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, 2024

Date of reporting period: April 30, 2024

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, 2024

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

THE ADVISORS’ INNER CIRCLE FUND CAMBIAR FUNDS APRIL 30, 2024

TABLE OF CONTENTS

Schedules of Investments	1
Statements of Assets and Liabilities	13
Statements of Operations	15
Statements of Changes in Net Assets	17
Financial Highlights	21
Notes to Financial Statements	29
Disclosure of Fund Expenses	37

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. The Funds’ Form N-PORT is available on the SEC’s website at https://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, 2024 (UNAUDITED)  

 SECTOR WEIGHTINGS †

† Percentages based on total investments.

SCHEDULE OF INVESTMENTS

COMMON STOCK — 96.7%

	Shares		Value
AEROSPACE/DEFENSE EQUIPMENT — 5.1%
Airbus ADR		184,000	$	7,551,360
RTX		113,000		11,471,760
				19,023,120
AIRLINES — 2.8%
Delta Air Lines		204,000		10,214,280
BANKS — 4.9%
JPMorgan Chase		52,000		9,970,480
PNC Financial Services Group		54,000		8,276,040
				18,246,520
BEVERAGES — 5.5%
Constellation Brands, Cl A		44,000		11,152,240
Diageo ADR		65,000		8,980,400
				20,132,640
BROADLINE RETAIL — 3.0%
Amazon.com *		62,000		10,850,000
CAPITAL MARKETS — 7.7%
CME Group, Cl A		45,000		9,433,800
Goldman Sachs Group		27,800		11,862,538
Intercontinental Exchange		54,000		6,953,040
				28,249,378
CHEMICALS — 5.0%
Corteva		138,000		7,469,940
PPG Industries		85,000		10,965,000
				18,434,940
CONSUMER FINANCE — 2.0%
American Express		32,000		7,488,960

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

1

THE ADVISORS’ INNER CIRCLE FUND CAMBIAR OPPORTUNITY FUND APRIL 30, 2024 (UNAUDITED)  

COMMON STOCK — continued

	Shares		Value
CONSUMER STAPLES DISTRIBUTION & RETAIL — 1.8%
Sysco		92,000	$	6,837,440
ELECTRICAL EQUIPMENT — 2.1%
Rockwell Automation		28,000		7,586,880
ELECTRONIC EQUIPMENT INSTRUMENTS & COMPONENTS — 2.8%
TE Connectivity		74,000		10,469,520
FINANCIAL SERVICES — 2.1%
Mastercard, Cl A		17,000		7,670,400
GROUND TRANSPORTATION — 4.4%
Uber Technologies *		71,000		4,705,170
Union Pacific		49,000		11,620,840
				16,326,010
HEALTH CARE EQUIPMENT & SERVICES — 2.8%
Medtronic		130,000		10,431,200
HEALTH CARE PROVIDERS & SERVICES — 6.0%
Centene *		146,000		10,666,760
Laboratory Corp of America Holdings		57,000		11,478,090
				22,144,850
HOUSEHOLD PRODUCTS — 2.2%
Colgate-Palmolive		88,000		8,088,960
INSURANCE — 3.0%
Chubb		44,000		10,940,160
INTERACTIVE MEDIA & SERVICES — 3.2%
Alphabet, Cl A *		72,000		11,720,160
LIFE SCIENCES TOOLS & SERVICES — 2.2%
Waters *		26,000		8,035,040
MULTI-UTILITIES — 3.2%
Sempra		165,000		11,818,950
OIL, GAS & CONSUMABLE FUELS — 10.8%
Cenovus Energy		605,000		12,438,800
Chevron		74,000		11,933,980
ConocoPhillips		57,000		7,160,340
Williams		220,000		8,439,200
				39,972,320
PHARMACEUTICALS — 4.6%
Bristol-Myers Squibb		175,000		7,689,500
Johnson & Johnson		65,000		9,398,350
				17,087,850
SEMI-CONDUCTORS & SEMICONDUCTOR EQUIPMENT — 7.6%
Applied Materials		37,000		7,350,050
Marvell Technology		131,000		8,634,210
Texas Instruments		68,000		11,996,560
				27,980,820
SPECIALTY RETAIL — 1.9%
TJX		76,000		7,150,840
TOTAL COMMON STOCK (Cost $267,600,415)				356,901,238

SHORT-TERM INVESTMENT — 3.1%

First American Treasury Obligation Fund 5.333% (A) (Cost $11,450,675)	11,450,675		11,450,675
TOTAL INVESTMENTS — 99.8%  (Cost $279,051,090)		$	368,351,913

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

2

THE ADVISORS’ INNER CIRCLE FUND CAMBIAR OPPORTUNITY FUND APRIL 30, 2024 (UNAUDITED)  

  Percentages are based on Net Assets of $368,975,482.

* Non-income producing security.

(A) The rate shown is the 7-day effective yield as of April 30, 2024.

ADR — American Depositary Receipt

Cl — Class

As of April 30, 2024, 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, 2024 (UNAUDITED)  

 SECTOR WEIGHTINGS †

† Percentages based on total investments.

 SCHEDULE OF INVESTMENTS

 COMMON STOCK — 99.1%

	Shares		Value
AIR FREIGHT & LOGISTICS — 2.3%
Expeditors International of Washington		37,690	$	4,195,274
AUTO COMPONENTS — 3.0%
Gentex		158,140		5,424,202
BANKS — 2.6%
BOK Financial		53,290		4,728,422
BIOTECHNOLOGY — 1.7%
Incyte *		57,720		3,004,326
BUILDING PRODUCTS — 2.6%
Masco		69,000		4,723,050
CAPITAL MARKETS — 2.6%
Cboe Global Markets		25,250		4,574,037
CONTAINERS & PACKAGING — 2.6%
Packaging Corp of America		27,000		4,670,460
ELECTRIC UTILITIES — 2.8%
Pinnacle West Capital		67,000		4,934,550
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 4.5%
IPG Photonics *		39,890		3,349,962
Littelfuse		21,000		4,843,440
				8,193,402
FINANCIAL SERVICES — 5.5%
Euronet Worldwide *		51,000		5,236,680
WEX *		21,810		4,607,581
				9,844,261

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

4

THE ADVISORS’ INNER CIRCLE FUND CAMBIAR SMID FUND APRIL 30, 2024 (UNAUDITED)  

COMMON STOCK — continued

	Shares		Value
FOOD PRODUCT — 2.7%
Lamb Weston Holdings		57,420	$	4,785,383
GAS UTILITIES — 2.7%
Atmos Energy		41,740		4,921,146
GROUND TRANSPORTATION — 2.3%
JB Hunt Transport Services		25,800		4,194,306
HEALTH CARE EQUIPMENT & SUPPLIES — 2.3%
Dentsply Sirona		138,000		4,141,380
HEALTH CARE PROVIDERS & SERVICES — 8.2%
HealthEquity *		65,730		5,186,754
Molina Healthcare *		12,500		4,276,250
Quest Diagnostics		38,000		5,250,840
				14,713,844
INDUSTRIAL REITS — 2.3%
Americold Realty Trust		190,000		4,174,300
INSURANCE — 12.2%
American Financial Group		40,000		5,110,000
Arch Capital Group *		62,000		5,799,480
Fidelity National Financial		105,360		5,215,320
Reinsurance Group of America, Cl A		31,490		5,888,315
				22,013,115
IT SERVICES — 5.1%
Amdocs		53,000		4,451,470
EPAM Systems *		19,950		4,693,437
				9,144,907
LIFE SCIENCES TOOLS & SERVICES — 7.5%
Bruker		53,000		4,134,530
Charles River Laboratories International *		18,000		4,122,000
Waters *		17,000		5,253,680
				13,510,210
MACHINERY — 5.3%
Lincoln Electric Holdings		25,580		5,615,577
Toro		44,690		3,914,397
				9,529,974
OIL, GAS & CONSUMABLE FUELS — 5.9%
Magnolia Oil & Gas, Cl A		208,370		5,223,836
Targa Resources		47,390		5,405,303
				10,629,139
PROFESSIONAL SERVICES — 2.5%
Maximus		55,270		4,437,076
RETAIL REITS — 2.5%
NNN REIT		111,000		4,498,830
SOFTWARE — 2.5%
Dolby Laboratories, Cl A		58,120		4,513,600
SPECIALTY RETAIL — 2.4%
Ulta Beauty *		10,600		4,291,304
WATER UTILITIES — 2.5%
Essential Utilities		125,000		4,572,500
TOTAL COMMON STOCK (Cost $152,267,719)				178,362,998

SHORT-TERM INVESTMENT — 0.7%

First American Treasury Obligation Fund 5.333% (A) (Cost $1,313,747)	1,313,747		1,313,747
TOTAL INVESTMENTS— 99.8% (Cost $153,581,466)		$	179,676,745

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

5

THE ADVISORS’ INNER CIRCLE FUND CAMBIAR SMID FUND APRIL 30, 2024 (UNAUDITED)  

  Percentages are based on Net Assets of $180,120,967.

* Non-income producing security.

(A) The rate shown is the 7-day effective yield as of April 30, 2024.

Cl — Class

REIT — Real Estate Investment Trust

As of April 30, 2024, 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, 2024 (UNAUDITED)  

 SECTOR WEIGHTINGS †

† Percentages based on total investments.

 SCHEDULE OF INVESTMENTS

 COMMON STOCK — 97.8%

	Shares		Value
AIR FREIGHT & LOGISTICS — 2.2%
Hub Group, Cl A		49,000	$	1,970,780
AUTO COMPONENTS — 2.5%
Gentex		64,000		2,195,200
BANKS — 9.2%
Prosperity Bancshares		32,200		1,995,434
Texas Capital Bancshares *		37,000		2,123,800
United Bankshares		62,300		2,022,258
United Community Banks		81,600		2,058,768
				8,200,260
BEVERAGES — 1.8%
Duckhorn Portfolio *		189,000		1,600,830
BIOTECHNOLOGY — 2.4%
Exelixis *		90,000		2,111,400
CHEMICALS — 2.7%
Cabot		27,000		2,463,210
COMMERCIAL SERVICES & SUPPLIES — 1.7%
Healthcare Services Group *		143,000		1,518,660
DIVERSIFIED CONSUMER SERVICES — 2.1%
Frontdoor *		61,500		1,887,435
ELECTRIC UTILITIES — 2.5%
IDACORP		24,000		2,274,720
ELECTRONICS EQUIPMENT INSTRUMENTS & COMPONENTS — 2.2%
Advanced Energy Industries		21,000		2,012,640

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

7

THE ADVISORS’ INNER CIRCLE FUND CAMBIAR SMALL CAP FUND APRIL 30, 2024 (UNAUDITED)  

COMMON STOCK — continued

	Shares		Value
HEALTH CARE EQUIPMENT & SERVICES — 2.3%
Globus Medical, Cl A *		42,000	$	2,091,180
HEALTH CARE PROVIDERS & SERVICES — 10.6%
Addus HomeCare *		22,000		2,115,300
AMN Healthcare Services *		35,300		2,117,294
HealthEquity *		28,000		2,209,480
Innovage Holding *		286,000		1,015,300
US Physical Therapy		19,500		1,979,445
				9,436,819
HEALTH CARE TECHNOLOGY — 2.4%
HealthStream		84,000		2,164,680
HOTELS, RESTAURANTS & LEISURE — 2.7%
Monarch Casino & Resort		35,000		2,371,950
INDUSTRIAL REITS — 2.5%
Innovative Industrial Properties, Cl A		21,500		2,223,100
INSURANCE — 9.9%
Axis Capital Holdings		38,000		2,330,540
First American Financial		40,200		2,153,514
Reinsurance Group of America, Cl A		11,700		2,187,783
RenaissanceRe Holdings		9,800		2,148,650
				8,820,487
LEISURE PRODUCTS — 1.8%
Johnson Outdoors, Cl A		40,000		1,640,400
MACHINERY — 4.5%
Alamo Group		10,800		2,099,304
Atmus Filtration Technologies *		63,000		1,908,270
				4,007,574
MULTI-UTILITIES — 2.6%
Avista		64,000		2,302,720
OIL, GAS & CONSUMABLE FUELS — 2.9%
Magnolia Oil & Gas, Cl A		102,000		2,557,140
PROFESSIONAL SERVICES — 9.9%
ASGN *		22,000		2,121,900
Forrester Research *		71,000		1,291,490
Insperity		19,500		2,007,135
NV5 Global *		22,000		2,051,280
WNS Holdings *		31,750		1,330,643
				8,802,448
REAL ESTATE MANAGEMENT & DEVELOPMENT — 1.8%
Marcus & Millichap		52,000		1,646,840
RETAIL REITS — 2.1%
NETSTREIT		111,000		1,870,350
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 9.4%
Diodes *		28,800		2,102,688
Rambus *		36,000		1,973,520
Tower Semiconductor *		69,200		2,274,604
Universal Display		12,700		2,006,346
				8,357,158
SOFTWARE — 3.1%
Envestnet *		45,000		2,793,150
TOTAL COMMON STOCK (Cost $81,285,857)				87,321,131

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

8

THE ADVISORS’ INNER CIRCLE FUND CAMBIAR SMALL CAP FUND APRIL 30, 2024 (UNAUDITED)  

SHORT-TERM INVESTMENT — 2.3%

	Shares		Value
First American Treasury Obligation Fund 5.333% (A) (Cost $2,086,144)		2,086,144	$	2,086,144
TOTAL INVESTMENTS — 100.1%  (Cost $83,372,001)			$	89,407,275

  Percentages are based on Net Assets of $89,273,856.

* Non-income producing security.

(A) The rate shown is the 7-day effective yield as of April 30, 2024.

Cl — Class

REIT — Real Estate Investment Trust

As of April 30, 2024, 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, 2024 (UNAUDITED)  

 SECTOR WEIGHTINGS †

† Percentages based on total investments.

 SCHEDULE OF INVESTMENTS

 COMMON STOCK — 92.4%

	Shares		Value
AUSTRALIA — 1.9%
Santos		546,000	$	2,679,416
BELGIUM — 5.0%
KBC Group		55,000		4,085,636
UCB		23,000		3,050,039
				7,135,675
CANADA — 3.7%
Agnico Eagle Mines		49,000		3,104,150
Suncor Energy		55,700		2,127,183
				5,231,333
FRANCE — 8.8%
Air Liquide		9,800		1,916,674
Airbus		11,500		1,892,417
Capgemini		17,500		3,678,175
LVMH Moet Hennessy Louis Vuitton		2,900		2,382,169
TotalEnergies		37,400		2,715,196
				12,584,631
GERMANY — 12.6%
Deutsche Post		79,000		3,307,730
Infineon Technologies		76,000		2,637,434
Knorr-Bremse		40,000		2,968,226
Merck KGaA		11,000		1,747,921
Puma		43,000		1,985,356
RWE		68,000		2,368,819
SAP		16,000		2,889,077
				17,904,563
HONG KONG — 1.5%
AIA Group		291,000		2,131,388

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

10

THE ADVISORS’ INNER CIRCLE FUND CAMBIAR INTERNATIONAL EQUITY FUND APRIL 30, 2024 (UNAUDITED)  

COMMON STOCK — continued

	Shares		Value
IRELAND — 2.0%
Bank of Ireland Group		271,000	$	2,891,419
JAPAN — 18.1%
Chugai Pharmaceutical		90,000		2,862,348
Fuji Electric		46,000		2,861,381
Hitachi		25,400		2,343,422
Mitsubishi Estate		212,000		3,884,840
Murata Manufacturing		97,000		1,772,401
NIDEC CORP		61,000		2,856,805
Nintendo		48,000		2,340,912
Sony Group		25,900		2,140,670
Terumo		149,000		2,527,656
Tokyo Electron Ltd.		9,800		2,149,590
				25,740,025
NETHERLANDS — 3.4%
ING Groep		301,000		4,758,899
NORWAY — 1.9%
Equinor ADR		101,000		2,685,590
SINGAPORE — 3.7%
DBS Group Holdings		111,100		2,828,318
Singapore Telecommunications		1,379,000		2,391,565
				5,219,883
SWITZERLAND — 6.7%
Nestle		21,000		2,108,404
Novartis		45,000		4,367,590
Roche Holding		13,000		3,114,985
				9,590,979
TAIWAN — 2.5%
Taiwan Semiconductor Manufacturing ADR		26,000		3,570,840
UNITED KINGDOM — 19.3%
BAE Systems		152,000		2,528,091
Barclays		1,588,000		4,003,806
Bunzl		64,000		2,454,253
Diageo		106,000		3,663,317
GSK		153,000		3,174,271
Haleon		608,000		2,567,786
Intertek Group		53,000		3,261,961
London Stock Exchange Group		29,100		3,207,980
SSE		128,000		2,660,653
				27,522,118
UNITED STATES — 1.3%
CNH Industrial		167,000		1,903,800
TOTAL COMMON STOCK (Cost $112,486,822)				131,550,559

SHORT-TERM INVESTMENT — 4.5%

First American Treasury Obligation Fund 5.333% (A) (Cost $6,467,074)	6,467,074		6,467,074
TOTAL INVESTMENTS — 96.9% (Cost $118,953,896)		$	138,017,633

  Percentages are based on Net Assets of $142,402,865.

(A) The rate reported is the 7-day effective yield as of April 30, 2024.

ADR — American Depositary Receipt

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, 2024 (UNAUDITED)  

The following is a list of the level of inputs used as of April 30, 2024, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock
Australia	$	—	$	2,679,416	$	—	$	2,679,416
Belgium		—		7,135,675		—		7,135,675
Canada		5,231,333		—		—		5,231,333
France		—		12,584,631		—		12,584,631
Germany		—		17,904,563		—		17,904,563
Hong Kong		—		2,131,388		—		2,131,388
Ireland		—		2,891,419		—		2,891,419
Japan		—		25,740,025		—		25,740,025
Netherlands		—		4,758,899		—		4,758,899
Norway		2,685,590		—		—		2,685,590
Singapore		—		5,219,883		—		5,219,883
Switzerland		—		9,590,979		—		9,590,979
Taiwan		3,570,840		—		—		3,570,840
United Kingdom		—		27,522,118		—		27,522,118
United States		1,903,800		—		—		1,903,800
Total Common Stock		13,391,563		118,158,996		—		131,550,559
Short-Term Investment		6,467,074		—		—		6,467,074
Total Investments in Securities	$	19,858,637	$	118,158,996	$	—	$	138,017,633

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

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 FUNDS APRIL 30, 2024 (UNAUDITED)  

 STATEMENTS OF ASSETS AND LIABILITIES

	Opportunity Fund		SMID Fund
Assets:
Cost of securities	$	279,051,090	$	153,581,466
Investments in securities, at value	$	368,351,913	$	179,676,745
Receivable for capital shares sold		721,908		573,317
Dividends receivable		449,083		161,396
Receivable for dividend tax reclaims		28,754		—
Prepaid expenses		22,488		23,864
Total Assets		369,574,146		180,435,322
Liabilities:
Payable for capital shares redeemed		313,056		142,410
Investment advisory fees payable		151,500		98,591
Shareholder servicing fees payable		18,940		6,668
Payable due to administrator		17,015		8,340
Payable due to trustees		15,867		7,943
Audit fees payable		11,264		12,009
Payable due to custodian		6,375		—
Chief Compliance Officer fees payable		3,664		1,699
Other accrued expenses		60,983		36,695
Total Liabilities		598,664		314,355
Commitments and Contingencies †
Net Assets	$	368,975,482	$	180,120,967
Net Assets:
Paid-in Capital	$	263,057,005	$	153,531,513
Total distributable earnings		105,918,477		26,589,454
Net Assets	$	368,975,482	$	180,120,967
Investor Class Shares:
Net Assets	$	126,903,566	$	119,954,160
Total shares outstanding at end of period		4,615,358		5,101,973
Net Asset Value Per Share
(Net Assets ÷ Shares Outstanding)	$	27.50	$	23.51
Institutional Class Shares:
Net Assets	$	242,071,916	$	60,166,807
Total shares outstanding at end of period		8,846,588		2,558,610
Net Asset Value Per Share
(Net Assets ÷ Shares Outstanding)	$	27.36	$	23.52

† See Note 4 in the Notes to Financial Statements.

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

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

13

THE ADVISORS’ INNER CIRCLE FUND CAMBIAR FUNDS APRIL 30, 2024 (UNAUDITED)  

 STATEMENTS OF ASSETS AND LIABILITIES

	Small Cap Fund		International  Equity Fund
Assets:
Cost of securities	$	83,372,001	$	118,953,896
Investments in securities, at value	$	89,407,275	$	138,017,633
Receivable for capital shares sold		276,742		5,352
Dividends receivable		5,049		538,215
Receivable for dividend tax reclaims		—		4,600,058
Prepaid expenses		16,296		17,302
Total Assets		89,705,362		143,178,560
Liabilities:
Payable for capital shares redeemed		335,455		556,425
Investment advisory fees payable		47,727		79,471
Audit fees payable		12,324		13,063
Shareholder servicing fees payable		4,777		5,247
Payable due to trustees		4,097		7,275
Payable due to administrator		4,074		6,615
Chief Compliance Officer fees payable		749		1,848
Other accrued expenses		22,303		105,751
Total Liabilities		431,506		775,695
Commitments and Contingencies †
Net Assets	$	89,273,856	$	142,402,865
Net Assets:
Paid-in Capital	$	81,842,727	$	199,558,149
Total distributable earnings (accumulated loss)		7,431,129		(57,155,284)
Net Assets	$	89,273,856	$	142,402,865
Investor Class Shares:
Net Assets	$	23,288,617	$	85,872,180
Total shares outstanding at end of period		1,552,856		3,390,406
Net Asset Value Per Share
(Net Assets ÷ Shares Outstanding)		$15.00		$25.33
Institutional Class Shares:
Net Assets	$	65,985,239	$	56,530,685
Total shares outstanding at end of period		4,211,445		2,230,609
Net Asset Value Per Share
(Net Assets ÷ Shares Outstanding)		$15.67		$25.34

† See Note 4 in the Notes to Financial Statements.

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

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

14

THE ADVISORS’ INNER CIRCLE FUND CAMBIAR FUNDS FOR THE SIX MONTHS ENDED APRIL 30, 2024 (UNAUDITED)

 STATEMENTS OF OPERATIONS

	Opportunity Fund		SMID Fund
Investment Income
Dividends	$	3,737,617	$	1,501,291
Interest		168,441		194,376
Less: Foreign Taxes Withheld		(36,597)		—
Total Investment Income		3,869,461		1,695,667
Expenses
Investment Advisory Fees		1,081,295		739,424
Shareholder Servicing Fees - Investor Class Shares		130,662		63,384
Administration Fees		99,043		50,794
Trustees’ Fees		31,356		16,099
Chief Compliance Officer Fees		5,599		2,957
Transfer Agent Fees		62,064		42,336
Printing Fees		25,506		12,982
Registration & Filing Fees		24,929		23,859
Legal Fees		20,893		10,710
Audit Fees		13,558		13,159
Interest Expense		8,005		—
Custodian Fees		5,260		2,625
Pricing Fees		1,625		1,229
Other Expenses		22,437		12,178
Total Expenses		1,532,232		991,736
Less:
Investment Advisory Fees Waiver		(219,900)		(139,788)
Fees Paid Indirectly (Note 3)		(9,736)		(1,358)
Net Expenses		1,302,596		850,590
Net Investment Income		2,566,865		845,077
Net Realized and Unrealized Gain (Loss)
Net Realized Gain on Investments		16,193,216		1,195,583
Net Change in Unrealized Appreciation on Investments		43,537,173		18,961,638
Net Gain on Investments		59,730,389		20,157,221
Net Increase in Net Assets from Operations	$	62,297,254	$	21,002,298

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

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

15

THE ADVISORS’ INNER CIRCLE FUND CAMBIAR FUNDS FOR THE SIX MONTHS ENDED APRIL 30, 2024 (UNAUDITED)

 STATEMENTS OF OPERATIONS

	Small Cap Fund		International   Equity Fund
Investment Income
Dividends	$	658,531	$	2,356,110
Interest		50,492		—
Less: Foreign Taxes Withheld		—		(774,125)
Total Investment Income		709,023		1,581,985
Expenses
Investment Advisory Fees		413,978		744,211
Shareholder Servicing Fees - Investor Class Shares		30,594		39,035
Administration Fees		26,760		45,439
Trustees’ Fees		8,696		15,465
Chief Compliance Officer Fees		1,644		2,739
Transfer Agent Fees		33,362		43,258
Registration & Filing Fees		16,433		18,336
Audit Fees		12,990		14,528
Printing Fees		6,916		11,585
Legal Fees		5,761		11,640
Interest Expense		4,518		2,505
Custodian Fees		2,320		50,638
Pricing Fees		1,087		1,753
Other Expenses		7,252		12,396
Total Expenses		572,311		1,013,528
Less:
Investment Advisory Fees Waiver		(100,639)		(226,941)
Fees Paid Indirectly (Note 3)		(1,850)		(3,818)
Net Expenses		469,822		782,769
Net Investment Income		239,201		799,216
Net Realized and Unrealized Gain (Loss)
Net Realized Gain on Investments		1,821,435		8,009,333
Net Realized Gain on Foreign Currency Transactions		—		46,944
Net Change in Unrealized Appreciation on Investments		9,180,617		16,947,699
Net Change in Unrealized Appreciation on Translation of Other Assets and Liabilities Denominated in Foreign Currencies		—		48,583
Net Gain on Investments		11,002,052		25,052,559
Net Increase in Net Assets from Operations	$	11,241,253	$	25,851,775

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 OPPORTUNITY FUND  

 STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended  April 30, 2024  (Unaudited)		Year Ended  October 31, 2023
Operations:
Net Investment Income	$	2,566,865	$	4,551,685
Net Realized Gain		16,193,216		27,508,632
Net Change in Unrealized Appreciation (Depreciation)		43,537,173		(14,380,717)
Net Increase in Net Assets Resulting from Operations		62,297,254		17,679,600
Distributions:
Investor Class Shares		(10,635,984)		(5,939,840)
Institutional Class Shares		(20,620,590)		(8,501,355)
Total Distributions		(31,256,574)		(14,441,195)
Capital Share Transactions:
Investor Class Shares
Issued		3,580,816		4,323,005
Reinvestment of Dividends		10,074,767		5,627,527
Redeemed		(12,057,882)		(19,136,031)
Net Increase (Decrease) in Net Assets from Investor Class Share Transactions		1,597,701		(9,185,499)
Institutional Class Shares
Issued		28,583,988		60,072,883
Reinvestment of Dividends		13,238,923		5,871,477
Redemption Fees — Note 2		—		36
Merger — Note 10		—		42,593,728
Redeemed		(31,176,254)		(61,658,247)
Net Increase in Net Assets from Institutional Class Share Transactions		10,646,657		46,879,877
Net Increase in Net Assets from Capital Share Transactions		12,244,358		37,694,378
Total Increase in Net Assets		43,285,038		40,932,783
Net Assets:
Beginning of period		325,690,444		284,757,661
End of period	$	368,975,482	$	325,690,444
Share Transactions:
Investor Class Shares
Issued		133,559		170,496
Reinvestment of Dividends		386,123		224,608
Redeemed		(450,540)		(748,288)
Total Increase (Decrease) in Investor Class Shares		69,142		(353,184)
Institutional Class Shares
Issued		1,069,846		2,530,980
Reinvestment of Dividends		509,264		235,532
Merger — Note 10		—		1,709,251
Redeemed		(1,158,427)		(2,418,376)
Total Increase in Institutional Class Shares		420,683		2,057,387
Net Increase in Shares Outstanding		489,825		1,704,203

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 SMID FUND  

 STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended  April 30, 2024  (Unaudited)		Year Ended  October 31, 2023
Operations:
Net Investment Income	$	845,077	$	1,324,428
Net Realized Gain (Loss)		1,195,583		(416,397)
Net Change in Unrealized Appreciation (Depreciation)		18,961,638		(2,071,873)
Net Increase (Decrease) in Net Assets Resulting from Operations		21,002,298		(1,163,842)
Distributions:
Investor Class Shares		(909,333)		(924,472)
Institutional Class Shares		(442,531)		(253,644)
Total Distributions		(1,351,864)		(1,178,116)
Capital Share Transactions:
Investor Class Shares
Issued		16,603,009		55,716,026
Reinvestment of Dividends		909,122		924,239
Redemption Fees — Note 2		195		9,317
Redeemed		(29,401,449)		(41,557,777)
Net Increase (Decrease) in Net Assets from Investor Class Share Transactions		(11,889,123)		15,091,805
Institutional Class Shares
Issued		14,293,462		47,244,277
Reinvestment of Dividends		357,501		95,753
Redemption Fees — Note 2		1,753		1,960
Redeemed		(9,838,512)		(19,535,094)
Net Increase in Net Assets from Institutional Class Share Transactions		4,814,204		27,806,896
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(7,074,919)		42,898,701
Total Increase in Net Assets		12,575,515		40,556,743
Net Assets:
Beginning of period		167,545,452		126,988,709
End of period	$	180,120,967	$	167,545,452
Share Transactions:
Investor Class Shares
Issued		697,921		2,486,517
Reinvestment of Dividends		37,552		42,834
Redeemed		(1,218,138)		(1,887,686)
Total Increase (Decrease) in Investor Class Shares		(482,665)		641,665
Institutional Class Shares
Issued		601,767		2,118,645
Reinvestment of Dividends		14,773		4,440
Redeemed		(417,544)		(865,825)
Total Increase in Institutional Class Shares		198,996		1,257,260
Net Increase (Decrease) in Shares Outstanding		(283,669)		1,898,925

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

18

THE ADVISORS’ INNER CIRCLE FUND CAMBIAR SMALL CAP FUND  

 STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended  April 30, 2024  (Unaudited)		Year Ended  October 31, 2023
Operations:
Net Investment Income	$	239,201	$	752,135
Net Realized Gain		1,821,435		963,896
Net Change in Unrealized Appreciation (Depreciation)		9,180,617		(9,226,319)
Net Increase (Decrease) in Net Assets Resulting from Operations		11,241,253		(7,510,288)
Distributions:
Investor Class Shares		(278,617)		(159,040)
Institutional Class Shares		(974,259)		(294,991)
Total Distributions		(1,252,876)		(454,031)
Capital Share Transactions:
Investor Class Shares
Issued		401,226		2,200,279
Reinvestment of Dividends		268,348		154,599
Redemption Fees — Note 2		35		1,063
Merger — Note 10		—		3,706,726
Redeemed		(2,658,793)		(15,415,841)
Net Decrease in Net Assets from Investor Class Share Transactions		(1,989,184)		(9,353,174)
Institutional Class Shares
Issued		4,954,721		32,328,315
Reinvestment of Dividends		827,932		283,090
Redemption Fees — Note 2		245		10,997
Merger — Note 10		—		19,877,735
Redeemed		(18,730,750)		(13,167,135)
Net Increase (Decrease) in Net Assets from Institutional Class Share Transactions		(12,947,852)		39,333,002
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(14,937,036)		29,979,828
Total Increase (Decrease) in Net Assets		(4,948,659)		22,015,509
Net Assets:
Beginning of period		94,222,515		72,207,006
End of period	$	89,273,856	$	94,222,515
Share Transactions:
Investor Class Shares
Issued		26,183		135,962
Reinvestment of Dividends		16,989		10,491
Merger — Note 10		—		252,655
Redeemed		(173,470)		(1,019,311)
Total Decrease in Investor Class Shares		(130,298)		(620,203)
Institutional Class Shares
Issued		313,580		1,974,376
Reinvestment of Dividends		50,120		18,577
Merger — Note 10		—		1,296,208
Redeemed		(1,167,241)		(842,795)
Total Increase (Decrease) in Institutional Class Shares		(803,541)		2,446,366
Net Increase (Decrease) in Shares Outstanding		(933,839)		1,826,163

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

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

19

THE ADVISORS’ INNER CIRCLE FUND CAMBIAR INTERNATIONAL EQUITY FUND  

 STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended  April 30, 2024  (Unaudited)		Year Ended  October 31, 2023
Operations:
Net Investment Income	$	799,216	$	3,012,589
Net Realized Gain		8,056,277		15,582,128
Net Change in Unrealized Appreciation		16,996,282		22,926,833
Net Increase in Net Assets Resulting from Operations		25,851,775		41,521,550
Distributions:
Investor Class Shares		(1,497,752)		(2,916,477)
Institutional Class Shares		(1,517,514)		(4,986,684)
Total Distributions		(3,015,266)		(7,903,161)
Capital Share Transactions:
Investor Class Shares
Issued		3,645,440		13,853,084
Reinvestment of Dividends		1,484,638		2,893,403
Redemption Fees — Note 2		238		5,236
Redeemed		(15,528,557)		(58,766,134)
Net Decrease in Net Assets from Investor Class Share Transactions		(10,398,241)		(42,014,411)
Institutional Class Shares
Issued		1,973,345		9,559,130
Reinvestment of Dividends		846,050		1,833,064
Redeemed		(51,307,573)		(140,344,730)
Net Decrease in Net Assets from Institutional Class Share Transactions		(48,488,178)		(128,952,536)
Net Decrease in Net Assets from Capital Share Transactions		(58,886,419)		(170,966,947)
Total Decrease in Net Assets		(36,049,910)		(137,348,558)
Net Assets:
Beginning of period		178,452,775		315,801,333
End of period	$	142,402,865	$	178,452,775
Share Transactions:
Investor Class Shares
Issued		150,743		595,978
Reinvestment of Dividends		61,222		131,161
Redeemed		(640,213)		(2,560,925)
Total Decrease in Investor Class Shares		(428,248)		(1,833,786)
Institutional Class Shares
Issued		81,588		416,902
Reinvestment of Dividends		34,874		83,057
Redeemed		(2,101,458)		(6,115,873)
Total Decrease in Institutional Class Shares		(1,984,996)		(5,615,914)
Net Decrease in Shares Outstanding		(2,413,244)		(7,449,700)

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

20

THE ADVISORS’ INNER CIRCLE FUND CAMBIAR OPPORTUNITY FUND  

 FINANCIAL HIGHLIGHTS

Selected Per Share Data & Ratios

For a Share Outstanding Throughout Each Year or Period

	Investor Class Shares
	Period November 1, 2023 to April 30, 2024			Year ended October 31,
Opportunity Fund	(Unaudited)			2023			2022			2021			2020			2019
Net Asset Value, Beginning of Year	$	25.16		$	25.31		$	29.58		$	22.07		$	22.63		$	22.62
Income (Loss) from Operations:
Net Investment Income(1)		0.17			0.31			0.20			0.17			0.27			0.34
Net Realized and Unrealized Gain (Loss)		4.55			0.76			(2.35	)		8.34			1.29			2.06
Total from Operations		4.72			1.07			(2.15)			8.51			1.56			2.40
Dividends and Distributions:
Net Investment Income		(0.31	)		(0.16	)		(0.14	)		(0.19	)		(0.32	)		(0.24	)
Net Realized Gain		(2.07	)		(1.06	)		(1.98	)		(0.81	)		(1.80	)		(2.15	)
Total Dividends and Distributions		(2.38	)		(1.22	)		(2.12	)		(1.00	)		(2.12	)		(2.39	)
Net Asset Value, End of Year	$	27.50		$	25.16		$	25.31		$	29.58		$	22.07		$	22.63
Total Return†		19.34%			4.26%			(7.74)%			39.42%			6.91%			13.32%
Ratios and Supplemental Data
Net Assets, End of Year (Thousands)		$126,904			$114,401			$124,006			$158,921			$103,903			$107,692
Ratio of Expenses to Average Net Assets		0.86%*			0.86%			0.86%			0.85%			0.84%			0.80%
Ratio of Expenses to Average Net Assets (Excluding Waivers and Fees Paid Indirectly)		0.98%*			1.00%			0.98%			0.94%			0.94%			0.88%
Ratio of Net Investment Income to Average Net Assets		1.29%*			1.23%			0.76%			0.61%			1.27%			1.63%
Portfolio Turnover Rate		10%**			51%			46%			36%			87%			70%

* Annualized

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

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

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

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  

 FINANCIAL HIGHLIGHTS

Selected Per Share Data & Ratios

For a Share Outstanding Throughout Each Year or Period

	Institutional Class Shares
	Period November 1, 2023 to April 30, 2024			Year ended October 31,
Opportunity Fund	(Unaudited)			2023			2022			2021			2020			2019
Net Asset Value, Beginning of Year	$	25.08		$	25.24		$	29.50		$	22.00		$	22.55		$	22.57
Income (Loss) from Operations:
Net Investment Income(1)		0.20			0.37			0.26			0.22			0.31			0.37
Net Realized and Unrealized Gain (Loss)		4.51			0.75			(2.35	)		8.32			1.28			2.05
Total from Operations		4.71			1.12			(2.09)			8.54			1.59			2.42
Dividends and Distributions:
Net Investment Income		(0.36	)		(0.22	)		(0.19	)		(0.23	)		(0.34	)		(0.29	)
Net Realized Gain		(2.07	)		(1.06	)		(1.98	)		(0.81	)		(1.80	)		(2.15	)
Total Dividends and Distributions		(2.43	)		(1.28	)		(2.17	)		(1.04	)		(2.14	)		(2.44	)
Net Asset Value, End of Year	$	27.36		$	25.08		$	25.24		$	29.50		$	22.00		$	22.55
Total Return†		19.40%			4.47%			(7.55)%			39.75%			7.09%			13.46%
Ratios and Supplemental Data
Net Assets, End of Year (Thousands)		$242,072			$211,289			$160,752			$198,332			$127,089			$121,973
Ratio of Expenses to Average Net Assets		0.65%*			0.65%			0.65%			0.65%			0.65%			0.71%
Ratio of Expenses to Average Net Assets (Excluding Waivers, Expense Reimbursements and Fees Paid Indirectly)		0.77%*			0.79%			0.77%			0.74%			0.75%			0.79%
Ratio of Net Investment Income to Average Net Assets		1.50%*			1.44%			0.97%			0.81%			1.45%			1.76%
Portfolio Turnover Rate		10%**			51%			46%			36%			87%			70%

* Annualized

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

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

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

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

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

22

THE ADVISORS’ INNER CIRCLE FUND CAMBIAR SMID FUND  

 FINANCIAL HIGHLIGHTS

Selected Per Share Data & Ratios

For a Share Outstanding Throughout Each Year or Period

	Investor Class Shares
	Period November 1, 2023 to April 30, 2024			Year ended October 31,
SMID Fund	(Unaudited)			2023			2022			2021			2020			2019
Net Asset Value, Beginning of Year	$	21.09		$	21.00		$	24.96		$	17.43		$	18.78		$	17.37
Income (Loss) from Operations:
Net Investment Income(1)		0.10			0.19			0.18			0.21			0.13			0.11
Net Realized and Unrealized Gain (Loss)		2.49			0.11			(1.48)			7.45			(0.69)			2.35
Total from Operations		2.59			0.30			(1.30)			7.66			(0.56	)		2.46
Dividends and Distributions:
Net Investment Income		(0.17)			(0.20)			(0.19)			(0.13	)		(0.09)			(0.09	)
Net Realized Gain		—			(0.01	)		(2.47)			—			(0.70	)		(0.96	)
Total Dividends and Distributions		(0.17)			(0.21)			(2.66)			(0.13	)		(0.79)			(1.05	)
Redemption Fees(1)		—			0.00	(2)		0.00	(2)		0.00	(2)		0.00	(2)		0.00	(2)
Net Asset Value, End of Year	$	23.51		$	21.09		$	21.00		$	24.96		$	17.43		$	18.78
Total Return†		12.25%			1.38%			(5.74)%			44.07%			(3.42)%			15.61%
Ratios and Supplemental Data
Net Assets, End of Year (Thousands)		$119,954			$117,766			$103,824			$124,536			$53,396			$48,630
Ratio of Expenses to Average Net Assets		0.95%*			0.93%			0.92%			0.93%			0.95%			0.94%
Ratio of Expenses to Average Net Assets (Excluding Waivers and Fees Paid Indirectly)		1.10%*			1.11%			1.09%			1.07%			1.20%			1.21%
Ratio of Net Investment Income to Average Net Assets		0.88%*			0.87%			0.81%			0.87%			0.76%			0.61%
Portfolio Turnover Rate		8%**			38%			34%			52%			82%			65%

* Annualized

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

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

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

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

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

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

23

THE ADVISORS’ INNER CIRCLE FUND CAMBIAR SMID FUND  

 FINANCIAL HIGHLIGHTS

Selected Per Share Data & Ratios

For a Share Outstanding Throughout Each Year or Period

	Institutional Class Shares
	Period November 1, 2023 to April 30, 2024			Year ended October 31,
SMID Fund	(Unaudited)			2023			2022			2021			2020			2019
Net Asset Value, Beginning of Year	$	21.10		$	21.01		$	24.97		$	17.44		$	18.78		$	17.36
Income (Loss) from Operations:
Net Investment Income(1)		0.12			0.20			0.19			0.22			0.15			0.12
Net Realized and Unrealized Gain (Loss)		2.49			0.11			(1.48	)		7.45			(0.69	)		2.35
Total from Operations		2.61			0.31			(1.29	)		7.67			(0.54	)		2.47
Dividends and Distributions:
Net Investment Income		(0.19	)		(0.21	)		(0.20	)		(0.14	)		(0.10	)		(0.09	)
Net Realized Gain		—			(0.01	)		(2.47	)		—			(0.70	)		(0.96	)
Total Dividends and Distributions		(0.19	)		(0.22	)		(2.67	)		(0.14	)		(0.80	)		(1.05	)
Redemption Fees(1)		0.00	(2)		0.00	(2)		0.00	(2)		0.01			—			—
Net Asset Value, End of Year	$	23.52		$	21.10		$	21.01		$	24.97		$	17.44		$	18.78
Total Return†		12.33%			1.46%			(5.67)%			44.17%			(3.32)%			15.69%
Ratios and Supplemental Data
Net Assets, End of Year (Thousands)		$60,167			$49,779			$23,164			$25,993			$4,745			$4,679
Ratio of Expenses to Average Net Assets		0.85%*			0.85%			0.85%			0.85%			0.85%			0.88%
Ratio of Expenses to Average Net Assets (Excluding Waivers and Fees Paid Indirectly)		1.01%*			1.04%			1.02%			0.99%			1.09%			1.15%
Ratio of Net Investment Income to Average Net Assets		0.98%*			0.90%			0.87%			0.89%			0.86%			0.67%
Portfolio Turnover Rate		8%**			38%			34%			52%			82%			65%

* Annualized

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

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

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

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

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

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

24

THE ADVISORS’ INNER CIRCLE FUND CAMBIAR SMALL CAP FUND  

 FINANCIAL HIGHLIGHTS

Selected Per Share Data & Ratios

For a Share Outstanding Throughout Each Year or Period

	Investor Class Shares
	Period November 1, 2023 to April 30, 2024		Year ended October 31,
Small Cap Fund	(Unaudited)		2023		2022		2021		2020		2019
Net Asset Value, Beginning of Year	$	13.61	$	14.48	$	20.95	$	14.93	$	16.61	$	18.45
Income (Loss) from Operations:
Net Investment Income (Loss)(1)		0.02		0.11		0.01		(0.02)		0.06		0.07
Net Realized and Unrealized Gain (Loss)		1.53		(0.91)		(1.30)		6.10		(0.94)		1.34
Total from Operations		1.55		(0.80)		(1.29)		6.08		(0.88)		1.41
Dividends and Distributions:
Net Investment Income		(0.09)		—		—		(0.06)		(0.08)		(0.01)
Net Realized Gain		(0.07)		(0.07)		(5.18)		—		(0.72)		(3.24)
Total Dividends and Distributions		(0.16)		(0.07)		(5.18)		(0.06)		(0.80)		(3.25)
Redemption Fees(1)		—		0.00(2)		0.00(2)		0.00(2)		0.00(2)		0.00(2)
Net Asset Value, End of Year	$	15.00	$	13.61	$	14.48	$	20.95	$	14.93	$	16.61
Total Return†		11.39%		(5.57)%		(7.36)%		40.79%		(5.76)%		12.17%
Ratios and Supplemental Data
Net Assets, End of Year (Thousands)		$23,289		$22,912		$33,349		$40,967		$36,234		$42,212
Ratio of Expenses to Average Net Assets		1.15%*		1.05%		1.10%		1.10%		1.05%		1.15%
Ratio of Expenses to Average Net Assets (Excluding Waivers and Fees Paid Indirectly)		1.36%*		1.27%		1.31%		1.26%		1.25%		1.30%
Ratio of Net Investment Income (Loss) to Average Net Assets		0.30%*		0.71%		0.05%		(0.10)%		0.41%		0.42%
Portfolio Turnover Rate		2%**		48%		50%		64%		70%		55%

* 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.

25

THE ADVISORS’ INNER CIRCLE FUND CAMBIAR SMALL CAP FUND  

 FINANCIAL HIGHLIGHTS

Selected Per Share Data & Ratios

For a Share Outstanding Throughout Each Year or Period

	Institutional Class Shares
	Period November 1, 2023 to April 30, 2024			Year ended October 31,
Small Cap Fund	(Unaudited)			2023			2022			2021			2020			2019
Net Asset Value, Beginning of Year	$	14.22		$	15.13		$	21.63		$	15.39		$	17.11		$	18.89
Income (Loss) from Operations:
Net Investment Income(1)		0.04			0.13			0.04			0.02			0.08			0.10
Net Realized and Unrealized Gain (Loss)		1.60			(0.94)			(1.36)			6.30			(0.97)			1.39
Total from Operations		1.64			(0.81)			(1.32)			6.32			(0.89)			1.49
Dividends and Distributions:
Net Investment Income		(0.12)			(0.03)			—			(0.08)			(0.11)			(0.03)
Net Realized Gain		(0.07)			(0.07)			(5.18)			—			(0.72)			(3.24)
Total Dividends and Distributions		(0.19)			(0.10)			(5.18)			(0.08)			(0.83)			(3.27)
Redemption Fees(1)		—			0.00(2)			0.00(2)			0.00(2)			0.00(2)			0.00(2)
Net Asset Value, End of Year	$	15.67		$	14.22		$	15.13		$	21.63		$	15.39		$	17.11
Total Return†		11.50	%		(5.42	)%		(7.21	)%		41.18	%		(5.64	)%		12.37	%
Ratios and Supplemental Data
Net Assets, End of Year (Thousands)		$65,985			$71,311			$38,858			$55,691			$42,012			$42,824
Ratio of Expenses to Average Net Assets		0.90%*			0.90%			0.90%			0.90%			0.90%			0.96%
Ratio of Expenses to Average Net Assets (Excluding Waivers and Fees Paid Indirectly)		1.11%*			1.12%			1.11%			1.07%			1.10%			1.10%
Ratio of Net Investment Income to Average Net Assets		0.56%*			0.81%			0.26%			0.08%			0.55%			0.61%
Portfolio Turnover Rate		2%**			48%			50%			64%			70%			55%

* 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.

26

THE ADVISORS’ INNER CIRCLE FUND CAMBIAR INTERNATIONAL EQUITY FUND  

 FINANCIAL HIGHLIGHTS

Selected Per Share Data & Ratios

For a Share Outstanding Throughout Each Year or Period

	Investor Class Shares
	Period November 1, 2023 to April 30, 2024		Year ended October 31,
International Equity Fund	(Unaudited)		2023		2022		2021		2020		2019
Net Asset Value, Beginning of Year	$	22.20	$	20.37	$	28.06	$	22.33	$	26.26	$	25.02
Income (Loss) from Operations:
Net Investment Income(1)		0.14		0.25		0.29		0.34		0.21		0.72
Net Realized and Unrealized Gain (Loss)		3.41		2.16		(7.61)		5.70		(3.23)		0.73
Total from Operations		3.55		2.41		(7.32)		6.04		(3.02)		1.45
Dividends and Distributions:
Net Investment Income		(0.42)		(0.58)		(0.37)		(0.31)		(0.91)		(0.16)
Net Realized Gain		—		—		—		—		—		(0.05)
Total Dividends and Distributions		(0.42)		(0.58)		(0.37)		(0.31)		(0.91)		(0.21)
Redemption Fees(1)		—		0.00(2)		0.00(2)		0.00(2)		0.00(2)		0.00(2)
Net Asset Value, End of Year	$	25.33	$	22.20	$	20.37	$	28.06	$	22.33	$	26.26
Total Return†		11.39%		11.85%		(26.42)%		27.13%		(12.07)%		5.88%
Ratios and Supplemental Data
Net Assets, End of Year (Thousands)		$85,872		$84,764		$115,167		$205,317		$194,941		$455,008
Ratio of Expenses to Average Net Assets		0.99%*		0.99%		0.99%		0.98%		1.03%		1.02%
Ratio of Expenses to Average Net Assets (Excluding Waivers and Fees Paid Indirectly)		1.27%*		1.25%		1.17%		1.12%		1.15%		1.10%
Ratio of Net Investment Income to Average Net Assets		1.12%*		1.05%		1.20%		1.21%		0.87%		2.89%
Portfolio Turnover Rate		18%**		32%		49%		61%		58%		42%

* 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.

27

THE ADVISORS’ INNER CIRCLE FUND CAMBIAR INTERNATIONAL EQUITY FUND  

 FINANCIAL HIGHLIGHTS

Selected Per Share Data & Ratios

For a Share Outstanding Throughout Each Year or Period

	Institutional Class Shares
	Period November 1, 2023 to April 30, 2024		Year ended October 31,
International Equity Fund	(Unaudited)		2023		2022		2021		2020		2019
Net Asset Value, Beginning of Year	$	22.22		$20.41		$ 28.10		$ 22.38		$ 26.31		$ 25.11
Income (Loss) from Operations:
Net Investment Income(1)		0.10		0.26		0.31		0.33		0.25		0.77
Net Realized and Unrealized Gain (Loss)		3.46		2.16		(7.61)		5.74		(3.24)		0.70
Total from Operations		3.56		2.42		(7.30)		6.07		(2.99)		1.47
Dividends and Distributions:
Net Investment Income		(0.44)		(0.61)		(0.39)		(0.35)		(0.94)		(0.22)
Net Realized Gain		—		—		—		—		—		(0.05)
Total Dividends and Distributions		(0.44)		(0.61)		(0.39)		(0.35)		(0.94)		(0.27)
Redemption Fees(1)		—		—		0.00(2)		0.00(2)		0.00(2)		0.00(2)
Net Asset Value, End of Year	$	25.34	$	22.22	$	20.41	$	28.10	$	22.38	$	26.31
Total Return†		11.50%		11.86%		(26.32)%		27.23%		(11.94)%		5.99%
Ratios and Supplemental Data
Net Assets, End of Year (Thousands)		$56,531		$93,689		$200,634		$718,480		$837,570		$1,927,379
Ratio of Expenses to Average Net Assets		0.90%*		0.90%		0.90%		0.90%		0.90%		0.92%
Ratio of Expenses to Average Net Assets (Excluding Waivers and Fees Paid Indirectly)		1.17%*		1.16%		1.08%		1.04%		1.02%		1.00%
Ratio of Net Investment Income to Average Net Assets		0.80%*		1.11%		1.25%		1.19%		1.02%		3.07%
Portfolio Turnover Rate		18%**		32%		49%		61%		58%		42%

* 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.

28

THE ADVISORS’ INNER CIRCLE FUND CAMBIAR FUNDS APRIL 30, 2024 (UNAUDITED)  

 NOTES TO FINANCIAL STATEMENTS

1. Organization:

The Advisors’ Inner Circle Fund (the “Trust”) was organized as a Massachusetts business trust under an Amended and Restated Agreement and Declaration of Trust dated February 18, 1997. The Trust is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company with 26 portfolios. The financial statements herein are those of the Cambiar Opportunity Fund, Cambiar SMID Fund, Cambiar Small Cap Fund and Cambiar International Equity Fund (collectively the “Funds,” individually a “Fund”) each of which are diversified Funds. The Opportunity Fund and International Equity Fund seek total return and capital preservation. The SMID Fund and Small Cap Fund seek long-term capital appreciation. The goal of each of the Funds is to provide above-average performance in both rising and falling market periods by investing in stocks that have limited downside risk and positive upside potential. The financial statements of the remaining funds of the Trust are presented separately. The assets of each fund are segregated, and a shareholder’s interest is limited to the fund in which shares are held.

The Cambiar International Small Cap Fund ceased operations and Liquidated on December 29, 2023.

2. Significant Accounting Policies:

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

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

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

Securities for which market prices are not “readily available” are valued in accordance with fair value procedures (the “Fair Value Procedures”) established by the Adviser and approved by the Trust’s Board of Trustees (the “Board”). Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated the Adviser as the “valuation designee” to determine the fair value of securities and other instruments for which no readily available market quotations are available. The Fair Value Procedures are implemented through a Fair Value Committee (the “Committee”) of the Adviser. No securities were fair valued by the committee as of April 30, 2024.

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

29

THE ADVISORS’ INNER CIRCLE FUND CAMBIAR FUNDS APRIL 30, 2024 (UNAUDITED)  

The Cambiar International Equity Fund uses Intercontinental Exchange Data Pricing & Reference Data, LLC. (“ICE”) as a third party fair valuation vendor. ICE provides a fair value for foreign securities held by the Fund based on certain factors and methodologies (involving, generally, tracking valuation correlations between the U.S. market and each non-U.S. security) applied by ICE in the event that there is a movement in the U.S. market that exceeds a specific threshold that has been established by the Committee. The Committee has also established a “confidence interval” which is used to determine the level of correlation between the value of a foreign security and movements in the U.S. market before a particular security is fair valued when the threshold is exceeded. In the event that the threshold established by the Committee is exceeded on a specific day, the Cambiar International Equity Fund values the non-U.S. securities in its portfolio that exceed the applicable “confidence interval” based upon the fair values provided by ICE. In such event, it is not necessary to hold a Committee meeting. In the event that the Adviser believes that the fair values provided by ICE are not reliable, the Adviser contacts the Fund’s Administrator and requests that a meeting of the Committee be held. As of April 30, 2024, the Cambiar International Equity Fund total market value of securities that were fair valued by the Committee were $118,158,996 or 82.9% of Net Assets.

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

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

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

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

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

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

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

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

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

As of April 30, 2024, 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, 2024, the Funds did not incur any interest or penalties.

30

THE ADVISORS’ INNER CIRCLE FUND CAMBIAR FUNDS APRIL 30, 2024 (UNAUDITED)  

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.

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 SMID Fund, Cambiar Small Cap Fund and Cambiar International Equity Fund retain a redemption fee of 2.00% on redemptions of capital shares held for less than ninety days. For the period ended April 30, 2024, the Funds retained fees of $1,948, $280 and $238, respectively. Such fees are retained by the Funds for the benefit of the remaining shareholders and are recorded as additions to fund capital.

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 six months ended April 30, 2024, the Funds incurred the following fees for these services: $99,043, $50,794, $26,760 and $45,439 for the Cambiar Opportunity Fund, Cambiar SMID Fund, Cambiar Small Cap Fund and Cambiar International Equity Fund, respectively.

The Funds have adopted a shareholder servicing fee plan under which a shareholder servicing fee up to 0.25% of average daily net assets attributable to the Investor Class Shares of the Funds will be paid to the Distributor. The Distributor may perform, or may compensate other service providers for providing, certain shareholder and administrative services. Shareholder servicing fees in excess of 0.25% of average daily net assets are paid by Cambiar Investors, LLC (the “Adviser”).

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.

SS&C Global Investor & Distribution Solutions, Inc. serves as transfer agent for the Funds under the transfer agency agreement with the Trust.

The Funds earn cash management credits which are used to offset transfer agent expenses. During the period ended April 30, 2024, the Cambiar Opportunity, Cambiar SMID, Cambiar Small Cap and Cambiar International Equity earned credits of $9,736, $1,358, $1,850 and $3,818, respectively, which were used to offset transfer agent expenses. These amounts are listed as “Fees Paid Indirectly” on the Statements of Operations.

31

THE ADVISORS’ INNER CIRCLE FUND CAMBIAR FUNDS APRIL 30, 2024 (UNAUDITED)  

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

4. Investment Advisory Agreements:

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

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

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

The Adviser has contractually agreed, through March 1, 2025, 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%

Refer to waiver of investment advisory fees on the Statements of Operations for fees waived for the period ended April 30, 2024. In addition, if at any point it becomes unnecessary for the Adviser to reduce fees or make expense reimbursements, the Board may permit the Adviser to retain the difference between the total annual fund operating expenses and the expense caps listed above to recapture all or a portion of its prior fee reductions or reimbursements made during the preceding three-year period. During the period ended April 30, 2024, the Funds did not recoup any previously waived fees.

At April 30, 2024, 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
4/30/21-4/30/22	2025	$	343,158	$	203,898	$	166,391	$	1,257,980
4/30/22-4/30/23	2026		401,498		242,092		185,864		854,956
4/30/23-4/30/24	2027		475,732		295,068		218,320		581,717
		$	1,220,388	$	741,058	$	570,575	$	2,694,653

5. Investment Transactions:

For the period ended April 30, 2024, 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	$	36,690,044	$	58,838,274
Cambiar SMID Fund		14,700,757		17,079,503
Cambiar Small Cap Fund		1,456,460		18,470,515
Cambiar International Equity Fund		28,042,408		90,450,380

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

6. Federal Tax Information:

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

32

THE ADVISORS’ INNER CIRCLE FUND CAMBIAR FUNDS APRIL 30, 2024 (UNAUDITED)  

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, 2023 is primarily related to merger adjustments with the Great Lakes Funds. Accordingly, the following reclassifications that have been made to/from the following accounts:

	Distributable Loss		Paid-in Capital
Cambiar Opportunity Fund		$(1,067,057)		$1,067,057
Cambiar Small Cap Fund		(311,910)		311,910

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	$	2,591,075	$	11,850,120	$	14,441,195
2022		13,061,980		12,760,636		25,822,616
Cambiar SMID Fund
2023		1,143,279		34,837		1,178,116
2022		10,724,072		5,221,481		15,945,553
Cambiar Small Cap Fund
2023		202,839		251,192		454,031
2022		8,821,894		14,759,187		23,581,081
Cambiar International Equity Fund
2023		7,903,160		—		7,903,160
2022		12,662,838		—		12,662,838

As of October 31, 2023, 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
Undistributed Ordinary Income	$	8,080,999	$	984,572	$	889,200	$	2,780,680
Undistributed Long-Term Capital Gain		22,351,374		–		250,747		–
Capital Loss Carryforwards		(295,943)		(456,757)		–		(82,358,540)
Net Unrealized Appreciation/ (Depreciation)		44,741,376		6,411,206		(3,697,194)		(413,932)
Other Temporary Differences		(9)		(1)		(1)		(1)
Total Distributable Earnings (Loss)	$	74,877,797	$	6,939,020	$	(2,557,248)	$	(79,991,793)

As of October 31, 2023, the following Funds have capital losses carried forward as follows:

	Short-Term Loss		Long-Term Loss		Total Post- Enactment Capital Loss Carryforwards
Cambiar Opportunity Fund*	$	295,943	$	—	$	295,943
Cambiar SMID Fund		456,757		—		456,757
Cambiar International Equity Fund		82,358,540		—		82,358,540

* Cambiar Opportunity Fund’s utilization of capital loss carryforwards will be subject to annual limitations.

During the year ended October 31, 2023, the following funds utilized the prior year capital loss carryforward:

	Short-Term Loss		Long-Term Loss		Total Post- Enactment Capital Loss Carryforwards
Cambiar Opportunity Fund	$	771,114	$	—	$	771,114
Cambiar International Equity Fund		13,539,820		—		13,539,820

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.

33

THE ADVISORS’ INNER CIRCLE FUND CAMBIAR FUNDS APRIL 30, 2024 (UNAUDITED)  

The Federal tax cost and aggregate gross unrealized appreciation and depreciation on investments for Federal income tax purposes at April 30, 2024, were as follows:

	Federal Tax Cost		Aggregate Gross Unrealized Appreciation		Aggregate Gross Unrealized Depreciation		Net Unrealized Appreciation
Cambiar Opportunity Fund	$	279,051,090	$	95,373,195	$	(6,072,372)	$	89,300,823
Cambiar SMID Fund		153,581,466		31,773,276		(5,677,997)		26,095,279
Cambiar Small Cap Fund		83,372,001		14,155,042		(8,119,768)		6,035,274
Cambiar International Equity Fund		118,953,896		24,742,864		(5,679,127)		19,063,737

7. Concentrated Risks:

At April 30, 2024, the net assets of the Cambiar International Equity 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, 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.

8. Indemnification

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.

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.

9. Line of Credit:

The Funds entered into an agreement on August 1, 2023, which enables them to participate in a $100 million uncommitted, secured, revolving line of credit with the Custodian. The agreement expires on July 29, 2024. 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.

34

THE ADVISORS’ INNER CIRCLE FUND CAMBIAR FUNDS APRIL 30, 2024 (UNAUDITED)  

Borrowing activity for the period ended April 30, 2024, was the following:

Fund	Maximum Amount of Line of Credit			Interest Expense			Average Rate			Average Borrowing			Number of Days on Loan		Maximum Amount Outstanding
Cambiar Opportunity Fund		$	100,000,000		$	8,005		8.50	%		$	3,390,500		10		$	8,967,000
Cambiar Small Cap Fund			100,000,000			4,518		8.50				1,594,417		12			4,187,000
Cambiar International Equity Fund			100,000,000			2,505		8.50				1,060,800		10			3,994,000

10. Concentration of Shareholders

At April 30, 2024, 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	69%
Cambiar Opportunity Fund, Institutional Class	3	59%
Cambiar SMID Fund, Investor Class	2	87%
Cambiar SMID Fund, Institutional Class	5	77%
Cambiar Small Cap Fund, Investor Class	4	68%
Cambiar Small Cap Fund, Institutional Class	5	83%
Cambiar International Equity Fund, Investor Class	1	72%
Cambiar International Equity Fund, Institutional Class	3	62%

11. Fund Merger

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

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

Acquired Fund	Cash		Security Shares as Cost		Income		Unrealized Appreciation/  (Depreciation) on  Investments			Net Assets
Great Lakes Large Cap Value Fund	$	3,328,076	$	22,855,306	$	58,535	$	5,008,613		$	31,250,530
Great Lakes Disciplined Equity Fund		85,202		11,377,712		15,507		(135,223	)		11,343,198

Acquiring Fund	Shares Issued		Net Assets Prior to Merger		Net Assets After  Merger
Cambiar Opportunity Fund		1,709,251	$	288,715,572	$	331,309,300

Acquired Fund	Cash		Security Shares at Cost		Income		Unrealized Appreciation/  (Depreciation) on  Investments		Net Assets
Great Lakes Small Cap Opportunity Fund	$	6,597,283	$	18,084,040	$	18,400	$	(1,115,262)	$	23,584,461

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THE ADVISORS’ INNER CIRCLE FUND CAMBIAR FUNDS APRIL 30, 2024 (UNAUDITED)  

Acquiring Fund	Shares Issued	Net Assets Prior to Merger	Net Assets After  Merger
Cambiar Small Cap Fund	1,548,863	$ 72,877,526	$ 96,461,987

12. Subsequent Events:

The Funds have evaluated the need for additional disclosures (other than what is disclosed in the preceding paragraphs) and/or adjustments resulting from subsequent events through the date the financial statements were issued. Based on this evaluation, no additional disclosures and/or adjustments were required to the financial statements as of April 30, 2024.

36

THE ADVISORS’ INNER CIRCLE FUND CAMBIAR FUNDS APRIL 30, 2024  

 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, 2023 to April 30, 2024).

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 11/01/23	Ending Account Value 04/30/24		Annualized Expense Ratios	Expenses Paid During Period*
Cambiar Opportunity Fund — Investor Class Shares
Actual Fund Return	$1,000.00		$1,193.40	0.86%	$4.69
Hypothetical 5% Return	$1,000.00		$1,020.59	0.86%	$4.32
Cambiar Opportunity Fund — Institutional Class Shares
Actual Fund Return	$1,000.00		$1,194.00	0.65%	$3.55
Hypothetical 5% Return	$1,000.00		$1,021.63	0.65%	$3.27
Cambiar SMID Fund — Investor Class Shares
Actual Fund Return	$1,000.00		$1,122.50	0.95%	$5.01
Hypothetical 5% Return	$1,000.00		$1,020.14	0.95%	$4.77
Cambiar SMID Fund — Institutional Class Shares
Actual Fund Return	$1,000.00		$1,123.30	0.85%	$4.49
Hypothetical 5% Return	$1,000.00		$1,020.64	0.85%	$4.27
Cambiar Small Cap Fund — Investor Class Shares
Actual Fund Return	$1,000.00		$1,113.90	1.15%	$6.04
Hypothetical 5% Return	$1,000.00		$1,019.15	1.15%	$5.77
Cambiar Small Cap Fund — Institutional Class Shares
Actual Fund Return	$1,000.00		$1,115.00	0.90%	$4.73
Hypothetical 5% Return	$1,000.00		$1,020.39	0.90%	$4.52

37

THE ADVISORS’ INNER CIRCLE FUND CAMBIAR FUNDS APRIL 30, 2024  

	Beginning Account Value 11/01/23	Ending Account Value 04/30/24		Annualized Expense Ratios	Expenses Paid During Period*
Cambiar International Equity Fund — Investor Class Shares
Actual Fund Return	$1,000.00		$1,160.60	0.99%	$5.32
Hypothetical 5% Return	$1,000.00		$1,019.94	0.99%	$4.97
Cambiar International Equity Fund — Institutional Class Shares
Actual Fund Return	$1,000.00		$1,161.20	0.90%	$4.84
Hypothetical 5% Return	$1,000.00		$1,020.39	0.90%	$4.52

* Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period shown).

38

NOTES

NOTES

NOTES

The Cambiar Funds

P.O. Box 219009

Kansas City, MO 64121

1-866-777-8227

Investment Adviser

Cambiar Investors, LLC

200 Columbine Street

Suite 800

Denver, CO 80206

Distributor

SEI Investments Distribution Co.

One Freedom Valley Drive

Oaks, PA 19456

Administrator

SEI Investments Global Funds Services

One Freedom Valley Drive

Oaks, PA 19456

Legal Counsel

Morgan, Lewis & Bockius, LLP

2222 Market Street

Philadelphia, PA 19103-2921

Independent Registered Public Accounting Firm

Ernst & Young LLP

2005 Market Street, Suite 700

Philadelphia, PA 19103

This information must be preceded or accompanied by a current prospectus

for the Funds described.

CMB-SA-001-2300

(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, as amended (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 18. Recovery of Erroneously Awarded Compensation.

(a) Not applicable.

(b) Not applicable.

Item 19. Exhibits.

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

(a)(2) Not applicable.

(a)(3) A separate certification for the principal executive officer and the principal financial officer of the Registrant, as required by Rule 30a-2(a) under the Act (17 CFR § 270.30a-2(a)), arefiled 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 exhibits.

SIGNATURES

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

(Registrant)	The Advisors’ Inner Circle Fund
By (Signature and Title)	/s/ Michael Beattie
	Michael Beattie
	Principal Executive Officer

Date: July 8, 2024

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

By (Signature and Title)	/s/ Michael Beattie
	Michael Beattie
	Principal Executive Officer
Date: July 8, 2024
By (Signature and Title)	/s/ Andrew Metzger
	Andrew Metzger
	Principal Financial Officer

Date: July 8, 2024