The Advisors' Inner Circle Fund

Haverford Quality Growth Stock Fund

HAVGX

Semi-Annual Shareholder Report: April 30, 2025

This semi-annual shareholder report contains important information about Haverford Quality Growth Stock Fund (the "Fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the Fund at http://www.haverfordfunds.com/fund-overview.html. You can also request this information by contacting us at 1-866-301-7212.

What were the Fund costs for the last six months?

(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
Haverford Quality Growth Stock Fund	$39	0.80%

Key Fund Statistics as of April 30, 2025

	Total Net Assets	Number of Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$282,808,430	31	$901,201	5%

What did the Fund invest in?

Asset Weightings^{Footnote Reference*}

Value	Value
Cash Equivalent	0.5%
Energy	1.2%
Materials	2.1%
Utilities	2.3%
Communication Services	3.0%
Consumer Discretionary	7.3%
Consumer Staples	10.7%
Industrials	11.9%
Health Care	16.4%
Financials	20.0%
Information Technology	24.8%

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			7.0%
Apple			6.7%
Mastercard, Cl A			5.7%
Costco Wholesale			5.4%
JPMorgan Chase			5.2%
RTX			4.7%
Honeywell International			4.2%
TJX			4.2%
Oracle			4.0%
BlackRock Funding			4.0%

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

Changes in and Disagreements with Accountants

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

Additional Information

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

1-866-301-7212
http://www.haverfordfunds.com/fund-overview.html

Householding

Rule 30e-1 of the Investment Company Act of 1940 permits funds to transmit only one copy of a proxy statement, annual report or semi-annual report to shareholders (who need not be related) with the same residential, commercial or electronic address, provided that the shareholders have consented in writing and the reports are addressed either to each shareholder individually or to the shareholders as a group. This process is known as “householding” and is designed to reduce the duplicate copies of materials that shareholders receive and to lower printing and mailing costs for funds. Once implemented, if you would like to discontinue householding for your accounts, please call toll-free at 1-866-301-7212 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.

HAVGX-SAR-2025

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

As of April 30, 2025, all of the Fund’s investments in securities were considered Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

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

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

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 Haverford Quality Growth Stock Fund, a diversified fund (the “Fund”). The investment objective of the Fund is long -term growth of capital. The Fund invests primarily (at least 80% of its net assets) in equity securities. The Fund focuses on U.S. listed common stocks with large market capitalizations that Haverford Financial Services, Inc. (the “Adviser”) believes are the quality companies with stock that offer the potential for future price appreciation. 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 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 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 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 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, at the most recent quoted bid price. For securities traded on NASDAQ, the NASDAQ Official Closing Price will be used.

All investment companies held in the Fund’s portfolio are valued at the published net asset value.

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 measurements and disclosure 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.

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, and to distribute substantially all of its income to its shareholders. Accordingly, no provision for Federal income taxes has 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., the last 3 open tax year ends, as applicable), on-going analysis of and changes to tax laws, regulations and interpretations thereof.

As of and during the six months ended April 30, 2025, the Fund did not have a liability for any unrecognized tax benefits. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations. During the six months ended April 30, 2025, the Fund did not incur any interest or penalties.

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 its agent files withholding tax reclaims in certain jurisdictions to recover certain amounts previously withheld. The Fund 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 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.

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

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

Certain officers of the Trust are also employees 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, who are employees of the Administrator, are paid for by the Trust as incurred. The services include regulatory oversight of the Trust’s advisors and service providers as required by SEC regulations. The CCO’s services 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, subject to certain minimums, which will vary depending on the number of share classes and the average daily net assets of the Fund. For the six months ended April 30, 2025, the Fund incurred $174,973 for these services.

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

SS&C Global Investor & Distribution Solutions, Inc. serves as transfer agent and dividend disbursing agent for the Fund under the transfer agency agreement with the Trust. During the six months ended April 30, 2025, the Fund earned cash management credits of $310, which were used to offset transfer agent expenses. This amount is labeled “Fees Paid Indirectly” on the Statement of Operations.

U.S. Bank, N.A. acts 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.

Under the terms of an investment advisory agreement, the Adviser provides investment advisory services to the Fund at a fee calculated at an annual rate of 0.60% of the Fund’s average daily net assets. The Adviser has contractually agreed to waive all or a portion of its fees and to reimburse expenses in order to limit operating expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses (collectively “excluded expenses”)) for the Fund from exceeding 1.00% of the Fund’s average daily net assets until February 28, 2026. Refer to waiver of investment advisory fees on the Statement of Operations, if any, for fees waived for the six months ended 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 (not including excluded expenses) and 1.00% to recapture all or a portion of its prior reductions or reimbursements made during the preceding three-year period. At April 30, 2025, there were no previously waived and reimbursed fees subject to recapture.

For the six months ended April 30, 2025, the Fund made purchases of $15,374,095 and sales of $31,641,144 of investment securities other than long-term U.S. Government and short-term securities. There were no purchases or sales of long-term U.S. Government securities.

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. generally accepted accounting principles. 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. During the year ended October 31, 2024, there were no permanent differences.

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

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

The Federal tax cost and aggregate gross unrealized appreciation and depreciation on investments held by the Fund at April 30, 2025, were as follows:

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.

These factors contribute to price volatility, which is the principal risk of investing in the Fund.

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.

Although the Fund is diversified, its investment strategy often results in a relatively focused portfolio of stocks of companies that it believes hold the most growth potential. As a result, poor performance or adverse economic events affecting one or more of these companies could have a greater impact on the Fund than it would on another mutual fund with a broader range of investments.

The Fund is also subject to the risk that large-cap growth stocks may underperform other equity market segments or the equity market as a whole.

At April 30, 2025, 91% of total shares outstanding were held by one shareholder. This shareholder was comprised of omnibus accounts that were held on behalf of multiple underlying shareholders.

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 estimated; however, based on experience, the risk of loss from such claims is considered remote.

In this reporting period, the Fund adopted the Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) 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 Fund’s investment manager acts as the Fund’s CODM. The CODM has determined that the Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole and the Fund’s long-term strategic asset allocation is pre-determined in accordance with the Fund’s single investment objective which is executed by the Fund’s portfolio managers as a team. 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 evaluated the need for additional disclosures and/or adjustments resulting from subsequent events through the date the financial statements were issued. Based on this evaluation, no additional disclosures or adjustments were required to the financial statements.

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.

No remuneration was paid by the company during the period covered by the report to any Officers of the Trust, other than as disclosed as part of the financial statements included above in Item 7.

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

Haverford Quality Growth Stock Fund
c/o SS&C Global Investor & Distribution Solutions, Inc.
P.O. Box 219009
Kansas City, MO 64121
866-301-7212

Adviser:
Haverford Financial Services, Inc.
Three Radnor Corporate Center, Suite 450
Radnor, PA 19087

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

Independent Registered Public Accounting Firm:
Ernst & Young LLP
One Commerce Square
2005 Market Street, Suite 700
Philadelphia, PA 19103

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

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 (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.

THE ADVISORS’ INNER CIRCLE FUND	HAVERFORD QUALITY
	GROWTH STOCK FUND
	APRIL 30, 2025

THE ADVISORS’ INNER CIRCLE FUND	HAVERFORD QUALITY
	GROWTH STOCK FUND
	APRIL 30, 2025 (UNAUDITED)

	Shares		Value
COMMUNICATION SERVICES — 3.0%
Alphabet, Cl A		54,267	$	8,617,599

CONSUMER DISCRETIONARY — 7.3%
Lowe’s		39,342		8,795,297
TJX		91,295		11,747,841
				20,543,138
CONSUMER STAPLES — 10.7%
Coca-Cola		93,720		6,799,386
Costco Wholesale		15,451		15,366,020
PepsiCo		60,785		8,241,230
				30,406,636
ENERGY — 1.2%
Chevron		24,541		3,339,048

FINANCIALS — 20.0%
Aon PLC, Cl A		21,248		7,538,578
BlackRock Funding		12,257		11,206,085
JPMorgan Chase		60,215		14,729,793
Mastercard, Cl A		29,312		16,064,735
S&P Global		14,077		7,039,204
				56,578,395
HEALTH CARE — 16.4%
Eli Lilly		7,556		6,792,466
Johnson & Johnson		51,305		8,019,485
McKesson		12,605		8,984,718
Medtronic		54,635		4,630,862
Stryker		16,475		6,160,332
Thermo Fisher Scientific		10,335		4,433,715
UnitedHealth Group		18,106		7,449,533
				46,471,111
INDUSTRIALS — 11.9%
Eaton		29,308		8,627,396
Honeywell International		56,080		11,804,840
RTX		105,346		13,287,291
				33,719,527
INFORMATION TECHNOLOGY — 24.8%
Accenture, Cl A		31,802		9,513,568
Apple		88,659		18,840,037
Microsoft		50,000		19,763,000
NVIDIA		56,876		6,194,934

THE ADVISORS’ INNER CIRCLE FUND	HAVERFORD QUALITY
	GROWTH STOCK FUND
	APRIL 30, 2025 (UNAUDITED)

	Shares		Value
INFORMATION TECHNOLOGY — continued
Oracle		81,250	$	11,433,500
Texas Instruments		26,850		4,297,343
				70,042,382
MATERIALS — 2.1%
Air Products and Chemicals		21,508		5,830,604

UTILITIES — 2.3%
NextEra Energy		96,433		6,449,439

TOTAL COMMON STOCK
(Cost $128,788,285)				281,997,879

CASH EQUIVALENT (A) — 0.5%

SEI Daily Income Trust, Government Fund, Institutional Class, 4.250%
(Cost $1,451,993)		1,451,993		1,451,993
TOTAL INVESTMENTS — 100.2%
(Cost $130,240,278)			$	283,449,872

Financial Statements (Form N-CSRS Item 7)
Schedule of Investments	1
Statement of Assets and Liabilities	3
Statement of Operations	4
Statements of Changes in Net Assets	5
Financial Highlights	6
Notes to Financial Statements	7
Other Information (Form N-CSRS Items 8-11)	15

Assets:
Investments at Value (Cost $130,240,278)	$	283,449,872
Dividends Receivable		186,716
Receivable for Capital Shares Sold		5,459
Dividend Tax Reclaim Receivable		9,414
Prepaid Expenses		10,121
Total Assets		283,661,582

Liabilities:
Payable for Capital Shares Redeemed		622,948
Payable due to Adviser		136,879
Payable due to Administrator		26,923
Payable due to Trustees		3,920
Chief Compliance Officer Fees Payable		3,040
Other Accrued Expenses		59,442
Total Liabilities		853,152
Net Assets	$	282,808,430

Net Assets Consist of:
Paid-in Capital	$	125,319,637
Total Distributable Earnings		157,488,793
Net Assets	$	282,808,430

Outstanding Shares of Beneficial Interest
(unlimited authorization — no par value)		12,180,365
Net Asset Value, Offering and Redemption Price Per Share	$	23.22

Investment Income:
Dividends (Net of Foreign Taxes Withheld of $–)	$	2,386,907
Total Income		2,386,907

Expenses:
Investment Advisory Fees		901,201
Administration Fees		174,973
Trustees’ Fees		10,108
Chief Compliance Officer Fees		5,144
Transfer Agent Fees		48,639
Legal Fees		14,834
Audit Fees		13,219
Printing Fees		9,906
Custodian Fees		6,833
Registration and Filing Fees		6,122
Other Expenses		11,888
Total Expenses		1,202,867

Less:
Fees Paid Indirectly (Note 4)		(310	)
Net Expenses		1,202,557
Net Investment Income		1,184,350
Net Realized Gain on Investments		4,157,550
Net Change in Unrealized Appreciation (Depreciation) on Investments		(14,471,016	)
Net Realized and Unrealized Loss on Investments		(10,313,466	)

Net Decrease in Net Assets Resulting from Operations	$	(9,129,116	)

	Six Months Ended April 30, 2025 (Unaudited)			Year Ended October 31, 2024
Operations:
Net Investment Income	$	1,184,350		$	3,311,722
Net Realized Gain		4,157,550			22,096,564
Net Change in Unrealized Appreciation (Depreciation)		(14,471,016	)		47,397,955
Net Increase (Decrease) in Net Assets Resulting from Operations		(9,129,116	)		72,806,241
Distributions:		(23,263,858	)		(13,990,820	)
Capital Share Transactions:
Issued		17,434,771			13,534,280
Reinvestment of Dividends and Distributions		1,663,581			10,112,671
Redeemed		(15,321,013	)		(48,000,277	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		3,777,339			(24,353,326	)
Total Increase (Decrease) in Net Assets		(28,615,635	)		34,462,095
Net Assets:
Beginning of Period/Year		311,424,065			276,961,970
End of Period/Year	$	282,808,430		$	311,424,065

Share Transactions:
Issued		713,580			570,394
Reinvestment of Dividends and Distributions		67,726			442,436
Redeemed		(625,337	)		(1,998,993	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		155,969			(986,163	)

	Year Ended October 31,
	Six Months Ended April 30, 2025 (Unaudited)			2024			2023			2022			2021			2020
Net Asset Value, Beginning of Period/Year	$	25.90		$	21.29		$	22.47		$	26.20		$	18.98		$	18.32
Income from Investment Operations:
Net Investment Income⁽¹⁾		0.10			0.26			0.23			0.20			0.19			0.19
Net Realized and Unrealized Gain (Loss)		(0.84	)		5.44			(0.14	)		(2.43	)		7.22			0.72
Total from Investment Operations		(0.74	)		5.70			0.09			(2.23	)		7.41			0.91
Dividends and Distributions:
Net Investment Income		(0.10	)		(0.27	)		(0.23	)		(0.19	)		(0.19	)		(0.19	)
Net Realized Gains		(1.84	)		(0.82	)		(1.04	)		(1.31	)		—			(0.06	)
Total Dividends and Distributions		(1.94	)		(1.09	)		(1.27	)		(1.50	)		(0.19	)		(0.25	)
Net Asset Value, End of Period/Year	$	23.22		$	25.90		$	21.29		$	22.47		$	26.20		$	18.98
Total Return*		(3.42	)%		27.44	%		0.29	%		(9.15	)%		39.13	%		5.04	%

Ratios and Supplemental Data
Net Assets, End of Period/Year (Thousands)	$	282,808		$	311,424		$	276,962		$	287,528		$	319,502		$	233,545
Ratio of Expenses to Average Net Assets (including fees paid indirectly)		0.80	%†		0.80	%		0.81	%		0.80	%		0.80	%		0.81	%
Ratio of Expenses to Average Net Assets (excluding fees paid indirectly)		0.80	%†		0.80	%		0.81	%		0.80	%		0.80	%		0.81	%
Ratio of Net Investment Income to Average Net Assets		0.79	%†		1.08	%		1.01	%		0.83	%		0.79	%		1.03	%
Portfolio Turnover Rate		5	%††		8	%		13	%		12	%		9	%		15	%

	Ordinary Income		Long-Term Capital Gain		Total
2024	$	3,413,210	$	10,577,610	$	13,990,820
2023		3,052,298		13,279,654		16,331,952

Undistributed Ordinary Income	$	1,280,829
Undistributed Long-Term Capital Gain		20,925,983
Unrealized Appreciation		167,674,965
Other Temporary Differences		(10	)
Total Distributable Earnings	$	189,881,767

Federal Tax Cost				Aggregate Gross Unrealized Appreciation				Aggregate Gross Unrealized Depreciation				Net Unrealized Appreciation
$	130,240,278			$	156,951,093			$	(3,741,499	)		$	153,209,594

(Registrant)	The Advisors’ Inner Circle Fund


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

Date: July 7, 2025