# EDGAR Filing Document

**Accession Number:** 0000878719
**File Stem:** 0001398344-26-000447
**Filing Date:** 2026-1
**Character Count:** 187031
**Document Hash:** 4edb16291fef55fe3a2213866ca373dd
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-26-000447.hdr.sgml**: 20260109

**ACCESSION NUMBER**: 0001398344-26-000447

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 24

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20260109

**DATE AS OF CHANGE**: 20260109

**EFFECTIVENESS DATE**: 20260109

**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-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-06400
- **FILM NUMBER:** 26521900

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

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

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

## Series and Classes Contracts Data

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

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

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

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

________

**FORM N-CSR**

**________**

**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: October 31, 2025**

**Item 1.** **Reports to Stockholders.**

(a)&nbsp;&nbsp;&nbsp;&nbsp; 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](i493fc71000d2dd4af7179a43.jpg)

## Acadian Emerging Markets Portfolio

## I Class Shares - AEMZX

## Annual Shareholder Report: October 31, 2025
This annual shareholder report contains important information about I Class Shares of the Acadian Emerging Markets Portfolio (the "Fund") for the period from November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://www.acadian-asset.com/emfund. You can also request this information by contacting us at 1-866-AAM-6161 (1-866-226-6161).

## What were the Fund costs for the last year?
(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> |
| Acadian Emerging Markets Portfolio, I Class Shares | $124 | 1.10% |

---

## How did the Fund perform in the last year?
Portfolio Performance Review

For the twelve months ended October 31, 2025, the Acadian Emerging Markets Portfolio I Class returned 25.39% (on a NAV basis), versus 28.69% for the MSCI Emerging Markets Index, a widely followed emerging markets benchmark.

Portfolio Structure

The portfolio was invested in a broad range of emerging companies and markets over the period. The investment process considered both bottom-up company attractiveness and top-down country and industry ratings, combined with benchmark-relative risk controls, to determine individual stock positions.

Significant country overweight positions during the period were United Arab Emirates, Taiwan, and Hungary. The portfolio was generally underweighted relative to the benchmark in India, South Africa, and Kuwait. At the sector level, the portfolio was focused on Communication Services, Information Technology, and Financials, while Materials, Consumer Staples, and Consumer Discretionary were the greatest underweights.

#### How did the Fund perform since inception?

## Total Return Based on $1,000,000 Investment
![Growth Chart](i81e4aa42cc53bdbd52d352a4.jpg)

---

| | | |
|:---|:---|:---|
| | Acadian Emerging Markets Portfolio, I Class Shares | MSCI Emerging Markets Index (USD) (Gross) |
| Oct/16 | $1000000 | $1000000 |
| Oct/17 | $1280132 | $1269080 |
| Oct/18 | $1092890 | $1114412 |
| Oct/19 | $1178827 | $1251404 |
| Oct/20 | $1216571 | $1359275 |
| Oct/21 | $1503785 | $1594903 |
| Oct/22 | $1063753 | $1104824 |
| Oct/23 | $1328354 | $1229223 |
| Oct/24 | $1715571 | $1548166 |
| Oct/25 | $2151136 | $1992274 |

---

Since its inception on October 31, 2016. The line graph represents historical performance of a hypothetical investment of $1,000,000 in the Fund since inception. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. Past performance is not indicative of future performance.Call 1-866-AAM-6161 (1-866-226-6161) or visit https://www.acadian-asset.com/emfund for current month-end performance.

## Average Annual Total Returns as of October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| <u>Fund/Index Name</u> | <u>1 Year</u> | <u>5 Years</u> | <u>Annualized Since Inception</u> |
| Acadian Emerging Markets Portfolio, I Class Shares | 25.39% | 12.07% | 8.88% |
| MSCI Emerging Markets Index (USD) (Gross) | 28.69% | 7.95% | 7.95% |

---

## Key Fund Statistics as of October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| <u>Total Net Assets</u> | <u>Number of Holdings</u> | <u>Total Advisory Fees Paid</u> | <u>Portfolio Turnover Rate</u> |
| $1288277213 | 514 | $9696684 | 75% |

---

## What did the Fund invest in?

### Country Weightings<sup>Footnote Reference \*</sup>
![Holdings Chart](i4aa3ec5d81bc3b8583d1be5c.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Other Countries | 5.9% |
| Short-Term Investment | 0.8% |
| Poland | 1.5% |
| Hungary | 1.6% |
| Thailand | 1.7% |
| South Africa | 2.5% |
| Saudi Arabia | 2.5% |
| United Arab Emirates | 3.0% |
| Brazil | 3.3% |
| Hong Kong | 10.5% |
| South Korea | 13.1% |
| India | 13.7% |
| China | 19.5% |
| Taiwan | 20.9% |

---

---

| | |
|:---|:---|
| 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> |
| Taiwan Semiconductor Manufacturing | 11.5% |
| Tencent Holdings | 4.3% |
| Samsung Electronics | 3.5% |
| SK Hynix | 3.0% |
| Alibaba Group Holding | 2.8% |
| China Construction Bank, Cl H | 2.2% |
| MediaTek | 1.6% |
| OTP Bank Nyrt | 1.6% |
| BOE Technology Group, Cl A | 1.6% |
| NetEase | 1.4% |

---

---

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

---

## Material Fund Changes
There were no material changes during the reporting period.

## 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:

* 1-866-AAM-6161 (1-866-226-6161) 

* https://www.acadian-asset.com/emfund 

## 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-AAM-6161 (1-866-226-6161) 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.

## The Advisors' Inner Circle Fund

## Acadian Emerging Markets Portfolio / I Class Shares - AEMZX

## Annual Shareholder Report: October 31, 2025

## AEMZX-AR-2025
![Image](i493fc71000d2dd4af7179a43.jpg)

# The Advisors' Inner Circle Fund
![Image](i493fc71000d2dd4af7179a43.jpg)

## Acadian Emerging Markets Portfolio

## Investor Class Shares - AEMGX

## Annual Shareholder Report: October 31, 2025
This annual shareholder report contains important information about Investor Class Shares of the Acadian Emerging Markets Portfolio (the "Fund") for the period from November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://www.acadian-asset.com/emfund. You can also request this information by contacting us at 1-866-AAM-6161 (1-866-226-6161).

## What were the Fund costs for the last year?
(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> |
| Acadian Emerging Markets Portfolio, Investor Class Shares | $147 | 1.31% |

---

## How did the Fund perform in the last year?
Portfolio Performance Review

For the twelve months ended October 31, 2025, the Acadian Emerging Markets Portfolio Investor Class returned 25.16% (on a NAV basis), versus 28.69% for the MSCI Emerging Markets Index, a widely followed emerging markets benchmark.

Portfolio Structure

The portfolio was invested in a broad range of emerging companies and markets over the period. The investment process considered both bottom-up company attractiveness and top-down country and industry ratings, combined with benchmark-relative risk controls, to determine individual stock positions.

Significant country overweight positions during the period were United Arab Emirates, Taiwan, and Hungary. The portfolio was generally underweighted relative to the benchmark in India, South Africa, and Kuwait. At the sector level, the portfolio was focused on Communication Services, Information Technology, and Financials, while Materials, Consumer Staples, and Consumer Discretionary were the greatest underweights.

#### How did the Fund perform during the last 10 years?

## Total Return Based on $10,000 Investment
![Growth Chart](i9d45b40b902f0d196a6b6567.jpg)

---

| | | |
|:---|:---|:---|
| | Acadian Emerging Markets Portfolio, Investor Class Shares | MSCI Emerging Markets Index (USD) (Gross) |
| Oct/15 | $10000 | $10000 |
| Oct/16 | $10943 | $10967 |
| Oct/17 | $13990 | $13917 |
| Oct/18 | $11913 | $12221 |
| Oct/19 | $12832 | $13724 |
| Oct/20 | $13222 | $14907 |
| Oct/21 | $16309 | $17491 |
| Oct/22 | $11510 | $12116 |
| Oct/23 | $14344 | $13480 |
| Oct/24 | $18484 | $16978 |
| Oct/25 | $23133 | $21848 |

---

The line graph represents historical performance of a hypothetical investment of $10,000 in the Fund during the last 10 years. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. Past performance is not indicative of future performance.Call 1-866-AAM-6161 (1-866-226-6161) or visit https://www.acadian-asset.com/emfund for current month-end performance.

## Average Annual Total Returns as of October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| <u>Fund/Index Name</u> | <u>1 Year</u> | <u>5 Years</u> | <u>10 Years</u> |
| Acadian Emerging Markets Portfolio, Investor Class Shares | 25.16% | 11.84% | 8.75% |
| MSCI Emerging Markets Index (USD) (Gross) | 28.69% | 7.95% | 8.13% |

---

## Key Fund Statistics as of October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| <u>Total Net Assets</u> | <u>Number of Holdings</u> | <u>Total Advisory Fees Paid</u> | <u>Portfolio Turnover Rate</u> |
| $1288277213 | 514 | $9696684 | 75% |

---

## What did the Fund invest in?

### Country Weightings<sup>Footnote Reference \*</sup>
![Holdings Chart](i4aa3ec5d81bc3b8583d1be5c.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Other Countries | 5.9% |
| Short-Term Investment | 0.8% |
| Poland | 1.5% |
| Hungary | 1.6% |
| Thailand | 1.7% |
| South Africa | 2.5% |
| Saudi Arabia | 2.5% |
| United Arab Emirates | 3.0% |
| Brazil | 3.3% |
| Hong Kong | 10.5% |
| South Korea | 13.1% |
| India | 13.7% |
| China | 19.5% |
| Taiwan | 20.9% |

---

---

| | |
|:---|:---|
| 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> |
| Taiwan Semiconductor Manufacturing | 11.5% |
| Tencent Holdings | 4.3% |
| Samsung Electronics | 3.5% |
| SK Hynix | 3.0% |
| Alibaba Group Holding | 2.8% |
| China Construction Bank, Cl H | 2.2% |
| MediaTek | 1.6% |
| OTP Bank Nyrt | 1.6% |
| BOE Technology Group, Cl A | 1.6% |
| NetEase | 1.4% |

---

---

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

---

## Material Fund Changes
There were no material changes during the reporting period.

## 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:

* 1-866-AAM-6161 (1-866-226-6161) 

* https://www.acadian-asset.com/emfund 

## 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-AAM-6161 (1-866-226-6161) 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.

## The Advisors' Inner Circle Fund

## Acadian Emerging Markets Portfolio / Investor Class Shares - AEMGX

## Annual Shareholder Report: October 31, 2025

## AEMGX-AR-2025
![Image](i493fc71000d2dd4af7179a43.jpg)

# The Advisors' Inner Circle Fund
![Image](i493fc71000d2dd4af7179a43.jpg)

## Acadian Emerging Markets Portfolio

## Y Class Shares - AEMVX

## Annual Shareholder Report: October 31, 2025
This annual shareholder report contains important information about Y Class Shares of the Acadian Emerging Markets Portfolio (the "Fund") for the period from November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://www.acadian-asset.com/emfund. You can also request this information by contacting us at 1-866-AAM-6161 (1-866-226-6161).

## What were the Fund costs for the last year?
(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> |
| Acadian Emerging Markets Portfolio, Y Class Shares | $135 | 1.20% |

---

## How did the Fund perform in the last year?
Portfolio Performance Review

For the twelve months ended October 31, 2025, the Acadian Emerging Markets Portfolio Y Class returned 25.29% (on a NAV basis), versus 28.69% for the MSCI Emerging Markets Index, a widely followed emerging markets benchmark.

Portfolio Structure

The portfolio was invested in a broad range of emerging companies and markets over the period. The investment process considered both bottom-up company attractiveness and top-down country and industry ratings, combined with benchmark-relative risk controls, to determine individual stock positions.

Significant country overweight positions during the period were United Arab Emirates, Taiwan, and Hungary. The portfolio was generally underweighted relative to the benchmark in India, South Africa, and Kuwait. At the sector level, the portfolio was focused on Communication Services, Information Technology, and Financials, while Materials, Consumer Staples, and Consumer Discretionary were the greatest underweights.

#### How did the Fund perform since inception?

## Total Return Based on $100,000 Investment
![Growth Chart](ide2871e85fb88fbe95e94455.jpg)

---

| | | |
|:---|:---|:---|
| | Acadian Emerging Markets Portfolio, Y Class Shares | MSCI Emerging Markets Index (USD) (Gross) |
| Oct/16 | $100000 | $100000 |
| Oct/17 | $128013 | $126908 |
| Oct/18 | $109053 | $111441 |
| Oct/19 | $117659 | $125140 |
| Oct/20 | $121370 | $135928 |
| Oct/21 | $150019 | $159490 |
| Oct/22 | $106046 | $110482 |
| Oct/23 | $132349 | $122922 |
| Oct/24 | $170797 | $154817 |
| Oct/25 | $213994 | $199227 |

---

Since its inception on October 31, 2016. The line graph represents historical performance of a hypothetical investment of $100,000 in the Fund since inception. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. Past performance is not indicative of future performance.Call 1-866-AAM-6161 (1-866-226-6161) or visit https://www.acadian-asset.com/emfund for current month-end performance.

## Average Annual Total Returns as of October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| <u>Fund/Index Name</u> | <u>1 Year</u> | <u>5 Years</u> | <u>Annualized Since Inception</u> |
| Acadian Emerging Markets Portfolio, Y Class Shares | 25.29% | 12.01% | 8.82% |
| MSCI Emerging Markets Index (USD) (Gross) | 28.69% | 7.95% | 7.95% |

---

## Key Fund Statistics as of October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| <u>Total Net Assets</u> | <u>Number of Holdings</u> | <u>Total Advisory Fees Paid</u> | <u>Portfolio Turnover Rate</u> |
| $1288277213 | 514 | $9696684 | 75% |

---

## What did the Fund invest in?

### Country Weightings<sup>Footnote Reference \*</sup>
![Holdings Chart](i4aa3ec5d81bc3b8583d1be5c.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Other Countries | 5.9% |
| Short-Term Investment | 0.8% |
| Poland | 1.5% |
| Hungary | 1.6% |
| Thailand | 1.7% |
| South Africa | 2.5% |
| Saudi Arabia | 2.5% |
| United Arab Emirates | 3.0% |
| Brazil | 3.3% |
| Hong Kong | 10.5% |
| South Korea | 13.1% |
| India | 13.7% |
| China | 19.5% |
| Taiwan | 20.9% |

---

---

| | |
|:---|:---|
| 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> |
| Taiwan Semiconductor Manufacturing | 11.5% |
| Tencent Holdings | 4.3% |
| Samsung Electronics | 3.5% |
| SK Hynix | 3.0% |
| Alibaba Group Holding | 2.8% |
| China Construction Bank, Cl H | 2.2% |
| MediaTek | 1.6% |
| OTP Bank Nyrt | 1.6% |
| BOE Technology Group, Cl A | 1.6% |
| NetEase | 1.4% |

---

---

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

---

## Material Fund Changes
There were no material changes during the reporting period.

## 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:

* 1-866-AAM-6161 (1-866-226-6161) 

* https://www.acadian-asset.com/emfund 

## 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-AAM-6161 (1-866-226-6161) 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.

## The Advisors' Inner Circle Fund

## Acadian Emerging Markets Portfolio / Y Class Shares - AEMVX

## Annual Shareholder Report: October 31, 2025

## AEMVX-AR-2025
![Image](i493fc71000d2dd4af7179a43.jpg)**

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

**Item 2.** **Code of Ethics.**

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

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

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

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

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

Fees billed by PricewaterhouseCoopers LLP ("PwC") related to the Trust.

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **FYE October 31, 2025** | **FYE October 31, 2025** | **FYE October 31, 2025** | **FYE October 31, 2024** | **FYE October 31, 2024** | **FYE October 31, 2024** |
| | | All fees and services to the Trust that were pre-approved | All fees and services to service affiliates that were pre-approved | All other fees and services to service affiliates that did not require pre-approval | All fees and services to the Trust that were pre-approved | All fees and services to service affiliates that were pre-approved | All other fees and services to service affiliates that did not require pre-approval |
| (a) | Audit Fees<sup>(1)</sup><br>| $97277 |  |  | $91274 |  |  |
| (b) | Audit-Related Fees<br>|  |  | $100000 |  |  |  |
| (c) | Tax Fees<br>|  |  | $10000 |  |  |  |
| (d) | All Other Fees<br>|  |  | $2000 |  |  |  |

---

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

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **FYE October 31, 2025** | **FYE October 31, 2025** | **FYE October 31, 2025** | **FYE October 31, 2024** | **FYE October 31, 2024** | **FYE October 31, 2024** |
| | | All fees and services to the Trust that were pre-approved | All fees and services to service affiliates that were pre-approved | All other fees and services to service affiliates that did not require pre-approval | All fees and services to the Trust that were pre-approved | All fees and services to service affiliates that were pre-approved | All other fees and services to service affiliates that did not require pre-approval |
| (a) | Audit Fees<sup>(1)</sup><br>| $587404 |  |  | $539063 |  |  |
| (b) | Audit-Related Fees<br>|  |  |  |  |  |  |
| (c) | Tax Fees<br>|  |  |  |  |  |  |
| (d) | All Other Fees<br>|  |  |  |  |  |  |

---

Fees billed by Cohen & Co. ("Cohen") related to the Trust.

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **FYE October 31, 2025** | **FYE October 31, 2025** | **FYE October 31, 2025** | **FYE October 31, 2024** | **FYE October 31, 2024** | **FYE October 31, 2024** |
| | | All fees and services to the Trust that were pre-approved | All fees and services to service affiliates that were pre-approved | All other fees and services to service affiliates that did not require pre-approval | All fees and services to the Trust that were pre-approved | All fees and services to service affiliates that were pre-approved | All other fees and services to service affiliates that did not require pre-approval |
| (a) | Audit Fees<sup>(1)</sup><br>| $45800 |  |  | $43700 |  |  |
| (b) | Audit-Related Fees<br>|  |  |  |  |  |  |
| (c) | Tax Fees<br>|  |  |  |  |  |  |
| (d) | All Other Fees<br>|  |  |  |  |  |  |

---

Notes:

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) require specific pre-approval;

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

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

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

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

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

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

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

---

| | | |
|:---|:---|:---|
| | **2025** | **2024** |
| Audit-Related Fees  | None | None |
| Tax Fees | None | None |
| All Other Fees  | None | None |

---

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

---

| | | |
|:---|:---|:---|
| | **2025** | **2024** |
| Audit-Related Fees  | None | None |
| Tax Fees | None | None |
| All Other Fees  | None | None |

---

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

---

| | | |
|:---|:---|:---|
| | **2025** | **2024** |
| Audit-Related Fees  | None | None |
| Tax Fees | None | None |
| All Other Fees  | None | None |

---

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

(g)&nbsp;&nbsp;&nbsp;&nbsp; The aggregate non-audit fees and services billed by PwC for services rendered to the Registrant, and rendered to the Registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant for the last two fiscal-years-ended October 31<sup>st</sup> were $112,000 and $0 for 2025 and 2024, respectively.

(g)&nbsp;&nbsp;&nbsp;&nbsp; The aggregate non-audit fees and services billed by E&Y for services rendered to the Registrant, and rendered to the Registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant for the last two fiscal-years-ended October 31<sup>st</sup> were $0 and $0 for 2025 and 2024, respectively.

(g)&nbsp;&nbsp;&nbsp;&nbsp; The aggregate non-audit fees and services billed by Cohen for services rendered to the Registrant, and rendered to the Registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant for the last two fiscal-years-ended October 31<sup>st</sup> were $0 and $0 for 2025 and 2024, respectively.

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

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

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

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

Not applicable to open-end management investment companies.

**Item 6.** **Schedule of Investments.**

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

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

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

Financial statements and financial highlights are filed herein.

![](fp0096584-1_01.jpg)

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **ACADIAN EMERGING MARKETS PORTFOLIO <br> OCTOBER 31, 2025** |

---

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| Financial Statements (Form N-CSR Item 7) |  |
| &nbsp;&nbsp;&nbsp;Schedule of Investments | 1 |
| &nbsp;&nbsp;&nbsp;Statement of Assets and Liabilities | 23 |
| &nbsp;&nbsp;&nbsp;Statement of Operations | 24 |
| &nbsp;&nbsp;&nbsp;Statements of Changes in Net Assets | 25 |
| &nbsp;&nbsp;&nbsp;Financial Highlights | 26 |
| &nbsp;&nbsp;&nbsp;Notes to Financial Statements | 29 |
| Report of Independent Registered Public Accounting Firm | 43 |
| Notice to Shareholders (Unaudited) | 45 |
| Other Information (Form N-CSR Items 8-11) (Unaudited) | 46 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **ACADIAN EMERGING MARKETS PORTFOLIO<br> OCTOBER 31, 2025** |

---

**SCHEDULE OF INVESTMENTS COMMON STOCK — 98.3%**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Brazil — 2.6%** |  |  |
| **Communication Services — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Telefonica Brasil | 415700 | $2492678 |
| &nbsp;&nbsp;&nbsp;TIM | 1077100 | 4857005 |
|  |  | 7349683 |
| **Consumer Discretionary — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Cogna Educacao | 922700 | 641437 |
| &nbsp;&nbsp;&nbsp;Guararapes Confeccoes | 32100 | 59845 |
| &nbsp;&nbsp;&nbsp;Lojas Renner | 82100 | 225853 |
| &nbsp;&nbsp;&nbsp;Ser Educacional | 104673 | 197674 |
|  |  | 1124809 |
| **Consumer Staples — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;JBS NV \* | 367673 | 4861120 |
| &nbsp;&nbsp;&nbsp;Seara Alimentos \* (A) | 911 |  |
|  |  | 4861120 |
| **Energy — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Petroleo Brasileiro ADR | 98270 | 1143863 |
| &nbsp;&nbsp;&nbsp;Ultrapar Participacoes | 512100 | 2040804 |
|  |  | 3184667 |
| **Financials — 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Banco Bradesco ADR | 3228052 | 10910816 |
| &nbsp;&nbsp;&nbsp;Banco BTG Pactual | 224000 | 2038086 |
| &nbsp;&nbsp;&nbsp;Itau Unibanco Holding ADR | 77768 | 572373 |
| &nbsp;&nbsp;&nbsp;Nova Embrapar Participacoes \* (A) | 854 |  |
| &nbsp;&nbsp;&nbsp;Pagseguro Digital, Cl A | 205551 | 1971234 |
| &nbsp;&nbsp;&nbsp;XP, Cl A | 33143 | 603866 |
|  |  | 16096375 |
| **Health Care — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Profarma Distribuidora de Produtos Farmaceuticos | 22200 | 34414 |
| **Industrials — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Tegma Gestao Logistica | 18600 | 126018 |
| &nbsp;&nbsp;&nbsp;Valid Solucoes | 15900 | 65669 |
|  |  | 191687 |
| **Information Technology — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;TOTVS | 45400 | 375608 |
| **Utilities — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Light S \* | 11345 | 11957 |
| TOTAL BRAZIL |  | 33230320 |

---

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

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **ACADIAN EMERGING MARKETS PORTFOLIO<br> OCTOBER 31, 2025** |

---

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Chile — 0.2%** |  |  |
| **Consumer Discretionary — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Empresas Copec | 6336 | $45301 |
| &nbsp;&nbsp;&nbsp;Falabella | 396282 | 2486879 |
|  |  | 2532180 |
| **Financials — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Banco Santander Chile | 3913293 | 283029 |
| TOTAL CHILE |  | 2815209 |
| **China — 19.5%** |  |  |
| **Communication Services — 5.4%** |  |  |
| &nbsp;&nbsp;&nbsp;37 Interactive Entertainment Network Technology Group, Cl A | 104200 | 304234 |
| &nbsp;&nbsp;&nbsp;Autohome ADR | 139450 | 3514140 |
| &nbsp;&nbsp;&nbsp;G-bits Network Technology Xiamen, Cl A | 91489 | 6080567 |
| &nbsp;&nbsp;&nbsp;Giant Network Group, Cl A | 138900 | 685179 |
| &nbsp;&nbsp;&nbsp;JOYY ADR | 32859 | 1948867 |
| &nbsp;&nbsp;&nbsp;Newborn Town \* | 114000 | 154978 |
| &nbsp;&nbsp;&nbsp;Tencent Holdings | 685800 | 55706000 |
| &nbsp;&nbsp;&nbsp;Tencent Music Entertainment Group ADR | 19628 | 438097 |
| &nbsp;&nbsp;&nbsp;Weibo ADR | 16758 | 182327 |
|  |  | 69014389 |
| **Consumer Discretionary — 4.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Atour Lifestyle Holdings ADR | 31381 | 1222604 |
| &nbsp;&nbsp;&nbsp;ATRenew ADR \* | 27361 | 105887 |
| &nbsp;&nbsp;&nbsp;Autel Intelligent Technology, Cl A | 107664 | 583285 |
| &nbsp;&nbsp;&nbsp;Dongfeng Motor Group, Cl H \* | 1762000 | 2131532 |
| &nbsp;&nbsp;&nbsp;Ecovacs Robotics, Cl A | 97977 | 1231928 |
| &nbsp;&nbsp;&nbsp;Guangdong Chj Industry, Cl A | 214300 | 408316 |
| &nbsp;&nbsp;&nbsp;Guangdong Vanward New Electric, Cl A | 58600 | 95177 |
| &nbsp;&nbsp;&nbsp;Guangzhou Ruoyuchen | 47600 | 276274 |
| &nbsp;&nbsp;&nbsp;Huayu Automotive Systems, Cl A | 887600 | 2549016 |
| &nbsp;&nbsp;&nbsp;Li Ning | 210000 | 456586 |
| &nbsp;&nbsp;&nbsp;Loncin Motor, Cl A | 2844231 | 5445001 |
| &nbsp;&nbsp;&nbsp;Nexteer Automotive Group | 194000 | 168169 |
| &nbsp;&nbsp;&nbsp;Niu Technologies ADR \* | 12771 | 53638 |
| &nbsp;&nbsp;&nbsp;PDD Holdings ADR \* | 118806 | 16023365 |
| &nbsp;&nbsp;&nbsp;Pop Mart International Group | 316800 | 9011417 |
| &nbsp;&nbsp;&nbsp;SAIC Motor, Cl A | 3321045 | 7770218 |
| &nbsp;&nbsp;&nbsp;Shenzhen VMAX New Energy Group, Cl A | 118366 | 603163 |
| &nbsp;&nbsp;&nbsp;TCL Electronics Holdings | 213000 | 252898 |
| &nbsp;&nbsp;&nbsp;Vatti, Cl A | 25800 | 23178 |
| &nbsp;&nbsp;&nbsp;Vipshop Holdings ADR | 563891 | 9862454 |
| &nbsp;&nbsp;&nbsp;Youdao ADR \* | 2695 | 28271 |

---

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

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **ACADIAN EMERGING MARKETS PORTFOLIO<br> OCTOBER 31, 2025** |

---

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **China — (continued)** |  |  |
| **Consumer Discretionary — (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Zhejiang Semir Garment, Cl A | 995696 | $756938 |
| &nbsp;&nbsp;&nbsp;Zhejiang Taotao Vehicles, Cl A | 16900 | 564019 |
|  |  | 59623334 |
| **Consumer Staples — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Chenguang Biotech Group, Cl A | 201700 | 379097 |
| &nbsp;&nbsp;&nbsp;JD Health International \* | 179650 | 1402338 |
| &nbsp;&nbsp;&nbsp;Opple Lighting, Cl A | 43000 | 105150 |
|  |  | 1886585 |
| **Energy — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Yantai Jereh Oilfield Services Group, Cl A | 193500 | 1359765 |
| **Financials — 5.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Agricultural Bank of China, Cl H | 10300000 | 7857640 |
| &nbsp;&nbsp;&nbsp;China Construction Bank, Cl H | 27998715 | 27719897 |
| &nbsp;&nbsp;&nbsp;China Life Insurance, Cl H | 2840000 | 8955920 |
| &nbsp;&nbsp;&nbsp;China Merchants Bank, Cl H | 1977500 | 12396030 |
| &nbsp;&nbsp;&nbsp;Chongqing Rural Commercial Bank, Cl H | 818018 | 672685 |
| &nbsp;&nbsp;&nbsp;GF Securities, Cl H | 72400 | 174789 |
| &nbsp;&nbsp;&nbsp;Huatai Securities, Cl H | 1767400 | 4443401 |
| &nbsp;&nbsp;&nbsp;Industrial & Commercial Bank of China, Cl H | 3453000 | 2675381 |
| &nbsp;&nbsp;&nbsp;Lufax Holding ADR \* | 227413 | 709529 |
| &nbsp;&nbsp;&nbsp;New China Life Insurance, Cl H | 105800 | 668615 |
| &nbsp;&nbsp;&nbsp;Postal Savings Bank of China, Cl H | 11226000 | 7909963 |
| &nbsp;&nbsp;&nbsp;Qifu Technology ADR | 23786 | 574432 |
| &nbsp;&nbsp;&nbsp;Qudian ADR \* | 25391 | 121369 |
| &nbsp;&nbsp;&nbsp;Zhongtai Securities, Cl A | 565300 | 554774 |
|  |  | 75434425 |
| **Health Care — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Acrobiosystems, Cl A | 53540 | 487576 |
| &nbsp;&nbsp;&nbsp;Bio-Thera Solutions, Cl A \* | 101639 | 394899 |
| &nbsp;&nbsp;&nbsp;Chengdu Kanghong Pharmaceutical Group, Cl A | 159600 | 759335 |
| &nbsp;&nbsp;&nbsp;GemPharmatech, Cl A | 18854 | 47264 |
| &nbsp;&nbsp;&nbsp;Novogene, Cl A | 99937 | 205438 |
| &nbsp;&nbsp;&nbsp;Simcere Pharmaceutical Group | 215000 | 342439 |
| &nbsp;&nbsp;&nbsp;Zhejiang Tianyu Pharmaceutical, Cl A | 195105 | 718691 |
|  |  | 2955642 |
| **Industrials — 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Guangdong Dongpeng Holdings, Cl A | 139900 | 139600 |
| &nbsp;&nbsp;&nbsp;Hefei Meiya Optoelectronic Technology, Cl A | 82393 | 235425 |
| &nbsp;&nbsp;&nbsp;Kanzhun ADR | 215526 | 4776056 |
| &nbsp;&nbsp;&nbsp;Lonking Holdings | 53354 | 21268 |

---

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

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **ACADIAN EMERGING MARKETS PORTFOLIO<br> OCTOBER 31, 2025** |

---

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **China — (continued)** | | |
| **Industrials — (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Sinotruk Hong Kong | 1849648 | $6179370 |
|  |  | 11351719 |
| **Information Technology — 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Avary Holding Shenzhen, Cl A | 13302 | 98051 |
| &nbsp;&nbsp;&nbsp;BOE Technology Group, Cl A | 35084931 | 20027205 |
| &nbsp;&nbsp;&nbsp;Huaqin Technology, Cl A | 36300 | 518159 |
| &nbsp;&nbsp;&nbsp;OPT Machine Vision Tech, Cl A | 13508 | 241777 |
| &nbsp;&nbsp;&nbsp;Raytron Technology, Cl A | 47676 | 556724 |
|  |  | 21441916 |
| **Materials — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;China Hongqiao Group | 1274500 | 4839015 |
| &nbsp;&nbsp;&nbsp;JCHX Mining Management, Cl A | 36600 | 336392 |
| &nbsp;&nbsp;&nbsp;Lianhe Chemical Technology, Cl A | 407200 | 677181 |
| &nbsp;&nbsp;&nbsp;Shandong Weifang Rainbow Chemical, Cl A | 22500 | 234350 |
| &nbsp;&nbsp;&nbsp;Zhejiang Hailide New Material, Cl A | 479300 | 393738 |
| &nbsp;&nbsp;&nbsp;Zijin Mining Group, Cl H | 500000 | 2068507 |
|  |  | 8549183 |
| TOTAL CHINA |  | 251616958 |
| **Greece — 0.3%** |  |  |
| **Consumer Discretionary — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Fourlis Holdings | 25163 | 119016 |
| **Financials — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;National Bank of Greece | 221773 | 3259720 |
| &nbsp;&nbsp;&nbsp;Piraeus Financial Holdings | 125833 | 982779 |
|  |  | 4242499 |
| TOTAL GREECE |  | 4361515 |
| **Hong Kong — 10.5%** |  |  |
| **Communication Services — 3.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Baidu, Cl A \* | 305900 | 4630175 |
| &nbsp;&nbsp;&nbsp;Bilibili, Cl Z \* | 261320 | 7892647 |
| &nbsp;&nbsp;&nbsp;FriendTimes \* | 151705 | 10677 |
| &nbsp;&nbsp;&nbsp;Inkeverse Group \* | 1150000 | 154789 |
| &nbsp;&nbsp;&nbsp;Kuaishou Technology, Cl B | 1621700 | 15056406 |
| &nbsp;&nbsp;&nbsp;NetDragon Websoft Holdings | 186000 | 290573 |
| &nbsp;&nbsp;&nbsp;NetEase | 620400 | 17408881 |
| &nbsp;&nbsp;&nbsp;XD | 367000 | 3183029 |
|  |  | 48627177 |
| **Consumer Discretionary — 4.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Alibaba Group Holding | 1692268 | 36009346 |
| &nbsp;&nbsp;&nbsp;Cabbeen Fashion | 101513 | 19857 |

---

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

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **ACADIAN EMERGING MARKETS PORTFOLIO<br> OCTOBER 31, 2025** |

---

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Hong Kong — (continued)** |  |  |
| **Consumer Discretionary — (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;China Harmony Auto Holding \* | 547780 | $88223 |
| &nbsp;&nbsp;&nbsp;Grand Baoxin Auto Group \* (A) | 338601 | 3747 |
| &nbsp;&nbsp;&nbsp;JD.com, Cl A | 899400 | 14849084 |
| &nbsp;&nbsp;&nbsp;Maoye International Holdings \* | 286000 | 4527 |
| &nbsp;&nbsp;&nbsp;Pou Sheng International Holdings | 1429841 | 87375 |
| &nbsp;&nbsp;&nbsp;Skyworth Group \* | 3506434 | 1776982 |
|  |  | 52839141 |
| **Financials — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;China Minsheng Banking, Cl H | 1897000 | 971861 |
| &nbsp;&nbsp;&nbsp;China Pacific Insurance Group, Cl H | 1379431 | 5592287 |
| &nbsp;&nbsp;&nbsp;China Taiping Insurance Holdings | 2286000 | 5199889 |
| &nbsp;&nbsp;&nbsp;JF SmartInvest Holdings | 117000 | 833414 |
|  |  | 12597451 |
| **Health Care — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Dawnrays Pharmaceutical Holdings | 79485 | 12295 |
| &nbsp;&nbsp;&nbsp;HBM Holdings \* | 272000 | 471407 |
| &nbsp;&nbsp;&nbsp;Sino Biopharmaceutical | 2194000 | 1998585 |
| &nbsp;&nbsp;&nbsp;Wuxi Biologics Cayman \* | 486500 | 2269083 |
|  |  | 4751370 |
| **Industrials — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;CITIC Resources Holdings | 690000 | 36797 |
| &nbsp;&nbsp;&nbsp;COSCO SHIPPING Ports | 107 | 79 |
| &nbsp;&nbsp;&nbsp;Zoomlion Heavy Industry Science and Technology | 100 | 97 |
|  |  | 36973 |
| **Information Technology — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Lenovo Group | 6382000 | 9310377 |
| &nbsp;&nbsp;&nbsp;Wasion Holdings | 188000 | 302484 |
| &nbsp;&nbsp;&nbsp;Xiaomi, Cl B \* | 233000 | 1292664 |
|  |  | 10905525 |
| **Materials — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Asia Cement China Holdings \* | 877142 | 287760 |
| &nbsp;&nbsp;&nbsp;China National Building Material, Cl H | 1464000 | 1037476 |
| &nbsp;&nbsp;&nbsp;CMOC Group, Cl H | 756000 | 1636709 |
| &nbsp;&nbsp;&nbsp;Jiangxi Copper, Cl H | 260000 | 1084834 |
| &nbsp;&nbsp;&nbsp;MMG \* | 932000 | 827106 |
|  |  | 4873885 |
| TOTAL HONG KONG |  | 134631522 |
| **Hungary — 1.6%** |  |  |
| **Communication Services — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Magyar Telekom Telecommunications ADR | 14457 | 75771 |

---

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

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **ACADIAN EMERGING MARKETS PORTFOLIO<br> OCTOBER 31, 2025** |

---

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Hungary — (continued)** | | |
| **Energy — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;MOL Hungarian Oil & Gas | 58116 | $511236 |
| **Financials — 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;OTP Bank Nyrt | 210304 | 20074658 |
| TOTAL HUNGARY |  | 20661665 |
| **India — 13.7%** |  |  |
| **Communication Services — 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Bharti Airtel | 513360 | 11887460 |
| &nbsp;&nbsp;&nbsp;Indus Towers \* | 968575 | 3969144 |
| &nbsp;&nbsp;&nbsp;Jagran Prakashan | 140311 | 114883 |
|  |  | 15971487 |
| **Consumer Discretionary — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Arvind | 119973 | 430853 |
| &nbsp;&nbsp;&nbsp;Hero MotoCorp | 12343 | 770454 |
| &nbsp;&nbsp;&nbsp;Indian Hotels, Cl A | 350608 | 2927589 |
| &nbsp;&nbsp;&nbsp;Kewal Kiran Clothing | 6892 | 40319 |
| &nbsp;&nbsp;&nbsp;NIIT Learning Systems | 8404 | 30745 |
| &nbsp;&nbsp;&nbsp;Page Industries | 3009 | 1395815 |
| &nbsp;&nbsp;&nbsp;SP Apparels | 8568 | 71373 |
| &nbsp;&nbsp;&nbsp;Sutlej Textiles and Industries \* | 30377 | 11949 |
| &nbsp;&nbsp;&nbsp;Tata Motors \* (A) | 315866 | 927801 |
| &nbsp;&nbsp;&nbsp;Tata Motors Passenger Vehicles | 315866 | 1457890 |
| &nbsp;&nbsp;&nbsp;Vardhman Textiles | 6740 | 33094 |
|  |  | 8097882 |
| **Consumer Staples — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Dhampur Sugar Mills \* | 1712 | 2633 |
| &nbsp;&nbsp;&nbsp;Emami | 56379 | 339147 |
| &nbsp;&nbsp;&nbsp;Gillette India | 233 | 23654 |
| &nbsp;&nbsp;&nbsp;ITC | 401009 | 1898189 |
|  |  | 2263623 |
| **Energy — 3.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Bharat Petroleum | 1793983 | 7196929 |
| &nbsp;&nbsp;&nbsp;Coal India | 2868907 | 12550089 |
| &nbsp;&nbsp;&nbsp;Great Eastern Shipping | 8125 | 100411 |
| &nbsp;&nbsp;&nbsp;Hindustan Petroleum | 331453 | 1773233 |
| &nbsp;&nbsp;&nbsp;Indian Oil | 2445530 | 4563656 |
| &nbsp;&nbsp;&nbsp;Oil & Natural Gas | 1854718 | 5337413 |
| &nbsp;&nbsp;&nbsp;Petronet LNG | 656173 | 2077743 |
| &nbsp;&nbsp;&nbsp;Reliance Industries | 604524 | 10115408 |
|  |  | 43714882 |

---

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

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **ACADIAN EMERGING MARKETS PORTFOLIO<br> OCTOBER 31, 2025** |

---

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **India — (continued)** | | |
| **Financials — 2.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Aditya Birla Sun Life Asset Management | 44066 | $377822 |
| &nbsp;&nbsp;&nbsp;Bank of Baroda | 458615 | 1437232 |
| &nbsp;&nbsp;&nbsp;Canara Bank | 1219137 | 1879846 |
| &nbsp;&nbsp;&nbsp;City Union Bank | 186329 | 480006 |
| &nbsp;&nbsp;&nbsp;Dhunseri Ventures | 7867 | 29399 |
| &nbsp;&nbsp;&nbsp;HDFC Asset Management | 62880 | 3808794 |
| &nbsp;&nbsp;&nbsp;ICICI Bank | 378812 | 5740000 |
| &nbsp;&nbsp;&nbsp;Indian Bank | 87471 | 845361 |
| &nbsp;&nbsp;&nbsp;Kotak Mahindra Bank | 5167 | 122400 |
| &nbsp;&nbsp;&nbsp;Manappuram Finance | 272965 | 827730 |
| &nbsp;&nbsp;&nbsp;Muthoot Finance | 55427 | 1985958 |
| &nbsp;&nbsp;&nbsp;Power Finance | 1010115 | 4586537 |
| &nbsp;&nbsp;&nbsp;REC | 689531 | 2909841 |
| &nbsp;&nbsp;&nbsp;SMC Global Securities | 21140 | 32130 |
| &nbsp;&nbsp;&nbsp;State Bank of India | 195796 | 2067108 |
| &nbsp;&nbsp;&nbsp;UTI Asset Management | 16960 | 238440 |
|  |  | 27368604 |
| **Health Care — 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Alkem Laboratories | 28262 | 1751522 |
| &nbsp;&nbsp;&nbsp;Aurobindo Pharma | 183055 | 2348204 |
| &nbsp;&nbsp;&nbsp;Cipla | 92851 | 1570095 |
| &nbsp;&nbsp;&nbsp;Dr Reddy's Laboratories | 73516 | 989177 |
| &nbsp;&nbsp;&nbsp;Glenmark Pharmaceuticals | 159327 | 3391464 |
| &nbsp;&nbsp;&nbsp;Laurus Labs | 60360 | 648287 |
| &nbsp;&nbsp;&nbsp;Lupin | 240761 | 5329885 |
| &nbsp;&nbsp;&nbsp;Zydus Lifesciences | 65132 | 715519 |
|  |  | 16744153 |
| **Industrials — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Balmer Lawrie Investments, Cl A | 28911 | 26027 |
| &nbsp;&nbsp;&nbsp;Hindustan Aeronautics | 94377 | 4971680 |
| &nbsp;&nbsp;&nbsp;LG Balakrishnan & Bros | 26722 | 426688 |
| &nbsp;&nbsp;&nbsp;Nava | 424899 | 2959812 |
| &nbsp;&nbsp;&nbsp;NRB Bearings | 60463 | 186487 |
| &nbsp;&nbsp;&nbsp;Transport Corp of India | 18515 | 249880 |
| &nbsp;&nbsp;&nbsp;VST Tillers Tractors | 65 | 4383 |
|  |  | 8824957 |
| **Information Technology — 3.4%** |  |  |
| &nbsp;&nbsp;&nbsp;HCL Technologies | 847666 | 14707980 |
| &nbsp;&nbsp;&nbsp;Infosys | 410334 | 6837023 |
| &nbsp;&nbsp;&nbsp;Infosys ADR | 878118 | 14550415 |
| &nbsp;&nbsp;&nbsp;Tata Consultancy Services | 275617 | 9485832 |

---

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

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **ACADIAN EMERGING MARKETS PORTFOLIO<br> OCTOBER 31, 2025** |

---

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **India — (continued)** | | |
| **Information Technology — (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Wipro | 199186 | $539433 |
|  |  | 46120683 |
| **Materials — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Foseco India | 688 | 44228 |
| &nbsp;&nbsp;&nbsp;GHCL | 23856 | 171762 |
| &nbsp;&nbsp;&nbsp;Hindalco Industries | 512394 | 4887120 |
| &nbsp;&nbsp;&nbsp;Jindal Saw | 27371 | 54019 |
| &nbsp;&nbsp;&nbsp;Kirloskar Industries | 1652 | 70640 |
| &nbsp;&nbsp;&nbsp;Seshasayee Paper & Boards | 16772 | 48236 |
| &nbsp;&nbsp;&nbsp;Shree Cement | 602 | 191835 |
| &nbsp;&nbsp;&nbsp;Tamilnadu Petroproducts | 123076 | 171631 |
| &nbsp;&nbsp;&nbsp;UPL | 69519 | 563816 |
| &nbsp;&nbsp;&nbsp;West Coast Paper Mills | 8515 | 43391 |
|  |  | 6246678 |
| **Real Estate — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;NESCO | 10254 | 158003 |
| &nbsp;&nbsp;&nbsp;Oberoi Realty | 15062 | 301556 |
|  |  | 459559 |
| **Utilities — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;GAIL India | 404515 | 832216 |
| &nbsp;&nbsp;&nbsp;PTC India | 92075 | 174194 |
|  |  | 1006410 |
| TOTAL INDIA |  | 176818918 |
| **Indonesia — 0.7%** |  |  |
| **Communication Services — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Media Nusantara Citra \* | 2145200 | 34558 |
| **Consumer Discretionary — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Gajah Tunggal | 1763835 | 110322 |
| **Consumer Staples — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Bumitama Agri | 256600 | 282156 |
| &nbsp;&nbsp;&nbsp;Dharma Satya Nusantara | 10783663 | 1223570 |
| &nbsp;&nbsp;&nbsp;Indofood Sukses Makmur | 1163600 | 517819 |
| &nbsp;&nbsp;&nbsp;Industri Jamu Dan Farmasi Sido Muncul | 3134042 | 105493 |
| &nbsp;&nbsp;&nbsp;Perusahaan Perkebunan London Sumatra Indonesia | 1198726 | 101186 |
| &nbsp;&nbsp;&nbsp;Triputra Agro Persada | 817217 | 92385 |
| &nbsp;&nbsp;&nbsp;Unilever Indonesia | 1329800 | 206195 |
|  |  | 2528804 |
| **Energy — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;ABM Investama | 68965 | 12270 |
| &nbsp;&nbsp;&nbsp;Adaro Energy Indonesia | 5015125 | 567745 |

---

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

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **ACADIAN EMERGING MARKETS PORTFOLIO<br> OCTOBER 31, 2025** |

---

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Indonesia — (continued)** |  |  |
| **Energy — (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;AKR Corporindo | 843100 | $61886 |
| &nbsp;&nbsp;&nbsp;Bukit Asam | 5056404 | 729260 |
| &nbsp;&nbsp;&nbsp;Indo Tambangraya Megah | 171521 | 242223 |
| &nbsp;&nbsp;&nbsp;United Tractors | 704700 | 1139414 |
|  |  | 2752798 |
| **Financials — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Asuransi Tugu Pratama Indonesia | 601000 | 37745 |
| &nbsp;&nbsp;&nbsp;Panin Financial \* | 1091500 | 15736 |
|  |  | 53481 |
| **Industrials — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Trans Power Marine | 1107633 | 39236 |
| **Materials — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Aneka Tambang | 16206280 | 3014493 |
| **Real Estate — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Kawasan Industri Jababeka | 14548200 | 166930 |
| **Utilities** — **0.0%** |  |  |
| &nbsp;&nbsp;&nbsp; <br> Perusahaan Gas Negara | 5744806 | 600656 |
| TOTAL INDONESIA |  | 9301278 |
| **Luxembourg — 0.2%** |  |  |
| **Materials — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Ternium ADR | 59084 | 2128797 |
| **Malaysia — 0.6%** |  |  |
| **Consumer Discretionary — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Magnum | 135500 | 44984 |
| &nbsp;&nbsp;&nbsp;Padini Holdings | 168200 | 75907 |
| &nbsp;&nbsp;&nbsp;Sports Toto | 109140 | 36207 |
|  |  | 157098 |
| **Consumer Staples — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;99 Speed Mart Retail Holdings | 323500 | 241533 |
| &nbsp;&nbsp;&nbsp;Carlsberg Brewery Malaysia | 5900 | 23273 |
| &nbsp;&nbsp;&nbsp;Hap Seng Plantations Holdings | 124000 | 66915 |
| &nbsp;&nbsp;&nbsp;Sime Darby Plantation | 603800 | 761112 |
|  |  | 1092833 |
| **Energy — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Petronas Dagangan | 138500 | 749908 |
| **Financials — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;AMMB Holdings | 540100 | 734656 |
| &nbsp;&nbsp;&nbsp;Hong Leong Bank | 389400 | 1910844 |

---

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

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **ACADIAN EMERGING MARKETS PORTFOLIO<br> OCTOBER 31, 2025** |

---

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Malaysia — (continued)** | | |
| **Financials — (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Hong Leong Financial Group | 45090 | $181861 |
| &nbsp;&nbsp;&nbsp;RHB Bank | 1008100 | 1629766 |
|  |  | 4457127 |
| **Industrials — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;GDB Holdings | 218200 | 26009 |
| &nbsp;&nbsp;&nbsp;PBS | 195300 | 6995 |
| &nbsp;&nbsp;&nbsp;Westports Holdings | 629500 | 773398 |
|  |  | 806402 |
| **Materials — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Jaya Tiasa Holdings | 620500 | 170345 |
| TOTAL MALAYSIA |  | 7433713 |
| **Mexico — 1.3%** |  |  |
| **Communication Services — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Grupo Televisa ADR | 127318 | 336120 |
| **Consumer Discretionary — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;El Puerto de Liverpool | 99310 | 483868 |
| **Financials — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Gentera | 75002 | 177912 |
| &nbsp;&nbsp;&nbsp;Grupo Financiero Banorte, Cl O | 550139 | 5164558 |
|  |  | 5342470 |
| **Materials — 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Cemex ADR | 630143 | 6395951 |
| &nbsp;&nbsp;&nbsp;Grupo Mexico, Ser B | 280255 | 2418262 |
| &nbsp;&nbsp;&nbsp;Industrias Penoles | 45878 | 1938218 |
|  |  | 10752431 |
| **Real Estate — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Concentradora Fibra Danhos ‡ | 30461 | 47384 |
| TOTAL MEXICO |  | 16962273 |
| **Peru — 0.3%** |  |  |
| **Financials — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Credicorp | 13038 | 3402918 |
| &nbsp;&nbsp;&nbsp;Intercorp Financial Services | 9934 | 427460 |
| TOTAL PERU |  | 3830378 |
| **Philippines — 0.1%** |  |  |
| **Industrials — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;GT Capital Holdings | 4710 | 43688 |
| &nbsp;&nbsp;&nbsp;International Container Terminal Services | 106900 | 964173 |
| TOTAL PHILIPPINES |  | 1007861 |

---

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

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **ACADIAN EMERGING MARKETS PORTFOLIO<br> OCTOBER 31, 2025** |

---

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Poland — 1.5%** | | |
| **Communication Services — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;CD Projekt | 41642 | $2861120 |
| **Energy — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;ORLEN | 156428 | 4239805 |
| **Financials — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Bank Polska Kasa Opieki | 135259 | 6925502 |
| &nbsp;&nbsp;&nbsp;Powszechny Zaklad Ubezpieczen | 297182 | 4751694 |
| &nbsp;&nbsp;&nbsp;XTB | 10664 | 201218 |
|  |  | 11878414 |
| **Industrials — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Budimex | 19 | 3017 |
| &nbsp;&nbsp;&nbsp;Grenevia \* | 52447 | 43420 |
|  |  | 46437 |
| **Information Technology — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Asseco Poland | 529 | 30770 |
| **Utilities — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Enea | 13681 | 76745 |
| &nbsp;&nbsp;&nbsp;Tauron Polska Energia \* | 114811 | 310809 |
|  |  | 387554 |
| TOTAL POLAND |  | 19444100 |
| **Qatar — 0.6%** |  |  |
| **Communication Services — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Ooredoo QPSC | 108277 | 402711 |
| &nbsp;&nbsp;&nbsp;Vodafone Qatar QSC | 123111 | 81255 |
|  |  | 483966 |
| **Financials — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Doha Bank QPSC | 1365818 | 941555 |
| &nbsp;&nbsp;&nbsp;Qatar National Bank QPSC | 993879 | 5054859 |
| &nbsp;&nbsp;&nbsp;Salam International Investment QSC | 579555 | 120289 |
|  |  | 6116703 |
| **Industrials — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Aamal | 97046 | 21067 |
| &nbsp;&nbsp;&nbsp;Mannai QSC | 25756 | 37536 |
|  |  | 58603 |
| **Materials — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Qatar Aluminum Manufacturing | 678792 | 289315 |
| **Real Estate — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Barwa Real Estate | 331925 | 239706 |
| &nbsp;&nbsp;&nbsp;United Development QSC | 134665 | 34876 |

---

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

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **ACADIAN EMERGING MARKETS PORTFOLIO<br> OCTOBER 31, 2025** |

---

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Qatar — (continued)** | | |
| **Real Estate — (continued)** |  |  |
|  |  | $274582 |
| TOTAL QATAR |  | 7223169 |
| **Russia — 0.0%** |  |  |
| **Financials — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Sberbank of Russia PJSC ADR (A) | 1789972 |  |
| **Materials — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Novolipetsk Steel PJSC GDR (A) | 189918 |  |
| TOTAL RUSSIA |  |  |
| **Saudi Arabia — 2.5%** |  |  |
| **Communication Services — 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Etihad Etisalat | 216912 | 3913413 |
| &nbsp;&nbsp;&nbsp;Mobile Telecommunications Saudi Arabia | 103699 | 317357 |
| &nbsp;&nbsp;&nbsp;Saudi Telecom | 897743 | 10814775 |
|  |  | 15045545 |
| **Consumer Staples — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Saudi Marketing \* | 24877 | 109981 |
| **Financials — 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Arab National Bank | 583713 | 3775173 |
| &nbsp;&nbsp;&nbsp;Banque Saudi Fransi | 856390 | 4075602 |
| &nbsp;&nbsp;&nbsp;Riyad Bank | 775140 | 5628543 |
| &nbsp;&nbsp;&nbsp;Saudi Arabian Cooperative Insurance \* | 21931 | 78502 |
| &nbsp;&nbsp;&nbsp;Saudi Awwal Bank | 21497 | 185486 |
| &nbsp;&nbsp;&nbsp;Saudi National Bank | 170934 | 1818833 |
|  |  | 15562139 |
| **Industrials — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Alwasail Industrial | 19940 | 17863 |
| &nbsp;&nbsp;&nbsp;Electrical Industries | 67186 | 206931 |
|  |  | 224794 |
| **Information Technology — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Saudi Networkers Services | 2197 | 45257 |
| **Materials — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Arabian Cement | 68614 | 405039 |
| &nbsp;&nbsp;&nbsp;Mohammed Hadi Al Rasheed and Partners | 982 | 29705 |
| &nbsp;&nbsp;&nbsp;SABIC Agri-Nutrients | 15115 | 493505 |
| &nbsp;&nbsp;&nbsp;Tabuk Cement | 59306 | 161442 |
| &nbsp;&nbsp;&nbsp;Zamil Industrial Investment \* | 18504 | 176417 |
|  |  | 1266108 |

---

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

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **ACADIAN EMERGING MARKETS PORTFOLIO <br> OCTOBER 31, 2025** |

---

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Saudi Arabia — (continued)** | | |
| **Real Estate — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Derayah REIT ‡ | 22481 | $34358 |
| TOTAL SAUDI ARABIA |  | 32288182 |
| **South Africa — 2.5%** |  |  |
| **Communication Services — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;MTN Group | 666625 | 6659929 |
| &nbsp;&nbsp;&nbsp;Telkom | 210985 | 590156 |
| &nbsp;&nbsp;&nbsp;Vodacom Group | 11805 | 95565 |
|  |  | 7345650 |
| **Consumer Discretionary — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Lewis Group | 12767 | 61565 |
| &nbsp;&nbsp;&nbsp;Mr Price Group | 106668 | 1274452 |
| &nbsp;&nbsp;&nbsp;Southern Sun | 294289 | 156162 |
|  |  | 1492179 |
| **Energy — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Thungela Resources | 63202 | 279055 |
| **Financials — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;FirstRand | 449161 | 2131672 |
| &nbsp;&nbsp;&nbsp;Investec | 479694 | 3611397 |
| &nbsp;&nbsp;&nbsp;Nedbank Group | 193628 | 2637473 |
| &nbsp;&nbsp;&nbsp;Old Mutual | 3440757 | 2690514 |
| &nbsp;&nbsp;&nbsp;Standard Bank Group | 40519 | 595826 |
|  |  | 11666882 |
| **Industrials — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Murray & Roberts Holdings \* (A) | 58238 | 3695 |
| **Information Technology — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;DataTec | 24473 | 101502 |
| **Materials — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;DRDGOLD ADR | 12348 | 311540 |
| &nbsp;&nbsp;&nbsp;Gold Fields | 21304 | 821400 |
| &nbsp;&nbsp;&nbsp;Gold Fields ADR | 66298 | 2546506 |
| &nbsp;&nbsp;&nbsp;Harmony Gold Mining ADR | 171593 | 2833001 |
| &nbsp;&nbsp;&nbsp;Kumba Iron Ore | 44218 | 880534 |
| &nbsp;&nbsp;&nbsp;Northam Platinum Holdings | 33962 | 567188 |
| &nbsp;&nbsp;&nbsp;Omnia Holdings | 10425 | 45837 |
| &nbsp;&nbsp;&nbsp;PPC | 208255 | 66063 |
| &nbsp;&nbsp;&nbsp;Sasol \* | 205817 | 1287710 |
| &nbsp;&nbsp;&nbsp;Sibanye Stillwater \* | 633477 | 1681059 |
|  |  | 11040838 |
| TOTAL SOUTH AFRICA |  | 31929801 |

---

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

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **ACADIAN EMERGING MARKETS PORTFOLIO <br> OCTOBER 31, 2025** |

---

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **South Korea — 13.0%** | | |
| **Communication Services — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Devsisters \* | 903 | $26778 |
| &nbsp;&nbsp;&nbsp;Kakao | 6963 | 317337 |
| &nbsp;&nbsp;&nbsp;KT | 112449 | 3873373 |
| &nbsp;&nbsp;&nbsp;Millie Seojae \* | 1634 | 14966 |
| &nbsp;&nbsp;&nbsp;NAVER | 17733 | 3323451 |
| &nbsp;&nbsp;&nbsp;NHN | 36564 | 741854 |
| &nbsp;&nbsp;&nbsp;SOOP | 3572 | 181861 |
|  |  | 8479620 |
| **Consumer Discretionary — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Ace Bed | 567 | 10732 |
| &nbsp;&nbsp;&nbsp;Creas F&C | 168 | 498 |
| &nbsp;&nbsp;&nbsp;DoubleUGames | 6078 | 213861 |
| &nbsp;&nbsp;&nbsp;LG Electronics | 77009 | 4723210 |
| &nbsp;&nbsp;&nbsp;MegaStudyEdu | 859 | 25042 |
| &nbsp;&nbsp;&nbsp;Multicampus | 1070 | 23501 |
| &nbsp;&nbsp;&nbsp;Seoyon | 4806 | 31811 |
| &nbsp;&nbsp;&nbsp;SJG Sejong | 26717 | 154194 |
| &nbsp;&nbsp;&nbsp;Zinus | 2166 | 20965 |
|  |  | 5203814 |
| **Consumer Staples — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;APR | 12620 | 2254970 |
| &nbsp;&nbsp;&nbsp;Hyundai Green Food | 5185 | 54771 |
|  |  | 2309741 |
| **Energy — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;HD Hyundai | 7180 | 1031286 |
| **Financials — 3.2%** |  |  |
| &nbsp;&nbsp;&nbsp;BNK Financial Group | 95862 | 928016 |
| &nbsp;&nbsp;&nbsp;Daishin Securities | 203 | 4138 |
| &nbsp;&nbsp;&nbsp;Daol Investment & Securities | 11546 | 29297 |
| &nbsp;&nbsp;&nbsp;Hana Financial Group | 253149 | 15165795 |
| &nbsp;&nbsp;&nbsp;Hanwha General Insurance \* | 20674 | 78505 |
| &nbsp;&nbsp;&nbsp;Heungkuk Fire & Marine Insurance \* | 7296 | 19127 |
| &nbsp;&nbsp;&nbsp;JB Financial Group | 41686 | 656295 |
| &nbsp;&nbsp;&nbsp;KB Financial Group | 116413 | 9503211 |
| &nbsp;&nbsp;&nbsp;Shinhan Financial Group | 137047 | 7039081 |
| &nbsp;&nbsp;&nbsp;Woori Financial Group | 394983 | 7031370 |
|  |  | 40454835 |
| **Health Care — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Rayence | 15821 | 60963 |

---

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

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **ACADIAN EMERGING MARKETS PORTFOLIO <br> OCTOBER 31, 2025** |

---

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **South Korea — (continued)** | | |
| **Industrials — 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;CJ | 10023 | $1199039 |
| &nbsp;&nbsp;&nbsp;DYPNF \* | 4805 | 47013 |
| &nbsp;&nbsp;&nbsp;HD Hyundai Electric | 3749 | 2277692 |
| &nbsp;&nbsp;&nbsp;HD Hyundai Heavy Industries | 3714 | 1564042 |
| &nbsp;&nbsp;&nbsp;HD Korea Shipbuilding & Offshore Engineering | 20061 | 6667887 |
| &nbsp;&nbsp;&nbsp;HD-Hyundai Marine Engine \* | 8839 | 615153 |
| &nbsp;&nbsp;&nbsp;Hyosung Heavy Industries | 2808 | 4188527 |
| &nbsp;&nbsp;&nbsp;Hyundai Glovis | 18830 | 2488650 |
| &nbsp;&nbsp;&nbsp;LS | 2780 | 405140 |
| &nbsp;&nbsp;&nbsp;LX Hausys | 7839 | 154641 |
| &nbsp;&nbsp;&nbsp;mPlus | 13944 | 169761 |
| &nbsp;&nbsp;&nbsp;Saramin | 6553 | 61360 |
| &nbsp;&nbsp;&nbsp;Sebang | 4684 | 44629 |
| &nbsp;&nbsp;&nbsp;TK | 11513 | 227922 |
| &nbsp;&nbsp;&nbsp;TYM | 19881 | 82877 |
|  |  | 20194333 |
| **Information Technology — 6.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Amotech \* | 8910 | 65904 |
| &nbsp;&nbsp;&nbsp;Anapass \* | 1838 | 22730 |
| &nbsp;&nbsp;&nbsp;DB HiTek | 5077 | 208567 |
| &nbsp;&nbsp;&nbsp;DIT | 2618 | 27936 |
| &nbsp;&nbsp;&nbsp;DMS (A) | 9421 | 41856 |
| &nbsp;&nbsp;&nbsp;Dongwoon Anatech | 8946 | 105319 |
| &nbsp;&nbsp;&nbsp;Eugene Technology | 19278 | 1278139 |
| &nbsp;&nbsp;&nbsp;Global Standard Technology | 51026 | 918944 |
| &nbsp;&nbsp;&nbsp;Hansol Technics | 15410 | 70296 |
| &nbsp;&nbsp;&nbsp;HD Hyundai Energy Solutions \* | 7070 | 280875 |
| &nbsp;&nbsp;&nbsp;IsuPetasys | 10047 | 796872 |
| &nbsp;&nbsp;&nbsp;Jusung Engineering | 13187 | 282673 |
| &nbsp;&nbsp;&nbsp;LOT Vacuum \* | 3775 | 34476 |
| &nbsp;&nbsp;&nbsp;LX Semicon | 3005 | 120523 |
| &nbsp;&nbsp;&nbsp;MAKUS | 13916 | 256888 |
| &nbsp;&nbsp;&nbsp;Micro Contact Solution | 228 | 4282 |
| &nbsp;&nbsp;&nbsp;PSK | 8681 | 228780 |
| &nbsp;&nbsp;&nbsp;Samsung Electronics | 594470 | 44749454 |
| &nbsp;&nbsp;&nbsp;Segyung Hitech | 30597 | 122480 |
| &nbsp;&nbsp;&nbsp;SK Hynix | 98201 | 38209371 |
| &nbsp;&nbsp;&nbsp;Suprema \* | 2025 | 47930 |
| &nbsp;&nbsp;&nbsp;Uju Electronics | 2037 | 54789 |
| &nbsp;&nbsp;&nbsp;Union Semiconductor Equipment & Materials | 8246 | 57715 |
| &nbsp;&nbsp;&nbsp;Uniquest | 14702 | 79068 |

---

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

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **ACADIAN EMERGING MARKETS PORTFOLIO<br> OCTOBER 31, 2025** |

---

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **South Korea — (continued)** | | |
| **Information Technology — (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;WiSoL | 13595 | $53875 |
| &nbsp;&nbsp;&nbsp;Zeus | 9314 | 100720 |
|  |  | 88220462 |
| **Materials — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Dongsung Finetec | 2602 | 57985 |
| &nbsp;&nbsp;&nbsp;ENF Technology | 1191 | 41299 |
| &nbsp;&nbsp;&nbsp;Hyundai Steel | 6468 | 149430 |
| &nbsp;&nbsp;&nbsp;KG Chemical | 22098 | 75413 |
| &nbsp;&nbsp;&nbsp;KG Eco Solution | 11315 | 44962 |
| &nbsp;&nbsp;&nbsp;Purit | 4657 | 25413 |
|  |  | 394502 |
| **Utilities — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Korea District Heating | 1011 | 67814 |
| &nbsp;&nbsp;&nbsp;Korea Electric Power | 52329 | 1566419 |
|  |  | 1634233 |
| TOTAL SOUTH KOREA |  | 167983789 |
| **Taiwan — 20.9%** |  |  |
| **Communication Services — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Chunghwa Telecom | 920000 | 3920080 |
| &nbsp;&nbsp;&nbsp;International Games System | 174000 | 4065884 |
| &nbsp;&nbsp;&nbsp;X-Legend Entertainment | 10200 | 32542 |
|  |  | 8018506 |
| **Consumer Discretionary — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Gourmet Master | 20000 | 45364 |
| &nbsp;&nbsp;&nbsp;King Chou Marine Technology | 16000 | 26648 |
| &nbsp;&nbsp;&nbsp;Lion Travel Service | 19000 | 96866 |
| &nbsp;&nbsp;&nbsp;Pleasant Hotel International | 13000 | 24532 |
| &nbsp;&nbsp;&nbsp;Pou Chen | 1860000 | 1769777 |
| &nbsp;&nbsp;&nbsp;Senao International | 15000 | 14148 |
| &nbsp;&nbsp;&nbsp;Star Comgistic Capital | 147723 | 109450 |
| &nbsp;&nbsp;&nbsp;Wowprime | 62000 | 434181 |
| &nbsp;&nbsp;&nbsp;YoungQin International | 987 | 3656 |
|  |  | 2524622 |
| **Financials — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Chang Hwa Commercial Bank | 1562400 | 1004834 |
| &nbsp;&nbsp;&nbsp;First Financial Holding | 200900 | 186347 |
| &nbsp;&nbsp;&nbsp;Sun Financial Holding | 213113 | 205856 |
| &nbsp;&nbsp;&nbsp;Yuanta Financial Holding | 1420370 | 1590311 |
|  |  | 2987348 |

---

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

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **ACADIAN EMERGING MARKETS PORTFOLIO<br> OCTOBER 31, 2025** |

---

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Taiwan — (continued)** | | |
| **Health Care — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Apex Biotechnology | 15000 | $16026 |
| **Industrials — 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Ablerex Electronics | 25000 | 75251 |
| &nbsp;&nbsp;&nbsp;Airtac International Group | 3000 | 88485 |
| &nbsp;&nbsp;&nbsp;Apex Science & Engineering | 54000 | 19292 |
| &nbsp;&nbsp;&nbsp;China Airlines | 4171000 | 2704095 |
| &nbsp;&nbsp;&nbsp;Eva Airways | 4694000 | 5510133 |
| &nbsp;&nbsp;&nbsp;Evergreen International Storage & Transport | 137000 | 254897 |
| &nbsp;&nbsp;&nbsp;Evergreen Marine Taiwan | 1589200 | 9969244 |
| &nbsp;&nbsp;&nbsp;General Plastic Industrial | 30000 | 27367 |
| &nbsp;&nbsp;&nbsp;Kedge Construction | 9000 | 25706 |
| &nbsp;&nbsp;&nbsp;United Integrated Services | 31000 | 862878 |
| &nbsp;&nbsp;&nbsp;Yang Ming Marine Transport | 458000 | 854472 |
|  |  | 20391820 |
| **Information Technology — 18.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Anpec Electronics | 82000 | 636195 |
| &nbsp;&nbsp;&nbsp;Arcadyan Technology | 187000 | 1222074 |
| &nbsp;&nbsp;&nbsp;Asia Vital Components | 37000 | 1693885 |
| &nbsp;&nbsp;&nbsp;Asustek Computer | 611000 | 13803409 |
| &nbsp;&nbsp;&nbsp;Compal Electronics | 4488000 | 4795662 |
| &nbsp;&nbsp;&nbsp;Delta Electronics | 282000 | 9070212 |
| &nbsp;&nbsp;&nbsp;Elan Microelectronics | 36000 | 144585 |
| &nbsp;&nbsp;&nbsp;Emerging Display Technologies | 167000 | 111885 |
| &nbsp;&nbsp;&nbsp;Ennoconn | 94000 | 890815 |
| &nbsp;&nbsp;&nbsp;Everlight Electronics | 104000 | 197773 |
| &nbsp;&nbsp;&nbsp;Fitipower Integrated Technology | 8450 | 41641 |
| &nbsp;&nbsp;&nbsp;FocalTech Systems | 216000 | 413546 |
| &nbsp;&nbsp;&nbsp;General Interface Solution Holding \* | 46000 | 73670 |
| &nbsp;&nbsp;&nbsp;Global Mixed Mode Technology | 79000 | 597527 |
| &nbsp;&nbsp;&nbsp;Hon Hai Precision Industry | 679000 | 5647505 |
| &nbsp;&nbsp;&nbsp;Lite-On Technology | 427000 | 2477237 |
| &nbsp;&nbsp;&nbsp;Macroblock | 199000 | 380000 |
| &nbsp;&nbsp;&nbsp;MediaTek | 483000 | 20483766 |
| &nbsp;&nbsp;&nbsp;Niko Semiconductor | 88667 | 162679 |
| &nbsp;&nbsp;&nbsp;Novatek Microelectronics | 409000 | 5211128 |
| &nbsp;&nbsp;&nbsp;Parade Technologies | 22000 | 484709 |
| &nbsp;&nbsp;&nbsp;Pegatron | 978423 | 2353879 |
| &nbsp;&nbsp;&nbsp;Pixart Imaging | 114000 | 855748 |
| &nbsp;&nbsp;&nbsp;Primax Electronics | 109000 | 293287 |
| &nbsp;&nbsp;&nbsp;Radiant Opto-Electronics | 77000 | 329840 |
| &nbsp;&nbsp;&nbsp;Raydium Semiconductor | 131000 | 1035235 |

---

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

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **ACADIAN EMERGING MARKETS PORTFOLIO <br> OCTOBER 31, 2025** |

---

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Taiwan — (continued)** |  |  |
| **Information Technology — (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Realtek Semiconductor | 686000 | $11455285 |
| &nbsp;&nbsp;&nbsp;Silicon Motion Technology ADR | 11339 | 1112469 |
| &nbsp;&nbsp;&nbsp;Simplo Technology | 2000 | 22766 |
| &nbsp;&nbsp;&nbsp;Sitronix Technology | 71000 | 461320 |
| &nbsp;&nbsp;&nbsp;Sunplus Technology \* | 308000 | 214880 |
| &nbsp;&nbsp;&nbsp;Sunrex Technology | 77000 | 104030 |
| &nbsp;&nbsp;&nbsp;Taiwan PCB Techvest | 42000 | 48135 |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing | 3064000 | 148174077 |
| &nbsp;&nbsp;&nbsp;Ubright Optronics | 7000 | 14395 |
| &nbsp;&nbsp;&nbsp;Youngtek Electronics | 25000 | 47780 |
| &nbsp;&nbsp;&nbsp;Zhen Ding Technology Holding | 80000 | 422441 |
|  |  | 235485470 |
| TOTAL TAIWAN |  | 269423792 |
| **Thailand — 1.7%** |  |  |
| **Consumer Discretionary — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Index Livingmall NVDR | 529700 | 234227 |
| &nbsp;&nbsp;&nbsp;PTG Energy NVDR | 204000 | 50375 |
|  |  | 284602 |
| **Energy — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;PTT Exploration & Production NVDR | 17300 | 57325 |
| **Financials — 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Bangkok Bank NVDR | 2383500 | 11679757 |
| &nbsp;&nbsp;&nbsp;Kasikornbank NVDR | 560103 | 3228487 |
| &nbsp;&nbsp;&nbsp;Krung Thai Bank NVDR | 5089400 | 4285336 |
| &nbsp;&nbsp;&nbsp;SCB X NVDR | 210900 | 854146 |
| &nbsp;&nbsp;&nbsp;TMBThanachart Bank NVDR | 2955400 | 169131 |
|  |  | 20216857 |
| **Industrials — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Regional Container Lines NVDR | 323000 | 257023 |
| **Information Technology — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Delta Electronics Thailand NVDR | 251100 | 1679560 |
| TOTAL THAILAND |  | 22495367 |
| **Turkey — 0.3%** |  |  |
| **Communication Services — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Turk Telekomunikasyon \* | 84651 | 102622 |
| **Consumer Discretionary — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;TAB Gida Sanayi Ve Ticaret | 58246 | 328824 |
| **Financials — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Agesa Hayat ve Emeklilik | 57926 | 289258 |

---

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

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **ACADIAN EMERGING MARKETS PORTFOLIO <br> OCTOBER 31, 2025** |

---

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Turkey — (continued)** | | |
| **Industrials — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Turk Hava Yollari | 424208 | $2937494 |
| TOTAL TURKEY |  | 3658198 |
| **United Arab Emirates — 3.0%** |  |  |
| **Communication Services — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Emirates Integrated Telecommunications PJSC | 197961 | 508788 |
| &nbsp;&nbsp;&nbsp;Emirates Telecommunications Group PJSC | 73604 | 388613 |
| &nbsp;&nbsp;&nbsp;Yalla Group ADR \* | 40541 | 307706 |
|  |  | 1205107 |
| **Consumer Staples — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Spinneys 1961 Holding | 76396 | 33234 |
| **Energy — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;NMDC Energy | 14471 | 9848 |
| **Financials — 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Abu Dhabi Commercial Bank | 1622975 | 6367418 |
| &nbsp;&nbsp;&nbsp;Abu Dhabi Islamic Bank PJSC | 312193 | 1793902 |
| &nbsp;&nbsp;&nbsp;Dubai Islamic Bank PJSC | 1554146 | 4020289 |
| &nbsp;&nbsp;&nbsp;Emirates NBD Bank PJSC | 240725 | 1841673 |
| &nbsp;&nbsp;&nbsp;First Abu Dhabi Bank PJSC | 746430 | 3543310 |
| &nbsp;&nbsp;&nbsp;Sharjah Islamic Bank | 384736 | 309008 |
|  |  | 17875600 |
| **Industrials — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Air Arabia | 137414 | 145809 |
| &nbsp;&nbsp;&nbsp;Orascom Construction | 43136 | 429169 |
| &nbsp;&nbsp;&nbsp;Salik PJSC | 638715 | 1039787 |
|  |  | 1614765 |
| **Real Estate — 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Aldar Properties PJSC | 2953873 | 7237338 |
| &nbsp;&nbsp;&nbsp;Emaar Development PJSC | 59463 | 241542 |
| &nbsp;&nbsp;&nbsp;Emaar Properties PJSC | 2558282 | 9899641 |
|  |  | 17378521 |
| TOTAL UNITED ARAB EMIRATES |  | 38117075 |
| **United Kingdom — 0.7%** |  |  |
| **Materials — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Anglogold Ashanti | 138358 | 9408344 |
| TOTAL COMMON STOCK |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $893,784,890) |  | 1266772224 |

---

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

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **ACADIAN EMERGING MARKETS PORTFOLIO <br> OCTOBER 31, 2025** |

---

**PREFERRED STOCK(B) — 0.8%**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Brazil — 0.7%** | | |
| **Consumer Discretionary — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Alpargatas | 62600 | $122990 |
| **Financials — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Banco Bradesco | 201600 | 681624 |
| &nbsp;&nbsp;&nbsp;Noxville Investimentos \* (A) | 455 |  |
|  |  | 681624 |
| **Materials — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Gerdau | 1810794 | 6354667 |
| **Utilities — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Cia Energetica de Minas Gerais | 945533 | 1989504 |
| TOTAL BRAZIL |  | 9148785 |
| **Chile — 0.0%** |  |  |
| **Consumer Staples — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Coca-Cola Embonor, Cl B | 1966 | 2900 |
| **South Korea — 0.1%** |  |  |
| **Industrials — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;CJ | 4644 | 483984 |
| TOTAL PREFERRED STOCK |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $7,850,503) |  | 9635669 |
| **EXCHANGE-TRADED FUND — 0.6%** |  |  |
| **Domestic Equity — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;iShares MSCI Emerging Markets ETF | 142425 | 7876102 |
| TOTAL EXCHANGE-TRADED FUND |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $6,897,434) |  | 7876102 |

---

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

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **ACADIAN EMERGING MARKETS PORTFOLIO <br> OCTOBER 31, 2025** |

---

**SHORT-TERM INVESTMENT — 0.8%**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| FIRST AMERICAN TREASURY OBLIGATIONS FUND, Cl X, 3.920% (C) |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $10,274,759) | 10274759 | $10274759 |
| TOTAL INVESTMENTS— 100.5% |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $918,807,586) |  | $1294558754 |

---

 

*Percentages are based on Net Assets of $1,288,277,213.*

 

*\** *Non-income producing security.*

*‡* *Real Estate Investment Trust* 

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

*(B)* *There is currently no rate available.* 

*(C)* *The rate shown is the 7 day effective yield as of October 31, 2025.* 

 

*ADR — American Depositary Receipt*

*Cl — Class*

*ETF — Exchange-Traded Fund*

*GDR — Global Depositary Receipt*

*NVDR — Non-Voting Depositary Receipt*

*PJSC — Public Joint Stock Company*

*QPSC — Qatari Public Shareholding Company*

*QSC — Qatari Shareholding Company*

*REIT — Real Estate Investment Trust*

 

The summary of input levels used to value the Portfolio's net assets as of October 31, 2025, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities** | **Level 1** | **Level 2** | **Level 3†** | **Total** |
| **Common Stock** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Brazil | $33230320 | $— | $— | $33230320 |
| &nbsp;&nbsp;&nbsp;Chile | 2815209 |  |  | 2815209 |
| &nbsp;&nbsp;&nbsp;China | 40468071 | 211148887 |  | 251616958 |
| &nbsp;&nbsp;&nbsp;Greece |  | 4361515 |  | 4361515 |
| &nbsp;&nbsp;&nbsp;Hong Kong | 24384 | 134603391 | 3747 | 134631522 |
| &nbsp;&nbsp;&nbsp;Hungary |  | 20661665 |  | 20661665 |
| &nbsp;&nbsp;&nbsp;India | 14621055 | 161270062 | 927801 | 176818918 |
| &nbsp;&nbsp;&nbsp;Indonesia | 92385 | 9208893 |  | 9301278 |

---

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

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **ACADIAN EMERGING MARKETS PORTFOLIO <br> OCTOBER 31, 2025** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Luxembourg | $2128797 | $— | $— |  | $2128797 |  |
| &nbsp;&nbsp;&nbsp;Malaysia | 149817 | 7283896 |  |  | 7433713 |  |
| &nbsp;&nbsp;&nbsp;Mexico | 16962273 |  |  |  | 16962273 |  |
| &nbsp;&nbsp;&nbsp;Peru | 3830378 |  |  |  | 3830378 |  |
| &nbsp;&nbsp;&nbsp;Philippines |  | 1007861 |  |  | 1007861 |  |
| &nbsp;&nbsp;&nbsp;Poland |  | 19444100 |  |  | 19444100 |  |
| &nbsp;&nbsp;&nbsp;Qatar | 941555 | 6281614 |  |  | 7223169 |  |
| &nbsp;&nbsp;&nbsp;Russia |  |  |  | ^ |  | ^ |
| &nbsp;&nbsp;&nbsp;Saudi Arabia | 109981 | 32178201 |  |  | 32288182 |  |
| &nbsp;&nbsp;&nbsp;South Africa | 9644271 | 22281835 | 3695 |  | 31929801 |  |
| &nbsp;&nbsp;&nbsp;South Korea | 192846 | 167749087 | 41856 |  | 167983789 |  |
| &nbsp;&nbsp;&nbsp;Taiwan | 1139117 | 268284675 |  |  | 269423792 |  |
| &nbsp;&nbsp;&nbsp;Thailand |  | 22495367 |  |  | 22495367 |  |
| &nbsp;&nbsp;&nbsp;Turkey | 289258 | 3368940 |  |  | 3658198 |  |
| &nbsp;&nbsp;&nbsp;United Arab Emirates | 3396344 | 34720731 |  |  | 38117075 |  |
| &nbsp;&nbsp;&nbsp;United Kingdom | 9408344 |  |  |  | 9408344 |  |
| Total Common Stock | 139444405 | 1126350720 | 977099 |  | 1266772224 |  |
| **Preferred Stock** | **Preferred Stock** | **Preferred Stock** | **Preferred Stock** | **Preferred Stock** | **Preferred Stock** | **Preferred Stock** |
| &nbsp;&nbsp;&nbsp;Brazil | 9148785 |  |  | ^ | 9148785 |  |
| &nbsp;&nbsp;&nbsp;Chile | 2900 |  |  |  | 2900 |  |
| &nbsp;&nbsp;&nbsp;South Korea |  | 483984 |  |  | 483984 |  |
| Total Preferred Stock | 9151685 | 483984 |  | ^ | 9635669 |  |
| **Exchange-Traded Fund** | **Exchange-Traded Fund** | **Exchange-Traded Fund** | **Exchange-Traded Fund** | **Exchange-Traded Fund** | **Exchange-Traded Fund** | **Exchange-Traded Fund** |
| &nbsp;&nbsp;&nbsp;United States | 7876102 |  |  |  | 7876102 |  |
| Total Exchange-Traded Fund | 7876102 |  |  |  | 7876102 |  |
| **Short-Term Investment** |  | 10274759 |  |  | 10274759 |  |
| Total Investments in Securities | $156472192 | $1137109463 | $977099 |  | $1294558754 |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;† A reconciliation of Level 3 investments and disclosures of significant unobservable inputs are presented when
 the Portfolio has a significant amount of Level 3 investments at the end of the period in relation to net assets. Management has concluded
 that Level 3 investments are not material in relation to net assets.

---

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

---

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

 

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

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **ACADIAN EMERGING MARKETS PORTFOLIO <br> OCTOBER 31, 2025** |

---

**STATEMENT OF ASSETS AND LIABILITIES**

---

| | |
|:---|:---|
| **Assets:** |  |
| &nbsp;&nbsp;&nbsp;Investments, at Value (Cost $918,807,586) | $1294558754 |
| &nbsp;&nbsp;&nbsp;Foreign Currency, at Value (Cost $3,969,567) | 3973130 |
| &nbsp;&nbsp;&nbsp;Receivable for Investment Securities Sold | 21123029 |
| &nbsp;&nbsp;&nbsp;Receivable for Capital Shares Sold | 6127029 |
| &nbsp;&nbsp;&nbsp;Dividends and Interest Receivable | 1731647 |
| &nbsp;&nbsp;&nbsp;Reclaim Receivable | 100851 |
| &nbsp;&nbsp;&nbsp;Unrealized Gain on Spot Foreign Currency Contracts | 11990 |
| &nbsp;&nbsp;&nbsp;Prepaid Expenses | 44706 |
| &nbsp;&nbsp;&nbsp;Total Assets | 1327671136 |
| **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;Payable for Investment Securities Purchased | 32776847 |
| &nbsp;&nbsp;&nbsp;Accrued Foreign Capital Gains Tax on Appreciated Securities | 4246979 |
| &nbsp;&nbsp;&nbsp;Payable for Capital Shares Redeemed | 960618 |
| &nbsp;&nbsp;&nbsp;Payable to Adviser | 943119 |
| &nbsp;&nbsp;&nbsp;Payable to Administrator | 68155 |
| &nbsp;&nbsp;&nbsp;Shareholder Servicing Fees Payable - Investor Class | 30179 |
| &nbsp;&nbsp;&nbsp;Shareholder Servicing Fees Payable - Y Class | 406 |
| &nbsp;&nbsp;&nbsp;Payable to Trustees | 4743 |
| &nbsp;&nbsp;&nbsp;Chief Compliance Officer Fees Payable | 3265 |
| &nbsp;&nbsp;&nbsp;Accrued Expenses | 359612 |
| &nbsp;&nbsp;&nbsp;Total Liabilities | 39393923 |
| **Commitments and Contingencies<sup>†</sup>** |  |
| **Net Assets** | $1288277213 |
| **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;Paid-in Capital | $887081502 |
| &nbsp;&nbsp;&nbsp;Total Distributable Earnings | 401195711 |
| **Net Assets** | $1288277213 |
| **Investor Class Shares:** |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $404142409 |
| &nbsp;&nbsp;&nbsp;Outstanding Shares of Beneficial Interest (unlimited authorization - no par value) | 14145492 |
| &nbsp;&nbsp;&nbsp;Net Asset Value, Redemption and Offering Price Per Share \* | $28.57 |
| **I Class Shares:** |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $881337878 |
| &nbsp;&nbsp;&nbsp;Outstanding Shares of Beneficial Interest (unlimited authorization - no par value) | 30855008 |
| &nbsp;&nbsp;&nbsp;Net Asset Value, Redemption and Offering Price Per Share \* | $28.56 |
| **Y Class Shares:** |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $2796926 |
| &nbsp;&nbsp;&nbsp;Outstanding Shares of Beneficial Interest (unlimited authorization - no par value) | 98209 |
| &nbsp;&nbsp;&nbsp;Net Asset Value, Redemption and Offering Price Per Share \* | $28.48 |

---

&nbsp;&nbsp;&nbsp;&nbsp;*†* *See Note 5 in the Notes to Financial Statements.* 

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

 

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

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **ACADIAN EMERGING MARKETS PORTFOLIO <br> FOR THE YEAR ENDED <br> OCTOBER 31, 2025** |

---

**STATEMENT OF OPERATIONS**

---

| | |
|:---|:---|
| **Investment Income:** |  |
| &nbsp;&nbsp;&nbsp;Dividends | $42220243 |
| &nbsp;&nbsp;&nbsp;Less: Foreign Taxes Withheld | (4571603) |
| &nbsp;&nbsp;&nbsp;**Total Investment Income** | 37648640 |
| **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;Investment Advisory Fees | 9825393 |
| &nbsp;&nbsp;&nbsp;Administration Fees | 736534 |
| &nbsp;&nbsp;&nbsp;Shareholder Servicing Fees - Investor Class | 712052 |
| &nbsp;&nbsp;&nbsp;Shareholder Servicing Fees - Y Class | 4545 |
| &nbsp;&nbsp;&nbsp;Trustees' Fees | 18553 |
| &nbsp;&nbsp;&nbsp;Chief Compliance Officer Fees | 10226 |
| &nbsp;&nbsp;&nbsp;Custodian Fees | 962101 |
| &nbsp;&nbsp;&nbsp;Transfer Agent Fees | 199049 |
| &nbsp;&nbsp;&nbsp;Filing and Registration Fees | 108741 |
| &nbsp;&nbsp;&nbsp;Audit Fees | 89737 |
| &nbsp;&nbsp;&nbsp;Printing Fees | 79386 |
| &nbsp;&nbsp;&nbsp;Interest Expense | 54405 |
| &nbsp;&nbsp;&nbsp;Legal Fees | 45457 |
| &nbsp;&nbsp;&nbsp;Other Expenses | 63330 |
| &nbsp;&nbsp;&nbsp;**Total Expenses** | 12909509 |
| **Less:** |  |
| &nbsp;&nbsp;&nbsp;Investment Advisory Fee Waiver | (128709) |
| &nbsp;&nbsp;&nbsp;Fees Paid Indirectly (Note 4) | (29830) |
| &nbsp;&nbsp;&nbsp;**Net Expenses** | 12750970 |
| &nbsp;&nbsp;&nbsp;**Net Investment Income** | 24897670 |
| **Net Realized Gain (Loss) on:** |  |
| &nbsp;&nbsp;&nbsp;Investments | 31616837 |
| &nbsp;&nbsp;&nbsp;Foreign Capital Gains Tax | (2406408) |
| &nbsp;&nbsp;&nbsp;Foreign Currency Transactions | (1032364) |
| **Net Realized Gain** | 28178065 |
| **Net Change in Unrealized Appreciation on:** |  |
| &nbsp;&nbsp;&nbsp;Investments | 197171512 |
| &nbsp;&nbsp;&nbsp;Foreign Capital Gains Tax on Appreciated Securities | 3037364 |
| &nbsp;&nbsp;&nbsp;Foreign Currencies and Translation of other Assets and Liabilities Denominated in Foreign Currencies | 110188 |
| **Net Change in Unrealized Appreciation** | 200319064 |
| **Net Realized and Unrealized Gain** | 228497129 |
| **Net Increase in Net Assets Resulting from Operations** | $253394799 |

---

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

---

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

---

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **Year Ended** <br> **October 31, 2025** | **Year Ended <br> October 31, 2024** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $24897670 | $19378084 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain | 28178065 | 21764991 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation | 200319064 | 135185878 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | 253394799 | 176328953 |
| **Distributions:** |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class Shares | (10299781) | (11728043) |
| &nbsp;&nbsp;&nbsp;I Class Shares | (24528647) | (13400475) |
| &nbsp;&nbsp;&nbsp;Y Class Shares | (146999) | (134613) |
| &nbsp;&nbsp;&nbsp;**Total Distributions** | (34975427) | (25263131) |
| **Capital Share Transactions:<sup>(1)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;**Investor Class Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 85218730 | 22684645 |
| &nbsp;&nbsp;&nbsp;Reinvestment of Distributions | 10226375 | 11521471 |
| &nbsp;&nbsp;&nbsp;Redemption Fees — (See Note 2) | 1491 | 3294 |
| &nbsp;&nbsp;&nbsp;Redeemed | (80509770) | (66224776) |
| &nbsp;&nbsp;&nbsp;Increase (Decrease) in Net Assets derived from Investor Class Share Transactions | 14936826 | (32015366) |
| &nbsp;&nbsp;&nbsp;**I Class Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 260311858 | 332928696 |
| &nbsp;&nbsp;&nbsp;Reinvestment of Distributions | 21775801 | 11667736 |
| &nbsp;&nbsp;&nbsp;Redemption Fees — (See Note 2) | 11346 | 2401 |
| &nbsp;&nbsp;&nbsp;Redeemed | (186293644) | (88454072) |
| &nbsp;&nbsp;&nbsp;Increase in Net Assets derived from I Class Share Transactions | 95805361 | 256144761 |
| &nbsp;&nbsp;&nbsp;**Y Class Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 1011939 | 645883 |
| &nbsp;&nbsp;&nbsp;Reinvestment of Distributions | 145045 | 127112 |
| &nbsp;&nbsp;&nbsp;Redeemed | (3644179) | (348733) |
| &nbsp;&nbsp;&nbsp;Increase (Decrease) in Net Assets derived from Y Class Share Transactions | (2487195) | 424262 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets from Capital Share Transactions** | 108254992 | 224553657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Increase in Net Assets** | 326674364 | 375619479 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 961602849 | 585983370 |
| &nbsp;&nbsp;&nbsp;End of Year | $1288277213 | $961602849 |

---

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

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

---

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

---

**FINANCIAL HIGHLIGHTS**

**Selected Per Share Data & Ratios**

**For a Share Outstanding Throughout Each Year**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** |
| <br>**Investor Class Shares** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net Asset Value, Beginning of Year | $23.60 | $19.02 | $16.37 | $23.93 | $19.65 |
| Income from Operations: | Income from Operations: | Income from Operations: | Income from Operations: | Income from Operations: | Income from Operations: |
| &nbsp;&nbsp;&nbsp;Net Investment Income\* | 0.54 | 0.56 | 0.70 | 0.96 | 0.47 |
| &nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gain (Loss) | 5.20 | 4.81 | 3.21 | (7.78 | 4.10 |
| &nbsp;&nbsp;&nbsp;Total from Operations | 5.74 | 5.37 | 3.91 | (6.82 | 4.57 |
| Redemption Fees\* | 0.00 | 0.00 | 0.00 | 0.00 |  |
| Dividends and Distributions from: | Dividends and Distributions from: | Dividends and Distributions from: | Dividends and Distributions from: | Dividends and Distributions from: | Dividends and Distributions from: |
| &nbsp;&nbsp;&nbsp;Net Investment Income | (0.64) | (0.79) | (1.07) | (0.70) | (0.29) |
| &nbsp;&nbsp;&nbsp;Net Realized Gains | (0.13 |  | (0.19 | (0.04 |  |
| &nbsp;&nbsp;&nbsp;Total Dividends and Distributions | (0.77 | (0.79 | (1.26 | (0.74 | (0.29) |
| Net Asset Value, End of Year | $28.57 | $23.60 | $19.02 | $16.37 | $23.93 |
| Total Return † | 25.16 | 28.86 | 24.62 | (29.43 | 23.35% |
| **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
| Net Assets, End of Year (Thousands) | $404142 | $316755 | $283457 | $322684 | $580640 |
| Ratio of Expenses to Average Net Assets (including waivers and reimbursements)<sup>(1)</sup> | 1.31 | 1.34 | 1.46 | 1.49 | 1.43% |
| Ratio of Expenses to Average Net Assets (excluding waivers and reimbursements) | 1.32 | 1.38 | N/A | N/A | N/A |
| Ratio of Net Investment Income to Average Net Assets | 2.18 | 2.56 | 3.69 | 4.52 | 1.97% |
| Portfolio Turnover Rate | 75 | 60 | 68 | 66 | 70% |

---

*\** *Per share data calculated using average shares method.*

---

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

---

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

&nbsp;&nbsp;&nbsp;&nbsp;*(1)* *The Ratio of Expenses to Average Net Assets excludes the effect of fees paid indirectly. If these expense offsets were included, the ratio would have been 1.30% for 2025, 1.33% for 2024 and the same as the ratio reported for the prior years.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(2)* *Effective January 1, 2024, the Adviser has contractually agreed to waive its fees not exceeding 1.10% (excluding any class-specific expenses) of the Portfolio's average daily net assets (Note 5).* 

 

*N/A Not Applicable.*

 

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

---

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

---

**FINANCIAL HIGHLIGHTS**

**Selected Per Share Data & Ratios**

**For a Share Outstanding Throughout Each Year**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** |
| <br>**I Class Shares** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net Asset Value, Beginning of Year | $23.60 | $19.02 | $16.39 | $23.97 | $19.67 |
| Income from Operations: | Income from Operations: | Income from Operations: | Income from Operations: | Income from Operations: | Income from Operations: |
| &nbsp;&nbsp;&nbsp;Net Investment Income\* | 0.57 | 0.61 | 0.75 | 1.00 | 0.53 |
| &nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gain (Loss) | 5.21 | 4.81 | 3.20 | (7.77 | 4.09 |
| &nbsp;&nbsp;&nbsp;Total from Operations | 5.78 | 5.42 | 3.95 | (6.77 | 4.62 |
| Redemption Fees\* | 0.00 | 0.00 | 0.00 | 0.00 |  |
| Dividends and Distributions from: | Dividends and Distributions from: | Dividends and Distributions from: | Dividends and Distributions from: | Dividends and Distributions from: | Dividends and Distributions from: |
| &nbsp;&nbsp;&nbsp;Net Investment Income | (0.69) | (0.84) | (1.13) | (0.77) | (0.32) |
| &nbsp;&nbsp;&nbsp;Net Realized Gains | (0.13 |  | (0.19 | (0.04 |  |
| &nbsp;&nbsp;&nbsp;Total Dividends and Distributions | (0.82 | (0.84 | (1.32 | (0.81 | (0.32) |
| Net Asset Value, End of Year | $28.56 | $23.60 | $19.02 | $16.39 | $23.97 |
| Total Return † | 25.39 | 29.15 | 24.87 | (29.26 | 23.61% |
| **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
| Net Assets, End of Year (Thousands) | $881338 | $640486 | $299395 | $258008 | $396786 |
| Ratio of Expenses to Average Net Assets (including waivers and reimbursements)<sup>(1)</sup> | 1.10 | 1.12 | 1.24 | 1.27 | 1.22% |
| Ratio of Expenses to Average Net Assets (excluding waivers and reimbursements) | 1.12 | 1.15 | N/A | N/A | N/A |
| Ratio of Net Investment Income to Average Net Assets | 2.33 | 2.75 | 3.95 | 4.70 | 2.21% |
| Portfolio Turnover Rate | 75 | 60 | 68 | 66 | 70% |

---

*\** *Per share data calculated using average shares method.*

---

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

---

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

&nbsp;&nbsp;&nbsp;&nbsp;*(1)* *The Ratio of Expenses to Average Net Assets excludes the effect of fees paid indirectly. If these expense offsets were included, the ratio would have been the same for 2025, 1.11% for 2024 and the same as the ratio reported for the prior years.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(2)* *Effective January 1, 2024, the Adviser has contractually agreed to waive its fees not exceeding 1.10% (excluding any class-specific expenses) of the Portfolio's average daily net assets (Note 5).* 

 

*N/A Not Applicable.*

 

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

---

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

---

**FINANCIAL HIGHLIGHTS**

**Selected Per Share Data & Ratios**

**For a Share Outstanding Throughout Each Year**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** |
| <br>**Y Class Shares** | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net Asset Value, Beginning of Year | $23.53 | $18.97 | $16.35 | $23.92 | $19.63 |
| Income from Operations: | Income from Operations: | Income from Operations: | Income from Operations: | Income from Operations: | Income from Operations: |
| &nbsp;&nbsp;&nbsp;Net Investment Income\* | 0.58 | 0.62 | 0.74 | 0.99 | 0.50 |
| &nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gain (Loss) | 5.17 | 4.77 | 3.19 | (7.76) | 4.11 |
| &nbsp;&nbsp;&nbsp;Total from Operations | 5.75 | 5.39 | 3.93 | (6.77) | 4.61 |
| Dividends and Distributions from: | Dividends and Distributions from: | Dividends and Distributions from: | Dividends and Distributions from: | Dividends and Distributions from: | Dividends and Distributions from: |
| &nbsp;&nbsp;&nbsp;Net Investment Income | (0.67) | (0.83) | (1.12) | (0.76) | (0.32) |
| &nbsp;&nbsp;&nbsp;Net Realized Gains | (0.13) |  | (0.19) | (0.04) |  |
| &nbsp;&nbsp;&nbsp;Total Dividends and Distributions | (0.80) | (0.83) | (1.31) | (0.80) | (0.32) |
| Net Asset Value, End of Year | $28.48 | $23.53 | $18.97 | $16.35 | $23.92 |
| Total Return † | 25.29% | 29.05% | 24.80% | (29.31)% | 23.61% |
| **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
| Net Assets, End of Year (Thousands) | $2797 | $4362 | $3131 | $5870 | $6982 |
| Ratio of Expenses to Average Net Assets (including waivers and reimbursements)<sup>(1)</sup> | 1.20% | 1.22%<sup>(2)</sup> | 1.29% | 1.32% | 1.24% |
| Ratio of Expenses to Average Net Assets (excluding waivers and reimbursements) | 1.21% | 1.25%<sup>(2)</sup> | N/A | N/A | N/A |
| Ratio of Net Investment Income to Average Net Assets | 2.40% | 2.81% | 3.95% | 4.71% | 2.10% |
| Portfolio Turnover Rate | 75% | 60% | 68% | 66% | 70% |

---

*\** *Per share data calculated using average shares method.*

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

*(1)* *The Ratio of Expenses to Average Net Assets excludes the effect of fees paid indirectly. If these expense offsets were included, the ratio would have been the same for 2025, 1.21% for 2024 and the same as the ratio reported for the prior years.* 

*(2)* *Effective January 1, 2024, the Adviser has contractually agreed to waive its fees not exceeding 1.10% (excluding any class-specific expenses) of the Portfolio's average daily net assets (Note 5).* 

 

*N/A Not Applicable.*

 

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

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **ACADIAN EMERGING MARKETS PORTFOLIO <br> OCTOBER 31, 2025** |

---

**NOTES TO FINANCIAL STATEMENTS**

**1. Organization:**

**The Advisors' Inner Circle Fund** (the "Trust") is organized as a Massachusetts business trust under an Amended and Restated Agreement and Declaration of Trust dated February 18, 1997. The Trust is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company with 27 funds. The financial statements herein are those of the Acadian Emerging Markets Portfolio ("Portfolio"), a diversified portfolio. The investment objective of the Portfolio is to seek long-term capital appreciation by investing primarily in common stocks of emerging market country issuers. The financial statements of the remaining portfolios are presented separately. The assets of each portfolio are segregated, and a shareholder's interest is limited to the portfolio in which shares are held.

**2. Significant Accounting Policies:**

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

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

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

 

Securities for which market prices are not "readily available" are valued in accordance with fair value procedures (the "Fair Value Procedures") established by Acadian Asset Management LLC (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.

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **ACADIAN EMERGING MARKETS PORTFOLIO <br> OCTOBER 31, 2025** |

---

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

For securities that principally trade on a foreign market or exchange, a significant gap in time can exist between the time of a particular security's last trade and the time at which the Portfolio calculates its net asset values. The closing prices of such securities may no longer reflect their market value at the time the Portfolio calculates its net asset value if an event that could materially affect the value of those securities (a "Significant Event") has occurred between the time of the security's last close and the time that the Acadian Emerging Markets Portfolio calculates its net asset value. A Significant Event may relate to a single issuer or to an entire market sector. If the 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 the Portfolio calculates its net asset value, it may request that a Committee meeting be called. As of October 31, 2025, the total market value of securities in the Portfolio, valued in accordance with fair value procedures, was $1,126,834,704 or 87% of Net Assets.

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

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **ACADIAN EMERGING MARKETS PORTFOLIO <br> OCTOBER 31, 2025** |

---

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

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

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

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

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

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

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

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

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **ACADIAN EMERGING MARKETS PORTFOLIO <br> OCTOBER 31, 2025** |

---

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

 

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

As of and during the year ended October 31, 2025, the Portfolio did not have a liability for any unrecognized tax benefits. The Portfolio recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations. During the year ended October 31, 2025, the Portfolio did not incur any interest or penalties.

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

*Security Transactions and Investment Income —* Security transactions are accounted for on trade date. Costs used in determining realized gains or losses on the sale of investment securities are based on the specific identification method. Dividend income is recorded on the ex-dividend date. Certain dividends from foreign securities will be recorded as soon as the Portfolio is informed of the dividend if such information is obtained subsequent to the ex-dividend date. Interest income is recognized on an accrual basis from settlement date. Discounts and premiums on securities purchased are accreted and amortized using the scientific interest method, which approximates the effective interest method.

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **ACADIAN EMERGING MARKETS PORTFOLIO <br> OCTOBER 31, 2025** |

---

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

 

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

 

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

 

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

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **ACADIAN EMERGING MARKETS PORTFOLIO <br> OCTOBER 31, 2025** |

---

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

 

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

 

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

 

*Segment Reporting —* In this reporting period, the Portfolio 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 the Portfolio'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 Portfolio's Adviser acts as the Portfolio's CODM. The Portfolio represents a single operating segment, as the CODM monitors the operating results of the Portfolio as a whole and the Portfolio's long-term strategic asset allocation is pre-determined in accordance with the Portfolio's single investment objective which is executed by the Portfolio's portfolio managers. The financial information in the form of the Portfolio'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 the Portfolio's comparative benchmarks and to make resource allocation decisions for the Portfolio's single segment, is consistent with that presented within the Portfolio's financial statements. Segment assets are reflected on the accompanying Statement of Assets and Liabilities as "Total Assets" and significant segment expenses are listed on the accompanying Statement of Operations.

 

**3. Transactions with Affiliates:**

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

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| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **ACADIAN EMERGING MARKETS PORTFOLIO<br> OCTOBER 31, 2025** |

---

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

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

The Portfolio and the Administrator are parties to an Administration Agreement, under which the Administrator provides administrative services to the Portfolio. For these services, the Administrator is paid an asset based fee, which will vary depending on the number of share classes and the average daily net assets of the Portfolio. For the year ended October 31, 2025, the Portfolio paid $736,534 for these services.

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

The Portfolio has adopted a shareholder servicing plan under which a shareholder servicing fee of up to 0.25% of average daily net assets of the Investor Class Shares and up to 0.10% of average daily net assets of the Y Class Shares will be paid to financial intermediaries. Certain brokers, dealers, banks, trust companies and other financial representatives may receive compensation from the Portfolio for providing a variety of services, including record keeping and transaction processing. Such fees are paid by the Portfolio to the extent that the number of accounts serviced by the financial representative multiplied by the account fee charged by the Portfolio's transfer agent would not exceed the amount that would have been charged had the accounts serviced by the financial representative been registered directly through the transfer agent. All fees in excess of this amount are paid by the Adviser, an affiliate of Old Mutual (US) Holdings, Inc. These fees are disclosed on the Statement of Operations as Shareholder Servicing Fees.

SS&C Global Investor & Distribution Solutions, Inc. (the "Transfer Agent") serves as the transfer agent and dividend disbursing agent for the Portfolio under a transfer agency agreement.

For the year ended October 31, 2025, the Portfolio earned cash management credits of $29,830, which were used to offset transfer agent expenses. This amount is labeled as "Fees Paid Indirectly" on the Statement of Operations.

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

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **ACADIAN EMERGING MARKETS PORTFOLIO <br> OCTOBER 31, 2025** |

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**5. Investment Advisory Agreement:**

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

The Adviser, as of January 1, 2024, has contractually agreed to waive or reduce fees and reimburse expenses in order to keep net operating expenses (but excluding any class specific expenses (including distribution and service (12b-1) fees and shareholder servicing fees), interest, taxes, brokerage commissions, acquired fund fees and expenses, fees and expenses incurred in connection with tax reclaim recovery services, other expenditures which are capitalized in accordance with generally accepted accounting principles, and other non-routine expenses not incurred in the ordinary course of said Portfolio's business (including litigation expenses)) from exceeding 1.10% of the average daily net assets of each of the Portfolio's share classes until March 1, 2026. In addition, the Adviser may receive from the Portfolio the difference between the total annual fund operating expenses (not including excluded expenses) and the contractual expense limit to recoup all or a portion of its prior fee waivers or expense reimbursements made during the three-year period preceding the date of the recoupment if at any point total annual fund operating expenses (not including excluded expenses) are below the contractual expense limit (i) at the time of the fee waiver or expense payment, and (ii) at the time of the reimbursement. This agreement may be terminated: (i) by the Trust, for any reason at any time, or (ii) by the Adviser, for any reason, upon ninety (90) days' prior written notice to the Trust, effective as of the close of business on March 1, 2026. This agreement terminates automatically upon the termination of the advisory agreement. The amounts subject to recapture by the Adviser are $233,104 expiring in 2027 and $128,709 expiring in 2028. During the year ended October 31, 2025, the Portfolio did not recapture any previously waived fees.

**6. Investment Transactions:**

For the year ended October 31, 2025, the purchases of $902,734,747 and sales of $812,122,828 of investment securities other than long-term U.S. Government and short-term securities. There were no purchases or sales of long-term U.S. Government securities.

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| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **ACADIAN EMERGING MARKETS PORTFOLIO <br> OCTOBER 31, 2025** |

---

**7. Share Transactions:**

Capital share transactions made were as follows:

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| | | |
|:---|:---|:---|
|  | **Year Ended<br> October 31,**<br> **2025** | **Year Ended<br> October 31,**<br> **2024** |
| **Investor Class Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 3484470 | 1037194 |
| &nbsp;&nbsp;&nbsp;Reinvestment of Distributions | 449667 | 560656 |
| &nbsp;&nbsp;&nbsp;Redeemed | (3209663) | (3080987) |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Shares Outstanding from Investor Class Share Transactions** | 724474 | (1483137) |
| **I Class Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 10722930 | 14837634 |
| &nbsp;&nbsp;&nbsp;Reinvestment of Distributions | 959149 | 568880 |
| &nbsp;&nbsp;&nbsp;Redeemed | (7966687) | (4010141) |
| &nbsp;&nbsp;&nbsp;**Net Increase in Shares Outstanding from I Class Share Transactions** | 3715392 | 11396373 |
| **Y Class Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 39984 | 29506 |
| &nbsp;&nbsp;&nbsp;Reinvestment of Distributions | 6404 | 6210 |
| &nbsp;&nbsp;&nbsp;Redeemed | (133554) | (15369) |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Shares Outstanding from Y Class Share Transactions** | (87166) | 20347 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Shares Outstanding from Share Transactions** | 4352700 | 9933583 |

---

**8. Line of Credit:**

The Portfolio entered into an agreement which enables it to participate in a $50 million unsecured committed revolving line of credit with MUFG Union Bank N.A., which is set to expire July 27, 2026. The proceeds from the borrowings shall be used to finance the Portfolio's short term general working capital requirements, including the funding of shareholder redemptions. Interest is charged to the Portfolio based on their borrowings at the current reference rate. For the year ended October 31, 2025, the Portfolio had average borrowings of $7,092,580 and a maximum amount borrowed of $36,076,000 over a period of 37 days at a weighted average interest rate of 7.49%. Interest accrued on the borrowings during the period was $54,405. As of October 31, 2025, the Portfolio did not have any borrowings outstanding.

**9. Federal Tax Information:**

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

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| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **ACADIAN EMERGING MARKETS PORTFOLIO<br> OCTOBER 31, 2025** |

---

There were no permanent differences credited or charged to Paid-in Capital and Distributable Earnings as of October 31, 2025.

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

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| | | | |
|:---|:---|:---|:---|
|  | **Ordinary <br> Income** | **Long-Term <br> Capital Gain** | **Total** |
| 2025.0 | $29458997 | $5516430 | $34975427 |
| 2024.0 | 25263131 |  | 25263131 |

---

As of October 31, 2025, the components of Distributable Earnings on a tax basis were as follows:

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| | |
|:---|:---|
| Undistributed Ordinary Income | $26155049 |
| Undistributed Long-Term Capital Gains | 30137348 |
| Net Unrealized Appreciation | 344903314 |
| Total Distributable Earnings | $401195711 |

---

For Federal income tax purposes, the difference between Federal tax cost and book cost primarily relates to PFICs and wash sales, which cannot be used for Federal income tax purposes in the current year and have been deferred for use in future years. The Federal tax cost and aggregate gross unrealized appreciation and depreciation on investments, held by the Portfolio at October 31, 2025, were as follows:

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| | | | |
|:---|:---|:---|:---|
| **Federal Tax <br> Cost** | **Aggregated <br> Gross Unrealized <br> Appreciation** | **Aggregated <br> Gross Unrealized <br> Depreciation** | **Net Unrealized <br> Appreciation** |
| $945426698 | $408127415 | $(63224101) | $344903314 |

---

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

**10. Concentration of Risks:**

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

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| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **ACADIAN EMERGING MARKETS PORTFOLIO<br> OCTOBER 31, 2025** |

---

Active Management Risk – The Portfolio is subject to the risk that the Adviser's judgments about the attractiveness, value, or potential appreciation of the Portfolio's investments may prove to be incorrect. If the investments selected and strategies employed by the Portfolio fail to produce the intended results, the Portfolio could underperform in comparison to other funds with similar objectives and investment strategies.

Equity Risk – Since it purchases equity securities, the Portfolio is subject to the risk that stock prices may fall over short or extended periods of time. Historically, equity markets have moved in cycles, and the value of the Portfolio's equity securities may fluctuate drastically from day-to-day. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices of securities issued by such companies may suffer a decline in response. In addition, the impact of any epidemic, pandemic or natural disaster, or widespread fear that such events may occur, could negatively affect the global economy, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the markets in general in significant and unforeseen ways. Any such impact could adversely affect the prices and liquidity of the securities and other instruments in which the Portfolio invests, which in turn could negatively impact the Portfolio's performance and cause losses on your investment in the Portfolio. These factors contribute to price volatility, which is the principal risk of investing in the Portfolio. This risk is greater for small and medium-sized companies, which tend to be more vulnerable to adverse developments than larger companies.

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

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

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **ACADIAN EMERGING MARKETS PORTFOLIO <br> OCTOBER 31, 2025** |

---

These currency movements may occur separately from, and in response to, events that do not otherwise affect the value of the security in the issuer's home country. In addition, periodic U.S. Government restrictions on investments in issuers from certain foreign countries may require the Portfolio to sell such investments at inopportune times, which could result in losses to the Portfolio. While ADRs and GDRs provide an alternative to directly purchasing the underlying foreign securities in their respective national markets and currencies, investments in ADRs and GDRs continue to be subject to many of the risks associated with investing directly in foreign securities.

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

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

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

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

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| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **ACADIAN EMERGING MARKETS PORTFOLIO <br> OCTOBER 31, 2025** |

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**11. Concentration of Shareholders:**

As of October 31, 2025, 91% of the Portfolio's Investor Class Shares outstanding were held by three record shareholders, 61% of the Portfolio's I Class Shares were held by three record shareholders, and 94% of the Portfolio's Y Class Shares outstanding were held by two record shareholders owning 10% or greater of the aggregate total shares outstanding. These shareholders were comprised of omnibus accounts that were held on behalf of various shareholders.

**12. Indemnifications:**

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

**13. Loans of Fund Securities:**

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

During the year and as of October 31, 2025, there were no securities on loan for the Portfolio.

**14. Recent Accounting Pronouncements:**

In December 2023, the FASB issued Accounting Standards Update 2023-09 ("ASU 2023-09"), Income Taxes (Topic 740) Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. Management is evaluating the impact of these changes on the Portfolio's financial statements.

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| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **ACADIAN EMERGING MARKETS PORTFOLIO <br> OCTOBER 31, 2025** |

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**15. Subsequent Events:**

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

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| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **ACADIAN EMERGING MARKETS PORTFOLIO<br> OCTOBER 31, 2025** |

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders of Acadian Emerging Markets Portfolio

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

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

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Acadian Emerging Markets Portfolio (the "Fund"), a series of The Advisors' Inner Circle Fund as of October 31, 2025, the related statement of operations the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the three years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2025, the results of its operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the three years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

The Fund's financial highlights for the year ended October 31, 2022, and prior, were audited by other auditors whose report dated December 29, 2022, expressed an unqualified opinion on those financial highlights.

<u>Basis for Opinion</u>

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

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| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **ACADIAN EMERGING MARKETS PORTFOLIO<br> OCTOBER 31, 2025** |

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We have served as the Fund's auditor since 2023.

![](fp0096584-1_02.jpg)

Philadelphia, Pennsylvania

December 22, 2025

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| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **ACADIAN EMERGING MARKETS PORTFOLIO <br> OCTOBER 31, 2025** |

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**NOTICE TO SHAREHOLDERS *(Unaudited)***

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Return Of Capital** | **Long-Term Capital Gain Distribution** | **Ordinary Income Distributions** | **Total Distributions** | **Qualifying For Corporate Dividends Rec. Deduction(1)** | **Qualifying Dividend Income(2)** | **U.S. Government Interest(3)** | **Interest Related Dividend(4)** | **Short Term Capital Gain Dividends(5)** | **Foreign Tax Credit(6)** |
| 0.00% | 13.15% | 86.85% | 100.00% | 0.01% | 47.57% | 0.00% | 0.00% | 0.00% | 16.63% |

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

 Relief Reconciliation Act of 2003 and is reflected as a percentage of ordinary income distributions (the total of short term capital gain
 and net investment income distributions). It is the intention of the aforementioned Portfolio to designate the maximum amount permitted
 by law.

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

 Act of 2004 and is reflected as a percentage of net investment income distributions that is exempt from U.S. withholding tax when paid
 to foreign investors.

 Creation Act of 2004 and is reflected as a percentage of short-term capital gain distributions that is exempt from U.S. withholding tax
 when paid to foreign investors.

&nbsp;&nbsp;&nbsp;&nbsp;(6) The percentage in this column represents the amount of "Qualifying Foreign Taxes" as a percentage of ordinary distributions
 during the fiscal year ended October 31, 2025, amounting to $6,978,011 are expected to be passed through to the shareholders as foreign
 tax credits on Form 1099-DIV for the year ending December 31, 2025, which shareholders of this Portfolio will receive in late January,
 2026. In addition, for the fiscal year ended October 31, 2025, gross foreign source income amounted to $30,434,889 for the Portfolio.

The information reported herein may differ from the information and distributions taxable to the shareholders for the calendar year ending December 31, 2025. Complete information will be computed and reported in conjunction with your 2025 Form 1099-DIV.

---

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

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**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.**

The remuneration paid by the company during the period covered by the report to the Trustees on the company's Board of Trustees is disclosed within the Statement(s) of Operations of the financial statements (Item 7).

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

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

A Board meeting was held on May 19–20, 2025 to decide whether to renew the Agreement for an additional one-year term. In preparation for the meeting, the Trustees requested that the Adviser furnish information necessary to evaluate the terms of the Agreement. Prior to the meeting, the Independent Trustees of the Fund met to review and discuss the information provided and submitted a request for additional information to the Adviser, and information was provided in response to this request. The Trustees used this information, as well as other information that the Adviser and other service providers of the Fund presented or submitted to the Board at the meeting and other meetings held during the prior year, to help them decide whether to renew the Agreement for an additional year.

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

---

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

---

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

At the Board meeting, the Trustees, including all of the Independent Trustees, based on their evaluation of the information provided by the Adviser and other service providers of the Fund, renewed the Agreement. In considering the renewal of the Agreement, the Board considered various factors that they determined were relevant, including: (i) the nature, extent and quality of the services provided by the Adviser; (ii) the investment performance of the Fund and the Adviser; (iii) the costs of the services provided and profits realized by the Adviser from its relationship with the Fund, including both direct and indirect benefits accruing to the Adviser and its affiliates; (iv) the extent to which economies of scale are being realized by the Adviser; and (v) whether fee levels reflect such economies of scale for the benefit of Fund investors, as discussed in further detail below.

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

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

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

---

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

---

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

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

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

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

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

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

---

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

---

**Renewal of the Agreement**

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

**Acadian Funds** P.O. Box 219009

Kansas City, MO 64121

1-866-AAM-6161

**Adviser:** Acadian Asset Management LLC

260 Franklin Street

Boston, MA 02110

**Distributor:** SEI Investments Distribution Co.

1 Freedom Valley Drive

Oaks, PA 19456

**Administrator:** SEI Investments Global Funds Services

1 Freedom Valley Drive

Oaks, PA 19456

**Legal Counsel:** Morgan, Lewis & Bockius LLP

2222 Market Street

Philadelphia, PA 19103

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

ACA-AR-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)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

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

Item 19. Exhibits.

(a)(1) [Code of Ethics attached hereto.](fp0096584-1_ex99code.htm)

(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.](fp0096584-1_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.](fp0096584-1_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: January 9, 2026

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: January 9, 2026

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ Andrew Metzger |
|  | Andrew Metzger |
|  | Principal Financial Officer |

---

Date: January 9, 2026

## Ex-99.Code

**THE ADVISORS' INNER CIRCLE FUND**<br> **THE ADVISORS' INNER CIRCLE FUND II**<br> **THE ADVISORS' INNER CIRCLE FUND III**<br> **BISHOP STREET FUNDS**<br> **GALLERY TRUST**<br> **FROST FAMILY OF FUNDS**<br> **CATHOLIC RESPONSIBLE INVESTMENTS FUNDS**<br> **SYMMETRY PANORAMIC TRUST**<br> **WILSHIRE PRIVATE ASSETS MASTER FUND**<br> **WILSHIRE PRIVATE ASSETS FUND**

**FINANCIAL OFFICER CODE OF ETHICS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.** **Introduction** 

The reputation and integrity of The Advisors' Inner Circle Fund, The Advisors' Inner Circle Fund II, The Advisors' Inner Circle Fund III, Bishop Street Funds, Gallery Trust, Frost Family of Funds, Catholic Responsible Investments Funds, Symmetry Panoramic Trust, Wilshire Private Assets Master Fund and Wilshire Private Assets Fund (each a "Trust" and, collectively, the "Trusts") are valuable assets that are vital to the each Trust's success. The Trusts' senior financial officers ("SFOs") are responsible for conducting the Trusts' business in a manner that demonstrates a commitment to the highest standards of integrity. The Trusts' SFOs include the principal executive officer, the principal financial officer, comptroller or principal accounting officer, and any person who performs a similar function.

The Sarbanes-Oxley Act of 2002 (the "Act") effected sweeping corporate disclosure and financial reporting reform on public companies, including mutual funds, to address corporate malfeasance and assure investors that the companies in which they invest are accurately and completely disclosing financial information. Under the Act, all public companies (including the Trusts) must either have a code of ethics for their SFOs, or disclose why they do not. The Act was intended to foster corporate environments which encourage employees to question and report unethical and potentially illegal business practices. Each Trust has chosen to adopt this Financial Officer Code of Ethics (the "Code") to encourage its SFOs to act in a manner consistent with the highest principles of ethical conduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**II.** **Purposes of the Code** 

The purposes of this Code are:

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

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

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

● To promote compliance with applicable laws, rules and regulations;

● To encourage the prompt internal reporting to an appropriate person of violations of this Code; and

● To establish accountability for adherence to this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**III.** **Questions about this Code** 

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IV.** **Conduct Guidelines** 

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **SFOs must disclose material transactions or relationships.** Each Trust's SFOs must
 disclose to the Compliance Officer any actual or apparent conflicts of interest the SFO
 may have with the Trust that reasonably could be expected to give rise to any violations
 of this Code. Such conflicts of interest may arise as a result of material transactions
 or business or personal relationships to which the SFO may be a party. If it is not possible
 to disclose the matter to the Compliance Officer, it should be disclosed to the Trust's
 Chief Financial Officer, Chief Executive Officer or another appropriate person. In addition
 to disclosing any actual or apparent conflicts of interest in which an SFO is personally
 involved, the Trusts' SFOs have an obligation to report any other actual or apparent
 conflicts which they discover or of which they otherwise become aware. If you are unsure
 whether a particular fact pattern gives rise to a conflict of interest, or whether a
 particular transaction or relationship is "material," you should bring the
 matter to the attention of the Compliance Officer.

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

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**V.** **Waivers of this Code** 

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VI.** **Affirmation of the Code** 

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VII.** **Reporting Violations** 

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VIII.** **Violations of the Code** 

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

Dated: September 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-CSR of The Advisors' Inner Circle Fund (the "Registrant");

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed
 in this report any change in the Registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected,
 or is reasonably likely to materially affect, the Registrant's internal control
 over financial reporting; and

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

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

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

---

| |
|:---|
| Date: January 9, 2026 |
| /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-CSR of The Advisors' Inner Circle Fund (the "Registrant");

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed
 in this report any change in the Registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected,
 or is reasonably likely to materially affect, the Registrant's internal control
 over financial reporting; and

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

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

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

---

| |
|:---|
| Date: January 9, 2026 |
| /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-CSR for the period ended October 31, 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-CSR fully complies with the requirements of Section 13(a) or 15(d) of the Securities
 Exchange Act of 1934; and

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

---

| | |
|:---|:---|
| Dated: January 9, 2026 |  |
|  | /s/ Michael Beattie |
|  | Michael Beattie |
|  | Principal Executive Officer |

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**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-CSR for the period ended October 31, 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-CSR fully complies with the requirements of Section 13(a) or 15(d) of the Securities
 Exchange Act of 1934; and

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

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| | |
|:---|:---|
| Dated: January 9, 2026 |  |
|  | /s/ Andrew Metzger |
|  | Andrew Metzger |
|  | Principal Financial Officer |

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