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

The Advisors' Inner Circle Fund

Sarofim Equity Fund

Ticker: SRFMX

Annual Shareholder Report: December 31, 2024

This annual shareholder report contains important information about Retail Class of the Sarofim Equity Fund (the "Fund") for the period from January 1, 2024 to December 31, 2024. You can find additional information about the Fund at https://www.sarofim.com/u-s-mutual-funds/. You can also request this information by contacting us at 1-855-727-6346.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Sarofim Equity Fund, Retail Class	$75	0.70%

How did the Fund perform in the last year?

The S&P 500 Index gained 25% as an initially cautious outlook turned optimistic as the year progressed. The optimistic outlook that evolved over the year was driven by a resilient U.S. economy, the Federal Reserve’s (the “Fed”) pivot towards monetary easing policies, steady corporate earnings growth, and a change in political leadership that investors perceived will prolong the economic expansion.

After robust equity market expansion in 2023, weak jobs data began to show the adverse impacts that elevated interest rates had on the U.S. economy. This prompted the Fed to shift its focus to monetary easing to support the weakening economy by cutting the Federal Funds Rate by a total of 100 bps, lowering its target rate to 4.25-4.50%.

Corporate earnings reflected sustained growth in 2024. Management commentaries across these reports highlighted two persistent themes: the impacts of a “cautious” consumer who sought out lower priced items, and elevated levels of investments in artificial intelligence infrastructure to meet burgeoning demand.

A busy election year concluded in November with Donald Trump’s U.S presidential election win. Investors cheered on the prospects of corporate tax cuts and deregulation as positive for corporate earnings and economic growth.

The Sarofim Equity Fund trailed the Index in the period due to a negative stock selection effect. The Fund’s strategic underweight of the real estate and utilities sector resulted in positive allocation effects, which supported relative performance. Within the materials sector, an underweight allocation and a positive selection effect contributed positively to results in the period.

Conversely, negative selection effects in the information technology and consumer discretionary sectors led to relative under performance against the Index. The Fund’s relative underweight in the communication services sector led to a negative allocation effect, while its holdings trailed the broader sector and contributed a negative selection effect.

The top contributors to relative performance include Amazon, Apple, Microsoft, Alphabet, and Intuitive Surgical.

The top detractors from relative performance include LVMH, Adobe, Nike, Zoetis, and Eli Lilly.

We anticipate heightened focus on both the implications of new political leadership around the world and changes in global central bank policies in the coming quarters. Over the past year, the world’s major central banks have pivoted towards monetary easing, choosing to focus on supporting economic stability after years spent battling inflation through higher rates. We expect that monetary policies will continue to be accommodative as central banks move towards neutral rates, facilitating conditions supportive of growth.

The Sarofim Equity Fund’s investment philosophy remains disciplined during periods of economic and political change. While government policies might change, we remain steadfast in seeking out high quality industry leaders that are headed by exceptional management teams, demonstrate the ability to grow earnings, and maintain strong balance sheets throughout economic cycles. Companies with these characteristics may be able to better adapt and take advantage of changing policies, while being financially sound enough to absorb any potential shocks.

How did the Fund perform during the last 10 years?

Total Return Based on $10,000 Investment

	Sarofim Equity Fund, Retail Class - $29177	S&P 500 Index (TR) - $34254
Dec/14	$10000	$10000
Dec/15	$9658	$10138
Dec/16	$10387	$11351
Dec/17	$13069	$13829
Dec/18	$12177	$13223
Dec/19	$16507	$17386
Dec/20	$20522	$20585
Dec/21	$26189	$26494
Dec/22	$21203	$21696
Dec/23	$25740	$27399
Dec/24	$29177	$34254

The line graph represents historical performance of a hypothetical investment of $10,000 in the Fund during the last 10 years. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. Past performance is not indicative of future performance.Call 1-855-727-6346 or visit https://www.sarofim.com/u-s-mutual-funds/ for current month-end performance.

Average Annual Total Returns as of December 31, 2024

Fund/Index Name	1 Year	5 Years	10 Years
Sarofim Equity Fund, Retail Class	13.35%	12.07%	11.30%
S&P 500 Index (TR)	25.02%	14.53%	13.10%

Key Fund Statistics as of December 31, 2024

	Total Net Assets	Number of Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$101,446,298	47	$467,115	13%

What did the Fund invest in?

Country Weightings^{Footnote Reference*}

Value	Value
Canada	1.0%
United Kingdom	1.7%
Netherlands	1.7%
Taiwan	2.1%
Denmark	2.4%
France	2.4%
United States	88.7%

Footnote	Description
Footnote*	Percentages are calculated based on total net assets.

Top Ten Holdings

Holding Name			Percentage of Total Net Assets^{Footnote Reference(A)}
Microsoft			8.4%
Amazon.com			7.3%
Apple			6.7%
Alphabet, Cl C			4.7%
Visa, Cl A			3.9%
NVIDIA			3.8%
UnitedHealth Group			3.5%
Intuitive Surgical			3.5%
Texas Instruments			3.5%
BlackRock Funding			3.3%

Footnote	Description
Footnote^(A)	Cash Equivalents are not shown in the top ten chart.

Material Fund Changes

There were no material changes during the reporting period.

Changes in and Disagreements with Accountants

There were no changes in or disagreements with accountants during the reporting period.

Additional Information

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

1-855-727-6346
https://www.sarofim.com/u-s-mutual-funds/

Householding

Rule 30e-1 of the Investment Company Act of 1940 permits funds to transmit only one copy of a proxy statement, annual report or semi-annual report to shareholders (who need not be related) with the same residential, commercial or electronic address, provided that the shareholders have consented in writing and the reports are addressed either to each shareholder individually or to the shareholders as a group. This process is known as “householding” and is designed to reduce the duplicate copies of materials that shareholders receive and to lower printing and mailing costs for funds. Once implemented, if you would like to discontinue householding for your accounts, please call toll-free at 1-855-727-6346 to request individual copies of these documents. Once the Fund receives notice to stop householding, we will begin sending individual copies 30 days after receiving your request.

The Advisors' Inner Circle Fund

Sarofim Equity Fund: SRFMX

Annual Shareholder Report: December 31, 2024

SAR-AR-TSR-2024-1

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

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

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

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

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

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

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

(1) require specific pre-approval; (2) are included within the list of services that have received the general pre-approval of the Audit Committee pursuant to the Policy; or (3) have been previously pre-approved in connection with the independent auditor’s annual engagement letter for the applicable year or otherwise. In any instance where services require pre-approval, the Audit Committee will consider whether such services are consistent with SEC’s rules and whether the provision of such services would impair the auditor’s independence.

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

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

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

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

(e)(2) Percentage of fees billed applicable to non-audit services pursuant to (c)(7)(i)(C) of Rule 2-01 of Regulation S-X, waiver of pre-approval requirement were as follows (PwC):

(e)(2) Percentage of fees billed applicable to non-audit services pursuant to (c)(7)(i)(C) of Rule 2-01 of Regulation S-X, waiver of pre-approval requirement were as follows (E&Y):

(g) The aggregate non-audit fees and services billed by PwC for services rendered to the Registrant, and rendered to the Registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant for the last two fiscal years ended December 31^st were $0 and $162,806 for 2024 and 2023, respectively.

(g) The aggregate non-audit fees and services billed by E&Y for services rendered to the Registrant, and rendered to the Registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant for the last two fiscal years ended December 31^st were $0 and $0 for 2024 and 2023, respectively.

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

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

(j) Not applicable. The Registrant is not a “foreign issuer,” as defined in 17 CFR § 240.3b-4e.

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

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

As of December 31, 2024, all of the Fund’s investments were Level 1 in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles.

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

* Redemption price per share may vary depending on the length of time Shares are held.

The Advisors’ Inner Circle Fund (the “Trust”) is organized as a Massachusetts business trust under an Amended and Restated Agreement and Declaration of Trust dated February 18, 1997. The Trust is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company with 27 funds. The financial statements herein are those of the Sarofim Equity Fund (the “Fund”). The Fund is diversified and its investment objective is to seek long-term capital appreciation consistent with the preservation of capital; current income is a secondary goal. The financial statements of the remaining funds of the Trust are presented separately. The assets of the Fund are segregated, and a shareholder’s interest is limited to the fund in which shares are held.

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

Use of Estimates — The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of 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 approximately 4:00 pm ET if a security’s primary exchange is normally open at that time), or, if there is no such reported sale on the valuation date, at the most recent quoted bid price. For securities traded on NASDAQ, the NASDAQ Official

Closing Price will be used. The prices for foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates.

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

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

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

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.

For details of investment classifications, reference the Schedule of Investments.

Federal Income Taxes — It is the Fund’s intention to continue to qualify as a regulated investment company for Federal income tax purposes by complying with the appropriate provisions of Subchapter M of the Internal Revenue Code of 1986, as amended. Accordingly, no provision for Federal income taxes have been made in the financial statements.

The Fund evaluates tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether it is “more-likely-than-not” (i.e., greater than 50-percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. Tax positions not deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current year. The Fund 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., all open tax year ends, since inception), on-going analysis of and changes to tax laws, regulations and interpretations thereof.

As of and during the year ended December 31, 2024, the Fund did not have a liability for any uncertain tax benefits. The Fund recognizes interest and penalties, if any, related to uncertain tax benefits as income tax expense in the Statement of Operations.

Withholding taxes on foreign dividends have been provided for in accordance with the Fund’s understanding of the applicable country’s tax rules and rates. The Fund or their agent files withholding tax reclaims in certain jurisdictions to recover certain amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. Professional fees paid to those that provide assistance in receiving the tax

reclaims, which generally are contingent upon successful receipt of reclaimed amounts, are recorded in Professional Fees on the Statement of Operations once the amounts are due. The professional fees related to pursuing these tax reclaims are not subject to the Adviser’s expense limitation agreement.

Security Transactions and Investment Income — Security transactions are accounted for on trade date basis for financial reporting purposes. Costs used in determining realized gains and losses on the sale of investment securities are based on the specific identification method. Dividend income is recorded on the ex-dividend date. Interest income is recognized on the accrual basis from settlement date. Certain dividends from foreign securities will be recorded as soon as the Fund is informed of the dividend, if such information is obtained subsequent to the ex-dividend date.

Expenses — Expenses that are directly related to the Fund are charged to the Fund. Other operating expenses of the Trust are prorated to the funds based on the number of funds and/or relative daily net assets.

Dividends and Distributions to Shareholders — The Fund distributes substantially all of its net investment income quarterly. Distributions from net realized capital gains, if any, are declared and paid annually. All distributions are recorded on ex-dividend date.

Redemption Fees — The Fund retains redemption fees of 2.00% on redemptions of capital shares held for less than 90 days. For the year ended December 31, 2024 and year ended December 31, 2023, there were no redemption fees retained by the Fund. Such fees are retained by the Fund for the benefit of the remaining shareholders and are recorded as additions to fund capital.

Certain officers of the Trust are also officers of SEI Investments Global Funds Services (the “Administrator”), a wholly owned subsidiary of SEI Investments Company, and/or SEI Investments Distribution Co. (the “Distributor”). Such officers are paid no fees by the Trust, other than the Chief Compliance Officer (“CCO”) as described below, for serving as officers of the Trust.

A portion of the services provided by the CCO and his staff, 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 and fees have been approved by and are reviewed by the Board.

The Fund and the Administrator are parties to an Administration Agreement under which the Administrator provides administrative services to the Fund. 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 Fund. For the year ended December 31, 2024, the Fund was charged $109,789 for these services.

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

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

Atlantic Shareholder Services, LLC serves as the transfer agent and dividend disbursing agent for the Fund under a transfer agency agreement with the Trust.

Under the terms of an investment advisory agreement, Fayez Sarofim & Co. (the “Adviser”) provides investment advisory services to the Fund at a fee, which is calculated daily and paid monthly at an annual rate of 0.50% of the Fund’s average daily net assets. The Adviser has contractually agreed to reduce fees and reimburse expenses to the extent necessary to keep the total annual operating expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses) from exceeding 0.70% of the Fund’s average daily net assets until April 30, 2025. This Agreement may be terminated: (i) by the Board, for any reason at any time; or (ii) by the Adviser, upon ninety (90) days’ prior written notice to the Trust, effective as of the close of business on April 30, 2025. In addition, if at any point it becomes unnecessary for the Adviser to reduce fees or make expense reimbursements, the board may permit the Adviser to retain the difference between total annual operating expenses and 0.70% to recapture all or a portion of its prior reductions or reimbursements made during the preceding three-year period.

At December 31, 2024, the amount the Adviser may seek as recapture of previously waived fees and reimbursed expenses is as follows:

For the year ended December 31, 2024, the Fund made purchases of $14,346,387 and sales of $30,139,179 in investment securities other than long-term U.S. Government and short-term securities. For the year ended December 31, 2024, there were no purchases or sales of long-term U.S. Government securities.

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

The following permanent differences, primarily attributable to reclass of distributions and partnership. The permanent difference that is credited or charged to Paid-in Capital and Distributable Earnings as of December 31, 2024 is primarily related to partnerships:

These reclassifications had no impact on net assets or net asset value per share.

The tax character of dividends and distributions paid during the years ended December 31, 2024 and 2023 were as follows:

As of December 31, 2024, the components of distributable earnings on a tax basis were as follows:

For Federal income tax purposes the difference between Federal tax cost and book cost primarily relates to partnership adjustments. The Federal tax cost and aggregate gross unrealized appreciation and depreciation for the investments (including foreign currency and derivatives, if applicable) held by the Fund at December 31, 2024, were as follows:

As with all mutual funds, there is no guarantee that the Fund will achieve its investment objective. You could lose money by investing in the Fund. The principal risk factors affecting shareholders’ investments in the Fund are set forth below.

Equity Risk — Since it purchases equity securities, the Fund is subject to the risk that stock prices will fall over short or extended periods of time. Historically, the equity markets have moved in cycles, and the value of the Fund’s equity securities may fluctuate drastically from day to day. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices of securities issued by such companies may suffer a decline in response. In addition, the impact of any epidemic, pandemic or natural

disaster, or widespread fear that such events may occur, could negatively affect the global economy, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the markets in general in significant and unforeseen ways. Any such impact could adversely affect the prices and liquidity of the securities and other instruments in which the Fund invests, which in turn could negatively impact the Fund’s performance and cause losses on your investment in the Fund. These factors contribute to price volatility, which is the principal risk of investing in the Fund.

Foreign Company Risk — Investing in foreign companies, including direct investments and through American Depositary Receipts ("ADRs"), which are traded on exchanges and represent an ownership in a foreign security, poses additional risks since political and economic events unique to a country or region will affect those markets and their issuers. These risks will not necessarily affect the U.S. economy or similar issuers located in the United States. In addition, investments in foreign companies are generally denominated in a foreign currency. As a result, changes in the value of those currencies compared to the U.S. dollar may affect (positively or negatively) the value of the Fund’s investments. These currency movements may occur separately from, and in response to, events that do not otherwise affect the value of the security in the issuer’s home country. Securities of foreign companies may not be registered with the U.S. Securities and Exchange Commission (the “SEC”) and foreign companies are generally not subject to the regulatory controls imposed on U.S. issuers and, as a consequence, there is generally less publicly available information about foreign issuers than is available about domestic issuers. Income from foreign securities owned by the Fund may be reduced by a withholding tax at the source, which tax would reduce income received from the securities comprising the portfolio. Foreign securities may also be more difficult to value than securities of U.S. issuers. In addition, periodic U.S. Government restrictions on investments in issuers from certain foreign countries may require the Fund to sell such investments at inopportune times, which could result in losses to the Fund. While ADRs provide an alternative to directly purchasing the underlying foreign securities in their respective national markets and currencies, investments in ADRs continue to be subject to many of the risks associated with investing directly in foreign securities. The U.S.-based multinational companies in which the Fund invests may also be subject to certain of the risks associated with investing in foreign companies.

Foreign Currency Risk — As a result of the Fund’s investments in securities denominated in, and/or receiving revenues in, foreign currencies, the Fund will be subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar, in which case, the dollar value of an investment in the Fund would be adversely affected.

Market Sector Risk — The Fund may significantly overweight or underweight certain companies, industries or market sectors, which may cause the Fund’s performance to be more or less sensitive to developments affecting those companies, industries or sectors.

Investment Style Risk — The Fund pursues a “growth style” of investing, meaning that the Fund invests in equity securities of companies that the Adviser believes have above-average rates of earnings growth and which therefore may experience above-average increases in stock price. Over time, a growth investing style may go in and out of favor, causing the Fund to sometimes underperform other equity funds that use differing investing styles. Additionally, by focusing on large capitalization, high quality stocks, the Fund may underperform funds that invest in the stocks of lower quality, smaller capitalization companies during periods when the stocks of such companies are in favor.

At December 31, 2024, 34% of total shares outstanding were held by one affiliated shareholder.

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

In this reporting period, the Fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures (“ASU 2023-07”). Adoption of the new standard impacted financial statement disclosures only and did not affect the Fund’s financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity’s chief operating decision maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The management of the Fund’s Adviser acts as the Fund’s CODM. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole and the Fund’s long-term strategic asset allocation is pre-determined in

accordance with the Fund’s single investment objective which is executed by the Fund’s portfolio manager[s]. The financial information in the form of the Fund’s schedule of investments, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment’s performance versus the Fund’s comparative benchmarks and to make resource allocation decisions for the Fund’s single segment, is consistent with that presented within the Fund’s financial statements. Segment assets are reflected on the accompanying Statement of Assets and Liabilities as “total assets” and significant segment expenses are listed on the accompanying Statement of Operations.

The Fund has been evaluated by management regarding the need for additional disclosures and/or adjustments resulting from subsequent events through the date the financial statements were available to be issued. Based on this evaluation, no additional disclosures and/or adjustments were required to the financial statements.

To the Board of Trustees of The Advisors’ Inner Circle Fund and Shareholders of Sarofim Equity Fund

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Sarofim Equity Fund (one of the funds constituting The Advisors’ Inner Circle Fund, referred to hereafter as the "Fund") as of December 31, 2024, the related statement of operations for the year ended December 31, 2024, the statement of changes in net assets for each of the two years in the period ended December 31, 2024, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2024 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2024, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2024 and the financial highlights for each of the five years in the period ended December 31, 2024 in conformity with accounting principles generally accepted in the United States of America.

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall

presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2024 by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more investment companies in Fayez Sarofim & Company since 2014.

For shareholders that do not have a December 31, 2024 tax year end, this notice is for informational purposes only. For shareholders with a December 31, 2024 tax year end, please consult your tax advisor as to the pertinence of this notice. For the fiscal year ended December 31, 2024, the Fund is designating the following items with regard to distributions paid during the period.

The information reported herein may differ from the information and distributions taxable to the shareholders for the calendar year ending December 31, 2024. Complete information will be computed and reported in conjunction with your 2024 Form 1099-DIV.

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

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

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

Included within the Statement(s) of Operations of the financial statements filed under Item 7.

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

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

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

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

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

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

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.

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

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.

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.

		FYE December 31, 2024			FYE December 31, 2023
		All fees and services to the Trust that were pre-approved	All fees and services to service affiliates that were pre-approved	All other fees and services to service affiliates that did not require pre-approval	All fees and services to the Trust that were pre-approved	All fees and services to service affiliates that were pre-approved	All other fees and services to service affiliates that did not require pre-approval
(a)	Audit Fees⁽¹⁾	$93,136	None	None	$76,346	None	None
(b)	Audit-Related Fees	None	None	None	None	None	None
(c)	Tax Fees	None	None	None	None	None	$115,395⁽²⁾
(d)	All Other Fees	None	None	None	None	None	$47,411⁽³⁾

		FYE December 31, 2024			FYE December 31, 2023
		All fees and services to the Trust that were pre-approved	All fees and services to service affiliates that were pre-approved	All other fees and services to service affiliates that did not require pre-approval	All fees and services to the Trust that were pre-approved	All fees and services to service affiliates that were pre-approved	All other fees and services to service affiliates that did not require pre-approval
(a)	Audit Fees⁽¹⁾	$25,740	None	None	$24,990	None	None
(b)	Audit-Related Fees	None	None	None	None	None	None
(c)	Tax Fees	None	None	None	None	None	None
(d)	All Other Fees	None	None	None	None	None	None

	FYE December 31, 2024	FYE December 31, 2023
Audit-Related Fees	None	None
Tax Fees	None	None
All Other Fees	None	None

	FYE December 31, 2024	FYE December 31, 2023
Audit-Related Fees	None	None
Tax Fees	None	None
All Other Fees	None	None

SCHEDULE OF INVESTMENTS
COMMON STOCK^†^† — 99.7%
	Shares		Value
Canada — 1.0%
Canadian Pacific Kansas City		13,490	$	976,271


Denmark — 2.4%
Novo Nordisk ADR		28,300		2,434,366


France — 2.4%
LVMH Moet Hennessy Louis Vuitton ADR		19,000		2,483,110


Netherlands — 1.7%
ASML Holding, Cl G		2,545		1,763,889


Taiwan — 2.1%
Taiwan Semiconductor Manufacturing ADR		10,560		2,085,494


United Kingdom — 1.7%
BAE Systems ADR		30,290		1,731,376


United States — 88.4%
Communication Services — 4.7%
Alphabet, Cl C		24,920		4,745,765


Consumer Discretionary — 11.3%
Amazon.com *		33,670		7,386,861
Home Depot		3,065		1,192,255
Marriott International, Cl A		4,430		1,235,704
McDonald's		5,408		1,567,725
				11,382,545

Consumer Staples — 3.1%
Coca-Cola		17,762		1,105,862
PepsiCo		5,875		893,353
Procter & Gamble		6,800		1,140,020
				3,139,235

Energy — 2.7%
Chevron		10,822		1,567,459
Enterprise Products Partners		20,970		657,619

Schedule of Investments	1
Statement of Assets and Liabilities	4
Statement of Operations	5
Statements of Changes in Net Assets	6
Financial Highlights	7
Notes to Financial Statements	8
Report of Independent Registered Public Accounting Firm	18
Notice to Shareholders (Unaudited)	20
Other Information - Form N-CSR Items 8-11 (Unaudited)	21

COMMON STOCK^†^† — continued
	Shares		Value
United States — (continued)
Energy — (continued)
Exxon Mobil		4,865	$	523,328
				2,748,406

Financials — 18.2%
Berkshire Hathaway, Cl B *		1,699		770,123
BlackRock Funding		3,280		3,362,361
CME Group, Cl A		4,800		1,114,704
Intercontinental Exchange		11,235		1,674,127
Mastercard, Cl A		5,230		2,753,961
Progressive		8,280		1,983,971
S&P Global		5,778		2,877,617
Visa, Cl A		12,360		3,906,254
				18,443,118

Health Care — 10.3%
Abbott Laboratories		12,645		1,430,276
Eli Lilly		1,250		965,000
Intuitive Surgical *		6,790		3,544,108
UnitedHealth Group		7,080		3,581,489
Zoetis, Cl A		5,800		944,994
				10,465,867

Industrials — 6.6%
Automatic Data Processing		3,775		1,105,056
Broadridge Financial Solutions		2,755		622,878
Deere		2,725		1,154,582
Old Dominion Freight Line		5,900		1,040,760
Otis Worldwide		6,010		556,586
Union Pacific		4,913		1,120,361
Verisk Analytics, Cl A		4,270		1,176,086
				6,776,309

Information Technology — 29.0%
Adobe *		2,735		1,216,200
Apple		27,136		6,795,397
Intuit		4,720		2,966,520
Microsoft		20,260		8,539,590
NVIDIA		28,350		3,807,122
ServiceNow *		2,435		2,581,392
Texas Instruments		18,851		3,534,751
				29,440,972

^†^†	More narrow industries are used for compliance purposes, whereas broad sectors are utilized for reporting purposes.
*	Non-income producing security.
(A)	Rate shown is the 7-day effective yield as of December 31, 2024.

Assets:
Investments at Value (Cost $38,097,835)	$	101,469,505
Dividends Receivable		60,795
Tax Reclaim Receivable		376
Prepaid Expenses		17,934
Total Assets		101,548,610
Liabilities:
Payable due to Adviser		42,910
Payable due to Administrator		9,391
Chief Compliance Officer Fees Payable		5,097
Payable due to Trustees		368
Audit Fees Payable		14,067
Printing Fees Payable		8,261
Legal Fees Payable		7,472
Other Accrued Expenses		14,746
Total Liabilities		102,312
Commitments and Contingencies^†
Net Assets	$	101,446,298
Net Assets Consist of:
Paid-in Capital	$	34,286,789
Total Distributable Earnings		67,159,509
Net Assets	$	101,446,298

Outstanding Shares of Beneficial Interest
(unlimited authorization — no par value)		7,197,994
Net Asset Value, Offering and Redemption Price Per Share*	$	14.09

Investment Income:
Dividends	$	1,383,596
Less: Foreign Taxes Withheld		(67,931	)
Total Investment Income		1,315,665
Expenses:
Investment Advisory Fees		548,894
Administration Fees		109,789
Trustees' Fees		22,567
Chief Compliance Officer Fees		10,397
Legal Fees		36,579
Audit Fees		28,827
Transfer Agent Fees		27,410
Registration and Filing Fees		24,075
Printing Fees		17,665
Custodian Fees		3,563
Other Expenses		22,815
Total Expenses		852,581
Less:
Waiver of Investment Advisory Fees		(81,779	)
Net Expenses		770,802
Net Investment Income		544,863
Net Realized Gain on Investments		17,187,899
Net Change in Unrealized Depreciation on Investments		(3,897,495	)
Net Realized and Unrealized Gain on Investments		13,290,404
Net Increase in Net Assets Resulting from Operations	$	13,835,267

	Year Ended December 31, 2024			Year Ended December 31, 2023
Operations:
Net Investment Income	$	544,863		$	855,650
Net Realized Gain		17,187,899			9,070,426
Net Change in Unrealized Appreciation (Depreciation)		(3,897,495	)		9,735,873
Net Increase in Net Assets Resulting from Operations		13,835,267			19,661,949
Distributions:		(17,413,971	)		(11,081,240	)
Capital Share Transactions:
Issued		51,663			20,684
Reinvestment of Dividends and Distributions		8,389,345			5,035,480
Redeemed		(7,536,931	)		(4,291,079	)
Net Increase in Net Assets from Capital Share Transactions		904,077			765,085
Total Increase (Decrease) in Net Assets		(2,674,627	)		9,345,794
Net Assets:
Beginning of Year		104,120,925			94,775,131
End of Year	$	101,446,298		$	104,120,925
Share Transactions:
Issued		3,185			1,352
Reinvestment of Dividends and Distributions		583,401			342,999
Redeemed		(467,605	)		(294,429	)
Net Increase in Shares Outstanding from Share Transactions		118,981			49,922

	Year Ended December 31, 2024			Year Ended December 31, 2023			Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020
Net Asset Value, Beginning of Year	$	14.71		$	13.48		$	18.10		$	15.39		$	13.33
Income (Loss) from Investment Operations:
Net Investment Income⁽¹⁾		0.08			0.12			0.11			0.10			0.12
Net Realized and Unrealized Gain (Loss)		1.93			2.74			(3.55	)		4.12			3.07
Total from Investment Operations		2.01			2.86			(3.44	)		4.22			3.19
Dividends and Distributions:
Net Investment Income		(0.09	)		(0.12	)		(0.11	)		(0.10	)		(0.13	)
Net Realized Gains		(2.54	)		(1.51	)		(1.07	)		(1.41	)		(1.00	)
Total Dividends and Distributions		(2.63	)		(1.63	)		(1.18	)		(1.51	)		(1.13	)
Net Asset Value, End of Year	$	14.09		$	14.71		$	13.48		$	18.10		$	15.39
Total Return ^†		13.35	%		21.40	%		(19.04	)%		27.61	%		24.32	%
Ratios and Supplemental Data
Net Assets, End of Year (Thousands)	$	101,446		$	104,121		$	94,775		$	129,785		$	111,089
Ratio of Expenses to Average Net Assets		0.70	%		0.70	%		0.70	%		0.70	%		0.70	%
Ratio of Expenses to Average Net Assets (Excluding Waivers)		0.78	%		0.80	%		0.80	%		0.76	%		0.78	%
Ratio of Net Investment Income to Average Net Assets		0.50	%		0.84	%		0.72	%		0.56	%		0.88	%
Portfolio Turnover Rate		13	%		6	%		7	%		3	%		8	%

^†	Total return is for the period indicated and has not been annualized. Return shown does not reflect the deductions of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total return would have been lower had the Adviser not waived its fee and/or reimbursed other expenses.
(1)	Per share data calculated using average shares method.
	Amounts designated as “—” are either not applicable, $0 or have been rounded to $0.

Period Ending	Subject to Repayment until June 30,		Amount
01/01/2022-12/31/2022		2025	$	102,379
01/01/2023-12/31/2023		2026		105,151
01/01/2024-12/31/2024		2027		81,779
			$	289,309

	Ordinary Income		Long-Term Capital Gain		Total
2024	$	598,543	$	16,815,428	$	17,413,971
2023		855,650		10,225,590		11,081,240

COMMON STOCK^†^† — continued
	Shares		Value
United States — (continued)
Materials — 1.5%
Sherwin-Williams		4,585	$	1,558,579


Real Estate — 1.0%
CoStar Group *		14,000		1,002,260

				89,703,056

TOTAL COMMON STOCK
(Cost $37,805,892)				101,177,562

SHORT-TERM INVESTMENT(A) — 0.3%
First America Government Obligations Fund, Cl X, 4.410% (Cost $291,943)		291,943		291,943
TOTAL INVESTMENTS— 100.0%
(Cost $38,097,835)			$	101,469,505

Undistributed Long-Term Capital Gains	$	3,893,342
Unrealized Appreciation		63,266,189
Other Temporary Differences		(22	)
Total Distributable Earnings	$	67,159,509

Federal Tax Cost	Aggregate Gross Unrealized Appreciation	Aggregate Gross Unrealized Depreciation	Net Unrealized Appreciation
$38,203,318	$63,627,572	$(361,383)	$63,266,189

Long-Term Capital Gain Distribution	Ordinary Income Distributions	Total Distributions	Dividends Qualifying for Corporate Dividend Receivable Deduction⁽¹⁾	Qualifying Dividend Income⁽²⁾	U.S. Government Interest ⁽³⁾
96.56%	3.44%	100.00%	100.00%	100.00%	0.00%

Interest Related Dividends⁽⁴⁾	Qualified Short-Term Capital Gain⁽⁵⁾	Qualifying Business Income⁽⁶⁾
0.00%	100.00%	0.00%

(Registrant)	The Advisors’ Inner Circle Fund

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

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

The Advisors' Inner Circle Fund

Sarofim Equity Fund

Ticker: SRFMX

Annual Shareholder Report: December 31, 2024

What were the Fund costs for the last year?

How did the Fund perform in the last year?

Total Return Based on $10,000 Investment

Average Annual Total Returns as of December 31, 2024

Key Fund Statistics as of December 31, 2024

What did the Fund invest in?

Country WeightingsFootnote Reference*

Top Ten Holdings

Material Fund Changes

Changes in and Disagreements with Accountants

Additional Information

Householding

The Advisors' Inner Circle Fund

Sarofim Equity Fund: SRFMX

Annual Shareholder Report: December 31, 2024

SAR-AR-TSR-2024-1

Country Weightings^{Footnote Reference*}