# EDGAR Filing Document

**Accession Number:** 0000878719
**File Stem:** 0001398344-26-009652
**Filing Date:** 2026-5
**Character Count:** 237977
**Document Hash:** 5841b98357c5d7941ac31dd5f8a5b86c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-26-009652.hdr.sgml**: 20260522

**ACCESSION NUMBER**: 0001398344-26-009652

**CONFORMED SUBMISSION TYPE**: N-CSR/A

**PUBLIC DOCUMENT COUNT**: 32

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20260522

**DATE AS OF CHANGE**: 20260522

**EFFECTIVENESS DATE**: 20260522

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR/A
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-06400
- **FILM NUMBER:** 261012918

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

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

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

## Series and Classes Contracts Data

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

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

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

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

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

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

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

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

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

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM N-CSR/A**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT**

**INVESTMENT COMPANIES**

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

**The Advisors' Inner Circle Fund**

(Exact name of registrant as specified in charter)

SEI Investments

One Freedom Valley Drive

Oaks, PA 19456

(Address of principal executive offices) (Zip code)

SEI Investments

One Freedom Valley Drive

Oaks, PA 19456

(Name and address of agent for service)

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

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

**Date of reporting period: October 31, 2025**

**Explanatory Note:**

Subsequent to the Form N-CSR filing (on January 9, 2026) for The Advisors' Inner Circle Fund I (the "Trust"), a misstatement of certain amounts related to PricewaterhouseCoopers LLP ("PwC") fees in Item 4 (Principal Accountant Fees and Services) for the fiscal year ended October 31, 2025, was identified. This filing intends to correct the fees for services provided to the Trust by PwC. The amounts provided for the fiscal year ended October 31, 2024, were appropriately stated and have not changed. There are no other changes included in this supplemental filing.

---

| | |
|:---|:---|
| <br> **Item 1.** | **Reports to Stockholders.** |

---

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

**# The Advisors' Inner Circle Fund
![Image](ibd1d1e6680fd12e35221ef36.jpg)

## Cambiar International Equity Fund

## Institutional Class Shares - CAMYX

## Annual Shareholder Report: October 31, 2025
This annual shareholder report contains important information about Institutional Class Shares of the Cambiar International Equity Fund (the "Fund") for the period from November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://cambiar.com/documents-forms/. You can also request this information by contacting us at 1-866-777-8227.

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

---

| | | |
|:---|:---|:---|
| <u>Fund Name</u> | <u>Costs of a $10,000 investment</u> | <u>Costs paid as a percentage of a $10,000 investment</u> |
| Cambiar International Equity Fund, Institutional Class Shares | $99 | 0.90% |

---

## How did the Fund perform in the last year?
International equities have been the surprise asset class over the past year, easily outperforming their U.S. counterparts. The Cambiar International Equity Fund posted strong absolute returns for the trailing one-year period, while falling short of the MSCI EAFE Index.

At a sector level, Financials registered exceptionally strong returns for the period, with the Fund's European bank holdings leading to the upside. After years of low (even negative) interest rates, EU banks have rallied in response to a steepening yield curve, growing net interest income and higher loan growth. Despite their strong price gains, Fund holdings such as Barclays and Bank of Ireland continue to trade at less than 1x book value – thus continuing to offer an attractive risk/reward.

Other notable positive contributors included Mitsubishi Estate (Real Estate), Nintendo (strong demand for the company's new Switch 2 gaming console), and select holdings within the Technology sector. While not as plentiful as in the U.S., there are a number of leading-edge technology companies that have benefitted from the boom in AI investments. Two such examples are Cambiar holdings Taiwan Semiconductor and ASML. Taiwan Semi makes the Nvidia chips, while ASML is the global leader in the production of lithography machines (which are used to manufacture semiconductor chips).

The Fund incurred more challenged stock performance within the Consumer Discretionary and Industrial sectors. Individual laggards included Bunzl, Nidec Corporation, Puma and Shimano. We subsequently moved on from Nidec and Puma by the end of the reporting period, while continuing to hold Bunzl and Shimano.

Is the outperformance for international markets a short blip in the U.S. exceptionalism trade, or the beginning of a more durable shift in market leadership? While hesitant to make predictions of this nature, we believe that the risk/reward for international equities remains favorable. In contrast to many U.S. stocks that are trading at/near peak valuations on peak earnings, the international space offers the potential for both multiple expansion and earnings growth. While remaining mindful of relevant macro considerations, our team is focused on constructing a diversified portfolio of high quality businesses that are trading at reasonable valuations.

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

## Total Return Based on $10,000 Investment
![Growth Chart](i41e49df9ad9a705799c502ed.jpg)

---

| | | |
|:---|:---|:---|
| | Cambiar International Equity Fund, Institutional Class Shares | MSCI EAFE Index (USD) (NR)<sup>Footnote Reference\*</sup><sup>Footnote Reference†</sup> |
| Apr/15 | $10000 | $10000 |
| Apr/16 | $9470 | $9068 |
| Apr/17 | $10026 | $10092 |
| Oct/17 | $11259 | $11176 |
| Oct/18 | $10175 | $10410 |
| Oct/19 | $10784 | $11560 |
| Oct/20 | $9496 | $10766 |
| Oct/21 | $12081 | $14446 |
| Oct/22 | $8901 | $11124 |
| Oct/23 | $9957 | $12726 |
| Oct/24 | $12315 | $15648 |
| Oct/25 | $14702 | $19252 |

---

The line graph represents historical performance of a hypothetical investment of $10,000 in the Fund during the last 10 years. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. Past performance is not indicative of future performance.Call 1-866-777-8227 or visit https://cambiar.com/strategy/camyx/ for current month-end performance.

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;EAFE – Europe, Australasia, and the Far East |
| &nbsp;&nbsp;Footnote† | &nbsp;&nbsp;Net Return (NR) - Reflects no deductions for fees, expenses or taxes (except foreign withholding taxes). |

---

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

---

| | | | |
|:---|:---|:---|:---|
| <u>Fund/Index Name</u> | <u>1 Year</u> | <u>5 Years</u> | <u>10 Years</u> |
| Cambiar International Equity Fund, Institutional Class Shares | 19.38% | 9.14% | 4.30% |
| MSCI EAFE Index (USD) (NR)<sup>Footnote Reference\*</sup><sup>Footnote Reference†</sup> | 23.03% | 12.33% | 7.48% |

---

## Key Fund Statistics as of October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| <u>Total Net Assets</u> | <u>Number of Holdings</u> | <u>Total Advisory Fees Paid</u> | <u>Portfolio Turnover Rate</u> |
| $132934055 | 47 | $805877 | 48% |

---

## What did the Fund invest in?

### Country Weightings<sup>Footnote Reference \*</sup>
![Holdings Chart](i0be591e433ba1e9081f076f7.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Other Countries | 5.6% |
| Short-Term Investment | 1.5% |
| Denmark | 1.9% |
| Hong Kong | 2.0% |
| Taiwan | 2.1% |
| Belgium | 3.4% |
| Switzerland | 5.2% |
| Netherlands | 5.7% |
| Singapore | 7.7% |
| Germany | 7.8% |
| France | 7.9% |
| Ireland | 8.3% |
| United Kingdom | 16.6% |
| Japan | 20.9% |

---

---

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

---

### Top Ten Holdings

---

| | |
|:---|:---|
| <u>Holding Name</u> | <u>Percentage of Total Net Assets<sup>Footnote Reference(A)</sup></u> |
| ING Groep | 3.3% |
| Grab Holdings, Cl A | 2.8% |
| AstraZeneca ADR | 2.8% |
| DBS Group Holdings | 2.7% |
| Bank of Ireland Group | 2.6% |
| Nintendo | 2.5% |
| Barclays | 2.5% |
| SSE | 2.5% |
| Sony Group | 2.5% |
| ASML Holding, Cl G | 2.5% |

---

---

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

---

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

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

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

* 1-866-777-8227 

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://confluence.com](i36817e4dd8170c15dc8be842.jpg)

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

## The Advisors' Inner Circle Fund

## Cambiar International Equity Fund / Institutional Class Shares - CAMYX

## Annual Shareholder Report: October 31, 2025

## CAMYX-AR-2025
![Image](ibd1d1e6680fd12e35221ef36.jpg)

# The Advisors' Inner Circle Fund
![Image](ibd1d1e6680fd12e35221ef36.jpg)

## Cambiar International Equity Fund

## Investor Class Shares - CAMIX

## Annual Shareholder Report: October 31, 2025
This annual shareholder report contains important information about Investor Class Shares of the Cambiar International Equity Fund (the "Fund") for the period from November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://cambiar.com/documents-forms/. You can also request this information by contacting us at 1-866-777-8227.

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

---

| | | |
|:---|:---|:---|
| <u>Fund Name</u> | <u>Costs of a $10,000 investment</u> | <u>Costs paid as a percentage of a $10,000 investment</u> |
| Cambiar International Equity Fund, Investor Class Shares | $112 | 1.02% |

---

## How did the Fund perform in the last year?
International equities have been the surprise asset class over the past year, easily outperforming their U.S. counterparts. The Cambiar International Equity Fund posted strong absolute returns for the trailing one-year period, while falling short of the MSCI EAFE Index.

At a sector level, Financials registered exceptionally strong returns for the period, with the Fund's European bank holdings leading to the upside. After years of low (even negative) interest rates, EU banks have rallied in response to a steepening yield curve, growing net interest income and higher loan growth. Despite their strong price gains, Fund holdings such as Barclays and Bank of Ireland continue to trade at less than 1x book value – thus continuing to offer an attractive risk/reward.

Other notable positive contributors included Mitsubishi Estate (Real Estate), Nintendo (strong demand for the company's new Switch 2 gaming console), and select holdings within the Technology sector. While not as plentiful as in the U.S., there are a number of leading-edge technology companies that have benefitted from the boom in AI investments. Two such examples are Cambiar holdings Taiwan Semiconductor and ASML. Taiwan Semi makes the Nvidia chips, while ASML is the global leader in the production of lithography machines (which are used to manufacture semiconductor chips).

The Fund incurred more challenged stock performance within the Consumer Discretionary and Industrial sectors. Individual laggards included Bunzl, Nidec Corporation, Puma and Shimano. We subsequently moved on from Nidec and Puma by the end of the reporting period, while continuing to hold Bunzl and Shimano.

Is the outperformance for international markets a short blip in the U.S. exceptionalism trade, or the beginning of a more durable shift in market leadership? While hesitant to make predictions of this nature, we believe that the risk/reward for international equities remains favorable. In contrast to many U.S. stocks that are trading at/near peak valuations on peak earnings, the international space offers the potential for both multiple expansion and earnings growth. While remaining mindful of relevant macro considerations, our team is focused on constructing a diversified portfolio of high quality businesses that are trading at reasonable valuations.

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

## Total Return Based on $10,000 Investment
![Growth Chart](i9c469daa5e9f45066eef4801.jpg)

---

| | | |
|:---|:---|:---|
| | Cambiar International Equity Fund, Investor Class Shares | MSCI EAFE Index (USD) (NR)<sup>Footnote Reference\*</sup><sup>Footnote Reference†</sup> |
| Apr/15 | $10000 | $10000 |
| Apr/16 | $9455 | $9068 |
| Apr/17 | $9998 | $10092 |
| Oct/17 | $11219 | $11176 |
| Oct/18 | $10123 | $10410 |
| Oct/19 | $10718 | $11560 |
| Oct/20 | $9425 | $10766 |
| Oct/21 | $11982 | $14446 |
| Oct/22 | $8817 | $11124 |
| Oct/23 | $9861 | $12726 |
| Oct/24 | $12181 | $15648 |
| Oct/25 | $14528 | $19252 |

---

The line graph represents historical performance of a hypothetical investment of $10,000 in the Fund during the last 10 years. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. Past performance is not indicative of future performance.Call 1-866-777-8227 or visit https://cambiar.com/strategy/camix/ for current month-end performance.

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;EAFE – Europe, Australasia, and the Far East |
| &nbsp;&nbsp;Footnote† | &nbsp;&nbsp;Net Return (NR) - Reflects no deductions for fees, expenses or taxes (except foreign withholding taxes). |

---

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

---

| | | | |
|:---|:---|:---|:---|
| <u>Fund/Index Name</u> | <u>1 Year</u> | <u>5 Years</u> | <u>10 Years</u> |
| Cambiar International Equity Fund, Investor Class Shares | 19.27% | 9.04% | 4.18% |
| MSCI EAFE Index (USD) (NR)<sup>Footnote Reference\*</sup><sup>Footnote Reference†</sup> | 23.03% | 12.33% | 7.48% |

---

## Key Fund Statistics as of October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| <u>Total Net Assets</u> | <u>Number of Holdings</u> | <u>Total Advisory Fees Paid</u> | <u>Portfolio Turnover Rate</u> |
| $132934055 | 47 | $805877 | 48% |

---

## What did the Fund invest in?

### Country Weightings<sup>Footnote Reference \*</sup>
![Holdings Chart](i0be591e433ba1e9081f076f7.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Other Countries | 5.6% |
| Short-Term Investment | 1.5% |
| Denmark | 1.9% |
| Hong Kong | 2.0% |
| Taiwan | 2.1% |
| Belgium | 3.4% |
| Switzerland | 5.2% |
| Netherlands | 5.7% |
| Singapore | 7.7% |
| Germany | 7.8% |
| France | 7.9% |
| Ireland | 8.3% |
| United Kingdom | 16.6% |
| Japan | 20.9% |

---

---

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

---

### Top Ten Holdings

---

| | |
|:---|:---|
| <u>Holding Name</u> | <u>Percentage of Total Net Assets<sup>Footnote Reference(A)</sup></u> |
| ING Groep | 3.3% |
| Grab Holdings, Cl A | 2.8% |
| AstraZeneca ADR | 2.8% |
| DBS Group Holdings | 2.7% |
| Bank of Ireland Group | 2.6% |
| Nintendo | 2.5% |
| Barclays | 2.5% |
| SSE | 2.5% |
| Sony Group | 2.5% |
| ASML Holding, Cl G | 2.5% |

---

---

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

---

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

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

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

* 1-866-777-8227 

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://confluence.com](i36817e4dd8170c15dc8be842.jpg)

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

## The Advisors' Inner Circle Fund

## Cambiar International Equity Fund / Investor Class Shares - CAMIX

## Annual Shareholder Report: October 31, 2025

## CAMIX-AR-2025
![Image](ibd1d1e6680fd12e35221ef36.jpg)

# The Advisors' Inner Circle Fund
![Image](ibd1d1e6680fd12e35221ef36.jpg)

## Cambiar Opportunity Fund

## Institutional Class Shares - CAMWX

## Annual Shareholder Report: October 31, 2025
This annual shareholder report contains important information about Institutional Class Shares of the Cambiar Opportunity Fund (the "Fund") for the period from November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://cambiar.com/documents-forms/. You can also request this information by contacting us at 1-866-777-8227.

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

---

| | | |
|:---|:---|:---|
| <u>Fund Name</u> | <u>Costs of a $10,000 investment</u> | <u>Costs paid as a percentage of a $10,000 investment</u> |
| Cambiar Opportunity Fund, Institutional Class Shares | $68 | 0.65% |

---

## How did the Fund perform in the last year?
U.S. equity markets continued to move higher over the past twelve months, overcoming a rather sharp drawdown in response to the initial tariff rollouts (i.e., Liberation Day). Investors remain enamored by all things AI, with mega-cap hyperscaler businesses and semiconductors leading to the upside. Value stocks also participated in the market upswing, with the expanding market breadth providing additional fuel to the rally.

The Cambiar Opportunity Fund posted a solid gain for the trailing one-year period, while falling short of the benchmark. Security selection within Industrials was a notable value-add, with Airbus, Uber Technologies and RTX Corporation all registering strong returns. Uber has been a particularly notable positive contributor for the Fund in recent years, as the company has continued to gain market share that is converting to strong free cashflow. Additional individual highlights included Amazon and TJX Companies in the Consumer Discretionary sector.

The Fund's higher allocation to the lagging Healthcare sector was a drag on return for the period, as gains from Waters Corporation and Labcorp Holdings were overshadowed by declines in managed care providers Centene and Elevance. Healthcare insurers have had to reduce earnings guidance in recent quarters due to elevated medical utilization within the Medicaid segment of their business – i.e., participants fearful of losing coverage increased their doctor visits beyond projections made by the companies. Earnings remedies include higher pricing, better utilization management and cost cuts. We believe Elevance and Centene have the potential to generate strong returns in the coming years if they are able to show a recovery in earnings/margins as we anticipate.

While not at euphoric levels, equity markets reflect an abundance of optimism and heightened expectations. Upside participation has begun to broaden beyond the tech leaders, although outperforming sectors such as Industrials and Utilities are largely tied to the AI infrastructure buildout trend. How long the AI capex trade can continue to shoulder the load is a key question; that said, management teams in big tech view AI to be existential to their future, and thus for now remain committed to their capex plans.

The Cambiar team remains focused on our core objective of providing attractive risk-adjusted returns by attaching to well-managed, wide moat businesses that are trading at reasonable valuations. Portfolio construction continues to emphasize diversification and a prudent balance of offense and defense. We remain active in trimming exposures where the risk/reward appears stretched vs. historical peak/trough levels, and deploying capital to new investments that meet our quality and valuation criteria.

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

## Total Return Based on $10,000 Investment
![Growth Chart](i878aa46c384b27d1ebc6b03e.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Cambiar Opportunity Fund, Institutional Class Shares | Russell 3000 Index (USD) (TR)<sup>Footnote Reference\*</sup> | Russell 1000 Value Benchmark Index (USD) (TR)<sup>Footnote Reference\*</sup> | S&P 500 Index (USD) (TR)<sup>Footnote Reference\*</sup> |
| Apr/15 | $10000 | $10000 | $10000 | $10000 |
| Apr/16 | $9762 | $9982 | $9960 | $10121 |
| Apr/17 | $11298 | $11837 | $11608 | $11934 |
| Oct/17 | $12303 | $12893 | $12242 | $13020 |
| Oct/18 | $12057 | $13744 | $12613 | $13977 |
| Oct/19 | $13680 | $15598 | $14027 | $15979 |
| Oct/20 | $14649 | $17181 | $12966 | $17531 |
| Oct/21 | $20472 | $24723 | $18640 | $25054 |
| Oct/22 | $18925 | $20639 | $17335 | $21393 |
| Oct/23 | $19772 | $22369 | $17359 | $23563 |
| Oct/24 | $25523 | $30837 | $22736 | $32521 |
| Oct/25 | $27973 | $37255 | $25270 | $39497 |

---

The line graph represents historical performance of a hypothetical investment of $10,000 in the Fund during the last 10 years. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. Past performance is not indicative of future performance.Call 1-866-777-8227 or visit https://cambiar.com/strategy/camwx/ for current month-end performance.

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Total Return (TR) - Reflects no deductions for fees, expenses or taxes. |

---

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

---

| | | | |
|:---|:---|:---|:---|
| <u>Fund/Index Name</u> | <u>1 Year</u> | <u>5 Years</u> | <u>10 Years</u> |
| Cambiar Opportunity Fund, Institutional Class Shares | 9.60% | 13.81% | 10.89% |
| Russell 3000 Index (USD) (TR)<sup>Footnote Reference\*</sup> | 20.81% | 16.74% | 14.08% |
| Russell 1000 Value Benchmark Index (USD) (TR)<sup>Footnote Reference\*</sup> | 11.15% | 14.28% | 9.97% |
| S&P 500 Index (USD) (TR)<sup>Footnote Reference\*</sup> | 21.45% | 17.64% | 14.64% |

---

## Key Fund Statistics as of October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| <u>Total Net Assets</u> | <u>Number of Holdings</u> | <u>Total Advisory Fees Paid</u> | <u>Portfolio Turnover Rate</u> |
| $318436265 | 41 | $1739340 | 49% |

---

## What did the Fund invest in?

### Sector Weightings<sup>Footnote Reference \*</sup>
![Holdings Chart](i105e4acf7ccdede0b19bb140.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Technology | 0.1% |
| Short-Term Investment | 1.1% |
| Real Estate | 1.7% |
| Utilities | 3.2% |
| Materials | 3.3% |
| Communication Services | 3.4% |
| Energy | 5.1% |
| Information Technology | 8.1% |
| Consumer Staples | 8.5% |
| Consumer Discretionary | 12.8% |
| Health Care | 15.7% |
| Financials | 17.0% |
| Industrials | 19.6% |

---

---

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

---

### Top Ten Holdings

---

| | |
|:---|:---|
| <u>Holding Name</u> | <u>Percentage of Total Net Assets<sup>Footnote Reference(A)</sup></u> |
| Amazon.com | 3.8% |
| Uber Technologies | 3.6% |
| Alphabet, Cl A | 3.4% |
| Amrize Ltd | 3.3% |
| Elevance Health | 3.2% |
| JPMorgan Chase | 3.2% |
| Sempra | 3.2% |
| Chevron | 3.1% |
| Union Pacific | 3.0% |
| Delta Air Lines | 3.0% |

---

---

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

---

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

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

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

* 1-866-777-8227 

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://confluence.com](i36817e4dd8170c15dc8be842.jpg)

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

## The Advisors' Inner Circle Fund

## Cambiar Opportunity Fund / Institutional Class Shares - CAMWX

## Annual Shareholder Report: October 31, 2025

## CAMWX-AR-2025
![Image](ibd1d1e6680fd12e35221ef36.jpg)

# The Advisors' Inner Circle Fund
![Image](ibd1d1e6680fd12e35221ef36.jpg)

## Cambiar Opportunity Fund

## Investor Class Shares - CAMOX

## Annual Shareholder Report: October 31, 2025
This annual shareholder report contains important information about Investor Class Shares of the Cambiar Opportunity Fund (the "Fund") for the period from November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://cambiar.com/documents-forms/. You can also request this information by contacting us at 1-866-777-8227.

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

---

| | | |
|:---|:---|:---|
| <u>Fund Name</u> | <u>Costs of a $10,000 investment</u> | <u>Costs paid as a percentage of a $10,000 investment</u> |
| Cambiar Opportunity Fund, Investor Class Shares | $89 | 0.85% |

---

## How did the Fund perform in the last year?
U.S. equity markets continued to move higher over the past twelve months, overcoming a rather sharp drawdown in response to the initial tariff rollouts (i.e., Liberation Day). Investors remain enamored by all things AI, with mega-cap hyperscaler businesses and semiconductors leading to the upside. Value stocks also participated in the market upswing, with the expanding market breadth providing additional fuel to the rally.

The Cambiar Opportunity Fund posted a solid gain for the trailing one-year period, while falling short of the benchmark. Security selection within Industrials was a notable value-add, with Airbus, Uber Technologies and RTX Corporation all registering strong returns. Uber has been a particularly notable positive contributor for the Fund in recent years, as the company has continued to gain market share that is converting to strong free cashflow. Additional individual highlights included Amazon and TJX Companies in the Consumer Discretionary sector.

The Fund's higher allocation to the lagging Healthcare sector was a drag on return for the period, as gains from Waters Corporation and Labcorp Holdings were overshadowed by declines in managed care providers Centene and Elevance. Healthcare insurers have had to reduce earnings guidance in recent quarters due to elevated medical utilization within the Medicaid segment of their business – i.e., participants fearful of losing coverage increased their doctor visits beyond projections made by the companies. Earnings remedies include higher pricing, better utilization management and cost cuts. We believe Elevance and Centene have the potential to generate strong returns in the coming years if they are able to show a recovery in earnings/margins as we anticipate.

While not at euphoric levels, equity markets reflect an abundance of optimism and heightened expectations. Upside participation has begun to broaden beyond the tech leaders, although outperforming sectors such as Industrials and Utilities are largely tied to the AI infrastructure buildout trend. How long the AI capex trade can continue to shoulder the load is a key question; that said, management teams in big tech view AI to be existential to their future, and thus for now remain committed to their capex plans.

The Cambiar team remains focused on our core objective of providing attractive risk-adjusted returns by attaching to well-managed, wide moat businesses that are trading at reasonable valuations. Portfolio construction continues to emphasize diversification and a prudent balance of offense and defense. We remain active in trimming exposures where the risk/reward appears stretched vs. historical peak/trough levels, and deploying capital to new investments that meet our quality and valuation criteria.

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

## Total Return Based on $10,000 Investment
![Growth Chart](ic7c78bc6349d7ce70cd7ef0d.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Cambiar Opportunity Fund, Investor Class Shares | Russell 3000 Index (USD) (TR)<sup>Footnote Reference\*</sup> | Russell 1000 Value Benchmark Index (USD) (TR)<sup>Footnote Reference\*</sup> | S&P 500 Index (USD) (TR)<sup>Footnote Reference\*</sup> |
| Apr/15 | $10000 | $10000 | $10000 | $10000 |
| Apr/16 | $9739 | $9982 | $9960 | $10121 |
| Apr/17 | $11240 | $11837 | $11608 | $11934 |
| Oct/17 | $12229 | $12893 | $12242 | $13020 |
| Oct/18 | $11964 | $13744 | $12613 | $13977 |
| Oct/19 | $13557 | $15598 | $14027 | $15979 |
| Oct/20 | $14493 | $17181 | $12966 | $17531 |
| Oct/21 | $20207 | $24723 | $18640 | $25054 |
| Oct/22 | $18642 | $20639 | $17335 | $21393 |
| Oct/23 | $19437 | $22369 | $17359 | $23563 |
| Oct/24 | $25043 | $30837 | $22736 | $32521 |
| Oct/25 | $27388 | $37255 | $25270 | $39497 |

---

The line graph represents historical performance of a hypothetical investment of $10,000 in the Fund during the last 10 years. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. Past performance is not indicative of future performance.Call 1-866-777-8227 or visit https://cambiar.com/strategy/camox/ for current month-end performance.

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Total Return (TR) - Reflects no deductions for fees, expenses or taxes. |

---

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

---

| | | | |
|:---|:---|:---|:---|
| <u>Fund/Index Name</u> | <u>1 Year</u> | <u>5 Years</u> | <u>10 Years</u> |
| Cambiar Opportunity Fund, Investor Class Shares | 9.36% | 13.57% | 10.67% |
| Russell 3000 Index (USD) (TR)<sup>Footnote Reference\*</sup> | 20.81% | 16.74% | 14.08% |
| Russell 1000 Value Benchmark Index (USD) (TR)<sup>Footnote Reference\*</sup> | 11.15% | 14.28% | 9.97% |
| S&P 500 Index (USD) (TR)<sup>Footnote Reference\*</sup> | 21.45% | 17.64% | 14.64% |

---

## Key Fund Statistics as of October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| <u>Total Net Assets</u> | <u>Number of Holdings</u> | <u>Total Advisory Fees Paid</u> | <u>Portfolio Turnover Rate</u> |
| $318436265 | 41 | $1739340 | 49% |

---

## What did the Fund invest in?

### Sector Weightings<sup>Footnote Reference \*</sup>
![Holdings Chart](i105e4acf7ccdede0b19bb140.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Technology | 0.1% |
| Short-Term Investment | 1.1% |
| Real Estate | 1.7% |
| Utilities | 3.2% |
| Materials | 3.3% |
| Communication Services | 3.4% |
| Energy | 5.1% |
| Information Technology | 8.1% |
| Consumer Staples | 8.5% |
| Consumer Discretionary | 12.8% |
| Health Care | 15.7% |
| Financials | 17.0% |
| Industrials | 19.6% |

---

---

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

---

### Top Ten Holdings

---

| | |
|:---|:---|
| <u>Holding Name</u> | <u>Percentage of Total Net Assets<sup>Footnote Reference(A)</sup></u> |
| Amazon.com | 3.8% |
| Uber Technologies | 3.6% |
| Alphabet, Cl A | 3.4% |
| Amrize Ltd | 3.3% |
| Elevance Health | 3.2% |
| JPMorgan Chase | 3.2% |
| Sempra | 3.2% |
| Chevron | 3.1% |
| Union Pacific | 3.0% |
| Delta Air Lines | 3.0% |

---

---

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

---

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

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

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

* 1-866-777-8227 

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://confluence.com](i36817e4dd8170c15dc8be842.jpg)

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

## The Advisors' Inner Circle Fund

## Cambiar Opportunity Fund / Investor Class Shares - CAMOX

## Annual Shareholder Report: October 31, 2025

## CAMOX-AR-2025
![Image](ibd1d1e6680fd12e35221ef36.jpg)

# The Advisors' Inner Circle Fund
![Image](ibd1d1e6680fd12e35221ef36.jpg)

## Cambiar Small Cap Fund

## Institutional Class Shares - CAMZX

## Annual Shareholder Report: October 31, 2025
This annual shareholder report contains important information about Institutional Class Shares of the Cambiar Small Cap Fund (the "Fund") for the period from November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://cambiar.com/documents-forms/. You can also request this information by contacting us at 1-866-777-8227.

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

---

| | | |
|:---|:---|:---|
| <u>Fund Name</u> | <u>Costs of a $10,000 investment</u> | <u>Costs paid as a percentage of a $10,000 investment</u> |
| Cambiar Small Cap Fund, Institutional Class Shares | $94 | 0.90% |

---

## How did the Fund perform in the last year?
U.S. equity markets continued to move higher over the past twelve months, overcoming a rather sharp drawdown in response to the initial tariff rollouts (i.e., Liberation Day). While large cap stocks continue to pace the broad market advance, smaller cap companies have begun to close the gap in recent months. A lagging asset class for much of this cycle, small caps should be outsized beneficiaries from the anticipated continued easing cycle in interest rates, given their higher debt ratios vs. large caps.

The Cambiar Small Cap Fund posted a solid gain for the trailing one-year period, while falling short of the Russell 2000 Value Index (the Fund's performance benchmark). Given the underlying risk-on bias in the market and subsequent leadership of more speculative businesses that do not meet our quality and valuation criteria, we view performance for the period to be relatively in line with expectations.

The Fund registered strong returns in the Consumer Discretionary sector, with Sportradar Group and Frontdoor, Inc. two notable highlights in the period. Additional positive contributors included stock selection within Utilities, as well as an overweight allocation to Technology, which was the top-performing sector (by a wide margin).

Holdings within the Healthcare sector comprised the largest detraction from relative performance, with Globus Medical and Align Technology two individual laggards for the period. We remain constructive on the investment case and associated return outlook for both companies. Globus is a medical device company, with a focus on spine treatments. (The stock rallied sharply in response to strong earnings in November – thus outside the reporting period for this report). Align is the leading manufacturer of clear aligners (i.e., Invisalign) in orthodontics. The company cut revenue guidance during 3Q in response to an unexpected slowdown in the number of prospective patients converted to final cases. We believe the longer-term growth opportunity for Align is intact, as 80% of teen cases are still performed with traditional wires/brackets. The company has unmatched scale, technology and marketing advantages vs peers, in addition to a net cash balance sheet.

While not at euphoric levels, equity markets reflect an abundance of optimism and heightened expectations. The Cambiar team remains focused on our core objective of providing attractive risk-adjusted returns by owning high quality businesses that are trading at reasonable valuations. Portfolio construction continues to emphasize diversification and a prudent balance of offense and defense. We remain active in trimming exposures where the risk/reward appears stretched vs. historical peak/trough levels, and deploying capital to new investments that meet our quality and valuation criteria.

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

## Total Return Based on $10,000 Investment
![Growth Chart](id78ba9741ed95fbaa2cb660a.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Cambiar Small Cap Fund, Institutional Class Shares | Russell 3000 Index (USD) (TR)<sup>Footnote Reference\*</sup> | Russell 2000 Value Benchmark Index (USD) (TR)<sup>Footnote Reference\*</sup> | Russell 2000 Index (USD) (TR)<sup>Footnote Reference\*</sup> |
| Apr/15 | $10000 | $10000 | $10000 | $10000 |
| Apr/16 | $8770 | $9982 | $9629 | $9406 |
| Apr/17 | $10037 | $11837 | $12246 | $11816 |
| Oct/17 | $10421 | $12893 | $12925 | $12763 |
| Oct/18 | $10391 | $13744 | $12848 | $12999 |
| Oct/19 | $11676 | $15598 | $13262 | $13637 |
| Oct/20 | $11017 | $17181 | $11416 | $13618 |
| Oct/21 | $15553 | $24723 | $18756 | $20536 |
| Oct/22 | $14432 | $20639 | $16744 | $16728 |
| Oct/23 | $13650 | $22369 | $15081 | $15296 |
| Oct/24 | $16870 | $30837 | $19872 | $20508 |
| Oct/25 | $18254 | $37255 | $21835 | $23463 |

---

The line graph represents historical performance of a hypothetical investment of $10,000 in the Fund during the last 10 years. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. Past performance is not indicative of future performance.Call 1-866-777-8227 or visit https://cambiar.com/strategy/camzx/ for current month-end performance.

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Total Return (TR) - Reflects no deductions for fees, expenses or taxes. |

---

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

---

| | | | |
|:---|:---|:---|:---|
| <u>Fund/Index Name</u> | <u>1 Year</u> | <u>5 Years</u> | <u>10 Years</u> |
| Cambiar Small Cap Fund, Institutional Class Shares | 8.20% | 10.63% | 7.00% |
| Russell 3000 Index (USD) (TR)<sup>Footnote Reference\*</sup> | 20.81% | 16.74% | 14.08% |
| Russell 2000 Value Benchmark Index (USD) (TR)<sup>Footnote Reference\*</sup> | 9.87% | 13.85% | 8.66% |
| Russell 2000 Index (USD) (TR)<sup>Footnote Reference\*</sup> | 14.41% | 11.50% | 9.36% |

---

## Key Fund Statistics as of October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| <u>Total Net Assets</u> | <u>Number of Holdings</u> | <u>Total Advisory Fees Paid</u> | <u>Portfolio Turnover Rate</u> |
| $65916035 | 40 | $435922 | 26% |

---

## What did the Fund invest in?

### Sector Weightings<sup>Footnote Reference \*</sup>
![Holdings Chart](i12ac8e595e7bbdd16869266b.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Materials | 1.6% |
| Energy | 2.4% |
| Real Estate | 4.5% |
| Utilities | 4.6% |
| Short-Term Investment | 5.3% |
| Industrials | 11.3% |
| Consumer Discretionary | 12.6% |
| Health Care | 15.1% |
| Information Technology | 17.8% |
| Financials | 24.9% |

---

---

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

---

### Top Ten Holdings

---

| | |
|:---|:---|
| <u>Holding Name</u> | <u>Percentage of Total Net Assets<sup>Footnote Reference(A)</sup></u> |
| Tower Semiconductor | 3.8% |
| Rambus | 3.5% |
| BorgWarner | 3.2% |
| First American Financial | 2.9% |
| RenaissanceRe Holdings | 2.9% |
| Globus Medical, Cl A | 2.9% |
| NETSTREIT | 2.8% |
| United Community Banks | 2.7% |
| US Physical Therapy | 2.7% |
| Frontdoor | 2.6% |

---

---

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

---

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

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

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

* 1-866-777-8227 

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://confluence.com](i36817e4dd8170c15dc8be842.jpg)

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

## The Advisors' Inner Circle Fund

## Cambiar Small Cap Fund / Institutional Class Shares - CAMZX

## Annual Shareholder Report: October 31, 2025

## CAMZX-AR-2025
![Image](ibd1d1e6680fd12e35221ef36.jpg)

# The Advisors' Inner Circle Fund
![Image](ibd1d1e6680fd12e35221ef36.jpg)

## Cambiar Small Cap Fund

## Investor Class Shares - CAMSX

## Annual Shareholder Report: October 31, 2025
This annual shareholder report contains important information about Investor Class Shares of the Cambiar Small Cap Fund (the "Fund") for the period from November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://cambiar.com/documents-forms/. You can also request this information by contacting us at 1-866-777-8227.

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

---

| | | |
|:---|:---|:---|
| <u>Fund Name</u> | <u>Costs of a $10,000 investment</u> | <u>Costs paid as a percentage of a $10,000 investment</u> |
| Cambiar Small Cap Fund, Investor Class Shares | $116 | 1.12% |

---

## How did the Fund perform in the last year?
U.S. equity markets continued to move higher over the past twelve months, overcoming a rather sharp drawdown in response to the initial tariff rollouts (i.e., Liberation Day). While large cap stocks continue to pace the broad market advance, smaller cap companies have begun to close the gap in recent months. A lagging asset class for much of this cycle, small caps should be outsized beneficiaries from the anticipated continued easing cycle in interest rates, given their higher debt ratios vs. large caps.

The Cambiar Small Cap Fund posted a solid gain for the trailing one-year period, while falling short of the Russell 2000 Value Index (the Fund's performance benchmark). Given the underlying risk-on bias in the market and subsequent leadership of more speculative businesses that do not meet our quality and valuation criteria, we view performance for the period to be relatively in line with expectations.

The Fund registered strong returns in the Consumer Discretionary sector, with Sportradar Group and Frontdoor, Inc. two notable highlights in the period. Additional positive contributors included stock selection within Utilities, as well as an overweight allocation to Technology, which was the top-performing sector (by a wide margin).

Holdings within the Healthcare sector comprised the largest detraction from relative performance, with Globus Medical and Align Technology two individual laggards for the period. We remain constructive on the investment case and associated return outlook for both companies. Globus is a medical device company, with a focus on spine treatments. (The stock rallied sharply in response to strong earnings in November – thus outside the reporting period for this report). Align is the leading manufacturer of clear aligners (i.e., Invisalign) in orthodontics. The company cut revenue guidance during 3Q in response to an unexpected slowdown in the number of prospective patients converted to final cases. We believe the longer-term growth opportunity for Align is intact, as 80% of teen cases are still performed with traditional wires/brackets. The company has unmatched scale, technology and marketing advantages vs peers, in addition to a net cash balance sheet.

While not at euphoric levels, equity markets reflect an abundance of optimism and heightened expectations. The Cambiar team remains focused on our core objective of providing attractive risk-adjusted returns by owning high quality businesses that are trading at reasonable valuations. Portfolio construction continues to emphasize diversification and a prudent balance of offense and defense. We remain active in trimming exposures where the risk/reward appears stretched vs. historical peak/trough levels, and deploying capital to new investments that meet our quality and valuation criteria.

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

## Total Return Based on $10,000 Investment
![Growth Chart](i4ae81fc8bc3397e97402d953.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Cambiar Small Cap Fund, Investor Class Shares | Russell 3000 Index (USD) (TR)<sup>Footnote Reference\*</sup> | Russell 2000 Value Benchmark Index (USD) (TR)<sup>Footnote Reference\*</sup> | Russell 2000 Index (USD) (TR)<sup>Footnote Reference\*</sup> |
| Apr/15 | $10000 | $10000 | $10000 | $10000 |
| Apr/16 | $8749 | $9982 | $9629 | $9406 |
| Apr/17 | $9985 | $11837 | $12246 | $11816 |
| Oct/17 | $10365 | $12893 | $12925 | $12763 |
| Oct/18 | $10326 | $13744 | $12848 | $12999 |
| Oct/19 | $11582 | $15598 | $13262 | $13637 |
| Oct/20 | $10915 | $17181 | $11416 | $13618 |
| Oct/21 | $15368 | $24723 | $18756 | $20536 |
| Oct/22 | $14237 | $20639 | $16744 | $16728 |
| Oct/23 | $13444 | $22369 | $15081 | $15296 |
| Oct/24 | $16572 | $30837 | $19872 | $20508 |
| Oct/25 | $17897 | $37255 | $21835 | $23463 |

---

The line graph represents historical performance of a hypothetical investment of $10,000 in the Fund during the last 10 years. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. Past performance is not indicative of future performance.Call 1-866-777-8227 or visit https://cambiar.com/strategy/camsx/ for current month-end performance.

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Total Return (TR) - Reflects no deductions for fees, expenses or taxes. |

---

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

---

| | | | |
|:---|:---|:---|:---|
| <u>Fund/Index Name</u> | <u>1 Year</u> | <u>5 Years</u> | <u>10 Years</u> |
| Cambiar Small Cap Fund, Investor Class Shares | 7.99% | 10.40% | 6.80% |
| Russell 3000 Index (USD) (TR)<sup>Footnote Reference\*</sup> | 20.81% | 16.74% | 14.08% |
| Russell 2000 Value Benchmark Index (USD) (TR)<sup>Footnote Reference\*</sup> | 9.87% | 13.85% | 8.66% |
| Russell 2000 Index (USD) (TR)<sup>Footnote Reference\*</sup> | 14.41% | 11.50% | 9.36% |

---

## Key Fund Statistics as of October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| <u>Total Net Assets</u> | <u>Number of Holdings</u> | <u>Total Advisory Fees Paid</u> | <u>Portfolio Turnover Rate</u> |
| $65916035 | 40 | $435922 | 26% |

---

## What did the Fund invest in?

### Sector Weightings<sup>Footnote Reference \*</sup>
![Holdings Chart](i12ac8e595e7bbdd16869266b.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Materials | 1.6% |
| Energy | 2.4% |
| Real Estate | 4.5% |
| Utilities | 4.6% |
| Short-Term Investment | 5.3% |
| Industrials | 11.3% |
| Consumer Discretionary | 12.6% |
| Health Care | 15.1% |
| Information Technology | 17.8% |
| Financials | 24.9% |

---

---

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

---

### Top Ten Holdings

---

| | |
|:---|:---|
| <u>Holding Name</u> | <u>Percentage of Total Net Assets<sup>Footnote Reference(A)</sup></u> |
| Tower Semiconductor | 3.8% |
| Rambus | 3.5% |
| BorgWarner | 3.2% |
| First American Financial | 2.9% |
| RenaissanceRe Holdings | 2.9% |
| Globus Medical, Cl A | 2.9% |
| NETSTREIT | 2.8% |
| United Community Banks | 2.7% |
| US Physical Therapy | 2.7% |
| Frontdoor | 2.6% |

---

---

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

---

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

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

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

* 1-866-777-8227 

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://confluence.com](i36817e4dd8170c15dc8be842.jpg)

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

## The Advisors' Inner Circle Fund

## Cambiar Small Cap Fund / Investor Class Shares - CAMSX

## Annual Shareholder Report: October 31, 2025

## CAMSX-AR-2025
![Image](ibd1d1e6680fd12e35221ef36.jpg)

# The Advisors' Inner Circle Fund
![Image](ibd1d1e6680fd12e35221ef36.jpg)

## Cambiar SMID Fund

## Institutional Class Shares - CAMUX

## Annual Shareholder Report: October 31, 2025
This annual shareholder report contains important information about Institutional Class Shares of the Cambiar SMID Fund (the "Fund") for the period from November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://cambiar.com/documents-forms/. You can also request this information by contacting us at 1-866-777-8227.

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

---

| | | |
|:---|:---|:---|
| <u>Fund Name</u> | <u>Costs of a $10,000 investment</u> | <u>Costs paid as a percentage of a $10,000 investment</u> |
| Cambiar SMID Fund, Institutional Class Shares | $82 | 0.85% |

---

## How did the Fund perform in the last year?
The Cambiar SMID Fund trailed the strategy's Russell 2500 Value Index benchmark by a wide margin for the trailing one-year period, in the process hampering the Fund's longer-term performance record. To say that we are disappointed with our inability to participate in the market's upside move would be a dramatic understatement. Is the investment approach that had produced an enviable track record from the 2017-2023 timeframe no longer relevant in today's market environment, or are we in a period of extreme disconnect as it relates to valuations and investor risk appetite?

As is always the case, performance vs. an assigned benchmark is a function of commission and omission. After providing strong downside protection in the market drawdown during the first quarter, the Fund then fell behind in the risk-on environment that has paced the market in more recent quarters. The Fund certainly held a number of positions that have not performed as expected; examples here include Align Technology, WillScot Holdings, and Masco Corporation. In each of these cases, we are continuing to hold.

What we did not own has been an even bigger performance headwind during the period. Consistent with Cambiar's Quality/Price/Discipline approach, the SMID Fund continues to own companies that have a track record of profits/cashflow and strong balance sheets, while avoiding more speculative businesses. This approach has been at direct odds with a market where the top performing factors were residual volatility, beta and momentum. To compound matters, Earnings Quality (a factor that we are overweight) has been the poorest-performing factor over the past year. When names like Oklo and Carvana are in your index and driving returns (neither of which we own for a variety of reasons), it speaks to the risk-on fervor in the markets.

There has been no shortage of introspection within the team as it relates to implementation of our Quality/Price/Discipline process. More specifically, is there an opportunity to bring in the tails – such that the Fund can remain within the desired quality and profit metrics, but perhaps demonstrate improved participation in up markets? The team did make some positioning changes on the margins; for example, we reduced our allocation to the more defensive Healthcare sector and added to select businesses in Financials, Consumer and Industrials. Yet the last thing we want to do is engage in a chasing exercise. Despite the Fund's more recent performance shortfall, we continue to have conviction in our approach, and look forward to generating improved results in the coming quarters/years.

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

## Total Return Based on $10,000 Investment
![Growth Chart](i0b9020733964daa01e73bbd9.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Cambiar SMID Fund, Institutional Class Shares | Russell 3000 Index (USD) (TR)<sup>Footnote Reference\*</sup> | Russell 2500 Value Benchmark Index (USD) (TR)<sup>Footnote Reference\*</sup> | Russell 2500 Index (USD) |
| Apr/15 | $10000 | $10000 | $10000 | $10000 |
| Apr/16 | $8973 | $9982 | $9805 | $9573 |
| Apr/17 | $11012 | $11837 | $11830 | $11554 |
| Oct/17 | $11489 | $12893 | $12403 | $12455 |
| Oct/18 | $12203 | $13744 | $12437 | $12804 |
| Oct/19 | $14117 | $15598 | $13195 | $13937 |
| Oct/20 | $13649 | $17181 | $11623 | $14231 |
| Oct/21 | $19678 | $24723 | $18381 | $21266 |
| Oct/22 | $18562 | $20639 | $16422 | $17528 |
| Oct/23 | $18833 | $22369 | $15611 | $16717 |
| Oct/24 | $22117 | $30837 | $20672 | $22247 |
| Oct/25 | $20715 | $37255 | $22762 | $24903 |

---

The line graph represents historical performance of a hypothetical investment of $10,000 in the Fund during the last 10 years. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. Past performance is not indicative of future performance.Call 1-866-777-8227 or visit https://cambiar.com/strategy/camux/ for current month-end performance.

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Total Return (TR) - Reflects no deductions for fees, expenses or taxes. |

---

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

---

| | | | |
|:---|:---|:---|:---|
| <u>Fund/Index Name</u> | <u>1 Year</u> | <u>5 Years</u> | <u>10 Years</u> |
| Cambiar SMID Fund, Institutional Class Shares | -6.34% | 8.70% | 8.04% |
| Russell 3000 Index (USD) (TR)<sup>Footnote Reference\*</sup> | 20.81% | 16.74% | 14.08% |
| Russell 2500 Value Benchmark Index (USD) (TR)<sup>Footnote Reference\*</sup> | 10.11% | 14.39% | 9.02% |
| Russell 2500 Index (USD) | 11.94% | 11.84% | 9.99% |

---

## Key Fund Statistics as of October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| <u>Total Net Assets</u> | <u>Number of Holdings</u> | <u>Total Advisory Fees Paid</u> | <u>Portfolio Turnover Rate</u> |
| $55333265 | 39 | $547479 | 47% |

---

## What did the Fund invest in?

### Asset Weightings<sup>Footnote Reference \*</sup>
![Holdings Chart](ic1098f28bd50e9c869fdf89c.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Short-Term Investment | 1.0% |
| Materials | 2.4% |
| Real Estate | 2.5% |
| Consumer Staples | 2.5% |
| Energy | 2.9% |
| Exchange-Traded Fund | 5.1% |
| Utilities | 7.7% |
| Consumer Discretionary | 7.9% |
| Information Technology | 13.5% |
| Industrials | 14.1% |
| Health Care | 17.6% |
| Financials | 23.1% |

---

---

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

---

### Top Ten Holdings

---

| | |
|:---|:---|
| <u>Holding Name</u> | <u>Percentage of Total Net Assets<sup>Footnote Reference(A)</sup></u> |
| iShares Core S&P Mid-Capital ETF | 5.0% |
| Lattice Semiconductor | 3.2% |
| BorgWarner | 3.0% |
| Lincoln Electric Holdings | 2.9% |
| Amdocs | 2.9% |
| HF Sinclair | 2.9% |
| Prosperity Bancshares | 2.9% |
| Globus Medical, Cl A | 2.8% |
| Pinnacle West Capital | 2.8% |
| Webster Financial | 2.8% |

---

---

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

---

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

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

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

* 1-866-777-8227 

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://confluence.com](i36817e4dd8170c15dc8be842.jpg)

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

## The Advisors' Inner Circle Fund

## Cambiar SMID Fund / Institutional Class Shares - CAMUX

## Annual Shareholder Report: October 31, 2025

## CAMUX-AR-2025
![Image](ibd1d1e6680fd12e35221ef36.jpg)

# The Advisors' Inner Circle Fund
![Image](ibd1d1e6680fd12e35221ef36.jpg)

## Cambiar SMID Fund

## Investor Class Shares - CAMMX

## Annual Shareholder Report: October 31, 2025
This annual shareholder report contains important information about Investor Class Shares of the Cambiar SMID Fund (the "Fund") for the period from November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://cambiar.com/documents-forms/. You can also request this information by contacting us at 1-866-777-8227.

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

---

| | | |
|:---|:---|:---|
| <u>Fund Name</u> | <u>Costs of a $10,000 investment</u> | <u>Costs paid as a percentage of a $10,000 investment</u> |
| Cambiar SMID Fund, Investor Class Shares | $92 | 0.95% |

---

## How did the Fund perform in the last year?
The Cambiar SMID Fund trailed the strategy's Russell 2500 Value Index benchmark by a wide margin for the trailing one-year period, in the process hampering the Fund's longer-term performance record. To say that we are disappointed with our inability to participate in the market's upside move would be a dramatic understatement. Is the investment approach that had produced an enviable track record from the 2017-2023 timeframe no longer relevant in today's market environment, or are we in a period of extreme disconnect as it relates to valuations and investor risk appetite?

As is always the case, performance vs. an assigned benchmark is a function of commission and omission. After providing strong downside protection in the market drawdown during the first quarter, the Fund then fell behind in the risk-on environment that has paced the market in more recent quarters. The Fund certainly held a number of positions that have not performed as expected; examples here include Align Technology, WillScot Holdings, and Masco Corporation. In each of these cases, we are continuing to hold.

What we did not own has been an even bigger performance headwind during the period. Consistent with Cambiar's Quality/Price/Discipline approach, the SMID Fund continues to own companies that have a track record of profits/cashflow and strong balance sheets, while avoiding more speculative businesses. This approach has been at direct odds with a market where the top performing factors were residual volatility, beta and momentum. To compound matters, Earnings Quality (a factor that we are overweight) has been the poorest-performing factor over the past year. When names like Oklo and Carvana are in your index and driving returns (neither of which we own for a variety of reasons), it speaks to the risk-on fervor in the markets.

There has been no shortage of introspection within the team as it relates to implementation of our Quality/Price/Discipline process. More specifically, is there an opportunity to bring in the tails – such that the Fund can remain within the desired quality and profit metrics, but perhaps demonstrate improved participation in up markets? The team did make some positioning changes on the margins; for example, we reduced our allocation to the more defensive Healthcare sector and added to select businesses in Financials, Consumer and Industrials. Yet the last thing we want to do is engage in a chasing exercise. Despite the Fund's more recent performance shortfall, we continue to have conviction in our approach, and look forward to generating improved results in the coming quarters/years.

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

## Total Return Based on $10,000 Investment
![Growth Chart](i7b2adc9b2b0efefdc63fbd0f.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Cambiar SMID Fund, Investor Class Shares | Russell 3000 Index (USD) (TR)<sup>Footnote Reference\*</sup> | Russell 2500 Value Benchmark Index (USD) (TR)<sup>Footnote Reference\*</sup> | Russell 2500 Index (USD) |
| Apr/15 | $10000 | $10000 | $10000 | $10000 |
| Apr/16 | $8973 | $9982 | $9805 | $9573 |
| Apr/17 | $11006 | $11837 | $11830 | $11554 |
| Oct/17 | $11482 | $12893 | $12403 | $12455 |
| Oct/18 | $12194 | $13744 | $12437 | $12804 |
| Oct/19 | $14097 | $15598 | $13195 | $13937 |
| Oct/20 | $13616 | $17181 | $11623 | $14231 |
| Oct/21 | $19616 | $24723 | $18381 | $21266 |
| Oct/22 | $18490 | $20639 | $16422 | $17528 |
| Oct/23 | $18745 | $22369 | $15611 | $16717 |
| Oct/24 | $21991 | $30837 | $20672 | $22247 |
| Oct/25 | $20573 | $37255 | $22762 | $24903 |

---

The line graph represents historical performance of a hypothetical investment of $10,000 in the Fund during the last 10 years. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. Past performance is not indicative of future performance.Call 1-866-777-8227 or visit https://cambiar.com/strategy/cammx/ for current month-end performance.

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Total Return (TR) - Reflects no deductions for fees, expenses or taxes. |

---

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

---

| | | | |
|:---|:---|:---|:---|
| <u>Fund/Index Name</u> | <u>1 Year</u> | <u>5 Years</u> | <u>10 Years</u> |
| Cambiar SMID Fund, Investor Class Shares | -6.45% | 8.61% | 7.97% |
| Russell 3000 Index (USD) (TR)<sup>Footnote Reference\*</sup> | 20.81% | 16.74% | 14.08% |
| Russell 2500 Value Benchmark Index (USD) (TR)<sup>Footnote Reference\*</sup> | 10.11% | 14.39% | 9.02% |
| Russell 2500 Index (USD) | 11.94% | 11.84% | 9.99% |

---

## Key Fund Statistics as of October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| <u>Total Net Assets</u> | <u>Number of Holdings</u> | <u>Total Advisory Fees Paid</u> | <u>Portfolio Turnover Rate</u> |
| $55333265 | 39 | $547479 | 47% |

---

## What did the Fund invest in?

### Asset Weightings<sup>Footnote Reference \*</sup>
![Holdings Chart](ic1098f28bd50e9c869fdf89c.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Short-Term Investment | 1.0% |
| Materials | 2.4% |
| Real Estate | 2.5% |
| Consumer Staples | 2.5% |
| Energy | 2.9% |
| Exchange-Traded Fund | 5.1% |
| Utilities | 7.7% |
| Consumer Discretionary | 7.9% |
| Information Technology | 13.5% |
| Industrials | 14.1% |
| Health Care | 17.6% |
| Financials | 23.1% |

---

---

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

---

### Top Ten Holdings

---

| | |
|:---|:---|
| <u>Holding Name</u> | <u>Percentage of Total Net Assets<sup>Footnote Reference(A)</sup></u> |
| iShares Core S&P Mid-Capital ETF | 5.0% |
| Lattice Semiconductor | 3.2% |
| BorgWarner | 3.0% |
| Lincoln Electric Holdings | 2.9% |
| Amdocs | 2.9% |
| HF Sinclair | 2.9% |
| Prosperity Bancshares | 2.9% |
| Globus Medical, Cl A | 2.8% |
| Pinnacle West Capital | 2.8% |
| Webster Financial | 2.8% |

---

---

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

---

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

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

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

* 1-866-777-8227 

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://confluence.com](i36817e4dd8170c15dc8be842.jpg)

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

## The Advisors' Inner Circle Fund

## Cambiar SMID Fund / Investor Class Shares - CAMMX

## Annual Shareholder Report: October 31, 2025

## CAMMX-AR-2025
![Image](ibd1d1e6680fd12e35221ef36.jpg)**

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

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

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

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

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

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

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

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

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **FYE October 31, 2025** | **FYE October 31, 2025** | **FYE October 31, 2025** | **FYE October 31, 2024** | **FYE October 31, 2024** | **FYE October 31, 2024** |
| | | All fees and services to the Trust that were pre-approved | All fees and services to service affiliates that were pre-approved | All other fees and services to service affiliates that did not require pre-approval | All fees and services to the Trust that were pre-approved | All fees and services to service affiliates that were pre-approved | All other fees and services to service affiliates that did not require pre-approval |
| (a) | Audit Fees<sup>(1)</sup> | $96175 |  |  | $91274 |  |  |
| (b) | Audit-Related Fees |  |  |  |  |  |  |
| (c) | Tax Fees<sup>(2)</sup> |  |  | $682400 |  |  |  |
| (d) | All Other Fees |  |  |  |  |  |  |

---

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

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

---

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

---

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

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

---

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

---

Notes:

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

&nbsp;&nbsp;&nbsp;&nbsp;(2) Tax compliance services provided to service affiliates of the funds.

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

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

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

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

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

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

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

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

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

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

---

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

---

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

---

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

---

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

---

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

---

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

(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The aggregate non-audit fees and services billed by PwC for services rendered to the Registrant, and rendered to the Registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant for the last two fiscal-years-ended October 31<sup>st</sup> were $682,400 and $0 for 2025 and 2024, respectively.

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

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

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

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

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

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

Not applicable to open-end management investment companies.

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

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

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

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

Financial statements and financial highlights are filed herein.

![](fp0096586_001.jpg)

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **CAMBIAR FUNDS** |
|  | **OCTOBER 31, 2025** |

---

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| **Financial Statements (Form N-CSR Item 7)** |  |
| &nbsp;&nbsp;&nbsp;Schedules of Investments | 1 |
| &nbsp;&nbsp;&nbsp;Statements of Assets and Liabilities | 10 |
| &nbsp;&nbsp;&nbsp;Statements of Operations | 12 |
| &nbsp;&nbsp;&nbsp;Statements of Changes in Net Assets | 14 |
| &nbsp;&nbsp;&nbsp;Financial Highlights | 18 |
| &nbsp;&nbsp;&nbsp;Notes to Financial Statements | 26 |
| Report of Independent Registered Public Accounting Firm | 34 |
| Notice to Shareholders (Unaudited) | 35 |
| Other Information (Form N-CSR Items 8-11) (Unaudited) | 36 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **CAMBIAR OPPORTUNITY FUND** |
|  | **OCTOBER 31, 2025** |

---

**SCHEDULE OF INVESTMENTS**

**COMMON STOCK — 98.5%**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **AEROSPACE/DEFENSE EQUIPMENT — 4.2%** | |  |
| &nbsp;&nbsp;&nbsp;Airbus ADR | 108000 | $6631200 |
| &nbsp;&nbsp;&nbsp;Honeywell International | 32500 | 6543225 |
|  |  | 13174425 |
| **AIR FREIGHT & LOGISTICS — 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;FedEx | 28000 | 7106960 |
| **AIRLINES — 3.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Delta Air Lines | 167000 | 9582460 |
| **BANKS — 8.1%** |  |  |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase | 33000 | 10266960 |
| &nbsp;&nbsp;&nbsp;PNC Financial Services Group | 50000 | 9127500 |
| &nbsp;&nbsp;&nbsp;US Bancorp | 136000 | 6348480 |
|  |  | 25742940 |
| **BEVERAGES — 3.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Constellation Brands, Cl A | 46000 | 6043480 |
| &nbsp;&nbsp;&nbsp;Diageo ADR | 64000 | 5893760 |
|  |  | 11937240 |
| **BIOTECHNOLOGY — 2.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Regeneron Pharmaceuticals | 12200 | 7951960 |
| **BROADLINE RETAIL — 3.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Amazon.com \* | 49000 | 11966780 |
| **BUILDING PRODUCTS — 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Masco | 96000 | 6216960 |
| **CAPITAL MARKETS — 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;CME Group, Cl A | 26000 | 6902740 |
| **CHEMICALS — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Solstice Advanced Materials, Inc. \* | 8125 | 366193 |
| **CONSTRUCTION MATERIALS — 3.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Amrize Ltd \* | 200000 | 10368000 |
| **CONSUMER FINANCE — 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;American Express | 17000 | 6132410 |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL — 4.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Sysco | 100000 | 7428000 |
| &nbsp;&nbsp;&nbsp;Target | 90000 | 8344800 |
|  |  | 15772800 |
| **ELECTRONIC EQUIPMENT INSTRUMENTS & COMPONENTS — 2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;TE Connectivity | 30500 | 7533805 |
| **ENERGY EQUIPMENT & SERVICES — 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Schlumberger | 180000 | 6490800 |
| **FINANCIAL SERVICES — 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Mastercard, Cl A | 12000 | 6623880 |
| **GROUND TRANSPORTATION — 6.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Uber Technologies \* | 120000 | 11580000 |
| &nbsp;&nbsp;&nbsp;Union Pacific | 44000 | 9696280 |
|  |  | 21276280 |
| **HEALTH CARE EQUIPMENT & SERVICES — 2.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Medtronic | 102000 | 9251400 |
| **HEALTH CARE PROVIDERS & SERVICES — 8.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Centene \* | 180000 | 6366600 |
| &nbsp;&nbsp;&nbsp;Elevance Health | 32500 | 10309000 |
| &nbsp;&nbsp;&nbsp;Labcorp Holdings | 34500 | 8761620 |
|  |  | 25437220 |

---

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

**1**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **CAMBIAR OPPORTUNITY FUND** |
|  | **OCTOBER 31, 2025** |

---

**COMMON STOCK —** continued

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **HOTELS, RESTAURANTS & LEISURE — 2.8%** | |  |
| &nbsp;&nbsp;&nbsp;Airbnb, Cl A \* | 70000 | $8857800 |
| **INDUSTRIAL CONGLOMERATE — 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;RTX | 29000 | 5176500 |
| **INSURANCE — 2.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Chubb | 31000 | 8585140 |
| **INTERACTIVE MEDIA & SERVICES — 3.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Alphabet, Cl A | 38500 | 10825815 |
| **MEDIA — 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Comcast, Cl A | 232000 | 6457720 |
| **MULTI-UTILITIES — 3.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Sempra | 111000 | 10205340 |
| **OIL, GAS & CONSUMABLE FUELS — 3.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Chevron | 62000 | 9778640 |
| **PERSONAL CARE PRODUCTS — 2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Estee Lauder, Cl A | 80000 | 7735200 |
| **PHARMACEUTICALS — 2.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb | 161000 | 7417270 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 5.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Applied Materials | 38000 | 8857800 |
| &nbsp;&nbsp;&nbsp;Texas Instruments | 58000 | 9364680 |
|  |  | 18222480 |
| **SPECIALIZED REITS — 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Weyerhaeuser | 235000 | 5405000 |
| **SPECIALTY RETAIL — 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;TJX | 36000 | 5045040 |
| &nbsp;&nbsp;&nbsp;TOTAL COMMON STOCK |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $235,928,189) |  | 313547198 |
| **SHORT-TERM INVESTMENT — 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;First American Treasury Obligation Fund 4.020% (A) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $3,602,857) | 3602857 | 3602857 |
| TOTAL INVESTMENTS— 99.6% |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $239,531,046) |  | $317150055 |

---

*Percentages are based on Net Assets of $318,436,265.*

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

&nbsp;&nbsp;&nbsp;&nbsp;*(A)* *The rate shown is the 7-day effective yield as of October 31, 2025.* 

*ADR — American Depositary Receipt*

*Cl — Class*

*As of October 31, 2025, all of the Fund's investments were considered Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP.*

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

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

**2**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **CAMBIAR SMID FUND** |
|  | **OCTOBER 31, 2025** |

---

**SCHEDULE OF INVESTMENTS**

**COMMON STOCK — 94.2%**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **AUTO COMPONENTS — 5.5%** | |  |
| &nbsp;&nbsp;&nbsp;BorgWarner | 38500 | $1653960 |
| &nbsp;&nbsp;&nbsp;Gentex | 58655 | 1375460 |
|  |  | 3029420 |
| **BANKS — 8.1%** |  |  |
| &nbsp;&nbsp;&nbsp;BOK Financial | 13005 | 1360063 |
| &nbsp;&nbsp;&nbsp;Prosperity Bancshares | 24000 | 1579680 |
| &nbsp;&nbsp;&nbsp;Webster Financial | 26930 | 1536087 |
|  |  | 4475830 |
| **BUILDING PRODUCTS — 2.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Masco | 21630 | 1400759 |
| **CAPITAL MARKETS — 5.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Cboe Global Markets | 5895 | 1448048 |
| &nbsp;&nbsp;&nbsp;Lazard, Cl A | 29410 | 1435208 |
|  |  | 2883256 |
| **COMMERCIAL SERVICES & SUPPLIES — 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;ACV Auctions, Cl A \* | 67104 | 608633 |
| **CONSTRUCTION & ENGINEERING — 2.5%** |  |  |
| &nbsp;&nbsp;&nbsp;WillScot Holdings | 62860 | 1367205 |
| **CONTAINERS & PACKAGING — 2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Packaging Corp of America | 6710 | 1313550 |
| **ELECTRIC UTILITIES — 2.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Pinnacle West Capital | 17630 | 1560608 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Littelfuse | 5310 | 1291976 |
| **FINANCIAL SERVICES — 4.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Euronet Worldwide \* | 16415 | 1245242 |
| &nbsp;&nbsp;&nbsp;WEX \* | 8675 | 1265509 |
|  |  | 2510751 |
| **FOOD PRODUCT — 2.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Lamb Weston Holdings | 22585 | 1394172 |
| **GAS UTILITIES — 2.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Atmos Energy | 7820 | 1342850 |
| **GROUND TRANSPORTATION — 2.5%** |  |  |
| &nbsp;&nbsp;&nbsp;JB Hunt Transport Services | 8240 | 1391406 |
| **HEALTH CARE EQUIPMENT & SERVICES — 10.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Align Technology \* | 10500 | 1447740 |
| &nbsp;&nbsp;&nbsp;Cooper \* | 19000 | 1328290 |
| &nbsp;&nbsp;&nbsp;Globus Medical, Cl A \* | 25935 | 1566215 |
| &nbsp;&nbsp;&nbsp;Solventum \* | 19000 | 1311760 |
|  |  | 5654005 |
| **HEALTH CARE PROVIDERS & SERVICES — 2.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Quest Diagnostics | 7835 | 1378568 |
| **HEALTH CARE TECHNOLOGY — 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Phreesia \* | 55000 | 1245200 |
| **HOTELS, RESTAURANTS & LEISURE — 2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Sportradar Group, Cl A \* | 52110 | 1334537 |
| **INSURANCE — 5.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Fidelity National Financial | 26035 | 1438173 |
| &nbsp;&nbsp;&nbsp;Reinsurance Group of America, Cl A | 8210 | 1497997 |
|  |  | 2936170 |
| **IT SERVICES — 2.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Amdocs | 19020 | 1602625 |

---

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

**3**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **CAMBIAR SMID FUND** |
|  | **OCTOBER 31, 2025** |

---

**COMMON STOCK** — continued

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **LIFE SCIENCES TOOLS & SERVICES — 2.7%** | |  |
| &nbsp;&nbsp;&nbsp;Waters \* | 4285 | $1498036 |
| **MACHINERY — 5.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Lincoln Electric Holdings | 6870 | 1610672 |
| &nbsp;&nbsp;&nbsp;Toro | 19110 | 1428090 |
|  |  | 3038762 |
| **OIL, GAS & CONSUMABLE FUELS — 2.9%** |  |  |
| &nbsp;&nbsp;&nbsp;HF Sinclair | 30845 | 1591602 |
| **RETAIL REITS — 2.5%** |  |  |
| &nbsp;&nbsp;&nbsp;NNN REIT | 34286 | 1387211 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 5.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Lattice Semiconductor \* | 24000 | 1751040 |
| &nbsp;&nbsp;&nbsp;Tower Semiconductor \* | 16000 | 1362720 |
|  |  | 3113760 |
| **SOFTWARE — 2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Dolby Laboratories, Cl A | 21915 | 1453403 |
| **WATER UTILITIES — 2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Essential Utilities | 34390 | 1342242 |
| &nbsp;&nbsp;&nbsp;TOTAL COMMON STOCK |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $44,653,167) |  | 52146537 |
| **EXCHANGE-TRADED FUND — 5.1%** |  |  |
| **EQUITY — 5.1%** |  |  |
| &nbsp;&nbsp;&nbsp;iShares Core S&P Mid-Capital ETF | 43000 | 2791990 |
| TOTAL EXCHANGE-TRADED FUND |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $2,798,608) |  | 2791990 |
| **SHORT-TERM INVESTMENT — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;First American Treasury Obligation Fund 4.020% (A) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $552,153) | 552153 | 552153 |
| TOTAL INVESTMENTS— 100.3% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $48,003,928) |  | $55490680 |

---

*Percentages are based on Net Assets of $55,333,265.*

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

&nbsp;&nbsp;&nbsp;&nbsp;*(A)* *The rate shown is the 7-day effective yield as of October 31, 2025.* 

*Cl — Class*

*ETF — Exchange Traded Fund*

*REIT — Real Estate Investment Trust*

*S&P — Standard & Poor's*

*As of October 31, 2025, all of the Fund's investments were considered Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP.*

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

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

**4**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **CAMBIAR SMALL CAP FUND** |
|  | **OCTOBER 31, 2025** |

---

**SCHEDULE OF INVESTMENTS**

**COMMON STOCK — 94.8%**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **AIR FREIGHT & LOGISTICS — 2.4%** | |  |
| &nbsp;&nbsp;&nbsp;Hub Group, Cl A | 42280 | $1557172 |
| **AUTO COMPONENTS — 5.4%** |  |  |
| &nbsp;&nbsp;&nbsp;BorgWarner | 49000 | 2105040 |
| &nbsp;&nbsp;&nbsp;Gentex | 61000 | 1430450 |
|  |  | 3535490 |
| **BANKS — 12.3%** |  |  |
| &nbsp;&nbsp;&nbsp;BOK Financial | 13000 | 1359540 |
| &nbsp;&nbsp;&nbsp;Prosperity Bancshares | 24495 | 1612261 |
| &nbsp;&nbsp;&nbsp;Texas Capital Bancshares \* | 19145 | 1605117 |
| &nbsp;&nbsp;&nbsp;United Bankshares | 47395 | 1696267 |
| &nbsp;&nbsp;&nbsp;United Community Banks | 62075 | 1812590 |
|  |  | 8085775 |
| **CAPITAL MARKETS — 2.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Lazard, Cl A | 33290 | 1624552 |
| **CHEMICALS — 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Cabot | 15975 | 1077993 |
| **COMMERCIAL SERVICES & SUPPLIES — 4.1%** |  |  |
| &nbsp;&nbsp;&nbsp;ACV Auctions, Cl A \* | 161000 | 1460270 |
| &nbsp;&nbsp;&nbsp;Healthcare Services Group \* | 68785 | 1229188 |
|  |  | 2689458 |
| **DIVERSIFIED CONSUMER SERVICES — 2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Frontdoor \* | 26120 | 1735152 |
| **ELECTRIC UTILITIES — 4.6%** |  |  |
| &nbsp;&nbsp;&nbsp;IDACORP | 11690 | 1508244 |
| &nbsp;&nbsp;&nbsp;TXNM Energy, Inc. | 26465 | 1503212 |
|  |  | 3011456 |
| **ELECTRONICS EQUIPMENT INSTRUMENTS & COMPONENTS — 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Advanced Energy Industries | 5140 | 1042032 |
| **ENERGY & EQUIPMENT SERVICES — 2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;NOV | 110000 | 1606000 |
| **FINANCIAL SERVICES — 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;WEX \* | 8750 | 1276450 |
| **HEALTH CARE EQUIPMENT & SERVICES — 5.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Align Technology \* | 11450 | 1578726 |
| &nbsp;&nbsp;&nbsp;Globus Medical, Cl A \* | 31190 | 1883564 |
|  |  | 3462290 |
| **HEALTH CARE PROVIDERS & SERVICES — 5.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Addus HomeCare \* | 13370 | 1562819 |
| &nbsp;&nbsp;&nbsp;US Physical Therapy | 20395 | 1759477 |
|  |  | 3322296 |
| **HEALTH CARE TECHNOLOGY — 4.8%** |  |  |
| &nbsp;&nbsp;&nbsp;HealthStream | 63900 | 1571940 |
| &nbsp;&nbsp;&nbsp;Phreesia \* | 70210 | 1589554 |
|  |  | 3161494 |
| **HOTELS, RESTAURANTS & LEISURE — 4.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Monarch Casino & Resort | 15830 | 1425808 |
| &nbsp;&nbsp;&nbsp;Sportradar Group, Cl A \* | 62515 | 1601009 |
|  |  | 3026817 |
| **INSURANCE — 8.2%** |  |  |
| &nbsp;&nbsp;&nbsp;First American Financial | 30580 | 1911556 |
| &nbsp;&nbsp;&nbsp;Reinsurance Group of America, Cl A | 8905 | 1624806 |
| &nbsp;&nbsp;&nbsp;RenaissanceRe Holdings | 7455 | 1894241 |
|  |  | 5430603 |

---

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

**5**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **CAMBIAR SMALL CAP FUND** |
|  | **OCTOBER 31, 2025** |

---

**COMMON STOCK —** continued

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **MACHINERY — 4.8%** | |  |
| &nbsp;&nbsp;&nbsp;Alamo Group | 8220 | $1469079 |
| &nbsp;&nbsp;&nbsp;Atmus Filtration Technologies | 37930 | 1725056 |
|  |  | 3194135 |
| **REAL ESTATE MANAGEMENT & DEVELOPMENT — 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Marcus & Millichap | 39560 | 1155548 |
| **RETAIL REITS — 2.7%** |  |  |
| &nbsp;&nbsp;&nbsp;NETSTREIT | 97370 | 1813029 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 16.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Diodes \* | 26910 | 1435918 |
| &nbsp;&nbsp;&nbsp;Ichor Holdings \* | 60000 | 1360800 |
| &nbsp;&nbsp;&nbsp;Lattice Semiconductor \* | 22000 | 1605120 |
| &nbsp;&nbsp;&nbsp;Rambus \* | 22390 | 2302588 |
| &nbsp;&nbsp;&nbsp;Tower Semiconductor \* | 29160 | 2483557 |
| &nbsp;&nbsp;&nbsp;Universal Display | 10065 | 1482373 |
|  |  | 10670356 |
| &nbsp;&nbsp;&nbsp;TOTAL COMMON STOCK |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $48,795,543) |  | 62478098 |
| **SHORT-TERM INVESTMENT — 5.3%** |  |  |
| &nbsp;&nbsp;&nbsp;First American Treasury Obligation Fund 4.020% (A) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $3,495,086) | 3495086 | 3495086 |
| TOTAL INVESTMENTS— 100.1% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $52,290,629) |  | $65973184 |

---

*Percentages are based on Net Assets of $65,916,035.*

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

&nbsp;&nbsp;&nbsp;&nbsp;*(A)* *The rate shown is the 7-day effective yield as of October 31, 2025.* 

*Cl — Class*

*REIT — Real Estate Investment Trust*

*As of October 31, 2025, all of the Fund's investments were considered Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP.*

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

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

**6**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **CAMBIAR INTERNATIONAL EQUITY FUND** |
|  | **OCTOBER 31, 2025** |

---

**SCHEDULE OF INVESTMENTS**

**COMMON STOCK — 95.1%**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **BELGIUM — 3.4%** | |  |
| **BANKS — 2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;KBC Group | 26500 | $3184325 |
| **PHARMACEUTICALS — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;UCB | 5500 | 1410549 |
| **TOTAL BELGIUM** |  | 4594874 |
| **DENMARK — 1.9%** |  |  |
| **HEALTH CARE SUPPLIES — 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Coloplast, Cl B | 28000 | 2530780 |
| **TOTAL DENMARK** |  | 2530780 |
| **FRANCE — 7.9%** |  |  |
| **ADVERTISING — 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Publicis Groupe | 27000 | 2701338 |
| **AEROSPACE & DEFENSE — 4.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Airbus | 11100 | 2730316 |
| &nbsp;&nbsp;&nbsp;Thales | 9000 | 2561292 |
|  |  | 5291608 |
| **CHEMICALS — 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Air Liquide | 13000 | 2516177 |
| **TOTAL FRANCE** |  | 10509123 |
| **GERMANY — 7.8%** |  |  |
| **CONSTRUCTION & FARM MACHINERY & HEAVY TRUCKS — 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Knorr-Bremse | 30200 | 2805676 |
| **MULTI-UTILITIES — 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;E.ON | 135000 | 2511498 |
| **PHARMACEUTICALS — 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Merck KGaA | 19500 | 2549967 |
| **SOFTWARE — 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;SAP | 9500 | 2457755 |
| **TOTAL GERMANY** |  | 10324896 |
| **HONG KONG — 2.0%** |  |  |
| **INSURANCE — 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;AIA Group | 270000 | 2621629 |
| **TOTAL HONG KONG** |  | 2621629 |
| **IRELAND — 8.3%** |  |  |
| **AIRLINES — 2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Ryanair Holdings | 104000 | 3146720 |
| **DIVERSIFIED BANKS — 2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Bank of Ireland Group | 208000 | 3400855 |
| **LIFE SCIENCES TOOLS & SERVICES — 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;ICON \* | 11000 | 1890020 |
| **PACKAGED FOODS & MEATS — 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Kerry Group, Cl A | 28000 | 2552878 |
| **TOTAL IRELAND** |  | 10990473 |
| **JAPAN — 20.9%** |  |  |
| **BUILDING PRODUCTS — 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Daikin Industries | 21000 | 2449387 |
| **ENTERTAINMENT — 2.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Nintendo | 40000 | 3385893 |

---

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

**7**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **CAMBIAR INTERNATIONAL EQUITY FUND** |
|  | **OCTOBER 31, 2025** |

---

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **HEALTH CARE EQUIPMENT & SUPPLIES — 1.9%** | |  |
| &nbsp;&nbsp;&nbsp;Terumo | 156000 | $2522056 |
| **HOUSEHOLD DURABLES — 2.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Sony Group | 117000 | 3288846 |
| **INDUSTRIAL MACHINERY — 2.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Daifuku Ltd. | 96000 | 3069807 |
| **LEISURE PRODUCTS — 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Shimano | 23000 | 2418500 |
| **PACKAGED FOODS & MEATS — 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Ajinomoto | 96000 | 2724080 |
| **PROPERTY & CASUALTY INSURANCE — 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Tokio Marine Holdings | 70000 | 2626306 |
| **REAL ESTATE MANAGEMENT & DEVELOPMENT — 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Mitsubishi Estate | 122000 | 2583920 |
| **TRADING COMPANIES & DISTRIBUTORS — 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;MonotaRO | 199000 | 2779492 |
| **TOTAL JAPAN** |  | 27848287 |
| **NETHERLANDS — 5.7%** |  |  |
| **BANKS — 3.3%** |  |  |
| &nbsp;&nbsp;&nbsp;ING Groep | 175000 | 4381203 |
| **SEMICONDUCTOR EQUIPMENT — 2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;ASML Holding, Cl G | 3100 | 3283613 |
| **TOTAL NETHERLANDS** |  | 7664816 |
| **PORTUGAL — 1.9%** |  |  |
| **INTEGRATED OIL & GAS — 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Galp Energia SGPS | 126000 | 2526332 |
| **TOTAL PORTUGAL** |  | 2526332 |
| **SINGAPORE — 7.7%** |  |  |
| **BANKS — 2.7%** |  |  |
| &nbsp;&nbsp;&nbsp;DBS Group Holdings | 85100 | 3526001 |
| **DIVERSIFIED TELECOMMUNICATION SERVICES — 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Singapore Telecommunications | 900000 | 2938691 |
| **SOFTWARE — 2.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Grab Holdings, Cl A \* | 625000 | 3756250 |
| **TOTAL SINGAPORE** |  | 10220942 |
| **SWEDEN — 1.8%** |  |  |
| **CONSTRUCTION & FARM MACHINERY & HEAVY TRUCKS — 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Epiroc, Cl A | 112000 | 2371980 |
| **TOTAL SWEDEN** |  | 2371980 |
| **SWITZERLAND — 5.2%** |  |  |
| **FOOD PRODUCTS — 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Nestle | 27000 | 2579385 |
| **PACKAGED FOODS & MEATS — 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Barry Callebaut | 1500 | 1949674 |
| **PHARMACEUTICALS — 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Roche Holding | 7400 | 2380689 |
| **TOTAL SWITZERLAND** |  | 6909748 |

---

 

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

**8**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **CAMBIAR INTERNATIONAL EQUITY FUND** |
|  | **OCTOBER 31, 2025** |

---

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **TAIWAN — 2.1%** | |  |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing ADR | 9300 | $2793999 |
| **TOTAL TAIWAN** |  | 2793999 |
| **UNITED KINGDOM — 16.6%** |  |  |
| **BEVERAGES — 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Diageo | 105000 | 2413920 |
| **CAPITAL MARKETS — 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;London Stock Exchange Group | 16100 | 2006340 |
| **DIVERSIFIED BANKS — 2.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Barclays | 630000 | 3368453 |
| **ELECTRIC UTILITIES — 2.5%** |  |  |
| &nbsp;&nbsp;&nbsp;SSE | 131000 | 3297329 |
| **PHARMACEUTICALS — 2.8%** |  |  |
| &nbsp;&nbsp;&nbsp;AstraZeneca ADR | 45100 | 3716240 |
| **PROFESSIONAL SERVICES — 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Intertek Group | 40000 | 2661552 |
| **TRADING COMPANIES & DISTRIBUTORS — 3.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Ashtead Group | 37000 | 2466310 |
| &nbsp;&nbsp;&nbsp;Bunzl | 70000 | 2126089 |
|  |  | 4592399 |
| **TOTAL UNITED KINGDOM** |  | 22056233 |
| **UNITED STATES — 1.9%** |  |  |
| **ENERGY EQUIPMENT & SERVICES — 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Schlumberger Ltd. | 70000 | 2524200 |
| **TOTAL UNITED STATES** |  | 2524200 |
| &nbsp;&nbsp;&nbsp;TOTAL COMMON STOCK |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $97,413,287) |  | 126488312 |
| **SHORT-TERM INVESTMENT — 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;First American Treasury Obligation Fund 4.020% (A) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $1,934,582) | 1934582 | 1934582 |
| TOTAL INVESTMENTS — 96.6% |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $99,347,869) |  | $128422894 |

---

*Percentages are based on Net Assets of $132,934,055.*

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

&nbsp;&nbsp;&nbsp;&nbsp;*(A)* *The rate reported is the 7-day effective yield as of October 31, 2025.* 

*ADR — American Depositary Receipt*

*Cl — Class*

*Ltd. — Limited*

*As of October 31, 2025, all of the Fund's investments in securities were considered level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP.*

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

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

**9**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **CAMBIAR FUNDS** |
|  | **OCTOBER 31, 2025** |

---

**STATEMENTS OF ASSETS AND LIABILITIES**

---

| | | |
|:---|:---|:---|
|  | **Opportunity**<br>**Fund** |<br>**SMID Fund** |
| **Assets:** |  |  |
| Cost of securities | $239531046 | $48003928 |
| Investments in securities, at value | $317150055 | $55490680 |
| Receivable for investment securities sold | 1030606 |  |
| Receivable for capital shares sold | 144288 | 27437 |
| Dividends receivable | 554625 | 34312 |
| Prepaid expenses | 15481 | 17038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | 318895055 | 55569467 |
| **Liabilities:** |  |  |
| Payable for capital shares redeemed | 144121 | 135086 |
| Investment advisory fees payable | 123907 | 28056 |
| Audit fees payable | 26770 | 26770 |
| Shareholder servicing fees payable | 20052 | 12918 |
| Payable due to trustees | 15357 | 2821 |
| Payable due to administrator | 14863 | 2693 |
| Chief Compliance Officer fees payable | 4125 | 758 |
| Payable due to custodian | 3600 | 1251 |
| Other accrued expenses | 105995 | 25849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities | 458790 | 236202 |
| **Commitments and Contingencies †** |  |  |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $318436265 | $55333265 |
| **Net Assets:** |  |  |
| Paid-in Capital | $183284158 | $34675650 |
| Total Distributable Earnings | 135152107 | 20657615 |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $318436265 | $55333265 |
| **Investor Class Shares:** |  |  |
| Net Assets | $123107111 | $41999699 |
| Total shares outstanding at end of year | 4133211 | 1937762 |
| Net Asset Value Per Share |  |  |
| &nbsp;&nbsp;&nbsp;(Net Assets ÷ Shares Outstanding) | $29.78 | $21.67 |
| **Institutional Class Shares:** |  |  |
| Net Assets | $195329154 | $13333566 |
| Total shares outstanding at end of year | 6586095 | 615035 |
| Net Asset Value Per Share |  |  |
| &nbsp;&nbsp;&nbsp;(Net Assets ÷ Shares Outstanding) | $29.66 | $21.68 |

---

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

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

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

**10**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **CAMBIAR FUNDS** |
|  | **OCTOBER 31, 2025** |

---

**STATEMENTS OF ASSETS AND LIABILITIES**

---

| | | |
|:---|:---|:---|
|  |<br>**Small Cap Fund** | **International**<br>**Equity Fund** |
| **Assets:** |  |  |
| Cost of securities | $52290629 | $99347869 |
| Investments in securities, at value | $65973184 | $128422894 |
| Receivable for capital shares sold | 3835 | 24561 |
| Dividends receivable | 20331 | 291646 |
| Receivable for dividend tax reclaims |  | 4437568 |
| Prepaid expenses | 19264 | 14877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | 66016614 | 133191546 |
| **Liabilities:** |  |  |
| Investment advisory fees payable | 29873 | 63981 |
| Audit fees payable | 26770 | 29394 |
| Shareholder servicing fees payable | 5152 | 25397 |
| Payable due to trustees | 3171 | 6492 |
| Payable due to administrator | 3077 | 6268 |
| Payable for capital shares redeemed | 3053 | 63431 |
| Payable due to custodian | 1251 | 12529 |
| Chief Compliance Officer fees payable | 852 | 1744 |
| Payable due to transfer agent fees | 8657 |  |
| Other accrued expenses | 18723 | 48255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities | 100579 | 257491 |
| **Commitments and Contingencies †** |  |  |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $65916035 | $132934055 |
| **Net Assets:** |  |  |
| Paid-in Capital | $46202089 | $160345383 |
| Total Distributable Earnings (Accumulated Losses) | 19713946 | (27411328) |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $65916035 | $132934055 |
| **Investor Class Shares:** |  |  |
| Net Assets | $23263034 | $86612668 |
| Total shares outstanding at end of year | 1343078 | 2736110 |
| Net Asset Value Per Share |  |  |
| &nbsp;&nbsp;&nbsp;(Net Assets ÷ Shares Outstanding) | $17.32 | $31.66 |
| **Institutional Class Shares:** |  |  |
| Net Assets | $42653001 | $46321387 |
| Total shares outstanding at end of year | 2351549 | 1461522 |
| Net Asset Value Per Share |  |  |
| &nbsp;&nbsp;&nbsp;(Net Assets ÷ Shares Outstanding) | $18.14 | $31.69 |

---

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

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

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

**11**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **CAMBIAR FUNDS** |
|  | **FOR THE YEAR ENDED** |
|  | **OCTOBER 31, 2025** |

---

**STATEMENTS OF OPERATIONS**

---

| | | |
|:---|:---|:---|
|  | **Opportunity**<br>**Fund** |<br>**SMID Fund** |
| **Investment Income** |  |  |
| Dividends | $7583521 | $1921877 |
| Interest | 515642 | 105523 |
| Less: Foreign Taxes Withheld | (62274) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Income** | 8036889 | 2027400 |
| **Expenses** |  |  |
| Investment Advisory Fees | 2230830 | 760796 |
| Shareholder Servicing Fees - Investor Class Shares | 254476 | 68630 |
| Administration Fees | 204494 | 52306 |
| Trustees' Fees | 57762 | 14197 |
| Chief Compliance Officer Fees | 11005 | 4085 |
| Transfer Agent Fees | 123949 | 66353 |
| Legal Fees | 54154 | 14362 |
| Printing Fees | 51718 | 10031 |
| Registration & Filing Fees | 38534 | 40265 |
| Audit Fees | 26837 | 26793 |
| Custodian Fees | 15247 | 5070 |
| Pricing Fees | 6704 | 4507 |
| Interest Expense | 419 | 5022 |
| Other Expenses | 91527 | 20861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Expenses** | 3167656 | 1093278 |
| Less: |  |  |
| &nbsp;&nbsp;&nbsp;Investment Advisory Fees Waiver | (491490) | (213317) |
| &nbsp;&nbsp;&nbsp;Fees Paid Indirectly (Note 3) | (10638) | (1857) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Expenses** | 2665528 | 878104 |
| **Net Investment Income** | 5371361 | 1149296 |
| **Net Realized Gain (Loss) on:** |  |  |
| &nbsp;&nbsp;&nbsp;Investments | 53763933 | 13257590 |
| **Net Realized Gain (Loss)** | 53763933 | 13257590 |
| **Net Unrealized Appreciation (Depreciation) on:** |  |  |
| &nbsp;&nbsp;&nbsp;Investments | (26271922) | (20269545) |
| **Net Unrealized Appreciation (Depreciation)** | (26271922) | (20269545) |
| **Net Realized and Unrealized Gain (Loss)** | 27492011 | (7011955) |
| **Net Increase (Decrease) in Net Assets from Operations** | $32863372 | $(5862659) |

---

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

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

**12**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **CAMBIAR FUNDS** |
|  | **FOR THE YEAR ENDED** |
|  | **OCTOBER 31, 2025** |

---

**STATEMENTS OF OPERATIONS**

---

| | | |
|:---|:---|:---|
|  |<br>**Small Cap Fund** | **International**<br>**Equity Fund** |
| **Investment Income** |  |  |
| Dividends | $960887 | $3786839 |
| Interest | 139066 | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Income** | 1099953 | 3786839 |
| **Expenses** |  |  |
| Investment Advisory Fees | 626844 | 1164330 |
| Shareholder Servicing Fees - Investor Class Shares | 51901 | 100816 |
| Administration Fees | 40561 | 71155 |
| Trustees' Fees | 11578 | 20514 |
| Chief Compliance Officer Fees | 3926 | 5502 |
| Transfer Agent Fees | 61162 | 72348 |
| Registration & Filing Fees | 35359 | 35747 |
| Audit Fees | 26786 | 29415 |
| Legal Fees | 10953 | 19571 |
| Printing Fees | 10225 | 19692 |
| Custodian Fees | 5605 | 48468 |
| Pricing Fees | 4401 | 3692 |
| Interest Expense |  | 11 |
| Other Expenses | 19631 | 36414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Expenses** | 908932 | 1627675 |
| Less: |  |  |
| &nbsp;&nbsp;&nbsp;Investment Advisory Fees Waiver | (190922) | (358453) |
| &nbsp;&nbsp;&nbsp;Fees Paid Indirectly (Note 3) | (1849) | (3136) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Expenses** | 716161 | 1266086 |
| **Net Investment Income** | 383792 | 2520753 |
| **Net Realized Gain (Loss) on:** |  |  |
| &nbsp;&nbsp;&nbsp;Investments | 5974081 | 6333711 |
| &nbsp;&nbsp;&nbsp;Foreign Currency Transactions |  | (92673) |
| **Net Realized Gain (Loss)** | 5974081 | 6241038 |
| **Net Unrealized Appreciation (Depreciation) on:** |  |  |
| &nbsp;&nbsp;&nbsp;Investments | (415037) | 13552963 |
| &nbsp;&nbsp;&nbsp;Translation of Other Assets and Liabilities Denominated in Foreign Currencies |  | 282215 |
| **Net Unrealized Appreciation (Depreciation)** | (415037) | 13835178 |
| **Net Realized and Unrealized Gain (Loss)** | 5559044 | 20076216 |
| **Net Increase in Net Assets from Operations** | $5942836 | $22596969 |

---

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

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

**13**

---

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

---

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **Year**<br>**Ended**<br>**October 31, 2025** | **Year**<br>**Ended**<br>**October 31, 2024** |
| **Operations:** | |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $5371361 | $5597140 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain | 53763933 | 28976085 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | (26271922) | 58127281 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | 32863372 | 92700506 |
| **Distributions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class Shares | (10886030) | (10635984) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class Shares | (23146625) | (20620590) |
| &nbsp;&nbsp;&nbsp;**Total Distributions** | (34032655) | (31256574) |
| **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued | 4334042 | 5914977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of Dividends | 10299155 | 10074767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (22677121) | (20160400) |
| &nbsp;&nbsp;&nbsp;Net Decrease in Net Assets from Investor Class Share Transactions | (8043924) | (4170656) |
| &nbsp;&nbsp;&nbsp;Institutional Class Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued | 41043233 | 59707378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of Dividends | 14022156 | 13238923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemption Fees — Note 2 | 229 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (131307045) | (52019122) |
| &nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Net Assets from Institutional Class Share Transactions | (76241427) | 20927179 |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets from Capital Share Transactions** | (84285351) | 16756523 |
| &nbsp;&nbsp;&nbsp;**Total Increase (Decrease) in Net Assets** | (85454634) | 78200455 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 403890899 | 325690444 |
| &nbsp;&nbsp;&nbsp;End of year | $318436265 | $403890899 |
| **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued | 151750 | 214538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of Dividends | 373397 | 386123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (807754) | (731059) |
| Total Decrease in Investor Class Shares | (282607) | (130398) |
| &nbsp;&nbsp;&nbsp;Institutional Class Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued | 1468151 | 2177279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of Dividends | 510623 | 509264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (4613273) | (1891855) |
| Total Increase (Decrease) in Institutional Class Shares | (2634499) | 794688 |
| **Net Increase (Decrease) in Shares Outstanding** | (2917106) | 664290 |

---

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

**14**

---

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

---

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **Year**<br>**Ended**<br>**October 31, 2025** | **Year**<br>**Ended**<br>**October 31, 2024** |
| **Operations:** | |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $1149296 | $1363804 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain | 13257590 | 6750897 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | (20269545) | 20622656 |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations** | (5862659) | 28737357 |
| **Distributions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class Shares | (5212288) | (909333) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class Shares | (2591951) | (442531) |
| &nbsp;&nbsp;&nbsp;**Total Distributions** | (7804239) | (1351864) |
| **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued | 10305489 | 27089731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of Dividends | 5212288 | 909122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemption Fees — Note 2 | 505 | 606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (75156007) | (53943214) |
| &nbsp;&nbsp;&nbsp;Net Decrease in Net Assets from Investor Class Share Transactions | (59637725) | (25943755) |
| &nbsp;&nbsp;&nbsp;Institutional Class Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued | 4568059 | 19962082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of Dividends | 1617779 | 357501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemption Fees — Note 2 | 2219 | 2201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (39654392) | (27204751) |
| &nbsp;&nbsp;&nbsp;Net Decrease in Net Assets from Institutional Class Share Transactions | (33466335) | (6882967) |
| &nbsp;&nbsp;&nbsp;**Net Decrease in Net Assets from Capital Share Transactions** | (93104060) | (32826722) |
| &nbsp;&nbsp;&nbsp;**Total Decrease in Net Assets** | (106770958) | (5441229) |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 162104223 | 167545452 |
| &nbsp;&nbsp;&nbsp;End of year | $55333265 | $162104223 |
| **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued | 453413 | 1132258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of Dividends | 228997 | 37552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (3257675) | (2241421) |
| Total Decrease in Investor Class Shares | (2575265) | (1071611) |
| &nbsp;&nbsp;&nbsp;Institutional Class Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued | 201449 | 834115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of Dividends | 71074 | 14773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (1739840) | (1126150) |
| Total Decrease in Institutional Class Shares | (1467317) | (277262) |
| **Net Decrease in Shares Outstanding** | (4042582) | (1348873) |

---

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

**15**

---

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

---

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **Year**<br>**Ended**<br>**October 31, 2025** | **Year**<br>**Ended**<br>**October 31, 2024** |
| **Operations:** | |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $383792 | $492166 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain | 5974081 | 3044018 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | (415037) | 17242935 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | 5942836 | 20779119 |
| **Distributions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class Shares | (838525) | (278617) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class Shares | (2359360) | (974259) |
| &nbsp;&nbsp;&nbsp;**Total Distributions** | (3197885) | (1252876) |
| **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued | 2181652 | 846877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of Dividends | 810703 | 268348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemption Fees — Note 2 |  | 240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (4861086) | (4647159) |
| &nbsp;&nbsp;&nbsp;Net Decrease in Net Assets from Investor Class Share Transactions | (1868731) | (3531694) |
| &nbsp;&nbsp;&nbsp;Institutional Class Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued | 1131535 | 6364697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of Dividends | 1987870 | 827932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemption Fees — Note 2 | 717 | 245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (28901244) | (26589001) |
| &nbsp;&nbsp;&nbsp;Net Decrease in Net Assets from Institutional Class Share Transactions | (25781122) | (19396127) |
| &nbsp;&nbsp;&nbsp;**Net Decrease in Net Assets from Capital Share Transactions** | (27649853) | (22927821) |
| &nbsp;&nbsp;&nbsp;**Total Decrease in Net Assets** | (24904902) | (3401578) |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 90820937 | 94222515 |
| &nbsp;&nbsp;&nbsp;End of year | $65916035 | $90820937 |
| **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued | 131712 | 53831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of Dividends | 49512 | 16989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (295583) | (296537) |
| Total Decrease in Investor Class Shares | (114359) | (225717) |
| &nbsp;&nbsp;&nbsp;Institutional Class Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued | 67156 | 397774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of Dividends | 115944 | 50120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (1667206) | (1627228) |
| Total Decrease in Institutional Class Shares | (1484106) | (1179334) |
| **Net Decrease in Shares Outstanding** | (1598465) | (1405051) |

---

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

**16**

---

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

---

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **Year**<br>**Ended**<br>**October 31, 2025** | **Year**<br>**Ended**<br>**October 31, 2024** |
| **Operations:** | |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $2520753 | $2068375 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain | 6241038 | 19277956 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation | 13835178 | 13629290 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | 22596969 | 34975621 |
| **Distributions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class Shares | (1251424) | (1497752) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class Shares | (725435) | (1517514) |
| &nbsp;&nbsp;&nbsp;**Total Distributions** | (1976859) | (3015266) |
| **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued | 5844416 | 5232982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of Dividends | 1239391 | 1484638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemption Fees — Note 2 | 1493 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (19629374) | (22742353) |
| &nbsp;&nbsp;&nbsp;Net Decrease in Net Assets from Investor Class Share Transactions | (12544074) | (16024733) |
| &nbsp;&nbsp;&nbsp;Institutional Class Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued | 1244308 | 2868234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of Dividends | 645405 | 846050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemption Fees — Note 2 | 4 | 238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (9545041) | (65589576) |
| &nbsp;&nbsp;&nbsp;Net Decrease in Net Assets from Institutional Class Share Transactions | (7655324) | (61875054) |
| &nbsp;&nbsp;&nbsp;**Net Decrease in Net Assets from Capital Share Transactions** | (20199398) | (77899787) |
| &nbsp;&nbsp;&nbsp;**Total Increase (Decrease) in Net Assets** | 420712 | (45939432) |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 132513343 | 178452775 |
| &nbsp;&nbsp;&nbsp;End of year | $132934055 | $132513343 |
| **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued | 203361 | 209770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of Dividends | 47946 | 61222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (697403) | (907440) |
| Total Decrease in Investor Class Shares | (446096) | (636448) |
| &nbsp;&nbsp;&nbsp;Institutional Class Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued | 44204 | 114238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of Dividends | 24958 | 34874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeemed | (338627) | (2633729) |
| Total Decrease in Institutional Class Shares | (269465) | (2484617) |
| **Net Decrease in Shares Outstanding** | (715561) | (3121065) |

---

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

**17**

---

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

---

**FINANCIAL HIGHLIGHTS**

**Selected Per Share Data & Ratios**

**For a Share Outstanding Throughout Each Year**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Investor Class Shares** | **Investor Class Shares** | **Investor Class Shares** | **Investor Class Shares** | **Investor Class Shares** |
|  | **Year ended October 31,** | **Year ended October 31,** | **Year ended October 31,** | **Year ended October 31,** | **Year ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net Asset Value, Beginning of Year | $29.69 | $25.16 | $25.31 | $29.58 | $22.07 |
| Income (Loss) from Operations: |  |  |  |  |  |
| Net Investment Income<sup>(1)</sup>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | 0.38 | 0.37 | 0.31 | 0.20 | 0.17 |
| Net Realized and Unrealized Gain (Loss) | 2.17 | 6.54 | 0.76 | (2.35) | 8.34 |
| Total from Operations | 2.55 | 6.91 | 1.07 | (2.15) | 8.51 |
| Dividends and Distributions: |  |  |  |  |  |
| Net Investment Income | (0.38) | (0.31) | (0.16) | (0.14) | (0.19) |
| Net Realized Gain | (2.08) | (2.07) | (1.06) | (1.98) | (0.81) |
| Total Dividends and Distributions | (2.46) | (2.38) | (1.22) | (2.12) | (1.00) |
| Net Asset Value, End of Year | $29.78 | $29.69 | $25.16 | $25.31 | $29.58 |
| **Total Return†** | 9.36% | 28.85% | 4.26% | (7.74)% | 39.42% |
| **Ratios and Supplemental Data** |  |  |  |  |  |
| Net Assets, End of Year (Thousands) | $123107 | $131124 | $114401 | $124006 | $158921 |
| Ratio of Expenses to Average Net Assets | 0.85% | 0.86% | 0.86% | 0.86% | 0.85% |
| Ratio of Expenses to Average Net Assets (Excluding Waivers and Fees Paid Indirectly) | 0.98% | 0.98% | 1.00% | 0.98% | 0.94% |
| Ratio of Net Investment Income to Average Net Assets | 1.32% | 1.34% | 1.23% | 0.76% | 0.61% |
| Portfolio Turnover Rate | 49% | 32% | 51% | 46% | 36% |

---

&nbsp;&nbsp;&nbsp;&nbsp;*†* *Total return would have been lower had the Adviser not waived a portion of its fee. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(1)* *Per share data calculated using average shares method.* 

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

**18**

---

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

---

**FINANCIAL HIGHLIGHTS**

**Selected Per Share Data & Ratios**

**For a Share Outstanding Throughout Each Year**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** |
|  | **Year ended October 31,** | **Year ended October 31,** | **Year ended October 31,** | **Year ended October 31,** | **Year ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net Asset Value, Beginning of Year | $29.58 | $25.08 | $25.24 | $29.50 | $22.00 |
| Income (Loss) from Operations: |  |  |  |  |  |
| Net Investment Income<sup>(1)</sup> | 0.43 | 0.43 | 0.37 | 0.26 | 0.22 |
| Net Realized and Unrealized Gain (Loss) | 2.17 | 6.50 | 0.75 | (2.35) | 8.32 |
| Total from Operations | 2.60 | 6.93 | 1.12 | (2.09) | 8.54 |
| Dividends and Distributions: |  |  |  |  |  |
| Net Investment Income | (0.44) | (0.36) | (0.22) | (0.19) | (0.23) |
| Net Realized Gain | (2.08) | (2.07) | (1.06) | (1.98) | (0.81) |
| Total Dividends and Distributions | (2.52) | (2.43) | (1.28) | (2.17) | (1.04) |
| Net Asset Value, End of Year | $29.66 | $29.58 | $25.08 | $25.24 | $29.50 |
| **Total Return†** | 9.60% | 29.09% | 4.47% | (7.55)% | 39.75% |
| **Ratios and Supplemental Data** |  |  |  |  |  |
| Net Assets, End of Year (Thousands) | $195329 | $272767 | $211289 | $160752 | $198332 |
| Ratio of Expenses to Average Net Assets | 0.65% | 0.65% | 0.65% | 0.65% | 0.65% |
| Ratio of Expenses to Average Net Assets (Excluding Waivers, Expense Reimbursements and Fees Paid Indirectly) | 0.78% | 0.77% | 0.79% | 0.77% | 0.74% |
| Ratio of Net Investment Income to Average Net Assets | 1.51% | 1.55% | 1.44% | 0.97% | 0.81% |
| Portfolio Turnover Rate | 49% | 32% | 51% | 46% | 36% |

---

&nbsp;&nbsp;&nbsp;&nbsp;*†* *Total return would have been lower had the Adviser not waived a portion of its fee. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(1)* *Per share data calculated using average shares method.* 

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

**19**

---

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

---

**FINANCIAL HIGHLIGHTS**

**Selected Per Share Data & Ratios**

**For a Share Outstanding Throughout Each Year**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Investor Class Shares** | **Investor Class Shares** | **Investor Class Shares** | **Investor Class Shares** | **Investor Class Shares** |
|  | **Year ended October 31,** | **Year ended October 31,** | **Year ended October 31,** | **Year ended October 31,** | **Year ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net Asset Value, Beginning of Year | $24.57 | $21.09 | $21.00 | $24.96 | $17.43 |
| Income (Loss) from Operations: |  |  |  |  |  |
| Net Investment Income<sup>(1)</sup>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | 0.27 | 0.18 | 0.19 | 0.18 | 0.21 |
| Net Realized and Unrealized Gain (Loss) | (1.80) | 3.47 | 0.11 | (1.48) | 7.45 |
| Total from Operations | (1.53) | 3.65 | 0.30 | (1.30) | 7.66 |
| Dividends and Distributions: |  |  |  |  |  |
| Net Investment Income | (0.27) | (0.17) | (0.20) | (0.19) | (0.13) |
| Net Realized Gain | (1.10) |  | (0.01) | (2.47) |  |
| Total Dividends and Distributions | (1.37) | (0.17) | (0.21) | (2.66) | (0.13) |
| Redemption Fees | 0.00<sup>(2)</sup> | 0.00<sup>(2)</sup> | 0.00<sup>(2)</sup> | 0.00<sup>(2)</sup> | 0.00<sup>(2)</sup> |
| Net Asset Value, End of Year | $21.67 | $24.57 | $21.09 | $21.00 | $24.96 |
| **Total Return†** | (6.45)% | 17.31% | 1.38% | (5.74)% | 44.07% |
| **Ratios and Supplemental Data** |  |  |  |  |  |
| Net Assets, End of Year (Thousands) | $42000 | $110896 | $117766 | $103824 | $124536 |
| Ratio of Expenses to Average Net Assets | 0.95% | 0.96% | 0.93% | 0.92% | 0.93% |
| Ratio of Expenses to Average Net Assets (Excluding Waivers and Fees Paid Indirectly) | 1.19% | 1.12% | 1.11% | 1.09% | 1.07% |
| Ratio of Net Investment Income to Average Net Assets | 1.18% | 0.73% | 0.87% | 0.81% | 0.87% |
| Portfolio Turnover Rate | 47% | 12% | 38% | 34% | 52% |

---

&nbsp;&nbsp;&nbsp;&nbsp;*†* *Total return would have been lower had the Adviser not waived a portion of its fee. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(1)* *Per share data calculated using average shares method.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(2)* *Amount represents less than $0.005 per share.* 

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

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

**20**

---

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

---

**FINANCIAL HIGHLIGHTS**

**Selected Per Share Data & Ratios**

**For a Share Outstanding Throughout Each Year**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** |
|  | **Year ended October 31,** | **Year ended October 31,** | **Year ended October 31,** | **Year ended October 31,** | **Year ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net Asset Value, Beginning of Year | $24.59 | $21.10 | $21.01 | $24.97 | $17.44 |
| Income (Loss) from Operations: |  |  |  |  |  |
| Net Investment Income<sup>(1)</sup>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | 0.29 | 0.20 | 0.20 | 0.19 | 0.22 |
| Net Realized and Unrealized Gain (Loss) | (1.80) | 3.48 | 0.11 | (1.48) | 7.45 |
| Total from Operations | (1.51) | 3.68 | 0.31 | (1.29) | 7.67 |
| Dividends and Distributions: |  |  |  |  |  |
| Net Investment Income | (0.30) | (0.19) | (0.21) | (0.20) | (0.14) |
| Net Realized Gain | (1.10) |  | (0.01) | (2.47) |  |
| Total Dividends and Distributions | (1.40) | (0.19) | (0.22) | (2.67) | (0.14) |
| Redemption Fees | 0.00<sup>(2)</sup> | 0.00<sup>(2)</sup> | 0.00<sup>(2)</sup> | 0.00<sup>(2)</sup> | 0.01 |
| Net Asset Value, End of Year | $21.68 | $24.59 | $21.10 | $21.01 | $24.97 |
| **Total Return†** | (6.34)% | 17.44% | 1.46% | (5.67)% | 44.17% |
| **Ratios and Supplemental Data** |  |  |  |  |  |
| Net Assets, End of Year (Thousands) | $13334 | $51208 | $49779 | $23164 | $25993 |
| Ratio of Expenses to Average Net Assets | 0.85% | 0.85% | 0.85% | 0.85% | 0.85% |
| Ratio of Expenses to Average Net Assets (Excluding Waivers and Fees Paid Indirectly) | 1.08% | 1.02% | 1.04% | 1.02% | 0.99% |
| Ratio of Net Investment Income to Average Net Assets | 1.29% | 0.84% | 0.90% | 0.87% | 0.89% |
| Portfolio Turnover Rate | 47% | 12% | 38% | 34% | 52% |

---

&nbsp;&nbsp;&nbsp;&nbsp;*†* *Total return would have been lower had the Adviser not waived a portion of its fee. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(1)* *Per share data calculated using average shares method.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(2)* *Amount represents less than $0.005 per share.* 

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

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

**21**

---

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

---

**FINANCIAL HIGHLIGHTS**

**Selected Per Share Data & Ratios**

**For a Share Outstanding Throughout Each Year**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Investor Class Shares** | **Investor Class Shares** | **Investor Class Shares** | **Investor Class Shares** | **Investor Class Shares** |
|  | **Year ended October 31,** | **Year ended October 31,** | **Year ended October 31,** | **Year ended October 31,** | **Year ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net Asset Value, Beginning of Year | $16.60 | $13.61 | $14.48 | $20.95 | $14.93 |
| Income (Loss) from Operations: |  |  |  |  |  |
| Net Investment Income (Loss)<sup>(1)</sup> | 0.06 | 0.05 | 0.11 | 0.01 | (0.02) |
| Net Realized and Unrealized Gain (Loss) | 1.23 | 3.10 | (0.91) | (1.30) | 6.10 |
| Total from Operations | 1.29 | 3.15 | (0.80) | (1.29) | 6.08 |
| Dividends and Distributions: |  |  |  |  |  |
| Net Investment Income | (0.06) | (0.09) |  |  | (0.06) |
| Net Realized Gain | (0.51) | (0.07) | (0.07) | (5.18) |  |
| Total Dividends and Distributions | (0.57) | (0.16) | (0.07) | (5.18) | (0.06) |
| Redemption Fees |  | 0.00<sup>(2)</sup> | 0.00<sup>(2)</sup> | 0.00<sup>(2)</sup> | 0.00<sup>(2)</sup> |
| Net Asset Value, End of Year | $17.32 | $16.60 | $13.61 | $14.48 | $20.95 |
| **Total Return†** | 7.99% | 23.27% | (5.57)% | (7.36)% | 40.79% |
| **Ratios and Supplemental Data** |  |  |  |  |  |
| Net Assets, End of Year (Thousands) | $23263 | $24200 | $22912 | $33349 | $40967 |
| Ratio of Expenses to Average Net Assets | 1.12% | 1.15% | 1.05% | 1.10% | 1.10% |
| Ratio of Expenses to Average Net Assets (Excluding Waivers and Fees Paid Indirectly) | 1.38% | 1.36% | 1.27% | 1.31% | 1.26% |
| Ratio of Net Investment Income (Loss) to Average Net Assets | 0.38% | 0.33% | 0.71% | 0.05% | (0.10)% |
| Portfolio Turnover Rate | 26% | 7% | 48% | 50% | 64% |

---

&nbsp;&nbsp;&nbsp;&nbsp;*†* *Total return would have been lower had the Adviser not waived a portion of its fee. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(1)* *Per share data calculated using average shares method.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(2)* *Amount represents less than $0.005 per share.* 

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

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

**22**

---

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

---

**FINANCIAL HIGHLIGHTS**

**Selected Per Share Data & Ratios**

**For a Share Outstanding Throughout Each Year**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** |
|  | **Year ended October 31,** | **Year ended October 31,** | **Year ended October 31,** | **Year ended October 31,** | **Year ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net Asset Value, Beginning of Year | $17.37 | $14.22 | $15.13 | $21.63 | $15.39 |
| Income (Loss) from Operations: |  |  |  |  |  |
| Net Investment Income<sup>(1)</sup>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | 0.10 | 0.09 | 0.13 | 0.04 | 0.02 |
| Net Realized and Unrealized Gain (Loss) | 1.28 | 3.25 | (0.94) | (1.36) | 6.30 |
| Total from Operations | 1.38 | 3.34 | (0.81) | (1.32) | 6.32 |
| Dividends and Distributions: |  |  |  |  |  |
| Net Investment Income | (0.10) | (0.12) | (0.03) |  | (0.08) |
| Net Realized Gain | (0.51) | (0.07) | (0.07) | (5.18) |  |
| Total Dividends and Distributions | (0.61) | (0.19) | (0.10) | (5.18) | (0.08) |
| Redemption Fees |  | 0.00<sup>(2)</sup> | 0.00<sup>(2)</sup> | 0.00<sup>(2)</sup> | 0.00<sup>(2)</sup> |
| Net Asset Value, End of Year | $18.14 | $17.37 | $14.22 | $15.13 | $21.63 |
| **Total Return†** | 8.20% | 23.59% | (5.42)% | (7.21)% | 41.18% |
| **Ratios and Supplemental Data** |  |  |  |  |  |
| Net Assets, End of Year (Thousands) | $42653 | $66621 | $71311 | $38858 | $55691 |
| Ratio of Expenses to Average Net Assets | 0.90% | 0.90% | 0.90% | 0.90% | 0.90% |
| Ratio of Expenses to Average Net Assets (Excluding Waivers and Fees Paid Indirectly) | 1.16% | 1.11% | 1.12% | 1.11% | 1.07% |
| Ratio of Net Investment Income to Average Net Assets | 0.59% | 0.58% | 0.81% | 0.26% | 0.08% |
| Portfolio Turnover Rate | 26% | 7% | 48% | 50% | 64% |

---

&nbsp;&nbsp;&nbsp;&nbsp;*†* *Total return would have been lower had the Adviser not waived a portion of its fee. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(1)* *Per share data calculated using average shares method.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(2)* *Amount represents less than $0.005 per share.* 

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

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

**23**

---

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

---

**FINANCIAL HIGHLIGHTS**

**Selected Per Share Data & Ratios**

**For a Share Outstanding Throughout Each Year**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Investor Class Shares** | **Investor Class Shares** | **Investor Class Shares** | **Investor Class Shares** | **Investor Class Shares** |
|  | **Year ended October 31,** | **Year ended October 31,** | **Year ended October 31,** | **Year ended October 31,** | **Year ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net Asset Value, Beginning of Year | $26.96 | $22.20 | $20.37 | $28.06 | $22.33 |
| Income (Loss) from Operations: |  |  |  |  |  |
| Net Investment Income<sup>(1)</sup> | 0.55 | 0.36 | 0.25 | 0.29 | 0.34 |
| Net Realized and Unrealized Gain (Loss) | 4.55 | 4.82 | 2.16 | (7.61) | 5.70 |
| Total from Operations | 5.10 | 5.18 | 2.41 | (7.32) | 6.04 |
| Dividends and Distributions: |  |  |  |  |  |
| Net Investment Income | (0.40) | (0.42) | (0.58) | (0.37) | (0.31) |
| Total Dividends and Distributions | (0.40) | (0.42) | (0.58) | (0.37) | (0.31) |
| Redemption Fees | 0.00<sup>(2)</sup> |  |  | 0.00<sup>(2)</sup> | 0.00<sup>(2)</sup> |
| Net Asset Value, End of Year | $31.66 | $26.96 | $22.20 | $20.37 | $28.06 |
| **Total Return†** | 19.27% | 23.53% | 11.85% | (26.42)% | 27.13% |
| **Ratios and Supplemental Data** |  |  |  |  |  |
| Net Assets, End of Year (Thousands) | $86613 | $85792 | $84764 | $115167 | $205317 |
| Ratio of Expenses to Average Net Assets | 1.02% | 1.00% | 0.99% | 0.99% | 0.98% |
| Ratio of Expenses to Average Net Assets (Excluding Waivers and Fees Paid Indirectly) | 1.30% | 1.23% | 1.25% | 1.17% | 1.12% |
| Ratio of Net Investment Income to Average Net Assets | 1.91% | 1.42% | 1.05% | 1.20% | 1.21% |
| Portfolio Turnover Rate | 48% | 38% | 32% | 49% | 61% |

---

&nbsp;&nbsp;&nbsp;&nbsp;*†* *Total return would have been lower had the Adviser not waived a portion of its fee. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(1)* *Per share data calculated using average shares method.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(2)* *Amount represents less than $0.005 per share.* 

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

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

**24**

---

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

---

**FINANCIAL HIGHLIGHTS**

**Selected Per Share Data & Ratios**

**For a Share Outstanding Throughout Each Year**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** |
|  | **Year ended October 31,** | **Year ended October 31,** | **Year ended October 31,** | **Year ended October 31,** | **Year ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net Asset Value, Beginning of Year | $26.99 | $22.22 | $20.41 | $28.10 | $22.38 |
| Income (Loss) from Operations: |  |  |  |  |  |
| Net Investment Income<sup>(1)</sup> | 0.58 | 0.32 | 0.26 | 0.31 | 0.33 |
| Net Realized and Unrealized Gain (Loss) | 4.55 | 4.89 | 2.16 | (7.61) | 5.74 |
| Total from Operations | 5.13 | 5.21 | 2.42 | (7.30) | 6.07 |
| Dividends and Distributions: |  |  |  |  |  |
| Net Investment Income | (0.43) | (0.44) | (0.61) | (0.39) | (0.35) |
| Total Dividends and Distributions | (0.43) | (0.44) | (0.61) | (0.39) | (0.35) |
| Redemption Fees | 0.00<sup>(2)</sup> | 0.00<sup>(2)</sup> |  | 0.00<sup>(2)</sup> | 0.00<sup>(2)</sup> |
| Net Asset Value, End of Year | $31.69 | $26.99 | $22.22 | $20.41 | $28.10 |
| **Total Return†** | 19.38% | 23.68% | 11.86% | (26.32)% | 27.23% |
| **Ratios and Supplemental Data** |  |  |  |  |  |
| Net Assets, End of Year (Thousands) | $46321 | $46721 | $93689 | $200634 | $718480 |
| Ratio of Expenses to Average Net Assets | 0.90% | 0.90% | 0.90% | 0.90% | 0.90% |
| Ratio of Expenses to Average Net Assets (Excluding Waivers and Fees Paid Indirectly) | 1.18% | 1.14% | 1.16% | 1.08% | 1.04% |
| Ratio of Net Investment Income to Average Net Assets | 2.03% | 1.25% | 1.11% | 1.25% | 1.19% |
| Portfolio Turnover Rate | 48% | 38% | 32% | 49% | 61% |

---

&nbsp;&nbsp;&nbsp;&nbsp;*†* *Total return would have been lower had the Adviser not waived a portion of its fee. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(1)* *Per share data calculated using average shares method.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(2)* *Amount represents less than $0.005 per share.* 

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

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

**25**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **CAMBIAR FUNDS** |
|  | **OCTOBER 31, 2025** |

---

**NOTES TO FINANCIAL STATEMENTS**

**1. Organization:**

The Advisors' Inner Circle Fund (the "Trust") was organized as a Massachusetts business trust under an Amended and Restated Agreement and Declaration of Trust dated February 18, 1997. The Trust is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company with 27 portfolios. The financial statements herein are those of the Cambiar Opportunity Fund, Cambiar SMID Fund, Cambiar Small Cap Fund and Cambiar International Equity Fund (collectively the "Funds," individually a "Fund") each of which are diversified Funds. The Opportunity Fund and International Equity Fund seek total return and capital preservation. The SMID Fund and Small Cap Fund seek long-term capital appreciation. The goal of each of the Funds is to provide above-average performance in both rising and falling market periods by investing in stocks that have limited downside risk and positive upside potential. The financial statements of the remaining funds of the Trust are presented separately. The assets of each fund are segregated, and a shareholder's interest is limited to the fund in which shares are held.

**2. Significant Accounting Policies:**

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

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

*Security Valuation —* Securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (except for securities traded on NASDAQ), including securities traded over the counter, are valued at the last quoted sale price on an exchange or market (foreign or domestic) on which they are traded on the valuation date (or at approximately 4:00 pm ET if a security's primary exchange is normally open at that time), or, if there is no such reported sale on the valuation date, at the most recent quoted bid price. For securities traded on NASDAQ, the NASDAQ Official Closing Price will be used. Debt obligations with remaining maturities of sixty days or less may be valued at their amortized cost, which approximates market value provided that it is determined the amortized cost continues to approximate fair value. Should existing credit, liquidity or interest rate conditions in the relevant markets and issuer specific circumstances suggest that amortized cost does not approximate fair value, then the amortized cost method may not be used. The prices for foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates.

Securities for which market prices are not "readily available" are valued in accordance with fair value procedures (the "Fair Value Procedures") established by the Adviser and approved by the Trust's Board of Trustees (the "Board"). Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated the Adviser as the "valuation designee" to determine the fair value of securities and other instruments for which no readily available market quotations are available. The Fair Value Procedures are implemented through a Fair Value Committee (the "Committee") of the Adviser. No securities were fair valued by the committee as of October 31, 2025.

For securities that principally trade on a foreign market or exchange, a significant gap in time can exist between the time of a particular security's last trade and the time at which a Fund calculates its net asset value. The closing prices of such securities may no longer reflect their market value at the time a Fund calculates net asset value if an event that could materially affect the value of those securities (a "Significant Event") has occurred between the time of the security's last close and the time that a Fund calculates net asset value. A Significant Event may relate to a single issuer or to an entire market sector. If the Funds' Adviser becomes aware of a Significant Event that has occurred with respect to a security or group of securities after the closing of the exchange or market on which the security or securities principally trade, but before the time at which a Fund calculates net asset value, it may request that a Committee meeting be called. In addition, the Funds' Administrator monitors price movements among certain selected indices, securities and/or baskets of securities that may be an indicator that the closing prices received earlier from foreign exchanges or markets may not reflect market value at the time a Fund calculates net asset value. If price movements in a monitored index or security exceed levels established by the Administrator, the Administrator notifies the Adviser if a Fund is holding the relevant security that such limits have been exceeded. In such event, the Adviser makes the determination whether a Committee meeting should be called based on the information provided.

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

**26**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **CAMBIAR FUNDS** |
|  | **OCTOBER 31, 2025** |

---

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

In accordance with the authoritative guidance on fair value measurements and disclosure under GAAP, the Funds disclose the fair value of their investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. The objective of a fair value measurement is to determine the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). Accordingly, the fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy under ASC 820 are described below:

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

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

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

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

*Federal Income Taxes —* It is each Fund's intention to qualify or continue to qualify as a regulated investment company for Federal income tax purposes by complying with the appropriate provisions of Subchapter M of the Internal Revenue Code of 1986, as amended, and to distribute substantially all of its income to share-holders. Accordingly, no provision for Federal income taxes has been made in the financial statements.

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

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

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

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

**27**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **CAMBIAR FUNDS** |
|  | **OCTOBER 31, 2025** |

---

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

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

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

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

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

*Redemption Fees —*The Cambiar Opportunity Fund, Cambiar SMID Fund, Cambiar Small Cap Fund and Cambiar International Equity Fund retain a redemption fee of 2.00% on redemptions of capital shares held for less than ninety days. For the year ended October 31, 2025*,* the Funds retained fees of $229, $2,724, $717 and $1,497, respectively. Such fees are retained by the Funds for the benefit of the remaining shareholders and are recorded as additions to fund capital.

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

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

The Funds and SEI Investments Global Fund Services (the "Administrator") are parties to an Administration Agreement under which the Administrator provides management and administrative services to the Funds. For these services, the Administrator is paid an asset-based fee, which will vary depending on the number of share classes and the average daily net assets of the Funds. For the year ended October 31, 2025, the Funds incurred the following fees for these services: $204,494, $52,306, $40,561 and $71,155 for the Cambiar Opportunity Fund, Cambiar SMID Fund, Cambiar Small Cap Fund and Cambiar International Equity Fund, respectively.

The Funds have adopted a shareholder servicing fee plan under which a shareholder servicing fee up to 0.25% of average daily net assets attributable to the Investor Class Shares of the Funds will be paid to the Distributor. The Distributor may perform, or may compensate other service providers for providing, certain shareholder and administrative services. Shareholder servicing fees in excess of 0.25% of average daily net assets are paid by Cambiar Investors, LLC (the "Adviser"). During the year ended October 31, 2025, the Cambiar Opportunity, Cambiar SMID, Cambiar Small Cap and Cambiar International Equity paid $254,476, $68,630, $51,901 and $100,816, for the Investor Shares, respectively, for these services.

**28**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **CAMBIAR FUNDS** |
|  | **OCTOBER 31, 2025** |

---

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

A portion of the services provided by the Chief Compliance Officer ("CCO") and his staff, whom are employees of the Administrator, are paid for by the Trust as incurred. The services include regulatory oversight of the Trust's Advisors and service providers as required by SEC regulations. The CCO's services have been approved by and are reviewed by the Board. During the year ended October 31, 2025, the Cambiar Opportunity, Cambiar SMID, Cambiar Small Cap and Cambiar International Equity were allocated CCO fees totaling $11,005, $4,085, $3,926 and $5,502, respectively.

SS&C Global Investor & Distribution Solutions, Inc. serves as transfer agent for the Funds under the transfer agency agreement with the Trust. The Funds earn cash management credits which are used to offset transfer agent expenses. During the year ended October 31, 2025, the Cambiar Opportunity, Cambiar SMID, Cambiar Small Cap and Cambiar International Equity earned credits of $10,638, $1,857, $1,849 and $3,136, respectively, which were used to offset transfer agent expenses. These amounts are listed as "Fees Paid Indirectly" on the Statements of Operations.

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

**4. Investment Advisory Agreements:**

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

---

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

---

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

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

---

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

---

Refer to waiver of investment advisory fees on the Statements of Operations for fees waived for the year ended October 31, 2025. In addition, if at any point it becomes unnecessary for the Adviser to reduce fees or make expense reimbursements, the Board may permit the Adviser to retain the difference between the total annual fund operating expenses and the expense caps listed above to recapture all or a portion of its prior fee reductions or reimbursements made during the preceding three-year period. During the year ended October 31, 2025, the Funds did not recoup any previously waived fees.

At October 31, 2025, the amount the Adviser may seek as reimbursement of previously waived fees and reimbursed expenses is as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Period Waived** | **Subject to Repayment until October 31:** | **Cambiar Opportunity Fund** | **Cambiar SMID Fund** | **Cambiar Small Cap Fund** | **Cambiar International Equity Fund** |
| 10/31/22 – 10/31/23 | 2026 | $469427 | $276390 | $215612 | $716290 |
| 10/31/23 – 10/31/24 | 2027 | 445435 | 293804 | 200567 | 368907 |
| 10/31/24 – 10/31/25 | 2028 | 491490 | 213317 | 190922 | 358453 |
|  |  | $1406352 | $783511 | $607101 | $1443650 |

---

**29**

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| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **CAMBIAR FUNDS** |
|  | **OCTOBER 31, 2025** |

---

**5. Investment Transactions:** 

For the year ended October 31, 2025, the Funds made purchases and sales of investment securities other than long-term U.S. Government and short-term securities as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| Cambiar Opportunity Fund | $174521602 | $290534867 |
| Cambiar SMID Fund | 43965663 | 143956003 |
| Cambiar Small Cap Fund | 18584677 | 52150505 |
| Cambiar International Equity Fund | 57918679 | 77087542 |

---

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

**6. Federal Tax Information:**

The timing and characterization of certain income and capital gains distributions are determined annually in accordance with federal tax regulations which may differ from U.S. GAAP. These book/tax differences may be temporary or permanent in nature. The permanent differences are primarily attributable to reclassification of long term capital gain distributions on REITs, foreign currency translations, and reclassification of distributions.

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

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Ordinary <br> Income** | **Long - Term<br> Capital Gain** | **Total** |
| Cambiar Opportunity Fund |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | $11045811 | $22986844 | $34032655 |
| &nbsp;&nbsp;&nbsp;2024 | 8904731 | 22351843 | 31256574 |
| Cambiar SMID Fund |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 2905837 | 4898402 | 7804239 |
| &nbsp;&nbsp;&nbsp;2024 | 1351864 |  | 1351864 |
| Cambiar Small Cap Fund |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 1908091 | 1289794 | 3197885 |
| &nbsp;&nbsp;&nbsp;2024 | 996362 | 256514 | 1252876 |
| Cambiar International Equity Fund |  |  |  |
| &nbsp;&nbsp;&nbsp;2025 | 1976859 |  | 1976859 |
| &nbsp;&nbsp;&nbsp;2024 | 3015266 |  | 3015266 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Cambiar Opportunity Fund** | **Cambiar Cambiar SMID Fund** | **Cambiar Small Cap Fund** | **International Equity Fund** |
| Undistributed Ordinary Income | $13387249 | $654075 | $1471996 | $2311083 |
| Undistributed Long-Term Capital Gain | 46881451 | 12935548 | 4737265 |  |
| Capital Loss Carryforwards |  |  |  | (58592715) |
| Net Unrealized Appreciation | 74883416 | 7067995 | 13504687 | 28870304 |
| Other Temporary Differences | (9) | (3) | (2) | – |
| Total Distributable Earnings (Accumulated Losses) | $135152107 | $20657615 | $19713946 | $(27411328) |

---

As of October 31, 2025, the following Funds have capital losses carried forward as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Short-Term** <br> **Loss** | **Long-Term** <br> **Loss** | **Total Post-**<br> **Enactment**<br> **Capital Loss** <br> **Carryforwards** |
| Cambiar International Equity Fund | $58592715 | $– $| 58592715 |

---

**30**

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| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **CAMBIAR FUNDS** |
|  | **OCTOBER 31, 2025** |

---

During the year ended October 31, 2025, the following funds utilized the prior year capital loss carryforward:

---

| | | | |
|:---|:---|:---|:---|
|  | **Short-Term** <br> **Loss** | **Long-Term** <br> **Loss** | **Total Post-**<br> **Enactment**<br> **Capital Loss** <br> **Carryforwards** |
| Cambiar International Equity Fund | $5950828 | $– $| 5950828 |

---

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

The Federal tax cost and aggregate gross unrealized appreciation and depreciation on investments for Federal income tax purposes at October 31, 2025, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |<br>**Federal Tax**<br>**Cost** | **Aggregate**<br>**Gross<br> Unrealized**<br>**Appreciation** | **Aggregate**<br>**Gross<br> Unrealized**<br>**Depreciation** |<br>**Net Unrealized**<br>**Appreciation** |
| Cambiar Opportunity Fund | $242266639 | $89324632 | $(14441216) | $74883416 |
| Cambiar SMID Fund | 48422685 | 9843012 | (2775017) | 7067995 |
| Cambiar Small Cap Fund | 52468497 | 15703574 | (2198887) | 13504687 |
| Cambiar International Equity Fund | 99685003 | 33576576 | (4706272) | 28870304 |

---

**7. Concentration of Risks:**

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

Equity Risk — (Cambiar Opportunity Fund, Cambiar SMID Fund, Cambiar Small Cap Fund and Cambiar International Equity Fund) — Since its purchases equity securities, the Fund is subject to the risk that stock prices may fall over short or extended periods of time. Historically, the equity markets have moved in cycles, and the value of the Fund's equity securities may fluctuate significantly from day-to-day. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices of securities issued by such companies, and hence, the Fund, may suffer a decline in response. Portfolio securities may be traded over-the-counter or listed on an exchange.

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

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

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

**31**

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| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **CAMBIAR FUNDS** |
|  | **OCTOBER 31, 2025** |

---

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

Emerging Markets Risk — Cambiar International Equity Fund — Investments in emerging markets securities are considered speculative and subject to heightened risks in addition to the general risks of investing in foreign securities. Unlike more established markets, emerging markets may have governments that are less stable, markets that are less liquid and economies that are less developed. In addition, the securities markets of emerging market countries may consist of companies with smaller market capitalizations and may suffer periods of relative illiquidity, significant price volatility, restrictions on foreign investment, and possible restrictions on repatriation of investment income and capital. Furthermore, foreign investors may be required to register the proceeds of sales, and future economic or political crises could lead to price controls, forced mergers, expropriation or confiscatory taxation, seizure, nationalization or creation of government monopolies.

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

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

**8. Indemnifications:**

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

**9. Line of Credit:**

The Funds entered into an agreement on July 28, 2025, which enables them to participate in a $100 million uncommitted, secured, revolving line of credit with the Custodian. The agreement expires on July 27, 2026. The proceeds from the borrowings shall be used to provide temporary liquidity to the Funds as necessary in order to meet shareholder redemption needs. Interest is charged to the Funds based on the outstanding principal balance of the borrowings at an annual rate equal to the Custodian's then current prime-lending rate. The Funds' holdings serve as collateral against any borrowings under the line of credit.

Borrowing activity for the year ended October 31, 2025, was the following:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Maximum Amount of Line of Credit** | **Interest Expense** | **Average Rate** | **Average Borrowing** | **Number of Days on Loan** | **Maximum Amount Outstanding** |
| Cambiar Opportunity Fund | $100000000 | $419 | 7.50% | $502500 | 4 | $1850000 |
| Cambiar SMID Fund | 100000000 | 5022 | 7.53 | 1039522 | 23 | 5546000 |
| Cambiar International Equity Fund | 100000000 | 11 | 7.56 | 13250 | 4 | 16000 |

---

As of October 31, 2025, there were no borrowings outstanding in the Funds.

**32**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **CAMBIAR FUNDS** |
|  | **OCTOBER 31, 2025** |

---

**10. Concentration of Shareholders:**

At October 31, 2025, the percentage of total shares outstanding held by shareholders for each Fund, which are comprised of an omnibus account that are held on behalf of various individual shareholders, was as follows:

---

| | | |
|:---|:---|:---|
|  | **No. of**<br> **Shareholders** | **% of Ownership** |
| Cambiar Opportunity Fund, Investor Class | 3 | 68% |
| Cambiar Opportunity Fund, Institutional Class | 3 | 59% |
| Cambiar SMID Fund, Investor Class | 1 | 77% |
| Cambiar SMID Fund, Institutional Class | 3 | 73% |
| Cambiar Small Cap Fund, Investor Class | 3 | 59% |
| Cambiar Small Cap Fund, Institutional Class | 3 | 74% |
| Cambiar International Equity Fund, Investor Class | 2 | 80% |
| Cambiar International Equity Fund, Institutional Class | 2 | 61% |

---

**11. Recent Accounting Pronouncement:**

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

**12. Subsequent Events:**

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

**33**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **CAMBIAR FUNDS** |
|  | **OCTOBER 31, 2025** |

---

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Board of Trustees of The Advisors' Inner Circle Fund and the Shareholders of Cambiar Opportunity Fund, Cambiar SMID Fund, Cambiar Small Cap Fund, and Cambiar International Equity Fund

**Opinion on the Financial Statements**

We have audited the accompanying statements of assets and liabilities of Cambiar Opportunity Fund, Cambiar SMID Fund, Cambiar Small Cap Fund, and Cambiar International Equity Fund (collectively referred to as the "Funds") (four of the funds constituting The Advisors' Inner Circle Fund (the "Trust")), including the schedules of investments, as of October 31, 2025, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds (four of the funds constituting The Advisors' Inner Circle Fund) at October 31, 2025, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended and their financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

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

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

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

![](fp0096586_002.jpg)

We have served as the auditor of one or more Cambiar Investors, LLC investment companies since 2005.

Philadelphia, Pennsylvania

December 22, 2025

**34**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **CAMBIAR FUNDS** |
|  | **OCTOBER 31, 2025** |

---

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

For shareholders that do not have an October 31, 2025 tax year end, this notice is for informational purposes only. For shareholders with an October 31, 2025 tax year end, please consult your tax advisor as to the pertinence of this notice. For the fiscal year ended October 31 2025, each fund is designating the following items with regard to distributions paid during the year.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Long-Term Capital Gain Distributions** | **Ordinary Income Distributions** | **Total Distributions** | **Qualifying for Corporate Dividends Rec. Deduction (1)** | **Qualifying Dividend Income (2)** |
| Cambiar Opportunity Fund | 67.54% | 32.46% | 100.00% | 57.62% | 70.90% |
| Cambiar SMID Fund | 62.77% | 37.23% | 100.00% | 86.57% | 89.24% |
| Cambiar Small Cap Fund | 40.33% | 59.67% | 100.00% | 58.15% | 62.36% |
| Cambiar International Equity Fund | 0.00% | 100.00% | 100.00% | 0.00% | 100.00% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **U.S. Government Interest (3)** | **Interest Related Dividends (4)** | **Short-Term Capital Gain Dividends (5)** | **Qualifying Business Income (6)** | **Foreign Tax Credit Pass Through** |
| Cambiar Opportunity Fund | 0.00% | 0.00% | 100.00% | 0.00% | 0.00% |
| Cambiar SMID Fund | 0.00% | 0.00% | 100.00% | 0.00% | 0.00% |
| Cambiar Small Cap Fund | 0.00% | 0.00% | 100.00% | 0.00% | 0.00% |
| Cambiar International Equity Fund | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |

---

&nbsp;&nbsp;&nbsp;&nbsp;*(1)* *Qualifying dividends represent dividends which qualify for the corporate dividends received deduction and is reflected as a percentage of "Ordinary Income Distributions."* 

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

&nbsp;&nbsp;&nbsp;&nbsp;*(4)* *The percentage in this column represents the amount of "Interest Related Dividends" and is reflected as a percentage of ordinary income distribution. Interest related dividends are exempt from U.S. withholding tax when paid to foreign investors.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(5)* *The percentage in this column represents the amount of "Short-Term Capital Gain Dividends" and is reflected as a percentage of short-term capital gain distribution that is exempt from U.S. withholding tax when paid to foreign investors.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(6)* *The percentage in this column represents that amount of ordinary dividend income that qualified for 20% Business Income Deduction.* 

**35**

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| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **CAMBIAR FUNDS** |
|  | **OCTOBER 31, 2025** |

---

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

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

Not applicable.

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

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

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

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

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

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

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

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

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

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

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

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

**36**

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| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **CAMBIAR FUNDS** |
|  | **OCTOBER 31, 2025** |

---

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

**Investment Performance of the Funds and the Adviser**

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

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

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

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

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

**Renewal of the Agreement**

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

**37**

**The Cambiar Funds** 

P.O. Box 219009

Kansas City, MO 64121

1-866-777-8227

**Investment Adviser**

Cambiar Investors, LLC

200 Columbine Street

Suite 800

Denver, CO 80206

**Distributor**

SEI Investments Distribution Co.

One Freedom Valley Drive

Oaks, PA 19456

**Administrator**

SEI Investments Global Funds Services

One Freedom Valley Drive

Oaks, PA 19456

**Legal Counsel**

Morgan, Lewis & Bockius, LLP

2222 Market Street

Philadelphia, PA 19103-2921

**Independent Registered Public Accounting Firm**

Ernst & Young LLP

2005 Market Street, Suite 700

Philadelphia, PA 19103

This information must be preceded or accompanied by a current prospectus

for the Funds described.

CMB-AR-001-2400

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

Included under Item 7.

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

Included under Item 7.

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

Included under Item 7.

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

Included under Item 7.

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

Not applicable to open-end management investment companies.

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

Not applicable to open-end management investment companies.

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

Not applicable to open-end management investment companies.

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

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

**Item 16.** **Controls and Procedures.**

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

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

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

Not applicable to open-end management investment companies.

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

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

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

**Item 19.** **Exhibits.**

(a)(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Code of Ethics attached hereto.](fp0098989-1_ex99code.htm)

(a)(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.

(a)(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[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.](fp0098989-1_ex99cert.htm)

(a)(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.

(a)(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.

(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.](fp0098989-1_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: May 22, 2026

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

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ Michael Beattie |
|  | Michael Beattie |
|  | Principal Executive Officer |

---

Date: May 22, 2026

---

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

---

Date: May 22, 2026

## Ex-99.Code

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

**FINANCIAL OFFICER CODE OF ETHICS**

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

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

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

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

The purposes of this Code are:

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

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

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

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

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

● To establish accountability for adherence to this Code.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Dated: September 2025

## Ex-99.Cert

**CERTIFICATION**

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

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

I, Michael Beattie, certify that:

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

&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;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

&nbsp;&nbsp;&nbsp;&nbsp;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: May 22, 2026

---

| |
|:---|
| /s/ Michael Beattie |
| Michael Beattie |
| Principal Executive Officer |

---

**CERTIFICATION**

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

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

I, Andrew Metzger, certify that:

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

&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;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

&nbsp;&nbsp;&nbsp;&nbsp;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: May 22, 2026

---

| |
|:---|
| /s/ Andrew Metzger |
| Andrew Metzger |
| Principal Financial Officer |

---

## Exhibit 99.906

**CERTIFICATION**

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

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

The undersigned, Michael Beattie, the Principal Executive Officer of The Advisors' Inner Circle Fund (the "Fund"), with respect to the Fund's Form N-CSR for the period ended October 31, 2025, as filed with the Securities and Exchange Commission, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

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

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

Dated: May 22, 2026

---

| |
|:---|
| /s/ Michael Beattie |
| Michael Beattie |
| Principal Executive Officer |

---

**CERTIFICATION**

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

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

The undersigned, Andrew Metzger, the Principal Financial Officer of The Advisors' Inner Circle Fund (the "Fund"), with respect to the Fund's Form N-CSR for the period ended October 31, 2025, as filed with the Securities and Exchange Commission, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

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

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

Dated: May 22, 2026

---

| |
|:---|
| /s/ Andrew Metzger |
| Andrew Metzger |
| Principal Financial Officer |

---