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, 2024

Date of reporting period: April 30, 2024

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, 2024

Investment Adviser:          

Acadian Asset Management LLC  

THE ADVISORS’ INNER CIRCLE FUND ACADIAN EMERGING MARKETS PORTFOLIO APRIL 30, 2024

TABLE OF CONTENTS

Shareholder Letter	1
Schedule of Investments	4
Statement of Assets andLiabilities	21
Statement of Operations	22
Statements of Changes in NetAssets	23
Financial Highlights	24
Notes to Financial Statements	27
Disclosure of Fund Expenses	40

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. The Portfolio’s Form N-PORT is available on the SEC’s website at https://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 https://www.sec.gov.

THE ADVISORS’ INNER CIRCLE FUND ACADIAN EMERGING MARKETS PORTFOLIO APRIL 30, 2024 (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, 2023 to April 30, 2024, 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 returned 18.8%¹, versus 15.4% for the MSCI Emerging Markets Index, a widely followed emerging markets benchmark.

Market Review

Emerging markets performed well during the period, with Index heavyweights Taiwan and India each gaining more than 25%. The makeup of Taiwan’s stock market is very technology-centric and the country has benefitted from the global enthusiasm for all things AI. In the meantime, India continued to climb after a stellar 2023 on strong local demand, supportive government initiatives, and the diversification of global supply chains. The largest country in the benchmark, China, delivered positive yet modest returns. The country has suffered from weak consumer demand, deflation concerns, and a property market in disarray. However, due in large part to supportive policy measures from the government, the China stock market generally has performed well since the start of February. In contrast, Egypt fell more than 25%, largely due to the devaluation of their currency. The country comprises a trivial weight in the benchmark, however, resulting in very little impact to overall return.

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 and Taiwan. The portfolio was generally underweighted relative to the benchmark in South Korea and India. At the sector level, the portfolio was focused on energy and information technology while financials and consumer staples were the greatest underweights.

Portfolio Performance

The portfolio outperformed the benchmark by 3.4%. Outperformance was driven by stock selection within countries and both stock selection and allocation decisions within sectors. The portfolio benefited from stock selection in China and India. Both stock selection and an overweight to Taiwan also contributed to returns. Stock selection and an overweight position in Thailand, however, acted as minor offsets to performance. Stock selection and an overweight position in energy, and stock selection in industrials and financials proved fruitful for the portfolio but was offset slightly by stock selection and an overweight position

¹ NAV returns

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THE ADVISORS’ INNER CIRCLE FUND ACADIAN EMERGING MARKETS PORTFOLIO APRIL 30, 2024 (Unaudited)

in communication services, and stock selection in consumer discretionary. Overweights to Hindustan Aeronautics Ltd, Evergreen Marine Corp. Taiwan Ltd., and Coal India boosted relative performance.

The portfolio’s exposure across all Value, Quality, Growth, Technical, Peer, and Top-Down signals was rewarded over the period, most notably through our Value signal.

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.	Fanesca Young,
Chief Investment Officer	SVP, Director, Equity Portfolio
	Management

Index Source: MSCI. Copyright MSCI 2024. 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.

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

2

THE ADVISORS’ INNER CIRCLE FUND ACADIAN EMERGING MARKETS PORTFOLIO APRIL 30, 2024 (Unaudited)

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 fund is 1.36%. 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.

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.

3

THE ADVISORS’ INNER CIRCLE FUND ACADIAN EMERGING MARKETS PORTFOLIO APRIL 30, 2024 (Unaudited)

 SECTOR WEIGHTINGS †

† Percentages based on total investments.

 SCHEDULE OF INVESTMENTS

 COMMON STOCK — 95.5%

	Shares		Value
Brazil — 0.9%
Banco do Brasil		101,200	$	535,760
Caixa Seguridade Participacoes S		17,400		52,442
Cia De Sanena Do Parana		11,751		58,183
CSN Mineracao		133,571		127,073
Fras-Le		36,200		125,765
Mahle Metal Leve		16,800		99,423
Nova Embrapar Participacoes * (A)		854		—
Petroleo Brasileiro ADR		48,679		826,083
Plano & Plano Desenvolvimento Imobiliario		14,900		31,593
Seara Alimentos * (A)		911		—
TIM		128,500		437,523
TOTVS		45,400		242,012
Ultrapar Participacoes		559,100		2,796,254
Vibra Energia		250,400		1,131,781
VTEX, Cl A *		4,682		34,740
				6,498,632
China — 23.3%
37 Interactive Entertainment Network Technology Group, Cl A		1,365,974		3,137,664
Agricultural Bank of China, Cl H		16,590,000		7,397,662
Anhui Hengyuan Coal Industry and Electricity Power, Cl A		647,600		1,141,797
Autohome ADR		101,724		2,614,307
Bank of China, Cl H		7,440,926		3,337,184
Bank of Communications, Cl H		1,303,236		938,407

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

4

THE ADVISORS’ INNER CIRCLE FUND ACADIAN EMERGING MARKETS PORTFOLIO APRIL 30, 2024 (Unaudited)

 COMMON STOCK — continued

	Shares		Value
China — (continued)
Baoxiniao Holding, Cl A		1,694,566	$	1,370,069
Beijing Caishikou Department Store, Cl A		96,300		197,756
Bosideng International Holdings		362,000		209,550
BYD Electronic International		78,000		262,765
Central China Land Media, Cl A		94,200		133,610
Changhong Meiling, Cl A		887,301		1,251,251
Changjiang Publishing & Media, Cl A		639,958		665,047
Cheng De Lolo, Cl A		191,200		242,575
Chengdu Hongqi Chain, Cl A		82,300		61,315
Chengdu Kanghong Pharmaceutical Group, Cl A		63,500		189,833
China Construction Bank, Cl H		33,735,715		21,826,706
China Merchants Bank, Cl H		362,500		1,569,936
China World Trade Center, Cl A		62,200		199,624
Chinese Universe Publishing and Media Group, Cl A		1,790,399		3,619,965
Chongqing Baiya Sanitary Products, Cl A		73,000		217,410
Chongqing Rural Commercial Bank, Cl H		731,622		313,158
De Rucci Healthy Sleep, Cl A		28,500		135,944
Eastern Air Logistics, Cl A		96,800		244,623
Edan Instruments, Cl A		383,200		528,076
Focus Technology, Cl A		280,600		1,320,008
G-bits Network Technology Xiamen, Cl A		95,789		2,575,870
Goldcard Smart Group, Cl A		93,000		184,479
Guangdong Provincial Expressway Development, Cl A		468,000		663,078
Guangdong Vanward New Electric, Cl A		808,100		1,231,016
Hangzhou Alltest Biotech, Cl A		3,030		27,722
Hangzhou Haoyue Personal Care, Cl A		19,700		122,006
Hello Group ADR		93,940		547,670
Hitevision, Cl A		30,200		102,208
HUANLEJIA Food Group, Cl A		50,400		109,079
Industrial & Commercial Bank of China, Cl H		12,681,000		6,799,914
Jinzai Food Group, Cl A		148,700		307,606
JOYY ADR		32,859		1,071,861
Kanzhun ADR		65,364		1,293,554
Kingnet Network, Cl A		1,776,600		2,878,655
Kunlun Energy		4,810,000		4,662,714
Loncin Motor, Cl A		2,159,831		1,930,219
Lonking Holdings		53,354		9,804
Midea Group, Cl A		74,692		718,330
MotoMotion China, Cl A		54,340		509,340
Ningbo Hengshuai, Cl A		14,300		174,062
Opple Lighting, Cl A		298,600		747,606
PDD Holdings ADR *		62,006		7,761,911
Perfect World, Cl A		801,582		1,103,588

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

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THE ADVISORS’ INNER CIRCLE FUND ACADIAN EMERGING MARKETS PORTFOLIO APRIL 30, 2024 (Unaudited)

 COMMON STOCK — continued

	Shares		Value
China — (continued)
PetroChina, Cl H		16,512,000	$	15,384,915
Qifu Technology ADR		11,946		218,492
Qudian ADR *		236,040		561,775
Rongan Property, Cl A		295,500		99,305
SAIC Motor, Cl A		924,900		1,893,754
Shandong New Beiyang Information Technology, Cl A		432,355		368,875
Shenzhen Fuanna Bedding and Furnishing, Cl A		298,800		451,553
Shenzhen Laibao Hi-tech, Cl A		840,200		1,220,344
Sinotruk Hong Kong		2,649,148		6,592,963
TAL Education Group ADR *		112,248		1,351,466
TCL Electronics Holdings		721,000		473,881
Tencent Holdings		639,400		28,058,918
Universal Scientific Industrial Shanghai, Cl A		563,400		1,146,615
Vatti, Cl A		467,000		467,831
Vipshop Holdings ADR		305,745		4,598,405
Weaver Network Technology, Cl A		30,768		153,345
Weibo ADR		16,758		144,454
Weichai Power, Cl H		179,000		365,762
Xiamen Comfort Science & Technology Group, Cl A		669,700		638,041
Xiamen Jihong Technology, Cl A		156,600		325,825
Xiangyu Medical, Cl A		55,334		303,925
Yapp Automotive Parts, Cl A		58,100		127,408
Yutong Bus, Cl A		253,800		896,009
Zhejiang Publishing & Media, Cl A		462,900		552,830
Zhejiang Semir Garment, Cl A		5,056,096		4,536,556
Zhejiang Supor, Cl A		99,500		807,223
Zhejiang Xinao Textiles, Cl A		129,700		135,133
Zhiou Home Furnishing Technology, Cl A *		38,000		122,840
				160,656,977
Colombia — 0.0%
Cementos Argos		77,006		159,390
Czech Republic — 0.1%
Komercni banka as		8,746		322,245
Egypt — 0.0%
Ezz Steel SAE *		25,763		30,837
Greece — 0.2%
Fourlis Holdings		25,163		110,770
HELLENiQ ENERGY Holdings S.A.		10,176		91,223
Motor Oil Hellas Corinth Refineries		6,565		190,477

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

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THE ADVISORS’ INNER CIRCLE FUND ACADIAN EMERGING MARKETS PORTFOLIO APRIL 30, 2024 (Unaudited)

 COMMON STOCK — continued

	Shares		Value
Greece — (continued)
National Bank of Greece *		96,347	$	775,375
				1,167,845
Hong Kong — 6.7%
AAC Technologies Holdings		51,500		163,906
Alibaba Group Holding		990,068		9,270,071
Asia Cement China Holdings		995,642		254,834
Baidu, Cl A *		215,050		2,786,099
Brilliance China Automotive Holdings		1,380,000		1,145,932
Cabbeen Fashion		107,928		10,347
China BlueChemical		994,491		315,712
China Coal Energy, Cl H		2,310,645		2,327,604
China Foods		421,556		161,464
China Harmony Auto Holding		895,780		57,982
China International Marine Containers Group, Cl H		121,046		102,395
China Minsheng Banking, Cl H		1,628,500		595,838
China National Building Material, Cl H		364,000		140,845
China Oriental Group		264,545		35,315
China Pacific Insurance Group, Cl H		308,431		675,797
China Taiping Insurance Holdings		633,800		579,494
Chongqing Machinery & Electric, Cl H		466,000		40,264
CITIC Resources Holdings		690,000		46,479
CMOC Group, Cl H		372,000		349,014
Consun Pharmaceutical Group		118,000		87,993
COSCO SHIPPING Ports		107		66
Dawnrays Pharmaceutical Holdings		79,485		11,975
Edvantage Group Holdings		102,310		32,071
Far East Horizon		160,000		118,769
FriendTimes		232,219		24,639
Fufeng Group		124,742		91,018
Grand Baoxin Auto Group *		379,968		8,113
Hisense Home Appliances Group, Cl H		71,000		296,975
Inkeverse Group *		1,150,000		120,973
JD.com, Cl A		43,450		626,044
JNBY Design		471,314		858,153
Kingboard Holdings		60,500		132,965
Kingsoft		297,400		966,248
Kuaishou Technology, Cl B *		257,800		1,807,361
Launch Tech, Cl H		46,542		16,421
Lenovo Group		5,602,000		6,300,904
Maoye International Holdings		286,000		5,155
Meituan, Cl B *		16,300		222,569
NetDragon Websoft Holdings		247,000		345,992
NetEase		294,400		5,518,422

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

7

THE ADVISORS’ INNER CIRCLE FUND ACADIAN EMERGING MARKETS PORTFOLIO APRIL 30, 2024 (Unaudited)

 COMMON STOCK — continued

	Shares		Value
Hong Kong — (continued)
New Oriental Education & Technology Group *		200,600	$	1,593,961
Pou Sheng International Holdings		1,878,142		158,458
Renrui Human Resources Technology Holdings *		1,804		833
Sinopec Engineering Group, Cl H		1,555,500		1,001,905
Skyworth Group		5,139,486		2,113,569
Tongcheng Travel Holdings *		185,600		488,477
Uni-President China Holdings		123,000		94,327
Wasion Holdings		188,000		153,529
Xiaomi, Cl B *		1,710,400		3,728,548
Zoomlion Heavy Industry Science and Technology		100		76
				45,985,901
Hungary — 2.2%
MOL Hungarian Oil & Gas		344,269		2,825,281
OTP Bank Nyrt		241,161		11,953,308
Richter Gedeon Nyrt		13,313		339,016
				15,117,605
India — 16.1%
Alkem Laboratories		14,199		822,141
Andhra Paper		5,846		37,150
Andhra Sugars		40,305		51,698
Angel One		25,207		838,189
Apar Industries		34,366		3,236,864
Arvind		222,899		835,708
AurionPro Solutions		11,109		333,107
Aurobindo Pharma		94,777		1,308,027
Authum Investment & Infrastucture *		919		9,174
Bajaj Consumer Care		13,858		40,025
Bharat Petroleum		411,726		2,995,958
Birlasoft		35,233		273,371
BSE		5,964		197,996
CESC		662,003		1,163,035
Chennai Petroleum		105,361		1,288,636
Cigniti Technologies		12,994		207,885
Cipla		45,457		760,964
Coal India		2,378,648		12,932,582
Colgate-Palmolive India		21,845		739,270
Cyient		57,085		1,231,456
Dalmia Bharat Sugar & Industries		6,395		31,148
Datamatics Global Services		22,513		161,129
DCM Shriram Industries		36,391		89,651
Dhampur Sugar Mills		21,205		59,769
Dhunseri Ventures		7,867		30,980

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

8

THE ADVISORS’ INNER CIRCLE FUND ACADIAN EMERGING MARKETS PORTFOLIO APRIL 30, 2024 (Unaudited)

COMMON STOCK — continued
	Shares		Value
India — (continued)
Dr Reddy’s Laboratories		3,266	$	242,362
Dwarikesh Sugar Industries		57,575		50,134
Elecon Engineering		59,693		809,710
Emami		68,908		402,086
Force Motors		1,976		224,744
Foseco India		724		32,230
GAIL India		506,440		1,265,147
GHCL		27,536		169,069
Godawari Power and Ispat		70,623		751,669
Godfrey Phillips India		11,632		465,766
Gujarat Narmada Valley Fertilizers & Chemicals		40,046		341,438
HCL Technologies		883,031		14,406,646
Hindustan Aeronautics		233,468		11,017,731
Hindustan Petroleum		100,571		596,560
Huhtamaki India		10,532		38,997
IIFL Securities		22,871		39,222
Indiabulls Housing Finance *		118,520		103,980
Indian Hotels, Cl A		27,061		186,475
Indian Metals & Ferro Alloys		11,326		99,147
Indian Oil		1,935,913		3,909,352
Indus Towers *		244,944		1,036,669
Intellect Design Arena		19,717		254,672
ITD Cementation India		38,041		172,140
J Kumar Infraprojects		46,392		375,657
Jagran Prakashan *		140,311		174,031
Jindal Saw		110,131		728,698
JK Tyre & Industries		23,242		117,108
Karnataka Bank		729,817		2,020,300
KDDL		1,543		46,746
Kewal Kiran Clothing		27,438		234,305
Kirloskar Brothers		30,179		473,060
Kirloskar Industries		1,818		112,538
Kokuyo Camlin		7,933		14,056
Kolte-Patil Developers		10,994		70,307
KPIT Technologies		280,550		5,001,563
KSB		6,143		332,042
LG Balakrishnan & Bros		26,722		409,593
Lupin		73,216		1,441,626
Mahanagar Gas		40,949		707,779
Maharashtra Seamless		59,388		641,466
Manappuram Finance		287,552		686,551
Mangalore Chemicals & Fertilizers		33,585		46,714
Mangalore Refinery & Petrochemicals		166,595		498,847

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

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THE ADVISORS’ INNER CIRCLE FUND ACADIAN EMERGING MARKETS PORTFOLIO APRIL 30, 2024 (Unaudited)

COMMON STOCK — continued
	Shares		Value
India — (continued)
Mrs Bectors Food Specialities		22,178	$	337,963
Natco Pharma		67,290		817,888
Nava		279,542		1,680,400
NCC		107,339		310,505
Neuland Laboratories		1,448		131,909
NIIT		30,311		38,297
NIIT Learning Systems		59,181		352,634
NRB Bearings		60,463		227,097
Nucleus Software Exports		6,979		115,428
Oil & Natural Gas		1,889,134		6,377,257
Oil India		202,404		1,496,536
Oracle Financial Services Software		21,547		1,955,995
Orient Cement		61,280		162,266
Pennar Industries *		81,342		133,287
Power Finance		846,363		4,461,393
Prakash Industries *		171,515		350,302
Prudent Corporate Advisory Services		2,724		50,215
PTC India		321,599		863,041
PTC India Financial Services		137,078		69,859
REC		461,578		2,796,100
Repco Home Finance		25,178		156,602
Savita Oil Technologies		3,290		22,821
Seshasayee Paper & Boards		17,654		71,011
Siyaram Silk Mills		37,411		209,167
SMC Global Securities		1,350		2,580
Sonata Software		64,042		530,240
SP Apparels		13,232		93,720
Styrenix Performance Materials		1,353		26,697
Sutlej Textiles and Industries		30,377		21,692
Tamil Nadu Newsprint & Papers		47,442		155,773
Tamilnadu Petroproducts		92,741		96,046
Tata Consultancy Services		78,137		3,566,182
Time Technoplast		63,331		208,738
Transport Corp of India		16,142		169,324
Triveni Turbine		130,958		842,811
Ugar Sugar Works		75,362		71,779
Ujjivan Financial Services		55,128		378,516
Uniparts India		4,018		26,457
Vardhman Textiles		30,623		163,369
Voltamp Transformers		1,209		150,327
VST Tillers Tractors		1,352		59,514
West Coast Paper Mills		42,557		339,318
Zensar Technologies		32,696		239,501

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

10

THE ADVISORS’ INNER CIRCLE FUND ACADIAN EMERGING MARKETS PORTFOLIO APRIL 30, 2024 (Unaudited)

COMMON STOCK — continued
	Shares		Value
India — (continued)
Zydus Lifesciences		47,722	$	545,071
				111,300,474
Indonesia — 1.3%
ABM Investama		68,965		16,441
Adaro Energy Indonesia		30,027,555		4,990,512
AKR Corporindo		4,107,108		422,460
Bank CIMB Niaga		1,583,567		185,785
Bank OCBC Nisp		239,061		19,114
Bank Pembangunan Daerah Jawa Barat Dan Banten		402,740		25,140
Bukit Asam		6,058,175		1,128,922
Gajah Tunggal *		1,763,835		126,376
Hanjaya Mandala Sampoerna		481,100		25,298
Indika Energy		279,534		24,670
Indo Tambangraya Megah		234,549		363,574
Mitra Adiperkasa		1,159,100		112,141
Panin Financial *		3,262,500		58,528
Perusahaan Gas Negara		5,744,806		518,771
Perusahaan Perkebunan London Sumatra Indonesia		1,198,726		63,690
Puradelta Lestari		3,587,100		35,739
Trans Power Marine		904,900		38,105
Triputra Agro Persada		817,217		31,412
United Tractors		483,200		736,443
Wismilak Inti Makmur		244,200		17,398
				8,940,519
Luxembourg — 0.9%
Ternium ADR		143,355		6,035,246
Malaysia — 0.4%
Dayang Enterprise Holdings		271,500		148,002
Fraser & Neave Holdings		8,000		52,970
Jaya Tiasa Holdings		233,300		60,981
KSL Holdings *		228,383		82,045
Mah Sing Group		181,900		47,518
Padini Holdings		133,600		100,048
Pelikan International		195,300		9,412
Sports Toto		109,140		32,245
YTL		1,875,000		1,212,274
YTL Power International		1,169,800		1,121,426
				2,866,921
Mexico — 0.5%
Cemex ADR *		418,398		3,309,528

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

11

THE ADVISORS’ INNER CIRCLE FUND ACADIAN EMERGING MARKETS PORTFOLIO APRIL 30, 2024 (Unaudited)

COMMON STOCK — continued
	Shares		Value
Peru — 0.1%
Credicorp		4,408	$	730,009
Poland — 1.3%
Alior Bank *		5,162		131,503
Asseco Poland		529		10,397
Bank Polska Kasa Opieki		23,284		963,965
Budimex		19		3,214
Enea *		4,620		9,638
Grenevia *		97,579		58,368
PGE Polska Grupa Energetyczna *		14,387		21,444
Powszechny Zaklad Ubezpieczen		621,531		7,822,522
Text		4,502		99,887
				9,120,938
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		—
				—
Saudi Arabia — 4.0%
Al Babtain Power & Telecommunication		72,121		792,556
Al-Dawaa Medical Services		16,530		421,018
Al-Etihad Cooperative Insurance *		20,085		141,376
Almunajem Foods		31,453		1,007,051
Alwasail Industrial		19,940		13,976
Arab National Bank		193,703		1,592,114
Arabian Internet & Communications Services		17,517		1,619,956
Astra Industrial Group		15,882		735,251
Bawan		10,695		134,869
BinDawood Holding		159,775		402,681
Cenomi Centers		220,745		1,472,405
Dar Al Arkan Real Estate Development *		138,732		491,167
Derayah REIT ‡		22,481		41,838
Electrical Industries		948,751		1,194,133
Elm		34,996		8,518,528
Etihad Etisalat		70,687		978,461
Leejam Sports JSC		43,637		2,435,839
Middle East Specialized Cables *		64,677		572,515
Naba Alsaha Medical Services		370		8,812
Saudi Arabian Cooperative Insurance *		27,023		142,320
Saudi Electricity		756,274		3,746,845
Saudi Marketing		49,360		342,833
Sumou Real Estate		22,570		375,278

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

12

THE ADVISORS’ INNER CIRCLE FUND ACADIAN EMERGING MARKETS PORTFOLIO APRIL 30, 2024 (Unaudited)

COMMON STOCK — continued
	Shares		Value
Saudi Arabia — (continued)
Zamil Industrial Investment *		85,854	$	466,900
				27,648,722
South Africa — 1.2%
Exxaro Resources		77,726		744,699
Hudaco Industries		688		6,141
Investec		266,871		1,700,941
Kumba Iron Ore		184,987		4,534,612
Lewis Group		13,447		31,586
Murray & Roberts Holdings *		58,238		3,635
Naspers, Cl N		464		88,799
Omnia Holdings		10,425		29,595
Sappi		138,164		371,164
Standard Bank Group		106,234		997,619
				8,508,791
South Korea — 9.9%
Ace Bed		567		10,777
Advanced Process Systems		3,673		92,018
Ahnlab		7,852		359,102
AK Holdings		1,437		15,728
Binggrae		737		37,946
BNK Financial Group		95,862		578,764
Cheil Worldwide		30,425		414,969
CJ		22,209		2,036,638
Creas F&C		168		1,015
Daewon San Up		781		3,708
Daishin Securities		203		2,300
DB *		45,418		47,050
DB HiTek		11,969		353,691
DGB Financial Group		44,754		273,373
DMS		9,421		42,841
Dongwon F&B		3,100		87,027
DoubleUGames		1,012		31,942
DRB Holding		528		2,247
DY POWER		2,434		22,957
Echo Marketing		11,644		115,137
Eugene Technology		17,747		675,079
GS Holdings		1,090		35,242
Hana Financial Group		266,308		11,232,022
Handsome		2,901		41,076
Hankook Tire & Technology		6,567		278,653
Hansol Technics		15,410		62,107
Hanwha		116,122		2,278,807

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

13

THE ADVISORS’ INNER CIRCLE FUND ACADIAN EMERGING MARKETS PORTFOLIO APRIL 30, 2024 (Unaudited)

COMMON STOCK — continued
	Shares		Value
South Korea — (continued)
Hanwha Life Insurance		137,009	$	290,623
Hanyang Securities		2,940		22,492
Hyundai Glovis		5,200		680,733
Hyundai Mobis		3,528		577,178
JB Financial Group		51,783		496,850
KB Financial Group		133,181		7,223,329
KC Tech		1,602		42,002
Kolon		4,499		53,240
Korea Cast Iron Pipe Industries		6,835		31,629
Korea Economic Broadcasting		15,443		66,385
Korean Reinsurance		11,443		67,636
KT		120,435		3,011,110
Kyung Dong Navien		1,527		65,659
LEADCORP		6,795		26,294
LG Electronics		101,726		6,775,167
LG Uplus		363,500		2,581,760
LX Hausys		9,289		288,819
Multicampus		1,070		27,260
NHN		36,564		623,969
NOROO Paint & Coatings		6,264		42,657
PHA		2,685		21,761
Rayence		15,821		98,235
Sajodaerim		7,208		198,185
Samsung Electronics		261,405		14,530,625
Saramin		6,553		85,116
SAVEZONE I&C CORP		11,048		19,065
Sebang		6,363		55,315
SGC E&C		939		11,032
Shinhan Financial Group		165,132		5,547,990
Shinsung Tongsang		76,333		100,426
SJG Sejong		26,717		113,939
SOOP		8,459		684,685
Suprema *		2,025		35,217
Tongyang Life Insurance		14,899		57,146
Uju Electronics		2,037		29,483
WiSoL		13,595		87,305
Woongjin Thinkbig *		18,433		28,591
Woori Financial Group		452,545		4,637,559
YES24		471		1,567
Youngone		7,870		217,786
				68,688,036
Taiwan — 21.7%
Acer		1,437,000		1,977,245

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

14

THE ADVISORS’ INNER CIRCLE FUND ACADIAN EMERGING MARKETS PORTFOLIO APRIL 30, 2024 (Unaudited)

COMMON STOCK — continued
	Shares		Value
Taiwan — (continued)
Anpec Electronics		131,000	$	807,453
Apacer Technology		18,000		37,102
Arcadyan Technology		187,000		985,867
ASE Technology Holding		175,000		787,255
Asustek Computer		455,000		5,966,303
Axiomtek		123,124		323,537
Champion Microelectronic		21,000		39,472
Cheng Uei Precision Industry		71,000		101,086
Chicony Electronics		160,000		990,498
China Ecotek		37,000		87,272
ChipMOS Technologies		479,000		670,633
ChipMOS Technologies ADR		2,816		78,538
Compal Electronics		2,778,000		3,030,129
Darfon Electronics		38,000		73,482
Elan Microelectronics		99,000		498,290
Elitegroup Computer Systems		160,000		150,124
Emerging Display Technologies		167,000		161,140
Ennoconn		78,000		780,014
Evergreen Marine Taiwan		1,589,200		9,234,132
First Insurance		46,000		29,824
Fitipower Integrated Technology		97,450		731,325
FocalTech Systems		291,000		749,664
Foxsemicon Integrated Technology		20,400		188,175
Gemtek Technology		90,000		91,319
General Plastic Industrial		30,000		35,164
Getac Holdings		294,000		942,555
Global Brands Manufacture		194,000		433,186
Global Mixed Mode Technology		79,000		695,815
Gourmet Master		65,000		181,056
Hannstar Board		281,000		480,585
Hon Hai Precision Industry		3,457,648		16,459,616
International Games System		181,000		5,535,205
ITE Technology		73,000		370,976
Keystone Microtech		13,000		118,009
Kindom Development		20,000		34,543
L&K Engineering		86,085		710,199
M31 Technology		10,000		363,965
Macroblock		200,000		579,949
MediaTek		459,000		13,839,393
Micro-Star International		464,000		2,257,692
MPI		39,000		523,440
Nexcom International		98,000		156,885
Niko Semiconductor		70,000		109,087

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

15

THE ADVISORS’ INNER CIRCLE FUND ACADIAN EMERGING MARKETS PORTFOLIO APRIL 30, 2024 (Unaudited)

COMMON STOCK — continued
	Shares		Value
Taiwan — (continued)
Novatek Microelectronics		495,000	$	9,353,134
Orient Semiconductor Electronics		63,000		122,139
Pegatron		652,423		1,945,803
Phison Electronics		47,000		1,003,272
Pixart Imaging		114,000		550,189
Pou Chen		1,860,000		2,058,779
Powertech Technology		196,000		1,043,772
Radiant Opto-Electronics		266,000		1,621,781
Raydium Semiconductor		127,000		1,655,563
Realtek Semiconductor		686,000		10,821,760
Sea Sonic Electronics		20,000		50,792
Senao International		38,000		45,450
Sercomm		34,000		128,633
Silicon Motion Technology ADR		11,339		836,932
Simplo Technology		87,000		1,161,812
Sitronix Technology		43,000		367,237
Solteam		34,000		50,682
Star Comgistic Capital		147,723		156,862
Sunplus Innovation Technology		61,000		280,042
Sunplus Technology		360,000		341,767
Sunrex Technology		40,000		75,420
Syncmold Enterprise		20,000		56,616
Taiflex Scientific		23,000		36,277
Taiwan PCB Techvest		42,000		51,673
Taiwan Puritic		4,650		28,316
Taiwan Semiconductor Manufacturing		1,760,000		42,141,033
Ubright Optronics		7,000		12,343
Ventec International Group		11,000		28,310
Wah Hong Industrial		35,000		39,043
Winbond Electronics		838,402		664,904
WPG Holdings		27,000		72,922
X-Legend Entertainment		10,200		41,800
Zyxel Group		220,000		278,233
				149,520,490
Thailand — 2.5%
Bangchak NVDR		851,200		958,776
Bangkok Bank NVDR		2,127,800		7,850,323
Banpu NVDR		1,411,900		210,642
BTS Rail Mass Transit Growth Infrastructure Fund		267,600		25,701
Index Livingmall NVDR		529,700		296,285
Kasikornbank NVDR		372,400		1,307,235
Lanna Resources NVDR		67,000		25,470
MK Restaurants Group NVDR		143,300		143,783

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

16

THE ADVISORS’ INNER CIRCLE FUND ACADIAN EMERGING MARKETS PORTFOLIO APRIL 30, 2024 (Unaudited)

COMMON STOCK — continued
	Shares		Value
Thailand — (continued)
Polyplex Thailand NVDR		9,500	$	2,443
PTT NVDR		3,379,600		3,062,842
PTT Exploration & Production NVDR		538,600		2,253,124
Regional Container Lines NVDR		335,100		186,256
Star Petroleum Refining NVDR *		369,900		79,284
Thai Oil NVDR		684,100		996,769
				17,398,933
Turkey — 0.4%
Agesa Hayat ve Emeklilik		74,982		196,183
Akbank T.A.S.		465,338		856,497
Goltas Goller Bolgesi Cimento Sanayi ve Ticaret		9,499		161,849
Turkiye Petrol Rafinerileri		268,239		1,619,394
				2,833,923
United Arab Emirates — 1.3%
Abu Dhabi Commercial Bank		357,550		811,883
Aldar Properties PJSC		924,204		1,373,476
Emaar Properties PJSC		2,558,282		5,718,504
Emirates Integrated Telecommunications PJSC		10,879		17,323
Emirates NBD Bank PJSC		240,725		1,114,195
Sharjah Islamic Bank		55,933		34,020
Yalla Group ADR *		13,893		65,297
				9,134,698
United Kingdom — 0.1%
Thungela Resources		60,192		414,422
United States — 0.4%
NU Holdings, Cl A *		72,716		789,696
Pagseguro Digital, Cl A *		23,247		289,425
Parade Technologies		30,000		681,078
WNS Holdings *		30,355		1,272,178
				3,032,377
TOTAL COMMON STOCK (Cost $520,110,654)				659,423,459
PREFERRED STOCK(B) — 3.7%
Brazil — 3.6%
Cia de Ferro Ligas da Bahia FERBASA		156,632		241,617
Cia Energetica de Minas Gerais		1,275,533		2,385,206
Gerdau		1,775,495		6,233,346
Marcopolo		174,600		223,269

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

17

THE ADVISORS’ INNER CIRCLE FUND ACADIAN EMERGING MARKETS PORTFOLIO APRIL 30, 2024 (Unaudited)

PREFERRED STOCK(B) — continued
	Shares		Value
Brazil — (continued)
Noxville Investimentos * (A)		455	$	—
Petroleo Brasileiro		1,900,194		15,340,317
				24,423,755
South Korea — 0.1%
CJ		9,029		579,345
TOTAL PREFERRED STOCK (Cost $15,330,298)				25,003,100
MUTUAL FUND — 1.0%
United States — 1.0%
iShares MSCI Emerging Markets ETF		169,737		6,957,520
TOTAL MUTUAL FUND  (Cost $7,027,976)				6,957,520
WARRANT — 0.0%
	Number of Warrants
Thailand — 0.0%
Successmore Being PCL, Expires 05/28/25 * (A)		400		18
TOTAL WARRANT (Cost $—)				18
SHORT-TERM INVESTMENT — 1.5%
	Shares
FIRST AMERICAN TREASURY OBLIGATIONS FUND, Cl X, 5.330% (C) (Cost $10,657,613)		10,657,613		10,657,613
TOTAL INVESTMENTS— 101.7% (Cost $553,126,541)			$	702,041,710

Percentages are based on Net Assets of $690,645,157.

* Non-income producing security.

‡ Real Estate Investment Trust

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

(B) There is currently no rate available.

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

18

THE ADVISORS’ INNER CIRCLE FUND ACADIAN EMERGING MARKETS PORTFOLIO APRIL 30, 2024 (Unaudited)

(C) The rate shown is the 7 day effective yield as of April 30, 2024.

ADR — American Depositary Receipt

Cl — Class

ETF — Exchange Traded Fund

GDR — Global Depositary Receipt

JSC — Joint Stock Company

NVDR — Non-Voting Depositary Receipt

PJSC — Public Joint Stock Company

The summary of input levels used to value the Portfolio’s net assets as of April 30, 2024 was as follows:

Investments in Securities	Level 1		Level 2		Level 3†		Total
Common Stock
Brazil	$	6,498,632	$	—	$	—^	$	6,498,632
China		21,506,610		139,150,367		—		160,656,977
Colombia		159,390		—		—		159,390
Czech Republic		—		322,245		—		322,245
Egypt		—		30,837		—		30,837
Greece		—		1,167,845		—		1,167,845
Hong Kong		215,020		45,770,881		—		45,985,901
Hungary		3,164,297		11,953,308		—		15,117,605
India		136,210		111,164,264		—		111,300,474
Indonesia		1,397,557		7,542,962		—		8,940,519
Luxembourg		6,035,246		—		—		6,035,246
Malaysia		94,627		2,772,294		—		2,866,921
Mexico		3,309,528		—		—		3,309,528
Peru		730,009		—		—		730,009
Poland		99,887		9,021,051		—		9,120,938
Russia		—		—		—^		—^
Saudi Arabia		957,186		26,691,536		—		27,648,722
South Africa		1,738,668		6,770,123		—		8,508,791
South Korea		19,065		68,668,971		—		68,688,036
Taiwan		915,470		148,605,020		—		149,520,490
Thailand		—		17,398,933		—		17,398,933
Turkey		161,849		2,672,074		—		2,833,923
United Arab Emirates		6,897,996		2,236,702		—		9,134,698
United Kingdom		414,422		—		—		414,422
United States		2,351,299		681,078		—		3,032,377
Total Common Stock		56,802,968		602,620,491		—^		659,423,459
Preferred Stock
Brazil		24,423,755		—		—^		24,423,755
South Korea		—		579,345		—		579,345
Total Preferred Stock		24,423,755		579,345		—^		25,003,100
Mutual Fund		6,957,520		—		—		6,957,520
Warrant		—		—		18		18
Short-Term Investment		—		10,657,613		—		10,657,613
Total Investments in Securities	$	88,184,243	$	613,857,449	$	18	$	702,041,710

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

19

THE ADVISORS’ INNER CIRCLE FUND ACADIAN EMERGING MARKETS PORTFOLIO APRIL 30, 2024 (Unaudited)

† 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.

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.

20

THE ADVISORS’ INNER CIRCLE FUND ACADIAN EMERGING MARKETS PORTFOLIO APRIL 30, 2024 (Unaudited)

 STATEMENT OF ASSETS AND LIABILITIES

Assets
Investments, at Value (Cost $553,126,541)	$	702,041,710
Foreign Currency, at Value (Cost $2,693,999)		2,693,682
Receivable for Investment Securities Sold		11,621,679
Dividends and Interest Receivable		2,008,080
Receivable for Capital Shares Sold		975,524
Reclaim Receivable		101,356
Prepaid Expenses		30,023
Total Assets		719,472,054
Liabilities
Payable for Investment Securities Purchased		21,840,438
Accrued Foreign Capital Gains Tax on Appreciated Securities		5,729,304
Payable to Adviser		481,144
Payable for Capital Shares Redeemed		353,720
Shareholder Servicing Fees Payable - Investor Class		93,549
Shareholder Servicing Fees Payable - Y Class		265
Payable to Administrator		45,747
Payable to Trustees		7,013
Unrealized Loss on Spot Contracts		3,557
Chief Compliance Officer Fees Payable		2,749
Accrued Expenses		269,411
Total Liabilities		28,826,897
Net Assets	$	690,645,157
Net Assets Consist of:
Paid-in Capital	$	573,759,121
Total Distributable Earnings		116,886,036
Net Assets	$	690,645,157
Investor Class Shares:
Net Assets	$	301,560,865
Outstanding Shares of Beneficial Interest (unlimited authorization - no par value)		13,862,429
Net Asset Value, Redemption and Offering Price Per Share *	$	21.75
I Class Shares:
Net Assets	$	384,885,615
Outstanding Shares of Beneficial Interest (unlimited authorization - no par value)		17,714,245
Net Asset Value, Redemption and Offering Price Per Share *	$	21.73
Y Class Shares:
Net Assets	$	4,198,677
Outstanding Shares of Beneficial Interest (unlimited authorization - no par value)		193,705
Net Asset Value, Redemption and Offering Price Per Share *	$	21.68

* 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.

21

THE ADVISORS’ INNER CIRCLE FUND ACADIAN EMERGING MARKETS PORTFOLIO FOR THE SIX MONTHS ENDED APRIL 30, 2024 (Unaudited)

STATEMENT OF OPERATIONS
Investment Income:
Dividends	$	9,506,575
Less: Foreign Taxes Withheld		(1,241,511	)
Total Investment Income		8,265,064
Expenses:
Investment Advisory Fees		2,934,574
Shareholder Servicing Fees - Investor Class		330,613
Shareholder Servicing Fees - Y Class		1,749
Administration Fees		291,278
Trustees’ Fees		12,785
Chief Compliance Officer Fees		3,420
Custodian Fees		266,858
Printing Fees		89,508
Transfer Agent Fees		87,852
Filing and Registration Fees		32,028
Audit Fees		22,551
Legal Fees		19,891
Interest Expense		6,090
Other Expenses		50,402
Total Expenses		4,149,599
Less:
Investment Advisory Fee Waiver		(97,839	)
Fees Paid Indirectly (Note 4)		(15,542	)
Net Expenses		4,036,218
Net Investment Income		4,228,846
Net Realized Gain (Loss) on:
Investments		1,005,816
Foreign Capital Gains Tax		(1,506,630	)
Foreign Currency Transactions		(413,822	)
Net Realized Loss		(914,636	)
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		109,479,314
Foreign Capital Gains Tax on Depreciated Securities		(2,334,225	)
Foreign Currencies and Translation of other Assets and Liabilities Denominated in Foreign Currencies		(20,649	)
Net Change in Unrealized Appreciation		107,124,440
Net Realized and Unrealized Gain		106,209,804
Net Increase in Net Assets Resulting from Operations	$	110,438,650

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

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THE ADVISORS’ INNER CIRCLE FUND ACADIAN EMERGING MARKETS PORTFOLIO

 STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended April 30, 2024 (Unaudited)			Year Ended October 31, 2023
Operations:
Net Investment Income	$	4,228,846		$	24,105,922
Net Realized Loss		(914,636	)		(19,659,851	)
Net Change in Unrealized Appreciation (Depreciation)		107,124,440			134,914,670
Net Increase in Net Assets Resulting from Operations		110,438,650			139,360,741
Distributions:
Investor Class Shares		(11,728,043	)		(22,785,848	)
I Class Shares		(13,400,475	)		(21,338,558	)
Y Class Shares		(134,613	)		(440,711	)
Total Distributions		(25,263,131	)		(44,565,117	)
Capital Share Transactions:(1)
Investor Class Shares:
Issued		13,179,514			14,428,787
Reinvestment of Distributions		11,521,471			22,252,987
Redemption Fees — (See Note 2)		2,135			3,261
Redeemed		(46,438,739	)		(126,089,006	)
Decrease in Net Assets derived from Investor Class Transactions		(21,735,619	)		(89,403,971	)
I Class Shares:
Issued		78,852,612			76,035,895
Reinvestment of Distributions		11,667,736			18,279,007
Redemption Fees — (See Note 2)		341			2,545
Redeemed		(49,920,012	)		(96,712,771	)
Increase (Decrease) in Net Assets derived from I Class Transactions		40,600,677			(2,395,324	)
Y Class Shares:
Issued		581,390			67,027
Reinvestment of Distributions		127,112			407,053
Redeemed		(87,292	)		(4,049,086	)
Increase (Decrease) in Net Assets derived from Y Class Transactions		621,210			(3,575,006	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		19,486,268			(95,374,301	)
Total Increase (Decrease) in Net Assets		104,661,787			(578,677	)
Net Assets:
Beginning of Period		585,983,370			586,562,047
End of Period	$	690,645,157		$	585,983,370

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

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

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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,
Investor Class Shares	Six Months Ended April 30, 2024 (Unaudited)		2023		2022		2021		2020		2019
Net Asset Value, Beginning of Year/Period	$	19.02	$	16.37	$	23.93	$	19.65	$	19.41	$	18.35
Income from Operations:
Net Investment Income*		0.12		0.70		0.96		0.47		0.29		0.39
Net Realized and Unrealized Gain (Loss)		3.40		3.21		(7.78)		4.10		0.32		1.00
Total from Operations		3.52		3.91		(6.82)		4.57		0.61		1.39
Redemption Fees*		0.00^		0.00^		0.00^		—		0.00^		0.00^
Dividends and Distributions from:
Net Investment Income		(0.79)		(1.07)		(0.70)		(0.29)		(0.37)		(0.33)
Net Realized Gains		—		(0.19)		(0.04)		—		—		—
Total Dividends and Distributions		(0.79)		(1.26)		(0.74)		(0.29)		(0.37)		(0.33)
Net Asset Value, End of Year/Period	$	21.75	$	19.02	$	16.37	$	23.93	$	19.65	$	19.41
Total Return †		18.76%***		24.62%		(29.43)%		23.35%		3.04%		7.72%
Ratios and Supplemental Data
Net Assets, End of Year/Period (Thousands)	$	301,561	$	283,457	$	322,684	$	580,640	$	674,360	$	625,488
Ratio of Expenses to Average Net Assets(1)		1.36%**		1.46%		1.49%		1.43%		1.40%		1.40%
Ratio of Net Investment Income to Average Net Assets		1.17%**		3.69%		4.52%		1.97%		1.56%		2.07%
Portfolio Turnover Rate		31%***		68%		66%		70%		55%		48%

* 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.

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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,
I Class Shares	Six Months Ended April 30, 2024 (Unaudited)		2023		2022		2021		2020		2019
Net Asset Value, Beginning of Year/Period	$	19.02	$	16.39	$	23.97	$	19.67	$	19.43	$	18.38
Income from Operations:
Net Investment Income*		0.15		0.75		1.00		0.53		0.29		0.41
Net Realized and Unrealized Gain (Loss)		3.40		3.20		(7.77)		4.09		0.35		1.00
Total from Operations		3.55		3.95		(6.77)		4.62		0.64		1.41
Redemption Fees*		0.00^		0.00^		0.00^		—		0.00^		0.00^
Dividends and Distributions from:
Net Investment Income		(0.84)		(1.13)		(0.77)		(0.32)		(0.40)		(0.36)
Net Realized Gains		—		(0.19)		(0.04)		—		—		—
Total Dividends and Distributions		(0.84)		(1.32)		(0.81)		(0.32)		(0.40)		(0.36)
Net Asset Value, End of Year/Period	$	21.73	$	19.02	$	16.39	$	23.97	$	19.67	$	19.43
Total Return †		18.92%***		24.87%		(29.26)%		23.61%		3.20%		7.86%
Ratios and Supplemental Data
Net Assets, End of Year/Period (Thousands)	$	384,886	$	299,395	$	258,008	$	396,786	$	330,942	$	496,662
Ratio of Expenses to Average Net Assets(1)		1.14%**		1.24%		1.27%		1.22%		1.24%		1.25%
Ratio of Net Investment Income to Average Net Assets		1.41%**		3.95%		4.70%		2.21%		1.53%		2.13%
Portfolio Turnover Rate		31%***		68%		66%		70%		55%		48%

* 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.

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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,
Y Class Shares	Six Months Ended April 30, 2024 (Unaudited)		2023		2022		2021		2020		2019
Net Asset Value, Beginning of Year/Period	$	18.97	$	16.35	$	23.92	$	19.63	$	19.40	$	18.34
Income from Operations:
Net Investment Income*		0.14		0.74		0.99		0.50		0.25		0.43
Net Realized and Unrealized Gain (Loss)		3.40		3.19		(7.76)		4.11		0.38		0.98
Total from Operations		3.54		3.93		(6.77)		4.61		0.63		1.41
Redemption Fees*		—		—		—		—		0.00^		—
Dividends and Distributions from:
Net Investment Income		(0.83)		(1.12)		(0.76)		(0.32)		(0.40)		(0.35)
Net Realized Gains		—		(0.19)		(0.04)		—		—		—
Total Dividends and Distributions		(0.83)		(1.31)		(0.80)		(0.32)		(0.40)		(0.35)
Net Asset Value, End of Year/Period	$	21.68	$	18.97	$	16.35	$	23.92	$	19.63	$	19.40
Total Return †		18.90%***		24.80%		(29.31)%		23.61%		3.15%		7.89%
Ratios and Supplemental Data
Net Assets, End of Year/Period (Thousands)	$	4,199	$	3,131	$	5,870	$	6,982	$	8,334	$	20,363
Ratio of Expenses to Average Net Assets(1)		1.24%**		1.29%		1.32%		1.24%		1.24%		1.25%
Ratio of Net Investment Income to Average Net Assets		1.31%**		3.95%		4.71%		2.10%		1.34%		2.26%
Portfolio Turnover Rate		31%***		68%		66%		70%		55%		48%

* 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.

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 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 26 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 accompanying financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) and are presented in U.S. dollars which is the functional currency of the Portfolio. The Portfolio is an investment company and therefore applies the accounting and reporting guidance issued by the U.S. Financial Accounting Standards Board (“FASB”) in Accounting Standards Codification (“ASC”) Topic 946, Financial Services — Investment Companies. The following are significant accounting policies which are consistently followed in the preparation of the financial statements.

Use of Estimates — The preparation of financial statements requires management to make estimates and assumptions that affect the fair value 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 reporting 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 valued in accordance with fair value procedures (the “Fair Value Procedures”) established by the Adviser and approved by the Trust’s Board of Trustees (the “Board”). Pursuant to Rule 2a-5

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THE ADVISORS’ INNER CIRCLE FUND ACADIAN EMERGING MARKETS PORTFOLIO APRIL 30, 2024 (Unaudited)

under the 1940 Act, the Board has designated the Adviser as the “valuation designee” to determine the fair value of securities and other instruments for which no readily available market quotations are available. The Fair Value Procedures are implemented through a Fair Value Committee (the “Committee”) of the Adviser.

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 Acadian 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 called. As of April 30, 2024, the total market value of securities in the Portfolio, valued in accordance with fair value procedures, was $603,199,836 or 87% 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

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THE ADVISORS’ INNER CIRCLE FUND ACADIAN EMERGING MARKETS PORTFOLIO APRIL 30, 2024 (Unaudited)

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

• 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.

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THE ADVISORS’ INNER CIRCLE FUND ACADIAN EMERGING MARKETS PORTFOLIO APRIL 30, 2024 (Unaudited)

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, 2024, 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, 2024, the Portfolio did not incur any interest or penalties.

Withholding taxes on foreign dividends have been provided for in accordance with the Portfolio’s understanding of the applicable country’s tax rules and rates. The Portfolio or its agent file withholding tax reclaims in certain jurisdictions to recover certain amounts previously withheld. The Portfolio may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. Professional fees paid to those that provide assistance in receiving the tax reclaims, which generally are contingent upon successful receipt of reclaimed amounts, are recorded in Professional Fees on the Statement of Operations once the amounts are due. The professional fees related to pursuing these tax reclaims are not subject to the Adviser’s expense limitation agreement.

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 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

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THE ADVISORS’ INNER CIRCLE FUND ACADIAN EMERGING MARKETS PORTFOLIO APRIL 30, 2024 (Unaudited)

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.

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THE ADVISORS’ INNER CIRCLE FUND ACADIAN EMERGING MARKETS PORTFOLIO APRIL 30, 2024 (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, 2024, the Portfolio paid $291,278 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

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THE ADVISORS’ INNER CIRCLE FUND ACADIAN EMERGING MARKETS PORTFOLIO APRIL 30, 2024 (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 Global Investor & Distribution Solutions, 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, 2024, the Portfolio earned cash management credits of $15,542, 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 contractually agreed to waive or reduce fees and reimburse expenses in order to keep net operating expenses (but excluding any class specific expenses (including distribution and service (12b-1) fees and shareholder servicing fees), interest, taxes, brokerage commissions, acquired fund fees and expenses, fees and expenses incurred in connection with tax reclaim recovery services, other expenditures which are capitalized in accordance with generally accepted accounting principles, and other non-routine expenses not incurred in the ordinary course of said Fund’s business (including litigation expenses)) from exceeding 1.10% of the average daily net assets of each of the Fund’s share classes until March 1, 2025. In addition, the Adviser may receive from the Fund the difference between the total annual fund operating expenses (not including excluded expenses) and the contractual expense limit to recoup all or a portion of its prior fee waivers or expense reimbursements made during the three-year period preceding the date of the recoupment if at any point total annual fund operating expenses (not including excluded expenses) are below the contractual expense limit (i) at the time of the fee waiver or expense payment, and (ii) at the time of the reimbursement. This agreement may be terminated: (i) by the Trust, for any reason at any time, or (ii) by the Adviser, for any reason, upon ninety (90) days’ prior written notice to the Trust, effective as of the close of business on March 1, 2025. This agreement terminates automatically upon the termination of the advisory agreement.

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THE ADVISORS’ INNER CIRCLE FUND ACADIAN EMERGING MARKETS PORTFOLIO APRIL 30, 2024 (Unaudited)

6. Investment Transactions:

For the period ended April 30, 2024, the Portfolio made purchases of $200,860,061 and sales of $206,271,844 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.

7. Share Transactions:

	Six Months Ended  April 30, 2024  (Unaudited)			Year Ended   October 31,  2023
Investor Class Shares:
Issued		628,075			764,689
Reinvestment of Distributions		560,656			1,263,009
Redeemed		(2,230,457	)		(6,831,732	)
Net Decrease in Shares Outstanding from Investor Class Share Transactions		(1,041,726	)		(4,804,034	)
I Class Shares:
Issued		3,758,557			4,078,460
Reinvestment of Distributions		568,880			1,039,191
Redeemed		(2,356,435	)		(5,114,817	)
Net Increase in Shares Outstanding from I Class Share Transactions		1,971,002			2,834
Y Class Shares:
Issued		26,711			3,587
Reinvestment of Distributions		6,210			23,190
Redeemed		(4,244	)		(220,659	)
Net Increase (Decrease) in Shares Outstanding from Y Class Share Transactions		28,677			(193,882	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		957,953			(4,995,082	)

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 29, 2024. 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, 2024, the Portfolio had average borrowings of $806,031 and a maximum amount borrowed of $4,460,000 over a period of 32 days at a weighted average interest rate of 8.50%. Interest accrued on the borrowings during the period was $6,090. As of April 30, 2024, the Portfolio did not have any borrowings outstanding.

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THE ADVISORS’ INNER CIRCLE FUND ACADIAN EMERGING MARKETS PORTFOLIO APRIL 30, 2024 (Unaudited)

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.

There were no permanent differences credited or charged to Paid-in Capital and Distributable Earnings as of October 31, 2023.

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

	Ordinary Income			Long-Term Capital Gain			Total
2023	$	37,952,435		$	6,612,682		$	44,565,117
2022		29,888,278			1,586,041			31,474,319

As of October 31, 2023, the components of Distributable Earnings on a tax basis were as follows:

Undistributed Ordinary Income	$	25,261,630
Capital Loss Carryforwards		(16,782,020	)
Net Unrealized Appreciation		23,230,926
Other Temporary Differences		(19	)
Total Distributable Earnings	$	31,710,517

For Federal income tax purposes, capital losses incurred may be carried forward and applied against future capital gains. Under the Regulated Investment Company Modernization Act of 2010, the Portfolio is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. Post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law. The capital loss carryforwards with no expiration are noted below:

Short-Term Loss	Long-Term Loss	Total Capital Loss Carryforwards
$               10,139,546	$                6,642,474	$            16,782,020

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

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THE ADVISORS’ INNER CIRCLE FUND ACADIAN EMERGING MARKETS PORTFOLIO APRIL 30, 2024 (Unaudited)

cost and aggregate gross unrealized appreciation and depreciation on investments, held by the Portfolio at April 30, 2024, were as follows:

Federal Tax Cost	Aggregated Gross Unrealized Appreciation	Aggregated Gross Unrealized Depreciation	Net Unrealized Appreciation/ (Depreciation)
$          553,126,541	$         185,283,756	$          (42,097,891)	$         143,185,865

The difference in unrealized appreciation 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 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. In addition, 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 Portfolio. 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 and including liquidity risk, because these companies tend to have limited product lines, markets, financial resources, and may depend upon a relatively small management group.

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THE ADVISORS’ INNER CIRCLE FUND ACADIAN EMERGING MARKETS PORTFOLIO APRIL 30, 2024 (Unaudited)

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, poses 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. In addition, periodic U.S. Government restrictions on investments in issuers from certain foreign countries may require the Fund to sell such investments at inopportune times, which could result in losses to the Portfolio. 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. 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.

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THE ADVISORS’ INNER CIRCLE FUND ACADIAN EMERGING MARKETS PORTFOLIO APRIL 30, 2024 (Unaudited)

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.

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

11. Other:

As of April 30, 2024, 82% of the Portfolio’s Investor Class Shares outstanding were held by two record shareholders, 74% of the Portfolio’s I Class Shares were held by five record shareholders, and 90% 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.

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.

12. 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

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THE ADVISORS’ INNER CIRCLE FUND ACADIAN EMERGING MARKETS PORTFOLIO APRIL 30, 2024 (Unaudited)

collateral available for return to the borrower due to any loss on the collateral invested.

During the period and as of April 30, 2024, there were no securities on loan for the Portfolio.

13. 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.

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THE ADVISORS’ INNER CIRCLE FUND ACADIAN EMERGING MARKETS PORTFOLIO April 30, 2024 (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, 2023 to April 30, 2024).

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.

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THE ADVISORS’ INNER CIRCLE FUND ACADIAN EMERGING MARKETS PORTFOLIO April 30, 2024 (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 11/01/23		Ending Account Value 04/30/24			Annualized   Expense Ratios		Expenses   Paid During Period*
Investor Class Shares
Actual Fund Return		$1,000.00		$1,187.60			1.36%		$7.39
Hypothetical 5% Return		$1,000.00		$1,018.11			1.36%		$6.81
I Class Shares
Actual Fund Return		$1,000.00		$1,189.20			1.14%		$6.21
Hypothetical 5% Return		$1,000.00		$1,019.20			1.14%		$5.72
Y Class Shares
Actual Fund Return		$1,000.00		$1,189.00			1.24%		$6.75
Hypothetical 5% Return		$1,000.00		$1,018.70			1.24%		$6.22

* Expenses are equal to the Portfolio’s annualized expense ratio multiplied by the average account value over the period, multiplied by 182/366.

41

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

2222 Market Street

Philadelphia, PA 19103

This information must be preceded or accompanied by a current prospectus

for the Portfolio described.

ACA-SA-002-1600

(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, as amended (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 18. Recovery of Erroneously Awarded Compensation.

(a) Not applicable.

(b) Not applicable.

Item 19. Exhibits.

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

(a)(2) Not applicable.

(a)(3) 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)), are 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 exhibits.

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
	Principal Executive Officer

Date: July 8, 2024

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
	Principal Executive Officer
Date: July 8, 2024
By (Signature and Title)	/s/ Andrew Metzger
	Andrew Metzger
	Principal Financial Officer

Date: July 8, 2024