The
LSV Emerging Markets Equity Fund
(the “Fund”)
Supplement Dated
Prospectus and Summary Prospectus, each dated
This supplement provides new and additional information beyond that contained in the Prospectus and Summary Prospectus, and should be read in conjunction with the Prospectus and Summary Prospectus.
Effective December 1, 2023 (the “Effective Date”), the Fund’s maximum annual operating expense limits will be reduced as follows:
| Share Class | Current Maximum Annual Operating Expense Limits |
New Maximum Annual Operating Expense Limits |
| Institutional Class Shares | 1.20% | 0.95% |
| Investor Class Shares | 1.45% | 1.20% |
Accordingly, as of the Effective Date, the Prospectus and Summary Prospectus are hereby amended and supplemented as follows:
1. In the “Fund Fees and Expenses” section of the Prospectus and Summary Prospectus, the “Annual Fund Operating Expenses” table and the “Example” are hereby deleted and replaced with the following:
(expenses that you pay each year as a percentage of the value of your investment)
| Institutional Class Shares |
Investor Class Shares | |
| Management Fees | ||
| 12b-1 Fees | ||
| Other Expenses | ||
| Total Annual Fund Operating Expenses | ||
| Less Fee Waivers and/or Expense Reimbursements1 | ( |
( |
| Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements |
| 1 |
This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.
The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses (including capped expenses for the period described in the footnote to the fee table) remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
| 1 Year | 3 Years | 5 Years | 10 Years | |
| Institutional Class Shares | $ |
$ |
$ |
$ |
| Investor Class Shares | $ |
$ |
$ |
$ |
2. In the “More Information about the Investment Adviser” section of the Prospectus, the disclosure regarding the contractual expense limits is hereby deleted and replaced with the following:
The Adviser has contractually agreed to waive fees and reimburse expenses of the Fund in order to keep net operating expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, other expenditures which are capitalized in accordance with generally accepted accounting principles, and extraordinary expenses) from exceeding 0.95% and 1.20% of the Fund’s Institutional Class Shares’ and Investor Class Shares’ average daily net assets, respectively, until February 28, 2025. The contractual expense limitation agreement may be terminated: (i) by the Board, for any reason at any time, or (ii) by the Adviser, upon ninety (90) days’ prior written notice to the Trust, effective as of the close of business on February 28, 2025. To maintain these expense limits, the Adviser may reduce a portion of its management fee and/or reimburse certain expenses of the Fund. Prior to December 1, 2023, the Fund’s maximum annual operating expense limits were 1.20% and 1.45% of the average daily net assets of the Fund’s Institutional Class Shares and Investor Class Shares, respectively.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.
LSV-SK-001-0001
2
The Advisors’ Inner Circle Fund
LSV Emerging Markets Equity Fund
(the “Fund”)
Supplement Dated November 30, 2023 to the Fund’s
Statement of Additional Information (“SAI”), dated March 1, 2023, as supplemented
This supplement provides new and additional information beyond that contained in the SAI, and should be read in conjunction with the SAI.
Effective December 1, 2023 (the “Effective Date”), the Fund’s maximum annual operating expense limits will be reduced as follows:
| Share Class | Current Maximum Annual Operating Expense Limits |
New Maximum Annual Operating Expense Limits |
| Institutional Class Shares | 1.20% | 0.95% |
| Investor Class Shares | 1.45% | 1.20% |
Accordingly, as of the Effective Date, the SAI is hereby amended and supplemented as follows:
1. In the “Advisory Fees Paid to the Adviser” section of the SAI, the disclosure regarding the contractual expense limits is hereby deleted and replaced with the following:
The Adviser has contractually agreed to waive fees and reimburse certain expenses of the following Funds in order to keep net operating expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, other expenditures which are capitalized in accordance with generally accepted accounting principles, and extraordinary expenses) from exceeding certain levels as set forth below until February 28, 2024 with respect to the LSV Conservative Value Equity Fund, LSV Small Cap Value Fund, LSV U.S. Managed Volatility Fund, LSV Global Managed Volatility Fund and LSV Global Value Fund, and February 28, 2025 with respect to the LSV Emerging Markets Equity Fund. The fee waivers may be renewed by the Adviser on an annual basis. This agreement may be terminated: (i) by the Board, for any reason at any time; or (ii) by the Adviser, upon ninety (90) days’ prior written notice to the Trust, effective as of the close of business on February 28, 2024 with respect to the LSV Conservative Value Equity Fund, LSV Small Cap Value Fund, LSV U.S. Managed Volatility Fund, LSV Global Managed Volatility Fund and LSV Global Value Fund, and February 28, 2025 with respect to the LSV Emerging Markets Equity Fund.
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| Fund | Class | Expense Limit |
| LSV Conservative Value Equity Fund | Investor Class | 0.60% |
| Institutional Class | 0.35% | |
| LSV Small Cap Value Fund | Investor Class | 1.10% |
| Institutional Class | 0.85% | |
| LSV U.S. Managed Volatility Fund | Investor Class | 0.80% |
| Institutional Class | 0.55% | |
| LSV Global Managed Volatility Fund | Investor Class | 1.00% |
| Institutional Class | 0.75% | |
| LSV Global Value Fund | Investor Class | 1.15% |
| Institutional Class | 0.90% | |
| LSV Emerging Markets Equity Fund* | Investor Class | 1.20% |
| Institutional Class | 0.95% |
| * | Prior to December 1, 2023, the LSV Emerging Markets Equity Fund’s maximum annual operating expense limits were 1.20% and 1.45% of the average daily net assets of the Fund’s Institutional Class Shares and Investor Class Shares, respectively. |
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.
LSV-SK-001-0002
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