# EDGAR Filing Document

**Accession Number:** 0000878719
**File Stem:** 0001398344-25-012820
**Filing Date:** 2025-7
**Character Count:** 128979
**Document Hash:** 2994902bef2fe1cc8732daa530fd6595
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-25-012820.hdr.sgml**: 20250707

**ACCESSION NUMBER**: 0001398344-25-012820

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 20

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250707

**DATE AS OF CHANGE**: 20250707

**EFFECTIVENESS DATE**: 20250707

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-06400
- **FILM NUMBER:** 251108883

**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-CSRS**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT** 

**INVESTMENT COMPANIES**

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

**The Advisors' Inner Circle Fund**

(Exact name of registrant as specified in charter)

SEI Investments

One Freedom Valley Drive

Oaks, PA 19456

(Address of principal executive offices) (Zip code)

SEI Investments

One Freedom Valley Drive

Oaks, PA 19456

(Name and address of agent for service)

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

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

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

**Item 1. Reports to Stockholders.**

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

**# The Advisors' Inner Circle Fund
![Image](i9ab25211c22d130db0096d0c.jpg)

## Acadian Emerging Markets Portfolio

## I Class Shares - AEMZX

## Semi-Annual Shareholder Report: April 30, 2025
This semi-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 April 30, 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| <u>Fund Name</u> | <u>Costs of a $10,000 investment</u> | <u>Costs paid as a percentage of a $10,000 investment</u> |
| Acadian Emerging Markets Portfolio, I Class Shares | $55 | 1.10% |

---

## Key Fund Statistics as of April 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| <u>Total Net Assets</u> | <u>Number of Holdings</u> | <u>Total Advisory Fees Paid</u> | <u>Portfolio Turnover Rate</u> |
| $990216733 | 484 | $4491459 | 43% |

---

## What did the Fund invest in?

### Country Weightings<sup>Footnote Reference \*</sup>
![Holdings Chart](ie264dc0c2c7997b95008e1fb.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Other Countries | 5.8% |
| Hungary | 1.9% |
| Poland | 2.0% |
| South Africa | 2.0% |
| Thailand | 2.2% |
| United Arab Emirates | 3.5% |
| Brazil | 3.7% |
| Saudi Arabia | 3.7% |
| South Korea | 8.7% |
| Hong Kong | 11.2% |
| India | 18.1% |
| Taiwan | 18.1% |
| China | 19.0% |

---

---

| | |
|:---|:---|
| 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</u> |
| Taiwan Semiconductor Manufacturing | 8.1% |
| Tencent Holdings | 4.7% |
| Alibaba Group Holding | 3.3% |
| China Construction Bank, Cl H | 2.8% |
| Samsung Electronics | 2.1% |
| MediaTek | 1.9% |
| OTP Bank Nyrt | 1.8% |
| HCL Technologies | 1.7% |
| BOE Technology Group, Cl A | 1.4% |
| NetEase | 1.3% |

---

## 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:

![An image of a QR code that, when scanned, navigates the user to the following URL: https://confluence.com](ibebe3a229d195d0b062cdb40.jpg)

* 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.

#### AEMZX-SAR-2025

# The Advisors' Inner Circle Fund
![Image](i9ab25211c22d130db0096d0c.jpg)

## Acadian Emerging Markets Portfolio

## Investor Class Shares - AEMGX

## Semi-Annual Shareholder Report: April 30, 2025
This semi-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 April 30, 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| <u>Fund Name</u> | <u>Costs of a $10,000 investment</u> | <u>Costs paid as a percentage of a $10,000 investment</u> |
| Acadian Emerging Markets Portfolio, Investor Class Shares | $65 | 1.30% |

---

## Key Fund Statistics as of April 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| <u>Total Net Assets</u> | <u>Number of Holdings</u> | <u>Total Advisory Fees Paid</u> | <u>Portfolio Turnover Rate</u> |
| $990216733 | 484 | $4491459 | 43% |

---

## What did the Fund invest in?

### Country Weightings<sup>Footnote Reference \*</sup>
![Holdings Chart](ie61ae27560f5f9834d368cc4.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Other Countries | 5.8% |
| Hungary | 1.9% |
| Poland | 2.0% |
| South Africa | 2.0% |
| Thailand | 2.2% |
| United Arab Emirates | 3.5% |
| Brazil | 3.7% |
| Saudi Arabia | 3.7% |
| South Korea | 8.7% |
| Hong Kong | 11.2% |
| India | 18.1% |
| Taiwan | 18.1% |
| China | 19.0% |

---

---

| | |
|:---|:---|
| 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</u> |
| Taiwan Semiconductor Manufacturing | 8.1% |
| Tencent Holdings | 4.7% |
| Alibaba Group Holding | 3.3% |
| China Construction Bank, Cl H | 2.8% |
| Samsung Electronics | 2.1% |
| MediaTek | 1.9% |
| OTP Bank Nyrt | 1.8% |
| HCL Technologies | 1.7% |
| BOE Technology Group, Cl A | 1.4% |
| NetEase | 1.3% |

---

## 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:

![An image of a QR code that, when scanned, navigates the user to the following URL: https://confluence.com](ibebe3a229d195d0b062cdb40.jpg)

* 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.

#### AEMGX-SAR-2025

# The Advisors' Inner Circle Fund
![Image](i9ab25211c22d130db0096d0c.jpg)

## Acadian Emerging Markets Portfolio

## Y Class Shares - AEMVX

## Semi-Annual Shareholder Report: April 30, 2025
This semi-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 April 30, 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 six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| <u>Fund Name</u> | <u>Costs of a $10,000 investment</u> | <u>Costs paid as a percentage of a $10,000 investment</u> |
| Acadian Emerging Markets Portfolio, Y Class Shares | $60 | 1.20% |

---

## Key Fund Statistics as of April 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| <u>Total Net Assets</u> | <u>Number of Holdings</u> | <u>Total Advisory Fees Paid</u> | <u>Portfolio Turnover Rate</u> |
| $990216733 | 484 | $4491459 | 43% |

---

## What did the Fund invest in?

### Country Weightings<sup>Footnote Reference \*</sup>
![Holdings Chart](i8ebc3ce992b00509fa43a0ed.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Other Countries | 5.8% |
| Hungary | 1.9% |
| Poland | 2.0% |
| South Africa | 2.0% |
| Thailand | 2.2% |
| United Arab Emirates | 3.5% |
| Brazil | 3.7% |
| Saudi Arabia | 3.7% |
| South Korea | 8.7% |
| Hong Kong | 11.2% |
| India | 18.1% |
| Taiwan | 18.1% |
| China | 19.0% |

---

---

| | |
|:---|:---|
| 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</u> |
| Taiwan Semiconductor Manufacturing | 8.1% |
| Tencent Holdings | 4.7% |
| Alibaba Group Holding | 3.3% |
| China Construction Bank, Cl H | 2.8% |
| Samsung Electronics | 2.1% |
| MediaTek | 1.9% |
| OTP Bank Nyrt | 1.8% |
| HCL Technologies | 1.7% |
| BOE Technology Group, Cl A | 1.4% |
| NetEase | 1.3% |

---

## 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:

![An image of a QR code that, when scanned, navigates the user to the following URL: https://confluence.com](ibebe3a229d195d0b062cdb40.jpg)

* 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.

#### AEMVX-SAR-2025**

(b) Not applicable.

**Item 2. Code of Ethics.**

Not applicable for semi-annual report.

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

Not applicable for semi-annual report.

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

Not applicable for semi-annual report.

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

Not applicable to open-end management investment companies.

**Item 6. Schedule of Investments.**

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

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

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

Financial statements and financial highlights are filed herein.

![](fp0094062-1_01.jpg)

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **ACADIAN EMERGING** <br> **MARKETS PORTFOLIO** <br> **APRIL 30, 2025** |

---

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| Financial Statements (Form N-CSRS Item 7) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule of Investments | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statement of Assets and Liabilities | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statement of Operations | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statements of Changes in Net Assets | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Highlights | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes to Financial Statements | 23 |
| Other Information (Form N-CSRS Items 8-11) | 36 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **ACADIAN EMERGING** <br> **MARKETS PORTFOLIO** <br> **APRIL 30, 2025<br> (Unaudited)** |

---

**SCHEDULE OF INVESTMENTS**

**COMMON STOCK — 98.2%**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Brazil — 2.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Ambev | 127100 | $327204 |
| &nbsp;&nbsp;&nbsp;BB Seguridade Participacoes | 420400 | 3151991 |
| &nbsp;&nbsp;&nbsp;BRF | 395700 | 1582758 |
| &nbsp;&nbsp;&nbsp;Cia de Saneamento de Minas Gerais Copasa MG | 45800 | 172784 |
| &nbsp;&nbsp;&nbsp;Cia De Sanena Do Parana | 63051 | 339078 |
| &nbsp;&nbsp;&nbsp;Guararapes Confeccoes | 32100 | 45589 |
| &nbsp;&nbsp;&nbsp;JBS | 844783 | 6527358 |
| &nbsp;&nbsp;&nbsp;Marfrig Global Foods | 278200 | 1053455 |
| &nbsp;&nbsp;&nbsp;Nova Embrapar Participacoes \* (A) | 854 |  |
| &nbsp;&nbsp;&nbsp;Pagseguro Digital, Cl A \* | 183762 | 1843133 |
| &nbsp;&nbsp;&nbsp;Porto Seguro | 135700 | 1057356 |
| &nbsp;&nbsp;&nbsp;Profarma Distribuidora de Produtos Farmaceuticos | 22200 | 31451 |
| &nbsp;&nbsp;&nbsp;Seara Alimentos \* (A) | 911 |  |
| &nbsp;&nbsp;&nbsp;Tegma Gestao Logistica | 45800 | 286575 |
| &nbsp;&nbsp;&nbsp;Telefonica Brasil | 378800 | 1846226 |
| &nbsp;&nbsp;&nbsp;TIM | 884700 | 2944765 |
| &nbsp;&nbsp;&nbsp;TOTVS | 45400 | 299992 |
| &nbsp;&nbsp;&nbsp;Ultrapar Participacoes | 559100 | 1753607 |
| &nbsp;&nbsp;&nbsp;Valid Solucoes | 15900 | 69510 |
| &nbsp;&nbsp;&nbsp;Vibra Energia | 979900 | 3234016 |
|  |  | 26566848 |
| **Chile — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Cencosud | 43823 | 149950 |
| &nbsp;&nbsp;&nbsp;Empresas Copec | 19467 | 133633 |
| &nbsp;&nbsp;&nbsp;Falabella | 268195 | 1217809 |
|  |  | 1501392 |
| **China — 19.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Agricultural Bank of China, Cl H | 18796000 | 11469636 |
| &nbsp;&nbsp;&nbsp;ATRenew ADR \* | 27361 | 67582 |
| &nbsp;&nbsp;&nbsp;Autel Intelligent Technology, Cl A | 86754 | 498974 |
| &nbsp;&nbsp;&nbsp;Autohome ADR | 148098 | 4040113 |
| &nbsp;&nbsp;&nbsp;BOE Technology Group, Cl A | 27059731 | 14311083 |
| &nbsp;&nbsp;&nbsp;China Construction Bank, Cl H | 33635715 | 27629318 |
| &nbsp;&nbsp;&nbsp;China Merchants Bank, Cl H | 1184000 | 6458299 |
| &nbsp;&nbsp;&nbsp;Chongqing Rural Commercial Bank, Cl H | 1875018 | 1439534 |
| &nbsp;&nbsp;&nbsp;G-bits Network Technology Xiamen, Cl A | 91489 | 3007765 |
| &nbsp;&nbsp;&nbsp;Guodian Nanjing Automation, Cl A | 666500 | 694025 |
| &nbsp;&nbsp;&nbsp;Haidilao International Holding | 112000 | 252174 |
| &nbsp;&nbsp;&nbsp;Hisense Visual Technology, Cl A | 413900 | 1358210 |
| &nbsp;&nbsp;&nbsp;Industrial & Commercial Bank of China, Cl H | 15112000 | 10351901 |
| &nbsp;&nbsp;&nbsp;JD Logistics \* | 250200 | 392417 |

---

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

#### 1

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **ACADIAN EMERGING** <br> **MARKETS PORTFOLIO** <br> **APRIL 30, 2025<br> (Unaudited)** |

---

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **China — (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;JOYY ADR | 32859 | $1352476 |
| &nbsp;&nbsp;&nbsp;Kingnet Network, Cl A | 1474800 | 3444673 |
| &nbsp;&nbsp;&nbsp;Kweichow Moutai, Cl A | 23300 | 4964076 |
| &nbsp;&nbsp;&nbsp;LexinFintech Holdings ADR | 277740 | 2180259 |
| &nbsp;&nbsp;&nbsp;Li Ning | 297000 | 559945 |
| &nbsp;&nbsp;&nbsp;Loncin Motor, Cl A | 1628731 | 2793806 |
| &nbsp;&nbsp;&nbsp;Lonking Holdings | 53354 | 13435 |
| &nbsp;&nbsp;&nbsp;Lufax Holding ADR | 394110 | 1142919 |
| &nbsp;&nbsp;&nbsp;Luxshare Precision Industry, Cl A | 5898 | 25105 |
| &nbsp;&nbsp;&nbsp;Nexteer Automotive Group | 555000 | 372036 |
| &nbsp;&nbsp;&nbsp;Niu Technologies ADR \* | 119127 | 400267 |
| &nbsp;&nbsp;&nbsp;Opple Lighting, Cl A | 43000 | 99954 |
| &nbsp;&nbsp;&nbsp;PDD Holdings ADR \* | 56801 | 5996482 |
| &nbsp;&nbsp;&nbsp;Pop Mart International Group | 278200 | 6938660 |
| &nbsp;&nbsp;&nbsp;Postal Savings Bank of China, Cl H | 11226000 | 6901547 |
| &nbsp;&nbsp;&nbsp;Qifu Technology ADR | 23786 | 975940 |
| &nbsp;&nbsp;&nbsp;Qudian ADR \* | 25391 | 69063 |
| &nbsp;&nbsp;&nbsp;SAIC Motor, Cl A | 1886800 | 4225114 |
| &nbsp;&nbsp;&nbsp;Shanghai Rural Commercial Bank, Cl A | 103000 | 119166 |
| &nbsp;&nbsp;&nbsp;Sinotruk Hong Kong | 2265148 | 5442927 |
| &nbsp;&nbsp;&nbsp;TCL Electronics Holdings | 721000 | 910765 |
| &nbsp;&nbsp;&nbsp;Tencent Holdings | 755200 | 46256721 |
| &nbsp;&nbsp;&nbsp;Vatti, Cl A | 25800 | 22992 |
| &nbsp;&nbsp;&nbsp;Vipshop Holdings ADR | 474195 | 6458536 |
| &nbsp;&nbsp;&nbsp;Weibo ADR | 16758 | 135740 |
| &nbsp;&nbsp;&nbsp;ZEEKR Intelligent Technology Holding ADR \* | 16707 | 359200 |
| &nbsp;&nbsp;&nbsp;Zhejiang Qianjiang Motorcycle, Cl A | 693700 | 1448431 |
| &nbsp;&nbsp;&nbsp;Zhejiang Semir Garment, Cl A | 3773896 | 2919780 |
|  |  | 188501046 |
| **Czechia — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Komercni banka as | 14601 | 709635 |
| **Greece — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Fourlis Holdings | 25163 | 113997 |
| **Hong Kong — 11.2%** |  |  |
| &nbsp;&nbsp;&nbsp;AAC Technologies Holdings | 143000 | 684536 |
| &nbsp;&nbsp;&nbsp;Alibaba Group Holding | 2156868 | 32202107 |
| &nbsp;&nbsp;&nbsp;Asia Cement China Holdings | 877142 | 256164 |
| &nbsp;&nbsp;&nbsp;Baidu, Cl A \* | 347400 | 3830787 |
| &nbsp;&nbsp;&nbsp;Bilibili, Cl Z \* | 389460 | 6836599 |
| &nbsp;&nbsp;&nbsp;Cabbeen Fashion | 101513 | 15314 |
| &nbsp;&nbsp;&nbsp;China Harmony Auto Holding | 895780 | 73286 |

---

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

#### 2

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **ACADIAN EMERGING** <br> **MARKETS PORTFOLIO** <br> **APRIL 30, 2025<br> (Unaudited)** |

---

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Hong Kong — (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;China Pacific Insurance Group, Cl H | 1045431 | $2844373 |
| &nbsp;&nbsp;&nbsp;China Taiping Insurance Holdings | 2043200 | 2829357 |
| &nbsp;&nbsp;&nbsp;CITIC Resources Holdings | 690000 | 31557 |
| &nbsp;&nbsp;&nbsp;COSCO SHIPPING Ports | 107 | 55 |
| &nbsp;&nbsp;&nbsp;Dawnrays Pharmaceutical Holdings | 79485 | 11866 |
| &nbsp;&nbsp;&nbsp;Edvantage Group Holdings | 102310 | 18476 |
| &nbsp;&nbsp;&nbsp;FriendTimes \* | 232219 | 15824 |
| &nbsp;&nbsp;&nbsp;Grand Baoxin Auto Group \* (A) | 338601 | 3755 |
| &nbsp;&nbsp;&nbsp;Inkeverse Group | 1150000 | 215853 |
| &nbsp;&nbsp;&nbsp;JD.com, Cl A | 636800 | 10368013 |
| &nbsp;&nbsp;&nbsp;Kingsoft | 297400 | 1481768 |
| &nbsp;&nbsp;&nbsp;Kuaishou Technology, Cl B \* | 1774200 | 11710238 |
| &nbsp;&nbsp;&nbsp;Lenovo Group | 6382000 | 7381276 |
| &nbsp;&nbsp;&nbsp;Maoye International Holdings | 286000 | 5177 |
| &nbsp;&nbsp;&nbsp;Meituan, Cl B \* | 460900 | 7631323 |
| &nbsp;&nbsp;&nbsp;NetDragon Websoft Holdings | 247000 | 315218 |
| &nbsp;&nbsp;&nbsp;NetEase | 621500 | 13359982 |
| &nbsp;&nbsp;&nbsp;Pou Sheng International Holdings | 1429841 | 87580 |
| &nbsp;&nbsp;&nbsp;Renrui Human Resources Technology Holdings | 1804 | 928 |
| &nbsp;&nbsp;&nbsp;Skyworth Group | 4248434 | 1630569 |
| &nbsp;&nbsp;&nbsp;Uni-President China Holdings | 28000 | 33594 |
| &nbsp;&nbsp;&nbsp;Wasion Holdings | 188000 | 194487 |
| &nbsp;&nbsp;&nbsp;XD \* | 247600 | 1138877 |
| &nbsp;&nbsp;&nbsp;Xiaomi, Cl B \* | 835800 | 5350963 |
| &nbsp;&nbsp;&nbsp;Zoomlion Heavy Industry Science and Technology | 100 | 72 |
|  |  | 110559974 |
| **Hungary — 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Magyar Telekom Telecommunications | 14457 | 68359 |
| &nbsp;&nbsp;&nbsp;MOL Hungarian Oil & Gas | 58116 | 492109 |
| &nbsp;&nbsp;&nbsp;OTP Bank Nyrt | 241161 | 17814098 |
|  |  | 18374566 |
| **India — 18.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Aditya Birla Sun Life Asset Management | 44066 | 344735 |
| &nbsp;&nbsp;&nbsp;Alkem Laboratories | 28262 | 1712159 |
| &nbsp;&nbsp;&nbsp;Arvind | 183205 | 789098 |
| &nbsp;&nbsp;&nbsp;Aurobindo Pharma \* | 183055 | 2668244 |
| &nbsp;&nbsp;&nbsp;Bajaj Consumer Care \* | 35953 | 70804 |
| &nbsp;&nbsp;&nbsp;Bajaj Holdings & Investment | 789 | 112172 |
| &nbsp;&nbsp;&nbsp;Balmer Lawrie Investments, Cl A | 28911 | 25593 |
| &nbsp;&nbsp;&nbsp;Bank of Baroda | 182388 | 539697 |
| &nbsp;&nbsp;&nbsp;Bharat Petroleum | 1342630 | 4920434 |
| &nbsp;&nbsp;&nbsp;Bharti Airtel | 486060 | 10721634 |

---

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

#### 3

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **ACADIAN EMERGING** <br> **MARKETS PORTFOLIO** <br> **APRIL 30, 2025<br> (Unaudited)** |

---

**COMMON STOCK — continued** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **India — (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Canara Bank | 955312 | $1101253 |
| &nbsp;&nbsp;&nbsp;Cipla | 92851 | 1703883 |
| &nbsp;&nbsp;&nbsp;City Union Bank | 186329 | 390466 |
| &nbsp;&nbsp;&nbsp;Coal India | 2247276 | 10239223 |
| &nbsp;&nbsp;&nbsp;Colgate-Palmolive India | 52517 | 1609327 |
| &nbsp;&nbsp;&nbsp;DCB Bank | 55739 | 89289 |
| &nbsp;&nbsp;&nbsp;DCM Shriram Industries | 23903 | 50719 |
| &nbsp;&nbsp;&nbsp;Dhampur Sugar Mills \* | 1712 | 2575 |
| &nbsp;&nbsp;&nbsp;Dhunseri Ventures | 7867 | 31740 |
| &nbsp;&nbsp;&nbsp;Dr Reddy's Laboratories | 110861 | 1556173 |
| &nbsp;&nbsp;&nbsp;Emami | 68908 | 508670 |
| &nbsp;&nbsp;&nbsp;Foseco India | 688 | 29786 |
| &nbsp;&nbsp;&nbsp;GAIL India | 1014911 | 2268874 |
| &nbsp;&nbsp;&nbsp;GHCL | 23856 | 164180 |
| &nbsp;&nbsp;&nbsp;Gillette India | 939 | 89215 |
| &nbsp;&nbsp;&nbsp;GlaxoSmithKline Pharmaceuticals | 7081 | 248561 |
| &nbsp;&nbsp;&nbsp;Glenmark Pharmaceuticals | 159327 | 2605513 |
| &nbsp;&nbsp;&nbsp;Great Eastern Shipping | 8125 | 83610 |
| &nbsp;&nbsp;&nbsp;HCL Technologies | 887102 | 16453896 |
| &nbsp;&nbsp;&nbsp;HDFC Asset Management | 27427 | 1421342 |
| &nbsp;&nbsp;&nbsp;Hero MotoCorp | 10299 | 466625 |
| &nbsp;&nbsp;&nbsp;Hindalco Industries | 195150 | 1442346 |
| &nbsp;&nbsp;&nbsp;Hindustan Aeronautics | 94377 | 5004674 |
| &nbsp;&nbsp;&nbsp;Hindustan Petroleum | 331453 | 1483385 |
| &nbsp;&nbsp;&nbsp;Hindustan Unilever | 34677 | 962736 |
| &nbsp;&nbsp;&nbsp;ICICI Bank | 474727 | 7979821 |
| &nbsp;&nbsp;&nbsp;Indian Bank | 87471 | 584620 |
| &nbsp;&nbsp;&nbsp;Indian Hotels, Cl A | 350608 | 3262256 |
| &nbsp;&nbsp;&nbsp;Indian Oil | 1935913 | 3156260 |
| &nbsp;&nbsp;&nbsp;Indus Towers \* | 968575 | 4667692 |
| &nbsp;&nbsp;&nbsp;Infosys | 354377 | 6264653 |
| &nbsp;&nbsp;&nbsp;Infosys ADR | 587331 | 10337026 |
| &nbsp;&nbsp;&nbsp;ITC | 686534 | 3456697 |
| &nbsp;&nbsp;&nbsp;J Kumar Infraprojects | 16316 | 124843 |
| &nbsp;&nbsp;&nbsp;Jagran Prakashan | 140311 | 120853 |
| &nbsp;&nbsp;&nbsp;Jindal Saw | 197166 | 580139 |
| &nbsp;&nbsp;&nbsp;Karnataka Bank | 375977 | 873092 |
| &nbsp;&nbsp;&nbsp;Kaveri Seed | 3750 | 63693 |
| &nbsp;&nbsp;&nbsp;Kewal Kiran Clothing \* | 17112 | 88615 |
| &nbsp;&nbsp;&nbsp;Kirloskar Industries | 1652 | 58622 |
| &nbsp;&nbsp;&nbsp;Kotak Mahindra Bank | 185886 | 4858284 |
| &nbsp;&nbsp;&nbsp;KPIT Technologies | 117756 | 1753835 |
| &nbsp;&nbsp;&nbsp;LG Balakrishnan & Bros | 26722 | 377533 |

---

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

#### 4

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **ACADIAN EMERGING** <br> **MARKETS PORTFOLIO** <br> **APRIL 30, 2025<br> (Unaudited)** |

---

**COMMON STOCK — continued** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **India — (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;LIC Housing Finance | 8632 | $61539 |
| &nbsp;&nbsp;&nbsp;Lupin | 224635 | 5586021 |
| &nbsp;&nbsp;&nbsp;Maharashtra Seamless | 6425 | 49978 |
| &nbsp;&nbsp;&nbsp;Manappuram Finance | 334300 | 913340 |
| &nbsp;&nbsp;&nbsp;Mphasis | 23548 | 687737 |
| &nbsp;&nbsp;&nbsp;Muthoot Finance | 41870 | 1077889 |
| &nbsp;&nbsp;&nbsp;Natco Pharma | 39285 | 395517 |
| &nbsp;&nbsp;&nbsp;Nava | 501175 | 2697866 |
| &nbsp;&nbsp;&nbsp;NCL Industries | 21099 | 52335 |
| &nbsp;&nbsp;&nbsp;NESCO | 10254 | 114441 |
| &nbsp;&nbsp;&nbsp;NIIT Learning Systems | 52186 | 231158 |
| &nbsp;&nbsp;&nbsp;NRB Bearings | 60463 | 155764 |
| &nbsp;&nbsp;&nbsp;Oberoi Realty | 118502 | 2300441 |
| &nbsp;&nbsp;&nbsp;Oil & Natural Gas | 1854718 | 5366780 |
| &nbsp;&nbsp;&nbsp;Oil India | 245160 | 1191408 |
| &nbsp;&nbsp;&nbsp;Oracle Financial Services Software | 2052 | 212041 |
| &nbsp;&nbsp;&nbsp;Page Industries | 5589 | 3013201 |
| &nbsp;&nbsp;&nbsp;Petronet LNG | 656173 | 2436118 |
| &nbsp;&nbsp;&nbsp;Power Finance | 1010115 | 4886300 |
| &nbsp;&nbsp;&nbsp;PTC India | 92075 | 192238 |
| &nbsp;&nbsp;&nbsp;REC | 689531 | 3441875 |
| &nbsp;&nbsp;&nbsp;Reliance Industries | 420276 | 6978399 |
| &nbsp;&nbsp;&nbsp;Seshasayee Paper & Boards | 16772 | 53537 |
| &nbsp;&nbsp;&nbsp;Shriram Finance | 33014 | 239243 |
| &nbsp;&nbsp;&nbsp;SMC Global Securities | 21140 | 27661 |
| &nbsp;&nbsp;&nbsp;Somany Ceramics | 3707 | 18818 |
| &nbsp;&nbsp;&nbsp;SP Apparels \* | 13232 | 114399 |
| &nbsp;&nbsp;&nbsp;State Bank of India | 113947 | 1064220 |
| &nbsp;&nbsp;&nbsp;Sun Pharmaceutical Industries | 59188 | 1283702 |
| &nbsp;&nbsp;&nbsp;Sutlej Textiles and Industries \* | 30377 | 13310 |
| &nbsp;&nbsp;&nbsp;Tamilnadu Petroproducts | 123076 | 108197 |
| &nbsp;&nbsp;&nbsp;Tata Consultancy Services | 236322 | 9646642 |
| &nbsp;&nbsp;&nbsp;Tata Elxsi | 915 | 62512 |
| &nbsp;&nbsp;&nbsp;Tech Mahindra | 44229 | 786681 |
| &nbsp;&nbsp;&nbsp;Tips Music | 20111 | 149770 |
| &nbsp;&nbsp;&nbsp;Torrent Pharmaceuticals | 21794 | 857097 |
| &nbsp;&nbsp;&nbsp;Transport Corp of India | 18515 | 228090 |
| &nbsp;&nbsp;&nbsp;UTI Asset Management | 16960 | 204333 |
| &nbsp;&nbsp;&nbsp;Vardhman Textiles | 6740 | 36166 |
| &nbsp;&nbsp;&nbsp;VST Tillers Tractors | 65 | 2746 |
| &nbsp;&nbsp;&nbsp;West Coast Paper Mills | 19267 | 101528 |
| &nbsp;&nbsp;&nbsp;Wipro | 199186 | 568894 |
| &nbsp;&nbsp;&nbsp;Zensar Technologies | 23086 | 197488 |

---

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

#### 5

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **ACADIAN EMERGING** <br> **MARKETS PORTFOLIO** <br> **APRIL 30, 2025<br> (Unaudited)** |

---

**COMMON STOCK — continued** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **India — (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Zydus Lifesciences | 65132 | $685725 |
|  |  | 179014310 |
| **Indonesia — 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;ABM Investama | 68965 | 13801 |
| &nbsp;&nbsp;&nbsp;Adaro Energy Indonesia | 21053755 | 2411712 |
| &nbsp;&nbsp;&nbsp;Aneka Tambang | 21093700 | 2757061 |
| &nbsp;&nbsp;&nbsp;Astra International | 5475400 | 1582533 |
| &nbsp;&nbsp;&nbsp;Asuransi Tugu Pratama Indonesia | 601000 | 36748 |
| &nbsp;&nbsp;&nbsp;Bukit Asam | 5056404 | 840873 |
| &nbsp;&nbsp;&nbsp;Bumitama Agri | 198600 | 123255 |
| &nbsp;&nbsp;&nbsp;Ciputra Development | 1199962 | 66518 |
| &nbsp;&nbsp;&nbsp;Dharma Satya Nusantara | 3313500 | 152700 |
| &nbsp;&nbsp;&nbsp;Gajah Tunggal | 1763835 | 116881 |
| &nbsp;&nbsp;&nbsp;Indo Tambangraya Megah | 229588 | 304346 |
| &nbsp;&nbsp;&nbsp;Indofood Sukses Makmur | 1163600 | 561289 |
| &nbsp;&nbsp;&nbsp;Japfa Comfeed Indonesia | 1488649 | 163326 |
| &nbsp;&nbsp;&nbsp;Kawasan Industri Jababeka \* | 11131200 | 116006 |
| &nbsp;&nbsp;&nbsp;Mark Dynamics Indonesia | 1019100 | 49159 |
| &nbsp;&nbsp;&nbsp;Media Nusantara Citra \* | 2145200 | 33908 |
| &nbsp;&nbsp;&nbsp;Panin Financial \* | 1091500 | 25399 |
| &nbsp;&nbsp;&nbsp;Perusahaan Gas Negara | 5744806 | 582963 |
| &nbsp;&nbsp;&nbsp;Perusahaan Perkebunan London Sumatra Indonesia | 1198726 | 84483 |
| &nbsp;&nbsp;&nbsp;TBS Energi Utama \* | 2263900 | 54849 |
| &nbsp;&nbsp;&nbsp;Trans Power Marine | 1206533 | 51160 |
| &nbsp;&nbsp;&nbsp;Triputra Agro Persada | 817217 | 48027 |
| &nbsp;&nbsp;&nbsp;United Tractors | 704700 | 963057 |
|  |  | 11140054 |
| **Luxembourg — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Ternium ADR | 54891 | 1584154 |
| **Malaysia — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Ajinomoto Malaysia | 7500 | 24830 |
| &nbsp;&nbsp;&nbsp;AMMB Holdings | 990900 | 1185528 |
| &nbsp;&nbsp;&nbsp;Carlsberg Brewery Malaysia | 5900 | 25815 |
| &nbsp;&nbsp;&nbsp;Datasonic Group | 425700 | 34099 |
| &nbsp;&nbsp;&nbsp;Hap Seng Plantations Holdings | 124000 | 55462 |
| &nbsp;&nbsp;&nbsp;Heineken Malaysia | 17000 | 103895 |
| &nbsp;&nbsp;&nbsp;Hong Leong Bank | 389400 | 1804914 |
| &nbsp;&nbsp;&nbsp;Hong Leong Financial Group | 48000 | 191028 |
| &nbsp;&nbsp;&nbsp;Jaya Tiasa Holdings | 620500 | 158225 |
| &nbsp;&nbsp;&nbsp;Magnum | 135500 | 39116 |
| &nbsp;&nbsp;&nbsp;Malayan Banking | 632300 | 1465234 |
| &nbsp;&nbsp;&nbsp;Maxis | 78800 | 67754 |

---

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

#### 6

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **ACADIAN EMERGING** <br> **MARKETS PORTFOLIO** <br> **APRIL 30, 2025<br> (Unaudited)** |

---

**COMMON STOCK — continued** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Malaysia — (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Nam Cheong \* | 84349 | $37607 |
| &nbsp;&nbsp;&nbsp;Padini Holdings | 200400 | 97004 |
| &nbsp;&nbsp;&nbsp;PBS | 195300 | 7468 |
| &nbsp;&nbsp;&nbsp;Petronas Dagangan | 53300 | 243779 |
| &nbsp;&nbsp;&nbsp;Public Bank | 951500 | 986376 |
| &nbsp;&nbsp;&nbsp;RHB Bank | 1008100 | 1554957 |
| &nbsp;&nbsp;&nbsp;Sports Toto | 109140 | 34814 |
|  |  | 8117905 |
| **Mexico — 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Arca Continental | 82739 | 871374 |
| &nbsp;&nbsp;&nbsp;Bolsa Mexicana de Valores | 46632 | 98255 |
| &nbsp;&nbsp;&nbsp;Concentradora Fibra Danhos ‡ | 30461 | 34483 |
| &nbsp;&nbsp;&nbsp;El Puerto de Liverpool | 107536 | 495223 |
| &nbsp;&nbsp;&nbsp;Fomento Economico Mexicano ADR | 54676 | 5757930 |
| &nbsp;&nbsp;&nbsp;Genomma Lab Internacional, Cl B | 141783 | 165711 |
| &nbsp;&nbsp;&nbsp;Gruma, Cl B | 24153 | 460201 |
| &nbsp;&nbsp;&nbsp;Grupo Aeroportuario del Sureste, Cl B | 9033 | 285248 |
| &nbsp;&nbsp;&nbsp;Grupo Financiero Banorte, Cl O | 280833 | 2407999 |
| &nbsp;&nbsp;&nbsp;Grupo Televisa ADR | 127318 | 231719 |
| &nbsp;&nbsp;&nbsp;Industrias Penoles | 27188 | 544841 |
| &nbsp;&nbsp;&nbsp;Kimberly-Clark de Mexico, Cl A | 583490 | 1026512 |
| &nbsp;&nbsp;&nbsp;Promotora y Operadora de Infraestructura | 17422 | 194942 |
|  |  | 12574438 |
| **Peru — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Credicorp | 13038 | 2636153 |
| &nbsp;&nbsp;&nbsp;Intercorp Financial Services | 9934 | 336465 |
|  |  | 2972618 |
| **Philippines — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;DigiPlus Interactive | 229200 | 163558 |
| &nbsp;&nbsp;&nbsp;Semirara Mining & Power, Cl A | 201700 | 122778 |
|  |  | 286336 |
| **Poland — 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Asseco Poland | 529 | 21844 |
| &nbsp;&nbsp;&nbsp;Bank Handlowy w Warszawie | 1540 | 48032 |
| &nbsp;&nbsp;&nbsp;Bank Polska Kasa Opieki | 108803 | 5453384 |
| &nbsp;&nbsp;&nbsp;Budimex | 19 | 3193 |
| &nbsp;&nbsp;&nbsp;CD Projekt | 79997 | 4953431 |
| &nbsp;&nbsp;&nbsp;Dino Polska \* | 14978 | 2099728 |
| &nbsp;&nbsp;&nbsp;Elektrotim | 2212 | 30335 |
| &nbsp;&nbsp;&nbsp;Enea \* | 13681 | 51777 |
| &nbsp;&nbsp;&nbsp;Grenevia \* | 52447 | 36536 |
| &nbsp;&nbsp;&nbsp;ING Bank Slaski | 661 | 57391 |

---

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

#### 7

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **ACADIAN EMERGING** <br> **MARKETS PORTFOLIO** <br> **APRIL 30, 2025<br> (Unaudited)** |

---

**COMMON STOCK — continued** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Poland — (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Powszechny Zaklad Ubezpieczen | 436214 | $6805293 |
| &nbsp;&nbsp;&nbsp;Tauron Polska Energia \* | 72509 | 113798 |
| &nbsp;&nbsp;&nbsp;XTB | 10664 | 231687 |
|  |  | 19906429 |
| **Qatar — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Aamal | 97046 | 22133 |
| &nbsp;&nbsp;&nbsp;Barwa Real Estate | 637609 | 490660 |
| &nbsp;&nbsp;&nbsp;Doha Bank QPSC | 1365818 | 885714 |
| &nbsp;&nbsp;&nbsp;Gulf International Services QSC | 36675 | 31062 |
| &nbsp;&nbsp;&nbsp;Qatar Islamic Bank QPSC | 62760 | 364015 |
| &nbsp;&nbsp;&nbsp;Qatar National Bank QPSC | 993879 | 4558437 |
| &nbsp;&nbsp;&nbsp;Salam International Investment QSC | 579555 | 105122 |
| &nbsp;&nbsp;&nbsp;United Development QSC | 134665 | 38176 |
| &nbsp;&nbsp;&nbsp;Vodafone Qatar QSC | 123111 | 79797 |
|  |  | 6575116 |
| **Russia — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Novolipetsk Steel PJSC GDR (A) | 189918 |  |
| &nbsp;&nbsp;&nbsp;Sberbank of Russia PJSC ADR (A) | 447493 |  |
| **Saudi Arabia — 3.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Al Rajhi Bank | 38639 | 1003763 |
| &nbsp;&nbsp;&nbsp;Alwasail Industrial | 19940 | 15983 |
| &nbsp;&nbsp;&nbsp;Arab National Bank | 583713 | 3348140 |
| &nbsp;&nbsp;&nbsp;Arabian Cement | 68614 | 464985 |
| &nbsp;&nbsp;&nbsp;Arabian Centres | 43430 | 229363 |
| &nbsp;&nbsp;&nbsp;Banque Saudi Fransi | 629279 | 3082422 |
| &nbsp;&nbsp;&nbsp;Derayah REIT ‡ | 22481 | 33606 |
| &nbsp;&nbsp;&nbsp;Electrical Industries | 694057 | 1318731 |
| &nbsp;&nbsp;&nbsp;Elm | 9363 | 2590943 |
| &nbsp;&nbsp;&nbsp;Etihad Etisalat | 216912 | 3631633 |
| &nbsp;&nbsp;&nbsp;Halwani Brothers \* | 12167 | 155150 |
| &nbsp;&nbsp;&nbsp;Mobile Telecommunications Saudi Arabia | 229022 | 779400 |
| &nbsp;&nbsp;&nbsp;Mohammed Hadi Al Rasheed and Partners | 1191 | 36959 |
| &nbsp;&nbsp;&nbsp;Nayifat Finance | 5626 | 19220 |
| &nbsp;&nbsp;&nbsp;Riyad Bank | 519879 | 4267823 |
| &nbsp;&nbsp;&nbsp;Riyadh Cement | 98972 | 895320 |
| &nbsp;&nbsp;&nbsp;Saudi Arabian Cooperative Insurance \* | 31261 | 129261 |
| &nbsp;&nbsp;&nbsp;Saudi Awwal Bank | 86033 | 805046 |
| &nbsp;&nbsp;&nbsp;Saudi Electricity | 454339 | 1814356 |
| &nbsp;&nbsp;&nbsp;Saudi Marketing \* | 59869 | 327201 |
| &nbsp;&nbsp;&nbsp;Saudi Networkers Services | 2197 | 41269 |
| &nbsp;&nbsp;&nbsp;Saudi Telecom | 897743 | 11397538 |

---

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

#### 8

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **ACADIAN EMERGING** |
|  | **MARKETS PORTFOLIO** |
|  | **APRIL 30, 2025** |
|  | **(Unaudited)** |

---

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Saudi Arabia — (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Tabuk Cement | 59306 | $195327 |
| &nbsp;&nbsp;&nbsp;Zamil Industrial Investment \* | 18504 | 206675 |
|  |  | 36790114 |
| **South Africa — 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Astral Foods | 11798 | 109715 |
| &nbsp;&nbsp;&nbsp;DataTec | 24473 | 76170 |
| &nbsp;&nbsp;&nbsp;DRDGOLD ADR | 16241 | 241991 |
| &nbsp;&nbsp;&nbsp;Exxaro Resources | 13326 | 109098 |
| &nbsp;&nbsp;&nbsp;Foschini Group | 42174 | 293835 |
| &nbsp;&nbsp;&nbsp;Harmony Gold Mining ADR | 199946 | 3181141 |
| &nbsp;&nbsp;&nbsp;Hudaco Industries | 688 | 6921 |
| &nbsp;&nbsp;&nbsp;Investec | 266871 | 1665565 |
| &nbsp;&nbsp;&nbsp;Kumba Iron Ore | 37982 | 663668 |
| &nbsp;&nbsp;&nbsp;Lewis Group | 12767 | 46928 |
| &nbsp;&nbsp;&nbsp;Life Healthcare Group Holdings | 741219 | 582973 |
| &nbsp;&nbsp;&nbsp;Mr Price Group | 106668 | 1363311 |
| &nbsp;&nbsp;&nbsp;MTN Group | 631509 | 4179528 |
| &nbsp;&nbsp;&nbsp;Murray & Roberts Holdings \* | 58238 | 3444 |
| &nbsp;&nbsp;&nbsp;Nedbank Group | 108250 | 1478519 |
| &nbsp;&nbsp;&nbsp;Old Mutual | 2517458 | 1536062 |
| &nbsp;&nbsp;&nbsp;Omnia Holdings | 10425 | 38419 |
| &nbsp;&nbsp;&nbsp;OUTsurance Group | 593652 | 2437001 |
| &nbsp;&nbsp;&nbsp;Sappi | 38337 | 71885 |
| &nbsp;&nbsp;&nbsp;Southern Sun | 294289 | 130757 |
| &nbsp;&nbsp;&nbsp;Standard Bank Group | 71158 | 888632 |
| &nbsp;&nbsp;&nbsp;Stor-Age Property REIT ‡ | 60774 | 49228 |
| &nbsp;&nbsp;&nbsp;Telkom \* | 185299 | 392507 |
| &nbsp;&nbsp;&nbsp;Thungela Resources | 129363 | 643557 |
|  |  | 20190855 |
| **South Korea — 8.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Ace Bed | 567 | 10045 |
| &nbsp;&nbsp;&nbsp;Anapass \* | 1838 | 25139 |
| &nbsp;&nbsp;&nbsp;BNK Financial Group | 95862 | 698741 |
| &nbsp;&nbsp;&nbsp;Cafe24 \* | 8979 | 378669 |
| &nbsp;&nbsp;&nbsp;CJ | 16791 | 1467762 |
| &nbsp;&nbsp;&nbsp;Creas F&C | 168 | 533 |
| &nbsp;&nbsp;&nbsp;Daishin Securities | 203 | 2557 |
| &nbsp;&nbsp;&nbsp;DB HiTek | 689 | 18626 |
| &nbsp;&nbsp;&nbsp;Devsisters \* | 903 | 25107 |
| &nbsp;&nbsp;&nbsp;DMS (A) | 9421 | 41952 |
| &nbsp;&nbsp;&nbsp;Dongwoon Anatech | 19563 | 290053 |
| &nbsp;&nbsp;&nbsp;Doosan | 352 | 74880 |

---

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

**9**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **ACADIAN EMERGING** |
|  | **MARKETS PORTFOLIO** |
|  | **APRIL 30, 2025** |
|  | **(Unaudited)** |

---

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **South Korea — (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;DoubleUGames | 6078 | $241171 |
| &nbsp;&nbsp;&nbsp;Eugene Technology | 19278 | 461746 |
| &nbsp;&nbsp;&nbsp;Global Standard Technology | 51026 | 615757 |
| &nbsp;&nbsp;&nbsp;Hana Financial Group | 253149 | 11480340 |
| &nbsp;&nbsp;&nbsp;Hansol Technics | 15410 | 51765 |
| &nbsp;&nbsp;&nbsp;Hanwha General Insurance | 20674 | 59273 |
| &nbsp;&nbsp;&nbsp;Hyundai Glovis | 15018 | 1204171 |
| &nbsp;&nbsp;&nbsp;Hyundai Green Food | 5185 | 56755 |
| &nbsp;&nbsp;&nbsp;IsuPetasys | 39839 | 899500 |
| &nbsp;&nbsp;&nbsp;JB Financial Group | 41686 | 500859 |
| &nbsp;&nbsp;&nbsp;Jusung Engineering | 28159 | 664634 |
| &nbsp;&nbsp;&nbsp;KB Financial Group | 114066 | 7208829 |
| &nbsp;&nbsp;&nbsp;Korea Cast Iron Pipe Industries | 6835 | 34474 |
| &nbsp;&nbsp;&nbsp;KT | 112449 | 4109198 |
| &nbsp;&nbsp;&nbsp;LG Electronics | 101669 | 5103334 |
| &nbsp;&nbsp;&nbsp;LOT Vacuum \* | 3775 | 23242 |
| &nbsp;&nbsp;&nbsp;LX Hausys | 7839 | 159057 |
| &nbsp;&nbsp;&nbsp;LX Semicon | 3005 | 114370 |
| &nbsp;&nbsp;&nbsp;MegaStudyEdu | 2610 | 88034 |
| &nbsp;&nbsp;&nbsp;Multicampus | 1070 | 24549 |
| &nbsp;&nbsp;&nbsp;NAVER | 40446 | 5690979 |
| &nbsp;&nbsp;&nbsp;NHN | 36564 | 570449 |
| &nbsp;&nbsp;&nbsp;PSK | 8681 | 108893 |
| &nbsp;&nbsp;&nbsp;Rayence | 15821 | 75317 |
| &nbsp;&nbsp;&nbsp;Samsung Electronics | 543980 | 21224761 |
| &nbsp;&nbsp;&nbsp;Saramin | 6553 | 72391 |
| &nbsp;&nbsp;&nbsp;Sebang | 6363 | 51084 |
| &nbsp;&nbsp;&nbsp;Segyung Hitech | 30597 | 151493 |
| &nbsp;&nbsp;&nbsp;Shinhan Financial Group | 137047 | 4952878 |
| &nbsp;&nbsp;&nbsp;SJG Sejong | 26717 | 79112 |
| &nbsp;&nbsp;&nbsp;SK Hynix | 85011 | 10607086 |
| &nbsp;&nbsp;&nbsp;SOOP | 8459 | 488070 |
| &nbsp;&nbsp;&nbsp;Suprema \* | 2025 | 46207 |
| &nbsp;&nbsp;&nbsp;TK | 11513 | 170398 |
| &nbsp;&nbsp;&nbsp;TSE | 5446 | 156706 |
| &nbsp;&nbsp;&nbsp;Uju Electronics | 2037 | 39274 |
| &nbsp;&nbsp;&nbsp;Union Semiconductor Equipment & Materials | 8246 | 34359 |
| &nbsp;&nbsp;&nbsp;WiSoL | 13595 | 65467 |
| &nbsp;&nbsp;&nbsp;Woori Financial Group | 403420 | 5023613 |
| &nbsp;&nbsp;&nbsp;Zeus | 9314 | 84758 |
|  |  | 85828417 |
| **Taiwan — 18.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Anpec Electronics | 82000 | 387298 |

---

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

**10**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **ACADIAN EMERGING** |
|  | **MARKETS PORTFOLIO** |
|  | **APRIL 30, 2025** |
|  | **(Unaudited)** |

---

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Taiwan — (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Arcadyan Technology | 187000 | $1383797 |
| &nbsp;&nbsp;&nbsp;Asustek Computer | 611000 | 11173301 |
| &nbsp;&nbsp;&nbsp;Axiomtek | 69124 | 221960 |
| &nbsp;&nbsp;&nbsp;Cathay Financial Holding | 1556000 | 2866947 |
| &nbsp;&nbsp;&nbsp;China Airlines | 2945000 | 1940052 |
| &nbsp;&nbsp;&nbsp;Compal Electronics | 3268000 | 2815946 |
| &nbsp;&nbsp;&nbsp;DFI | 30000 | 58724 |
| &nbsp;&nbsp;&nbsp;Elan Microelectronics | 36000 | 148073 |
| &nbsp;&nbsp;&nbsp;Elitegroup Computer Systems | 77000 | 37356 |
| &nbsp;&nbsp;&nbsp;Emerging Display Technologies | 167000 | 125522 |
| &nbsp;&nbsp;&nbsp;Ennoconn | 94000 | 790587 |
| &nbsp;&nbsp;&nbsp;Eva Airways | 4250000 | 5104802 |
| &nbsp;&nbsp;&nbsp;Evergreen Marine Taiwan | 1589200 | 10296397 |
| &nbsp;&nbsp;&nbsp;Everlight Electronics | 197000 | 472509 |
| &nbsp;&nbsp;&nbsp;Fitipower Integrated Technology | 18450 | 126652 |
| &nbsp;&nbsp;&nbsp;FocalTech Systems | 216000 | 420173 |
| &nbsp;&nbsp;&nbsp;Fubon Financial Holding | 314000 | 832235 |
| &nbsp;&nbsp;&nbsp;General Interface Solution Holding \* | 46000 | 67494 |
| &nbsp;&nbsp;&nbsp;General Plastic Industrial | 30000 | 29831 |
| &nbsp;&nbsp;&nbsp;Global Mixed Mode Technology | 79000 | 548105 |
| &nbsp;&nbsp;&nbsp;Gourmet Master | 20000 | 57269 |
| &nbsp;&nbsp;&nbsp;Great Giant Fibre Garment | 3953 | 26811 |
| &nbsp;&nbsp;&nbsp;Hon Hai Precision Industry | 6648 | 29619 |
| &nbsp;&nbsp;&nbsp;International Games System | 239000 | 6196293 |
| &nbsp;&nbsp;&nbsp;KGI Financial Holding | 6880000 | 3568489 |
| &nbsp;&nbsp;&nbsp;Macroblock | 199000 | 381568 |
| &nbsp;&nbsp;&nbsp;MediaTek | 449000 | 19079403 |
| &nbsp;&nbsp;&nbsp;Niko Semiconductor | 79800 | 99349 |
| &nbsp;&nbsp;&nbsp;Novatek Microelectronics | 381000 | 6196298 |
| &nbsp;&nbsp;&nbsp;Parade Technologies | 22000 | 371862 |
| &nbsp;&nbsp;&nbsp;Pegatron | 813423 | 2066724 |
| &nbsp;&nbsp;&nbsp;Pixart Imaging | 114000 | 765278 |
| &nbsp;&nbsp;&nbsp;Pou Chen | 1860000 | 1915369 |
| &nbsp;&nbsp;&nbsp;Primax Electronics | 109000 | 254667 |
| &nbsp;&nbsp;&nbsp;Radiant Opto-Electronics | 223000 | 1035895 |
| &nbsp;&nbsp;&nbsp;Raydium Semiconductor | 131000 | 1332156 |
| &nbsp;&nbsp;&nbsp;Realtek Semiconductor | 686000 | 11277206 |
| &nbsp;&nbsp;&nbsp;Senao International | 38000 | 37711 |
| &nbsp;&nbsp;&nbsp;Silicon Motion Technology ADR | 11339 | 561280 |
| &nbsp;&nbsp;&nbsp;Simplo Technology | 2000 | 21892 |
| &nbsp;&nbsp;&nbsp;Sitronix Technology | 71000 | 470476 |
| &nbsp;&nbsp;&nbsp;Star Comgistic Capital | 147723 | 114996 |
| &nbsp;&nbsp;&nbsp;Sunplus Technology \* | 308000 | 206743 |

---

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

**11**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **ACADIAN EMERGING** |
|  | **MARKETS PORTFOLIO** |
|  | **APRIL 30, 2025** |
|  | **(Unaudited)** |

---

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Taiwan — (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Sunrex Technology | 77000 | $126734 |
| &nbsp;&nbsp;&nbsp;Taiwan PCB Techvest | 42000 | 39518 |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing | 2823000 | 79988446 |
| &nbsp;&nbsp;&nbsp;Ubright Optronics | 7000 | 17831 |
| &nbsp;&nbsp;&nbsp;Wah Hong Industrial | 35000 | 36335 |
| &nbsp;&nbsp;&nbsp;Wan Hai Lines | 632523 | 1644037 |
| &nbsp;&nbsp;&nbsp;Wowprime | 28000 | 194797 |
| &nbsp;&nbsp;&nbsp;X-Legend Entertainment | 10200 | 30816 |
| &nbsp;&nbsp;&nbsp;Yang Ming Marine Transport | 458000 | 978507 |
| &nbsp;&nbsp;&nbsp;Youngtek Electronics | 25000 | 48286 |
| &nbsp;&nbsp;&nbsp;Yuanta Financial Holding | 281000 | 275313 |
| &nbsp;&nbsp;&nbsp;Zhen Ding Technology Holding | 80000 | 245073 |
|  |  | 179540808 |
| **Thailand — 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Bangkok Bank NVDR | 2439300 | 10216547 |
| &nbsp;&nbsp;&nbsp;Charoen Pokphand Foods NVDR | 544800 | 431527 |
| &nbsp;&nbsp;&nbsp;Index Livingmall NVDR | 529700 | 223449 |
| &nbsp;&nbsp;&nbsp;Kasikornbank NVDR | 829003 | 3958894 |
| &nbsp;&nbsp;&nbsp;Krung Thai Bank NVDR | 5089400 | 3321127 |
| &nbsp;&nbsp;&nbsp;Polyplex Thailand NVDR | 9500 | 3101 |
| &nbsp;&nbsp;&nbsp;PTT Exploration & Production NVDR | 538600 | 1602916 |
| &nbsp;&nbsp;&nbsp;Regional Container Lines NVDR | 535700 | 367784 |
| &nbsp;&nbsp;&nbsp;SCB X NVDR | 361500 | 1288126 |
|  |  | 21413471 |
| **Turkey — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Agesa Hayat ve Emeklilik | 57926 | 202543 |
| &nbsp;&nbsp;&nbsp;Kerevitas Gida Sanayi ve Ticaret \* | 399328 | 167691 |
| &nbsp;&nbsp;&nbsp;Turk Tuborg Bira ve Malt Sanayii | 38456 | 171884 |
| &nbsp;&nbsp;&nbsp;Turkiye Garanti Bankasi, Cl C | 284706 | 765268 |
|  |  | 1307386 |
| **United Arab Emirates — 3.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Abu Dhabi Commercial Bank | 1622975 | 5142965 |
| &nbsp;&nbsp;&nbsp;Abu Dhabi Islamic Bank PJSC | 312193 | 1554337 |
| &nbsp;&nbsp;&nbsp;ADNOC Drilling PJSC | 117236 | 156414 |
| &nbsp;&nbsp;&nbsp;ADNOC Logistics & Services | 946907 | 1250539 |
| &nbsp;&nbsp;&nbsp;Air Arabia | 137414 | 130747 |
| &nbsp;&nbsp;&nbsp;Aldar Properties PJSC | 3064328 | 6900729 |
| &nbsp;&nbsp;&nbsp;Dubai Islamic Bank PJSC | 1554146 | 3201995 |
| &nbsp;&nbsp;&nbsp;Emaar Development PJSC | 59463 | 216697 |
| &nbsp;&nbsp;&nbsp;Emaar Properties PJSC | 2558282 | 9141390 |
| &nbsp;&nbsp;&nbsp;Emirates Integrated Telecommunications PJSC | 160048 | 379389 |
| &nbsp;&nbsp;&nbsp;Emirates NBD Bank PJSC | 240725 | 1347212 |

---

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

**12**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **ACADIAN EMERGING** |
|  | **MARKETS PORTFOLIO** |
|  | **APRIL 30, 2025** |
|  | **(Unaudited)** |

---

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **United Arab Emirates — (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Emirates Telecommunications Group PJSC | 73604 | $348677 |
| &nbsp;&nbsp;&nbsp;First Abu Dhabi Bank PJSC | 746430 | 3054102 |
| &nbsp;&nbsp;&nbsp;NMDC Energy | 14471 | 9852 |
| &nbsp;&nbsp;&nbsp;Orascom Construction | 43136 | 233883 |
| &nbsp;&nbsp;&nbsp;Salik PJSC | 950983 | 1310271 |
| &nbsp;&nbsp;&nbsp;Sharjah Islamic Bank | 245133 | 166865 |
| &nbsp;&nbsp;&nbsp;Spinneys 1961 Holding | 76396 | 29951 |
| &nbsp;&nbsp;&nbsp;Yalla Group ADR \* | 40541 | 310950 |
|  |  | 34886965 |
| **United Kingdom — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Anglogold Ashanti | 76452 | 3223217 |
| &nbsp;&nbsp;&nbsp;Thungela Resources | 28983 | 144459 |
|  |  | 3367676 |
| &nbsp;&nbsp;&nbsp;TOTAL COMMON STOCK |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $812,697,404) |  | 971824510 |
| **PREFERRED STOCK(B) — 1.0%** |  |  |
| **Brazil — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Cia Energetica de Minas Gerais | 1573833 | 3069932 |
| &nbsp;&nbsp;&nbsp;Gerdau | 1964294 | 5188368 |
| &nbsp;&nbsp;&nbsp;Marcopolo | 61900 | 76678 |
| &nbsp;&nbsp;&nbsp;Metalurgica Gerdau, Cl A | 703800 | 1046681 |
| &nbsp;&nbsp;&nbsp;Noxville Investimentos \* (A) | 455 |  |
| &nbsp;&nbsp;&nbsp;Schulz | 20535 | 19793 |
|  |  | 9401452 |
| **Chile — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Coca-Cola Embonor, Cl B | 1966 | 2764 |
| &nbsp;&nbsp;&nbsp;Embotelladora Andina | 86421 | 369637 |
|  |  | 372401 |
| **South Korea — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;CJ | 6020 | 423266 |
| &nbsp;&nbsp;&nbsp;TOTAL PREFERRED STOCK |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $10,617,182) |  | 10197119 |

---

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

**13**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **ACADIAN EMERGING** |
|  | **MARKETS PORTFOLIO** |
|  | **APRIL 30, 2025** |
|  | **(Unaudited)** |

---

**MUTUAL FUND — 0.7%**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **United States — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;iShares MSCI Emerging Markets ETF | 159824 | $6993898 |
| TOTAL MUTUAL FUND |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $6,777,235) |  | 6993898 |
| **WARRANT — 0.0%** |  |  |
|  | **Number of<br> Warrants** |  |
| **Thailand — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Successmore Being PCL, Expires 05/28/25 \* | 400 |  |
| &nbsp;&nbsp;&nbsp;TOTAL WARRANT |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $—) |  |  |
| &nbsp;&nbsp;&nbsp;TOTAL INVESTMENTS— 99.9% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $830,091,821) |  | $989015527 |

---

*Percentages are based on Net Assets of $990,216,733.*

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

&nbsp;&nbsp;&nbsp;&nbsp;*‡* *Real Estate Investment Trust* 

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

&nbsp;&nbsp;&nbsp;&nbsp;*(B)* *There is currently no rate available.* 

*ADR — American Depositary Receipt*

*Cl — Class*

*ETF — Exchange Traded Fund*

*GDR — Global Depositary Receipt*

*NVDR — Non-Voting Depositary Receipt*

*PCL — Public Company Limited*

*PJSC — Public Joint Stock Company*

*QPSC — Qatari Public Shareholding Company*

*QSC — Qatari Shareholding Company*

*REIT — Real Estate Investment Trust*

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

**14**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **ACADIAN EMERGING** |
|  | **MARKETS PORTFOLIO** |
|  | **APRIL 30, 2025** |
|  | **(Unaudited)** |

---

The summary of input levels used to value the Portfolio's net assets as of April 30, 2025 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities** | **Level 1** | **Level 2** | **Level 3†** | **Total** |
| **Common Stock** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Brazil | $26566848 | $— | $— | $26566848 |
| &nbsp;&nbsp;&nbsp;Chile | 1501392 |  |  | 1501392 |
| &nbsp;&nbsp;&nbsp;China | 23178577 | 165322469 |  | 188501046 |
| &nbsp;&nbsp;&nbsp;Czechia |  | 709635 |  | 709635 |
| &nbsp;&nbsp;&nbsp;Greece |  | 113997 |  | 113997 |
| &nbsp;&nbsp;&nbsp;Hong Kong | 16242 | 110539977 | 3755 | 110559974 |
| &nbsp;&nbsp;&nbsp;Hungary |  | 18374566 |  | 18374566 |
| &nbsp;&nbsp;&nbsp;India | 10445223 | 168569087 |  | 179014310 |
| &nbsp;&nbsp;&nbsp;Indonesia | 422335 | 10717719 |  | 11140054 |
| &nbsp;&nbsp;&nbsp;Luxembourg | 1584154 |  |  | 1584154 |
| &nbsp;&nbsp;&nbsp;Malaysia | 88745 | 8029160 |  | 8117905 |
| &nbsp;&nbsp;&nbsp;Mexico | 12574438 |  |  | 12574438 |
| &nbsp;&nbsp;&nbsp;Peru | 2972618 |  |  | 2972618 |
| &nbsp;&nbsp;&nbsp;Philippines | 122778 | 163558 |  | 286336 |
| &nbsp;&nbsp;&nbsp;Poland |  | 19906429 |  | 19906429 |
| &nbsp;&nbsp;&nbsp;Qatar | 79797 | 6495319 |  | 6575116 |
| &nbsp;&nbsp;&nbsp;Russia |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Saudi Arabia | 3995793 | 32794321 |  | 36790114 |
| &nbsp;&nbsp;&nbsp;South Africa | 6446550 | 13744305 |  | 20190855 |
| &nbsp;&nbsp;&nbsp;South Korea |  | 85786465 | 41952 | 85828417 |
| &nbsp;&nbsp;&nbsp;Taiwan | 561280 | 178979528 |  | 179540808 |
| &nbsp;&nbsp;&nbsp;Thailand |  | 21413471 |  | 21413471 |
| &nbsp;&nbsp;&nbsp;Turkey | 202543 | 1104843 |  | 1307386 |
| &nbsp;&nbsp;&nbsp;United Arab Emirates | 923461 | 33963504 |  | 34886965 |
| &nbsp;&nbsp;&nbsp;United Kingdom | 3367676 |  |  | 3367676 |
| Total Common Stock | 95050450 | 876728353 | 45707 | 971824510 |
| **Preferred Stock** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Brazil | 9401452 |  |  | 9401452 |
| &nbsp;&nbsp;&nbsp;Chile | 372401 |  |  | 372401 |
| &nbsp;&nbsp;&nbsp;South Korea |  | 423266 |  | 423266 |
| Total Preferred Stock | 9773853 | 423266 |  | 10197119 |
| **Mutual Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;United States | 6993898 |  |  | 6993898 |
| Total Mutual Fund | 6993898 |  |  | 6993898 |
| **Warrant** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Thailand |  |  |  |  |
| Total Warrant |  |  |  |  |
| Total Investments in Securities | $111818201 | $877151619 | $45707 | $989015527 |

---

&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.

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

**15**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **ACADIAN EMERGING** |
|  | **MARKETS PORTFOLIO** |
|  | **APRIL 30, 2025** |
|  | **(Unaudited)** |

---

---

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

**16**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **ACADIAN EMERGING** |
|  | **MARKETS PORTFOLIO** |
|  | **APRIL 30, 2025** |
|  | **(Unaudited)** |

---

---

| | |
|:---|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** | **STATEMENT OF ASSETS AND LIABILITIES** |
| **Assets** | **Assets** |
| &nbsp;&nbsp;&nbsp;Investments, at Value (Cost $830,091,821) | $989015527 |
| &nbsp;&nbsp;&nbsp;Foreign Currency, at Value (Cost $3,355,702) | 3387625 |
| &nbsp;&nbsp;&nbsp;Dividends and Interest Receivable | 3495683 |
| &nbsp;&nbsp;&nbsp;Receivable for Capital Shares Sold | 871288 |
| &nbsp;&nbsp;&nbsp;Reclaim Receivable | 1992 |
| &nbsp;&nbsp;&nbsp;Unrealized Gain on Spot Foreign Currency Contracts | 1 |
| &nbsp;&nbsp;&nbsp;Prepaid Expenses | 74068 |
| &nbsp;&nbsp;&nbsp;Total Assets | 996846184 |
| **Liabilities** | **Liabilities** |
| &nbsp;&nbsp;&nbsp;Accrued Foreign Capital Gains Tax on Appreciated Securities | 4242950 |
| &nbsp;&nbsp;&nbsp;Payable for Capital Shares Redeemed | 776718 |
| &nbsp;&nbsp;&nbsp;Payable to Adviser | 675822 |
| &nbsp;&nbsp;&nbsp;Payable to Custodian | 584865 |
| &nbsp;&nbsp;&nbsp;Payable to Administrator | 56208 |
| &nbsp;&nbsp;&nbsp;Shareholder Servicing Fees Payable - Investor Class | 30267 |
| &nbsp;&nbsp;&nbsp;Shareholder Servicing Fees Payable - Y Class | 453 |
| &nbsp;&nbsp;&nbsp;Payable to Trustees | 3978 |
| &nbsp;&nbsp;&nbsp;Chief Compliance Officer Fees Payable | 3045 |
| &nbsp;&nbsp;&nbsp;Accrued Expenses | 255145 |
| &nbsp;&nbsp;&nbsp;Total Liabilities | 6629451 |
| **Commitments and Contingencies†** | **Commitments and Contingencies†** |
| **Net Assets** | $990216733 |
| **Net Assets Consist of:** | **Net Assets Consist of:** |
| &nbsp;&nbsp;&nbsp;Paid-in Capital | $840938265 |
| &nbsp;&nbsp;&nbsp;Total Distributable Earnings | 149278468 |
| **Net Assets** | $990216733 |
| **Investor Class Shares:** | **Investor Class Shares:** |
| &nbsp;&nbsp;&nbsp;Net Assets | $308393110 |
| &nbsp;&nbsp;&nbsp;Outstanding Shares of Beneficial Interest (unlimited authorization - no par value) | 13447130 |
| &nbsp;&nbsp;&nbsp;Net Asset Value, Redemption and Offering Price Per Share \* | $22.93 |
| **I Class Shares:** | **I Class Shares:** |
| &nbsp;&nbsp;&nbsp;Net Assets | $677315145 |
| &nbsp;&nbsp;&nbsp;Outstanding Shares of Beneficial Interest (unlimited authorization - no par value) | 29572153 |
| &nbsp;&nbsp;&nbsp;Net Asset Value, Redemption and Offering Price Per Share \* | $22.90 |
| **Y Class Shares:** | **Y Class Shares:** |
| &nbsp;&nbsp;&nbsp;Net Assets | $4508478 |
| &nbsp;&nbsp;&nbsp;Outstanding Shares of Beneficial Interest (unlimited authorization - no par value) | 197331 |
| &nbsp;&nbsp;&nbsp;Net Asset Value, Redemption and Offering Price Per Share \* | $22.85 |

---

&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.*

**17**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **ACADIAN EMERGING** |
|  | **MARKETS PORTFOLIO** |
|  | **FOR THE SIX MONTHS** |
|  | **ENDED APRIL 30, 2025** |
|  | **(Unaudited)** |

---

---

| | |
|:---|:---|
| **STATEMENT OF OPERATIONS** | **STATEMENT OF OPERATIONS** |
| **Investment Income:** | **Investment Income:** |
| &nbsp;&nbsp;&nbsp;Dividends | $19240076 |
| &nbsp;&nbsp;&nbsp;Less: Foreign Taxes Withheld | (2063211) |
| &nbsp;&nbsp;&nbsp;**Total Investment Income** | 17176865 |
| **Expenses:** | **Expenses:** |
| &nbsp;&nbsp;&nbsp;Investment Advisory Fees | 4540789 |
| &nbsp;&nbsp;&nbsp;Administration Fees | 350430 |
| &nbsp;&nbsp;&nbsp;Shareholder Servicing Fees - Investor Class | 308631 |
| &nbsp;&nbsp;&nbsp;Shareholder Servicing Fees - Y Class | 2178 |
| &nbsp;&nbsp;&nbsp;Trustees' Fees | 10086 |
| &nbsp;&nbsp;&nbsp;Chief Compliance Officer Fees | 5149 |
| &nbsp;&nbsp;&nbsp;Custodian Fees | 381136 |
| &nbsp;&nbsp;&nbsp;Transfer Agent Fees | 92205 |
| &nbsp;&nbsp;&nbsp;Printing Fees | 52556 |
| &nbsp;&nbsp;&nbsp;Filing and Registration Fees | 41240 |
| &nbsp;&nbsp;&nbsp;Audit Fees | 30016 |
| &nbsp;&nbsp;&nbsp;Interest Expense | 25178 |
| &nbsp;&nbsp;&nbsp;Legal Fees | 21243 |
| &nbsp;&nbsp;&nbsp;Other Expenses | 36556 |
| &nbsp;&nbsp;&nbsp;**Total Expenses** | 5897393 |
| **Plus:** | **Plus:** |
| &nbsp;&nbsp;&nbsp;Recoupment of Previously Waived and Reimbursed Fees | 27932 |
| **Less:** | **Less:** |
| &nbsp;&nbsp;&nbsp;Investment Advisory Fee Waiver | (49330) |
| &nbsp;&nbsp;&nbsp;Fees Paid Indirectly (Note 4) | (17357) |
| &nbsp;&nbsp;&nbsp;**Net Expenses** | 5858638 |
| &nbsp;&nbsp;&nbsp;**Net Investment Income** | 11318227 |
| **Net Realized Gain (Loss) on:** | **Net Realized Gain (Loss) on:** |
| &nbsp;&nbsp;&nbsp;Investments | 9005315 |
| &nbsp;&nbsp;&nbsp;Foreign Capital Gains Tax | (1688055) |
| &nbsp;&nbsp;&nbsp;Foreign Currency Transactions | (660034) |
| **Net Realized Gain** | 6657226 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** | **Net Change in Unrealized Appreciation (Depreciation) on:** |
| &nbsp;&nbsp;&nbsp;Investments | (19655950) |
| &nbsp;&nbsp;&nbsp;Foreign Capital Gains Tax on Depreciated Securities | 3041393 |
| &nbsp;&nbsp;&nbsp;Foreign Currencies and Translation of other Assets and Liabilities Denominated in Foreign Currencies | 116660 |
| **Net Change in Unrealized Depreciation** | (16497897) |
| **Net Realized and Unrealized Loss** | (9840671) |
| **Net Increase in Net Assets Resulting from Operations** | $1477556 |

---

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

**18**

---

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

---

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **Six Months<br> Ended<br> April 30,<br> 2025<br> (Unaudited)**  | **Year Ended<br> October 31,<br> 2024**  |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $11318227 | $19378084 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain | 6657226 | 21764991 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | (16497897) | 135185878 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | 1477556 | 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 | 16623362 | 22684645 |
| &nbsp;&nbsp;&nbsp;Reinvestment of Distributions | 10226375 | 11521471 |
| &nbsp;&nbsp;&nbsp;Redemption Fees — (See Note 2) | 285 | 3294 |
| &nbsp;&nbsp;&nbsp;Redeemed | (26155431) | (66224776) |
| &nbsp;&nbsp;&nbsp;Increase (Decrease) in Net Assets derived from Investor Class Transactions | 694591 | (32015366) |
| &nbsp;&nbsp;&nbsp;**I Class Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 167454053 | 332928696 |
| &nbsp;&nbsp;&nbsp;Reinvestment of Distributions | 21775801 | 11667736 |
| &nbsp;&nbsp;&nbsp;Redemption Fees — (See Note 2) | 9903 | 2401 |
| &nbsp;&nbsp;&nbsp;Redeemed | (128098640) | (88454072) |
| &nbsp;&nbsp;&nbsp;Increase in Net Assets derived from I Class Transactions | 61141117 | 256144761 |
| &nbsp;&nbsp;&nbsp;**Y Class Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 304872 | 645883 |
| &nbsp;&nbsp;&nbsp;Reinvestment of Distributions | 145045 | 127112 |
| &nbsp;&nbsp;&nbsp;Redeemed | (173870) | (348733) |
| &nbsp;&nbsp;&nbsp;Increase in Net Assets derived from Y Class Transactions | 276047 | 424262 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets from Capital Share Transactions** | 62111755 | 224553657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Increase in Net Assets** | 28613884 | 375619479 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period | 961602849 | 585983370 |
| &nbsp;&nbsp;&nbsp;End of Period | $990216733 | $961602849 |

---

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

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

**19**

---

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

---

**FINANCIAL HIGHLIGHTS**

**Selected Per Share Data & Ratios For a Share Outstanding Throughout Each Year/Period**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** |
| <br>**Investor Class Shares** | **Period Ended** <br> **April 30,**<br> **2025**<br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net Asset Value, Beginning of Year/Period | $23.60 | $19.02 | $16.37 | $23.93 | $19.65 | $19.41 |
| Income from Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income\* | 0.24 | 0.56 | 0.70 | 0.96 | 0.47 | 0.29 |
| &nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gain (Loss) | (0.14 | 4.81 | 3.21 | (7.78 | 4.10 | 0.32 |
| &nbsp;&nbsp;&nbsp;Total from Operations | 0.10 | 5.37 | 3.91 | (6.82 | 4.57 | 0.61 |
| Redemption Fees\* | 0.00 | 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: | Dividends and Distributions from: |
| &nbsp;&nbsp;&nbsp;Net Investment Income | (0.64) | (0.79) | (1.07) | (0.70) | (0.29) | (0.37) |
| &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) | (0.37 |
| Net Asset Value, End of Year/ Period | $22.93 | $23.60 | $19.02 | $16.37 | $23.93 | $19.65 |
| Total Return † | 0.45 | 28.86 | 24.62 | (29.43 | 23.35% | 3.04 |
| **Ratios and Supplemental Data** |  |  |  |  |  |  |
| Net Assets, End of Year/Period (Thousands) | $308393 | $316755 | $283457 | $322684 | $580640 | $674360 |
| Ratio of Expenses to Average Net Assets (including waivers and reimbursements)<sup>(1)</sup> | 1.30 | 1.34 | 1.46 | 1.49 | 1.43% | 1.40 |
| Ratio of Expenses to Average Net Assets (excluding waivers and reimbursements) | 1.31 | 1.38 | N/A | N/A | N/A | N/A |
| Ratio of Net Investment Income to Average Net Assets | 2.11 | 2.56 | 3.69 | 4.52 | 1.97% | 1.56 |
| Portfolio Turnover Rate | 43 | 60 | 68 | 66 | 70% | 55 |

---

---

| | |
|:---|:---|
| *\** | *Per share data calculated using average shares method.* |
| *\*\** | *Annualized.* |
| *\*\*\** | *Not annualized.* |
| *^* | *Amount was less than $0.005 per share.* |
| *†* | *Returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.* |
| *(1)* | *The Ratio of Expenses to Average Net Assets excludes the effect of fees paid indirectly. If these expense offsets were included, the ratio would have been 1.29% for 2025, 1.33% 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 Fund's average daily net assets (Note 5).* |
|  | *N/A Not Applicable.* |

---

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

#### 20

---

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

---

**FINANCIAL HIGHLIGHTS** 

**Selected Per Share Data & Ratios For a Share Outstanding Throughout Each Year/Period**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** |
| <br>**I Class Shares**  | **Six Months Ended April 30, 2025**<br>**(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net Asset Value, Beginning of Year/Period | $23.60 | $19.02 | $16.39 | $23.97 | $19.67 | $19.43 |
| Income from Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income\* | 0.26 | 0.61 | 0.75 | 1.00 | 0.53 | 0.29 |
| &nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gain (Loss) | (0.14 | 4.81 | 3.20 | (7.77 | 4.09 | 0.35 |
| &nbsp;&nbsp;&nbsp;Total from Operations | 0.12 | 5.42 | 3.95 | (6.77 | 4.62 | 0.64 |
| Redemption Fees\* | 0.00 | 0.00 | 0.00 | 0.00 |  | 0.00 |
| Dividends and Distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | (0.69) | (0.84) | (1.13) | (0.77) | (0.32) | (0.40) |
| &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) | (0.40 |
| Net Asset Value, End of Year/Period | $22.90 | $23.60 | $19.02 | $16.39 | $23.97 | $19.67 |
| Total Return † | 0.54 | 29.15 | 24.87 | (29.26 | 23.61% | 3.20 |
| **Ratios and Supplemental Data** |  |  |  |  |  |  |
| Net Assets, End of Year/Period (Thousands) | $677315 | $640486 | $299395 | $258008 | $396786 | $330942 |
| Ratio of Expenses to Average Net Assets (including waivers and reimbursements)<sup>(1)</sup> | 1.10 | 1.12 | 1.24 | 1.27 | 1.22% | 1.24 |
| Ratio of Expenses to Average Net Assets (excluding waivers and reimbursements) | 1.10 | 1.15 | N/A | N/A | N/A | N/A |
| Ratio of Net Investment Income to Average Net Assets | 2.30 | 2.75 | 3.95 | 4.70 | 2.21% | 1.53 |
| Portfolio Turnover Rate | 43 | 60 | 68 | 66 | 70% | 55 |

---

---

| | |
|:---|:---|
| *\** | *Per share data calculated using average shares method.* |
| *\*\** | *Annualized.* |
| *\*\*\** | *Not annualized.* |
| *^* | *Amount was less than $0.005 per share.* |
| *†* | *Returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.* |
| *(1)* | *The Ratio of Expenses to Average Net Assets excludes the effect of fees paid indirectly. If these expense offsets were included, the ratio would have been the same 2025, 1.11% 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 Fund's average daily net assets (Note 5).* |
|  | *N/A Not Applicable.* |

---

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

#### 21

---

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

---

**FINANCIAL HIGHLIGHTS** 

**Selected Per Share Data & Ratios For a Share Outstanding Throughout Each Year/Period**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** | **Years Ended October 31,** |
| <br>**Y Class Shares**  | **Six Months Ended April 30, 2025**<br>**(Unaudited)** | **2024**  | **2023** | **2022** | **2021** | **2020** |
| Net Asset Value, Beginning of Year/Period | $23.53 | $18.97 | $16.35 | $23.92 | $19.63 | $19.40 |
| Income from Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income\* | 0.25 | 0.62 | 0.74 | 0.99 | 0.50 | 0.25 |
| &nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gain (Loss) | (0.13 | 4.77 | 3.19 | (7.76) | 4.11 | 0.38 |
| &nbsp;&nbsp;&nbsp;Total from Operations | 0.12 | 5.39 | 3.93 | (6.77) | 4.61 | 0.63 |
| Redemption Fees\* |  |  |  |  |  | 0.00 |
| Dividends and Distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | (0.67) | (0.83) | (1.12) | (0.76) | (0.32) | (0.40) |
| &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) | (0.40 |
| Net Asset Value, End of Year/Period | $22.85 | $23.53 | $18.97 | $16.35 | $23.92 | $19.63 |
| Total Return † | 0.52 | 29.05% | 24.80% | (29.31)% | 23.61% | 3.15 |
| **Ratios and Supplemental Data** |  |  |  |  |  |  |
| Net Assets, End of Year/Period (Thousands) | $4508 | $4362 | $3131 | $5870 | $6982 | $8334 |
| 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% | 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 | N/A |
| Ratio of Net Investment Income to Average Net Assets | 2.23 | 2.81% | 3.95% | 4.71% | 2.10% | 1.34 |
| Portfolio Turnover Rate | 43 | 60% | 68% | 66% | 70% | 55 |

---

---

| | |
|:---|:---|
| *\** | *Per share data calculated using average shares method.* |
| *\*\** | *Annualized.* |
| *\*\*\** | *Not annualized.* |
| *^* | *Amount was less than $0.005 per share.* |
| *†* | *Returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.* |
| *(1)* | *The Ratio of Expenses to Average Net Assets excludes the effect of fees paid indirectly. If these expense offsets were included, the ratio would have been the same 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 Fund's average daily net assets (Note 5).* |
|  | *N/A Not Applicable.* |

---

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

#### 22

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| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **ACADIAN EMERGING**<br> **MARKETS PORTFOLIO** <br> **APRIL 30, 2025**<br> **(Unaudited)** |

---

**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 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.

 **23**

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| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **ACADIAN EMERGING**<br> **MARKETS PORTFOLIO** <br> **APRIL 30, 2025**<br> **(Unaudited)** |

---

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

For securities that principally trade on a foreign market or exchange, a significant gap in time can exist between the time of a particular security's last trade and the time at which the Portfolio calculates its net asset values. The closing prices of such securities may no longer reflect their market value at the time the Portfolio calculates its net asset value if an event that could materially affect the value of those securities (a "Significant Event") has occurred between the time of the security's last close and the time that the Acadian Emerging Markets Portfolio calculates its net asset value. A Significant Event may relate to a single issuer or to an entire market sector. If Acadian Asset Management LLC (the "Adviser" of the Portfolio) becomes aware of a Significant Event that has occurred with respect to a security or group of securities after the closing of the exchange or market on which the security or securities principally trade, but before the time at which the Portfolio calculates its net asset value, it may request that a Committee meeting be called. As of April 30, 2025, the total market value of securities in the Portfolio, valued in accordance with fair value procedures, was $877,151,619 or 89% 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.

 **24**

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| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **ACADIAN EMERGING**<br> **MARKETS PORTFOLIO** <br> **APRIL 30, 2025**<br> **(Unaudited)** |

---

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

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

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

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

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

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

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

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

 **25**

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| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **ACADIAN EMERGING**<br> **MARKETS PORTFOLIO** <br> **APRIL 30, 2025**<br> **(Unaudited)** |

---

 

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

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

As of and during the period ended April 30, 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 period ended April 30, 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 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.

 **26**

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| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **ACADIAN EMERGING**<br> **MARKETS PORTFOLIO** <br> **APRIL 30, 2025**<br> **(Unaudited)** |

---

*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.

 **27**

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| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **ACADIAN EMERGING**<br> **MARKETS PORTFOLIO** <br> **APRIL 30, 2025**<br> **(Unaudited)** |

---

 

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

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

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

**3. Transactions with Affiliates:**

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

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

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

The Portfolio and the Administrator are parties to an Administration Agreement, under which the Administrator provides administrative services to the Portfolio. For these services, the Administrator is paid an asset based fee, which will vary depending on the number of share classes and the average daily net assets of the Portfolio. For the period ended April 30, 2025, the Portfolio paid $350,430 for these services.

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

The Portfolio has adopted a shareholder servicing plan under which a shareholder servicing fee of up to 0.25% of average daily net assets of the Investor Class Shares up to 0.10% of average daily net assets of the Y Class Shares will be paid to financial intermediaries. Certain brokers, dealers, banks, trust companies and other financial representatives may receive compensation from the Portfolio for providing a variety of services, including record keeping and transaction processing. Such fees are paid by the Portfolio to the extent that the number of accounts serviced by the financial representative multiplied by the account fee charged by the Portfolio's transfer agent would not exceed the amount that would have been charged had the 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.

 **28**

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| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **ACADIAN EMERGING**<br> **MARKETS PORTFOLIO** <br> **APRIL 30, 2025**<br> **(Unaudited)** |

---

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

For the period ended April 30, 2025, the Portfolio earned cash management credits of $17,357, which were used to offset transfer agent expenses. This amount is labeled as "Fees Paid Indirectly" on the Statement of Operations.

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

**5. Investment Advisory Agreement:**

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

The Adviser, 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 Fund's business (including litigation expenses)) from exceeding 1.10% of the average daily net assets of each of the Fund's share classes until March 1, 2026. In addition, the Adviser may receive from the Fund the difference between the total annual fund operating expenses (not including excluded expenses) and the contractual expense limit to recoup all or a portion of its prior fee waivers or expense reimbursements made during the three-year period preceding the date of the recoupment if at any point total annual fund operating expenses (not including excluded expenses) are below the contractual expense limit (i) at the time of the fee waiver or expense payment, and (ii) at the time of the reimbursement. This agreement may be terminated: (i) by the Trust, for any reason at any time, or (ii) by the Adviser, for any reason, upon ninety (90) days' prior written notice to the Trust, effective as of the close of business on March 1, 2026. This agreement terminates automatically upon the termination of the advisory agreement. The amounts subject to recapture by the Adviser are $69,907 expiring in 2027 and $184,595 expiring in 2028. During the period ended April 30, 2025, the Fund recaptured $27,932 in previously waived fees.

 **29**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **ACADIAN EMERGING**<br> **MARKETS PORTFOLIO** <br> **APRIL 30, 2025**<br> **(Unaudited)** |

---

**6. Investment Transactions:**

For the period ended April 30, 2025, the Portfolio made purchases of $463,384,956 and sales of $428,606,563 of investment securities other than long-term U.S. Government and short-term securities. There were no purchases or sales of long-term U.S. Government securities.

**7. Share Transactions:**

---

| | | |
|:---|:---|:---|
|  | **Six Months**<br> **Ended**<br> **April 30, 2025**<br> **(Unaudited)**  | **Year Ended**<br> **October 31,**<br> **2024**  |
| **Investor Class Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Issued | 718621 | 1037194 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of Distributions | 449667 | 560656 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (1142176) | (3080987) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Shares Outstanding from Investor Class Share Transactions** | 26112 | (1483137) |
| **I Class Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Issued | 7203640 | 14837634 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of Distributions | 959149 | 568880 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (5730252) | (4010141) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Increase in Shares Outstanding from I Class Share Transactions** | 2432537 | 11396373 |
| **Y Class Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Issued | 13127 | 29506 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of Distributions | 6403 | 6210 |
| &nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (7574) | (15369) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Increase in Shares Outstanding from Y Class Share Transactions** | 11956 | 20347 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Increase in Shares Outstanding from Share Transactions** | 2470605 | 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 28, 2025. The proceeds from the borrowings shall be used to finance the Portfolio's short term general working capital requirements, including the funding of shareholder redemptions. Interest is charged to the Portfolio based on their borrowings at the current reference rate. For the period ended April 30, 2025, the Portfolio had average borrowings of $8,076,808 and a maximum amount borrowed of $36,076,000 over a period of 26 days at a weighted average interest rate of 7.50%. Interest accrued on the borrowings during the period was $25,178. As of April 30, 2025, the Portfolio did not have any borrowings outstanding.

 **30**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **ACADIAN EMERGING**<br> **MARKETS PORTFOLIO** <br> **APRIL 30, 2025**<br> **(Unaudited)** |

---

**9. Federal Tax Information:**

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

There were no permanent differences credited or charged to Paid-in Capital and Distributable Earnings as of October 31, 2024.

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Ordinary<br> Income** | **Long-Term<br> Capital Gain** | **Total** |
| 2024.0 | $25263131 | $— | $25263131 |
| 2023.0 | 37952435 | 6612682 | 44565117 |

---

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

---

| | |
|:---|:---|
| Undistributed Ordinary Income | $28590221 |
| Undistributed Long-Term Capital Gains | 5515509 |
| Net Unrealized Appreciation | 148670612 |
| Other Temporary Differences | (3) |
| Total Distributable Earnings | $182776339 |

---

For Federal income tax purposes, capital losses incurred may be carried forward and applied against future capital gains. Such capital losses retain their character as either short-term or long-term capital losses. During the fiscal year ended October 31, 2024, the Portfolio utilized short-term and long-term capital loss carryforwards to offset capital gains of $10,139,546 and $6,642,474, respectively.

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 April 30, 2025, were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Federal Tax<br> Cost** | **Aggregated<br> Gross Unrealized<br> Appreciation** | **Aggregated<br> Gross Unrealized<br> Depreciation** | **Net Unrealized<br> Appreciation<br> (Depreciation)** |
| $830091821 | $202531038 | $(43607332) | $158923706 |

---

 **31**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **ACADIAN EMERGING**<br> **MARKETS PORTFOLIO** <br> **APRIL 30, 2025**<br> **(Unaudited)** |

---

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

**10. Concentration of Risk:**

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

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

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

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

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

 **32**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **ACADIAN EMERGING**<br> **MARKETS PORTFOLIO** <br> **APRIL 30, 2025**<br> **(Unaudited)** |

---

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.

 **33**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **ACADIAN EMERGING**<br> **MARKETS PORTFOLIO** <br> **APRIL 30, 2025**<br> **(Unaudited)** |

---

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

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

**11. Concentration of Shareholders:**

As of April 30, 2025, 83% of the Portfolio's Investor Class Shares outstanding were held by two record shareholders, 63% of the Portfolio's I Class Shares were held by three record shareholders, and 92% 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 period and as of April 30, 2025, there were no securities on loan for the Portfolio.

 **34**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **ACADIAN EMERGING**<br> **MARKETS PORTFOLIO** <br> **APRIL 30, 2025**<br> **(Unaudited)** |

---

**14. Recent Accounting Pronouncement:**

In this reporting period, the Fund 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 Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The management of the Fund's Adviser acts as the Fund's CODM. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the Fund's single investment objective which is executed by the Fund's portfolio managers. The financial information in the form of the Fund's schedule of investments, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment's performance versus the Fund's comparative benchmarks and to make resource allocation decisions for the Fund's single segment, is consistent with that presented within the Fund'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.

**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 adjustments were required to the financial statements.

 **35**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **ACADIAN EMERGING**<br> **MARKETS PORTFOLIO** <br> **APRIL 30, 2025**<br> **(Unaudited)** |

---

**Other Information (Form N-CSRS Items 8-11)**

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

Not applicable.

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

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

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

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

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

Not Applicable.

 **36**

This page intentionally left blank.

**Acadian Funds**

P.O. Box 219009

Kansas City, MO 64121

1-866-AAM-6161

**Adviser:**

Acadian Asset Management LLC

260 Franklin Street

Boston, MA 02110

**Distributor:**

SEI Investments Distribution Co.

1 Freedom Valley Drive

Oaks, PA 19456

**Administrator:**

SEI Investments Global Funds Services

1 Freedom Valley Drive

Oaks, PA 19456

**Legal Counsel:**

Morgan, Lewis & Bockius LLP

2222 Market Street

Philadelphia, PA 19103

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

ACA-SA-002-1700

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

Included under Item 7.

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

Included under Item 7.

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

Included under Item 7.

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

Included under Item 7.

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

Not applicable to open-end management investment companies.

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

Not applicable to open-end management investment companies.

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

Not applicable to open-end management investment companies.

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

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

**Item 16. Controls and Procedures.**

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

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

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

Not applicable to open-end management investment companies.

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

(a) Not applicable.

(b) Not applicable.

**Item 19. Exhibits.**

(a)(1) Not applicable.

(a)(2) Not applicable.

[(a)(3) A separate certification for the principal executive officer and the principal financial officer of the Registrant, as required by Rule 30a-2(a) under the Act (17 CFR § 270.30a-2(a)), are filed herewith.](fp0094062-1_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.](fp0094062-1_ex99906cert.htm)

**SIGNATURES**

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

---

| | |
|:---|:---|
| (Registrant) | The Advisors' Inner Circle Fund |
| By (Signature and Title) | /s/ Michael Beattie |
|  | Michael Beattie |
|  | Principal Executive Officer |
| Date: July 7, 2025 |  |

---

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

---

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

---

---

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

---

## Ex-99.Cert

**CERTIFICATION**

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

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

I, Michael Beattie, certify that:

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

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

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

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

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

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

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

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

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

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

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

---

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

---

**CERTIFICATION**

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

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

I, Andrew Metzger, certify that:

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

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

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

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

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

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

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

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

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

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

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

---

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

---

## Exhibit 99.906

**CERTIFICATION**

**Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906**

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

The undersigned, Michael Beattie, the Principal Executive Officer of The Advisors' Inner Circle Fund (the "Fund"), with respect to the Fund's Form N-CSRS for the period ended April 30, 2025, as filed with the Securities and Exchange Commission, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

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

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

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| | |
|:---|:---|
| Dated: July 7, 2025 |  |
|  | /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-CSRS for the period ended April 30, 2025, as filed with the Securities and Exchange Commission, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

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

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

---

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

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