956,159
PTT NVDR		1,628,600		15,063,799
Ratchaburi Electricity Generating Holding NVDR		131,200		200,085
Regional Container Line NVDR		839,700		203,701
RS NVDR		1,069,900		361,237
Siam Cement		44,000		656,661
Srithai Superware NVDR		3,518,500		241,588
Syntec Construction		4,029,200		342,959
Thai Airways International NVDR		759,800		269,471

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


THE ADVISORS’ INNER CIRCLE FUND		ACADIAN EMERGING
		MARKETS PORTFOLIO
		JULY 31, 2015 *(Unaudited)*


COMMON STOCK — continued
	Shares		Value

Thailand — (continued)
Thai Beverage		973,200	$	535,602
Thai Oil NVDR		240,600		329,379
Thai Union Frozen Products NVDR		6,275,100		3,364,999
Thanachart Capital		3,005,900		2,665,183
Thanachart Capital NVDR		2,550,300		2,261,225
Tipco Asphalt		3,169,200		2,194,027
Tisco Financial Group NVDR		273,600		329,919
TMB Bank NVDR		17,278,300		1,147,148
Total Access Communication NVDR		595,200		1,186,347
TPI Polene		17,097,900		1,125,468

				62,013,702

Turkey — 4.1%
Aksa Akrilik Kimya Sanayii		381,852		1,529,558
Alarko Gayrimenkul Yatirim Ortakligi‡		66,476		561,343
Celebi Hava Servisi		26,110		367,939
EGE Endustri VE Ticaret		4,047		319,834
Enka Insaat ve Sanayi		247,171		447,764
Eregli Demir ve Celik Fabrikalari		10,306,194		15,471,750
Gubre Fabrikalari		150,897		415,483
Haci Omer Sabanci Holding		284,244		972,406
Ipek Dogal Enerji Kaynaklari Arastirma Ve Uretim*		302,419		273,924
Is Yatirim Menkul Degerler		99,196		37,944
Koza Altin Isletmeleri		43,434		364,419
Koza Anadolu Metal Madencilik Isletmeleri*		834,501		779,964
Migros Ticaret*		57,228		426,458
ODAS Elektrik Uretim ve Sanayi Ticaret		77,138		231,044
Pinar Entegre Et ve Un Sanayi		5,162		18,609
Sasa Polyester Sanayi*		490,062		443,887
Soda Sanayii		180,898		297,025
Tat Gida Sanayi*		241,693		601,812
TAV Havalimanlari Holding		111,225		846,901
Trakya Cam Sanayii		1,959,777		1,449,801
Turk Hava Yollari*		4,118,616		13,421,061
Turk Sise ve Cam Fabrikalari		5,083,014		5,741,342
Turkiye Is Bankasi, Cl C		5,445,079		10,610,742
Turkiye Petrol Rafinerileri		264,204		6,864,671
Turkiye Vakiflar Bankasi TAO, Cl D		3,941,276		5,945,124
Vestel Beyaz Esya Sanayi ve Ticaret		94,879		416,001
Vestel Elektronik Sanayi ve Ticaret*		791,351		1,307,924

				70,164,730

United Arab Emirates — 0.2%
Abu Dhabi Commercial Bank		550,371		1,240,779
Air Arabia		4,385,579		1,918,710

				3,159,489

TOTAL COMMON STOCK (Cost $1,567,985,975)				1,649,510,643

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


THE ADVISORS’ INNER CIRCLE FUND		ACADIAN EMERGING
		MARKETS PORTFOLIO
		JULY 31, 2015 *(Unaudited)*


PREFERRED STOCK — 3.2%
	Shares		Value

Brazil — 3.2%
Banco Bradesco		2,091,840	$	16,611,554
Banco do Estado do Rio Grande do Sul		81,500		235,173
Braskem, Ser A		947,210		3,444,199
Cia Brasileira de Distribuicao		399,801		8,690,894
Cia de Transmissao de Energia Eletrica Paulista		26,500		320,342
Cia Energetica de Minas Gerais		3,127,116		8,557,683
Cia Energetica de Sao Paulo		406,100		2,248,764
Cia Paranaense de Energia, Ser B		303,800		3,105,478
Eletropaulo Metropolitana Eletricidade de Sao Paulo, Cl B*		92,100		405,902
Embratel Participacoes*		60		—
Metalurgica Gerdau, Cl A		858,000		869,539
San Carlos Empreendimentos e Participacoes* (A)		455		—
Suzano Papel e Celulose, Cl A		1,004,600		4,899,844
Telefonica Brasil		557,600		7,349,549

TOTAL PREFERRED STOCK (Cost $113,885,645)				56,738,921

RIGHTS — 0.0%
	Number of Rights
Taiwan — 0.0%
First Financial Holding, Expires 09/15/15*		1,008,029		73,435

TOTAL RIGHTS (Cost $—)				73,435

WARRANTS — 0.0%
	Number of Warrants
Thailand — 0.0%
Jasmine International, Expires 12/31/20*		633,824		12,588

TOTAL WARRANTS (Cost $—)				12,588

SHORT-TERM INVESTMENT — 0.5%
Union Bank, N.A. Diversified Money Market Fund, Fiduciary Shares, 0.020% (B) (Cost $8,123,443)		8,123,443		8,123,443

TOTAL INVESTMENTS — 99.1% (Cost $1,689,995,063)†			$	1,714,459,030

Percentages are based on Net Assets of $1,729,261,623.

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


THE ADVISORS’ INNER CIRCLE FUND		ACADIAN EMERGING
		MARKETS PORTFOLIO
		JULY 31, 2015 *(Unaudited)*

Non-income producing security.

‡

Real Estate Investment Trust

(A)

Securities are 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, 2015 was $14,517,700 and represented 0.8% of Net Assets.

(B)

The rate reported is the 7-day effective yield as of July 31, 2015.

†

At July 31, 2015, the tax basis cost of the Fund’s investments was $1,689,995,063, and the unrealized appreciation and depreciation were $247,645,143 and $(223,181,176), respectively.

ADR —

American Depositary Receipt

Cl —

Class

GDR —

Global Depositary Receipt

NVDR —

Non-Voting Depositary Receipt

Ser —

Series

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

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


THE ADVISORS’ INNER CIRCLE FUND		ACADIAN EMERGING
		MARKETS PORTFOLIO
		JULY 31, 2015 *(Unaudited)*

The summary of inputs used to value the Portfolio’s net assets as of July 31, 2015 was as follows:


Investments in Securities	Level 1		Level 2		Level 3†		Total
Common Stock
Argentina	$	5,548,318	$	—	$	—	$	5,548,318
Brazil		126,014,999		—		2		126,015,001
Chile		10,688,735		—		—		10,688,735
China		263,890,904		—		—		263,890,904
Colombia		2,334,272		—		—		2,334,272
Czech Republic		1,576,296		—		—		1,576,296
Egypt		—		3,253,698		—		3,253,698
Greece		692,985		—		—		692,985
Hong Kong		67,265,414		—		—		67,265,414
India		198,238,796		—		—		198,238,796
Indonesia		27,460,382		—		—		27,460,382
Malaysia		37,447,590		—		—		37,447,590
Mexico		74,688,762		—		—		74,688,762
Peru		7,013,387		—		—		7,013,387
Philippines		9,361,896		—		—		9,361,896
Poland		30,839,440		—		—		30,839,440
Qatar		9,590,284		—		—		9,590,284
Russia		17,475,310		—		—		17,475,310
South Africa		107,845,353		—		—		107,845,353
South Korea		277,870,153		—		14,517,698		292,387,851
Taiwan		220,558,048		—		—		220,558,048
Thailand		62,013,702		—		—		62,013,702
Turkey		70,164,730		—		—		70,164,730
United Arab Emirates		1,240,779		1,918,710		—		3,159,489

Total Common Stock		1,629,820,535		5,172,408		14,517,700		1,649,510,643

Preferred Stock
Brazil		56,738,921		—		—		56,738,921

Total Preferred Stock		56,738,921		—		—		56,738,921

Rights		73,435		—		—		73,435
Warrants		12,588		—		—		12,588
Short-Term Investment		8,123,443		—		—		8,123,443

Total Investments in Securities	$	1,694,768,922	$	5,172,408	$	14,517,700	$	1,714,459,030

†

A reconciliation of Level 3 investments and disclosures of significant unobservable inputs are presented when the Portfolio has a significant amount of Level 3 investments at the beginning and/or end of the period in relation to net assets. Management has concluded that Level 3 investments are not material in relation to net assets.

For the period ended July 31, 2015, there were transfers between Level 1 and Level 3 assets and liabilities. The primary reason for changes in the classifications between Levels 1 and 3 occurs when foreign equity securities are fair valued using other unobservable market based inputs in place of the closing exchange price due to events occurring after the close of the exchange or market on which the investment is principally traded. Transfers, if any, between levels are considered to have occurred as of the end of the period. For the period ended July 31, 2015, securities with a total market value of $14,517,698 were transferred from Level 1 to Level 3.

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

ACA-QH-003-1700

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


THE ADVISORS’ INNER CIRCLE FUND		ACADIAN EMERGING
		MARKETS DEBT FUND
		JULY 31, 2015 *(Unaudited)*


SCHEDULE OF INVESTMENTS
GLOBAL BONDS — 92.5%
	Face Amount (000)⁽¹⁾		Value
Angola — 2.1%
Republic of Angola Via Northern Lights III 7.000%, 08/16/19		835	$	828,111

Brazil — 8.2%
Brazil Notas do Tesouro Nacional, Ser F 10.000%, 01/01/19	BRL	4,880		1,334,986
10.000%, 01/01/21	BRL	3,577		933,254
10.000%, 01/01/25	BRL	1,530		377,800
6.000%, 05/15/23		730		558,469

				3,204,509

Canada — 0.4%
Pacific Rubiales Energy 5.125%, 03/28/23		240		151,800

Chile — 0.8%
Bonos de la Tesoreria de la Republica en pesos 6.000%, 01/01/24	CLP	200,000		330,822

Colombia — 7.4%
Bogota Distrito Capital 9.750%, 07/26/28	COP	455,000		176,453
Colombian TES 10.000%, 07/24/24	COP	1,562,300		643,463
7.750%, 09/18/30	COP	1,120,000		380,731
6.000%, 04/28/28	COP	1,561,000		466,308
3.500%, 03/10/21	COP	3,478,176		1,207,526

				2,874,481

Dominican Republic — 1.6%
Dominican Republic International Bond 18.500%, 02/04/28	DOP	13,700		436,786
14.500%, 02/10/23 (A)	DOP	6,700		174,853

				611,639

Ecuador — 1.2%
Ecuador Government International Bond 7.950%, 06/20/24 (A)		355		293,319
7.950%, 06/20/24		200		167,500

				460,819

Egypt — 0.7%
Egypt Government International Bond 6.875%, 04/30/40		100		96,020
5.875%, 06/11/25 (A)		200		195,800

				291,820

El Salvador — 0.3%
El Salvador Government International Bond 7.375%, 12/01/19		100		108,125

Grenada — 0.3%
Grenada Government International Bond 6.000%, 09/15/25 (A) (B)		375		111,000


THE ADVISORS’ INNER CIRCLE FUND		ACADIAN EMERGING
		MARKETS DEBT FUND
		JULY 31, 2015 *(Unaudited)*


GLOBAL BONDS — continued
	Face Amount (000)⁽¹⁾		Value
Hungary — 4.8%
Hungary Government Bond 7.500%, 11/12/20	HUF	166,500	$	726,446
6.000%, 11/24/23	HUF	269,690		1,127,597

				1,854,043

Indonesia — 10.7%
Indonesia Treasury Bond 11.000%, 09/15/25	IDR	954,000		81,374
10.250%, 07/15/22	IDR	2,600,000		208,758
10.000%, 02/15/28	IDR	5,033,000		406,725
9.500%, 05/15/41	IDR	680,000		52,881
9.000%, 03/15/29	IDR	2,630,000		197,821
8.375%, 03/15/24	IDR	18,907,000		1,376,706
8.375%, 03/15/34	IDR	17,865,000		1,263,195
6.625%, 05/15/33	IDR	9,922,000		587,875

				4,175,335

Iraq — 0.9%
Republic of Iraq 5.800%, 01/15/28		430		341,291

Malaysia — 3.4%
Malaysia Government Bond 4.935%, 09/30/43	MYR	1,350		366,542
4.498%, 04/15/30	MYR	1,540		409,857
4.181%, 07/15/24	MYR	2,035		531,189

				1,307,588

Mexico — 11.2%
Mexican Bonos 10.000%, 12/05/24	MXN	6,170		490,786
8.500%, 05/31/29	MXN	6,670		494,545
8.000%, 06/11/20	MXN	12,150		839,005
5.000%, 12/11/19	MXN	5,700		349,935
Mexican Udibonos 4.500%, 12/04/25	MXN	6,701		473,140
Petroleos Mexicanos 7.650%, 11/24/21 (A)	MXN	11,130		709,345
7.470%, 11/12/26	MXN	16,800		977,502

				4,334,258

Peru — 4.3%
Peru Government Bond 8.200%, 08/12/26	PEN	1,720		596,470
6.950%, 08/12/31	PEN	2,565		790,724
6.950%, 08/12/31 (A)	PEN	280		86,317
6.850%, 02/12/42	PEN	660		195,934

				1,669,445

Philippines — 0.6%
Philippine Government International Bond 6.250%, 01/14/36	PHP	10,000		249,699

Poland — 2.4%
Poland Government Bond 5.750%, 04/25/29	PLN	595		202,818
4.000%, 10/25/23	PLN	2,500		718,831

				921,649


THE ADVISORS’ INNER CIRCLE FUND		ACADIAN EMERGING
		MARKETS DEBT FUND
		JULY 31, 2015 *(Unaudited)*


GLOBAL BONDS — continued
	Face Amount (000)⁽¹⁾		Value
Romania — 2.8%
Romania Government Bond 4.750%, 02/24/25	RON	4,010	$	1,075,376

Russia — 3.7%
Russian Federal Bond — OFZ 7.500%, 03/15/18	RUB	12,900		194,557
7.050%, 01/19/28	RUB	8,845		110,150
7.000%, 08/16/23	RUB	86,500		1,136,163

				1,440,870

Serbia — 1.5%
Serbia Treasury Bonds 10.000%, 06/05/21	RSD	31,540		304,886
10.000%, 10/23/24	RSD	28,500		260,430

				565,316

South Africa — 8.8%
South Africa Government Bond 8.750%, 01/31/44	ZAR	5,375		417,889
7.750%, 02/28/23	ZAR	13,880		1,073,402
7.250%, 01/15/20	ZAR	2,700		208,995
7.000%, 02/28/31	ZAR	23,100		1,566,752
6.250%, 03/31/36	ZAR	2,585		155,567

				3,422,605

Supra-National — 1.3%
International Finance MTN 6.300%, 11/25/24	INR	34,370		505,074

Tanzania — 2.1%
Tanzania Government International Bond 6.397%, 03/09/20 (C)		825		821,906

Thailand — 1.0%
Thailand Government Bond 4.875%, 06/22/29	THB	11,960		399,956

Turkey — 4.9%
Turkey Government Bond 9.500%, 01/12/22	TRY	2,845		1,026,668
8.000%, 03/12/25	TRY	350		115,075
7.100%, 03/08/23	TRY	2,396		754,830

				1,896,573

Uganda — 1.4%
Republic of Uganda Government Bond 14.625%, 11/01/18	UGX	330,900		89,234
12.875%, 05/19/16	UGX	1,220,000		338,063
11.000%, 01/21/21	UGX	245,000		54,698
10.750%, 05/31/18	UGX	200,000		45,953

				527,948


THE ADVISORS’ INNER CIRCLE FUND		ACADIAN EMERGING
		MARKETS DEBT FUND
		JULY 31, 2015 *(Unaudited)*


GLOBAL BONDS — continued
	Face Amount (000)⁽¹⁾/Shares		Value
Zambia — 3.7%
Zambia Government Bond
15.000%, 08/15/23	ZMW	320	$	27,491
14.000%, 08/16/18	ZMW	290		29,881
13.000%, 09/01/22	ZMW	2,800		226,409
11.000%, 09/02/17	ZMW	1,765		184,653
5.375%, 09/20/22		1,170		987,925

				1,456,359

TOTAL GLOBAL BONDS (Cost $41,224,954)				35,938,417

WARRANTS — 0.4%
	Number of Warrants
Central Bank of Nigeria, Expires 11/15/20*		1,250		167,500

TOTAL WARRANTS (Cost $242,500)				167,500

SHORT-TERM INVESTMENT — 6.5%
Reich & Tang Daily Money Market Fund, Institutional Class, 0.010% (D) (Cost $2,519,677)		2,519,677		2,519,677

TOTAL INVESTMENTS — 99.4% (Cost $43,987,131)†			$	38,625,594


THE ADVISORS’ INNER CIRCLE FUND		ACADIAN EMERGING
		MARKETS DEBT FUND
		JULY 31, 2015 *(Unaudited)*

A summary of the outstanding forward foreign currency contracts held by the Fund at July 31, 2015, is as follows:


Maturity Date	Currency to Receive		Currency to Deliver			Contract Value			Unrealized Appreciation/ (Depreciation)
10/16/15	USD	421,790	BRL	(1,475,000	)	$	(419,356	)	$	2,434
8/13/15	USD	326,691	CLP	(200,000,000	)		(296,262	)		30,429
8/12/15	USD	249,225	CNH	(1,560,000	)		(250,497	)		(1,272	)
10/23/15	USD	495,352	COP	(1,380,000,000	)		(476,306	)		19,046
9/30/15	USD	177,552	EGP	(1,400,000	)		(171,821	)		5,731
9/30/15	HUF	28,145,000	EUR	(89,993	)		(28,143,395	)		1,605
8/26/15	PLN	6,090,000	EUR	(1,477,852	)		(6,100,422	)		(10,422	)
8/19/15	RON	2,575,000	EUR	(577,808	)		(2,568,308	)		6,692
9/8/15-1/19/16	RSD	101,650,000	EUR	(830,938	)		(101,649,147	)		853
10/14/15	EUR	1,064,249	HRK	(8,100,000	)		(1,064,473	)		(224	)
8/5/15	USD	1,044,092	HUF	(296,000,000	)		(1,058,056	)		(13,964	)
8/25/15-4/25/16	USD	3,253,520	IDR	(44,205,000,000	)		(3,220,029	)		33,491
9/30/15	USD	1,032,038	KRW	(1,150,000,000	)		(980,958	)		51,080
10/5/15	USD	765,725	MXP	(12,500,000	)		(771,782	)		(6,057	)
8/17/15-4/11/16	USD	1,691,207	NGN	(375,283,000	)		(1,794,140	)		(102,933	)
8/31/15	USD	2,843,117	PEI	(9,120,000	)		(2,845,735	)		(2,618	)
8/28/15	USD	829,668	PHP	(37,165,000	)		(811,242	)		18,426
8/26/15	EUR	367,096	PLN	(1,535,000	)		(370,402	)		(3,306	)
8/19/15	EUR	659,401	RON	(2,940,000	)		(667,382	)		(7,981	)
8/18/15	USD	372,716	RON	(1,515,000	)		(377,384	)		(4,668	)
9/8/15	EUR	802,944	RSD	(98,200,000	)		(815,109	)		(12,165	)
9/15/15	USD	592,208	RUB	(34,375,000	)		(549,496	)		42,712
10/19/15	USD	428,287	THB	(15,050,000	)		(425,891	)		2,396
9/10/15	USD	2,710,218	TRY	(7,630,000	)		(2,720,224	)		(10,006	)
8/20/15-10/13/15	USD	1,869,718	TWD	(57,622,000	)		(1,826,228	)		43,490
8/10/15-8/31/15	USD	1,185,500	UGX	(3,780,000,000	)		(1,092,433	)		93,067
10/16/15	BRL	3,735,000	USD	(1,149,567	)		(3,822,671	)		(87,671	)
8/12/15	CNH	1,560,000	USD	(248,883	)		(1,558,386	)		1,614
9/30/15-1/26/16	EGP	6,818,000	USD	(793,109	)		(6,798,769	)		19,231
10/13/15	EUR	765,000	USD	(845,109	)		(769,044	)		(4,044	)
8/5/15	HUF	259,600,000	USD	(947,860	)		(259,619,916	)		(19,916	)
8/25/15-4/25/16	IDR	31,590,000,000	USD	(2,339,279	)		(31,590,060,867	)		(60,867	)
9/29/15	INR	7,000,000	USD	(108,586	)		(7,000,696	)		(696	)
9/30/15	KRW	1,150,000,000	USD	(1,011,523	)		(1,150,030,565	)		(30,565	)
10/5/15	MXN	5,965,000	USD	(375,623	)		(5,972,328	)		(7,328	)
10/23/15	MYR	6,415,000	USD	(1,679,759	)		(6,428,848	)		(13,848	)
8/19/15-4/11/16	NGN	274,133,000	USD	(1,125,953	)		(273,970,274	)		162,726
8/31/15	PEI	2,060,000	USD	(646,133	)		(2,063,346	)		(3,346	)
8/28/15	PHP	21,100,000	USD	(469,275	)		(21,108,701	)		(8,701	)
8/26/15	PLN	5,675,000	USD	(1,538,499	)		(5,710,258	)		(35,258	)
8/18/15	RON	1,680,000	USD	(428,582	)		(1,690,097	)		(10,097	)
9/15/15	RUB	39,515,000	USD	(691,671	)		(39,575,010	)		(60,010	)
10/2/15	T HB	93,100,000	USD	(2,740,654	)		(93,204,824	)		(104,824	)
9/10/15-5/15/17	T RY	14,768,500	USD	(5,373,287	)		(15,236,476	)		(467,976	)
8/20/15	TWD	19,552,000	USD	(638,485	)		(19,571,101	)		(19,101	)
8/31/15-10/27/15	UGX	3,283,000,000	USD	(964,719	)		(3,283,028,004	)		(28,004	)
9/18/15-7/29/16	ZAR	47,139,000	USD	(3,735,187	)		(47,275,253	)		(136,253	)
9/30/15-10/13/15	ZMW	4,625,000	USD	(560,006	)		(4,600,508	)		24,492
8/21/15-9/18/15	USD	3,290,799	ZAR	(41,305,000	)		(3,243,912	)		46,887
8/10/15-10/13/15	USD	1,138,757	ZMW	(8,665,000	)		(1,108,353	)		30,404

									$	(637,315	)


THE ADVISORS’ INNER CIRCLE FUND		ACADIAN EMERGING
		MARKETS DEBT FUND
		JULY 31, 2015 *(Unaudited)*

A summary of the counterparties for the outstanding forward foreign currency contracts held by the Fund at July 31, 2015, is as follows:


Counterparty	Currency to Receive		Currency to Deliver			Unrealized Appreciation/ (Depreciation)
Bank of New York	$	1,557,516	$	(1,540,523	)	$	16,993
BNP Paribas		3,006,315		(2,986,571	)		19,744
Brown Brothers Harriman		15,587,731		(15,666,835	)		(79,104	)
Citigroup		18,940,644		(19,306,819	)		(366,175	)
State Street		11,689,559		(11,764,714	)		(75,155	)
UBS		7,908,272		(8,061,890	)		(153,618	)

						$	(637,315	)

For the period ended July 31, 2015, the total amount of all open forward foreign currency contracts, as presented in the table above, is representative of the volume of activity for this derivative type during the period.

Outstanding swap agreements held by the Fund at July 31, 2015, is as follows:

Interest Rate Swaps

Counterparty

Fund Pays

Fund Receives

Termination
Date

Currency

Notional
Amount

Net Unrealized
Appreciation/
(Depreciation)

Citibank N.A.

Fixed 4.61%

Floating Rate COP-IBR-OIS-Compund

06/25/2017

COP

8,200,000,000

(1,267

)

Float KLIBOR Interbank

Citibank N.A.

Offered Rate

Fixed 3.85%

07/08/2018

MYR

7,600,000

1,957

690

Credit Default Swap

Counterparty

Reference
Entity/Obligation

Buy/Sell
Protection

(Pays)/Receives
Rate

Termination
Date

Notional
Amount

Net Unrealized
Depreciation

Barclays

Markit CDX EM

Buy

1.00

06/20/2020

1,635,000

(124

)

For the period ended July 31, 2015, the total amount of all open swap agreements, as presented in the table above, is representative of the volume of activity for this derivative type during the period.

Currency Legend


BRL	Brazilian Real	MXN	Mexican Peso	TWD	Taiwan Dollar
CLP	Chilean Peso	MYR	Malaysian Ringgit	UGX	Ugandan Shilling
CNH	Chinese Offshore Yuan Renminbi	NGN	Nigerian Naira	USD	U.S. Dollar
COP	Colombian Peso	PEI	Peru Inti	ZAR	South African Rand
DOP	Dominican Peso	PEN	Peruvian Nuevo Sol	ZMW	Zambian Kwacha
EGP	Egyption Pound	PHP	Philippine Peso
EUR	Euro Dollar	PLN	Polish Zloty
HRK	Croatian Kuna	RON	Romanian Leu
HUF	Hungarian Forint	RSD	Serbian Dinar
IDR	Indonesia Rupiah	RUB	Russian Ruble
INR	Indian Rupee	THB	Thai Baht
KRW	Korean Won	TRY	Turkish Lira


THE ADVISORS’ INNER CIRCLE FUND		ACADIAN EMERGING
		MARKETS DEBT FUND
		JULY 31, 2015 *(Unaudited)*

Percentages are based on Net Assets of $38,840,280.

(1)

In U.S dollars unless otherwise indicated.

(A)

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.” These securities have been determined to be liquid under guidelines established by the Board of Trustees.

(B)

Security in default on interest payments.

(C)

Floating rate security — Rate disclosed is the rate in effect on July 31, 2015.

(D)

The rate reported is the 7-day effective yield as of July 31, 2015.

†

At July 31, 2015, the tax basis cost of the Fund’s investments was $43,987,131, and the unrealized appreciation and depreciation were $99,943 and $(5,461,480), respectively.

MTN — Medium Term Note Ser — Series

KLIBOR — Kuala Lumpur Interbank Offered Rate

The summary of inputs used to value the Fund’s net assets as of July 31, 2015 was as follows:


Investments in Securities	Level 1		Level 2			Level 3		Total
Global Bonds	$	—	$	35,938,417		$	—	$	35,938,417
Warrants		—		167,500			—		167,500
Short-Term Investment		2,519,677		—			—		2,519,677

Total Investments in Securities	$	2,519,677	$	36,105,917		$	—	$	38,625,594


Other Financial Instruments	Level 1		Level 2			Level 3		Total
Forward Contracts – Appreciation*	$	—	$	636,806		$	—	$	636,806
Forward Contracts – Depreciation*		—		(1,274,121	)		—		(1,274,121	)
Interest Rate Swaps – Appreciation*		—		1,957			—		1,957
Interest Rate Swaps – Depreciation*		—		(1,267	)		—		(1,267	)
Credit Default Swap – Depreciation*		—		(124	)		—		(124	)

Total Other Financial Instruments	$	—	$	(636,749	)	$	—	$	(636,749	)

* Forward contracts and swap contracts are valued at the net unrealized appreciation/(depreciation) on the instrument.

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

For the period ended July 31, 2015, there have been no transfers between Level 1 and Level 2 assets and liabilities.

For the period ended July 31, 2015, there have been no transfers between Level 2 and Level 3 assets and liabilities. Transfers between levels, if any, are considered to have occurred at the end of the period. For the period ended July 31, 2015, there were no Level 3 investments.

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

ACA-QH-003-1700

Item 2.

Controls and Procedures

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “1940 Act”)) are effective, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 as of a date within 90 days of the filing date of this report.

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

Item 3.

Exhibits.

(a) A separate certification for the principal executive officer and the principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended (17 CFR 270.30a-2(a)), are filed herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: September 28, 2015

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

Date: September 28, 2015

Date: September 28, 2015