Global Managed Volatility Fund

THE ADVISORS' INNER CIRCLE FUND

Global Managed Volatility Fund

SEMI-ANNUAL REPORT TO SHAREHOLDERS April 30, 2021

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

MANAGER'S DISCUSSION AND ANALYSIS OF FUND PERFORMANCE

(Unaudited)

The total net of fees return of the LSV Global Managed Volatility Fund, the MSCI AC World Index (the benchmark) and the MSCI AC World Minimum Volatility Index for the trailing periods ending April 30, 2021 were as follows:

LSV Global Managed Volatility Fund,

6-Months Trailing 1 Year

2 Year

3 Years

Since Inception

Institutional Class Shares* Benchmark: MSCI AC World Index Volatility Index: MSCI AC World Minimum Volatility Index

25.01% 28.30% 14.17%

26.67% 45.75% 18.86%

5.08% 13.32% 8.79%

7.53% 13.85% 8.74%

5.74% 9.58% 8.49%

* Month Ended April 30, 2021.

Institutional Class Shares performance as of 3/31/21: 33.65% (1 year), 7.20% (5 year) and 5.47% (Since Inception). The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares when redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. For performance data current to the most recent month end, please call 888-FUND-LSV (888-386-3578). Periods longer than 1-year are annualized; inception date 6/26/2014.

Global equities rallied over the prior six month period as the announcement of three effective COVID-19 vaccine candidates in November 2020 and meaningful stimulus measures from governments and central banks across the globe eclipsed any near-term economic concerns, sparking a risk-on move in markets as the end of the pandemic is now in sight. COVID-19 optimism and re-opening hopes thanks to lower infection rates, vaccination rollouts and ongoing stimulus measures led to a meaningful sell-off in nominal bonds as well as a broad-based rotation in equities in favor of cyclical value and small cap stocks. The MSCI AC World Index was up 28.30% (in USD) while the MSCI ACWI Minimum Volatility Index was up 14.17%. From a style perspective, global value stocks outperformed across all market capitalization segments based on the MSCI Indices--the MSCI AC World Value Index was up 34.08% while the MSCI AC World Growth Index was up 22.98% (both in USD). The LSV Global Managed Volatility Fund, Institutional Class Shares, was up 25.01% for the period. From a sector perspective, Energy, Financials and Materials stocks outperformed while the Utilities, Consumer Staples and Health Care sectors lagged.

The LSV Global Managed Volatility Fund holds securities that are believed to have less volatility than the overall equity markets and high expected returns based on LSV's quantitative alpha model. The portfolio decision making process is quantitative and stocks are ranked simultaneously on an array of variables in order to arrive at an overall expected return ranking for each stock in the universe. Next, stocks are ranked on an assortment of factors to estimate a risk score. The risk score is a function of beta, standard deviation and volatility of operating performance (cash flows and earnings).

The positive vaccine news, coupled with news of additional fiscal stimulus in the U.S. over the period prompted a shift in market leadership away from `growth' stocks that had fared well throughout the pandemic and into `value' stocks. While the Fund's deep value bias and smaller capitalization tilt versus the benchmark contributed positively to relative returns over the period, the portfolio's lower volatility profile detracted during the strong equity market rebound. Attribution analysis further indicates that both stock and sector selection detracted from relative returns over the period. Stock selection relative losses came predominately from the underperformance of holdings within the Health Care and Financials sectors as lower volatility, deep value names within the Pharmaceuticals and Diversified Banking industries particularly lagged. From a sector perspective, relative losses were largely due to our overweight positions in the Utilities and Consumer Staples sectors as well as our underweight to Energy stocks. Top contributors for the period included our overweight positions in Allstate, Hartford Financial Services, Investors Bancorp, Phillips 66 and Target. Not owning Alibaba, Amazon, Apple, Procter & Gamble and Tencent

1

MANAGER'S DISCUSSION AND ANALYSIS OF FUND PERFORMANCE

(Unaudited) also added value. The main individual detractors included not owning Tesla, J.P. Morgan, Alphabet and Bank of America. Overweight positions in Merck, Ahold, Verizon, AGL Energy, Ebro Foods, Entergy and Bristol-Myers also detracted. The Fund is trading at 12.2x forward earnings compared to 20.0x for the MSCI AC World Index, 1.7x book value compared to 2.9x for the benchmark and 7.9x cash flow compared to 17.4x for the benchmark. The Fund is overweight the Consumer Staples and Financials sectors while underweight Information Technology and Consumer Discretionary. Our organization remains stable and our research team continues to pursue an active research agenda in which we are looking for better ways to measure value and identify signs of positive change. As always, we are focused on delivering the long-term results that our investors have come to expect from LSV and that we have delivered for clients since 1994. This material represents the manager's assessment of the portfolio and market environment at a specific point in time and should not be relied upon by the reader as research or investment advice. Investing involves risk including loss of principal. The information provided herein represents the opinion of the manager and is not intended to be a forecast of future events, a guarantee of future results or investment advice. Forward earnings is not a forecast of the Fund's future performance. Investing involves risk, including possible loss of principal. Investments in smaller companies typically exhibit higher volatility. The MSCI AC World Index is a market capitalization weighted index designed to provide a broad measure of equity-market performance throughout the world. The MSCI AC World Value Index captures large and mid-cap securities exhibiting overall value style characteristics across 23 developed Markets countries. The MSCI AC World Growth Index captures large and mid-cap securities exhibiting overall growth style characteristics across 23 developed Markets countries. The MSCI AC World Minimum Volatility Index aims to reflect the performance characteristics of a minimum variance strategy applied to large and mid-cap equities across 23 Developed Markets (DM) and 23 Emerging Markets (EM) countries. Index Returns are for illustrative purposes only and do not represent actual fund performance. Index performance returns do not reflect any manage fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index. Past performance does not guarantee future results.

2

April 30, 2021

Sector Weightings:

16.7% Financials 15.6% Information Technology 15.3% Consumer Staples 12.8% Health Care 11.4% Communication Services 9.7% Consumer Discretionary 7.1% Industrials 5.7% Utilities 3.1% Materials 1.1% Energy 0.9% Real Estate 0.6% Repurchase Agreement

Percentages are based on total investments.

Schedule of Investments LSV Global Managed Volatility Fund

Shares Value (000)

U.S. Common Stock (53.7%)

Aerospace & Defense (1.5%)

L3Harris Technologies Lockheed Martin Northrop Grumman

460 $

96

200

76

200

71

243

Agricultural Products (0.3%)

Ingredion

500

47

Asset Management & Custody Banks (1.5%)

Bank of New York Mellon

2,100

105

FS KKR Capital

3,900

81

New Mountain Finance

4,200

55

241

Automotive (0.2%) Ford Motor*

2,700

31

Automotive Retail (0.3%)

AutoZone*

30

44

Biotechnology (1.9%) Amgen Gilead Sciences

800

191

1,900

121

312

Commercial Services (1.5%)

Sykes Enterprises*

1,600

70

Western Union

6,400

165

235

Computers & Services (4.9%)

eBay

4,000

223

Oracle

5,900

448

Seagate Technology

1,340

124

795

(Unaudited)

LSV Global Managed Volatility Fund

Consumer Staples (0.8%) Kimberly-Clark

Shares Value (000)

1,000 $

133

Drug Retail (0.4%)

Walgreens Boots Alliance

1,200

64

Electrical Services (2.2%)

Entergy

1,600

176

Exelon

2,500

112

Otter Tail

1,408

66

354

Food, Beverage & Tobacco (4.7%)

Altria Group

2,100

100

General Mills

2,600

158

JM Smucker

1,600

210

Molson Coors Brewing, Cl B 2,000

110

Tyson Foods, Cl A

2,300

178

756

Gas/Natural Gas (0.7%)

National Fuel Gas

2,100

104

General Merchandise Stores (1.8%)

Target

1,400

290

Gold (0.5%) Newmont

1,200

75

Health Care Services (0.9%)

CVS Health

1,800

138

Homebuilding (0.7%) DR Horton

1,200

118

Insurance (4.4%)

Allstate

2,800

355

American Financial Group

400

49

Berkshire Hathaway, Cl B*

600

165

Hartford Financial Services

Group

2,100

139

708

IT Consulting & Other Services (3.6%)

Amdocs

3,100

238

CACI International, Cl A*

500

127

International Business

Machines

1,500

213

578

Machinery (1.1%) Allison Transmission Holdings Cummins

2,500

103

300

76

179

The accompanying notes are an integral part of the financial statements 3

Schedule of Investments April 30, 2021

LSV Global Managed Volatility Fund

Shares Value (000)

Media & Entertainment (1.7%)

Comcast, Cl A

4,900 $

275

Mortgage REITs (0.3%)

Annaly Capital Management 4,600

42

Office REITs (0.2%)

Brandywine Realty Trust

2,600

35

Packaged Foods & Meats (0.8%)

Kraft Heinz

3,300

136

Paper Packaging (0.6%)

Sealed Air

2,000

99

Pharmaceuticals (6.6%)

Bristol-Myers Squibb Jazz Pharmaceuticals* Johnson & Johnson Merck Pfizer

3,700 600

1,200 4,300 5,800

231 99

195 321 224 1,070

Regional Banks (0.8%)

Investors Bancorp

8,900

130

Retail (1.0%) Kroger

4,500

164

Semi-Conductors/Instruments (2.3%)

Intel

6,400

368

Systems Software (0.4%)

Check Point Software Technologies*

600

70

Telephones & Telecommunications (5.1%)

AT&T Cisco Systems Juniper Networks

10,200

321

2,500

127

3,900

99

Verizon Communications

4,800

278

825

TOTAL U.S. COMMON STOCK (Cost $7,543)

Foreign Common Stock (44.7%)

Australia (0.6%)

AGL Energy

13,300

8,659 91

(Unaudited)

LSV Global Managed Volatility Fund

Austria (1.0%) Mayr Melnhof Karton

Shares Value (000)

800 $

166

Belgium (1.0%)

Ageas Etablissements Franz

Colruyt

1,500

91

1,300

77

168

Canada (4.8%)

Alimentation Couche-Tard,

Cl B

3,300

111

Bank of Montreal

800

76

Bank of Nova Scotia

1,100

70

Canadian Imperial Bank of

Commerce

600

62

Canadian Tire, Cl A

700

112

CI Financial

4,500

72

Cogeco Communications

1,000

95

Loblaw

1,800

100

Power Corp of Canada

2,200

64

TELUS

951

20

782

China (1.5%)

China Resources Power

Holdings

94,000

124

Shenzhen Expressway, Cl H 110,000

114

238

Denmark (0.9%)

Scandinavian Tobacco

Group

8,100

148

Finland (0.5%) TietoEVRY

2,354

82

France (2.6%)

Cie Generale des

Etablissements Michelin

SCA

600

87

Sanofi

1,600

168

Societe BIC

2,400

169

424

Germany (1.1%) Deutsche Post

1,800

106

The accompanying notes are an integral part of the financial statements 4

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