The Advisors' Inner Circle Fund

Hamlin High Dividend Equity Fund

Institutional Class Shares - HHDFX

Semi-Annual Shareholder Report: June 30, 2026

This semi-annual shareholder report contains important information about Institutional Class Shares of the Hamlin High Dividend Equity Fund (the "Fund") for the period from January 1, 2026 to June 30, 2026. You can find additional information about the Fund at https://hamlinfunds.com/commentary/. You can also request this information by contacting us at 1-855-HHD-FUND.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Hamlin High Dividend Equity Fund, Institutional Class Shares	$45	0.85%

Key Fund Statistics as of June 30, 2026

Table Summary
	Total Net Assets	Number of Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$1,829,380,614	30	$6,478,311	8%

What did the Fund invest in?

Asset/Sector Weightings^{Footnote Reference*}

Table Summary
Value	Value
Short-Term Investment	0.5%
Utilities	6.2%
Information Technology	9.2%
Energy	9.4%
Consumer Staples	9.8%
Consumer Discretionary	10.8%
Real Estate	11.8%
Health Care	12.2%
Financials	14.8%
Industrials	15.7%

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

Top Ten Holdings

Table Summary
Holding Name			Percentage of Total Net Assets^{Footnote Reference(A)}
Cummins			6.2%
Morgan Stanley			5.5%
Lamar Advertising, Cl A			4.7%
Broadcom			4.6%
Enterprise Products Partners			4.4%
Simon Property Group			4.3%
Old Republic International			4.3%
AbbVie			4.2%
Public Service Enterprise Group			4.1%
Snap-on			4.1%

Footnote	Description
Footnote^(A)	Short-Term Investments, if any, are not shown in the top ten holdings.

Additional Information

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

1-855-HHD-FUND
https://hamlinfunds.com/commentary/

Householding

Rule 30e-1 of the Investment Company Act of 1940, as amended, 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-HHD-FUND 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.

HHDFX-SAR-2026

The Advisors' Inner Circle Fund

Hamlin High Dividend Equity Fund

Investor Class Shares - HHDVX

Semi-Annual Shareholder Report: June 30, 2026

This semi-annual shareholder report contains important information about Investor Class Shares of the Hamlin High Dividend Equity Fund (the "Fund") for the period from January 1, 2026 to June 30, 2026. You can find additional information about the Fund at https://hamlinfunds.com/commentary/. You can also request this information by contacting us at 1-855-HHD-FUND.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Hamlin High Dividend Equity Fund, Investor Class Shares	$60	1.15%

Key Fund Statistics as of June 30, 2026

Table Summary
	Total Net Assets	Number of Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$1,829,380,614	30	$6,478,311	8%

What did the Fund invest in?

Asset/Sector Weightings^{Footnote Reference*}

Table Summary
Value	Value
Short-Term Investment	0.5%
Utilities	6.2%
Information Technology	9.2%
Energy	9.4%
Consumer Staples	9.8%
Consumer Discretionary	10.8%
Real Estate	11.8%
Health Care	12.2%
Financials	14.8%
Industrials	15.7%

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

Top Ten Holdings

Table Summary
Holding Name			Percentage of Total Net Assets^{Footnote Reference(A)}
Cummins			6.2%
Morgan Stanley			5.5%
Lamar Advertising, Cl A			4.7%
Broadcom			4.6%
Enterprise Products Partners			4.4%
Simon Property Group			4.3%
Old Republic International			4.3%
AbbVie			4.2%
Public Service Enterprise Group			4.1%
Snap-on			4.1%

Footnote	Description
Footnote^(A)	Short-Term Investments, if any, are not shown in the top ten holdings.

Additional Information

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

1-855-HHD-FUND
https://hamlinfunds.com/commentary/

Householding

HHDVX-SAR-2026

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

As of June 30, 2026, 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. generally accepted accounting principles.

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

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 Hamlin High Dividend Equity Fund (the “Fund”). The Fund is diversified and its investment objective is to seek high current income and long-term capital appreciation. 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 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 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, at the most recent quoted bid price. For securities traded on the NASDAQ Stock Market (the “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 Hamlin Capital Management, LLC (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. In addition, the Fund may fair value its securities if an event that may materially affect the value of the Fund’s securities that traded outside of the United States (a “Significant Event”) has occurred between the time of the security’s last close and the time that the Fund calculates its net asset value. A Significant Event may relate to a single issuer or to an entire market sector. Events that may be Significant Events include, but are not limited to: government actions, natural disasters, armed conflict, acts of terrorism and significant market fluctuations. If the 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 the Fund calculates its net asset value, it may request that a Committee meeting be called. 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 (the “Code”), as amended. 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 year ends, as applicable), on-going analysis of and changes to tax laws, regulations and interpretations thereof.

As of and during the six month period ended June 30, 2026, 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. For the six month period ended June 30, 2026, the Fund did not recognize any interest or penalties.

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.

Return of Capital Estimates — Distributions received from investments in master limited partnerships (“MLPs”) generally are comprised of income and return of capital. The Fund records investment income and return of capital based on estimates made at the time such distributions are received. Such estimates are based on historical information available from each MLP and other industry sources. These estimates may subsequently be revised based on information received from MLPs after their tax reporting periods are concluded.

Investments in REITs — Dividend income from Real Estate Investment Trusts (“REITs”) is recorded based on the income included in distributions received from the REIT investments using published REIT reclassifications, including some management estimates when actual amounts are not available. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts.

Master Limited Partnerships — Entities commonly referred to as “MLPs” are generally organized under state law as limited partnerships or limited liability companies. The Fund intends to primarily invest in MLPs receiving partnership taxation treatment under the Internal Revenue Code of 1986, and whose interests or “units” are traded on securities exchanges like shares of corporate stock. To be treated as a partnership for U.S. federal income tax purposes, an MLP whose units are traded on a securities exchange must receive at least 90% of its income from qualifying sources such as interest, dividends, real estate rents, gain from the sale or disposition of real property, income and gain from mineral or natural resources activities, income and gain from the transportation or storage of certain fuels, and, in certain circumstances, income and gain from commodities or futures, forwards and options with respect to commodities. Mineral or natural resources activities include exploration, development, production, processing, mining, refining, marketing and transportation (including pipelines) of oil and gas, minerals, geothermal energy, fertilizer, timber or industrial source carbon dioxide. An MLP consists of a general partner and limited partners (or in the case of MLPs organized as limited liability companies, a managing member and members). The general partner or managing member typically controls the operations and management of the MLP and has an ownership stake in the partnership. The limited partners or members, through their ownership of limited partner or member interests, provide capital to the entity, are intended to have no role in the operation and management of the entity and receive cash distributions. An investment in MLP units involves certain risks which differ from an investment in the securities of a corporation. Holders of MLP units have limited control and voting rights on matters affecting the partnership. In addition, there are certain tax risks associated with an investment in MLP units and conflicts of interest exist between common unit holders and the general partner, including those arising from incentive distribution payments. As a partnership, an MLP has no tax liability at the entity level. If, as a result of a change in current law or a change in an MLP’s business, an MLP were treated as a corporation for federal income tax purposes, such MLP would be obligated to pay federal income tax on its income at the corporate tax rate. If an MLP were classified as a corporation for federal income tax purposes, the amount of cash available for distribution by the MLP would be reduced and distributions received by investors would be taxed under federal income tax laws applicable to corporate dividends (as dividend income, return of capital, or capital gain). Therefore, treatment of an MLP as a corporation for federal income tax purposes would result in a reduction in the after-tax return to investors, likely causing a reduction in the value of the Fund’s shares.

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

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 semi-annually. Distributions from net realized capital gains, if any, are declared and paid annually. All distributions are recorded on the ex-dividend date.

Redemption Fees — The Fund retains redemption fees of 2.00% on redemptions of capital shares held for less than 7 days. Such fees are retained by the Fund for the benefit of the remaining shareholders and are recorded as additions to fund capital. For the six month period ended June 30, 2026, the Fund retained no fees.

Line of Credit — The Fund entered into an agreement, which may be renewed annually, which enables it to participate in a $50 million unsecured committed revolving line of credit on a first come, first serve basis, with U.S. Bank National Association (the “Custodian”) which expires July 27, 2026. The proceeds from the borrowings shall be used to finance the Fund’s short-term general working capital requirements, including the funding of shareholder redemptions. Interest is charged to the Fund based on its borrowings during the year at the Custodian’s current reference rate. As of June 30, 2026, there were no borrowings outstanding.

Segment Reporting — 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 Principal Executive Officer and Principal Financial Officer act 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 predetermined in accordance with the Fund’s single investment objective which is executed by the Fund’s portfolio manager. 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.

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, 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 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 six month period ended June 30, 2026, the Fund was charged $565,357 for these services.

The Fund has adopted the Distribution Plan (the “Plan”) for the Investor Class Shares. Under the Plan, the Distributor, or third parties that enter into agreements with the Distributor, may receive up to 0.25% of the Fund’s average daily net assets attributable to Investor Class Shares as compensation for distribution services. The Distributor will not receive any compensation for the distribution of Institutional Class Shares of the Fund. For the six month period ended June 30, 2026, the Fund’s Investor Class Shares incurred $34,127 of distribution fees, an effective rate of 0.25%.

The Fund has entered into shareholder servicing agreements with third-party service providers pursuant to which the service providers provide certain shareholder services to Fund shareholders (the “Service Plan”). Under the Service Plan, the Fund may pay service providers a fee at a rate of up to 0.25% annually of the average daily net assets attributable to Investor Class Shares, subject to the arrangement for provision of shareholder and administrative services. For the six month period ended June 30, 2026, the Fund’s Investor Class Shares incurred $6,826 of shareholder servicing fees, an effective rate of 0.05%.

U.S. Bank National Association 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.

SS&C Global Investor & Distribution Solutions, Inc. serves as the transfer agent and dividend disbursing agent for the Fund under a transfer agency agreement with the Trust. The Fund is able to earn cash management credits to offset transfer agent expenses. During the six months ended June 30, 2026, the Fund did not earn any cash management credits.

Under the terms of an investment advisory agreement, Hamlin Capital Management, LLC (the “Adviser”) provides investment advisory services to the Fund at a fee, which is calculated daily and paid monthly at an annual rate of 0.85% 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 Institutional Class Shares’ total annual operating expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses) from exceeding 0.85% of the Fund’s Institutional Class Shares’ average daily net assets until April 30, 2027. The Adviser has contractually agreed to reduce fees and reimburse expenses to the extent necessary to keep the Investor Class Shares’ total annual operating expenses (excluding 12b-1 fees, shareholder servicing fees, interest, taxes, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses) from exceeding 0.85% of the Fund’s Investor Class Shares’ average daily net assets until April 30, 2026. This Agreement may be terminated: (i) by the Board of Trustees (the “Board”) of The Advisors’ Inner Circle Fund (the “Trust”), 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, 2027. 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 0.85% to recapture all or a portion of its prior reductions or reimbursements made during the preceding three-year period. During the six month period ended June 30, 2026, the Fund did not recoup any previously waived fees.

As of June 30, 2026, the amount the Adviser may seek as reimbursement of previously waived fees and reimbursed expenses is as follows:

For the six month period ended June 30, 2026, the Fund made purchases of $181,662,207 and sales of $128,397,059 in 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. 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 permanent differences are primarily related to reclass of distributions, reclasses for real estate investment trusts, and master limited partnership adjustments. To the extent these differences are permanent, they are charged or credited to paid-in capital and distributable earnings, in the period that the differences arise.

The tax character of dividends and distributions paid during the years ended December 31, 2025 and December 31, 2024, was as follows:

As of December 31, 2025, the components of distributable earnings on a tax basis were as follows:

The difference between Federal tax cost and book cost is primarily due to wash sales, partnerships and real estate investment trust.

The Federal tax cost and aggregate gross unrealized appreciation and depreciation on investments (including foreign currency and derivatives, if applicable) held by the Fund at June 30, 2026 were as follows:

As with all mutual funds, there is no guarantee that a Fund will achieve its investment objective. You could lose money by investing in a Fund. A Fund share is not a bank deposit and it is not insured or guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any government agency. 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. This price volatility is the principal risk of investing in the Fund. Actual or threatened war or armed conflicts, acts of terrorism, social or political unrest, the imposition of tariffs and other restrictions on trade, sanctions, government defaults, government shutdowns, and other factors could affect the securities market. 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.

Dividend Paying Stocks Risk – The Fund’s emphasis on dividend-paying stocks involves the risk that such stocks may fall out of favor with investors and underperform the market. Also, a company may reduce or eliminate its dividend.

Dividend Tax Risk – The U.S. Federal Internal Revenue Code provides for favorable tax treatment for dividends relative to historic treatment. There can be no assurance that this favorable treatment exists in perpetuity, and certain changes to the U.S. Federal Internal Revenue Code that alter the tax status of dividend income may result in a decline in portfolio value.

Mid-Capitalization Company Risk – The mid-capitalization companies in which the Fund may invest may have limited product lines, markets and financial resources, and may depend upon a relatively small management group. Therefore, mid-cap stocks may be more volatile than those of larger companies.

Sector Risk – Given the Fund’s focus on dividend-paying securities, the Fund may, from time to time, have a greater exposure to higher dividend yield sectors and industries than the broad equity market. As a result, the value of the Fund’s shares may be especially sensitive to factors and economic risks that specifically affect those sectors. The Fund’s share price may fluctuate more widely than the value of shares of a mutual fund that invests in a broader range of sectors. The specific risks for each of the sectors in which the Fund may focus its investments include the additional risks described below:

● Financial Services - Companies in the financial services sector are subject to extensive governmental regulation which may limit both the amounts and types of loans and other financial commitments they can make, the interest rates and fees they can charge, the scope of their activities, the prices they can charge and the amount of capital they must maintain.

● Consumer Staples - Companies in the consumer staples sector are subject to government regulation affecting their products which may negatively impact such companies’ performance. The success of food, beverage, household and personal products companies may be strongly affected by consumer interest, marketing campaigns and other factors affecting supply and demand.

● Consumer Discretionary - Companies in the consumer discretionary sector are subject to the performance of the overall international economy, interest rates, competition and consumer confidence. Success depends heavily on disposable household income and consumer spending.

● Energy - Companies in the energy sector are subject to supply and demand, exploration and production spending, world events and economic conditions, swift price and supply fluctuations, energy conservation, the success of exploration projects, liabilities for environmental damage and general civil liabilities and tax and other governmental regulatory policies.

Value Stock Risk – The Fund pursues a value approach to investing. If the Adviser’s assessment of a company’s value or prospects for exceeding earnings expectations or market conditions is wrong, the Fund could suffer losses or perform poorly relative to other funds.

Foreign Company Risk – Investing in foreign companies poses additional risks since political and economic events unique to a country or region will affect those markets and their 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.

REIT Risk – REITs are susceptible to the risks associated with direct ownership of real estate, such as: declines in property values; increases in property taxes, operating expenses, interest rates or competition; overbuilding; zoning changes; and losses from casualty or condemnation.

MLP Risk – MLPs often own several properties or businesses (or own interests) that are related to oil and gas industries or other natural resources, but they also may finance other projects. To the extent that an MLP’s interests are all in a particular industry, the MLP will be negatively impacted by economic events adversely impacting that industry. Additional risks of investing in an MLP also include those involved in investing in a partnership as opposed to a corporation, such as limited control of management, limited voting rights and tax risks.

Artificial Intelligence Risk – Recent technological advances in artificial intelligence (“AI”) and machine learning technologies (collectively, “AI Technologies”) allows for new opportunities but may also create new risks for the Fund. Due to the rapid evolution of AI Technologies, it is not possible to predict all associated risks, but risks include disruption of the business of portfolio companies leading to a decrease in share value, an increase in cybersecurity risks, potential intellectual property infringement claims, changes to the regulatory environment of AI Technologies, and the opacity of underlying models used by AI Technologies that are relied on by the Adviser resulting in erroneous analysis or reliance on erroneous data.

At June 30, 2026, 70% of Institutional Class Shares total shares outstanding were held by four record shareholders and 79% of Investor Class Shares total shares outstanding were held by two record shareholders each owning 10% or greater of the aggregate total shares outstanding. These shareholders were comprised of omnibus accounts that were held on behalf of various individual 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 established; however, based on experience, the risk of loss from such claim is considered remote.

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 and/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.

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

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

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

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 Investment 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.

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	8
Other Information (Form N-CSRS Items 8-11)	22

	Shares		Value
Consumer Discretionary — 10.8%
Darden Restaurants		332,131	$	68,422,307
Dick's Sporting Goods		262,806		59,607,029
Home Depot		168,058		59,270,696
Penske Automotive Group		52,199		9,341,011
				196,641,043
Consumer Staples — 9.8%
Philip Morris International		261,106		47,236,687
Procter & Gamble		437,365		64,135,203
Unilever ADR		1,125,680		67,675,882
				179,047,772
Energy — 9.4%
ConocoPhillips		594,630		61,817,735
Enterprise Products Partners (A)		2,165,203		79,592,862
SLB		672,347		31,257,412
				172,668,009
Financials — 14.8%
Ares Management, Cl A		388,949		43,293,913
CME Group, Cl A		217,361		47,999,830
Morgan Stanley		485,574		101,504,389
Old Republic International		1,914,341		78,334,834
				271,132,966
Health Care — 12.2%
AbbVie		302,990		76,244,403
CVS Health		705,624		72,996,803
Johnson & Johnson		294,579		74,814,229
				224,055,435
Industrials — 15.7%
Cummins		157,851		112,580,912
Paychex		484,517		47,642,557
Snap-on		186,849		75,188,037
Watsco		124,207		51,760,783
				287,172,289

COMMON STOCK — continued
	Shares		Value
Information Technology — 9.2%
Broadcom		224,713	$	84,885,336
International Business Machines Corp		79,080		22,238,087
Texas Instruments		204,095		60,834,596
				167,958,019
Real Estate — 11.8%
Lamar Advertising, Cl A ‡		546,544		85,249,933
Ryman Hospitality Properties ‡		398,047		51,168,942
Simon Property Group ‡		352,642		78,868,383
				215,287,258
Utilities — 6.2%
Public Service Enterprise Group		928,062		75,321,512
UGI		1,113,488		38,459,875
				113,781,387
TOTAL COMMON STOCK
(Cost $1,140,759,306)				1,827,744,178

SHORT-TERM INVESTMENT(B) — 0.5%

First American Government Obligations Fund, Class X, 3.560%
(Cost $9,007,416)		9,007,416		9,007,416

TOTAL INVESTMENTS— 100.4%
(Cost $1,149,766,722)			$	1,836,751,594

Assets:
Investments, at Value (Cost $1,149,766,722)	$	1,836,751,594
Receivable for Capital Shares Sold		1,739,404
Dividends Receivable		1,498,071
Reclaim Receivable		18,976
Prepaid Expenses		121,504
Total Assets		1,840,129,549

Liabilities:
Payable for Capital Shares Redeemed		6,444,937
Income Distributions Payable		2,970,953
Payable due to Adviser		1,141,749
Payable due to Administrator		97,153
Distribution Fees Payable (Investor Class Shares)		5,311
Chief Compliance Officer Fees Payable		2,516
Payable due to Trustees		1,379
Accrued Expenses and Other Payables		84,937
Total Liabilities		10,748,935

Commitments and Contingencies^†
Net Assets	$	1,829,380,614

Net Assets Consist of:
Paid-in Capital	$	1,115,682,831
Total Distributable Earnings		713,697,783
Net Assets	$	1,829,380,614

Outstanding Shares of Beneficial Interest
Institutional Class Shares (unlimited authorization — no par value)		45,644,322
Investor Class Shares (unlimited authorization — no par value)		745,619
Net Asset Value, Offering and Redemption Price Per Share*
Institutional Class Shares ($1,799,937,520 ÷ 45,644,322 shares)	$	39.43
Investor Class Shares ($29,443,094 ÷ 745,619 shares)	$	39.49

Investment Income:
Dividends	$	32,626,883
Dividends from Master Limited Partnerships		2,381,723
Less: Return of Capital Distributions		(2,381,723	)
Total Investment Income		32,626,883

Expenses:
Investment Advisory Fees		7,271,801
Administration Fees		565,357
Distribution Fees (Investor Class Shares)		34,127
Trustees' Fees		10,518
Shareholder Servicing Fees (Investor Class Shares)		6,826
Chief Compliance Officer Fees		4,761
Transfer Agent Fees		66,591
Registration and Filing Fees		32,788
Custodian Fees		32,318
Printing Fees		25,688
Legal Fees		24,718
Audit Fees		13,806
Other Expenses		17,023
Total Expenses		8,106,322

Less:
Waiver of Investment Advisory Fees		(793,490	)

Net Expenses		7,312,832

Net Investment Income		25,314,051

Net Realized Gain on Investments		29,108,558
Net Change in Unrealized Appreciation (Depreciation) on Investments		132,779,606

Net Realized and Unrealized Gain on Investments		161,888,164

Net Increase in Net Assets Resulting from Operations	$	187,202,215

	Six Months Ended June 30, 2026 (Unaudited)			Year Ended December 31, 2025
Operations:
Net Investment Income	$	25,314,051		$	33,082,982
Net Realized Gain on Investments		29,108,558			23,577,725
Net Change in Unrealized Appreciation on Investments		132,779,606			66,522,481
Net Increase in Net Assets Resulting From Operations		187,202,215			123,183,188

Distributions:
Institutional Class Shares		(25,111,599	)		(68,982,572	)
Investor Class Shares		(367,082	)		(1,059,413	)
Return of Capital:
Institutional Class Shares		—			(1,751,972	)
Investor Class Shares		—			(28,297	)
Total Distributions		(25,478,681	)		(71,822,254	)

Capital Share Transactions:⁽¹⁾
Institutional Class Shares:
Issued		191,930,700			334,071,057
Reinvestment of Distributions		22,149,738			64,745,515
Redeemed		(165,567,519	)		(292,944,325	)

Increase in Net Assets From Institutional Class Shares Transactions		48,512,919			105,872,247
Investor Class Shares:
Issued		2,304,047			8,730,866
Reinvestment of Distributions		357,990			1,080,135
Redeemed		(2,108,396	)		(5,808,525	)

Increase in Net Assets From Investor Class Shares Transactions		553,641			4,002,476

Net Increase in Net Assets From Share Transactions		49,066,560			109,874,723

Total Increase in Net Assets		210,790,094			161,235,657

Net Assets:
Beginning of Period		1,618,590,520			1,457,354,863
End of Period	$	1,829,380,614		$	1,618,590,520

				Years Ended December 31,
Institutional Class Shares	Six Months Ended June 30, 2026 (Unaudited)			2025			2024			2023			2022			2021
Net Asset Value, Beginning of Year	$	35.87		$	34.70		$	30.71		$	27.61		$	29.85		$	23.79
Income (Loss) from Investment Operations:
Net Investment Income*		0.56			0.77			0.68			0.65			0.70			0.69
Net Realized and Unrealized Gain (Loss)		3.56			2.04			5.35			3.10			(1.76	)		6.68
Total from Investment Operations		4.12			2.81			6.03			3.75			(1.06	)		7.37
Dividends and Distributions:
Net Investment Income		(0.56	)		(0.75	)		(0.71	)		(0.62	)		(0.64	)		(0.67	)
Net Realized Gains		—			(0.85	)		(1.33	)		—			(0.51	)		(0.62	)
Return of Capital		—			(0.04	)		—			(0.03	)		(0.03	)		(0.02	)
Total Dividends and Distributions		(0.56	)		(1.64	)		(2.04	)		(0.65	)		(1.18	)		(1.31	)
Net Asset Value, End of Year	$	39.43		$	35.87		$	34.70		$	30.71		$	27.61		$	29.85
Total Return^†		11.47	%		8.16	%		19.80	%		13.67	%		(3.45	)%		31.26	%
Ratios and Supplemental Data
Net Assets, End of Year (Thousands)	$	1,799,938		$	1,592,304		$	1,435,773		$	1,196,754		$	1,005,657		$	795,408
Ratio of Expenses to Average Net Assets		0.85	%††		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%
Ratio of Expenses to Average Net Assets (Excluding Waivers, Reimbursements and Fees Paid Indirectly)		0.94	%††		0.95	%		0.95	%		0.97	%		0.98	%		1.00	%
Ratio of Net Investment Income to Average Net Assets		2.96	%††		2.16	%		2.02	%		2.26	%		2.49	%		2.49	%
Portfolio Turnover Rate		8	%ˆ		23	%		19	%		15	%		27	%		31	%

Period	Subject to Repayment until December 31:	Amount
01/01/2024 – 12/31/2024	2027	$	1,310,959
01/01/2025 – 12/31/2025	2028		1,436,940
01/01/2026 – 12/31/2026	2029		1,602,065
		$	4,349,964

	Six Months Ended June 30, 2026 (Unaudited)			Year Ended, December 31, 2025
Institutional Class Shares:
Issued		5,027,996			9,420,058
Reinvestment of Distributions		561,748			1,799,236
Redeemed		(4,335,952	)		(8,208,578	)
Net Institutional Class Shares Capital Share Transactions		1,253,792			3,010,716
Investor Class Shares:
Issued		60,840			246,038
Reinvestment of Distributions		9,065			29,987
Redeemed		(56,042	)		(165,326	)
Net Investor Class Shares Capital Share Transactions		13,863			110,699

Net Increase in Shares Outstanding From Share Transactions		1,267,655			3,121,415

Period	Ordinary Income		Long-Term Capital Gain		Return of Capital		Total
2025	$	32,527,390	$	37,514,595	$	1,780,269	$	71,822,254
2024		27,433,773		54,634,195		—		82,067,968

Post-October Losses	$	(729,287	)
Unrealized Appreciation		552,703,541
Other Temporary Differences		(5	)
Total Distributable Earnings	$	551,974,249

Federal Tax Cost				Aggregate Gross Unrealized Appreciation				Aggregate Gross Unrealized Depreciation				Net Unrealized Appreciation
$	1,149,766,722			$	693,871,353			($	6,886,481	)		$	686,984,872

(Registrant)	The Advisors’ Inner Circle Fund

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

Date: September 4, 2026

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

Date: September 4, 2026

The Advisors' Inner Circle Fund

Hamlin High Dividend Equity Fund

Institutional Class Shares - HHDFX

Semi-Annual Shareholder Report: June 30, 2026

What were the Fund costs for the last six months?

Key Fund Statistics as of June 30, 2026

What did the Fund invest in?

Asset/Sector WeightingsFootnote Reference*

Top Ten Holdings

Additional Information

Householding

HHDFX-SAR-2026

The Advisors' Inner Circle Fund

Hamlin High Dividend Equity Fund

Investor Class Shares - HHDVX

Semi-Annual Shareholder Report: June 30, 2026

What were the Fund costs for the last six months?

Key Fund Statistics as of June 30, 2026

What did the Fund invest in?

Asset/Sector WeightingsFootnote Reference*

Top Ten Holdings

Additional Information

Householding

HHDVX-SAR-2026

Asset/Sector Weightings^{Footnote Reference*}

Asset/Sector Weightings^{Footnote Reference*}