LSV Conservative Value Equity

Federal

Tax Cost

Aggregated
Gross
Unrealized
Appreciation

Aggregated
Gross
Unrealized
Depreciation

Net
Unrealized
Appreciation

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

The average total net of fee return^† of the LSV Conservative Value Equity Fund and the Russell 1000 Value Index (the benchmark) for trailing periods ending April 30, 2024, were as follows:

Institutional Class Shares performance as of 3/31/24: 25.11% (1 year), 10.94% (5 year), 8.96% (10 year) and 7.04% (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 one year are annualized; inception date is 4/1/07.

Despite concerns surrounding higher interest rates and geopolitical tensions, U.S. equities rallied over the past six-month period, thanks to optimism regarding the potential for Fed rate cuts later in the year. The S&P 500 Index was up 20.98%, with mega-cap stocks leading the charge, and for only the eighth time since 1950, the Index posted back-to-back 10+% return quarters. Small cap stocks modestly underperformed large caps over the period as the Russell 2000 Index was up 19.65% while the Russell 1000 Index was up 21.16%. From a style perspective, value stocks (as measured by the Russell Indices) underperformed growth—the Russell 1000 Value Index was up 18.42% while the Russell 1000 Growth Index was up 23.56% (both in USD). The LSV Conservative Value Equity Fund, Institutional Class Shares, was up 20.82% for the period.

The portfolio’s deep value bias had a positive impact on relative returns for the last six months, despite the underperformance of value as a ‘style’. While companies that were cheap on the basis of book value lagged for the period, companies that were cheap on the basis of forecasted earnings, which we favor, outperformed for the period. The portfolio’s smaller capitalization bias versus the benchmark had a muted impact on relative returns for the period. Performance attribution further indicates that both stock selection and sector allocation contributed positively to relative returns over the period. Stock selection relative gains were largely the result of the outperformance of deep value names within Utilities, Consumer Discretionary and Financials. Within Utilities, holdings in the Independent Power Producers & Energy Traders and Electric Utilities industries performed particularly well. Within Discretionary, holdings in the Auto Manufacturers and Homebuilders industries also outperformed. Within Financials, holdings in the Regional Banks industry also added value. On the negative side, stock selection detracted within Health Care. From a sector perspective, relative returns were more modest for the period and were thanks in large part to our underweight to the Real Estate sector and our overweight to Financials stocks.

Top contributors for the past six months included our overweight positions in Vistra, Dell Technologies, General Motors, Builders FirstSource, Dicks Sporting Goods, DaVita and Amkor Technology. Not owning Boeing, Schlumberger, Humana and UnitedHealth also added value. The main individual detractors included our overweight positions in Gilead Sciences, Archer-Daniels-Midland, Comcast, APA Corp, Cisco Systems, Bristol- Myers Squibb, Pfizer Inc and Jazz Pharmaceuticals. Not owning Micron Technology, Eaton Corp, American Express and Schwab 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 11.6x forward earnings compared to 16.0x for the Russell 1000 Value Index, 2.0x book value compared to 2.4x for the Russell 1000 Value Index and 8.0x cash flow compared to 11.9x for the Russell 1000 Value 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 Consumer Discretionary, Financials, and Communication Services while underweight Real Estate, Industrials, and Utilities.

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 Russell 1000 Value Index is a widely-recognized, capitalization-weighted (companies with larger market capitalizations have more influence than those with smaller market capitalization) index of U.S. companies with lower forecasted growth rates and price-to-book ratios.

The Russell 1000 Growth Index is a widely-recognized, capitalization-weighted (companies with larger market capitalizations have more influence than those with smaller market capitalization) index of U.S. companies with higher forecasted growth rates and price-to-book ratios.

The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value weighted index (stock price times number of shares outstanding), with each stock’s weight in the Index proportionate to its market value. The S&P 500 Index is one of the most widely used benchmarks of U.S. equity performance.

The Russell 2000 Index is an unmanaged index comprised of 2,000 stocks of U.S. 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 Conservative Value Equity Fund

	Shares		Value (000)
Common Stock (99.6%)
Communication Services (5.9%)
AT&T		98,000	$	1,655
Comcast, Cl A		49,600		1,890
Fox		15,500		481
Meta Platforms, Cl A		1,400		602
Nexstar Media Group, Cl A		2,500		400
Playtika Holding		35,200		255
TEGNA		15,800		216
T-Mobile US		3,000		493
Verizon Communications		50,700		2,002
Walt Disney		5,600		622

				8,616


Consumer Discretionary (8.0%)
AutoNation*		3,600		580
AutoZone*		100		296
Best Buy		5,600		412
Bloomin’ Brands		17,500		451
BorgWarner		10,200		334
Dick’s Sporting Goods		3,400		683
DR Horton		2,800		399
eBay		15,500		799
Ford Motor		76,100		925
General Motors		33,000		1,469
Goodyear Tire & Rubber*		17,465		209
Guess?		18,400		493
Harley-Davidson		8,400		289
Lear		2,400		302
Lennar, Cl A		4,500		682
McDonald’s		1,700		464
Phinia		2,040		80
PulteGroup		8,700		969
Signet Jewelers		4,300		422
Toll Brothers		4,600		548
Vista Outdoor*		11,700		411
Whirlpool		2,300		218

				11,435


Consumer Staples (7.2%)
Albertsons, Cl A		17,700		361


LSV Conservative Value Equity Fund

	Shares		Value (000)
Consumer Staples (continued)
Altria Group		31,400	$	1,375
Archer-Daniels-Midland		13,100		768
Bunge Global		7,470		760
Conagra Brands		15,900		489
Ingredion		4,600		527
Kraft Heinz		21,860		844
Kroger		18,000		997
Molson Coors Beverage, Cl B		11,000		630
Philip Morris International		4,800		456
Procter & Gamble		9,600		1,567
Sprouts Farmers Market*		7,000		462
Walmart		20,100		1,193

				10,429


Energy (9.6%)
APA		14,300		450
Chevron		11,900		1,919
ConocoPhillips		13,300		1,671
Coterra Energy		17,800		487
Devon Energy		6,100		312
EOG Resources		4,700		621
ExxonMobil		35,700		4,222
Halliburton		10,900		408
HF Sinclair		6,220		337
Marathon Petroleum		8,500		1,545
Phillips 66		6,900		988
Valero Energy		5,600		895

				13,855


Financials (24.7%)
Aflac		13,500		1,129
Ally Financial		10,200		391
American International Group		14,900		1,122
Ameriprise Financial		1,400		577
Bank of America		46,200		1,710
Bank of New York Mellon		21,100		1,192
Berkshire Hathaway, Cl B*		11,300		4,483
Capital One Financial		5,100		731
Chubb		1,700		423
Citigroup		22,300		1,368
Citizens Financial Group		13,600		464
Discover Financial Services		4,400		558
East West Bancorp		6,000		447
Fidelity National Financial		11,500		569
Fifth Third Bancorp		12,200		445
First American Financial		6,300		338
Fiserv*		3,900		595
FS KKR Capital		12,100		231
Global Payments		2,100		258
Goldman Sachs Group		4,000		1,707
Hartford Financial Services Group		12,400		1,202
JPMorgan Chase		22,000		4,218


LSV Conservative Value Equity Fund

	Shares		Value (000)
Financials (continued)
M&T Bank		4,100	$	592
MetLife		16,100		1,144
MGIC Investment		22,000		446
Morgan Stanley		8,600		781
Navient		17,400		261
Old Republic International		19,200		573
PayPal Holdings*		6,000		408
PNC Financial Services Group		5,700		874
Radian Group		20,400		609
Regions Financial		22,900		441
State Street		10,400		754
Synchrony Financial		10,800		475
Synovus Financial		8,200		293
Truist Financial		22,300		837
US Bancorp		9,300		378
Wells Fargo		38,500		2,284
Western Union		10,800		145
Zions Bancorp		7,200		294

				35,747


Health Care (14.9%)
Abbott Laboratories		4,400		466
Amgen		2,400		657
Bristol-Myers Squibb		25,000		1,098
Cardinal Health		6,400		660
Centene*		12,600		920
Cigna Group		5,000		1,785
CVS Health		17,500		1,185
Danaher		1,600		395
DaVita*		3,800		528
Elevance Health		900		476
Gilead Sciences		20,100		1,311
HCA Healthcare		3,100		960
Incyte*		10,300		536
Jazz Pharmaceuticals*		3,800		421
Johnson & Johnson		19,300		2,791
McKesson		1,400		752
Medtronic		5,300		426
Merck		17,700		2,287
Organon		17,000		316
Pfizer		53,600		1,373
Solventum*		2,150		140
United Therapeutics*		2,100		492
Universal Health Services, Cl B		2,200		375
Viatris, Cl W		49,400		572
Zimmer Biomet Holdings		3,900		469

				21,391


Industrials (12.0%)
3M		8,600		830
Acuity Brands		2,100		521
AGCO		3,900		445


LSV Conservative Value Equity Fund

	Shares		Value (000)
Industrials (continued)
Allison Transmission Holdings		8,900	$	655
ArcBest		3,300		366
Builders FirstSource*		5,900		1,079
Carrier Global		6,100		375
Caterpillar		2,700		903
CNH Industrial		39,300		448
CSX		21,000		698
Cummins		3,100		876
Deere		1,100		430
Delta Air Lines		12,200		611
FedEx		4,200		1,099
Ferguson		2,500		525
GE Vernova*		1,000		154
General Electric		4,000		647
Lockheed Martin		800		372
NEXTracker, Cl A*		2,769		119
Oshkosh		4,300		483
Owens Corning		4,700		790
PACCAR		9,600		1,019
Parker-Hannifin		900		490
RTX		7,100		721
Ryder System		4,100		500
Snap-on		2,500		670
Textron		7,000		592
United Airlines Holdings*		6,700		345
United Rentals		700		467

				17,230

Information Technology (9.0%)
Advanced Micro Devices*		1,900		301
Amdocs		5,000		420
Amkor Technology		12,500		404
Analog Devices		2,200		441
Arrow Electronics*		3,500		447
Cirrus Logic*		5,900		523
Cisco Systems		36,100		1,696
Cognizant Technology Solutions, Cl A		6,500		427
Dell Technologies, Cl C		6,700		835
DXC Technology*		3,109		60
Flex*		15,900		456
Hewlett Packard Enterprise		54,100		920
HP		24,400		685
Intel		13,600		414
International Business Machines		9,200		1,529
Jabil		4,300		505
NetApp		4,100		419
Oracle		3,900		444
QUALCOMM		5,300		879
Skyworks Solutions		4,200		448
TD SYNNEX		3,500		412


LSV Conservative Value Equity Fund

	Shares		Value (000)
Information Technology (continued)
Xerox Holdings		20,900	$	278

				12,943


Materials (3.9%)
Berry Global Group		8,600		487
Chemours		9,200		246
Eastman Chemical		4,700		444
Graphic Packaging Holding		16,000		414
Linde		1,600		706
LyondellBasell Industries, Cl A		5,100		510
Mosaic		9,500		298
NewMarket		950		501
Nucor		4,800		809
Steel Dynamics		4,900		638
Sylvamo		7,900		494
Tronox Holdings		20,000		340

				5,887


Real Estate (1.6%)
Brixmor Property Group‡		13,900		307
Host Hotels & Resorts‡		24,500		462
Innovative Industrial Properties, Cl A‡		4,500		465
Prologis‡		2,300		235
Sabra Health Care REIT‡		25,700		358
Simon Property Group‡		1,900		267
Uniti Group‡		51,600		297

				2,391


Utilities (2.8%)
Entergy		6,500		693
Evergy		8,000		420
NextEra Energy		4,400		295
NRG Energy		8,700		632
PPL		14,300		393
UGI		11,900		304
Vistra		17,700		1,342

				4,079


TOTAL COMMON STOCK (Cost $117,384)				144,003


LSV Conservative Value Equity Fund
	Face Amount (000)		Value (000)
Repurchase Agreement (0.3%)
South Street Securities 5.000%, dated 04/30/2024, to be repurchased on 05/01/2024, repurchase price $462 (collateralized by various U.S. Treasury obligations, ranging in par value $0 - $151, 0.625% - 4.625%, 03/15/2025 – 02/15/2033; total market value $471)	$	462	$	462

TOTAL REPURCHASE AGREEMENT (Cost $462)				462


Total Investments – 99.9% (Cost $117,846)			$	144,465

Percentages are based on Net Assets of $144,566 (000).

*	Non-income producing security.

‡	Real Estate Investment Trust.

Cl — Class

REIT — Real Estate Investment Trust

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


Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	144,003	$	—	$	—	$	144,003
Repurchase Agreement		—		462		—		462

Total Investments in Securities	$	144,003	$	462	$	—	$	144,465

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, 2024 (Unaudited) and for the year ended October 31, 2023

For the six months ended April 30, 2024 (Unaudited) and the year or period ended October 31.

1.	Organization:

The Advisors’ Inner Circle Fund (the “Trust”) is organized as a Massachusetts business trust under an Amended and Restated Agreement and Declaration of Trust dated February 18, 1997. The Trust is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company with 26 funds. The financial statements herein are those of the LSV Conservative Value Equity Fund, a diversified Fund (the “Fund”). The Fund seeks long-term growth of capital by investing in undervalued stocks of medium to large U.S. companies which are out of favor in the market. 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, there were no securities valued in accordance with the Fair Value Procedures.

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 its shareholders. Accordingly, no provision for Federal income taxes has been made in the financial statements.

The Fund evaluates tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether it is “more-likely-than-not” (i.e., greater than 50-percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. Tax positions not deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current year. The Fund did not record any tax provision in the current period. However, management’s conclusions regarding tax positions taken may be subject to review and adjustment at a later date based on factors including, but not limited to, examination by tax authorities 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, 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.

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⁽¹⁾		Cash Collateral Received⁽¹⁾		Net Amount⁽²⁾

South Street Securities	$	462	$	462	$	—	$	—

(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.

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 $42,272 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 $688 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 $1,664 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 0.38% 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 0.35% and 0.60% 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	$	5,760
Sales	$	13,895

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 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 declared during the year ended October 31, 2023 and 2022 was as follows (000):


	Ordinary Income		Long-Term Capital Gain		Total

2023	$	3,906	$	3,423	$	7,329
2022		3,420		1,661		5,081

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


Undistributed Ordinary Income	$	3,760
Undistributed Long-Term Capital Gain		4,447
Other Temporary Differences		1
Unrealized Appreciation		5,425

Total Distributable Earnings	$	13,633

Capital loss carryforward rules allow for 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 capital loss carryforwards at October 31, 2023. During the year ended 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):

8.	Concentration of Risks:

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

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

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, 87% of total shares outstanding for the Institutional Class Shares were held by two record shareholders owning 10% or greater of the aggregate total shares outstanding. At April 30, 2024, 93% of total shares outstanding for the Investor Class Shares were held by one record shareholder 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 additional disclosures or adjustments were required to the financial statements.

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.

Trust:

The Advisors’ Inner Circle Fund

Fund:

LSV Conservative Value Equity Fund

Adviser:

LSV Asset Management

Distributor:

SEI Investments Distribution Co.

Administrator:

SEI Investments Global Funds 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-004-1800

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

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.

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	Ten Years	Since Inception

LSV Conservative Value Equity Fund, Institutional Class Shares*	20.82%	17.61%	6.98%	9.03%	8.65%	8.33%	6.70%

Benchmark:
Russell 1000 Value Index	18.42%	13.42%	5.17%	8.60%	8.51%	8.43%	6.94%


	LSV Conservative Value Equity Fund

Assets:
Investments, at Value (Cost $117,846)	$	144,465
Dividends and Interest Receivable		212
Receivable for Capital Shares Sold		34
Prepaid Expenses		21

Total Assets		144,732

Liabilities:
Payable for Fund Shares Redeemed		105
Payable due to Investment Adviser		22
Payable for Professional Fees		8
Payable due to Administrator		7
Payable due to Trustees		3
Payable due to Distributor		1
Other Accrued Expenses		20

Total Liabilities		166

Net Assets	$	144,566


Net Assets Consist of:
Paid-in Capital	$	113,645
Total Distributable Earnings		30,921
Net Assets	$	144,566



Net Asset Value, Offering and Redemption Price Per Share — Institutional Class Shares ($144,030 ÷ 10,227,778 shares)⁽¹⁾	$	14.08


Net Asset Value, Offering and Redemption Price Per Share — Investor Class Shares ($536 ÷ 38,458 shares)⁽¹⁾	$	13.95	*


	LSV Conservative Value Equity Fund

Investment Income:
Dividend Income	$	1,910
Interest Income		15

Total Investment Income		1,925

Expenses:
Investment Advisory Fees		268
Administration Fees		42
Trustees’ Fees		6
Chief Compliance Officer Fees		1
Distribution Fees - Investor Class		1
Transfer Agent Fees		25
Registration and Filing Fees		19
Professional Fees		12
Printing Fees		8
Custodian Fees		5
Insurance and Other Fees		8

Total Expenses		395

Less: Waiver of Investment Advisory Fees		(145	)

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

Net Expenses		248

Net Investment Income		1,677

Net Realized Gain on Investments		3,557

Net Change in Unrealized Appreciation on Investments		20,917

Net Realized and Unrealized Gain on Investments		24,474

Net Increase in Net Assets Resulting from Operations	$	26,151


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

Operations:
Net Investment Income	$	1,677		$	3,595
Net Realized Gain		3,557			5,437
Net Change in Unrealized Appreciation (Depreciation)		20,917			(8,191	)

Net Increase in Net Assets Resulting from Operations		26,151			841

Distributions
Institutional Class Shares		(8,828	)		(7,309	)
Investor Class Shares		(35	)		(20	)

Total Distributions		(8,863	)		(7,329	)

Capital Share Transactions:
Institutional Class Shares:
Issued		8,268			15,429
Reinvestment of Dividends and Distributions		8,797			7,277
Redeemed		(19,240	)		(31,738	)

Net Decrease from Institutional Class Shares Transactions		(2,175	)		(9,032	)

Investor Class Shares:

Issued		131			97

Reinvestment of Dividends and Distributions		35			20

Redeemed		(148	)		(60	)

Net Increase from Investor Class Shares Transactions		18			57

Net Decrease in Net Assets Derived from Capital Share Transactions		(2,157	)		(8,975	)

Total Increase (Decrease) in Net Assets		15,131			(15,463	)

Net Assets:
Beginning of Period		129,435			144,898

End of Year/Period	$	144,566		$	129,435


Shares Transactions:
Institutional Class:
Issued		598			1,188
Reinvestment of Dividends and Distributions		655			574
Redeemed		(1,412	)		(2,428	)

Total Institutional Class Share Transactions		(159	)		(666	)

Investor Class:
Issued		10			7
Reinvestment of Dividends and Distributions		2			2
Redeemed		(11	)		(4	)

Total Investor Class Share Transactions		1			5

Net Decrease in Shares Outstanding		(158	)		(661	)


	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 Conservative Value Equity Fund
Institutional Class Shares
2024^*	$	12.42	$	0.16	$	2.37		$	2.53		$	(0.34	)	$	(0.53	)	$	(0.87	)	$	14.08		20.82	%		$144,030		0.35	%		0.56	%		2.39	%		4	%
2023		13.07		0.33		(0.30	)		0.03			(0.32	)		(0.36	)		(0.68	)		12.42		0.19			128,983		0.35			0.56			2.56			19
2022		13.86		0.31		(0.59	)		(0.28	)		(0.26	)		(0.25	)		(0.51	)		13.07		(2.21	)		144,480		0.35			0.54			2.29			18
2021		9.59		0.26		4.28			4.54			(0.27	)		–			(0.27	)		13.86		48.02			138,771		0.35			0.55			2.04			16
2020		13.54		0.28		(1.69	)		(1.41	)		(0.42	)		(2.12	)		(2.54	)		9.59		(13.89	)		69,176		0.35			0.58			2.73			25
2019		12.99		0.34		0.66			1.00			(0.30	)		(0.15	)		(0.45	)		13.54		8.36			79,086		0.35			0.53			2.66			18
Investor Class Shares
2024*	$	12.30	$	0.14	$	2.36		$	2.50		$	(0.32	)	$	(0.53	)	$	(0.85	)	$	13.95		20.72	%		$536		0.60	%		0.81	%		2.14	%		4	%
2023		12.95		0.30		(0.30	)		–			(0.29	)		(0.36	)		(0.65	)		12.30		(0.09	)		452		0.60			0.81			2.30			19
2022		13.74		0.27		(0.58	)		(0.31	)		(0.23	)		(0.25	)		(0.48	)		12.95		(2.44	)		418		0.60			0.79			2.05			18
2021		9.51		0.23		4.25			4.48			(0.25	)		–			(0.25	)		13.74		47.74			393		0.60			0.80			1.81			16
2020		13.46		0.25		(1.69	)		(1.44	)		(0.39	)		(2.12	)		(2.51	)		9.51		(14.18	)		180		0.60			0.83			2.42			25
2019		12.92		0.30		0.66			0.96			(0.27	)		(0.15	)		(0.42	)		13.46		8.08			144		0.60			0.78			2.37			18


Statement of Assets and Liabilities (000)

April 30, 2024		(Unaudited)


Statement of Operations (000)

For the six months ended April 30, 2024		(Unaudited)


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

LSV Conservative Value Equity Fund

Actual Fund Return
Institutional Class Shares		$	1,000.00		$	1,208.20		0.35	%		$	1.92
Investor Class Shares			1,000.00			1,207.20		0.60				3.29

Hypothetical 5% Return
Institutional Class Shares		$	1,000.00		$	1,023.12		0.35	%		$	1.76
Investor Class Shares			1,000.00			1,021.88		0.60				3.02


(Registrant)		The Advisors’ Inner Circle Fund

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


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