Acadian Emerging Markets Portfolio - Acadian Asset Management

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The Advisors’ Inner Circle Fund Acadian Emerging Markets Portfolio Semi - Annual Report April 30, 2022 Investment Adviser: Acadian Asset Management LLC

THE ADVISORS’ INNER CIRCLE FUND ACADIAN EMERGING MARKETS PORTFOLIO APRIL 30, 2022 TABLE OF CONTENTS Shareholder Letter 1 Schedule of Investments 4 Statement of Assets and Liabilities 24 Statement of Operations 25 Statements of Changes in Net Assets 26 Financial Highlights 27 Notes to Financial Statements 30 Disclosure of Fund Expenses 42 The Portfolio files its complete schedule of investments with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year as an exhibit to its report on Form N-PORT (Form N-Q for filings prior to March 31, 2020). The Portfolio’s Form N-Q and N-PORT are available on the SEC’s website at http://www.sec.gov, and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. A description of the policies and procedures that the Portfolio uses to determine how to vote proxies relating to portfolio securities, as well as information relating to how a portfolio voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, is available (i) without charge, upon request, by calling 1-866-AAM-6161; and (ii) on the SEC’s website at http://www.sec.gov.

THE ADVISORS’ INNER CIRCLE FUND ACADIAN EMERGING MARKETS PORTFOLIO APRIL 30, 2022 (Unaudited) Dear Shareholder: We are pleased to present the semi-annual report for the Acadian Emerging Markets Portfolio (the “Portfolio”). This commentary covers the six months from November 1, 2021 to April 30, 2022, focusing on the Portfolio’s performance and some of the conditions and decisions that impacted returns. Portfolio Performance Review For the six months ended April 30, 2022, the Acadian Emerging Markets Portfolio Investor Class Shares returned -8.0%1 versus -14.1% for the MSCI Emerging Markets Index, a widely followed emerging markets benchmark. Market Review After experiencing positive returns in the first half of 2021, Emerging equity markets fell over the period. While concerns. about the highly contagious Omicron variant abated, the materialization of concerns over the Russia/Ukraine conflict and central bank tightening weighed on investor sentiment. Energy prices surged over the period; while the cost of oil almost doubled in Europe, gas spot prices increased tenfold from a year ago. Emerging markets continued to struggle due to higher inflation levels, rising interest their decline driven by slowing economic activity and a prolonged property industry slump Russian equities also suffered steep declines over the period amidst the backdrop of the conflict with Ukraine and ensuing economic sanctions. Turkey provided a bright spot in emerging markets over the period as equities continued to benefit from steady economic growth and healthy export figures. Portfolio Structure The Portfolio was invested in a broad range of emerging companies and markets over the period. The investment process considered 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 Korea Taiwan, Brazil, and Saudi Arabia. The portfolio was generally underweighted relative to the benchmark in India, China, Mexico, and Russia. At the sector level, the portfolio was focused on information technology, energy, and materials, while health care and consumer staples were the greatest underweights. Portfolio Performance While both the portfolio and the benchmark were down in absolute terms over the period due to drawdowns across emerging markets, the portfolio outperformed the benchmark by over 6%. Outperformance was driven by both stock selection and allocation decisions within and across countries and sectors. Most notably, the portfolio benefited from positioning in China where an overweight in energy and an underweight in consumer discretionary were additive to relative performance. Additionally, portfolio’s underweight to Russia proved beneficial 1 NAV returns 1

THE ADVISORS’ INNER CIRCLE FUND ACADIAN EMERGING MARKETS PORTFOLIO APRIL 30, 2022 (Unaudited) over the period. Stock selection in Chinese financials Bank of China and China Construction Bank, and Korean communications services, KT Corporation, Bank of China and China Construction Bank, and Korean communications services, KT Corporation, boosted relative performance. The portfolio’s exposure to Value, Quality, and Growth signals was rewarded over the period, while Technical signals were penalized. Our Top-Down Model also yielded favorable results, particularly our country and industry positioning. We continue to view the asset class positively and believe it forms an essential part of global portfolio diversification. Please let us know if we can provide any additional information. Sincerely, Brendan O. Bradley, Ph.D. Chief Investment Officer Ryan D. Taliaferro, Ph.D. 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 confidential information of Acadian Asset Management LLC. Market conditions are subject to change. Past performance is no guarantee of future returns. The information provided has been prepared by Acadian from our internal records. It is not intended to replace the official records of your account that you receive directly from the custodian. You are encouraged to compare the information provided to you by Acadian to that provided by the custodian and to contact us with any questions. 2

THE ADVISORS’ INNER CIRCLE FUND ACADIAN EMERGING MARKETS PORTFOLIO APRIL 30, 2022 (Unaudited) Performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. Total expense ratio for the fund is 1.48%. Shareholders may pay a redemption fee of 2% when they redeem shares held for less than 90 days. For performance data current to the most recent month end, please call 1-866-AAM-6161. The fund’s benchmark was changed March 1, 2012 to the MSCI Emerging Markets Index. Prior to that, the benchmark had been the IFC Investable Index. Past performance is no guarantee of future performance and may differ significantly from future performance due to market volatility. The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. Mutual fund investing involves risk including loss of principal. In addition to the normal risks associated with investing, international investments may involve risk of capital loss from unfavorable fluctuation in currency values, from differences in generally accepted accounting principles or from economic or political instability in other nations. Emerging markets involve heightened risks related to the same factors, in addition to those associated with their relatively small size and lesser liquidity. The fund is non-diversified. To determine if this fund is an appropriate investment for you, carefully consider the fund's objectives, risk factors, charges, and expenses before investing. This and other information can be found in the fund's full and summary prospectuses, which can be obtained by calling 1-866-AAM-6161. Please read the prospectus carefully before investing. The Acadian Emerging Markets Portfolio is distributed by SEI Investments Distribution Co, which is not affiliated with Acadian Asset Management LLC. Registered representatives associated with Funds Distributor, LLC ("FD"), member FINRA. FD is not affiliated with Acadian Asset Management LLC. 3

THE ADVISORS’ INNER CIRCLE FUND ACADIAN EMERGING MARKETS PORTFOLIO APRIL 30, 2022 (Unaudited) SECTOR WEIGHTINGS† 13.1% M aterials 10.2% Energy 9.3% Industrials 8.5% Communication Services 7.2% Consumer Discretionary 3.3% Consumer Staples 2.8% Utilities 1.0% M utual Fund 0.6% Health Care 0.6% Real Estate 0.4% Short-Term Investment 18.6% Financials 24.4% Information Technology † Percentages based on total investments. SCHEDULE OF INVESTMENTS COMMON STOCK — 93.2% Shares Value Brazil — 3.3% Cia Brasileira de Aluminio*. Cia Siderurgica Nacional. Dexco. Energisa. Jalles Machado. JBS. Kepler Weber. Mahle-Metal Leve. Marfrig Global Foods. Minerva. Nova Embrapar Participacoes* (A). Petroleo Brasileiro ADR. Sao Martinho. Seara Alimentos* (A). SYN prop e tech. Transmissora Alianca de Energia Eletrica. Vale . 181,600 337,157 71,500 33,200 24,300 1,826,576 5,600 16,413 1,653,000 86,200 854 163,246 46,300 911 35,300 114,372 201,900 Chile — 0.0% Cencosud . 81,123 129,852 China — 21.3% 360 DigiTech ADR. Agile Group Holdings. Agricultural Bank of China, Cl H. 8,649 1,166,592 9,580,000 124,805 562,001 3,600,638 The accompanying notes are an integral part of the financial statements. 4 626,277 1,434,841 182,367 322,065 48,659 14,002,413 64,519 82,298 6,295,774 228,056 — 2,215,248 437,251 — 40,912 1,024,593 3,432,008 30,437,281

THE ADVISORS’ INNER CIRCLE FUND ACADIAN EMERGING MARKETS PORTFOLIO APRIL 30, 2022 (Unaudited) COMMON STOCK — continued Shares China — (continued) Aluminum Corp of China, Cl H*. Angang Steel, Cl H. Bank of China, Cl H. Bank of Communications, Cl H. Baoshan Iron & Steel, Cl A. Beijing Sanlian Hope Shin-Gosen Technical Service, Cl A*. Beijing Sanlian Hope Shin-Gosen Technical Service, Cl A*. Beijing Zhidemai Technology, Cl A. Cheetah Mobile ADR*. Chengdu Fusen Noble-House Industrial, Cl A. China Citic Bank, Cl H. China Construction Bank, Cl H. China COSCO Holdings, Cl H*. China Petroleum & Chemical, Cl H. China Railway Group, Cl H. China Shenhua Energy, Cl H. China South Publishing & Media Group, Cl A. China Sports International* (A). Chinese Universe Publishing and Media Group, Cl A. Dare Power Dekor Home, Cl A*. FinVolution Group ADR. G-bits Network Technology Xiamen, Cl A. Greentown China Holdings. Guangxi Liugong Machinery, Cl A. Haitian International Holdings. Hangzhou Dptech Technologies, Cl A*. Harbin Power Equipment, Cl H. Huafu Fashion, Cl A. Hunan Valin Steel, Cl A. Industrial & Commercial Bank of China, Cl H. Jiangsu Nhwa Pharmaceutical, Cl A. JOYY ADR. Kingnet Network, Cl A*. Kunlun Energy. Leju Holdings ADR*. Lonking Holdings. Metallurgical Corp of China, Cl H. MLS, Cl A*. New Oriental Education & Technology Group ADR*. Ningbo Huaxiang Electronic, Cl A. Perfect World, Cl A. PetroChina, Cl H. Qudian ADR*. 3,758,000 128,000 53,120,196 3,142,236 4,886,615 147,700 210,200 30,032 16,178 167,600 3,675,342 35,167,715 4,784,350 13,650,000 4,300,951 516,000 1,019,700 670,000 2,434,699 1,161,925 31,061 105,889 206,000 2,075,005 174,000 162,400 669,238 306,400 3,892,839 7,331,000 294,700 43,361 1,285,600 6,108,000 8,544 718,189 6,193,520 2,167,259 1 183,490 711,200 38,070,000 256,604 The accompanying notes are an integral part of the financial statements. 5 Value 1,746,360 56,444 20,874,137 2,182,803 4,756,154 344,571 490,377 194,669 12,942 309,166 1,867,632 24,840,752 7,453,403 6,694,207 3,004,165 1,649,375 1,482,960 — 3,754,909 1,492,749 116,790 5,372,973 363,176 1,918,978 429,956 509,034 176,996 169,114 3,415,249 4,461,791 552,406 1,715,795 871,174 5,097,234 4,057 198,350 1,589,339 2,914,068 9 369,158 1,569,481 18,170,415 277,132

THE ADVISORS’ INNER CIRCLE FUND ACADIAN EMERGING MARKETS PORTFOLIO APRIL 30, 2022 (Unaudited) COMMON STOCK — continued Shares China — (continued) Shaanxi Coal Industry, Cl A. Shandong Publishing & Media, Cl A. Shanghai Weaver Network, Cl A*. Shanxi Taigang Stainless Steel, Cl A. Shenzhen Tagen Group, Cl A. Shui On Land. Sichuan Swellfun, Cl A. Sinotrans, Cl H. Sinotruk Hong Kong. Sohu.com ADR*. Suzhou Anjie Technology, Cl A. Suzhou Gold Mantis Construction Decoration, Cl A. TCL Electronics Holdings. Tencent Holdings. Tian Di Science & Technology, Cl A. Tianneng Power International. Tingyi Cayman Islands Holding. Vatti, Cl A. Wangsu Science & Technology, Cl A*. Weiqiao Textile, Cl H. Wuhu Sanqi Interactive Entertainment Network Technology Group, Cl A. Xinyu Iron & Steel, Cl A. Xinyuan Real Estate ADR*. Youzu Interactive, Cl A. Yusys Technologies, Cl A*. Zhejiang Semir Garment, Cl A. Zhejiang Wanliyang, Cl A. Zhejiang Windey, Cl A . 13,000 778,800 78,493 1,284,500 1,036,600 1,061,000 67,200 795,000 3,437,148 6,993 198,600 3,255,913 949,000 452,900 2,090,900 553,288 672,000 69,100 547,300 719,519 Value 33,896 698,780 502,159 1,149,082 1,041,409 150,694 714,875 240,351 4,156,182 108,251 389,831 2,342,340 431,524 21,298,643 1,419,606 462,049 1,234,501 52,678 396,179 199,813 2,458,800 6,388,300 8,225 2,071,996 235,200 3,024,497 1,800 590,101 8,862,551 5,508,838 8,883 2,828,368 526,881 2,979,001 1,800 1,290,660 196,787,719 Colombia — 0.1% Cementos Argos. Ecopetrol ADR . 91,751 47,920 139,203 777,741 916,944 Czech Republic — 0.3% CEZ. Komercni banka as. Philip Morris CR *. 44,362 19,421 11 1,901,330 639,341 8,309 2,548,980 Greece — 0.3% Cairo Mezz*. Fourlis Holdings*. 11,041 17,259 1,683 67,277 The accompanying notes are an integral part of the financial statements. 6

THE ADVISORS’ INNER CIRCLE FUND ACADIAN EMERGING MARKETS PORTFOLIO APRIL 30, 2022 (Unaudited) COMMON STOCK — continued Shares Greece — (continued) JUMBO. National Bank of Greece*. Safe Bulkers . 39,615 293,841 145,452 Hong Kong — 6.5% Alibaba Group Holding*. Anhui Expressway, Cl H. Asia Cement China Holdings. Cabbeen Fashion. China BlueChemical. China Coal Energy, Cl H. China Foods. China Hanking Holdings. China Harmony Auto Holding. China High Speed Transmission Equipment Group. China Hongqiao Group. China International Marine Containers Group, Cl H. China Merchants Port Holdings. China National Building Material, Cl H. China Oriental Group. China Pacific Insurance Group, Cl H. China Reinsurance Group, Cl H. China Risun Group. China Taiping Insurance Holdings. Chongqing Machinery & Electric, Cl H. CIMC Enric Holdings. CITIC. CITIC Resources Holdings. Consun Pharmaceutical Group. CPMC Holdings. Dawnrays Pharmaceutical Holdings. Digital China Holdings. FriendTimes. Fufeng Group. Goodbaby International Holdings*. Grand Baoxin Auto Group*. Huisen Household International Group. IGG. JD.com, Cl A*. JNBY Design. Joy City Property. Ju Teng International Holdings. Kingboard Laminates Holdings. 801,468 42,000 1,528,561 122,199 1,046,000 11,986,645 421,556 48,000 962,780 915,314 4,784,500 621,174 150,000 1,697,215 926,000 200,800 421,462 225,000 429,000 466,000 278,000 6,929,000 690,000 118,000 294,260 164,000 91,000 722,608 538,783 739,362 777,500 280,000 451,000 21,566 471,314 780,000 30,829 504,000 The accompanying notes are an integral part of the financial statements. 7 Value 643,965 1,160,632 597,808 2,471,365 9,881,863 36,913 989,944 41,106 359,256 10,148,057 150,898 8,785 451,838 509,750 5,987,113 855,123 261,429 2,259,932 246,198 441,034 36,810 113,728 491,396 36,811 292,029 7,151,962 48,425 68,963 146,137 23,384 42,881 117,554 271,034 93,461 55,803 19,690 186,580 698,204 511,613 29,627 5,452 774,806

THE ADVISORS’ INNER CIRCLE FUND ACADIAN EMERGING MARKETS PORTFOLIO APRIL 30, 2022 (Unaudited) COMMON STOCK — continued Shares Value Hong Kong — (continued) Launch Tech, Cl H*. Lee & Man Paper Manufacturing. Lenovo Group. Maoye International Holdings. NetDragon Websoft. Newborn Town*. Nine Dragons Paper Holdings. Pou Sheng International Holdings. Powerlong Commercial Management Holdings. Renrui Human Resources Technology Holdings. Shanghai Industrial Holdings. Sinopec Engineering Group, Cl H. Skyworth Group. Tongda Group Holdings. Truly International Holdings. Uni-President China Holdings. Wasion Holdings. West China Cement. Xinjiang Xinxin Mining Industry, Cl H *. 58,000 121,000 10,216,000 286,000 429,169 71,746 442,134 2,208,000 7,428 13,400 222,183 1,555,500 5,825,486 1,080,000 910,000 133,000 188,000 750,000 199,000 Hungary — 1.4% MOL Hungarian Oil & Gas. OTP Bank Nyrt. Richter Gedeon Nyrt . 344,269 313,114 56,500 2,916,145 9,343,150 1,125,561 13,384,856 India — 9.2% Allcargo Logistics. Ambika Cotton Mills. Andhra Sugars. Apar Industries. Arvind. AurionPro Solutions. AVT Natural Products. Bajaj Consumer Care. Bharat Dynamics. Birlasoft Ltd. BLS International Services. Blue Star. Butterfly Gandhimathi Appliances. Carborundum Universal. Century Enka. Century Plyboards India. 59,386 3,408 40,305 34,366 195,024 13,962 41,515 13,858 13,859 92,286 18,468 6,023 10,443 11,925 18,765 20,807 269,016 99,721 84,755 300,114 308,499 62,546 60,685 30,254 134,486 490,720 86,918 89,589 192,145 118,759 144,303 171,805 The accompanying notes are an integral part of the financial statements. 8 17,143 57,984 9,862,752 8,898 865,339 26,168 389,266 258,083 7,771 11,939 326,906 811,742 3,060,322 18,299 246,754 116,862 61,119 118,157 33,902 60,144,995

THE ADVISORS’ INNER CIRCLE FUND ACADIAN EMERGING MARKETS PORTFOLIO APRIL 30, 2022 (Unaudited) COMMON STOCK — continued Shares India — (continued) CESC. Chambal Fertilizers & Chemicals. Computer Age Management Services. Cyient. Datamatics Global Services. DCM Shriram Industries. Dhampur Sugar Mills. Dhunseri Ventures.

Acadian Emerging Markets Portfolio The Advisors Inner Circle Fund Semi - Annual Report April 30, 2022 Investment Adviser: Acadian Asset Management LLC. T A . 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

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