UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSRS

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, 2023

Date of reporting period: April 30, 2023

Item 1.    Reports to Stockholders.

(a) 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.

CIBC Atlas Funds

Semi-Annual Report

APRIL 30, 2023

CIBC Private Wealth Advisors, Inc.

CIBC Atlas Disciplined Equity Fund

AWEIX

CIBC Atlas Mid Cap Equity Fund

AWMIX

CIBC Atlas Income Opportunities Fund

AWIIX

CIBC Atlas All Cap Growth Fund

AWGIX

CIBC Atlas Equity Income Fund

AWYIX

CIBC Atlas International Growth Fund

AWWIX

THE ADVISORS’ INNER CIRCLE FUND	CIBC ATLAS FUNDS
	APRIL 23, 2023

TABLE OF CONTENTS

Schedules of Investments
CIBC Atlas Disciplined Equity Fund	1
CIBC Atlas Mid Cap Equity Fund	5
CIBC Atlas Income Opportunities Fund	9
CIBC Atlas All Cap Growth Fund	17
CIBC Atlas Equity Income Fund	21
CIBC Atlas International Growth Fund	24
Statements of Assets and Liabilities	29
Statements of Operations	31
Statements of Changes in Net Assets	33
Financial Highlights	39
Notes to Financial Statements	47
Disclosure of Fund Expenses	72

The Funds file their complete schedules of investments with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT (Form N-Q for filings prior to March 31, 2020). The Funds’ Forms N-Q and N-PORT are available on the SEC’s website at https://www.sec.gov, and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to fund securities, as well as information relating to how the Funds voted proxies relating to fund securities during the most recent 12-month period ended June 30, is available (i) without charge, upon request, by calling 1-855-328-3863; and (ii) on the SEC’s website at https://www.sec.gov.

THE ADVISORS’ INNER CIRCLE FUND	CIBC ATLAS DISCIPLINED EQUITY FUND
	APRIL 30, 2023 (Unaudited)

SECTOR WEIGHTINGS†

  † Percentages are based on total investments.

SCHEDULE OF INVESTMENTS COMMON STOCK — 95.9%	Shares		Value
COMMUNICATION SERVICES — 9.1%
Alphabet, Cl A *		370,722	$	39,793,299
Alphabet, Cl C *		451,935		48,908,406
T-Mobile US *		153,571		22,098,867
Walt Disney *		214,097		21,944,943
				132,745,515
CONSUMER DISCRETIONARY — 8.0%
Amazon.com *		630,357		66,471,146
Home Depot		100,311		30,147,468
TJX		257,926		20,329,727
				116,948,341
CONSUMER STAPLES — 5.0%
Costco Wholesale		33,055		16,633,937
Dollar General		79,214		17,542,732
Mondelez International, Cl A		239,548		18,378,123
PepsiCo		105,657		20,168,865
				72,723,657
ENERGY — 4.4%
Chevron		106,497		17,953,265
ConocoPhillips		178,165		18,331,397

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

1

THE ADVISORS’ INNER CIRCLE FUND	CIBC ATLAS DISCIPLINED EQUITY FUND
	APRIL 30, 2023 (Unaudited)

COMMON STOCK (continued)	Shares		Value
ENERGY (continued)
Pioneer Natural Resources		130,026	$	28,287,156
				64,571,818
FINANCIALS — 15.5%
BlackRock, Cl A		20,159		13,530,721
Blackstone, Cl A		211,191		18,865,692
CME Group, Cl A		52,562		9,764,443
Fidelity National Information Services		179,477		10,538,889
Fiserv *		168,044		20,521,533
Intercontinental Exchange		201,172		21,913,666
JPMorgan Chase		137,773		19,045,739
PNC Financial Services Group		104,847		13,656,322
S&P Global		75,757		27,467,973
US Bancorp		417,488		14,311,489
Visa, Cl A		239,533		55,746,515
				225,362,982
HEALTH CARE — 14.0%
Abbott Laboratories		224,470		24,797,201
AstraZeneca PLC ADR		419,125		30,688,333
Danaher		114,695		27,172,392
IQVIA Holdings *		92,984		17,502,378
Stryker		47,932		14,362,824
Thermo Fisher Scientific		44,350		24,609,815
UnitedHealth Group		97,369		47,914,311
Zoetis, Cl A		97,515		17,141,187
				204,188,441
INDUSTRIALS — 8.3%
Automatic Data Processing		50,373		11,082,060
Honeywell International		173,017		34,575,717
Otis Worldwide		251,976		21,493,553
Raytheon Technologies		341,360		34,101,864
Union Pacific		99,358		19,444,361
				120,697,555

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

2

THE ADVISORS’ INNER CIRCLE FUND	CIBC ATLAS DISCIPLINED EQUITY FUND
	APRIL 30, 2023 (Unaudited)

COMMON STOCK (continued)	Shares		Value
INFORMATION TECHNOLOGY — 22.8%
Adobe *		48,836	$	18,438,520
Analog Devices		125,658		22,603,361
Apple		335,817		56,981,429
Cisco Systems		566,356		26,760,321
Microsoft		377,454		115,976,516
QUALCOMM		141,658		16,545,654
Roper Technologies		55,141		25,077,024
Salesforce *		150,277		29,810,449
TE Connectivity		161,071		19,710,258
				331,903,532
MATERIALS — 3.2%
Linde PLC		71,000		26,230,950
Martin Marietta Materials		56,437		20,497,918
				46,728,868
REAL ESTATE — 3.0%
American Tower, Cl A ‡		72,479		14,813,983
AvalonBay Communities ‡		41,319		7,452,708
Prologis ‡		113,683		14,238,796
VICI Properties, Cl A ‡		231,322		7,851,068
				44,356,555
UTILITIES — 2.6%
NextEra Energy		494,053		37,859,281
TOTAL COMMON STOCK (Cost $726,825,890)				1,398,086,545
CASH EQUIVALENT — 4.0%
First American Government Obligations Fund, Cl X, 4.720% (A)		57,898,790		57,898,790
TOTAL CASH EQUIVALENT (Cost $57,898,790)				57,898,790
TOTAL INVESTMENTS — 99.9%
(Cost $784,724,680)			$	1,455,985,335

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

3

THE ADVISORS’ INNER CIRCLE FUND	CIBC ATLAS DISCIPLINED EQUITY FUND
	APRIL 30, 2023 (Unaudited)

Percentages are based on Net Assets of $1,457,612,457.

* Non-income producing security.

‡ Real Estate Investment Trust

(A) The rate reported is the 7-day effective yield as of April 30, 2023.

ADR — American Depositary Receipt

Cl — Class

PLC — Public Limited Company

As of April 30, 2023, all of the Fund’s investments were considered Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles.

For more information on valuation inputs, see Note 2 in Notes to Financial Statements.

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

4

THE ADVISORS’ INNER CIRCLE FUND	CIBC ATLAS MID CAP EQUITY FUND
	APRIL 30, 2023 (Unaudited)

SECTOR WEIGHTINGS†

  † Percentages are based on total investments.

SCHEDULE OF INVESTMENTS COMMON STOCK** — 97.2%	Shares		Value
COMMUNICATION SERVICES — 0.4%
Live Nation Entertainment *		45,691	$	3,096,936
CONSUMER DISCRETIONARY — 18.4%
Academy Sports & Outdoors		63,518		4,034,663
Aptiv PLC *		68,214		7,016,492
AutoZone *		8,803		23,445,118
Chipotle Mexican Grill, Cl A *		8,677		17,940,739
Domino’s Pizza		17,446		5,538,581
Five Below *		49,845		9,837,409
Floor & Decor Holdings, Cl A *		79,106		7,858,390
Marriott International, Cl A		54,829		9,284,743
Planet Fitness, Cl A *		101,813		8,464,733
Ross Stores		63,968		6,827,305
Tractor Supply		61,106		14,567,670
Ulta Beauty *		25,753		14,200,977
				129,016,820
CONSUMER STAPLES — 4.3%
Lamb Weston Holdings		43,471		4,860,493
Monster Beverage *		185,718		10,400,208
Sprouts Farmers Market *		189,503		6,568,174

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

5

THE ADVISORS’ INNER CIRCLE FUND	CIBC ATLAS MID CAP EQUITY FUND
	APRIL 30, 2023 (Unaudited)

COMMON STOCK** (continued)	Shares		Value
CONSUMER STAPLES (continued)
US Foods Holding *		207,041	$	7,950,374
				29,779,249
ENERGY — 3.0%
Cheniere Energy		48,737		7,456,761
Diamondback Energy		93,782		13,335,800
				20,792,561
FINANCIALS — 7.3%
Ameriprise Financial		56,214		17,152,016
Ares Management, Cl A		107,259		9,394,816
FleetCor Technologies *		36,553		7,819,418
Global Payments		44,030		4,962,621
MSCI, Cl A		24,738		11,934,848
				51,263,719
HEALTH CARE — 14.9%
Agilent Technologies		60,275		8,163,043
Align Technology *		38,953		12,671,411
Alnylam Pharmaceuticals *		52,153		10,388,878
AmerisourceBergen, Cl A		40,337		6,730,228
Avantor *		500,664		9,752,935
Charles River Laboratories International *		41,999		7,984,850
Edwards Lifesciences *		65,906		5,798,410
Humana		20,307		10,772,660
ICON PLC *		41,814		8,057,140
ResMed		57,875		13,945,560
Veeva Systems, Cl A *		59,906		10,727,966
				104,993,081
INDUSTRIALS — 15.6%
AMETEK		72,552		10,007,097
Cintas		16,800		7,656,936
Copart *		82,567		6,526,921
CoStar Group *		80,306		6,179,547
Genpact		103,936		4,630,349
Howmet Aerospace		204,641		9,063,550

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

6

THE ADVISORS’ INNER CIRCLE FUND	CIBC ATLAS MID CAP EQUITY FUND
	APRIL 30, 2023 (Unaudited)

COMMON STOCK** (continued)	Shares		Value
INDUSTRIALS (continued)
Hubbell, Cl B		32,768	$	8,825,078
IDEX		45,599		9,407,986
Ingersoll Rand		140,119		7,989,585
Masco		113,166		6,055,513
Oshkosh		52,245		3,997,787
Pentair PLC		56,122		3,259,566
Regal Rexnord		50,676		6,595,988
TransUnion		94,244		6,484,930
Waste Connections		66,460		9,247,909
Zurn Elkay Water Solutions		154,888		3,337,836
				109,266,578
INFORMATION TECHNOLOGY — 26.2%
Amphenol, Cl A		183,318		13,835,009
ANSYS *		38,676		12,141,170
BILL Holdings *		38,954		2,992,057
Cadence Design Systems *		101,720		21,305,254
CDW		62,583		10,613,451
Crowdstrike Holdings, Cl A *		55,034		6,606,832
Datadog, Cl A *		101,862		6,863,462
Dynatrace *		141,781		5,994,501
Enphase Energy *		66,921		10,988,428
Entegris		94,336		7,067,653
EPAM Systems *		23,543		6,649,485
Keysight Technologies *		85,936		12,429,783
KLA		15,415		5,958,514
Marvell Technology		111,597		4,405,850
Microchip Technology		151,028		11,023,534
ON Semiconductor *		54,193		3,899,728
Palo Alto Networks *		62,794		11,457,393
Roper Technologies		28,245		12,845,261
Synopsys *		43,476		16,143,508
				183,220,873
MATERIALS — 5.0%
Ashland		60,829		6,180,835

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

7

THE ADVISORS’ INNER CIRCLE FUND	CIBC ATLAS MID CAP EQUITY FUND
	APRIL 30, 2023 (Unaudited)

COMMON STOCK** (continued)	Shares		Value
MATERIALS (continued)
Berry Global Group		116,674	$	6,744,924
Crown Holdings		99,321		8,519,755
FMC		75,044		9,273,938
Livent *		207,410		4,531,908
				35,251,360
REAL ESTATE — 2.1%
SBA Communications, Cl A ‡		55,845		14,569,402
TOTAL COMMON STOCK (Cost $444,494,141)				681,250,579
CASH EQUIVALENT — 2.6%
First American Government Obligations Fund, Cl X, 4.720% (A)		18,130,658		18,130,658
TOTAL CASH EQUIVALENT (Cost $18,130,658)				18,130,658
TOTAL INVESTMENTS — 99.8%
(Cost $462,624,799)			$	699,381,237

Percentages are based on Net Assets of $700,603,615.

* Non-income producing security.

** More narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting periods.

‡ Real Estate Investment Trust

(A) The rate reported is the 7-day effective yield as of April 30, 2023.

Cl — Class

PLC — Public Limited Company

As of April 30, 2023, all of the Fund’s investments were considered Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles.

For more information on valuation inputs, see Note 2 in Notes to Financial Statements.

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

8

THE ADVISORS’ INNER CIRCLE FUND	CIBC ATLAS INCOME
	OPPORTUNITIES FUND
	APRIL 30, 2023 (Unaudited)

 SECTOR WEIGHTINGS†

† Percentages are based on total investments.

SCHEDULE OF INVESTMENTS COMMON STOCK — 63.3%	Shares		Value
COMMUNICATION SERVICES — 2.4%
Alphabet, Cl A *		142,450	$	15,290,583
CONSUMER DISCRETIONARY — 4.3%
Amazon.com *		64,300		6,780,435
Home Depot		32,507		9,769,654
Service International		69,046		4,846,339
Vail Resorts		23,414		5,631,535
				27,027,963
CONSUMER STAPLES — 4.1%
Costco Wholesale		8,538		4,296,493
PepsiCo		59,126		11,286,562
Procter & Gamble		64,069		10,019,110
				25,602,165
ENERGY — 3.5%
Chevron		53,809		9,071,121
EQT		99,500		3,466,580
Pioneer Natural Resources		42,250		9,191,488
				21,729,189
FINANCIALS — 10.9%
Ares Capital		324,545		5,997,592
Ares Management, Cl A		84,951		7,440,858
Blue Owl Capital, Cl A		419,872		4,727,759
CME Group, Cl A		28,709		5,333,271

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

9

THE ADVISORS’ INNER CIRCLE FUND	CIBC ATLAS INCOME
	OPPORTUNITIES FUND
	APRIL 30, 2023 (Unaudited)

COMMON STOCK (continued)	Shares		Value
FINANCIALS (continued)
Golub Capital BDC		387,119	$	5,218,364
Hannon Armstrong Sustainable Infrastructure Capital ‡		52,008		1,475,987
JPMorgan Chase		71,538		9,889,413
S&P Global		21,397		7,758,124
US Bancorp		254,982		8,740,783
Visa, Cl A		50,932		11,853,404
				68,435,555
HEALTH CARE — 6.8%
Abbott Laboratories		31,000		3,424,570
Johnson & Johnson		64,386		10,539,988
Medtronic PLC		72,268		6,572,774
Novartis ADR		69,438		7,122,256
UnitedHealth Group		30,430		14,974,299
				42,633,887
INDUSTRIALS — 8.7%
Automatic Data Processing		26,853		5,907,660
IDEX		25,004		5,158,825
Lockheed Martin		18,935		8,794,361
Republic Services, Cl A		72,088		10,425,367
Rollins		149,250		6,305,812
Triton International		43,503		3,596,393
Union Pacific		35,078		6,864,765
United Parcel Service, Cl B		42,892		7,712,410
				54,765,593
INFORMATION TECHNOLOGY — 16.4%
Apple		172,168		29,213,466
Broadcom		18,809		11,783,838
Cisco Systems		135,081		6,382,577
Microchip Technology		140,036		10,221,228
Microsoft		119,358		36,673,939
QUALCOMM		71,052		8,298,874
				102,573,922
MATERIALS — 1.3%
Linde PLC		21,314		7,874,457
REAL ESTATE — 3.2%
Crown Castle ‡		20,178		2,483,710
Invitation Homes ‡		120,395		4,017,581
Prologis ‡		52,126		6,528,781
VICI Properties, Cl A ‡		130,541		4,430,562

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

10

THE ADVISORS’ INNER CIRCLE FUND	CIBC ATLAS INCOME
	OPPORTUNITIES FUND
	APRIL 30, 2023 (Unaudited)

COMMON STOCK (continued)	Shares		Value
REAL ESTATE (continued)
Weyerhaeuser ‡		80,014	$	2,393,219
				19,853,853
UTILITIES — 1.7%
NextEra Energy		142,329		10,906,671
TOTAL COMMON STOCK (Cost $249,405,000)				396,693,838
CORPORATE OBLIGATIONS — 19.2%	Face Amount
COMMUNICATION SERVICES — 2.4%
Comcast
2.937%, 11/01/56	$	6,111,000		4,062,649
Diamond Sports Group
5.375%, 08/15/26(A) (B)		4,500,000		303,750
Discovery Communications
3.800%, 03/13/24		3,150,000		3,102,516
T-Mobile USA
3.500%, 04/15/31		5,000,000		4,516,916
Verizon Communications
2.355%, 03/15/32		2,441,000		2,003,911
Warnermedia Holdings
3.428%, 03/15/24(A)		1,000,000		978,130
				14,967,872
CONSUMER DISCRETIONARY — 3.1%
Amazon.com
3.150%, 08/22/27		3,300,000		3,179,238
Ford Motor Credit
7.350%, 11/04/27		3,000,000		3,084,906
6.950%, 03/06/26		2,000,000		2,018,354
General Motors
6.800%, 10/01/27		2,500,000		2,642,358
Meritage Homes
3.875%, 04/15/29(A)		4,000,000		3,599,915
Newell Brands
4.700%, 04/01/26		5,000,000		4,775,000
				19,299,771
ENERGY — 1.8%
Cheniere Energy Partners
4.500%, 10/01/29		5,000,000		4,704,184
DCP Midstream Operating
6.750%, 09/15/37(A)		1,500,000		1,629,522

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

11

THE ADVISORS’ INNER CIRCLE FUND	CIBC ATLAS INCOME
	OPPORTUNITIES FUND
	APRIL 30, 2023 (Unaudited)

CORPORATE OBLIGATIONS (continued)	Face Amount		Value
ENERGY (continued)
Kinder Morgan MTN
7.800%, 08/01/31	$	1,400,000	$	1,600,684
Sabine Pass Liquefaction
5.750%, 05/15/24		1,250,000		1,250,064
5.625%, 03/01/25		2,000,000		2,009,837
				11,194,291
FINANCIALS — 6.4%
Ally Financial
2.200%, 11/02/28		5,000,000		4,072,096
Ares Capital
3.875%, 01/15/26		5,000,000		4,660,504
Bank of America
5.200%, ICE LIBOR USD 3 Month + 3.135%(C)(D)		2,000,000		1,986,000
3.950%, 04/21/25		5,750,000		5,617,220
Goldman Sachs Group
7.023%, ICE LIBOR USD 3 Month + 1.750%, 10/28/27(C)		3,000,000		3,052,456
1.217%, 12/06/23		4,000,000		3,905,952
JPMorgan Chase
7.879%, ICE LIBOR USD 3 Month + 2.580%(C)(D)		1,000,000		992,100
6.000%, ICE LIBOR USD 3 Month + 3.300%(C)(D)		1,500,000		1,486,500
5.000%, TSFR3M + 3.380%(C)(D)		2,000,000		1,916,732
OneMain Finance
3.500%, 01/15/27		3,000,000		2,562,360
PNC Financial Services Group
8.977%, ICE LIBOR USD 3 Month + 3.678%(C)(D)		2,500,000		2,487,917
Wells Fargo MTN
4.100%, 06/03/26		3,000,000		2,923,761
Western Union
2.850%, 01/10/25		4,500,000		4,309,199
				39,972,797
HEALTH CARE — 1.2%
AbbVie
4.250%, 11/21/49		3,500,000		3,067,991
HCA
5.375%, 02/01/25		3,050,000		3,051,507
5.000%, 03/15/24		1,250,000		1,244,124
				7,363,622
INDUSTRIALS — 0.9%
AerCap Ireland Capital DAC
3.000%, 10/29/28		1,000,000		870,618

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

12

THE ADVISORS’ INNER CIRCLE FUND	CIBC ATLAS INCOME
	OPPORTUNITIES FUND
	APRIL 30, 2023 (Unaudited)

CORPORATE OBLIGATIONS (continued)	Face Amount		Value
INDUSTRIALS (continued)
Northrop Grumman
4.030%, 10/15/47	$	2,000,000	$	1,723,828
Quanta Services
2.900%, 10/01/30		3,750,000		3,252,863
				5,847,309
INFORMATION TECHNOLOGY — 2.1%
Apple
3.850%, 08/04/46		3,000,000		2,684,702
Broadcom
3.469%, 04/15/34(A)		2,500,000		2,065,417
CommScope Technologies
6.000%, 06/15/25(A)		1,734,000		1,629,896
Kyndryl Holdings
2.050%, 10/15/26		1,000,000		876,332
Oracle
6.150%, 11/09/29		3,000,000		3,183,193
Salesforce
3.700%, 04/11/28		3,000,000		2,976,730
				13,416,270
MATERIALS — 0.3%
NOVA Chemicals
5.000%, 05/01/25(A)		2,000,000		1,940,696
REAL ESTATE — 1.0%
Boston Properties
2.750%, 10/01/26‡		1,000,000		891,369
Equinix
3.000%, 07/15/50‡		3,000,000		1,988,014
VICI Properties
5.125%, 05/15/32‡		4,000,000		3,817,346
				6,696,729
TOTAL CORPORATE OBLIGATIONS (Cost $135,119,839)				120,699,357
U.S. TREASURY OBLIGATIONS — 8.2%
U.S. Treasury Bonds
3.000%, 02/15/48		15,000,000		13,093,359
2.500%, 02/15/45		10,000,000		8,016,016
				21,109,375

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

13

THE ADVISORS’ INNER CIRCLE FUND	CIBC ATLAS INCOME
	OPPORTUNITIES FUND
	APRIL 30, 2023 (Unaudited)

U.S. TREASURY OBLIGATIONS (continued)	Face Amount			Value
U.S. Treasury Inflation Indexed Notes
0.500%, 01/15/28	$	12,196,300		$	11,750,214
U.S. Treasury Notes
2.000%, 08/15/25		10,000,000			9,579,297
1.625%, 05/15/31		10,000,000			8,765,625
					18,344,922
TOTAL U.S. TREASURY OBLIGATIONS (Cost $56,240,806)					51,204,511
MORTGAGE-BACKED SECURITIES — 5.3%
AGENCY MORTGAGE-BACKED OBLIGATIONS — 5.3%
FHLMC
5.000%, 03/01/38		9,433,864			9,469,702
1.500%, 06/01/31		7,136,509			6,570,584
FNMA
4.500%, 07/01/52		12,803,992			12,526,984
6.000%, 01/01/53		4,880,970			4,983,255
					33,550,525
TOTAL MORTGAGE-BACKED SECURITIES (Cost $33,514,208)					33,550,525
PREFERRED STOCK — 0.3%	Shares
FINANCIALS — 0.3%
Wells Fargo, 7.500% (D)		1,700			1,985,651
TOTAL PREFERRED STOCK (Cost $2,066,538)					1,985,651
CASH EQUIVALENT — 3.4%
First American Government Obligations Fund, Cl X, 4.720% (E)		21,077,229			21,077,229
TOTAL CASH EQUIVALENT (Cost $21,077,229)					21,077,229
TOTAL INVESTMENTS — 99.7% (Cost $497,423,620)				$	625,211,111
WRITTEN OPTIONS — (0.0%)	Contracts			Value
TOTAL WRITTEN OPTIONS — 0.0% (Premiums Received $222,695)		(4,234	)	$	(310,946	)

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

14

THE ADVISORS’ INNER CIRCLE FUND	CIBC ATLAS INCOME
	OPPORTUNITIES FUND
	APRIL 30, 2023 (Unaudited)

Description	Contracts		Notional Amount		Exercise Price		Expiration Date		Value
WRITTEN OPTIONS — (0.0%)
Call Options
Amazon*		(643)	$	(6,780,435)	$	125		05/19/23	$	(5,144)
EQT Corp*		(995)		(3,466,580)		36		05/19/23		(77,610)
Google*		(1,424)		(15,285,216)		120		05/19/23		(18,512)
Pioneer Natural Resources Company*		(422)		(9,180,610)		240		05/19/23		(27,430)
Rollins, Inc.*		(750)		(3,168,750)		40		05/19/23		(182,250)
Total Written Options			$	(37,881,591)					$	(310,946)

Percentages are based on Net Assets of $627,141,011.

* Non-income producing security.

‡ Real Estate Investment Trust

(A) Securities sold within terms of a private placement memorandum, exempt from registration under Section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “accredited investors.” The total value of such securities as of April 30, 2023 was $12,147,326 which represents 1.9% of Net Assets.

(B) Security in default on interest payments.

(C) Variable or floating rate security. The rate shown is the effective interest rate as of period end. The rates for certain securities are not based on published reference rates and spreads and are either determined by the issuer or agent based on current market conditions; by using a formula based on the rates of underlying loans; or by adjusting periodically based on prevailing interest rates.

(D) Perpetual security with no stated maturity date.

(E) The rate reported is the 7-day effective yield as of April 30, 2023.

ADR — American Depositary Receipt

BDC — Business Development Company

Cl — Class

DAC — Designated Activity Company

FHLMC — Federal Home Loan Mortgage Corporation

FNMA — Federal National Mortgage Association

ICE — Intercontinental Exchange

LIBOR — London Interbank Offered Rate

MTN — Medium Term Note

PLC — Public Limited Company

USD — U.S. Dollar

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

15

THE ADVISORS’ INNER CIRCLE FUND	CIBC ATLAS INCOME
	OPPORTUNITIES FUND
	APRIL 30, 2023 (Unaudited)

The following is a summary of the level of inputs used as of April 30, 2023, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	396,693,838	$	—	$	—	$	396,693,838
Corporate Obligations		—		120,699,357		—		120,699,357
U.S. Treasury Obligations		—		51,204,511		—		51,204,511
Mortgage-Backed Securities		—		33,550,525		—		33,550,525
Preferred Stock		1,985,651		—		—		1,985,651
Cash Equivalent		21,077,229		—		—		21,077,229
Total Investments in Securities	$	419,756,718	$	205,454,393	$	—	$	625,211,111
Other Financial Instruments	Level 1		Level 2		Level 3		Total
Written Options	$	(310,946)	$	—	$	—	$	(310,946)
Total Other Financial Instruments	$	(310,946)	$	—	$	—	$	(310,946)

For more information on valuation inputs, see Note 2 in Notes to Financial Statements.

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

16

THE ADVISORS’ INNER CIRCLE FUND	CIBC ATLAS ALL CAP GROWTH FUND
	APRIL 30, 2023 (Unaudited)

SECTOR WEIGHTINGS†

  † Percentages are based on total investments.

SCHEDULE OF INVESTMENTS COMMON STOCK** — 98.6%	Shares		Value
COMMUNICATION SERVICES — 3.2%
Live Nation Entertainment *		36,211	$	2,454,381
Meta Platforms, Cl A *		13,799		3,316,176
				5,770,557
CONSUMER DISCRETIONARY — 9.9%
Amazon.com *		39,904		4,207,877
Chipotle Mexican Grill, Cl A *		2,699		5,580,506
MercadoLibre *		1,924		2,457,891
TJX		30,754		2,424,030
Ulta Beauty *		6,276		3,460,775
				18,131,079
CONSUMER STAPLES — 1.4%
Costco Wholesale		4,994		2,513,081
ENERGY — 2.1%
EOG Resources		32,476		3,879,908
FINANCIALS — 16.1%
Ares Management, Cl A		38,693		3,389,120
Blackstone, Cl A		59,712		5,334,073
Brown & Brown		73,423		4,727,707

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

17

THE ADVISORS’ INNER CIRCLE FUND	CIBC ATLAS ALL CAP GROWTH FUND
	APRIL 30, 2023 (Unaudited)

COMMON STOCK** (continued)	Shares		Value
FINANCIALS (continued)
Charles Schwab		34,622	$	1,808,653
Goldman Sachs Group		6,361		2,184,622
Kinsale Capital Group		12,215		3,990,763
Morgan Stanley		15,046		1,353,689
S&P Global		18,282		6,628,687
				29,417,314
HEALTH CARE — 20.7%
AstraZeneca PLC ADR		49,990		3,660,268
Bio-Techne		16,869		1,347,496
Danaher		11,496		2,723,517
Edwards Lifesciences *		27,956		2,459,569
Elevance Health		5,091		2,385,897
Eli Lilly		15,883		6,287,444
ICON PLC *		16,113		3,104,814
IDEXX Laboratories *		7,767		3,822,607
Intuitive Surgical *		18,697		5,631,910
Zoetis, Cl A		36,538		6,422,650
				37,846,172
INDUSTRIALS — 9.8%
Cintas		8,118		3,699,941
CoStar Group *		54,610		4,202,239
L3Harris Technologies		10,292		2,008,484
Robert Half International		10,576		772,048
TransDigm Group *		6,234		4,769,010
United Rentals		6,644		2,399,215
				17,850,937
INFORMATION TECHNOLOGY — 28.9%
Adobe *		3,571		1,348,267
Advanced Micro Devices *		34,030		3,041,261
Amphenol, Cl A		41,910		3,162,948
Apple		16,174		2,744,404
ASML Holding, Cl G		2,120		1,350,143
Entegris		39,220		2,938,362

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

18

THE ADVISORS’ INNER CIRCLE FUND	CIBC ATLAS ALL CAP GROWTH FUND
	APRIL 30, 2023 (Unaudited)

COMMON STOCK** (continued)	Shares		Value
INFORMATION TECHNOLOGY (continued)
Gartner *		5,240	$	1,584,890
Intuit		3,410		1,513,869
Mastercard, Cl A		20,524		7,799,736
Microchip Technology		16,580		1,210,174
Microsoft		13,615		4,183,345
Monolithic Power Systems		8,061		3,723,940
NVIDIA		13,247		3,675,910
Palo Alto Networks *		52,258		9,534,995
Roper Technologies		10,884		4,949,826
				52,762,070
MATERIALS — 5.8%
Martin Marietta Materials		14,991		5,444,731
Sherwin-Williams		22,023		5,231,343
				10,676,074
REAL ESTATE — 0.7%
SBA Communications, Cl A ‡		5,294		1,381,152
TOTAL COMMON STOCK (Cost $123,392,599)				180,228,344
CASH EQUIVALENT — 1.8%
First American Government Obligations Fund, Cl X, 4.720% (A)		3,221,375		3,221,375
TOTAL CASH EQUIVALENT (Cost $3,221,375)				3,221,375
TOTAL INVESTMENTS — 100.4% (Cost $126,613,974)			$	183,449,719

Percentages are based on Net Assets of $182,700,137.

* Non-income producing security.

** More narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting periods.

‡ Real Estate Investment Trust

(A) The rate reported is the 7-day effective yield as of April 30, 2023.

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

19

THE ADVISORS’ INNER CIRCLE FUND	CIBC ATLAS ALL CAP GROWTH FUND
	APRIL 30, 2023 (Unaudited)

ADR — American Depositary Receipt

Cl — Class

PLC — Public Limited Company

As of April 30, 2023, all of the Fund’s investments were considered Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles.

For more information on valuation inputs, see Note 2 in Notes to Financial Statements.

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

20

THE ADVISORS’ INNER CIRCLE FUND	CIBC ATLAS EQUITY INCOME FUND
	APRIL 30, 2023 (Unaudited)

  SECTOR WEIGHTINGS†

† Percentages are based on total investments.

SCHEDULE OF INVESTMENTS COMMON STOCK — 95.4%	Shares		Value
COMMUNICATION SERVICES — 1.5%
Comcast, Cl A		114,812	$	4,749,773
CONSUMER DISCRETIONARY — 2.8%
Dick’s Sporting Goods		36,903		5,351,304
Home Depot		10,967		3,296,022
				8,647,326
ENERGY — 8.2%
Enterprise Products Partners		543,549		14,300,774
Magellan Midstream Partners		203,087		11,332,255
				25,633,029
FINANCIALS — 18.1%
AllianceBernstein Holding		104,046		3,637,448
Ares Management, Cl A		68,573		6,006,309
Blackstone, Cl A		119,512		10,676,007
Brookfield		180,080		5,845,397
Brookfield Asset Management, Cl A		45,020		1,510,421
Charles Schwab		105,369		5,504,477
CME Group, Cl A		60,312		11,204,160
Goldman Sachs Group		7,972		2,737,904
JPMorgan Chase		33,539		4,636,431

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

21

THE ADVISORS’ INNER CIRCLE FUND	CIBC ATLAS EQUITY INCOME FUND
	APRIL 30, 2023 (Unaudited)

COMMON STOCK (continued)	Shares		Value
FINANCIALS (continued)
Morgan Stanley		50,058	$	4,503,718
				56,262,272
HEALTH CARE — 19.3%
Abbott Laboratories		113,111		12,495,372
AbbVie		27,250		4,118,020
AstraZeneca PLC ADR		184,900		13,538,378
Elevance Health		27,955		13,101,111
Eli Lilly		25,403		10,056,032
Johnson & Johnson		20,243		3,313,779
Merck		31,504		3,637,767
				60,260,459
INDUSTRIALS — 7.3%
Broadridge Financial Solutions		40,113		5,832,831
L3Harris Technologies		45,690		8,916,404
Parker-Hannifin		7,198		2,338,486
Robert Half International		40,525		2,958,325
Waste Management		15,771		2,618,775
				22,664,821
INFORMATION TECHNOLOGY — 15.4%
Accenture PLC, Cl A		9,003		2,523,451
Apple		71,763		12,176,746
International Business Machines		30,513		3,857,148
Microchip Technology		108,786		7,940,290
Microsoft		46,310		14,229,210
Texas Instruments		42,303		7,073,062
				47,799,907
REAL ESTATE — 12.6%
American Tower, Cl A ‡		53,511		10,937,113
Equinix ‡		7,112		5,149,657
Iron Mountain ‡		97,331		5,376,564
Prologis ‡		40,423		5,062,981
VICI Properties, Cl A ‡		368,817		12,517,649
				39,043,964

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

22

THE ADVISORS’ INNER CIRCLE FUND	CIBC ATLAS EQUITY INCOME FUND
	APRIL 30, 2023 (Unaudited)

COMMON STOCK (continued)	Shares		Value
UTILITIES — 10.2%
Brookfield Infrastructure Partners		255,638	$	8,903,871
Brookfield Renewable Partners		358,294		11,107,114
NextEra Energy		63,070		4,833,054
NextEra Energy Partners		81,908		4,710,529
Xcel Energy		33,294		2,327,584
				31,882,152
TOTAL COMMON STOCK (Cost $230,083,720)				296,943,703
CASH EQUIVALENT — 4.5%
First American Government Obligations Fund, Cl X, 4.720% (A)		13,951,133		13,951,133
TOTAL CASH EQUIVALENT (Cost $13,951,133)				13,951,133
TOTAL INVESTMENTS — 99.9% (Cost $244,034,853)			$	310,894,836

Percentages are based on Net Assets of $311,126,176.

‡ Real Estate Investment Trust

(A) The rate reported is the 7-day effective yield as of April 30, 2023.

ADR — American Depositary Receipt

Cl — Class

PLC — Public Limited Company

As of April 30, 2023, all of the Fund’s investments were considered Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles.

For more information on valuation inputs, see Note 2 in Notes to Financial Statements.

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

23

THE ADVISORS’ INNER CIRCLE FUND	CIBC ATLAS INTERNATIONAL
	GROWTH FUND
	APRIL 30, 2023 (Unaudited)

SECTOR WEIGHTINGS†

† Percentages are based on total investments.

SCHEDULE OF INVESTMENTS COMMON STOCK — 97.1%	Shares		Value
AUSTRALIA — 3.0%
BHP Group		344,423	$	10,221,606
Woodside Energy Group		170,869		3,877,071
				14,098,677
BRAZIL — 2.0%
MercadoLibre *		7,309		9,337,174
CANADA — 2.8%
Brookfield		178,036		5,779,048
Canadian National Railway		62,658		7,473,220
				13,252,268
CHINA — 7.1%
Alibaba Group Holding ADR *		74,691		6,325,581
Alibaba Group Holding *		311,000		3,288,398
Tencent Holdings		266,000		11,814,687
Yum China Holdings		199,165		12,184,914
				33,613,580
DENMARK — 1.4%
Vestas Wind Systems *		233,085		6,449,601

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

24

THE ADVISORS’ INNER CIRCLE FUND	CIBC ATLAS INTERNATIONAL
	GROWTH FUND
	APRIL 30, 2023 (Unaudited)

COMMON STOCK (continued)	Shares		Value
FRANCE — 6.6%
Air Liquide		68,667	$	12,352,569
Airbus		55,812		7,815,641
LVMH Moet Hennessy Louis Vuitton		11,490		11,052,057
				31,220,267
GERMANY — 6.0%
HeidelbergCement		112,256		8,502,478
Siemens		62,165		10,246,834
Symrise, Cl A		78,170		9,444,733
				28,194,045
HONG KONG — 2.6%
AIA Group		1,113,000		12,117,315
INDIA — 3.0%
HDFC Bank ADR		202,168		14,111,326
IRELAND — 1.7%
ICON PLC *		42,116		8,115,332
ISRAEL — 0.9%
Check Point Software Technologies *		34,152		4,349,599
ITALY — 1.4%
Ferrari		23,558		6,564,420
JAPAN — 13.3%
Daikin Industries		44,000		7,991,767
FANUC		284,000		9,591,025
NIDEC		187,000		9,253,149
Shiseido		120,000		6,015,095
Sony Group		95,000		8,595,006
Sysmex		99,000		6,368,000
Tokio Marine Holdings		309,000		6,213,073
Toyota Motor		636,000		8,732,303
				62,759,418

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

25

THE ADVISORS’ INNER CIRCLE FUND	CIBC ATLAS INTERNATIONAL
	GROWTH FUND
	APRIL 30, 2023 (Unaudited)

COMMON STOCK (continued)	Shares		Value
MEXICO — 1.4%
Fomento Economico Mexicano ADR		67,132	$	6,513,147
NETHERLANDS — 1.9%
ASML Holding		13,659		8,668,207
NORWAY — 1.5%
Equinor		237,913		6,849,762
SINGAPORE — 2.5%
DBS Group Holdings		478,000		11,811,363
SPAIN — 5.3%
Amadeus IT Group		185,721		13,053,454
Banco Santander		3,330,757		11,701,255
				24,754,709
SWEDEN — 2.8%
Assa Abloy, Cl B		324,277		7,726,224
Hexagon, Cl B		490,722		5,618,625
				13,344,849
SWITZERLAND — 7.8%
Alcon		121,708		8,862,332
Chubb		52,938		10,670,183
Julius Baer Group		87,482		6,268,628
Novartis		107,011		10,946,572
				36,747,715
TAIWAN — 1.5%
Taiwan Semiconductor Manufacturing ADR		85,670		7,221,981
UNITED KINGDOM — 19.0%
AstraZeneca PLC		83,722		12,320,829
BAE Systems PLC		910,633		11,601,497
Compass Group PLC		448,886		11,842,092
Diageo PLC		193,277		8,816,580
InterContinental Hotels Group PLC		148,118		10,184,145
Lloyds Banking Group PLC		15,175,776		9,219,651

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

26

THE ADVISORS’ INNER CIRCLE FUND	CIBC ATLAS INTERNATIONAL
	GROWTH FUND
	APRIL 30, 2023 (Unaudited)

COMMON STOCK (continued)	Shares		Value
UNITED KINGDOM (continued)
London Stock Exchange Group PLC		123,049	$	12,919,368
Shell PLC		401,293		12,331,050
				89,235,212
UNITED STATES — 1.6%
Euronet Worldwide *		68,893		7,629,211
TOTAL COMMON STOCK
(Cost $422,356,901)				456,959,178
CASH EQUIVALENT — 2.6%
First American Government Obligations Fund, Cl X, 4.720% (A)		12,308,730		12,308,730
TOTAL CASH EQUIVALENT
(Cost $12,308,730)				12,308,730
TOTAL INVESTMENTS — 99.7%
(Cost $434,665,631)			$	469,267,908

Percentages are based on Net Assets of $470,863,662.

* Non-income producing security.

(A) The rate reported is the 7-day effective yield as of April 30, 2023.

ADR — American Depositary Receipt

Cl — Class

PLC — Public Limited Company

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

27

THE ADVISORS’ INNER CIRCLE FUND	CIBC ATLAS INTERNATIONAL
	GROWTH FUND
	APRIL 30, 2023 (Unaudited)

The following is a summary of the level of inputs used as of April 30, 2023, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock
Australia	$	—	$	14,098,677	$	—	$	14,098,677
Brazil		9,337,174		—		—		9,337,174
Canada		13,252,268		—		—		13,252,268
China		18,510,495		15,103,085		—		33,613,580
Denmark		—		6,449,601		—		6,449,601
France		—		31,220,267		—		31,220,267
Germany		—		28,194,045		—		28,194,045
Hong Kong		—		12,117,315		—		12,117,315
India		14,111,326		—		—		14,111,326
Ireland		8,115,332		—		—		8,115,332
Israel		4,349,599		—		—		4,349,599
Italy		—		6,564,420		—		6,564,420
Japan		—		62,759,418		—		62,759,418
Mexico		6,513,147		—		—		6,513,147
Netherlands		—		8,668,207		—		8,668,207
Norway		—		6,849,762		—		6,849,762
Singapore		—		11,811,363		—		11,811,363
Spain		—		24,754,709		—		24,754,709
Sweden		—		13,344,849		—		13,344,849
Switzerland		10,670,183		26,077,532		—		36,747,715
Taiwan		7,221,981		—		—		7,221,981
United Kingdom		—		89,235,212		—		89,235,212
United States		7,629,211		—		—		7,629,211
Total Common Stock		99,710,716		357,248,462		—		456,959,178
Cash Equivalent		12,308,730		—		—		12,308,730
Total Investments in Securities	$	112,019,446	$	357,248,462	$	—	$	469,267,908

For more information on valuation inputs, see Note 2 in Notes to Financial Statements.

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

28

THE ADVISORS’ INNER CIRCLE FUND	CIBC ATLAS FUNDS
	APRIL 30, 2023 (Unaudited)

STATEMENTS OF ASSETS AND LIABILITIES

	CIBC Atlas Disciplined Equity Fund		CIBC Atlas Mid Cap Equity Fund		CIBC Atlas Income Opportunities Fund
Assets:
Investments at Value (Cost $784,724,680, $462,624,799 and $497,423,620, respectively)	$	1,455,985,335	$	699,381,237	$	625,211,111
Cash		137,773		–		86,538
Receivable for Investment Securities Sold		5,813,744		–		–
Receivable for Capital Shares Sold		1,270,215		1,626,464		573,516
Dividends and Interest Receivable		720,179		76,620		1,885,750
Cash Collateral Held at Prime Broker for Written Options		–		–		157,638
Reclaim Receivable		58,023		3,669		93,272
Prepaid Expenses		35,224		14,238		13,764
Total Assets		1,464,020,493		701,102,228		628,021,589
Liabilities:
Written Equity Options, at value (Premiums Received $—, $— and $222, 695, respectively)		–		–		310,946
Payable for Investment Securities Purchased		4,916,646		–		–
Payable for Capital Shares Redeemed		599,676		2,441		200,234
Payable Due to Adviser		772,047		431,345		306,711
Payable Due to Administrator		56,373		27,309		24,272
Chief Compliance Officer Fees Payable		5,023		2,022		1,709
Other Accrued Expenses		58,271		35,496		36,706
Total Liabilities		6,408,036		498,613		880,578
Net Assets	$	1,457,612,457	$	700,603,615	$	627,141,011
Net Assets Consist of:
Paid-in Capital	$	743,237,425	$	459,773,401	$	497,519,395
Total Distributable Earnings		714,375,032		240,830,214		129,621,616
Net Assets	$	1,457,612,457	$	700,603,615	$	627,141,011
Institutional Class Shares:
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)		56,999,937		40,649,951		44,472,351
Net Asset Value, Offering and Redemption Price Per Share	$	25.57	$	17.24	$	14.10
Amounts designated as “—” are $0 or have been rounded to $0.

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

29

THE ADVISORS’ INNER CIRCLE FUND	CIBC ATLAS FUNDS
	APRIL 30, 2023 (Unaudited)

STATEMENTS OF ASSETS AND LIABILITIES

	CIBC Atlas All Cap Growth Fund		CIBC Atlas Equity Income Fund		CIBC Atlas International Growth Fund
Assets:
Investments at Value (Cost $126,613,974, $244,034,853 and $434,665,631, respectively)	$	183,449,719	$	310,894,836	$	469,267,908
Cash		–		33,539		–
Receivable for Investment Securities Sold		376,666		–		–
Receivable for Capital Shares Sold		143,400		72,985		2,300,828
Dividends and Interest Receivable		91,218		570,141		1,572,320
Reclaim Receivable		4,428		16,616		789,249
Prepaid Expenses		11,288		27,392		12,732
Total Assets		184,076,719		311,615,509		473,943,037
Liabilities:
Payable for Investment Securities Purchased		1,070,617		–		726,720
Payable for Capital Shares Redeemed		154,378		249,259		2,365
Payable Due to Adviser		122,056		203,596		310,778
Payable Due to Administrator		7,068		12,084		17,996
Chief Compliance Officer Fees Payable		38		477		806
Foreign Currency Payable at Value (Cost $–, $– and $1,972,677, respectively)		–		–		1,972,869
Other Accrued Expenses		22,425		23,917		47,841
Total Liabilities		1,376,582		489,333		3,079,375
Net Assets	$	182,700,137	$	311,126,176	$	470,863,662
Net Assets Consist of:
Paid-in Capital	$	123,938,654	$	249,284,591	$	450,062,260
Total Distributable Earnings		58,761,483		61,841,585		20,801,402
Net Assets	$	182,700,137	$	311,126,176	$	470,863,662
Institutional Class Shares:
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)		6,550,290		6,438,317		39,079,196
Net Asset Value, Offering and Redemption Price Per Share	$	27.89	$	48.32	$	12.05

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

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

30

THE ADVISORS’ INNER CIRCLE FUND	CIBC ATLAS FUNDS
	FOR THE PERIOD ENDED
	APRIL 30, 2023 (Unaudited)

STATEMENTS OF OPERATIONS

	CIBC Atlas Disciplined Equity Fund			CIBC Atlas Mid Cap Equity Fund			CIBC Atlas Income Opportunities Fund
Investment Income:
Dividends	$	12,715,661		$	2,887,154		$	5,955,783
Interest		—			—			3,740,688
Less: Foreign Taxes Withheld		—			(5,121	)		(36,441	)
Total Investment Income		12,715,661			2,882,033			9,660,030
Expenses:
Investment Advisory Fees		4,642,150			2,582,442			1,834,016
Administration Fees		341,271			164,634			146,152
Trustees’ Fees		27,373			13,039			11,706
Chief Compliance Officer Fees		4,539			2,315			2,087
Transfer Agent Fees		46,952			28,967			27,411
Custodian Fees		28,761			13,545			12,996
Legal Fees		22,511			10,750			9,619
Registration and Filing Fees		18,920			15,823			16,382
Printing Fees		15,297			7,231			6,448
Audit Fees		12,178			12,178			13,371
Other Expenses		26,537			13,658			15,520
Total Expenses		5,186,489			2,864,582			2,095,708
Less:
Fees Paid Indirectly (Note 4)		(4,980	)		(1,867	)		(1,611	)
Net Expenses		5,181,509			2,862,715			2,094,097
Net Investment Income		7,534,152			19,318			7,565,933
Net Realized Gain/(Loss) on:
Investments		40,700,749			6,243,802			5,297,182
Written Equity Options		—			—			862,230
Net Realized Gain/(Loss)		40,700,749			6,243,802			6,159,412
Net Change in Unrealized Appreciation/(Depreciation) on:
Investments		32,380,710			22,800,942			29,108,503
Written Equity Options		—			—			(88,251	)
Net Change in Unrealized Appreciation		32,380,710			22,800,942			29,020,252
Net Realized and Unrealized Gain		73,081,459			29,044,744			35,179,664
Net Increase in Net Assets Resulting from Operations	$	80,615,611		$	29,064,062		$	42,745,597

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

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

31

THE ADVISORS’ INNER CIRCLE FUND	CIBC ATLAS FUNDS
	FOR THE PERIOD ENDED
	APRIL 30, 2023 (Unaudited)

STATEMENTS OF OPERATIONS

	CIBC Atlas All Cap Growth Fund			CIBC Atlas Equity Income Fund			CIBC Atlas International Growth Fund
Investment Income:
Dividends	$	1,079,266		$	4,844,442		$	5,987,095
Less: Foreign Taxes Withheld		(468	)		(36,204	)		(400,206	)
Total Investment Income		1,078,798			4,808,238			5,586,889
Expenses:
Investment Advisory Fees		757,462			1,221,945			1,645,660
Administration Fees		44,170			73,032			95,937
Trustees’ Fees		3,663			5,731			7,156
Chief Compliance Officer Fees		793			1,162			1,459
Transfer Agent Fees		20,977			22,172			21,875
Registration and Filing Fees		13,673			17,747			16,816
Audit Fees		12,178			12,178			13,371
Custodian Fees		4,021			5,980			39,473
Legal Fees		2,967			4,763			5,960
Printing Fees		1,894			3,210			4,255
Interest Expense		310			—			862
Other Expenses		4,417			6,335			7,782
Total Expenses		866,525			1,374,255			1,860,606
Less:
Advisory Fee Waiver (Note 5)		—			—			(4,634	)
Fees Paid Indirectly (Note 4)		(3,866	)		(2,813	)		(1,204	)
Net Expenses		862,659			1,371,442			1,854,768
Net Investment Income		216,139			3,436,796			3,732,121
Net Realized Gain/(Loss) on:
Investments		1,856,905			(4,588,929	)		(1,931,690	)
Foreign Currency Transactions		—			—			(95,351	)
Net Realized Gain/(Loss)		1,856,905			(4,588,929	)		(2,027,041	)
Net Change in Unrealized Appreciation/(Depreciation) on:
Investments		5,052,208			9,145,426			78,622,001
Foreign Currency Translation		—			—			62,095
Net Change in Unrealized Appreciation		5,052,208			9,145,426			78,684,096
Net Realized and Unrealized Gain		6,909,113			4,556,497			76,657,055
Net Increase in Net Assets Resulting from Operations	$	7,125,252		$	7,993,293		$	80,389,176

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

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

32

THE ADVISORS’ INNER CIRCLE FUND CIBC ATLAS FUNDS

STATEMENTS OF CHANGES IN NET ASSETS

	CIBC Atlas Disciplined Equity Fund
	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022
Operations:
Net Investment Income	$	7,534,152		$	11,558,816
Net Realized Gain		40,700,749			43,727,991
Net Change in Unrealized Appreciation (Depreciation)		32,380,710			(347,510,675	)
Net Increase (Decrease) in Net Assets Resulting from Operations		80,615,611			(292,223,868	)
Distributions:
Institutional Class Shares		(56,757,459	)		(123,046,283	)
Total Distributions		(56,757,459	)		(123,046,283	)
Capital Share Transactions:
Institutional Class Shares
Issued		48,072,129			120,263,532
Reinvestment of Dividends and Distributions		55,814,926			122,653,036
Redeemed		(119,958,803	)		(189,794,002	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(16,071,748	)		53,122,566
Total Increase (Decrease) in Net Assets		7,786,404			(362,147,585	)
Net Assets:
Beginning of Period		1,449,826,053			1,811,973,638
End of Period	$	1,457,612,457		$	1,449,826,053

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

33

THE ADVISORS’ INNER CIRCLE FUND CIBC ATLAS FUNDS

STATEMENTS OF CHANGES IN NET ASSETS

	CIBC Atlas Mid Cap Equity Fund
	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022
Operations:
Net Investment Income (Loss)	$	19,318		$	(2,102,616	)
Net Realized Gain		6,243,802			10,427,907
Net Change in Unrealized Appreciation (Depreciation)		22,800,942			(204,787,765	)
Net Increase (Decrease) in Net Assets Resulting from Operations		29,064,062			(196,462,474	)
Distributions:
Institutional Class Shares		(10,361,737	)		(91,134,908	)
Total Distributions		(10,361,737	)		(91,134,908	)
Capital Share Transactions:
Institutional Class Shares
Issued		41,825,916			84,336,573
Reinvestment of Dividends and Distributions		10,311,765			90,705,196
Redeemed		(51,892,773	)		(155,924,314	)
Net Increase in Net Assets from Capital Share Transactions		244,908			19,117,455
Total Increase (Decrease) in Net Assets		18,947,233			(268,479,927	)
Net Assets:
Beginning of Period		681,656,382			950,136,309
End of Period	$	700,603,615		$	681,656,382

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

34

THE ADVISORS’ INNER CIRCLE FUND CIBC ATLAS FUNDS

STATEMENTS OF CHANGES IN NET ASSETS

	CIBC Atlas Income Opportunities Fund
	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022
Operations:
Net Investment Income	$	7,565,933		$	12,928,504
Net Realized Gain (Loss)		6,159,412			(3,823,907	)
Net Change in Unrealized Appreciation (Depreciation)		29,020,252			(94,508,707	)
Net Increase (Decrease) in Net Assets Resulting from Operations		42,745,597			(85,404,110	)
Distributions:
Institutional Class Shares		(7,326,295	)		(27,938,985	)
Total Distributions		(7,326,295	)		(27,938,985	)
Capital Share Transactions:
Institutional Class Shares
Issued		24,171,276			91,409,407
Reinvestment of Dividends and Distributions		7,256,152			27,757,013
Redeemed		(48,999,478	)		(68,702,598	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(17,572,050	)		50,463,822
Total Increase (Decrease) in Net Assets		17,847,252			(62,879,273	)
Net Assets:
Beginning of Period		609,293,759			672,173,032
End of Period	$	627,141,011		$	609,293,759

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

35

THE ADVISORS’ INNER CIRCLE FUND CIBC ATLAS FUNDS

STATEMENTS OF CHANGES IN NET ASSETS

	CIBC Atlas All Cap Growth Fund
	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022
Operations:
Net Investment Income (Loss)	$	216,139		$	(188,215	)
Net Realized Gain		1,856,905			11,595,478
Net Change in Unrealized Appreciation (Depreciation)		5,052,208			(91,098,256	)
Net Increase (Decrease) in Net Assets Resulting from Operations		7,125,252			(79,690,993	)
Distributions:
Institutional Class Shares		(11,625,315	)		(32,006,452	)
Total Distributions		(11,625,315	)		(32,006,452	)
Capital Share Transactions:
Institutional Class Shares
Issued		7,815,728			26,549,915
Reinvestment of Dividends and Distributions		11,474,279			31,719,169
Redeemed		(35,097,109	)		(55,683,174	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		(15,807,102	)		2,585,910
Total Decrease in Net Assets		(20,307,165	)		(109,111,535	)
Net Assets:
Beginning of Period		203,007,302			312,118,837
End of Period	$	182,700,137		$	203,007,302

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

36

THE ADVISORS’ INNER CIRCLE FUND CIBC ATLAS FUNDS

STATEMENTS OF CHANGES IN NET ASSETS

	CIBC Atlas Equity Income Fund
	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022
Operations:
Net Investment Income	$	3,436,796		$	3,882,665
Net Realized Gain (Loss)		(4,588,929	)		5,828,383
Net Change in Unrealized Appreciation (Depreciation)		9,145,426			(42,840,247	)
Net Increase (Decrease) in Net Assets Resulting from Operations		7,993,293			(33,129,199	)
Distributions
Institutional Shares		(7,269,926	)		(16,106,066	)
Total Distributions		(7,269,926	)		(16,106,066	)
Capital Share Transactions:
Institutional Shares
Issued		40,401,883			155,532,036
Reinvestment of Dividends and Distributions		6,683,161			15,769,034
Redeemed		(46,177,573	)		(32,868,125	)
Net Increase in Net Assets from Capital Share Transactions		907,471			138,432,945
Total Increase in Net Assets		1,630,838			89,197,680
Net Assets:
Beginning of Period		309,495,338			220,297,658
End of Period	$	311,126,176		$	309,495,338

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

37

THE ADVISORS’ INNER CIRCLE FUND CIBC ATLAS FUNDS

STATEMENTS OF CHANGES IN NET ASSETS

	CIBC Atlas International Growth Fund
	Six Months Ended April 30, 2023 (Unaudited)			Year Ended October 31, 2022
Operations:
Net Investment Income	$	3,732,121		$	5,573,237
Net Realized Loss		(2,027,041	)		(15,121,422	)
Net Change in Unrealized Appreciation (Depreciation)		78,684,096			(99,722,313	)
Net Increase (Decrease) in Net Assets Resulting from Operations		80,389,176			(109,270,498	)
Distributions:
Institutional Class Shares		(5,493,762	)		(7,966,275	)
Total Distributions		(5,493,762	)		(7,966,275	)
Capital Share Transactions:
Institutional Class Shares
Issued		103,474,415			110,842,357
Reinvestment of Dividends and Distributions		5,380,714			7,942,446
Redeemed		(46,856,642	)		(82,973,294	)
Net Increase in Net Assets from Capital Share Transactions		61,998,487			35,811,509
Total Increase (Decrease) in Net Assets		136,893,901			(81,425,264	)
Net Assets:
Beginning of Period		333,969,761			415,395,025
End of Period	$	470,863,662		$	333,969,761

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

38

THE ADVISORS’ INNER CIRCLE FUND	CIBC ATLAS DISCIPLINED
	EQUITY FUND

FINANCIAL HIGHLIGHTS
		Selected Per Share Data & Ratios
	For a Share Outstanding Throughout Each Period or Year

	Six Months		Year Ended October 31,
	Ended April
	30, 2023
Institutional Class Shares	(Unaudited)		2022		2021		2020		2019		2018(1)
Net Asset Value, Beginning of Period/Year	$	25.18	$	32.36	$	23.69	$	21.81	$	20.76	$	18.76
Income from Investment Operations:
Net Investment Income*		0.13		0.20		0.15		0.17		0.34		0.16
Net Realized and Unrealized Gain (Loss)		1.25		(5.18)		9.19		2.18		2.29		2.36
Total from Investment Operations		1.38		(4.98)		9.34		2.35		2.63		2.52
Dividends and Distributions:
Net Investment Income		(0.22)		(0.15)		(0.16)		(0.18)		(0.32)		(0.16)
Net Realized Gains		(0.77)		(2.05)		(0.51)		(0.29)		(1.26)		(0.36)
Total Dividends and Distributions		(0.99)		(2.20)		(0.67)		(0.47)		(1.58)		(0.52)
Net Asset Value, End of Period/Year	$	25.57	$	25.18	$	32.36	$	23.69	$	21.81	$	20.76
Total Return †		5.77%		(16.61)%		40.11%		10.89%		14.55%		13.61%
Ratios and Supplemental Data
Net Assets, End of Period/Year (Thousands)	$	1,457,612	$	1,449,826	$	1,811,974	$	1,319,591	$	1,190,278	$	1,007,224
Ratio of Expenses to Average Net Assets (Including Waivers, Reimbursements and Fees Paid Indirectly)		0.73%**		0.72%		0.72%		0.74%		0.75%		0.76%
Ratio of Expenses to Average Net Assets (Excluding Waivers, Reimbursements and Fees Paid Indirectly)		0.73%**		0.72%		0.72%		0.74%		0.75%		0.76%
Ratio of Net Investment Income to Average Net Assets		1.06%**		0.72%		0.54%		0.74%		1.68%		0.78%
Portfolio Turnover Rate		6%***		13%		19%		19%		13%		19%

Amounts designated as “—” are either not applicable, $0 or have been rounded to $0.

⁽¹⁾  On June 25, 2018, the name of the AT Disciplined Equity Fund changed to CIBC Atlas Disciplined Equity Fund. See Note 1 in Notes to Financial Statements.

* Per share calculations were performed using average shares for the period.

** Annualized

*** Not Annualized.

^†  Total return is for the period indicated and has not been annualized. Return shown does not reflect the deductions of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total return would have been lower had the Adviser not waived its fee and/or reimbursed other expenses.

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

39

THE ADVISORS’ INNER CIRCLE FUND	CIBC ATLAS MID CAP EQUITY
	FUND

FINANCIAL HIGHLIGHTS
		Selected Per Share Data & Ratios
	For a Share Outstanding Throughout Each Period or Year

	Six Months		Year Ended October 31,
	Ended April
	30, 2023
Institutional Class Shares	(Unaudited)		2022		2021		2020		2019		2018(1)
Net Asset Value, Beginning of Period/Year	$	16.78	$	23.66	$	17.34	$	16.27	$	13.85	$	13.28
Income from Investment Operations:
Net Investment Loss*		—		(0.05)		(0.09)		(0.02)		(0.01)		(0.02)
Net Realized and Unrealized Gain (Loss)		0.72		(4.55)		6.91		1.09		2.43		0.59
Total from Investment Operations		0.72		(4.60)		6.82		1.07		2.42		0.57
Dividends and Distributions:
Net Realized Gains		(0.26)		(2.28)		(0.50)		—		—		—
Total Dividends and Distributions		(0.26)		(2.28)		(0.50)		—		—		—
Net Asset Value, End of Period/Year	$	17.24	$	16.78	$	23.66	$	17.34	$	16.27	$	13.85
Total Return †		4.36%		(21.53)%		39.86%		6.58%		17.47%		4.29%
Ratios and Supplemental Data
Net Assets, End of Period/Year (Thousands)	$	700,604	$	681,656	$	950,136	$	714,895	$	727,278	$	607,572
Ratio of Expenses to Average Net Assets (Including Waivers, Reimbursements and Fees Paid Indirectly)		0.83%**		0.83%		0.83%		0.84%		0.84%		0.85%
Ratio of Expenses to Average Net Assets (Excluding Waivers, Reimbursements and Fees Paid Indirectly)		0.83%**		0.83%		0.83%		0.84%		0.84%		0.85%
Ratio of Net Investment Income to Average Net Assets		0.01%**		(0.27)%		(0.41)%		(0.14)%		(0.09)%		(0.16)%
Portfolio Turnover Rate		8%***		20%		26%		25%		18%		9%

Amounts designated as “—” are either not applicable, $0 or have been rounded to $0.

⁽¹⁾  On June 25, 2018, the name of the AT Mid Cap Equity Fund changed to CIBC Atlas Mid Cap Equity Fund. See Note 1 in Notes to Financial Statements.

* Per share calculations were performed using average shares for the period.

** Annualized

*** Not Annualized.

^†  Total return is for the period indicated and has not been annualized. Return shown does not reflect the deductions of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total return would have been lower had the Adviser not waived its fee and/or reimbursed other expenses.

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

40

THE ADVISORS’ INNER CIRCLE FUND	CIBC ATLAS INCOME
	OPPORTUNITIES FUND

FINANCIAL HIGHLIGHTS
		Selected Per Share Data & Ratios
	For a Share Outstanding Throughout Each Period or Year

	Six Months		Year Ended October 31,
	Ended April
	30, 2023
Institutional Class Shares	(Unaudited)		2022		2021		2020		2019		2018(1)
Net Asset Value, Beginning of Period/ Year	$	13.31	$	15.81	$	12.72	$	12.38	$	11.26	$	11.04
Income from Investment Operations:
Net Investment Income*		0.17		0.29		0.26		0.26		0.29		0.28
Net Realized and Unrealized Gain (Loss)		0.78		(2.15)		3.09		0.35		1.16		0.23
Total from Investment Operations		0.95		(1.86)		3.35		0.61		1.45		0.51
Dividends and Distributions:
Net Investment Income		(0.16)		(0.30)		(0.26)		(0.27)		(0.28)		(0.29)
Net Realized Gains		—		(0.34)		—		—		(0.05)		—
Total Dividends and Distributions		(0.16)		(0.64)		(0.26)		(0.27)		(0.33)		(0.29)
Net Asset Value, End of Period/Year	$	14.10	$	13.31	$	15.81	$	12.72	$	12.38	$	11.26
Total Return †		7.21%		(12.21)%		26.51%		5.07%		13.14%		4.60%
Ratios and Supplemental Data
Net Assets, End of Period/Year (Thousands)	$	627,141	$	609,294	$	672,173	$	508,104	$	471,877	$	329,434
Ratio of Expenses to Average Net Assets (Including Waivers, Reimbursements and Fees Paid Indirectly)		0.69%**		0.69%		0.68%		0.69%		0.70%		0.71%
Ratio of Expenses to Average Net Assets (Excluding Waivers, Reimbursements and Fees Paid Indirectly)		0.69%**		0.69%		0.68%		0.69%		0.70%		0.71%
Ratio of Net Investment Income to Average Net Assets		2.48%**		1.98%		1.78%		2.06%		2.45%		2.49%
Portfolio Turnover Rate		11%***		20%		19%		21%		15%		25%

Amounts designated as “—” are either not applicable, $0 or have been rounded to $0.

⁽¹⁾  On June 25, 2018, the name of the AT Income Opportunities Fund changed to CIBC Atlas Income Opportunities Fund. See Note 1 in Notes to Financial Statements.

* Per share calculations were performed using average shares for the period.

** Annualized

*** Not Annualized.

^†  Total return is for the period indicated and has not been annualized. Return shown does not reflect the deductions of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total return would have been lower had the Adviser not waived its fee and/or reimbursed other expenses.

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

41

THE ADVISORS’ INNER CIRCLE FUND	CIBC ATLAS
	ALL CAP GROWTH FUND

FINANCIAL HIGHLIGHTS
		Selected Per Share Data & Ratios
	For a Share Outstanding Throughout Each Period or Year

	Six Months		Year Ended October 31,								Period
	Ended April										Ended		Year Ended
	30, 2023										October 31,		August 31,
Institutional Class Shares	(Unaudited)		2022		2021		2020		2019		2018(1)		2018 (2)
Net Asset Value, Beginning of Period/ Year	$	28.63	$	43.08	$	33.85	$	30.40	$	30.98	$	34.57	$	28.28
Income (Loss) from Investment Operations:
Net Investment Income (Loss)*		0.03		(0.02)		(0.14)		(0.20)		(0.21)		(0.05)		(0.22)
Net Realized and Unrealized Gain (Loss)		1.01		(10.02)		12.12		6.59		4.40		(3.54)		9.56
Total from Investment Operations		1.04		(10.04)		11.98		6.39		4.19		(3.59)		9.34
Dividends and Distributions:
Net Realized Gains		(1.78)		(4.41)		(2.75)		(2.94)		(4.77)		—		(3.05)
Total Dividends and Distributions		(1.78)		(4.41)		(2.75)		(2.94)		(4.77)		—		(3.05)
Redemption Fees ( Note 2)		—		—		—		—		—		—		0.00(3)
Net Asset Value, End of Period/Year	$	27.89	$	28.63	$	43.08	$	33.85	$	30.40	$	30.98	$	34.57
Total Return †		4.12%		(26.01)%		37.35%		22.71%		18.51%		(10.38)%		35.54%
Ratios and Supplemental Data
Net Assets, End of Period/Year (Thousands)	$	182,700	$	203,007	$	312,119	$	210,258	$	186,008	$	166,180	$	187,736
Ratio of Expenses to Average Net Assets (Including Waivers, Reimbursements and Fees Paid Indirectly)		0.93%**		0.92%		0.96%‡		1.10%‡		1.10%‡		1.10%**‡(4)		1.10%
Ratio of Expenses to Average Net Assets (Excluding Waivers, Reimbursements and Fees Paid Indirectly)		0.93%**		0.92%		0.92%		0.94%		0.95%		0.92%**(4)		1.15%
Ratio of Net Investment Income to Average Net Assets (Including Waivers)		0.23%**		(0.07)%		(0.37)%		(0.66)%		(0.72)%		(0.88)%**		(0.72)%
Portfolio Turnover Rate		29%***		57%		66%		49%		56%		4%***		50%

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

42

THE ADVISORS’ INNER CIRCLE FUND	CIBC ATLAS
	ALL CAP GROWTH FUND

  FINANCIAL HIGHLIGHTS

Amounts designated as “—” are either not applicable, $0 or have been rounded to $0.

^†  Total return is for the period indicated and has not been annualized. Return shown does not reflect the deductions of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total return would have been lower had the Adviser not waived its fee and/or reimbursed other expenses.

^‡  Ratio includes previously waived advisory fees recaptured. The net expense ratio would have been lower absent the impact of the recaptured fees.

* Per share calculations were performed using average shares for the period.

** Annualized

*** Not Annualized

⁽¹⁾ For the period September 1, 2018 to October 31, 2018. Effective February 27, 2018, the CIBC Atlas All Cap Growth Fund changed its fiscal year end to October 31, 2018. See Note 1 in Notes to Financial Statements.

⁽²⁾  On February 12, 2018, the All Cap Growth Fund (the “Predecessor Fund”) was reorganized into The Advisors’ Inner Circle Fund AT All Cap Growth Fund. Class R and Class I shares of the All Cap Growth Predecessor Fund were exchanged on a tax-free basis for Institutional Class shares of The Advisors’ Inner Circle Fund AT All Cap Growth Fund. Information presented prior to February 12, 2018 is that of the Predecessor Fund. On June 25, 2018, the name of the AT All Cap Growth Fund changed to CIBC Atlas All Cap Growth Fund. See Note 1 in Notes to Financial Statements.

⁽³⁾  Less than $0.005 per share.

⁽⁴⁾  The Ratio of Expenses to Average Net Assets includes the effects of fees paid indirectly. If these expense offsets were excluded, the ratios would have been the same.

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

43

THE ADVISORS’ INNER CIRCLE FUND	CIBC ATLAS
	EQUITY INCOME FUND

FINANCIAL HIGHLIGHTS
		Selected Per Share Data & Ratios
	For a Share Outstanding Throughout Each Period or Year

	Six Months Ended April 30, 2023 (Unaudited)		Year Ended October 31,								Period Ended October 31, 2018 (1)		Year Ended August 31, 2018 (2)
Institutional Class Shares			2022		2021		2020		2019
Net Asset Value, Beginning of Period/ Year	$	48.27	$	58.99	$	43.35	$	43.60	$	38.44	$	40.60	$	36.55
Income (Loss) from Investment Operations:
Net Investment Income*		0.53		0.78		0.42		0.32		0.22		—		0.30
Net Realized and Unrealized Gain (Loss)		0.67		(7.52)		18.46		1.19		7.19		(2.10)		5.35
Total from Investment Operations		1.20		(6.74)		18.88		1.51		7.41		(2.10)		5.65
Dividends and Distributions:
Net Investment Income		(0.47)		(0.89)		(0.71)		(0.48)		(0.37)		(0.06)		(0.81)
Net Realized Gains		(0.68)		(3.09)		(2.53)		(1.28)		(1.88)		—		(0.79)
Total Dividends and Distributions		(1.15)		(3.98)		(3.24)		(1.76)		(2.25)		(0.06)		(1.60)
Redemption Fees ( Note 2)		—		—		—		—		—		—		—
Net Asset Value, End of Period/Year	$	48.32	$	48.27	$	58.99	$	43.35	$	43.60	$	38.44	$	40.60
Total Return †		2.62%		(12.16)%		45.57%		3.45%		20.94%		(5.19)%		15.88%
Ratios and Supplemental Data
Net Assets, End of Period/Year (Thousands)	$	311,126	$	309,495	$	220,298	$	133,560	$	136,194	$	111,468	$	115,914
Ratio of Expenses to Average Net Assets (Including Waivers, Reimbursements and Fees Paid Indirectly)		0.90%**		0.90%		0.95%‡		1.10%‡		1.10%‡		1.10%**‡(3)		1.10%
Ratio of Expenses to Average Net Assets (Excluding Waivers, Reimbursements and Fees Paid Indirectly)		0.90%**		0.90%		0.91%		0.94%		0.95%		0.90%**(3)		1.18%
Ratio of Net Investment Income to Average Net Assets (Including Waivers)		2.25%**		1.51%		0.81%		0.74%		0.55%		(0.02)%**		0.79%
Portfolio Turnover Rate		17%***		23%		30%		30%		23%		3%***		30%

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

44

THE ADVISORS’ INNER CIRCLE FUND	CIBC ATLAS
	EQUITY INCOME FUND

  FINANCIAL HIGHLIGHTS

Amounts designated as “—” are either not applicable, $0 or have been rounded to $0.

^†  Total return is for the period indicated and has not been annualized. Return shown does not reflect the deductions of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total return would have been lower had the Adviser not waived its fee and/or reimbursed other expenses.

^‡  Ratio includes previously waived advisory fees recaptured. The net expense ratio would have been lower absent the impact of the recaptured fees.

* Per share calculations were performed using average shares for the period.

** Annualized

*** Not Annualized

⁽¹⁾  For the period September 1, 2018 to October 31, 2018. Effective February 27, 2018, the CIBC Atlas Equity Income Fund changed its fiscal year end to October 31, 2018. See Note 1 in Notes to Financial Statements.

⁽²⁾  On February 12, 2018, the Geneva Advisors Equity Income Fund (the “Equity Income Predecessor Fund”) was reorganized into The Advisors’ Inner Circle Fund AT Equity Income Fund (the “AT Equity Income Fund”). Class R and Class I shares of the Equity Income Predecessor Fund were exchanged on a tax-free basis for Institutional Class shares of the AT Equity Income Fund. Information presented prior to February 12, 2018 is that of the Equity Income Predecessor Fund. On June 25, 2018, the name of the AT Equity Income Fund changed to CIBC Atlas Equity Income Fund. See Note 1 in Notes to Financial Statements.

⁽³⁾  The Ratio of Expenses to Average Net Assets includes the effects of fees paid indirectly. If these expense offsets were excluded, the ratios would have been the same.

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

45

THE ADVISORS’ INNER CIRCLE FUND	CIBC ATLAS INTERNATIONAL
	GROWTH FUND

FINANCIAL HIGHLIGHTS
		Selected Per Share Data & Ratios
	For a Share Outstanding Throughout the Period or Year

	Six Months Ended April 30, 2023 (Unaudited)		Year Ended October 31,						Period Ended October 31, 2019(1)
Institutional Class Shares			2022		2021		2020
Net Asset Value, Beginning of Period/Year	$	9.85	$	13.34	$	10.66	$	10.38	$	10.00
Income (Loss) from Investment Operations:
Net Investment Income*		0.11		0.17		0.07		0.06		0.03
Net Realized and Unrealized Gain (Loss)		2.26		(3.41)		2.64		0.24		0.35
Total from Investment Operations		2.37		(3.24)		2.71		0.30		0.38
Dividends and Distributions:
Net Investment Income		(0.17)		(0.04)		(0.03)		(0.01)		—
Net Realized Gains		—		(0.21)		—		(0.01)		—
Total Dividends and Distributions		(0.17)		(0.25)		(0.03)		(0.02)		—
Net Asset Value, End of Period/Year	$	12.05	$	9.85	$	13.34	$	10.66	$	10.38
Total Return †		24.19%		(24.69)%		25.46%		2.81%		3.80%
Ratios and Supplemental Data
Net Assets, End of Period/Year (Thousands)	$	470,864	$	333,970	$	415,395	$	197,524	$	53,911
Ratio of Expenses to Average Net Assets (Including Waivers, Reimbursements and Fees Paid Indirectly)		0.92%**		0.94%		0.94%		1.12%‡		1.21%**
Ratio of Expenses to Average Net Assets (Excluding Waivers, Reimbursements and Fees Paid Indirectly)		0.92%**		0.94%		0.94%		1.07%		1.74%**
Ratio of Net Investment Income to Average Net Assets		1.86%**		1.44%		0.53%		0.60%		0.65%**
Portfolio Turnover Rate		9%***		14%		13%		10%		6%***

Amounts designated as “—” are either not applicable, $0 or have been rounded to $0.

⁽¹⁾  The Fund commenced operations on May 31, 2019.

^†  Total return is for the period indicated and has not been annualized. Return shown does not reflect the deductions of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total return would have been lower had the Adviser not waived its fee and/or reimbursed other expenses.

^‡  Ratio includes previously waived advisory fees recaptured. The net expense ratio would have been lower absent the impact of the recaptured fees.

* Per share calculations were performed using average shares for the period.

** Annualized

*** Not Annualized

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

46

THE ADVISORS’ INNER CIRCLE FUND	CIBC ATLAS FUNDS
	APRIL 30, 2023
	(Unaudited)

NOTES TO FINANCIAL STATEMENTS

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 (the “1940 Act”), as an open-end management investment company with 28 funds. The financial statements herein are those of the CIBC Atlas Disciplined Equity Fund (the “Disciplined Equity Fund”), CIBC Atlas Mid Cap Equity Fund (the “Mid Cap Equity Fund”), CIBC Atlas Income Opportunities Fund (the “Income Opportunities Fund”), CIBC Atlas All Cap Growth Fund (the “All Cap Growth Fund”), CIBC Atlas Equity Income Fund (the “Equity Income Fund”), and the CIBC Atlas International Growth Fund (the “International Growth Fund”), (each a “Fund” and collectively the “Funds”). Each Fund is classified as a “diversified” investment company under the 1940 Act. The investment objective of the Disciplined Equity Fund is to seek long-term capital appreciation and, secondarily, current income by investing primarily in equity securities of U.S. and foreign issuers. The investment objective of the Mid Cap Equity Fund is to seek long-term capital appreciation by investing primarily (at least 80% of its net assets) in equity securities of mid-capitalization companies. The investment objective of the Income Opportunities Fund is to seek current income and long-term capital appreciation by investing primarily (at least 80% of its net assets) in income producing securities. The investment objective of the All Cap Growth Fund is to seek long-term capital appreciation by investing primarily in equity securities of U.S. companies. The investment objective of the Equity Income Fund is to seek current income, and secondarily, modest capital appreciation by investing primarily (at least 80% of its net assets) in equity securities. The investment objective of the International Growth Fund is to seek long-term capital appreciation by investing primarily in common stocks of U.S. issuers and common stocks and American Depositary Receipts (“ADRs”) of foreign issuers. The financial statements of the remaining funds of the Trust 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.

On January 26, 2018, the shareholders of the Geneva Advisors All Cap Growth Fund (the “All Cap Growth Predecessor Fund”) and Geneva Advisors Equity Income Fund (the “Equity Income Predecessor Fund” and, together with the All Cap Growth Predecessor Fund, the “Predecessor Funds”) approved a proposed agreement and plan of reorganization (the “Reorganization”) that provided for

47

THE ADVISORS’ INNER CIRCLE FUND	CIBC ATLAS FUNDS
	APRIL 30, 2023
	(Unaudited)

the acquisition of all the assets and assumption of all the liabilities of the Predecessor Funds in exchange for Institutional Class Shares of the AT All Cap Growth Fund and the AT Equity Income Fund on February 12, 2018 in a tax-free transaction. The All Cap Growth Fund and the Equity Income Fund had no operations prior to the Reorganization. The Predecessor Funds were managed by Geneva Advisors, LLC prior to its acquisition by AT Investment Advisers, Inc. The Predecessor Funds had substantially similar investment objectives, investment strategies, policies and restrictions as those of the All Cap Growth Fund and the Equity Income Fund. The financial statements and financial highlights reflect the financial information of the Predecessor Funds prior to February 12, 2018.

Effective June 25, 2018, the name of the AT Disciplined Equity Fund, AT Mid Cap Equity Fund, AT Income Opportunities Fund, AT All Cap Growth Fund and AT Equity Income Fund changed to CIBC Atlas Disciplined Equity Fund, CIBC Atlas Mid Cap Equity Fund, CIBC Atlas Income Opportunities Fund, CIBC Atlas All Cap Growth Fund and CIBC Atlas Equity Income Fund, respectively. Each Fund’s name change had no impact on the Funds’ operations or investment objectives.

Effective June 25, 2018, AT Investment Advisers, Inc. changed its name to CIBC Private Wealth Advisors, Inc. The name change had no impact to the management or operations of the Funds.

At a meeting held on February 27, 2018, the Board of Trustees of The Advisors’ Inner Circle Fund approved a change in the fiscal year end from August 31st to October 31st for the CIBC Atlas All Cap Growth Fund and CIBC Atlas Equity Income Fund. The change in fiscal year end was effective on October 31, 2018.

2. Significant Accounting Policies:

The following are significant accounting policies, which are consistently followed in preparation of the financial statements of the Funds. The Funds are investment companies that apply the accounting and reporting guidance issued in Topic 946 by the U.S. Financial Accounting Standards Board (“FASB”).

Use of Estimates — The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) requires management to make estimates and assumptions that affect the fair value of assets, the reported amount of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during

48

THE ADVISORS’ INNER CIRCLE FUND	CIBC ATLAS FUNDS
	APRIL 30, 2023
	(Unaudited)

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. If available, debt securities are priced based upon valuations provided by independent, third-party pricing agents. Such values generally reflect the last reported sales price if the security is actively traded. The third-party pricing agents may also value debt securities at an evaluated bid price by employing methodologies that utilize actual market transactions, broker-supplied valuations, or other methodologies designed to identify the market value for such securities. Such methodologies generally consider such factors as security prices, yields, maturities, call features, ratings and developments relating to specific securities in arriving at valuations. On the first day a new debt security purchase is recorded, if a price is not available on the automated pricing feeds from our primary and secondary pricing vendors nor is it available from an independent broker, the security may be valued at its purchase price. Each day thereafter, the debt security will be valued according to the Trust’s Fair Value Procedures until an independent source can be secured. Debt obligations with remaining maturities of sixty days or less may be valued at their amortized cost, provided that it is determined the amortized cost continues to approximate fair value. Should existing credit, liquidity or interest rate conditions in the relevant markets and issuer specific circumstances suggest that amortized cost does not approximate fair value, then the amortized cost method may not be used. The prices for foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates.

Investment companies held in the Funds’ portfolios are valued at the published net asset value.

Options for which the primary market is a national securities exchange are valued at the last quoted sale price on the primary exchange or market (foreign or domestic) on which they are traded, or, if there is no such reported sale, at the most recent quoted bid price for long options

49

THE ADVISORS’ INNER CIRCLE FUND	CIBC ATLAS FUNDS
	APRIL 30, 2023
	(Unaudited)

and at the most recent ask price for written options. Options not traded on a national securities exchange are valued in accordance with Fair Value Procedures established by the Trust’s Board of Trustees (the “Board”).

Securities for which market prices are not “readily available” are required to be fair valued under the 1940 Act.

Rule 2a-5 under the 1940 Act, permits fund boards to designate a fund’s investment adviser to perform fair-value determinations, subject to board oversight and certain other conditions. The rule also defines when market quotations are “readily available” for purposes of the 1940 Act and requires a fund to fair value a portfolio investment when a market quotation is not readily available. The SEC also adopted new Rule 31a-4 under the 1940 Act, which sets forth recordkeeping requirements associated with fair-value determinations.

Pursuant to the requirements of Rule 2a-5, the Trust’s Board of Trustees designated the Adviser as the Board’s valuation designee to perform fair value determinations for the Funds through a Fair Value Committee established by the Adviser and approved the Adviser’s Fair Value Procedures for the Funds.

Some of the more common reasons that may necessitate that a security be valued using Fair Value Procedures include: the security’s trading has been halted or suspended; the security has been de-listed from a national exchange; the security’s primary trading market is temporarily closed at a time when under normal conditions it would be open; the security has not been traded for an extended period of time; the security’s primary pricing source is not able or willing to provide a price; or trading of the security is subject to local government imposed restrictions. When a security is valued in accordance with the Fair Value Procedures, the Committee will determine the value after taking into consideration relevant information reasonably available to the Committee. As of April 30, 2023, there were no securities which were fair valued by the Committee.

In accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP, the Funds disclose the fair value of their 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

50

THE ADVISORS’ INNER CIRCLE FUND	CIBC ATLAS FUNDS
	APRIL 30, 2023
	(Unaudited)

(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 Funds have 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 exotic 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 each 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. Accordingly, no provision for Federal income taxes has been made in the financial statements.

The Funds evaluate tax positions taken or expected to be taken in the course of preparing the Funds’ 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 Funds did not record any tax provision in the current period or year. 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 tax year ends), on-going analysis of and changes to tax laws, regulations and interpretations thereof.

51

THE ADVISORS’ INNER CIRCLE FUND	CIBC ATLAS FUNDS
	APRIL 30, 2023
	(Unaudited)

As of and during the period ended April 30, 2023, the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. During the period ended April 30, 2023, the Funds did not incur any interest or penalties.

Security Transactions and Investment Income — Security transactions are accounted for on trade date for financial reporting purposes. Costs used in determining realized gains and 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. Interest income is recognized on the accrual basis from settlement date. Purchase discounts and premiums on debt securities are accreted and amortized to maturity and included in interest income.

Investments in Real Estate Investment Trusts (“REITs”) — Dividend income from REITs 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.

Foreign Currency Translation — The books and records of the Funds 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 Funds do 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 gains and losses on investments and net change in unrealized appreciation (depreciation) 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 Funds’ books and the U.S. dollar equivalent amounts actually received or paid.

52

THE ADVISORS’ INNER CIRCLE FUND	CIBC ATLAS FUNDS
	APRIL 30, 2023
	(Unaudited)

Options Written/Purchased — The Income Opportunities Fund invests in financial options contracts to add return or to economically hedge its existing portfolio securities, or securities that the Fund intends to purchase, against fluctuations in fair value caused by changes in prevailing market interest rates. The option techniques utilized are to hedge against changes in interest rates, foreign currency exchange rates or securities’ prices in order to establish more definitely the effective return on securities or currencies held or intended to be acquired by the Fund, to reduce the volatility of the currency exposure associated with an investment in non-U.S. securities, or as an efficient means of adjusting exposure to the bond, equity and currency markets and not for speculation. When the Fund writes or purchases an option, an amount equal to the premium received or paid by the Fund is recorded as a liability or an asset and is subsequently adjusted to the current market value of the option written or purchased. Premiums received from writing or paid for purchasing options which expire unexercised are treated by the Fund on the expiration date as realized gains or losses. The difference between the premium and the amount paid or received on effecting a closing purchase or sale transaction, including brokerage commissions, is also treated as a realized gain or loss. If an option is exercised, the premium paid or received is added to the cost of the purchase or proceeds from the sale in determining whether the Fund has realized a gain or a loss.

For the period ended April 30, 2023, the average quarterly balances for written options were as follows:

Average Market Value Balance Short for Written Options: $ 662,323

The risk in writing a call option is that the Fund gives up the opportunity for profit if the market price of the security increases. The risk in writing a put option is that the Fund may incur a loss if the market price of the security decreases and the option is exercised. The risk in purchasing an option is that the Fund pays a premium whether or not the option is exercised. The Fund also has the additional risk of being unable to enter into a closing transaction at an acceptable price if a liquid secondary market does not exist. Option contracts also involve the risk that they may not work as intended due to unanticipated developments in market conditions or other causes.

Finally, for written options, the risk exists that losses could exceed amounts disclosed on the Statement of Assets and Liabilities. Net realized and unrealized gains or losses associated with written equity options are reported on the Statement of Operations as net realized gain or loss

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	APRIL 30, 2023
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on written equity options and net change in unrealized depreciation or appreciation on written equity options. Written options transactions entered into during the period ended April 30, 2023, are subject to equity risk.

Master Limited Partnerships (“MLPs”) — The Funds may invest in MLPs. MLPs are limited partnerships or limited liability companies, whose partnership units or limited liability interests are listed and traded on a U.S. securities exchange, and are treated as publicly traded partnerships for federal income tax purposes. To qualify to be treated as a partnership for tax purposes, an MLP must receive at least 90% of its income from qualifying sources as set forth in Section 7704(d) of the Internal Revenue Code of 1986, as amended (the “Code”). These qualifying sources include activities such as the exploration, development, mining, production, processing, refining, transportation, storage and marketing of mineral or natural resources. MLPs generally have two classes of owners, the general partner and limited partners. MLPs that are formed as limited liability companies generally have two analogous classes of owners, the managing member and the members. For purposes of this section, references to general partners also apply to managing members and references to limited partners also apply to members. The general partner is typically owned by a major energy company, an investment fund, the direct management of the MLP or is an entity owned by one or more of such parties. The general partner may be structured as a private or publicly traded corporation or other entity. The general partner typically controls the operations and management of the MLP through an equity interest of as much as 2% in the MLP plus, in many cases, ownership of common units and subordinated units. Limited partners own the remainder of the MLP through ownership of common units and have a limited role in the MLP’s operations and management.

Expenses — Expenses that are directly related to the Funds are charged to the Funds. Other operating expenses of the Trust are prorated to the funds based on the number of funds and/or relative daily net assets.

Dividends and Distributions to Shareholders — The Funds distribute substantially all of their net investment income, if any, at least annually. For each Fund, any net realized capital gains, if any, are distributed annually. All distributions are recorded on ex-dividend date.

Redemption Fees — Prior to February 12, 2018, the All Cap Growth Fund and Equity Income Fund imposed a 2.00% redemption fee on the current value of shares redeemed less than 60 days from the date of purchase.

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After February 12, 2018, no redemption fee was charged. The redemption fee was recorded as an increase to paid-in capital. The redemption fees retained by the Funds are reported on the Statements of Changes in Net Assets.

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, other than the Chief Compliance Officer (“CCO”) as described below, for serving as officers of the Trust.

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 and fees have been approved by and are reviewed by the Board.

4. Administration, Distribution, Shareholder Servicing, Transfer Agent and Custodian Agreements:

The Funds and the Administrator are parties to an Administration Agreement under which the Administrator provides management and administrative services to the Funds. 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 Funds. For the period ended April 30, 2023, the Disciplined Equity Fund, Mid Cap Equity Fund, Income Opportunities Fund, All Cap Growth Fund, Equity Income Fund and International Growth Fund incurred $341,271, $164,634, $146,152, $44,170, $73,032 and $95,937 respectively, for these services.

SS&C GIDS, Inc. (formerly known as DST Systems, Inc.) serves as the transfer agent and dividend disbursing agent for the Funds under a transfer agency agreement with the Trust. The Funds may earn cash management credits which can be used to offset transfer agent expenses. For the period ended April 30, 2023, the Disciplined Equity Fund, Mid Cap Equity Fund, Income Opportunities, All Cap Growth Fund, Equity Income Fund and International Growth Fund earned credits of $4,980, $1,867, $1,611, $3,866, $2,813 and $1,204, respectively, which were used to offset transfer agent expenses. These amounts are labeled as “Fees Paid Indirectly” on the Statements of Operations.

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	(Unaudited)

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

5. Investment Advisory Agreement:

Under the terms of an investment advisory agreement, CIBC Private Wealth Advisors, Inc. (the “Adviser”) provides investment advisory services to the Disciplined Equity Fund at a fee, which is calculated daily and paid monthly at the following rates based on the average daily net assets of the Disciplined Equity Fund: 0.695% of the first $250 million, 0.670% of the next $250 million, 0.645% of the next $500 million, 0.620% of the next $1.5 billion, 0.595% of the next $2.5 billion, 0.570% of the next $2.5 billion, 0.545% of the next $2.5 billion and 0.520% of any amount above $10 billion.

Under the terms of an investment advisory agreement, the Adviser provides investment advisory services to the Mid Cap Equity Fund, Income Opportunities Fund, All Cap Growth Fund, Equity Income Fund, and International Growth Fund at a fee, which is calculated daily and paid monthly, at an annual rate of 0.75% of the average daily net assets of the Mid Cap Equity Fund, 0.60% of the average daily net assets of the Income Opportunities Fund, 0.82% of the average daily net assets of the All Cap Growth Fund, 0.80% of the average daily net assets of the Equity Income Fund and 0.82% of the average daily net assets of the International Growth Fund.

The Adviser contractually agreed to reduce fees and reimburse expenses to the extent necessary to keep the total annual Fund operating expenses (excluding 12b-1 fees, shareholder servicing fees, interest, taxes, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses, collectively “excluded expenses”) from exceeding 0.80%, 1.00%, 0.85%, 1.10%, 1.10%, and 1.21% of the average daily net assets of the Disciplined Equity Fund, Mid Cap Equity Fund, Income Opportunities Fund, All Cap Growth Fund, Equity Income Fund, and International Growth Fund, respectively, until February 28, 2024. Refer to waiver of investment advisory fees on the Statements of Operations for fees waived for the period ended April 30, 2023. In addition, if at any point total annual Fund operating expenses (not including excluded expenses) are below a Fund’s expense cap, the Adviser may receive from the Fund the difference between total annual operating expenses (not including excluded expenses) and the expense cap to recover all or a portion of its (or, with respect to the All Cap Growth Fund and Equity Income Fund) prior fee reductions or expense reimbursements made during the preceding three-

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	(Unaudited)

year period during which this agreement was in place. This agreement may be terminated at any time. As of April 30, 2023, there are no previously waived fees that are eligible to be recaptured from the Funds.

6. Capital Share Transactions:

	Disciplined Equity Fund
	Six Months Ended April 30,   2023 (Unaudited)						Year Ended October 31, 2022
	Shares			Dollars ($)			Shares			Dollars ($)
Institutional Class Shares
Issued		1,920,507			48,072,129			4,378,552			120,263,532
Reinvestment of Dividends and Distributions		2,315,195			55,814,926			3,985,227			122,653,036
Redeemed		(4,821,491	)		(119,958,803	)		(6,778,531	)		(189,794,002	)
Net Increase/(Decrease) in Shares Outstanding from Share Transactions		(585,789	)		(16,071,748	)		1,585,248			53,122,566
	Mid Cap Equity Fund
	Six Months Ended April 30, 2023 (Unaudited)						Year Ended October 31, 2022
	Shares			Dollars ($)			Shares			Dollars ($)
Institutional Class Shares
Issued		2,439,270			41,825,916			4,654,197			84,336,573
Reinvestment of Dividends and Distributions		631,848			10,311,765			4,234,603			90,705,196
Redeemed		(3,037,614	)		(51,892,773	)		(8,428,987	)		(155,924,314	)
Net Increase in Shares Outstanding from Share Transactions		33,504			244,908			459,813			19,117,455

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THE ADVISORS’ INNER CIRCLE FUND	CIBC ATLAS FUNDS
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	Income Opportunities Fund
	Six Months Ended April 30,   2023 (Unaudited)						Year Ended October 31, 2022
	Shares			Dollars ($)			Shares			Dollars ($)
Institutional Class Shares
Issued		1,763,895			24,171,276			6,241,419			91,409,407
Reinvestment of Dividends and Distributions		534,348			7,256,152			1,839,033			27,757,013
Redeemed		(3,588,447	)		(48,999,478	)		(4,822,455	)		(68,702,598	)
Net Increase/(Decrease) in Shares Outstanding from Share Transactions		(1,290,204	)		(17,572,050	)		3,257,997			50,463,822
	All Cap Growth Fund
	Six Months Ended April 30, 2023 (Unaudited)						Year Ended October 31, 2022
	Shares			Dollars ($)			Shares			Dollars ($)
Institutional Class Shares
Issued		286,040			7,815,728			770,352			26,549,915
Reinvestment of Dividends and Distributions		444,395			11,474,279			815,193			31,719,169
Redeemed		(1,271,028	)		(35,097,109	)		(1,739,675	)		(55,683,174	)
Net Increase/(Decrease) in Shares Outstanding from Share Transactions		(540,593	)		(15,807,102	)		(154,130	)		2,585,910
	Equity Income Fund
	Six Months Ended April 30, 2023 (Unaudited)						Year Ended October 31, 2022
	Shares			Dollars ($)			Shares			Dollars ($)
Institutional Class Shares
Issued		844,407			40,401,883			3,038,856			155,532,036
Reinvestment of Dividends and Distributions		143,352			6,683,161			289,009			15,769,034
Redeemed		(961,703	)		(46,177,573	)		(650,076	)		(32,868,125	)
Net Increase in Shares Outstanding from Share Transactions		26,056			907,471			2,677,789			138,432,945

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THE ADVISORS’ INNER CIRCLE FUND	CIBC ATLAS FUNDS
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	(Unaudited)

	International Growth Fund
	Six Months Ended April 30,   2023 (Unaudited)						Year Ended October 31, 2022
	Shares			Dollars ($)			Shares			Dollars ($)
Institutional Class Shares
Issued		8,959,685			103,474,415			9,595,418			110,842,357
Reinvestment of Dividends and Distributions		491,389			5,380,714			623,799			7,942,446
Redeemed		(4,270,459	)		(46,856,642	)		(7,468,492	)		(82,973,294	)
Net Increase in Shares Outstanding from Share Transactions		5,180,615			61,998,487			2,750,725			35,811,509

7. Investment Transactions:

The cost of purchases and proceeds from security sales, other than short-term securities, for the period ended April 30, 2023, are as follows:

	Purchases			Sales			U.S. Government Purchases			U.S. Government Sales
Disciplined Equity Fund		$	83,823,404		$	150,332,719		$	–		$	–
Mid Cap Equity Fund			52,784,140			61,151,171			–			–
Income Opportunities Fund			23,395,363			71,696,906			38,736,584			919,675
All Cap Growth Fund			52,757,630			74,408,509			–			–
Equity Income Fund			50,832,149			49,076,425			–			–
International Growth Fund			84,420,590			34,130,128			–			–

8. 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. The permanent differences are primarily related to foreign currency gain/(loss), REITs capital gain, paydown gain/(loss), and partnership investments.

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THE ADVISORS’ INNER CIRCLE FUND	CIBC ATLAS FUNDS
	APRIL 30, 2023
	(Unaudited)

The tax character of dividends and distributions paid during the years ended October 31, 2022 and October 31, 2021 were as follows:

	Ordinary Income		Long-Term Capital Gain		Total
Disciplined Equity Fund
2022	$	9,284,442	$	113,761,841	$	123,046,283
2021		8,774,493		28,397,668		37,172,161
Mid Cap Equity Fund
2022		–		91,134,908		91,134,908
2021		–		20,474,222		20,474,222
Income Opportunities Fund
2022		13,341,217		14,597,768		27,938,985
2021		10,716,781		–		10,716,781
All Cap Growth Fund
2022		–		32,006,452		32,006,452
2021		–		17,178,258		17,178,258
Equity Income Fund
2022		4,027,127		12,078,939		16,106,066
2021		2,375,619		7,765,451		10,141,070
International Growth Fund
2022		1,287,622		6,678,653		7,966,275
2021		672,201		–		672,201

As of October 31, 2022, the components of distributable earnings (accumulated loss) on a tax basis were as follows:

	Undistributed Ordinary Income			Undistributed Long-Term Capital Gain			Late-Year Loss Deferral				Capital Loss Carryforwards				Unrealized Appreciation/ (Depreciation)				Other Temporary Differences				Total   Distributable   Earnings (Loss)
Disciplined Equity Fund		$	9,511,327		$	43,879,925		$	—			$	—			$	637,125,629			$	(1	)		$	690,516,880
Mid Cap Equity Fund			—			10,359,141			(1,647,561	)			—				213,416,086				223				222,127,889
Income Opportunities Fund			307,837			—			—				(4,229,829	)			98,124,305				1				94,202,314
All Cap Growth Fund			—			11,624,870			—				—				51,636,680				(4	)			63,261,546
Equity Income Fund			—			4,224,565			—				—				62,237,808				(5,344,155	)			61,118,218
International Growth Fund			5,431,768			—			—				(15,028,685	)			(44,497,097	)			2				(54,094,012	)

Late-year loss deferrals represent ordinary losses realized on investment transactions from January 1, 2022 through October 31, 2022. The funds can elect to treat them as arising in the first date of the following fiscal year.

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THE ADVISORS’ INNER CIRCLE FUND	CIBC ATLAS FUNDS
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The Funds have capital loss carryforwards as follows:

	Short-Term Loss		Long-Term Loss		Total
Income Opportunities Fund	$	4,229,829	$	—	$	4,229,829
International Growth Fund		8,562,110		6,466,575		15,028,685

During the year ended October 31, 2022, the Funds did not utilize capital loss carryforwards, to offset capital gains.

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is due to differences in the timing of recognition of gains and losses on investments for tax and book purposes. The Funds’ net unrealized appreciation difference is attributable primarily to wash sales, investment in Partnerships, and perpetual bonds.

The Federal tax cost and aggregate gross unrealized appreciation and depreciation for the investments held by the Funds at April 30, 2023, were as follows:

	Federal       Tax Cost			Aggregate Gross Unrealized     Appreciation			Aggregate Gross Unrealized     Depreciation				Net Unrealized Appreciation/       (Depreciation)
Disciplined Equity Fund		$	784,724,680		$	679,131,986		$	(7,871,331	)		$	671,260,655
Mid Cap Equity Fund			462,624,799			250,846,004			(14,089,566	)			236,756,438
Income Opportunities Fund			497,423,620			152,157,508			(24,370,017	)			127,787,491
All Cap Growth Fund			126,613,974			60,214,553			(3,378,808	)			56,835,745
Equity Income Fund			244,034,853			72,608,631			(5,748,648	)			66,859,983
International Growth Fund			434,665,631			56,007,986			(21,405,709	)			34,602,277

9. Concentration of Risk:

As with all mutual funds, there is no guarantee that the Funds will achieve their investment objectives. You could lose money by investing in the Funds. A Fund share is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any government agency. The principal risk factors affecting shareholders’ investments in the Funds are set forth below.

Equity Risk (Disciplined Equity Fund, Mid Cap Equity Fund, Income Opportunities Fund, All Cap Growth Fund, Equity Income Fund, International Growth Fund) — Since they purchase equity securities, the Funds are subject

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THE ADVISORS’ INNER CIRCLE FUND	CIBC ATLAS FUNDS
	APRIL 30, 2023
	(Unaudited)

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 Funds’ 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 Funds.

Foreign Securities Risk (Disciplined Equity Fund) — Investments in securities of foreign issuers (including direct investments as well as investments through ADRs) can be more volatile than investments in U.S. companies. Diplomatic, political, or economic developments, including nationalization or appropriation, could affect investments in foreign companies. Foreign securities markets generally have less trading volume and less liquidity than U.S. markets. In addition, the value of securities denominated in foreign currencies, and of dividends from such securities, can change significantly when foreign currencies strengthen or weaken relative to the U.S. dollar. Financial statements of foreign issuers are governed by different accounting, auditing, and financial reporting standards than the financial statements of U.S. issuers and may be less transparent and uniform than in the United States. Thus, there may be less information publicly available about foreign issuers than about most U.S. issuers. Transaction costs are generally higher than those in the United States and expenses for custodial arrangements of foreign securities may be somewhat greater than typical expenses for custodial arrangements of similar U.S. securities. Some foreign governments levy withholding taxes against dividend and interest income. Although in some countries a portion of these taxes are recoverable, the non-recovered portion will reduce the income received from the securities comprising the portfolio.

Foreign Currency Risk (Mid Cap Equity Fund, Income Opportunities Fund, All Cap Growth Fund, Equity Income Fund, International Growth Fund) — Because non-U.S. securities are usually denominated in currencies other than the dollar, the value of a Fund’s portfolio may be influenced by currency exchange rates and exchange control regulations. The currencies of emerging market countries may experience significant declines against the U.S. dollar, and devaluation may occur subsequent to investments in these currencies by a Fund. Inflation and rapid fluctuations in inflation rates have had, and may continue to have, negative effects on the economies and securities markets of certain emerging market countries.

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THE ADVISORS’ INNER CIRCLE FUND	CIBC ATLAS FUNDS
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Micro-, Small- and Medium-Capitalization Company Risk (Mid Cap Equity Fund, All Cap Growth Fund, Equity Income Fund, International Growth Fund) — Investing in equity securities of micro-, small- and medium-capitalization companies often involves greater risk than is customarily associated with investments in larger capitalization companies. This increased risk may be due to the greater business risks of smaller size companies, limited markets and financial resources, narrow product lines and the frequent lack of depth of management. Stock prices of smaller companies may be based in substantial part on future expectations rather than current achievements. The securities of smaller companies are often traded over-the-counter and, even if listed on a national securities exchange, may not be traded in volumes typical for that exchange. Consequently, the securities of smaller companies may be less liquid, may have limited market stability and may be subject to more severe, abrupt or erratic market movements than securities of larger, more established companies or the market averages in general. Further, smaller companies may have less publicly available information and, when available, it may be inaccurate or incomplete.

Preferred Stock Risk (Mid Cap Equity Fund, Income Opportunities Fund, All Cap Growth Fund, Equity Income Fund) — Preferred stocks are sensitive to interest rate changes, and are also subject to equity risk, which is the risk that stock prices will fall over short or extended periods of time. The rights of preferred stocks on the distribution of a company’s assets in the event of a liquidation are generally subordinate to the rights associated with a company’s debt securities.

Interest Rate Risk (Income Opportunities Fund) — The risk that the value of fixed income securities will fall due to rising interest rates. Risks associated with rising interest rates are heightened given that interest rates in the U.S. are at, or near, historic lows.

Credit Risk (Income Opportunities Fund) — The risk that the issuer of a security or the counterparty to a contract will default or otherwise become unable to honor a financial obligation.

Corporate Fixed Income Securities Risk (Income Opportunities Fund) — The prices of the Fund’s corporate fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness and business prospects of individual issuers.

U.S. Government Securities Risk (Income Opportunities Fund) — The Fund’s investment in U.S. government obligations may include securities issued or

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THE ADVISORS’ INNER CIRCLE FUND	CIBC ATLAS FUNDS
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guaranteed as to principal and interest by the U.S. government, or its agencies or instrumentalities. Payment of principal and interest on U.S. government obligations may be backed by the full faith and credit of the United States or may be backed solely by the issuing or guaranteeing agency or instrumentality itself. There can be no assurance that the U.S. government would provide financial support to its agencies or instrumentalities (including government-sponsored enterprises) where it is not obligated to do so. In addition, U.S. government securities are not guaranteed against price movements due to changing interest rates.

Management Risk (Disciplined Equity Fund, All Cap Growth Fund, Equity Income Fund, International Growth Fund) — The investment techniques and risk analysis used by the Fund’s portfolio managers may not produce the desired results.

Market Risk (Disciplined Equity Fund, All Cap Growth Fund, Equity Income Fund, International Growth Fund) — The prices of and the income generated by the Fund’s securities may decline in response to, among other things, investor sentiment, general economic and market conditions, regional or global instability, and currency and interest rate fluctuations.

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.

Convertible Securities Risk (Mid Cap Equity Fund, Income Opportunities Fund, Equity Income Fund) — The value of a convertible security is influenced by changes in interest rates (with investment value declining as interest rates increase and increasing as interest rates decline) and the credit standing of the issuer. The price of a convertible security will also normally vary in some proportion to changes in the price of underlying common stock because of the conversion or exercise feature.

Investment Style Risk (Mid Cap Equity Fund, All Cap Growth Fund, Equity Income Fund, International Growth Fund) — The Fund pursues a “growth style” of investing, meaning that the Fund invests in equity securities of companies that the Adviser believes will increase their earnings at a certain rate that is

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THE ADVISORS’ INNER CIRCLE FUND	CIBC ATLAS FUNDS
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	(Unaudited)

generally higher than the rate expected for non-growth companies. If a growth company does not meet these expectations, the price of its stock may decline significantly, even if it has increased earnings. Many growth companies do not pay dividends. Companies that do not pay dividends often have greater stock price declines during market downturns. Over time, a growth investing style may go in and out of favor, and when out of favor, may cause the Fund to underperform other equity funds that use differing investing styles.

Fixed Income Market Risk (Income Opportunities Fund) — The prices of the Fund’s fixed income securities respond to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments and their agencies. In the case of foreign securities, price fluctuations will reflect international economic and political events, as well as changes in currency valuations relative to the U.S. dollar.

Mortgage-Backed Securities Risk (Income Opportunities Fund) — Mortgage-backed securities are affected by, among other things, interest rate changes and the possibility of prepayment of the underlying mortgage loans. Mortgage-backed securities are also subject to the risk that underlying borrowers will be unable to meet their obligations.

Asset-Backed Securities Risk (Income Opportunities Fund) — Payment of principal and interest on asset-backed securities is dependent largely on the cash flows generated by the assets backing the securities, and asset-backed securities may not have the benefit of any security interest in the related assets.

High Yield Bond Risk (Income Opportunities Fund) — High yield, or “junk,” bonds are highly speculative securities that are usually issued by smaller, less creditworthy and/or highly leveraged (indebted) companies. Compared with investment-grade bonds, high yield bonds are considered to carry a greater degree of risk and are considered to be less likely to make payments of interest and principal. In particular, lower-quality high yield bonds (rated CCC, CC, C, or unrated securities judged to be of comparable quality) are subject to a greater degree of credit risk than higher-quality high yield bonds and may be near default. High yield bonds rated D are in default. Market developments and the financial and business conditions of the corporation issuing these securities generally influence their price and liquidity more than changes in interest rates, when compared to investment-grade debt securities.

Derivatives Risk (Income Opportunities Fund) — The Fund’s use of put and

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THE ADVISORS’ INNER CIRCLE FUND	CIBC ATLAS FUNDS
	APRIL 30, 2023
	(Unaudited)

call options is subject to market risk, leverage risk, correlation risk, liquidity risk, credit risk and valuation risk. Credit risk is described above. Leverage risk and liquidity risk are described below. Market risk is the risk that the market value of an investment may move up and down, sometimes rapidly and unpredictably. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Valuation risk is the risk that the derivative may be difficult to value. Each of these risks could cause the Fund to lose more than the principal amount invested in a derivative instrument.

Leverage Risk (Income Opportunities Fund) — The use of leverage can amplify the effects of market volatility on the Fund’s share price and may also cause the Fund to liquidate portfolio positions when it would not be advantageous to do so in order to satisfy its obligations.

Liquidity Risk (Income Opportunities Fund) — The risk that certain securities may be difficult or impossible to sell at the time and the price that the Fund would like. The Fund may have to accept a lower price to sell a security, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative effect on Fund management or performance.

Risks of Investing in Other Investment Companies (Income Opportunities Fund) — To the extent the Fund invests in other investment companies, such as ETFs and closed-end funds, the Fund will be subject to substantially the same risks as those associated with the direct ownership of the securities held by such other investment companies. As a shareholder of another investment company, the Fund relies on that investment company to achieve its investment objective. If the investment company fails to achieve its objective, the value of the Fund’s investment could decline, which could adversely affect the Fund’s performance. By investing in another investment company, Fund shareholders indirectly bear the Fund’s proportionate share of the fees and expenses of the other investment company, in addition to the fees and expenses that Fund shareholders directly bear in connection with the Fund’s own operations.

Because closed-end funds and ETFs are listed on national stock exchanges and are traded like stocks listed on an exchange, their shares potentially may trade at a discount or premium to their net asset value. Investments in closed-end funds and ETFs are also subject to brokerage and other trading costs, which could result in greater expenses to the Fund. In addition, because the value of closed-end funds and ETF shares depends on the demand in the

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market, the Adviser may not be able to liquidate the Fund’s holdings at the most optimal time, which could adversely affect Fund performance.

Depositary Receipts Risk (All Cap Growth Fund, Equity Income Fund, International Growth Fund) — Depositary receipts, including ADRs, are certificates evidencing ownership of shares of a foreign issuer that are issued by depositary banks and generally trade on an established market. ADRs are subject to many of the risks associated with investing directly in foreign securities, including, among other things, political, social and economic developments abroad, currency movements, and different legal, regulatory and tax environments.

The Fund may invest in unsponsored ADRs, which are issued by one or more depositaries without a formal agreement with the company that issues the underlying securities. Holders of unsponsored ADRs generally bear all the costs thereof, and the depositaries of unsponsored ADRs frequently are under no obligation to distribute shareholder communications received from the issuers of the underlying securities or to pass through voting rights with respect to the underlying securities. In addition, the issuers of the securities underlying unsponsored ADRs are not obligated to disclose material information in the United States and, therefore, there may be less information available regarding such issuers and there may not be a correlation between such information and the market value of the ADRs.

Emerging Markets Securities Risk (All Cap Growth Fund, Equity Income Fund, International Growth Fund) — The Fund’s 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. In addition, periodic U.S. Government restrictions on investments in issuers from certain foreign countries may require the Fund to sell such investments at inopportune times, which could result in losses to the Fund.

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THE ADVISORS’ INNER CIRCLE FUND	CIBC ATLAS FUNDS
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Large-Capitalization Company Risk (Disciplined Equity, All Cap Growth Fund, Equity Income Fund, International Growth Fund) — The large capitalization companies in which the Fund may invest may lag the performance of smaller capitalization companies because large capitalization companies may experience slower rates of growth than smaller capitalization companies and may not respond as quickly to market changes and opportunities.

MLPs Risk (Equity Income Fund) — To the extent that an MLP’s interests are all in a particular industry, the MLP will be negatively impacted by economic events adversely impacting that industry. Additional risks of investing in a MLP also include those involved in investing in a partnership as opposed to a corporation, such as limited control of management, limited voting rights and tax risks. MLPs may be subject to state taxation in certain jurisdictions, which will have the effect of reducing the amount of income paid by the MLP to its investors.

REIT Risk (Equity Income Fund, International Growth Fund) — REITs are susceptible to the risks associated with direct ownership of real estate, such as the following: declines in property values; increases in property taxes, operating expenses, interest rates or competition; overbuilding; zoning changes; and losses from casualty or condemnation.

Foreign Issuer Risk (All Cap Growth Fund, Equity Income Fund, International Growth Fund) — Investing in foreign issuers, including direct investments and investments through ADRs, poses additional risks since political, social, regulatory, currency 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 U.S. Securities of foreign companies may not be registered with the SEC and foreign issuers 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 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.

Foreign Company Risk (Mid Cap Equity Fund, Income Opportunities Fund) — Investing in foreign companies, including direct investments and through ADRs, which are traded on U.S. exchanges and represent an ownership in a foreign security, poses additional risks since political and economic events

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THE ADVISORS’ INNER CIRCLE FUND	CIBC ATLAS FUNDS
	APRIL 30, 2023
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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 generally are denominated in a foreign currency. 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 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. In addition, periodic U.S. Government restrictions on investments in issuers from certain foreign countries may require the Fund to sell such investments at inopportune times, which could result in losses to the Fund. While ADRs provide an alternative to directly purchasing the underlying foreign securities in their respective national markets and currencies, investments in ADRs continue to be subject to many of the risks associated with investing directly in foreign securities.

The foregoing is not intended to be a complete discussion of the risks associated with investing in the Funds. A more complete description of risks associated with the Funds is included in the prospectus and statement of additional information.

10. Line of Credit:

The Funds entered into an agreement on August 1, 2022, which enables them to participate in a $30 million uncommitted revolving line of credit with the Custodian. The agreement expires on July 31, 2023. The proceeds from the borrowings shall be used to finance the Funds’ short-term general working capital requirements, including the funding of shareholder redemptions. Interest is charged to the Funds based on borrowings during the period at the Custodian’s current reference rate. For the six months ended April 30, 2023, the All Cap Growth Fund had average borrowings of $1,396,000 over a period of 1 day at a weighted average interest rate of 8.000%. Interest accrued on the borrowings was $310. For the six months ended April 30,

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THE ADVISORS’ INNER CIRCLE FUND	CIBC ATLAS FUNDS
	APRIL 30, 2023
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2023, the International Growth Fund had average borrowings of $2,216,500 over a period of 2 days at a weighted average interest rate of 7.000%. Interest accrued on the borrowings was $862. This fee is included as “Interest Expense” on the Statement of Operations. As of April 30, 2023, there were no borrowings outstanding in the Funds.

11. Concentration of Shareholders:

At April 30, 2023, the percentage of total shares outstanding held by a limited number of shareholders for each Fund, which were comprised of omnibus accounts that were held on behalf of various individual shareholders, was as follows:

	No. of	%
	Shareholders	Ownership
Disciplined Equity Fund	2	94%
Mid Cap Equity Fund	2	98%
Income Opportunities Fund	2	96%
All Cap Growth Fund	2	85%
Equity Income Fund	2	81%
International Growth Fund	2	96%

12. Indemnifications:

In the normal course of business, the Funds enter into contracts that provide general indemnifications. The Funds’ maximum exposure under these arrangements is dependent on future claims that may be made against the Funds and, therefore, cannot be established; however, based on experience, the risk of loss from such claim is considered remote.

13. 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 and/or adjustments were required to the financial statements as of April 30, 2023.

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DISCLOSURE OF FUND EXPENSES

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

Operating expenses such as these are deducted from the mutual fund’s gross income and directly reduce its final investment return. These expenses are expressed as a percentage of the mutual fund’s average net assets; this percentage 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 (in dollars) of investing in your Fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period from November 1, 2022 to April 30, 2023.

The table on the next page 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 Fund incurred over the period. The “Expenses Paid During Period” column shows the actual dollar expense cost incurred by a $1,000 investment in the Fund, and the “Ending Account Value” number is derived from deducting that expense 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 expenses you paid over that period. Simply divide your ending starting account value by $1,000 to arrive at a ratio (for example, an $8,600 account 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. It assumes that the Fund had an annual 5% return before expenses during the year, but that the expense ratio (Column 3) for the period is unchanged. This example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to make this 5% calculation. You can assess your Fund’s comparative cost by comparing the hypothetical result for your Fund in the “Expenses Paid During Period” column with those that appear in the same charts in the shareholder reports for other mutual funds.

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DISCLOSURE OF FUND EXPENSES

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

	Beginning		Ending				Expenses
	Account		Account		Annualized		Paid
	Value		Value		Expense		During
	11/01/22		4/30/23		Ratios		Period*
CIBC Atlas Disciplined Equity Fund
Actual Fund Return
Institutional Class Shares		$1,000.00		$1,057.70		0.73%		$3.72
Hypothetical 5% Return
Institutional Class Shares		$1,000.00		$1,021.17		0.73%		$3.66
CIBC Atlas Mid Cap Equity Fund
Actual Fund Return
Institutional Class Shares		$1,000.00		$1,043.60		0.83%		$4.21
Hypothetical 5% Return
Institutional Class Shares		$1,000.00		$1,020.68		0.83%		$4.16
CIBC Atlas Income Opportunities Fund
Actual Fund Return
Institutional Class Shares		$1,000.00		$1,072.10		0.69%		$3.54
Hypothetical 5% Return
Institutional Class Shares		$1,000.00		$1,021.37		0.69%		$3.46
CIBC Atlas All Cap Growth Fund
Actual Fund Return
Institutional Class Shares		$1,000.00		$1,041.20		0.93%		$4.71
Hypothetical 5% Return
Institutional Class Shares		$1,000.00		$1,020.18		0.93%		$4.66
CIBC Atlas Equity Income Fund
Actual Fund Return
Institutional Class Shares		$1,000.00		$1,026.20		0.90%		$4.52
Hypothetical 5% Return
Institutional Class Shares		$1,000.00		$1,020.33		0.90%		$4.51
CIBC Atlas International Growth Fund
Actual Fund Return
Institutional Class Shares		$1,000.00		$1,241.90		0.92%		$5.11
Hypothetical 5% Return
Institutional Class Shares		$1,000.00		$1,020.23		0.92%		$4.61

* Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown).

73

CIBC Atlas Funds

PO Box 219009

Kansas City, MO 64121-9009

1-855-328-3863

Adviser:

CIBC Private Wealth Advisors, Inc.

181 West Madison Street, 36th Floor

Chicago, IL 60602

Distributor:

SEI Investments Distribution Co.

One Freedom Valley Drive

Oaks, PA 19456

Administrator:

SEI Investments Global Funds Services

One Freedom Valley Drive

Oaks, PA 19456

Legal Counsel:

Morgan, Lewis & Bockius LLP

1701 Market Street

Philadelphia, PA 19103

This information must be preceded or accompanied by a current prospectus

for the Funds.

                                       ATF-SA-001-1000

(b) Not applicable.

Item 2.    Code of Ethics.

Not applicable for semi-annual report.

Item 3.    Audit Committee Financial Expert.

Not applicable for semi-annual report.

Item 4.    Principal Accountant Fees and Services.

Not applicable for semi-annual report.

Item 5.  Audit Committee of Listed Registrants.

Not applicable to open-end management investment companies.

Item 6.  Schedule of Investments.

Schedule of Investments is included as part of the Report to Shareholders filed under Item 1 of this form.

Item 7.    Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to open-end management investment companies.

Item 8.  Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to open-end management investment companies.

Item 9.  Purchases of Equity Securities by Closed-End Management Company and Affiliated Purchasers.

Not applicable to open-end management investment companies.

Item 10.  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 11.    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 12.  Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable to open-end management investment companies.

Item 13.  Exhibits.

(a)(1) Not applicable for semi-annual report.

(a)(2) 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)), is filed herewith.

(b) Officer certifications, as required by Rule 30a-2(b) under the Act (17 CFR § 270.30a-2(b)), also accompany this filing as an exhibit.

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
	President
Date: July 7, 2023

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
	President
Date: July 7, 2023
By (Signature and Title)	/s/ Andrew Metzger
	Andrew Metzger
	Treasurer, Controller, and CFO
Date: July 7, 2023