Advisors Inner Circle Fund

(Registrant)

The Advisors’ Inner Circle Fund

By (Signature and Title)

/s/ Michael Beattie

Michael Beattie, President

The Registrant’s schedules as of the close of the reporting period, as set forth in §§ 210.12-12 through 210.12-14 of Regulation S-X [17 CFR §§ 210-12.12-12.14], are attached hereto.

The total net of fees return of the LSV Global Managed Volatility Fund, Institutional Class Shares, the MSCI AC World Index (the benchmark) and the MSCI AC World Minimum Volatility Index for the trailing periods ending April 30, 2018 were as follows:

*Periods longer than one year are annualized; inception date is 6/25/14; net of fees.

Institutional Class Shares performance as of 3/31/18: 12.06% (1 year) and 6.24% (Annualized Since Inception). The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares when redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. For performance data current to the most recent month end, please call 888-FUNDLSV (888-386-3578). As stated in the Fund’s prospectus, the Fund’s gross expense ratio is 2.45%. Its net expense ratio is 0.75%. The Adviser has contractually agreed to waive fees and reimburse expenses until February 28, 2019.

Global stocks as represented by the MSCI AC World Index finished up 3.56% for the six months ending April 30, 2018. Low volatility stocks underperformed over the period as the MSCI AC World Minimum Volatility Index was up 2.37%. Additionally, value stocks broadly underperformed across the globe—The MSCI AC World Value Index gained 2.11% while the MSCI AC World Growth Index was up 4.99%. The LSV Global Managed Volatility Fund advanced 4.41%. Global equity markets advanced over the period despite the heightened volatility in recent months. Ongoing strength in global economic data coupled with healthy corporate earnings and eased geopolitical / global trade tensions underpinned market gains. From a sector perspective, cyclical sectors generally outperformed while more defensive segments of the market lagged.

The objective of the LSV Global Managed Volatility Fund is to outperform the MSCI AC World Index with a target volatility ratio of 0.75. The Fund holds less risky stocks with high expected returns based on LSV’s alpha model. The portfolio decision making process is quantitative and stocks are ranked simultaneously on an array of variables in order to arrive at an overall expected return ranking for each stock in the universe. Next, stocks are ranked on an assortment of factors to estimate a risk score. The risk score is a function of beta, standard deviation and volatility of operating performance (cash flows and earnings).

Despite the underperformance of value and low volatility stocks, the Fund was able to outperform over the period thanks to strong stock selection. Performance attribution indicates that stock selection contributed to the bulk of Fund’s relative outperformance while sector selection modestly detracted. From a stock selection perspective, low volatility, deep value stocks within the Industrials sector performed particularly well and our holdings outperformed. From a sector perspective, the bulk of the excess return detraction came from our overweights to the Utilities and Telecommunication Services sectors. Top individual contributors included not holding General Electric, Procter & Gamble, Philip Morris and Facebook as well as overweight positions in Target, Valero Energy and Cisco. The main individual detractors included not owning Amazon, Microsoft and Netflix as well as overweight positions in Hon Hai Precision, Sanderson Farms, Sanofi and Edison International.

In the short period since the Fund’s inception, 2014 low volatility equity strategies have outperformed relative to the broad market indices. The Minimum Volatility Indices and Low Volatility strategies correlated with the indices are trading at premiums relative to the market and their history. Given LSV’s emphasis on attractive valuations,

the LSV Global Managed Volatility Fund is trading at a deep discount relative to the benchmark and the Volatility Index while at the same time offering 25% less volatility than the market.

The Fund is trading at 12.3x forward earnings compared to 15.4x for the MSCI AC World Index, 1.7x book value compared to 2.3x for the benchmark and 8.0x cash flow compared to 11.3x for the benchmark. The Fund is overweight the Utilities and Telecommunication Services sectors while underweight Information Technology and Industrials. Country bets are constrained relative to the benchmark and are within +/-3% of the country weights in the MSCI AC World Index.

Our organization remains stable and our research team continues to pursue an active research agenda in which we are looking for better ways to measure value and identify signs of positive change. As always, we are focused on delivering the long-term results that our investors have come to expect from LSV and that we have delivered for clients since 1994.

This material represents the manager’s assessment of the portfolio and market environment at a specific point in time and should not be relied upon by the reader as research or investment advice. Investing involves risk including loss of principal. The information provided herein represents the opinion of the manager and is not intended to be a forecast of future events, a guarantee of future results or investment advice.

Forward earnings is not a forecast of the Fund’s future performance. Investing involves risk, including possible loss of principal.

Volatility Ratio is a technical indicator use to identify price ranges and breakouts. The volatility ratio uses a true price range to determine a stock’s true trading range and is able to identify situations where the price has moved out of this true range.

Alpha refers to a percentage measuring how the portfolio of fund performed compared to the benchmark index.

Beta is a measure of the volatility of a security or a portfolio in comparison to the market as a whole.

Standard Deviation measures the return in a fund is deviating from the expected returns based on its historical performance.

The MSCI AC World Index is a market capitalization weighted index designed to provide a broad measure of equity-market performance throughout the world.

The MSCI AC World Minimum Volatility Index aims to reflect the performance characteristics of a minimum variance strategy applied to large and mid-cap equities across 23 Developed Markets (DM) and 23 Emerging Markets (EM) countries.

Index Returns are for illustrative purposes only and do not represent actual fund performance. Index performance returns do not reflect any manage fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index. Past performance does not guarantee future results.

Sector Weightings †:

LOGO

†	Percentages are based on total investments.


Schedule of Investments LSV Global Managed Volatility Fund

	Shares		Value (000)

U.S. Common Stock (59.0%)
Aerospace & Defense (1.2%)
Boeing		150	$	50
NWS Holdings		33,000		65
United Technologies		800		96

				211


Agricultural Products (0.9%)
Fresh Del Monte Produce		600		30
Ingredion		1,100		133

				163


Asset Management & Custody Banks (0.6%)
New Mountain Finance		3,300		45
TPG Specialty Lending		3,600		65

				110


Automotive (1.9%)
Aisin Seiki		2,100		114
Cooper-Standard Holdings*		300		37
Honda Motor		2,900		100
Toyota Motor		1,400		92

				343


Automotive Retail (0.1%)
Murphy USA*		300		19


Banks (0.9%)
Danske Bank		4,400		154


Biotechnology (1.2%)
Amgen		900		157
Gilead Sciences		900		65

				222


Cable & Satellite (0.4%)
Comcast, Cl A		2,200		69


Chemicals (1.7%)
DCM Holdings		10,000		99


LSV Global Managed Volatility Fund

	Shares		Value (000)

Chemicals (continued)
Eastman Chemical		930	$	95
Ube Industries		3,400		104

				298


Commercial Services (0.8%)
Convergys		900		21
Sykes Enterprises*		1,600		46
Western Union		3,500		69

				136


Commodity Chemicals (0.5%)
PTT Global Chemical		28,900		89


Computers & Services (2.6%)
Apple		1,600		264
Canon		2,900		100
Dell Technologies, Cl V*		167		12
Hewlett Packard Enterprise		700		12
HP		700		15
Oracle		1,500		69

				472


Diversified REIT’s (0.2%)
Select Income		2,300		44


Drug Retail (1.5%)
CVS Health		600		42
Walgreens Boots Alliance		3,300		219

				261


Electrical Services (5.9%)
Consolidated Edison		900		72
Edison International		1,400		92
Entergy		2,300		188
Exelon		6,600		262
FirstEnergy		4,400		151
Hera		24,300		90
Public Service Enterprise Group		3,800		198

				1,053


Environmental & Facilities Services (1.4%)
Republic Services, Cl A		1,300		84
Waste Management		2,000		163

				247


Financial Services (0.1%)
Capital One Financial		300		27


Food, Beverage & Tobacco (4.6%)
Britvic		6,900		68
Campbell Soup		2,000		82
JM Smucker		1,400		160
Kellogg		1,600		94
Molson Coors Brewing, Cl B		1,700		121


LSV Global Managed Volatility Fund

	Shares		Value (000)

Food, Beverage & Tobacco (continued)
Sanderson Farms		500	$	56
Scandinavian Tobacco Group(A)		5,000		83
Tyson Foods, Cl A		2,300		161

				825


General Merchandise Stores (1.6%)
Target		4,000		290


Health Care Facilities (0.9%)
HCA Holdings		1,700		163


Insurance (6.1%)
Aflac		3,800		173
Allstate		2,400		235
American Financial Group		900		102
Anthem		200		47
Berkshire Hathaway, Cl B*		1,400		271
Chubb		200		27
CIGNA		200		34
Travelers		1,500		198

				1,087


IT Consulting & Other Services (1.7%)
Amdocs		2,300		155
International Business Machines		1,100		159

				314


Machinery (0.5%)
Allison Transmission Holdings		2,200		86


Mortgage REIT’s (1.2%)
Annaly Capital Management		8,000		83
Granite Point Mortgage Trust		284		5
MFA Financial		4,300		32
Starwood Property Trust(B)		3,400		71
Two Harbors Investment		1,500		23

				214


Multimedia (0.7%)
Time Warner		900		85
Walt Disney		400		40

				125


Office REIT’s (0.1%)
Franklin Street Properties		2,100		16


Paper Packaging (0.3%)
Sonoco Products		1,200		62


Petroleum & Fuel Products (3.3%)
Chevron		500		62


LSV Global Managed Volatility Fund

	Shares		Value (000)

Petroleum & Fuel Products (continued)
ExxonMobil		2,400	$	187
PTT		26,000		46
Valero Energy		1,800		200
Z Energy		21,000		107

				602


Pharmaceuticals (6.1%)
AbbVie		700		68
Eli Lilly		2,000		162
Johnson & Johnson		2,200		278
Merck		3,200		188
Pfizer		11,000		403

				1,099


Reinsurance (0.4%)
Everest Re Group		300		70


Retail (2.7%)
Brinker International		1,600		70
Kohl’s		800		49
Kroger		3,800		96
Walmart		3,000		265

				480


Semi-Conductors/Instruments (2.0%)
Intel		6,100		315
KLA-Tencor		400		41

				356


Telephones & Telecommunications (4.9%)
AT&T		3,800		124
Cisco Systems		7,000		310
F5 Networks*		600		98
Juniper Networks		2,700		66
Motorola Solutions		1,500		165
Verizon Communications		2,300		114

				877


TOTAL U.S. COMMON STOCK (Cost $10,144)				10,584


Foreign Common Stock (39.5%)
Australia (1.1%)
AGL Energy		10,400		170
Telstra		14,900		36

				206


Austria (0.1%)
EVN		900		19


LSV Global Managed Volatility Fund

	Shares		Value (000)

Belgium (0.3%)
bpost		2,600	$	57


Canada (4.3%)
Bank of Montreal		1,100		83
Bank of Nova Scotia		600		37
Canadian Imperial Bank of Commerce		600		52
Canadian Tire, Cl A		1,100		150
Loblaw		1,400		71
National Bank of Canada		1,600		76
Power Financial		1,800		47
Royal Bank of Canada		600		46
TELUS		4,000		143
Toronto-Dominion Bank		1,300		73

				778


China (1.9%)
China Mobile		18,600		178
China Resources Power Holdings		24,000		46
China Telecom, Cl H		146,000		71
Shenzhen Expressway, Cl H		54,000		55

				350


Denmark (0.2%)
Matas		2,500		29
Spar Nord Bank		900		10

				39


France (2.8%)
Cie Generale des Etablissements Michelin		500		70
Sanofi		2,700		214
Total		3,400		214

				498


Germany (0.9%)
Muenchener Rueckversicherungs		400		91
Talanx		1,500		68

				159


Hong Kong (1.4%)
Dah Sing Banking Group		30,400		72
Johnson Electric Holdings		28,000		98
Kerry Properties		18,000		86

				256


LSV Global Managed Volatility Fund

	Shares		Value (000)

Hungary (0.6%)
Magyar Telekom Telecommunications		60,600	$	105


Indonesia (0.6%)
Bank Negara Indonesia Persero		193,400		112


Israel (0.9%)
Bank Hapoalim		9,300		64
Mizrahi Tefahot Bank		5,000		91

				155


Italy (0.3%)
Enel		9,200		58


Japan (6.3%)
Astellas Pharma		6,000		89
Canon Electronics		1,300		30
Doutor Nichires Holdings		1,300		27
Japan Airlines		4,000		158
KDDI		4,200		113
Mitsubishi Shokuhin		1,900		55
Nippon Flour Mills		5,200		85
Nippon Telegraph & Telephone		5,700		271
Osaka Gas		3,100		67
Sumitomo Osaka Cement		10,000		46
Teijin		5,400		102
Yamaguchi Financial Group		7,000		88

				1,131


Malaysia (1.2%)
AMMB Holdings		22,300		22
Tenaga Nasional		48,900		197

				219


Netherlands (0.4%)
Philips Lighting(A)		2,600		79


New Zealand (0.2%)
Fletcher Building		6,400		28


Russia (0.3%)
LUKOIL PJSC ADR		700		46


Singapore (2.1%)
DBS Group Holdings		2,500		58


LSV Global Managed Volatility Fund

	Shares		Value (000)

Singapore (continued)
Mapletree Industrial Trust		54,100	$	83
United Overseas Bank		8,300		188
Yanlord Land Group		31,200		40

				369


South Africa (0.2%)
Astral Foods		1,600		40


South Korea (2.5%)
KB Financial Group		2,000		114
Kia Motors		2,000		62
Korea Electric Power		1,100		39
KT&G		400		37
LG Uplus		4,100		47
SK Telecom		700		149

				448


Switzerland (2.4%)
Roche Holding AG		300		67
Swiss Life Holding		400		140
Swiss Re		1,500		143
Valiant Holding		600		72

				422


Taiwan (2.7%)
China Motor		77,000		73
China Synthetic Rubber		25,200		36
First Financial Holding		219,480		151
Greatek Electronics		29,000		52
Hon Hai Precision Industry		35,000		98
Hua Nan Financial Holdings		94,750		57
King’s Town Bank		14,000		17

				484


Thailand (1.4%)
Bangchak		48,900		56
Kiatnakin Bank		27,300		64
Thai Oil		20,100		60
Tisco Financial Group		24,800		69

				249


Turkey (0.1%)
TAV Havalimanlari Holding		2,300		12


United Kingdom (4.3%)
BAE Systems		8,500		71
BP		13,400		99
Coats Group		34,500		38
GlaxoSmithKline		13,800		277


LSV Global Managed Volatility Fund

	Shares		Value (000)

United Kingdom (continued)
J Sainsbury		9,000	$	38
Royal Mail		10,100		81
Tate & Lyle		14,700		116
William Hill		13,900		56

				776


TOTAL FOREIGN COMMON STOCK (Cost $6,716)				7,095


	Shares/ Number of Rights		Value (000)

Preferred Stock (0.7%)
South Korea (0.7%)
Samsung Electronics 1.4%		60		119


TOTAL PREFERRED STOCK (Cost $86)				119


Rights (0.0%)
New Zealand (0.0%)
Fletcher Building 05/15/2018*		1,435		2


TOTAL RIGHTS (Cost $–)				2


	Face Amount (000)		Value (000)

Repurchase Agreement (0.1%)
Morgan Stanley 1.560%, dated 04/30/18, to be repurchased on 05/01/18, repurchased price $27 (collateralized by various U.S. Treasury Notes, par values ranging from $0 - $12, 0.000% - 2.750%, 10/04/18 – 02/15/28; with a total market value of $28)	$	27		27


TOTAL REPURCHASE AGREEMENT (Cost $27)				27


Total Investments – 99.3% (Cost $16,973)			$	17,827

Percentages are based on Net Assets of $17,949 (000).

*	Non-income producing security.

ADR — American Depositary Receipt

Cl — Class

PJSC — Public Joint Stock Company

The following is a list of the level of inputs used as of April 30, 2018, in valuing the Fund’s investments carried at value ($ 000):


Investments in Securities	Level 1		Level 2^‡		Level 3		Total
U.S. Common Stock United States	$	9,318	$	1,266	$	–	$	10,584

Total U.S. Common Stock		9,318		1,266		–		10,584

Foreign Common Stock
Australia		–		206		–		206
Austria		–		19		–		19
Belgium		–		57		–		57
Canada		778		–		–		778
China		–		350		–		350
Denmark		–		39		–		39
France		–		498		–		498
Germany		–		159		–		159
Hong Kong		–		256		–		256
Hungary		–		105		–		105
Indonesia		–		112		–		112
Israel		–		155		–		155
Italy		–		58		–		58
Japan		–		1,131		–		1,131
Malaysia		–		219		–		219
Netherlands		–		79		–		79
New Zealand		–		28		–		28
Russia		46		–		–		46
Singapore		–		369		–		369
South Africa		–		40		–		40
South Korea		–		448		–		448
Switzerland		–		422		–		422
Taiwan		–		484		–		484
Thailand		–		249		–		249
Turkey		–		12		–		12
United Kingdom		56		720		–		776

Total Foreign Common Stock		880		6,215		–		7,095

Total Preferred Stock		–		119		–		119

Total Repurchase Agreement		–		27		–		27

Total Rights		2		–		–		2

Total Investments in Securities	$	10,200	$	7,627	$	–	$	17,827

‡ Changes in valuation techniques may result in transfers in or out of an investment’s assigned Level within the hierarchy during the reporting period. Changes in the classification between Level 1 and 2 occur primarily when foreign equity securities are fair valued using other observable market-based inputs in place of closing exchange prices due to events

For the six months ended April 30, 2018 (Unaudited) and for the years or period ended October 31,

1.	Organization:

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 56 funds. The financial statements herein are those of the LSV Global Managed Volatility Fund, a diversified Fund (the “Fund”). The Fund seeks long-term growth of capital by investing at least 40% of its assets in non-US companies. The Fund commenced operations on June 25, 2014, offering Institutional Class Shares and Investor Class Shares. The financial statements of the remaining funds of the Trust are not presented herein, but 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.

2.	Significant Accounting Policies:

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

Use of Estimates — The preparation of financial statements, in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) requires management to make estimates and assumptions that affect the fair value of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates and such differences could be material.

Security Valuation — Securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (except for securities traded on NASDAQ), including securities traded over the counter, are valued at the last quoted sale price on an exchange or market (foreign or domestic) on which they are traded on the valuation date (or at approximately 4:00 pm ET if a security’s primary exchange is normally open at that time), or, if there is no such reported sale on the valuation date, at the most recent quoted bid price. For securities traded on NASDAQ, the NASDAQ Official Closing Price will be used. 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 established by the Fund’s Board of Trustees (the “Board”). The Fund’s Fair Value Procedures are implemented through a Fair Value Committee (the “Committee”) designated by the Board. 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.

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

The Fund uses MarkIt Fair Value (“MarkIt”) as a third party fair valuation vendor. MarkIt provides a fair value for foreign securities in the Fund based on certain factors and methodologies (involving, generally, tracking valuation correlations between the U.S. market and each non-U.S. security) applied by MarkIt in the event that there is a movement in the U.S. markets that exceeds a specific threshold established by the Committee. The Committee establishes a “confidence interval” which is used to determine the level of correlation between the value of a foreign security and movements in the U.S. market before a particular security is fair valued when the threshold is exceeded. In the event that the threshold established by the Committee is exceeded on a specific day, the Fund values its non-U.S. securities that exceed the applicable “confidence interval” based upon the fair values provided by MarkIt. In such event, it is not necessary to hold a Committee meeting. In the event that the Adviser believes that the fair values provided by MarkIt are not reliable, the Adviser contacts the Fund’s Administrator and can request that a meeting of the Committee be held. As of April 30, 2018, there were no securities valued in accordance with fair value procedures. If a local market in which the Fund owns securities is closed for one or more days, the Fund shall value all securities held in that corresponding currency based on the fair value prices provided by MarkIt using the predetermined confidence interval discussed above.

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:

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

Level 2 — Other significant observable inputs (includes quoted prices for similar securities, interest rates, prepayment speeds, credit risk,

referenced indices, quoted prices in inactive markets, adjusted quoted prices in active markets, etc.); and

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

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

For the six months ended April 30, 2018, there have been no significant changes to the Fund’s fair valuation methodologies.

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 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 three 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, 2018, 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, 2018, the Fund did not incur any interest or penalties.

Security Transactions and Investment Income—Security transactions are accounted for on trade date for financial reporting purposes. Costs used in determining realized gains or 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.

Investments in Real Estate Investment Trusts (REIT) — With respect to the Fund, dividend income 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 yearend, and may differ from the estimated amounts.

Repurchase Agreements — In connection with transactions involving repurchase agreements, a third party custodian bank takes possession of the underlying securities (“collateral”), the value of which exceeds the principal amount of the repurchase transaction, including accrued interest. Such collateral will be cash, debt securities issued or guaranteed by the U.S. Government, securities that at the time the repurchase agreement is entered into are rated in the highest category by a nationally recognized statistical rating organization (“NRSRO”) or unrated category by an NRSRO, as determined by the Adviser. Provisions of the repurchase agreements and procedures adopted by the Board require that the market value of the collateral, including accrued interest thereon, is sufficient in the event of default by the counterparty. In the event of default on the obligation to repurchase, the Fund has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. In the event of default or bankruptcy by the counterparty to the agreement, realization and/or retention of the collateral or proceeds may be subject to legal proceedings.

Repurchase agreements are entered into by the Fund under Master Repurchase Agreements (“MRA”) which permit the Fund, under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset payables and/or

receivables under the MRA with collateral held and/ or posted to the counterparty and create one single net payment due to or from the Fund.

At April 30, 2018, the open repurchase agreements by counterparty which are subject to a MRA on a net payment basis are as follows (000):

Counterparty

Repurchase

Agreement

Fair

Value of

Non-Cash

Collateral

Received*

Cash

Collateral

Received

Net Amount

Morgan Stanley

(1) The amount of collateral reflected in the table does not include any over-collateralization received by the Fund.

(2) Net amount represents the net amount receivable due from the counterparty in the event of default.

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

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 daily net assets.

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

Dividends and Distributions to Shareholders — Dividends from net investment income, if any, are declared and paid to shareholders annually. Any net realized capital gains are distributed to shareholders at least annually.

3.	Transactions with Affiliates:

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 for serving as officers of the Trust other than the Chief Compliance Officer (“CCO”) as described below.

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 have been approved by and reviewed by the Board.

4.	Administration, Distribution, Shareholder Servicing, Transfer Agent and Custodian Agreements:

The Fund, along with other series of the Trust advised by LSV Asset Management (the “Adviser”), 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, 2018, the Fund paid $3,364 for these services.

The Trust and Distributor are parties to a Distribution Agreement dated November 14, 1991, as Amended and Restated November 14, 2005. The Distributor receives no fees for its distribution services under this agreement.

The Fund has adopted a distribution plan under Rule 12b-1 under the1940 Act for Investor Class Shares that allows the Fund to pay distribution and service fees for the sale and distribution of its shares, and for services provided to shareholders. The maximum annual distribution fee for Investor Class Shares of the Fund is 0.25% annually of the average daily net assets. For the six months ended April 30, 2018, the Fund incurred $189 of distribution fees.

DST Systems, Inc. serves as the transfer agent and dividend disbursing agent for the Fund under a transfer agency agreement with the Trust. During the six months ended April 30, 2018, the Fund earned $11 in cash management credits which were used to offset transfer agent expenses. This amount is labeled as “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 and sold by the Fund.

5.	Investment Advisory Agreement:

The Trust and the Adviser are parties to an Investment Advisory Agreement, under which the Adviser receives an annual fee equal to 0.60% of the Fund’s average daily net assets. The Adviser has contractually agreed to waive its fee (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses) in order to limit the Fund’s total operating expenses after fee waivers and/or expense reimbursements to a maximum of 0.75% and 1.00% of the Fund’s Institutional Class and Investor Class Shares’ average daily net assets, respectively, through February 28, 2019.

6.	Investment Transactions:

The cost of security purchases and the proceeds from security sales, other than short-term investments, for the six months ended April 30, 2018, were as follows (000):


Purchases
Other	$	10,467
Sales
Other	$	695

7.	Federal Tax Information:

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. To the extent these differences are permanent in nature, they are charged or credited to undistributed net investment income (loss), accumulated net realized gain (loss) or to paid-in-capital, as appropriate, in the period that the differences arise.

The tax character of dividends and distributions paid during the six months ended October 31, 2017 and 2016 was as follows (000):


	Ordinary Income		Long-Term Capital Gain		Total
2017	$	116	$	—	$	116
2016		74		2		76

As of October 31, 2017, the components of distributable earnings on a tax basis were as follows (000):


Undistributed Ordinary Income	$	257
Unrealized Appreciation		598
Undistributed Long Term Gains		293

Total Distributable Earnings	$	1,148

Under the Regulated Investment Company Modernization Act of 2010, the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law. The Fund has no capital loss carryforwards at October 31, 2017.

During the year ended October 31, 2017, $3 (000) of capital loss carryforwards were utilized to offset capital gains.

The total cost of securities for Federal income tax purposes and the aggregate gross unrealized appreciation and depreciation on investments held by the Fund at April 30, 2018, were as follows (000):

Federal

Tax Cost

Aggregated
Gross
Unrealized
Appreciation

Aggregated
Gross
Unrealized
Depreciation

Net
Unrealized
Appreciation

$ 16,973

1,307

(453

)

854

8.	Concentration of Risks:

Equity Risk – Since it purchases equity securities, the Fund is subject to the risk that stock prices may 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.

Volatility Risk – Although the Fund seeks to manage volatility within its portfolio, there is no guarantee that the Fund will be successful. Securities in the Fund’s portfolio may be subject to price volatility, and the Fund’s share price may not be any less volatile than the market as a whole and could be more volatile. The Adviser’s determinations/expectations regarding volatility may be incorrect or inaccurate, which may also adversely affect the Fund’s actual volatility. The Fund also may underperform other funds with similar investment objectives and strategies. The Fund may provide protection in volatile markets by potentially curbing or mitigating the risk of loss in declining equity markets, but the Fund’s opportunity to achieve returns when the equity markets are rising may also be limited. In general, the greater the protection against downside loss, the lesser the Fund’s opportunity to participate in the returns generated by rising equity markets; however, there is no

guarantee that the Fund will be successful in protecting the value of its portfolio in down markets.

Foreign Company Risk – Investing in foreign companies, including direct investments and through Depositary Receipts, 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 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 publically available information about foreign securities than is available about domestic securities. Income from foreign securities owned by the Fund may be reduced by a withholding tax at the source, which 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. While Depositary Receipts provide an alternative to directly purchasing the underlying foreign securities in their respective national markets and currencies, investments in Depositary Receipts continue to be subject to many of the risks associated with investing directly in foreign securities.

Emerging Market Risk – Investments in emerging markets securities are considered speculative and subject to heightened risks in addition to the general risks of investing in foreign securities. Unlike more established markets, emerging markets may have governments that are less stable, markets that are less liquid and economies that are less developed. In addition, the securities markets of emerging market countries may consist of companies with smaller market capitalizations and may suffer periods of relative illiquidity; significant price volatility; restrictions on foreign investment; and possible restrictions on repatriation of investment income and capital. Furthermore, foreign investors may be required to register the proceeds of sales, and future economic or political crises could lead to price controls, forced mergers, expropriation or confiscatory taxation, seizure, nationalization or creation of government monopolies.

Currency Risk – As a result of the Fund’s investments in securities or other investments 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.

Medium and Small-Capitalization Company Risk – Medium and Small-capitalization companies in which the Fund invests may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, investments in small-sized companies may pose additional risks, including liquidity risk, because these companies tend to have limited operating histories, product lines, markets and financial resources, and may depend upon a relatively small management group. Therefore, small-capitalization stocks may be more volatile than those of larger companies. These securities may be traded over-the-counter or listed on an exchange.

Style Investing Risk – Since the Fund pursues a “value style” of investing, if the Adviser’s assessment of market conditions, or a company’s value or prospects for exceeding earnings expectations is wrong, the Fund could suffer losses or produce poor performance relative to other funds. In addition, “value stocks” can continue to be undervalued by the market for long periods of time.

9.	Other:

At April 30, 2018, 98% of total shares outstanding for the Institutional Class Shares were held by three record shareholders each owning 10% or greater of the aggregate total shares outstanding. At April 30, 2018, 90% of total shares outstanding for the Investor Class Shares were held by three record shareholder 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 estimated; however, based on experience, the risk of loss from such claims is considered remote.

10.

Subsequent Events:

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

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

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

The following examples use the expense ratio and are intended to help you understand the ongoing costs (in dollars) of investing in your Fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period and held for the entire period from November 1, 2017 to April 30, 2018.

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

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

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

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

Pursuant to Section 15 of the Investment Company Act of 1940 (the “1940 Act”), the Fund’s advisory agreement (the “Agreement”) must be renewed at least annually after its initial two-year term: (i) by the vote of the Board of Trustees (the “Board” or the “Trustees”) of The Advisors’ Inner Circle Fund (the “Trust”) or by a vote of a majority of the shareholders of the Fund; and (ii) by the vote of a majority of the Trustees who are not parties to the Agreement or “interested persons” of any party thereto, as defined in the 1940 Act (the “Independent Trustees”), cast in person at a meeting called for the purpose of voting on such renewal.

A Board meeting was held on February 27, 2018 to decide whether to renew the Agreement for an additional one-year term. In preparation for the meeting, the Trustees requested that the Adviser furnish information necessary to evaluate the terms of the Agreement. Prior to the meeting, the Independent Trustees of the Fund met to review and discuss the information provided and submitted a request for additional information to the Adviser, and information was provided in response to this request. The Trustees used this information, as well as other information that the Adviser and other service providers of the Fund presented or submitted to the Board at the meeting and other meetings held during the prior year, to help them decide whether to renew the Agreement for an additional year.

Specifically, the Board requested and received written materials from the Adviser and other service providers of the Fund regarding: (i) the nature, extent and quality of the Adviser’s services; (ii) the Adviser’s investment management personnel; (iii) the Adviser’s operations and financial condition; (iv) the Adviser’s brokerage practices (including any soft dollar arrangements) and investment strategies; (v) the Fund’s advisory fee paid to the Adviser and overall fees and operating expenses compared with a peer group of mutual funds; (vi) the level of the Adviser’s profitability from its relationship with the Fund, including both direct and indirect benefits accruing to the Adviser and its affiliates; (vii) the Adviser’s potential economies of scale; (viii) the Adviser’s compliance program, including a description of material compliance matters and material compliance violations; (ix) the Adviser’s policies on and compliance procedures for personal securities transactions; and (x) the Fund’s performance compared with a peer group of mutual funds and the Fund’s benchmark index.

Representatives from the Adviser, along with other Fund service providers, presented additional information and participated in question and answer sessions at the Board meeting to help the Trustees evaluate the Adviser’s services, fee and other aspects of the Agreement. The Independent Trustees received advice from independent counsel and met in executive sessions outside the presence of Fund management and the Adviser.

At the Board meeting, the Trustees, including all of the Independent Trustees, based on their evaluation of the information provided by the Adviser and other service providers of the Fund, renewed the Agreement. In considering the renewal of the Agreement, the Board considered various factors that they determined were relevant, including: (i) the nature, extent and quality of the services provided by the Adviser; (ii) the investment performance of the Fund and the Adviser; (iii) the costs of the services provided and profits realized by the Adviser from its relationship with the Fund, including both direct and indirect benefits accruing to the Adviser and its affiliates; (iv) the extent to which economies of scale are being realized by the Adviser; and (v) whether fee levels reflect such economies of scale for the benefit of Fund investors, as discussed in further detail below.

In considering the nature, extent and quality of the services provided by the Adviser, the Board reviewed the portfolio management services provided by the Adviser to the Fund, including the quality and continuity of the Adviser’s portfolio management personnel, the resources of the Adviser, and the Adviser’s compliance history and compliance program. The Trustees reviewed the terms of the Agreement. The Trustees also reviewed the Adviser’s investment and risk management approaches for the Fund. The most recent investment adviser registration form (“Form ADV”) for the Adviser was provided to the Board, as was the response of the Adviser to a detailed series of questions which included, among other things, information about the investment advisory services provided by the Adviser to the Fund.

The Trustees also considered other services provided to the Fund by the Adviser such as selecting broker-dealers for executing portfolio transactions, monitoring adherence to the Fund’s investment restrictions, and monitoring compliance with various Fund policies and procedures and with applicable securities laws and regulations. Based on the factors above, as well as those discussed below, the Board concluded, within the context of its full deliberations, that

the nature, extent and quality of the services provided to the Fund by the Adviser were sufficient to support renewal of the Agreement.

The Board was provided with regular reports regarding the Fund’s performance over various time periods. The Trustees also reviewed reports prepared by the Fund’s administrator comparing the Fund’s performance to its benchmark index and a peer group of mutual funds as classified by Lipper, an independent provider of investment company data, over various periods of time. Representatives from the Adviser provided information regarding and led discussions of factors impacting the performance of the Fund, outlining current market conditions and explaining their expectations and strategies for the future. The Trustees determined that the Fund’s performance was satisfactory, or, where the Fund’s performance was materially below its benchmark and/or peer group, the Trustees were satisfied by the reasons for the underperformance and/or the steps taken by the Adviser in an effort to improve the performance of the Fund. Based on this information, the Board concluded, within the context of its full deliberations, that the investment results that the Adviser had been able to achieve for the Fund were sufficient to support renewal of the Agreement.

In considering the advisory fee payable by the Fund to the Adviser, the Trustees reviewed, among other things, a report of the advisory fee paid to the Adviser. The Trustees also reviewed reports prepared by the Fund’s administrator comparing the Fund’s net and gross expense ratios and advisory fee to those paid by a peer group of mutual funds as classified by Lipper. The Trustees reviewed the management fees charged by the Adviser to other clients with comparable mandates. The Trustees considered any differences in management fees and took into account the respective demands, resources and complexity associated with the Fund and other client accounts as well as the extensive regulatory, compliance and tax regimes to which the Fund is subject. The Board concluded, within the context of its full deliberations, that the advisory fee was reasonable in light of the nature and quality of the services rendered by the Adviser.

The Trustees reviewed the costs of services provided by and the profits realized by the Adviser from its relationship with the Fund, including both direct benefits and indirect benefits, such as research and brokerage services received under soft dollar arrangements, accruing to the Adviser and its affiliates. The Trustees considered how the Adviser’s profitability was affected by factors such as its organizational structure and method for allocating expenses. The Trustees concluded that the profit margins of the Adviser with respect to the management of the Fund were not unreasonable. The Board also considered the Adviser’s commitment to managing the Fund and its willingness to continue its expense limitation and fee waiver arrangement with the Fund.

The Trustees considered the Adviser’s views relating to economies of scale in connection with the Fund as Fund assets grow and the extent to which the benefits of any such economies of scale are shared with the Fund and Fund shareholders. The Board considered the existence of any economies of scale and whether those were passed along to the Fund’s shareholders through a graduated advisory fee schedule or other means, including fee waivers. The Trustees recognized that economies of scale are difficult to identify and quantify and are rarely identifiable on a fund-by-fund basis. Based on this evaluation, the Board concluded that the advisory fee was reasonable in light of the information that was provided to the Trustees by the Adviser with respect to economies of scale.

Based on the Board’s deliberations and its evaluation of the information described above and other factors and information it believed relevant in the exercise of its reasonable business judgment, the Board, including all of the Independent Trustees, with the assistance of Fund counsel and Independent Trustees’ counsel, unanimously concluded that the terms of the Agreement, including the fees payable thereunder, were fair and reasonable and agreed to renew the Agreement for another year. In its deliberations, the Board did not identify any absence of information as material to its decision, or any particular factor (or conclusion with respect thereto) or single piece of information that was all-important, controlling or determinative of its decision, but considered all of the factors together, and each Trustee may have attributed different weights to the various factors (and conclusions with respect thereto) and information.

Trust:

The Advisors’ Inner Circle Fund

Fund:

LSV Global Managed Volatility Fund

Adviser:

LSV Asset Management

Distributor:

SEI Investments Distribution Co.

Administrator:

SEI Investments Global Fund Services

Legal Counsel:

Morgan, Lewis & Bockius LLP

The Fund files its complete schedule of Portfolio holdings with the Securities and Exchange Commission “SEC” for the first and third quarters of each fiscal year on Form N-Q within sixty days after the end of the period. The Fund’s Forms N-Q are available on the Commission’s website at http://www.sec.gov, and may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

A description of the policies and procedures that The Advisors’ Inner Circle Fund uses to determine how to vote proxies if any relating to portfolio securities, as well as information relating to how a Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, is available without charge i upon request, by calling 888-Fund-LSV and ii on the Commission’s website at http://www.sec.gov.

LSV-SA-009-0400

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

Not applicable. Effective for closed-end management investment companies for fiscal years ending on or after December 31, 2005

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 Rules 13a-15(b) or 15d-15(b) under the Exchange Act (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 second fiscal quarter of 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.

(a)(2) A separate certification for the principal executive officer and the principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended (17 CFR 270.30a-2(a)), are filed herewith.

(b) Officer certifications as required by Rule 30a-2(b) under the Investment Company Act of 1940, as amended (17 CFR 270.30a-2(b)) also accompany this filing as an exhibit.

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.


	6-months Ended 4/30/18*	1 Year Ended 4/30/18*	3 Years Ended 4/30/2018*	Since Inception*

Global Managed Volatility Fund, Institutional Class Shares	4.41%	11.84%	6.42%	6.25%
Benchmark:
MSCI AC World Index	3.56	14.16	7.43	6.75
Volatility Index
MSCI AC World Minimum Volatility Index	2.37	9.44	6.91	8.26


	LSV Global Managed Volatility Fund
Assets:
Investments at Value (Cost $16,973)	$	17,827
Foreign Currency, at Value (Cost $71)		71
Dividends and Interest Receivable		43
Reclaim Receivable		7
Prepaid Expenses		27
Total Assets		17,975
Liabilities:
Payable due to Investment Adviser		—
Payable for Investment Securities Purchased		1
Payable due to Administrator		1
Payable due to Trustees		—
Payable due to Distributor		—
Payable due to Chief Compliance Officer		—
Other Accrued Expenses		24
Total Liabilities		26
Net Assets	$	17,949

Net Assets Consist of:
Paid-in Capital	$	16,934
Undistributed Net Investment Income		82
Accumulated Net Realized Gain on Investments		80
Net Unrealized Appreciation on Investments		854
Net Unrealized Depreciation on Foreign Currency Translation		(1)
Net Assets	$	17,949

Net Asset Value, Offering and Redemption Price Per Share — Institutional Class Shares ($17,789 ÷ 1,597,308 shares)⁽¹⁾	$	11.14

Net Asset Value, Offering and Redemption Price Per Share — Investor Class Shares ($160 ÷ 14,328 shares)⁽¹⁾	$	11.17	*


	LSV Global Managed Volatility Fund
Investment Income:
Dividend Income	$	206
Foreign Taxes Withheld		(14)
Total Investment Income		192
Expenses:
Investment Advisory Fees		35
Administration Fees		3
Trustees’ Fees		—
Chief Compliance Officer Fees		—
Distribution Fees - Investor Class		—
Transfer Agent Fees		26
Registration and Filing Fees		15
Custodian Fees		13
Printing Fees		1
Professional Fees		1
Insurance and Other Fees		5
Total Expenses		99
Less: Waiver of Investment Advisory Fees		(35)
Less: Reimbursement of Expenses from Investment Advisor		(20)
Less: Fees Paid Indirectly — (see Note 4)		—
Net Expenses		44
Net Investment Income		148
Net Realized Gain on Investments		95
Net Change in Unrealized Appreciation (Depreciation) on Investments		219
Net Realized Foreign Currency Transaction and Translation		(1)
Net Realized and Unrealized Gain on Investments		313
Net Increase in Net Assets Resulting from Operations	$	461


	LSV Global Managed Volatility Fund
	11/1/2017 to 04/30/2018			11/1/2016 to 10/31/2017
Operations:
Net Investment Income	$	148		$	179
Net Realized Gain on Investments		95			373
Net Change in Unrealized Appreciation (Depreciation) on Investments and Foreign Currency Transaction and Translation		218			590
Net Increase in Net Assets Resulting from Operations		461			1,142
Dividends and Distributions From:
Net Investment Income:
Institutional Class Shares		(223	)		(111	)
Investor Class Shares		(4	)		(5	)
Net Realized Gain:
Institutional Class Shares		(361	)		—
Investor Class Shares		(6	)		—
Total Dividends and Distributions		(594	)		(116	)
Capital Share Transactions:
Institutional Class Shares:
Issued		9,623			3,721
Reinvestment of Dividends and Distributions		585			111
Redeemed		(74	)		(2,113	)
Net Increase from Institutional Class Shares Transactions		10,134			1,719
Investor Class Shares:
Issued		10			45
Reinvestment of Dividends and Distributions		10			5
Redeemed		—			(188	)
Net Increase (Decrease) from Investor Class Shares Transactions		20			(138	)
Net Increase in Net Assets Derived from Capital Share Transactions		10,154			1,581
Total Increase in Net Assets		10,021			2,607
Net Assets:
Beginning of Period		7,928			5,321
End of Year/Period (including undistributed net investment income of $82 and $161, respectively)	$	17,949		$	7,928

Shares Transactions:
Institutional Class:
Issued		873			349
Reinvestment of Dividends and Distributions		52			11
Redeemed		(6	)		(184	)
Total Institutional Class Share Transactions		919			176
Investor Class:
Issued		1			4
Reinvestment of Dividends and Distributions		1			1
Redeemed		—			(18	)
Total Investor Class Share Transactions		2			(13	)
Net Increase in Shares Outstanding		921			163


	Net Asset Value Beginning of Period		Net Investment Income ⁽¹⁾		Realized and Unrealized Gains (Losses) on Investments		Total from Operations		Dividends from Net Investment Income		Distributions from Realized Gain		Total Dividends and Distributions		Net Asset Value End of Period		Total Return†		Net Assets End of Period (000)		Ratio of Expenses to Average Net Assets		Ratio of Expenses to Average Net Assets (Excluding Waivers, Reimbursements and Fees Paid Indirectly)		Ratio of Net Investment Income to Average Net Assets		Portfolio Turnover Rate‡

LSV Global Managed Volatility Fund
Institutional Class Shares

2018^*	$	11.46	$	0.14	$	0.37	$	0.51	$	(0.31)	$	(0.52)	$	(0.83)	$	11.14		4.41%	$	17,789		0.75%		1.69%		2.52%		6%
2017		10.06		0.25		1.36		1.61		(0.21)		—		(0.21)		11.46		16.29		7,784		0.75		2.45		2.35		43
2016		9.77		0.26		0.24		0.50		(0.20)		(0.01)		(0.21)		10.06		5.23		5,059		0.75		4.08		2.66		35
2015		10.05		0.24		(0.41)		(0.17)		(0.09)		(0.02)		(0.11)		9.77		(1.68)		3,520		0.75		6.24		2.41		14
2014^**		10.00		0.07		(0.02)		0.05		—		—		—		10.05		0.50		2,110		0.75		7.65		2.10		3

Investor Class Shares

2018^*	$	11.48	$	0.12	$	0.37	$	0.49	$	(0.28)	$	(0.52)	$	(0.80)	$	11.17		4.23%	$	160		1.00%		2.05%		2.13%		6%
2017		10.06		0.21		1.38		1.59		(0.17)		—		(0.17)		11.48		16.01		144		1.00		2.78		1.97		43
2016		9.75		0.22		0.25		0.47		(0.15)		(0.01)		(0.16)		10.06		4.96		262		1.00		4.40		2.22		35
2015		10.05		0.22		(0.41)		(0.19)		(0.09)		(0.02)		(0.11)		9.75		(1.96)		267		1.00		6.58		2.23		14
2014^**		10.00		0.05		–		0.05		—		—		—		10.05		0.50		269		1.00		7.49		1.35		3


	Beginning Account Value 11/01/17		Ending Account Value 04/30/18		Annualized Expense Ratios			Expenses Paid During Period*
LSV Global Managed Volatility Fund

Actual Fund Return
Institutional Class Shares	$	1,000.00	$	1,044.10		0.75	%	$	3.80
Investor Class Shares		1,000.00		1,042.30		1.00			5.06

Hypothetical 5% Return
Institutional Class Shares	$	1,000.00	$	1,021.08		0.75	%	$	3.76
Investor Class Shares		1,000.00		1,019.84		1.00			5.01