# EDGAR Filing Document

**Accession Number:** 0000878719
**File Stem:** 0001398344-25-012843
**Filing Date:** 2025-7
**Character Count:** 158542
**Document Hash:** cc7090c8fab913db8917ecc53a266a9a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-25-012843.hdr.sgml**: 20250707

**ACCESSION NUMBER**: 0001398344-25-012843

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 25

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250707

**DATE AS OF CHANGE**: 20250707

**EFFECTIVENESS DATE**: 20250707

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ADVISORS' INNER CIRCLE FUND
- **CENTRAL INDEX KEY:** 0000878719

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-06400
- **FILM NUMBER:** 251108967

**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

### CAMBIAR OPPORTUNITY FUND (Series ID: S000005783)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000015896 | INSTITUTIONAL CLASS SHARES | CAMWX           |
| C000015897 | INVESTOR CLASS SHARES      | CAMOX           |

### CAMBIAR INTERNATIONAL EQUITY FUND (Series ID: S000005784)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000015898 | INVESTOR CLASS SHARES      | CAMIX           |
| C000070601 | INSTITUTIONAL CLASS SHARES | CAMYX           |

### CAMBIAR SMALL CAP FUND (Series ID: S000005785)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000015899 | INVESTOR CLASS SHARES      | CAMSX           |
| C000070602 | INSTITUTIONAL CLASS SHARES | CAMZX           |

### CAMBIAR SMID FUND (Series ID: S000032898)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000101540 | INVESTOR CLASS SHARES      | CAMMX           |
| C000148331 | INSTITUTIONAL CLASS SHARES | CAMUX           |

?xml version='1.0' encoding='ASCII'? Consolidated ssr-output-EDGAR XBRL File

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM N-CSRS**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT** 

**INVESTMENT COMPANIES**

**Investment Company Act File Number 811-06400**

**The Advisors' Inner Circle Fund**

(Exact name of registrant as specified in charter)

SEI Investments

One Freedom Valley Drive

Oaks, PA 19456

(Address of principal executive offices) (Zip code)

SEI Investments

One Freedom Valley Drive

Oaks, PA 19456

(Name and address of agent for service)

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

**Date of fiscal year end: October 31, 2025**

**Date of reporting period: April 30, 2025**

**Item 1. Reports to Stockholders.**

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

**# The Advisors' Inner Circle Fund
![Image](i434e0369fc934fd742d5395d.jpg)

## Cambiar International Equity Fund

## Institutional Class Shares - CAMYX

## Semi-Annual Shareholder Report: April 30, 2025
This semi-annual shareholder report contains important information about Institutional Class Shares of the Cambiar International Equity Fund (the "Fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://cambiar.com/documents-forms/. You can also request this information by contacting us at 1-866-777-8227.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| <u>Fund Name</u> | <u>Costs of a $10,000 investment</u> | <u>Costs paid as a percentage of a $10,000 investment</u> |
| Cambiar International Equity Fund, Institutional Class Shares | $46 | 0.90% |

---

## Key Fund Statistics as of April 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| <u>Total Net Assets</u> | <u>Number of Holdings</u> | <u>Total Advisory Fees Paid</u> | <u>Portfolio Turnover Rate</u> |
| $125854942 | 48 | $402241 | 22% |

---

## What did the Fund invest in?

### Country Weightings<sup>Footnote Reference \*</sup>
![Holdings Chart](ia3407ae307b7f080522f0625.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Other Countries | 2.7% |
| Sweden | 2.0% |
| Netherlands | 3.0% |
| Short-Term Investment | 3.4% |
| United States | 3.8% |
| Belgium | 4.2% |
| Singapore | 4.5% |
| Switzerland | 7.0% |
| Ireland | 7.2% |
| Germany | 9.9% |
| France | 10.4% |
| United Kingdom | 16.4% |
| Japan | 21.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

### Top Ten Holdings

---

| | |
|:---|:---|
| <u>Holding Name</u> | <u>Percentage of Total Net Assets<sup>Footnote Reference(A)</sup></u> |
| Sony Group | 3.4% |
| Nintendo | 3.2% |
| ING Groep | 3.0% |
| KBC Group | 2.8% |
| E.ON | 2.7% |
| Roche Holding | 2.6% |
| Knorr-Bremse | 2.5% |
| Mitsubishi Estate | 2.4% |
| Tokio Marine Holdings | 2.3% |
| Thales | 2.3% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(A)</sup> | &nbsp;&nbsp;Short-Term Investments are not shown in the top ten chart. |

---

## Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

## Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

![An image of a QR code that, when scanned, navigates the user to the following URL: https://confluence.com](idc8ae55f698d19edd37afafa.jpg)

* 1-866-777-8227 

* https://cambiar.com/documents-forms/ 

## Householding
Rule 30e-1 of the Investment Company Act of 1940 permits funds to transmit only one copy of a proxy statement, annual report or semi-annual report to shareholders (who need not be related) with the same residential, commercial or electronic address, provided that the shareholders have consented in writing and the reports are addressed either to each shareholder individually or to the shareholders as a group. This process is known as "householding" and is designed to reduce the duplicate copies of materials that shareholders receive and to lower printing and mailing costs for funds. Once implemented, if you would like to discontinue householding for your accounts, please call toll-free at 1-866-777-8227 to request individual copies of these documents. Once the Fund receives notice to stop householding, we will begin sending individual copies 30 days after receiving your request.

## CAMYX-SAR-2025

# The Advisors' Inner Circle Fund
![Image](i434e0369fc934fd742d5395d.jpg)

## Cambiar International Equity Fund

## Investor Class Shares - CAMIX

## Semi-Annual Shareholder Report: April 30, 2025
This semi-annual shareholder report contains important information about Investor Class Shares of the Cambiar International Equity Fund (the "Fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://cambiar.com/documents-forms/. You can also request this information by contacting us at 1-866-777-8227.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| <u>Fund Name</u> | <u>Costs of a $10,000 investment</u> | <u>Costs paid as a percentage of a $10,000 investment</u> |
| Cambiar International Equity Fund, Investor Class Shares | $52 | 1.02% |

---

## Key Fund Statistics as of April 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| <u>Total Net Assets</u> | <u>Number of Holdings</u> | <u>Total Advisory Fees Paid</u> | <u>Portfolio Turnover Rate</u> |
| $125854942 | 48 | $402241 | 22% |

---

## What did the Fund invest in?

### Country Weightings<sup>Footnote Reference \*</sup>
![Holdings Chart](i8932886ef45474a6ed0a8258.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Other Countries | 2.7% |
| Sweden | 2.0% |
| Netherlands | 3.0% |
| Short-Term Investment | 3.4% |
| United States | 3.8% |
| Belgium | 4.2% |
| Singapore | 4.5% |
| Switzerland | 7.0% |
| Ireland | 7.2% |
| Germany | 9.9% |
| France | 10.4% |
| United Kingdom | 16.4% |
| Japan | 21.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

### Top Ten Holdings

---

| | |
|:---|:---|
| <u>Holding Name</u> | <u>Percentage of Total Net Assets<sup>Footnote Reference(A)</sup></u> |
| Sony Group | 3.4% |
| Nintendo | 3.2% |
| ING Groep | 3.0% |
| KBC Group | 2.8% |
| E.ON | 2.7% |
| Roche Holding | 2.6% |
| Knorr-Bremse | 2.5% |
| Mitsubishi Estate | 2.4% |
| Tokio Marine Holdings | 2.3% |
| Thales | 2.3% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(A)</sup> | &nbsp;&nbsp;Short-Term Investments are not shown in the top ten chart. |

---

## Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

## Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

![An image of a QR code that, when scanned, navigates the user to the following URL: https://confluence.com](idc8ae55f698d19edd37afafa.jpg)

* 1-866-777-8227 

* https://cambiar.com/documents-forms/ 

## Householding
Rule 30e-1 of the Investment Company Act of 1940 permits funds to transmit only one copy of a proxy statement, annual report or semi-annual report to shareholders (who need not be related) with the same residential, commercial or electronic address, provided that the shareholders have consented in writing and the reports are addressed either to each shareholder individually or to the shareholders as a group. This process is known as "householding" and is designed to reduce the duplicate copies of materials that shareholders receive and to lower printing and mailing costs for funds. Once implemented, if you would like to discontinue householding for your accounts, please call toll-free at 1-866-777-8227 to request individual copies of these documents. Once the Fund receives notice to stop householding, we will begin sending individual copies 30 days after receiving your request.

## CAMIX-SAR-2025

# The Advisors' Inner Circle Fund
![Image](i434e0369fc934fd742d5395d.jpg)

## Cambiar Opportunity Fund

## Institutional Class Shares - CAMWX

## Semi-Annual Shareholder Report: April 30, 2025
This semi-annual shareholder report contains important information about Institutional Class Shares of the Cambiar Opportunity Fund (the "Fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://cambiar.com/documents-forms/. You can also request this information by contacting us at 1-866-777-8227.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| <u>Fund Name</u> | <u>Costs of a $10,000 investment</u> | <u>Costs paid as a percentage of a $10,000 investment</u> |
| Cambiar Opportunity Fund, Institutional Class Shares | $32 | 0.65% |

---

## Key Fund Statistics as of April 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| <u>Total Net Assets</u> | <u>Number of Holdings</u> | <u>Total Advisory Fees Paid</u> | <u>Portfolio Turnover Rate</u> |
| $368614602 | 38 | $922391 | 25% |

---

## What did the Fund invest in?

### Sector Weightings<sup>Footnote Reference \*</sup>
![Holdings Chart](i8677df55039ba6f1207a2cdf.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Materials | 2.6% |
| Communication Services | 2.8% |
| Energy | 3.6% |
| Information Technology | 4.7% |
| Utilities | 5.0% |
| Short-Term Investment | 5.7% |
| Consumer Staples | 8.8% |
| Consumer Discretionary | 14.6% |
| Industrials | 16.1% |
| Financials | 17.5% |
| Health Care | 18.4% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

### Top Ten Holdings

---

| | |
|:---|:---|
| <u>Holding Name</u> | <u>Percentage of Total Net Assets<sup>Footnote Reference(A)</sup></u> |
| Uber Technologies | 4.5% |
| Elevance Health | 3.7% |
| Labcorp Holdings | 3.6% |
| Delta Air Lines | 3.3% |
| Airbus ADR | 3.3% |
| Chubb | 3.3% |
| Amazon.com | 3.2% |
| Medtronic | 3.1% |
| JPMorgan Chase | 3.0% |
| Union Pacific | 3.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(A)</sup> | &nbsp;&nbsp;Short-Term Investments are not shown in the top ten chart. |

---

## Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

## Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

![An image of a QR code that, when scanned, navigates the user to the following URL: https://confluence.com](idc8ae55f698d19edd37afafa.jpg)

* 1-866-777-8227 

* https://cambiar.com/documents-forms/ 

## Householding
Rule 30e-1 of the Investment Company Act of 1940 permits funds to transmit only one copy of a proxy statement, annual report or semi-annual report to shareholders (who need not be related) with the same residential, commercial or electronic address, provided that the shareholders have consented in writing and the reports are addressed either to each shareholder individually or to the shareholders as a group. This process is known as "householding" and is designed to reduce the duplicate copies of materials that shareholders receive and to lower printing and mailing costs for funds. Once implemented, if you would like to discontinue householding for your accounts, please call toll-free at 1-866-777-8227 to request individual copies of these documents. Once the Fund receives notice to stop householding, we will begin sending individual copies 30 days after receiving your request.

## CAMWX-SAR-2025

# The Advisors' Inner Circle Fund
![Image](i434e0369fc934fd742d5395d.jpg)

## Cambiar Opportunity Fund

## Investor Class Shares - CAMOX

## Semi-Annual Shareholder Report: April 30, 2025
This semi-annual shareholder report contains important information about Investor Class Shares of the Cambiar Opportunity Fund (the "Fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://cambiar.com/documents-forms/. You can also request this information by contacting us at 1-866-777-8227.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| <u>Fund Name</u> | <u>Costs of a $10,000 investment</u> | <u>Costs paid as a percentage of a $10,000 investment</u> |
| Cambiar Opportunity Fund, Investor Class Shares | $41 | 0.84% |

---

## Key Fund Statistics as of April 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| <u>Total Net Assets</u> | <u>Number of Holdings</u> | <u>Total Advisory Fees Paid</u> | <u>Portfolio Turnover Rate</u> |
| $368614602 | 38 | $922391 | 25% |

---

## What did the Fund invest in?

### Sector Weightings<sup>Footnote Reference \*</sup>
![Holdings Chart](i8ddb57dc987ed08e39f3b090.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Materials | 2.6% |
| Communication Services | 2.8% |
| Energy | 3.6% |
| Information Technology | 4.7% |
| Utilities | 5.0% |
| Short-Term Investment | 5.7% |
| Consumer Staples | 8.8% |
| Consumer Discretionary | 14.6% |
| Industrials | 16.1% |
| Financials | 17.5% |
| Health Care | 18.4% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

### Top Ten Holdings

---

| | |
|:---|:---|
| <u>Holding Name</u> | <u>Percentage of Total Net Assets<sup>Footnote Reference(A)</sup></u> |
| Uber Technologies | 4.5% |
| Elevance Health | 3.7% |
| Labcorp Holdings | 3.6% |
| Delta Air Lines | 3.3% |
| Airbus ADR | 3.3% |
| Chubb | 3.3% |
| Amazon.com | 3.2% |
| Medtronic | 3.1% |
| JPMorgan Chase | 3.0% |
| Union Pacific | 3.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(A)</sup> | &nbsp;&nbsp;Short-Term Investments are not shown in the top ten chart. |

---

## Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

## Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

![An image of a QR code that, when scanned, navigates the user to the following URL: https://confluence.com](idc8ae55f698d19edd37afafa.jpg)

* 1-866-777-8227 

* https://cambiar.com/documents-forms/ 

## Householding
Rule 30e-1 of the Investment Company Act of 1940 permits funds to transmit only one copy of a proxy statement, annual report or semi-annual report to shareholders (who need not be related) with the same residential, commercial or electronic address, provided that the shareholders have consented in writing and the reports are addressed either to each shareholder individually or to the shareholders as a group. This process is known as "householding" and is designed to reduce the duplicate copies of materials that shareholders receive and to lower printing and mailing costs for funds. Once implemented, if you would like to discontinue householding for your accounts, please call toll-free at 1-866-777-8227 to request individual copies of these documents. Once the Fund receives notice to stop householding, we will begin sending individual copies 30 days after receiving your request.

## CAMOX-SAR-2025

# The Advisors' Inner Circle Fund
![Image](i434e0369fc934fd742d5395d.jpg)

## Cambiar Small Cap Fund

## Institutional Class Shares - CAMZX

## Semi-Annual Shareholder Report: April 30, 2025
This semi-annual shareholder report contains important information about Institutional Class Shares of the Cambiar Small Cap Fund (the "Fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://cambiar.com/documents-forms/. You can also request this information by contacting us at 1-866-777-8227.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| <u>Fund Name</u> | <u>Costs of a $10,000 investment</u> | <u>Costs paid as a percentage of a $10,000 investment</u> |
| Cambiar Small Cap Fund, Institutional Class Shares | $43 | 0.90% |

---

## Key Fund Statistics as of April 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| <u>Total Net Assets</u> | <u>Number of Holdings</u> | <u>Total Advisory Fees Paid</u> | <u>Portfolio Turnover Rate</u> |
| $62627700 | 44 | $245013 | 3% |

---

## What did the Fund invest in?

### Sector Weightings<sup>Footnote Reference \*</sup>
![Holdings Chart](ib6197aa146571690dd72f6e5.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Materials | 2.0% |
| Energy | 2.5% |
| Short-Term Investment | 4.4% |
| Utilities | 4.5% |
| Real Estate | 5.9% |
| Consumer Discretionary | 9.6% |
| Information Technology | 11.2% |
| Industrials | 16.5% |
| Health Care | 19.7% |
| Financials | 23.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

### Top Ten Holdings

---

| | |
|:---|:---|
| <u>Holding Name</u> | <u>Percentage of Total Net Assets<sup>Footnote Reference(A)</sup></u> |
| Globus Medical, Cl A | 3.6% |
| HealthStream | 3.4% |
| Monarch Casino & Resort | 3.3% |
| Texas Capital Bancshares | 3.1% |
| First American Financial | 3.0% |
| Axis Capital Holdings | 3.0% |
| Frontdoor | 2.9% |
| RenaissanceRe Holdings | 2.9% |
| United Community Banks | 2.7% |
| Reinsurance Group of America, Cl A | 2.7% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(A)</sup> | &nbsp;&nbsp;Short-Term Investments are not shown in the top ten chart. |

---

## Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

## Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

![An image of a QR code that, when scanned, navigates the user to the following URL: https://confluence.com](idc8ae55f698d19edd37afafa.jpg)

* 1-866-777-8227 

* https://cambiar.com/documents-forms/ 

## Householding
Rule 30e-1 of the Investment Company Act of 1940 permits funds to transmit only one copy of a proxy statement, annual report or semi-annual report to shareholders (who need not be related) with the same residential, commercial or electronic address, provided that the shareholders have consented in writing and the reports are addressed either to each shareholder individually or to the shareholders as a group. This process is known as "householding" and is designed to reduce the duplicate copies of materials that shareholders receive and to lower printing and mailing costs for funds. Once implemented, if you would like to discontinue householding for your accounts, please call toll-free at 1-866-777-8227 to request individual copies of these documents. Once the Fund receives notice to stop householding, we will begin sending individual copies 30 days after receiving your request.

## CAMZX-SAR-2025

# The Advisors' Inner Circle Fund
![Image](i434e0369fc934fd742d5395d.jpg)

## Cambiar Small Cap Fund

## Investor Class Shares - CAMSX

## Semi-Annual Shareholder Report: April 30, 2025
This semi-annual shareholder report contains important information about Investor Class Shares of the Cambiar Small Cap Fund (the "Fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://cambiar.com/documents-forms/. You can also request this information by contacting us at 1-866-777-8227.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| <u>Fund Name</u> | <u>Costs of a $10,000 investment</u> | <u>Costs paid as a percentage of a $10,000 investment</u> |
| Cambiar Small Cap Fund, Investor Class Shares | $55 | 1.15% |

---

## Key Fund Statistics as of April 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| <u>Total Net Assets</u> | <u>Number of Holdings</u> | <u>Total Advisory Fees Paid</u> | <u>Portfolio Turnover Rate</u> |
| $62627700 | 44 | $245013 | 3% |

---

## What did the Fund invest in?

### Sector Weightings<sup>Footnote Reference \*</sup>
![Holdings Chart](i4b1b3309416c5a3f7e78787a.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Materials | 2.0% |
| Energy | 2.5% |
| Short-Term Investment | 4.4% |
| Utilities | 4.5% |
| Real Estate | 5.9% |
| Consumer Discretionary | 9.6% |
| Information Technology | 11.2% |
| Industrials | 16.5% |
| Health Care | 19.7% |
| Financials | 23.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

### Top Ten Holdings

---

| | |
|:---|:---|
| <u>Holding Name</u> | <u>Percentage of Total Net Assets<sup>Footnote Reference(A)</sup></u> |
| Globus Medical, Cl A | 3.6% |
| HealthStream | 3.4% |
| Monarch Casino & Resort | 3.3% |
| Texas Capital Bancshares | 3.1% |
| First American Financial | 3.0% |
| Axis Capital Holdings | 3.0% |
| Frontdoor | 2.9% |
| RenaissanceRe Holdings | 2.9% |
| United Community Banks | 2.7% |
| Reinsurance Group of America, Cl A | 2.7% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(A)</sup> | &nbsp;&nbsp;Short-Term Investments are not shown in the top ten chart. |

---

## Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

## Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

![An image of a QR code that, when scanned, navigates the user to the following URL: https://confluence.com](idc8ae55f698d19edd37afafa.jpg)

* 1-866-777-8227 

* https://cambiar.com/documents-forms/ 

## Householding
Rule 30e-1 of the Investment Company Act of 1940 permits funds to transmit only one copy of a proxy statement, annual report or semi-annual report to shareholders (who need not be related) with the same residential, commercial or electronic address, provided that the shareholders have consented in writing and the reports are addressed either to each shareholder individually or to the shareholders as a group. This process is known as "householding" and is designed to reduce the duplicate copies of materials that shareholders receive and to lower printing and mailing costs for funds. Once implemented, if you would like to discontinue householding for your accounts, please call toll-free at 1-866-777-8227 to request individual copies of these documents. Once the Fund receives notice to stop householding, we will begin sending individual copies 30 days after receiving your request.

## CAMSX-SAR-2025

# The Advisors' Inner Circle Fund
![Image](i434e0369fc934fd742d5395d.jpg)

## Cambiar SMID Fund

## Institutional Class Shares - CAMUX

## Semi-Annual Shareholder Report: April 30, 2025
This semi-annual shareholder report contains important information about Institutional Class Shares of the Cambiar SMID Fund (the "Fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://cambiar.com/documents-forms/. You can also request this information by contacting us at 1-866-777-8227.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| <u>Fund Name</u> | <u>Costs of a $10,000 investment</u> | <u>Costs paid as a percentage of a $10,000 investment</u> |
| Cambiar SMID Fund, Institutional Class Shares | $40 | 0.85% |

---

## Key Fund Statistics as of April 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| <u>Total Net Assets</u> | <u>Number of Holdings</u> | <u>Total Advisory Fees Paid</u> | <u>Portfolio Turnover Rate</u> |
| $85820749 | 40 | $344125 | 20% |

---

## What did the Fund invest in?

### Sector Weightings<sup>Footnote Reference \*</sup>
![Holdings Chart](i13bf54ad8bcc03f5f8a51af3.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Consumer Staples | 2.1% |
| Short-Term Investment | 3.0% |
| Materials | 3.0% |
| Energy | 4.9% |
| Real Estate | 6.9% |
| Consumer Discretionary | 7.0% |
| Utilities | 8.0% |
| Health Care | 10.8% |
| Information Technology | 15.1% |
| Industrials | 17.1% |
| Financials | 22.3% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

### Top Ten Holdings

---

| | |
|:---|:---|
| <u>Holding Name</u> | <u>Percentage of Total Net Assets<sup>Footnote Reference(A)</sup></u> |
| Fidelity National Financial | 4.0% |
| BOK Financial | 3.3% |
| Euronet Worldwide | 3.1% |
| NNN REIT, | 3.0% |
| Packaging Corp of America | 3.0% |
| IPG Photonics | 3.0% |
| Dolby Laboratories, Cl A | 2.9% |
| Reinsurance Group of America, Cl A | 2.9% |
| Magnolia Oil & Gas, Cl A | 2.8% |
| Amdocs | 2.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(A)</sup> | &nbsp;&nbsp;Short-Term Investments are not shown in the top ten chart. |

---

## Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

## Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

![An image of a QR code that, when scanned, navigates the user to the following URL: https://confluence.com](idc8ae55f698d19edd37afafa.jpg)

* 1-866-777-8227 

* https://cambiar.com/documents-forms/ 

## Householding
Rule 30e-1 of the Investment Company Act of 1940 permits funds to transmit only one copy of a proxy statement, annual report or semi-annual report to shareholders (who need not be related) with the same residential, commercial or electronic address, provided that the shareholders have consented in writing and the reports are addressed either to each shareholder individually or to the shareholders as a group. This process is known as "householding" and is designed to reduce the duplicate copies of materials that shareholders receive and to lower printing and mailing costs for funds. Once implemented, if you would like to discontinue householding for your accounts, please call toll-free at 1-866-777-8227 to request individual copies of these documents. Once the Fund receives notice to stop householding, we will begin sending individual copies 30 days after receiving your request.

## CAMUX-SAR-2025

# The Advisors' Inner Circle Fund
![Image](i434e0369fc934fd742d5395d.jpg)

## Cambiar SMID Fund

## Investor Class Shares - CAMMX

## Semi-Annual Shareholder Report: April 30, 2025
This semi-annual shareholder report contains important information about Investor Class Shares of the Cambiar SMID Fund (the "Fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://cambiar.com/documents-forms/. You can also request this information by contacting us at 1-866-777-8227.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| <u>Fund Name</u> | <u>Costs of a $10,000 investment</u> | <u>Costs paid as a percentage of a $10,000 investment</u> |
| Cambiar SMID Fund, Investor Class Shares | $45 | 0.96% |

---

## Key Fund Statistics as of April 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| <u>Total Net Assets</u> | <u>Number of Holdings</u> | <u>Total Advisory Fees Paid</u> | <u>Portfolio Turnover Rate</u> |
| $85820749 | 40 | $344125 | 20% |

---

## What did the Fund invest in?

### Sector Weightings<sup>Footnote Reference \*</sup>
![Holdings Chart](i61caeedfd0f135c8dc9113cb.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Consumer Staples | 2.1% |
| Short-Term Investment | 3.0% |
| Materials | 3.0% |
| Energy | 4.9% |
| Real Estate | 6.9% |
| Consumer Discretionary | 7.0% |
| Utilities | 8.0% |
| Health Care | 10.8% |
| Information Technology | 15.1% |
| Industrials | 17.1% |
| Financials | 22.3% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

### Top Ten Holdings

---

| | |
|:---|:---|
| <u>Holding Name</u> | <u>Percentage of Total Net Assets<sup>Footnote Reference(A)</sup></u> |
| Fidelity National Financial | 4.0% |
| BOK Financial | 3.3% |
| Euronet Worldwide | 3.1% |
| NNN REIT, | 3.0% |
| Packaging Corp of America | 3.0% |
| IPG Photonics | 3.0% |
| Dolby Laboratories, Cl A | 2.9% |
| Reinsurance Group of America, Cl A | 2.9% |
| Magnolia Oil & Gas, Cl A | 2.8% |
| Amdocs | 2.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(A)</sup> | &nbsp;&nbsp;Short-Term Investments are not shown in the top ten chart. |

---

## Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

## Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

![An image of a QR code that, when scanned, navigates the user to the following URL: https://confluence.com](idc8ae55f698d19edd37afafa.jpg)

* 1-866-777-8227 

* https://cambiar.com/documents-forms/ 

## Householding
Rule 30e-1 of the Investment Company Act of 1940 permits funds to transmit only one copy of a proxy statement, annual report or semi-annual report to shareholders (who need not be related) with the same residential, commercial or electronic address, provided that the shareholders have consented in writing and the reports are addressed either to each shareholder individually or to the shareholders as a group. This process is known as "householding" and is designed to reduce the duplicate copies of materials that shareholders receive and to lower printing and mailing costs for funds. Once implemented, if you would like to discontinue householding for your accounts, please call toll-free at 1-866-777-8227 to request individual copies of these documents. Once the Fund receives notice to stop householding, we will begin sending individual copies 30 days after receiving your request.

## CAMMX-SAR-2025**

(b) Not applicable.

**Item 2. Code of Ethics.**

Not applicable for semi-annual report.

**Item 3. Audit Committee Financial Expert.**

Not applicable for semi-annual report.

**Item 4. Principal Accountant Fees and Services.**

Not applicable for semi-annual report.

**Item 5. Audit Committee of Listed Registrants.**

Not applicable to open-end management investment companies.

**Item 6. Schedule of Investments.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Schedules of Investments are included as part of the Financial Statements and Other Information filed under Item 7 of this form.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

Financial statements and financial highlights are filed herein.

![](fp0094041-1_01.jpg)

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **CAMBIAR FUNDS** |
|  | **APRIL 30, 2025** |

---

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| **Financial Statements (Form N-CSR Item 7)** |  |
| &nbsp;&nbsp;&nbsp;Schedules of Investments | 1 |
| &nbsp;&nbsp;&nbsp;Statements of Assets and Liabilities | 9 |
| &nbsp;&nbsp;&nbsp;Statements of Operations | 11 |
| &nbsp;&nbsp;&nbsp;Statements of Changes in Net Assets | 13 |
| &nbsp;&nbsp;&nbsp;Financial Highlights | 17 |
| &nbsp;&nbsp;&nbsp;Notes to Financial Statements | 25 |
| Other Information (Form N-CSR Items 8-11) | 34 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **CAMBIAR OPPORTUNITY FUND** |
|  | **APRIL 30, 2025 (UNAUDITED)** |

---

**SCHEDULE OF INVESTMENTS** 

**COMMON STOCK** — **94.1%**

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
| **AEROSPACE/DEFENSE EQUIPMENT — 5.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Airbus ADR | 280000 | $| 12059600 |
| &nbsp;&nbsp;&nbsp;RTX | 60000 |  | 7567800 |
|  |  |  | 19627400 |
| **AIRLINES — 3.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Delta Air Lines | 292000 |  | 12155960 |
| **BANKS — 7.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase | 45000 |  | 11007900 |
| &nbsp;&nbsp;&nbsp;PNC Financial Services Group | 53000 |  | 8516570 |
| &nbsp;&nbsp;&nbsp;US Bancorp | 220000 |  | 8874800 |
|  |  |  | 28399270 |
| **BEVERAGES — 4.9%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Constellation Brands, Cl A | 45000 |  | 8439300 |
| &nbsp;&nbsp;&nbsp;Diageo ADR | 85000 |  | 9521700 |
|  |  |  | 17961000 |
| **BIOTECHNOLOGY — 2.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Regeneron Pharmaceuticals | 15200 |  | 9101152 |
| **BROADLINE RETAIL — 3.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Amazon.com \* | 63000 |  | 11618460 |
| **CAPITAL MARKETS — 2.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;CME Group, Cl A | 35000 |  | 9697800 |
| **CHEMICALS — 2.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;PPG Industries | 88000 |  | 9579680 |
| **CONSUMER FINANCE — 1.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;American Express | 21000 |  | 5594610 |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL — 4.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Sysco | 105000 |  | 7497000 |
| &nbsp;&nbsp;&nbsp;Target | 80000 |  | 7736000 |
|  |  |  | 15233000 |
| **ELECTRIC UTILITIES — 2.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;American Electric Power | 74000 |  | 8017160 |
| **ELECTRONIC EQUIPMENT INSTRUMENTS & COMPONENTS — 1.7%** | **ELECTRONIC EQUIPMENT INSTRUMENTS & COMPONENTS — 1.7%** | **ELECTRONIC EQUIPMENT INSTRUMENTS & COMPONENTS — 1.7%** | **ELECTRONIC EQUIPMENT INSTRUMENTS & COMPONENTS — 1.7%** |
| &nbsp;&nbsp;&nbsp;TE Connectivity | 43000 |  | 6294340 |
| **FINANCIAL SERVICES — 2.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Mastercard, Cl A | 16000 |  | 8768960 |
| **GROUND TRANSPORTATION — 7.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Uber Technologies \* | 203000 |  | 16445030 |
| &nbsp;&nbsp;&nbsp;Union Pacific | 51000 |  | 10998660 |
|  |  |  | 27443690 |
| **HEALTH CARE EQUIPMENT & SERVICES — 3.1%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Medtronic | 136000 |  | 11527360 |
| **HEALTH CARE PROVIDERS & SERVICES — 9.9%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Centene \* | 160000 |  | 9576000 |
| &nbsp;&nbsp;&nbsp;Elevance Health | 32000 |  | 13458560 |
| &nbsp;&nbsp;&nbsp;Labcorp Holdings | 55000 |  | 13255550 |
|  |  |  | 36290110 |
| **HOTELS, RESTAURANTS & LEISURE — 4.8%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Airbnb, Cl A \* | 77000 |  | 9387840 |
| &nbsp;&nbsp;&nbsp;Flutter Entertainment \* | 35000 |  | 8434650 |
|  |  |  | 17822490 |
| **INSURANCE — 3.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Chubb | 42000 |  | 12015360 |
| **INTERACTIVE MEDIA & SERVICES — 2.8%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Alphabet, Cl A | 66000 |  | 10480800 |

---

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

**1**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **CAMBIAR OPPORTUNITY FUND** |
|  | **APRIL 30, 2025 (UNAUDITED)** |

---

**COMMON STOCK** — continued

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **MEDIA — 2.9%** | | |
| &nbsp;&nbsp;&nbsp;Comcast, Cl A | 314000 | $10738800 |
| **MULTI-UTILITIES — 2.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Sempra | 142000 | 10546340 |
| **OIL, GAS & CONSUMABLE FUELS — 3.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Cenovus Energy | 433000 | 5096410 |
| &nbsp;&nbsp;&nbsp;Chevron | 60000 | 8163600 |
|  |  | 13260010 |
| **PERSONAL CARE PRODUCTS — 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Estee Lauder, Cl A | 118000 | 7075280 |
| **PHARMACEUTICALS — 2.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb | 215000 | 10793000 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 3.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Applied Materials | 26000 | 3918460 |
| &nbsp;&nbsp;&nbsp;Texas Instruments | 45000 | 7202250 |
|  |  | 11120710 |
| **SPECIALTY RETAIL — 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;TJX | 46000 | 5919280 |
| &nbsp;&nbsp;&nbsp;TOTAL COMMON STOCK |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $286,839,974) |  | 347082022 |
| **SHORT-TERM INVESTMENT — 5.7%** | **SHORT-TERM INVESTMENT — 5.7%** | **SHORT-TERM INVESTMENT — 5.7%** |
| &nbsp;&nbsp;&nbsp;First American Treasury Obligation Fund 4.316% (A) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $20,862,502) | 20862502 | 20862502 |
| TOTAL INVESTMENTS— 99.8% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $307,702,476) |  | $367944524 |

---

*Percentages are based on Net Assets of $368,614,602.*

\* *Non-income producing security.*

&nbsp;&nbsp;&nbsp;&nbsp;*(A)* *The rate shown is the 7-day effective yield as of April 30, 2025.* 

*ADR — American Depositary Receipt*

*Cl — Class*

*As of April 30, 2025, all of the Fund's investments were considered Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP.*

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

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

**2**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **CAMBIAR SMID FUND** |
| **APRIL 30, 2025 (UNAUDITED)** | **APRIL 30, 2025 (UNAUDITED)** |

---

**SCHEDULE OF INVESTMENTS**

**COMMON STOCK** — **97.2%**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **AIR FREIGHT & LOGISTICS — 2.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Expeditors International of Washington | 21215 | $2331741 |
| **AUTO COMPONENTS — 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Gentex | 75655 | 1647766 |
| **BANKS — 5.8%** |  |  |
| &nbsp;&nbsp;&nbsp;BOK Financial | 30005 | 2795566 |
| &nbsp;&nbsp;&nbsp;Webster Financial | 46930 | 2219789 |
|  |  | 5015355 |
| **BUILDING PRODUCTS — 2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Masco | 36630 | 2220144 |
| **CAPITAL MARKETS — 4.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Cboe Global Markets | 10195 | 2261251 |
| &nbsp;&nbsp;&nbsp;Lazard, Cl A | 36910 | 1435799 |
|  |  | 3697050 |
| **CONSTRUCTION & ENGINEERING — 2.8%** |  |  |
| &nbsp;&nbsp;&nbsp;WillScot Holdings \* | 93860 | 2357763 |
| **CONTAINERS & PACKAGING — 3.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Packaging Corp of America | 13810 | 2563274 |
| **ELECTRIC UTILITIES — 2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Pinnacle West Capital | 23630 | 2249103 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 7.2%** |  |  |
| &nbsp;&nbsp;&nbsp;IPG Photonics \* | 42665 | 2555207 |
| &nbsp;&nbsp;&nbsp;Littelfuse | 10810 | 1970771 |
| &nbsp;&nbsp;&nbsp;Vishay Intertechnology | 127900 | 1661421 |
|  |  | 6187399 |
| **FINANCIAL SERVICES — 5.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Euronet Worldwide \* | 26415 | 2617726 |
| &nbsp;&nbsp;&nbsp;WEX \* | 14675 | 1913180 |
|  |  | 4530906 |
| **FOOD PRODUCT — 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Lamb Weston Holdings | 33585 | 1773624 |
| **GAS UTILITIES — 2.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Atmos Energy | 14620 | 2348411 |
| **GROUND TRANSPORTATION — 2.5%** |  |  |
| &nbsp;&nbsp;&nbsp;JB Hunt Transport Services | 16240 | 2120619 |
| **HEALTH CARE EQUIPMENT & SERVICES — 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Globus Medical, Cl A \* | 19350 | 1388750 |
| **HEALTH CARE EQUIPMENT & SUPPLIES — 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Dentsply Sirona | 87965 | 1222713 |
| **HEALTH CARE PROVIDERS & SERVICES — 5.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Molina Healthcare \* | 6245 | 2042177 |
| &nbsp;&nbsp;&nbsp;Quest Diagnostics | 13335 | 2376564 |
|  |  | 4418741 |
| **HOTELS, RESTAURANTS & LEISURE — 2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Sportradar Group, Cl A \* | 98110 | 2267322 |
| **INDUSTRIAL REITS — 3.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Americold Realty Trust | 106970 | 2068800 |
| &nbsp;&nbsp;&nbsp;Innovative Industrial Properties, Cl A | 23425 | 1272212 |
|  |  | 3341012 |
| **INSURANCE — 6.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Fidelity National Financial | 54035 | 3460942 |
| &nbsp;&nbsp;&nbsp;Reinsurance Group of America, Cl A | 13210 | 2474365 |
|  |  | 5935307 |

---

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

**3**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **CAMBIAR SMID FUND** |
| **APRIL 30, 2025 (UNAUDITED)** | **APRIL 30, 2025 (UNAUDITED)** |

---

**COMMON STOCK** — continued

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **IT SERVICES — 5.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Amdocs | 27020 | $2393432 |
| &nbsp;&nbsp;&nbsp;EPAM Systems \* | 11905 | 1868013 |
|  |  | 4261445 |
| **LIFE SCIENCES TOOLS & SERVICES — 2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Waters \* | 6485 | 2255029 |
| **MACHINERY — 4.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Lincoln Electric Holdings | 12470 | 2197214 |
| &nbsp;&nbsp;&nbsp;Toro | 26110 | 1782791 |
|  |  | 3980005 |
| **OIL, GAS & CONSUMABLE FUELS — 4.9%** |  |  |
| &nbsp;&nbsp;&nbsp;HF Sinclair | 59345 | 1784504 |
| &nbsp;&nbsp;&nbsp;Magnolia Oil & Gas, Cl A | 117310 | 2408374 |
|  |  | 4192878 |
| **PROFESSIONAL SERVICES — 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Maximus | 24610 | 1647886 |
| **RETAIL REITS — 3.0%** |  |  |
| &nbsp;&nbsp;&nbsp;NNN REIT | 62495 | 2569169 |
| **SOFTWARE — 2.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Dolby Laboratories, Cl A | 32715 | 2512185 |
| **TEXTILES, APPAREL & LUXURY GOODS — 2.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Skechers USA, Cl A \* | 44295 | 2127046 |
| **WATER UTILITIES — 2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Essential Utilities | 54390 | 2237061 |
| &nbsp;&nbsp;&nbsp;TOTAL COMMON STOCK |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $79,475,611) |  | 83399704 |
| **SHORT-TERM INVESTMENT — 3.0%** | **SHORT-TERM INVESTMENT — 3.0%** | **SHORT-TERM INVESTMENT — 3.0%** |
| &nbsp;&nbsp;&nbsp;First American Treasury Obligation Fund 4.316% (A) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $2,562,111) | 2562111 | 2562111 |
| TOTAL INVESTMENTS— 100.2% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $82,037,722) |  | $85961815 |

---

*Percentages are based on Net Assets of $85,820,749.*

\* *Non-income producing security.*

&nbsp;&nbsp;&nbsp;&nbsp;*(A)* *The rate shown is the 7-day effective yield as of April 30, 2025.* 

*Cl — Class*

*REIT — Real Estate Investment Trust*

*As of April 30, 2025, all of the Fund's investments were considered Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP.*

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

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

**4**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **CAMBIAR SMALL CAP FUND** |
|  | **APRIL 30, 2025 (UNAUDITED)** |

---

**SCHEDULE OF INVESTMENTS** 

**COMMON STOCK** — **95.7%**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **AIR FREIGHT & LOGISTICS — 1.9%** | | |
| &nbsp;&nbsp;&nbsp;Hub Group, Cl A | 37280 | $1177675 |
| **BANKS — 11.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Prosperity Bancshares | 24495 | 1663210 |
| &nbsp;&nbsp;&nbsp;Texas Capital Bancshares \* | 28145 | 1918082 |
| &nbsp;&nbsp;&nbsp;United Bankshares | 47395 | 1625175 |
| &nbsp;&nbsp;&nbsp;United Community Banks | 62075 | 1713891 |
|  |  | 6920358 |
| **BIOTECHNOLOGY — 2.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Exelixis \* | 40830 | 1598494 |
| **CAPITAL MARKETS — 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Lazard, Cl A | 21290 | 828181 |
| **CHEMICALS — 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Cabot | 15975 | 1254677 |
| **COMMERCIAL SERVICES & SUPPLIES — 2.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Healthcare Services Group \* | 108785 | 1545835 |
| **DIVERSIFIED CONSUMER SERVICES — 2.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Frontdoor \* | 44120 | 1813773 |
| **ELECTRIC UTILITIES — 4.5%** |  |  |
| &nbsp;&nbsp;&nbsp;IDACORP | 11690 | 1380472 |
| &nbsp;&nbsp;&nbsp;TXNM Energy, Inc. | 26465 | 1407938 |
|  |  | 2788410 |
| **ELECTRONICS EQUIPMENT INSTRUMENTS & COMPONENTS — 2.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Advanced Energy Industries | 16140 | 1572198 |
| **HEALTH CARE EQUIPMENT & SERVICES — 3.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Globus Medical, Cl A \* | 31190 | 2238506 |
| **HEALTH CARE PROVIDERS & SERVICES — 7.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Addus HomeCare \* | 12170 | 1272374 |
| &nbsp;&nbsp;&nbsp;AMN Healthcare Services \* | 22060 | 450686 |
| &nbsp;&nbsp;&nbsp;HealthEquity \* | 12770 | 1094644 |
| &nbsp;&nbsp;&nbsp;Innovage Holding \* | 217565 | 680979 |
| &nbsp;&nbsp;&nbsp;US Physical Therapy | 19395 | 1379178 |
|  |  | 4877861 |
| **HEALTH CARE TECHNOLOGY — 5.8%** |  |  |
| &nbsp;&nbsp;&nbsp;HealthStream | 63900 | 2148957 |
| &nbsp;&nbsp;&nbsp;Phreesia \* | 59210 | 1477882 |
|  |  | 3626839 |
| **HOTELS, RESTAURANTS & LEISURE — 5.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Monarch Casino & Resort | 26630 | 2082200 |
| &nbsp;&nbsp;&nbsp;Sportradar Group, Cl A \* | 62515 | 1444721 |
|  |  | 3526921 |
| **INDUSTRIAL REITS — 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Innovative Industrial Properties, Cl A | 16355 | 888240 |
| **INSURANCE — 11.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Axis Capital Holdings | 19215 | 1850789 |
| &nbsp;&nbsp;&nbsp;First American Financial | 30580 | 1859570 |
| &nbsp;&nbsp;&nbsp;Reinsurance Group of America, Cl A | 8905 | 1667995 |
| &nbsp;&nbsp;&nbsp;RenaissanceRe Holdings | 7455 | 1803588 |
|  |  | 7181942 |
| **IT SERVICES — 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;ASGN \* | 16735 | 843109 |
| **LEISURE PRODUCTS — 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Johnson Outdoors, Cl A | 30430 | 694717 |

---

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

**5**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **CAMBIAR SMALL CAP FUND** |
|  | **APRIL 30, 2025 (UNAUDITED)** |

---

**COMMON STOCK** — continued

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **MACHINERY — 4.8%** | | |
| &nbsp;&nbsp;&nbsp;Alamo Group | 8220 | $1372575 |
| &nbsp;&nbsp;&nbsp;Atmus Filtration Technologies | 47930 | 1661733 |
|  |  | 3034308 |
| **OIL, GAS & CONSUMABLE FUELS — 2.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Magnolia Oil & Gas, Cl A | 77595 | 1593025 |
| **PROFESSIONAL SERVICES — 7.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Forrester Research \* | 54015 | 505040 |
| &nbsp;&nbsp;&nbsp;Insperity | 14990 | 974500 |
| &nbsp;&nbsp;&nbsp;NV5 Global \* | 86220 | 1599381 |
| &nbsp;&nbsp;&nbsp;WNS Holdings \* | 24405 | 1476991 |
|  |  | 4555912 |
| **REAL ESTATE MANAGEMENT & DEVELOPMENT — 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Marcus & Millichap | 39560 | 1202624 |
| **RETAIL REITS — 2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;NETSTREIT | 97370 | 1584210 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 7.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Diodes \* | 21910 | 841344 |
| &nbsp;&nbsp;&nbsp;Rambus \* | 27390 | 1336358 |
| &nbsp;&nbsp;&nbsp;Tower Semiconductor \* | 33160 | 1186465 |
| &nbsp;&nbsp;&nbsp;Universal Display | 9665 | 1214214 |
|  |  | 4578381 |
| &nbsp;&nbsp;&nbsp;TOTAL COMMON STOCK |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $54,125,649) |  | 59926196 |
| **SHORT-TERM INVESTMENT — 4.4%** | **SHORT-TERM INVESTMENT — 4.4%** | **SHORT-TERM INVESTMENT — 4.4%** |
| &nbsp;&nbsp;&nbsp;First American Treasury Obligation Fund 4.316% (A) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $2,751,289) | 2751289 | 2751289 |
| TOTAL INVESTMENTS— 100.1% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $56,876,938) |  | $62677485 |

---

*Percentages are based on Net Assets of $62,627,700.*

\* *Non-income producing security.*

&nbsp;&nbsp;&nbsp;&nbsp;*(A)* *The rate shown is the 7-day effective yield as of April 30, 2025.* 

 

*Cl — Class* 

*REIT — Real Estate Investment Trust*

*As of April 30, 2025, all of the Fund's investments were considered Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP.*

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

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

**6**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **CAMBIAR INTERNATIONAL EQUITY FUND** |
|  | **APRIL 30, 2025 (UNAUDITED)** |

---

**SCHEDULE OF INVESTMENTS**

**COMMON STOCK — 92.2%**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **BELGIUM — 4.2%** | | |
| &nbsp;&nbsp;&nbsp;KBC Group | 39000 | $3581322 |
| &nbsp;&nbsp;&nbsp;UCB | 9700 | 1770819 |
|  |  | 5352141 |
| **FRANCE — 10.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Air Liquide | 8300 | 1697742 |
| &nbsp;&nbsp;&nbsp;Airbus | 15400 | 2566987 |
| &nbsp;&nbsp;&nbsp;Capgemini | 13500 | 2138791 |
| &nbsp;&nbsp;&nbsp;LVMH Moet Hennessy Louis Vuitton | 2800 | 1547608 |
| &nbsp;&nbsp;&nbsp;Thales | 10500 | 2913065 |
| &nbsp;&nbsp;&nbsp;TotalEnergies | 38000 | 2202349 |
|  |  | 13066542 |
| **GERMANY — 9.9%** |  |  |
| &nbsp;&nbsp;&nbsp;E.ON | 194000 | 3387797 |
| &nbsp;&nbsp;&nbsp;Infineon Technologies | 66000 | 2160049 |
| &nbsp;&nbsp;&nbsp;Knorr-Bremse | 32200 | 3180859 |
| &nbsp;&nbsp;&nbsp;Merck KGaA | 12800 | 1767607 |
| &nbsp;&nbsp;&nbsp;SAP | 7000 | 2024515 |
|  |  | 12520827 |
| **HONG KONG — 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;AIA Group | 231600 | 1734999 |
| **IRELAND — 7.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Bank of Ireland Group | 217000 | 2538177 |
| &nbsp;&nbsp;&nbsp;ICON \* | 11000 | 1665840 |
| &nbsp;&nbsp;&nbsp;Kerry Group | 22000 | 2324040 |
| &nbsp;&nbsp;&nbsp;Ryanair Holdings | 108000 | 2542386 |
|  |  | 9070443 |
| **JAPAN — 21.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Ajinomoto | 124000 | 2528913 |
| &nbsp;&nbsp;&nbsp;Daifuku Ltd. | 100000 | 2648622 |
| &nbsp;&nbsp;&nbsp;Mitsubishi Estate | 169000 | 2960869 |
| &nbsp;&nbsp;&nbsp;MonotaRO | 131000 | 2518209 |
| &nbsp;&nbsp;&nbsp;Nintendo | 48000 | 3971464 |
| &nbsp;&nbsp;&nbsp;Shimano | 16000 | 2258777 |
| &nbsp;&nbsp;&nbsp;Sony Group | 164500 | 4338575 |
| &nbsp;&nbsp;&nbsp;Terumo | 123000 | 2356253 |
| &nbsp;&nbsp;&nbsp;Tokio Marine Holdings | 73000 | 2914282 |
|  |  | 26495964 |
| **NETHERLANDS — 3.0%** |  |  |
| &nbsp;&nbsp;&nbsp;ING Groep | 194000 | 3739214 |
| **SINGAPORE — 4.5%** |  |  |
| &nbsp;&nbsp;&nbsp;DBS Group Holdings | 89100 | 2895869 |
| &nbsp;&nbsp;&nbsp;Singapore Telecommunications | 976000 | 2824654 |
|  |  | 5720523 |
| **SWEDEN — 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Epiroc, Cl A | 117000 | 2527505 |
| **SWITZERLAND — 7.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Barry Callebaut | 1550 | 1391592 |
| &nbsp;&nbsp;&nbsp;Julius Baer Group | 37000 | 2386721 |
| &nbsp;&nbsp;&nbsp;Nestle | 17000 | 1807209 |
| &nbsp;&nbsp;&nbsp;Roche Holding | 10000 | 3262858 |
|  |  | 8848380 |
| **TAIWAN — 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing ADR | 9500 | 1583555 |
| **UNITED KINGDOM — 16.4%** |  |  |
| &nbsp;&nbsp;&nbsp;AstraZeneca ADR | 26000 | 1866540 |
| &nbsp;&nbsp;&nbsp;Barclays | 659000 | 2606631 |
| &nbsp;&nbsp;&nbsp;Bunzl | 75000 | 2348872 |

---

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

**7**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **CAMBIAR INTERNATIONAL EQUITY FUND** |
|  | **APRIL 30, 2025 (UNAUDITED)** |

---

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **UNITED KINGDOM — continued** |  |  |
| &nbsp;&nbsp;&nbsp;CNH Industrial | 177000 | $2047890 |
| &nbsp;&nbsp;&nbsp;Diageo | 85000 | 2369796 |
| &nbsp;&nbsp;&nbsp;Haleon | 486000 | 2437902 |
| &nbsp;&nbsp;&nbsp;Intertek Group | 35000 | 2138174 |
| &nbsp;&nbsp;&nbsp;London Stock Exchange Group | 16100 | 2494303 |
| &nbsp;&nbsp;&nbsp;SSE | 102000 | 2300016 |
|  |  | 20610124 |
| **UNITED STATES — 3.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Flutter Entertainment \* | 12000 | 2891880 |
| &nbsp;&nbsp;&nbsp;Schlumberger Ltd. | 56000 | 1862000 |
|  |  | 4753880 |
| &nbsp;&nbsp;&nbsp;TOTAL COMMON STOCK |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $94,055,975) |  | 116024097 |
| **SHORT-TERM INVESTMENT — 3.4%** | **SHORT-TERM INVESTMENT — 3.4%** | **SHORT-TERM INVESTMENT — 3.4%** |
| &nbsp;&nbsp;&nbsp;First American Treasury Obligation Fund 4.316% (A) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $4,323,346) | 4323346 | 4323346 |
| TOTAL INVESTMENTS — 95.6% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $98,379,321) |  | $120347443 |

---

*Percentages are based on Net Assets of $125,854,942.*

\* *Non-income producing security.*

&nbsp;&nbsp;&nbsp;&nbsp;*(A)* *The rate reported is the 7-day effective yield as of April 30, 2025.* 

*ADR — American Depositary Receipt*

*Cl — Class*

*Ltd. — Limited*

*As of April 30, 2025, all of the Fund's investments in securities were considered level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP.*

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

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

**8**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **CAMBIAR FUNDS** |
|  | **APRIL 30, 2025 (UNAUDITED)** |

---

**STATEMENTS OF ASSETS AND LIABILITIES**

---

| | | |
|:---|:---|:---|
|  | **Opportunity**<br> **Fund** | **SMID Fund** |
| **Assets:** | | |
| Cost of securities | $307702476 | $82037722 |
| Investments in securities, at value | $367944524 | $85961815 |
| Receivable for capital shares sold | 416571 | 32326 |
| Dividends receivable | 639357 | 47343 |
| Prepaid expenses | 18823 | 19499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | 369019275 | 86060983 |
| **Liabilities:** |  |  |
| Payable for capital shares redeemed | 139053 | 140965 |
| Investment advisory fees payable | 133261 | 38628 |
| Payable due to administrator | 16281 | 3879 |
| Payable due to trustees | 16126 | 4977 |
| Audit fees payable | 13200 | 13200 |
| Shareholder servicing fees payable | 8759 | 5165 |
| Chief Compliance Officer fees payable | 5045 | 596 |
| Payable due to custodian | 4977 | 2395 |
| Other accrued expenses | 67971 | 30429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities | 404673 | 240234 |
| &nbsp;&nbsp;&nbsp;**Commitments and Contingencies †** |  |  |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $368614602 | $85820749 |
| **Net Assets:** |  |  |
| Paid-in Capital | $272669118 | $69579335 |
| Total Distributable Earnings | 95945484 | 16241414 |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $368614602 | $85820749 |
| **Investor Class Shares:** |  |  |
| Net Assets | $117763455 | $61549938 |
| Total shares outstanding at end of period | 4401711 | 2951836 |
| Net Asset Value Per Share |  |  |
| &nbsp;&nbsp;&nbsp;(Net Assets ÷ Shares Outstanding) | $26.75 | $20.85 |
| **Institutional Class Shares:** |  |  |
| Net Assets | $250851147 | $24270811 |
| Total shares outstanding at end of period | 9426255 | 1164187 |
| Net Asset Value Per Share |  |  |
| &nbsp;&nbsp;&nbsp;(Net Assets ÷ Shares Outstanding) | $26.61 | $20.85 |

---

&nbsp;&nbsp;&nbsp;&nbsp;† See Note 4 in the Notes to Financial Statements.

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

**9**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **CAMBIAR FUNDS** |
|  | **APRIL 30, 2025 (UNAUDITED)** |

---

**STATEMENTS OF ASSETS AND LIABILITIES** 

---

| | | |
|:---|:---|:---|
|  | **Small Cap Fund** | **International**<br> **Equity Fund** |
| **Assets:** | | |
| Cost of securities | $56876938 | $98379321 |
| Investments in securities, at value | $62677485 | $120347443 |
| Receivable for investment securities sold |  | 859914 |
| Receivable for capital shares sold | 12352 | 30043 |
| Receivable due from Investment Adviser | 178 |  |
| Dividends receivable | 20176 | 474108 |
| Receivable for dividend tax reclaims |  | 4381115 |
| Prepaid expenses | 16079 | 16866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | 62726270 | 126109489 |
| **Liabilities:** |  |  |
| Investment advisory fees payable | 26547 | 62073 |
| Payable for capital shares redeemed | 22844 | 129338 |
| Audit fees payable | 13200 | 14494 |
| Shareholder servicing fees payable | 7632 | 1280 |
| Payable due to trustees | 3293 | 5297 |
| Payable due to administrator | 2767 | 5551 |
| Payable due to custodian | 1046 | 8113 |
| Chief Compliance Officer fees payable | 162 | 853 |
| Other accrued expenses | 21079 | 27548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities | 98570 | 254547 |
| &nbsp;&nbsp;&nbsp;**Commitments and Contingencies †** |  |  |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $62627700 | $125854942 |
| **Net Assets:** |  |  |
| Paid-in Capital | $52603380 | $167828027 |
| Total Distributable Earnings (Accumulated Losses) | 10024320 | (41973085) |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $62627700 | $125854942 |
| **Investor Class Shares:** |  |  |
| Net Assets | $21778329 | $81566705 |
| Total shares outstanding at end of period | 1456575 | 2881316 |
| Net Asset Value Per Share |  |  |
| &nbsp;&nbsp;&nbsp;(Net Assets ÷ Shares Outstanding) | $14.95 | $28.31 |
| **Institutional Class Shares:** |  |  |
| Net Assets | $40849371 | $44288237 |
| Total shares outstanding at end of period | 2611457 | 1563484 |
| Net Asset Value Per Share |  |  |
| &nbsp;&nbsp;&nbsp;(Net Assets ÷ Shares Outstanding) | $15.64 | $28.33 |

---

&nbsp;&nbsp;&nbsp;&nbsp;† See Note 4 in the Notes to Financial Statements.

*Amounts designated as "-" are $0 or have been rounded to $0.*

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

**10**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **CAMBIAR FUNDS** |
|  | **FOR THE SIX MONTHS ENDED** |
|  | **APRIL 30, 2025 (UNAUDITED)** |

---

**STATEMENTS OF OPERATIONS**

---

| | | |
|:---|:---|:---|
|  | **Opportunity**<br> **Fund** | **SMID Fund** |
| **Investment Income** |  |  |
| Dividends | $4224600 | $1232272 |
| Interest | 280617 | 63036 |
| Less: Foreign Taxes Withheld | (62274) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Income** | 4442943 | 1295308 |
| **Expenses**  |  |  |
| Investment Advisory Fees | 1168477 | 465785 |
| Shareholder Servicing Fees - Investor Class Shares | 121287 | 45053 |
| Administration Fees | 107111 | 32023 |
| Trustees' Fees | 34220 | 10584 |
| Chief Compliance Officer Fees | 6495 | 2126 |
| Transfer Agent Fees | 62222 | 38262 |
| Printing Fees | 28300 | 8066 |
| Legal Fees | 27183 | 8774 |
| Registration & Filing Fees | 18058 | 19364 |
| Audit Fees | 13200 | 13200 |
| Custodian Fees | 9189 | 3714 |
| Pricing Fees | 3080 | 2055 |
| Interest Expense | 419 | 2609 |
| Other Expenses | 41876 | 12364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Expenses** | 1641117 | 663979 |
| Less: |  |  |
| &nbsp;&nbsp;&nbsp;Investment Advisory Fees Waiver | (246086) | (121660) |
| &nbsp;&nbsp;&nbsp;Fees Paid Indirectly (Note 3) | (6569) | (1247) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Expenses** | 1388462 | 541072 |
| **Net Investment Income** | 3054481 | 754236 |
| **Net Realized Gain (Loss) on:** |  |  |
| &nbsp;&nbsp;&nbsp;Investments | 34251151 | 12799108 |
| **Net Realized Gain (Loss)** | 34251151 | 12799108 |
| **Net Unrealized Appreciation (Depreciation) on:** |  |  |
| &nbsp;&nbsp;&nbsp;Investments | (43648883) | (23832204) |
| **Net Unrealized Appreciation (Depreciation)** | (43648883) | (23832204) |
| **Net Realized and Unrealized Gain (Loss)** | (9397732) | (11033096) |
| **Net Decrease in Net Assets from Operations** | $(6343251) | $(10278860) |

---

Amounts designated as "-" are $0 or have been rounded to $0.

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

**11**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **CAMBIAR FUNDS** |
|  | **FOR THE SIX MONTHS ENDED** |
|  | **APRIL 30, 2025 (UNAUDITED)** |

---

**STATEMENTS OF OPERATIONS**

---

| | | |
|:---|:---|:---|
|  | **Small Cap Fund** | **International**<br> **Equity Fund** |
| **Investment Income** |  |  |
| Dividends | $547720 | $1750645 |
| Interest | 57183 |  |
| Less: Foreign Taxes Withheld |  | 25316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Income** | 604903 | 1775961 |
| **Expenses** |  |  |
| Investment Advisory Fees | 343229 | 567832 |
| Shareholder Servicing Fees - Investor Class Shares | 29781 | 49300 |
| Administration Fees | 22209 | 34702 |
| Trustees' Fees | 7546 | 11079 |
| Chief Compliance Officer Fees | 1740 | 2398 |
| Transfer Agent Fees | 32029 | 35749 |
| Registration & Filing Fees | 17232 | 16745 |
| Audit Fees | 13200 | 14494 |
| Printing Fees | 6130 | 9040 |
| Legal Fees | 5961 | 8876 |
| Custodian Fees | 2900 | 20696 |
| Pricing Fees | 1787 | 1243 |
| Interest Expense | 113 | 1 |
| Other Expenses | 9273 | 13482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Expenses** | 493130 | 785637 |
| Less: |  |  |
| &nbsp;&nbsp;&nbsp;Investment Advisory Fees Waiver | (98216) | (165591) |
| &nbsp;&nbsp;&nbsp;Fees Paid Indirectly (Note 3) | (1174) | (2009) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Expenses** | 393740 | 618037 |
| **Net Investment Income** | 211163 | 1157924 |
| **Net Realized Gain (Loss) on:** |  |  |
| &nbsp;&nbsp;&nbsp;Investments | 4339092 | 320854 |
| &nbsp;&nbsp;&nbsp;Foreign Currency Transactions |  | (88200) |
| **Net Realized Gain (Loss)** | 4339092 | 232654 |
| **Net Unrealized Appreciation (Depreciation) on:** |  |  |
| &nbsp;&nbsp;&nbsp;Investments | (8297045) | 6446060 |
| &nbsp;&nbsp;&nbsp;Translation of Other Assets and Liabilities Denominated in Foreign Currencies |  | 198574 |
| **Net Unrealized Appreciation (Depreciation)** | (8297045) | 6644634 |
| **Net Realized and Unrealized Gain (Loss)** | (3957953) | 6877288 |
| **Net Increase (Decrease) in Net Assets from Operations** | $(3746790) | $8035212 |

---

*Amounts designated as "—" are $0 or have been rounded to $0.*

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

**12**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **CAMBIAR OPPORTUNITY FUND** |

---

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended**<br> **April 30, 2025**<br> **(Unaudited)** | **Year Ended**<br> **October 31, 2024** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $3054481 | $5597140 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain | 34251151 | 28976085 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | (43648883) | 58127281 |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations** | (6343251) | 92700506 |
| **Distributions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class Shares | (10886030) | (10635984) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class Shares | (23146625) | (20620590) |
| &nbsp;&nbsp;&nbsp;**Total Distributions** | (34032655) | (31256574) |
| **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued | 2821766 | 5914977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of Dividends | 10299155 | 10074767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (13427171) | (20160400) |
| &nbsp;&nbsp;&nbsp;Net Decrease in Net Assets from Investor Class Share Transactions | (306250) | (4170656) |
| &nbsp;&nbsp;&nbsp;Institutional Class Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued | 27827751 | 59707378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of Dividends | 14022156 | 13238923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (36444048) | (52019122) |
| &nbsp;&nbsp;&nbsp;Net Increase in Net Assets from Institutional Class Share Transactions | 5405859 | 20927179 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets from Capital Share Transactions** | 5099609 | 16756523 |
| &nbsp;&nbsp;&nbsp;**Total Increase (Decrease) in Net Assets** | (35276297) | 78200455 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 403890899 | 325690444 |
| &nbsp;&nbsp;&nbsp;End of period | $368614602 | $403890899 |
| **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued | 98884 | 214538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of Dividends | 373397 | 386123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (486388) | (731059) |
| Total Decrease in Investor Class Shares | (14107) | (130398) |
| &nbsp;&nbsp;&nbsp;Institutional Class Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued | 999141 | 2177279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of Dividends | 510623 | 509264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (1304103) | (1891855) |
| Total Increase in Institutional Class Shares | 205661 | 794688 |
| **Net Increase in Shares Outstanding** | 191554 | 664290 |

---

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

**13**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **CAMBIAR SMID FUND** |

---

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended**<br> **April 30, 2025**<br> **(Unaudited)** | **Year Ended**<br> **October 31, 2024** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $754236 | $1363804 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain | 12799108 | 6750897 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | (23832204) | 20622656 |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations** | (10278860) | 28737357 |
| **Distributions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class Shares | (5212288) | (909333) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class Shares | (2591951) | (442531) |
| &nbsp;&nbsp;&nbsp;**Total Distributions** | (7804239) | (1351864) |
| **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued | 7109765 | 27089731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of Dividends | 5212288 | 909122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemption Fees — Note 2 | (606) | 606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (49193472) | (53943214) |
| &nbsp;&nbsp;&nbsp;Net Decrease in Net Assets from Investor Class Share Transactions | (36872025) | (25943755) |
| &nbsp;&nbsp;&nbsp;Institutional Class Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued | 3926881 | 19962082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of Dividends | 1617779 | 357501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemption Fees — Note 2 | (2201) | 2201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (26870809) | (27204751) |
| &nbsp;&nbsp;&nbsp;Net Decrease in Net Assets from Institutional Class Share Transactions | (21328350) | (6882967) |
| &nbsp;&nbsp;&nbsp;**Net Decrease in Net Assets from Capital Share Transactions** | (58200375) | (32826722) |
| &nbsp;&nbsp;&nbsp;**Total Decrease in Net Assets** | (76283474) | (5441229) |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 162104223 | 167545452 |
| &nbsp;&nbsp;&nbsp;End of period | $85820749 | $162104223 |
| **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued | 308465 | 1132258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of Dividends | 228997 | 37552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (2098653) | (2241421) |
| Total Decrease in Investor Class Shares | (1561191) | (1071611) |
| &nbsp;&nbsp;&nbsp;Institutional Class Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued | 172138 | 834115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of Dividends | 71074 | 14773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (1161377) | (1126150) |
| Total Decrease in Institutional Class Shares | (918165) | (277262) |
| **Net Decrease in Shares Outstanding** | (2479356) | (1348873) |

---

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

**14**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **CAMBIAR SMALL CAP FUND** |

---

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended**<br> **April 30, 2025**<br> **(Unaudited)** | **Year Ended**<br> **October 31, 2024** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $211163 | $492166 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain | 4339092 | 3044018 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | (8297045) | 17242935 |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations** | (3746790) | 20779119 |
| **Distributions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class Shares | (838525) | (278617) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class Shares | (2359360) | (974259) |
| &nbsp;&nbsp;&nbsp;**Total Distributions** | (3197885) | (1252876) |
| **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued | 1387804 | 846877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of Dividends | 810703 | 268348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemption Fees — Note 2 | (240) | 240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (2197170) | (4647159) |
| &nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Net Assets from Investor Class Share Transactions | 1097 | (3531694) |
| &nbsp;&nbsp;&nbsp;Institutional Class Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued | 960052 | 6364697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of Dividends | 1987870 | 827932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemption Fees — Note 2 | (245) | 245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (24197336) | (26589001) |
| &nbsp;&nbsp;&nbsp;Net Decrease in Net Assets from Institutional Class Share Transactions | (21249659) | (19396127) |
| &nbsp;&nbsp;&nbsp;**Net Decrease in Net Assets from Capital Share Transactions** | (21248562) | (22927821) |
| &nbsp;&nbsp;&nbsp;**Total Decrease in Net Assets** | (28193237) | (3401578) |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 90820937 | 94222515 |
| &nbsp;&nbsp;&nbsp;End of period | $62627700 | $90820937 |
| **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued | 85859 | 53831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of Dividends | 49512 | 16989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (136233) | (296537) |
| Total Decrease in Investor Class Shares | (862) | (225717) |
| &nbsp;&nbsp;&nbsp;Institutional Class Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued | 57423 | 397774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of Dividends | 115944 | 50120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (1397565) | (1627228) |
| Total Decrease in Institutional Class Shares | (1224198) | (1179334) |
| **Net Decrease in Shares Outstanding** | (1225060) | (1405051) |

---

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

**15**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **CAMBIAR INTERNATIONAL EQUITY FUND** |

---

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended**<br> **April 30, 2025**<br> **(Unaudited)** | **Year Ended**<br> **October 31, 2024** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $1157924 | $2068375 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain | 232654 | 19277956 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation | 6644634 | 13629290 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | 8035212 | 34975621 |
| **Distributions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class Shares | (1251424) | (1497752) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class Shares | (725435) | (1517514) |
| &nbsp;&nbsp;&nbsp;**Total Distributions** | (1976859) | (3015266) |
| **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued | 3109738 | 5232982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of Dividends | 1239391 | 1484638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (12543438) | (22742353) |
| &nbsp;&nbsp;&nbsp;Net Decrease in Net Assets from Investor Class Share Transactions | (8194309) | (16024733) |
| &nbsp;&nbsp;&nbsp;Institutional Class Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued | 688687 | 2868234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of Dividends | 645405 | 846050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemption Fees — Note 2 | (238) | 238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (5856299) | (65589576) |
| &nbsp;&nbsp;&nbsp;Net Decrease in Net Assets from Institutional Class Share Transactions | (4522445) | (61875054) |
| &nbsp;&nbsp;&nbsp;**Net Decrease in Net Assets from Capital Share Transactions** | (12716754) | (77899787) |
| &nbsp;&nbsp;&nbsp;**Total Decrease in Net Assets** | (6658401) | (45939432) |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 132513343 | 178452775 |
| &nbsp;&nbsp;&nbsp;End of period | $125854942 | $132513343 |
| **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued | 115433 | 209770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of Dividends | 47946 | 61222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (464269) | (907440) |
| Total Decrease in Investor Class Shares | (300890) | (636448) |
| &nbsp;&nbsp;&nbsp;Institutional Class Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued | 25882 | 114238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of Dividends | 24958 | 34874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (218343) | (2633729) |
| Total Decrease in Institutional Class Shares | (167503) | (2484617) |
| **Net Decrease in Shares Outstanding** | (468393) | (3121065) |

---

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

**16**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **CAMBIAR OPPORTUNITY FUND** |

---

**FINANCIAL HIGHLIGHTS**

**Selected Per Share Data & Ratios**

 **For a Share Outstanding Throughout Each Year or Period**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Investor Class Shares** | **Investor Class Shares** | **Investor Class Shares** | **Investor Class Shares** | **Investor Class Shares** | **Investor Class Shares** |
|  | | **Year ended October 31,** | **Year ended October 31,** | **Year ended October 31,** | **Year ended October 31,** | **Year ended October 31,** |
|  | **Period** <br> **November 1,**<br>**2024 to**<br>**April 30,**<br>**2025**<br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net Asset Value, Beginning of Year | $29.69 | $25.16 | $25.31 | $29.58 | $22.07 | $22.63 |
| Income (Loss) from Operations: |  |  |  |  |  |  |
| Net Investment Income<sup>(1)</sup> | 0.20 | 0.37 | 0.31 | 0.20 | 0.17 | 0.27 |
| Net Realized and Unrealized Gain (Loss) | (0.68 | 6.54 | 0.76 | (2.35) | 8.34 | 1.29 |
| Total from Operations | (0.48 | 6.91 | 1.07 | (2.15) | 8.51 | 1.56 |
| Dividends and Distributions: |  |  |  |  |  |  |
| Net Investment Income | (0.38) | (0.31) | (0.16) | (0.14) | (0.19) | (0.32) |
| Net Realized Gain | (2.08 | (2.07) | (1.06) | (1.98) | (0.81) | (1.80) |
| Total Dividends and Distributions | (2.46 | (2.38) | (1.22) | (2.12) | (1.00) | (2.12) |
| Net Asset Value, End of Year | $26.75 | $29.69 | $25.16 | $25.31 | $29.58 | $22.07 |
| **Total Return†** | (1.76 | 28.85% | 4.26% | (7.74)% | 39.42% | 6.91% |
| **Ratios and Supplemental Data** |  |  |  |  |  |  |
| Net Assets, End of Year (Thousands) | $117764 | $131124 | $114401 | $124006 | $158921 | $103903 |
| Ratio of Expenses to Average Net Assets | 0.84 | 0.86% | 0.86% | 0.86% | 0.85% | 0.84% |
| Ratio of Expenses to Average Net Assets (Excluding Waivers and Fees Paid Indirectly) | 0.97 | 0.98% | 0.10% | 0.98% | 0.94% | 0.94% |
| Ratio of Net Investment Income to Average Net Assets | 1.44 | 1.34% | 1.23% | 0.76% | 0.61% | 1.27% |
| Portfolio Turnover Rate | 25 | 32% | 51% | 46% | 36% | 87% |

---

---

| | |
|:---|:---|
| *\** | *Annualized* |
| *\*\** | *Portfolio turnover is for the period indicated and has not been annualized.* |
| *†* | *Total return would have been lower had the Adviser not waived a portion of its fee. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.* |
| *(1)* | *Per share data calculated using the average shares method.* |

---

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

**17**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **CAMBIAR OPPORTUNITY FUND** |

---

**FINANCIAL HIGHLIGHTS**

**Selected Per Share Data & Ratios**

 **For a Share Outstanding Throughout Each Year or Period**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** |
|  | | **Year ended October 31,** | **Year ended October 31,** | **Year ended October 31,** | **Year ended October 31,** | **Year ended October 31,** |
|  | **Period** <br> **November 1,**<br>**2024 to**<br>**April 30,**<br>**2025**<br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net Asset Value, Beginning of Year | $29.58 | $25.08 | $25.24 | $29.50 | $22.00 | $22.55 |
| Income (Loss) from Operations: |  |  |  |  |  |  |
| Net Investment Income<sup>(1)</sup> | 0.23 | 0.43 | 0.37 | 0.26 | 0.22 | 0.31 |
| Net Realized and Unrealized Gain (Loss) | (0.68 | 6.50 | 0.75 | (2.35) | 8.32 | 1.28 |
| Total from Operations | (0.45 | 6.93 | 1.12 | (2.09) | 8.54 | 1.59 |
| Dividends and Distributions: |  |  |  |  |  |  |
| Net Investment Income | (0.44) | (0.36) | (0.22) | (0.19) | (0.23) | (0.34) |
| Net Realized Gain | (2.08 | (2.07) | (1.06) | (1.98) | (0.81) | (1.80) |
| Total Dividends and Distributions | (2.52 | (2.43) | (1.28) | (2.17) | (1.04) | (2.14) |
| Net Asset Value, End of Year | $26.61 | $29.58 | $25.08 | $25.24 | $29.50 | $22.00 |
| **Total Return†** | (1.67 | 29.09% | 4.47% | (7.55)% | 39.75% | 7.09% |
| **Ratios and Supplemental Data** |  |  |  |  |  |  |
| Net Assets, End of Year (Thousands) | $250851 | $272767 | $211289 | $160752 | $198332 | $127089 |
| Ratio of Expenses to Average Net Assets | 0.65 | 0.65% | 0.65% | 0.65% | 0.65% | 0.65% |
| Ratio of Expenses to Average Net Assets (Excluding Waivers, Expense Reimbursements and Fees Paid Indirectly) | 0.78 | 0.77% | 0.79% | 0.77% | 0.74% | 0.75% |
| Ratio of Net Investment Income to Average Net Assets | 1.63 | 1.55% | 1.44% | 0.97% | 0.81% | 1.45% |
| Portfolio Turnover Rate | 25 | 32% | 51% | 46% | 36% | 87% |

---

---

| | |
|:---|:---|
| *\** | *Annualized* |
| *\*\** | *Portfolio turnover is for the period indicated and has not been annualized.* |
| *†* | *Total return would have been lower had the Adviser not waived a portion of its fee. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.* |
| *(1)* | *Per share data calculated using the average shares method.* |

---

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

**18**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **CAMBIAR SMID FUND** |

---

**FINANCIAL HIGHLIGHTS**

**Selected Per Share Data & Ratios**

 **For a Share Outstanding Throughout Each Year or Period**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Investor Class Shares** | **Investor Class Shares** | **Investor Class Shares** | **Investor Class Shares** | **Investor Class Shares** | **Investor Class Shares** |
|  | | **Year ended October 31,** | **Year ended October 31,** | **Year ended October 31,** | **Year ended October 31,** | **Year ended October 31,** |
|  | **Period** <br> **November 1,**<br>**2024 to**<br>**April 30,**<br>**2025**<br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net Asset Value, Beginning of Year | $24.57 | $21.09 | $21.00 | $24.96 | $17.43 | $18.78 |
| Income (Loss) from Operations: |  |  |  |  |  |  |
| Net Investment Income<sup>(1)</sup> | 0.15 | 0.18 | 0.19 | 0.18 | 0.21 | 0.13 |
| Net Realized and Unrealized Gain (Loss) | (2.50 | 3.47 | 0.11 | (1.48) | 7.45 | (0.69) |
| Total from Operations | (2.35 | 3.65 | 0.30 | (1.30) | 7.66 | (0.56) |
| Dividends and Distributions: |  |  |  |  |  |  |
| Net Investment Income | (0.27) | (0.17) | (0.20) | (0.19) | (0.13) | (0.09) |
| Net Realized Gain | (1.10 |  | (0.01) | (2.47) |  | (0.70) |
| Total Dividends and Distributions | (1.37 | (0.17) | (0.21) | (2.66) | (0.13) | (0.79) |
| Redemption Fees<sup>(1)</sup> | 0.00 | 0.00<sup>(2)</sup> | 0.00<sup>(2)</sup> |  | 0.00<sup>(2)</sup> |  |
| Net Asset Value, End of Year | $20.85 | $24.57 | $21.09 | $21.00 | $24.96 | $17.43 |
| **Total Return†** | (9.99 | 17.31% | 1.38% | (5.74)% | 44.07% | (3.42)% |
| **Ratios and Supplemental Data** |  |  |  |  |  |  |
| Net Assets, End of Year (Thousands) | $61550 | $110896 | $117766 | $103824 | $124536 | $53396 |
| Ratio of Expenses to Average Net Assets | 0.96 | 0.96% | 0.93% | 0.92% | 0.93% | 0.95% |
| Ratio of Expenses to Average Net Assets (Excluding Waivers and Fees Paid Indirectly) | 1.17 | 1.12% | 1.11% | 1.09% | 1.07% | 1.20% |
| Ratio of Net Investment Income to Average Net Assets | 1.26 | 0.73% | 0.87% | 0.81% | 0.87% | 0.76% |
| Portfolio Turnover Rate | 20 | 12% | 38% | 34% | 52% | 82% |

---

---

| | |
|:---|:---|
| *\** | *Annualized* |
| *\*\** | *Portfolio turnover is for the period indicated and has not been annualized.* |
| *†* | *Total return would have been lower had the Adviser not waived a portion of its fee. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.* |
| *(1)* | *Per share data calculated using the average shares method.* |
| *(2)* | *Amount represents less than $0.005 per share.* |

---

*Amounts designated as "-" are $0 or have been rounded to $0.*

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

**19**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **CAMBIAR SMID FUND** |

---

**FINANCIAL HIGHLIGHTS**

**Selected Per Share Data & Ratios**

 **For a Share Outstanding Throughout Each Year or Period**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** |
|  | | **Year ended October 31,** | **Year ended October 31,** | **Year ended October 31,** | **Year ended October 31,** | **Year ended October 31,** |
|  | **Period** <br> **November 1,**<br>**2024 to**<br>**April 30,**<br>**2025**<br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net Asset Value, Beginning of Year | $24.59 | $21.10 | $21.01 | $24.97 | $17.44 | $18.78 |
| Income (Loss) from Operations: |  |  |  |  |  |  |
| Net Investment Income<sup>(1)</sup> | 0.16 | 0.20 | 0.20 | 0.19 | 0.22 | 0.15 |
| Net Realized and Unrealized Gain (Loss) | (2.50 | 3.48 | 0.11 | (1.48) | 7.45 | (0.69) |
| Total from Operations | (2.34 | 3.68 | 0.31 | (1.29) | 7.67 | (0.54) |
| Dividends and Distributions: |  |  |  |  |  |  |
| Net Investment Income | (0.30) | (0.19) | (0.21) | (0.20) | (0.14) | (0.10) |
| Net Realized Gain | (1.10 |  | (0.01) | (2.47) |  | (0.70) |
| Total Dividends and Distributions | (1.40 | (0.19) | (0.22) | (2.67) | (0.14) | (0.80) |
| Redemption Fees<sup>(1)</sup> | 0.00 | 0.00<sup>(2)</sup> | 0.00<sup>(2)</sup> | 0.00<sup>(2)</sup> | 0.01 |  |
| Net Asset Value, End of Year | $20.85 | $24.59 | $21.10 | $21.01 | $24.97 | $17.44 |
| **Total Return†** | (9.93 | 17.44% | 1.46% | (5.67)% | 44.17% | (3.32)% |
| **Ratios and Supplemental Data** |  |  |  |  |  |  |
| Net Assets, End of Year (Thousands) | $24271 | $51208 | $49799 | $23164 | $25993 | $4745 |
| Ratio of Expenses to Average Net Assets | 0.85 | 0.85% | 0.85% | 0.85% | 0.85% | 0.85% |
| Ratio of Expenses to Average Net Assets (Excluding Waivers and Fees Paid Indirectly) | 1.07 | 1.02% | 1.04% | 1.02% | 0.99% | 1.09% |
| Ratio of Net Investment Income to Average Net Assets | 1.37 | 0.84% | 0.90% | 0.87% | 0.89% | 0.86% |
| Portfolio Turnover Rate | 20 | 12% | 38% | 34% | 52% | 82% |

---

---

| | |
|:---|:---|
| *\** | *Annualized* |
| *\*\** | *Portfolio turnover is for the period indicated and has not been annualized.* |
| *†* | *Total return would have been lower had the Adviser not waived a portion of its fee. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.* |
| *(1)* | *Per share data calculated using the average shares method.* |
| *(2)* | *Amount represents less than $0.005 per share.* |

---

*Amounts designated as "-" are $0 or have been rounded to $0.*

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

**20**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **CAMBIAR SMALL CAP FUND** |

---

**FINANCIAL HIGHLIGHTS**

**Selected Per Share Data & Ratios**

 **For a Share Outstanding Throughout Each Year or Period**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Investor Class Shares** | **Investor Class Shares** | **Investor Class Shares** | **Investor Class Shares** | **Investor Class Shares** | **Investor Class Shares** |
|  | | **Year ended October 31,** | **Year ended October 31,** | **Year ended October 31,** | **Year ended October 31,** | **Year ended October 31,** |
|  | **Period** <br> **November 1,**<br>**2024 to**<br>**April 30,**<br>**2025**<br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net Asset Value, Beginning of Year | $16.60 | $13.61 | $14.48 | $20.95 | $14.93 | $16.61 |
| Income (Loss) from Operations: |  |  |  |  |  |  |
| Net Investment Income (Loss)<sup>(1)</sup> | 0.03 | 0.05 | 0.11 | 0.01 | (0.02) | 0.06 |
| Net Realized and Unrealized Gain (Loss) | (1.11 | 3.10 | (0.91) | (1.30) | 6.10 | (0.94) |
| Total from Operations | (1.08 | 3.15 | (0.80) | (1.29) | 6.08 | (0.88) |
| Dividends and Distributions: |  |  |  |  |  |  |
| Net Investment Income | (0.06) | (0.09) |  |  | (0.06) | (0.08) |
| Net Realized Gain | (0.51 | (0.07) | (0.07) | (5.18) |  | (0.72) |
| Total Dividends and Distributions | (0.57 | (0.16) | (0.07) | (5.18) | (0.06) | (0.80) |
| Redemption Fees<sup>(1)</sup> |  | 0.00<sup>(2)</sup> | 0.00<sup>(2)</sup> | 0.00<sup>(2)</sup> | 0.00<sup>(2)</sup> | 0.00<sup>(2)</sup> |
| Net Asset Value, End of Year | $14.95 | $16.60 | $13.61 | $14.48 | $20.95 | $14.93 |
| **Total Return†** | (6.78 | 23.27% | (5.70)% | (7.36)% | 40.79% | (5.76)% |
| **Ratios and Supplemental Data** |  |  |  |  |  |  |
| Net Assets, End of Year (Thousands) | $21778 | $24200 | $22912 | $33349 | $40967 | $36234 |
| Ratio of Expenses to Average Net Assets | 1.15 | 1.15% | 1.05% | 1.10% | 1.10% | 1.05% |
| Ratio of Expenses to Average Net Assets (Excluding Waivers and Fees Paid Indirectly) | 1.40 | 1.36% | 1.27% | 1.31% | 1.26% | 1.25% |
| Ratio of Net Investment Income (Loss) to Average Net Assets | 0.37 | 0.33% | 0.71% | 0.05% | (0.10)% | 0.41% |
| Portfolio Turnover Rate | 3 | 7% | 48% | 50% | 64% | 70% |

---

---

| | |
|:---|:---|
| *\** | *Annualized* |
| *\*\** | *Portfolio turnover is for the period indicated and has not been annualized.* |
| *†* | *Total return would have been lower had the Adviser not waived a portion of its fee. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.* |
| *(1)* | *Per share data calculated using the average shares method.* |
| *(2)* | *Amount represents less than $0.005 per share.* |

---

*Amounts designated as "-" are $0 or have been rounded to $0.*

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

**21**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **CAMBIAR SMALL CAP FUND** |

---

**FINANCIAL HIGHLIGHTS**

**Selected Per Share Data & Ratios**

 **For a Share Outstanding Throughout Each Year or Period**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** |
|  | | **Year ended October 31,** | **Year ended October 31,** | **Year ended October 31,** | **Year ended October 31,** | **Year ended October 31,** |
|  | **Period** <br> **November 1,**<br>**2024 to**<br>**April 30,**<br>**2025**<br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net Asset Value, Beginning of Year | $17.37 | $14.22 | $15.13 | $21.63 | $15.39 | $17.11 |
| Income (Loss) from Operations: |  |  |  |  |  |  |
| Net Investment Income<sup>(1)</sup> | 0.05 | 0.09 | 0.13 | 0.04 | 0.02 | 0.08 |
| Net Realized and Unrealized Gain (Loss) | (1.17 | 3.25 | (0.94) | (1.36) | 6.30 | (0.97) |
| Total from Operations | (1.12 | 3.34 | (0.81) | (1.32) | 6.32 | (0.89) |
| Dividends and Distributions: |  |  |  |  |  |  |
| Net Investment Income | (0.10) | (0.12) | (0.03) |  | (0.08) | (0.11) |
| Net Realized Gain | (0.51 | (0.07) | (0.07) | (5.18) |  | (0.72) |
| Total Dividends and Distributions | (0.61 | (0.19) | (0.10) | (5.18) | (0.08) | (0.83) |
| Redemption Fees<sup>(1)</sup> |  | 0.00<sup>(2)</sup> | 0.00<sup>(2)</sup> | 0.00<sup>(2)</sup> | 0.00<sup>(2)</sup> | 0.00<sup>(2)</sup> |
| Net Asset Value, End of Year | $15.64 | $17.37 | $14.22 | $15.13 | $21.63 | $15.39 |
| **Total Return†** | (6.71 | 23.59% | (5.42)% | (7.21)% | 41.18% | (5.64)% |
| **Ratios and Supplemental Data** |  |  |  |  |  |  |
| Net Assets, End of Year (Thousands) | $40849 | $66621 | $71311 | $38858 | $55691 | $42012 |
| Ratio of Expenses to Average Net Assets | 0.90 | 0.90% | 0.90% | 0.90% | 0.90% | 0.90% |
| Ratio of Expenses to Average Net Assets (Excluding Waivers and Fees Paid Indirectly) | 1.14 | 1.11% | 1.12% | 1.11% | 1.07% | 1.10% |
| Ratio of Net Investment Income to Average Net Assets | 0.59 | 0.58% | 0.81% | 0.26% | 0.08% | 0.55% |
| Portfolio Turnover Rate | 3 | 7% | 48% | 50% | 64% | 70% |

---

---

| | |
|:---|:---|
| *\** | *Annualized* |
| *\*\** | *Portfolio turnover is for the period indicated and has not been annualized.* |
| *†* | *Total return would have been lower had the Adviser not waived a portion of its fee. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.* |
| *(1)* | *Per share data calculated using the average shares method.* |
| *(2)* | *Amount represents less than $0.005 per share.* |

---

*Amounts designated as "-" are $0 or have been rounded to $0.*

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

**22**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **CAMBIAR INTERNATIONAL EQUITY FUND** |

---

**FINANCIAL HIGHLIGHTS**

**Selected Per Share Data & Ratios**

 **For a Share Outstanding Throughout Each Year or Period**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Investor Class Shares** | **Investor Class Shares** | **Investor Class Shares** | **Investor Class Shares** | **Investor Class Shares** | **Investor Class Shares** |
|  | | **Year ended October 31,** | **Year ended October 31,** | **Year ended October 31,** | **Year ended October 31,** | **Year ended October 31,** |
|  | **Period** <br> **November 1,**<br>**2024 to**<br>**April 30,**<br>**2025**<br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net Asset Value, Beginning of Year | $26.96 | $22.20 | $20.37 | $28.06 | $22.33 | $26.26 |
| Income (Loss) from Operations: |  |  |  |  |  |  |
| Net Investment Income<sup>(1)</sup> | 0.24 | 0.36 | 0.25 | 0.29 | 0.34 | 0.21 |
| Net Realized and Unrealized Gain (Loss) | 1.51 | 4.82 | 2.16 | (7.61) | 5.70 | (3.23) |
| Total from Operations | 1.75 | 5.18 | 2.41 | (7.32) | 6.04 | (3.02) |
| Dividends and Distributions: |  |  |  |  |  |  |
| Net Investment Income | (0.40 | (0.42) | (0.58) | (0.37) | (0.31) | (0.91) |
| Total Dividends and Distributions | (0.40 | (0.42) | (0.58) | (0.37) | (0.31) | (0.91) |
| Redemption Fees<sup>(1)</sup> |  |  |  | 0.00<sup>(2)</sup> | 0.00<sup>(2)</sup> | 0.00<sup>(2)</sup> |
| Net Asset Value, End of Year | $28.31 | $26.96 | $22.20 | $20.37 | $28.06 | $22.33 |
| **Total Return†** | 6.65 | 23.53% | 11.85% | (26.42)% | 27.13% | (12.07)% |
| **Ratios and Supplemental Data** |  |  |  |  |  |  |
| Net Assets, End of Year (Thousands) | $81567 | $85792 | $85 | $115167 | $205317 | $194941 |
| Ratio of Expenses to Average Net Assets | 1.02 | 1.00% | 9.90% | 0.99% | 0.98% | 1.03% |
| Ratio of Expenses to Average Net Assets (Excluding Waivers and Fees Paid Indirectly) | 1.28 | 1.23% | 1.25% | 1.17% | 1.12% | 1.15% |
| Ratio of Net Investment Income to Average Net Assets | 1.79 | 1.42% | 1.05% | 1.20% | 1.21% | 0.87% |
| Portfolio Turnover Rate | 22 | 38% | 32% | 49% | 61% | 58% |

---

---

| | |
|:---|:---|
| *\** | *Annualized* |
| *\*\** | *Portfolio turnover is for the period indicated and has not been annualized.* |
| *†* | *Total return would have been lower had the Adviser not waived a portion of its fee. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.* |
| *(1)* | *Per share data calculated using the average shares method.* |
| *(2)* | *Amount represents less than $0.005 per share.* |

---

*Amounts designated as "-" are $0 or have been rounded to $0.*

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

**23**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **CAMBIAR INTERNATIONAL EQUITY FUND** |

---

**FINANCIAL HIGHLIGHTS**

**Selected Per Share Data & Ratios**

 **For a Share Outstanding Throughout Each Year or Period**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** |
|  | | **Year ended October 31,** | **Year ended October 31,** | **Year ended October 31,** | **Year ended October 31,** | **Year ended October 31,** |
|  | **Period** <br> **November 1,**<br>**2024 to**<br>**April 30,**<br>**2025**<br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net Asset Value, Beginning of Year | $26.99 | $22.22 | $20.41 | $28.10 | $22.38 | $26.31 |
| Income (Loss) from Operations: |  |  |  |  |  |  |
| Net Investment Income<sup>(1)</sup> | 0.26 | 0.32 | 0.26 | 0.31 | 0.33 | 0.25 |
| Net Realized and Unrealized Gain (Loss) | 1.51 | 4.89 | 2.16 | (7.61) | 5.74 | (3.24) |
| Total from Operations | 1.77 | 5.21 | 2.42 | (7.30) | 6.07 | (2.99) |
| Dividends and Distributions: |  |  |  |  |  |  |
| Net Investment Income | (0.43 | (0.44) | (0.61) | (0.39) | (0.35) | (0.94) |
| Total Dividends and Distributions | (0.43 | (0.44) | (0.61) | (0.39) | (0.35) | (0.94) |
| Redemption Fees<sup>(1)</sup> |  | 0.00<sup>(2)</sup> |  | 0.00<sup>(2)</sup> | 0.00<sup>(2)</sup> | 0.00<sup>(2)</sup> |
| Net Asset Value, End of Year | $28.33 | $26.99 | $22.22 | $20.41 | $28.10 | $22.38 |
| **Total Return†** | 6.72 | 23.68% | 11.86% | (26.32)% | 27.23% | (11.94)% |
| **Ratios and Supplemental Data** |  |  |  |  |  |  |
| Net Assets, End of Year (Thousands) | $44288 | $46721 | $93689 | $200634 | $718480 | $837570 |
| Ratio of Expenses to Average Net Assets | 0.90 | 0.90% | 0.90% | 0.90% | 0.90% | 0.90% |
| Ratio of Expenses to Average Net Assets (Excluding Waivers and Fees Paid Indirectly) | 1.16 | 1.14% | 1.16% | 1.08% | 1.04% | 1.02% |
| Ratio of Net Investment Income to Average Net Assets | 1.91 | 1.25% | 1.11% | 1.25% | 1.19% | 1.02% |
| Portfolio Turnover Rate | 22 | 38% | 32% | 49% | 61% | 58% |

---

---

| | |
|:---|:---|
| *\** | *Annualized* |
| *\*\** | *Portfolio turnover is for the period indicated and has not been annualized.* |
| *†* | *Total return would have been lower had the Adviser not waived a portion of its fee. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.* |
| *(1)* | *Per share data calculated using the average shares method.* |
| *(2)* | *Amount represents less than $0.005 per share.* |

---

*Amounts designated as "-" are $0 or have been rounded to $0.*

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

**24**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND**<br>| **CAMBIAR FUNDS**<br> **APRIL 30, 2025 (UNAUDITED)**<br>|

---

**NOTES TO FINANCIAL STATEMENTS**

**1. Organization:**

The Advisors' Inner Circle Fund (the "Trust") was 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, as an open-end management investment company with 27 portfolios. The financial statements herein are those of the Cambiar Opportunity Fund, Cambiar SMID Fund, Cambiar Small Cap Fund and Cambiar International Equity Fund (collectively the "Funds," individually a "Fund") each of which are diversified Funds. The Opportunity Fund and International Equity Fund seek total return and capital preservation. The SMID Fund and Small Cap Fund seek long-term capital appreciation. The goal of each of the Funds is to provide above-average performance in both rising and falling market periods by investing in stocks that have limited downside risk and positive upside potential. The financial statements of the remaining funds of the Trust are presented separately. The assets of each fund are segregated, and a shareholder's interest is limited to the fund in which shares are held.

&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Significant Accounting Policies:** 

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

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

*Security Valuation —* Securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (except for securities traded on NASDAQ), including securities traded over the counter, are valued at the last quoted sale price on an exchange or market (foreign or domestic) on which they are traded on the 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. Debt obligations with remaining maturities of sixty days or less may be valued at their amortized cost, which approximates market value provided that it is determined the amortized cost continues to approximate fair value. Should existing credit, liquidity or interest rate conditions in the relevant markets and issuer specific circumstances suggest that amortized cost does not approximate fair value, then the amortized cost method may not be used. The prices for foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates.

Securities for which market prices are not "readily available" are valued in accordance with fair value procedures (the "Fair Value Procedures") established by the Adviser and approved by the Trust's Board of Trustees (the "Board"). Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated the Adviser as the "valuation designee" to determine the fair value of securities and other instruments for which no readily available market quotations are available. The Fair Value Procedures are implemented through a Fair Value Committee (the "Committee") of the Adviser. No securities were fair valued by the committee as of April 30, 2025.

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 a Fund calculates its net asset value. The closing prices of such securities may no longer reflect their market value at the time a Fund calculates 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 a Fund calculates net asset value. A Significant Event may relate to a single issuer or to an entire market sector. If the Funds' Adviser 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 a Fund calculates net asset value, it may request that a Committee meeting be called. In addition, the Funds' Administrator monitors price movements among certain selected indices, securities and/or baskets of securities that may be an indicator that the closing prices received earlier from foreign exchanges or markets may not reflect market value at the time a Fund calculates net asset value. If price movements in a monitored index or security exceed levels established by the Administrator, the Administrator notifies the Adviser if a Fund is holding the relevant security that such limits have been exceeded. In such event, the Adviser makes the determination whether a Committee meeting should be called based on the information provided.

The Cambiar International Equity Fund uses Intercontinental Exchange Data Pricing & Reference Data, LLC. ("ICE") as a third party fair valuation vendor. ICE provides a fair value for foreign securities held by the Fund 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. market that exceeds a specific threshold that has been established by the Committee. The Committee has also established 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 Cambiar International Equity Fund values the non-U.S. securities in its portfolio 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 the Fund's Administrator and requests that a meeting of the Committee be held. As of April 30, 2025, the Cambiar International Equity Fund total market value of securities that were fair valued by the Committee were $0 or 0.0% of Net Assets.

**25**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND**<br>| **CAMBIAR FUNDS**<br> **APRIL 30, 2025 (UNAUDITED)**<br>|

---

If a local market in which the Fund owns securities is closed for one or more days, the Cambiar International Equity Fund shall value all securities held in the 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 GAAP, the Funds disclose the 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 under ASC 820 are described below:

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

● Level 2 — Other significant observable inputs (includes 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 procedure, etc.)

● 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.

*Federal Income Taxes —* It is each Fund's intention to qualify or 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 to distribute substantially all of its income to share-holders. Accordingly, no provision for Federal income taxes has been made in the financial statements.

The Funds evaluate tax positions taken or expected to be taken in the course of preparing the Funds' 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 Funds 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 tax year ends, as applicable), on-going analysis of and changes to tax laws, regulations and interpretations thereof.

The Cambiar International Equity Fund may be subject to taxes imposed by countries in which they invest. Such taxes are generally based on either income or gains earned or repatriated. The Funds accrue and apply such taxes to net investment income, net realized gains and net unrealized gains as income and/or capital gains are earned.

As of April 30 2025, the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. During the period ended April 30, 2025, the Funds did not incur any interest or penalties.

*Security Transactions and Investment Income —* Security transactions are accounted for on trade date for financial reporting purposes. Dividend income is recorded on the ex-dividend date and interest income is recognized on the accrual basis. Costs used in determining realized gains and losses on the sales of investment securities are based on specific identification.

**26**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND**<br>| **CAMBIAR FUNDS**<br> **APRIL 30, 2025 (UNAUDITED)**<br>|

---

*Cash Equivalents —* Idle cash and currency balances may be swept into various overnight sweep accounts and are classified as cash equivalents on the Statement of Assets and Liabilities. Funds maintain cash in bank deposit accounts which, at times, may exceed United States federally insured limits. Amounts swept are available on the next business day.

*Foreign Currency Translation —* The books and records of the Funds 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 Funds do not isolate that portion of realized or unrealized gains and losses resulting from changes in the foreign exchange rate from fluctuations arising from changes in the market prices of the securities. These gains and losses are included in net realized and gains and losses on investments and net change in unrealized appreciation (depreciation) on investments on the Statements 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 the investment income and foreign withholding taxes recorded on the Funds' books and the U.S. dollar equivalent amounts actually received or paid.

*Expenses —* Expenses of the Trust which can be directly attributed to a particular Fund are borne by that Fund. Expenses which cannot be directly attributed to a Fund are apportioned among the Funds of the Trust based on the number of funds and/or relative net assets.

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

*Dividends and Distributions to Shareholders —* The Funds will distribute substantially all of their net investment income and net realized capital gains, if any, at least annually. All distributions are recorded on ex-dividend date.

*Redemption Fees —*The Cambiar Opportunity Fund, Cambiar SMID Fund, Cambiar Small Cap Fund and Cambiar International Equity Fund retain a redemption fee of 2.00% on redemptions of capital shares held for less than ninety days. For the period ended April 30, 2025*,* the Funds retained fees of $0, $2,807, $485 and $238, respectively. Such fees are retained by the Funds for the benefit of the remaining shareholders and are recorded as additions to fund capital.

&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Administration, Distribution, Shareholder Servicing, Transfer Agent and Custody Agreements:** 

The Funds and SEI Investments Global Fund Services (the "Administrator") are parties to an Administration Agreement under which the Administrator provides management and administrative services to the Funds. 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 Funds. For the period ended April 30, 2025, the Funds incurred the following fees for these services: $107,111, $32,023, $22,209 and $34,702 for the Cambiar Opportunity Fund, Cambiar SMID Fund, Cambiar Small Cap Fund and Cambiar International Equity Fund, respectively.

The Funds have adopted a shareholder servicing fee plan under which a shareholder servicing fee up to 0.25% of average daily net assets attributable to the Investor Class Shares of the Funds will be paid to the Distributor. The Distributor may perform, or may compensate other service providers for providing, certain shareholder and administrative services. Shareholder servicing fees in excess of 0.25% of average daily net assets are paid by Cambiar Investors, LLC (the "Adviser"). During the period ended April 30, 2025, the Cambiar Opportunity, Cambiar SMID, Cambiar Small Cap and Cambiar International Equity paid $121,287, $45,053, $29,781 and $49,300, for the Investor Shares, respectively, for these services.

Certain officers of the Trust are also officers of the Administrator, which is a wholly-owned subsidiary of SEI Investments Company and/or the Distributor. Such officers are paid no fees by the Trust for serving as officers of the Trust.

A portion of the services provided by the Chief Compliance Officer ("CCO") and his staff, whom 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 have been approved by and are reviewed by the Board. During the period ended April 30, 2025, the Cambiar Opportunity, Cambiar SMID, Cambiar Small Cap and Cambiar International Equity were allocated CCO fees totaling $6,495, $2,126, $1,740 and $2,398, respectively.

SS&C Global Investor & Distribution Solutions, Inc. serves as transfer agent for the Funds under the transfer agency agreement with the Trust. The Funds earn cash management credits which are used to offset transfer agent expenses. During the period ended April 30, 2025, the Cambiar Opportunity, Cambiar SMID, Cambiar Small Cap and Cambiar International Equity earned credits of $6,569, $1,247, $1,174 and $2,009, respectively, which were used to offset transfer agent expenses. These amounts are listed as "Fees Paid Indirectly" on the Statements of Operations.

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

**27**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND**<br>| **CAMBIAR FUNDS**<br> **APRIL 30, 2025 (UNAUDITED)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Investment Advisory Agreements:** 

Under the terms of the investment advisory agreement, the advisory fees for each Fund are as follows:

---

| | |
|:---|:---|
|  | **Advisory Fee** |
| Cambiar Opportunity Fund | 0.60% |
| Cambiar SMID Fund | 0.80% |
| Cambiar Small Cap Fund | 0.85% |
| Cambiar International Equity Fund | 0.90%\* |

---

\* The Fund pays the Adviser a fee at an annual rate of 0.90% on the first $2 billion in assets, 0.80% for assets between $2 billion and $10 billion, and 0.70% for assets over $10 billion.

The Adviser has contractually agreed, through March 1, 2026, to waive a portion of its advisory fees and to assume expenses, which are calculated based on each Fund's average daily net assets, in order to keep net operating expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, non-routine expenses, and shareholder servicing fees) of each Fund from exceeding certain contractual expense limitations. Accordingly, the contractual expense limitations for each Fund are as follows:

---

| | |
|:---|:---|
|  | **Contractual**<br> **Expense**<br>**Limitations**<br>|
| Cambiar Opportunity Fund | 0.65% |
| Cambiar SMID Fund | 0.85% |
| Cambiar Small Cap Fund | 0.90% |
| Cambiar International Equity Fund | 0.90% |

---

Refer to waiver of investment advisory fees on the Statements of Operations for fees waived for the period ended April 30, 2025. In addition, if at any point it becomes unnecessary for the Adviser to reduce fees or make expense reimbursements, the Board may permit the Adviser to retain the difference between the total annual fund operating expenses and the expense caps listed above to recapture all or a portion of its prior fee reductions or reimbursements made during the preceding three-year period. During the period ended April 30, 2025, the Funds did not recoup any previously waived fees.

At April 30, 2025, the amount the Adviser may seek as reimbursement of previously waived fees and reimbursed expenses is as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Period Waived**<br>| **Subject to Repayment until October** **31:**  | **Cambiar Opportunity**<br> **Fund** | **Cambiar** <br> **SMID Fund** | &nbsp;&nbsp;&nbsp; **Cambiar**<br> **Small Cap**<br> **Fund** | **Cambiar International**<br>**Equity Fund** |
| 10/31/22 – 10/31/23 | 2026 | $401498 | $242092 | $185864 | $854956 |
| 10/31/23 – 10/31/24 | 2027 | 475732 | 295068 | 218320 | 581717 |
| 10/31/24 – 10/31/25 | 2028 | 471621 | 275676 | 198144 | 307556 |
|  |  | $1348851 | $812836 | $602328 | $1744229 |

---

&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Investment Transactions:** 

For the period ended April 30, 2025, the Funds made purchases and sales of investment securities other than long-term U.S. Government and short-term securities as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| Cambiar Opportunity Fund | $93883541 | $139482500 |
| Cambiar SMID Fund | 22892211 | 90408461 |
| Cambiar Small Cap Fund | 2617605 | 29296572 |
| Cambiar International Equity Fund | 26829594 | 43342972 |

---

There were no purchases or sales of long-term U.S. Government Securities for any of the Funds.

**28**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND**<br>| **CAMBIAR FUNDS**<br> **APRIL 30, 2025 (UNAUDITED)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Federal Tax Information:** 

The timing and characterization of certain income and capital gains distributions are determined annually in accordance with federal tax regulations which may differ from U.S. GAAP. These book/tax differences may be temporary or permanent in nature. The permanent differences are primarily attributable to reclassification of long term capital gain distributions on REITs, merger adjustments with Great Lakes funds and foreign currency translations. The permanent differences that are credited or charged to Paid-in Capital and Distributable Earnings as of October 31, 2024 is primarily related to merger adjustments with the Great Lakes Funds.

Accordingly, the following reclassifications that have been made to/from the following accounts:

---

| | | |
|:---|:---|:---|
|  | **Accumulated**<br> **Losses** | **Paid-in**<br> **Capital** |
| Cambiar Opportunity Fund | $(339) | $339 |

---

The tax character of dividends and distributions declared during the last two fiscal years ended October 31, were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Ordinary**<br>**Income** | **Long - Term**<br>**Capital Gain** | **Total**  |
| Cambiar Opportunity Fund |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | $8904731 | $22351843 | $31256574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 2591075 | 11850120 | 14441195 |
| Cambiar SMID Fund |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 1351864 |  | 1351864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 1143279 | 34837 | 1178116 |
| Cambiar Small Cap Fund |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 996362 | 256514 | 1252876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 202839 | 251192 | 454031 |
| Cambiar International Equity Fund |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 3015266 |  | 3015266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | 7903161 |  | 7903161 |

---

As of October 31, 2024, the components of Distributable Earnings (Accumulated Losses) on a tax basis were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Cambiar**<br> **Opportunity**<br>**Fund** | **Cambiar SMID**<br>**Fund** | **Cambiar Small**<br>**Cap Fund** | **Cambiar**<br> **International**<br>**Equity Fund**  |
| Undistributed Ordinary Income | $9953721 | $2395865 | $1907507 | $1859861 |
| Undistributed Long-Term Capital Gain | 22986084 | 4897871 | 1289356 |  |
| Capital Loss Carryforwards |  |  |  | (64543543) |
| Net Unrealized Appreciation | 103381595 | 27030777 | 13772132 | 14652243 |
| Other Temporary Differences | (10) | – | – | 1 |
| Total Distributable Earnings (Accumulated Losses) | $136321390 | $34324513 | $16968995 | $(48031438) |

---

As of October 31, 2024, the following Funds have capital losses carried forward as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Short-Term** <br> **Loss** | **Long-Term** <br> **Loss** | **Total Post-**<br> **Enactment**<br> **Capital Loss**<br>**Carryforwards** |
| Cambiar International Equity Fund | $64543543 | $– $| 64543543 |

---

During the year ended October 31, 2024, the following funds utilized the prior year capital loss carryforward:

---

| | | | |
|:---|:---|:---|:---|
|  | **Short-Term**<br> **Loss** | **Long-Term**<br>**Loss** | **Total Post-**<br> **Enactment**<br> **Capital Loss** <br> **Carryforwards** |
| Cambiar Opportunity Fund | $295943 | $– $| 295943 |
| Cambiar SMID Fund | 456757 | – | 456757 |
| Cambiar International Equity Fund | 17814997 | – | 17814997 |

---

**29**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND**<br>| **CAMBIAR FUNDS**<br> **APRIL 30, 2025 (UNAUDITED)**<br>|

---

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Funds' net unrealized appreciation/(depreciation) difference is attributable primarily to wash sales.

The Federal tax cost and aggregate gross unrealized appreciation and depreciation on investments for Federal income tax purposes at April 30, 2025, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Federal Tax** <br> **Cost** | **Aggregate**<br> **Gross**<br> **Unrealized**<br>**Appreciation**  | **Aggregate**<br> **Gross**<br> **Unrealized** <br> **Depreciation** | **Net Unrealized**<br>**Appreciation** |
| Cambiar Opportunity Fund | $307702476 | $76925270 | $(16683222) | $60242048 |
| Cambiar SMID Fund | 82037722 | 14537980 | (10613887) | 3924093 |
| Cambiar Small Cap Fund | 56876938 | 12898287 | (7097740) | 5800547 |
| Cambiar International Equity Fund | 98379321 | 27326419 | (5358297) | 21968122 |

---

&nbsp;&nbsp;&nbsp;&nbsp;**7.** **Concentrated Risks:** 

As with all mutual funds, a shareholder is subject to the risk that his or her investment could lose money. A Fund share is not a bank deposit and is not insured or guaranteed by the FDIC or any other government agency. You should consider your investment goals, time horizon, and risk tolerance before investing in the Fund. The principal risk factors affecting shareholders' investments in the Fund are set forth below.

Equity Risk — (Cambiar Opportunity Fund, Cambiar SMID Fund, Cambiar Small Cap Fund and Cambiar International Equity Fund) — Since its purchases equity securities, the Fund is subject to the risk that stock prices may fall over short or extended periods of time. Historically, the equity markets have moved in cycles, and the value of the Fund's equity securities may fluctuate significantly 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, and hence, the Fund, may suffer a decline in response. Portfolio securities may be traded over-the-counter or listed on an exchange.

Market Risk — (Cambiar Opportunity Fund, Cambiar SMID Fund, Cambiar Small Cap Fund and Cambiar International Equity Fund) — A number of factors can affect financial markets generally, which in turn, can impact the value of the Fund's investments. Economic considerations such as GDP growth, interest rates, inflation, monetary and fiscal policy, trade policy and tariffs, barriers to capital formation and reinvestment, market instability, and budgetary deficits are key considerations in how overall markets perform. Political factors, including elections and political instability and unrest, foreign or domestic, can affect the extent to which investors choose to participate in financial markets. In addition, the impact of any epidemic, pandemic or natural disaster, or widespread fear that such events may occur, could negatively affect the global economy, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the markets in general in significant and unforeseeable 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.

Value Investing Risk — (Cambiar Opportunity Fund, Cambiar SMID Fund, Cambiar Small Cap Fund and Cambiar International Equity Fund) — The Fund is an actively managed mutual fund that pursues a "value" style of investing. Value investing focuses on companies whose stock appears undervalued in light of factors such as the company's earnings, book value, revenues or cash flow. If the Adviser's assessment of market conditions, or a company's value or prospects for meeting or exceeding earnings expectations is inaccurate, the Fund may not achieve its intended results and could suffer losses or produce poor performance relative to other funds or market benchmarks. In addition, "value stocks" can continue to be undervalued by the market for long periods of time, and may never achieve the Adviser's expected valuation.

Foreign Company Risk — Cambiar International Equity Fund — Because the Fund invests in foreign securities, including securities denominated in foreign currencies and ADRs, it will be subject to certain risks not typically associated with domestic securities. Foreign investments, especially investments in emerging markets, can be riskier and more volatile than investments in the United States, because of, among other things, unstable political and economic conditions, sovereign solvency considerations, and less developed and more thinlytraded securities markets. Adverse political and economic developments or changesin the value of foreign currency can make it more difficult for the Fund to sell its securities and could reduce the value of your shares. Securities of foreign companies may not be registered with the U.S. Securities and Exchange Commission (the "SEC").

Foreign Currency Risk — Cambiar International Equity Fund — Fund investments in foreign currencies and securities denominated in foreign currencies are subject to currency risk. As a result, the value of securities denominated in foreign currencies can change significantly when foreign currencies strengthen or weaken relative to the U.S. dollar. Additionally, the value of the Fund's assets measured in U.S. dollars may be affected by exchange control regulations. The Fund will generally incur transaction costs in connection with conversions between various currencies which will negatively impact performance. ADRs indirectly bear currency risk because they represent an interest in securities that are not denominated in U.S. dollars.

**30**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND**<br>| **CAMBIAR FUNDS**<br> **APRIL 30, 2025 (UNAUDITED)**<br>|

---

Emerging Markets Risk — Cambiar International Equity Fund — Investments in emerging markets securities are considered speculative and subject to heightened risks in addition to the general risks of investing in foreign 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. In addition, the securities markets of emerging market countries may consist of 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, 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.

Small-Capitalization Company Risk — Cambiar Small Cap Fund — The Fund is also subject to the risk that small capitalization stocks may underperform other segments of the equity market or the equity market as a whole. Small-capitalization companies may be more vulnerable to adverse corporate, business or economic events than larger, more established companies. In particular, investments in these small-sized companies may pose additional risks, including liquidity risk, because these companies tend to have limited product lines, markets and financial resources, may incur higher borrowing costs, and may depend upon a relatively small management team. Therefore, small-cap stocks may be more volatile than those of larger companies. Portfolio securities may be traded over-the-counter or listed on an exchange.

Small- and Mid-Capitalization Company Risk — Cambiar SMID Fund — The Fund is also subject to the risk that small- and mid-capitalization stocks may underperform other segments of the equity market or the equity market as a whole. Small- and mid-capitalization companies may be more vulnerable to adverse corporate, business or economic events than larger, more established companies. In particular, investments in smaller companies may pose additional risks, including liquidity risk, because these companies tend to have more limited product lines, markets and financial resources, may incur higher borrowing costs, and may depend upon a relatively small management team. Therefore, stocks of smaller companies may be more volatile than those of larger companies. Portfolio securities may be traded overthe- counter or listed on an exchange.

&nbsp;&nbsp;&nbsp;&nbsp;**8.** **Indemnifications** 

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

&nbsp;&nbsp;&nbsp;&nbsp;**9.** **Line of Credit:** 

The Funds entered into an agreement on July 29, 2024, which enables them to participate in a $100 million uncommitted, secured, revolving line of credit with the Custodian. The agreement expires on July 28, 2025. The proceeds from the borrowings shall be used to provide temporary liquidity to the Funds as necessary in order to meet shareholder redemption needs. Interest is charged to the Funds based on the outstanding principal balance of the borrowings at an annual rate equal to the Custodian's then current prime-lending rate. The Funds' holdings serve as collateral against any borrowings under the line of credit.

Borrowing activity for the period ended April 30, 2025, was the following:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund**<br>| &nbsp;&nbsp;&nbsp; **Maximum Amount**<br>**of Line of Credit** | &nbsp;&nbsp;&nbsp; **Interest**<br>**Expense** | **Average**<br>**Rate** | &nbsp;&nbsp;&nbsp;&nbsp; **Average**<br>**Borrowing** | &nbsp;&nbsp; **Number of Days on** <br> **Loan** | **Maximum Amount** <br> **Outstanding** |
| Cambiar Opportunity Fund | $100000000 | $419 | 7.50% | $502500 | 4 | $1850000 |
| Cambiar SMID Fund | 100000000 | 2609 | 7.55 | 817533 | 15 | 3239000 |
| Cambiar Small Cap Fund | 100000000 | 113 | 8.44 | 1384250 | 16 | 4187000 |
| Cambiar International Equity Fund | 100000000 | 1 | 7.75 | 5000 | 1 | 50000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;**10.** **Concentration of Shareholders:** 

At April 30, 2025, the percentage of total shares outstanding held by shareholders for each Fund, which are comprised of an omnibus account that are held on behalf of various individual shareholders, was as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **No. of**<br>**Shareholders**<br>| **% of Ownership** |
| Cambiar Opportunity Fund, Investor Class | 3 | 68% |
| Cambiar Opportunity Fund, Institutional Class | 4 | 60% |
| Cambiar SMID Fund, Investor Class | 1 | 78% |
| Cambiar SMID Fund, Institutional Class | 3 | 72% |
| Cambiar Small Cap Fund, Investor Class | 3 | 58% |
| Cambiar Small Cap Fund, Institutional Class | 3 | 73% |
| Cambiar International Equity Fund, Investor Class | 2 | 80% |
| Cambiar International Equity Fund, Institutional Class | 2 | 61% |

---

**31**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND**<br>| **CAMBIAR FUNDS**<br> **APRIL 30, 2025 (UNAUDITED)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;**11.** **Fund Merger:** 

At a meeting held on May 23, 2022, the Trust's Board considered a proposal for the reorganization three series of the Managed Portfolio Series trust (the "Acquired Funds") into two series of the Trust managed by Cambiar (the "Acquiring Funds"). Specifically, the Board approved the reorganization of the Great Lakes Large Cap Value Fund and the Great Lakes Disciplined Equity Fund into the Cambiar Opportunity Fund, and the Great Lakes Small Cap Opportunity Fund into the Cambiar Small Cap Fund (together, the "Reorganization"). The investment objectives of the Acquired Funds were to seek total return, while the Cambiar Opportunity Fund's investment objective is to seek total return and capital preservation, and the Cambiar Small Cap Fund seeks long-term appreciation. The principal investment strategies of the Acquired Funds and Acquiring Funds shared a number of similarities.

The Board of Trustees of the Managed Portfolio Series trust determined that the Reorganization was in the best interest of the Acquired Funds' shareholders and approved an Agreement and Plan of Reorganization (the "Plan of Reorganization"), which was subsequently approved by the Trust's Board on May 23, 2022. The transfer of shareholder assets under the Reorganization was tax-free, meaning that neither the shareholders of the Acquired Funds nor the Acquiring Funds realized any gains or losses for federal income tax purposes as a result of the transaction. The Reorganization occurred following the close of business on December 9, 2022, whereby the assets and the stated liabilities of the Acquired Funds were transferred to the corresponding Acquiring Funds.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Acquired Fund | Cash | Security Shares as Cost | Income | Unrealized Appreciation/<br> (Depreciation) on<br> Investments | Net Assets |
| Great Lakes Large Cap Value Fund | $3328076 | $22855306 | $58535 | $5008613 | $31250530 |
| Great Lakes Disciplined Equity Fund | 85202 | 11377712 | 15507 | (135223) | 11343198 |

---

---

| | | | |
|:---|:---|:---|:---|
| Acquiring Fund | Shares Issued | Net Assets Prior to Merger | Net Assets After<br>Merger |
| Cambiar Opportunity Fund | 1709251 | $288715572 | $331309300 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Acquired Fund | Cash | Security Shares at Cost | Income | &nbsp;&nbsp; Unrealized Appreciation/<br> (Depreciation) on<br> Investments | Net Assets |
| Great Lakes Small Cap Opportunity Fund | $6597283 | $18084040 | $18400 | $(1115262) | $23584461 |

---

---

| | | | |
|:---|:---|:---|:---|
| Acquiring Fund | Shares Issued | Net Assets Prior to Merger | Net Assets After<br>Merger |
| Cambiar Small Cap Fund | 1548863 | $72877526 | $96461987 |

---

&nbsp;&nbsp;&nbsp;&nbsp;**12.** **Recent Accounting Pronouncement:** 

In this reporting period, the Funds adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the new standard impacted financial statement disclosures only and did not affect each Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The management of the Funds' Adviser acts as each Fund's CODM. Each Fund represents a single operating segment, as the CODM monitors the operating results of each Fund as a whole and each Fund's long-term strategic asset allocation is pre-determined in accordance with each Fund's single investment objective which is executed by each Fund's portfolio managers. The financial information in the form of each Fund's schedule of investments, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment's performance versus each Fund's comparative benchmarks and to make resource allocation decisions for each Fund's single segment, is consistent with that presented within each Fund's financial statements. Segment assets are reflected on the accompanying Statements of Assets and Liabilities as "total assets" and significant segment expenses are listed on the accompanying Statements of Operations.

**32**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND**<br>| **CAMBIAR FUNDS**<br> **APRIL 30, 2025 (UNAUDITED)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;**13.** **Subsequent Events:** 

The Funds have evaluated the need for additional disclosures (other than what is disclosed in the preceding paragraphs) and/or adjustments resulting from subsequent events through the date the financial statements were issued. Based on this evaluation, no additional disclosures and/or adjustments were required to the financial statements.

**33**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND**<br>| **CAMBIAR FUNDS**<br> **APRIL 30, 2025 (UNAUDITED)**<br>|

---

**OTHER INFORMATION (FORM N-CSR ITEMS 8-11) (UNAUDITED)**

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Not applicable.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

There were no matters submitted to a vote of shareholders during the period covered by this report.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Included within the Statement(s) of Operations of the financial statements.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

The disclosure regarding the Approval of Advisory Agreement is included as part of the financial statements included in Item 7.

Not applicable.

**34**

**NOTES**

**NOTES**

 **NOTES**

**The Cambiar Funds** 

P.O. Box 219009

Kansas City, MO 64121

1-866-777-8227

**Investment Adviser**

Cambiar Investors, LLC

200 Columbine Street

Suite 800

Denver, CO 80206

**Distributor**

SEI Investments Distribution Co.

One Freedom Valley Drive

Oaks, PA 19456

**Administrator**

SEI Investments Global Funds Services

One Freedom Valley Drive

Oaks, PA 19456

**Legal Counsel**

Morgan, Lewis & Bockius, LLP

2222 Market Street

Philadelphia, PA 19103-2921

**Independent Registered Public Accounting Firm**

Ernst & Young LLP

2005 Market Street, Suite 700

Philadelphia, PA 19103

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

CMB-SA-001-2400

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Included under Item 7.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

Included under Item 7.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Included under Item 7.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

Included under Item 7.

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable to open-end management investment companies.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable to open-end management investment companies.

**Item 14. Purchases of Equity Securities by Closed-End Management Company and Affiliated Purchasers.**

Not applicable to open-end management investment companies.

**Item 15. Submission of Matters to a Vote of Security Holders.**

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

**Item 16. Controls and Procedures.**

(a) The Registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the Registrant's disclosure controls and procedures, as defined in Rule 30a-3(c) under the Act (17 CFR § 270.30a-3(c)), as of a date within 90 days of the filing date of the report, are effective based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR § 270.30a-3(b)) and Rule 13a-15(b) or Rule 15d-15(b) under the Securities Exchange Act of 1934 (17 CFR § 240.13a-15(b) or § 240.15d-15(b)).

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

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable to open-end management investment companies.

**Item 18. Recovery of Erroneously Awarded Compensation.**

(a) Not applicable.

(b) Not applicable.

**Item 19. Exhibits.**

(a)(1) Not applicable.

(a)(2) Not applicable.

[(a)(3) A separate certification for the principal executive officer and the principal financial officer of the Registrant, as required by Rule 30a-2(a) under the Act (17 CFR § 270.30a-2(a)), are filed herewith.](fp0094041-1_ex99cert.htm)

(a)(4) Not applicable.

(a)(5) Not applicable.

[(b)&nbsp;&nbsp;&nbsp;&nbsp; Officer certifications, as required by Rule 30a-2(b) under the Act (17 CFR § 270.30a-2(b)), also accompany this filing as exhibits.](fp0094041-1_ex99906cert.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 |
|  | Principal Executive Officer |
| Date: July 7, 2025 |  |

---

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

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ Michael Beattie |
|  | Michael Beattie |
|  | Principal Executive Officer |
| Date: July 7, 2025 |  |

---

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ Andrew Metzger |
|  | Andrew Metzger |
|  | Principal Financial Officer |
| Date: July 7, 2025 |  |

---

## 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-CSRS 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: July 7, 2025 |
| /s/ Michael Beattie |
| Michael Beattie |
| Principal Executive Officer |

---

**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-CSRS 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: July 7, 2025 |
| /s/ Andrew Metzger |
| Andrew Metzger |
| Principal Financial Officer |

---

## 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 Principal Executive Officer of The Advisors' Inner Circle Fund (the "Fund"), with respect to the Fund's Form N-CSRS for the period ended April 30, 2025, 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-CSRS 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-CSRS fairly presents, in all material respects,
 the financial condition and results of operations of the Fund.

---

| | |
|:---|:---|
| Dated: July 7, 2025 |  |
|  | /s/ Michael Beattie |
|  | Michael Beattie |
|  | Principal Executive Officer |

---

**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 Principal Financial Officer of The Advisors' Inner Circle Fund (the "Fund"), with respect to the Fund's Form N-CSRS for the period ended April 30, 2025, 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-CSRS 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-CSRS fairly presents, in all material respects,
 the financial condition and results of operations of the Fund.

---

| | |
|:---|:---|
| Dated: July 7, 2025 |  |
|  | /s/ Andrew Metzger |
|  | Andrew Metzger |
|  | Principal Financial Officer |

---