# EDGAR Filing Document

**Accession Number:** 0000878719
**File Stem:** 0001398344-26-009680
**Filing Date:** 2026-5
**Character Count:** 145012
**Document Hash:** bc580d5411118660ac3c210118292d12
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-26-009680.hdr.sgml**: 20260522

**ACCESSION NUMBER**: 0001398344-26-009680

**CONFORMED SUBMISSION TYPE**: N-CSR/A

**PUBLIC DOCUMENT COUNT**: 23

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20260522

**DATE AS OF CHANGE**: 20260522

**EFFECTIVENESS DATE**: 20260522

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ADVISORS' INNER CIRCLE FUND
- **CENTRAL INDEX KEY:** 0000878719

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** N-CSR/A
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-06400
- **FILM NUMBER:** 261013801

**BUSINESS ADDRESS:**
- **STREET 1:** 1 FREEDOM VALLEY DRIVE
- **CITY:** OAKS
- **STATE:** PA
- **ZIP:** 19087
- **BUSINESS PHONE:** 8009327781

**MAIL ADDRESS:**
- **STREET 1:** 1 FREEDOM VALLEY DRIVE
- **CITY:** OAKS
- **STATE:** PA
- **ZIP:** 19087

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ADVISORS INNER CIRCLE FUND
- **DATE OF NAME CHANGE:** 19920929

## Series and Classes Contracts Data

### LSV Global Value Fund (Series ID: S000023533)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000069244 | Institutional Class Shares | LSVGX           |
| C000142760 | Investor Class Shares      | LVAGX           |

?xml version='1.0' encoding='ASCII'? Consolidated ssr-output-EDGAR XBRL File

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM N-CSR/A**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT**

**INVESTMENT COMPANIES**

**Investment Company Act File Number 811-06400**

**The Advisors' Inner Circle Fund**

(Exact name of registrant as specified in charter)

SEI Investments

One Freedom Valley Drive

Oaks, PA 19456

(Address of principal executive offices) (Zip code)

SEI Investments

One Freedom Valley Drive

Oaks, PA 19456

(Name and address of agent for service)

**Registrant's telephone number, including area code: (877) 446-3863**

**Date of fiscal year end: October 31, 2025**

**Date of reporting period: October 31, 2025**

**Explanatory Note:**

Subsequent to the Form N-CSR filing (on January 9, 2026) for The Advisors' Inner Circle Fund I (the "Trust"), a misstatement of certain amounts related to PricewaterhouseCoopers LLP ("PwC") fees in Item 4 (Principal Accountant Fees and Services) for the fiscal year ended October 31, 2025, was identified. This filing intends to correct the fees for services provided to the Trust by PwC. The amounts provided for the fiscal year ended October 31, 2024, were appropriately stated and have not changed. There are no other changes included in this supplemental filing.

**Item 1.** **Reports to Stockholders.**

(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Investment Company Act of 1940, as amended (the "Act") (17 CFR § 270.30e-1), is attached hereto.

**# The Advisors' Inner Circle Fund
![Image](i0fa10136122fe7c3bd33765c.jpg)

## LSV Global Value Fund

## Institutional Class Shares - LSVGX

## Annual Shareholder Report: October 31, 2025
This annual shareholder report contains important information about Institutional Class Shares of the LSV Global Value Fund (the "Fund") for the period from November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://www.lsvasset.com/global-value-fund/. You can also request this information by contacting us at 888-386-3578.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| <u>Fund Name</u> | <u>Costs of a $10,000 investment</u> | <u>Costs paid as a percentage of a $10,000 investment</u> |
| LSV Global Value Fund, Institutional Class Shares | $99 | 0.90% |

---

## How did the Fund perform in the last year?
The global equity market as measured by the MSCI AC World Index was up 22.64% for the twelve months ended October 31, 2025. The U.S. stock market continued to lead global equities, with the S&P 500 up 21.45% over the past year. The U.S. market's dominance in global indices increased further, with its weight in the MSCI AC World Index rising to approximately 65% as of October 31, 2025. Enthusiasm for fast-growing businesses in the technology and communication services sectors remained strong. While the market rewarded the mega-cap growth stocks in the period, smaller stocks and value-oriented stocks lagged behind. From a style perspective, value stocks (as measured by the MSCI Indices) underperformed growth—the MSCI AC World Value Index was up 14.98% while the MSCI AC World Growth Index was up 29.99% (both in USD). The LSV Global Value Equity Fund, Institutional Class Shares, was up 20.14% for the period. From a sector perspective, Information Technology, Communication Services, and Financials stocks outperformed, while the Consumer Staples, Real Estate, and Health Care sectors lagged.

The Fund's deeper value bias detracted over the period as value stocks lagged meaningfully amidst the market rally. Performance attribution further indicates that both stock and sector selection detracted from portfolio relative returns for the period. The portfolio's smaller capitalization bias relative to the benchmark detracted as large cap stocks across markets outperformed during the trailing one year. Stock selection relative losses were primarily the result of the underperformance of deep value names within the Industrials, Information Technology, and Communication Services. From a sector perspective, relative losses were largely the result of our underweight positions in the Information Technology as well as our overweight to Energy and Health Care stocks. Top contributors for the year included our overweight positions in Indra Sistemas, NRG Energy, Flex, and Asseco Poland. Not owning Nvidia, Broadcom, Tesla, Palantir Technology, Taiwan Semiconductor, Microsoft, Amazon, Advanced Micro Devices, and SK Hynix also contributed to losses.

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 11.5x forward earnings compared to 21.3x for the MSCI AC World Index, 1.7x book value compared to 3.6x for the benchmark and 7.4x cash flow compared to 17.3x for the MSCI AC World Index. Sector weightings are a result of our bottom-up stock selection process, subject to constraints at the sector and industry levels. The Fund is currently overweight the Financials, Energy, and Health Care while underweight Information Technology, Industrials, and Real Estate.

#### How did the Fund perform during the last 10 years?

## Total Return Based on $100,000 Investment
![Growth Chart](i386beb583345427c6b1ef9fd.jpg)

---

| | | |
|:---|:---|:---|
| | LSV Global Value Fund, Institutional Class Shares | MSCI ACWI Index (USD) (NR)<sup>Footnote Reference\*</sup><sup>Footnote Reference†</sup> |
| Oct/15 | $100000 | $100000 |
| Oct/16 | $100956 | $102048 |
| Oct/17 | $125478 | $125726 |
| Oct/18 | $118210 | $125075 |
| Oct/19 | $127149 | $140824 |
| Oct/20 | $111345 | $147707 |
| Oct/21 | $160903 | $202769 |
| Oct/22 | $143377 | $162302 |
| Oct/23 | $157093 | $179346 |
| Oct/24 | $199204 | $238155 |
| Oct/25 | $239325 | $292080 |

---

The line graph represents historical performance of a hypothetical investment of $100,000 in the Fund during the last 10 years. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. Past performance is not indicative of future performance.Call 888-386-3578 or visit https://www.lsvasset.com/global-value-fund/ for current month-end performance.

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;ACWI – All Country World Index |
| &nbsp;&nbsp;Footnote† | &nbsp;&nbsp;Net Return (NR) - Reflects no deductions for fees, expenses or taxes (except foreign withholding taxes). |

---

## Average Annual Total Returns as of October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| <u>Fund/Index Name</u> | <u>1 Year</u> | <u>5 Years</u> | <u>10 Years</u> |
| LSV Global Value Fund, Institutional Class Shares | 20.14% | 16.54% | 9.12% |
| MSCI ACWI Index (USD) (NR)<sup>Footnote Reference\*</sup><sup>Footnote Reference†</sup> | 22.64% | 14.61% | 11.31% |

---

## Key Fund Statistics as of October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| <u>Total Net Assets (000's)</u> | <u>Number of Holdings</u> | <u>Total Advisory Fees Paid (000's)</u> | <u>Portfolio Turnover Rate</u> |
| $90900 | 240 | $530 | 15% |

---

## What did the Fund invest in?

### Country/Asset Weightings<sup>Footnote Reference \*</sup>
![Holdings Chart](i6576871ce0158f1651867a05.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Other Countries | 10.8% |
| Repurchase Agreement | 0.0% |
| Sweden | 1.4% |
| Italy | 1.4% |
| Netherlands | 1.5% |
| Germany | 1.6% |
| Switzerland | 1.7% |
| Canada | 2.8% |
| Taiwan | 3.0% |
| France | 3.5% |
| United Kingdom | 4.0% |
| Japan | 4.2% |
| China | 4.7% |
| United States | 58.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

### Top Ten Holdings

---

| | |
|:---|:---|
| <u>Holding Name</u> | <u>Percentage of Total Net Assets<sup>Footnote Reference(A)</sup></u> |
| QUALCOMM | 1.5% |
| Alphabet, Cl A | 1.5% |
| Novartis | 1.3% |
| Dell Technologies, Cl C | 1.2% |
| Alibaba Group Holding | 1.2% |
| Flex | 1.2% |
| Cisco Systems | 1.2% |
| GSK | 1.1% |
| AT&T | 1.1% |
| PetroChina, Cl H | 1.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(A)</sup> | &nbsp;&nbsp;Repurchase Agreements are not shown in the top ten chart. |

---

## Material Fund Changes
There were no material changes during the reporting period.

## 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/global-value-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.

## The Advisors' Inner Circle Fund

## LSV Global Value Fund / Institutional Class Shares - LSVGX

## Annual Shareholder Report: October 31, 2025

## LSVGX-AR-2025
![Image](i0fa10136122fe7c3bd33765c.jpg)

# The Advisors' Inner Circle Fund
![Image](i0fa10136122fe7c3bd33765c.jpg)

## LSV Global Value Fund

## Investor Class Shares - LVAGX

## Annual Shareholder Report: October 31, 2025
This annual shareholder report contains important information about Investor Class Shares of the LSV Global Value Fund (the "Fund") for the period from November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://www.lsvasset.com/global-value-fund/. You can also request this information by contacting us at 888-386-3578.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| <u>Fund Name</u> | <u>Costs of a $10,000 investment</u> | <u>Costs paid as a percentage of a $10,000 investment</u> |
| LSV Global Value Fund, Investor Class Shares | $126 | 1.15% |

---

## How did the Fund perform in the last year?
The global equity market as measured by the MSCI AC World Index was up 22.64% for the twelve months ended October 31, 2025. The U.S. stock market continued to lead global equities, with the S&P 500 up 21.45% over the past year. The U.S. market's dominance in global indices increased further, with its weight in the MSCI AC World Index rising to approximately 65% as of October 31, 2025. Enthusiasm for fast-growing businesses in the technology and communication services sectors remained strong. While the market rewarded the mega-cap growth stocks in the period, smaller stocks and value-oriented stocks lagged behind. From a style perspective, value stocks (as measured by the MSCI Indices) underperformed growth—the MSCI AC World Value Index was up 14.98% while the MSCI AC World Growth Index was up 29.99% (both in USD). The LSV Global Value Equity Fund, Investor Class Shares, was up 19.83% for the period. From a sector perspective, Information Technology, Communication Services, and Financials stocks outperformed, while the Consumer Staples, Real Estate, and Health Care sectors lagged.

The Fund's deeper value bias detracted over the period as value stocks lagged meaningfully amidst the market rally. Performance attribution further indicates that both stock and sector selection detracted from portfolio relative returns for the period. The portfolio's smaller capitalization bias relative to the benchmark detracted as large cap stocks across markets outperformed during the trailing one year. Stock selection relative losses were primarily the result of the underperformance of deep value names within the Industrials, Information Technology, and Communication Services. From a sector perspective, relative losses were largely the result of our underweight positions in the Information Technology as well as our overweight to Energy and Health Care stocks. Top contributors for the year included our overweight positions in Indra Sistemas, NRG Energy, Flex, and Asseco Poland. Not owning Nvidia, Broadcom, Tesla, Palantir Technology, Taiwan Semiconductor, Microsoft, Amazon, Advanced Micro Devices, and SK Hynix also contributed to losses.

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 11.5x forward earnings compared to 21.3x for the MSCI AC World Index, 1.7x book value compared to 3.6x for the benchmark and 7.4x cash flow compared to 17.3x for the MSCI AC World Index. Sector weightings are a result of our bottom-up stock selection process, subject to constraints at the sector and industry levels. The Fund is currently overweight the Financials, Energy, and Health Care while underweight Information Technology, Industrials, and Real Estate.

#### How did the Fund perform during the last 10 years?

## Total Return Based on $10,000 Investment
![Growth Chart](i9b634639dafd87210dddceba.jpg)

---

| | | |
|:---|:---|:---|
| | LSV Global Value Fund, Investor Class Shares | MSCI ACWI Index (USD) (NR)<sup>Footnote Reference\*</sup><sup>Footnote Reference†</sup> |
| Oct/15 | $10000 | $10000 |
| Oct/16 | $10077 | $10205 |
| Oct/17 | $12490 | $12573 |
| Oct/18 | $11750 | $12508 |
| Oct/19 | $12600 | $14082 |
| Oct/20 | $11009 | $14771 |
| Oct/21 | $15872 | $20277 |
| Oct/22 | $14092 | $16230 |
| Oct/23 | $15414 | $17935 |
| Oct/24 | $19505 | $23816 |
| Oct/25 | $23373 | $29208 |

---

The line graph represents historical performance of a hypothetical investment of $10,000 in the Fund during the last 10 years. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. Past performance is not indicative of future performance.Call 888-386-3578 or visit https://www.lsvasset.com/global-value-fund/ for current month-end performance.

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;ACWI – All Country World Index |
| &nbsp;&nbsp;Footnote† | &nbsp;&nbsp;Net Return (NR) - Reflects no deductions for fees, expenses or taxes (except foreign withholding taxes). |

---

## Average Annual Total Returns as of October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| <u>Fund/Index Name</u> | <u>1 Year</u> | <u>5 Years</u> | <u>10 Years</u> |
| LSV Global Value Fund, Investor Class Shares | 19.83% | 16.25% | 8.86% |
| MSCI ACWI Index (USD) (NR)<sup>Footnote Reference\*</sup><sup>Footnote Reference†</sup> | 22.64% | 14.61% | 11.31% |

---

## Key Fund Statistics as of October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| <u>Total Net Assets (000's)</u> | <u>Number of Holdings</u> | <u>Total Advisory Fees Paid (000's)</u> | <u>Portfolio Turnover Rate</u> |
| $90900 | 240 | $530 | 15% |

---

## What did the Fund invest in?

### Country/Asset Weightings<sup>Footnote Reference \*</sup>
![Holdings Chart](i6576871ce0158f1651867a05.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Other Countries | 10.8% |
| Repurchase Agreement | 0.0% |
| Sweden | 1.4% |
| Italy | 1.4% |
| Netherlands | 1.5% |
| Germany | 1.6% |
| Switzerland | 1.7% |
| Canada | 2.8% |
| Taiwan | 3.0% |
| France | 3.5% |
| United Kingdom | 4.0% |
| Japan | 4.2% |
| China | 4.7% |
| United States | 58.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

### Top Ten Holdings

---

| | |
|:---|:---|
| <u>Holding Name</u> | <u>Percentage of Total Net Assets<sup>Footnote Reference(A)</sup></u> |
| QUALCOMM | 1.5% |
| Alphabet, Cl A | 1.5% |
| Novartis | 1.3% |
| Dell Technologies, Cl C | 1.2% |
| Alibaba Group Holding | 1.2% |
| Flex | 1.2% |
| Cisco Systems | 1.2% |
| GSK | 1.1% |
| AT&T | 1.1% |
| PetroChina, Cl H | 1.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(A)</sup> | &nbsp;&nbsp;Repurchase Agreements are not shown in the top ten chart. |

---

## Material Fund Changes
There were no material changes during the reporting period.

## 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/global-value-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.

## The Advisors' Inner Circle Fund

## LSV Global Value Fund / Investor Class Shares - LVAGX

## Annual Shareholder Report: October 31, 2025

## LVAGX-AR-2025
![Image](i0fa10136122fe7c3bd33765c.jpg)**

(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

**Item 2.** **Code of Ethics.**

The Registrant (also referred to as the "Trust") has adopted a code of ethics that applies to the Registrant's principal executive officer, principal financial officer, controller or principal accounting officer, and any person who performs a similar function. There have been no amendments to or waivers granted to this code of ethics during the period covered by this report.

**Item 3.** **Audit Committee Financial Expert.**

(a)(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Registrant's board of trustees has determined that the Registrant has at least one audit committee financial expert serving on the audit committee.

(a)(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Registrant's audit committee financial expert is Robert Mulhall. Mr. Mulhall is considered to be "independent", as that term is defined in Form N-CSR Item 3(a)(2).

**Item 4.** **Principal Accountant Fees and Services.**

Fees billed by PricewaterhouseCoopers LLP ("PwC") related to the Trust.

PwC billed the Trust aggregate fees for services rendered to the Trust for the last two fiscal years as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **FYE October 31, 2025** | **FYE October 31, 2025** | **FYE October 31, 2025** | **FYE October 31, 2024** | **FYE October 31, 2024** | **FYE October 31, 2024** |
| | | All fees and services to the Trust that were pre-approved | All fees and services to service affiliates that were pre-approved | All other fees and services to service affiliates that did not require pre-approval | All fees and services to the Trust that were pre-approved | All fees and services to service affiliates that were pre-approved | All other fees and services to service affiliates that did not require pre-approval |
| (a) | Audit Fees<sup>(1)</sup> | $96175 |  |  | $91274 |  |  |
| (b) | Audit-Related Fees |  |  |  |  |  |  |
| (c) | Tax Fees<sup>(2)</sup> |  |  | $682400 |  |  |  |
| (d) | All Other Fees |  |  |  |  |  |  |

---

Fees billed by Ernst & Young LLP ("E&Y") related to the Trust.

E&Y billed the Trust aggregate fees for services rendered to the Trust for the last two fiscal years as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **FYE October 31, 2025** | **FYE October 31, 2025** | **FYE October 31, 2025** | **FYE October 31, 2024** | **FYE October 31, 2024** | **FYE October 31, 2024** |
| | | All fees and services to the Trust that were pre-approved | All fees and services to service affiliates that were pre-approved | All other fees and services to service affiliates that did not require pre-approval | All fees and services to the Trust that were pre-approved | All fees and services to service affiliates that were pre-approved | All other fees and services to service affiliates that did not require pre-approval |
| (a) | Audit Fees<sup>(1)</sup> | $587404 |  |  | $539063 |  |  |
| (b) | Audit-Related Fees |  |  |  |  |  |  |
| (c) | Tax Fees |  |  |  |  |  |  |
| (d) | All Other Fees |  |  |  |  |  |  |

---

Fees billed by Cohen & Co. ("Cohen") related to the Trust.

Cohen billed the Trust aggregate fees for services rendered to the Trust for the last two fiscal years as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **FYE October 31, 2025** | **FYE October 31, 2025** | **FYE October 31, 2025** | **FYE October 31, 2024** | **FYE October 31, 2024** | **FYE October 31, 2024** |
| | | All fees and services to the Trust that were pre-approved | All fees and services to service affiliates that were pre-approved | All other fees and services to service affiliates that did not require pre-approval | All fees and services to the Trust that were pre-approved | All fees and services to service affiliates that were pre-approved | All other fees and services to service affiliates that did not require pre-approval |
| (a) | Audit Fees<sup>(1)</sup> | $45800 |  |  | $43700 |  |  |
| (b) | Audit-Related Fees |  |  |  |  |  |  |
| (c) | Tax Fees |  |  |  |  |  |  |
| (d) | All Other Fees |  |  |  |  |  |  |

---

Notes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Audit fees include amounts related
 to the audit of the Trust's annual financial statements and services normally provided by the accountant in connection with statutory
 and regulatory filings.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Tax
compliance services provided to service affiliates of the funds.

(e)(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trust's Audit Committee has adopted and the Board of Trustees has ratified an Audit and Non-Audit Services Pre-Approval Policy (the "Policy"), which sets forth the procedures and the conditions pursuant to which services proposed to be performed by the independent auditor of the Funds may be pre-approved.

The Policy provides that all requests or applications for proposed services to be provided by the independent auditor must be submitted to the Registrant's Chief Financial Officer ("CFO") and must include a detailed description of the services proposed to be rendered. The CFO will determine whether such services:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) require specific pre-approval;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) are included within the list of
 services that have received the general pre-approval of the Audit Committee pursuant to the Policy; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) have been previously pre-approved
 in connection with the independent auditor's annual engagement letter for the applicable year or otherwise. In any instance where
 services require pre-approval, the Audit Committee will consider whether such services are consistent with SEC's rules and whether
 the provision of such services would impair the auditor's independence.

Requests or applications to provide services that require specific pre-approval by the Audit Committee will be submitted to the Audit Committee by the CFO. The Audit Committee will be informed by the CFO on a quarterly basis of all services rendered by the independent auditor. The Audit Committee has delegated specific pre-approval authority to either the Audit Committee Chair or financial expert, provided that the estimated fee for any such proposed pre-approved service does not exceed $100,000 and any pre-approval decisions are reported to the Audit Committee at its next regularly-scheduled meeting.

Services that have received the general pre-approval of the Audit Committee are identified and described in the Policy. In addition, the Policy sets forth a maximum fee per engagement with respect to each identified service that has received general pre-approval.

All services to be provided by the independent auditor shall be provided pursuant to a signed written engagement letter with the Registrant, the investment adviser, or applicable control affiliate (except that matters as to which an engagement letter would be impractical because of timing issues or because the matter is small may not be the subject of an engagement letter) that sets forth both the services to be provided by the independent auditor and the total fees to be paid to the independent auditor for those services.

In addition, the Audit Committee has determined to take additional measures on an annual basis to meet the Audit Committee's responsibility to oversee the work of the independent auditor and to assure the auditor's independence from the Registrant, such as (a) reviewing a formal written statement from the independent auditor delineating all relationships between the independent auditor and the Registrant, and (b) discussing with the independent auditor the independent auditor's methods and procedures for ensuring independence.

(e)(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Percentage of fees billed applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows (PwC):

---

| | | |
|:---|:---|:---|
| | **2025** | **2024** |
| Audit-Related Fees | None | None |
| Tax Fees | None | None |
| All Other Fees | None | None |

---

(e)(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Percentage of fees billed applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows (E&Y):

---

| | | |
|:---|:---|:---|
| | **2025** | **2024** |
| Audit-Related Fees | None | None |
| Tax Fees | None | None |
| All Other Fees | None | None |

---

(e)(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Percentage of fees billed applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows (Cohen):

---

| | | |
|:---|:---|:---|
| | **2025** | **2024** |
| Audit-Related Fees | None | None |
| Tax Fees | None | None |
| All Other Fees | None | None |

---

(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The aggregate non-audit fees and services billed by PwC for services rendered to the Registrant, and rendered to the Registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant for the last two fiscal-years-ended October 31<sup>st</sup> were $682,400 and $0 for 2025 and 2024, respectively.

(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The aggregate non-audit fees and services billed by E&Y for services rendered to the Registrant, and rendered to the Registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant for the last two fiscal-years-ended October 31<sup>st</sup> were $0 and $0 for 2025 and 2024, respectively.

(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The aggregate non-audit fees and services billed by Cohen for services rendered to the Registrant, and rendered to the Registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant for the last two fiscal-years-ended October 31<sup>st</sup> were $0 and $0 for 2025 and 2024, respectively.

(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; During the past fiscal year, all non-audit services provided by the Registrant's principal accountant to either the Registrant's investment adviser or to any entity controlling, controlled by, or under common control with the Registrant's investment adviser that provides ongoing services to the Registrant were pre-approved by the Audit Committee of Registrant's Board of Trustees. Included in the Audit Committee's pre-approval of these non-audit service were the review and consideration as to whether the provision of these non-audit services is compatible with maintaining the principal accountant's independence.

(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not Applicable. The Registrant has not retained, for the preparation of the audit report on the financial statements included in the Form N-CSR, a registered public accounting firm that has a branch or office that is located in a foreign jurisdiction and that the Public Company Accounting Oversight Board (the "PCAOB") has determined that the PCAOB is unable to inspect or investigate completely because of a position taken by an authority in the foreign jurisdiction.

(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable. The Registrant is not a "foreign issuer," as defined in 17 CFR § 240.3b-4.

**Item 5.** **Audit Committee of Listed Registrants.**

Not applicable to open-end management investment companies.

**Item 6.** **Schedule of Investments.**

(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Schedule of Investments is included as part of the Financial Statements and Other Information filed under Item 7 of this form.

(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

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

Financial statements and financial highlights are filed herein.

**THE ADVISORS' INNER CIRCLE FUND**

![](fp0096596-7_01.jpg)

Global Value Fund

**ANNUAL FINANCIALS AND OTHER INFORMATION**

**October 31, 2025**

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

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **LSV** |

---

**Global Value Fund**

**October 31, 2025**

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| Financial Statements (Form N-CSR Item 7) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule of Investments | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statement of Assets and Liabilities | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statement of Operations | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statements of Changes in Net Assets | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Highlights | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes to Financial Statements | 11 |
| Report of Independent Registered Public Accounting Firm | 18 |
| Notice to Shareholders (Unaudited) | 19 |
| Other Information (Form N-CSR Items 8-11) (Unaudited) | 20 |

---

**Schedule of Investments**

October 31, 2025

---

| | | |
|:---|:---|:---|
| **LSV Global Value Fund** | **LSV Global Value Fund** | **LSV Global Value Fund** |
|  | Shares | Value (000) |
| **U.S. Common Stock (58.8%)** | **U.S. Common Stock (58.8%)** | **U.S. Common Stock (58.8%)** |
| **United States (58.8%)** | **United States (58.8%)** | **United States (58.8%)** |
| **Communication Services (6.1%)** | **Communication Services (6.1%)** | **Communication Services (6.1%)** |
| &nbsp;&nbsp;&nbsp;Alphabet, Cl A | 4800 | $1349 |
| &nbsp;&nbsp;&nbsp;AT&T | 39300 | 973 |
| &nbsp;&nbsp;&nbsp;Comcast, Cl A | 20100 | 559 |
| &nbsp;&nbsp;&nbsp;Fox, Cl A | 8200 | 531 |
| &nbsp;&nbsp;&nbsp;Match Group | 8400 | 272 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Cl A | 800 | 519 |
| &nbsp;&nbsp;&nbsp;Nexstar Media Group, Cl A | 1300 | 254 |
| &nbsp;&nbsp;&nbsp;Playtika Holding | 19700 | 72 |
| &nbsp;&nbsp;&nbsp;Verizon Communications | 17000 | 676 |
| &nbsp;&nbsp;&nbsp;ZoomInfo Technologies, Cl A\* | 26800 | 301 |
|  |  | 5506 |
| **Consumer Discretionary (7.4%)** | **Consumer Discretionary (7.4%)** | **Consumer Discretionary (7.4%)** |
| &nbsp;&nbsp;&nbsp;ADT | 35800 | 316 |
| &nbsp;&nbsp;&nbsp;AutoNation\* | 2200 | 440 |
| &nbsp;&nbsp;&nbsp;Best Buy | 2900 | 238 |
| &nbsp;&nbsp;&nbsp;BorgWarner | 7100 | 305 |
| &nbsp;&nbsp;&nbsp;Brunswick | 3200 | 211 |
| &nbsp;&nbsp;&nbsp;Carter's | 3200 | 100 |
| &nbsp;&nbsp;&nbsp;Dick's Sporting Goods | 1400 | 310 |
| &nbsp;&nbsp;&nbsp;eBay | 5800 | 472 |
| &nbsp;&nbsp;&nbsp;Ford Motor | 30800 | 404 |
| &nbsp;&nbsp;&nbsp;General Motors | 12200 | 844 |
| &nbsp;&nbsp;&nbsp;Goodyear Tire & Rubber\* | 22700 | 156 |
| &nbsp;&nbsp;&nbsp;Group 1 Automotive | 1200 | 477 |
| &nbsp;&nbsp;&nbsp;H&R Block | 6800 | 339 |
| &nbsp;&nbsp;&nbsp;Harley-Davidson | 5900 | 159 |
| &nbsp;&nbsp;&nbsp;Kohl's | 6600 | 107 |
| &nbsp;&nbsp;&nbsp;Lear | 1900 | 199 |
| &nbsp;&nbsp;&nbsp;Macy's | 10500 | 205 |
| &nbsp;&nbsp;&nbsp;Polaris | 2100 | 139 |
| &nbsp;&nbsp;&nbsp;PulteGroup | 2500 | 300 |
| &nbsp;&nbsp;&nbsp;PVH | 3900 | 306 |
| &nbsp;&nbsp;&nbsp;Signet Jewelers | 3400 | 336 |
| &nbsp;&nbsp;&nbsp;Tri Pointe Homes\* | 11100 | 353 |
|  |  | 6716 |
| **Consumer Staples (2.8%)** | **Consumer Staples (2.8%)** | **Consumer Staples (2.8%)** |
| &nbsp;&nbsp;&nbsp;Albertsons, Cl A | 13700 | 242 |
| &nbsp;&nbsp;&nbsp;Altria Group | 7000 | 394 |
| &nbsp;&nbsp;&nbsp;Archer-Daniels-Midland | 4600 | 278 |
| &nbsp;&nbsp;&nbsp;Bunge Global | 2600 | 246 |
| &nbsp;&nbsp;&nbsp;Conagra Brands | 7500 | 129 |
| &nbsp;&nbsp;&nbsp;General Mills | 4500 | 210 |
| &nbsp;&nbsp;&nbsp;Ingredion | 2800 | 323 |
| &nbsp;&nbsp;&nbsp;Kroger | 7300 | 465 |
| &nbsp;&nbsp;&nbsp;Molson Coors Beverage, Cl B | 6600 | 289 |
|  |  | 2576 |
| **Energy (1.6%)** | **Energy (1.6%)** | **Energy (1.6%)** |
| &nbsp;&nbsp;&nbsp;California Resources | 5900 | 278 |
| &nbsp;&nbsp;&nbsp;Marathon Petroleum | 3400 | 663 |

---

---

| | | | |
|:---|:---|:---|:---|
| **LSV Global Value Fund** | **LSV Global Value Fund** | **LSV Global Value Fund** | **LSV Global Value Fund** |
|  | Shares | Value (000) | Value (000) |
| **Energy (continued)** | **Energy (continued)** | **Energy (continued)** | **Energy (continued)** |
| &nbsp;&nbsp;&nbsp;Phillips 66 | 1890 | $| 257 |
| &nbsp;&nbsp;&nbsp;Valero Energy | 1500 |  | 254 |
|  |  |  | 1452 |
| **Financials (10.3%)** | **Financials (10.3%)** | **Financials (10.3%)** | **Financials (10.3%)** |
| &nbsp;&nbsp;&nbsp;Ally Financial | 9600 |  | 374 |
| &nbsp;&nbsp;&nbsp;American International Group | 5400 |  | 426 |
| &nbsp;&nbsp;&nbsp;Ameriprise Financial | 600 |  | 272 |
| &nbsp;&nbsp;&nbsp;Bank of New York Mellon | 8800 |  | 950 |
| &nbsp;&nbsp;&nbsp;Citigroup | 7200 |  | 730 |
| &nbsp;&nbsp;&nbsp;Citizens Financial Group | 10400 |  | 529 |
| &nbsp;&nbsp;&nbsp;Everest Group | 500 |  | 157 |
| &nbsp;&nbsp;&nbsp;First Horizon | 18400 |  | 393 |
| &nbsp;&nbsp;&nbsp;Hartford Financial Services Group | 3900 |  | 485 |
| &nbsp;&nbsp;&nbsp;Lincoln National | 4000 |  | 168 |
| &nbsp;&nbsp;&nbsp;MetLife | 3600 |  | 287 |
| &nbsp;&nbsp;&nbsp;MGIC Investment | 19600 |  | 537 |
| &nbsp;&nbsp;&nbsp;NCR Atleos\* | 5800 |  | 214 |
| &nbsp;&nbsp;&nbsp;Northern Trust | 4900 |  | 630 |
| &nbsp;&nbsp;&nbsp;PayPal Holdings\* | 4200 |  | 291 |
| &nbsp;&nbsp;&nbsp;Prudential Financial | 1400 |  | 146 |
| &nbsp;&nbsp;&nbsp;Radian Group | 11500 |  | 390 |
| &nbsp;&nbsp;&nbsp;Regions Financial | 10600 |  | 257 |
| &nbsp;&nbsp;&nbsp;Rithm Capital‡ | 29200 |  | 320 |
| &nbsp;&nbsp;&nbsp;State Street | 7300 |  | 844 |
| &nbsp;&nbsp;&nbsp;Wells Fargo | 8100 |  | 704 |
| &nbsp;&nbsp;&nbsp;Zions Bancorp | 4000 |  | 208 |
|  |  |  | 9312 |
| **Health Care (7.1%)** | **Health Care (7.1%)** | **Health Care (7.1%)** | **Health Care (7.1%)** |
| &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb | 7600 |  | 350 |
| &nbsp;&nbsp;&nbsp;Cardinal Health | 1500 |  | 286 |
| &nbsp;&nbsp;&nbsp;Centene\* | 4700 |  | 166 |
| &nbsp;&nbsp;&nbsp;CVS Health | 5600 |  | 438 |
| &nbsp;&nbsp;&nbsp;DaVita\* | 2100 |  | 250 |
| &nbsp;&nbsp;&nbsp;Exelixis\* | 8400 |  | 325 |
| &nbsp;&nbsp;&nbsp;Gilead Sciences | 8000 |  | 958 |
| &nbsp;&nbsp;&nbsp;Halozyme Therapeutics\* | 5200 |  | 339 |
| &nbsp;&nbsp;&nbsp;Incyte\* | 6600 |  | 617 |
| &nbsp;&nbsp;&nbsp;Jazz Pharmaceuticals\* | 3600 |  | 496 |
| &nbsp;&nbsp;&nbsp;Johnson & Johnson | 1500 |  | 283 |
| &nbsp;&nbsp;&nbsp;Merck | 6300 |  | 542 |
| &nbsp;&nbsp;&nbsp;Organon | 8500 |  | 57 |
| &nbsp;&nbsp;&nbsp;Pfizer | 33300 |  | 821 |
| &nbsp;&nbsp;&nbsp;United Therapeutics\* | 800 |  | 356 |
| &nbsp;&nbsp;&nbsp;Viatris, Cl W | 20500 |  | 212 |
|  |  |  | 6496 |
| **Industrials (5.7%)** | **Industrials (5.7%)** | **Industrials (5.7%)** | **Industrials (5.7%)** |
| &nbsp;&nbsp;&nbsp;AGCO | 2800 |  | 289 |
| &nbsp;&nbsp;&nbsp;Allison Transmission Holdings | 6500 |  | 536 |
| &nbsp;&nbsp;&nbsp;CNH Industrial | 19000 |  | 199 |
| &nbsp;&nbsp;&nbsp;CSG Systems International | 4200 |  | 329 |

---

The accompanying notes are an integral part of the financial statements

**Schedule of Investments**

October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **LSV Global Value Fund** | **LSV Global Value Fund** | **LSV Global Value Fund** | **LSV Global Value Fund** |
|  | Shares | Value (000) | Value (000) |
| **Industrials (continued)** | **Industrials (continued)** | **Industrials (continued)** | **Industrials (continued)** |
| &nbsp;&nbsp;&nbsp;Cummins | 1400 | $| 613 |
| &nbsp;&nbsp;&nbsp;Delta Air Lines | 5600 |  | 321 |
| &nbsp;&nbsp;&nbsp;FedEx | 1800 |  | 457 |
| &nbsp;&nbsp;&nbsp;Oshkosh | 2600 |  | 321 |
| &nbsp;&nbsp;&nbsp;Owens Corning | 2600 |  | 331 |
| &nbsp;&nbsp;&nbsp;Ryder System | 3000 |  | 508 |
| &nbsp;&nbsp;&nbsp;Science Applications International | 2900 |  | 272 |
| &nbsp;&nbsp;&nbsp;Textron | 5400 |  | 436 |
| &nbsp;&nbsp;&nbsp;United Airlines Holdings\* | 4200 |  | 395 |
|  |  |  | 5007 |
| **Information Technology (15.9%)** | **Information Technology (15.9%)** | **Information Technology (15.9%)** | **Information Technology (15.9%)** |
| &nbsp;&nbsp;&nbsp;ACM Research, Cl A\* | 10500 |  | 435 |
| &nbsp;&nbsp;&nbsp;Adeia | 22400 |  | 382 |
| &nbsp;&nbsp;&nbsp;Amdocs | 3100 |  | 261 |
| &nbsp;&nbsp;&nbsp;Amkor Technology | 13200 |  | 426 |
| &nbsp;&nbsp;&nbsp;Applied Materials | 3800 |  | 887 |
| &nbsp;&nbsp;&nbsp;Arrow Electronics\* | 2700 |  | 301 |
| &nbsp;&nbsp;&nbsp;Avnet | 5800 |  | 281 |
| &nbsp;&nbsp;&nbsp;Cirrus Logic\* | 4755 |  | 631 |
| &nbsp;&nbsp;&nbsp;Cisco Systems | 14300 |  | 1045 |
| &nbsp;&nbsp;&nbsp;Cognizant Technology Solutions, Cl A | 5600 |  | 408 |
| &nbsp;&nbsp;&nbsp;Dell Technologies, Cl C | 6900 |  | 1118 |
| &nbsp;&nbsp;&nbsp;Dropbox, Cl A\* | 18500 |  | 537 |
| &nbsp;&nbsp;&nbsp;DXC Technology\* | 8800 |  | 125 |
| &nbsp;&nbsp;&nbsp;Flex\* | 17400 |  | 1088 |
| &nbsp;&nbsp;&nbsp;Gen Digital | 14800 |  | 390 |
| &nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise | 28700 |  | 702 |
| &nbsp;&nbsp;&nbsp;HP | 15400 |  | 426 |
| &nbsp;&nbsp;&nbsp;International Business Machines | 900 |  | 277 |
| &nbsp;&nbsp;&nbsp;Jabil | 3800 |  | 839 |
| &nbsp;&nbsp;&nbsp;Micron Technology | 3400 |  | 761 |
| &nbsp;&nbsp;&nbsp;NetApp | 1700 |  | 200 |
| &nbsp;&nbsp;&nbsp;NetScout Systems\* | 10600 |  | 295 |
| &nbsp;&nbsp;&nbsp;Qorvo\* | 4400 |  | 418 |
| &nbsp;&nbsp;&nbsp;QUALCOMM | 7500 |  | 1356 |
| &nbsp;&nbsp;&nbsp;RingCentral, Cl A\* | 10300 |  | 310 |
| &nbsp;&nbsp;&nbsp;Skyworks Solutions | 5300 |  | 412 |
| &nbsp;&nbsp;&nbsp;Teradata\* | 13300 |  | 277 |
| &nbsp;&nbsp;&nbsp;Xerox Holdings | 13100 |  | 43 |
|  |  |  | 14631 |
| **Materials (1.3%)** | **Materials (1.3%)** | **Materials (1.3%)** | **Materials (1.3%)** |
| &nbsp;&nbsp;&nbsp;Eastman Chemical | 2800 |  | 167 |
| &nbsp;&nbsp;&nbsp;Glatfelter\* | 1105 |  | 10 |
| &nbsp;&nbsp;&nbsp;LyondellBasell Industries, Cl A | 2000 |  | 93 |
| &nbsp;&nbsp;&nbsp;Mosaic | 7600 |  | 209 |
| &nbsp;&nbsp;&nbsp;Newmont | 6900 |  | 559 |
| &nbsp;&nbsp;&nbsp;Sylvamo | 5100 |  | 207 |
|  |  |  | 1245 |
| **Real Estate (0.4%)** | **Real Estate (0.4%)** | **Real Estate (0.4%)** | **Real Estate (0.4%)** |
| &nbsp;&nbsp;&nbsp;Apple Hospitality REIT‡ | 10800 |  | 121 |

---

---

| | | |
|:---|:---|:---|
| **LSV Global Value Fund** | **LSV Global Value Fund** | **LSV Global Value Fund** |
|  | Shares | Value (000) |
| **Real Estate (continued)** | **Real Estate (continued)** | **Real Estate (continued)** |
| &nbsp;&nbsp;&nbsp;Host Hotels & Resorts‡ | 14000 | 224 |
|  |  | 345 |
| **Utilities (0.2%)** | **Utilities (0.2%)** | **Utilities (0.2%)** |
| &nbsp;&nbsp;&nbsp;NRG Energy | 800 | 137 |
| Total United States |  | 53423 |
| **TOTAL U.S. COMMON STOCK** | **TOTAL U.S. COMMON STOCK** | **TOTAL U.S. COMMON STOCK** |
| &nbsp;&nbsp;&nbsp;(Cost $43,260) |  | 53423 |
| **Foreign Common Stock (40.4%)** | **Foreign Common Stock (40.4%)** | **Foreign Common Stock (40.4%)** |
| **Australia (1.2%)** | **Australia (1.2%)** | **Australia (1.2%)** |
| **Energy (0.2%)** | **Energy (0.2%)** | **Energy (0.2%)** |
| &nbsp;&nbsp;&nbsp;New Hope | 60300 | 164 |
| **Materials (0.8%)** | **Materials (0.8%)** | **Materials (0.8%)** |
| &nbsp;&nbsp;&nbsp;Rio Tinto | 8700 | 755 |
| **Utilities (0.2%)** | **Utilities (0.2%)** | **Utilities (0.2%)** |
| &nbsp;&nbsp;&nbsp;AGL Energy | 35800 | 217 |
| Total Australia |  | 1136 |
| **Austria (1.2%)** | **Austria (1.2%)** | **Austria (1.2%)** |
| **Energy (0.4%)** | **Energy (0.4%)** | **Energy (0.4%)** |
| &nbsp;&nbsp;&nbsp;OMV | 6000 | 328 |
| **Financials (0.8%)** | **Financials (0.8%)** | **Financials (0.8%)** |
| &nbsp;&nbsp;&nbsp;BAWAG Group | 5600 | 724 |
| Total Austria |  | 1052 |
| **Belgium (0.2%)** | **Belgium (0.2%)** | **Belgium (0.2%)** |
| **Materials (0.2%)** | **Materials (0.2%)** | **Materials (0.2%)** |
| &nbsp;&nbsp;&nbsp;Solvay, Cl A | 7400 | 227 |
| Total Belgium |  | 227 |
| **Brazil (0.4%)** | **Brazil (0.4%)** | **Brazil (0.4%)** |
| **Consumer Staples (0.4%)** | **Consumer Staples (0.4%)** | **Consumer Staples (0.4%)** |
| &nbsp;&nbsp;&nbsp;JBS\* | 29450 | 389 |
| Total Brazil |  | 389 |
| **Canada (2.8%)** | **Canada (2.8%)** | **Canada (2.8%)** |
| **Consumer Discretionary (0.2%)** | **Consumer Discretionary (0.2%)** | **Consumer Discretionary (0.2%)** |
| &nbsp;&nbsp;&nbsp;Magna International | 4100 | 194 |
| **Consumer Staples (0.4%)** | **Consumer Staples (0.4%)** | **Consumer Staples (0.4%)** |
| &nbsp;&nbsp;&nbsp;Empire, Cl Common Subs. Receipt | 9500 | 323 |
| **Energy (1.1%)** | **Energy (1.1%)** | **Energy (1.1%)** |
| &nbsp;&nbsp;&nbsp;ARC Resources | 16600 | 306 |
| &nbsp;&nbsp;&nbsp;Suncor Energy | 18500 | 737 |
|  |  | 1043 |

---

The accompanying notes are an integral part of the financial statements

**Schedule of Investments**

October 31, 2025

---

| | | |
|:---|:---|:---|
| **LSV Global Value Fund** | **LSV Global Value Fund** | **LSV Global Value Fund** |
|  | Shares | Value (000) |
| **Financials (0.4%)** | **Financials (0.4%)** | **Financials (0.4%)** |
| &nbsp;&nbsp;&nbsp;iA Financial | 3100 | $366 |
| **Information Technology (0.7%)** | **Information Technology (0.7%)** | **Information Technology (0.7%)** |
| &nbsp;&nbsp;&nbsp;Open Text | 15600 | 598 |
| Total Canada |  | 2524 |
| **China (4.7%)** | **China (4.7%)** | **China (4.7%)** |
| **Communication Services (0.2%)** | **Communication Services (0.2%)** | **Communication Services (0.2%)** |
| &nbsp;&nbsp;&nbsp;NetDragon Websoft Holdings | 103000 | 161 |
| **Consumer Discretionary (2.0%)** | **Consumer Discretionary (2.0%)** | **Consumer Discretionary (2.0%)** |
| &nbsp;&nbsp;&nbsp;Alibaba Group Holding | 51200 | 1090 |
| &nbsp;&nbsp;&nbsp;Prosus | 6300 | 435 |
| &nbsp;&nbsp;&nbsp;Vipshop Holdings ADR | 20200 | 353 |
|  |  | 1878 |
| **Energy (1.1%)** | **Energy (1.1%)** | **Energy (1.1%)** |
| &nbsp;&nbsp;&nbsp;PetroChina, Cl H | 928000 | 959 |
| **Financials (0.6%)** | **Financials (0.6%)** | **Financials (0.6%)** |
| &nbsp;&nbsp;&nbsp;China CITIC Bank, Cl H | 542000 | 517 |
| **Health Care (0.5%)** | **Health Care (0.5%)** | **Health Care (0.5%)** |
| &nbsp;&nbsp;&nbsp;Guangzhou Baiyunshan Pharmaceutical Holdings, Cl H | 80000 | 193 |
| &nbsp;&nbsp;&nbsp;Shanghai Pharmaceuticals Holding, Cl H | 79400 | 120 |
| &nbsp;&nbsp;&nbsp;Sinopharm Group, Cl H | 70400 | 175 |
|  |  | 488 |
| **Industrials (0.3%)** | **Industrials (0.3%)** | **Industrials (0.3%)** |
| &nbsp;&nbsp;&nbsp;Sinotrans, Cl H | 461000 | 313 |
| Total China |  | 4316 |
| **Finland (0.9%)** | **Finland (0.9%)** | **Finland (0.9%)** |
| **Financials (0.4%)** | **Financials (0.4%)** | **Financials (0.4%)** |
| &nbsp;&nbsp;&nbsp;Nordea Bank Abp | 22300 | 381 |
| **Information Technology (0.5%)** | **Information Technology (0.5%)** | **Information Technology (0.5%)** |
| &nbsp;&nbsp;&nbsp;Nokia | 56200 | 384 |
| &nbsp;&nbsp;&nbsp;TietoEVRY | 3600 | 77 |
|  |  | 461 |
| Total Finland |  | 842 |
| **France (3.5%)** | **France (3.5%)** | **France (3.5%)** |
| **Communication Services (0.5%)** | **Communication Services (0.5%)** | **Communication Services (0.5%)** |
| &nbsp;&nbsp;&nbsp;Metropole Television | 7600 | 105 |
| &nbsp;&nbsp;&nbsp;Orange | 25000 | 400 |
|  |  | 505 |
| **Energy (0.5%)** | **Energy (0.5%)** | **Energy (0.5%)** |
| &nbsp;&nbsp;&nbsp;TotalEnergies | 7000 | 437 |
| **Financials (1.4%)** | **Financials (1.4%)** | **Financials (1.4%)** |
| &nbsp;&nbsp;&nbsp;AXA | 8800 | 382 |

---

---

| | | |
|:---|:---|:---|
| **LSV Global Value Fund** | **LSV Global Value Fund** | **LSV Global Value Fund** |
|  | Shares | Value (000) |
| **Financials (continued)** | **Financials (continued)** | **Financials (continued)** |
| &nbsp;&nbsp;&nbsp;BNP Paribas | 10400 | 806 |
|  |  | 1188 |
| **Health Care (0.5%)** | **Health Care (0.5%)** | **Health Care (0.5%)** |
| &nbsp;&nbsp;&nbsp;Ipsen | 2000 | 281 |
| &nbsp;&nbsp;&nbsp;Sanofi | 1800 | 182 |
|  |  | 463 |
| **Industrials (0.3%)** | **Industrials (0.3%)** | **Industrials (0.3%)** |
| &nbsp;&nbsp;&nbsp;Bouygues | 6500 | 293 |
| **Utilities (0.3%)** | **Utilities (0.3%)** | **Utilities (0.3%)** |
| &nbsp;&nbsp;&nbsp;Rubis SCA | 7800 | 283 |
| Total France |  | 3169 |
| **Germany (1.6%)** | **Germany (1.6%)** | **Germany (1.6%)** |
| **Consumer Discretionary (0.7%)** | **Consumer Discretionary (0.7%)** | **Consumer Discretionary (0.7%)** |
| &nbsp;&nbsp;&nbsp;Bayerische Motoren Werke | 3500 | 326 |
| &nbsp;&nbsp;&nbsp;Mercedes-Benz Group | 4500 | 292 |
|  |  | 618 |
| **Financials (0.3%)** | **Financials (0.3%)** | **Financials (0.3%)** |
| &nbsp;&nbsp;&nbsp;Muenchener Rueckversicherungs | 500 | 309 |
| **Industrials (0.6%)** | **Industrials (0.6%)** | **Industrials (0.6%)** |
| &nbsp;&nbsp;&nbsp;Daimler Truck Holding | 6600 | 265 |
| &nbsp;&nbsp;&nbsp;Deutsche Post | 5300 | 244 |
|  |  | 509 |
| Total Germany |  | 1436 |
| **Hong Kong (0.5%)** | **Hong Kong (0.5%)** | **Hong Kong (0.5%)** |
| **Consumer Staples (0.4%)** | **Consumer Staples (0.4%)** | **Consumer Staples (0.4%)** |
| &nbsp;&nbsp;&nbsp;WH Group | 412681 | 397 |
| **Information Technology (0.1%)** | **Information Technology (0.1%)** | **Information Technology (0.1%)** |
| &nbsp;&nbsp;&nbsp;PAX Global Technology | 129000 | 88 |
| Total Hong Kong |  | 485 |
| **Hungary (0.3%)** | **Hungary (0.3%)** | **Hungary (0.3%)** |
| **Energy (0.3%)** | **Energy (0.3%)** | **Energy (0.3%)** |
| &nbsp;&nbsp;&nbsp;MOL Hungarian Oil & Gas | 26400 | 232 |
| Total Hungary |  | 232 |
| **Indonesia (0.2%)** | **Indonesia (0.2%)** | **Indonesia (0.2%)** |
| **Energy (0.2%)** | **Energy (0.2%)** | **Energy (0.2%)** |
| &nbsp;&nbsp;&nbsp;United Tractors | 120100 | 194 |
| Total Indonesia |  | 194 |
| **Ireland (0.7%)** | **Ireland (0.7%)** | **Ireland (0.7%)** |
| **Financials (0.7%)** | **Financials (0.7%)** | **Financials (0.7%)** |
| &nbsp;&nbsp;&nbsp;AIB Group | 64900 | 598 |
| Total Ireland |  | 598 |

---

The accompanying notes are an integral part of the financial statements

**Schedule of Investments**

October 31, 2025

---

| | | |
|:---|:---|:---|
| **LSV Global Value Fund** | **LSV Global Value Fund** | **LSV Global Value Fund** |
|  | Shares | Value (000) |
| **Israel (0.3%)** | **Israel (0.3%)** | **Israel (0.3%)** |
| **Health Care (0.3%)** | **Health Care (0.3%)** | **Health Care (0.3%)** |
| &nbsp;&nbsp;&nbsp;Teva Pharmaceutical Industries\* | 14100 | $289 |
| Total Israel |  | 289 |
| **Italy (1.4%)** | **Italy (1.4%)** | **Italy (1.4%)** |
| **Energy (0.4%)** | **Energy (0.4%)** | **Energy (0.4%)** |
| &nbsp;&nbsp;&nbsp;Eni | 21200 | 391 |
| **Financials (0.4%)** | **Financials (0.4%)** | **Financials (0.4%)** |
| &nbsp;&nbsp;&nbsp;Mediobanca Banca di Credito Finanziario | 18700 | 357 |
| **Utilities (0.6%)** | **Utilities (0.6%)** | **Utilities (0.6%)** |
| &nbsp;&nbsp;&nbsp;A2A | 179700 | 524 |
| Total Italy |  | 1272 |
| **Japan (4.2%)** | **Japan (4.2%)** | **Japan (4.2%)** |
| **Consumer Discretionary (1.3%)** | **Consumer Discretionary (1.3%)** | **Consumer Discretionary (1.3%)** |
| &nbsp;&nbsp;&nbsp;Isuzu Motors | 26500 | 325 |
| &nbsp;&nbsp;&nbsp;Niterra | 10900 | 446 |
| &nbsp;&nbsp;&nbsp;Sankyo | 18500 | 321 |
|  |  | 1092 |
| **Consumer Staples (0.1%)** | **Consumer Staples (0.1%)** | **Consumer Staples (0.1%)** |
| &nbsp;&nbsp;&nbsp;Valor | 4800 | 88 |
| **Financials (0.9%)** | **Financials (0.9%)** | **Financials (0.9%)** |
| &nbsp;&nbsp;&nbsp;Nomura Holdings | 38100 | 272 |
| &nbsp;&nbsp;&nbsp;ORIX | 10400 | 254 |
| &nbsp;&nbsp;&nbsp;Ricoh Leasing | 7000 | 257 |
|  |  | 783 |
| **Health Care (0.1%)** | **Health Care (0.1%)** | **Health Care (0.1%)** |
| &nbsp;&nbsp;&nbsp;Ono Pharmaceutical | 6600 | 81 |
| **Industrials (1.1%)** | **Industrials (1.1%)** | **Industrials (1.1%)** |
| &nbsp;&nbsp;&nbsp;NGK Insulators | 17800 | 300 |
| &nbsp;&nbsp;&nbsp;Nippon Yusen | 8300 | 287 |
| &nbsp;&nbsp;&nbsp;Sumitomo | 10300 | 300 |
| &nbsp;&nbsp;&nbsp;Tsubakimoto Chain | 15000 | 210 |
|  |  | 1097 |
| **Information Technology (0.3%)** | **Information Technology (0.3%)** | **Information Technology (0.3%)** |
| &nbsp;&nbsp;&nbsp;Kaga Electronics | 13200 | 306 |
| **Materials (0.4%)** | **Materials (0.4%)** | **Materials (0.4%)** |
| &nbsp;&nbsp;&nbsp;Lintec | 13400 | 341 |
| Total Japan |  | 3788 |
| **Mexico (0.2%)** | **Mexico (0.2%)** | **Mexico (0.2%)** |
| **Consumer Staples (0.2%)** | **Consumer Staples (0.2%)** | **Consumer Staples (0.2%)** |
| &nbsp;&nbsp;&nbsp;Coca-Cola Femsa | 26300 | 226 |
| Total Mexico |  | 226 |

---

---

| | | |
|:---|:---|:---|
| **LSV Global Value Fund** | **LSV Global Value Fund** | **LSV Global Value Fund** |
|  | Shares | Value (000) |
| **Netherlands (1.5%)** | **Netherlands (1.5%)** | **Netherlands (1.5%)** |
| **Consumer Staples (0.5%)** | **Consumer Staples (0.5%)** | **Consumer Staples (0.5%)** |
| &nbsp;&nbsp;&nbsp;Koninklijke Ahold Delhaize | 10100 | $413 |
| **Energy (0.4%)** | **Energy (0.4%)** | **Energy (0.4%)** |
| &nbsp;&nbsp;&nbsp;Shell | 12900 | 483 |
| **Financials (0.4%)** | **Financials (0.4%)** | **Financials (0.4%)** |
| &nbsp;&nbsp;&nbsp;Aegon | 41800 | 319 |
| **Industrials (0.2%)** | **Industrials (0.2%)** | **Industrials (0.2%)** |
| &nbsp;&nbsp;&nbsp;Signify | 7000 | 168 |
| Total Netherlands |  | 1383 |
| **Norway (0.3%)** | **Norway (0.3%)** | **Norway (0.3%)** |
| **Financials (0.3%)** | **Financials (0.3%)** | **Financials (0.3%)** |
| &nbsp;&nbsp;&nbsp;DNB Bank | 11500 | 294 |
| Total Norway |  | 294 |
| **Poland (0.2%)** | **Poland (0.2%)** | **Poland (0.2%)** |
| **Information Technology (0.2%)** | **Information Technology (0.2%)** | **Information Technology (0.2%)** |
| &nbsp;&nbsp;&nbsp;Asseco Poland | 3100 | 180 |
| Total Poland |  | 180 |
| **Puerto Rico (0.4%)** | **Puerto Rico (0.4%)** | **Puerto Rico (0.4%)** |
| **Financials (0.4%)** | **Financials (0.4%)** | **Financials (0.4%)** |
| &nbsp;&nbsp;&nbsp;OFG Bancorp | 9200 | 356 |
| Total Puerto Rico |  | 356 |
| **Russia (–%)** | **Russia (–%)** | **Russia (–%)** |
| **Energy (–%)** | **Energy (–%)** | **Energy (–%)** |
| &nbsp;&nbsp;&nbsp;Gazprom PJSC(A)\* | 15900 |  |
| &nbsp;&nbsp;&nbsp;LUKOIL PJSC(A)\* | 1600 |  |
| Total Russia |  |  |
| **South Africa (0.3%)** | **South Africa (0.3%)** | **South Africa (0.3%)** |
| **Financials (0.3%)** | **Financials (0.3%)** | **Financials (0.3%)** |
| &nbsp;&nbsp;&nbsp;Absa Group | 21000 | 235 |
| Total South Africa |  | 235 |
| **South Korea (1.3%)** | **South Korea (1.3%)** | **South Korea (1.3%)** |
| **Communication Services (0.7%)** | **Communication Services (0.7%)** | **Communication Services (0.7%)** |
| &nbsp;&nbsp;&nbsp;KT | 8800 | 302 |
| &nbsp;&nbsp;&nbsp;LG Uplus | 12500 | 134 |
| &nbsp;&nbsp;&nbsp;SK Telecom | 3900 | 143 |
|  |  | 579 |
| **Consumer Discretionary (0.2%)** | **Consumer Discretionary (0.2%)** | **Consumer Discretionary (0.2%)** |
| &nbsp;&nbsp;&nbsp;Hankook Tire & Technology | 6800 | 221 |
| **Financials (0.0%)** | **Financials (0.0%)** | **Financials (0.0%)** |
| &nbsp;&nbsp;&nbsp;Kginicis | 5400 | 39 |

---

The accompanying notes are an integral part of the financial statements

**Schedule of Investments**

October 31, 2025

---

| | | |
|:---|:---|:---|
| **LSV Global Value Fund** | **LSV Global Value Fund** | **LSV Global Value Fund** |
|  | Shares | Value (000) |
| **Information Technology (0.4%)** | **Information Technology (0.4%)** | **Information Technology (0.4%)** |
| &nbsp;&nbsp;&nbsp;Samsung Electronics | 4000 | $301 |
| Total South Korea |  | 1140 |
| **Spain (1.2%)** | **Spain (1.2%)** | **Spain (1.2%)** |
| **Financials (0.6%)** | **Financials (0.6%)** | **Financials (0.6%)** |
| &nbsp;&nbsp;&nbsp;Mapfre | 128500 | 568 |
| **Information Technology (0.6%)** | **Information Technology (0.6%)** | **Information Technology (0.6%)** |
| &nbsp;&nbsp;&nbsp;Indra Sistemas | 9800 | 542 |
| Total Spain |  | 1110 |
| **Sweden (1.4%)** | **Sweden (1.4%)** | **Sweden (1.4%)** |
| **Consumer Discretionary (0.1%)** | **Consumer Discretionary (0.1%)** | **Consumer Discretionary (0.1%)** |
| &nbsp;&nbsp;&nbsp;Bilia, Cl A | 8600 | 120 |
| **Financials (0.5%)** | **Financials (0.5%)** | **Financials (0.5%)** |
| &nbsp;&nbsp;&nbsp;Swedbank, Cl A | 14400 | 438 |
| **Industrials (0.8%)** | **Industrials (0.8%)** | **Industrials (0.8%)** |
| &nbsp;&nbsp;&nbsp;SKF, Cl B | 10900 | 279 |
| &nbsp;&nbsp;&nbsp;Volvo, Cl B | 15200 | 416 |
|  |  | 695 |
| Total Sweden |  | 1253 |
| **Switzerland (1.7%)** | **Switzerland (1.7%)** | **Switzerland (1.7%)** |
| **Health Care (1.7%)** | **Health Care (1.7%)** | **Health Care (1.7%)** |
| &nbsp;&nbsp;&nbsp;Novartis | 9200 | 1138 |
| &nbsp;&nbsp;&nbsp;Roche Holding AG | 900 | 292 |
| &nbsp;&nbsp;&nbsp;Sandoz Group | 1840 | 123 |
|  |  | 1553 |
| Total Switzerland |  | 1553 |
| **Taiwan (3.0%)** | **Taiwan (3.0%)** | **Taiwan (3.0%)** |
| **Information Technology (3.0%)** | **Information Technology (3.0%)** | **Information Technology (3.0%)** |
| &nbsp;&nbsp;&nbsp;Chipbond Technology | 112000 | 217 |
| &nbsp;&nbsp;&nbsp;Compeq Manufacturing | 149000 | 421 |
| &nbsp;&nbsp;&nbsp;Hon Hai Precision Industry | 90000 | 748 |
| &nbsp;&nbsp;&nbsp;Powertech Technology | 68000 | 380 |
| &nbsp;&nbsp;&nbsp;Topco Scientific | 26751 | 296 |
| &nbsp;&nbsp;&nbsp;Tripod Technology | 26000 | 288 |
| &nbsp;&nbsp;&nbsp;United Microelectronics | 231000 | 349 |
|  |  | 2699 |
| Total Taiwan |  | 2699 |
| **Thailand (0.5%)** | **Thailand (0.5%)** | **Thailand (0.5%)** |
| **Financials (0.5%)** | **Financials (0.5%)** | **Financials (0.5%)** |
| &nbsp;&nbsp;&nbsp;Krung Thai Bank | 494600 | 416 |
| Total Thailand |  | 416 |

---

---

| | | |
|:---|:---|:---|
| **LSV Global Value Fund** | **LSV Global Value Fund** | **LSV Global Value Fund** |
|  | Shares | Value (000) |
| **Turkey (0.3%)** | **Turkey (0.3%)** | **Turkey (0.3%)** |
| **Consumer Staples (0.3%)** | **Consumer Staples (0.3%)** | **Consumer Staples (0.3%)** |
| &nbsp;&nbsp;&nbsp;Coca-Cola Icecek | 217800 | $266 |
| Total Turkey |  | 266 |
| **United Kingdom (4.0%)** | **United Kingdom (4.0%)** | **United Kingdom (4.0%)** |
| **Consumer Staples (1.2%)** | **Consumer Staples (1.2%)** | **Consumer Staples (1.2%)** |
| &nbsp;&nbsp;&nbsp;British American Tobacco | 6300 | 323 |
| &nbsp;&nbsp;&nbsp;J Sainsbury | 84900 | 381 |
| &nbsp;&nbsp;&nbsp;Tesco | 54000 | 326 |
|  |  | 1030 |
| **Financials (1.8%)** | **Financials (1.8%)** | **Financials (1.8%)** |
| &nbsp;&nbsp;&nbsp;3i Group | 4418 | 256 |
| &nbsp;&nbsp;&nbsp;Barclays | 120200 | 645 |
| &nbsp;&nbsp;&nbsp;Lloyds Banking Group | 610200 | 715 |
|  |  | 1616 |
| **Health Care (1.0%)** | **Health Care (1.0%)** | **Health Care (1.0%)** |
| &nbsp;&nbsp;&nbsp;GSK | 42300 | 990 |
| Total United Kingdom |  | 3636 |
| **TOTAL FOREIGN COMMON STOCK** | **TOTAL FOREIGN COMMON STOCK** | **TOTAL FOREIGN COMMON STOCK** |
| &nbsp;&nbsp;&nbsp;(Cost $26,656) |  | 36696 |
| **Foreign Preferred Stock (0.2%)** | **Foreign Preferred Stock (0.2%)** | **Foreign Preferred Stock (0.2%)** |
| **Brazil\*\* (0.2%)** | **Brazil\*\* (0.2%)** | **Brazil\*\* (0.2%)** |
| &nbsp;&nbsp;&nbsp;Petroleo Brasileiro | 28800 | 159 |
| **TOTAL FOREIGN PREFERRED STOCK** | **TOTAL FOREIGN PREFERRED STOCK** | **TOTAL FOREIGN PREFERRED STOCK** |
| &nbsp;&nbsp;&nbsp;(Cost $228) |  | 159 |
|  | Face<br> Amount<br> (000) |  |
| **Repurchase Agreement (0.0%)** | **Repurchase Agreement (0.0%)** | **Repurchase Agreement (0.0%)** |
| &nbsp;&nbsp;&nbsp;South Street Securities 3.650%, dated 10/31/2025, to be repurchased on 11/03/2025, repurchase price $26 (collateralized by various U.S. Treasury Obligations, ranging in par value $7 - $19, 4.125% - 4.875%, 03/31/2029 – 08/15/2045; total market value $26) | $26 | 26 |
| **TOTAL REPURCHASE AGREEMENT** | **TOTAL REPURCHASE AGREEMENT** | **TOTAL REPURCHASE AGREEMENT** |
| &nbsp;&nbsp;&nbsp;(Cost $26) |  | 26 |
| **Total Investments – 99.4%** | **Total Investments – 99.4%** | **Total Investments – 99.4%** |
| &nbsp;&nbsp;&nbsp;(Cost $70,170) |  | $90304 |

---

The accompanying notes are an integral part of the financial statements

**Schedule of Investments**

October 31, 2025

*Percentages are based on Net Assets of $90,900 (000).*

---

| | |
|:---|:---|
| *\** | *Non-income producing security.* |
| *\*\** | *No rate available.* |
| *‡* | *Real Estate Investment Trust.* |
| *(A)* | *Level 3 security in accordance with fair value hierarchy.* |

---

*ADR — American Depositary Receipt*

*Cl — Class*

*PJSC — Public Joint Stock Company*

*REIT — Real Estate Investment Trust*

*The following is a summary of the level of inputs used as of October 31, 2025, in valuing the Fund's investments carried at value ($000):*

---

| | | | | |
|:---|:---|:---|:---|:---|
| Investments in Securities | Level 1 | Level 2 | Level 3<sup>(1)</sup> | Total |
| &nbsp;&nbsp;&nbsp;Common Stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States | $53423 | $– | $– | $53423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Common Stock | 53423 | – | – | 53423 |
| &nbsp;&nbsp;&nbsp;Foreign Common Stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Australia |  | 1136 |  | 1136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Austria |  | 1052 |  | 1052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Belgium |  | 227 |  | 227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazil | 389 |  |  | 389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canada | 2524 |  |  | 2524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China | 353 | 3963 |  | 4316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Finland |  | 842 |  | 842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;France |  | 3169 |  | 3169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Germany |  | 1436 |  | 1436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hong Kong | 88 | 397 |  | 485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hungary |  | 232 |  | 232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indonesia |  | 194 |  | 194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ireland |  | 598 |  | 598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Israel |  | 289 |  | 289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Italy |  | 1272 |  | 1272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Japan |  | 3788 |  | 3788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mexico | 226 |  |  | 226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netherlands |  | 1383 |  | 1383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Norway |  | 294 |  | 294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Poland |  | 180 |  | 180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Puerto Rico | 356 |  |  | 356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Russia |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Africa |  | 235 |  | 235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Korea |  | 1140 |  | 1140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spain |  | 1110 |  | 1110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sweden |  | 1253 |  | 1253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Switzerland |  | 1553 |  | 1553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan |  | 2699 |  | 2699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thailand |  | 416 |  | 416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Turkey |  | 266 |  | 266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Kingdom | – | 3636 | – | 3636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Foreign Common Stock | 3936 | 32760 | – | 36696 |
| &nbsp;&nbsp;&nbsp;Foreign Preferred Stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazil | 159 | – | – | 159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Foreign Preferred Stock | 159 | – | – | 159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Repurchase Agreement | – | 26 | – | 26 |
| Total Investments in Securities | $57518 | $32786 | $– | $90304 |

---

1) A reconciliation of Level 3 investments and disclosures of significant unobservable inputs are presented when the Fund has a significant amount of Level 3 investments at end of the period in relation to Net Assets.

Management has concluded that Level 3 investments are not material in relation to Net Assets.

---

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

---

*Amounts designated as "—" are $0 or have been rounded to $0.*

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

The accompanying notes are an integral part of the financial statements

**Statement of Assets and Liabilities (000)**

October 31, 2025

---

| | |
|:---|:---|
|  | **LSV Global<br> Value Fund** |
| Assets: | Assets: |
| &nbsp;&nbsp;&nbsp;Investments, at Value (Cost $70,170) | $90304 |
| &nbsp;&nbsp;&nbsp;Foreign Currency, at Value (Cost $118) | 118 |
| &nbsp;&nbsp;&nbsp;Receivable for Capital Shares Sold | 310 |
| &nbsp;&nbsp;&nbsp;Dividends and Interest Receivable | 153 |
| &nbsp;&nbsp;&nbsp;Reclaims Receivable | 111 |
| &nbsp;&nbsp;&nbsp;Prepaid Expenses | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | 91012 |
| Liabilities: |  |
| &nbsp;&nbsp;&nbsp;Payable due to Investment Adviser | 52 |
| &nbsp;&nbsp;&nbsp;Payable due to Distributor | 17 |
| &nbsp;&nbsp;&nbsp;Payable for Professional Fees | 9 |
| &nbsp;&nbsp;&nbsp;Payable for Custody Fees | 9 |
| &nbsp;&nbsp;&nbsp;Payable due to Transfer Agent | 7 |
| &nbsp;&nbsp;&nbsp;Payable due to Administrator | 4 |
| &nbsp;&nbsp;&nbsp;Payable for Fund Shares Redeemed | 3 |
| &nbsp;&nbsp;&nbsp;Payable due to Trustees | 1 |
| &nbsp;&nbsp;&nbsp;Other Accrued Expenses | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities | 112 |
| &nbsp;&nbsp;&nbsp;Net Assets | $90900 |
| Net Assets Consist of: |  |
| &nbsp;&nbsp;&nbsp;Paid-in Capital | $65390 |
| &nbsp;&nbsp;&nbsp;Total Distributable Earnings | 25510 |
| &nbsp;&nbsp;&nbsp;Net Assets | $90900 |
| Net Asset Value, Offering and Redemption Price Per Share — Institutional Class Shares ($88,124 ÷ 5,156,213 shares)<sup>(1)</sup> | $17.09 |
| Net Asset Value, Offering and Redemption Price Per Share — Investor Class Shares ($2,776 ÷ 159,503 shares)<sup>(1)</sup> | $17.41 \* |

---

(1) Shares have not been rounded.

\* Net Assets divided by Shares does not calculate to the stated NAV because Net Asset amounts are shown rounded.

The accompanying notes are an integral part of the financial statements

**Statement of Operations (000)**

For the year ended October 31, 2025

---

| | |
|:---|:---|
|  | **LSV Global<br> Value Fund** |
| Investment Income: |  |
| &nbsp;&nbsp;&nbsp;Dividend Income | $2927 |
| &nbsp;&nbsp;&nbsp;Interest Income | 7 |
| &nbsp;&nbsp;&nbsp;Foreign Taxes Withheld | (183) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investment Income | 2751 |
| Expenses: |  |
| &nbsp;&nbsp;&nbsp;Investment Advisory Fees | 617 |
| &nbsp;&nbsp;&nbsp;Administration Fees | 48 |
| &nbsp;&nbsp;&nbsp;Distribution Fees - Investor Class | 6 |
| &nbsp;&nbsp;&nbsp;Trustees' Fees | 5 |
| &nbsp;&nbsp;&nbsp;Chief Compliance Officer Fees | 3 |
| &nbsp;&nbsp;&nbsp;Custodian Fees | 45 |
| &nbsp;&nbsp;&nbsp;Transfer Agent Fees | 43 |
| &nbsp;&nbsp;&nbsp;Registration and Filing Fees | 38 |
| &nbsp;&nbsp;&nbsp;Professional Fees | 12 |
| &nbsp;&nbsp;&nbsp;Printing Fees | 6 |
| &nbsp;&nbsp;&nbsp;Insurance and Other Fees | 14 |
| &nbsp;&nbsp;&nbsp;Total Expenses | 837 |
| &nbsp;&nbsp;&nbsp;Less: Waiver of Investment Advisory Fees | (87) |
| &nbsp;&nbsp;&nbsp;Less: Fees Paid Indirectly — (see Note 4) | (3) |
| &nbsp;&nbsp;&nbsp;Net Expenses | 747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Investment Income | 2004 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain on Investments | 3840 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain on Foreign Currency Transactions | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain | 3843 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation on Investments | 9552 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation on Foreign Currency Translation | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Unrealized Gain | 9571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gain | 13414 |
| &nbsp;&nbsp;&nbsp;Net Increase in Net Assets Resulting from Operations | $15418 |

---

The accompanying notes are an integral part of the financial statements

**Statements of Changes in Net Assets (000)**

For the year ended October 31,

---

| | | |
|:---|:---|:---|
|  | **LSV Global Value Fund** | **LSV Global Value Fund** |
|  | **2025** | **2024** |
| Operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $2004 | $1812 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain | 3843 | 2243 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation | 9571 | 13391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase in Net Assets Resulting from Operations | 15418 | 17446 |
| Distributions |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Class Shares | (4001) | (2121) |
| &nbsp;&nbsp;&nbsp;Investor Class Shares | (114) | (49) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Distributions | (4115) | (2170) |
| Capital Share Transactions: |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Class Shares: |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 3027 | 4517 |
| &nbsp;&nbsp;&nbsp;Reinvestment of Dividends and Distributions | 4000 | 2121 |
| &nbsp;&nbsp;&nbsp;Redeemed | (7005) | (8451) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) from Institutional Class Shares Transactions | 22 | (1813) |
| &nbsp;&nbsp;&nbsp;Investor Class Shares: |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 326 | 408 |
| &nbsp;&nbsp;&nbsp;Reinvestment of Dividends and Distributions | 103 | 42 |
| &nbsp;&nbsp;&nbsp;Redeemed | (354) | (79) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase from Investor Class Shares Transactions | 75 | 371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions | 97 | (1442) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Increase in Net Assets | 11400 | 13834 |
| Net Assets: |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 79500 | 65666 |
| &nbsp;&nbsp;&nbsp;End of Year | $90900 | $79500 |
| Shares Transactions: |  |  |
| &nbsp;&nbsp;&nbsp;Institutional Class: |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 198 | 318 |
| &nbsp;&nbsp;&nbsp;Reinvestment of Dividends and Distributions | 278 | 156 |
| &nbsp;&nbsp;&nbsp;Redeemed | (459) | (591) |
| &nbsp;&nbsp;&nbsp;Total Institutional Class Share Transactions | 17 | (117) |
| &nbsp;&nbsp;&nbsp;Investor Class: |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 21 | 27 |
| &nbsp;&nbsp;&nbsp;Reinvestment of Dividends and Distributions | 7 | 3 |
| &nbsp;&nbsp;&nbsp;Redeemed | (23) | (5) |
| &nbsp;&nbsp;&nbsp;Total Investor Class Share Transactions | 5 | 25 |
| &nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Shares Outstanding | 22 | (92) |

---

The accompanying notes are an integral part of the financial statements

**Financial Highlights**

October 31, 2025

For a share oustanding throughout each year ended October 31,

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Net Asset Value Beginning of Year | Net Investment Income<sup>(1)</sup> | 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 Year | Total Return† | Net Assets End of Year (000) | Ratio of Expenses to Average Net Assets | Ratio of Expenses to Average Net Assets (Excluding Waivers, Reimbursements and Fees Paid Indirectly) | Ratio of Net Investment Income to Average Net Assets | Portfolio Turnover Rate |
| **LSV Global Value Fund** | **LSV Global Value Fund** | **LSV Global Value Fund** |  |  |  |  |  |  |  |  |  |  |  |  |
| **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** | **Institutional Class Shares** |
| &nbsp;&nbsp;&nbsp;**2025** | $15.01 | $0.38 | $2.49 | $2.87 | $(0.39) | $(0.40) | $(0.79) | $17.09 | 20.14% | $88124 | 0.90% | 1.01% | 2.45% | 15% |
| &nbsp;&nbsp;&nbsp;**2024** | 12.19 | 0.34 | 2.89 | 3.23 | (0.37) | (0.04) | (0.41) | 15.01 | 26.81 | 77129 | 0.90 | 1.04 | 2.37 | 12 |
| &nbsp;&nbsp;&nbsp;**2023** | 11.57 | 0.34 | 0.75 | 1.09 | (0.29) | (0.18) | (0.47) | 12.19 | 9.57 | 64048 | 0.90 | 1.05 | 2.75 | 18 |
| &nbsp;&nbsp;&nbsp;**2022** | 13.26 | 0.37 | (1.78) | (1.41) | (0.13) | (0.15) | (0.28) | 11.57 | (10.89) | 30874 | 0.90 | 1.10 | 3.01 | 21 |
| &nbsp;&nbsp;&nbsp;**2021** | 9.35 | 0.28 | 3.84 | 4.12 | (0.21) |  | (0.21) | 13.26 | 44.51 | 11486 | 0.90 | 2.07 | 2.21 | 29 |
| **Investor Class Shares** | **Investor Class Shares** | **Investor Class Shares** | **Investor Class Shares** | **Investor Class Shares** | **Investor Class Shares** | **Investor Class Shares** | **Investor Class Shares** | **Investor Class Shares** | **Investor Class Shares** | **Investor Class Shares** | **Investor Class Shares** | **Investor Class Shares** | **Investor Class Shares** | **Investor Class Shares** |
| &nbsp;&nbsp;&nbsp;**2025** | $15.28 | $0.34 | $2.54 | $2.88 | $(0.35) | $(0.40) | $(0.75) | $17.41 | 19.83% | $2776 | 1.15% | 1.26% | 2.19% | 15% |
| &nbsp;&nbsp;&nbsp;**2024** | 12.40 | 0.31 | 2.94 | 3.25 | (0.33) | (0.04) | (0.37) | 15.28 | 26.54 | 2371 | 1.15 | 1.29 | 2.10 | 12 |
| &nbsp;&nbsp;&nbsp;**2023** | 11.51 | 0.27 | 0.80 | 1.07 |  | (0.18) | (0.18) | 12.40 | 9.38 | 1618 | 1.13 | 1.30 | 2.22 | 18 |
| &nbsp;&nbsp;&nbsp;**2022** | 13.23 | 0.31 | (1.76) | (1.45) | (0.12) | (0.15) | (0.27) | 11.51 | (11.21) | 24159 | 1.15 | 1.35 | 2.50 | 21 |
| &nbsp;&nbsp;&nbsp;**2021** | 9.33 | 0.19 | 3.90 | 4.09 | (0.19) |  | (0.19) | 13.23 | 44.16 | 39918 | 1.15 | 1.92 | 1.44 | 29 |

---

&nbsp;&nbsp;&nbsp;&nbsp;† Total return would have been lower
 had the Adviser not waived a portion of its fee. Total returns shown do not reflect the deduction of taxes that a shareholder would pay
 on Fund distributions or the redemption of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(1) Per share data calculated using
 average shares method.

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

The accompanying notes are an integral part of the financial statements

**Notes to Financial Statements**

October 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;**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 Global Value Fund, a diversified Fund (the "Fund"). The Fund seeks long-term growth of capital by investing primarily in equity securities of companies located throughout the world. The Fund commenced operations on June 25, 2014, offering Institutional Class Shares and Investor Class Shares. The financial statements of the remaining funds of the Trust are not presented herein, but are presented separately. The assets of each fund are segregated, and a shareholder's interest is limited to the fund in which shares are held.

&nbsp;&nbsp;&nbsp;&nbsp;**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 October 31, 2025, the total market value of securities that were fair valued by the Committee were $0 (000) or 0.0% of Net Assets.

For securities that principally trade on a foreign market or exchange, a significant gap in time can exist between the time of a particular security's last trade and the time at which the Fund calculates its net asset value. The closing prices of such securities may no longer reflect their market value at the time the Fund calculates net asset value if an event that could materially affect the value of those securities a ("Significant Event") has occurred between the time of the security's last close and the time that the Fund calculates net asset value. A Significant Event may relate to a single issuer or to an entire market sector. If the adviser of the Fund becomes aware of a Significant Event that has occurred with respect to a security or group of securities after the closing of the exchange or market on which the security or securities principally trade, but before the time at which the Fund calculates net asset value, it may request that a Committee meeting be called. In addition, the Fund's administrator monitors price movements among certain selected indices, securities and/or baskets of securities that may be an indicator that the closing prices received earlier from foreign exchanges or markets may not reflect market value at the time the Fund calculates net asset value. If price movements in a monitored index or security exceed levels established by the administrator, the administrator notifies the adviser that such limits have been exceeded. In such event, the adviser makes the determination whether a Committee meeting should be called based on the information provided.

**Notes to Financial Statements**

October 31, 2025

The Fund uses Intercontinental Exchange Data Pricing & Reference Data, LLC ("ICE") as a third party fair valuation vendor when the fair value trigger is met. ICE provides a fair value for foreign securities in the Fund based on certain factors and methodologies (involving, generally, tracking valuation correlations between the U.S. market and each non-U.S. security) applied by ICE in the event that there is a movement in the U.S. market that exceeds a specific threshold established by the Committee. The Committee establishes a "confidence interval" which is used to determine the level of correlation between the value of a foreign security and movements in the U.S. market before a particular security is fair valued when the threshold is exceeded. In the event that the threshold established by the Committee is exceeded on a specific day, the Fund values its non-U.S. securities that exceed the applicable "confidence interval" based upon the fair values provided by ICE. In such event, it is not necessary to hold a Committee meeting. In the event that the Adviser believes that the fair values provided by ICE are not reliable, the Adviser contacts SEI Investments Global Fund Services (the "Administrator") and may request that a meeting of the Committee be held. As of October 31, 2025, the total market value of securities were valued based on the fair value prices provided by ICE were $32,760 (000) or 36.0% of Net Assets.

In accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP, the Fund discloses fair value of its investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. The objective of a fair value measurement is to determine the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). Accordingly, the fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below:

*Level 1 —* Unadjusted quoted prices in active markets for identical, unrestricted assets or

liabilities that the Fund has the ability to access at the measurement date;

*Level 2 —* Other significant observable inputs (includes quoted prices for similar securities, interest rates, prepayment speeds, credit risk, referenced indices, quoted prices in inactive markets, adjusted quoted prices in active markets, adjusted quoted prices on foreign equity securities that were adjusted in accordance with The Adviser's pricing procedures, etc.); and

*Level 3 —* Prices, inputs or proprietary modeling techniques which are both significant to the fair value measurement and unobservable (supported by little or no market activity).

Investments are classified within the level of the lowest significant input considered in determining fair value. Investments classified within Level 3 whose fair value measurement considers several inputs may include Level 1 or Level 2 inputs as components of the overall fair value measurement.

*Federal Income Taxes —* It is the Fund's intention to continue to qualify as a regulated investment company for Federal income tax purposes by complying with the appropriate provisions of Subchapter M of the Internal Revenue Code of 1986, as amended and to distribute substantially all of its income to shareholders. Accordingly, no provision for Federal income taxes has been made in the financial statements.

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

As of and during the year ended October 31, 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 year ended October 31, 2025, the Fund did not incur any interest or penalties.

**Notes to Financial Statements**

October 31, 2025

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, if applicable, once the amounts are due. The professional fees related to pursuing these tax reclaims are not subject to the Adviser's expense limitation agreement.

*Security Transactions and Investment Income —* Security transactions are accounted for on trade date for financial reporting purposes. Costs used in determining realized gains or losses on the sale of investment securities are based on the specific identification method. Dividend income is recorded on the ex-dividend date. Interest income is recognized on the accrual basis from settlement date. Certain dividends from foreign securities will be recorded as soon as the Fund is informed of the dividend if such information is obtained subsequent to the ex-dividend date.

*Investments in Real Estate Investment Trusts (REITs) —* With respect to the Fund, dividend income is recorded based on the income included in distributions received from the REIT investments using published REIT reclassifications including some management estimates when actual amounts are not available. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts.

*Repurchase Agreements —* In connection with transactions involving repurchase agreements, a third party custodian bank takes possession of the underlying securities ("collateral"), the value of which exceeds the principal amount of the repurchase transaction, including accrued interest. Such collateral will be cash, debt securities issued or guaranteed by the U.S. Government, securities that at the time the repurchase agreement is entered into are rated in the highest category by a nationally recognized statistical rating organization ("NRSRO") or unrated category by an NRSRO, as determined by the Adviser. Provisions of

the repurchase agreements and procedures adopted by the Board require that the market value of the collateral, including accrued interest thereon, is sufficient in the event of default by the counterparty. In the event of default on the obligation to repurchase, the Fund has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. In the event of default or bankruptcy by the counterparty to the agreement, realization and/or retention of the collateral or proceeds may be subject to legal proceedings.

Repurchase agreements are entered into by the Fund under Master Repurchase Agreements ("MRA") which permit the Fund, under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset payables and/or receivables under the MRA with collateral held and/ or posted to the counterparty and create one single net payment due to or from the Fund.

At October 31, 2025, the open repurchase agreement by counterparty which is subject to a MRA on a net payment basis is as follows (000):

---

| | | | | |
|:---|:---|:---|:---|:---|
| Counterparty | Repurchase<br> Agreement | Fair<br> Value of <br> Non-Cash<br> Collateral<br> Received<sup>(1)</sup> | Cash Collateral<br> Received<sup>(2)</sup> | Net Amount |
| South Street Securities | $26 | $26 | $– $|  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) The amount of collateral reflected in the table does not include
 any over-collateralization received by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Net amount represents the net amount receivable due from the
 counterparty in the event of default.

*Foreign Currency Translation —* The books and records of the Fund are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars on the date of valuation. The Fund does not isolate that portion of realized or unrealized gains and losses resulting from changes in the foreign exchange rate from fluctuations arising from changes in the market prices of the securities. These gains and losses are included in net realized and unrealized gains and losses on investments on the Statement of Operations. Net realized and unrealized gains and losses on foreign currency transactions represent net foreign exchange gains or losses from foreign currency exchange contracts, disposition of foreign currencies, currency gains or losses realized between trade and settlement dates on securities transactions and the difference between the amount of the investment income and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent amounts actually received or paid.

**Notes to Financial Statements**

October 31, 2025

*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.

*Segment Reporting —* In this reporting period, the Fund adopted FASB Accounting Standards Update 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 management of the Fund's Adviser acts as the Fund's CODM. 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 manager. 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.

&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;**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 year ended October 31, 2025, the Fund incurred $47,996 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 year ended October 31, 2025, the Fund incurred $6 048 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 year ended October 31, 2025, the Fund earned $2,528 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.

**Notes to Financial Statements**

October 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Investment Advisory Agreement:** 

The Trust and the Adviser are parties to an Investment Advisory Agreement, under which the Adviser receives an annual fee equal to 0.75% of the Fund's average daily net assets. The Adviser has contractually agreed to waive its fee (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses) in order to limit the Fund's total operating expenses after fee waivers and/or expense reimbursements to a maximum of 0.90% and 1.15% of the Fund's Institutional Class and Investor Class Shares' average daily net assets, respectively, through February 28, 2026. Refer to waiver of investment advisory fees on the Statement of Operations for fees waived for the year ended October 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Investment Transactions:** 

The cost of security purchases and the proceeds from security sales, other than short-term investments, for the year ended October 31, 2025, were as follows (000):

---

| | |
|:---|:---|
| Purchases | $12054 |
| Sales | $13664 |

---

&nbsp;&nbsp;&nbsp;&nbsp;**7.** **Federal Tax Information:** 

The amount and character of income and capital gain distributions to be paid, if any, are determined in accordance with Federal income tax regulations, which may differ from U.S. GAAP. As a result, net investment income (loss) and net realized gain (loss) on investment transactions for a reporting period may differ significantly from distributions during such period. These book/tax differences may be temporary or permanent. To the extent these differences are permanent in nature, they are charged or credited to distributable earnings or paid-in capital, as appropriate, in the period that the differences arise.

The permanent differences primarily consist of foreign currency translations, investments in passive foreign investment companies (PFICs) and reclassification of long term capital gain distribution on REITs. There are no permanent differences that are credited or charged to Paid-in Capital and Distributable Earnings (Accumulated Losses) as of October 31, 2025.

The tax character of dividends and distributions paid during the years ended October 31, 2025 and 2024 was as follows (000):

---

| | | | |
|:---|:---|:---|:---|
|  | **Ordinary<br> Income** | **Long-Term<br> Capital Gain** | **Total** |
| 2025.0 | $2159 | $1956 | $4115 |
| 2024.0 | 2112 | 58 | 2170 |

---

As of October 31, 2025, the components of distributable earnings (accumulated losses) on a tax basis were as follows (000):

---

| | |
|:---|:---|
| Undistributed Ordinary Income | $2337 |
| Undistributed Long-Term Capital Gain | 3554 |
| Other Temporary Differences | (1) |
| Unrealized Appreciation | 19620 |
| Total Distributable Earnings | $25510 |

---

Capital loss carryforward rules allow a Registered Investment Company ("RIC") to carry forward capital losses indefinitely and to retain the character of capital loss carryforwards as short-term or long-term. The Fund has no capital loss carryforwards at October 31, 2025.

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 October 31, 2025, were as follows (000):

---

| | | | |
|:---|:---|:---|:---|
| **Federal<br> Tax Cost** | **Aggregated<br> Gross<br> Unrealized<br> Appreciation** | **Aggregated<br> Gross<br> Unrealized<br> Depreciation** | **Net<br> Unrealized<br> Appreciation** |
| $70688 | $25256 | $(5636) | $19620 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;**8.** **Concentration of Risks:** 

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

Investing in foreign companies, including direct investments and through Depositary Receipts, poses additional risks since political and economic events unique to a country or region will affect those markets and their issuers. These risks will not necessarily affect the U.S. economy or similar issuers located in the United States. In addition, investments in foreign companies are generally denominated in a foreign currency, the value of which may be influenced by currency exchange rates and exchange control regulations. Changes in the value of a currency compared to the U.S. dollar may affect (positively or negatively) the value of the Fund's investments. These currency movements may occur separately from, and in response to, events that do not otherwise affect the value of the security in the issuer's home country. Securities of foreign companies may not be registered with the U.S. Securities and Exchange Commission (the "SEC") and foreign companies are generally not subject to the regulatory controls imposed on U.S. issuers and, as a consequence, there is generally less publicly available information about foreign securities than is available about domestic securities. Income from foreign securities owned by the Fund may be reduced by a withholding tax at the source, which tax would reduce income received from the securities comprising the portfolio. Foreign securities may also be more difficult to value than securities of U.S. issuers. While Depositary Receipts provide an alternative to directly purchasing the underlying foreign securities in their respective national markets and currencies, investments in Depositary Receipts continue to be subject to many of the risks associated with investing directly in foreign securities.

**Notes to Financial Statements**

October 31, 2025

Investments in emerging markets securities are considered speculative and subject to heightened risks in addition to the general risks of investing in foreign securities. Unlike more established markets, emerging markets may have governments that are less stable, markets that are less liquid and economies that are less developed. In addition, the securities markets of emerging market countries may consist of companies with smaller market capitalizations and may suffer periods of relative illiquidity; significant price volatility; restrictions on foreign investment; and possible restrictions on repatriation of investment income and capital. Furthermore, foreign investors may be required to register the proceeds of sales, and future economic or political crises could lead to price controls, forced mergers, expropriation or confiscatory taxation, seizure, nationalization or creation of government monopolies.

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

The United States and other countries have also imposed economic sanctions on Belarus and may impose sanctions on other countries that provide military or economic support to Russia. These sanctions, as well as any other economic consequences related to the invasion, such as additional sanctions, boycotts or changes in consumer or purchaser preferences or cyberattacks on governments, companies or individuals,

may further decrease the value and liquidity of certain Russian securities and securities of issuers in other countries that are subject to economic sanctions related to the invasion. To the extent that a Fund has exposure to Russian investments or investments in countries affected by the invasion, the Fund's ability to price, buy, sell, receive or deliver such investments may be impaired. In addition, any exposure that a Fund may have to counterparties in Russia or in countries affected by the invasion could negatively impact the Fund's investments. The extent and duration of military actions and the repercussions of such actions (including any retaliatory actions or countermeasures that may be taken by those subject to sanctions) are impossible to predict. These events have resulted in, and could continue to result in, significant market disruptions, including in certain industries or sectors such as the oil and natural gas markets, and may further strain global supply chains and negatively affect inflation and global growth. These and any related events could significantly impact a Fund's performance and the value of an investment in a Fund beyond any direct exposure a Fund may have to Russian issuers or issuers in other countries affected by the invasion.

As a result of the Fund's investments in securities or other investments denominated in, and/or receiving revenues in, foreign currencies, the Fund will be subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar, in which case, the dollar value of an investment in the Fund would be adversely affected.

Markets for securities in which the Fund invests may decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments that may cause broad changes in market value, public perceptions concerning these developments, and adverse investor sentiment or publicity. Similarly, the impact of any epidemic, pandemic or natural disaster, or widespread fear that such events may occur, could negatively affect the global economy, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the markets in general in significant and unforeseen ways. Any such impact could adversely affect the prices and liquidity of the securities and other instruments in which the Fund invests, which in turn could negatively impact the Fund's performance and cause losses on your investment in the Fund.

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

**Notes to Financial Statements**

October 31, 2025

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.

&nbsp;&nbsp;&nbsp;&nbsp;**9.** **Concentration of Shareholders:** 

At October 31, 2025, 92% of total shares outstanding for the Institutional Class Shares were held by three record shareholders each owning 10% or greater of the aggregate total shares outstanding. At October 31, 2025, 83% of total shares outstanding for the Investor Class Shares were held by three record shareholders owning 10% or greater of the aggregate total shares outstanding. These were comprised mostly of omnibus accounts which were held on behalf of various individual shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;**11.** **Recent Accounting Pronouncement:** 

In December 2023, the FASB issued Accounting Standards Update 2023-09 ("ASU 2023-09"), Income Taxes (Topic 740) Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. Fund Management is evaluating the impacts of these changes on the Fund's financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;**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.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of The Advisors' Inner Circle Fund and the Shareholders of LSV Global Value Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of LSV Global Value Fund (the "Fund") (one of the funds constituting The Advisors' Inner Circle Fund (the "Trust")), including the schedule of investments, as of October 31, 2025, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting The Advisors' Inner Circle Fund) at October 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025, by correspondence with the custodian and others. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](fp0096596-7_02.jpg)

We have served as the auditor of one or more LSV Asset Management investment companies since 2005.

Philadelphia, Pennsylvania

December 22, 2025

**NOTICE TO SHAREHOLDERS**

**OF**

**LSV GLOBAL VALUE FUND**

**(Unaudited)**

For shareholders that do not have an October 31, 2025 tax year end, this notice is for informational purposes only. For shareholders with an October 31, 2025 tax year end, please consult your tax advisor as to the pertinence of this notice. For the fiscal year ended October 31, 2025, the Fund is designating the following items with regard to distributions paid during the year.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Long-Term**<br> **Capital Gain**<br> **Distribution** | **Ordinary**<br> **Income**<br> **Distributions** | **Total**<br> **Distributions** | **Qualifying**<br> **For**<br> **Corporate**<br> **Dividends**<br> **Receivable**<br> **Deduction <sup>(1)</sup>** | **Qualifying**<br> **Dividend**<br> **Income <sup>(2)</sup>** | **U.S.**<br> **Government**<br> **Interest <sup>(3)</sup>** | **Interest**<br> **Related**<br> **Dividends<sup>(4)</sup>** | **Short-Term**<br> **Capital Gain**<br> **Dividends <sup>(5)</sup>** | **Qualifying**<br> **Business**<br> **Income <sup>(6)</sup>** |
| 47.53% | 52.47% | 100.00% | 52.95% | 97.32% | 0.00% | 0.00% | 100.00% | 0.00% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Qualifying dividends represent dividends which qualify for the
 corporate dividends received deduction and is reflected as a percentage of ordinary income distributions (the total of short-term capital
 gain and net investment income distributions).

&nbsp;&nbsp;&nbsp;&nbsp;(2) The percentage in this column represents the amount of "Qualifying

 income distributions (the total of short-term capital gain and net investment income distributions). It is the intention of the aforementioned
 Fund to designate the maximum amount permitted by the law.

&nbsp;&nbsp;&nbsp;&nbsp;(3) "U.S. Government Interest" represents the amount
 of interest that was derived from direct U.S. Government obligations and distributed during the fiscal year. This amount is reflected
 as a percentage of ordinary income distributions. Generally, interest from direct U.S. Government obligations is exempt from state income
 tax. However, for shareholders of the Advisors' Inner Circle Fund-LSV Global Value Fund who are residents of California, Connecticut
 and New York, the statutory threshold requirements were not satisfied to permit exemption of these amounts from state income.

&nbsp;&nbsp;&nbsp;&nbsp;(4) The percentage in this column represents the amount of "Interest
 Related Dividend" is reflected as a percentage of ordinary income distribution. Interest related dividends is exempted from U.S.
 withholding tax when paid to foreign investors.

&nbsp;&nbsp;&nbsp;&nbsp;(5) The percentage in this column represents the amount of "Short-Term
 Capital Gain Dividends" is reflected as a percentage of short-term capital gain distribution that is exempted from U.S. withholding
 tax when paid to foreign investors.

&nbsp;&nbsp;&nbsp;&nbsp;(6) The percentage of this column represents that amount of ordinary
 dividend income that qualified for 20% Business Income Deduction.

The information reported herein may differ from the information and distributions taxable to the shareholders for the calendar year ending December 31, 2025. Complete information will be computed and reported in conjunction with your 2025 Form 1099-DIV.

**OTHER INFORMATION** *(FORM N-CSR ITEMS 8-11) (Unaudited)*

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

Not applicable.

**Item 9. Proxy Disclosures 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.**

The remuneration paid by the company during the period covered by the report to the Trustees on the company's Board of Trustees is disclosed within the Statement(s) of Operations of the financial statements (Item 7).

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

Not applicable.

![](fp0096596-7_03.jpg)

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

Included under Item 7.

**Item 9.** **Proxy Disclosures for Open-End Management Investment Companies.**

Included under Item 7.

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

Included under Item 7.

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

Included under Item 7.

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

Not applicable to open-end management investment companies.

**Item 13.** **Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable to open-end management investment companies.

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

Not applicable to open-end management investment companies.

**Item 15.** **Submission of Matters to a Vote of Security Holders.**

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.

**Item 16.** **Controls and Procedures.**

(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.**

Not applicable to open-end management investment companies.

**Item 18.** **Recovery of Erroneously Awarded Compensation.**

(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

**Item 19.** **Exhibits.**

(a)(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Code of Ethics attached hereto.](fp0098995-6_ex99code.htm)

(a)(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.

(a)(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[A separate certification for the principal executive officer and the principal financial officer of the Registrant, as required by Rule 30a-2(a) under the Act (17 CFR § 270.30a-2(a)), are filed herewith.](fp0098995-6_ex99cert.htm)

(a)(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.

(a)(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.

(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Officer certifications, as required by Rule 30a-2(b) under the Act (17 CFR § 270.30a-2(b)), also accompany this filing as exhibits](fp0098995-6_ex99906cert.htm).

**SIGNATURES**

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.

---

| | |
|:---|:---|
| (Registrant) | The Advisors' Inner Circle Fund |
| By (Signature and Title) | /s/ Michael Beattie |
|  | Michael Beattie |
|  | Principal Executive Officer |

---

Date: May 22, 2026

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.

---

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

---

Date: May 22, 2026

---

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

---

Date: May 22, 2026

## Ex-99.Code

**THE ADVISORS' INNER CIRCLE FUND**<br> **THE ADVISORS' INNER CIRCLE FUND II**<br> **THE ADVISORS' INNER CIRCLE FUND III**<br> **BISHOP STREET FUNDS**<br> **GALLERY TRUST**<br> **FROST FAMILY OF FUNDS**<br> **CATHOLIC RESPONSIBLE INVESTMENTS FUNDS**<br> **SYMMETRY PANORAMIC TRUST**<br> **WILSHIRE PRIVATE ASSETS MASTER FUND**<br> **WILSHIRE PRIVATE ASSETS FUND**

**FINANCIAL OFFICER CODE OF ETHICS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.** **Introduction** 

The reputation and integrity of The Advisors' Inner Circle Fund, The Advisors' Inner Circle Fund II, The Advisors' Inner Circle Fund III, Bishop Street Funds, Gallery Trust, Frost Family of Funds, Catholic Responsible Investments Funds, Symmetry Panoramic Trust, Wilshire Private Assets Master Fund and Wilshire Private Assets Fund (each a "Trust" and, collectively, the "Trusts") are valuable assets that are vital to the each Trust's success. The Trusts' senior financial officers ("SFOs") are responsible for conducting the Trusts' business in a manner that demonstrates a commitment to the highest standards of integrity. The Trusts' SFOs include the principal executive officer, the principal financial officer, comptroller or principal accounting officer, and any person who performs a similar function.

The Sarbanes-Oxley Act of 2002 (the "Act") effected sweeping corporate disclosure and financial reporting reform on public companies, including mutual funds, to address corporate malfeasance and assure investors that the companies in which they invest are accurately and completely disclosing financial information. Under the Act, all public companies (including the Trusts) must either have a code of ethics for their SFOs, or disclose why they do not. The Act was intended to foster corporate environments which encourage employees to question and report unethical and potentially illegal business practices. Each Trust has chosen to adopt this Financial Officer Code of Ethics (the "Code") to encourage its SFOs to act in a manner consistent with the highest principles of ethical conduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**II.** **Purposes of the Code** 

The purposes of this Code are:

● To promote honest and ethical conduct by each Trust's SFOs, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

● To assist each Trust's SFOs in recognizing and avoiding conflicts of interest, including disclosing to an appropriate person any material transaction or relationship that reasonably could be expected to give rise to such a conflict;

● To promote full, fair, accurate, timely, and understandable disclosure in reports and documents that the Trusts file with, or submit to, the SEC and in other public communications made by the Trusts;

● To promote compliance with applicable laws, rules and regulations;

● To encourage the prompt internal reporting to an appropriate person of violations of this Code; and

● To establish accountability for adherence to this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**III.** **Questions about this Code** 

Each Trust's compliance officer designated to oversee compliance with the Trust's Code of Ethics adopted pursuant to Rule 17j-1 shall serve as Compliance Officer for the implementation and administration of this Code. You should direct your questions about this Code to the Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IV.** **Conduct Guidelines** 

Each Trust has adopted the following guidelines under which the Trust's SFOs must perform their official duties and conduct the business affairs of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Ethical and honest conduct is of paramount importance.** Each Trust's SFOs must act with
 honesty and integrity and avoid violations of this Code, including the avoidance of actual
 or apparent conflicts of interest with the Trust in personal and professional relationships.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **SFOs must disclose material transactions or relationships.** Each Trust's SFOs must
 disclose to the Compliance Officer any actual or apparent conflicts of interest the SFO
 may have with the Trust that reasonably could be expected to give rise to any violations
 of this Code. Such conflicts of interest may arise as a result of material transactions
 or business or personal relationships to which the SFO may be a party. If it is not possible
 to disclose the matter to the Compliance Officer, it should be disclosed to the Trust's
 Chief Financial Officer, Chief Executive Officer or another appropriate person. In addition
 to disclosing any actual or apparent conflicts of interest in which an SFO is personally
 involved, the Trusts' SFOs have an obligation to report any other actual or apparent
 conflicts which they discover or of which they otherwise become aware. If you are unsure
 whether a particular fact pattern gives rise to a conflict of interest, or whether a
 particular transaction or relationship is "material," you should bring the
 matter to the attention of the Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Standards for quality of information shared with service providers of the Trusts.** Each Trust's SFOs must at all times seek to
provide information to the Trust's service providers (adviser, administrator, outside auditor, outside counsel, custodian, *etc.*) that is accurate, complete, objective, relevant, timely, and understandable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Standards for quality of information included in periodic reports.** Each Trust's SFOs
 must at all times endeavor to ensure full, fair, timely, accurate, and understandable
 disclosure in the Trust's periodic reports.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Compliance with laws.** Each Trust's SFOs must comply with the federal securities laws and
 other laws and rules applicable to the Trusts, such as the Internal Revenue Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Standard of care.** Each Trust's SFOs must at all times act in good faith and with due
 care, competence and diligence, without misrepresenting material facts or allowing your
 independent judgment to be subordinated. Each Trust's SFOs must conduct the affairs
 of the Trust in a responsible manner, consistent with this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.** **Confidentiality of information.** Each Trust's SFOs must respect and protect the confidentiality
 of information acquired in the course of their professional duties, except when authorized
 by the Trust to disclose it or where disclosure is otherwise legally mandated. You may
 not use confidential information acquired in the course of your work for personal advantage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.** **Sharing of information and educational standards.** Each Trust's SFOs should share information
 with relevant parties to keep them informed of the business affairs of the Trust, as
 appropriate, and maintain skills important and relevant to the Trust's needs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.** **Promote ethical conduct.** Each Trust's SFOs should at all times proactively promote
 ethical behavior among peers in your work environment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.** **Standards for recordkeeping.** Each Trust's SFOs must at all times endeavor to ensure that
 the Trust's financial books and records are thoroughly and accurately maintained
 to the best of their knowledge in a manner consistent with applicable laws and this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**V.** **Waivers of this Code** 

You may request a waiver of a provision of this Code by submitting your request in writing to the Compliance Officer for appropriate review. For example, if a family member works for a service provider that prepares a Trust's financial statements, you may have a potential conflict of interest in reviewing those statements and should seek a waiver of this Code to review the work. An executive officer of each Trust, or another appropriate person (such as a designated Board or Audit Committee member), will decide whether to grant a waiver. All waivers of this code must be disclosed to the applicable Trust's shareholders to the extent required by SEC rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VI.** **Affirmation of the Code** 

Upon adoption of the Code, each Trust's SFOs must affirm in writing that they have received, read and understand the Code, and annually thereafter must affirm that they have complied with the requirements of the Code. To the extent necessary, each Trust's Compliance Officer will provide guidance on the conduct required by this Code and the manner in which violations or suspected violations must be reported and waivers must be requested.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VII.** **Reporting Violations** 

In the event that an SFO discovers or, in good faith, suspects a violation of this Code, the SFO <u>must</u> immediately report the violation or suspected violation to the Compliance Officer. The Compliance Officer may, in his or her discretion, consult with another member of the Trust's senior management or the Board in determining how to address the suspected violation. For example, a Code violation may occur when a periodic report or financial statement of a Trust omits a material fact, or is technically accurate but, in the view of the SFO, is written in a way that obscures its meaning.

SFOs who report violations or suspected violations in good faith will not be subject to retaliation of any kind. Reported violations will be investigated and addressed promptly and will be treated as confidential to the extent possible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VIII.** **Violations of the Code** 

Dishonest or unethical conduct or conduct that is illegal will constitute a violation of this Code, regardless of whether this Code specifically refers to such particular conduct. A violation of this Code may result in disciplinary action, up to and including removal as an SFO of the Trust. A variety of laws apply to the Trusts and their operations, including the Securities Act of 1933, the Investment Company Act of 1940, state laws relating to duties owed by Trust officers, and criminal laws. The Trusts will report any suspected criminal violations to the appropriate authorities, and will investigate, address and report, as appropriate, non-criminal violations.

Dated: September 2025

## Ex-99.Cert

**CERTIFICATION**

**Pursuant to Rule 30a-2(a) under the Investment Company Act of 1940**

**and Section 302 of the Sarbanes-Oxley Act of 2002**

I, Michael Beattie, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of The Advisors' Inner Circle Fund (the "Registrant");

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact
 or omit to state a material fact necessary to make the statements made, in light of the
 circumstances under which such statements were made, not misleading with respect to the
 period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial statements, and other financial information, included
 in this report fairly present in all material respects the financial condition, results
 of operations, changes in net assets, and cash flows (if the financial statements are
 required to include a statement of cash flows) of the Registrant as of, and for, the
 periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 Registrant's other certifying officer(s), if any, and I are responsible for establishing
 and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under
 the Investment Company Act of 1940) and internal control over financial reporting (as
 defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant
 and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to
 the Registrant, including its consolidated subsidiaries, is made known to us by others
 within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed
 such internal control over financial reporting, or caused such internal control over
 financial reporting to be designed under our supervision, to provide reasonable assurance
 regarding the reliability of financial reporting and the preparation of financial statements
 for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated
 the effectiveness of the Registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and
 procedures, as of a date within 90 days prior to the filing date of this report, based
 on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed
 in this report any change in the Registrant's internal control over financial reporting
 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; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 Registrant's other certifying officer(s) and I have disclosed to the Registrant's
 auditors and the audit committee of the Registrant's board of directors (or persons
 performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 significant deficiencies and material weaknesses in the design or operation of internal
 control over financial reporting which are reasonably likely to adversely affect the
 Registrant's ability to record, process, summarize, and report financial information;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 fraud, whether or not material, that involves management or other employees who have
 a significant role in the Registrant's internal control over financial reporting.

Date: May 22, 2026

---

| |
|:---|
| /s/ Michael Beattie |
| Michael Beattie |
| Principal Executive Officer |

---

**CERTIFICATION**

**Pursuant to Rule 30a-2(a) under the Investment Company Act of 1940**

**and Section 302 of the Sarbanes-Oxley Act of 2002**

I, Andrew Metzger, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of The Advisors' Inner Circle Fund (the "Registrant");

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact
 or omit to state a material fact necessary to make the statements made, in light of the
 circumstances under which such statements were made, not misleading with respect to the
 period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial statements, and other financial information, included
 in this report fairly present in all material respects the financial condition, results
 of operations, changes in net assets, and cash flows (if the financial statements are
 required to include a statement of cash flows) of the Registrant as of, and for, the
 periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 Registrant's other certifying officer(s), if any, and I are responsible for establishing
 and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under
 the Investment Company Act of 1940) and internal control over financial reporting (as
 defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant
 and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to
 the Registrant, including its consolidated subsidiaries, is made known to us by others
 within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed
 such internal control over financial reporting, or caused such internal control over
 financial reporting to be designed under our supervision, to provide reasonable assurance
 regarding the reliability of financial reporting and the preparation of financial statements
 for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated
 the effectiveness of the Registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and
 procedures, as of a date within 90 days prior to the filing date of this report, based
 on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed
 in this report any change in the Registrant's internal control over financial reporting
 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; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 Registrant's other certifying officer(s) and I have disclosed to the Registrant's
 auditors and the audit committee of the Registrant's board of directors (or persons
 performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 significant deficiencies and material weaknesses in the design or operation of internal
 control over financial reporting which are reasonably likely to adversely affect the
 Registrant's ability to record, process, summarize, and report financial information;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 fraud, whether or not material, that involves management or other employees who have
 a significant role in the Registrant's internal control over financial reporting.

Date: May 22, 2026

---

| |
|:---|
| /s/ Andrew Metzger |
| Andrew Metzger |
| Principal Financial Officer |

---

## Exhibit 99.906

**CERTIFICATION**

**Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906**

**of the Sarbanes-Oxley Act of 2002**

The undersigned, Michael Beattie, the Principal Executive Officer of The Advisors' Inner Circle Fund (the "Fund"), with respect to the Fund's Form N-CSR for the period ended October 31, 2025, as filed with the Securities and Exchange Commission, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. such
 Form N-CSR fully complies with the requirements of Section 13(a) or 15(d) of the Securities
 Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. the
 information contained in such Form N-CSR fairly presents, in all material respects, the
 financial condition and results of operations of the Fund.

Dated: May 22, 2026

---

| |
|:---|
| /s/ Michael Beattie |
| Michael Beattie |
| Principal Executive Officer |

---

**CERTIFICATION**

**Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906** 

**of the Sarbanes-Oxley Act of 2002**

The undersigned, Andrew Metzger, the Principal Financial Officer of The Advisors' Inner Circle Fund (the "Fund"), with respect to the Fund's Form N-CSR for the period ended October 31, 2025, as filed with the Securities and Exchange Commission, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. such
 Form N-CSR fully complies with the requirements of Section 13(a) or 15(d) of the Securities
 Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. the
 information contained in such Form N-CSR fairly presents, in all material respects, the
 financial condition and results of operations of the Fund.

Dated: May 22, 2026

---

| |
|:---|
| /s/ Andrew Metzger |
| Andrew Metzger |
| Principal Financial Officer |

---