ANNUAL REPORT TO SHAREHOLDERS October 31, 2016lsvasset.com/pdf/fund-docs/LSVGX_AR_2016.pdf · The objective of the model is to pick undervalued and out of favor stocks with high near-term

THE ADVISORS’ INNER CIRCLE FUND

ANNUAL REPORT TO SHAREHOLDERS

October 31, 2016

This information must be preceded oraccompanied by a current prospectus.

Investors should read the prospectus carefullybefore investing.

MANAGER’S DISCUSSION AND ANALYSIS OF FUND PERFORMANCE(Unaudited)

The total net of fees returns of the LSV Global Value Fund, Institutional Class Shares, the benchmark MSCI ACWorld Index and the MSCI AC World Value Index for the fiscal year end and since inception (June 25, 2014)as of October 31, 2016 were as follows (*denotes annualized period):

12 MonthsEnded

10/31/16Since

Inception*

LSV Global Value Fund, Institutional Class Shares 0.96% -0.59%Benchmark:MSCI AC World Index 2.05 0.32Broad Market:MSCI AC World Value Index 3.37 -1.49

The performance data quoted represents past performance. Past performance does not guarantee futureresults. The investment return and principal value of an investment will fluctuate so that an investor’s shareswhen redeemed, may be worth more or less than their original cost and current performance may be lower orhigher than the performance quoted. For performance data current to the most recent month end, please call888-FUND-LSV (888-386-3578).

Equity markets struggled early in the trailing 12-month period ended October 31, 2016 but rebounded to postpositive returns as the MSCI AC World Index was up 2.05%. Emerging markets stocks led the way up 9.27%.The U.S. market rose 3.66% while non-U.S. developed markets stocks were down 3.23% as represented bythe MSCI EAFE Index. Early on, concerns over slow global growth and low oil prices weighed on markets.However a recovery in oil prices and dovish comments by central banks led to a recovery in equities. TheFederal Reserve raised rates for the first time in nearly a decade at their December 2015 meeting but keptrates steady throughout 2016. Equity markets stumbled again after the June Brexit vote but quickly recoveredas the political fallout from the Brexit vote was contained.

Value stocks performed better during the period as the MSCI AC World Value Index was up 3.37%. However,value stocks still lag growth stocks for the trailing 2-, 3-, 5- and 10-year periods as represented by the MSCIstyle indices. Performance attribution suggests that the LSV Global Value Fund’s (the “Fund”) deeper valueand smaller size biases contributed positively to relative performance. Holdings performed well in theTechnology and Consumer Staples sectors but this was not enough to offset the negative impact of poorselection within the Consumer Discretionary, Energy, Materials and Industrials sectors. Most of the poorselection came from holdings in the United States and to a lesser degree Hong Kong. Holdings performedwell in Taiwan and the U.K.

At October 31, 2016, the Fund was overweight to the Financials sector (+4.7%) and underweight to theConsumer Staples sector (-2.5%). All other sectors were within +/-2% of the benchmark weight. The Fundmaintains an effectively neutral weight relative to the benchmark weight for each country in the Index. TheFund continues to trade at compelling valuations as we are still able to find attractive stocks across manysectors and industries to build the portfolio. The Fund is trading at 12.4x forward earnings, compared to 21.3xfor the MSCI AC World Index benchmark, 1.4x book compared to 2.1x and 6.7x cash flow compared to 12.0x.The objective of the model is to pick undervalued and out of favor stocks with high near-term appreciationpotential and as a result, the Fund always maintains a smaller size bias relative to the benchmark. Currently,the average weighted market cap of the Fund is $43.6 billion vs. $98.0 billion for the MSCI AC World Index.

The competitive strength of this strategy is that it avoids introducing the process to any judgmental biasesand behavioral weaknesses that often influence investment decisions. As always, we are committed to aconsistent application of our investment process and research agenda as part of an ongoing effort toenhance our quantitative model and add value for our investors in the Fund.

1

This material represents the manager’s assessment of the portfolio and market environment at a specific pointin time and should not be relied upon by the reader as research or investment advice. Investing involves riskincluding loss of principal. The information provided herein represents the opinion of the manager and is notintended 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 possibleloss of principal.

The MSCI AC World Index is a market capitalization weighted index designed to provide a broad measure ofequity-market performance throughout the world.

The MSCI AC World Value Index captures large and mid-cap securities exhibiting overall value stylecharacteristics across 23 developed Markets countries.

The MSCI EAFE Index is a stock market index that is designed to measure the equity market performance ofdeveloped markets outside of the U.S. & Canada.

Index Returns are for illustrative purposes only and do not represent actual fund performance. Indexperformance returns do not reflect any manage fees, transaction costs or expenses. Indexes are unmanagedand one cannot invest directly in an index. Past performance does not guarantee future results.

2

Comparison of Change in the Value of a $10,000 Investment in the LSV Global Value Fund,Institutional Class Shares, versus the MSCI All Country World Index (Unaudited)

Average Annual Total Returnfor the period ended October 31, 2016

One Year ReturnAnnualized

Inception to Date(1)

LSV Global Value Fund, Institutional Class Shares 0.96% -0.59%LSV Global Value Fund, Investor Class Shares 0.77% -0.83%

MSCI All Country World Index 2.05% 0.32%

$9,000

$10,000

$11,000

LSV Global Value Fund, Institutional Class Shares*MSCI All Country World Index

10/31/1610/31/1510/31/146/25/2014

$9,863

$10,076

* The graph is only based on the Institutional Class Shares; performance forInvestor Class Shares would be different due to differences in fee structures.

(1) The LSV Global Value Fund commenced operations on June 25, 2014.

The performance data quoted herein represents past performance and the return and value of an investment in theFund will fluctuate so that, when redeemed, may be worth less than its original cost. Past performance does not

guarantee future results. The Fund’s performance assumes the reinvestment of all dividends and all capital gains.Index returns assume reinvestment of dividends and, unlike a fund’s returns, do not reflect any fees or expenses. Ifsuch fees and expenses were included in the Index returns, the performance would have been lower. Please notethat one cannot invest directly in an unmanaged index. Fee waivers were in effect. If they had not been in effect,

performance would have been lower.

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or theredemption of Fund shares.

See definition of comparative indices on page 2.

3

October 31, 2016

Sector Weightings (Unaudited)†:

0.8% Repurchase Agreement

3.7% Telecommunication Services

3.8% Utilities

5.8% Materials

6.0% Energy

7.0% Consumer Staples

10.2% Health Care

11.8% Industrials

13.5% Consumer Discretionary

16.2% Information Technology

21.2% Financials

† Percentages are based on total investments.

Schedule of Investments

LSV Global Value Fund SharesValue(000)

U.S. Common Stock (50.2%)Aerospace & Defense (1.0%)

Huntington Ingalls Industries 70 $ 11Moog, Cl A* 200 12Triumph Group 200 5

28

Agricultural Products (1.6%)Bunge 300 19Fresh Del Monte Produce 300 18Ingredion 60 8

45

Air Freight & Logistics (0.8%)FedEx 140 24

Aircraft (1.1%)Delta Air Lines 400 16JetBlue Airways* 900 16

32

Apparel Retail (0.4%)Gap 400 11

Asset Management & Custody Banks (0.3%)Ameriprise Financial 100 9

Automotive (2.1%)Adient* 42 2Ford Motor 1,300 15General Motors 400 13Goodyear Tire & Rubber 700 20Lear 100 12

62

Automotive Retail (0.4%)Group 1 Automotive 200 12

SharesValue(000)

Banks (2.9%)CIT Group 300 $ 11International Bancshares 400 12JPMorgan Chase 200 14PNC Financial Services Group 150 14Regions Financial 2,100 23Wells Fargo 200 9

83

Biotechnology (1.5%)Amgen 120 17Gilead Sciences 200 15United Therapeutics* 100 12

44

Broadcasting, Newspapers & Advertising (0.3%)TEGNA 400 8

Building & Construction (0.6%)Johnson Controls International 418 17

Chemicals (1.4%)Celanese, Cl A 200 15Eastman Chemical 200 14Huntsman 700 12

41

Computers & Services (2.6%)Dell Technologies, Cl V* 56 3Hewlett Packard Enterprise 600 13HP 600 9NetApp 400 14Oracle 300 12Symantec 600 14Western Digital 160 9

74

Construction & Engineering (0.3%)Fluor 200 10

Electrical Services (1.8%)American Electric Power 200 13FirstEnergy 500 17Public Service Enterprise Group 500 21

51

Fertilizers & Agricultural Chemicals (0.2%)CF Industries Holdings 250 6

Financial Services (2.2%)Capital One Financial 230 17Citigroup 500 24Discover Financial Services 400 23

64

Food, Beverage & Tobacco (0.6%)Pilgrim’s Pride* 500 11SUPERVALU* 1,500 6

17

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

4


October 31, 2016


General Merchandise Stores (0.6%)Target 250 $ 17

Health Care Distributors (0.5%)Cardinal Health 200 14

Health Care Facilities (0.8%)HCA Holdings* 300 23

Health Care Services (0.6%)Quest Diagnostics 200 16

Hotels & Lodging (0.4%)Wyndham Worldwide 200 13

Household Products, Furniture & Fixtures (0.3%)Whirlpool 70 10

Insurance (3.6%)Aflac 160 11Allstate 200 14American Financial Group 150 11Anthem 80 10Hartford Financial Services

Group 400 17Lincoln National 300 15Prudential Financial 160 14Travelers 100 11

102

IT Consulting & Other Services (1.4%)International Business Machines 180 28Teradata* 500 13

41

Machinery (1.3%)Cummins 130 17Meritor* 900 9Trinity Industries 500 11

37

Motorcycle Manufacturers (0.4%)Harley-Davidson 200 11

Multimedia (0.4%)Viacom, Cl B 300 11

Office Electronics (0.8%)Xerox 2,300 22

Oil & Gas Storage & Transportation (0.2%)DHT Holdings 1,800 7

Paper & Paper Products (0.2%)Domtar 200 7

Paper Packaging (0.6%)Packaging of America 200 16WestRock 37 2

18

SharesValue(000)

Petroleum & Fuel Products (3.3%)Chevron 100 $ 10Exxon Mobil 200 17LUKOIL PJSC ADR 270 13Marathon Petroleum 400 18PBF Energy, Cl A 200 4Phillips 66 160 13Valero Energy 300 19

93

Pharmaceuticals (3.8%)AbbVie 200 11Johnson & Johnson 380 45Merck 500 30Pfizer 700 22

107

Printing & Publishing (0.0%)Gannett 150 1

Retail (2.0%)Brinker International 200 10Dillard’s, Cl A 100 6Kohl’s 400 18Kroger 600 18Macy’s 160 6

58

Semi-Conductors/Instruments (2.0%)Intel 800 27Orbotech* 400 11QUALCOMM 300 21

59

Technology Distributors (0.9%)Arrow Electronics* 200 12Avnet 300 13

25

Telephones & Telecommunications (3.5%)AT&T 500 18Brocade Communications

Systems 1,100 12Cisco Systems 1,000 32Corning 700 16Verizon Communications 500 24

101

Thrifts & Mortgage Finance (0.5%)Radian Group 1,100 15

Total U.S. Common Stock(Cost $1,462) 1,450

Foreign Common Stock (46.9%)Australia (1.3%)

Asaleo Care 7,900 9BlueScope Steel 1,900 11


5


October 31, 2016


Australia (continued)McMillan Shakespeare 1,000 $ 8Retail Food Group 2,100 11

39

Austria (0.5%)Voestalpine 400 14

Bermuda (1.2%)Everest Re Group 100 21Validus Holdings 300 15

36

Canada (2.4%)Air Canada, Cl B* 1,200 11Canadian Imperial Bank of

Commerce 130 10Industrial Alliance Insurance &

Financial Services 400 16Magna International 300 12National Bank of Canada 300 11Rogers Communications, Cl B 200 8

68

Chile (0.3%)Enersis Americas 51,000 9

China (1.7%)Belle International Holdings 15,000 9China CITIC Bank, Cl H 18,000 12China Resources Power

Holdings 6,000 10Great Wall Motor, Cl H* 9,000 9Shanghai Pharmaceuticals

Holding, Cl H 4,000 10

50

Finland (0.4%)Neste 300 13

France (3.8%)Alten 100 7Atos 170 19AXA 400 9BNP Paribas 140 8Electricite de France 1,100 12Renault 140 12Sanofi 300 23Total 400 19

109

Germany (3.5%)Allianz 60 9BASF 100 9Daimler 200 15Deutsche Bank* 700 10Leoni 300 11Muenchener

Rueckversicherungs 50 10Siemens 170 19

SharesValue(000)

Germany (continued)Stada Arzneimittel 200 $ 10Volkswagen 50 7

100

Hong Kong (2.4%)Air China, Cl H 12,000 8Skyworth Digital Holdings 22,000 14SmarTone Telecommunications

Holdings 6,500 10Texwinca Holdings 14,000 10Tongda Group Holdings 50,000 13Truly International Holdings 30,000 12Universal Health International

Group Holding* 40,000 2

69

Indonesia (0.4%)Bank Negara Indonesia Persero 27,700 12

Ireland (0.9%)Seagate Technology 400 14Smurfit Kappa Group 500 11

25

Israel (0.6%)Bank Hapoalim 1,700 10Teva Pharmaceutical Industries 200 8

18

Italy (0.5%)Astaldi 900 4Mediobanca 1,600 11

15

Japan (8.8%)Aozora Bank 2,000 7Fuji Oil 700 14Fujitec 1,300 15Heiwado 500 10Isuzu Motors 1,500 19Konoike Transport 800 11Lintec 500 11Matsumotokiyoshi Holdings 300 15Mixi* 300 11Nippon Telegraph & Telephone 600 27Nitto Kogyo 500 7Resona Holdings 3,100 13Senshu Ikeda Holdings 2,400 11Shindengen Electric

Manufacturing 2,000 9SKY Perfect JSAT Holdings 1,500 7Sumitomo 700 8Towa Pharmaceutical 200 7Tsubakimoto Chain 3,000 23Tsumura 400 12Valor 500 15

252


6


October 31, 2016


Mexico (0.1%)OHL Mexico 3,300 $ 4

Netherlands (1.9%)Aegon 1,300 6Koninklijke Ahold Delhaize 712 16LyondellBasell Industries, Cl A 250 20Royal Dutch Shell, Cl B 500 13

55

New Zealand (0.2%)SKY Network Television 1,700 6

Norway (0.9%)DNB 1,100 16Marine Harvest 600 11

27

Singapore (0.8%)DBS Group Holdings 1,000 11Flextronics International* 800 11

22

South Africa (0.3%)Barclays Africa Group 800 9

South Korea (2.2%)Korea Electric Power 400 17Samsung Electronics 20 28SK Telecom 100 20

65

Spain (0.8%)Distribuidora Internacional de

Alimentacion 2,700 14Mapfre 2,600 8

22

Sweden (0.3%)Nordea Bank 900 9

Switzerland (2.8%)Credit Suisse Group 900 13Swiss Life Holding 60 15Swiss Re 200 19TE Connectivity 300 19Zurich Insurance Group 60 16

82

Taiwan (1.0%)Compeq Manufacturing 23,000 12Pegatron 6,000 16

28

Thailand (0.4%)Krung Thai Bank 21,700 11

Turkey (0.9%)Eregli Demir ve Celik Fabrikalari 6,500 9

Shares/Face Amount

(000)Value(000)

Turkey (continued)KOC Holding 2,900 $ 11TAV Havalimanlari Holding 1,600 7

27

United Kingdom (5.6%)3i Group 1,700 14Acacia Mining 900 6BAE Systems 2,300 15Bellway 400 11Berkeley Group Holdings 300 9BP 1,800 11Centrica 2,800 7Ensco, Cl A 300 2Halfords Group 2,500 10J Sainsbury 4,600 14Lloyds Banking Group 8,000 6Meggitt 3,100 17Noble* 800 4Old Mutual 3,000 7Paragon Offshore* 133 —RPS Group 3,800 8X5 Retail Group GDR* 600 18

159

Total Foreign Common Stock(Cost $1,513) 1,355

Preferred Stock (0.9%)Brazil (0.9%)

Itausa 4,961 14Suzano Papel e Celulose,

Cl A 3,600 13

27

Total Preferred Stock(Cost $28) 27

Repurchase Agreement (0.8%)Morgan Stanley 0.150%,

dated 10/31/16, to berepurchased on11/01/16, repurchaseprice $23 (collateralizedby various US TreasuryNotes, par valuesranging from $0 to $22,coupon ranging from1.375% to 4.750%, andmaturity ranging from08/15/17 to 11/30/20; withtotal market value $24) $ 23 23

Total Repurchase Agreement(Cost $23) 23

Total Investments — 98.8%(Cost $3,026) $2,855


7


October 31, 2016

Percentages are based on Net Assets of $2,889 (000).* Non-income producing security.ADR American Depositary ReceiptCl ClassGDR Global Depositary Receipt

The following is a list of the inputs used as ofOctober 31, 2016, in valuing the Fund’s investmentscarried at value ($ Thousands):

Investments inSecurities Level 1 Level 2 Level 3 Total

U.S. Common Stock $1,450 $— $ — $1,450Foreign Common

Stock 1,355 — — 1,355Preferred Stock 27 — — 27Repurchase

Agreement — 23 — 23

Total Investmentsin Securities $2,832 $23 $ — $2,855

Changes in valuation techniques may result intransfers in or out of an investment’s assigned Levelwithin the hierarchy during the reporting period.Changes in the classification between Level 1 and 2occur primarily when foreign equity securities are fairvalued using other observable market-based inputs inplace of closing exchange prices due to eventsoccurring after foreign market closures or foreignmarket holidays. For the year ended October 31, 2016,there were transfers of $850 (000) from Level 2 toLevel 1 investments as a result of fair valuation offoreign equity securities. Transfers, if any, betweenlevels are considered to have occurred as of the endof the period.

For the year ended October 31, 2016, there were noLevel 3 securities.

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

Amounts designated as “—” are $0 or have beenrounded to $0.


8

Statement of Assets and Liabilities (000)

October 31, 2016

LSV Global ValueFund

Assets:Investments at Value (Cost $3,026) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2,855Foreign Currency, at Value (Cost $29) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29Receivable due from Investment Adviser . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22Dividends and Interest Receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4Prepaid Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13

Total Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,923

Liabilities:Payable to Custodian . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6Payable due to Administrator . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —Payable due to Trustees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —Payable due to Distributor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —Payable due to Chief Compliance Officer . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —Other Accrued Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28

Total Liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34

Net Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2,889

Net Assets Consist of:Paid-in Capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2,986Undistributed Net Investment Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51Accumulated Net Realized Gain on Investments and Foreign Currency Transactions . . . . . . 23Net Unrealized Depreciation on Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (171)

Net Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2,889

Net Asset Value, Offering and Redemption Price Per Share —Institutional Class Shares ($2,684 ÷ 281,484 shares)(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 9.54

Net Asset Value, Offering and Redemption Price Per Share —Investor Class Shares ($205 ÷ 21,533 shares)(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 9.53*

(1) Shares have not been rounded.

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

Amounts designated as “—” have been rounded to $0.


9

Statement of Operations (000)

For the year ended October 31, 2016

LSV Global ValueFund

Investment Income:Dividend Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 90Interest Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —Foreign Taxes Withheld . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (5)

Total Investment Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 85

Expenses:Investment Advisory Fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20Administration Fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2Trustees’ Fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —Chief Compliance Officer Fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —Distribution Fees — Investor Class . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —Transfer Agent Fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52Registration and Filing Fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30Custodian Fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26Pricing Fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19Printing Fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18Insurance and Other Fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4

Total Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 171Less: Waiver of Investment Advisory Fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (20)Less: Reimbursement of Expenses from Investment Adviser . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (127)Less: Fees Paid Indirectly — (see Note 4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . —

Net Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24

Net Investment Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 61

Net Realized Gain on Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24Net Realized Loss on Foreign Currency Transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2)Net Change in Unrealized Appreciation (Depreciation) on Investments . . . . . . . . . . . . . . . . . . (38)

Net Realized and Unrealized Loss on Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (16)

Net Increase in Net Assets Resulting from Operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 45

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


10

Statements of Changes in Net Assets (000)

For the years ended October 31,

LSV Global Value Fund

2016 2015

Operations:Net Investment Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 61 $ 39Net Realized Gain on Investments and Foreign Currency Transactions . . . . . . . . . . . . . 22 27Net Change in Unrealized Appreciation (Depreciation) on Investments . . . . . . . . . . . . . (38) (89)

Net Increase (Decrease) in Net Assets Resulting from Operations . . . . . . . . . . . . . . . 45 (23)

Dividends and Distributions From:Net Investment Income:Institutional Class Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (41) (10)Investor Class Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1) (1)

Net Realized Gain:Institutional Class Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (28) (2)Investor Class Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1) —

Total Dividends and Distributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (71) (13)

Capital Share Transactions:Institutional Class Shares:Issued . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 512 504Reinvestment of Dividends and Distributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 68 12Redeemed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (311) —

Net Increase from Institutional Class Shares Transactions . . . . . . . . . . . . . . . . . . . . . . 269 516

Investor Class Shares:Issued . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 127 68Reinvestment of Dividends and Distributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 1Redeemed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (97) —

Net Increase from Investor Class Shares Transactions . . . . . . . . . . . . . . . . . . . . . . . . . 32 69

Net Increase in Net Assets Derived from Capital Share Transactions . . . . . . . . . . . . . 301 585

Total Increase in Net Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 275 549

Net Assets:Beginning of Year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,614 2,065

End of Year (including undistributed net investment income of $51 and $33,respectively) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2,889 $2,614



11

Statements of Changes in Net Assets (000)

For the years ended October 31,


2016 2015

Share Transactions:Institutional Class Shares:Issued . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57 51Reinvestment of Dividends and Distributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 1Redeemed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (35) —

Total Institutional Class Shares Transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29 52

Investor Class Shares:Issued . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 7Reinvestment of Dividends and Distributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — —Redeemed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (10) —

Total Investor Class Shares Transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 7

Net Increase in Shares Outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34 59



12

Financial Highlights

For a share outstanding throughout the year or period ended October 31,

Net AssetValue

Beginningof Year or

Period

NetInvestmentIncome(1)

Realizedand

UnrealizedLosses on

InvestmentsTotal fromOperations

Dividendsfrom Net

InvestmentIncome

Distributionsfrom

RealizedGain

TotalDividends

andDistributions

Net AssetValueEnd ofYear orPeriod

TotalReturn†

Net AssetsEnd ofYear orPeriod(000)

Ratio ofExpensesto AverageNet Assets

Ratio ofExpenses toAverage Net

Assets(ExcludingWaivers,

Reimbursementsand Fees Paid

Indirectly)

Ratio ofNet

InvestmentIncome toAverage

Net Assets

PortfolioTurnover

Rate‡


Institutional Class Shares2016 $ 9.71 $0.20 $(0.12) $ 0.08 $(0.15) $(0.10) $(0.25) $9.54 0.96% $2,684 0.90% 6.34% 2.23% 23%2015 9.83 0.16 (0.22) (0.06) (0.05) (0.01) (0.06) 9.71 (0.62) 2,450 0.90 7.21 1.67 142014* 10.00 0.03 (0.20) (0.17) — — — 9.83 (1.70) 1,967 0.90 8.17 0.99 2Investor Class Shares2016 $ 9.68 $0.18 $(0.12) $ 0.06 $(0.11) $(0.10) $(0.21) $9.53 0.77% $ 205 1.15% 6.78% 2.00% 23%2015 9.83 0.16 (0.26) (0.10) (0.04) (0.01) (0.05) 9.68 (0.90) 164 1.15 7.50 1.46 142014* 10.00 0.03 (0.20) (0.17) — — — 9.83 (1.70) 98 1.15 8.31 0.67 2

* Commenced operations on June 10, 2014. All ratios for the period have been annualized.

(1) Per share calculations were performed using average shares for the period.

† Total return is for the period indicated and has not been annualized. Total return would have been lower had the Adviser notwaived a portion of its fee. Total returns shown do not reflect the deduction of taxes that a shareholder would pay on Funddistributions or the redemption of Fund shares.

‡ Portfolio turnover rate is for the period indicated and has not been annualized.



13

Notes to Financial Statements

October 31, 2016

1. Organization:

The Advisors’ Inner Circle Fund (the “Trust”) isorganized as a Massachusetts business trust under anAmended and Restated Agreement and Declaration ofTrust dated February 18, 1997. The Trust is registeredunder the Investment Company Act of 1940, asamended, as an open-end management investmentcompany with 56 funds. The financial statementsherein are those of the LSV Global Value Fund, adiversified Fund (the “Fund”). The Fund seeks long-term growth. The Fund commenced operations onJune 25, 2014, offering Institutional Class Shares andInvestor Class Shares. The financial statements of theremaining funds of the Trust are not presented herein,but are presented separately. The assets of each fundare segregated, and a shareholder’s interest is limitedto the fund in which shares are held.

2. Significant Accounting Policies:

The following is a summary of the significantaccounting policies followed by the Fund. The Fund isan investment company in conformity with U.S.generally accepted accounting principles (“U.S.GAAP”). Therefore, the Fund follows the accountingand reporting guidelines for investment companies.

Use of Estimates — The preparation of financialstatements, in conformity with U.S. GAAP requiresmanagement to make estimates and assumptionsthat affect the fair value of assets and liabilities anddisclosure of contingent assets and liabilities at thedate of the financial statements and the reportedamounts of increases and decreases in net assetsfrom operations during the reporting period. Actualresults could differ from those estimates and suchdifferences could be material.

Security Valuation — Securities listed on a securitiesexchange, market or automated quotation system forwhich quotations are readily available (except forsecurities traded on NASDAQ), including securitiestraded over the counter, are valued at the last quotedsale price on an exchange or market (foreign ordomestic) on which they are traded on the valuationdate (or at approximately 4:00 pm ET if a security’sprimary exchange is normally open at that time), or, ifthere is no such reported sale on the valuation date,at the most recent quoted bid price. For securitiestraded on NASDAQ, the NASDAQ Official ClosingPrice will be used. The prices for foreign securitiesare reported in local currency and converted to U.S.dollars using currency exchange rates.

Securities for which market prices are not “readilyavailable” are valued in accordance with Fair ValueProcedures established by the Fund’s Board of

Trustees (the “Board”). The Fund’s Fair ValueProcedures are implemented through a Fair ValueCommittee (the “Committee”) designated by theBoard. Some of the more common reasons that maynecessitate that a security be valued using FairValue Procedures include: the security’s trading hasbeen halted or suspended; the security has beende-listed from a national exchange; the security’sprimary trading market is temporarily closed at atime when under normal conditions it would be open;the security has not been traded for an extendedperiod of time; the security’s primary pricing sourceis not able or willing to provide a price; or trading ofthe security is subject to local government-imposedrestrictions. When a security is valued in accordancewith the Fair Value Procedures, the Committee willdetermine the value after taking into considerationrelevant information reasonably available to theCommittee.

For securities that principally trade on a foreignmarket or exchange, a significant gap in time canexist between the time of a particular security’s lasttrade and the time at which the Fund calculates itsnet asset value. The closing prices of such securitiesmay no longer reflect their market value at the timethe Fund calculates net asset value if an event thatcould materially affect the value of those securities a(“Significant Event”) has occurred between the timeof the security’s last close and the time that the Fundcalculates net asset value. A Significant Event mayrelate to a single issuer or to an entire market sector.If the adviser of the Fund becomes aware of aSignificant Event that has occurred with respect to asecurity or group of securities after the closing of theexchange or market on which the security orsecurities principally trade, but before the time atwhich the Fund calculates net asset value, it mayrequest that a Committee meeting be called. Inaddition, the Fund’s administrator monitors pricemovements among certain selected indices,securities and/or baskets of securities that may bean indicator that the closing prices received earlierfrom foreign exchanges or markets may not reflectmarket value at the time the Fund calculates netasset value. If price movements in a monitored indexor security exceed levels established by theadministrator, the administrator notifies the adviserthat such limits have been exceeded. In such event,the adviser makes the determination whether aCommittee meeting should be called based on theinformation provided.

The Fund uses MarkIt Fair Value (“MarkIt”) as a thirdparty fair valuation vendor. MarkIt provides a fairvalue for foreign securities in the Fund based on

14


October 31, 2016

certain factors and methodologies (involving,generally, tracking valuation correlations betweenthe U.S. market and each non-U.S. security) appliedby MarkIt in the event that there is a movement in theU.S. markets that exceeds a specific thresholdestablished by the Committee. The Committeeestablishes a “confidence interval” which is used todetermine the level of correlation between the valueof a foreign security and movements in the U.S.market before a particular security is fair valuedwhen the threshold is exceeded. In the event that thethreshold established by the Committee is exceededon a specific day, the Fund values its non-U.S.securities that exceed the applicable “confidenceinterval” based upon the fair values provided byMarkIt. In such event, it is not necessary to hold aCommittee meeting. In the event that the Adviserbelieves that the fair values provided by MarkIt arenot reliable, the Adviser contacts the Fund’sAdministrator and can request that a meeting of theCommittee be held. As of October 31, 2016, therewere no securities valued in accordance with fairvalue procedures. If a local market in which the Fundowns securities is closed for one or more days, theFund shall value all securities held in thatcorresponding currency based on the fair valueprices provided by MarkIt using the predeterminedconfidence interval discussed above.

In accordance with the authoritative guidance on fairvalue measurements and disclosure under U.S.GAAP, the Fund discloses fair value of itsinvestments in a hierarchy that prioritizes the inputsto valuation techniques used to measure the fairvalue. The objective of a fair value measurement isto determine the price that would be received to sellan asset or paid to transfer a liability in an orderlytransaction between market participants at themeasurement date (an exit price). Accordingly, thefair value hierarchy gives the highest priority toquoted prices (unadjusted) in active markets foridentical assets or liabilities (Level 1) and the lowestpriority to unobservable inputs (Level 3). The threelevels of the fair value hierarchy are describedbelow:

Level 1 — Unadjusted quoted prices in activemarkets for identical, unrestricted assets or liabilitiesthat the Fund has the ability to access at themeasurement date;

Level 2 — Other significant observable inputs(includes quoted prices for similar securities, interestrates, prepayment speeds, credit risk, referencedindices, quoted prices in inactive markets, adjustedquoted prices in active markets, etc.); and

Level 3 — Prices, inputs or proprietary modelingtechniques which are both significant to the fairvalue measurement and unobservable (supportedby little or no market activity).

Investments are classified within the level of thelowest significant input considered in determiningfair value. Investments classified within Level 3whose fair value measurement considers severalinputs may include Level 1 or Level 2 inputs ascomponents of the overall fair value measurement.

For the year ended October 31, 2016, there havebeen no significant changes to the Fund’s fairvaluation methodologies.

Federal Income Taxes — It is the Fund’s intention tocontinue to qualify as a regulated investmentcompany for Federal income tax purposes bycomplying with the appropriate provisions ofSubchapter M of the Internal Revenue Code of 1986,as amended and to distribute substantially all of itsincome to shareholders. Accordingly, no provisionfor Federal income taxes has been made in thefinancial statements.

The Fund evaluates tax positions taken or expectedto be taken in the course of preparing the Fund’s taxreturns to determine whether it is “more-likely-than-not” (i.e., greater than 50-percent) that each taxposition will be sustained upon examination by ataxing authority based on the technical merits of theposition. Tax positions not deemed to meet themore-likely-than-not threshold are recorded as a taxbenefit or expense in the current year. The Fund didnot record any tax provision in the current period.However, management’s conclusions regarding taxpositions taken may be subject to review andadjustment at a later date based on factorsincluding, but not limited to, examination by taxauthorities (i.e. the last open tax year ends, sinceinception), on-going analysis of and changes to taxlaws, regulations and interpretations thereof.

As of and during the year ended October 31, 2016,the Fund did not have a liability for anyunrecognized tax benefits. The Fund recognizesinterest and penalties, if any, related tounrecognized tax benefits as income tax expense inthe Statement of Operations. During the year endedOctober 31, 2016, the Fund did not incur any interestor penalties.

Security Transactions and Investment Income —Security transactions are accounted for on tradedate for financial reporting purposes. Costs used indetermining realized gains or losses on the sale ofinvestment securities are based on the specific

15


October 31, 2016

identification method. Dividend income is recordedon the ex-dividend date. Interest income isrecognized on the accrual basis from settlementdate. Certain dividends from foreign securities willbe recorded as soon as the Fund is informed of thedividend if such information is obtained subsequentto the ex-dividend date.

Repurchase Agreements — In connection withtransactions involving repurchase agreements, athird party custodian bank takes possession of theunderlying securities (“collateral”), the value of whichexceeds the principal amount of the repurchasetransaction, including accrued interest. Suchcollateral will be cash, debt securities issued orguaranteed by the U.S. Government, securities thatat the time the repurchase agreement is entered intoare rated in the highest category by a nationallyrecognized statistical rating organization (“NRSRO”)or unrated category by an NRSRO, as determinedby the Adviser. Provisions of the repurchaseagreements and procedures adopted by the Boardrequire that the market value of the collateral,including accrued interest thereon, is sufficient in theevent of default by the counterparty. In the event ofdefault on the obligation to repurchase, the Fund hasthe right to liquidate the collateral and apply theproceeds in satisfaction of the obligation. In theevent of default or bankruptcy by the counterparty tothe agreement, realization and/or retention of thecollateral or proceeds may be subject to legalproceedings.

Repurchase agreements are entered into by theFund under Master Repurchase Agreements(“MRA”) which permit the Fund, under certaincircumstances including an event of default (such asbankruptcy or insolvency), to offset payables and/orreceivables under the MRA with collateral heldand/or posted to the counterparty and create onesingle net payment due to or from the Fund.

At October 31, 2016, the open repurchaseagreements by counterparty which are subject to aMRA on a net payment basis are as follows (000):

CounterpartyRepurchaseAgreement

FairValue of

Non-CashCollateral

Received(1)

CashCollateral

Received(1)Net

Amount(2)

Morgan Stanley $23 $23 $ — $ —(1) The amount of collateral reflected in the table does not

include any over-collateralization received by the Fund.(2) Net amount represents the net amount receivable due

from the counterparty in the event of default.

Foreign Currency Translation — The books andrecords of the Fund are maintained in U.S. dollars.

Investment securities and other assets and liabilitiesdenominated in a foreign currency are translatedinto U.S. dollars on the date of valuation. The Funddoes not isolate that portion of realized or unrealizedgains and losses resulting from changes in theforeign exchange rate from fluctuations arising fromchanges in the market prices of the securities. Thesegains and losses are included in net realized andunrealized gains and losses on investments on theStatement of Operations. Net realized andunrealized gains and losses on foreign currencytransactions represent net foreign exchange gains orlosses from foreign currency exchange contracts,disposition of foreign currencies, currency gains orlosses realized between trade and settlement dateson securities transactions and the differencebetween the amount of the investment income andforeign withholding taxes recorded on the Fund’sbooks and the U.S. dollar equivalent amountsactually received or paid.

Expenses — Expenses that are directly related tothe Fund are charged to the Fund. Other operatingexpenses of the Trust are prorated to the Fundbased on the number of funds and/or relative dailynet assets.

Classes — Class specific expenses are borne bythat class of shares. Income, realized and unrealizedgains and losses and non-class specific expensesare allocated to the respective class on the basis ofrelative daily net assets.

Dividends and Distributions to Shareholders —Dividends from net investment income, if any, aredeclared and paid to shareholders annually. Any netrealized capital gains are distributed to shareholdersat least annually.

3. Transactions with Affiliates:

Certain officers of the Trust are also employees of SEIInvestments Global Funds Services the(“Administrator”), a wholly owned subsidiary of SEIInvestments Company and/or SEI InvestmentsDistribution Co. the (“Distributor”). Such officers arepaid no fees by the Trust for serving as officers of theTrust other than the Chief Compliance Officer (“CCO”)as described below.

A portion of the services provided by the CCO and hisstaff, whom are employees of the Administrator, arepaid for by the Trust as incurred. The services includeregulatory oversight of the Trust’s Advisors and serviceproviders as required by SEC regulations. The CCO’sservices have been approved by and reviewed by theBoard.

16


October 31, 2016

4. Administration, Distribution, Transfer Agencyand Custodian Agreements:

The Fund, along with other series of the Trust advisedby LSV Asset Management (the “Adviser”), and theAdministrator are parties to an AdministrationAgreement, under which the Administrator providesadministrative services to the Fund. For these services,the Administrator is paid an asset based fee, subject tocertain minimums, which will vary depending on thenumber of share classes and the average daily netassets of the Fund. For the year ended October 31,2016, the Fund paid $1,788 for these services.

The Trust and Distributor are parties to a DistributionAgreement dated November 14, 1991, as Amendedand Restated November 14, 2005. The Distributorreceives no fees for its distribution services under thisagreement.

The Fund has adopted a distribution plan under theRule 12b-1 under the 1940 Act for Investor ClassShares that allows the Fund to pay distribution andservice fees for the sale and distribution of its shares,and for services provided to shareholders. Themaximum annual distribution fee for Investor ClassShares of the Fund is 0.25% annually of the averagedaily net assets. For the year ended October 31, 2016,the Fund incurred $416 of distribution fees.

DST Systems, Inc. serves as the transfer agent anddividend disbursing agent for the Fund under atransfer agency agreement with the Trust. During theyear ended October 31, 2016, the Fund earned $6 incash management credits which were used to offsettransfer 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”) forthe Fund. The Custodian plays no role in determiningthe investment policies of the Fund or which securitiesare to be purchased and sold by the Fund.

5. Investment Advisory Agreement:

The Trust and the Adviser are parties to an InvestmentAdvisory Agreement, under which the Adviser receivesan annual fee equal to 0.75% of the Fund’s averagedaily net assets. The Adviser has contractually agreedto waive its fee (excluding interest, taxes, brokeragecommissions, acquired fund fees and expenses, andextraordinary expenses) in order to limit the Fund’stotal operating expenses after fee waivers and/orexpense reimbursements to a maximum of 0.90% and1.15% of the Fund’s Institutional Class and InvestorClass Shares’ average daily net assets, respectively,through February 28, 2017.

6. Investment Transactions:

The cost of security purchases and the proceeds fromsecurity sales, other than short-term investments, forthe year ended October 31, 2016, were as follows(000):

Purchases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $907Sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $613

7. Federal Tax Information:

The amount and character of income and capital gaindistributions to be paid, if any, are determined inaccordance with Federal income tax regulations, whichmay differ from U.S. GAAP. As a result, net investmentincome (loss) and net realized gain (loss) oninvestment transactions for a reporting period maydiffer significantly from distributions during suchperiod. These book/tax differences may be temporaryor permanent. To the extent these differences arepermanent in nature, they are charged or credited toundistributed net investment income (loss),accumulated net realized gain (loss) or to paid-in-capital, as appropriate, in the period that thedifferences arise.

Accordingly, the following permanent differences,primarily attributable to foreign currency exchangegain (loss) have been reclassified to (from) thefollowing accounts (000):

UndistributedNet InvestmentIncome (Loss)

Accumulated NetRealized Gain

(Loss)

$(1) $1

These reclassifications have no impact on net assetsor net asset value per share.

The tax character of dividends and distributions paidduring the years ended October 31, 2016 and 2015was as follows (000):

OrdinaryIncome

Long-TermCapital Gain Total

2016 $58 $13 $712015 13 — 13

As of October 31, 2016, the components ofaccumulated losses on a tax basis were as follows(000):

Undistributed Ordinary Income $ 76Unrealized Depreciation (173)

Total Accumulated Losses $ (97)

17


October 31, 2016

Under the Regulated Investment CompanyModernization Act of 2010, the Fund is permitted tocarry forward capital losses incurred in taxable yearsbeginning after December 22, 2010 for an unlimitedperiod. Additionally, post-enactment capital losses thatare carried forward will retain their character as eithershort-term or long-term capital losses rather than beingconsidered all short-term as under previous law. TheFund has no capital loss carryforwards at October 31,2016.

The total cost of securities for Federal income taxpurposes and the aggregate gross unrealizedappreciation and depreciation on investments held bythe Fund at October 31, 2016, were as follows (000):

FederalTax Cost

AggregatedGross

UnrealizedAppreciation

AggregatedGross

UnrealizedDepreciation

NetUnrealized

Depreciation

$3,028 $215 $(388) $(173)

8. Other:

At October 31, 2016, 94% of total shares outstandingfor the Institutional Class Shares were held by threerecord shareholders each owning 10% or greater ofthe aggregate total shares outstanding. At October 31,2016, 95% of total shares outstanding for the InvestorClass Shares were held by two record shareholderseach owning 10% or greater of the aggregate totalshares outstanding. These shareholders werecomprised of omnibus accounts that were held onbehalf of various individual shareholders.

In the normal course of business, the Fund enters intocontracts that provide general indemnifications. TheFund’s maximum exposure under these arrangementsis dependent on future claims that may be madeagainst the Fund and, therefore, cannot be estimated;however, based on experience, the risk of loss fromsuch claims is considered remote.

9. Regulatory Matters:

In October 2016, the Securities and ExchangeCommission (the “SEC”) released its Final Rule onInvestment Company Reporting Modernization (the“Rule”). The Rule which introduces two new regulatoryreporting forms for investment companies — FormN-PORT and Form N-CEN — also containsamendments to Regulation S-X which impact financialstatement presentation, particularly the presentation ofderivative investments. Although still evaluating theimpact of the Rule, management believes that many ofthe Regulation S-X amendments are consistent with theFund’s current financial statement presentation andexpects that the Fund will be able to comply with the

Rule’s Regulation S-X amendments by the August 1,2017 compliance date.

10. Subsequent Events:

The Fund has evaluated the need for additionaldisclosures and/or adjustments resulting fromsubsequent events through the date the financialstatements were issued. Based on this evaluation, noadditional disclosures or adjustments were required tothe financial statements.

18

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of The Advisors’ Inner Circle Fund and Shareholdersof LSV Global Value Fund

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, ofLSV Global Value Fund (one of the series constituting The Advisors’ Inner Circle Fund (the “Trust”)) as ofOctober 31, 2016, and the related statement of operations for the year then ended, the statements of changes in netassets for each of the two years in the period then ended, and the financial highlights for each of the two years in theperiod then ended and the period from June 25, 2014 (commencement of operations) to October 31, 2014. Thesefinancial statements and financial highlights are the responsibility of the Trust’s management. Our responsibility is toexpress an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board(United States). Those standards require that we plan and perform the audit to obtain reasonable assurance aboutwhether the financial statements and financial highlights are free of material misstatement. We were not engaged toperform an audit of the Trust’s internal control over financial reporting. Our audits included consideration of internalcontrol over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances,but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financialreporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidencesupporting the amounts and disclosures in the financial statements and financial highlights, assessing theaccounting principles used and significant estimates made by management, and evaluating the overall financialstatement presentation. Our procedures included confirmation of securities owned as of October 31, 2016, bycorrespondence with the custodian and brokers. We believe that our audits provide a reasonable basis for ouropinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all materialrespects, the financial position of LSV Global Value Fund (one of the series constituting The Advisors’ Inner CircleFund) at October 31, 2016, the results of its operations for the year then ended, the changes in its net assets foreach of the two years in the period then ended, and its financial highlights for each of the two years in the periodthen ended and the period June 25, 2014 (commencement of operations) to October 31, 2014, in conformity withU.S. generally accepted accounting principles.

Philadelphia, PennsylvaniaDecember 23, 2016

19

Disclosure of Fund Expenses (Unaudited)

All mutual funds have operating expenses. As a shareholder of a mutual fund, your investment is affected by theseongoing costs, which include (among others) costs for portfolio management, administrative services, andshareholder reports like this one. It is important for you to understand the impact of these costs on your investmentreturns.

Operating expenses such as these are deducted from the mutual fund’s gross income and directly reduce your finalinvestment return. These expenses are expressed as a percentage of the mutual fund’s average net assets; thispercentage is known as the mutual fund’s expense ratio.

The following examples use the expense ratio and are intended to help you understand the ongoing costs (indollars) of investing in your Fund and to compare these costs with those of other mutual funds. The examples arebased on an investment of $1,000 made at the beginning of the period and held for the entire period from May 1,2016 to October 31, 2016.

The table below illustrates your Fund’s costs in two ways:

• Actual fund return. This section helps you to estimate the actual expenses after fee waivers that your Fundincurred over the period. The “Expenses Paid During Period” column shows the actual dollar expense cost incurredby a $1,000 investment in the Fund, and the “Ending Account Value” number is derived from deducting thatexpense cost from the Fund’s gross investment return.

You can use this information, together with the actual amount you invested in the Fund, to estimate the expensesyou paid over that period. Simply divide your account value by $1,000 to arrive at a ratio (for example, an $8,600account value divided by $1,000 = $8.6), then multiply that ratio by the number shown for your Fund under“Expenses Paid During Period.”

• Hypothetical 5% return. This section helps you compare your Fund’s costs with those of other mutual funds. Itassumes that the Fund had an annual 5% return before expenses during the period, but that the expense ratio(Column 3) is unchanged. This example is useful in making comparisons because the Securities and ExchangeCommission requires all mutual funds to make this 5% calculation. You can assess your Fund’s comparative cost bycomparing the hypothetical result for your Fund in the “Expense Paid During Period” column with those that appearin the same charts in the shareholder reports for other mutual funds.

NOTE: Because the hypothetical return is set at 5% for comparison purposes — NOT your Fund’s actual return —the account values shown do not apply to your specific investment.

BeginningAccount

Value05/01/16

EndingAccount

Value10/31/16

AnnualizedExpenseRatios

ExpensesPaid

DuringPeriod*


Actual Fund ReturnInstitutional Class Shares $1,000.00 $1,040.30 0.90% $4.61Investor Class Shares 1,000.00 1,038.10 1.15 5.89

Hypothetical 5% ReturnInstitutional Class Shares $1,000.00 $1,020.61 0.90% $4.57Investor Class Shares 1,000.00 1,019.35 1.15 5.84

* Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multipliedby 184/366 (to reflect the one-half year period).

20

TRUSTEES AND OFFICERS OF THE ADVISORS’ INNER CIRCLE FUND (Unaudited)

Set forth below are the names, years of birth, positions with the Trust, term of office, length of time served and the principaloccupations for the last five years of each of the persons currently serving as Trustees and Officers of the Trust. Unless otherwisenoted, the business address of each Trustee is SEI Investments Company, 1 Freedom Valley Drive, Oaks, Pennsylvania 19456.Trustees who are deemed not to be “interested persons” of the Trust are referred to as “Independent Trustees.” Messrs. Nesher andDoran are Trustees who may be deemed to be “interested” persons of the Fund as that term is defined in the 1940 Act by virtue oftheir affiliation with the Trust’s Distributor. The Trust’s Statement of Additional Information (“SAI”) includes additional informationabout the Trustees and Officers. The SAI may be obtained without charge by calling 1-877-342-5445. The following chart listsTrustees and Officers as of October 31, 2016.

Name andYear of Birth

Positionwith Trust

and Length ofTime Served1

Principal Occupationsin the Past Five Years

Other DirectorshipsHeld in the Past Five Years4

INTERESTEDTRUSTEES2 3

ROBERT A. NESHER(Born: 1946)

Chairman of theBoard of Trustees

(Since 1991)

SEI employee 1974 to present;currently performs various services onbehalf of SEI Investments for whichMr. Nesher is compensated.

Current Directorships: Trustee of TheAdvisors’ Inner Circle Fund II, BishopStreet Funds, The KP Funds, SEI DailyIncome Trust, SEI InstitutionalInternational Trust, SEI InstitutionalInvestments Trust, SEI InstitutionalManaged Trust, SEI Asset AllocationTrust, SEI Tax Exempt Trust, AdviserManaged Trust, New Covenant Funds,SEI Insurance Products Trust and SEICatholic Values Trust. Director of SEIStructured Credit Fund, LP, SEI GlobalMaster Fund plc, SEI Global AssetsFund plc, SEI Global InvestmentsFund plc, SEI Investments — GlobalFunds Services, Limited, SEIInvestments Global, Limited, SEIInvestments (Europe) Ltd., SEIInvestments — Unit TrustManagement (UK) Limited, SEI Multi-Strategy Funds PLC and SEI GlobalNominee Ltd.

Former Directorships: Director of SEIOpportunity Fund, L.P. to 2010.Director of SEI Alpha StrategyPortfolios, LP to 2013. Trustee of SEILiquid Asset Trust to 2016.

1 Each Trustee shall hold office during the lifetime of this Trust until the election and qualification of his or her successor, or until he or she sooner dies, resigns, or isremoved in accordance with the Trust’s Declaration of Trust.

2 Denotes Trustees who may be deemed to be “interested” persons of the Fund as that term is defined in the 1940 Act by virtue of their affiliation with the Distributor and/or its affiliates.

3 Trustees oversee 56 funds in The Advisors’ Inner Circle Fund.4 Directorships of Companies required to report to the securities and Exchange Commission under the Securities Exchange act of 1934 (i.e., “public companies”) or other

investment companies under the 1940 Act.

21



Positionwith Trust




INTERESTEDTRUSTEES2 3 (continued)

WILLIAM M. DORAN(Born: 1940)

Trustee(Since 1991)

Self-Employed Consultant since 2003.Partner at Morgan, Lewis & BockiusLLP (law firm) from 1976 to 2003,counsel to the Trust, SEI Investments,SIMC, the Administrator and theDistributor.

Current Directorships: Trustee of TheAdvisors’ Inner Circle Fund II, BishopStreet Funds, The KP Funds, TheAdvisors’ Inner Circle Fund III, WintonSeries Trust, Winton DiversifiedOpportunities Fund (closed- endinvestment company), Gallery Trust,SEI Daily Income Trust, SEIInstitutional International Trust, SEIInstitutional Investments Trust, SEIInstitutional Managed Trust, SEI AssetAllocation Trust, SEI Tax ExemptTrust, Adviser Managed Trust, NewCovenant Funds, SEI InsuranceProducts Trust and SEI CatholicValues Trust. Director of SEIInvestments (Europe), Limited, SEIInvestments — Global FundsServices, Limited, SEI InvestmentsGlobal, Limited, SEI Investments(Asia), Limited, SEI Global NomineeLtd. and SEI Investments — Unit TrustManagement (UK) Limited. Director ofthe Distributor since 2003.

Former Directorships: Director of SEIAlpha Strategy Portfolios, LP to 2013.Trustee of O’Connor EQUUS (closed-end investment company) to 2016.Trustee of SEI Liquid Asset Trust to2016.


2 Denotes Trustees who may be deemed to be “interested” persons of the Fund as that term is defined in the 1940 Act by virtue of their affiliation with the Distributorand/or its affiliates.



22



Positionwith Trust




INDEPENDENTTRUSTEES2

JOHN K. DARR(Born: 1944)

Trustee(Since 2008)

Retired. Chief Executive Officer, Officeof Finance, Federal Home LoanBanks, from 1992 to 2007.

Current Directorships: Trustee of TheAdvisors’ Inner Circle Fund II, BishopStreet Funds and The KP Funds.Director of Federal Home Loan Bankof Pittsburgh, Meals on Wheels,Lewes/Rehoboth Beach and WestRehoboth Land Trust.

JOSEPH T. GRAUSE JR.(Born: 1952)

Trustee(Since 2011)

Self-Employed Consultant sinceJanuary 2012. Director ofEndowments and Foundations,Morningstar Investment Management,Morningstar, Inc., 2010 to 2011.Director of International Consultingand Chief Executive Officer ofMorningstar Associates EuropeLimited, Morningstar, Inc., 2007 to2010. Country Manager —Morningstar UK Limited, Morningstar,Inc., 2005 to 2007.

Current Directorships: Trustee of TheAdvisors’ Inner Circle Fund II, BishopStreet Funds and The KP Funds.Director of The Korea Fund, Inc.

MITCHELL A. JOHNSON(Born: 1942)

Trustee(Since 2005)

Retired. Private Investor since 1994. Current Directorships: Trustee of TheAdvisors’ Inner Circle Fund II, BishopStreet Funds, The KP Funds, SEIAsset Allocation Trust, SEI DailyIncome Trust, SEI InstitutionalInternational Trust, SEI InstitutionalManaged Trust, SEI InstitutionalInvestments Trust, SEI Tax ExemptTrust, Adviser Managed Trust,New Covenant Funds, SEI InsuranceProducts Trust and SEI CatholicValues Trust. Director of FederalAgricultural Mortgage Corporation(Farmer Mac) since 1997.

Former Directorships: Director of SEIAlpha Strategy Portfolios, LP to 2013.Trustee of SEI Liquid Asset Trust to2016.

BETTY L. KRIKORIAN(Born: 1943)

Trustee(Since 2005)

Vice President, Compliance, AARPFinancial Inc., from 2008 to 2010. Self-Employed Legal and FinancialServices Consultant since 2003.Counsel (in-house) for State StreetBank from 1995 to 2003.

Current Directorships: Trustee of TheAdvisors’ Inner Circle Fund II, BishopStreet Funds and The KP Funds.


2 Trustees oversee 56 funds in The Advisors’ Inner Circle Fund3 Directorships of Companies required to report to the securities and Exchange Commission under the Securities Exchange act of 1934 (i.e., “public companies”) or other


23



Positionwith Trust




INDEPENDENTTRUSTEES2 (continued)

BRUCE R. SPECA(Born: 1956)

Trustee(Since 2011)

Global Head of Asset Allocation,Manulife Asset Management(subsidiary of Manulife Financial),2010 to 2011. Executive VicePresident — Investment ManagementServices, John Hancock FinancialServices (subsidiary of ManulifeFinancial), 2003 to 2010.

Current Directorships: Trustee of TheAdvisors’ Inner Circle Fund II, BishopStreet Funds and The KP Funds.

GEORGE J. SULLIVAN, JR.(Born: 1942)

Trustee LeadIndependent

Trustee(Since 1999)

Retired since 2012. Self-EmployedConsultant, Newfound ConsultantsInc., 1997 to 2011.

Current Directorships: Trustee/Director of State Street NavigatorSecurities Lending Trust, TheAdvisors’ Inner Circle Fund II, BishopStreet Funds, The KP Funds, SEIStructured Credit Fund, LP, SEI DailyIncome Trust, SEI InstitutionalInternational Trust, SEI InstitutionalInvestments Trust, SEI InstitutionalManaged Trust, SEI Asset AllocationTrust, SEI Tax Exempt Trust, AdviserManaged Trust, New Covenant Funds,SEI Insurance Products Trust and SEICatholic Values Trust. Member of theindependent review committee forSEI’s Canadian-registered mutualfunds.

Former Directorships: Director of SEIOpportunity Fund, L.P. to 2010.Director of SEI Alpha StrategyPortfolios, LP to 2013. Trustee of SEILiquid Asset Trust to 2016.

OFFICERS

MICHAEL BEATTIE(Born: 1965)

President(Since 2011)

Director of Client Service, SEIInvestments Company, since 2004.

None.

STEPHEN CONNORS(Born: 1984)

Treasurer,Controller andChief Financial

Officer(Since 2015)

Director, SEI Investments, FundAccounting since December 2014.Audit Manager, Deloitte & ToucheLLP, from 2011 to 2014. AuditSupervisor, BBD, LLP (formerlyBriggs, Bunting & Dougherty, LLP),from 2007 to 2011.

None.




24



Positionwith Trust

and Length ofTime Served


Other DirectorshipsHeld in the Past Five Years

OFFICERS (continued)

DIANNE M. DESCOTEAUX(Born: 1977)

Vice Presidentand Secretary(Since 2011)

Counsel at SEI Investments since2010. Associate at Morgan, Lewis andBockius LLP from 2006 to 2010.

None.

RUSSELL EMERY(Born: 1962)

Chief ComplianceOfficer

(Since 2006)

Chief Compliance Officer of SEIStructured Credit Fund, LP since June2007. Chief Compliance Officer of SEIAlpha Strategy Portfolios, LP fromJune 2007 to September 2013. ChiefCompliance Officer of The Advisors’Inner Circle Fund II, Bishop StreetFunds, The KP Funds, The Advisors’Inner Circle Fund III, Winton SeriesTrust, Winton Diversified OpportunitiesFund (closed-end investmentcompany), Gallery Trust, SEIInstitutional Managed Trust, SEI AssetAllocation Trust, SEI InstitutionalInternational Trust, SEI InstitutionalInvestments Trust, SEI Daily IncomeTrust, SEI Tax Exempt Trust, AdviserManaged Trust, New Covenant Funds,SEI Insurance Products Trust and SEICatholic Values Trust. ChiefCompliance Officer of SEI OpportunityFund, L.P. until 2010. ChiefCompliance Officer of O’ConnorEQUUS (closed-end investmentcompany) to 2016. Chief ComplianceOfficer of SEI Liquid Asset Trust to2016.

None.

LISA WHITTAKER(Born: 1978)

Vice Presidentand Assistant

Secretary(Since 2013)

Attorney, SEI Investments Company(2012-present). Associate Counseland Compliance Office, TheGlenmede Trust Company, N.A.(2011-2012). Associate, DrinkerBiddle& Reath LLP (2006-2011).

None.

JOHN Y. KIM(Born: 1981)

Vice Presidentand Assistant

Secretary(since 2014)

Attorney, SEI Investments Company(2014-present). Associate, StradleyRonon Stevens & Young, LLP (2009-2014)

None.

BRIDGET E. SUDALL(Born: 1980)

Anti-MoneyLaunderingComplianceOfficer and

Privacy Officer(since 2015)

Senior Associate and AML Officer,Morgan Stanley Alternative InvestmentPartners from April 2011 to March2015. Investor Services Team Lead,Morgan Stanley Alternative InvestmentPartners from 2007 to 2011.

None.

25

NOTICE TO SHAREHOLDERSOF

LSV GLOBAL VALUE FUND(Unaudited)

For shareholders that do not have an October 31, 2016 tax year end, this notice is for informational purposes only.For shareholders with an October 31, 2016 tax year end, please consult your tax advisor as to the pertinence of thisnotice. For the fiscal year ended October 31, 2016, the Fund is designating the following items with regard todistributions paid during the year.

Long TermCapital GainDistribution

OrdinaryIncome

DistributionsTotal

Distributions

Qualifying ForCorporateDividendsReceived

Deduction(1)

QualifyingDividendIncome(2)

U.S.Government

Interest(3)

InterestRelated

Dividends(4)

Short-TermCapital GainDividends(5)

17.60% 82.40% 100% 37.65% 99.51% 0.00% 0.00% 100%

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

(2) The percentage in this column represents the amount of “Qualifying Dividend Income” as created by the Jobs and Growth TaxRelief Reconciliation Act of 2003 and is reflected as a percentage of ordinary income distributions (the total of short termcapital gain and net investment income distributions). It is the intention of the aforementioned Fund to designate the maximumamount permitted by the law.

(3) “U.S. Government Interest” represents the amount of interest that was derived from direct U.S. Government obligations anddistributed during the fiscal year. This amount is reflected as a percentage of ordinary income distributions. Generally, interestfrom direct U.S. Government obligations is exempt from state income tax. However, for shareholders of The Advisors’ InnerCircle Fund-LSV Global Value Fund who are residents of California, Connecticut and New York, the statutory thresholdrequirements were not satisfied to permit exemption of these amounts from state income.

(4) The percentage in this column represents the amount of “Interest Related Dividends” and is reflected as a percentage ofordinary income distributions. Interest related dividends is exempted from U.S. withholding tax when paid to foreign investors.

(5) The percentage in this column represents the amount of “Short-Term Capital Gain Dividends” and is reflected as a percentageof short-term capital gain distributions that is exempted from U.S. withholding tax when paid to foreign investors.

The information reported herein may differ from the information and distributions taxable to the shareholders for the calendar yearending December 31, 2016. Complete information will be computed and reported in conjunction with your 2016 Form 1099-DIV.

26

Notes

Notes

Trust:The Advisors’ Inner Circle Fund

Fund:LSV Global Value Fund

Adviser:LSV Asset Management

Distributor:SEI Investments Distribution Co.

Administrator:SEI Investments Global Fund Services

Legal Counsel:Morgan, Lewis & Bockius LLP

Independent Registered Public Accounting Firm:Ernst & Young LLP

The Fund files its complete schedule of Portfolio holdings with the Securities and Exchange Commission (“SEC”) forthe first and third quarters of each fiscal year on Form N-Q within sixty days after the end of the period. The Fund’sForms N-Q are available on the Commission’s website at http://www.sec.gov, and may be reviewed and copied at theCommission’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Roommay be obtained by calling 1-800-SEC-0330.

A description of the policies and procedures that The Advisors’ Inner Circle Fund uses to determine how to voteproxies (if any) relating to portfolio securities, as well as information relating to how a Fund voted proxies relating toportfolio securities during the most recent 12-month period ended June 30, is available without charge (i) uponrequest, by calling 888-Fund-LSV and (ii) on the Commission’s website at http://www.sec.gov.

LSV-AR-008-0300

Documents

ANNUAL REPORT TO SHAREHOLDERS October 31, 2016lsvasset.com/pdf/fund-docs/LSVGX_AR_2016.pdf · The objective of the model is to pick undervalued and out of favor stocks with high near-term