UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSRS

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act File Number 811-06400

The Advisors’ Inner Circle Fund

(Exact name of registrant as specified in charter)

SEI Investments

One Freedom Valley Drive

Oaks, PA 19456

(Address of principal executive offices) (Zip code)

SEI Investments

One Freedom Valley Drive

Oaks, PA 19456

(Name and address of agent for service)

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

Date of fiscal year end: October 31, 2023

Date of reporting period: April 30, 2023

Item 1.    Reports to Stockholders.

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

Semi-Annual Report

The Advisors’ Inner Circle Fund

April 30, 2023

Cambiar Opportunity Fund	Cambiar International Equity Fund
Cambiar SMID Fund	Cambiar International Small Cap Fund
Cambiar Small Cap Fund

THE ADVISORS’ INNER CIRCLE FUND CAMBIAR FUNDS APRIL 30, 2023

TABLE OF CONTENTS

Schedules of Investments	1
Statements of Assets and Liabilities	16
Statements of Operations	19
Statements of Changes in Net Assets	22
Financial Highlights	27
Notes to Financial Statements	36
Disclosure of Fund Expenses	44

The Funds file their complete schedules of investments with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT (Form N-Q for filings prior to March 31, 2020). The Funds’ Forms N-Q and N-PORT are available on the SEC’s website at http://www.sec.gov, and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities, as well as information relating to how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, is available (i) without charge, upon request, by calling 1-866-777-8227; and (ii) on the Commission’s website at http://www.sec.gov.

THE ADVISORS’ INNER CIRCLE FUND CAMBIAR OPPORTUNITY FUND APRIL 30, 2023 (UNAUDITED)  

  SECTOR WEIGHTINGS †

† Percentages based on total investments. Total investments do not include derivatives such as options, futures contracts, forward contracts, and swap contracts, if applicable.

 SCHEDULE OF INVESTMENTS

 COMMON STOCK — 99.6%

	Shares		Value
AEROSPACE/DEFENSE EQUIPMENT — 9.0%
Airbus ADR		300,000	$	10,512,000
L3Harris Technologies		52,000		10,147,800
Raytheon Technologies		95,000		9,490,500
				30,150,300
AIR FREIGHT & LOGISTICS — 2.8%
United Parcel Service, Cl B		53,000		9,529,930
BANKS — 3.6%
JPMorgan Chase		89,000		12,303,360
BEVERAGES — 3.1%
Constellation Brands, Cl A		46,000		10,555,620
CAPITAL MARKETS — 7.1%
CME Group, Cl A		35,000		6,501,950
Goldman Sachs Group		31,500		10,818,360
Intercontinental Exchange		62,000		6,753,660
				24,073,970
CHEMICALS — 2.1%
Corteva		114,000		6,967,680
CONSUMER FINANCE — 3.1%
American Express		64,000		10,325,760
ELECTRICAL EQUIPMENT — 1.9%
Rockwell Automation		23,000		6,518,430
ELECTRONIC EQUIPMENT INSTRUMENTS & COMPONENTS — 2.9%
TE Connectivity		80,000		9,789,600

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

1

THE ADVISORS’ INNER CIRCLE FUND CAMBIAR OPPORTUNITY FUND APRIL 30, 2023 (UNAUDITED)  

COMMON STOCK — continued

	Shares		Value
FINANCIAL SERVICES — 5.8%
Fiserv *		66,000	$	8,059,920
Mastercard, Cl A		30,000		11,400,900
				19,460,820
FOOD & STAPLES RETAILING — 2.9%
Sysco		129,000		9,899,460
GROUND TRANSPORTATION — 5.2%
Uber Technologies *		275,000		8,538,750
Union Pacific		45,000		8,806,500
				17,345,250
HEALTH CARE EQUIPMENT & SERVICES — 3.5%
Medtronic		130,000		11,823,500
HEALTH CARE PROVIDERS & SERVICES — 6.3%
Centene *		155,000		10,684,150
Laboratory Corp of America Holdings		46,000		10,428,660
				21,112,810
HOUSEHOLD PRODUCTS — 3.3%
Colgate-Palmolive		138,000		11,012,400
INSURANCE — 2.9%
Chubb		48,000		9,674,880
INTERACTIVE MEDIA & SERVICES — 3.7%
Alphabet, Cl A *		115,000		12,344,100
INTERNET & DIRECT MARKETING RETAIL — 3.3%
Amazon.com *		105,000		11,072,250
MULTI-UTILITIES — 3.2%
Sempra Energy		68,500		10,651,065
OIL, GAS & CONSUMABLE FUELS — 11.4%
Cenovus Energy		620,000		10,416,000
Chevron		65,000		10,957,700
ONEOK		104,000		6,802,640
Williams		335,000		10,137,100
				38,313,440
PHARMACEUTICALS — 5.9%
Bristol-Myers Squibb		145,000		9,681,650
Johnson & Johnson		62,000		10,149,400
				19,831,050
SEMI-CONDUCTORS & INSTRUMENTS — 4.0%
Applied Materials		60,000		6,781,800
Marvell Technology		167,000		6,593,160
				13,374,960
SPECIALTY RETAIL — 2.6%
TJX		110,000		8,670,200
TOTAL COMMON STOCK (Cost $278,698,296)				334,800,835

 SHORT-TERM INVESTMENT — 0.3%

First American Treasury Obligation Fund 4.866% (A) (Cost $1,100,388)	1,100,388		1,100,388
TOTAL INVESTMENTS— 99.9%     (Cost $279,798,684)		$	335,901,223

Percentages are based on Net Assets of $336,268,257.

(A) The rate shown is the 7-day effective yield as of April 30, 2023.

* Non-income producing security.

ADR — American Depositary Receipt

Cl — Class

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

2

THE ADVISORS’ INNER CIRCLE FUND CAMBIAR OPPORTUNITY FUND APRIL 30, 2023 (UNAUDITED)  

As of April 30, 2023, 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.

3

THE ADVISORS’ INNER CIRCLE FUND CAMBIAR SMID FUND APRIL 30, 2023 (UNAUDITED)  

  SECTOR WEIGHTINGS †

† Percentages based on total investments. Total investments do not include derivatives such as options, futures contracts, forward contracts, and swap contracts, if applicable.

 SCHEDULE OF INVESTMENTS

 COMMON STOCK — 93.2%

	Shares		Value
AEROSPACE & DEFENSE — 2.4%
Mercury Systems *		74,290	$	3,541,404
AIR FREIGHT & LOGISTICS — 2.4%
Expeditors International of Washington		30,760		3,501,718
AUTO COMPONENTS — 2.5%
Gentex		130,060		3,588,356
BANKS — 1.8%
BOK Financial		31,180		2,615,067
BIOTECHNOLOGY — 2.4%
Incyte *		47,070		3,502,479
BUILDING PRODUCTS — 2.6%
Masco		70,860		3,791,719
CAPITAL MARKETS — 2.8%
Cboe Global Markets		28,870		4,033,139
ELECTRICAL EQUIPMENT — 2.6%
Hubbell, Cl B		13,820		3,722,002
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 2.6%
IPG Photonics *		33,220		3,819,636
FINANCIAL SERVICES — 5.3%
Euronet Worldwide *		36,600		4,053,084
WEX *		20,830		3,694,200
				7,747,284

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

4

THE ADVISORS’ INNER CIRCLE FUND CAMBIAR SMID FUND APRIL 30, 2023 (UNAUDITED)  

COMMON STOCK — continued

	Shares		Value
FOOD PRODUCT — 2.6%
Lamb Weston Holdings		33,740	$	3,772,469
GAS UTILITIES — 2.7%
Atmos Energy		35,260		4,024,576
HEALTH CARE EQUIPMENT & SUPPLIES — 2.7%
Dentsply Sirona		94,550		3,964,481
HEALTH CARE PROVIDERS & SERVICES — 9.2%
Amedisys *		35,270		2,832,181
HealthEquity *		57,470		3,071,772
Molina Healthcare *		12,970		3,863,633
Quest Diagnostics		26,130		3,627,105
				13,394,691
INSURANCE — 9.5%
American Financial Group		26,920		3,303,891
Arch Capital Group *		56,840		4,266,979
Fidelity National Financial		85,310		3,027,652
Reinsurance Group of America, Cl A		23,640		3,364,445
				13,962,967
IT SERVICES — 2.3%
Amdocs		37,540		3,425,525
LIFE SCIENCES TOOLS & SERVICES — 4.9%
Bruker		49,530		3,919,309
Charles River Laboratories International *		17,300		3,289,076
				7,208,385
MACHINERY — 4.9%
Lincoln Electric Holdings		23,570		3,955,046
Toro		31,230		3,256,040
				7,211,086
OIL, GAS & CONSUMABLE FUELS — 5.0%
Magnolia Oil & Gas, Cl A		180,180		3,805,402
Targa Resources		47,200		3,565,016
				7,370,418
PROFESSIONAL SERVICES — 5.5%
Booz Allen Hamilton Holding, Cl A		38,490		3,684,263
Maximus		52,170		4,364,020
				8,048,283
REAL ESTATE INVESTMENT TRUSTS — 5.0%
Americold Realty Trust		130,740		3,868,597
National Retail Properties		78,550		3,416,925
				7,285,522
SOFTWARE — 2.8%
Dolby Laboratories, Cl A		49,060		4,105,831
SPECIALTY RETAIL — 2.0%
Burlington Stores *		15,520		2,992,411
TEXTILES, APPAREL & LUXURY GOODS — 1.9%
VF		117,740		2,768,067
TRADING COMPANY & DISTRIBUTORS — 2.7%
Watsco		11,320		3,921,022
WATER UTILITIES — 2.1%
Essential Utilities		71,360		3,047,072
TOTAL COMMON STOCK (Cost $120,884,281)				136,365,610

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

5

THE ADVISORS’ INNER CIRCLE FUND CAMBIAR SMID FUND APRIL 30, 2023 (UNAUDITED)  

 SHORT-TERM INVESTMENT —7.7%

	Shares		Value
First American Treasury Obligation Fund 4.866% (A) (Cost $11,201,402)		11,201,402	$	11,201,402
TOTAL INVESTMENTS— 100.9%     (Cost $132,085,683)			$	147,567,012

Percentages are based on Net Assets of $146,312,360.

(A) The rate shown is the 7-day effective yield as of April 30, 2023.

* Non-income producing security.

Cl — Class

As of April 30, 2023, 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 SMALL CAP FUND APRIL 30, 2023 (UNAUDITED)  

 SECTOR WEIGHTINGS †

† Percentages based on total investments. Total investments do not include derivatives such as options, futures contracts, forward contracts, and swap contracts, if applicable.

 SCHEDULE OF INVESTMENTS

 COMMON STOCK — 97.3%

	Shares		Value
AEROSPACE & DEFENSE — 4.7%
BWX Technologies		38,000	$	2,454,040
Mercury Systems *		45,000		2,145,150
				4,599,190
AIR FREIGHT & LOGISTICS — 2.3%
Forward Air		21,500		2,268,465
AUTO COMPONENTS — 2.3%
Gentex		81,000		2,234,790
BANKS — 7.0%
Prosperity Bancshares		29,000		1,815,980
Texas Capital Bancshares *		39,000		1,959,750
United Bankshares		53,000		1,755,890
United Community Banks		52,000		1,294,800
				6,826,420
BIOTECHNOLOGY — 2.4%
Exelixis *		128,000		2,342,400
BUILDING PRODUCTS — 2.3%
PGT Innovations *		90,000		2,309,400
COMMERCIAL SERVICES & SUPPLIES — 2.3%
Healthcare Services Group *		143,000		2,232,230
DIVERSIFIED CONSUMER SERVICES — 2.3%
Frontdoor *		84,031		2,299,088
ELECTRIC UTILITIES — 2.6%
IDACORP		23,000		2,555,760

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

7

THE ADVISORS’ INNER CIRCLE FUND CAMBIAR SMALL CAP FUND APRIL 30, 2023 (UNAUDITED)  

COMMON STOCK — continued

	Shares		Value
ELECTRONICS EQUIPMENT INSTRUMENTS & COMPONENTS — 2.3%
Advanced Energy Industries		26,000	$	2,249,000
FOOD PRODUCTS — 1.4%
Hain Celestial Group *		73,000		1,308,890
HEALTH CARE EQUIPMENT & SERVICES — 1.9%
NuVasive *		42,000		1,807,680
HEALTH CARE PROVIDER & SERVICES — 2.0%
AMN Healthcare Services *		23,000		1,986,050
HEALTH CARE PROVIDERS & SERVICES — 7.9%
Addus HomeCare *		27,000		2,206,980
HealthEquity *		34,000		1,817,300
Innovage Holding *		275,000		1,680,250
US Physical Therapy		19,000		2,022,740
				7,727,270
HEALTH CARE TECHNOLOGY — 2.3%
HealthStream		92,000		2,266,880
HOTELS, RESTAURANTS & LEISURE — 2.2%
Monarch Casino & Resort		32,000		2,219,520
HOUSEHOLD DURABLES — 2.5%
MDC Holdings		59,000		2,417,230
INSURANCE — 11.2%
Axis Capital Holdings		40,000		2,261,600
First American Financial		39,000		2,246,790
James River Group Holdings		85,000		1,654,950
Reinsurance Group of America, Cl A		14,500		2,063,640
RenaissanceRe Holdings		13,000		2,800,330
				11,027,310
IT SERVICES — 1.9%
Perficient *		29,000		1,882,680
LEISURE PRODUCTS — 1.8%
Johnson Outdoors, Cl A		30,000		1,740,000
MACHINERY — 2.3%
Alamo Group		13,000		2,297,490
MULTI-UTILITIES — 2.1%
Avista		47,000		2,071,290
OIL, GAS & CONSUMABLE FUELS — 2.1%
Magnolia Oil & Gas, Cl A		98,000		2,069,760
PROFESSIONAL SERVICES — 10.4%
Forrester Research *		58,000		1,794,520
Insperity		19,500		2,387,970
ManpowerGroup		23,000		1,741,330
NV5 Global *		21,000		1,989,330
WNS Holdings ADR *		25,000		2,254,250
				10,167,400
REAL ESTATE INVESTMENT TRUSTS — 1.9%
NETSTREIT		105,000		1,913,100
REAL ESTATE MANAGEMENT & DEVELOPMENT — 2.1%
Marcus & Millichap		65,000		2,045,550
SEMI-CONDUCTORS & INSTRUMENTS — 6.6%
Diodes *		27,000		2,151,900
Rambus *		49,000		2,172,660
Universal Display		16,000		2,135,360
				6,459,920

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

8

THE ADVISORS’ INNER CIRCLE FUND CAMBIAR SMALL CAP FUND APRIL 30, 2023 (UNAUDITED)  

 COMMON STOCK — continued

	Shares		Value
SOFTWARE — 4.2%
Cerence *		58,000	$	1,481,900
Envestnet *		42,000		2,661,960
				4,143,860
TOTAL COMMON STOCK (Cost $89,425,310)				95,468,623

 SHORT-TERM INVESTMENT — 3.2%

First American Treasury Obligation Fund 4.866% (A) (Cost $3,170,884)	3,170,884		3,170,884
TOTAL INVESTMENTS— 100.5%
(Cost $92,596,194)		$	98,639,507

Percentages are based on Net Assets of $98,147,109.

(A) The rate shown is the 7-day effective yield as of April 30, 2023.

* Non-income producing security.

ADR — American Depositary Receipt

Cl — Class

As of April 30, 2023, 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.

9

THE ADVISORS’ INNER CIRCLE FUND CAMBIAR INTERNATIONAL EQUITY FUND APRIL 30, 2023 (UNAUDITED)  

  SECTOR WEIGHTINGS †

† Percentages based on total investments. Total investments do not include derivatives such as options, futures contracts, forward contracts, and swap contracts, if applicable.

 SCHEDULE OF INVESTMENTS

 COMMON STOCK — 96.3%

	Shares		Value
AUSTRALIA — 1.9%
Santos		1,170,000	$	5,542,399
BELGIUM — 5.3%
KBC Group		120,000		8,578,642
UCB		71,000		6,600,011
				15,178,653
CANADA — 6.4%
Agnico Eagle Mines		103,000		5,843,190
Canadian National Railway		47,000		5,605,690
Suncor Energy		219,000		6,859,080
				18,307,960
FRANCE — 11.9%
Air Liquide		33,000		5,936,400
Airbus		59,000		8,262,073
Capgemini		35,000		6,382,530
LVMH Moet Hennessy Louis Vuitton		6,200		5,963,686
Pernod Ricard		33,000		7,621,352
				34,166,041
GERMANY — 11.6%
Bayer		95,000		6,269,669
Deutsche Post		142,000		6,830,168
Merck KGaA		29,000		5,201,713
RWE		125,000		5,860,805
SAP		66,000		8,930,902
				33,093,257
HONG KONG — 2.4%
AIA Group		621,000		6,760,874

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

10

THE ADVISORS’ INNER CIRCLE FUND CAMBIAR INTERNATIONAL EQUITY FUND APRIL 30, 2023 (UNAUDITED)  

COMMON STOCK — continued

	Shares		Value
JAPAN — 9.9%
Hitachi		124,000	$	6,859,015
Murata Manufacturing		70,000		3,971,532
Sony Group		71,000		6,423,636
Terumo		194,000		5,809,484
Tokyo Electron Ltd.		47,000		5,381,759
				28,445,426
NETHERLANDS — 2.6%
ING Groep		609,000		7,553,019
SINGAPORE — 4.0%
DBS Group Holdings		213,000		5,263,222
Singapore Telecommunications		3,263,000		6,253,059
				11,516,281
SPAIN — 2.0%
Iberdrola		431,000		5,584,962
SWITZERLAND — 11.6%
Nestle		54,000		6,927,637
Novartis		92,000		9,411,038
Roche Holding		27,000		8,454,786
Zurich Insurance Group		17,000		8,244,188
				33,037,649
TAIWAN — 1.8%
Taiwan Semiconductor Manufacturing ADR		61,000		5,142,300
UNITED KINGDOM — 22.7%
BAE Systems		445,000		5,669,316
Barclays		3,408,000		6,865,143
Bunzl		180,000		7,165,303
Compass Group		213,000		5,619,167
Diageo		142,000		6,477,514
Entain		294,000		5,357,074
Intertek Group		114,000		5,963,843
London Stock Exchange Group		70,000		7,349,558
Shell		291,000		8,941,934
SSE		241,000		5,560,656
				64,969,508
UNITED STATES — 2.2%
Liberty Media -Liberty Formula One, Cl C *		89,000		6,424,910
TOTAL COMMON STOCK (Cost $233,802,937)				275,723,239

SHORT-TERM INVESTMENT — 1.0%
First American Treasury Obligation Fund 4.866% (A) (Cost $2,723,132)	2,723,132		2,723,132
TOTAL INVESTMENTS — 97.3% (Cost $236,526,069)		$	278,446,371

Percentages are based on Net Assets of $286,083,584.

(A) The rate reported is the 7-day effective yield as of April 30, 2023.

* Non-income producing security.

ADR — American Depositary Receipt

Cl — Class

Ltd. — Limited

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

11

THE ADVISORS’ INNER CIRCLE FUND CAMBIAR INTERNATIONAL EQUITY FUND APRIL 30, 2023 (UNAUDITED)  

The following is a list of the level of inputs used as of April 30, 2023, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock
Australia	$	—	$	5,542,399	$	—	$	5,542,399
Belgium		—		15,178,653		—		15,178,653
Canada		18,307,960		—		—		18,307,960
France		—		34,166,041		—		34,166,041
Germany		—		33,093,257		—		33,093,257
Hong Kong		—		6,760,874		—		6,760,874
Japan		—		28,445,426		—		28,445,426
Netherlands		—		7,553,019		—		7,553,019
Singapore		—		11,516,281		—		11,516,281
Spain		—		5,584,962		—		5,584,962
Switzerland		—		33,037,649		—		33,037,649
Taiwan		5,142,300		—		—		5,142,300
United Kingdom		—		64,969,508		—		64,969,508
United States		6,424,910		—		—		6,424,910
Total Common Stock		29,875,170		245,848,069		—		275,723,239
Short-Term Investment		2,723,132		—		—		2,723,132
Total Investments in Securities	$	32,598,302	$	245,848,069	$	—	$	278,446,371

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.

12

THE ADVISORS’ INNER CIRCLE FUND CAMBIAR INTERNATIONAL SMALL CAP FUND APRIL 30, 2023 (UNAUDITED)  

SECTOR WEIGHTINGS †

† Percentages based on total investments. Total investments do not include derivatives such as options, futures contracts, forward contracts, and swap contracts, if applicable.

 SCHEDULE OF INVESTMENTS

 COMMON STOCK — 97.1%

	Shares		Value
AUSTRALIA — 2.1%
Domino’s Pizza Enterprises		12,900	$	434,208
AUSTRIA — 2.3%
BAWAG Group		9,700		473,110
CANADA — 6.8%
CCL Industries		12,000		564,284
Pason Systems		42,500		370,152
Vermilion Energy		36,000		455,696
				1,390,132
FAROE ISLANDS — 3.2%
Bakkafrost P		9,000		656,165
FRANCE — 7.3%
Eurazeo		8,500		606,935
Euroapi *		35,100		421,557
Remy Cointreau		2,700		467,178
				1,495,670
GERMANY — 11.0%
Hensoldt		12,900		483,817
Scout24		10,000		623,273
Stabilus		8,000		522,823
TeamViewer *		33,000		609,044
				2,238,957
GREECE — 2.2%
Motor Oil Hellas Corinth Refineries		18,500		440,922
INDIA — 2.5%
WNS Holdings ADR *		5,600		504,952

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

13

THE ADVISORS’ INNER CIRCLE FUND CAMBIAR INTERNATIONAL SMALL CAP FUND APRIL 30, 2023 (UNAUDITED)  

COMMON STOCK — continued

	Shares		Value
JAPAN — 13.9%
Daito Trust Construction		5,400	$	511,799
Disco		4,500		512,349
Kakaku.com		27,500		378,365
Ryohin Keikaku		33,700		354,637
Sanyo Denki		11,900		594,467
Taiyo Yuden		15,500		474,589
				2,826,206
LUXEMBOURG — 5.5%
B&M European Value Retail		108,100		652,597
L’Occitane International		185,600		472,181
				1,124,778
MEXICO — 2.6%
Coca-Cola Femsa ADR		6,300		531,846
NETHERLANDS — 8.6%
Aalberts		12,000		554,229
Euronext		4,600		365,836
OCI		11,900		313,570
QIAGEN *		11,400		508,554
				1,742,189
SWEDEN — 5.0%
Cloetta		238,500		504,867
Granges		50,800		505,264
				1,010,131
SWITZERLAND — 2.3%
Bossard Holding		1,900		465,962
UNITED KINGDOM — 21.8%
Britvic		48,200		554,137
Centrica		425,000		610,707
Coats Group		493,000		485,481
Diploma		17,600		596,410
Greggs		15,000		532,741
RS GROUP		55,000		638,115
Tate & Lyle		60,700		622,411
Virgin Money UK		203,300		399,567
				4,439,569
TOTAL COMMON STOCK (Cost $17,365,735)				19,774,797

SHORT-TERM INVESTMENT — 2.2%

First American Treasury Obligation Fund 4.866% (A) (Cost $447,469)	447,469		447,469
TOTAL INVESTMENTS — 99.3% (Cost $17,813,204)		$	20,222,266

Percentages are based on Net Assets of $20,365,255.

(A) The rate reported is the 7-day effective yield as of April 30, 2023.

* Non-income producing security.

ADR — American Depositary Receipt

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

14

THE ADVISORS’ INNER CIRCLE FUND CAMBIAR INTERNATIONAL SMALL CAP FUND APRIL 30, 2023 (UNAUDITED)  

The following is a list of the level of inputs used as of April 30, 2023, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock
Australia	$	—	$	434,208	$	—	$	434,208
Austria		—		473,110		—		473,110
Canada		1,390,132		—		—		1,390,132
Faroe Islands		—		656,165		—		656,165
France		—		1,495,670		—		1,495,670
Germany		—		2,238,957		—		2,238,957
Greece		—		440,922		—		440,922
India		504,952		—		—		504,952
Japan		—		2,826,206		—		2,826,206
Luxembourg		—		1,124,778		—		1,124,778
Mexico		531,846		—		—		531,846
Netherlands		508,554		1,233,635		—		1,742,189
Sweden		—		1,010,131		—		1,010,131
Switzerland		—		465,962		—		465,962
United Kingdom		—		4,439,569		—		4,439,569
Total Common Stock		2,935,484		16,839,313		—		19,774,797
Short-Term Investment		447,469		—		—		447,469
Total Investments in Securities	$	3,382,953	$	16,839,313	$	—	$	20,222,266

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.

15

THE ADVISORS’ INNER CIRCLE FUND CAMBIAR FUNDS APRIL 30, 2023 (UNAUDITED)  

  STATEMENTS OF ASSETS AND LIABILITIES

	Opportunity Fund		SMID Fund
Assets:
Cost of securities	$	279,798,684	$	132,085,683
Investments in securities, at value	$	335,901,223	$	147,567,012
Cash equivalents		89,000		—
Receivable for capital shares sold		205,972		478,988
Dividends receivable		382,962		104,559
Receivable for dividend tax reclaims		46,149		—
Prepaid expenses		23,265		28,892
Total Assets		336,648,571		148,179,451
Liabilities:
Payable for capital shares redeemed		150,337		54,919
Investment Adviser fees payable		128,297		70,851
Payable due to administrator		15,150		6,308
Shareholder servicing fees payable		13,817		11,395
Payable due to trustees		11,477		4,608
Audit fees payable		6,186		11,041
Chief Compliance Officer fees payable		3,300		1,141
Payable due to custodian		2,663		1,352
Payable for investment securities purchased		—		1,679,504
Other accrued expenses		49,087		25,972
Total Liabilities		380,314		1,867,091
Net Assets	$	336,268,257	$	146,312,360
Net Assets:
Paid-in Capital	$	259,711,209	$	128,502,421
Total distributable earnings		76,557,048		17,809,939
Net Assets	$	336,268,257	$	146,312,360
Investor Class Shares:
Net Assets	$	121,160,240	$	103,495,357
Total shares outstanding at end of period		4,802,767		4,599,038
Net Asset Value Per Share
(Net Assets ÷ Shares Outstanding)	$	25.23	$	22.50
Institutional Class Shares:
Net Assets	$	215,108,017	$	42,817,003
Total shares outstanding at end of period		8,565,756		1,902,764
Net Asset Value Per Share
(Net Assets ÷ Shares Outstanding)	$	25.11	$	22.50

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

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

16

THE ADVISORS’ INNER CIRCLE FUND CAMBIAR FUNDS APRIL 30, 2023 (UNAUDITED)  

 STATEMENTS OF ASSETS AND LIABILITIES

	Small Cap Fund		International   Equity Fund
Assets:
Cost of securities	$	92,596,194	$	236,526,069
Investments in securities, at value	$	98,639,507	$	278,446,371
Receivable for capital shares sold		6,256		178,187
Receivable due from Investment Adviser		39		—
Dividends receivable		20,405		725,629
Receivable for dividend tax reclaims		—		7,386,625
Prepaid expenses		16,603		21,027
Total Assets		98,682,810		286,757,839
Liabilities:
Payable for investment securities purchased		416,428		—
Investment Adviser fees payable		52,459		154,793
Shareholder servicing fees payable		22,609		9,902
Audit fees payable		7,886		10,787
Payable for capital shares redeemed		7,569		376,479
Payable due to administrator		4,538		12,892
Payable due to trustees		3,641		8,996
Payable due to custodian		1,234		40,157
Chief Compliance Officer fees payable		768		3,152
Other accrued expenses		18,569		57,097
Total Liabilities		535,701		674,255
Net Assets	$	98,147,109	$	286,083,584
Net Assets:
Paid-in Capital	$	91,223,884	$	344,723,480
Total distributable earnings (loss)		6,923,225		(58,639,896)
Net Assets	$	98,147,109	$	286,083,584
Investor Class Shares:
Net Assets	$	33,178,248	$	112,552,242
Total shares outstanding at end of period		2,229,334		4,624,098
Net Asset Value Per Share
(Net Assets ÷ Shares Outstanding)		$14.88		$24.34
Institutional Class Shares:
Net Assets	$	64,968,861	$	173,531,342
Total shares outstanding at end of period		4,181,102		7,123,496
Net Asset Value Per Share
(Net Assets ÷ Shares Outstanding)		$15.54		$24.36

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

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

17

THE ADVISORS’ INNER CIRCLE FUND CAMBIAR FUNDS APRIL 30, 2023 (UNAUDITED)  

 STATEMENTS OF ASSETS AND LIABILITIES

	International Small Cap Fund
Assets:
Cost of securities	$	17,813,204
Investments in securities, at value	$	20,222,266
Receivable for capital shares sold		94
Dividends receivable		68,125
Receivable for dividend tax reclaims		119,856
Prepaid expenses		10,546
Total Assets		20,420,887
Liabilities:
Audit fees payable		12,896
Payable due to custodian		10,219
Shareholder servicing fees payable		8,699
Payable for capital shares redeemed		7,506
Investment Adviser fees payable		6,013
Payable due to trustees		1,018
Payable due to administrator		953
Chief Compliance Officer fees payable		32
Other accrued expenses		8,296
Total Liabilities		55,632
Net Assets	$	20,365,255
Net Assets:
Paid-in Capital	$	17,431,884
Total distributable earnings		2,933,371
Net Assets	$	20,365,255
Institutional Class Shares:
Net Assets	$	20,365,255
Total shares outstanding at end of period		2,074,439
Net Asset Value Per Share

(Net Assets ÷ Shares Outstanding) $ 9.82  

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

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

18

THE ADVISORS’ INNER CIRCLE FUND CAMBIAR FUNDS FOR THE SIX MONTHS ENDED APRIL 30, 2023 (UNAUDITED)

 STATEMENTS OF OPERATIONS

	Opportunity       Fund		SMID Fund
Investment Income
Dividends	$	2,935,789	$	1,234,923
Interest		349,433		148,990
Less: Foreign Taxes Withheld		(23,996)		—
Total Investment Income		3,261,226		1,383,913
Expenses
Investment Advisory Fees		962,042		521,842
Shareholder Servicing Fees - Investor Class Shares		128,628		35,126
Administration Fees		88,173		35,877
Trustees’ Fees		23,968		9,456
Chief Compliance Officer Fees		4,276		1,847
Transfer Agent Fees		75,131		41,746
Legal Fees		22,361		8,852
Registration & Filing Fees		21,046		20,013
Printing Fees		17,038		6,188
Audit Fees		14,593		12,403
Custodian Fees		5,761		2,559
Pricing Fees		2,435		1,956
Interest Expense		–		1,576
Other Expenses		29,788		11,784
Total Expenses		1,395,240		711,225
Less:
Investment Advisory Fees Waiver		(213,595)		(121,110)
Fees Paid Indirectly (Note 3)		(8,668)		(531)
Net Expenses		1,172,977		589,584
Net Investment Income		2,088,249		794,329
Net Realized Gain on Investments(1)		20,245,373		2,636,933
Net Change in Unrealized Appreciation (Depreciation) on Investments		(4,041,828)		6,275,815
Net Gain on Investments		16,203,545		8,912,748
Net Increase in Net Assets from Operations	$	18,291,794	$	9,707,077

(1) Includes realized gain as a result of in-kind transactions. (See Note 5 in Notes to the Financial Statements.)

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

19

THE ADVISORS’ INNER CIRCLE FUND CAMBIAR FUNDS FOR THE SIX MONTHS ENDED APRIL 30, 2023 (UNAUDITED)

  STATEMENTS OF OPERATIONS

	Small Cap Fund		International       Equity Fund
Investment Income
Dividends	$	727,280	$	4,368,503
Interest		101,444		–
Less: Foreign Taxes Withheld		(500)		(2,479,415)
Total Investment Income		828,224		1,889,088
Expenses
Investment Advisory Fees		398,769		1,349,699
Shareholder Servicing Fees - Investor Class Shares		35,451		51,225
Administration Fees		25,806		82,483
Trustees’ Fees		7,063		23,887
Chief Compliance Officer Fees		1,485		3,981
Transfer Agent Fees		33,509		81,604
Registration & Filing Fees		15,854		23,690
Audit Fees		13,827		14,218
Legal Fees		6,680		21,156
Printing Fees		5,811		13,342
Custodian Fees		2,488		61,745
Pricing Fees		1,894		4,069
Interest Expense		–		9,796
Other Expenses		8,830		28,421
Total Expenses		557,467		1,769,316
Less:
Investment Advisory Fees Waiver		(97,931)		(361,514)
Fees Paid Indirectly (Note 3)		(1,800)		(3,850)
Net Expenses		457,736		1,403,952
Net Investment Income		370,488		485,136
Net Realized Gain (Loss) on Investments(1)		1,325,450		(628,785)
Net Realized Loss on Foreign Currency Transactions		—		(13,435)
Net Change in Unrealized Appreciation (Depreciation) on Investments		(37,663)		62,064,749
Net Change in Appreciation on Translation of Other Assets and Liabilities Denominated in Foreign Currencies		—		965,782
Net Gain on Investments		1,287,787		62,388,311
Net Increase in Net Assets from Operations	$	1,658,275	$	62,873,447

(1) Includes realized gain as a result of in-kind transactions. (See Note 5 in Notes to the Financial Statements.)

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 FUNDS FOR THE SIX MONTHS ENDED APRIL 30, 2023 (UNAUDITED)

  STATEMENTS OF OPERATIONS

	International   Small Cap Fund
Investment Income
Dividends	$	383,074
Interest		38,089
Less: Foreign Taxes Withheld		(2,756)
Total Investment Income		418,407
Expenses
Investment Advisory Fees		130,472
Shareholder Servicing Fees - Institutional Class Shares		11,598
Administration Fees		7,973
Trustees’ Fees		2,365
Chief Compliance Officer Fees		649
Transfer Agent Fees		15,518
Audit Fees		13,266
Registration & Filing Fees		10,071
Custodian Fees		7,207
Interest Expense		4,931
Legal Fees		2,210
Pricing Fees		1,993
Printing Fees		1,375
Other Expenses		2,444
Total Expenses		212,072
Less:
Investment Advisory Fees Waiver		(62,679)
Fees Paid Indirectly (Note 3)		(76)
Net Expenses		149,317
Net Investment Income		269,090
Net Realized Gain on Investments		622,318
Net Realized Gain on Foreign Currency Transactions		6,318
Net Change in Unrealized Appreciation on Investments		4,037,058
Net Change in Appreciation on Translation of Other Assets and Liabilities Denominated in Foreign Currencies		17,704
Net Gain on Investments		4,683,398
Net Increase in Net Assets from Operations	$	4,952,488

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 OPPORTUNITY FUND  

  STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended   April 30, 2023   (Unaudited)		Year Ended   October 31, 2022
Operations:
Net Investment Income	$	2,088,249	$	2,735,701
Net Realized Gain on Investments(1)		20,245,373		14,827,535
Net Change in Unrealized Depreciation on Investments		(4,041,828)		(42,495,248)
Net Increase (Decrease) in Net Assets Resulting from Operations		18,291,794		(24,932,012)
Distributions:
Investor Class Shares		(5,939,840)		(11,266,451)
Institutional Class Shares		(8,501,355)		(14,556,165)
Total Distributions		(14,441,195)		(25,822,616)
Capital Share Transactions:
Investor Class Shares
Issued		3,024,677		11,247,460
Reinvestment of Dividends		5,627,527		10,687,472
Redeemed		(11,105,648)		(34,273,085)
Net Decrease in Net Assets from Investor Class Share Transactions		(2,453,444)		(12,338,153)
Institutional Class Shares
Issued		78,272,437		41,841,356
Reinvestment of Dividends		5,871,477		9,945,788
Redeemed		(34,030,473)		(61,189,581)
Net Increase (Decrease) in Net Assets from Institutional Class Share Transactions		50,113,441		(9,402,437)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		47,659,997		(21,740,590)
Total Increase (Decrease) in Net Assets		51,510,596		(72,495,218)
Net Assets:
Beginning of period		284,757,661		357,252,879
End of period	$	336,268,257	$	284,757,661
Share Transactions:
Investor Class Shares
Issued		120,708		418,708
Reinvestment of Dividends		224,608		392,822
Redeemed		(441,948)		(1,284,021)
Total Decrease in Investor Class Shares		(96,632)		(472,491)
Institutional Class Shares
Issued		3,316,504		1,586,112
Reinvestment of Dividends		235,532		366,366
Redeemed		(1,354,798)		(2,306,263)
Total Increase (Decrease) in Institutional Class Shares		2,197,238		(353,785)
Net Increase (Decrease) in Shares Outstanding		2,100,606		(826,276)

(1) Includes net realized gain (losses) as a result of in-kind transactions (See Note 4 in the Notes to Financial Statements).

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

22

THE ADVISORS’ INNER CIRCLE FUND CAMBIAR SMID FUND  

  STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended     April 30, 2023     (Unaudited)		Year Ended   October 31, 2022
Operations:
Net Investment Income	$	794,329	$	1,110,927
Net Realized Gain (Loss) on Investments		2,636,933		(225,167)
Net Change in Unrealized Appreciation (Depreciation) on Investments		6,275,815		(9,014,180)
Net Increase (Decrease) in Net Assets Resulting from Operations		9,707,077		(8,128,420)
Distributions:
Investor Class Shares		(924,472)		(13,171,385)
Institutional Class Shares		(253,644)		(2,774,168)
Total Distributions		(1,178,116)		(15,945,553)
Capital Share Transactions:
Investor Class Shares
Issued		18,734,908		52,033,045
Reinvestment of Dividends		924,239		13,168,685
Redemption Fees — Note 2		8,485		594
Redeemed		(26,867,391)		(65,992,834)
Net Decrease in Net Assets from Investor Class Share Transactions		(7,199,759)		(790,510)
Institutional Class Shares
Issued		21,451,556		4,670,479
Reinvestment of Dividends		95,753		614,415
Redemption Fees — Note 2		943		1
Redeemed		(3,553,803)		(3,960,612)
Net Increase in Net Assets from Institutional Class Share Transactions		17,994,449		1,324,283
Net Increase in Net Assets from Capital Share Transactions		10,794,690		533,773
Total Increase (Decrease) in Net Assets		19,323,651		(23,540,200)
Net Assets:
Beginning of period		126,988,709		150,528,909
End of period	$	146,312,360	$	126,988,709
Share Transactions:
Investor Class Shares
Issued		839,972		2,384,954
Reinvestment of Dividends		42,834		591,007
Redeemed		(1,226,740)		(3,021,679)
Total Decrease in Investor Class Shares		(343,934)		(45,718)
Institutional Class Shares
Issued		958,100		219,364
Reinvestment of Dividends		4,440		27,553
Redeemed		(162,131)		(185,336)
Total Increase in Institutional Class Shares		800,409		61,581
Net Increase in Shares Outstanding		456,475		15,863

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

23

THE ADVISORS’ INNER CIRCLE FUND CAMBIAR SMALL CAP FUND  

  STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended     April 30, 2023     (Unaudited)		Year Ended   October 31, 2022
Operations:
Net Investment Income	$	370,488	$	134,235
Net Realized Gain on Investments		1,325,450		54,458
Net Change in Unrealized Depreciation on Investments		(37,663)		(6,146,201)
Net Increase (Decrease) in Net Assets Resulting from Operations		1,658,275		(5,957,508)
Distributions:
Investor Class Shares		(159,040)		(10,151,858)
Institutional Class Shares		(294,991)		(13,429,223)
Total Distributions		(454,031)		(23,581,081)
Capital Share Transactions:
Investor Class Shares
Issued		5,128,167		5,152,784
Reinvestment of Dividends		154,599		9,641,173
Redemption Fees — Note 2		1,063		825
Redeemed		(6,344,592)		(9,302,029)
Net Increase (Decrease) in Net Assets from Investor Class Share Transactions		(1,060,763)		5,492,753
Institutional Class Shares
Issued		35,255,571		5,589,778
Reinvestment of Dividends		283,090		13,356,819
Redemption Fees — Note 2		10,655		—
Redeemed		(9,752,694)		(19,351,658)
Net Increase (Decrease) in Net Assets from Institutional Class Share Transactions		25,796,622		(405,061)
Net Increase in Net Assets from Capital Share Transactions		24,735,859		5,087,692
Total Increase (Decrease) in Net Assets		25,940,103		(24,450,897)
Net Assets:
Beginning of period		72,207,006		96,657,903
End of period	$	98,147,109	$	72,207,006
Share Transactions:
Investor Class Shares
Issued		335,962		344,173
Reinvestment of Dividends		10,491		633,454
Redeemed		(420,477)		(629,288)
Total Increase (Decrease) in Investor Class Shares		(74,024)		348,339
Institutional Class Shares
Issued		2,216,258		332,679
Reinvestment of Dividends		18,577		841,624
Redeemed		(622,356)		(1,180,844)
Total Increase (Decrease) in Institutional Class Shares		1,612,479		(6,541)
Net Increase in Shares Outstanding		1,538,455		341,798

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

24

THE ADVISORS’ INNER CIRCLE FUND CAMBIAR INTERNATIONAL EQUITY FUND  

  STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended     April 30, 2023     (Unaudited)		Year Ended   October 31, 2022
Operations:
Net Investment Income	$	485,136	$	7,913,167
Net Realized Loss on Investments		(628,785)		(22,025,307)
Net Realized Loss on Foreign Currency Transactions		(13,435)		(252,347)
Net Change in Unrealized Appreciation (Depreciation) on Investments		62,064,749		(183,106,661)
Net Change in Unrealized Appreciation (Depreciation) on Foreign Currencies and Translation of Other Assets and Liabilities Denominated in Foreign Currencies		965,782		(1,191,976)
Net Increase (Decrease) in Net Assets Resulting from Operations		62,873,447		(198,663,124)
Distributions:
Investor Class Shares		(2,916,477)		(2,715,562)
Institutional Class Shares		(4,986,684)		(9,947,276)
Total Distributions		(7,903,161)		(12,662,838)
Capital Share Transactions:
Investor Class Shares
Issued		10,721,695		22,255,371
Reinvestment of Dividends		2,893,403		2,674,382
Redemption Fees — Note 2		—		22
Redeemed		(36,847,150)		(63,726,184)
Net Decrease in Net Assets from Investor Class Share Transactions		(23,232,052)		(38,796,409)
Institutional Class Shares
Issued		7,822,712		70,034,724
Reinvestment of Dividends		1,833,064		2,106,500
Redemption Fees — Note 2		—		11,111
Redeemed		(71,111,759)		(430,025,843)
Net Decrease in Net Assets from Institutional Class Share Transactions		(61,455,983)		(357,873,508)
Net Decrease in Net Assets from Capital Share Transactions		(84,688,035)		(396,669,917)
Total Decrease in Net Assets		(29,717,749)		(607,995,879)
Net Assets:
Beginning of period		315,801,333		923,797,212
End of period	$	286,083,584	$	315,801,333
Share Transactions:
Investor Class Shares
Issued		464,259		948,000
Reinvestment of Dividends		131,161		97,748
Redeemed		(1,623,761)		(2,710,791)
Total Decrease in Investor Class Shares		(1,028,341)		(1,665,043)
Institutional Class Shares
Issued		343,421		2,798,057
Reinvestment of Dividends		83,057		76,936
Redeemed		(3,134,501)		(18,615,735)
Total Decrease in Institutional Class Shares		(2,708,023)		(15,740,742)
Net Decrease in Shares Outstanding		(3,736,364)		(17,405,785)

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

25

THE ADVISORS’ INNER CIRCLE FUND CAMBIAR INTERNATIONAL SMALL CAP FUND  

  STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended     April 30, 2023     (Unaudited)		Year Ended   October 31, 2022
Operations:
Net Investment Income	$	269,090	$	686,113
Net Realized Gain (Loss) on Investments		622,318		(301,338)
Net Realized Gain (Loss) on Forward Foreign Currency Contracts and Foreign Currency Transactions		6,318		(973)
Net Change in Unrealized Appreciation (Depreciation) on Investments		4,037,058		(23,737,881)
Net Change in Unrealized Appreciation (Depreciation) on Foreign Currencies and Translation of Other Assets and Liabilities Denominated in Foreign Currencies		17,704		(20,462)
Net Increase (Decrease) in Net Assets Resulting from Operations		4,952,488		(23,374,541)
Distributions:		(673,141)		(6,803,212)
Capital Share Transactions:
Issued		7,324,518		15,651,300
Reinvestment of Dividends		395,174		4,210,976
Redemption Fees — Note 2		—		832
Redeemed		(23,828,335)		(54,161,154)
Net Decrease in Net Assets from Capital Share Transactions		(16,108,643)		(34,298,046)
Total Decrease in Net Assets		(11,829,296)		(64,475,799)
Net Assets:
Beginning of period		32,194,551		96,670,350
End of period	$	20,365,255	$	32,194,551
Share Transactions:
Issued		765,549		1,491,086
Reinvestment of Dividends		42,768		339,751
Redeemed		(2,487,667)		(4,751,304)
Net Decrease in Shares Outstanding		(1,679,350)		(2,920,467)

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

26

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
	Period November 1, 2022 to April 30, 2023			Year ended October 31,
Opportunity Fund				2022			2021			2020			2019			2018
Net Asset Value, Beginning of Year	$	25.31		$	29.58		$	22.07		$	22.63		$	22.62		$	26.33
Income (Loss) from Operations:
Net Investment Income(1)		0.15			0.20			0.17			0.27			0.34			0.23
Net Realized and Unrealized Gain (Loss)		0.99			(2.35	)		8.34			1.29			2.06			(0.62	)
Total from Operations		1.14			(2.15	)		8.51			1.56			2.40			(0.39	)
Dividends and Distributions:
Net Investment Income		(0.16	)		(0.14	)		(0.19	)		(0.32	)		(0.24	)		(0.21	)
Net Realized Gain		(1.06	)		(1.98	)		(0.81	)		(1.80	)		(2.15	)		(3.11	)
Total Dividends and Distributions		(1.22	)		(2.12	)		(1.00	)		(2.12	)		(2.39	)		(3.32	)
Net Asset Value, End of Year	$	25.23		$	25.31		$	29.58		$	22.07		$	22.63		$	22.62
Total Return†		4.55%			(7.74)%			39.42%			6.91%			13.32%			(2.17)%
Ratios and Supplemental Data
Net Assets, End of Year (Thousands)		$121,160			$124,006			$158,921			$103,903			$107,692			$115,537
Ratio of Expenses to Average Net Assets		0.86%*			0.86%			0.85%			0.84%			0.80%			1.00%
Ratio of Expenses to Average Net Assets (Excluding Waivers and Fees Paid Indirectly)		0.99%*			0.98%			0.94%			0.94%			0.88%			1.06%
Ratio of Net Investment Income to Average Net Assets		1.18%*			0.76%			0.61%			1.27%			1.63%			0.96%
Portfolio Turnover Rate		29%*	*		46%			36%			87%			70%			47%

* Annualized

** Portfolio turnover is for the period indicated and has not been annualized.

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

(1) Per share data calculated using the average shares method.

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

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

27

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
	Period November 1, 2022 to April 30, 2023			Year ended October 31,
Opportunity Fund				2022			2021			2020			2019			2018
Net Asset Value, Beginning of Year	$	25.24		$	29.50		$	22.00		$	22.55		$	22.57		$	26.30
Income (Loss) from Operations:
Net Investment Income(1)		0.17			0.26			0.22			0.31			0.37			0.27
Net Realized and Unrealized Gain (Loss)		0.98			(2.35	)		8.32			1.28			2.05			(0.62	)
Total from Operations		1.15			(2.09	)		8.54			1.59			2.42			(0.35	)
Dividends and Distributions:
Net Investment Income		(0.22	)		(0.19	)		(0.23	)		(0.34	)		(0.29	)		(0.27	)
Net Realized Gain		(1.06	)		(1.98	)		(0.81	)		(1.80	)		(2.15	)		(3.11	)
Total Dividends and Distributions		(1.28	)		(2.17	)		(1.04	)		(2.14	)		(2.44	)		(3.38	)
Net Asset Value, End of Year	$	25.11		$	25.24		$	29.50		$	22.00		$	22.55		$	22.57
Total Return†		4.60%			(7.55)%			39.75%			7.09%			13.46%			(2.00)%
Ratios and Supplemental Data
Net Assets, End of Year (Thousands)		$215,108			$160,752			$198,332			$127,089			$121,973			$169,330
Ratio of Expenses to Average Net Assets		0.65%*			0.65%			0.65%			0.65%			0.71%			0.80%
Ratio of Expenses to Average Net Assets (Excluding Waivers, Expense Reimbursements and Fees Paid Indirectly)		0.79%*			0.77%			0.74%			0.75%			0.79%			0.86%
Ratio of Net Investment Income to Average Net Assets		1.38%*			0.97%			0.81%			1.45%			1.76%			1.11%
Portfolio Turnover Rate		29%*	*		46%			36%			87%			70%			47%

* Annualized

** Portfolio turnover is for the period indicated and has not been annualized.

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

(1) Per share data calculated using the average shares method.

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

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

28

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
	Period November 1, 2022 to April 30, 2023			Year ended October 31,
SMID Fund				2022			2021			2020			2019			2018
Net Asset Value, Beginning of Year	$	21.00		$	24.96		$	17.43		$	18.78		$	17.37		$	16.42
Income (Loss) from Operations:
Net Investment Income(1)		0.13			0.18			0.21			0.13			0.11			0.09
Net Realized and Unrealized Gain (Loss)		1.58			(1.48	)		7.45			(0.69	)		2.35			0.93
Total from Operations		1.71			(1.30	)		7.66			(0.56	)		2.46			1.02
Dividends and Distributions:
Net Investment Income		(0.20	)		(0.19	)		(0.13	)		(0.09	)		(0.09	)		(0.07	)
Net Realized Gain		(0.01	)		(2.47	)		—			(0.70	)		(0.96	)		—
Total Dividends and Distributions		(0.21	)		(2.66	)		(0.13	)		(0.79	)		(1.05	)		(0.07	)
Redemption Fees(1)		0.00	(2)		0.00	(2)		0.00	(2)		0.00	(2)		0.00	(2)		—
Net Asset Value, End of Year	$	22.50		$	21.00		$	24.96		$	17.43		$	18.78		$	17.37
Total Return†		8.16%			(5.74)%			44.07%			(3.42)%			15.61%			6.20%
Ratios and Supplemental Data
Net Assets, End of Year (Thousands)		$103,495			$103,824			$124,536			$53,396			$48,630			$35,750
Ratio of Expenses to Average Net Assets		0.92%*			0.92%			0.93%			0.95%			0.94%			0.95%
Ratio of Expenses to Average Net Assets (Excluding Waivers and Fees Paid Indirectly)		1.11%*			1.09%			1.07%			1.20%			1.21%			1.26%
Ratio of Net Investment Income to Average Net Assets		1.21%*			0.81%			0.87%			0.76%			0.61%			0.53%
Portfolio Turnover Rate		19%*	*		34%			52%			82%			65%			61%

* Annualized

** Portfolio turnover is for the period indicated and has not been annualized.

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

(1) Per share data calculated using the average shares method.

(2) Amount represents less than $0.005 per share.

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

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

29

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
	Period November 1, 2022 to April 30, 2023			Year ended October 31,
SMID Fund				2022			2021			2020			2019			2018
Net Asset Value, Beginning of Year	$	21.01		$	24.97		$	17.44		$	18.78		$	17.36		$	16.41
Income (Loss) from Operations:
Net Investment Income(1)		0.14			0.19			0.22			0.15			0.12			0.09
Net Realized and Unrealized Gain (Loss)		1.57			(1.48	)		7.45			(0.69	)		2.35			0.93
Total from Operations		1.71			(1.29	)		7.67			(0.54	)		2.47			1.02
Dividends and Distributions:
Net Investment Income		(0.21	)		(0.20	)		(0.14	)		(0.10	)		(0.09	)		(0.07	)
Net Realized Gain		(0.01	)		(2.47	)		—			(0.70	)		(0.96	)		—
Total Dividends and Distributions		(0.22	)		(2.67	)		(0.14	)		(0.80	)		(1.05	)		(0.07	)
Redemption Fees(1)		0.00	(2)		0.00	(2)		0.01			—			—			—
Net Asset Value, End of Year	$	22.50		$	21.01		$	24.97		$	17.44		$	18.78		$	17.36
Total Return†		8.19%			(5.67)%			44.17%			(3.32)%			15.69%			6.22%
Ratios and Supplemental Data
Net Assets, End of Year (Thousands)		$42,817			$23,164			$25,993			$4,745			$4,679			$3,780
Ratio of Expenses to Average Net Assets		0.85%*			0.85%			0.85%			0.85%			0.88%			0.95%
Ratio of Expenses to Average Net Assets (Excluding Waivers and Fees Paid Indirectly)		1.05%*			1.02%			0.99%			1.09%			1.15%			1.26%
Ratio of Net Investment Income to Average Net Assets		1.25%*			0.87%			0.89%			0.86%			0.67%			0.54%
Portfolio Turnover Rate		19%*	*		34%			52%			82%			65%			61%

* Annualized

** Portfolio turnover is for the period indicated and has not been annualized.

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

(1) Per share data calculated using the average shares method.

(2) Amount represents less than $0.005 per share.

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

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

30

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
	Period November 1, 2022 to April 30, 2023		Year ended October 31,
Small Cap Fund			2022		2021		2020		2019		2018
Net Asset Value, Beginning of Year	$	14.48	$	20.95	$	14.93	$	16.61	$	18.45	$	19.37
Income (Loss) from Operations:
Net Investment Income (Loss)(1)		0.05		0.01		(0.02)		0.06		0.07		0.06
Net Realized and Unrealized Gain (Loss)		0.42		(1.30)		6.10		(0.94)		1.34		(0.10)
Total from Operations		0.47		(1.29)		6.08		(0.88)		1.41		(0.04)
Dividends and Distributions:
Net Investment Income		—		—		(0.06)		(0.08)		(0.01)		(0.08)
Net Realized Gain		(0.07)		(5.18)		—		(0.72)		(3.24)		(0.80)
Total Dividends and Distributions		(0.07)		(5.18)		(0.06)		(0.80)		(3.25)		(0.88)
Redemption Fees(1)		—		0.00(2)		0.00(2)		0.00(2)		0.00(2)		0.00(2)
Net Asset Value, End of Year	$	14.88	$	14.48	$	20.95	$	14.93	$	16.61	$	18.45
Total Return†		3.24%		(7.36)%		40.79%		(5.76)%		12.17%		(0.37)%
Ratios and Supplemental Data
Net Assets, End of Year (Thousands)		$33,178		$33,349		$40,967		$36,234		$42,212		$49,475
Ratio of Expenses to Average Net Assets		1.10%*		1.10%		1.10%		1.05%		1.15%		1.12%
Ratio of Expenses to Average Net Assets (Excluding Waivers and Fees Paid Indirectly)		1.31%*		1.31%		1.26%		1.25%		1.30%		1.21%
Ratio of Net Investment Income (Loss) to Average Net Assets		0.70%*		0.05%		(0.10)%		0.41%		0.42%		0.31%
Portfolio Turnover Rate		25%**		50%		64%		70%		55%		45%

* Annualized

** Portfolio turnover is for the period indicated and has not been annualized.

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

(1) Per share data calculated using the average shares method.

(2) Amount represents less than $0.005 per share.

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

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

31

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
	Period November 1, 2022 to April 30, 2023		Year ended October 31,
Small Cap Fund			2022		2021		2020		2019		2018
Net Asset Value, Beginning of Year	$	15.13	$	21.63	$	15.39	$	17.11	$	18.89	$	19.83
Income (Loss) from Operations:
Net Investment Income(1)		—		0.04		0.02		0.08		0.10		0.08
Net Realized and Unrealized Gain (Loss)		0.51		(1.36)		6.30		(0.97)		1.39		(0.11)
Total from Operations		0.51		(1.32)		6.32		(0.89)		1.49		(0.03)
Dividends and Distributions:
Net Investment Income		(0.03)		—		(0.08)		(0.11)		(0.03)		(0.11)
Net Realized Gain		(0.07)		(5.18)		—		(0.72)		(3.24)		(0.80)
Total Dividends and Distributions		(0.10)		(5.18)		(0.08)		(0.83)		(3.27)		(0.91)
Redemption Fees(1)		0.00(2)		0.00(2)		0.00(2)		0.00(2)		0.00(2)		0.00(2)
Net Asset Value, End of Year	$	15.54	$	15.13	$	21.63	$	15.39	$	17.11	$	18.89
Total Return†		3.36%		(7.21)%		41.18%		(5.64)%		12.37%		(0.29)%
Ratios and Supplemental Data
Net Assets, End of Year (Thousands)		$64,969		$38,858		$55,691		$42,012		$42,824		$72,239
Ratio of Expenses to Average Net Assets		0.90%*		0.90%		0.90%		0.90%		0.96%		1.05%
Ratio of Expenses to Average Net Assets (Excluding Waivers and Fees Paid Indirectly)		1.11%*		1.11%		1.07%		1.10%		1.10%		1.14%
Ratio of Net Investment Income (Loss) to Average Net Assets		(0.06)%*		0.26%		0.08%		0.55%		0.61%		0.41%
Portfolio Turnover Rate		25%**		50%		64%		70%		55%		45%

* Annualized

** Portfolio turnover is for the period indicated and has not been annualized.

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

(1) Per share data calculated using the average shares method.

(2) Amount represents less than $0.005 per share.

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

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

32

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
	Period November 1, 2022 to April 30, 2023		Year ended October 31,
International Equity Fund			2022		2021		2020		2019		2018
Net Asset Value, Beginning of Year	$	20.37	$	28.06	$	22.33	$	26.26	$	25.02	$	28.31
Income (Loss) from Operations:
Net Investment Income(1)		0.03		0.29		0.34		0.21		0.72		0.45
Net Realized and Unrealized Gain (Loss)		4.52		(7.61)		5.70		(3.23)		0.73		(3.15)
Total from Operations		4.55		(7.32)		6.04		(3.02)		1.45		(2.70)
Dividends and Distributions:
Net Investment Income		(0.58)		(0.37)		(0.31)		(0.91)		(0.16)		(0.36)
Net Realized Gain		—		—		—		—		(0.05)		(0.23)
Total Dividends and Distributions		(0.58)		(0.37)		(0.31)		(0.91)		(0.21)		(0.59)
Redemption Fees(1)		—		0.00(2)		0.00(2)		0.00(2)		0.00(2)		0.00(2)
Net Asset Value, End of Year	$	24.34	$	20.37	$	28.06	$	22.33	$	26.26	$	25.02
Total Return†		22.63%		(26.42)%		27.13%		(12.07)%		5.88%		(9.77)%
Ratios and Supplemental Data
Net Assets, End of Year (Thousands)		$112,552		$115,167		$205,317		$194,941		$455,008		$710,594
Ratio of Expenses to Average Net Assets		0.99%*		0.99%		0.98%		1.03%		1.02%		1.08%
Ratio of Expenses to Average Net Assets (Excluding Waivers and Fees Paid Indirectly)		1.23%*		1.17%		1.12%		1.15%		1.10%		1.12%
Ratio of Net Investment Income to Average Net Assets		0.28%*		1.20%		1.21%		0.87%		2.89%		1.60%
Portfolio Turnover Rate		13%**		49%		61%		58%		42%		54%

* Annualized

** Portfolio turnover is for the period indicated and has not been annualized.

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

(1) Per share data calculated using the average shares method.

(2) Amount represents less than $0.005 per share.

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

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

33

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
	Period November 1, 2022 to April 30, 2023		Year ended October 31,
International Equity Fund			2022		2021		2020		2019		2018
Net Asset Value, Beginning of Year	$	20.41	$	28.10	$	22.38	$	26.31	$	25.11	$	28.40
Income (Loss) from Operations:
Net Investment Income(1)		0.04		0.31		0.33		0.25		0.77		0.49
Net Realized and Unrealized Gain (Loss)		4.52		(7.61)		5.74		(3.24)		0.70		(3.15)
Total from Operations		4.56		(7.30)		6.07		(2.99)		1.47		(2.66)
Dividends and Distributions:
Net Investment Income		(0.61)		(0.39)		(0.35)		(0.94)		(0.22)		(0.40)
Net Realized Gain		—		—		—		—		(0.05)		(0.23)
Total Dividends and Distributions		(0.61)		(0.39)		(0.35)		(0.94)		(0.27)		(0.63)
Redemption Fees(1)		—		0.00(2)		0.00(2)		0.00(2)		0.00(2)		0.00(2)
Net Asset Value, End of Year	$	24.36	$	20.41	$	28.10	$	22.38	$	26.31	$	25.11
Total Return†		22.63%		(26.32)%		27.23%		(11.94)%		5.99%		(9.63)%
Ratios and Supplemental Data
Net Assets, End of Year (Thousands)		$173,532		$200,634		$718,480		$837,570		$1,927,379		$2,514,844
Ratio of Expenses to Average Net Assets		0.90%*		0.90%		0.90%		0.90%		0.92%		0.95%
Ratio of Expenses to Average Net Assets (Excluding Waivers and Fees Paid Indirectly)		1.14%*		1.08%		1.04%		1.02%		1.00%		1.00%
Ratio of Net Investment Income to Average Net Assets		0.35%*		1.25%		1.19%		1.02%		3.07%		1.73%
Portfolio Turnover Rate		13%**		49%		61%		58%		42%		54%

* Annualized

** Portfolio turnover is for the period indicated and has not been annualized.

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

(1) Per share data calculated using the average shares method.

(2) Amount represents less than $0.005 per share.

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

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

34

THE ADVISORS’ INNER CIRCLE FUND CAMBIAR INTERNATIONAL SMALL CAP FUND  

  FINANCIAL HIGHLIGHTS

Selected Per Share Data & Ratios

For a Share Outstanding Throughout Each Year

	Institutional Class Shares
	Period November 1, 2022 to April 30, 2023		Year ended October 31,
International Small Cap Fund			2022		2021		2020		2019		2018
Net Asset Value, Beginning of Year	$	8.58	$	14.48	$	11.29	$	12.04	$	11.22	$	12.68
Income (Loss) from Operations:
Net Investment Income(1)		0.09		0.15		0.08		0.09		0.19		0.10
Net Realized and Unrealized Gain (Loss)		1.35		(4.93)		3.39		(0.66)		1.17		(0.70)
Total from Operations		1.44		(4.78)		3.47		(0.57)		1.36		(0.60)
Dividends and Distributions:
Net Investment Income		(0.20)		(0.08)		(0.06)		(0.17)		(0.07)		(0.10)
Net Realized Gain		—		(1.04)		(0.22)		(0.01)		(0.47)		(0.76)
Total Dividends and Distributions		(0.20)		(1.12)		(0.28)		(0.18)		(0.54)		(0.86)
Redemption Fees(1)		—		—		0.00(2)		—		—		—
Net Asset Value, End of Year	$	9.82	$	8.58	$	14.48	$	11.29	$	12.04	$	11.22
Total Return†		16.93%		(35.33)%		30.83%		(4.89)%		13.14%		(5.36)%
Ratios and Supplemental Data
Net Assets, End of Year (Thousands)		$20,365		$32,195		$96,670		$61,003		$2,689		$2,228
Ratio of Expenses to Average Net Assets		1.03%*		1.03%		1.05%		1.05%		1.06%		1.15%
Ratio of Expenses to Average Net Assets (Excluding
Waivers and Fees Paid Indirectly)		1.46%*		1.36%		1.22%		1.45%		4.75%		5.45%
Ratio of Net Investment Income to Average Net Assets		1.86%*		1.33%		0.54%		0.81%		1.70%		0.78%
Portfolio Turnover Rate		15%**		61%		38%		42%		49%		68%

* Annualized

** Portfolio turnover is for the period indicated and has not been annualized.

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

(1) Per share data calculated using the average shares method.

(2) Amount represents less than $0.005 per share.

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

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

35

THE ADVISORS’ INNER CIRCLE FUND CAMBIAR FUNDS APRIL 30, 2023 (UNAUDITED)  

NOTES TO THE 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 28 portfolios. The financial statements herein are those of the Cambiar Opportunity Fund, Cambiar SMID Fund, Cambiar Small Cap Fund, Cambiar International Equity Fund and Cambiar International Small Cap Fund (collectively the “Funds,” individually a “Fund”). The Opportunity Fund and International Equity Fund seek total return and capital preservation. The SMID Fund, Small Cap Fund and International 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.

Effective August 15, 2017, the Funds changed their fiscal year end to October 31. The previous fiscal year end was April 30.

The Global Value Fund liquidated on April 8, 2022.

2. Significant Accounting Policies:

The following are significant accounting policies, which are consistently followed in the preparation of the financial statements of the Funds. The Funds are investment companies that apply the accounting and reporting guidance issued in Topic 946 by the U.S. Financial Accounting Standards Board (“FASB”).

Use of Estimates — The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts 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 required to be fair valued under the 1940 Act.

In December 2020, the SEC adopted Rule 2a-5 under the 1940 Act, establishing requirements to determine fair value in good faith for purposes of the 1940 Act. The rule permits fund boards to designate a fund’s investment adviser to perform fair-value determinations, subject to board oversight and certain other conditions. The rule also defines when market quotations are “readily available” for purposes of the 1940 Act and requires a fund to fair value a portfolio investment when a market quotation is not readily available. The SEC also adopted new Rule 31a-4 under the 1940 Act, which sets forth recordkeeping requirements associated with fair-value determinations. The compliance date for Rule 2a-5 and Rule 31a-4 was September 8, 2022.

Effective September 8, 2022, and pursuant to the requirements of Rule 2a-5, the Trust’s Board of Trustees (the “Board”) designated the Adviser as the Board’s valuation designee to perform fair-value determinations for the Funds through a Fair Value Committee (the “Committee”) established by the Adviser and approved new Adviser Fair Value Procedures for the Funds. Prior to September 8, 2022, fair-value determinations were performed in accordance with the Trust’s Fair Value Procedures established by the Board and were implemented through a Fair Value Committee designated by the Board.

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

36

THE ADVISORS’ INNER CIRCLE FUND CAMBIAR FUNDS APRIL 30, 2023 (UNAUDITED)  

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 and Cambiar International Small Cap Fund use 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 and Cambiar International Small Cap Fund value the non-U.S. securities in its portfolio that exceed the applicable “confidence interval” based upon the fair values provided by ICE. In such event, it is not necessary to hold a Committee meeting. In the event that the Adviser believes that the fair values provided by ICE are not reliable, the Adviser contacts the Fund’s Administrator and requests that a meeting of the Committee be held. As of April 30, 2023, none of the investments held by the Funds were fair valued.

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

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

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

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

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

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

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

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

37

THE ADVISORS’ INNER CIRCLE FUND CAMBIAR FUNDS APRIL 30, 2023 (UNAUDITED)  

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

As of April 30, 2023, the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. During the period ended April 30, 2023, 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.

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

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

Swap Contracts — The Funds are authorized to enter into various contracts, including total return swaps and equity swap contracts, for the purposes of capitalizing on valuation anomalies that exist in the market. Swaps are a two-party contract in which the seller (buyer) will pay to the buyer (seller) the difference between the current value of a security and its value at the time the contract was entered.

In a long position, the Funds will receive or pay an amount based upon the amount, if any, by which the notional amount of the swap would have increased or decreased in value had it been invested in the particular stocks, plus the dividends that would have been received on those stocks, less a floating rate of interest on the notional amount of the swap. In a short position, the Fund will receive or pay an amount based upon the amount, if any, by which the notional amount of the swap would have decreased or increased in value had it sold the particular stocks short, less the dividends that would have been paid on those stocks, plus a floating rate of interest on the notional amount of the swap. All of these components are reflected in the market value of the swaps.

Periodic payments made or received are recorded as realized gains or losses. At year end, the Statements of Assets and Liabilities reflect, if any, unrealized appreciation or depreciation and accrued periodic payments for swap contracts the Funds may have open at year end.

Entering into swap contracts involves, to varying degrees, elements of credit and market risk in excess of the amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these contracts, that the counterparty to the contract may default on its obligation to perform and that there may be unfavorable changes in market conditions. Swaps outstanding at year end, if any, are listed on the Schedules of Investments. In connection with swap contracts, cash or securities may be segregated as collateral by the Funds’ custodian.

As of April 30, 2023, the Funds did not hold swap contracts.

There is the risk that the counterparty refuses to continue to enter into swap agreements with the Funds’ in the future, or requires increased fees, which could impair the Funds’ ability to achieve its investment objective. A counterparty may also increase its collateral requirements, which may limit the Funds ability to use leverage and reduce investment returns. In addition, if the Funds cannot locate a counterparty willing to enter into transactions with the Funds, they will not be able to implement their investment strategy.

To reduce counterparty risk with respect to OTC transactions, the Funds have entered into master netting arrangements, established within the Fund’s International Swap and Derivatives Association, Inc. (“ISDA”) master agreements, which allow the Funds to make (or to have an entitlement to receive) a single net payment in the event of default (close-out

38

THE ADVISORS’ INNER CIRCLE FUND CAMBIAR FUNDS APRIL 30, 2023 (UNAUDITED)  

netting) for outstanding payables and receivables with respect to certain OTC positions in purchased equity options and swaps for each individual counterparty. In addition, the Funds may require that certain counterparties post cash and/or securities in collateral accounts to cover their net payment obligations for those derivative contracts subject to ISDA master agreements. If the counterparty fails to perform under these contracts and agreements, the cash and/or securities will be made available to the Funds.

For financial reporting purposes, the Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statement of Assets and Liabilities. Bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.

Collateral terms are contract specific for OTC derivatives. For derivatives traded under an ISDA master agreement, the collateral requirements are typically calculated by netting the mark to market amount of each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Funds or the counterparty.

For financial reporting purposes, cash collateral that has been pledged to cover obligations of the Funds, if any, is reported separately on the Statement of Assets and Liabilities as cash pledged as collateral. Non-cash collateral pledged by the Funds, if any, is noted in the Schedules of Investments. Generally, the amount of collateral due from or to a party must exceed a minimum transfer amount threshold before a transfer has to be made. To the extent amounts due to the Funds from its counterparties are not fully collateralized, contractually or otherwise, the Funds bear the risk of loss from counterparty nonperformance.

As of April 30, 2023, the Funds did not hold any collateral.

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, The Cambiar SMID Fund, Cambiar Small Cap Fund, Cambiar International Equity Fund and Cambiar International Small Cap Fund retain a redemption fee of 2.00% on redemptions of capital shares held for less than ninety days. For the period ended April 30, 2023, the Funds retained fees of $–, $9,428, $11,718, $– and $–, respectively. Such fees are retained by the Funds for the benefit of the remaining shareholders and are recorded as additions to fund capital.

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

The Funds and SEI Investments Global Fund Services (the “Administrator”) are parties to an Administration Agreement under which the Administrator provides management and administrative services to the Funds. For these services, the Administrator is paid an asset-based fee, which will vary depending on the number of share classes and the average daily net assets of the Funds. For the period ended April 30, 2023, the Funds incurred the following fees for these services: $88,173, $35,877, $25,806, $82,483 and $7,973 for the Cambiar Opportunity Fund, Cambiar SMID Fund, Cambiar Small Cap Fund, Cambiar International Equity Fund and Cambiar International Small Cap 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 and the Institutional Share Class of the Cambiar International Small Cap Fund 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”).

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.

DST Systems, Inc. serves as the Transfer Agent and dividend disbursing agent for the Funds under a transfer agency agreement.

The Funds earn cash management credits which are used to offset transfer agent expenses. During the period ended April 30, 2023, the Cambiar Opportunity, Cambiar SMID, Cambiar Small Cap, Cambiar International Equity and Cambiar International

39

THE ADVISORS’ INNER CIRCLE FUND CAMBIAR FUNDS APRIL 30, 2023 (UNAUDITED)  

Small Cap Funds earned credits of $8,668, $531, $1,800, $3,850 and $76, 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 Fund’s.

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%
Cambiar International Small Cap	0.90%

The Adviser has contractually agreed, through March 1, 2024, 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 Expense     Limitations
Cambiar Opportunity Fund	0.65%
Cambiar SMID Fund	0.85%
Cambiar Small Cap Fund	0.90%
Cambiar International Equity Fund	0.90%
Cambiar International Small Cap	0.95%

Refer to waiver of investment advisory fees on the Statements of Operations for fees waived for the period ended April 30, 2023. 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. There were no fees recouped by the Adviser during the period ending April 30, 2023.

At April 30, 2023, the amount the Adviser may seek as reimbursement of previously waived fees and reimbursed expenses is as follows:

Period Waived	Subject to Repayment until April 30:	Cambiar Opportunity Fund		Cambiar SMID Fund		Cambiar Small Cap Fund		Cambiar International Equity Fund		Cambiar International Small Cap Fund
4/30/20-4/30/21	2024	$	258,029	$	149,595	$	159,100	$	1,584,170	$	156,294
4/30/21-4/30/22	2025		343,158		203,898		166,391		1,257,980		158,415
4/30/22-4/30/23	2026		401,498		242,092		185,864		854,956		157,829
		$	1,002,685	$	595,585	$	511,355	$	3,697,106	$	472,538

5. Investment Transactions:

For the year ended April 30, 2023, 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	$	131,270,075	$	91,048,572
Cambiar SMID Fund		29,347,804		23,995,230
Cambiar Small Cap Fund		45,646,983		22,678,641
Cambiar International Equity Fund		37,549,903		126,067,622
Cambiar International Small Cap Fund		3,914,865		18,268,404

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

40

THE ADVISORS’ INNER CIRCLE FUND CAMBIAR FUNDS APRIL 30, 2023 (UNAUDITED)  

For the six months ended April 30, 2023, in-kind transactions associated with subscriptions and redemptions were:

	Purchases		Sales		Net Unrealized Gain/Loss
Cambiar Opportunity Fund
	$	34,233,019	$	–	$	4,873,390
Cambiar Small Cap Fund
		18,084,040		–		(1,115,252)

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 investments in partnerships, reclassification of long term capital gain distributions on REITs, foreign currency translations and reclassifications of distributions. The permanent differences that are credited or charged to Paid-in Capital and Distributable Earnings as of October 31, 2022 is primarily related to deemed distribution due to shareholder redemptions

Accordingly, the following reclassifications (primarily attributable to deemed income and capital gain distribution) that have been made to/from the following accounts:

	Distributable Loss		Paid-in Capital
Cambiar Opportunity Fund	$	(3,463,241)	$	3,463,241

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

	Ordinary Income		Long -Term Capital Gain		Total
Cambiar Opportunity Fund
2023	$	13,061,980	$	12,760,636	$	25,822,616
2022		13,061,980		12,760,636		25,822,616
Cambiar SMID Fund
2023		10,724,072		5,221,481		15,945,553
2022		10,724,072		5,221,481		15,945,553
Cambiar Small Cap Fund
2023		8,821,894		14,759,187		23,581,081
2022		8,821,894		14,759,187		23,581,081
Cambiar International Equity Fund
2023		12,662,838		—		12,662,838
2022		12,662,838		—		12,662,838
Cambiar International Small Cap Fund
2023		3,275,591		3,527,621		6,803,212
2022		3,275,591		3,527,621		6,803,212

As of October 31, 2022, the components of Distributable Earnings (Accumulated Losses) on a tax basis were as follows:

	Cambiar   Opportunity   Fund		Cambiar SMID Fund		Cambiar Small Cap Fund		Cambiar International Equity Fund		Cambiar International Small Cap Fund
Undistributed Ordinary Income	$	1,830,908	$	783,781	$	202,323	$	7,657,878	$	625,026
Undistributed Long-Term Capital Gain		11,849,704		34,837		251,192		–		–
Post-October Losses		–		–		–		–		(244,080)
Capital Loss Carryforwards		–		–		–		(95,898,360)		–
Net Unrealized Appreciation/
(Depreciation)		59,025,847		8,462,362		5,265,466		(25,369,701)		(1,726,918)
Other Temporary Differences		(10)		(2)		–		1		(4)
Total Distributable Earnings (Loss)	$	72,706,449	$	9,280,978	$	5,718,981	$	(113,610,182)	$	(1,345,976)

41

THE ADVISORS’ INNER CIRCLE FUND CAMBIAR FUNDS APRIL 30, 2023 (UNAUDITED)  

As of October 31, 2022, the following Funds have capital losses carried forward as follows:

	Short-Term Loss		Long-Term Loss		Total Post- Enactment Capital Loss Carryforwards
Cambiar International Equity Fund	$	95,898,360	$	—	$	95,898,360
Cambiar International Small Cap Fund		244,080		—		244,080

During the year ended October 31, 2022, the Funds did not utilize capital loss carryforwards, to offset capital gains.

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 and partnerships.

The Federal tax cost and aggregate gross unrealized appreciation and depreciation on investments for Federal income tax purposes at April 30, 2023, were as follows:

	Federal Tax Cost		Aggregate Gross Unrealized Appreciation		Aggregate Gross Unrealized Depreciation		Net Unrealized Appreciation
Cambiar Opportunity Fund	$	279,798,684	$	58,808,672	$	(2,706,133)	$	56,102,539
Cambiar SMID Fund		132,085,683		21,249,720		(5,768,391)		15,481,329
Cambiar Small Cap Fund		92,596,194		11,898,143		(5,854,830)		6,043,313
Cambiar International Equity Fund		236,526,069		50,025,568		(8,105,266)		41,920,302
Cambiar International Small Cap Fund		17,813,204		3,190,855		(781,792)		2,409,063

7. Concentrated Risks:

At April 30, 2023, the net assets of the Cambiar International Equity Fund and the Cambiar International Small Cap Fund were substantially comprised of foreign denominated securities and/or currency. Changes in currency exchange rates will affect the value of, and investment income from, such securities and currency.

Foreign security and currency transactions may involve certain considerations and risks not typically associated with those of U.S. dollar denominated transactions as a result of, among other factors, the possibly lower level of governmental supervision and regulation of foreign securities markets and the possibility of political or economic instability.

The Funds’ use of derivatives, including options and swaps, is subject to market risk, leverage risk, correlation risk, liquidity risk, counterparty risk, valuation risk and hedging risk. Market risk is the risk that the market value of an investment may move up and down, sometimes rapidly and unpredictably. Markets for securities in which the Fund invests may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, the impact of any epidemic, pandemic or natural disaster, or widespread fear that such events may occur, could negatively affect the global economy, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the markets in general in significant and unforeseen ways. Any such impact could adversely affect the prices and liquidity of the securities and other instruments in which the Fund invests, which in turn could negatively impact the Fund’s performance and cause losses on your investment in the Fund. Leverage risk is the risk that the use of leverage may amplify the effects of market volatility on the Fund’s share price and may also cause the Fund to liquidate portfolio positions when it would not be advantageous to do so in order to satisfy its obligations. Correlation risk is the risk that changes in the value of the derivative may not correlate closely or at all with the underlying asset, rate or index. Liquidity risk is the risk that the derivative may be difficult or impossible to sell at the time and the price that the Fund would like, which may result in the Fund accepting a lower price to sell a security, selling other securities to raise cash or giving up another investment opportunity, any of which could have a negative effect on the Fund’s management or performance. Counterparty risk is the risk that the counterparty to a derivative contract will default or otherwise fail to honor a financial obligation. Valuation risk is the risk that the derivative may be difficult to value. Hedging risk is the risk that derivatives instruments used for hedging purposes may also limit any potential gain that may result from the increase in value of the hedged asset. To the extent that the Fund engages in hedging strategies, there can be no assurance that such strategy will be effective or that there will be a hedge in place at any given time. Each of these risks could cause a Fund to lose more than the principal amount invested in a derivative instrument.

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.

42

THE ADVISORS’ INNER CIRCLE FUND CAMBIAR FUNDS APRIL 30, 2023 (UNAUDITED)  

The foregoing is not intended to be a complete discussion of the risks associated with investing in a Fund. Please review each Fund’s current prospectus for additional disclosures regarding the principal risks associated with investing in a Fund.

8. Line of Credit:

The Funds entered into an agreement on August 2, 2022, which enables them to participate in a $100 million uncommitted, secured, revolving line of credit with the Custodian. The agreement expires on July 31, 2022. The proceeds from the borrowings shall be used to provide temporary liquidity to the Funds as necessary in order to meet shareholder redemption needs. Interest is charged to the Funds based on the outstanding principal balance of the borrowings at an annual rate equal to the Custodian’s then current prime-lending rate. The Funds’ holdings serve as collateral against any borrowings under the line of credit.

Borrowing activity for the period ended April 30, 2023, was the following:

Fund	Maximum Amount of Line of Credit	Interest Expense	Average Rate	Average Borrowing	Maximum Amount Outstanding
Cambiar SMID Fund	$100,000,000	$1,576	7.31%	$956,500	$5,638,000
Cambiar International Equity Fund	100,000,000	9,796	7.24	2,077,522	5,696,000
Cambiar International Small Cap
Fund	100,000,000	4,931	7.80	2,913,000	2,913,000

9. Other:

At April 30, 2023, 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   Shareholders		% of Ownership
Cambiar Opportunity Fund, Investor Class		3		65	%
Cambiar Opportunity Fund, Institutional Class		3		59	%
Cambiar SMID Fund, Investor Class		1		82	%
Cambiar SMID Fund, Institutional Class		1		66	%
Cambiar Small Cap Fund, Investor Class		4		67	%
Cambiar Small Cap Fund, Institutional Class		5		80	%
Cambiar International Equity Fund, Investor Class		1		77	%
Cambiar International Equity Fund, Institutional Class		3		68	%
Cambiar International Small Cap, Institutional Class		2		79	%

10. Subsequent Events:

The Funds have evaluated the need for additional disclosures and/or adjustments resulting from subsequent events. Based on this evaluation, no additional disclosures or adjustments were required to the financial statements as of April 30, 2023.

43

THE ADVISORS’ INNER CIRCLE FUND CAMBIAR FUNDS APRIL 30, 2023  

  DISCLOSURE OF FUND EXPENSES (Unaudited)

All mutual funds have operating expenses. As a shareholder of a mutual fund, your investment is affected by these ongoing costs, which include (among others) costs for portfolio management, administrative services, and shareholder reports like this one. It is important for you to understand the impact of these costs on your investment returns.

Operating expenses such as these are deducted from a mutual fund’s gross income and directly reduce your investment return. These expenses are expressed as a percentage of a mutual fund’s average net assets; this percentage is known as a mutual fund’s expense ratio.

The following examples use the expense ratio and are intended to help you understand the ongoing costs (in dollars) of investing in your Fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period (November 1, 2022 to April 30, 2023).

The table on the next page illustrates your Fund’s costs in two ways:

• Actual Fund Return. This section helps you to estimate the actual expenses that your Fund incurred over the period. The “Expenses Paid During Period” column shows the actual dollar expense cost incurred by a $1,000 investment in the Fund, and the “Ending Account Value” number is derived from deducting that expense cost from the Fund’s gross investment return.

You can use this information, together with the actual amount you invested in the Fund, to estimate the expenses you paid over that period. Simply divide your actual account value by $1,000 to arrive at a ratio (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply that ratio by the number shown under “Expenses Paid During Period.”

• Hypothetical 5% Return. This section helps you compare your Fund’s costs with those of other mutual funds. It assumes that the Fund had an annual 5% return before expenses during the period, but that the expense ratio (Column 3) for the period is unchanged. This example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to make this 5% calculation. You can assess your Fund’s comparative cost by comparing the hypothetical result for your Fund in the “Expenses Paid During Period” column with those that appear in the same charts in the shareholder reports for other mutual funds.

NOTE: Because the return is set at 5% for comparison purposes — NOT your Fund’s actual return — the account values shown do not apply to your specific investment.

  DISCLOSURE OF FUND EXPENSES (Unaudited)

	Beginning Account Value 11/01/22	Ending Account Value 04/30/23		Annualized Expense Ratios	Expenses Paid During Period*
Cambiar Opportunity Fund — Investor Class Shares
Actual Fund Return	$1,000.00		$1,045.50	0.86%	$4.36
Hypothetical 5% Return	$1,000.00		$1,020.53	0.86%	$4.31
Cambiar Opportunity Fund — Institutional Class Shares
Actual Fund Return	$1,000.00		$1,046.00	0.65%	$3.30
Hypothetical 5% Return	$1,000.00		$1,021.57	0.65%	$3.26
Cambiar SMID Fund — Investor Class Shares
Actual Fund Return	$1,000.00		$1,081.60	0.92%	$4.75
Hypothetical 5% Return	$1,000.00		$1,020.23	0.92%	$4.61
Cambiar SMID Fund — Institutional Class Shares
Actual Fund Return	$1,000.00		$1,081.90	0.85%	$4.39
Hypothetical 5% Return	$1,000.00		$1,020.58	0.85%	$4.26
Cambiar Small Cap Fund — Investor Class Shares
Actual Fund Return	$1,000.00		$1,032.40	1.10%	$5.54
Hypothetical 5% Return	$1,000.00		$1,019.34	1.10%	$5.51
Cambiar Small Cap Fund — Institutional Class Shares
Actual Fund Return	$1,000.00		$1,033.60	0.90%	$4.54
Hypothetical 5% Return	$1,000.00		$1,020.33	0.90%	$4.51

44

THE ADVISORS’ INNER CIRCLE FUND CAMBIAR FUNDS APRIL 30, 2023  

	Beginning Account Value 11/01/22	Ending Account Value 04/30/23		Annualized Expense Ratios	Expenses Paid During Period*
Cambiar International Equity Fund — Investor Class Shares
Actual Fund Return	$1,000.00		$1,226.30	0.99%	$5.46
Hypothetical 5% Return	$1,000.00		$1,019.89	0.99%	$4.96
Cambiar International Equity Fund — Institutional Class Shares
Actual Fund Return	$1,000.00		$1,226.30	0.90%	$4.97
Hypothetical 5% Return	$1,000.00		$1,020.33	0.90%	$4.51
Cambiar International Small Cap Fund — Institutional Class Shares
Actual Fund Return	$1,000.00		$1,169.30	1.03%	$5.54
Hypothetical 5% Return	$1,000.00		$1,019.69	1.03%	$5.16

* Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown).

45

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

1701 Market Street

Philadelphia, PA 19103-2921

Independent Registered Public Accounting Firm

Ernst & Young LLP

2005 Market Street, Suite 700

Philadelphia, PA 19103

This information must be preceded or accompanied by a current prospectus

for the Funds described.

CMB-SA-001-2200

(b) Not applicable.

Item 2.    Code of Ethics.

Not applicable for semi-annual report.

Item 3.    Audit Committee Financial Expert.

Not applicable for semi-annual report.

Item 4.    Principal Accountant Fees and Services.

Not applicable for semi-annual report.

Item 5. Audit Committee of Listed Registrants.

Not applicable to open-end management investment companies.

Item 6. Schedule of Investments.

Schedule of Investments is included as part of the Report to Shareholders filed under Item 1 of this form.

Item 7.    Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to open-end management investment companies.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to open-end management investment companies.

Item 9. Purchases of Equity Securities by Closed-End Management Company and Affiliated Purchasers.

Not applicable to open-end management investment companies.

Item 10. 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 11.    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 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable to open-end management investment companies.

Item 13. Exhibits.

(a)(1) Not applicable for semi-annual report.

(a)(2) 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)), is filed herewith.

(b) Officer certifications, as required by Rule 30a-2(b) under the Act (17 CFR § 270.30a-2(b)), also accompany this filing as an exhibit.

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
	President

Date: July 7, 2023

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
	President
Date: July 7, 2023
By (Signature and Title)	/s/ Andrew Metzger
	Andrew Metzger
	Treasurer, Controller, and CFO

Date: July 7, 2023