LSV Global Value

(Registrant)

The Advisors’ Inner Circle Fund

By (Signature and Title)

/s/ Michael Beattie

Michael Beattie

Principal Executive Officer

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

The average total net of fees return† of the LSV Global Value Fund, the benchmark MSCI AC World Index and the MSCI AC World Value Index for the trailing periods ending April 30, 2024 were as follows:

Institutional Class Shares performance as of 3/31/24: 26.70% (1 year), 11.27% (5 year) and 6.69% (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). Periods longer than 1-year are annualized; inception date 6/26/2014.

Despite concerns surrounding higher interest rates and geopolitical tensions, global equities rallied over the past six-month period, thanks to optimism regarding the potential for interest rate cuts from global central banks later in the year. The U.S. market, with a weight of around 60% in the index, showed resilience and supported the overall index performance. The global equity market as measured by the MSCI AC World Index was up 19.77% for the six months ended April 30, 2024. While the market rewarded the mega-cap growth stocks in the period, smaller stocks and value-oriented stocks lagged behind. From a style perspective, value stocks (as measured by the MSCI Indices) underperformed growth—the MSCI AC World Value Index was up 17.23% while the MSCI AC World Growth Index was up 22.91% (both in USD). The LSV Global Value Equity Fund, Institutional Class Shares, was up 19.36% for the period.

The Fund’s deeper value bias detracted over the period as value stocks lagged amidst the narrow market rally. Performance attribution further indicates that both stock and sector selection slightly detracted from portfolio relative returns for the period. Stock selection relative losses were largely the result of the underperformance of names within Health Care, Communication Services, and Information Technology. Within Health Care, holdings in the Pharmaceuticals and Biotechnology industries lagged. Within Communication Services, avoiding expensive holdings in the Interactive Media & Services industry detracted from excess returns over the period while holdings within Cable & Satellite, and Integrated Telecommunication Services underperformed. Within Information Technology, holdings in the Semiconductors and Communications Equipment industry also struggled. On the positive side, stock selection added value within Financials, Utilities and Industrials. Sector allocation relative losses were modest and primarily the result of our overweight to the Energy sector and underweight to Information Technology stocks.

Top contributors for the past six months included our overweight positions in Dell Technologies, Builders Firstsource, Petro China Co, Gail (India), Owens Corning, NRG Energy, Qualcomm, Encore Wire, and General Motors. Not owning Apple, Tesla, United Health Group, Microsoft, Adobe, Nestle S.A., Humana, AIA Group, and Procter & Gamble also added value. The main individual detractors included our overweight positions in Gilead Sciences, Comcast, Cisco Systems, Jabil, Archer-Daniels-Midland, Pfizer, Capri Holdings, Bristol-Myers Squibb, Alibaba Group Holding, and Intel. Not owning Nvidia Alphabet, Amazon, Taiwan Semiconductor, Lilly, JP Morgan Chase, General Electric, ASML, Advanced Micro Devices and Novo Nordisk 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 10.0x forward earnings compared to 17.8x for the MSCI AC World Index, 1.5x book

value compared to 3.0x for the benchmark and 6.7x cash flow compared to 14.6x for the MSCI AC World 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 the Industrials, Financials and Energy sectors while underweight Information Technology, Real Estate and Communication Services.

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 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 Growth Index captures large and mid-cap securities exhibiting overall growth style characteristics across 23 developed Markets countries.

The MSCI AC World Value Index captures large and mid-cap securities exhibiting overall value style characteristics across 23 developed Markets 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 Value Fund

	Shares		Value (000)
U.S. Common Stock (57.9%)
Communication Services (3.7%)
AT&T		39,300	$	664
Comcast, Cl A		20,100		766
Fox		8,200		254
Meta Platforms, Cl A		800		344
Nexstar Media Group, Cl A		1,300		208
Playtika Holding		19,700		143
Verizon Communications		10,900		430

				2,809


Consumer Discretionary (7.7%)
AutoNation*		2,200		354
Best Buy		2,900		214
Brunswick		3,200		258
Capri Holdings*		3,200		114
Carter’s		3,200		219
Dick’s Sporting Goods		1,400		281
eBay		3,300		170
Foot Locker		4,800		100
Ford Motor		30,800		374
General Motors		12,200		544
Goodyear Tire & Rubber*		22,700		271
Group 1 Automotive		1,200		353
H&R Block		6,800		321
Harley-Davidson		5,900		203
Kohl’s		6,600		158
Lear		1,900		239
Macy’s		10,500		193
Polaris		2,100		179
PulteGroup		2,500		279
Thor Industries		1,700		169
Tri Pointe Homes*		11,100		409
Whirlpool		2,500		237
Winnebago Industries		3,800		234

				5,873


Consumer Staples (3.0%)
Altria Group		7,000		307
Archer-Daniels-Midland		4,600		270



LSV Global Value Fund

	Shares		Value (000)
Consumer Staples (continued)
Bunge Global		2,600	$	265
Conagra Brands		7,500		231
Ingredion		2,800		320
Kroger		7,300		405
Molson Coors Beverage, Cl B		6,600		378
Walgreens Boots Alliance		6,800		121

				2,297


Energy (2.3%)
California Resources		5,900		312
Chesapeake Energy		2,800		252
Marathon Petroleum		3,400		617
Phillips 66		1,890		271
Valero Energy		1,500		240
Vitesse Energy		788		17

				1,709


Financials (10.8%)
Aflac		2,500		209
Ally Financial		9,600		368
American International Group		8,200		617
Ameriprise Financial		1,100		453
Bank of New York Mellon		7,500		424
BankUnited		7,300		195
Capital One Financial		2,300		330
Carlyle Secured Lending		17,200		295
Citigroup		7,200		441
Citizens Financial Group		5,400		184
Discover Financial Services		1,600		203
Everest Group		500		183
First Horizon		18,400		275
Hartford Financial Services Group		3,900		378
Jefferies Financial Group		5,500		237
Lincoln National		4,000		109
M&T Bank		2,000		289
MetLife		3,600		256
MGIC Investment		19,600		397
NCR Atleos*		5,800		116
PayPal Holdings*		4,200		285
Prudential Financial		1,400		155
Radian Group		11,500		344
Regions Financial		10,600		204
Rithm Capital‡		29,200		325
State Street		7,300		529
Wells Fargo		8,100		481
Zions Bancorp		4,000		163

				8,445


Health Care (7.8%)
AbbVie		1,300		211
Amgen		1,600		438
Bristol-Myers Squibb		7,600		334



LSV Global Value Fund

	Shares		Value (000)
Health Care (continued)
Cardinal Health		3,800	$	392
Centene*		4,700		343
CVS Health		5,600		379
DaVita*		2,100		292
Exelixis*		8,400		197
Gilead Sciences		8,000		522
Incyte*		4,000		208
Ironwood Pharmaceuticals, Cl A*		24,800		192
Jazz Pharmaceuticals*		1,700		188
Johnson & Johnson		1,500		217
McKesson		600		322
Merck		6,300		814
Organon		8,500		158
Pfizer		16,400		420
United Therapeutics*		845		198
Viatris, Cl W		20,500		237

				6,062


Industrials (8.7%)
AGCO		2,800		320
Alaska Air Group*		5,500		237
Allison Transmission Holdings		6,500		478
Builders FirstSource*		3,900		713
CNH Industrial		19,000		217
CSG Systems International		4,200		198
Cummins		1,400		395
Delta Air Lines		5,600		280
Encore Wire		1,800		503
FedEx		1,800		471
Lockheed Martin		800		372
Mueller Industries		6,600		368
NEXTracker, Cl A*		230		10
Oshkosh		2,600		292
Owens Corning		2,600		437
Ryder System		3,000		366
Textron		5,400		457
United Airlines Holdings*		4,200		216
Wabash National		10,500		243

				6,573


Information Technology (11.2%)
Adeia		22,400		220
Amdocs		3,100		260
Amkor Technology		13,200		427
Applied Materials		2,000		397
Arrow Electronics*		2,700		345
Avnet		5,800		283
Cirrus Logic*		4,465		395
Cisco Systems		14,300		672
Cognizant Technology Solutions, Cl A		5,600		368
Dell Technologies, Cl C		4,900		611
DXC Technology*		8,800		172



LSV Global Value Fund

	Shares		Value (000)
Information Technology (continued)
Flex*		17,400	$	499
Hewlett Packard Enterprise		28,700		488
HP		13,100		368
Intel		10,800		329
International Business Machines		2,700		449
Jabil		3,800		446
NCR Voyix*		11,600		142
NetApp		1,700		174
Oracle		3,300		375
QUALCOMM		5,700		945
Skyworks Solutions		2,300		245
Xerox Holdings		13,100		174

				8,784


Materials (1.6%)
Berry Global Group		4,000		227
Eastman Chemical		2,800		264
LyondellBasell Industries, Cl A		2,000		200
Mosaic		7,600		239
Sylvamo		5,100		319

				1,249


Real Estate (0.5%)
Apple Hospitality‡		10,800		159
Host Hotels & Resorts‡		14,000		265

				424


Utilities (0.6%)
NRG Energy		6,000		436


TOTAL U.S. COMMON STOCK (Cost $40,570)				44,661


Foreign Common Stock (41.1%)
Australia (1.0%)
BlueScope Steel		20,700		302
New Hope		60,300		175
Rio Tinto		3,900		325

				802


Austria (0.8%)
BAWAG Group		5,600		334
OMV		6,000		285

				619


Belgium (0.4%)
Solvay		2,200		71



LSV Global Value Fund

	Shares		Value (000)
Belgium (continued)
Syensqo*		2,200	$	204

				275


Brazil (0.5%)
JBS		58,900		266
Vibra Energia		31,000		140

				406


Canada (2.0%)
ARC Resources		20,500		371
B2Gold		44,400		112
iA Financial		3,100		188
Magna International		4,100		196
Suncor Energy		18,500		706

				1,573


China (4.3%)
Alibaba Group Holding		51,200		479
China CITIC Bank, Cl H		542,000		317
China Petroleum & Chemical, Cl H		352,000		210
China Water Affairs Group		140,000		87
Dongfeng Motor Group, Cl H		308,000		112
Guangzhou Baiyunshan Pharmaceutical Holdings, Cl H		80,000		213
NetDragon Websoft Holdings		103,000		144
PetroChina, Cl H		994,000		926
Shanghai Pharmaceuticals Holding, Cl H		79,400		113
Sinopharm Group, Cl H		70,400		178
Sinotrans, Cl H		461,000		221
Vipshop Holdings ADR		19,100		287

				3,287


Finland (0.7%)
Nokia		56,200		204
Nordea Bank Abp		22,300		259
TietoEVRY		3,600		68

				531


France (3.1%)
AXA		8,800		304
BNP Paribas		3,900		281
Bouygues		7,900		291
Ipsen		2,000		243
Metropole Television		7,600		107
Orange		17,300		193
Rubis SCA		7,800		270



LSV Global Value Fund

	Shares		Value (000)
France (continued)
Sanofi		1,800	$	178
TotalEnergies		7,000		508

				2,375


Germany (2.4%)
Allianz		1,100		312
Bayerische Motoren Werke		3,500		381
Daimler Truck Holding		6,600		298
DHL Group		5,300		222
Mercedes-Benz Group		4,500		340
Muenchener Rueckversicherungs		600		264

				1,817


Hong Kong (0.5%)
PAX Global Technology		129,000		108
WH Group		412,681		300

				408


Hungary (0.3%)
MOL Hungarian Oil & Gas		26,400		217


India (0.5%)
GAIL India GDR		26,672		397


Indonesia (0.2%)
United Tractors		120,100		183


Israel (0.3%)
Teva Pharmaceutical Industries*		14,100		197


Italy (1.2%)
A2A		179,700		354
Eni		21,200		341
Mediobanca Banca di Credito Finanziario		18,700		266

				961


Japan (6.1%)
DCM Holdings		15,900		147
Horiba		1,900		184
Isuzu Motors		26,500		336
ITOCHU		6,700		302
Kaga Electronics		6,600		260
Kandenko		28,500		318
Lintec		13,400		267



LSV Global Value Fund


	Shares		Value (000)
Japan (continued)
Nippon Telegraph & Telephone		95,000	$	103
Niterra		14,100		463
Nomura Holdings		58,600		333
Ono Pharmaceutical		6,600		95
ORIX		10,400		213
Ricoh		43,100		372
Ricoh Leasing		7,000		238
SKY Perfect JSAT Holdings		60,900		358
Sumitomo		15,400		406
Tsubakimoto Chain		5,000		172
Valor		4,800		74

				4,641


Mexico (0.3%)
Coca-Cola Femsa		26,300		260


Netherlands (1.7%)
Aegon		41,800		260
Koninklijke Ahold Delhaize		10,100		307
Shell		15,900		565
Signify		7,000		191

				1,323


Norway (0.3%)
DNB Bank		11,500		200


Poland (0.3%)
Asseco Poland		12,386		243


Puerto Rico (0.4%)
OFG Bancorp		9,200		332


Russia (–%)
Gazprom PJSC(A),(B)*		15,900		—
LUKOIL PJSC(A),(B)		1,600		—

				—


South Africa (0.4%)
Absa Group		21,000		162
Anglo American		5,100		167

				329


South Korea (1.0%)
Huons		1,870		46
Kginicis		5,400		45
KT		8,800		220



LSV Global Value Fund


	Shares		Value (000)
South Korea (continued)
LG Uplus		12,500	$	89
Samsung Electronics		4,000		223
SK Telecom		3,900		144

				767


Spain (0.7%)
Indra Sistemas		12,180		233
Mapfre		128,500		310

				543


Sweden (1.6%)
Bilia, Cl A		8,600		108
Inwido		19,500		240
SKF, Cl B		10,900		224
Swedbank		14,400		275
Volvo, Cl B		15,200		388

				1,235


Switzerland (2.0%)
Novartis		9,200		892
Roche Holding AG		900		216
Sandoz Group*		1,840		63
UBS Group		13,300		349

				1,520


Taiwan (2.8%)
ASE Technology Holding		113,000		509
Chipbond Technology		112,000		261
Compeq Manufacturing		149,000		351
Novatek Microelectronics		17,000		321
Powertech Technology		68,000		362
Topco Scientific		26,751		204
Tripod Technology		26,000		156

				2,164


Thailand (0.3%)
Krung Thai Bank		494,600		224


Turkey (0.6%)
Coca-Cola Icecek		21,946		492


United Kingdom (4.4%)
3i Group		12,600		450
Aviva		45,600		265
BAE Systems		20,500		341
Barclays		120,200		303
British American Tobacco		5,100		150
GSK		42,300		878



LSV Global Value Fund

	Shares		Value (000)
United Kingdom (continued)
J Sainsbury		84,900	$	278
Lloyds Banking Group		610,200		394
Tesco		85,700		316

				3,375


TOTAL FOREIGN COMMON STOCK (Cost $28,023)				31,696


Foreign Preferred Stock (0.3%)
Brazil^(0.3%)**
Petroleo Brasileiro		28,800		233


TOTAL FOREIGN PREFERRED STOCK (Cost $228)				233

	Face Amount (000)
Repurchase Agreement (0.2%)
South Street Securities 5.000%, dated 04/30/2024, to be repurchased on 05/01/2024, repurchase price $160 (collateralized by various U.S. Treasury obligations, ranging in par value $0 - $52, 0.625% - 4.625%, 03/15/2025 – 02/15/2033; total market value $163)	$	160		160


TOTAL REPURCHASE AGREEMENT (Cost $160)				160


Total Investments – 99.5% (Cost $68,981)			$	76,750

Percentages are based on Net Assets of $77,110 (000).

*	Non-income producing security.

**	No rate available.

‡	Real Estate Investment Trust.

(A)

Security is Fair Valued.

(B)

Level 3 security in accordance with fair value hierarchy.

ADR — American Depositary Receipt

Cl — Class

GDR — Global Depositary Receipt

PJSC — Public Joint Stock Company

The following is a summary of the level of inputs used as of April 30, 2024, in valuing the Fund’s investments carried at value ($000):


Investments in Securities	Level 1		Level 2		Level 3⁽¹⁾		Total

Common Stock United States	$	44,661	$	–	$	–	$	44,661

Total Common Stock		44,661		–		–		44,661

Foreign Common Stock
Australia		–		802		–		802
Austria		–		619		–		619
Belgium		–		275		–		275
Brazil		406		–		–		406
Canada		1,573		–		–		1,573
China		287		3,000		–		3,287
Finland		–		531		–		531
France		–		2,375		–		2,375
Germany		–		1,817		–		1,817
Hong Kong		–		408		–		408
Hungary		217		–		–		217
India		397		–		–		397
Indonesia		–		183		–		183
Israel		–		197		–		197
Italy		–		961		–		961
Japan		–		4,641		–		4,641
Mexico		260		–		–		260
Netherlands		–		1,323		–		1,323
Norway		–		200		–		200
Poland		–		243		–		243
Puerto Rico		332		–		–		332
Russia^‡		–		–		–^		–
South Africa		–		329		–		329
South Korea		–		767		–		767
Spain		–		543		–		543
Sweden		–		1,235		–		1,235
Switzerland		–		1,520		–		1,520
Taiwan		–		2,164		–		2,164
Thailand		–		224		–		224
Turkey		–		492		–		492
United Kingdom		–		3,375		–		3,375

Total Foreign Common Stock		3,472		28,224		–		31,696

Foreign Preferred Stock
Brazil		233		–		–		233

Total Foreign Preferred Stock		233		–		–		233

Total Repurchase Agreement		–		160		–		160

Total Investments in Securities	$	48,366	$	28,384	$	–	$	76,750

(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.

‡

For the period ended April 30, 2024, there were no significant changes into/ out of Level 3. The transfer into Level 3 investments for the Fund were immaterial, although the unrealized appreciation/(depreciation) on these investments was $(259)($ Thousands). These securities were impacted by the invasion of Ukraine and sanctions on market conditions in Russia. From the start of the conflict in Ukraine until April 30, 2024, Russian-held investments were deemed to be worthless due to sanctions and inaccessibility

For the six months ended April 30, 2024 (Unaudited) and for the year ended October 31, 2023

For the six months ended April 30, 2024 (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 26 funds. The financial statements herein are those of the LSV Global Value Fund, a diversified Fund (the “Fund”). The Fund seeks long-term growth of capital by investing primarily in equity securities of companies located throughout the world. 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 accompanying financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) and are presented in U.S. dollars which is the functional currency of the Fund. The Fund is an investment company and therefore applies the accounting and reporting guidance issued by the U.S. Financial Accounting Standards Board (“FASB”) in Accounting Standards Codification (“ASC”) Topic 946, Financial Services — Investment Companies. The following are significant accounting policies which are consistently followed in the preparation of the financial statements.

Use of Estimates — The preparation of financial statements requires management to make estimates and assumptions that affect the 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 (the “Fair Value Procedures”) established by the Adviser and approved by the Trust’s Board of Trustees (the “Board”). Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated the Adviser as the “valuation designee” to determine the fair value of securities and other instruments for which no readily available market quotations are available. The Fair Value Procedures are implemented through a Fair Value Committee (the “Committee”) of the Adviser.

Some of the more common reasons that may necessitate that a security be valued using Fair Value Procedures include: the security’s trading has been halted or suspended; the security has been de-listed from a national exchange; the security’s primary trading market is temporarily closed at a time when under normal conditions it would be open; the security has not been traded for an extended period of time; the security’s primary pricing source is not able or willing to provide a price; or trading of the security is subject to local government-imposed restrictions. When a security is valued in accordance with the Fair Value Procedures, the Committee will determine the value after taking into consideration relevant information reasonably available to the Committee. As of April 30, 2024, 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 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 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, 2024, the total market value of securities were valued based on the fair value prices provided by ICE were $28,149 (000) or 36.5% of Net Assets.

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 (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, 2024, 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, 2024, the Fund did not incur any interest or penalties

Withholding taxes on foreign dividends have been provided for in accordance with the Funds’ understanding

of the applicable country’s tax rules and rates. The Funds or their agent files withholding tax reclaims in certain jurisdictions to recover certain amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. Professional fees paid to those that provide assistance in receiving the tax reclaims, which generally are contingent upon successful receipt of reclaimed amounts, are recorded in Professional Fees on the Statements of Operations once the amounts are due. The professional fees related to pursuing these tax reclaims are not subject to the Adviser’s expense limitation agreement.

Security Transactions and Investment Income — Security transactions are accounted for on trade date for financial reporting purposes. Costs used in determining realized gains 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 (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”) 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, 2024, 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*

Cash

Collateral

Received

Net Amount

Counterparty One

160

(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, 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, 2024, the Fund incurred $22,277 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, 2024, the Fund incurred $2,311 of distribution fees.

SS&C Global Investor & Distribution Solutions, Inc. serves as transfer agent and dividend disbursing agent for the Fund under the transfer agency agreement with the Trust. During the six months ended April 30, 2024, the Fund earned $1,687 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 0.75% 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 0.90% and 1.15% of the Fund’s Institutional Class and Investor Class Shares’ average daily net assets, respectively, through February 28, 2025. Refer to waiver of investment advisory fees on the Statement of Operations for fees waived for the six months ended April 30, 2024.

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, 2024, were as follows (000):


Purchases	$	5,240
Sales	$	5,654

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 distributable earnings or paid-in capital, as appropriate, in the period that the differences arise.

The permanent differences primarily consist of foreign currency translations and reclassification of long term capital gain distribution on REITs. There are no permanent differences that are credited or charged to Paid-in Capital and Distributable Earnings (Accumulated Losses) as of October 31, 2023.

The tax character of dividends and distributions paid during the years ended October 31, 2023 and 2022 was as follows (000):


	Ordinary Income		Long-Term Capital Gain		Total

2023	$	1,747	$	451	$	2,198
2022		534		515		1,049

As of October 31, 2023, the components of distributable earnings (accumulated losses) on a tax basis were as follows (000):


Undistributed Ordinary Income	$	1,899
Undistributed Long-Term Capital Gain		58
Unrealized Depreciation		(3,026)

Total Accumulated Losses	$	(1,069)

Capital loss carryforward rules allow a Registered Investment Company (“RIC”) to carry forward capital losses indefinitely and to retain the character of capital loss carryforwards as short-term or long-term. The Fund has no short-term or long-term capital loss carryforwards, at October 31, 2023. During the year end October 31, 2023, $0 (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, 2024, were as follows (000):

Federal

Tax Cost

Aggregated
Gross
Unrealized
Appreciation

Aggregated
Gross
Unrealized
Depreciation

Net
Unrealized
Appreciation

$ 68,981

$ 13,495

$ (5,726)

$ 7,769

For Federal income tax purposes, the difference between Federal tax cost and book cost primarily relates to wash sales and investments in passive foreign investment companies (PFICs).

8.	Concentration of Risks:

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.

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.

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.

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.

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.

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.

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.

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.	Concentration of Shareholders:

At April 30, 2024, 89% 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, 2024, 78% of total shares outstanding for the Investor Class Shares were held by three 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.

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, 2023 to April 30, 2024.

• 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’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 27–28, 2024 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.

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, as amended (17 CFR § 240.13a-15(b) or 240.15d-15(b)).

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

Item 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		Five Years		Seven Years		Since Inception

LSV Global Value Fund, Institutional Class Shares*		19.36%		18.30%		6.21%		8.52%		7.38%		6.34%

Benchmark:
MSCI AC World Index		19.77%		17.46%		4.27%		9.44%		9.47%		7.93%
Broad Market:
MSCI AC World Value Index		17.23%		12.50%		4.54%		6.42%		6.37%		5.23%



	LSV Global Value Fund

Assets:
Investments, at Value (Cost $68,981)	$	76,750
Foreign Currency, at Value (Cost $102)		101
Dividends and Interest Receivable		231
Receivable for Capital Shares Sold		139
Receivable for Investment Securities Sold		4
Reclaims Receivable		95
Prepaid Expenses		10

Total Assets		77,330

Liabilities:
Payable for Investment Securities Purchased		119
Payable due to Investment Adviser		36
Payable for Custody Fees		18
Payable due to Distributor		16
Payable for Fund Shares Redeemed		5
Payable due to Administrator		4
Payable due to Trustees		2
Other Accrued Expenses		20

Total Liabilities		220
Net Assets	$	77,110



Net Assets Consist of:
Paid-in Capital	$	67,648
Total Distributable Earnings		9,462
Net Assets	$	77,110



Net Asset Value, Offering and Redemption Price Per Share — Institutional Class Shares ($75,159 ÷ 5,320,777 shares)⁽¹⁾	$	14.13



Net Asset Value, Offering and Redemption Price Per Share — Investor Class Shares ($1,951 ÷ 135,551 shares)⁽¹⁾	$	14.39



	LSV Global Value Fund

Investment Income:

Dividend Income	$	1,166

Interest Income		8

Foreign Taxes Withheld		(59)

Total Investment Income		1,115

Expenses:

Investment Advisory Fees		278

Administration Fees		22

Trustees’ Fees		3

Distribution Fees - Investor Class		2

Chief Compliance Officer Fees		1

Custodian Fees		32

Transfer Agent Fees		22

Registration and Filing Fees		19

Printing Fees		8

Professional Fees		6

Insurance and Other Fees		6

Total Expenses		399

Less: Waiver of Investment Advisory Fees		(61)

Less: Fees Paid Indirectly — (see Note 4)		(2)

Net Expenses		336

Net Investment Income		779

Net Realized Gain on Investments		1,340

Net Realized Loss on Foreign Currency Transactions		(4)

Net Change in Unrealized Appreciation on Investments		10,589

Net Change in Unrealized Depreciation on Foreign Currency Translation		(3)

Net Realized and Unrealized Gain on Investments		11,922

Net Increase in Net Assets Resulting from Operations	$	12,701


	LSV Global Value Fund
	11/1/2023 to 04/30/2024			11/1/2022 to 10/31/2023

Operations:

Net Investment Income	$	779		$	1,839

Net Realized Gain		1,336			214

Net Change in Unrealized Appreciation		10,586			3,386

Net Increase in Net Assets Resulting from Operations		12,701			5,439

Distributions

Institutional Class Shares		(2,121	)		(2,175	)

Investor Class Shares		(49	)		(23	)

Total Distributions		(2,170	)		(2,198	)

Capital Share Transactions:

Institutional Class Shares:

Issued		2,220			37,756

Reinvestment of Dividends and Distributions		2,121			2,175

Redeemed		(3,498	)		(7,768	)

Net Increase from Institutional Class Shares Transactions		843			32,163

Investor Class Shares:

Issued		78			266

Reinvestment of Dividends and Distributions		42			20

Redeemed		(50	)		(25,057	)

Net Increase (Decrease) from Investor Class Shares Transactions		70			(24,771	)

Net Increase in Net Assets Derived from Capital Share Transactions		913			7,392

Total Increase in Net Assets		11,444			10,633

Net Assets:

Beginning of Period		65,666			55,033

End of Year/Period	$	77,110		$	65,666


Shares Transactions:

Institutional Class:

Issued		163			3,028

Reinvestment of Dividends and Distributions		156			184

Redeemed		(254	)		(625	)

Total Institutional Class Share Transactions		65			2,587

Investor Class:

Issued		6			21

Reinvestment of Dividends and Distributions		3			1

Redeemed		(4	)		(1,991	)

Total Investor Class Share Transactions		5			(1,969	)

Net Increase in Shares Outstanding		70			618


	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 Global Value Fund
Institutional Class Shares
2024^*	$	12.19	$	0.14	$	2.21		$	2.35		$	(0.37	)	$	(0.04	)	$	(0.41	)	$	14.13		19.36	%		$75,159		0.90%		1.07%		2.11%		7%
2023		11.57		0.34		0.75			1.09			(0.29	)		(0.18	)		(0.47	)		12.19		9.57			64,048		0.90		1.05		2.75		18
2022		13.26		0.37		(1.78	)		(1.41	)		(0.13	)		(0.15	)		(0.28	)		11.57		(10.89	)		30,874		0.90		1.10		3.01		21
2021		9.35		0.28		3.84			4.12			(0.21	)		–			(0.21	)		13.26		44.51			11,486		0.90		2.07		2.21		29
2020		10.91		0.20		(1.51	)		(1.31	)		(0.25	)		–			(0.25	)		9.35		(12.43	)		4,907		0.90		2.54		2.04		13
2019		10.65		0.26		0.47			0.73			(0.20	)		(0.27	)		(0.47	)		10.91		7.56			5,098		0.90		3.19		2.55		10
Investor Class Shares
2024^*	$	12.40	$	0.13	$	2.23		$	2.36		$	(0.33	)	$	(0.04	)	$	(0.37	)	$	14.39		19.17	%		$1,951		1.15%		1.32%		1.86%		7%
2023		11.51		0.27		0.80			1.07			–			(0.18	)		(0.18	)		12.40		9.38			1,618		1.13		1.30		2.22		18
2022		13.23		0.31		(1.76	)		(1.45	)		(0.12	)		(0.15	)		(0.27	)		11.51		(11.21	)		24,159		1.15		1.35		2.50		21
2021		9.33		0.19		3.90			4.09			(0.19	)		–			(0.19	)		13.23		44.16			39,918		1.15		1.92		1.44		29
2020		10.89		0.18		(1.51	)		(1.33	)		(0.23	)		–			(0.23	)		9.33		(12.62	)		1,088		1.15		2.80		1.85		13
2019		10.64		0.23		0.47			0.70			(0.18	)		(0.27	)		(0.45	)		10.89		7.23			967		1.15		3.47		2.24		10


	Beginning Account Value 11/01/23		Ending Account Value 04/30/24		Annualized Expense Ratios		Expenses Paid During Period*
LSV Global Value Fund

Actual Fund Return
Institutional Class Shares	$	1,000.00		$1,193.60		0.90%		$4.91
Investor Class Shares		1,000.00		1,191.70		1.15		6.27

Hypothetical 5% Return
Institutional Class Shares	$	1,000.00		$1,020.39		0.90%		$4.52
Investor Class Shares		1,000.00		1,019.14		1.15		5.77




				Trust: The Advisors’ Inner Circle Fund Fund: LSV Global Value Fund Adviser: LSV Asset Management Distributor: SEI Investments Distribution Co. Administrator: SEI Investments Global Fund Services Legal Counsel: Morgan, Lewis & Bockius LLP Independent Registered Public Accounting Firm: Ernst & Young LLP The Fund files its 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. The Fund’s Form N-PORT is 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-007-1000