LSV Emerging Markets Equity

This information must be preceded or accompanied by a current prospectus. Investors should read the prospectus carefully before investing.

The total net of fees return of the LSV Emerging Markets Equity Fund, the benchmark MSCI Emerging Markets Index and the MSCI Emerging Markets Value Index for the trailing periods ending April 30, 2023 were as follows:

Institutional Class Shares performance as of 3/31/23: -7.01% (1-year), 15.59% (3 Year) and 4.30% (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-FUND-LSV (888-386-3578). Inception date 1/18/2019.

Global equities finished in positive territory over the past six months despite significant market volatility as resilient economic data and hopes for easier monetary policy from global central banks outweighed ongoing inflationary pressures and the turmoil surrounding the banking sector. The MSCI Emerging Markets Index was up 16.37% (in USD). From a style perspective, emerging markets value stocks (as measured by the MSCI Indices) modestly outperformed growth for the period — the MSCI Emerging Markets Value Index was up 16.55% while the MSCI Emerging Markets Growth Index was up 16.13% (both in USD). The LSV Emerging Markets Equity Fund, Institutional Class Shares, was up 22.34% for the period. From a sector perspective, Communication Services, Real Estate and Information Technology stocks outperformed while the Financials, Energy and Utilities sectors lagged.

The portfolio’s deep value bias had a positive impact on relative returns for the period as value stocks broadly outperformed growth in the emerging markets during the prior six months. Performance attribution further indicates that stock selection contributed positively to portfolio relative returns for the period, while sector selection detracted. Stock selection relative gains were largely the result of the outperformance of deep value names within the Financials, Health Care and Energy sectors — holdings within the Diversified Banks, Pharmaceuticals and Integrated Oil & Gas industries performed particularly well. From a sector perspective, relative losses were modest and largely a function of our underweight position in the Communication Services sector as well as our overweight to Utilities stocks. Top contributors for the period included our overweight positions in PetroChina, Sinopharm, Vipshop, SSY Group, China Resources Medical Holdings, China Petroleum & Chemical, Cencosud, China Pacific Insurance and Doosan Bobcat. Not owning Infosys, Reliance Industries, Saudi National Bank and Al- Rajhi Bank also added value. The main individual detractors included our underweights to Taiwan Semiconductor and Alibaba as well as not owning Tencent, Naspers, NetEase, POSCO and China Merchants Bank. Overweight positions in JBS, Camil Alimentos, Itaúsa, KT Corp, Absa Group, LX International and KRBL Ltd. also detracted.

The Fund continues to trade at a significant discount to the overall market as well as to the value benchmark. The Fund is trading at 7.2x forward earnings compared to 13.1x for the MSCI Emerging Markets Index, 0.9x book value compared to 1.6x for the MSCI Emerging Markets Index and 4.8x cash flow compared to 8.8x for the MSCI Emerging Markets Index. Sector weightings are a result of our bottom-up stock selection process, subject to constraints at the sector and industry levels. The Fund is currently overweight Energy, Utilities and Financials while underweight the Consumer Discretionary, Communication Services and Materials sectors.

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. Investments in smaller companies typically exhibit higher volatility.

The MSCI Emerging Markets Index is a market capitalization weighted index designed to provide a broad measure of equity-market performance throughout the emerging markets.

The MSCI Emerging Markets Value Index captures large and mid-cap securities exhibiting overall value style characteristics across the emerging markets.

The MSCI Emerging Markets Growth Index captures large and mid-cap securities exhibiting overall growth style characteristics across the emerging markets.

The MSCI Emerging Markets Small Cap Index is an index designed to provide a broad measure of performance throughout the emerging markets of companies with small market capitalization.

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 Emerging Markets Equity Fund

	Shares		Value (000)
Foreign Common Stock (97.3%)
Brazil (4.2%)
Banco do Brasil		24,300	$	208
Camil Alimentos		44,100		63
EDP - Energias do Brasil		22,900		103
JBS S		35,400		126
Qualicorp Consultoria e Corretora de Seguros		3,000		2
Telefonica Brasil		5,800		48
Vale		16,500		239
Vibra Energia		15,100		40

				829


Chile (1.4%)
Cencosud		83,100		169
Cia Cervecerias Unidas		6,200		51
Vina Concha y Toro		44,300		53

				273


China (2.9%)
China CITIC Bank, Cl H		263,000		142
Kunlun Energy		92,000		85
Shanghai Pharmaceuticals Holding, Cl H		36,000		73
Shenzhen Expressway, Cl H		64,000		60
Sinotrans, Cl H		215,000		74
Vipshop Holdings ADR*		8,700		137

				571


Czech Republic (0.4%)
Philip Morris CR		100		83


LSV Emerging Markets Equity Fund

	Shares		Value (000)
Egypt (0.3%)
Eastern SAE		117,100	$	66


Greece (0.4%)
Motor Oil Hellas Corinth Refineries		3,600		86


Hong Kong (27.8%)
3SBio		89,000		89
Agile Group Holdings		82,000		17
Alibaba Group Holding*		32,900		349
Anhui Conch Cement, Cl H		12,500		39
Asia Cement China Holdings		85,000		37
BAIC Motor, Cl H		305,500		86
Baidu, Cl A*		6,240		94
Bank of China, Cl H		762,000		304
Bank of Communications, Cl H		208,000		134
Beijing Enterprises Holdings		22,500		93
China BlueChemical		302,000		80
China Coal Energy, Cl H		84,000		72
China Everbright		44,000		32
China Everbright Bank, Cl H		265,000		85
China Feihe		115,000		78
China Hongqiao Group		58,000		57
China Medical System Holdings		44,000		73
China Merchants Port Holdings		52,000		77
China Minsheng Banking, Cl H		254,000		93
China Pacific Insurance Group, Cl H		39,000		116
China Petroleum & Chemical, Cl H		268,000		176
China Railway Group, Cl H		143,000		110
China Reinsurance Group, Cl H		740,000		57
China Resources Medical Holdings		121,000		113
China Suntien Green Energy, Cl H		88,000		39
China Tower, Cl H		554,000		71
China Traditional Chinese Medicine Holdings		76,000		42
China XLX Fertiliser		128,000		61
China Yongda Automobiles Services Holdings		98,000		66
Country Garden Holdings*		93,000		24
Dali Foods Group		101,500		42
Dongfeng Motor Group, Cl H		150,000		72
Far East Horizon		91,000		82
Grand Pharmaceutical Group		124,500		81


LSV Emerging Markets Equity Fund

	Shares		Value (000)
Hong Kong (continued)
Guangzhou Baiyunshan Pharmaceutical Holdings, Cl H		22,000	$	72
Hengan International Group		15,000		67
Kingboard Laminates Holdings		66,000		68
Lenovo Group		224,000		229
Lonking Holdings		152,000		27
Maanshan Iron & Steel, Cl H		134,000		29
NetDragon Websoft Holdings		32,000		63
New China Life Insurance, Cl H		34,700		99
Orient Overseas International		6,000		122
People’s Insurance Group of China, Cl H		310,000		122
PetroChina, Cl H		454,000		316
PICC Property & Casualty, Cl H		164,000		198
Ping An Insurance Group of China, Cl H		12,000		88
Postal Savings Bank of China, Cl H		146,000		95
Shougang Fushan Resources Group		210,000		71
Sinopec Engineering Group, Cl H		124,000		64
Sinopharm Group, Cl H		48,000		170
Sinotruk Hong Kong		37,500		57
SITC International Holdings		38,000		70
SSY Group		224,000		157
TCL Electronics Holdings		229,000		107
Want Want China Holdings		83,000		53
Yuexiu Transport Infrastructure		98,000		54
Zhejiang Expressway, Cl H		68,000		56
Zhengzhou Coal Mining Machinery Group, Cl H		63,400		71

				5,566


Hungary (1.0%)
Magyar Telekom Telecommunications		26,200		33
MOL Hungarian Oil & Gas		10,900		88
OTP Bank Nyrt		2,400		73

				194


India (13.0%)
Aurobindo Pharma		8,500		64
Canara Bank		31,400		123
Chambal Fertilisers and Chemicals		16,600		58
Coal India		28,200		81
Cyient		6,000		87


LSV Emerging Markets Equity Fund

	Shares		Value (000)
India (continued)
GAIL India		88,800	$	117
Gujarat State Fertilizers & Chemicals		50,600		99
HCL Technologies		8,700		114
Hindustan Aeronautics		2,400		86
Indiabulls Housing Finance*		3,100		4
Indian Bank		29,300		116
Jubilant Pharmova, Cl A		4,400		17
Kalpataru Power Transmission		10,000		66
Mahanagar Gas		6,973		86
National Aluminium		67,900		69
NMDC		44,900		60
NMDC Steel Ltd*		44,900		20
NTPC		51,900		109
Oil & Natural Gas		67,600		132
Oil India		31,200		98
Oracle Financial Services Software		2,200		96
Petronet LNG		42,400		123
Power Finance		54,800		114
Power Grid Corp of India		37,700		110
REC		60,600		98
Redington		64,800		134
Tata Steel		114,000		150
UPL		8,200		74
Vedanta		24,400		84

				2,589


Indonesia (2.3%)
Astra International		208,300		96
Bank Negara Indonesia Persero		147,700		95
Bukit Asam		279,400		79
Matahari Department Store		249,400		69
United Tractors		58,800		116

				455


Malaysia (1.8%)
AMMB Holdings		88,000		71
CIMB Group Holdings		61,600		70
RHB Bank		62,800		77
Scientex		64,200		49
Tenaga Nasional		41,600		84

				351


Mexico (2.9%)
Cemex*		208,200		125
Coca-Cola Femsa		9,458		78
Fibra Uno Administracion		55,800		77
Grupo Financiero Banorte, Cl O		11,500		100
Grupo Mexico		22,000		108


LSV Emerging Markets Equity Fund

	Shares		Value (000)
Mexico (continued)
Megacable Holdings		32,700	$	89

				577


Philippines (0.8%)
DMCI Holdings		460,100		82

Metro Pacific Investments		1,070,000		85

				167


Poland (1.9%)
Asseco Poland		5,300		108
Cyfrowy Polsat		16,600		70
Polski Koncern Naftowy ORLEN		5,226		80
Powszechny Zaklad Ubezpieczen		14,000		128

				386


Russia (–%)
Gazprom PJSC(A)(B)		11,300		—
LUKOIL PJSC(A)(B)		2,300		—
Magnit PJSC(A)(B)		1,000		—
MMC Norilsk Nickel PJSC(A)(B)		370		—
Mobile TeleSystems PJSC(A)(B)		13,800		—

				—


Singapore (0.4%)
Yangzijiang Shipbuilding Holdings		81,400		76


South Africa (3.2%)
Absa Group		11,400		110
African Rainbow Minerals		4,300		54
Astral Foods		3,800		35
Exxaro Resources		5,300		56
Foschini Group		10,400		54
Impala Platinum Holdings		7,400		72
MTN Group		6,600		46
Nedbank Group		5,600		65
Oceana Group		16,600		61
Telkom SOC*		7,500		14
Vodacom Group		10,200		70

				637


South Korea (12.6%)
DB HiTek		1,900		87
DB Insurance		1,500		94
DL E&C		332		9
DL Holdings		133		5


LSV Emerging Markets Equity Fund

	Shares		Value (000)
South Korea (continued)
Doosan Bobcat		3,200	$	123
Hana Financial Group		2,900		91
Hankook & Co		5,100		48
Hyundai GF Holdings		4,572		14
Hyundai Glovis		800		98
Hyundai Green Food*		2,427		22
Hyundai Home Shopping Network		1,000		36
Hyundai Marine & Fire Insurance		2,800		79
Kginicis		1,700		16
Kia		2,800		177
KT		4,800		108
KT&G		1,300		83
LG		900		59
LX INTERNATIONAL CORP		2,700		59
LX Semicon		1,000		79
Samsung Electronics		13,500		665
SFA Engineering		700		21
Shinhan Financial Group		3,700		97
Shinsegae		500		77
SK Telecom		2,100		75
SNT Motiv		2,000		71
Value Added Technology		2,700		78
Vieworks		2,300		59
Wonik QnC		4,500		82

				2,512


Taiwan (15.1%)
ASE Technology Holding		51,000		168
Asia Vital Components		19,000		98
Cathay Financial Holding		68,000		94
China Development Financial Holding		185,000		79
China Development Financial Holding		68,375		16
Chipbond Technology		22,000		47
ChipMOS Technologies		58,000		70
Compeq Manufacturing		58,000		82
Elan Microelectronics		19,000		59
Fubon Financial Holding		57,541		111
Global Mixed Mode Technology		8,000		47
Hon Hai Precision Industry		62,000		211
International Games System		5,000		87
King Yuan Electronics		65,000		100
MediaTek		10,000		217
Micro-Star International		21,000		100
Novatek Microelectronics		8,000		109
Pou Chen		98,000		102
Powertech Technology		34,000		102
Primax Electronics		36,000		70
Radiant Opto-Electronics		20,000		74


LSV Emerging Markets Equity Fund

	Shares		Value (000)
Taiwan (continued)
Shin Kong Financial Holding*		278,000	$	76
Sigurd Microelectronics		41,000		70
Simplo Technology		9,000		90
Sino-American Silicon Products		10,000		48
SinoPac Financial Holdings		5,735		3
Taiwan Semiconductor Manufacturing		15,000		247
Topco Scientific		10,000		61
Tripod Technology		11,000		41
United Microelectronics		83,000		133
Yuanta Financial Holding		151,204		111
Zhen Ding Technology Holding		28,000		102

				3,025


Thailand (3.0%)
Bangkok Bank		17,700		82
Kasikornbank		24,000		88
Kiatnakin Phatra Bank		43,700		77
Krung Thai Bank		286,900		151
Origin Property		273,000		95
Quality Houses		593,800		41
Supalai		96,600		60

				594


Turkey (1.2%)
Coca-Cola Icecek		6,400		78
Haci Omer Sabanci Holding		52,200		102
Turkiye Sise ve Cam Fabrikalari		29,600		56

				236


United Arab Emirates (0.7%)
Abu Dhabi Commercial Bank PJSC		21,042		51
Emaar Properties PJSC		59,100		95

				146


TOTAL FOREIGN COMMON STOCK (Cost $19,755)				19,419


Foreign Preferred Stock (1.9%)
Brazil^(1.9%)**
Banco do Estado do Rio Grande do Sul		36,000		77
Cia Energetica de Minas Gerais		43,700		107
Cia Paranaense de Energia		58,400		94


LSV Emerging Markets Equity Fund

	Shares		Value (000)
Brazil^(continued)**
Itausa		56,200	$	97

				375


Colombia^(0.0%)**
Banco Davivienda		1,700		8


TOTAL FOREIGN PREFERRED STOCK (Cost $362)				383


Warrants (0.0%)
Thailand (0.0%)
Kiatnakin Phatra Bank 01/02/2025		3,642		—
Kiatnakin Phatra Bank 01/03/2027		3,642		—

				—


TOTAL WARRANTS (Cost $–)				—


	Face Amount (000)
Repurchase Agreement (0.3%)
South Street Securities 4.480%, dated 04/28/2023, to be repurchased on 05/01/2023, repurchase price $66 (collateralized by various U.S. Treasury obligations, ranging in par value $0 - $73, 1.250% - 3.625%, 11/30/2026 - 02/15/2053; total market value $67)	$	66		66


TOTAL REPURCHASE AGREEMENT (Cost $66)				66


Total Investments – 99.5% (Cost $20,183)			$	19,868

Percentages are based on Net Assets of $19,950 (000).

*	Non-income producing security.

**	No rate available.

(A)

Level 3 security in accordance with fair value hierarchy.

(B)

Security is Fair Valued.

ADR — American Depositary Receipt

Cl — Class

Ltd — Limited

PJSC — Public Joint Stock Company

The following is a summary of the inputs used as of April 30, 2023, in valuing the Fund’s investments carried at value ($000):


Investments in Securities	Level 1		Level 2		Level 3⁽¹⁾		Total
Foreign Common Stock
Brazil	$	829	$	–	$	–	$	829
Chile		273		–		–		273
China		137		434		–		571
Czech Republic		83		–		–		83
Egypt		–		66		–		66
Greece		–		86		–		86
Hong Kong		–		5,566		–		5,566
Hungary		–		194		–		194
India		–		2,589		–		2,589
Indonesia		–		455		–		455
Malaysia		–		351		–		351
Mexico		577		–		–		577
Philippines		–		167		–		167
Poland		–		386		–		386
Russia		–		–		–^		–
Singapore		–		76		–		76
South Africa		–		637		–		637
South Korea		–		2,512		–		2,512
Taiwan		–		3,025		–		3,025
Thailand		–		594		–		594
Turkey		–		236		–		236
United Arab Emirates		–		146		–		146

Total Foreign Common Stock		1,899		17,520		–		19,419

Foreign Preferred Stock
Brazil		375		–		–		375
Colombia		8		–		–		8

Total Foreign Preferred Stock		383		–		–		383

Total Warrants		–		–		–		–

Total Repurchase Agreement		–		66		–		66

Total Investments in Securities	$	2,282	$	17,586	$	–	$	19,868

(1)

A reconciliation of Level 3 investments and disclosures of significant unobservable inputs are presented when the Fund has a significant amount of Level 3 investments at the beginning and/or end of the period in relation to Net Assets. Management has concluded that Level 3 investments are not material in relation to Net Assets.

^	Includes Securities in which the fair value is $0 or has been rounded to $0.

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

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

For the six months ended April 30, 2023 (Unaudited) and for the years 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 30 funds. The financial statements herein are those of the LSV Emerging Markets Equity Fund, a diversified Fund (the “Fund”). The Fund seeks long-term growth of capital by investing in undervalued stocks which are out of favor in the market. The Fund commenced operations on January 17, 2019, 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 required to be fair valued under the 1940 Act.

In December 2020, the SEC adopted Rule 2a-5 under the 1940 Act, establishing requirements to determine fair value in good faith for purposes of the 1940 Act. The rule permits fund boards to designate a fund’s investment adviser to perform fair-value determinations, subject to board oversight and certain other conditions. The rule also defines when market quotations are “readily available” for purposes of the 1940 Act and requires a fund to fair value a portfolio investment when a market quotation is not readily available. The SEC also adopted new Rule 31a-4 under the 1940 Act, which sets forth recordkeeping requirements associated with fair-value determinations. The compliance date for Rule 2a-5 and Rule 31a-4 was September 8, 2022.

Effective September 8, 2022, and pursuant to the requirements of Rule 2a-5, the Trust’s Board of Trustees (the “Board”) designated the Adviser as the Board’s valuation designee to perform fair-value determinations for the Fund through a Fair Value Committee (the “Committee”) established by the Adviser and approved new Adviser Fair Value Procedures for the Fund. Prior to September 8, 2022, fair-value determinations were performed in accordance with the Trust’s Fair Value Procedures established by the Board and were implemented through a Fair Value 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. As of April 30, 2023, the total market value of securities that were fair valued by the Committee were $0 (000) or 0.0% of Net Assets.

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 th\e 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 Intercontinental Exchange Data Pricing & Reference Data, LLC (“ICE”) as a third party fair valuation vendor when the fair value trigger is met. ICE 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 ICE in the event that there is a movement in the U.S. market 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 ICE. In such event, it is not necessary to hold a Committee meeting. In the event that the Adviser believes that the fair values provided by ICE are not reliable, the Adviser contacts SEI Investments Global Fund Services (the “Administrator”) and may request that a meeting of the Committee be held. As of April 30, 2023, the total market value of securities valued in accordance with Fair Value Procedures were $17,520 (000) or 87.8% of Net Assets. 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 ICE 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, adjusted quoted prices on foreign equity securities that were adjusted in accordance with The Adviser’s pricing procedures,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.

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 on open tax years (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, 2023, 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, 2023, 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.

Investments in Real Estate Investment Trusts (REITs) — 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 year-end, 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”), 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 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, 2023, the open repurchase agreement by counterparty which is subject to a MRA on a net payment basis is as follows (000):

Counterparty

Repurchase

Agreement

Fair

Value of

Non-Cash

Collateral

Received⁽¹⁾

Cash

Collateral
Received⁽¹⁾

Net Amount⁽²⁾

South Street Securities

—

(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 average 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 average 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, Transfer Agency 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, 2023, the Fund incurred $5,535 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 the Rule 12b-1 under the 1940 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, 2023, the Fund incurred $1,300 of distribution fees.

SS&C Global Investor & Distribution Solutions, Inc. (formerly, DST Asset Manager Solutions, Inc.) serves as transfer agent and dividend disbursing agent for the Fund under the transfer agency agreement with the Trust. During the six months ended April 30, 2023, the Fund earned $480 in cash management credits which were used to offset transfer agent expenses.

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 1.00% 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 1.20% and 1.45% of the Fund’s Institutional Class and Investor Class Shares’ average daily net assets, respectively, through February 28, 2024. Refer to waiver of investment advisory fees on the Statement of Operations for fees waived for the six months ended April 30, 2023.

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, 2023, were as follows (000):


Purchases	$	1,654
Sales	$	1,504

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.

The permanent differences primarily consist of foreign currency translations and reclassification of long term capital gain distribution on REITs, investments in passive foreign investment companies (PFICs) and foreign capital gains tax. There are no permanent differences that are credited or charged to Paid-in Capital and Distributable Earnings as of October 31, 2022.

The tax character of dividends and distributions paid during the years ended October 31, 2022 and 2021 was as follows (000):


	Ordinary Income		Long-Term Capital Gain		Total
2022	$	718	$	632	$	1,350
2021		225		28		253

As of October 31, 2022, the components of distributable earnings (accumulated losses) on a tax basis were as follows (000):


Undistributed Ordinary Income	$	520
Capital Loss Carryforward		(12	)
Other Temporary Differences		1
Unrealized Depreciation		(4,142	)

Total Accumulated Losses		$ (3,633	)

As of October 31, 2022, the Fund has short-term and long-term capital loss carryforwards of $12 (000) and $0 (000), respectively.

During the year ended October 31, 2022, no 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, 2023, were as follows (000):

Federal

Tax Cost

Aggregated
Gross
Unrealized
Appreciation

Aggregated
Gross
Unrealized
Depreciation

Net
Unrealized
Depreciation

$ 20,183

2,194

(2,509)

(315)

8.	Concentration of Risks:

Equity Risk — Since the Fund purchases equity securities, the Fund is subject to the risk that stock prices will fall over short or extended periods of time. Historically, the equity markets have moved in cycles, and the value of the Fund’s equity securities may fluctuate drastically from day-to-day. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices of securities issued by such companies may suffer a decline in response. These factors contribute to price volatility, which is the principal risk of investing in the Fund.

Foreign Company Risk — Investing in foreign companies, including direct investments and through Depositary Receipts, 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, the value of which may be influenced by currency exchange rates and exchange control regulations. Changes in the value of a currency compared to the U.S. dollar may affect (positively or negatively) the value of the Fund’s investments. These currency movements may occur separately from, and in response to, events that do not otherwise affect the value of the security in the issuer’s home country. Securities of foreign companies may not be registered with the U.S. Securities and Exchange Commission (the “SEC”) and foreign companies are generally not subject to the regulatory controls imposed on U.S. issuers and, as a consequence, there is generally less publicly available information about foreign 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 tax would reduce income received from the securities comprising the portfolio. Foreign securities may also be more difficult to value than securities of U.S. issuers. 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.

Risk of Investing in Russia — Russia’s military invasion of Ukraine in February 2022, the resulting responses by the United States and other countries, and the potential for wider conflict have had, and could continue to have, severe adverse effects on regional and global economies and could further increase volatility and uncertainty in the financial markets. The United States and other countries have imposed broad-ranging economic sanctions on Russia and certain Russian individuals, banking entities and corporations as a

response to its invasion of Ukraine. The United States and other countries have also imposed economic sanctions on Belarus and may impose sanctions on other countries that provide military or economic support to Russia. These sanctions, as well as any other economic consequences related to the invasion, such as additional sanctions, boycotts or changes in consumer or purchaser preferences or cyberattacks on governments, companies or individuals, may further decrease the value and liquidity of certain Russian securities and securities of issuers in other countries that are subject to economic sanctions related to the invasion. To the extent that a Fund has exposure to Russian investments or investments in countries affected by the invasion, the Fund’s ability to price, buy, sell, receive or deliver such investments may be impaired. In addition, any exposure that a Fund may have to counterparties in Russia or in countries affected by the invasion could negatively impact the Fund’s investments. The extent and duration of military actions and the repercussions of such actions (including any retaliatory actions or countermeasures that may be taken by those subject to sanctions) are impossible to predict. These events have resulted in, and could continue to result in, significant market disruptions, including in certain industries or sectors such as the oil and natural gas markets, and may further strain global supply chains and negatively affect inflation and global growth. These and any related events could significantly impact a Fund’s performance and the value of an investment in a Fund beyond any direct exposure a Fund may have to Russian issuers or issuers in other countries affected by the invasion.

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.

Market Risk — The risk that the market value of an investment may move up and down, sometimes rapidly and unpredictably. Markets for securities in which the Fund invests may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, the impact of any epidemic, pandemic or natural disaster, or widespread fear that such events may occur, could negatively affect the global economy, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the markets in general in significant and unforeseen ways. Any such impact could

adversely affect the prices and liquidity of the securities and other instruments in which the Fund invests, which in turn could negatively impact the Fund’s performance and cause losses on your investment in the Fund.

Medium and Smaller Capitalization Risk — The medium-and smaller-capitalization companies in which the Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, investments in these medium-and small-sized companies may pose additional risks, including liquidity risk, because these companies tend to have limited product lines, markets and financial resources, and may depend upon a relatively small management group. Therefore, medium- and 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.

Preferred Stock Risk — Preferred stocks in which the Fund may invest are sensitive to interest rate changes, and are also subject to equity risk, which is the risk that stock prices will fall over short or extended periods of time. The rights of preferred stocks on the distribution of a company’s assets in the event of a liquidation are generally subordinate to the rights associated with a company’s debt securities.

9.	Concentration of Shareholders:

At April 30, 2023, 80% of total shares outstanding for the Institutional Class Shares were held by four record shareholders each owning 10% or greater of the aggregate total shares outstanding. At April 30, 2023, 88% of total shares outstanding for the Investor Class Shares were held by two record shareholders owning 10% or greater of the aggregate total shares outstanding. These were comprised mostly of omnibus accounts which were held on behalf of various individual shareholders.

10.

Indemnifications:

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.

11.

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, 2022 to April 30, 2023.

• 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 incurred by a $1,000 investment in the Fund, and the “Ending Account Value” number is derived from deducting that expense from the Fund’ 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’ 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’ 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 27–28, 2023 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 available 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 Emerging Markets Equity 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 their complete schedule of investments with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year as an exhibit to its report on Form N-PORT (Form N-Q for filings prior to March 31, 2020). The Funds’ Forms N-Q and N-PORT are available on the SEC’s website at http://www.sec.gov, and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to Fund securities, as well as information relating to how a Fund voted proxies relating to fund securities during the most recent 12-month period ended June 30, is available (i) without charge, upon request, by calling 1-888-386-3578; and (ii) on the SEC’s website at http://www.sec.gov.

LSV-SA-010-0500

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

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Item 9. Purchases of Equity Securities by Closed-End Management Company and Affiliated Purchasers.

There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees during the period covered by this report.

(a) The Registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the Registrant’s disclosure controls and procedures, as defined in Rule 30a-3(c) under the Act (17 CFR § 270.30a-3(c)), as of a date within 90 days of the filing date of the report, are effective based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR § 270.30a-3(b)) and Rule 13a-15(b) or Rule 15d-15(b) under the Securities Exchange Act of 1934 (17 CFR § 240.13a-15(b) or 240.15d-15(b)).

(b) There has been no change in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR § 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. 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.


	Trailing 6-Months	One Year	Three Years	Since Inception
LSV Emerging Markets Equity Fund, Institutional Class Shares*	22.34%	-0.31%	13.18%	4.79%

Benchmark:
MSCI Emerging Markets Index	16.37%	-6.51%	4.33%	1.66%

Value Benchmark:
MSCI Emerging Markets Value Index	16.55%	-3.64%	7.24%	0.79%


	LSV Emerging Markets Equity Fund

Assets:
Investments, at Value (Cost $20,183)	$	19,868
Foreign Currency, at Value (Cost $103)		101
Dividends and Interest Receivable		81
Receivable for Investment Securities Sold		2
Prepaid Expenses		23


Total Assets		20,075

Liabilities:
Accrued Foreign Capital Gains Tax		56
Payable to Custodian		45
Payable due to Investment Adviser		10
Payable due to Administrator		1
Other Accrued Expenses		13


Total Liabilities		125


Net Assets	$	19,950


Net Assets Consist of:
Paid-in Capital	$	20,517
Total Accumulated Losses		(567	)

Net Assets	$	19,950


Net Asset Value, Offering and Redemption Price Per Share — Institutional Class Shares ($18,788 ÷ 1,831,586 shares)⁽¹⁾	$	10.26


Net Asset Value, Offering and Redemption Price Per Share — Investor Class Shares ($1,162 ÷ 113,455 shares)⁽¹⁾	$	10.25	*


	LSV Emerging Markets Equity Fund

Investment Income:
Dividend Income	$	354
Interest Income		1
Foreign Taxes Withheld		(53	)

Total Investment Income		302


Expenses:
Investment Advisory Fees		95
Administration Fees		6
Trustees’ Fees		1
Distribution Fees - Investor Class		1
Custodian Fees		44
Transfer Agent Fees		19
Registration and Filing Fees		18
Professional Fees		4
Printing Fees		1
Insurance and Other Fees		5

Total Expenses		194
Less: Waiver of Investment Advisory Fees		(78	)

Net Expenses		116

Net Investment Income		186

Net Realized Loss on Investments		(193	)
Net Realized Gain on Foreign Currency Transactions		7
Net Realized Loss on Foreign Forward Currency Contracts		(1	)
Net Realized Loss on Foreign Capital Gains Tax		(6	)
Net Change in Unrealized Appreciation on Investments		3,733
Net Change in Unrealized Depreciation on Foreign Capital Gains Tax on Appreciated Securities		(44	)
Net Change in Unrealized Appreciation on Foreign Currency Translation		4

Net Realized and Unrealized Gain on Investments		3,500

Net Increase in Net Assets Resulting from Operations	$	3,686


	LSV Emerging Markets Equity Fund
	11/1/2022 to 04/30/2023			11/1/2021 to 10/31/2022

Operations:
Net Investment Income	$	186		$	703
Net Realized Loss		(193	)		(35	)
Net Change in Unrealized Appreciation (Depreciation)		3,693			(4,654	)


Net Increase (Decrease) in Net Assets Resulting from Operations		3,686			(3,986	)

Distributions
Institutional Class Shares		(589	)		(1,265	)
Investor Class Shares		(31	)		(85	)


Total Distributions		(620	)		(1,350	)


Capital Share Transactions:
Institutional Class Shares:
Issued		754			11,227
Reinvestment of Dividends and Distributions		589			1,265
Redeemed		(1,243	)		(5,151	)

Net Increase from Institutional Class Shares Transactions		100			7,341

Investor Class Shares:
Issued		184			499
Reinvestment of Dividends and Distributions		31			85
Redeemed		(23	)		(479	)


Net Increase from Investor Class Shares Transactions		192			105


Net Increase in Net Assets Derived from Capital Share Transactions		292			7,446


Total Increase in Net Assets		3,358			2,110

Net Assets:
Beginning of Period		16,592			14,482


End of Year/Period	$	19,950		$	16,592

Shares Transactions:
Institutional Class:
Issued		79			1,113
Reinvestment of Dividends and Distributions		62			111
Redeemed		(129	)		(517	)


Total Institutional Class Share Transactions		12			707

Investor Class:
Issued		18			46
Reinvestment of Dividends and Distributions		3			7
Redeemed		(2	)		(44	)


Total Investor Class Share Transactions		19			9


Net Increase in Shares Outstanding		31			716


	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 Gains			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 Emerging Markets Equity Fund
Institutional Class Shares
2023^*	$	8.67	$	0.10	$	1.81		$	1.91		$	(0.32	)	$	–		$	(0.32	)	$	10.26		22.34	%	$	18,788		1.20	%		2.00	%		1.97	%		8	%
2022		12.09		0.45		(2.88	)		(2.43	)		(0.36	)		(0.63	)		(0.99	)		8.67		(21.97	)		15,780		1.19			2.45			4.33			38
2021		9.11		0.37		2.91			3.28			(0.21	)		(0.09	)		(0.30	)		12.09		36.38			13,451		1.19			2.68			3.18			19
2020		10.28		0.26		(1.11	)		(0.85	)		(0.31	)		(0.01	)		(0.32	)		9.11		(8.67	)		6,384		1.19			3.20			2.85			19
2019^**		10.00		0.27		0.01			0.28			–			–			–			10.28		2.80			6,416		1.20			4.20			3.38			5
Investor Class Shares
2023^*	$	8.65	$	0.08	$	1.82		$	1.90		$	(0.30	)	$	–		$	(0.30	)	$	10.25		22.21	%	$	1,162		1.45	%		2.25	%		1.73	%		8	%
2022		12.07		0.43		(2.89	)		(2.46	)		(0.33	)		(0.63	)		(0.96	)		8.65		(22.18	)		812		1.45			2.63			4.04			38
2021		9.10		0.37		2.88			3.25			(0.19	)		(0.09	)		(0.28	)		12.07		36.06			1,031		1.45			2.95			3.15			19
2020		10.28		0.25		(1.12	)		(0.87	)		(0.30	)		(0.01	)		(0.31	)		9.10		(8.83	)		350		1.45			3.50			2.79			19
2019^**		10.00		0.15		0.13			0.28			–			–			–			10.28		2.80			184		1.48	⁽²⁾		3.89			1.92			5


Statement of Assets and Liabilities (000)

April 30, 2023		(Unaudited)


Statement of Operations (000)

For the six months ended April 30, 2023 (Unaudited)


	Beginning Account Value 11/01/22		Ending Account Value 04/30/23		Annualized Expense Ratios		Expenses Paid During Period*

LSV Emerging Markets Equity Fund

Actual Fund Return
Institutional Class Shares	$	1,000.00	$	1,223.40		1.20%		$6.62
Investor Class Shares		1,000.00		1,222.10		1.45		7.99

Hypothetical 5% Return
Institutional Class Shares	$	1,000.00	$	1,018.84		1.20%		$6.01
Investor Class Shares		1,000.00		1,017.60		1.45		7.25


(Registrant)		The Advisors’ Inner Circle Fund

By (Signature and Title)		/s/ Michael Beattie
		Michael Beattie
		President


By (Signature and Title)		/s/ Andrew Metzger
		Andrew Metzger
		Treasurer, Controller, and CFO