# EDGAR Filing Document

**Accession Number:** 0000878719
**File Stem:** 0001193125-23-004674
**Filing Date:** 2023-1
**Character Count:** 201039
**Document Hash:** 87b2efcdb70c527a910d3ed397c3964b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-004674.hdr.sgml**: 20230109

**ACCESSION NUMBER**: 0001193125-23-004674

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 8

**CONFORMED PERIOD OF REPORT**: 20221031

**FILED AS OF DATE**: 20230109

**DATE AS OF CHANGE**: 20230109

**EFFECTIVENESS DATE**: 20230109

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ADVISORS' INNER CIRCLE FUND
- **CENTRAL INDEX KEY:** 0000878719
- **IRS NUMBER:** 000000000
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-06400
- **FILM NUMBER:** 23517855

**BUSINESS ADDRESS:**
- **STREET 1:** 1 FREEDOM VALLEY DRIVE
- **CITY:** OAKS
- **STATE:** PA
- **ZIP:** 19087
- **BUSINESS PHONE:** 8009327781

**MAIL ADDRESS:**
- **STREET 1:** 1 FREEDOM VALLEY DRIVE
- **CITY:** OAKS
- **STATE:** PA
- **ZIP:** 19087

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ADVISORS INNER CIRCLE FUND
- **DATE OF NAME CHANGE:** 19920929

## Series and Classes Contracts Data

### ACADIAN EMERGING MARKETS PORTFOLIO (Series ID: S000005712)

| Class ID   | Class Name            | Ticker Symbol   |
|:---|:---|:---|
| C000015706 | INVESTOR CLASS SHARES | AEMGX           |
| C000174812 | Y Class Shares        | AEMVX           |
| C000174813 | I Class Shares        | AEMZX           |

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**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

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**FORM N-CSR** 

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**CERTIFIED SHAREHOLDER REPORT OF REGISTERED** 

**MANAGEMENT INVESTMENT COMPANIES** 

**Investment Company Act file number 811-06400** 

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## The Advisors' Inner Circle Fund
**(Exact name of registrant as specified in charter)** 

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**SEI Investments** 

**One Freedom Valley Drive** 

**Oaks, PA 19456** 

**(Address of principal executive offices) (Zip code)** 

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**SEI Investments** 

**One Freedom Valley Drive** 

**Oaks, PA 19456** 

**(Name and address of agent for service)** 

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

**Date of fiscal year end: October 31, 2022** 

**Date of reporting period: October 31, 2022** 

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**Item 1.** **Reports to Stockholders.** <br>

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.

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**The Advisors' Inner Circle Fund**![LOGO](g426606sp1.jpg)

**Acadian Emerging Markets Portfolio** 

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| | |
|:---|:---|
| **Annual Report** | **October 31, 2022** |

---

**Investment Adviser:**<br> **Acadian Asset Management LLC**<br>

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| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **ACADIAN EMERGING**<br> **MARKETS PORTFOLIO**<br> **OCTOBER 31, 2022**<br>|

---

**TABLE OF CONTENTS** 

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---

| | |
|:---|:---|
|  [Shareholder Letter](#toc426606_1) | 1 |
|  [Schedule of Investments](#toc426606_2) | 5 |
|  [Statement of Assets and Liabilities](#toc426606_3) | 23 |
|  [Statement of Operations](#toc426606_4) | 24 |
|  [Statements of Changes in Net Assets](#toc426606_5) | 25 |
|  [Financial Highlights](#toc426606_6) | 26 |
|  [Notes to Financial Statements](#toc426606_7) | 29 |
|  [Report of Independent Registered Public Accounting Firm](#toc426606_8) | 41 |
|  [Disclosure of Fund Expenses](#toc426606_9) | 43 |
|  [Trustees and Officers of The Advisors' Inner Circle Fund](#toc426606_10) | 46 |
|  [Approval of Investment Advisory Agreement](#toc426606_11) | 54 |
|  [Review of Liquidity Risk Management Program](#toc426606_12) | 57 |
|  [Notice to Shareholders](#toc426606_13) | 58 |

---

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

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

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| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **ACADIAN EMERGING**<br> **MARKETS PORTFOLIO**<br> **OCTOBER 31, 2022**<br> **(Unaudited)** |

---

Dear Shareholder:

We are pleased to present the annual report for the Acadian Emerging Markets Portfolio (the "Portfolio"). This commentary covers the twelve months from November 1, 2021 to October 31, 2022, focusing on the portfolio's performance and some of the conditions and decisions that impacted returns.

**Portfolio Performance Review** 

For the twelve months ended October 31, 2022, the Acadian Emerging Markets Portfolio Investor Class Shares returned -29.4% (on a NAV basis), versus -30.7% for the MSCI Emerging Markets Index, a widely followed emerging markets benchmark.

**Market Review** 

A turbulent recovery from the pandemic continued to unfold and rising inflation remained a focal point during the period, intensified by tangled supply chains and demand vastly outpacing supply. Emerging market central banks had the added complexity of balancing and deescalating political volatility amid this turbulent mix. Several central banks in Eastern Europe and Latin America raised their rates in order to quell civil upheaval, while others in southeast Asia, where inflation was less of a concern, left theirs unchanged or even cut. Emerging Markets were projected to face challenges due to their lagging vaccine deployment, debt sustainability concerns, deteriorating fiscal balances, vulnerability to tighter monetary conditions, and sensitivity to potential shifts in global risk sentiment. Yet despite the challenges in emerging markets, there were many opportunities as markets price in extreme situations that may not all come to fruition

For the full period, the MSCI Emerging Markets Index collectively returned -30.7%. Turkey, Brazil, and Chile were the best performing markets, while Hungary, China, and Poland were the worst. Russia was the worst-performing market over this period as it was priced at zero and removed from the MSCI Emerging Markets index after its invasion of Ukraine in February 2022. All sectors struggled during this time period with Utilities, Financials, and Industrials faring better than their peers, while Consumer Discretionary, Communication Services, and Real Estate performed the worst.

**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 South Korea, Brazil, and Poland. The portfolio was generally underweighted relative to the benchmark in India, Mexico, and Malaysia. At the sector level, the portfolio was focused on Energy, Materials, and Information Technology, while Consumer Discretionary, Health Care, and Consumer Staples were the greatest underweights.

**1** 

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| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **ACADIAN EMERGING**<br> **MARKETS PORTFOLIO**<br> **OCTOBER 31, 2022**<br> **(Unaudited)** |

---

**Portfolio Performance** 

The portfolio outperformed the benchmark for the period by 130 bps, largely driven by stock selection in both countries and sectors.

Stock selection in South Korean Communication Services stocks and an overweight allocation to Brazilian Energy stocks saw the strongest results, respectively led by positions in KT Corporation and Petrol Brasileiro. An overweight to Chinese Energy stocks also yielded strong results.

Conversely, an underweight to Indian and Brazilian Financials detracted most from relative return, due in part to a lack of exposure to both ICICI Bank and Itau Unibanco.

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

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

---

| | |
|:---|:---|
| Sincerely, |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brendan O. Bradley, Ph.D. | Ryan D. Taliaferro, Ph.D. |
| *Chief Investment Officer* | *Director, Equity Strategies* |

---

*Index Source: MSCI. Copyright MSCI 2022. 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* 

**2** 

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| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **ACADIAN EMERGING**<br> **MARKETS PORTFOLIO**<br> **OCTOBER 31, 2022**<br> **(Unaudited)** |

---

*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 that an investor's shares, when redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. Total expense ratio for the Portfolio in the most recent prospectus dated March 1, 2022, is 1.43%. 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 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** 

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| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **ACADIAN EMERGING**<br> **MARKETS PORTFOLIO**<br> **OCTOBER 31, 2022**<br> **(Unaudited)** |

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Growth of a $10,000 Investment

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | AVERAGE ANNUAL TOTAL RETURN<br> FOR THE PERIODS ENDED OCTOBER 31<sup>(1)</sup> | AVERAGE ANNUAL TOTAL RETURN<br> FOR THE PERIODS ENDED OCTOBER 31<sup>(1)</sup> | AVERAGE ANNUAL TOTAL RETURN<br> FOR THE PERIODS ENDED OCTOBER 31<sup>(1)</sup> | AVERAGE ANNUAL TOTAL RETURN<br> FOR THE PERIODS ENDED OCTOBER 31<sup>(1)</sup> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 Year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 Years | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 Years | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annualized Since <br> Inception |
|  **Investor Class Shares†** | **-29.43%** | **-3.83%** | **0.69%** | **6.03%** |
|  **I Class Shares** | **-29.26%** | **-3.64%** | **N/A** | **1.03%** |
|  **Y Class Shares** | **-29.31%** | **-3.70%** | **N/A** | **0.98%** |
|  **MSCI Emerging Markets Index** | **-30.73%** | **-2.73%** | **1.16%** | **5.69%** |

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![LOGO](g426606gra006.jpg)

(1) Past performance is not an indication of future performance. Investor Class Shares were offered beginning 6/17/93. I Class Shares and Y Class Shares were offered beginning 10/31/16. Returns shown do not reflect the deduction of taxes that a shareholder would pay on portfolio distributions or the redemption of portfolio shares. The returns for certain periods reflect fee waivers and/or reimbursements in effect for that period; absent fee waivers and/or reimbursements, performance would have been lower.

† The graph is based on Investor Class Shares only. Returns for I Class Shares and Y Class Shares would be different due to differences in fee structures.

N/A — Not available.

*(See definition of comparative index on page 3.)* 

**4** 

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| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **ACADIAN EMERGING**<br> **MARKETS PORTFOLIO**<br> **OCTOBER 31, 2022**<br>|

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&nbsp;&nbsp; **SECTOR WEIGHTINGS (Unaudited)†**<br>

![LOGO](g426606gra007.jpg)

*† Percentages based on total investments.* 

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **SCHEDULE OF INVESTMENTS** | | |
| &nbsp;&nbsp; **COMMON STOCK — 93.1%** | | |
|  | <br>**Shares** | <br>**Value** |
|  **Brazil — 2.3%**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco do Brasil | 26100 | $187305 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dexco | 14800 | 27706 |
| &nbsp;&nbsp;&nbsp;&nbsp; EDP - Energias do Brasil | 33200 | 148277 |
| &nbsp;&nbsp;&nbsp;&nbsp; JBS | 1914376 | 9254083 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kepler Weber | 16800 | 83976 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mahle-Metal Leve | 7600 | 38004 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marfrig Global Foods | 1653000 | 3417683 |
| &nbsp;&nbsp;&nbsp;&nbsp; Minerva | 86200 | 229288 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nova Embrapar Participacoes\* (A) | 854 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Seara Alimentos\* (A) | 911 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; SYN prop e tech | 35300 | 34784 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13421106 |
|  **Chile — 0.0%**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CAP | 10486 | 56112 |
|  **China — 22.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 37 Interactive Entertainment Network Technology Group, Cl A | 2458800 | 4881486 |
| &nbsp;&nbsp;&nbsp;&nbsp; Agile Group Holdings | 974592 | 184994 |
| &nbsp;&nbsp;&nbsp;&nbsp; Agricultural Bank of China, Cl H | 12388000 | 3535077 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amlogic Shanghai, Cl A\* | 44791 | 352014 |
| &nbsp;&nbsp;&nbsp;&nbsp; Anhui Conch Cement, Cl H | 143500 | 369278 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia Cuanon Technology Shanghai, Cl A\* | 74875 | 80634 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of China, Cl H | 49550196 | 15970393 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of Communications, Cl H | 1861236 | 908134 |
| &nbsp;&nbsp;&nbsp;&nbsp; BYD Electronic International | 83500 | 242533 |

---

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

**5** 

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| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **ACADIAN EMERGING**<br> **MARKETS PORTFOLIO**<br> **OCTOBER 31, 2022**<br>|

---

&nbsp;&nbsp; **COMMON STOCK — continued**<br>

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| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **China — (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cheetah Mobile ADR\* | 3235 | $5888 |
| &nbsp;&nbsp;&nbsp;&nbsp; China Citic Bank, Cl H | 5133342 | 1935716 |
| &nbsp;&nbsp;&nbsp;&nbsp; China Construction Bank, Cl H | 25779715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13695058 |
| &nbsp;&nbsp;&nbsp;&nbsp; China Everbright Bank, Cl H | 383000 | 99048 |
| &nbsp;&nbsp;&nbsp;&nbsp; China Life Insurance, Cl H | 763550 | 831674 |
| &nbsp;&nbsp;&nbsp;&nbsp; China Merchants Bank, Cl H | 441500 | 1451109 |
| &nbsp;&nbsp;&nbsp;&nbsp; China Petroleum & Chemical, Cl H | 346000 | 136643 |
| &nbsp;&nbsp;&nbsp;&nbsp; China Railway Group, Cl H | 4051461 | 1760012 |
| &nbsp;&nbsp;&nbsp;&nbsp; China Railway Tielong Container Logistics, Cl A | 368400 | 261967 |
| &nbsp;&nbsp;&nbsp;&nbsp; China Resources Cement Holdings | 274000 | 99133 |
| &nbsp;&nbsp;&nbsp;&nbsp; China Shenhua Energy, Cl H | 381500 | 1003608 |
| &nbsp;&nbsp;&nbsp;&nbsp; China Vanke, Cl H | 199400 | 256056 |
| &nbsp;&nbsp;&nbsp;&nbsp; China West Construction Group, Cl A | 354600 | 323574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chinese Universe Publishing and Media Group, Cl A | 2434699 | 2845475 |
| &nbsp;&nbsp;&nbsp;&nbsp; CIFI Holdings Group (A) | 576000 | 38157 |
| &nbsp;&nbsp;&nbsp;&nbsp; COSCO Shipping Holdings, Cl H | 3874850 | 4181075 |
| &nbsp;&nbsp;&nbsp;&nbsp; CSPC Pharmaceutical Group | 978000 | 1005454 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daqin Railway, Cl A | 83700 | 73510 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dare Power Dekor Home, Cl A | 1161925 | 1243339 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dongfeng Motor Group, Cl H | 364000 | 164619 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foxconn Industrial Internet, Cl A | 358000 | 402214 |
| &nbsp;&nbsp;&nbsp;&nbsp; G-bits Network Technology Xiamen, Cl A | 112989 | 3942215 |
| &nbsp;&nbsp;&nbsp;&nbsp; Greentown China Holdings | 112000 | 106583 |
| &nbsp;&nbsp;&nbsp;&nbsp; Guangdong Tapai Group, Cl A | 518301 | 478171 |
| &nbsp;&nbsp;&nbsp;&nbsp; Haitian International Holdings | 70000 | 140185 |
| &nbsp;&nbsp;&nbsp;&nbsp; Harbin Power Equipment, Cl H\* | 226469 | 76455 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hunan Valin Steel, Cl A | 1148600 | 629491 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrial & Commercial Bank of China, Cl H | 7057000 | 3065661 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jiangsu Bioperfectus Technologies, Cl A | 26170 | 368637 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jingjin Equipment, Cl A | 54000 | 229433 |
| &nbsp;&nbsp;&nbsp;&nbsp; JOYY ADR | 5508 | 138967 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kingnet Network, Cl A\* | 2035600 | 1645527 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kunlun Energy | 6574000 | 3927826 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lonking Holdings | 718189 | 98813 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metallurgical Corp of China, Cl H | 4769520 | 759512 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nanjing Iron & Steel, Cl A | 433900 | 181322 |
| &nbsp;&nbsp;&nbsp;&nbsp; New China Life Insurance, Cl H | 307900 | 488739 |
| &nbsp;&nbsp;&nbsp;&nbsp; Opple Lighting, Cl A | 56800 | 122338 |
| &nbsp;&nbsp;&nbsp;&nbsp; People's Insurance Group of China, Cl H | 1026000 | 283633 |
| &nbsp;&nbsp;&nbsp;&nbsp; Perfect World, Cl A | 711200 | 1109880 |
| &nbsp;&nbsp;&nbsp;&nbsp; PetroChina, Cl H | 33624000 | 12850509 |
| &nbsp;&nbsp;&nbsp;&nbsp; PICC Property & Casualty, Cl H | 1640000 | 1512628 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ping An Insurance Group of China, Cl H | 794000 | 3176142 |

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

**6** 

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| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **ACADIAN EMERGING**<br> **MARKETS PORTFOLIO**<br> **OCTOBER 31, 2022**<br>|

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&nbsp;&nbsp; **COMMON STOCK — continued**<br>

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| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **China — (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Qudian ADR\* | 249049 | $206711 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shanghai Flyco Electrical Appliance, Cl A | 12300 | 133658 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shui On Land | 1061000 | 97319 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sinopharm Group, Cl H | 152400 | 290447 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sinotrans, Cl H | 795000 | 193442 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sinotruk Hong Kong | 3274148 | 2919753 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sunflower Pharmaceutical Group, Cl A | 232717 | 736228 |
| &nbsp;&nbsp;&nbsp;&nbsp; Suzhou Gold Mantis Construction Decoration, Cl A | 1751113 | 1055668 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tangshan Sanyou Chemical Industries, Cl A | 251773 | 196283 |
| &nbsp;&nbsp;&nbsp;&nbsp; TCL Electronics Holdings | 949000 | 362691 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tencent Holdings | 696000 | 18229806 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tian Di Science & Technology, Cl A | 1566000 | 1051352 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tianneng Power International | 553288 | 532167 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tingyi Cayman Islands Holding | 224000 | 350426 |
| &nbsp;&nbsp;&nbsp;&nbsp; TravelSky Technology, Cl H | 111000 | 161205 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trina Solar, Cl A | 124700 | 1134988 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tsingtao Brewery, Cl H | 66513 | 466035 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wangsu Science & Technology, Cl A | 1693600 | 1250720 |
| &nbsp;&nbsp;&nbsp;&nbsp; Weiqiao Textile, Cl H | 719519 | 99912 |
| &nbsp;&nbsp;&nbsp;&nbsp; Winner Medical, Cl A | 27276 | 246652 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xinyu Iron & Steel, Cl A | 6388300 | 3124740 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xinyuan Real Estate ADR\* | 8225 | 3505 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yankuang Energy Group, Cl H | 168000 | 472989 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zhejiang Qianjiang Motorcycle, Cl A\* | 56100 | 150192 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zhejiang Runtu, Cl A | 901200 | 903842 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zhejiang Semir Garment, Cl A | 2772797 | 1701988 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129743258 |
|  **Colombia — 0.0%**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cementos Argos | 91751 | 61864 |
|  **Czech Republic — 0.1%**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CEZ | 19959 | 652729 |
| &nbsp;&nbsp;&nbsp;&nbsp; Philip Morris CR | 11 | 7364 |
|  |  | 660093 |
|  **Greece — 0.3%**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cairo Mezz\* | 11041 | 1257 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fourlis Holdings | 25163 | 65898 |
| &nbsp;&nbsp;&nbsp;&nbsp; JUMBO | 34341 | 488360 |
| &nbsp;&nbsp;&nbsp;&nbsp; Motor Oil Hellas Corinth Refineries | 15296 | 262721 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Bank of Greece \* | 236962 | 859432 |
|  |  | 1677668 |

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

**7** 

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| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **ACADIAN EMERGING**<br> **MARKETS PORTFOLIO**<br> **OCTOBER 31, 2022**<br>|

---

&nbsp;&nbsp; **COMMON STOCK — continued**<br>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Hong Kong — 10.5%**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AAC Technologies Holdings | 91000 | $166706 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alibaba Group Holding\* | 1677968 | 13135762 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia Cement China Holdings | 1243913 | 434200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Baidu, Cl A\* | 240350 | 2299502 |
| &nbsp;&nbsp;&nbsp;&nbsp; Beijing Enterprises Holdings | 62500 | 158606 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bosideng International Holdings | 352505 | 152235 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cabbeen Fashion | 122199 | 18681 |
| &nbsp;&nbsp;&nbsp;&nbsp; China BlueChemical | 1046000 | 199882 |
| &nbsp;&nbsp;&nbsp;&nbsp; China Cinda Asset Management, Cl H | 1096000 | 101926 |
| &nbsp;&nbsp;&nbsp;&nbsp; China Coal Energy, Cl H | 10019645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7377851 |
| &nbsp;&nbsp;&nbsp;&nbsp; China Conch Venture Holdings | 177500 | 261852 |
| &nbsp;&nbsp;&nbsp;&nbsp; China Foods | 421556 | 107408 |
| &nbsp;&nbsp;&nbsp;&nbsp; China Gas Holdings | 331800 | 294195 |
| &nbsp;&nbsp;&nbsp;&nbsp; China Hanking Holdings | 48000 | 4403 |
| &nbsp;&nbsp;&nbsp;&nbsp; China Harmony Auto Holding | 895780 | 101564 |
| &nbsp;&nbsp;&nbsp;&nbsp; China High Speed Transmission Equipment Group | 657314 | 267124 |
| &nbsp;&nbsp;&nbsp;&nbsp; China Hongqiao Group | 964500 | 684395 |
| &nbsp;&nbsp;&nbsp;&nbsp; China International Marine Containers Group, Cl H | 683608 | 435439 |
| &nbsp;&nbsp;&nbsp;&nbsp; China Lesso Group Holdings | 122000 | 99003 |
| &nbsp;&nbsp;&nbsp;&nbsp; China Longyuan Power Group, Cl H | 232667 | 265875 |
| &nbsp;&nbsp;&nbsp;&nbsp; China Medical System Holdings | 160445 | 175169 |
| &nbsp;&nbsp;&nbsp;&nbsp; China Merchants Port Holdings | 158130 | 185333 |
| &nbsp;&nbsp;&nbsp;&nbsp; China Minsheng Banking, Cl H | 771500 | 224089 |
| &nbsp;&nbsp;&nbsp;&nbsp; China National Building Material, Cl H | 459215 | 266766 |
| &nbsp;&nbsp;&nbsp;&nbsp; China Oriental Group | 926000 | 128584 |
| &nbsp;&nbsp;&nbsp;&nbsp; China Pacific Insurance Group, Cl H | 879400 | 1418306 |
| &nbsp;&nbsp;&nbsp;&nbsp; China Reinsurance Group, Cl H | 421462 | 22282 |
| &nbsp;&nbsp;&nbsp;&nbsp; China Resources Beer Holdings | 182000 | 857873 |
| &nbsp;&nbsp;&nbsp;&nbsp; China Resources Land | 346000 | 1084329 |
| &nbsp;&nbsp;&nbsp;&nbsp; China Resources Power Holdings | 206000 | 299697 |
| &nbsp;&nbsp;&nbsp;&nbsp; China Risun Group | 225000 | 79398 |
| &nbsp;&nbsp;&nbsp;&nbsp; China Taiping Insurance Holdings | 633800 | 439239 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chinasoft International | 310000 | 205359 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chongqing Machinery & Electric, Cl H | 466000 | 28199 |
| &nbsp;&nbsp;&nbsp;&nbsp; CITIC | 5849000 | 5238255 |
| &nbsp;&nbsp;&nbsp;&nbsp; CITIC Resources Holdings | 690000 | 30326 |
| &nbsp;&nbsp;&nbsp;&nbsp; CMOC Group, Cl H | 144000 | 46412 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consun Pharmaceutical Group | 118000 | 44196 |
| &nbsp;&nbsp;&nbsp;&nbsp; COSCO Shipping Ports | 210000 | 103533 |
| &nbsp;&nbsp;&nbsp;&nbsp; CPMC Holdings | 294260 | 142451 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dawnrays Pharmaceutical Holdings | 112000 | 14982 |
| &nbsp;&nbsp;&nbsp;&nbsp; Digital China Holdings | 91000 | 36054 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dongyue Group | 184000 | 159864 |

---

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

**8** 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **ACADIAN EMERGING**<br> **MARKETS PORTFOLIO**<br> **OCTOBER 31, 2022**<br>|

---

&nbsp;&nbsp; **COMMON STOCK — continued**<br>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Hong Kong — (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ENN Energy Holdings | 87200 | $867040 |
| &nbsp;&nbsp;&nbsp;&nbsp; FIH Mobile\* | 99564 | 8118 |
| &nbsp;&nbsp;&nbsp;&nbsp; FriendTimes | 651961 | 85548 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fufeng Group | 588742 | 305259 |
| &nbsp;&nbsp;&nbsp;&nbsp; GF Securities, Cl H | 121600 | 123774 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goodbaby International Holdings\* | 694320 | 44226 |
| &nbsp;&nbsp;&nbsp;&nbsp; Grand Baoxin Auto Group\* | 591000 | 28610 |
| &nbsp;&nbsp;&nbsp;&nbsp; Haier Smart Home, Cl H | 249246 | 623619 |
| &nbsp;&nbsp;&nbsp;&nbsp; Haitong Securities, Cl H | 262000 | 128169 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hengan International Group | 70500 | 273480 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hopson Development Holdings | 86600 | 69504 |
| &nbsp;&nbsp;&nbsp;&nbsp; IGG | 302709 | 78669 |
| &nbsp;&nbsp;&nbsp;&nbsp; Inkeverse Group\* | 183000 | 18417 |
| &nbsp;&nbsp;&nbsp;&nbsp; JD.com, Cl A | 236355 | 4368999 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jiangxi Copper, Cl H | 135000 | 147561 |
| &nbsp;&nbsp;&nbsp;&nbsp; JNBY Design | 471314 | 371064 |
| &nbsp;&nbsp;&nbsp;&nbsp; Joy City Property | 780000 | 20172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kingboard Holdings | 85000 | 209640 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kingboard Laminates Holdings | 114500 | 91458 |
| &nbsp;&nbsp;&nbsp;&nbsp; Launch Tech, Cl H\* | 58000 | 17364 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lee & Man Paper Manufacturing | 121000 | 36687 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lenovo Group | 10216000 | 8173164 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maoye International Holdings | 286000 | 7360 |
| &nbsp;&nbsp;&nbsp;&nbsp; NetDragon Websoft Holdings | 429169 | 720599 |
| &nbsp;&nbsp;&nbsp;&nbsp; NetEase | 230300 | 2511409 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Oriental Education & Technology Group\* | 164000 | 401557 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nine Dragons Paper Holdings | 177519 | 105159 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orient Overseas International | 22000 | 321467 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pou Sheng International Holdings | 1878142 | 94509 |
| &nbsp;&nbsp;&nbsp;&nbsp; Renrui Human Resources Technology Holdings | 1804 | 1144 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sany Heavy Equipment International Holdings | 131000 | 107475 |
| &nbsp;&nbsp;&nbsp;&nbsp; Seazen Group | 260000 | 41734 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shanghai Industrial Holdings | 64183 | 62632 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sinopec Engineering Group, Cl H | 1555500 | 556834 |
| &nbsp;&nbsp;&nbsp;&nbsp; Skyworth Group | 5535486 | 2030944 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sunny Optical Technology Group | 73900 | 640652 |
| &nbsp;&nbsp;&nbsp;&nbsp; Uni-President China Holdings | 133000 | 98272 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wasion Holdings | 188000 | 49816 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yihai International Holding | 56000 | 92172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zoomlion Heavy Industry Science and Technology | 11210 | 3613 |
| &nbsp;&nbsp;&nbsp;&nbsp; ZTE, Cl H | 93800 | 167294 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61902489 |

---

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

**9** 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **ACADIAN EMERGING**<br> **MARKETS PORTFOLIO**<br> **OCTOBER 31, 2022**<br>|

---

&nbsp;&nbsp; **COMMON STOCK — continued**<br>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Hungary — 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; MOL Hungarian Oil & Gas | 344269 | $2067023 |
| &nbsp;&nbsp;&nbsp;&nbsp; OTP Bank Nyrt | 302847 | 6606862 |
| &nbsp;&nbsp;&nbsp;&nbsp; Richter Gedeon Nyrt | 56500 | 1117612 |
|  |  | 9791497 |
|  **India — 12.2%**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Adani Power\* | 540319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2186015 |
| &nbsp;&nbsp;&nbsp;&nbsp; AGI Greenpac | 12676 | 50389 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allcargo Logistics | 59386 | 310462 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ambika Cotton Mills | 3408 | 66649 |
| &nbsp;&nbsp;&nbsp;&nbsp; Andhra Paper | 5846 | 34785 |
| &nbsp;&nbsp;&nbsp;&nbsp; Andhra Sugars | 40305 | 68484 |
| &nbsp;&nbsp;&nbsp;&nbsp; Apar Industries | 34366 | 623925 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arvind | 195024 | 218637 |
| &nbsp;&nbsp;&nbsp;&nbsp; AurionPro Solutions | 13962 | 64474 |
| &nbsp;&nbsp;&nbsp;&nbsp; AVT Natural Products | 41515 | 55619 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bajaj Consumer Care | 13858 | 26686 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bharat Dynamics | 13859 | 160426 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bharat Electronics | 234903 | 303215 |
| &nbsp;&nbsp;&nbsp;&nbsp; BLS International Services | 36936 | 145129 |
| &nbsp;&nbsp;&nbsp;&nbsp; Blue Dart Express | 856 | 78457 |
| &nbsp;&nbsp;&nbsp;&nbsp; Castrol India | 127544 | 191522 |
| &nbsp;&nbsp;&nbsp;&nbsp; Century Enka | 17035 | 87482 |
| &nbsp;&nbsp;&nbsp;&nbsp; Century Plyboards India | 7707 | 55686 |
| &nbsp;&nbsp;&nbsp;&nbsp; CESC | 565480 | 524304 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coal India | 835830 | 2483433 |
| &nbsp;&nbsp;&nbsp;&nbsp; Computer Age Management Services | 4215 | 129802 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coromandel International | 12977 | 150867 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cyient | 63035 | 570591 |
| &nbsp;&nbsp;&nbsp;&nbsp; Datamatics Global Services | 22513 | 82352 |
| &nbsp;&nbsp;&nbsp;&nbsp; DCM Shriram Industries | 36391 | 34291 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dhampur Bio Organics\* | 90153 | 177632 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dhampur Sugar Mills | 42934 | 102878 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dhunseri Ventures | 11142 | 29592 |
| &nbsp;&nbsp;&nbsp;&nbsp; EID Parry India | 20736 | 155161 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elecon Engineering | 74003 | 337127 |
| &nbsp;&nbsp;&nbsp;&nbsp; Emami | 68908 | 394622 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equitas Holdings\* | 132225 | 161173 |
| &nbsp;&nbsp;&nbsp;&nbsp; FIEM Industries | 1297 | 25289 |
| &nbsp;&nbsp;&nbsp;&nbsp; Finolex Industries | 117523 | 190175 |
| &nbsp;&nbsp;&nbsp;&nbsp; GAIL India | 2613197 | 2882243 |
| &nbsp;&nbsp;&nbsp;&nbsp; GHCL | 56990 | 445132 |
| &nbsp;&nbsp;&nbsp;&nbsp; Glenmark Pharmaceuticals | 27951 | 136602 |
| &nbsp;&nbsp;&nbsp;&nbsp; Godawari Power and Ispat | 70623 | 225279 |

---

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

**10** 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **ACADIAN EMERGING**<br> **MARKETS PORTFOLIO**<br> **OCTOBER 31, 2022**<br>|

---

&nbsp;&nbsp; **COMMON STOCK — continued**<br>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **India — (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Godfrey Phillips India | 1352 | $24246 |
| &nbsp;&nbsp;&nbsp;&nbsp; Great Eastern Shipping | 13271 | 89323 |
| &nbsp;&nbsp;&nbsp;&nbsp; Greenpanel Industries | 55773 | 250710 |
| &nbsp;&nbsp;&nbsp;&nbsp; Greenply Industries | 78756 | 164500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gujarat Ambuja Exports | 171684 | 524318 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gujarat Narmada Valley Fertilizers & Chemicals | 220594 | 1889816 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gujarat State Fertilizers & Chemicals | 30351 | 45117 |
| &nbsp;&nbsp;&nbsp;&nbsp; HCL Technologies | 1113747 | 14008368 |
| &nbsp;&nbsp;&nbsp;&nbsp; HIL | 1691 | 58276 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hindustan Aeronautics | 126318 | 3860842 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intellect Design Arena | 10895 | 56806 |
| &nbsp;&nbsp;&nbsp;&nbsp; ITC | 1120238 | 4719000 |
| &nbsp;&nbsp;&nbsp;&nbsp; ITD Cementation India | 38041 | 55560 |
| &nbsp;&nbsp;&nbsp;&nbsp; J Kumar Infraprojects | 56858 | 185732 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jagran Prakashan | 140311 | 112720 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jindal Saw | 32265 | 30325 |
| &nbsp;&nbsp;&nbsp;&nbsp; JMC Projects India | 41145 | 54925 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kalyani Steels | 2284 | 8246 |
| &nbsp;&nbsp;&nbsp;&nbsp; Karnataka Bank | 729817 | 851685 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kewal Kiran Clothing | 27438 | 168733 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kirloskar Brothers | 30179 | 127986 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kirloskar Industries | 1818 | 38816 |
| &nbsp;&nbsp;&nbsp;&nbsp; KPIT Technologies | 454134 | 3891088 |
| &nbsp;&nbsp;&nbsp;&nbsp; KSB | 22399 | 563198 |
| &nbsp;&nbsp;&nbsp;&nbsp; LG Balakrishnan & Bros | 29823 | 274839 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lumax Auto Technologies | 3097 | 9187 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mahanagar Gas | 47315 | 492513 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maharashtra Seamless | 29694 | 280645 |
| &nbsp;&nbsp;&nbsp;&nbsp; Manali Petrochemicals | 96637 | 111023 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mazagon Dock Shipbuilders | 21303 | 163766 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mirza International\* | 59267 | 217121 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Aluminium | 2293101 | 1944679 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nava | 279542 | 666288 |
| &nbsp;&nbsp;&nbsp;&nbsp; Newgen Software Technologies | 6914 | 28712 |
| &nbsp;&nbsp;&nbsp;&nbsp; NHPC | 209034 | 107576 |
| &nbsp;&nbsp;&nbsp;&nbsp; NIIT | 104817 | 353220 |
| &nbsp;&nbsp;&nbsp;&nbsp; NLC India | 118789 | 110570 |
| &nbsp;&nbsp;&nbsp;&nbsp; NMDC | 15794 | 19032 |
| &nbsp;&nbsp;&nbsp;&nbsp; NMDC Steel\* (A) | 15794 | 7346 |
| &nbsp;&nbsp;&nbsp;&nbsp; NRB Bearings | 103998 | 211884 |
| &nbsp;&nbsp;&nbsp;&nbsp; NTPC | 1021938 | 2137024 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nucleus Software Exports | 8170 | 38384 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oracle Financial Services Software | 21547 | 758215 |

---

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

**11** 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **ACADIAN EMERGING**<br> **MARKETS PORTFOLIO**<br> **OCTOBER 31, 2022**<br>|

---

&nbsp;&nbsp; **COMMON STOCK — continued**<br>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **India — (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Orient Cement | 162820 | $255705 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orient Green Power\* | 403925 | 40013 |
| &nbsp;&nbsp;&nbsp;&nbsp; Polyplex | 20997 | 425596 |
| &nbsp;&nbsp;&nbsp;&nbsp; Power Grid Corp of India | 392494 | 1081786 |
| &nbsp;&nbsp;&nbsp;&nbsp; PTC India | 321599 | 279727 |
| &nbsp;&nbsp;&nbsp;&nbsp; R Systems International | 38561 | 109263 |
| &nbsp;&nbsp;&nbsp;&nbsp; Raymond | 8721 | 126125 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redington | 1461109 | 2412897 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repco Home Finance | 25178 | 64224 |
| &nbsp;&nbsp;&nbsp;&nbsp; Savita Oil Technologies | 3290 | 11975 |
| &nbsp;&nbsp;&nbsp;&nbsp; Schaeffler India | 7055 | 234770 |
| &nbsp;&nbsp;&nbsp;&nbsp; Seshasayee Paper & Boards | 25001 | 99503 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sharda Cropchem | 14416 | 65186 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shreyas Shipping & Logistics | 13405 | 51554 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shyam Metalics & Energy | 7029 | 25967 |
| &nbsp;&nbsp;&nbsp;&nbsp; Siyaram Silk Mills | 41179 | 218487 |
| &nbsp;&nbsp;&nbsp;&nbsp; SJVN | 98185 | 41574 |
| &nbsp;&nbsp;&nbsp;&nbsp; SMC Global Securities | 1350 | 1303 |
| &nbsp;&nbsp;&nbsp;&nbsp; Somany Ceramics | 8011 | 51902 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sonata Software | 32021 | 202487 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Indian Bank\* | 278051 | 46018 |
| &nbsp;&nbsp;&nbsp;&nbsp; SP Apparels\* | 17785 | 77852 |
| &nbsp;&nbsp;&nbsp;&nbsp; Star Cement\* | 21237 | 27272 |
| &nbsp;&nbsp;&nbsp;&nbsp; Steel Authority of India | 3405975 | 3238202 |
| &nbsp;&nbsp;&nbsp;&nbsp; Supreme Petrochem | 5236 | 47697 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sutlej Textiles and Industries | 35560 | 27945 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tamil Nadu Newsprint & Papers | 47442 | 152853 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tamilnadu Petroproducts | 92741 | 107051 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tata Consultancy Services | 15178 | 585493 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tata Power | 1362481 | 3719860 |
| &nbsp;&nbsp;&nbsp;&nbsp; Technocraft Industries India\* | 4120 | 38576 |
| &nbsp;&nbsp;&nbsp;&nbsp; TGV SRAAC\* | 5826 | 10392 |
| &nbsp;&nbsp;&nbsp;&nbsp; Time Technoplast | 122412 | 151726 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transport Corp of India | 21794 | 188169 |
| &nbsp;&nbsp;&nbsp;&nbsp; Triveni Turbine | 170857 | 577522 |
| &nbsp;&nbsp;&nbsp;&nbsp; Uflex | 4758 | 40095 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vardhman Textiles | 48969 | 199094 |
| &nbsp;&nbsp;&nbsp;&nbsp; Varun Beverages | 37674 | 477447 |
| &nbsp;&nbsp;&nbsp;&nbsp; Visaka Industries | 20755 | 135308 |
| &nbsp;&nbsp;&nbsp;&nbsp; VLS Finance | 12200 | 19381 |
| &nbsp;&nbsp;&nbsp;&nbsp; VRL Logistics | 27591 | 202122 |
| &nbsp;&nbsp;&nbsp;&nbsp; West Coast Paper Mills | 29798 | 219316 |

---

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

**12** 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **ACADIAN EMERGING**<br> **MARKETS PORTFOLIO**<br> **OCTOBER 31, 2022**<br>|

---

&nbsp;&nbsp; **COMMON STOCK — continued**<br>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **India — (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; WNS Holdings ADR \* | 18350 | $1579568 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71347950 |
|  **Indonesia — 2.5%**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ABM Investama | 68965 | 17465 |
| &nbsp;&nbsp;&nbsp;&nbsp; Adaro Energy Indonesia | 26424700 | 6742767 |
| &nbsp;&nbsp;&nbsp;&nbsp; Astra International | 1574200 | 671161 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank CIMB Niaga | 896267 | 65507 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Mandiri Persero | 2106200 | 1424613 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Pembangunan Daerah Jawa Barat Dan Banten | 402740 | 35504 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bukit Asam | 6058175 | 1518671 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dharma Satya Nusantara | 2308000 | 82125 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gajah Tunggal\* | 1703145 | 66062 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indika Energy | 279534 | 58425 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indo Tambangraya Megah | 234549 | 677444 |
| &nbsp;&nbsp;&nbsp;&nbsp; Matahari Department Store | 1887568 | 565151 |
| &nbsp;&nbsp;&nbsp;&nbsp; MD Pictures\* | 596200 | 102823 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitra Adiperkasa\* | 3707000 | 286388 |
| &nbsp;&nbsp;&nbsp;&nbsp; Perusahaan Gas Negara | 6632906 | 839877 |
| &nbsp;&nbsp;&nbsp;&nbsp; Perusahaan Perkebunan London Sumatra Indonesia | 1484600 | 107556 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumber Global Energy | 507627 | 23107 |
| &nbsp;&nbsp;&nbsp;&nbsp; Temas | 293800 | 33811 |
| &nbsp;&nbsp;&nbsp;&nbsp; Timah | 2655224 | 230667 |
| &nbsp;&nbsp;&nbsp;&nbsp; Triputra Agro Persada | 4887415 | 217775 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Tractors | 368300 | 762692 |
|  |  | 14529591 |
|  **Luxembourg — 0.7%**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ternium ADR | 149307 | 4298549 |
|  **Malaysia — 0.1%**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Coastal Contracts\* | 121800 | 52038 |
| &nbsp;&nbsp;&nbsp;&nbsp; Evergreen Fibreboard | 406700 | 33548 |
| &nbsp;&nbsp;&nbsp;&nbsp; Heineken Malaysia | 700 | 3420 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jaya Tiasa Holdings | 233300 | 28867 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kim Loong Resources | 68300 | 24269 |
| &nbsp;&nbsp;&nbsp;&nbsp; KSL Holdings\* | 376483 | 58925 |
| &nbsp;&nbsp;&nbsp;&nbsp; Magni-Tech Industries | 15800 | 5681 |
| &nbsp;&nbsp;&nbsp;&nbsp; Padini Holdings | 165400 | 118243 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sarawak Oil Palms | 47700 | 25928 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shin Yang Shipping\* | 271200 | 43020 |
| &nbsp;&nbsp;&nbsp;&nbsp; TSH Resources | 125200 | 28069 |
|  |  | 422008 |

---

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

**13** 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **ACADIAN EMERGING**<br> **MARKETS PORTFOLIO**<br> **OCTOBER 31, 2022**<br>|

---

&nbsp;&nbsp; **COMMON STOCK — continued**<br>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Mexico — 0.1%**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alfa, Cl A | 566348 | $376174 |
| &nbsp;&nbsp;&nbsp;&nbsp; Grupo Financiero Inbursa, Cl O \* | 93609 | 172118 |
|  |  | 548292 |
|  **Philippines — 0.1%**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Semirara Mining & Power, Cl A | 518700 | 315356 |
| &nbsp;&nbsp;&nbsp;&nbsp; SSI Group | 178472 | 4246 |
|  |  | 319602 |
|  **Poland — 1.3%**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asseco Poland | 14575 | 209889 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Handlowy w Warszawie | 5729 | 74161 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Polska Kasa Opieki | 7120 | 116984 |
| &nbsp;&nbsp;&nbsp;&nbsp; Budimex | 19 | 955 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enea\* | 49203 | 53747 |
| &nbsp;&nbsp;&nbsp;&nbsp; Famur\* | 191253 | 123386 |
| &nbsp;&nbsp;&nbsp;&nbsp; Grupa Azoty\* | 24636 | 169259 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jastrzebska Spolka Weglowa\* | 230545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2005999 |
| &nbsp;&nbsp;&nbsp;&nbsp; LiveChat Software | 2174 | 50547 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lubelski Wegiel Bogdanka | 5598 | 39281 |
| &nbsp;&nbsp;&nbsp;&nbsp; PGE Polska Grupa Energetyczna\* | 1212082 | 1383684 |
| &nbsp;&nbsp;&nbsp;&nbsp; Powszechny Zaklad Ubezpieczen | 621531 | 3489041 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tauron Polska Energia\* | 541846 | 220071 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unimot \* | 337 | 5217 |
|  |  | 7942221 |
|  **Qatar — 0.1%**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ooredoo QPSC | 81733 | 219271 |
| &nbsp;&nbsp;&nbsp;&nbsp; Qatar Electricity & Water QSC | 27000 | 137159 |
| &nbsp;&nbsp;&nbsp;&nbsp; Qatar National Cement QSC | 10000 | 12508 |
|  |  | 368938 |
|  **Russia — 0.0%**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Globaltrans Investment GDR (A) | 114181 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; HeadHunter Group ADR (A) | 3279 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Novolipetsk Steel PJSC GDR (A) | 189918 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sberbank of Russia PJSC \* (A) | 1789982 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Tatneft PJSC ADR (A) | 153163 |  |
|  **Saudi Arabia — 7.9%**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Al Hammadi Holding | 10143 | 121336 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alinma Bank | 504788 | 5037737 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arab National Bank | 141898 | 1217871 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arabian Cement | 2220 | 22214 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arabian Internet & Communications Services | 38678 | 2552766 |
| &nbsp;&nbsp;&nbsp;&nbsp; Astra Industrial Group | 20464 | 299536 |

---

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

**14** 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **ACADIAN EMERGING**<br> **MARKETS PORTFOLIO**<br> **OCTOBER 31, 2022**<br>|

---

&nbsp;&nbsp; **COMMON STOCK — continued**<br>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Saudi Arabia — (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Banque Saudi Fransi | 71649 | $823738 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bawan | 91402 | 914616 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dar Al Arkan Real Estate Development\* | 129392 | 462120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Derayah REIT‡ | 33989 | 94978 |
| &nbsp;&nbsp;&nbsp;&nbsp; Etihad Etisalat | 157908 | 1538085 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hail Cement | 3036 | 10294 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kingdom Holding | 65219 | 148401 |
| &nbsp;&nbsp;&nbsp;&nbsp; Methanol Chemicals\* | 25444 | 208560 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nahdi Medical | 5943 | 313160 |
| &nbsp;&nbsp;&nbsp;&nbsp; SABIC Agri-Nutrients | 106387 | 4501745 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sahara International Petrochemical | 444760 | 4799675 |
| &nbsp;&nbsp;&nbsp;&nbsp; Saudi Basic Industries | 574986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13527102 |
| &nbsp;&nbsp;&nbsp;&nbsp; Saudi Electricity | 1246100 | 8953893 |
| &nbsp;&nbsp;&nbsp;&nbsp; Saudi Telecom | 68099 | 732179 |
| &nbsp;&nbsp;&nbsp;&nbsp; Umm Al-Qura Cement | 14221 | 70319 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yamama Cement \* | 27878 | 218124 |
|  |  | 46568449 |
|  **Singapore — 0.0%**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Riverstone Holdings | 512200 | 195386 |
|  **South Africa — 2.0%**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; African Rainbow Minerals | 53910 | 759135 |
| &nbsp;&nbsp;&nbsp;&nbsp; Anglo American Platinum | 7026 | 558875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Blue Label Telecoms\* | 67535 | 18971 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exxaro Resources | 48651 | 541686 |
| &nbsp;&nbsp;&nbsp;&nbsp; Grindrod Shipping Holdings | 2444 | 63127 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hudaco Industries | 688 | 5131 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investec | 266871 | 1312653 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kumba Iron Ore | 284742 | 5363342 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lewis Group | 21364 | 56129 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mittal Steel South Africa\* | 18727 | 4802 |
| &nbsp;&nbsp;&nbsp;&nbsp; Murray & Roberts Holdings | 85890 | 22210 |
| &nbsp;&nbsp;&nbsp;&nbsp; Omnia Holdings | 16027 | 62830 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sappi | 295045 | 910092 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sasol | 56257 | 946480 |
| &nbsp;&nbsp;&nbsp;&nbsp; Standard Bank Group | 149928 | 1401029 |
|  |  | 12026492 |
|  **South Korea — 14.2%**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ace Bed | 567 | 13971 |
| &nbsp;&nbsp;&nbsp;&nbsp; BNK Financial Group | 95862 | 431377 |
| &nbsp;&nbsp;&nbsp;&nbsp; CJ | 33239 | 1675426 |
| &nbsp;&nbsp;&nbsp;&nbsp; Creas F&C | 3550 | 49595 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daesang Holdings | 2670 | 13271 |

---

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

**15** 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **ACADIAN EMERGING**<br> **MARKETS PORTFOLIO**<br> **OCTOBER 31, 2022**<br>|

---

&nbsp;&nbsp; **COMMON STOCK — continued**<br>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **South Korea — (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Daewon San Up | 2331 | $9017 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daishin Securities | 16153 | 158190 |
| &nbsp;&nbsp;&nbsp;&nbsp; DB HiTek | 98714 | 3066513 |
| &nbsp;&nbsp;&nbsp;&nbsp; DGB Financial Group | 85975 | 409821 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dongwon F&B | 382 | 34594 |
| &nbsp;&nbsp;&nbsp;&nbsp; DRB Holding | 528 | 1533 |
| &nbsp;&nbsp;&nbsp;&nbsp; DY POWER | 2434 | 18711 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gemvaxlink | 26925 | 19564 |
| &nbsp;&nbsp;&nbsp;&nbsp; Genoray | 1772 | 9952 |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Standard Technology | 3878 | 53905 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hana Financial Group | 384483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11134068 |
| &nbsp;&nbsp;&nbsp;&nbsp; Handsome | 2901 | 51118 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hanjin Heavy Industries & Construction Holdings | 10403 | 27606 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hankook Tire & Technology | 19575 | 502275 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hansol Paper | 5426 | 51995 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hanwha | 177601 | 3166882 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hanwha Life Insurance | 327845 | 502890 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hanyang Securities | 3832 | 23351 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hyundai Department Store | 3450 | 131029 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hyundai Engineering & Construction | 37061 | 908020 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hyundai Glovis | 3811 | 465523 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hyundai Steel | 9495 | 187307 |
| &nbsp;&nbsp;&nbsp;&nbsp; iMarketKorea | 6925 | 50074 |
| &nbsp;&nbsp;&nbsp;&nbsp; Infinitt Healthcare\* | 4997 | 16137 |
| &nbsp;&nbsp;&nbsp;&nbsp; JB Financial Group | 45575 | 229723 |
| &nbsp;&nbsp;&nbsp;&nbsp; JVM | 2286 | 28004 |
| &nbsp;&nbsp;&nbsp;&nbsp; KB Financial Group | 237404 | 8008187 |
| &nbsp;&nbsp;&nbsp;&nbsp; KCC | 1487 | 254714 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kia | 52494 | 2443296 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kolon | 7102 | 112679 |
| &nbsp;&nbsp;&nbsp;&nbsp; Korea Business News | 15443 | 58110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Korea Cast Iron Pipe Industries | 9586 | 45963 |
| &nbsp;&nbsp;&nbsp;&nbsp; KT | 481942 | 12383079 |
| &nbsp;&nbsp;&nbsp;&nbsp; LF | 8581 | 89458 |
| &nbsp;&nbsp;&nbsp;&nbsp; LG Electronics | 114617 | 6565866 |
| &nbsp;&nbsp;&nbsp;&nbsp; LG International | 25281 | 721452 |
| &nbsp;&nbsp;&nbsp;&nbsp; LG Uplus | 312327 | 2510544 |
| &nbsp;&nbsp;&nbsp;&nbsp; LOTTE Himart | 11867 | 109968 |
| &nbsp;&nbsp;&nbsp;&nbsp; LX Hausys | 10551 | 238508 |
| &nbsp;&nbsp;&nbsp;&nbsp; LX Semicon | 1682 | 97889 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mgame\* | 13544 | 57525 |
| &nbsp;&nbsp;&nbsp;&nbsp; Multicampus | 1070 | 26892 |
| &nbsp;&nbsp;&nbsp;&nbsp; NHN\* | 44930 | 723889 |

---

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

**16** 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **ACADIAN EMERGING**<br> **MARKETS PORTFOLIO**<br> **OCTOBER 31, 2022**<br>|

---

&nbsp;&nbsp; **COMMON STOCK — continued**<br>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **South Korea — (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; PHA | 3167 | $13562 |
| &nbsp;&nbsp;&nbsp;&nbsp; Piolink | 2947 | 22033 |
| &nbsp;&nbsp;&nbsp;&nbsp; PSK Holdings | 3991 | 19500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rayence | 15821 | 106625 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sajodaerim | 7208 | 120180 |
| &nbsp;&nbsp;&nbsp;&nbsp; Samsung Electronics | 351098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14640894 |
| &nbsp;&nbsp;&nbsp;&nbsp; Samyang | 575 | 14976 |
| &nbsp;&nbsp;&nbsp;&nbsp; Samyang Optics | 4251 | 32081 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sangsangin | 9446 | 42971 |
| &nbsp;&nbsp;&nbsp;&nbsp; SaraminHR | 4391 | 98951 |
| &nbsp;&nbsp;&nbsp;&nbsp; SAVEZONE I&C CORP | 11048 | 19972 |
| &nbsp;&nbsp;&nbsp;&nbsp; Seoyon | 10103 | 37023 |
| &nbsp;&nbsp;&nbsp;&nbsp; SGC e Tec E&C | 723 | 17054 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shinhan Financial Group | 78069 | 1989473 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shinsegae | 8421 | 1256248 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shinsegae Engineering & Construction | 1067 | 12210 |
| &nbsp;&nbsp;&nbsp;&nbsp; Value Added Technology | 17476 | 369898 |
| &nbsp;&nbsp;&nbsp;&nbsp; WiSoL | 13595 | 60414 |
| &nbsp;&nbsp;&nbsp;&nbsp; Woongjin Thinkbig | 18433 | 29504 |
| &nbsp;&nbsp;&nbsp;&nbsp; Woori Financial Group | 680693 | 5614899 |
| &nbsp;&nbsp;&nbsp;&nbsp; YES24 | 471 | 1696 |
| &nbsp;&nbsp;&nbsp;&nbsp; Youngone | 20652 | 685766 |
|  |  | 83095391 |
|  **Taiwan — 10.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Advanced Analog Technology | 22000 | 31509 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asustek Computer | 253000 | 1852991 |
| &nbsp;&nbsp;&nbsp;&nbsp; China Ecotek | 37000 | 46562 |
| &nbsp;&nbsp;&nbsp;&nbsp; ChipMOS Technologies | 752000 | 740973 |
| &nbsp;&nbsp;&nbsp;&nbsp; ChipMOS Technologies ADR | 2816 | 55644 |
| &nbsp;&nbsp;&nbsp;&nbsp; DA CIN Construction | 26000 | 24166 |
| &nbsp;&nbsp;&nbsp;&nbsp; Evergreen Marine Taiwan | 908200 | 3875475 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Insurance | 95000 | 41423 |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Mixed Mode Technology | 24000 | 96082 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldtek Technology | 7615 | 15338 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hon Hai Precision Industry | 3935648 | 12519324 |
| &nbsp;&nbsp;&nbsp;&nbsp; Innolux | 526770 | 193723 |
| &nbsp;&nbsp;&nbsp;&nbsp; IntelliEPI | 17000 | 30336 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kindom Development | 20000 | 14959 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lite-On Technology | 315061 | 625771 |
| &nbsp;&nbsp;&nbsp;&nbsp; Macroblock | 214000 | 609009 |
| &nbsp;&nbsp;&nbsp;&nbsp; MediaTek | 163000 | 2984561 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mercuries Life Insurance\* | 3763 | 640 |
| &nbsp;&nbsp;&nbsp;&nbsp; Novatek Microelectronics | 452000 | 3380619 |

---

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

**17** 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **ACADIAN EMERGING**<br> **MARKETS PORTFOLIO**<br> **OCTOBER 31, 2022**<br>|

---

&nbsp;&nbsp; **COMMON STOCK — continued**<br>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Taiwan — (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Pou Chen | 1860000 | $1572969 |
| &nbsp;&nbsp;&nbsp;&nbsp; Realtek Semiconductor | 850000 | 6726666 |
| &nbsp;&nbsp;&nbsp;&nbsp; Senao International | 73000 | 67399 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shan-Loong Transportation | 21000 | 21246 |
| &nbsp;&nbsp;&nbsp;&nbsp; Star Comgistic Capital | 203723 | 149524 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing | 1907000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23081077 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ubright Optronics | 8000 | 7448 |
| &nbsp;&nbsp;&nbsp;&nbsp; Union Insurance | 24500 | 10873 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Orthopedic | 36000 | 34634 |
| &nbsp;&nbsp;&nbsp;&nbsp; X-Legend Entertainment | 17000 | 21578 |
|  |  | 58832519 |
|  **Thailand — 3.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AP Thailand NVDR | 668900 | 172234 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia Green Energy NVDR | 266500 | 29409 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bangchak NVDR | 555400 | 445079 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bangkok Bank NVDR | 2094300 | 8006323 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bangkok Chain Hospital NVDR | 1022100 | 496817 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banpu NVDR | 2037300 | 669108 |
| &nbsp;&nbsp;&nbsp;&nbsp; Esso Thailand NVDR | 1050200 | 400102 |
| &nbsp;&nbsp;&nbsp;&nbsp; Index Livingmall NVDR | 598500 | 273618 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indorama Ventures NVDR | 1449200 | 1599222 |
| &nbsp;&nbsp;&nbsp;&nbsp; Inter Medical Care and Lab Hospital NVDR | 134200 | 39139 |
| &nbsp;&nbsp;&nbsp;&nbsp; IRPC NVDR | 6425900 | 530145 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kasikornbank NVDR | 915500 | 3511902 |
| &nbsp;&nbsp;&nbsp;&nbsp; Krung Thai Bank NVDR | 1265200 | 581739 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lanna Resources NVDR | 271500 | 131969 |
| &nbsp;&nbsp;&nbsp;&nbsp; Minor International NVDR | 538700 | 399850 |
| &nbsp;&nbsp;&nbsp;&nbsp; MK Restaurants Group NVDR | 32800 | 50200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Precious Shipping NVDR | 1359900 | 468069 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pruksa Holding NVDR | 72200 | 22764 |
| &nbsp;&nbsp;&nbsp;&nbsp; PTT Global Chemical NVDR | 152600 | 174411 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regional Container Lines NVDR | 414800 | 288812 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sabina NVDR | 81600 | 53600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Star Petroleum Refining NVDR | 1377100 | 430570 |
| &nbsp;&nbsp;&nbsp;&nbsp; Successmore Being NVDR | 3000 | 560 |
| &nbsp;&nbsp;&nbsp;&nbsp; Supalai NVDR | 505500 | 278915 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thai Oil NVDR | 28400 | 40667 |
|  |  | 19095224 |
|  **Turkey — 0.5%**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alkim Kagit Sanayi ve Ticaret | 22477 | 45741 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dogus Otomotiv Servis ve Ticaret | 288990 | 1903390 |

---

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

**18** 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **ACADIAN EMERGING**<br> **MARKETS PORTFOLIO**<br> **OCTOBER 31, 2022**<br>|

---

&nbsp;&nbsp; **COMMON STOCK — continued**<br>

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **Turkey — (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Yapi ve Kredi Bankasi | 1881321 | $| 930844 |
|  |  |  | 2879975 |
|  **United Arab Emirates — 0.6%**  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Emaar Properties PJSC | 1971465 |  | 3252587 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fertiglobe | 73622 |  | 102022 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sharjah Islamic Bank | 76255 |  | 40690 |
|  |  |  | 3395299 |
|  **United Kingdom — 0.4%**  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Thungela Resources | 148233 |  | 2264319 |
|  **United States — 0.1%**  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Danaos | 11203 |  | 635210 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL COMMON STOCK<br>(Cost $651,534,771) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;546079502 |
| &nbsp;&nbsp; **PREFERRED STOCK (B) — 6.4%** | &nbsp;&nbsp; **PREFERRED STOCK (B) — 6.4%** | &nbsp;&nbsp; **PREFERRED STOCK (B) — 6.4%** | &nbsp;&nbsp; **PREFERRED STOCK (B) — 6.4%** |
|  **Brazil — 6.3%**  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Braskem, Cl A | 51405 |  | 332682 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cia Energetica de Minas Gerais | 1633180 |  | 3591699 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cia Ferro Ligas da Bahia - FERBASA | 91158 |  | 927904 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cia Paranaense de Energia, Cl B | 2128400 |  | 3053227 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gerdau | 2283252 |  | 11390844 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metalurgica Gerdau, Cl A | 1250100 |  | 2720187 |
| &nbsp;&nbsp;&nbsp;&nbsp; Noxville Investimentos\* (A) | 455 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Petroleo Brasileiro | 2503394 |  | 14442192 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unipar Carbocloro | 18700 |  | 386127 |
|  |  |  | 36844862 |
|  **South Korea — 0.1%**  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CJ | 9029 |  | 428488 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL PREFERRED STOCK<br>(Cost $29,427,972) |  |  | 37273350 |

---

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

**19** 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **ACADIAN EMERGING**<br> **MARKETS PORTFOLIO**<br> **OCTOBER 31, 2022**<br>|

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **MUTUAL FUND — 0.5%** | &nbsp;&nbsp; **MUTUAL FUND — 0.5%** | &nbsp;&nbsp; **MUTUAL FUND — 0.5%** |
|  | **Shares** | **Value** |
|  **United States** — **0.5%**<br> iShares MSCI Emerging Markets ETF | 87041 | $2975932 |
|  TOTAL MUTUAL FUND<br> (Cost $2,975,578) |  | 2975932 |
| &nbsp;&nbsp; **RIGHT — 0.0%** | &nbsp;&nbsp; **RIGHT — 0.0%** | &nbsp;&nbsp; **RIGHT — 0.0%** |
|  | **Number of<br>Rights** |  |
|  **Taiwan — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mercuries Life, Expires 11/10/22 | 971 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL RIGHT<br>(Cost $—) |  | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS— 100.0% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $683,938,321) |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;586328792 |

---

*Percentages are based on Net Assets of $586,562,047.* 

---

| | |
|:---|:---|
| *\** | *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.* |

---

---

| |
|:---|
| *ADR — American Depositary Receipt* |
| *Cl — Class* |
| *ETF — Exchange Traded Fund* |
| *GDR — Global Depositary Receipt* |
| *NVDR — Non-Voting Depositary Receipt* |
| *PJSC — Public Joint Stock Company* |
| *QPSC — Qatari Public Shareholding Company* |
| *QSC — Qatari Shareholding Company* |
| *REIT — Real Estate Investment Trust* |

---

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

**20** 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **ACADIAN EMERGING**<br> **MARKETS PORTFOLIO**<br> **OCTOBER 31, 2022**<br>|

---

The summary of input levels used to value the Portfolio's net assets as of October 31, 2022 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities** | **Level 1** | **Level 2** | **Level 3†** | **Total** |
|  **Common Stock** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Brazil | $13421106 | $— | $—^ | $13421106 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chile | 56112 |  |  | 56112 |
| &nbsp;&nbsp;&nbsp;&nbsp; China | 129705101 |  | 38157 | 129743258 |
| &nbsp;&nbsp;&nbsp;&nbsp; Colombia | 61864 |  |  | 61864 |
| &nbsp;&nbsp;&nbsp;&nbsp; Czech Republic | 660093 |  |  | 660093 |
| &nbsp;&nbsp;&nbsp;&nbsp; Greece | 1677668 |  |  | 1677668 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hong Kong | 61902489 |  |  | 61902489 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hungary |  | 9791497 |  | 9791497 |
| &nbsp;&nbsp;&nbsp;&nbsp; India | 71340604 |  | 7346 | 71347950 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indonesia | 14529591 |  |  | 14529591 |
| &nbsp;&nbsp;&nbsp;&nbsp; Luxembourg | 4298549 |  |  | 4298549 |
| &nbsp;&nbsp;&nbsp;&nbsp; Malaysia | 422008 |  |  | 422008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mexico | 548292 |  |  | 548292 |
| &nbsp;&nbsp;&nbsp;&nbsp; Philippines |  | 319602 |  | 319602 |
| &nbsp;&nbsp;&nbsp;&nbsp; Poland | 7942221 |  |  | 7942221 |
| &nbsp;&nbsp;&nbsp;&nbsp; Qatar | 368938 |  |  | 368938 |
| &nbsp;&nbsp;&nbsp;&nbsp; Russia‡ |  |  | —^ | —^ |
| &nbsp;&nbsp;&nbsp;&nbsp; Saudi Arabia | 46568449 |  |  | 46568449 |
| &nbsp;&nbsp;&nbsp;&nbsp; Singapore | 195386 |  |  | 195386 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Africa | 12026492 |  |  | 12026492 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Korea | 83095391 |  |  | 83095391 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taiwan | 58832519 |  |  | 58832519 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thailand | 19095224 |  |  | 19095224 |
| &nbsp;&nbsp;&nbsp;&nbsp; Turkey | 2879975 |  |  | 2879975 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Arab Emirates | 3395299 |  |  | 3395299 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Kingdom | 2264319 |  |  | 2264319 |
| &nbsp;&nbsp;&nbsp;&nbsp; United States | 635210 |  |  | 635210 |
|  Total Common Stock | 535922900 | 10111099 | 45503 | 546079502 |
|  **Preferred Stock** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Brazil | 36844862 |  | —^ | 36844862 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Korea | 428488 |  |  | 428488 |
|  Total Preferred Stock | 37273350 |  | —^ | 37273350 |
|  **Mutual Fund** | 2975932 |  |  | 2975932 |
|  **Right** |  | 8 |  | 8 |
|  Total Investments in Securities | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;576172182 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10111107 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45503 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;586328792 |

---

† 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.

‡ For the year ended October 31, 2022, the unrealized depreciation on these investments was $(16,099,056).These securities were impacted by the invasion of Ukraine and sanctions on market conditions in Russia from the start of the conflict in Ukraine until October 31, 2022.

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

**21** 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **ACADIAN EMERGING**<br> **MARKETS PORTFOLIO**<br> **OCTOBER 31, 2022**<br>|

---

^ 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.* 

**22** 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **ACADIAN EMERGING**<br> **MARKETS PORTFOLIO**<br> **OCTOBER 31, 2022**<br>|

---

&nbsp;&nbsp; **STATEMENT OF ASSETS AND LIABILITIES**<br>

---

| | |
|:---|:---|
|  **Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments, at Value (Cost $683,938,321) | $586328792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency, at Value (Cost $1,515,753) | 1516431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash | 877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivable for Investment Securities Sold | 16085041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and Interest Receivable | 932220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivable for Capital Shares Sold | 396379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reclaim Receivable | 302088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized Gain on Spot Foreign Currency Contracts | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid Expenses | 31196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 605593061 |
|  **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for Investment Securities Purchased | 9294635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for Capital Shares Redeemed | 6857707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued Foreign Capital Gains Tax on Appreciated Securities | 1236086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Line of Credit Payable | 649000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable to Adviser | 474658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder Servicing Fees Payable - Investor Class | 59162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder Servicing Fees Payable - Y Class | 395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable to Administrator | 54932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable to Trustees | 7988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Compliance Officer Fees Payable | 2543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued Expenses | 393908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 19031014 |
|  **Net Assets** | $586562047 |
|  **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in Capital | $649647154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Accumulated Loss | (63085107) |
|  **Net Assets** | $586562047 |
|  **Investor Class Shares:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $322684161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Outstanding Shares of Beneficial Interest (unlimited authorization - no par value) | 19708189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Asset Value, Redemption and Offering Price Per Share \* | $16.37 |
|  **I Class Shares:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258008383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Outstanding Shares of Beneficial Interest (unlimited authorization - no par value) | 15740409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Asset Value, Redemption and Offering Price Per Share \* | $16.39 |
|  **Y Class Shares:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $5869503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Outstanding Shares of Beneficial Interest (unlimited authorization - no par value) | 358910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Asset Value, Redemption and Offering Price Per Share \* | $16.35 |

---

*\** *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.* 

**23** 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **ACADIAN EMERGING**<br> **MARKETS PORTFOLIO**<br> **FOR THE YEAR ENDED**<br> **OCTOBER 31, 2022**<br>|

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; **STATEMENT OF OPERATIONS** |  |
|  **Investment Income:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | $58291761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Foreign Taxes Withheld | (5397140) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Investment Income** | 52894621 |
|  **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Advisory Fees | 8574778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder Servicing Fees - Investor Class | 1145528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder Servicing Fees - Y Class | 3202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration Fees | 797374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees' Fees | 32684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Compliance Officer Fees | 7804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian Fees | 1146995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing Fees | 171601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer Agent Fees | 159864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Filing and Registration Fees | 70486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Expense | 47905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal Fees | 40261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit Fees | 24000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Expenses | 112758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Expenses** | 12335240 |
|  **Less:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fees Paid Indirectly (Note 4) | (4422) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Expenses** | 12330818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Investment Income** | 40563803 |
|  **Net Realized Gain (Loss) on:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | 3970814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Capital Gains Tax | (818695) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Transactions | (1393547) |
|  **Net Realized Gain** | 1758572 |
|  **Net Change in Unrealized Appreciation (Depreciation) on:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (327048095) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Capital Gains Tax on Appreciated Securities | 1817793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currencies and Translation of other Assets and Liabilities Denominated in Foreign Currencies | (19249) |
|  **Net Change in Unrealized Depreciation** | (325249551) |
|  **Net Realized and Unrealized Loss** | (323490979) |
|  **Net Decrease in Net Assets Resulting from Operations** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(282927176) |

---

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

**24** 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **ACADIAN EMERGING**<br> **MARKETS PORTFOLIO**<br>|

---

&nbsp;&nbsp; **STATEMENTS OF CHANGES IN NET ASSETS**<br>

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br> **October 31, 2022** | **Year Ended**<br> **October 31, 2021** |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | $40563803 | $23636047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gain | 1758572 | 137594675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Change in Unrealized Appreciation (Depreciation) | (325249551) | 78041372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Net Assets Resulting from Operations** | (282927176) | 239272094 |
|  **Distributions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Class Shares | (17800931) | (9767065) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I Class Shares | (13456457) | (5240183) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Y Class Shares | (216931) | (114639) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Distributions** | (31474319) | (15121887) |
|  **Capital Share Transactions:<sup>(1)</sup>**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investor Class Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issued | 82547939 | 53285704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of Distributions | 17518818 | 9664662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redemption Fees — (See Note 2) | 534 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (172389796) | (308982662) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Decrease in Net Assets derived from Investor Class Transactions | (72322505) | (246032296) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **I Class Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issued | 117160815 | 87114219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of Distributions | 11719825 | 4598717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redemption Fees — (See Note 2) | 14793 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (141322663) | (96018709) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Decrease in Net Assets derived from I Class Transactions | (12427230) | (4305773) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Y Class Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issued | 2414547 | 868271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of Distributions | 181073 | 72359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (1289528) | (3982205) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase (Decrease) in Net Assets derived from Y Class Transactions | 1306092 | (3041575) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets from Capital Share Transactions** | (83443643) | (253379644) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Decrease in Net Assets** | (397845138) | (29229437) |
|  **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of Year | 984407185 | 1013636622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of Year | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;586562047 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;984407185 |

---

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

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

**25** 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **ACADIAN EMERGING**<br> **MARKETS PORTFOLIO**<br>|

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; **FINANCIAL HIGHLIGHTS** | &nbsp;&nbsp; **FINANCIAL HIGHLIGHTS** |
|  | **Selected Per Share Data & Ratios** |
|  | **For a Share Outstanding Throughout Each Year** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** |
| <br>**Investor Class Shares**  | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net Asset Value, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of Year | $23.93 | $19.65 | $19.41 | $18.35 | $21.83 |
|  Income from Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income\* | 0.96 | 0.47 | 0.29 | 0.39 | 0.36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gain (Loss) | (7.78) | 4.10 | 0.32 | 1.00 | (3.55) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from Operations | (6.82) | 4.57 | 0.61 | 1.39 | (3.19) |
|  Redemption Fees\* | 0.00 |  | 0.00 | 0.00 | 0.00 |
|  Dividends and Distributions from: | Dividends and Distributions from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | (0.70) | (0.29) | (0.37) | (0.33) | (0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gains | (0.04) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Dividends and Distributions | (0.74) | (0.29) | (0.37) | (0.33) | (0.29) |
|  Net Asset Value, End of Year | $16.37 | $23.93 | $19.65 | $19.41 | $18.35 |
|  Total Return † | (29.43) | 23.35% | 3.04 | 7.72 | (14.85) |
|  **Ratios and Supplemental Data** |  |  |  |  |  |
|  Net Assets, End of Year (Thousands) | $322684 | $580640 | $674360 | $625488 | $789483 |
|  Ratio of Expenses to Average Net Assets<sup>(1)</sup>  | 1.49 | 1.43% | 1.40 | 1.40 | 1.40 |
|  Ratio of Net Investment Income to Average Net Assets | 4.52 | 1.97% | 1.56 | 2.07 | 1.66 |
|  Portfolio Turnover Rate | 66 | 70% | 55 | 48 | 32 |

---

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

---

| | |
|:---|:---|
| *^* | *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.* 

**26** 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **ACADIAN EMERGING**<br> **MARKETS PORTFOLIO**<br>|

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; **FINANCIAL HIGHLIGHTS** | &nbsp;&nbsp; **FINANCIAL HIGHLIGHTS** |
|  | **Selected Per Share Data & Ratios** |
|  | **For a Share Outstanding Throughout Each Year** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** |
| <br>**I Class Shares** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net Asset Value, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of Year | $23.97 | $19.67 | $19.43 | $18.38 | $21.85 |
|  Income from Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income\* | 1.00 | 0.53 | 0.29 | 0.41 | 0.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gain (Loss) | (7.77) | 4.09 | 0.35 | 1.00 | (3.56) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from Operations | (6.77) | 4.62 | 0.64 | 1.41 | (3.14) |
|  Redemption Fees\* | 0.00 |  | 0.00 | 0.00 | 0.00 |
|  Dividends and Distributions from: | Dividends and Distributions from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | (0.77) | (0.32) | (0.40) | (0.36) | (0.33) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gains | (0.04) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Dividends and Distributions | (0.81) | (0.32) | (0.40) | (0.36) | (0.33) |
|  Net Asset Value, End of Year | $16.39 | $23.97 | $19.67 | $19.43 | $18.38 |
|  Total Return † | (29.26) | 23.61% | 3.20 | 7.86 | (14.63) |
|  **Ratios and Supplemental Data** |  |  |  |  |  |
|  Net Assets, End of Year (Thousands) | $258008 | $396786 | $330942 | $496662 | $497707 |
|  Ratio of Expenses to Average Net Assets<sup>(1)</sup>  | 1.27 | 1.22% | 1.24 | 1.25 | 1.20 |
|  Ratio of Net Investment Income to Average Net Assets | 4.70 | 2.21% | 1.53 | 2.13 | 1.96 |
|  Portfolio Turnover Rate | 66 | 70% | 55 | 48 | 32 |

---

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

---

| | |
|:---|:---|
| *^* | *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.* 

**27** 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **ACADIAN EMERGING**<br> **MARKETS PORTFOLIO**<br>|

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; **FINANCIAL HIGHLIGHTS** | &nbsp;&nbsp; **FINANCIAL HIGHLIGHTS** |
|  | **Selected Per Share Data & Ratios** |
|  | **For a Share Outstanding Throughout Each Year** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** |
| <br>**Y Class Shares** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  Net Asset Value, |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of Year | $23.92 | $19.63 | $19.40 | $18.34 | $21.85 |
|  Income from Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income\* | 0.99 | 0.50 | 0.25 | 0.43 | 0.62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gain (Loss) | (7.76) | 4.11 | 0.38 | 0.98 | (3.82) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from Operations | (6.77) | 4.61 | 0.63 | 1.41 | (3.20) |
|  Redemption Fees\* |  |  | 0.00 |  | 0.02 |
|  Dividends and Distributions from: | Dividends and Distributions from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | (0.76) | (0.32) | (0.40) | (0.35) | (0.33) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gains | (0.04) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Dividends and Distributions | (0.80) | (0.32) | (0.40) | (0.35) | (0.33) |
|  Net Asset Value, End of Year | $16.35 | $23.92 | $19.63 | $19.40 | $18.34 |
|  Total Return † | (29.31)% | 23.61% | 3.15 | 7.89% | (14.81)% |
|  **Ratios and Supplemental Data** |  |  |  |  |  |
|  Net Assets, End of Year (Thousands) | $5870 | $6982 | $8334 | $20363 | $24988 |
|  Ratio of Expenses to Average Net Assets<sup>(1)</sup>  | 1.32% | 1.24% | 1.24 | 1.25% | 1.27% |
|  Ratio of Net Investment Income to Average Net Assets | 4.71% | 2.10% | 1.34 | 2.26% | 3.12% |
|  Portfolio Turnover Rate | 66% | 70% | 55 | 48% | 32% |

---

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

---

| | |
|:---|:---|
| *^^* | *Amount was less than $0.005 per share.*  |

---

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

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

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

**28** 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **ACADIAN EMERGING**<br> **MARKETS PORTFOLIO**<br> **OCTOBER 31, 2022**<br>|

---

&nbsp;&nbsp; **NOTES TO FINANCIAL STATEMENTS**<br>

**1. Organization:** 

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

**2. Significant Accounting Policies:** 

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

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

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

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

**29** 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **ACADIAN EMERGING**<br> **MARKETS PORTFOLIO**<br> **OCTOBER 31, 2022**<br>|

---

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

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

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

For securities that principally trade on a foreign market or exchange, a significant gap in time can exist between the time of a particular security's last trade and the time at which the Portfolio calculates its net asset values. The closing prices of such securities may no longer reflect their market value at the time the Portfolio calculates its net asset value if an event that could materially affect the value of those securities (a "Significant Event") has occurred between the time of the security's last close and the time that the Emerging Markets Portfolio calculates its net asset value. A Significant Event may relate to a single issuer or to an entire market sector. If Acadian Asset Management LLC (the "Adviser") of the Portfolio becomes aware of a Significant Event that has occurred with respect to a security or group of securities after the closing of the exchange or market on which the security or securities principally trade, but before the time at which the Portfolio calculates its net asset value, it may request that a Committee meeting be called. As of October 31, 2022, the total market value of securities in the Portfolio, valued in accordance with fair value procedures, was $10,111,099 or 2% of Net Assets.

**30** 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **ACADIAN EMERGING**<br> **MARKETS PORTFOLIO**<br> **OCTOBER 31, 2022**<br>|

---

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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; and

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| **THE ADVISORS' INNER CIRCLE FUND** | **ACADIAN EMERGING**<br> **MARKETS PORTFOLIO**<br> **OCTOBER 31, 2022**<br>|

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

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

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

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

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

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

As of and during the year ended October 31, 2022, 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 year ended October 31, 2022, the Portfolio did not incur any interest or penalties.

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

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| **THE ADVISORS' INNER CIRCLE FUND** | **ACADIAN EMERGING**<br> **MARKETS PORTFOLIO**<br> **OCTOBER 31, 2022**<br>|

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

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

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

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

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

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| **THE ADVISORS' INNER CIRCLE FUND** | **ACADIAN EMERGING**<br> **MARKETS PORTFOLIO**<br> **OCTOBER 31, 2022**<br>|

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*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 year ended October 31, 2022, the Portfolio paid $797,374 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**<br> **MARKETS PORTFOLIO**<br> **OCTOBER 31, 2022**<br>|

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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.

DST Systems, Inc. (the "Transfer Agent") serves as the transfer agent and dividend disbursing agent for the Portfolio under a transfer agency agreement.

For the year ended October 31, 2022, the Portfolio earned cash management credits of $4,422, 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. There was a reduction in the investment advisory fee for the Portfolio from 1.00% to 0.90%, effective July 1, 2022.

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

**6. Investment Transactions:** 

For the year ended October 31, 2022, the Portfolio made purchases of $570,749,219 and sales of $645,765,960 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.

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| **THE ADVISORS' INNER CIRCLE FUND** | **ACADIAN EMERGING**<br> **MARKETS PORTFOLIO**<br> **OCTOBER 31, 2022**<br>|

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**7. Share Transactions:** 

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| | | |
|:---|:---|:---|
|  | **Year Ended**<br> **October 31,** <br>**2022** | **Year Ended**<br> **October 31,** <br>**2021** |
|  **Investor Class Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issued | 3668811 | 2213580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of Distributions | 750522 | 427640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (8980192) | (12691215) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease in Shares Outstanding from Investor Class Share** Transactions | (4560859) | (10049995) |
|  **I Class Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issued | 5507041 | 3537050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of Distributions | 502288 | 203573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (6824908) | (4009255) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease in Shares Outstanding from I Class Share Transactions** | (815579) | (268632) |
|  **Y Class Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issued | 118395 | 36196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of Distributions | 7777 | 3209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (59187) | (171968) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Shares Outstanding from Y Class Share Transactions** | 66985 | (132563) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Decrease in Shares Outstanding from Share Transactions** | (5309453) | (10451190) |

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**8. Line of Credit:** 

The Portfolio entered into an agreement which enables it to participate in a $50 million unsecured committed revolving line of credit with MUFG Union Bank N.A., which is set to expire July 31, 2023. The proceeds from the borrowings shall be used to finance the Portfolio's short term general working capital requirements, including the funding of shareholder redemptions. Interest is charged to the Portfolio based on their borrowings at the current reference rate. For the year ended October 31, 2022, the Portfolio had average borrowings of $2,390,612 and a maximum amount borrowed of $15,033,000 over a period of 147 days at a weighted average interest rate of 4.80%. Interest accrued on the borrowings during the period was $47,905. As of October 31, 2022, the Portfolio had $649,000 in borrowings outstanding.

**9. Federal Tax Information:** 

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

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| **THE ADVISORS' INNER CIRCLE FUND** | **ACADIAN EMERGING**<br> **MARKETS PORTFOLIO**<br> **OCTOBER 31, 2022**<br>|

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

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

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| | | | |
|:---|:---|:---|:---|
|  | **Ordinary** <br>**Income** | **Long-Term**<br> **Capital Gain** | **Total** |
| 2022 | $29888278 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1586041 | $31474319 |
| 2021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15121887 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15121887 |

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

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| | |
|:---|:---|
|  Undistributed Ordinary Income | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34314909 |
|  Undistributed Long-Term Capital Gains | 6612682 |
|  Net Unrealized Depreciation | (104012696) |
|  Other Temporary Differences | (2) |
|  Total Accumulated Loss | $(63085107) |

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For Federal income tax purposes, the difference between Federal tax cost and book cost primarily relates to PFICs and wash sales, which cannot be used for Federal income tax purposes in the current year and have been deferred for use in future years. The Federal tax cost and aggregate gross unrealized appreciation and depreciation on investments, held by the Portfolio at October 31, 2022, were as follows:

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Federal Tax** <br> **Cost** | **Aggregated**<br> **Gross Unrealized** <br>**Appreciation** | **Aggregated**<br> **Gross Unrealized <br>Depreciation** | **Net Unrealized** <br>**Appreciation/**<br>**(Depreciation)** |
| $689065981 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53223038 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(155999647) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(102776609) |

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

**10. Concentration of Risk:** 

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

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

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| **THE ADVISORS' INNER CIRCLE FUND** | **ACADIAN EMERGING**<br> **MARKETS PORTFOLIO**<br> **OCTOBER 31, 2022**<br>|

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

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

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

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

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

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| **THE ADVISORS' INNER CIRCLE FUND** | **ACADIAN EMERGING**<br> **MARKETS PORTFOLIO**<br> **OCTOBER 31, 2022**<br>|

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

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

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

Market Risk – The risk that the market value of an investment may fluctuate. Markets for securities in which the Fund invests may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments. Similarly, the impact of any epidemic, pandemic or natural disaster, or widespread fear that such events may occur, could negatively affect the global economy, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the markets in general in significant and unforeseen ways. Any such impact could adversely affect the prices and liquidity of the securities and other instruments in which the Fund invests, which in turn could negatively impact the Fund's performance and cause losses on your investment in the Fund. The foregoing is not intended to be a complete discussion of all risks associated with the investment strategies of the Funds. Please refer to the current prospectus for a discussion of the risks associated with investing in the Funds.

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

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| **THE ADVISORS' INNER CIRCLE FUND** | **ACADIAN EMERGING**<br> **MARKETS PORTFOLIO**<br> **OCTOBER 31, 2022**<br>|

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**11. Other:** 

As of October 31, 2022, 85% of the Portfolio's Investor Class Shares outstanding were held by three record shareholders, 73% of the Portfolio's I Class Shares were held by four record shareholders, and 91% of the Portfolio's Y Class Shares outstanding were held by three 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 collateral available for return to the borrower due to any loss on the collateral invested.

During the year and as of October 31, 2022, 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**<br> **MARKETS PORTFOLIO**<br> **OCTOBER 31, 2022**<br>|

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of The Advisors' Inner Circle Fund

and Shareholders of Acadian Emerging Markets Portfolio

<u>Opinion on the Financial Statements</u>

We have audited the accompanying statement of assets and liabilities of Acadian Emerging Markets Portfolio, a series of shares of beneficial interest in The Advisors' Inner Circle Fund (the "Portfolio"), including the schedule of investments, as of October 31, 2022, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended and the financial highlights for each of the years in the five-year period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolio as of October 31, 2022, and the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended and its financial highlights for each of the years in the five-year period then ended, in conformity with accounting principles generally accepted in the United States of America.

<u>Basis for Opinion</u>

These financial statements are the responsibility of the Portfolio's management. Our responsibility is to express an opinion on the Portfolio's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Portfolio in accordance with the U.S. federal securities law and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Portfolio is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Portfolio's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risk of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2022 by correspondence with the custodian, brokers, or by other appropriate auditing procedures where replies from brokers were not received. Our audits also included evaluating the accounting principles used and significant estimates made

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| **THE ADVISORS' INNER CIRCLE FUND** | **ACADIAN EMERGING**<br> **MARKETS PORTFOLIO**<br> **OCTOBER 31, 2022**<br>|

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by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![LOGO](g426606gra044.jpg)

BBD, LLP<br>

*We have served as the auditor of one or more of the Funds in The Advisors' Inner Circle Fund since 2013.* 

Philadelphia, Pennsylvania <br> December 29, 2022

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| **THE ADVISORS' INNER CIRCLE FUND** | **ACADIAN EMERGING**<br> **MARKETS PORTFOLIO**<br> **OCTOBER 31, 2022**<br>|

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&nbsp;&nbsp; **DISCLOSURE OF FUND EXPENSES** *(Unaudited)*<br>

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 (May 1, 2022 to October 31, 2022).

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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&nbsp;&nbsp; **DISCLOSURE OF FUND EXPENSES** *(Unaudited)*<br>

**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.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Beginning**<br> **Account**<br> **Value**<br> **05/01/22** | **Ending**<br> **Account**<br> **Value**<br> **10/31/22** | **Annualized**<br> **Expense**<br> **Ratios** | **Expenses** <br> **Paid** <br> **During** <br> **Period\***  |
|  *Investor Class Shares* |  |  |  |  |
|  **Actual Fund Return** | $1000.00 | $767.10 | 1.50% | $6.68 |
|  **Hypothetical 5% Return** | $1000.00 | $1017.64 | 1.50% | $7.63 |
|  *I Class Shares* |  |  |  |  |
|  **Actual Fund Return** | $1000.00 | $768.00 | 1.28% | $5.70 |
|  **Hypothetical 5% Return** | $1000.00 | $1018.75 | 1.28% | $6.51 |
|  *Y Class Shares* |  |  |  |  |
|  **Actual Fund Return** | $1000.00 | $767.60 | 1.34% | $5.97 |
|  **Hypothetical 5% Return** | $1000.00 | $1018.45 | 1.34% | $6.82 |

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\* Expenses are equal to the Portfolio's annualized expense ratio multiplied by the average account value over the period, multiplied by 184/365.

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&nbsp;&nbsp; **TRUSTEES AND OFFICERS OF THE ADVISORS' INNER CIRCLE FUND *(Unaudited)***<br>

Set forth below are the names, years of birth, positions with the Trust, length of term of office, and the principal occupations for the last five years of each of the persons currently serving as Trustees and Officers of the Trust. Unless otherwise noted, the business address of each Trustee is SEI Investments Company, 1 Freedom Valley Drive, Oaks, Pennsylvania 19456. Trustees who are deemed not to be "interested persons" of the Trust are referred to as "Independent Trustees." Messrs. Nesher and Klauder

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| | | |
|:---|:---|:---|
| **Name and Year of**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Birth** | **Position with Trust**<br> **and Length of Time** <br> **Served<sup>1</sup>**  | **Principal**<br> **Occupations**<br> **in the Past Five Years** |
|  **INTERESTED TRUSTEES <sup>3,4</sup>**  | | |
|  Robert Nesher<br> (Born: 1946) | Chairman of the Board of Trustees<br> (since 1991) | SEI employee 1974 to present; currently performs various services on behalf of SEI Investments for which Mr. Nesher is compensated. President, Chief Executive Officer and Trustee of SEI Daily Income Trust, SEI Tax Exempt Trust, SEI Institutional Managed Trust, SEI Institutional International Trust, SEI Institutional Investments Trust, SEI Asset Allocation Trust, Adviser Managed Trust, New Covenant Funds, SEI Insurance Products Trust and SEI Catholic Values Trust. President and Director of SEI Structured Credit Fund, LP. Vice Chairman of Winton Series Trust to 2017. Vice Chairman of Winton Diversified Opportunities Fund (closed-end investment company), The Advisors' Inner Circle Fund III, Gallery Trust, Schroder Series Trust and Schroder Global Series Trust to 2018. |
|  N. Jeffrey Klauder<br> (Born: 1952) | Trustee<br> (since 2018) | Senior Advisor of SEI Investments since 2018. Executive Vice President and General Counsel of SEI Investments, 2004 to 2018.<br>|

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1 Each Trustee shall hold office during the lifetime of this Trust until the election and qualification of his or her successor, or until he or she sooner dies, resigns, or is removed in accordance with the Trust's Declaration of Trust.

2 Directorships of Companies required to report to the Securities and Exchange Commission under the Securities Exchange Act of 1934 (i.e., "public companies") or other investment companies under the 1940 Act.

3 Denotes Trustees who may be deemed to be "interested" persons of the Fund as that term is defined in the 1940 Act by virtue of their affiliation with the Distributor and/or its affiliates.

4 Trustees oversee 28 funds in The Advisors' Inner Circle Fund.

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are Trustees who may be deemed to be "interested" persons of the Trust as that term is defined in the 1940 Act by virtue of their affiliation with the Trust's Distributor. The Trust's Statement of Additional Information ("SAI") includes additional information about the Trustees and Officers. The SAI may be obtained without charge by calling 1-866-226-6161. The following chart lists Trustees and Officers as of October 31, 2022.

**Other Directorships** 

**Held in the Past Five Years<sup>2</sup>** 

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Current Directorships: Trustee of The Advisors' Inner Circle Fund II, Bishop Street Funds, Frost Family of Funds, Catholic Responsible Investments Funds, SEI Daily Income Trust, SEI Institutional International Trust, SEI Institutional Investments Trust, SEI Institutional Managed Trust, SEI Asset Allocation Trust, SEI Tax Exempt Trust, Adviser Managed Trust, New Covenant Funds, SEI Insurance Products Trust and SEI Catholic Values Trust. Director of SEI Structured Credit Fund, LP, SEI Global Master Fund plc, SEI Global Assets Fund plc, SEI Global Investments Fund plc, SEI Investments—Global Funds Services, Limited, SEI Investments Global, Limited, SEI Investments (Europe) Ltd., SEI Investments—Unit Trust Management (UK) Limited, SEI Multi-Strategy Funds PLC and SEI Global Nominee Ltd.

Former Directorships: Trustee of The KP Funds to 2022.

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Current Directorships: Trustee of The Advisors' Inner Circle Fund II, Bishop Street Funds and Catholic Responsible Investments Funds. Director of SEI Private Trust Company, SEI Global Fund Services Ltd., SEI Investments Global Limited, SEI Global Master Fund, SEI Global Investments Fund, SEI Global Assets Fund and SEI Investments - Guernsey Limited.

Former Directorships: Trustee of SEI Investments Management Corporation, SEI Trust Company, SEI Investments (South Africa), Limited and SEI Investments (Canada) Company to 2018. Trustee of The KP Funds to 2022.

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&nbsp;&nbsp; **TRUSTEES AND OFFICERS OF THE ADVISORS' INNER CIRCLE FUND** ***(Unaudited)***<br>

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name and**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Year of Birth** | **Position with Trust**<br> **and Length of** <br> **Time Served<sup>1</sup>**  | **Principal**<br> **Occupations**<br> **in the Past Five Years** |
|  **INDEPENDENT TRUSTEES<sup>3</sup>**  | | |
|  Kathleen Gaffney<br> (Born: 1961) | Trustee<br> (since 2022) | Retired since 2019. Vice President and Portfolio Manager, Eaton Vance Management from 2012 to 2019.<br>|
|  Joseph T. Grause, Jr.<br> (Born: 1952) | Trustee<br> (since 2011)<br> Lead Independent<br> Trustee<br> (since 2018) | Self-Employed Consultant since 2012. Director of Endowments and Foundations, Morningstar Investment Management, Morningstar, Inc., 2010 to 2011. Director of International Consulting and Chief Executive Officer of Morningstar Associates Europe Limited, Morningstar, Inc., 2007 to 2010. Country Manager – Morningstar UK Limited, Morningstar, Inc., 2005 to 2007.<br>|
|  Mitchell A. Johnson<br> (Born: 1942) | Trustee<br> (since 2005) | Retired. Private Investor since 1994.<br>|
|  Betty L. Krikorian<br> (Born: 1943) | Trustee<br> (since 2005) | Vice President, Compliance, AARP Financial Inc., from 2008 to 2010. Self-Employed Legal and Financial Services Consultant since 2003. Counsel (in-house) for State Street Bank from 1995 to 2003. |
|  Robert Mulhall<br> (Born: 1958) | Trustee<br> (since 2019) | Partner, Ernst & Young LLP, from 1998 to 2018.<br>|
|  Bruce Speca<br> (Born: 1956) | Trustee<br> (since 2011) | Global Head of Asset Allocation, Manulife Asset Management (subsidiary of Manulife Financial), 2010 to 2011. Executive Vice President – Investment Management Services, John Hancock Financial Services (subsidiary of Manulife Financial), 2003 to 2010. |
|  Monica Walker<br> (Born: 1958) | Trustee<br> (since 2022) | Retired since 2017. Co-Founder, Chairman, Chief Executive Officer and Chief Investment Officer, Holland Capital Management, LLC from 1991 to 2017. |
|  **OFFICERS** |  |  |
|  Michael Beattie<br> (Born: 1965) | President<br> (since 2011) | Director of Client Service, SEI Investments, since 2004. |

---

1 Each Trustee shall hold office during the lifetime of this Trust until the election and qualification of his or her successor, or until he or she sooner dies, resigns, or is removed in accordance with the Trust's Declaration of Trust.

2 Directorships of Companies required to report to the Securities and Exchange Commission under the Securities Exchange Act of 1934 (i.e., "public companies") or other investment companies under the 1940 Act.

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**Other Directorships** 

**Held in the Past Five Years<sup>2</sup>** 

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Current Directorships: Trustee of The Advisors' Inner Circle Fund II, Bishop Street Funds and Catholic Responsible Investments Funds. Director of RQSI GAA Systematic Global Macro Fund Ltd.

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Current Directorships: Trustee of The Advisors' Inner Circle Fund II, Bishop Street Funds, Frost Family of Funds, and Catholic Responsible Investments Funds. Director of RQSI GAA Systematic Global Macro Fund Ltd.

Former Directorships: Director of The Korea Fund, Inc. to 2019. Trustee of The KP Funds to 2022.

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Current Directorships: Trustee of The Advisors' Inner Circle Fund II, Bishop Street Funds, Catholic Responsible Investments Funds, SEI Asset Allocation Trust, SEI Daily Income Trust, SEI Institutional International Trust, SEI Institutional Managed Trust, SEI Institutional Investments Trust, SEI Tax Exempt Trust, Adviser Managed Trust, New Covenant Funds, SEI Insurance Products Trust and SEI Catholic Values Trust. Director of Federal Agricultural Mortgage Corporation (Farmer Mac) since 1997 and RQSI GAA Systematic Global Macro Fund Ltd.

Former Directorships: Trustee of The KP Funds to 2022.

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Current Directorships: Trustee of The Advisors' Inner Circle Fund II, Bishop Street Funds, and Catholic Responsible Investments Funds. Director of RQSI GAA Systematic Global Macro Fund Ltd.

Former Directorships: Trustee of The KP Funds to 2022.

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Current Directorships: Trustee of The Advisors' Inner Circle Fund II, Bishop Street Funds, Frost Family of Funds and Catholic Responsible Investments Funds. Director of RQSI GAA Systematic Global Macro Fund Ltd.

Former Directorships: Trustee of Villanova University Alumni Board of Directors to 2018. Trustee of The KP Funds to 2022.

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Current Directorships: Trustee of The Advisors' Inner Circle Fund II, Bishop Street Funds, Frost Family of Funds and Catholic Responsible Investments Funds. Director of Stone Harbor Investments Funds (8 Portfolios), Stone Harbor Emerging Markets Income Fund (closed-end fund) and Stone Harbor Emerging Markets Total Income Fund (closed-end fund). Director of RQSI GAA Systematic Global Macro Fund Ltd.

Former Directorships: Trustee of The KP Funds to 2022.

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Current Directorships: Trustee of The Advisors' Inner Circle Fund II, Bishop Street Funds and Catholic Responsible Investments Funds. Director of RQSI GAA Systematic Global Macro Fund Ltd.

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None.

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3 Trustees oversee 28 funds in The Advisors' Inner Circle Fund.

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&nbsp;&nbsp; **TRUSTEES AND OFFICERS OF THE ADVISORS' INNER CIRCLE FUND** ***(Unaudited)***<br>

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| | | |
|:---|:---|:---|
| **Name and Year of**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Birth** | **Position**<br> **with Trust**<br> **and Length of**<br> **Time Served** | **Principal**<br> **Occupations**<br> **in the Past Five Years** |
|  **OFFICERS (continued)** | | |
|  James Bernstein<br> (Born: 1962) | Vice President and<br> Assistant Secretary<br> (since 2017) | Attorney, SEI Investments, since 2017.<br>Prior Positions: Self-employed consultant, 2017. Associate General Counsel & Vice President, Nationwide Funds Group and Nationwide Mutual Insurance Company, from 2002 to 2016. Assistant General Counsel & Vice President, Market Street Funds and Provident Mutual Insurance Company, from 1999 to 2002.<br>|
|  John Bourgeois<br> (Born: 1973) | Assistant Treasurer<br> (since 2017) | Fund Accounting Manager, SEI Investments, since 2000. |
|  Eric C. Griffith<br> (Born: 1969) | Vice President and<br> Assistant Secretary<br> (since 2019) | Counsel at SEI Investments since 2019. Vice President and Assistant General Counsel, JPMorgan Chase & Co., from 2012 to 2018. |
|  Matthew M. Maher<br> (Born: 1975) | Vice President<br> (since 2018)<br>Secretary<br> (since 2020) | Counsel at SEI Investments since 2018. Attorney, Blank Rome LLP, from 2015 to 2018. Assistant Counsel & Vice President, Bank of New York Mellon, from 2013 to 2014. Attorney, Dilworth Paxson LLP, from 2006 to 2013. |
|  Andrew Metzger<br> (Born: 1980) | Treasurer, Controller<br> and Chief Financial<br> Officer<br> (since 2021) | Director of Fund Accounting, SEI Investments, since 2020. Senior Director, Embark, from 2019 to 2020. Senior Manager, PricewaterhouseCoopers LLP, from 2002 to 2019. |

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| |
|:---|
| **Other Directorships**<br> **Held in the Past Five Years** |
| None.<br>|
| None.<br>|
| None.<br>|
| None.<br>|
| None.<br>|

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&nbsp;&nbsp; **TRUSTEES AND OFFICERS OF THE ADVISORS' INNER CIRCLE FUND** ***(Unaudited)***<br>

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| | | |
|:---|:---|:---|
| **Name and Year of**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Birth** | **Position**<br> **with Trust**<br> **and Length of**<br> **Time Served** | **Principal**<br> **Occupation**<br> **in the Past Five Years** |
|  **OFFICERS (continued)** | | |
|  Robert Morrow<br> (Born: 1968) | Vice President<br> (since 2017)<br>| Account Manager, SEI Investments, since 2007. |
|  Stephen F. Panner<br> (Born: 1970) | Chief Compliance<br> Officer<br> (since 2022) | Chief Compliance Officer of SEI Asset Allocation Trust, SEI Daily Income Trust, SEI Institutional Investments Trust, SEI Institutional International Trust, SEI Institutional Managed Trust, SEI Tax Exempt Trust, Adviser Managed Trust, New Covenant Funds, SEI Catholic Values Trust, SEI Exchange Traded Funds, SEI Structured Credit Fund LP, The Advisors' Inner Circle Fund II, The Advisors' Inner Circle Fund III, Bishop Street Funds, Frost Family of Funds, Gallery Trust, Delaware Wilshire Private Markets Fund, Delaware Wilshire Private Markets Master Fund, Delaware Wilshire Private Markets Tender Fund and Catholic Responsible Investments Funds since September 2022. Fund Compliance Officer of SEI Investments Company from February 2011 to September 2022. Fund Accounting Director and CFO and Controller for the SEI Funds from July 2005 to February 2011. |
|  Alexander F. Smith<br> (Born: 1977) | Vice President and<br> Assistant Secretary<br> (since 2020)<br>| Counsel at SEI Investments since 2020. Associate Counsel & Manager, Vanguard, 2012 to 2020. Attorney, Stradley Ronon Stevens & Young, LLP, 2008 to 2012. |
|  Bridget E. Sudall<br> (Born: 1980) | Privacy Officer<br> (from 2015 – May 2022<br> and since November 2022) | Senior Associate and AML Officer, Morgan Stanley Alternative Investment Partners, from 2011 to 2015. Investor Services Team Lead, Morgan Stanley Alternative Investment Partners, from 2007 to 2011. |
|  | Anti-Money Laundering Officer<br> (from 2015 – May 2022<br> and since November 2022) |  |

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| |
|:---|
| **Other Directorships**<br> **Held in the Past Five Years** |
| None.<br>|
| None.<br>|
| None.<br>|
| None.<br>|

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&nbsp;&nbsp; **APPROVAL OF INVESTMENT ADVISORY AGREEMENT *(Unaudited)***<br>

Pursuant to Section 15 of the Investment Company Act of 1940 (the "1940 Act"), the Fund's advisory agreement (the "Agreement") must be renewed at least annually after its initial two-year term: (i) by the vote of the Board of Trustees (the "Board" or the "Trustees") of The Advisors' Inner Circle Fund (the "Trust") or by a vote of a majority of the shareholders of the Fund; and (ii) by the vote of a majority of the Trustees who are not parties to the Agreement or "interested persons" of any party thereto, as defined in the 1940 Act (the "Independent Trustees"), cast in person at a meeting called for the purpose of voting on such renewal.

A Board meeting was held on May 23-24, 2022 to decide whether to renew the Agreement for an additional one-year term. In preparation for the meeting, the Trustees requested that the Adviser furnish information necessary to evaluate the terms of the Agreement. Prior to the meeting, the Independent Trustees of the Fund met to review and discuss the information provided and submitted a request for additional information to the Adviser, and information was provided in response to this request. The Trustees used this information, as well as other information that the Adviser and other service providers of the Fund presented or submitted to the Board at the meeting and other meetings held during the prior year, to help them decide whether to renew the Agreement for an additional year.

Specifically, the Board requested and received written materials from the Adviser and other service providers of the Fund regarding: (i) the nature, extent and quality of the Adviser's services; (ii) the Adviser's investment management personnel; (iii) the Adviser's operations and financial condition; (iv) the Adviser's brokerage practices (including any soft dollar arrangements) and investment strategies; (v) the Fund's advisory fee paid to the Adviser and overall fees and operating expenses compared with a peer group of mutual funds; (vi) the level of the Adviser's profitability from its relationship with the Fund, including both direct and indirect benefits accruing to the Adviser and its affiliates; (vii) the Adviser's potential economies of scale; (viii) the Adviser's compliance program, including a description of material compliance matters and material compliance violations; (ix) the Adviser's policies on and compliance procedures for personal securities transactions; and (x) the Fund's performance compared with a peer group of mutual funds and the Fund's benchmark index.

Representatives from the Adviser, along with other Fund service providers, presented additional information and participated in question and answer sessions at the Board meeting to help the Trustees evaluate the Adviser's services, fee and other aspects of the Agreement. The Independent Trustees received advice from independent counsel and met in executive sessions outside the presence of Fund management and the Adviser.

At the Board meeting, the Trustees, including all of the Independent Trustees, based on their evaluation of the information provided by the Adviser and other service providers of the Fund, renewed the Agreement. In considering the renewal of the Agreement, the Board considered various factors that they determined were relevant, including: (i) the nature, extent and quality of the services provided by the Adviser; (ii) the investment performance of the Fund and the Adviser; (iii) the costs of the services provided and profits realized by the Ad-

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viser from its relationship with the Fund, including both direct and indirect benefits accruing to the Adviser and its affiliates; (iv) the extent to which economies of scale are being realized by the Adviser; and (v) whether fee levels reflect such economies of scale for the benefit of Fund investors, as discussed in further detail below.

**Nature, Extent and Quality of Services Provided by the Adviser** 

In considering the nature, extent and quality of the services provided by the Adviser, the Board reviewed the portfolio management services provided by the Adviser to the Fund, including the quality and continuity of the Adviser's portfolio management personnel, the resources of the Adviser, and the Adviser's compliance history and compliance program. The Trustees reviewed the terms of the Agreement. The Trustees also reviewed the Adviser's investment and risk management approaches for the Fund. The most recent investment adviser registration form ("Form ADV") for the Adviser was available to the Board, as was the response of the Adviser to a detailed series of questions which included, among other things, information about the investment advisory services provided by the Adviser to the Fund.

The Trustees also considered other services provided to the Fund by the Adviser such as selecting broker-dealers for executing portfolio transactions, monitoring adherence to the Fund's investment restrictions, and monitoring compliance with various Fund policies and procedures and with applicable securities laws and regulations. Based on the factors above, as well as those discussed below, the Board concluded, within the context of its full deliberations, that the nature, extent and quality of the services provided to the Fund by the Adviser were sufficient to support renewal of the Agreement.

**Investment Performance of the Fund and the Adviser** 

The Board was provided with regular reports regarding the Fund's performance over various time periods. The Trustees also reviewed reports prepared by the Fund's administrator comparing the Fund's performance to its benchmark index and a peer group of mutual funds as classified by Lipper, an independent provider of investment company data, over various periods of time. Representatives from the Adviser provided information regarding and led discussions of factors impacting the performance of the Fund, outlining current market conditions and explaining their expectations and strategies for the future. The Trustees determined that the Fund's performance was satisfactory, or, where the Fund's performance was materially below its benchmark and/or peer group, the Trustees were satisfied by the reasons for the underperformance and/or the steps taken by the Adviser in an effort to improve the performance of the Fund. Based on this information, the Board concluded, within the context of its full deliberations, that the investment results that the Adviser had been able to achieve for the Fund were sufficient to support renewal of the Agreement.

**Costs of Advisory Services, Profitability and Economies of Scale** 

In considering the advisory fee payable by the Fund to the Adviser, the Trustees reviewed, among other things, a report of the advisory fee paid to the Adviser. The Trustees also

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reviewed reports prepared by the Fund's administrator comparing the Fund's net and gross expense ratios and advisory fee to those paid by a peer group of mutual funds as classified by Lipper. The Trustees reviewed the management fees charged by the Adviser to other clients with comparable mandates. The Trustees considered any differences in management fees and took into account the respective demands, resources and complexity associated with the Fund and other client accounts as well as the extensive regulatory, compliance and tax regimes to which the Fund is subject. The Board concluded, within the context of its full deliberations, that the advisory fee was reasonable in light of the nature and quality of the services rendered by the Adviser.

The Trustees reviewed the costs of services provided by and the profits realized by the Adviser from its relationship with the Fund, including both direct benefits and indirect benefits, such as research and brokerage services received under soft dollar arrangements, accruing to the Adviser and its affiliates. The Trustees considered how the Adviser's profitability was affected by factors such as its organizational structure and method for allocating expenses. The Trustees concluded that the profit margins of the Adviser with respect to the management of the Fund were not unreasonable.

The Trustees considered the Adviser's views relating to economies of scale in connection with the Fund as Fund assets grow and the extent to which the benefits of any such economies of scale are shared with the Fund and Fund shareholders. The Board considered the existence of any economies of scale and whether those were passed along to the Fund's shareholders through a graduated advisory fee schedule or other means, including fee waivers. The Trustees recognized that economies of scale are difficult to identify and quantify and are rarely identifiable on a fund-by-fund basis. Based on this evaluation, the Board concluded that the advisory fee was reasonable in light of the information that was provided to the Trustees by the Adviser with respect to economies of scale.

**Renewal of the Agreement** 

Based on the Board's deliberations and its evaluation of the information described above and other factors and information it believed relevant in the exercise of its reasonable business judgment, the Board, including all of the Independent Trustees, with the assistance of Fund counsel and Independent Trustees' counsel, unanimously concluded that the terms of the Agreement, including the fees payable thereunder, were fair and reasonable and agreed to renew the Agreement for another year. In its deliberations, the Board did not identify any absence of information as material to its decision, or any particular factor (or conclusion with respect thereto) or single piece of information that was all-important, controlling or determinative of its decision, but considered all of the factors together, and each Trustee may have attributed different weights to the various factors (and conclusions with respect thereto) and information.

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&nbsp;&nbsp; **REVIEW OF LIQUIDITY RISK MANAGEMENT PROGRAM (***Unaudited)*<br>

Pursuant to Rule 22e-4 under the 1940 Act, the Fund's investment adviser has adopted, and the Board has approved, a liquidity risk management program (the "Program") to govern the Fund's approach to managing liquidity risk. The Program is overseen by the Fund's Liquidity Risk Management Program Administrator (the "Program Administrator"), and the Program's principal objectives include assessing, managing and periodically reviewing the Fund's liquidity risk, based on factors specific to the circumstances of the Fund.

At a meeting of the Board held on May 24, 2022, the Trustees received a report from the Program Administrator addressing the operations of the Program and assessing its adequacy and effectiveness of implementation for the period from January 1, 2021 through December 31, 2021. The Program Administrator's report included an assessment of how market conditions caused by the COVID-19 pandemic impacted the Fund's liquidity risk during the period covered by the report. The Program Administrator's report noted that the Program Administrator had determined that the Program is reasonably designed to assess and manage the Fund's liquidity risk and has operated adequately and effectively to manage the Fund's liquidity risk during the period covered by the report. The Program Administrator's report noted that during the period covered by the report, there were no liquidity events that impacted the Fund or its ability to timely meet redemptions without dilution to existing shareholders. The Program Administrator's report further noted that no material changes have been made to the Program during the period covered by the report.

There can be no assurance that the Program will achieve its objectives in the future. Please refer to the prospectus for more information regarding the Fund's exposure to liquidity risk and other principal risks to which an investment in the Fund may be subject.

**57** 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **ACADIAN EMERGING**<br> **MARKETS PORTFOLIO**<br> **OCTOBER 31, 2022**<br>|

---

&nbsp;&nbsp; **NOTICE TO SHAREHOLDERS *(Unaudited)***<br>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Return Of**<br> **Capital** | **Long-Term**<br> **Capital Gain<br>Distribution** | **Ordinary**<br> **Income**<br> **Distributions** | **Total**<br> **Distributions** | **Qualifying**<br> **For Corporate**<br> **Dividends Rec.**<br> **Deduction(1)** | **Qualifying**<br> **Dividend**<br> **Income(2)** | **U.S.**<br> **Government**<br> **Interest(3)** | **Interest**<br> **Related**<br> **Dividend(4)** | **Short Term**<br> **Capital Gain**<br> **Dividends(5)** | **Foreign**<br> **Tax**<br> **Credit(6)** |
| 0.00% | 4.21% | 95.79% | 100.00% | 0.60% | 70.29% | 0.00% | 0.00% | 0.00% | 16.49% |

---

(1) Qualifying dividends represent dividends which qualify for the corporate dividend received
deduction and are reflected as a percentage of ordinary income distributions (the total of short term capital gain and net investment income distributions).

(2) The percentage in this column represents the amount of "Qualifying Dividend

intention of each of the aforementioned Portfolios to designate the maximum amount permitted by law.

(3) "U.S. Government Interest" represents the amount of interest that was derived
from direct U.S. Government obligations and distributed during the fiscal year. This amount is reflected as a percentage of ordinary income. Generally, interest from direct U.S. Government obligations is exempt from state income tax. However, for
shareholders of the Portfolio who are residents of California, Connecticut and New York, the statutory threshold requirements were not satisfied to permit exemption of these amounts from state income.

(4) The percentage in this column represents the amount of "Interest Related

(5) The percentage in this column represents the amount of "Short-Term Capital Gain

(6) The percentage in this column represents the amount of "Qualifying Foreign
Taxes" as a percentage of ordinary distributions during the fiscal year ended October 31, 2022 amounting to $6,215,716 are expected to be passed through to the shareholders as foreign tax credits on Form 1099-DIV for the year ending December 31, 2022, which shareholders of this Portfolio will receive in late January, 2023. In addition, for the fiscal year ended October 31, 2022, gross foreign source
income amounted to $46,384,992 for the Portfolio.

The information reported herein may differ from the information and distributions taxable to the shareholders for the calendar year ending December 31, 2022. Complete information will be computed and reported in conjunction with your 2022 Form 1099-DIV.

**58** 

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**Acadian Funds** 

P.O. Box 219009

Kansas City, MO 64121

1-866-AAM-6161

**Adviser:** 

Acadian Asset Management LLC

260 Franklin Street

Boston, MA 02110

**Distributor:** 

SEI Investments Distribution Co.

1 Freedom Valley Drive

Oaks, PA 19456

**Administrator:** 

SEI Investments Global Funds Services

1 Freedom Valley Drive

Oaks, PA 19456

**Legal Counsel:** 

Morgan, Lewis & Bockius LLP

1701 Market Street

Philadelphia, PA 19103

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

ACA-AR-001-2100

------

**Item 2.** **Code of Ethics.** <br>

The Registrant (also referred to as the "Trust") has adopted a code of ethics that applies to the Registrant's principal executive officer, principal financial officer, controller or principal accounting officer, and any person who performs a similar function. There have been no amendments to or waivers granted to this code of ethics during the period covered by this report.

**Item 3.** **Audit Committee Financial Expert.** <br>

(a)(1) The Registrant's board of trustees has determined that the Registrant has at least one audit committee financial expert serving on the audit committee.

(a)(2) The audit committee financial expert is Robert Mulhall. Mr. Mulhall is considered to be "independent," as that term is defined in Form N-CSR Item 3(a)(2).

**Item 4.** **Principal Accountant Fees and Services.** <br>

Fees billed by PricewaterhouseCoopers LLP ("PwC") relate to The Advisors' Inner Circle Fund (the "Trust").

PwC billed the Trust aggregate fees for services rendered to the Trust for the last two fiscal years as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **2022** | **2022** | **2022** | **2021** | **2021** | **2021** |
|  |  | All fees<br>and services<br>to the Trust<br>that were<br>pre-approved | All fees and<br>services to<br>service<br>affiliates that<br>were<br>pre-approved | All other fees<br>and services<br>to service<br>affiliates that<br>did not<br>require<br>pre-approval | All fees and<br>services to<br>the Trust that<br>were<br>pre-approved | All fees and<br>services to<br>service<br>affiliates that<br>were<br>pre-approved | All other<br>fees and<br>services to<br>service<br>affiliates that<br>did not<br>require<br>pre-approval |
| (a) | Audit Fees<sup>(1)</sup> | $72710 |  |  | $104400 |  |  |
| (b) | Audit-Related Fees |  |  |  |  |  |  |
| (c) | Tax Fees | $10000<sup>(2)</sup> |  | $256295<sup>(4)</sup> | $10000<sup>(2)</sup> |  | $150670<sup>(4)</sup> |
| (d) | All Other Fees |  |  | $86500<sup>(5)</sup> |  |  | $385179<sup>(5)</sup> |

---

------

Fees billed by Ernst & Young LLP ("E&Y") related to the Trust

E&Y billed the Trust aggregate fees for services rendered to the Trust for the last two fiscal years as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **2022** | **2022** | **2022** | **2021** | **2021** | **2021** |
|  |  | All fees and<br>services to<br>the Trust that<br>were<br>pre-approved | All fees and<br>services to<br>service<br>affiliates that<br>were<br>pre-approved | All other<br>fees and<br>services to<br>service<br>affiliates<br>that did not<br>require<br>pre-approval | All fees and<br>services to<br>the Trust that<br>were<br>pre-approved | All fees and<br>services to<br>service<br>affiliates<br>that were<br>pre-approved | All other<br>fees and<br>services to<br>service<br>affiliates<br>that did not<br>require<br>pre-approval |
| (a) | Audit Fees<sup>(1)</sup> | $529590 |  |  | $719590 |  |  |
| (b) | Audit-Related Fees | $10000<sup>(6)</sup> |  |  |  |  |  |
| (c) | Tax Fees | $2000<sup>(3)</sup> |  |  |  |  |  |
| (d) | All Other Fees |  |  |  |  |  |  |

---

Fees billed by BBD, LLP ("BBD") related to the Trust

BBD billed the Trust aggregate fees for services rendered to the Trust for the last two fiscal years as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **2022** | **2022** | **2022** | **2021** | **2021** | **2021** |
|  |  | All fees and<br>services to<br>the Trust that<br>were<br>pre-approved | All fees and<br>services to<br>service<br>affiliates that<br>were<br>pre-approved | All other<br>fees and<br>services to<br>service<br>affiliates<br>that did not<br>require<br>pre-approval | All fees and<br>services to<br>the Trust that<br>were<br>pre-approved | All fees and<br>services to<br>service<br>affiliates that<br>were<br>pre-approved | All other<br>fees and<br>services to<br>service<br>affiliates<br>that did not<br>require<br>pre-approval |
| (a) | Audit Fees<sup>(1)</sup> | $61000 |  |  | $77300 |  |  |
| (b) | Audit-Related Fees |  |  |  |  |  |  |
| (c) | Tax Fees |  |  |  |  |  |  |
| (d) | All Other Fees |  |  |  |  |  |  |

---

------

Notes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Audit fees include amounts related to the audit of the Trust's annual financial statements and services
normally provided by the accountant in connection with statutory and regulatory filings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Final tax compliance services provided to McKee International Equity Portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Common Reporting Standard ("CRS") tax services for the Sands Capital Global Growth Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Tax compliance services provided to service affiliates of the funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Non-audit assurance engagements for service affiliates of the funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Fees related to consents for Cambiar N-14 filings.

(e)(1) The Trust's Audit Committee has adopted and the Board of Trustees has ratified an Audit and Non-Audit Services Pre-Approval Policy (the "Policy"), which sets forth the procedures and the conditions pursuant to which services proposed to be performed by the independent auditor of the Funds may be pre-approved.

The Policy provides that all requests or applications for proposed services to be provided by the independent auditor must be submitted to the Registrant's Chief Financial Officer ("CFO") and must include a detailed description of the services proposed to be rendered. The CFO will determine whether such services:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. require specific pre-approval;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. are included within the list of services that have received the general pre-approval of the Audit Committee pursuant to the Policy; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. have been previously pre-approved in connection with the independent
auditor's annual engagement letter for the applicable year or otherwise. In any instance where services require pre-approval, the Audit Committee will consider whether such services are consistent with
SEC's rules and whether the provision of such services would impair the auditor's independence.

Requests or applications to provide services that require specific pre-approval by the Audit Committee will be submitted to the Audit Committee by the CFO. The Audit Committee will be informed by the CFO on a quarterly basis of all services rendered by the independent auditor. The Audit Committee has delegated specific pre-approval authority to either the Audit Committee Chair or financial expert, provided that the estimated fee for any such proposed pre-approved service does not exceed $100,000 and any pre-approval decisions are reported to the Audit Committee at its next regularly-scheduled meeting.

Services that have received the general pre-approval of the Audit Committee are identified and described in the Policy. In addition, the Policy sets forth a maximum fee per engagement with respect to each identified service that has received general pre-approval.

All services to be provided by the independent auditor shall be provided pursuant to a signed written engagement letter with the Registrant, the investment adviser, or applicable control affiliate (except that matters as to which an engagement letter would be impractical because of timing issues or because the matter is small may not be the subject of an engagement letter) that sets forth both the services to be provided by the independent auditor and the total fees to be paid to the independent auditor for those services.

------

In addition, the Audit Committee has determined to take additional measures on an annual basis to meet the Audit Committee's responsibility to oversee the work of the independent auditor and to assure the auditor's independence from the Registrant, such as (a) reviewing a formal written statement from the independent auditor delineating all relationships between the independent auditor and the Registrant, and (b) discussing with the independent auditor the independent auditor's methods and procedures for ensuring independence.

(e)(2) Percentage of fees billed applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows (PwC):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2022** | **2022** | **2021** | **2021** |
|  Audit-Related Fees |  | None |  | None |
|  Tax Fees |  | None |  | None |
|  All Other Fees |  | None |  | None |

---

(e)(2) Percentage of fees billed applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows (E&Y):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2022** | **2022** | **2021** | **2021** |
|  Audit-Related Fees |  | None |  | None |
|  Tax Fees |  | None |  | None |
|  All Other Fees |  | None |  | None |

---

(e)(2) Percentage of fees billed applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows (BBD):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2022** | **2022** | **2021** | **2021** |
|  Audit-Related Fees |  | None |  | None |
|  Tax Fees |  | None |  | None |
|  All Other Fees |  | None |  | None |

---

(f) Not applicable.

(g) The aggregate non-audit fees and services billed by PwC for services rendered to the Registrant, and rendered to the Registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant for the last two fiscal-years-ended October 31<sup>st</sup> were $342,795 and $535,849 for 2022 and 2021, respectively.

(g) The aggregate non-audit fees and services billed by E&Y for services rendered to the Registrant, and rendered to the Registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the

------

adviser that provides ongoing services to the Registrant for the last two fiscal-years-ended October 31<sup>st</sup> were $2,000 and $0 for 2022 and 2021, respectively.

(g) The aggregate non-audit fees and services billed by BBD for services rendered to the Registrant, and rendered to the Registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant for the last two fiscal-years-ended October 31<sup>st</sup> were $0 and $0 for 2022 and 2021, respectively.

(h) During the past fiscal year, all non-audit services provided by the Registrant's principal accountant to either the Registrant's investment adviser or to any entity controlling, controlled by, or under common control with the Registrant's investment adviser that provides ongoing services to the Registrant were pre-approved by the Audit Committee of Registrant's Board of Trustees. Included in the Audit Committee's pre-approval of these non-audit service were the review and consideration as to whether the provision of these non-audit services is compatible with maintaining the principal accountant's independence.

(i) Not applicable. The Registrant has not retained, for the preparation of the audit report on the financial statements included in the Form N-CSR, a registered public accounting firm that has a branch or office that is located in a foreign jurisdiction and that the Public Company Accounting Oversight Board (the "PCAOB") has determined that the PCAOB is unable to inspect or investigate completely because of a position taken by an authority in the foreign jurisdiction.

(j) Not applicable. The Registrant is not a "foreign issuer," as defined in 17 CFR 240.3b-4.

**Item 5.** **Audit Committee of Listed Registrants.** <br>

Not applicable to open-end management investment companies.

**Item 6.** **Schedule of Investments.** <br>

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.** <br>

Not applicable to open-end management investment companies.

**Item 8.** **Portfolio Managers of Closed-End Management Investment Companies** <br>

Not applicable to open-end management investment companies.

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

Not applicable to open-end management investment companies.

**Item 10.** **Submission of Matters to a Vote of Security Holders.** <br>

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.** <br>

------

(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 Exchange Act, 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 § 270.3a-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.** <br>

Not applicable to open-end management investment companies.

**Item 13.** **Exhibits.** <br>

[(a)(1) A copy of the Registrant's Code of Ethics, as required by Item 2 of this Form, accompanies this filing as an exhibit.](d426606dex99code.htm)

[(a)(2) A separate certification for the principal executive officer and the principal financial officer of the Registrant, as required by Rule 30a-2(a) under the Act (17 CFR § 270.30a-2(a)), is filed herewith.](d426606dex99cert.htm)

[(b) Officer certifications, as required by Rule 30a-2(b) under the Act (17 CFR § 270.30a-2(b)), also accompany this filing as an exhibit.](d426606dex99906ce.htm)

------

**SIGNATURES** 

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

---

| | |
|:---|:---|
| (Registrant) | The Advisors' Inner Circle Fund |
| By (Signature and Title) |  |
|  | /s/ Michael Beattie |
|  | Michael Beattie, President |
| Date: January 6, 2023 |  |

---

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

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ Michael Beattie |
|  | Michael Beattie, President |
| Date: January 6, 2023 |  |
| By (Signature and Title) | /s/ Andrew Metzger |
|  | Andrew Metzger, |
|  | Treasurer, Controller, and CFO |
| Date: January 6, 2023 |  |

---

## Ex-99.Code

**<u>Policy Statement</u>:** Sarbanes-Oxley effected sweeping corporate disclosure and financial reporting reform on public companies, including mutual funds, to address corporate malfeasance and assure investors that the companies in which the investors invest are accurately and completely disclosing financial information. Under Sarbanes-Oxley, all public companies (including the Funds) must either have a code of ethics for their senior financial officers, or disclose why the company does not have a code of ethics. Sarbanes-Oxley was intended to foster corporate environments which encourage employees to question and report unethical and potentially illegal business practices.

Each Fund has chosen to adopt a code of ethics ("Code of Ethics for Financial Officers") to encourage the Fund's Principal Executive Officer, Principal Financial, and Accounting Officer and Controller (the "Financial Officers") for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between
personal and professional relationships.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Full, fair, accurate, timely, and understandable disclosure in reports and documents that a registrant files
with, or submits to, the SEC and in other public communications made by the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Compliance with applicable laws and governmental rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Prompt internal reporting of violations of the Code of Ethics for Financial Officers to an appropriate person
or persons identified in the Code of Ethics of Financial Officers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Accountability for adherence to the Code of Ethics for Financial Officers.

**<u>Procedures</u>:** The Funds have adopted the following procedures regarding this matter:

A compliance officer is responsible for monitoring compliance with these procedures.

**FINANCIAL OFFICER CODE OF ETHICS** 

**I.** **Introduction** 

The reputation and integrity of Series Trusts, (each a "Trust" and, collectively, the "Trusts") are valuable assets that are vital to the each Trust's success. The Trusts' senior financial officers ("SFOs") are responsible for conducting the Trusts' business in a manner that demonstrates a commitment to the highest standards of integrity. The Trusts' SFOs include the principal executive officer, the principal financial officer, comptroller or principal accounting officer, and any person who performs a similar function.

The Sarbanes-Oxley Act of 2002 (the "Act") effected sweeping corporate disclosure and financial reporting reform on public companies, including mutual funds, to address corporate malfeasance and assure investors that the companies in which the investors invest are accurately and completely disclosing financial information. Under the Act, all public companies (including

------

the Trusts) must either have a code of ethics for their SFOs, or disclose why the company does not have a code of ethics. The Act was intended to foster corporate environments which encourage employees to question and report unethical and potentially illegal business practices. Each Trust has chosen to adopt this Financial Officer Code of Ethics (the "Code") to encourage the Trust's SFOs to act in a manner consistent with the highest principles of ethical conduct.

**II.** **Purposes of the Code** 

The purposes of this Code are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. To promote honest and ethical conduct by each Trust's SFOs, including the ethical handling of actual or
apparent conflicts of interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. To assist each Trust's SFOs in recognizing and avoiding conflicts of interest, including disclosing to
an appropriate person any material transaction or relationship that reasonably could be expected to give rise to such a conflict;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. To promote full, fair, accurate, timely, and understandable disclosure in reports and documents that the
Trusts file with, or submit to, the SEC and in other public communications made by the Trusts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. To promote compliance with applicable laws, rules, and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. To encourage the prompt internal reporting to an appropriate person of violations of this Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. To establish accountability for adherence to this Code.

**III.** **Questions about this Code** 

Each Trust's compliance officer designated to oversee compliance with the Trust's Code of Ethics adopted pursuant to Rule 17j-1 shall serve as Compliance Officer for the implementation and administration of this Code. You should direct your questions about this Code to the Compliance Officer.

**IV.** **Conduct Guidelines** 

Each Trust has adopted the following guidelines under which the Trust's SFOs must perform their official duties and conduct the business affairs of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Ethical and honest conduct is of paramount importance.** Each Trust's SFOs must act with honesty
and integrity and avoid violations of this Code, including the avoidance of actual or apparent conflicts of interest with the Trust in personal and professional relationships.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **SFOs must disclose material transactions or relationships.** Each Trust's SFOs must disclose to
the Compliance Officer any actual or apparent conflicts of interest the SFO may have with the Trust that reasonably could be expected to give rise to any violations of this Code. Such conflicts of interest may arise as a result of material
transactions or business or personal relationships to which the SFO may be a party. If it is not possible to disclose the matter to the Compliance Officer, the matter should be disclosed to the

------

Trust's Chief Financial Officer, Chief Executive Officer, or another appropriate person. In addition to disclosing any actual or apparent conflicts of interest in which an SFO is personally involved, the Trusts' SFOs have an obligation to report any other actual or apparent conflicts which the SFOs discover or of which the SFOs otherwise become aware. If you are unsure whether a particular fact pattern gives rise to a conflict of interest, or whether a particular transaction or relationship is "material," you should bring the matter to the attention of the Compliance Officer. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **Standards for quality of information shared with service providers of the Trusts.** Each Trust's
SFOs must at all times seek to provide information to the Trust's service providers (adviser, administrator, outside auditor, outside counsel, custodian, *etc.*) that is accurate, complete, objective, relevant, timely, and understandable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **Standards for quality of information included in periodic reports.** Each Trust's SFOs must at all
times endeavor to ensure full, fair, timely, accurate, and understandable disclosure in the Trust's periodic reports.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **Compliance with laws.** Each Trust's SFOs must comply with the federal securities laws and other
laws and rules applicable to the Trusts, such as the Internal Revenue Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **Standard of care.** Each Trust's SFOs must at all times act in good faith and with due care,
competence, and diligence, without misrepresenting material facts or allowing your independent judgment to be subordinated. Each Trust's SFOs must conduct the affairs of the Trust in a responsible manner, consistent with this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **Confidentiality of information.** Each Trust's SFOs must respect and protect the confidentiality
of information acquired in the course of their professional duties, except when authorized by the Trust to disclose this information or where disclosure is otherwise legally mandated. You may not use confidential information acquired in the course
of your work for personal advantage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. **Sharing of information and educational standards.** Each Trust's SFOs should share information
with relevant parties to keep these parties informed of the business affairs of the Trust, as appropriate, and to maintain skills important and relevant to the Trust's needs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. **Promote ethical conduct.** Each Trust's SFOs at all times should proactively promote ethical
behavior among peers in the SFOs work environment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. **Standards for recordkeeping.** Each Trust's SFOs at all times must endeavor to ensure that the
Trust's financial books and records are thoroughly and accurately maintained to the best of the SFOs knowledge in a manner consistent with applicable laws and this Code.

**V.** **Waivers of this Code** 

You may request a waiver of a provision of this Code by submitting your request in writing to the Compliance Officer for appropriate review. For example, if a family member works for a service provider that prepares a Trust's financial statements, you may have a potential conflict of interest in reviewing those statements and should seek a waiver of this Code to review the work. An executive officer of each Trust, or another appropriate person (such as a designated Board or Audit Committee member), will decide whether to grant a waiver. All waivers of this code must be disclosed to the applicable Trust's shareholders and the designated Board to the extent required by SEC rules.

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**VI.** **Affirmation of the Code** 

Upon adoption of the Code, each Trust's SFOs must affirm in writing that the SFO has received, has read, and understands the Code, and annually thereafter must affirm that they have complied with the requirements of the Code. To the extent necessary, each Trust's Compliance Officer will provide guidance on the conduct required by this Code and the manner in which violations or suspected violations must be reported and waivers must be requested.

**VII.** **Reporting Violations** 

In the event that an SFO discovers or, in good faith, suspects a violation of this Code, the SFO <u>must</u> immediately report the violation or suspected violation to the Compliance Officer. The Compliance Officer, in his or her discretion, may consult with another member of the Trust's senior management or the Board in determining how to address the suspected violation. For example, a Code violation may occur when a periodic report or financial statement of a Trust omits a material fact, or is technically accurate but, in the view of the SFO, is written in a way that obscures the report's or financial statement's meaning.

SFOs who report violations or suspected violations in good faith will not be subject to retaliation of any kind. Reported violations will be investigated and addressed promptly and will be treated as confidential to the extent possible.

**VIII.** **Violations of the Code** 

Dishonest or unethical conduct or conduct that is illegal will constitute a violation of this Code, regardless of whether this Code specifically refers to such particular conduct. A violation of this Code may result in disciplinary action, up to and including removal as an SFO of the Trust. A variety of laws apply to the Trusts and their operations, including the Securities Act of 1933, the Investment Company Act of 1940, state laws relating to duties owed by Trust officers, and criminal laws. The Trusts will report any suspected criminal violations to the appropriate authorities, and will investigate, address, and report, as appropriate, non-criminal violations.

## Ex-99.Cert

**CERTIFICATION** 

**Pursuant to Rule 30a-2(a) under the Investment Company Act of 1940** 

**and Section 302 of the Sarbanes-Oxley Act of 2002** 

I, Michael Beattie, certify that:

1. I have reviewed this report on Form N-CSR of The Advisors'
Inner Circle Fund (the "Registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information, included in this report
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the
periods presented in this report;

4. The Registrant's other certifying officer(s), if any, and I are responsible for establishing and
maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the Registrant's internal control over financial reporting 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; and

5. The Registrant's other certifying officer(s) and I have disclosed to the Registrant's auditors and
the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role
in the Registrant's internal control over financial reporting.

Date: January 6, 2023

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| |
|:---|
| /s/ Michael Beattie |
| Michael Beattie |
| President |

---

------

**CERTIFICATION** 

**Pursuant to Rule 30a-2(a) under the Investment Company Act of 1940** 

**and Section 302 of the Sarbanes-Oxley Act of 2002** 

I, Andrew Metzger, certify that:

1. I have reviewed this report on Form N-CSR of The Advisors'
Inner Circle Fund (the "Registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information, included in this report
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the
periods presented in this report;

4. The Registrant's other certifying officer(s), if any, and I are responsible for establishing and
maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the Registrant's internal control over financial reporting 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; and

5. The Registrant's other certifying officer(s) and I have disclosed to the Registrant's auditors and
the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role
in the Registrant's internal control over financial reporting.

Date: January 6, 2023

---

| |
|:---|
| /s/ Andrew Metzger |
| Andrew Metzger |
| Treasurer, Controller, and CFO |

---

## Exhibit 99.906

**CERTIFICATION** 

**Pursuant to 18 U.S.C. Section 1350,** 

**As Adopted Pursuant to Section 906** 

**of the Sarbanes-Oxley Act of 2002** 

The undersigned, Michael Beattie, the President of The Advisors' Inner Circle Fund (the "Fund"), with respect to the Fund's Form N-CSR for the period ended October 31, 2022, as filed with the Securities and Exchange Commission, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. such Form N-CSR fully complies with the requirements of
Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. the information contained in such Form N-CSR fairly presents, in all
material respects, the financial condition and results of operations of the Fund.

Dated: January 6, 2023

---

| |
|:---|
| /s/ Michael Beattie |
| Michael Beattie |
| President |

---

------

**CERTIFICATION** 

**Pursuant to 18 U.S.C. Section 1350,** 

**As Adopted Pursuant to Section 906** 

**of the Sarbanes-Oxley Act of 2002** 

The undersigned, Andrew Metzger, the Treasurer, Controller, and CFO of The Advisors' Inner Circle Fund (the "Fund"), with respect to the Fund's Form N-CSR for the period ended October 31, 2022, as filed with the Securities and Exchange Commission, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. such Form N-CSR fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. the information contained in such Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Fund.

Dated: January 6, 2023

---

| |
|:---|
| /s/ Andrew Metzger |
| Andrew Metzger |
| Treasurer, Controller, and CFO |

---