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)

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

Date of fiscal year end: October 31, 2023

Date of reporting period: April 30, 2023

Item 1.  Reports to Stockholders.

(a) A copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Investment Company Act of 1940, as amended (the “Act”) (17 CFR § 270.30e-1), is attached hereto.

The Advisors’ Inner Circle Fund

Acadian Emerging Markets Portfolio

Semi-Annual Report	April 30, 2023
	Investment Adviser:
	Acadian Asset Management LLC

THE ADVISORS’ INNER CIRCLE FUND	ACADIAN EMERGING
	MARKETS PORTFOLIO
	APRIL 30, 2023

TABLE OF CONTENTS
Shareholder Letter	1
Schedule of Investments	5
Statement of Assets and Liabilities	25
Statement of Operations	26
Statements of Changes in Net Assets	27
Financial Highlights	28
Notes to Financial Statements	31
Disclosure of Fund Expenses	43

The Portfolio files its complete schedule of investments with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year as an exhibit to its report on Form N-PORT (Form N-Q for filings prior to March 31, 2020). The Portfolio’s Form N-Q and N-PORT are available on the SEC’s website at http://www.sec.gov, and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

A description of the policies and procedures that the Portfolio uses to determine how to vote proxies relating to portfolio securities, as well as information relating to how a portfolio voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, is available (i) without charge, upon request, by calling 1-866-AAM-6161; and (ii) on the SEC’s website at http://www.sec.gov.

THE ADVISORS’ INNER CIRCLE FUND ACADIAN EMERGING MARKETS PORTFOLIO APRIL 30, 2023 (Unaudited)

Dear Shareholder:

We are pleased to present the semi-annual report for the Acadian Emerging Markets Portfolio (the “Portfolio”). This commentary covers the six-month period from November 1, 2022 to April 30, 2023, focusing on the portfolio’s performance and some of the conditions and decisions that impacted returns.

Portfolio Performance Review

For the six months ended April 30, 2023, the Acadian Emerging Markets Portfolio Investor Share Class returned 24%¹, versus 17% for the MSCI Emerging Markets Index, a widely followed emerging markets benchmark.

Market Review

Emerging markets performed well during the period. Chinese stocks rallied, overcoming market volatility and worsening expectations of economic activity. The country witnessed a resurgence in COVID-19 cases after it opened its economy in December, however the reopening boosted stock gains. Turkish stocks rallied on strong corporate earnings and sharp reduction in interest rates despite high inflation. but then slumped after the earthquake and continued concerns about inflation. Similarly Indian stocks rallied on healthy domestic consumption and then plummeted due to fears of an impending global recession and the aggressive monetary policy of all major central banks. Although energy and food prices eased, many central banks kept raising rates as inflation remained well above their target rate. Geopolitical tensions persisted, with no end in sight to the Russia-Ukraine war and the U.S.-China tensions continuing after the ‘spy balloon’ controversy. Overall, markets remained resilient amid weak economic forecasts and the current banking turmoil.

Portfolio Structure

The portfolio was invested in a broad range of emerging companies and markets over the period. The investment process considered both bottom-up company attractiveness and top-down country and industry ratings, combined with benchmark-relative risk controls, to determine individual stock positions. Significant country overweight positions during the period included China, Saudi Arabia and Hungary. The portfolio was generally underweighted relative to the benchmark in India, Taiwan and Mexico. At the sector level, the portfolio was focused on energy, materials and communication services while consumer discretionary, consumer staples and health care were the greatest underweights.

Portfolio Performance

The portfolio outperformed the benchmark by 6%. Outperformance was driven by both stock selection and allocation decisions within and across countries and sectors. Most notably, the portfolio benefited from positioning in China where an overweight in communication services and energy were additive to relative performance. Additionally, the portfolio’s underweight to India proved beneficial over the period. Stock selection in Chinese financials,

¹ NAV returns

1

THE ADVISORS’ INNER CIRCLE FUND ACADIAN EMERGING MARKETS PORTFOLIO APRIL 30, 2023 (Unaudited)

China Pacific Insurance Group and Bank of China, and Indian Financials, ICICI Bank, also boosted relative performance.

The portfolio’s exposure to Value, Quality, Growth and Technical signals was rewarded over the period. Our Peer Model also yielded favorable results, while our Top-Down Model detracted slightly from portfolio returns.

The portfolio’s exposure to Value and Quality signals was rewarded over the period, while Technical and Growth signals were penalized. Our Top-Down Model also yielded favorable results, driven by strong contributions from our Country Model.

We continue to view the asset class positively and believe it forms an essential part of global portfolio diversification. Please let us know if we can provide any additional information.

Sincerely,

Brendan O. Bradley, Ph.D.	Ryan D. Taliaferro, Ph.D.
Chief Investment Officer	Director, Equity Strategies

Index Source: MSCI. Copyright MSCI 2023. All Rights Reserved. Without prior written permission of MSCI this information and any other MSCI intellectual property may only be used for your internal use, may not be reproduced or re-disseminated in any form and may not be used to create financial instruments or products or any indices. This information is provided on an “as is” basis, and the user of this information assumes the entire risk of any use of this information. Neither MSCI nor any third party involved in or related to the computing or compiling of the data makes any express or implied warranties, representations or guarantees concerning the MSCI index-related data, and in no event shall MSCI or any third party have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) relating to any use of this information.

The specific countries, sectors, and individual stocks discussed herein are non-exclusive and are provided as representative of the portfolio’s performance during the period. For a complete list of markets, sectors, and stocks in which the portfolio was invested during the period and the performance of each, please contact Acadian. Please note that Acadian’s system of portfolio attribution uses certain estimates and assumptions and the calculations provided herein are based upon Acadian’s internal records and not those maintained by the Custodian. Additional details about our method of calculation will be furnished upon request. Reference to the benchmark is for comparative purposes only and is not intended to indicate that the portfolio will or did contain the same investments as the benchmark. This review contains confidential information of Acadian Asset Management LLC. Market conditions are subject to change. Past performance is no guarantee of future returns.

The information provided has been prepared by Acadian from our internal records. It is not intended to replace the official records of your account that you receive directly from the custodian. You are encouraged to compare the information provided to you by Acadian to that provided by the custodian and to contact us with any questions.

2

THE ADVISORS’ INNER CIRCLE FUND ACADIAN EMERGING MARKETS PORTFOLIO APRIL 30, 2023 (Unaudited)

Performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. Total expense ratio for the Portfolio in the most recent prospectus dated March 1, 2023, is 1.49%. Shareholders may pay a redemption fee of 2% when they redeem shares held for less than 90 days. For performance data current to the most recent month end, please call 1-866-AAM-6161. The fund’s benchmark was changed March 1, 2012 to the MSCI Emerging Markets Index. Prior to that, the benchmark had been the IFC Investable Index.

Past performance is no guarantee of future performance and may differ significantly from future performance due to market volatility.

The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets.

Mutual fund investing involves risk including loss of principal. In addition to the normal risks associated with investing, international investments may involve risk of capital loss from unfavorable fluctuation in currency values, from differences in generally accepted accounting principles or from economic or political instability in other nations. Emerging markets involve heightened risks related to the same factors, in addition to those associated with their relatively small size and lesser liquidity. The fund is non-diversified.

To determine if this fund is an appropriate investment for you, carefully consider the fund’s objectives, risk factors, charges, and expenses before investing. This and other information can be found in the fund’s full and summary prospectuses, which can be obtained by calling 1- 866-AAM-6161. Please read the prospectus carefully before investing.

Past performance is no guarantee of future performance and may differ significantly from future performance due to market volatility.

The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets.

Mutual fund investing involves risk including loss of principal. In addition to the normal risks associated with investing, international investments may involve risk of capital loss from unfavorable fluctuation in currency values, from differences in generally accepted accounting principles or from economic or political instability in other nations. Emerging markets involve heightened risks related to the same factors, in addition to those associated with their relatively small size and lesser liquidity. The fund is diversified.

To determine if this fund is an appropriate investment for you, carefully consider the fund’s objectives, risk factors, charges, and expenses before investing. This and other information can be found in the fund’s full and summary prospectuses, which can be obtained by calling 1-866-AAM-6161. Please read the prospectus carefully before investing.

3

THE ADVISORS’ INNER CIRCLE FUND ACADIAN EMERGING MARKETS PORTFOLIO APRIL 30, 2023 (Unaudited)

The Acadian Emerging Markets Portfolio is distributed by SEI Investments Distribution Co, which is not affiliated with Acadian Asset Management LLC.

Registered representatives associated with Funds Distributor, LLC (“FD”), member FINRA. FD is not affiliated with Acadian Asset Management LLC.

4

THE ADVISORS’ INNER CIRCLE FUND ACADIAN EMERGING MARKETS PORTFOLIO APRIL 30, 2023 (Unaudited)

  SECTOR WEIGHTINGS †

† Percentages based on total investments.

SCHEDULE OF INVESTMENTS
COMMON STOCK — 95.3%
	Shares		Value
Brazil — 1.3%
BB Seguridade Participacoes		49,800	$	339,568
JBS		1,788,476		6,382,548
Kepler Weber		33,600		48,839
Mahle Metal Leve		7,600		43,502
Nova Embrapar Participacoes * (A)		854		—
Seara Alimentos * (A)		911		—
SYN prop e tech		35,300		23,568
Vale		109,500		1,581,096
				8,419,121
China — 25.6%
37 Interactive Entertainment Network Technology Group, Cl A		1,190,400		5,285,572
Agricultural Bank of China, Cl H		12,388,000		4,789,609
Anhui Ronds Science & Technology, Cl A		9,886		189,202
Autohome ADR		81,635		2,420,478
Bank of China, Cl H		9,261,926		3,698,826
Bank of Communications, Cl H		859,236		554,981
Beijing Yanjing Brewery, Cl A		264,900		501,148
BYD Electronic International		67,000		203,193
Cheetah Mobile ADR *		3,235		7,085
Cheng De Lolo, Cl A		862,430		1,124,909
Chengdu Hongqi Chain, Cl A		729,500		657,659
Chengdu Kanghong Pharmaceutical Group, Cl A		94,800		253,454
China Citic Bank, Cl H		3,843,342		2,079,115

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

5

THE ADVISORS’ INNER CIRCLE FUND ACADIAN EMERGING MARKETS PORTFOLIO APRIL 30, 2023 (Unaudited)

COMMON STOCK — continued
	Shares		Value
China — (continued)
China Construction Bank, Cl H		25,779,715	$	17,234,419
China Merchants Bank, Cl H		124,500		600,977
China Petroleum & Chemical, Cl H		2,350,000		1,540,227
China Railway Group, Cl H		409,461		314,810
China Shenhua Energy, Cl H		82,500		274,028
Chinese Universe Publishing and Media Group, Cl A		2,434,699		6,283,349
COSCO SHIPPING Holdings, Cl H		318,850		370,350
Daqin Railway, Cl A		83,700		93,108
Daqo New Energy ADR *		28,993		1,331,359
Dongfeng Motor Group, Cl H		278,000		133,009
Edan Instruments, Cl A		163,400		367,922
Fujian Apex Software, Cl A		34,600		266,683
G-bits Network Technology Xiamen, Cl A		86,289		6,529,700
Guangdong Hybribio Biotech, Cl A		90,600		191,873
Guangzhou Haoyang Electronic, Cl A		10,000		158,709
Haitian International Holdings		46,946		121,979
Harbin Power Equipment, Cl H		226,469		100,971
Hello Group ADR *		59,063		493,767
Hubei Jumpcan Pharmaceutical, Cl A		364,200		1,660,653
Industrial & Commercial Bank of China, Cl H		5,749,000		3,092,986
iQIYI ADR *		68,471		417,673
Jointown Pharmaceutical Group, Cl A		244,400		585,045
JOYY ADR		18,819		572,662
KE Holdings ADR *		104,392		1,637,910
Kingnet Network, Cl A *		2,993,300		7,220,989
Kunlun Energy		5,734,000		5,315,463
Lonking Holdings		477,354		84,637
Mega-info Media, Cl A		27,400		146,092
Metallurgical Corp of China, Cl H		3,991,520		1,217,897
MINISO Group Holding ADR *		38,049		701,624
New China Life Insurance, Cl H		641,200		1,836,107
Opple Lighting, Cl A		254,200		765,420
PDD Holdings ADR *		35,496		2,419,052
Perfect World, Cl A		233,300		740,238
PetroChina, Cl H		17,680,000		12,281,143
PICC Property & Casualty, Cl H		916,000		1,107,864
Ping An Insurance Group of China, Cl H		635,500		4,636,303
Qingdao Topscomm Communication, Cl A		93,700		126,285
Qudian ADR *		249,049		313,802
Rongan Property, Cl A		995,400		404,158
Sansteel Minguang Fujian, Cl A		254,950		173,495
Shandong WIT Dyne Health, Cl A		293,970		1,556,673
Shanghai Pudong Construction, Cl A		1,658,580		1,714,609

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

6

THE ADVISORS’ INNER CIRCLE FUND ACADIAN EMERGING MARKETS PORTFOLIO APRIL 30, 2023 (Unaudited)

COMMON STOCK — continued
	Shares		Value
China — (continued)
Shanghai Rural Commercial Bank, Cl A		327,700	$	279,797
Shenzhen Laibao Hi-tech, Cl A		330,300		390,847
Shui On Land		1,061,000		128,653
Sichuan Teway Food Group, Cl A		461,878		1,145,680
Sinopharm Group, Cl H		130,000		460,496
Sinotrans, Cl H		795,000		275,084
Sinotruk Hong Kong		2,792,148		4,267,077
Sunflower Pharmaceutical Group, Cl A		125,500		477,598
Suzhou Gold Mantis Construction Decoration, Cl A		1,842,546		1,437,800
TAL Education Group ADR *		44,804		262,551
TCL Electronics Holdings		949,000		444,262
Tencent Holdings		636,500		28,270,858
Tencent Music Entertainment Group ADR *		185,108		1,371,650
Tian Di Science & Technology, Cl A		1,983,000		1,565,830
Tianneng Power International		553,288		642,473
TravelSky Technology, Cl H		93,000		185,640
Trip.com Group ADR *		53,745		1,908,485
Tsingtao Brewery, Cl H		60,513		647,830
Vatti, Cl A		467,000		478,940
Vipshop Holdings ADR *		289,549		4,545,919
Wangsu Science & Technology, Cl A		1,693,600		2,203,446
Waterdrop ADR *		17,237		50,332
Weibo ADR *		37,785		661,615
Weichai Power, Cl H		224,000		331,104
Weiqiao Textile, Cl H *		643,235		123,974
Willfar Information Technology, Cl A		79,892		344,212
Winner Medical, Cl A		27,276		239,374
Wuxi Xinje Electric, Cl A		75,000		399,895
Xinyu Iron & Steel, Cl A		683,800		392,563
Xinyuan Real Estate ADR *		822		2,815
Yum China Holdings		394		24,105
Zhejiang Qianjiang Motorcycle, Cl A		13,400		41,483
Zhejiang Semir Garment, Cl A		4,067,197		3,948,371
				166,852,010
Colombia — 0.0%
Cementos Argos		77,006		50,649
Czech Republic — 0.0%
Philip Morris CR		11		9,097
Egypt — 0.0%
Ezz Steel SAE		46,233		62,262

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

7

THE ADVISORS’ INNER CIRCLE FUND ACADIAN EMERGING MARKETS PORTFOLIO APRIL 30, 2023 (Unaudited)

COMMON STOCK — continued
	Shares		Value
Greece — 0.2%
Aegean Airlines *		9,661	$	82,962
Cairo Mezz *		11,041		1,582
Fourlis Holdings		25,163		111,047
JUMBO *		11,067		254,979
Motor Oil Hellas Corinth Refineries		15,296		364,559
National Bank of Greece *		144,184		754,541
				1,569,670
Hong Kong — 10.3%
AAC Technologies Holdings		72,000		152,221
Alibaba Group Holding *		1,479,368		15,642,285
Asia Cement China Holdings		1,079,140		473,498
Baidu, Cl A *		262,250		3,947,364
Cabbeen Fashion		107,928		12,919
China BlueChemical		1,046,000		276,490
China Coal Energy, Cl H		7,405,645		6,363,010
China Foods		421,556		154,846
China Hanking Holdings		48,000		4,835
China Harmony Auto Holding *		895,780		100,918
China High Speed Transmission Equipment Group *		657,314		240,238
China International Marine Containers Group, Cl H		246,646		159,391
China Kepei Education Group		115,133		37,847
China Lesso Group Holdings		106,000		91,639
China Minsheng Banking, Cl H		771,500		283,407
China National Building Material, Cl H		459,215		344,554
China Oriental Group		926,000		149,044
China Pacific Insurance Group, Cl H		2,567,431		7,669,001
China Reinsurance Group, Cl H		421,462		32,289
China Resources Beer Holdings		162,000		1,251,415
China Risun Group		225,000		105,323
China Taiping Insurance Holdings		633,800		728,016
Chinasoft International		274,000		182,660
Chongqing Machinery & Electric, Cl H		466,000		38,107
CITIC		4,424,000		5,553,407
CITIC Resources Holdings		690,000		41,438
Consun Pharmaceutical Group		118,000		76,713
COSCO SHIPPING Ports		40,000		26,320
CPMC Holdings		208,609		119,147
Dawnrays Pharmaceutical Holdings		79,485		13,569
Digital China Holdings		91,000		37,803
Dongyue Group		145,000		147,554
Edvantage Group Holdings		180,310		62,705
FriendTimes *		651,961		82,225
Fufeng Group		588,742		356,845

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

8

THE ADVISORS’ INNER CIRCLE FUND ACADIAN EMERGING MARKETS PORTFOLIO APRIL 30, 2023 (Unaudited)

COMMON STOCK — continued
	Shares		Value
Hong Kong — (continued)
Goodbaby International Holdings *		616,280	$	43,321
Grand Baoxin Auto Group *		379,968		17,458
Inkeverse Group *		748,000		104,239
JD.com, Cl A		132,055		2,356,897
Jiangxi Copper, Cl H		195,000		346,894
JNBY Design		471,314		518,784
Joy City Property		780,000		32,346
Kingboard Holdings		85,000		260,332
Kingsoft		96,600		424,627
Launch Tech, Cl H *		56,542		15,688
Lee & Man Paper Manufacturing		121,000		51,433
Lenovo Group		6,244,000		6,388,088
Maoye International Holdings		286,000		8,744
Meituan, Cl B * (B)		80,650		1,378,345
MINISO Group Holding		7,200		32,678
NetDragon Websoft Holdings		247,000		483,674
NetEase		196,500		3,498,172
New Oriental Education & Technology Group *		207,900		944,181
Nine Dragons Paper Holdings *		177,519		123,161
Orient Overseas International		22,000		446,978
Pou Sheng International Holdings *		1,878,142		155,833
Renrui Human Resources Technology Holdings *		1,804		880
Sany Heavy Equipment International Holdings		35,000		46,424
Sinopec Engineering Group, Cl H		1,555,500		806,623
Skyworth Group		6,105,486		3,043,857
Tencent Music Entertainment Group *		9,300		34,008
Uni-President China Holdings		258,000		257,605
Wasion Holdings		188,000		83,878
XD *		11,984		37,987
Yihai International Holding		44,000		116,780
Zoomlion Heavy Industry Science and Technology		100		55
ZTE, Cl H		74,200		238,982
				67,257,995
Hungary — 1.9%
MOL Hungarian Oil & Gas		344,269		2,791,767
OTP Bank Nyrt		302,847		9,228,632
Richter Gedeon Nyrt		2,066		49,899
				12,070,298
India — 11.2%
Action Construction Equipment		23,097		118,399
Allcargo Logistics		17,795		59,546
Allcargo Logistics *		17,795		9,332

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

9

THE ADVISORS’ INNER CIRCLE FUND ACADIAN EMERGING MARKETS PORTFOLIO APRIL 30, 2023 (Unaudited)

COMMON STOCK — continued
	Shares		Value
India — (continued)
Ambika Cotton Mills		3,408	$	63,868
Andhra Paper		5,846		32,546
Andhra Sugars		40,305		57,455
Apar Industries		34,366		1,185,161
Arvind *		135,918		180,175
AurionPro Solutions		13,962		62,250
AVT Natural Products		41,515		43,742
Bajaj Consumer Care		13,858		26,848
Bank of Baroda		848,019		1,955,939
Bharat Dynamics		13,859		170,951
BLS International Services		73,872		162,607
Canara Bank		172,989		675,017
Castrol India		127,544		187,154
CESC		343,429		288,354
CG Power & Industrial Solutions		114,637		434,163
Chennai Petroleum		61,914		230,600
Cigniti Technologies		12,994		137,549
Coal India		2,315,631		6,618,669
Computer Age Management Services		4,215		106,547
Coromandel International		12,977		149,825
Cummins India		11,304		218,296
Cyient		63,035		911,567
Datamatics Global Services		22,513		95,689
DCM Shriram Industries		36,391		31,226
Dhampur Sugar Mills		21,205		63,479
Dhunseri Ventures		11,142		31,266
EID Parry India		20,736		127,731
Elecon Engineering		96,672		514,892
Elgi Equipments		8,162		46,545
Emami		68,908		316,371
ESAB India		690		29,338
FIEM Industries		1,297		28,246
Finolex Cables		19,953		218,885
Foseco India		724		21,255
GAIL India		667,989		878,033
GHCL		47,629		282,985
GHCL Textiles *		47,629		19,352
Gillette India		317		17,113
GNA Axles		3,440		34,862
Godawari Power and Ispat		70,623		309,241
Godfrey Phillips India		5,127		111,192
Great Eastern Shipping		30,644		254,608
Gujarat Ambuja Exports		98,133		350,416

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

10

THE ADVISORS’ INNER CIRCLE FUND ACADIAN EMERGING MARKETS PORTFOLIO APRIL 30, 2023 (Unaudited)

  COMMON STOCK — continued

	Shares		Value
India — (continued)
Gujarat Narmada Valley Fertilizers & Chemicals		113,300	$	817,164
Gujarat Pipavav Port		28,643		40,025
Gujarat State Fertilizers & Chemicals		30,351		59,163
HCL Technologies		1,113,747		14,561,179
HIL		708		23,422
Hindustan Aeronautics		126,318		4,523,603
Infosys		42,477		655,385
ITC		1,605,226		8,370,871
ITD Cementation India		38,041		57,787
J Kumar Infraprojects		56,858		190,364
Jagran Prakashan		140,311		126,062
Jindal Saw		150,278		301,451
Kalyani Steels		2,284		9,289
Karnataka Bank		729,817		1,205,735
Kewal Kiran Clothing		27,438		155,756
Kirloskar Brothers		30,179		157,440
Kirloskar Industries		1,818		57,147
KPIT Technologies		454,134		5,118,007
KSB		22,399		618,144
Lakshmi Machine Works		391		51,150
LG Balakrishnan & Bros		27,378		291,606
Mahanagar Gas		22,868		282,506
Maharashtra Seamless		59,388		315,280
Mazagon Dock Shipbuilders		18,638		172,516
MOIL		34,378		65,999
Mrs Bectors Food Specialities		16,896		128,116
National Aluminium		1,938,951		1,975,068
Nava		279,542		805,187
NCC		354,181		520,890
NIIT *		72,667		322,124
NMDC		15,794		21,029
NRB Bearings		89,057		163,857
Nucleus Software Exports		6,979		51,738
Oil India		202,404		632,743
Oracle Financial Services Software		21,547		940,947
Orient Cement		162,820		254,621
Pennar Industries *		81,342		72,139
Polycab India		5,810		228,380
Power Finance		111,324		231,844
Prakash Industries *		56,281		37,578
PTC India		321,599		374,272
Raymond		8,721		170,421
Redington		1,461,109		3,020,818

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

11

THE ADVISORS’ INNER CIRCLE FUND ACADIAN EMERGING MARKETS PORTFOLIO APRIL 30, 2023 (Unaudited)

  COMMON STOCK — continued

	Shares		Value
India — (continued)
Repco Home Finance		25,178	$	58,799
Savita Oil Technologies		3,290		11,353
Schaeffler India		2,551		86,769
Seshasayee Paper & Boards		25,001		86,126
Shyam Metalics & Energy		7,029		25,372
Siyaram Silk Mills		37,411		224,851
SMC Global Securities		1,350		1,247
Sonata Software		32,021		335,602
South Indian Bank *		278,051		56,163
SP Apparels *		13,232		60,270
Star Cement *		21,237		30,307
Steel Authority of India		2,561,665		2,603,132
Styrenix Performance Materials		4,846		46,998
Sutlej Textiles and Industries		35,560		22,420
Tamil Nadu Newsprint & Papers		47,442		139,955
Tamilnadu Petroproducts		92,741		96,178
Technocraft Industries India *		4,120		77,152
TGV SRAAC *		5,826		8,050
Time Technoplast		122,412		126,588
Transindia Realty and Logistics *		17,795		9,332
Transport Corp of India		16,142		125,357
Triveni Turbine		170,857		765,977
Uniparts India		4,018		26,812
Vardhman Textiles		30,623		119,340
Varun Beverages		1,418		25,132
Visaka Industries		20,755		102,812
West Coast Paper Mills		42,557		287,684
WNS Holdings ADR *		18,350		1,654,619
				73,262,505
Indonesia — 2.7%
ABM Investama		68,965		15,709
Adaro Energy Indonesia		30,027,555		6,427,820
Adaro Minerals Indonesia *		5,066,800		380,820
Astra International		1,574,200		726,129
Bank CIMB Niaga		896,267		75,853
Bank Mandiri Persero		9,328,800		3,297,732
Bank Pembangunan Daerah Jawa Barat Dan Banten		402,740		34,475
Bukit Asam		6,058,175		1,713,400
Dharma Satya Nusantara		2,308,000		97,619
Erajaya Swasembada		109,417		3,711
Gajah Tunggal *		1,469,077		70,099
Hanjaya Mandala Sampoerna		4,121,600		285,500
Indah Kiat Pulp & Paper		174,268		92,601

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

12

THE ADVISORS’ INNER CIRCLE FUND ACADIAN EMERGING MARKETS PORTFOLIO APRIL 30, 2023 (Unaudited)

  COMMON STOCK — continued

	Shares		Value
Indonesia — (continued)
Indika Energy		279,534	$	49,723
Indo Tambangraya Megah		234,549		533,601
Indofood Sukses Makmur		1,388,300		611,091
Map Aktif Adiperkasa *		235,600		73,876
Matahari Department Store		1,955,040		540,195
Mitra Adiperkasa *		3,707,000		346,621
Panin Financial		3,262,500		63,701
Perusahaan Gas Negara		8,173,706		799,580
Perusahaan Perkebunan London Sumatra Indonesia		1,484,600		102,800
Temas		293,800		57,679
Triputra Agro Persada		4,887,415		213,374
United Tractors		368,300		727,052
				17,340,761
Luxembourg — 1.0%
Ternium ADR		149,307		6,472,458
Malaysia — 0.1%
Carlsberg Brewery Malaysia		5,200		24,665
Coastal Contracts *		49,500		25,492
Fraser & Neave Holdings		8,000		47,638
Gas Malaysia		66,600		49,794
Heineken Malaysia		15,900		100,356
Hong Leong Financial Group		7,900		32,116
Jaya Tiasa Holdings		233,300		35,959
Kim Loong Resources		64,400		26,585
KSL Holdings *		267,883		49,946
Magni-Tech Industries		14,400		5,754
Padini Holdings		165,400		150,385
Shin Yang Shipping		271,200		36,657
TSH Resources		125,200		28,974
YTL Power International		426,500		105,452
				719,773
Mexico — 0.4%
Alfa, Cl A		391,446		249,940
Cemex ADR *		302,966		1,817,796
Grupo Aeroportuario del Sureste ADR		2,399		686,882
				2,754,618
Philippines — 0.0%
Semirara Mining & Power, Cl A		518,700		253,402
SSI Group		178,472		7,334
				260,736

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

13

THE ADVISORS’ INNER CIRCLE FUND ACADIAN EMERGING MARKETS PORTFOLIO APRIL 30, 2023 (Unaudited)

  COMMON STOCK — continued

	Shares		Value
Poland — 1.4%
Asseco Poland		529	$	10,733
Bank Handlowy w Warszawie		2,195		47,414
Budimex		19		1,674
Grenevia *		191,253		152,507
Grupa Azoty *		24,636		190,458
Jastrzebska Spolka Weglowa *		157,772		1,632,870
LiveChat Software		5,491		183,404
PGE Polska Grupa Energetyczna *		772,729		1,280,062
Powszechny Zaklad Ubezpieczen		621,531		5,726,097
STS Holding *		6,445		31,458
Unimot		337		9,845
				9,266,522
Qatar — 0.0%
Industries Qatar QSC		50,198		176,879
Russia — 0.0%
Globaltrans Investment GDR * (A)		114,181		—
HeadHunter Group ADR * (A)		3,279		—
Novolipetsk Steel PJSC GDR * (A)		189,918		—
Sberbank of Russia PJSC ADR * (A)		447,493		—
Tatneft PJSC ADR * (A)		153,163		—
				—
Saudi Arabia — 6.8%
Abdullah Al Othaim Markets		7,085		271,631
Alamar Foods		12,939		476,066
Americana Restaurants International		3,065,605		3,289,927
Arab National Bank		47,027		344,832
Arabian Centres		63,580		368,885
Arabian Internet & Communications Services		17,230		1,289,760
Astra Industrial Group		20,464		368,449
Banque Saudi Fransi		21,371		221,749
Bawan		17,813		138,592
Dar Al Arkan Real Estate Development *		129,392		558,552
Derayah REIT ‡		23,450		61,483
Electrical Industries *		4,878		50,495
Elm		46,867		5,558,043
Gulf Insurance Group *		11,142		81,872
Hail Cement		3,036		9,929
Leejam Sports JSC		13,514		430,816
Middle East Healthcare *		20,382		212,006
National for Learning & Education		1,823		54,196
National Medical Care		23,024		584,113
SABIC Agri-Nutrients		13,525		486,293

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

14

THE ADVISORS’ INNER CIRCLE FUND ACADIAN EMERGING MARKETS PORTFOLIO APRIL 30, 2023 (Unaudited)

  COMMON STOCK — continued

	Shares		Value
Saudi Arabia — (continued)
Sahara International Petrochemical		378,860	$	3,950,351
Saudi Basic Industries		564,928		13,977,830
Saudi Chemical Holding		12,811		103,174
Saudi Electricity		1,118,110		7,248,557
Saudi Telecom		218,131		2,625,420
Savola Group		23,225		197,830
Seera Group Holding *		140,550		933,559
Yamama Cement		12,544		110,262
				44,004,672
Singapore — 0.0%
Riverstone Holdings		512,200		232,989
South Africa — 1.9%
African Rainbow Minerals		79,601		999,978
DRDGOLD ADR		4,160		44,512
Exxaro Resources		77,726		816,693
Hudaco Industries		688		5,792
Investec		266,871		1,467,663
Kumba Iron Ore		258,333		6,281,806
Lewis Group		20,296		42,162
Murray & Roberts Holdings *		77,321		5,580
Omnia Holdings		10,425		32,804
Sappi		295,045		670,495
Sasol		47,209		614,760
Standard Bank Group		106,234		996,022
Sun International		27,567		61,787
Tiger Brands		6,151		66,643
Woolworths Holdings		52,061		185,367
Zeda *		32,760		21,766
				12,313,830
South Korea — 10.9%
Ace Bed		567		13,626
BNK Financial Group		95,862		476,905
Cheil Worldwide		37,434		518,017
CJ		33,239		2,275,898
Creas F&C		84		1,139
Daewon San Up		2,029		9,694
Daishin Securities		13,063		131,448
DB HiTek		61,751		2,811,525
DGB Financial Group		44,754		229,503
DL Construction		2,111		21,517
DMS		9,421		44,430
Dongwon F&B		3,100		70,919

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

15

THE ADVISORS’ INNER CIRCLE FUND ACADIAN EMERGING MARKETS PORTFOLIO APRIL 30, 2023 (Unaudited)

  COMMON STOCK — continued

	Shares		Value
South Korea — (continued)
DoubleUGames		2,173	$	73,741
DRB Holding		528		1,741
DY POWER		2,434		21,439
Echo Marketing		14,098		117,546
Genoray		1,772		10,405
Global Standard Technology		3,878		74,146
GS Holdings		8,603		255,608
Hana Financial Group		299,579		9,413,867
Handsome		2,901		54,217
Hanjin Heavy Industries & Construction Holdings		10,403		30,455
Hansol Paper		5,426		46,138
Hansol Technics		5,867		25,745
Hanwha		177,601		3,606,885
Hanwha Life Insurance *		137,009		254,571
Hanyang Securities		3,600		23,656
Hyundai Engineering & Construction		37,061		1,140,281
Hyundai Glovis		629		77,160
Hyundai Motor		7,685		1,138,374
iMarketKorea		6,925		51,220
Infinitt Healthcare *		4,997		18,914
JB Financial Group		45,575		285,164
JVM		2,286		34,724
KB Financial Group		183,109		6,796,314
KC Tech		2,465		34,705
KCC		1,487		247,866
Kolon		7,102		108,096
Korea Business News		15,443		62,746
Korea Cast Iron Pipe Industries		9,586		50,838
KT		342,286		7,681,833
LG Electronics		106,239		8,724,125
LG Uplus		443,837		3,660,931
Lotte Data Communication		2,414		50,875
LOTTE Himart		3,334		28,265
LX Hausys		9,289		285,784
LX INTERNATIONAL CORP		25,281		554,370
Multicampus		1,070		29,238
NHN *		44,930		914,674
PHA		2,685		17,233
Piolink		2,947		30,842
PSK Holdings		3,991		27,124
Rayence		15,821		139,469
Sajodaerim		7,208		144,689
Samsung Electronics		252,633		12,430,578

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

16

THE ADVISORS’ INNER CIRCLE FUND ACADIAN EMERGING MARKETS PORTFOLIO APRIL 30, 2023 (Unaudited)

  COMMON STOCK — continued

	Shares		Value
South Korea — (continued)
Samyang Optics		4,251	$	34,233
Sangsangin *		9,446		34,846
Saramin		4,391		74,955
SAVEZONE I&C CORP		11,048		22,618
Sejong Industrial		8,177		41,329
Seoul Semiconductor		7,050		56,314
Seoyon		8,880		54,036
SGC e Tec E&C		939		16,591
Shinsegae Engineering & Construction		1,067		14,092
TK		5,267		70,173
Value Added Technology		17,476		504,714
WiSoL		13,595		66,011
Woongjin Thinkbig		18,433		42,784
Woori Financial Group		483,545		4,252,901
YES24		471		1,770
Youngone		20,652		683,508
				71,352,088
Taiwan — 15.1%
Acer		894,000		881,855
Acer Cyber Security		12,000		77,858
Adda *		30,000		32,665
Advanced International Multitech		53,000		156,326
Alpha Networks		215,000		248,531
Ampire		62,000		77,540
Apacer Technology		18,000		30,214
Asustek Computer		253,000		2,331,892
Axiomtek		112,000		274,689
Basso Industry		20,000		27,374
Channel Well Technology		43,000		76,223
Chicony Electronics		160,000		505,533
China Ecotek		37,000		64,231
Chipbond Technology		265,000		569,030
ChipMOS Technologies		479,000		578,647
ChipMOS Technologies ADR		2,816		67,415
Chunghwa Precision Test Tech		7,000		110,235
Compal Electronics		2,095,000		1,634,935
Compucase Enterprise		23,000		37,937
CyberPower Systems		44,000		176,610
D-Link		375,000		216,117
Elitegroup Computer Systems		160,000		129,462
eMemory Technology		22,000		1,315,419
Emerging Display Technologies		249,000		242,162
Ennoconn		59,000		482,763

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

17

THE ADVISORS’ INNER CIRCLE FUND ACADIAN EMERGING MARKETS PORTFOLIO APRIL 30, 2023 (Unaudited)

  COMMON STOCK — continued

	Shares		Value
Taiwan — (continued)
Evergreen Marine Taiwan		1,235,200	$	6,523,734
First Insurance		95,000		48,553
Fitipower Integrated Technology		173,000		895,316
Gemtek Technology *		169,000		170,934
General Plastic Industrial		30,000		32,867
Getac Holdings		294,000		563,914
Gigabyte Technology		455,000		1,948,344
Global Brands Manufacture		139,000		153,398
Global Mixed Mode Technology		79,000		467,517
Goldtek Technology		6,615		14,485
Gourmet Master		91,000		461,669
Grand Process Technology		5,000		54,530
Hannstar Board		181,000		224,267
Himax Technologies ADR		58,440		388,042
Hon Hai Precision Industry		2,259,648		7,699,863
Ichia Technologies		273,000		252,494
Innodisk		9,000		87,706
International Games System		181,000		3,161,064
Inventec		929,000		1,002,060
ITE Technology		73,000		210,914
Kindom Development		20,000		19,357
King Yuan Electronics		555,000		851,786
L&K Engineering		84,000		124,265
La Kaffa International		131,000		719,366
Lite-On Technology		315,061		754,735
Macroblock		200,000		737,716
MediaTek		100,000		2,174,385
Mercuries Life Insurance *		4,130		708
Micro-Star International		244,000		1,159,734
Mitac Holdings		111,000		102,736
MPI		39,000		163,595
Nexcom International		139,000		177,027
Novatek Microelectronics		452,000		6,179,345
Phison Electronics		20,000		253,868
Pou Chen		1,860,000		1,926,763
Qisda		573,000		646,545
Quanta Storage		187,000		328,291
Raydium Semiconductor		127,000		1,582,050
Realtek Semiconductor		834,000		9,780,295
Senao International		61,000		69,337
Senao Networks		90,000		838,827
Simplo Technology		63,000		632,430
Sitronix Technology		43,000		320,204

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

18

THE ADVISORS’ INNER CIRCLE FUND ACADIAN EMERGING MARKETS PORTFOLIO APRIL 30, 2023 (Unaudited)

  COMMON STOCK — continued

	Shares		Value
Taiwan — (continued)
Solteam		34,000	$	51,949
Star Comgistic Capital		185,723		155,206
Sunonwealth Electric Machine Industry		46,000		78,911
Sunrex Technology		40,000		58,059
Taiwan PCB Techvest		42,000		56,062
Taiwan Semiconductor Manufacturing		1,663,000		27,232,612
Taiwan Union Technology		170,000		368,243
TTFB		4,000		30,234
Ubright Optronics		7,000		7,964
Union Insurance *		22,328		11,530
United Orthopedic		36,000		73,723
Unizyx Holding		220,000		296,295
Ventec International Group *		18,000		48,429
Wistron		2,474,000		3,749,892
Wowprime		164,000		1,696,445
X-Legend Entertainment		17,000		24,953
Yuan High-Tech Development		8,000		21,897
Zhen Ding Technology Holding		146,000		531,877
				98,744,980
Thailand — 2.8%
After You NVDR		148,100		46,052
AP Thailand NVDR		668,900		247,272
Asia Green Energy NVDR		293,150		23,411
Bangchak NVDR		555,400		494,053
Bangkok Bank NVDR		2,365,900		10,910,106
Bangkok Chain Hospital NVDR		440,100		280,289
Banpu NVDR		2,037,300		544,787
BTS Rail Mass Transit Growth Infrastructure Fund		267,600		26,971
Bumrungrad Hospital NVDR		21,900		152,940
Index Livingmall NVDR		529,700		322,035
Indorama Ventures NVDR		1,449,200		1,447,670
Krung Thai Bank NVDR		1,265,200		668,870
Lanna Resources NVDR		271,500		115,504
Minor International NVDR		538,700		498,959
MK Restaurants Group NVDR		186,100		268,876
Polyplex Thailand NVDR		9,500		4,543
Pruksa Holding NVDR		72,200		26,260
PTT Exploration & Production NVDR		42,800		186,225
Regional Container Lines NVDR		414,800		295,053
Sabina NVDR		81,600		67,108
Silicon Craft Technology NVDR		189,600		49,493
SISB NVDR		234,100		223,598
Srinanaporn Marketing NVDR, Cl P		109,500		75,603

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

19

THE ADVISORS’ INNER CIRCLE FUND ACADIAN EMERGING MARKETS PORTFOLIO APRIL 30, 2023 (Unaudited)

  COMMON STOCK — continued

	Shares		Value
Thailand — (continued)
Star Petroleum Refining NVDR		683,600	$	195,141
Successmore Being NVDR		3,000		454
Supalai NVDR		944,500		587,026
Thai Oil NVDR		180,200		246,669
Tipco Asphalt NVDR		300,200		176,870
				18,181,838
Turkey — 0.6%
Agesa Hayat ve Emeklilik		235,724		357,699
Bogazici Beton Sanayi Ve Ticaret		131,249		122,062
CarrefourSA Carrefour Sabanci Ticaret Merkezi *		23,483		65,071
Dogus Otomotiv Servis ve Ticaret		98,115		617,636
EGE Profil Ticaret ve Sanayi		2,471		6,334
Logo Yazilim Sanayi Ve Ticaret		32,797		100,422
Migros Ticaret		61,577		552,481
Sok Marketler Ticaret *		153,603		262,602
Turkcell Iletisim Hizmet		773,187		1,317,156
Turkiye Petrol Rafinerileri		94,668		323,280
				3,724,743
United Arab Emirates — 0.8%
Emaar Properties PJSC		2,245,334		3,640,272
Emirates NBD Bank PJSC		195,951		753,684
Multiply Group PJSC *		78,755		72,255
Salik PJSC		393,901		321,274
Sharjah Islamic Bank		117,456		61,836
				4,849,321
United Kingdom — 0.2%
Thungela Resources		134,787		1,250,636
United States — 0.1%
Danaos		5,237		303,379
TOTAL COMMON STOCK (Cost $584,903,605)				621,503,830
PREFERRED STOCK(C) — 3.9%
Brazil — 3.8%
Cia de Ferro Ligas da Bahia FERBASA		91,158		947,438
Cia Energetica de Minas Gerais		732,979		1,809,008
Gerdau		1,642,780		8,276,806
Marcopolo		145,500		104,433

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

20

THE ADVISORS’ INNER CIRCLE FUND ACADIAN EMERGING MARKETS PORTFOLIO APRIL 30, 2023 (Unaudited)

PREFERRED STOCK(C) — continued
	Shares		Value
Brazil — (continued)
Metalurgica Gerdau, Cl A		1,250,100	$	2,909,832
Noxville Investimentos * (A)		455		—
Petroleo Brasileiro		2,293,994		10,877,132
Unipar Carbocloro		18,700		245,344
				25,169,993
South Korea — 0.1%
CJ		9,029		508,649
TOTAL PREFERRED STOCK (Cost $20,406,220)				25,678,642
MUTUAL FUND — 0.4%
United States — 0.4%
iShares MSCI Emerging Markets ETF		69,337		2,713,157
TOTAL MUTUAL FUND (Cost $2,722,172)				2,713,157
RIGHT — 0.0%
	Number of Rights
Taiwan — 0.0%
Acer Inc., Expires 06/19/23		178		—
TOTAL RIGHT (Cost $—)				—
SHORT-TERM INVESTMENT — 0.1%
	Shares
FIRST AMERICAN TREASURY OBLIGATIONS FUND, Cl X, 4.870% (Cost $603,710)		603,710		603,710
TOTAL INVESTMENTS— 99.7% (Cost $608,635,707)			$	650,499,339

Percentages are based on Net Assets of $652,004,898.

* Non-income producing security.

‡ Real Estate Investment Trust

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

21

THE ADVISORS’ INNER CIRCLE FUND ACADIAN EMERGING MARKETS PORTFOLIO APRIL 30, 2023 (Unaudited)

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

(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) There is currently no rate available.

ADR — American Depositary Receipt

Cl — Class

ETF — Exchange Traded Fund

GDR — Global Depositary Receipt

NVDR — Non-Voting Depositary Receipt

PJSC — Public Joint Stock Company

QSC — Qatari Shareholding Company

REIT — Real Estate Investment Trust

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

22

THE ADVISORS’ INNER CIRCLE FUND ACADIAN EMERGING MARKETS PORTFOLIO APRIL 30, 2023 (Unaudited)

The summary of input levels used to value the Portfolio’s net assets as of April 30, 2023 was as follows:

Investments in Securities	Level 1		Level 2		Level 3†		Total
Common Stock
Brazil	$	8,419,121	$	—	$	—^	$	8,419,121
China		19,656,898		147,195,112		—		166,852,010
Colombia		50,649		—		—		50,649
Czech Republic		9,097		—		—		9,097
Egypt		—		62,262		—		62,262
Greece		1,582		1,568,088		—		1,569,670
Hong Kong		105,419		67,152,576		—		67,257,995
Hungary		—		12,070,298		—		12,070,298
India		1,692,634		71,569,871		—		73,262,505
Indonesia		201,654		17,139,107		—		17,340,761
Luxembourg		6,472,458		—		—		6,472,458
Malaysia		—		719,773		—		719,773
Mexico		2,754,618		—		—		2,754,618
Philippines		—		260,736		—		260,736
Poland		—		9,266,522		—		9,266,522
Qatar		—		176,879		—		176,879
Russia		—		—		—^		—^
Saudi Arabia		476,066		43,528,606		—		44,004,672
Singapore		—		232,989		—		232,989
South Africa		2,397,438		9,916,392		—		12,313,830
South Korea		—		71,352,088		—		71,352,088
Taiwan		455,457		98,289,523		—		98,744,980
Thailand		—		18,181,838		—		18,181,838
Turkey		193,467		3,531,276		—		3,724,743
United Arab Emirates		—		4,849,321		—		4,849,321
United Kingdom		—		1,250,636		—		1,250,636
United States		303,379		—		—		303,379
Total Common Stock		43,189,937		578,313,893		—^		621,503,830
Preferred Stock
Brazil		25,169,993		—		—^		25,169,993
South Korea		508,649		—		—		508,649
Total Preferred Stock		25,678,642		—		—^		25,678,642
Short-Term Investment		603,710		—		—		603,710
Mutual Fund		2,713,157		—		—		2,713,157
Right		—		—		—		—
Total Investments in Securities	$	72,185,446	$	578,313,893	$	—^	$	650,499,339

† 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 end of the period in relation to net assets. Management has concluded that Level 3 investments are not material in relation to net assets.

^ Includes securities in which the fair value is $0 or has been rounded to $0.

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

23

THE ADVISORS’ INNER CIRCLE FUND ACADIAN EMERGING MARKETS PORTFOLIO APRIL 30, 2023 (Unaudited)

For more information on valuation inputs, see Note 2 — Significant Accounting Policies in the Notes to Financial Statements.

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

24

THE ADVISORS’ INNER CIRCLE FUND ACADIAN EMERGING MARKETS PORTFOLIO APRIL 30, 2023 (Unaudited)  

 STATEMENT OF ASSETS AND LIABILITIES

Assets
Investments, at Value (Cost $608,635,707)	$	650,499,339
Foreign Currency, at Value (Cost $1,017,679)		1,018,103
Dividends and Interest Receivable		3,130,571
Receivable for Investment Securities Sold		439,026
Receivable for Capital Shares Sold		250,506
Reclaim Receivable		127,763
Prepaid Expenses		35,199
Total Assets		655,500,507
Liabilities
Accrued Foreign Capital Gains Tax on Appreciated Securities		1,802,271
Payable to Adviser		480,690
Payable for Capital Shares Redeemed		345,852
Payable for Investment Securities Purchased		261,448
Payable to Custodian		254,983
Shareholder Servicing Fees Payable - Investor Class		75,815
Shareholder Servicing Fees Payable - Y Class		187
Payable to Administrator		55,057
Payable to Trustees		7,323
Chief Compliance Officer Fees Payable		2,617
Accrued Expenses		209,366
Total Liabilities		3,495,609
Net Assets	$	652,004,898
Net Assets Consist of:
Paid-in Capital	$	626,700,931
Total Distributable Earnings		25,303,967
Net Assets	$	652,004,898
Investor Class Shares:
Net Assets	$	327,849,550
Outstanding Shares of Beneficial Interest (unlimited authorization - no par value)		17,397,135
Net Asset Value, Redemption and Offering Price Per Share *	$	18.85
I Class Shares:
Net Assets	$	321,005,693
Outstanding Shares of Beneficial Interest (unlimited authorization - no par value)		17,053,994
Net Asset Value, Redemption and Offering Price Per Share *	$	18.82
Y Class Shares:
Net Assets	$	3,149,655
Outstanding Shares of Beneficial Interest (unlimited authorization - no par value)		167,676
Net Asset Value, Redemption and Offering Price Per Share *	$	18.78

* Redemption price per share may vary depending upon the length of time shares are held.

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

25

THE ADVISORS’ INNER CIRCLE FUND ACADIAN EMERGING MARKETS PORTFOLIO FOR THE SIX MONTHS ENDED APRIL 30, 2023 (Unaudited)

STATEMENT OF OPERATIONS
Investment Income:
Dividends	$	15,487,868
Less: Foreign Taxes Withheld		(1,494,757	)
Total Investment Income		13,993,111
Expenses:
Investment Advisory Fees		2,869,660
Shareholder Servicing Fees - Investor Class		360,811
Shareholder Servicing Fees - Y Class		1,195
Administration Fees		329,467
Trustees’ Fees		14,788
Chief Compliance Officer Fees		3,807
Custodian Fees		445,586
Printing Fees		114,120
Transfer Agent Fees		77,735
Interest Expense		34,876
Filing and Registration Fees		33,962
Legal Fees		24,836
Audit Fees		11,901
Other Expenses		56,624
Total Expenses		4,379,368
Less:
Fees Paid Indirectly (Note 4)		(12,449	)
Net Expenses		4,366,919
Net Investment Income		9,626,192
Net Realized Loss on:
Investments		(15,332,698	)
Foreign Capital Gains Tax		(35,504	)
Foreign Currency Transactions		(265,585	)
Net Realized Loss		(15,633,787	)
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		139,473,161
Foreign Capital Gains Tax on Depreciated Securities		(566,185	)
Foreign Currencies and Translation of other Assets and Liabilities Denominated in Foreign Currencies		54,810
Net Change in Unrealized Appreciation		138,961,786
Net Realized and Unrealized Gain		123,327,999
Net Increase in Net Assets Resulting from Operations	$	132,954,191

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

26

THE ADVISORS’ INNER CIRCLE FUND ACADIAN EMERGING MARKETS PORTFOLIO  

 STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended     April 30, 2023     (Unaudited)			Year Ended   October 31, 2022
Operations:
Net Investment Income	$	9,626,192		$	40,563,803
Net Realized Gain (Loss)		(15,633,787	)		1,758,572
Net Change in Unrealized Appreciation (Depreciation)		138,961,786			(325,249,551	)
Net Increase (Decrease) in Net Assets Resulting from Operations		132,954,191			(282,927,176	)
Distributions:
Investor Class Shares		(22,785,848	)		(17,800,931	)
I Class Shares		(21,338,558	)		(13,456,457	)
Y Class Shares		(440,711	)		(216,931	)
Total Distributions		(44,565,117	)		(31,474,319	)
Capital Share Transactions:(1)
Investor Class Shares:
Issued		8,519,707			82,547,939
Reinvestment of Distributions		22,252,987			17,518,818
Redemption Fees — (See Note 2)		3,094			534
Redeemed		(72,934,607	)		(172,389,796	)
Decrease in Net Assets derived from Investor Class Transactions		(42,158,819	)		(72,322,505	)
I Class Shares:
Issued		47,901,346			117,160,815
Reinvestment of Distributions		18,279,007			11,719,825
Redemption Fees — (See Note 2)		1,828			14,793
Redeemed		(43,448,740	)		(141,322,663	)
Increase (Decrease) in Net Assets derived from I Class Transactions		22,733,441			(12,427,230	)
Y Class Shares:
Issued		24,199			2,414,547
Reinvestment of Distributions		407,053			181,073
Redeemed		(3,952,097	)		(1,289,528	)
Increase (Decrease) in Net Assets derived from Y Class Transactions		(3,520,845	)		1,306,092
Net Decrease in Net Assets from Capital Share Transactions		(22,946,223	)		(83,443,643	)
Total Increase (Decrease) in Net Assets		65,442,851			(397,845,138	)
Net Assets:
Beginning of Period		586,562,047			984,407,185
End of Period	$	652,004,898		$	586,562,047

(1) See Note 7 in Notes to Financial Statements.

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

27

THE ADVISORS’ INNER CIRCLE FUND ACADIAN EMERGING MARKETS PORTFOLIO  

  FINANCIAL HIGHLIGHTS

Selected Per Share Data & Ratios

For a Share Outstanding Throughout The Period/Year Presented

	Years Ended October 31,
	Six Months
	Ended April
	30, 2023
Investor Class Shares	(Unaudited)			2022			2021			2020			2019			2018
Net Asset Value, Beginning of Year/Period	$	16.37		$	23.93		$	19.65		$	19.41		$	18.35		$	21.83
Income from Operations:
Net Investment Income*		0.27			0.96			0.47			0.29			0.39			0.36
Net Realized and Unrealized Gain (Loss)		3.47			(7.78	)		4.10			0.32			1.00			(3.55	)
Total from Operations		3.74			(6.82	)		4.57			0.61			1.39			(3.19	)
Redemption Fees*		0.00	^		0.00	^		—			0.00	^		0.00	^		0.00	^
Dividends and Distributions from:
Net Investment Income		(1.07	)		(0.70	)		(0.29	)		(0.37	)		(0.33	)		(0.29	)
Net Realized Gains		(0.19	)		(0.04	)		—			—			—			—
Total Dividends and Distributions		(1.26	)		(0.74	)		(0.29	)		(0.37	)		(0.33	)		(0.29	)
Net Asset Value, End of Year/ Period	$	18.85		$	16.37		$	23.93		$	19.65		$	19.41		$	18.35
Total Return †		23.51%	***		(29.43	)%		23.35	%		3.04	%		7.72	%		(14.85	)%
Ratios and Supplemental Data
Net Assets, End of Year/Period (Thousands)	$        327,849			$      322,684			$      580,640			$      674,360			$      625,488			$      789,483
Ratio of Expenses to Average Net Assets(1)		1.48%	**		1.49	%		1.43	%		1.40	%		1.40	%		1.40	%
Ratio of Net Investment Income to Average Net Assets		2.94%	**		4.52	%		1.97	%		1.56	%		2.07	%		1.66	%
Portfolio Turnover Rate		34%	***		66	%		70	%		55	%		48	%		32	%

* Per share amounts for the period are based on average outstanding shares.

** Annualized.

*** Not annualized.

^ Amount was less than $0.005 per share.

† Returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

(1) The Ratio of Expenses to Average Net Assets excludes the effect of fees paid indirectly. If these expense offsets were included, the ratio would have been the same as the ratio reported.

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

28

THE ADVISORS’ INNER CIRCLE FUND ACADIAN EMERGING MARKETS PORTFOLIO  

FINANCIAL HIGHLIGHTS

Selected Per Share Data & Ratios

For a Share Outstanding Throughout The Period/Year Presented

	Years Ended October 31,
	Six Months
	Ended April
	30, 2023
I Class Shares	(Unaudited)			2022			2021			2020			2019			2018
Net Asset Value, Beginning of Year/Period	$	16.39		$	23.97		$	19.67		$	19.43		$	18.38		$	21.85
Income from Operations:
Net Investment Income*		0.28			1.00			0.53			0.29			0.41			0.42
Net Realized and Unrealized Gain (Loss)		3.47			(7.77	)		4.09			0.35			1.00			(3.56	)
Total from Operations		3.75			(6.77	)		4.62			0.64			1.41			(3.14	)
Redemption Fees*		0.00	^		0.00	^		—			0.00	^		0.00	^		0.00	^
Dividends and Distributions from:
Net Investment Income		(1.13	)		(0.77	)		(0.32	)		(0.40	)		(0.36	)		(0.33	)
Net Realized Gains		(0.19	)		(0.04	)		—			—			—			—
Total Dividends and Distributions		(1.32	)		(0.81	)		(0.32	)		(0.40	)		(0.36	)		(0.33	)
Net Asset Value, End of Year/Period	$	18.82		$	16.39		$	23.97		$	19.67		$	19.43		$	18.38
Total Return †		23.56%	***		(29.26	)%		23.61	%		3.20	%		7.86	%		(14.63	)%
Ratios and Supplemental Data
Net Assets, End of Year/Period (Thousands)	$        321,005			$      258,008			$      396,786			$      330,942			$      496,662			$      497,707
Ratio of Expenses to Average Net Assets(1)		1.26%	**		1.27	%		1.22	%		1.24	%		1.25	%		1.20	%
Ratio of Net Investment Income to Average Net Assets		3.10%	**		4.70	%		2.21	%		1.53	%		2.13	%		1.96	%
Portfolio Turnover Rate		34%	***		66	%		70	%		55	%		48	%		32	%

* Per share amounts for the period are based on average outstanding shares.

** Annualized.

*** Not annualized.

^ Amount was less than $0.005 per share.

† Returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

(1) The Ratio of Expenses to Average Net Assets excludes the effect of fees paid indirectly. If these expense offsets were included, the ratio would have been the same as the ratio reported.

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

29

THE ADVISORS’ INNER CIRCLE FUND ACADIAN EMERGING MARKETS PORTFOLIO  

FINANCIAL HIGHLIGHTS

Selected Per Share Data & Ratios

For a Share Outstanding Throughout The Period/Year Presented

	Years Ended October 31,
	Six Months
	Ended April
	30, 2023
Y Class Shares	(Unaudited)			2022			2021			2020			2019			2018
Net Asset Value, Beginning of Year/Period	$	16.35		$	23.92		$	19.63		$	19.40		$	18.34		$	21.85
Income from Operations:
Net Investment Income*		0.31			0.99			0.50			0.25			0.43			0.62
Net Realized and Unrealized Gain (Loss)		3.43			(7.76	)		4.11			0.38			0.98			(3.82	)
Total from Operations		3.74			(6.77	)		4.61			0.63			1.41			(3.20	)
Redemption Fees*		—			—			—			0.00^			—			0.02
Dividends and Distributions from:
Net Investment Income		(1.12	)		(0.76	)		(0.32	)		(0.40	)		(0.35	)		(0.33	)
Net Realized Gains		(0.19	)		(0.04	)		—			—			—			—
Total Dividends and Distributions		(1.31	)		(0.80	)		(0.32	)		(0.40	)		(0.35	)		(0.33	)
Net Asset Value, End of Year/Period	$	18.78		$	16.35		$	23.92		$	19.63		$	19.40		$	18.34
Total Return †		23.55%	***		(29.31	)%		23.61	%		3.15	%		7.89	%		(14.81	)%
Ratios and Supplemental Data
Net Assets, End of Year/Period (Thousands)	$             3,150			$         5,870			$         6,982			$         8,334			$        20,363			$        24,988
Ratio of Expenses to Average Net Assets(1)		1.31%	**		1.32	%		1.24	%		1.24	%		1.25	%		1.27	%
Ratio of Net Investment Income to Average Net Assets		3.40%	**		4.71	%		2.10	%		1.34	%		2.26	%		3.12	%
Portfolio Turnover Rate		34%	***		66	%		70	%		55	%		48	%		32	%

* Per share amounts for the period are based on average outstanding shares.

** Annualized.

*** Not annualized.

^ Amount was less than $0.005 per share.

† Returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.

(1) The Ratio of Expenses to Average Net Assets excludes the effect of fees paid indirectly. If these expense offsets were included, the ratio would have been the same as the ratio reported.

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

30

THE ADVISORS’ INNER CIRCLE FUND ACADIAN EMERGING MARKETS PORTFOLIO APRIL 30, 2023 (Unaudited)

  NOTES TO FINANCIAL STATEMENTS

1. Organization:

The Advisors’ Inner Circle Fund (the “Trust”) is organized as a Massachusetts business trust under an Amended and Restated Agreement and Declaration of Trust dated February 18, 1997. The Trust is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company with 28 funds. The financial statements herein are those of the Acadian Emerging Markets Portfolio (“Portfolio”), a diversified portfolio. The investment objective of the Portfolio is to seek long-term capital appreciation by investing primarily in common stocks of emerging market country issuers. The financial statements of the remaining portfolios are presented separately. The assets of each portfolio are segregated, and a shareholder’s interest is limited to the portfolio in which shares are held.

2. Significant Accounting Policies:

The following are significant accounting policies, which are consistently followed in the preparation of the financial statements of the Portfolio. The Portfolio is an investment company that applies the accounting and reporting guidance issued in Topic 946 by the U.S. Financial Accounting Standards Board (“FASB”).

Use of Estimates — The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the fair value of investments, reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reported period. Actual results could differ from those estimates and such differences could be material.

Security Valuation — Securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (except for securities traded on NASDAQ), including securities traded over the counter, are valued at the last quoted sale price on an exchange or market (foreign or domestic) on which they are traded on valuation date (or at approximately 4:00 pm ET if a security’s primary exchange is normally open at that time), or, if there is no such reported sale on the valuation date, at the most recent quoted bid price. For securities traded on NASDAQ, the NASDAQ Official Closing Price will be used. The prices for foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates.

Securities for which market prices are not “readily available” are required to be fair valued under the 1940 Act.

31

THE ADVISORS’ INNER CIRCLE FUND ACADIAN EMERGING MARKETS PORTFOLIO APRIL 30, 2023 (Unaudited)

In December 2020, the SEC adopted Rule 2a-5 under the 1940 Act, establishing requirements to determine fair value in good faith for purposes of the 1940 Act. The rule permits fund boards to designate a fund’s investment adviser to perform fair-value determinations, subject to board oversight and certain other conditions. The rule also defines when market quotations are “readily available” for purposes of the 1940 Act and requires a fund to fair value a portfolio investment when a market quotation is not readily available. The SEC also adopted new Rule 31a-4 under the 1940 Act, which sets forth recordkeeping requirements associated with fair-value determinations. The compliance date for Rule 2a-5 and Rule 31a-4 was September 8, 2022.

Effective September 8, 2022, and pursuant to the requirements of Rule 2a-5, the Trust’s Board of Trustees (the “Board”) designated the Adviser as the Board’s valuation designee to perform fair-value determinations for the Portfolio through a Fair Value Committee (the “Committee”) established by the Adviser and approved new Adviser Fair Value Procedures for the Portfolio. Prior to September 8, 2022, fair-value determinations were performed in accordance with the Trust’s Fair Value Procedures established by the Portfolio’s Board and were implemented through a Fair Value Committee designated by the Board.

Some of the more common reasons that may necessitate that a security be valued using Fair Value Procedures include: the security’s trading has been halted or suspended; the security has been de-listed from a national exchange; the security’s primary trading market is temporarily closed at a time when under normal conditions it would be open; the security has not been traded for an extended period of time; the security’s primary pricing source is not able or willing to provide a price; or trading of the security is subject to local government-imposed restrictions. When a security is valued in accordance with the Fair Value Procedures, the Committee will determine the value after taking into consideration relevant information reasonably available to the Committee.

For securities that principally trade on a foreign market or exchange, a significant gap in time can exist between the time of a particular security’s last trade and the time at which the Portfolio calculates its net asset values. The closing prices of such securities may no longer reflect their market value at the time the Portfolio calculates its net asset value if an event that could materially affect the value of those securities (a “Significant Event”) has occurred between the time of the security’s last close and the time that the Emerging Markets Portfolio calculates its net asset value. A Significant Event may relate to a single issuer or to an entire market sector. If Acadian Asset Management LLC (the “Adviser”) of the Portfolio becomes aware of a Significant Event that has occurred with respect to a security or group of securities after the closing of the exchange or market on which the security or securities principally trade, but before the time at which the Portfolio calculates its net asset value, it may request that a Committee meeting be

32

THE ADVISORS’ INNER CIRCLE FUND ACADIAN EMERGING MARKETS PORTFOLIO APRIL 30, 2023 (Unaudited)

called. As of April 30, 2023, the total market value of securities in the Portfolio, valued in accordance with fair value procedures, was $578,313,893 or 89% of Net Assets.

The Portfolio uses Intercontinental Exchange Data Pricing & Reference Data, LLC. (“ICE”) as a third party fair valuation vendor. ICE provides a fair value for foreign securities in the Portfolio based on certain factors and methodologies (involving, generally, tracking valuation correlations between the U.S. market and each non-U.S. security) applied by ICE in the event that there is a movement in the U.S. markets that exceeds a specific threshold established by the Committee. The Committee establishes a “confidence interval” which is used to determine the level of correlation between the value of a foreign security and movements in the U.S. market before a particular security is fair valued when the threshold is exceeded. In the event that the threshold established by the Committee is exceeded on a specific day, the Portfolio values its non-U.S. securities that exceed the applicable “confidence interval” based upon the fair values provided by ICE. In such event, it is not necessary to hold a Committee meeting. In the event that the Adviser believes that the fair values provided by ICE are not reliable, the Adviser contacts SEI Investments Global Fund Services (the “Administrator”) and may request that a meeting of the Committee be held.

If a local market in which the Portfolio own securities is closed for one or more days, the Portfolio shall value all securities held in that corresponding currency based on the fair value prices provided by ICE using the predetermined confidence interval discussed above.

In accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP, the Portfolio discloses fair value of their investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. The objective of a fair value measurement is to determine the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). Accordingly, the fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below:

• Level 1 — Unadjusted quoted prices in active markets for identical, unrestricted assets or liabilities that the Portfolio has the ability to access at the measurement date;

• Level 2 — Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, referenced indices, quoted prices in inactive markets, adjusted quoted prices in active markets, adjusted quoted prices on foreign equity securities that were adjusted in accordance with the Adviser’s pricing procedures, etc.); and

33

THE ADVISORS’ INNER CIRCLE FUND ACADIAN EMERGING MARKETS PORTFOLIO APRIL 30, 2023 (Unaudited)

• Level 3 — Prices, inputs or exotic modeling techniques which are both significant to the fair value measurement and unobservable (supported by little or no market activity).

Investments are classified within the level of the lowest significant input considered in determining fair value. Investments classified within Level 3 whose fair value measurement considers several inputs may include Level 1 or Level 2 inputs as components of the overall fair value measurement.

The inputs or methodology used for valuing securities are not necessarily an indication of risk associated with investing in those securities.

For details of the investment classification, refer to the Schedule of Investments.

Federal Income Taxes — It is the Portfolio’s intention to continue to qualify as a regulated investment company for Federal income tax purposes by complying with the appropriate provisions of Subchapter M of the Internal Revenue Code of 1986, as amended and by distributing to shareholders all of their net investment income and realized gains. Accordingly, no provisions for Federal income taxes have been made in the financial statements.

The Portfolio evaluates tax positions taken or expected to be taken in the course of preparing the Portfolio’s tax returns to determine whether it is “more-likely-than-not” (i.e., greater than 50-percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. Tax positions not deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current year. The Portfolio did not record any tax provision in the current period. However, management’s conclusions regarding tax positions taken may be subject to review and adjustment at a later date based on factors including, but not limited to, examination by tax authorities (i.e., the last 3 open tax year ends and current tax year, as applicable), on-going analysis of and changes to tax laws, regulations and interpretations thereof.

As of and during the period ended April 30, 2023, the Portfolio did not have a liability for any unrecognized tax benefits. The Portfolio recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations. During the period ended April 30, 2023, the Portfolio did not incur any interest or penalties.

Security Transactions and Investment Income — Security transactions are accounted for on trade date. Costs used in determining realized gains or losses on the sale of investment securities are based on the specific identification method. Dividend income is recorded on the ex-dividend date. Certain dividends from foreign securities will be recorded as soon as the Portfolio is informed of the dividend if such information

34

THE ADVISORS’ INNER CIRCLE FUND ACADIAN EMERGING MARKETS PORTFOLIO APRIL 30, 2023 (Unaudited)

is obtained subsequent to the ex-dividend date. Interest income is recognized on an accrual basis from settlement date. Discounts and premiums on securities purchased are accreted and amortized using the scientific interest method, which approximates the effective interest method.

Foreign Taxes — The Fund may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on either income or gains earned or repatriated. The Fund accrues and applies such taxes to net investment income, net realized gains and net unrealized gains as income and/or capital gains earned.

Foreign Currency Translation — The books and records of the Portfolio are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars on the date of valuation. The Portfolio does not isolate that portion of realized or unrealized gains and losses resulting from changes in foreign exchange rates from fluctuations arising from changes in the market prices of securities. These gains and losses are included in net realized and unrealized gains and losses on investments on the Statement of Operations. Net realized and unrealized gains and losses on foreign currency transactions represent net foreign exchange gains or losses from foreign currency exchange contracts, disposition of foreign currencies, currency gains or losses realized between trade and settlement dates on securities transactions and the difference between the amount of investment income and foreign withholding taxes recorded on the Portfolio’s books and the U.S. dollar equivalent amounts actually received or paid.

Forward Foreign Currency Exchange Contracts — The Portfolio may enter into forward foreign currency exchange contracts to protect the value of securities held and related receivables and payables against changes in future foreign exchange rates. A forward currency contract is an agreement between two parties to buy and sell currency at a set price on a future date. The market value of the contract will fluctuate with changes in currency exchange rates. The contract is marked-to-market daily using the current forward rate and the change in market value is recorded by the Portfolio as unrealized gain or loss. The Portfolio recognizes realized gains or losses when the contract is closed, equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Any realized or unrealized gains (loss) during the period are presented on the Statement of Operations. Risks may arise from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. Risks may also arise upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts and are generally limited to the amount of unrealized gain on the contracts at the date of default.

Expenses — Most expenses of the Trust can be directly attributed to a particular fund. Expenses that cannot be directly attributed to a particular fund are apportioned among the funds of the Trust based on the number of funds and/or relative net assets.

35

THE ADVISORS’ INNER CIRCLE FUND ACADIAN EMERGING MARKETS PORTFOLIO APRIL 30, 2023 (Unaudited)

Classes — Class specific expenses are borne by that class of shares. Income, realized and unrealized gains (losses) and non-class specific expenses are allocated to the respective class on the basis of relative net assets.

Dividends and Distributions to Shareholders — The Portfolio distributes substantially all of its net investment income, if any, annually. Any net realized capital gains will be distributed at least annually. All distributions are recorded on ex-dividend date.

Redemption Fees — The Portfolio retains a redemption fee of 2.00% on redemptions of capital shares if redeemed within 30 days of purchase. The redemption fee is recorded as an increase to paid-in capital. The redemption fees retained by the Portfolio are reported on the Statements of Changes in Net Assets.

3. Transactions with Affiliates:

Certain officers of the Trust are also officers of the Administrator and/or SEI Investments Distribution Co. (the “Distributor”). Such officers are paid no fees by the Trust, other than the Chief Compliance Officer (“CCO”) as described below, for serving as officers of the Trust.

A portion of the services provided by the CCO and his staff, who are employees of the Administrator, are paid for by the Trust as incurred. The services include regulatory oversight of the Trust’s Advisors and service providers as required by SEC regulations. The CCO’s services and fees have been approved by and are reviewed by the Board.

4. Administration, Distribution, Shareholder Servicing, Transfer Agent and Custodian Agreements:

The Portfolio and the Administrator are parties to an Administration Agreement, under which the Administrator provides administrative services to the Portfolio. For these services, the Administrator is paid an asset based fee, which will vary depending on the number of share classes and the average daily net assets of the Portfolio. For the period ended April 30, 2023, the Portfolio paid $329,467 for these services.

The Trust and the Distributor are parties to a Distribution Agreement. The Distributor receives no fees under the agreement.

The Portfolio has adopted a shareholder servicing plan under which a shareholder servicing fee of up to 0.25% of average daily net assets of the Investor Class Shares up to 0.10% of average daily net assets of the Y Class Shares will be paid to financial intermediaries. Certain brokers, dealers, banks, trust companies and other financial representatives may receive compensation from the Portfolio for providing a variety of services, including record keeping and transaction processing. Such fees are paid by the Portfolio to the extent that the number of accounts serviced by the financial representative multiplied by the account fee charged by the Portfolio’s transfer agent would not exceed the amount that would have been charged had the

36

THE ADVISORS’ INNER CIRCLE FUND ACADIAN EMERGING MARKETS PORTFOLIO APRIL 30, 2023 (Unaudited)

accounts serviced by the financial representative been registered directly through the transfer agent. All fees in excess of this amount are paid by the Adviser, an affiliate of Old Mutual (US) Holdings, Inc. These fees are disclosed on the Statement of Operations as Shareholder Servicing Fees.

SS&C GIDS, Inc. (the “Transfer Agent”) serves as the transfer agent and dividend disbursing agent for the Portfolio under a transfer agency agreement.

For the period ended April 30, 2023, the Portfolio earned cash management credits of $12,449, which were used to offset transfer agent expenses. This amount is labeled as “Fees Paid Indirectly” on the Statement of Operations.

U.S. Bank, N.A. serves as custodian (the “Custodian”) for the Portfolio. The Custodian plays no role in determining the investment policies of the Portfolio or which securities are to be purchased or sold by the Portfolio.

5. Investment Advisory Agreement:

Under the terms of the investment advisory agreement the Adviser provides investment advisory services to the Portfolio at a fee calculated at an annual rate of 0.90% of the Portfolio’s average daily net assets.

The Adviser has voluntarily agreed to reduce fees and reimburse expenses to the extent necessary to keep total annual fund operating expenses from exceeding 2.50% of the Portfolio’s average daily net assets. The Adviser intends to continue these voluntary fee reductions and expense limitations until further notice, but may discontinue all or part of these fee reductions or expense reimbursements at any time.

6. Investment Transactions:

For the period ended April 30, 2023, the Portfolio made purchases of $214,303,842 and sales of $274,876,532 of investment securities other than long-term U.S. Government and short-term securities. There were no purchases or sales of long-term U.S. Government securities.

37

THE ADVISORS’ INNER CIRCLE FUND ACADIAN EMERGING MARKETS PORTFOLIO APRIL 30, 2023 (Unaudited)

7. Share Transactions:

	Six Months Ended   April 30,  2023   (Unaudited)			Year Ended     October 31,     2022
Investor Class Shares:
Issued		463,641			3,668,811
Reinvestment of Distributions		1,263,009			750,522
Redeemed		(4,037,704	)		(8,980,192	)
Net Decrease in Shares Outstanding from Investor Class Share Transactions		(2,311,054	)		(4,560,859	)
I Class Shares:
Issued		2,642,185			5,507,041
Reinvestment of Distributions		1,039,191			502,288
Redeemed		(2,367,791	)		(6,824,908	)
Net Increase (Decrease) in Shares Outstanding from I Class Share Transactions		1,313,585			(815,579	)
Y Class Shares:
Issued		1,318			118,395
Reinvestment of Distributions		23,190			7,777
Redeemed		(215,742	)		(59,187	)
Net Increase (Decrease) in Shares Outstanding from Y Class Share Transactions		(191,234	)		66,985
Net Decrease in Shares Outstanding from Share Transactions		(1,188,703	)		(5,309,453	)

8. Line of Credit:

The Portfolio entered into an agreement which enables it to participate in a $50 million unsecured committed revolving line of credit with MUFG Union Bank N.A., which is set to expire July 31, 2023. The proceeds from the borrowings shall be used to finance the Portfolio’s short term general working capital requirements, including the funding of shareholder redemptions. Interest is charged to the Portfolio based on their borrowings at the current reference rate. For the period ended April 30, 2023, the Portfolio had average borrowings of $2,025,478 and a maximum amount borrowed of $132,240,000 over a period of 92 days at a weighted average interest rate of 7.40%. Interest accrued on the borrowings during the period was $34,876. As of April 30, 2023, the Portfolio had no borrowings outstanding.

9. Federal Tax Information:

The amount and character of income and capital gain distributions to be paid, if any, are determined in accordance with Federal income tax regulations, which may differ from U.S. GAAP. As a result, net investment income (loss) and net realized gain (loss) on investment transactions for a reporting period may differ significantly from distributions during such period. These book/tax differences may be temporary or permanent in nature.

38

THE ADVISORS’ INNER CIRCLE FUND ACADIAN EMERGING MARKETS PORTFOLIO APRIL 30, 2023 (Unaudited)

There were no permanent differences credited or charged to Paid-in Capital and Distributable Earnings as of October 31, 2022.

The tax character of dividends and distributions declared during the last two fiscal years were as follows:

	Ordinary         Income		Long-Term     Capital Gain		Total
2022	$	29,888,278	$	1,586,041	$	31,474,319
2021		15,121,887		—		15,121,887

As of October 31, 2022, the components of Accumulated Loss on a tax basis were as follows:

Undistributed Ordinary Income	$	34,314,909
Undistributed Long-Term Capital Gains		6,612,682
Net Unrealized Depreciation		(104,012,696	)
Other Temporary Differences		(2	)
Total Accumulated Loss	$	(63,085,107	)

For Federal income tax purposes, the difference between Federal tax cost and book cost primarily relates to PFICs and wash sales, which cannot be used for Federal income tax purposes in the current year and have been deferred for use in future years. The Federal tax cost and aggregate gross unrealized appreciation and depreciation on investments, held by the Portfolio at April 30, 2023, were as follows:

Federal Tax                  Cost		Aggregated       Gross Unrealized        Appreciation		Aggregated       Gross Unrealized        Depreciation			Net Unrealized Appreciation/            (Depreciation)
$	608,635,707	$	104,671,758	$	(62,808,126	)	$	41,863,632

The difference in unrealized depreciation is attributable to Foreign Capital Gains Tax Payable.

10. Concentration of Risk:

As with all management investment companies, a shareholder of the Portfolio is subject to the risk that his or her investment could lose money. The Portfolio is subject to the principal risks noted below, any of which may adversely affect the Portfolio’s net asset value (“NAV”) and ability to meet its investment objective.

Active Management Risk – The Portfolio is subject to the risk that the Adviser’s judgments about the attractiveness, value, or potential appreciation of the Portfolio’s investments may prove to be incorrect. If the investments selected and strategies employed by the Portfolio fail

39

THE ADVISORS’ INNER CIRCLE FUND ACADIAN EMERGING MARKETS PORTFOLIO APRIL 30, 2023 (Unaudited)

to produce the intended results, the Portfolio could underperform in comparison to other funds with similar objectives and investment strategies.

Equity Risk – Since it purchases equity securities, the Portfolio is subject to the risk that stock prices may fall over short or extended periods of time. Historically, equity markets have moved in cycles, and the value of the Portfolio’s equity securities may fluctuate drastically from day-to-day. Individual companies may report poor results or be negatively affected by industry and/ or economic trends and developments. The prices of securities issued by such companies may suffer a decline in response. These factors contribute to price volatility, which is the principal risk of investing in the Portfolio. This risk is greater for small and medium-sized companies, which tend to be more vulnerable to adverse developments than larger companies.

Small Capitalization Company Risk – The smaller capitalization companies that the Fund invests in may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, investments in these small companies may pose additional risks, including liquidity risk, because these companies tend to have limited product lines, markets, financial resources, and may depend upon a relatively small management group. Therefore, small capitalization stocks may be more volatile than those of larger companies. These securities may be traded over-the-counter or listed on an exchange. The Fund is also subject to the risk that the Adviser’s particular investment style, which focuses on small capitalization stocks, may underperform other segments of the equity market or the equity market as a whole.

Foreign Company Risk – Investing in foreign companies, whether through investments made in foreign markets or made through the purchase of ADRs and GDRs, which are traded on exchanges and represent an ownership in a foreign security, pose additional risks since political and economic events unique to a country or region will affect those markets and their issuers. Political events (civil unrest, national elections, changes in political conditions and foreign relations, imposition of exchange controls and repatriation restrictions), social and economic events (labor strikes, rising inflation) and natural disasters occurring in a country where the Portfolio invests could cause the Portfolio’s investments in that country to experience gains or losses. These risks will not necessarily affect the U.S. economy or similar issuers located in the United States. In addition, investments in foreign companies are generally denominated in a foreign currency. As a result, changes in the value of those currencies compared to the U.S. dollar may affect (positively or negatively) the value of the Portfolio’s investments. These currency movements may occur separately from, and in response to, events that do not otherwise affect the value of the security in the issuer’s home country. While ADRs and GDRs provide an alternative to directly purchasing the underlying foreign securities in their respective national markets and currencies, investments in ADRs and GDRs continue to be subject to many of the risks associated with investing directly in foreign securities.

Emerging Markets Securities Risk – Investments in emerging markets securities are considered speculative and subject to heightened risks in addition to the general risks of investing in non-U.S. securities. Unlike more established markets, emerging markets may have governments that are less stable, markets that are less liquid, and economies that are less developed.

40

THE ADVISORS’ INNER CIRCLE FUND ACADIAN EMERGING MARKETS PORTFOLIO APRIL 30, 2023 (Unaudited)

Securities of foreign companies may not be registered with the U.S. Securities and Exchange Commission (the “SEC”) and foreign companies are generally not subject to the regulatory controls imposed on U.S. issuers and, as a consequence, there is generally less publicly available information about foreign securities than is available about domestic securities. Income from foreign securities owned by the Portfolio may be reduced by a withholding tax at the source, which tax would reduce income received from the securities comprising the portfolio. In addition, emerging markets securities may be issued by companies with smaller market capitalizations and may suffer periods of relative illiquidity, significant price volatility, restrictions on foreign investment, and possible restrictions on repatriation of investment income and capital. Furthermore, emerging market governments may have limited ability to raise taxes or authorize appropriations for debt repayment. In addition, foreign investors may be required to register the proceeds of sales, and future economic or political crises could lead to price controls, forced mergers, expropriation or confiscatory taxation, seizure, nationalization or creation of government monopolies.

Foreign Currency Risk – Because non-U.S. securities are usually denominated in currencies other than the dollar, the value of the Portfolio’s portfolio may be influenced by currency exchange rates and exchange control regulations. The currencies of emerging market countries may experience significant declines against the U.S. dollar, and devaluation may occur subsequent to investments in these currencies by the Portfolio. Inflation and rapid fluctuations in inflation rates have had, and may continue to have, negative effects on the economies and securities markets of certain emerging market countries.

Geographic Focus Risk – To the extent that it focuses its investments in a particular country or region, the Fund may be more susceptible to economic, political, regulatory or other events or conditions affecting issuers and countries within that country or region. As a result, the Fund may be subject to greater price volatility and risk of loss than a fund holding more geographically diverse investments.

Market Risk – The risk that the market value of an investment may fluctuate. Markets for securities in which the Fund invests may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments. Similarly, the impact of any epidemic, pandemic or natural disaster, or widespread fear that such events may occur, could negatively affect the global economy, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the markets in general in significant and unforeseen ways. Any such impact could adversely affect the prices and liquidity of the securities and other instruments in which the Fund invests, which in turn could negatively impact the Fund’s performance and cause losses on your investment in the Fund.

The foregoing is not intended to be a complete discussion of all risks associated with the investment strategies of the Funds. Please refer to the current prospectus for a discussion of the risks associated with investing in the Funds.

41

THE ADVISORS’ INNER CIRCLE FUND ACADIAN EMERGING MARKETS PORTFOLIO APRIL 30, 2023 (Unaudited)

11. Concentration of Shareholders:

As of April 30, 2023, 83% of the Portfolio’s Investor Class Shares outstanding were held by three record shareholders, 70% of the Portfolio’s I Class Shares were held by four record shareholders, and 80% of the Portfolio’s Y Class Shares outstanding were held by two record shareholders. These shareholders were comprised of omnibus accounts that were held on behalf of various shareholders.

12. Indemnifications:

In the normal course of business, the Portfolio enters into contracts that provide general indemnifications. The Portfolio’s maximum exposure under these arrangements is dependent on future claims that may be made against the Portfolio and, therefore, cannot be established; however, based on experience, the risk of loss from such potential claims is considered remote.

13. Loans of Fund Securities:

The Portfolio may lend fund securities having a market value up to one-third of the Portfolio’s total assets. Such loans are secured by collateral equal the market value of the loaned securities. Such collateral will be cash or debt securities issued or guaranteed by the U.S. Government or any agencies. Cash collateral received in connection with these loans is invested in short-term money market instruments. It is the Portfolio’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. Securities Lending entails a risk of loss to the Portfolio if the market value of the loans were to increase and the borrower did not increase the collateral accordingly. An additional risk is that the borrower fails to return the securities when recalled. The Portfolio could also experience delays and costs in gaining access to the collateral. The Portfolio bears the risk of any deficiency in the amount of the collateral available for return to the borrower due to any loss on the collateral invested.

During the period and as of April 30, 2023, there were no securities on loan for the Portfolio.

14. Subsequent Events:

The Portfolio has evaluated the need for additional disclosures and/or adjustments resulting from subsequent events through the date the financial statements were issued. Based on this evaluation, no additional adjustments were required to the financial statements.

42

THE ADVISORS’ INNER CIRCLE FUND ACADIAN EMERGING MARKETS PORTFOLIO APRIL 30, 2023 (Unaudited)

  DISCLOSURE OF FUND EXPENSES

All mutual funds have operating expenses. As a shareholder of a mutual fund, your investment is affected by these ongoing costs, which include (among others) costs for Portfolio management, administrative services, and shareholder reports like this one. It is important for you to understand the impact of these costs on your investment returns. Operating expenses such as these are deducted from a mutual fund’s gross income and directly reduce your final investment return. These expenses are expressed as a percentage of a mutual fund’s average net assets; this percentage is known as a mutual fund’s expense ratio. The following examples use the expense ratio and are intended to help you understand the ongoing costs (in dollars) of investing in your Portfolio/Fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period (November 1, 2022 to April 30, 2023).

The table below illustrates your Portfolio’s costs in two ways:

Actual Fund Return. This section helps you to estimate the actual expenses that your Portfolio incurred over the period. The “Expenses Paid During Period” column shows the actual dollar expense cost incurred by a $1,000 investment in the Portfolio, and the “Ending Account Value” number is derived from deducting that expense cost from the Portfolio’s gross investment return.

You can use this information, together with the actual amount you invested in the Portfolio, to estimate the expenses you paid over that period. Simply divide your actual account value by $1,000 to arrive at a ratio (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply that ratio by the number shown under “Expenses Paid During Period.”

Hypothetical 5% Return. This section helps you compare your Portfolio’s costs with those of other mutual funds. It assumes that the Portfolio had an annual 5% return before expenses during the period and that the expense ratio (Column 3) remained unchanged. This example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to make this 5% calculation. You can assess your Portfolio’s comparative cost by comparing the hypothetical result for your Portfolio in the “Expenses Paid During Period” column with those that appear in the same charts in the shareholder reports for other mutual funds.

43

THE ADVISORS’ INNER CIRCLE FUND ACADIAN EMERGING MARKETS PORTFOLIO APRIL 30, 2023 (Unaudited)

  DISCLOSURE OF FUND EXPENSES

NOTE: Because the return is set at 5% for comparison purposes — NOT your Portfolio’s actual return — the account values shown do not apply to your specific investment.

	Beginning Account Value 11/01/22		Ending Account Value 04/30/23		Annualized Expense Ratios		Expenses Paid During Period*
Investor Class Shares
Actual Fund Return		$1,000.00		$1,235.10		1.48%		$8.20
Hypothetical 5% Return		$1,000.00		$1,017.46		1.48%		$7.40
I Class Shares
Actual Fund Return		$1,000.00		$1,235.60		1.26%		$6.98
Hypothetical 5% Return		$1,000.00		$1,018.55		1.26%		$6.31
Y Class Shares
Actual Fund Return		$1,000.00		$1,235.50		1.31%		$7.26
Hypothetical 5% Return		$1,000.00		$1,018.30		1.31%		$6.56

* Expenses are equal to the Portfolio’s annualized expense ratio multiplied by the average account value over the period, multiplied by 181/365.

44

Acadian Funds

P.O. Box 219009

Kansas City, MO 64121

1-866-AAM-6161

Adviser:

Acadian Asset Management LLC

260 Franklin Street

Boston, MA 02110

Distributor:

SEI Investments Distribution Co.

1 Freedom Valley Drive

Oaks, PA 19456

Administrator:

SEI Investments Global Funds Services

1 Freedom Valley Drive

Oaks, PA 19456

Legal Counsel:

Morgan, Lewis & Bockius LLP

1701 Market Street

Philadelphia, PA 19103

This information must be preceded or accompanied by a current prospectus for the Portfolio described.

ACA-SA-002-1500

(b) Not applicable.

Item 2.  Code of Ethics.

Not applicable for semi-annual report.

Item 3.  Audit Committee Financial Expert.

Not applicable for semi-annual report.

Item 4.  Principal Accountant Fees and Services.

Not applicable for semi-annual report.

Item 5.  Audit Committee of Listed Registrants.

Not applicable to open-end management investment companies.

Item 6.  Schedule of Investments.

Schedule of Investments is included as part of the Report to Shareholders filed under Item 1 of this form.

Item 7.  Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to open-end management investment companies.

Item 8.  Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to open-end management investment companies.

Item 9.  Purchases of Equity Securities by Closed-End Management Company and Affiliated Purchasers.

Not applicable to open-end management investment companies.

Item 10.  Submission of Matters to a Vote of Security Holders.

There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees during the period covered by this report.

Item 11.  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 Act (17 CFR § 270.30a-3(c)), as of a date within 90 days of the filing date of the report, are effective based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR § 270.30a-3(b)) and Rule 13a-15(b) or Rule 15d-15(b) under the Securities Exchange Act of 1934 (17 CFR § 240.13a-15(b) or 240.15d-15(b)).

(b) There has been no change in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR § 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12.  Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable to open-end management investment companies.

Item 13.  Exhibits.

(a)(1) Not applicable for semi-annual report.

(a)(2) 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 Act (17 CFR § 270.30a-2(a)), is filed herewith.

(b) Officer certifications, as required by Rule 30a-2(b) under the Act (17 CFR § 270.30a-2(b)), also accompany this filing as an exhibit.

SIGNATURES

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

(Registrant)	The Advisors’ Inner Circle Fund
By (Signature and Title)	/s/ Michael Beattie
	Michael Beattie President

Date: July 7, 2023

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

By (Signature and Title)	/s/ Michael Beattie
	Michael Beattie President

Date: July 7, 2023

By (Signature and Title)	/s/ Andrew Metzger
	Andrew Metzger Treasurer, Controller, and CFO

Date: July 7, 2023