The Advisors' Inner Circle Fund

LSV Value Equity Fund

Institutional Class Shares - LSVEX

Semi-Annual Shareholder Report: April 30, 2025

This semi-annual shareholder report contains important information about Institutional Class Shares of the LSV Value Equity Fund (the "Fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://www.lsvasset.com/value-equity-fund/. You can also request this information by contacting us at 888-386-3578.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
LSV Value Equity Fund, Institutional Class Shares	$33	0.68%

Key Fund Statistics as of April 30, 2025

	Total Net Assets (000's)	Number of Holdings	Total Advisory Fees Paid (000's)	Portfolio Turnover Rate
	$1,124,099	149	$3,591	3%

What did the Fund invest in?

Sector Weightings^{Footnote Reference*}

Value	Value
Repurchase Agreement	0.4%
Real Estate	1.0%
Materials	2.0%
Utilities	2.2%
Energy	5.6%
Communication Services	8.0%
Consumer Discretionary	8.2%
Consumer Staples	9.3%
Industrials	11.7%
Information Technology	12.4%
Health Care	16.1%
Financials	23.2%

Footnote	Description
Footnote^*	Percentages are calculated based on total net assets.

Top Ten Holdings

Holding Name			Percentage of Total Net Assets^{Footnote Reference(A)}
Wells Fargo			2.0%
Citigroup			1.8%
Comcast, Cl A			1.8%
AT&T			1.7%
Verizon Communications			1.7%
Kroger			1.6%
State Street			1.6%
Bank of New York Mellon			1.6%
Johnson & Johnson			1.6%
Gilead Sciences			1.5%

Footnote	Description
Footnote^(A)	Short-Term Investments are not shown in the top ten chart.

Changes in and Disagreements with Accountants

There were no changes in or disagreements with accountants during the reporting period.

Additional Information

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

888-386-3578
https://www.lsvasset.com/value-equity-fund/

Householding

Rule 30e-1 of the Investment Company Act of 1940 permits funds to transmit only one copy of a proxy statement, annual report or semi-annual report to shareholders (who need not be related) with the same residential, commercial or electronic address, provided that the shareholders have consented in writing and the reports are addressed either to each shareholder individually or to the shareholders as a group. This process is known as “householding” and is designed to reduce the duplicate copies of materials that shareholders receive and to lower printing and mailing costs for funds. Once implemented, if you would like to discontinue householding for your accounts, please call toll-free at 888-386-3578 to request individual copies of these documents. Once the Fund receives notice to stop householding, we will begin sending individual copies 30 days after receiving your request.

LSVEX-SAR-2025

The Advisors' Inner Circle Fund

LSV Value Equity Fund

Investor Class Shares - LVAEX

Semi-Annual Shareholder Report: April 30, 2025

This semi-annual shareholder report contains important information about Investor Class Shares of the LSV Value Equity Fund (the "Fund") for the period from November 1, 2024 to April 30, 2025. You can find additional information about the Fund at https://www.lsvasset.com/value-equity-fund/. You can also request this information by contacting us at 888-386-3578.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
LSV Value Equity Fund, Investor Class Shares	$45	0.93%

Key Fund Statistics as of April 30, 2025

	Total Net Assets (000's)	Number of Holdings	Total Advisory Fees Paid (000's)	Portfolio Turnover Rate
	$1,124,099	149	$3,591	3%

What did the Fund invest in?

Sector Weightings^{Footnote Reference*}

Value	Value
Repurchase Agreement	0.4%
Real Estate	1.0%
Materials	2.0%
Utilities	2.2%
Energy	5.6%
Communication Services	8.0%
Consumer Discretionary	8.2%
Consumer Staples	9.3%
Industrials	11.7%
Information Technology	12.4%
Health Care	16.1%
Financials	23.2%

Footnote	Description
Footnote^*	Percentages are calculated based on total net assets.

Top Ten Holdings

Holding Name			Percentage of Total Net Assets^{Footnote Reference(A)}
Wells Fargo			2.0%
Citigroup			1.8%
Comcast, Cl A			1.8%
AT&T			1.7%
Verizon Communications			1.7%
Kroger			1.6%
State Street			1.6%
Bank of New York Mellon			1.6%
Johnson & Johnson			1.6%
Gilead Sciences			1.5%

Footnote	Description
Footnote^(A)	Short-Term Investments are not shown in the top ten chart.

Changes in and Disagreements with Accountants

There were no changes in or disagreements with accountants during the reporting period.

Additional Information

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

888-386-3578
https://www.lsvasset.com/value-equity-fund/

Householding

LVAEX-SAR-2025

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

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

LSV Value Equity Fund
	Shares		Value (000)
Common Stock (99.7%)
Communication Services (8.0%)
AT&T		697,500	$	19,321
Comcast, Cl A		593,000		20,280
Fox		203,000		10,107
Meta Platforms, Cl A		12,900		7,082
Nexstar Media Group, Cl A		27,100		4,056
Playtika Holding		338,246		1,783
Sirius XM Holdings		193,200		4,138
TEGNA		206,400		3,350
Verizon Communications		435,600		19,192
				89,309
Consumer Discretionary (8.2%)
Adtalem Global Education*		36,400		3,866
BorgWarner		203,800		5,784
Dick's Sporting Goods		20,100		3,773
eBay		190,700		12,998
Ford Motor		476,300		4,768
General Motors		249,500		11,287
Group 1 Automotive		8,700		3,512
H&R Block		110,700		6,683
Harley-Davidson		188,800		4,233
Macy's		198,700		2,269
MGM Resorts International*		106,200		3,341
PulteGroup		119,800		12,289
PVH		57,300		3,953
Tri Pointe Homes*		241,100		7,414
Upbound Group, Cl A		134,100		2,669
Whirlpool		38,300		2,922
				91,761
Consumer Staples (9.3%)
Altria Group		257,000		15,201
Bunge Global		86,200		6,786
Campbell Soup		208,200		7,591
Conagra Brands		126,800		3,133
Edgewell Personal Care		130,600		3,990
Energizer Holdings		166,400		4,499
General Mills		135,100		7,666
Ingredion		79,200		10,519
Kraft Heinz		410,800		11,954
Kroger		252,800		18,255
Molson Coors Beverage, Cl B		204,300		11,753
PriceSmart		40,100		4,070
				105,417
Energy (5.6%)
APA		185,700		2,886
ConocoPhillips		74,179		6,611
EOG Resources		33,370		3,682
ExxonMobil		124,500		13,151
Halliburton		264,900		5,250
Helmerich & Payne		100,800		1,904
HF Sinclair		112,900		3,395
Marathon Petroleum		63,800		8,767

LSV Value Equity Fund
	Shares		Value (000)
Energy (continued)
Murphy Oil		135,800	$	2,788
Phillips 66		72,200		7,513
Valero Energy		57,500		6,675
				62,622
Financials (23.2%)
Aflac		30,700		3,336
Ally Financial		148,800		4,860
American International Group		133,100		10,850
Ameriprise Financial		6,200		2,920
Bank of America		170,000		6,779
Bank of New York Mellon		223,900		18,004
Blue Owl Capital		276,600		3,875
Citigroup		300,500		20,548
Citizens Financial Group		205,900		7,596
CNO Financial Group		188,600		7,156
Corebridge Financial		249,300		7,387
Discover Financial Services		26,000		4,749
Everest Group		24,100		8,648
First Horizon		542,100		9,801
Goldman Sachs Group		26,400		14,455
Hartford Financial Services Group		107,600		13,199
Jackson Financial, Cl A		43,300		3,373
Lincoln National		102,200		3,257
MetLife		61,800		4,658
MGIC Investment		374,900		9,339
Old Republic International		93,000		3,497
PayPal Holdings*		199,600		13,142
Popular		31,000		2,958
Radian Group		256,700		8,199
Regions Financial		336,800		6,874
State Street		206,600		18,202
Victory Capital Holdings, Cl A		104,700		5,998
Voya Financial		65,500		3,878
Wells Fargo		322,400		22,894
Western Union		577,400		5,722
Zions Bancorp		104,000		4,677
				260,831
Health Care (16.1%)
Baxter International		137,100		4,273
Bristol-Myers Squibb		323,400		16,235
Cardinal Health		28,600		4,041
Centene*		186,000		11,132
Cigna Group		33,100		11,255
CVS Health		198,700		13,255
DaVita*		28,300		4,006
Exelixis*		165,900		6,495
Gilead Sciences		154,300		16,439
HCA Healthcare		28,400		9,800
Incyte*		122,300		7,663
Jazz Pharmaceuticals*		64,400		7,532
Johnson & Johnson		112,500		17,585

LSV Value Equity Fund
	Shares		Value (000)
Health Care (continued)
McKesson		5,300	$	3,778
Merck		189,500		16,146
Organon		257,700		3,332
Pfizer		418,400		10,213
United Therapeutics*		31,900		9,669
Universal Health Services, Cl B		29,400		5,206
Viatris, Cl W		367,500		3,094
				181,149
Industrials (11.7%)
AGCO		59,300		5,030
Allison Transmission Holdings		121,700		11,226
American Airlines Group*		123,000		1,224
Brink's		44,100		3,936
CNH Industrial		679,000		7,856
CSG Systems International		90,300		5,430
Cummins		39,800		11,695
Delta Air Lines		104,800		4,363
FedEx		48,600		10,222
GMS*		40,100		2,938
Huntington Ingalls Industries		11,100		2,557
Lockheed Martin		28,100		13,425
Mueller Industries		79,400		5,840
Oshkosh		32,700		2,739
Owens Corning		57,210		8,319
PACCAR		33,700		3,040
Ryder System		73,300		10,091
Snap-on		12,800		4,017
Textron		172,910		12,167
United Airlines Holdings*		75,700		5,209
				131,324
Information Technology (12.4%)
Amdocs		90,500		8,017
Amkor Technology		170,400		2,973
Applied Materials		24,800		3,738
Arrow Electronics*		84,600		9,421
Cirrus Logic*		52,600		5,052
Cisco Systems		282,400		16,303
Dell Technologies, Cl C		108,600		9,965
Dropbox, Cl A*		238,000		6,795
DXC Technology*		207,400		3,219
Flex*		239,100		8,211
Gen Digital		286,100		7,401
Hewlett Packard Enterprise		587,300		9,526
HP		464,000		11,864
International Business Machines		12,700		3,071
Jabil		52,100		7,636
QUALCOMM		86,800		12,886
Sandisk*		25,766		827
Skyworks Solutions		47,900		3,079
TD SYNNEX		45,070		4,994

LSV Value Equity Fund
	Shares		Value (000)
Information Technology (continued)
Western Digital*		77,300	$	3,391
				138,369
Materials (2.0%)
Amcor		445,150		4,095
Graphic Packaging Holding		173,800		4,399
NewMarket		7,300		4,492
Steel Dynamics		80,900		10,494
				23,480
Real Estate (1.0%)
Highwoods Properties‡		140,300		3,990
Host Hotels & Resorts‡		396,700		5,601
Piedmont Office Realty Trust, Cl A‡		201,400		1,190
				10,781
Utilities (2.2%)
NRG Energy		139,000		15,232
UGI		306,300		10,043
				25,275

TOTAL COMMON STOCK
(Cost $981,494)				1,120,318

	Face Amount (000)
Repurchase Agreement (0.4%)
South Street Securities
4.000%, dated 04/30/2025, to be repurchased on 05/01/2025, repurchase price $4,460 (collateralized by various U.S. Treasury obligations, ranging in par value $0 - $2,549, 1.000% - 4.625%, 06/30/2026 – 05/15/2034; total market value $4,549)	$	4,460		4,460
TOTAL REPURCHASE AGREEMENT
(Cost $4,460)				4,460

Total Investments – 100.1%
(Cost $985,954)			$	1,124,778

Percentages are based on Net Assets of $1,124,099(000).

‡

Real Estate Investment Trust.

Non-income producing security.

Cl — Class

For the six months ended April 30, 2025 (Unaudited) and for the year ended October 31, 2024

For the six months ended April 30, 2025 (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 27 funds. The financial statements herein are those of the LSV Value Equity Fund, a diversified Fund (the “Fund”). The Fund seeks long-term growth of capital by investing in undervalued stocks which are out of favor in the market. The 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, 2025, 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 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, 2025, 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, 2025, the Fund did not incur any interest or penalties.

Withholding taxes on foreign dividends, if any, 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, 2025, the open repurchase agreements by counterparty which are subject to a MRA on a net payment basis are as follows (000):

Counterparty		Repurchase Agreement				Fair Value of Non-Cash Collateral Received⁽¹⁾				Cash Collateral Received⁽¹⁾				Net Amount⁽²⁾
South Street Securities		$	4,460			$	4,460			$	—			$	—

(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, Transfer Agency and Custodian Agreements:

The Fund, along with other series of the Trust advised by LSV Asset Management (the “Adviser”), and the Administrator are parties to an Administration Agreement, under which the Administrator provides administrative services to the Fund. For these services, the Administrator is paid an asset based fee, subject to certain minimums, which will vary depending on the number of share classes and the average daily net assets of the Fund. For the six months ended April 30, 2025, the Fund incurred $381,235 for these services.

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, 2025, the Fund incurred $351,436 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, 2025, the Fund earned $15,333 in cash management credits which were used to offset transfer agent expenses. This amount is labeled as “Fees Paid Indirectly” on the Statement of Operations.

U.S. Bank, N.A. acts as custodian (the “Custodian”) for the Fund. The Custodian plays no role in determining the investment policies of the Fund or which securities are to be purchased and sold by the Fund.

5.	Investment Advisory Agreement:

The Trust and the Adviser are parties to an Investment Advisory Agreement, under which the Adviser receives an annual fee equal to 0.55% of the Fund’s average daily net assets.

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, 2025, were as follows (000):

Purchases		$	32,861
Sales		$	225,649

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, reclass of Distributions and investments in publicly traded partnerships. There are no permanent differences that are credited or charged to Paid-in Capital and Distributable Earnings (Accumulated Losses) as of October 31, 2024.

The tax character of dividends and distributions paid during the year ended October 31, 2024 and 2023 was as follows (000):

	Ordinary Income		Long-Term Capital Gain		Total
2024	$	30,383	$	65,944	$	96,327
2023		41,356		165,071		206,427

As of October 31, 2024, the components of distributable earnings (accumulated losses) on a tax basis were as follows (000):

Undistributed Ordinary Income	$	23,514
Undistributed Long-Term Capital Gain		80,038
Other Temporary Differences		(6	)
Unrealized Appreciation		263,997
Total Distributable Earnings	$	367,543

The fund has no capital loss carryforwards at October, 31, 2024.

During the year ended October 31, 2024, no capital loss carryforwards were utilized to offset capital gains.

The total cost of securities for Federal income tax purposes and the aggregate gross unrealized appreciation and depreciation on investments held by the Fund at April 30, 2025, were as follows (000):

	Federal Tax Cost				Aggregated Gross Unrealized Appreciation				Aggregated Gross Unrealized Depreciation				Net Unrealized Appreciation
	$	985,954			$	238,861			$	(100,037	)		$	138,824

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.

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.

Because the Fund may, from time to time, be more heavily invested in particular sectors, the value of its shares may be especially sensitive to factors and economic risks that specifically affect those sectors. As a result, the Fund’s share price may fluctuate more widely

9.	Concentration of Shareholders:

At April 30, 2025, 38% of total shares outstanding for the Institutional Class Shares were held by one record shareholder owning 10% or greater of the aggregate total shares outstanding. At April 30, 2025, 96% 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.

Recent Accounting Pronouncement:

In this reporting period, the Fund adopted the Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280) – “Improvements to Reportable Segment Disclosures” (“ASU 2023-07”). Adoption of the new standard impacted financial statement disclosures only and did not affect the Fund’s financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity’s chief operating decision maker (“CODM”) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The Fund’s investment manager acts as the Fund’s CODM. The CODM has determined that the Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole and the Fund’s long-term strategic asset allocation is pre-determined in accordance with the Fund’s single investment objective which is executed by the Fund’s portfolio managers as a team. The financial information in the form of the Fund’s schedule of investments, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment’s performance versus the Fund’s comparative benchmarks and to make resource allocation decisions for the Fund’s single segment, is consistent with that presented within the Fund’s financial statements. Segment assets are reflected on the accompanying Statement of Assets and Liabilities as “total assets” and significant segment expenses are listed on the accompanying Statement of Operations.

12.

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.

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

There were no matters submitted to a vote of shareholders during the period covered by this report.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

No remuneration was paid by the company during the period covered by the report to any Officers of the Trust, other than as disclosed as part of the financial statements included above in Item 7.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

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 25–26, 2025 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 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.

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Item 14. Purchases of Equity Securities by Closed-End Management Company and Affiliated Purchasers.

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

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

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

Item 17. 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.

Financial Statements (Form N-CSRS Item 7)
Schedule of Investments	1
Statement of Assets and Liabilities	4
Statement of Operations	5
Statements of Changes in Net Assets	6
Financial Highlights	7
Notes to Financial Statements	8
Other Information (Form N-CSRS Items 8-11)	13

	LSV Value Equity Fund
Assets:
Investments, at Value (Cost $985,954)	$	1,124,778
Receivable for Investment Securities Sold		1,363
Receivable for Capital Shares Sold		499
Dividends and Interest Receivable		332
Prepaid Expenses		47
Total Assets		1,127,019
Liabilities:
Payable for Fund Shares Redeemed		2,111
Payable due to Investment Adviser		509
Payable due to Administrator		56
Payable due to Distributor		46
Payable due to Trustees		19
Payable due to Chief Compliance Officer		10
Other Accrued Expenses		169
Total Liabilities		2,920
Net Assets	$	1,124,099
Net Assets Consist of:
Paid-in Capital	$	908,296
Total Distributable Earnings		215,803
Net Assets	$	1,124,099
Net Asset Value, Offering and Redemption Price Per Share —
Institutional Class Shares ($894,049 ÷ 35,305,502 shares)⁽¹⁾	$	25.32	*
Net Asset Value, Offering and Redemption Price Per Share —
Investor Class Shares ($230,050 ÷ 9,134,410 shares)⁽¹⁾	$	25.19	*

	LSV Value Equity Fund
Investment Income:
Dividend Income	$	16,773
Interest Income		131
Foreign Taxes Withheld		(7	)
Total Investment Income		16,897
Expenses:
Investment Advisory Fees		3,591
Administration Fees		381
Distribution Fees - Investor Class		351
Trustees' Fees		48
Chief Compliance Officer Fees		10
Professional Fees		108
Transfer Agent Fees		75
Custodian Fees		70
Registration and Filing Fees		52
Printing Fees		48
Insurance and Other Fees		59
Total Expenses		4,793
Less: Fees Paid Indirectly — (see Note 4)		(15	)
Net Expenses		4,778
Net Investment Income		12,119
Net Realized Gain on Investments		69,824
Net Change in Unrealized Depreciation on Investments		(125,424	)
Net Realized and Unrealized Loss		(55,600	)
Net Decrease in Net Assets Resulting from Operations	$	(43,481	)

	LSV Value Equity Fund
	11/1/2024 to 04/30/2025			11/1/2023 to 10/31/2024
Operations:
Net Investment Income	$	12,119		$	28,549
Net Realized Gain		69,824			81,724
Net Change in Unrealized Appreciation (Depreciation)		(125,424	)		253,364
Net Increase (Decrease) in Net Assets Resulting from Operations		(43,481	)		363,637
Distributions
Institutional Class Shares		(85,107	)		(81,000	)
Investor Class Shares		(23,152	)		(15,327	)
Total Distributions		(108,259	)		(96,327	)
Capital Share Transactions:
Institutional Class Shares:
Issued		37,030			118,434
Reinvestment of Dividends and Distributions		83,394			79,941
Redeemed		(184,005	)		(344,233	)
Net Decrease from Institutional Class Shares Transactions		(63,581	)		(145,858	)
Investor Class Shares:
Issued		77,450			421,083
Reinvestment of Dividends and Distributions		23,101			15,291
Redeemed		(144,304	)		(423,068	)
Net Increase (Decrease) from Investor Class Shares Transactions		(43,753	)		13,306
Net Decrease in Net Assets Derived from Capital Share Transactions		(107,334	)		(132,552	)
Total Increase (Decrease) in Net Assets		(259,074	)		134,758
Net Assets:
Beginning of Period		1,383,173			1,248,415
End of Year/Period	$	1,124,099		$	1,383,173
Shares Transactions:
Institutional Class:
Issued		1,382			4,476
Reinvestment of Dividends and Distributions		3,119			3,151
Redeemed		(6,905	)		(13,116	)
Total Institutional Class Share Transactions		(2,404	)		(5,489	)
Investor Class:
Issued		2,862			15,727
Reinvestment of Dividends and Distributions		869			606
Redeemed		(5,431	)		(15,553	)
Total Investor Class Share Transactions		(1,700	)		780
Net Decrease in Shares Outstanding		(4,104	)		(4,709	)

	Net Asset Value Beginning of Period		Net Investment Income⁽¹⁾		Realized and Unrealized Gains (Losses)			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 Value Equity Fund
Institutional Class Shares
2025^*	$	28.54	$	0.26	$	(1.21	)	$	(0.95	)	$	(0.57	)	$	(1.70	)	$	(2.27	)	$	25.32		(3.64	)%	$	894,049	0.68	%	0.68	%	1.91	%	3	%
2024		23.47		0.55		6.40			6.95			(0.59	)		(1.29	)		(1.88	)		28.54		30.77			1,076,076	0.67		0.67		2.08		26
2023		27.01		0.57		(0.65	)		(0.08	)		(0.60	)		(2.86	)		(3.46	)		23.47		(0.43	)		1,013,997	0.68		0.68		2.28		10
2022		31.86		0.56		(1.63	)		(1.07	)		(0.59	)		(3.19	)		(3.78	)		27.01		(4.00	)		1,242,510	0.66		0.66		2.00		28
2021		22.35		0.54		10.39			10.93			(0.62	)		(0.80	)		(1.42	)		31.86		50.55			1,354,981	0.66		0.66		1.83		9
2020		27.03		0.55		(3.87	)		(3.32	)		(0.59	)		(0.77	)		(1.36	)		22.35		(13.22	)		1,090,639	0.65		0.65		2.29		24
Investor Class Shares
2025^*	$	28.35	$	0.22	$	(1.19	)	$	(0.97	)	$	(0.49	)	$	(1.70	)	$	(2.19	)	$	25.19		(3.76	)%	$	230,050	0.93	%	0.93	%	1.67	%	3	%
2024		23.32		0.49		6.35			6.84			(0.52	)		(1.29	)		(1.81	)		28.35		30.41			307,097	0.92		0.92		1.82		26
2023		26.83		0.52		(0.65	)		(0.13	)		(0.52	)		(2.86	)		(3.38	)		23.32		(0.66	)		234,418	0.93		0.93		2.09		10
2022		31.66		0.50		(1.65	)		(1.15	)		(0.49	)		(3.19	)		(3.68	)		26.83		(4.26	)		413,256	0.91		0.91		1.79		28
2021		22.24		0.46		10.34			10.80			(0.58	)		(0.80	)		(1.38	)		31.66		50.16			671,772	0.91		0.91		1.59		9
2020		26.91		0.42		(3.79	)		(3.37	)		(0.53	)		(0.77	)		(1.30	)		22.24		(13.43	)		725,566	0.91		0.91		1.82		24

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	1,120,318	$	—	$	—	$	1,120,318
Repurchase Agreement		—		4,460		—		4,460
Total Investments in Securities	$	1,120,318	$	4,460	$	—	$	1,124,778

(Registrant)	The Advisors’ Inner Circle Fund

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

Date: July 7, 2025

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

Date: July 7, 2025

The Advisors' Inner Circle Fund

LSV Value Equity Fund

Institutional Class Shares - LSVEX

Semi-Annual Shareholder Report: April 30, 2025

What were the Fund costs for the last six months?

Key Fund Statistics as of April 30, 2025

What did the Fund invest in?

Sector WeightingsFootnote Reference*

Top Ten Holdings

Changes in and Disagreements with Accountants

Additional Information

Householding

LSVEX-SAR-2025

The Advisors' Inner Circle Fund

LSV Value Equity Fund

Investor Class Shares - LVAEX

Semi-Annual Shareholder Report: April 30, 2025

What were the Fund costs for the last six months?

Key Fund Statistics as of April 30, 2025

What did the Fund invest in?

Sector WeightingsFootnote Reference*

Top Ten Holdings

Changes in and Disagreements with Accountants

Additional Information

Householding

LVAEX-SAR-2025

Sector Weightings^{Footnote Reference*}

Sector Weightings^{Footnote Reference*}