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, 2024

Date of reporting period: April 30, 2024

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, 2024

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 30, 2024

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	20
CIBC Atlas International Growth Fund	23
Statements of Assets and Liabilities	28
Statements of Operations	30
Statements of Changes in Net Assets	32
Financial Highlights	38
Notes to Financial Statements	44
Disclosure of Fund Expenses	70

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. The Funds’ Form N-PORT is 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, 2024 (Unaudited)

SECTOR WEIGHTINGS †

 † Percentages are based on total investments.

SCHEDULE OF INVESTMENTS COMMON STOCK** — 98.5%	Shares		Value
COMMUNICATION SERVICES — 10.9%
Alphabet, Cl A *		350,048	$	56,980,814
Alphabet, Cl C *		357,597		58,874,770
Meta Platforms, Cl A		34,004		14,627,501
T-Mobile US		141,767		23,273,888
Walt Disney		199,951		22,214,556
				175,971,529
CONSUMER DISCRETIONARY — 11.2%
Amazon.com *		584,700		102,322,500
Home Depot		86,291		28,840,178
McDonald’s		80,581		22,001,836
TJX		178,767		16,820,187
Ulta Beauty *		27,659		11,197,470
				181,182,171
CONSUMER STAPLES — 2.4%
Mondelez International, Cl A		223,903		16,107,582
PepsiCo		130,161		22,896,621
				39,004,203
ENERGY — 4.6%
Cheniere Energy		33,491		5,285,549

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

1

THE ADVISORS’ INNER CIRCLE FUND	CIBC ATLAS
	DISCIPLINED EQUITY FUND
	APRIL 30, 2024 (Unaudited)

COMMON STOCK** (continued)	Shares		Value
ENERGY (continued)
Chevron		99,714	$	16,080,877
ConocoPhillips		166,234		20,882,315
Pioneer Natural Resources		120,515		32,457,100
				74,705,841
FINANCIALS — 15.5%
BlackRock, Cl A		18,885		14,251,376
Blackstone, Cl A		195,449		22,791,308
CME Group, Cl A		81,646		17,116,267
Fidelity National Information Services		250,507		17,014,435
Fiserv *		156,335		23,867,665
Intercontinental Exchange		185,817		23,925,797
JPMorgan Chase		129,055		24,745,006
PNC Financial Services Group		97,037		14,871,891
S&P Global		56,877		23,651,163
US Bancorp		386,867		15,718,406
Visa, Cl A		200,906		53,965,361
				251,918,675
HEALTH CARE — 13.7%
Abbott Laboratories		207,674		22,007,214
AstraZeneca PLC ADR		468,546		35,553,270
Danaher		128,111		31,594,735
Edwards Lifesciences *		185,784		15,730,331
IQVIA Holdings *		85,867		19,901,394
Stryker		44,800		15,075,200
Thermo Fisher Scientific		41,185		23,422,733
UnitedHealth Group		99,861		48,302,766
Zoetis, Cl A		62,146		9,896,129
				221,483,772
INDUSTRIALS — 6.9%
Automatic Data Processing		47,212		11,420,111
Honeywell International		159,785		30,795,363
Otis Worldwide		233,735		21,316,632
RTX		223,718		22,711,851

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

2

THE ADVISORS’ INNER CIRCLE FUND	CIBC ATLAS
	DISCIPLINED EQUITY FUND
	APRIL 30, 2024 (Unaudited)

COMMON STOCK** (continued)	Shares		Value
INDUSTRIALS (continued)
Union Pacific		111,061	$	26,339,227
				112,583,184
INFORMATION TECHNOLOGY — 26.4%
Adobe*		39,035		18,066,569
Analog Devices		116,554		23,381,898
Apple		357,783		60,941,178
Cisco Systems		523,001		24,570,587
Microsoft		348,694		135,757,035
NVIDIA		75,124		64,908,639
QUALCOMM		131,191		21,758,027
Roper Technologies		39,579		20,243,075
Salesforce		119,081		32,025,644
TE Connectivity		188,541		26,674,781
				428,327,433
MATERIALS — 2.8%
Linde PLC		55,045		24,272,643
Martin Marietta Materials		34,937		20,510,465
				44,783,108
REAL ESTATE — 1.8%
American Tower, Cl A ‡		89,531		15,359,938
Prologis ‡		70,264		7,170,441
VICI Properties, Cl A ‡		214,581		6,126,288
				28,656,667
UTILITIES — 2.3%
NextEra Energy		462,016		30,941,212
WEC Energy Group		79,272		6,551,038
				37,492,250
TOTAL COMMON STOCK (Cost $738,277,892)				1,596,108,833

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

3

THE ADVISORS’ INNER CIRCLE FUND	CIBC ATLAS
	DISCIPLINED EQUITY FUND
	APRIL 30, 2024 (Unaudited)

CASH EQUIVALENT — 1.5%	Shares		Value
First American Government Obligations Fund, Cl X, 5.230% (A)		24,675,814	$	24,675,814
TOTAL CASH EQUIVALENT
(Cost $24,675,814)				24,675,814
TOTAL INVESTMENTS — 100.0%
(Cost $762,953,706)			$	1,620,784,647

  Percentages are based on Net Assets of $1,620,550,127.

* 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, 2024.

ADR — American Depositary Receipt

Cl — Class

PLC — Public Limited Company

As of April 30, 2024, 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. GAAP.

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, 2024 (Unaudited)

SECTOR WEIGHTINGS†

 † Percentages are based on total investments.

SCHEDULE OF INVESTMENTS COMMON STOCK — 97.0%	Shares		Value
COMMUNICATION SERVICES — 3.2%
Live Nation Entertainment *		46,129	$	4,101,329
Pinterest, Cl A *		263,159		8,802,669
Trade Desk, Cl A *		169,796		14,067,599
				26,971,597
CONSUMER DISCRETIONARY — 15.3%
Academy Sports & Outdoors		75,772		4,417,507
Aptiv PLC *		68,868		4,889,628
AutoZone *		6,027		17,818,223
Chipotle Mexican Grill, Cl A *		4,296		13,573,642
Domino’s Pizza		17,338		9,176,483
Five Below *		50,323		7,364,268
Floor & Decor Holdings, Cl A *		61,211		6,753,410
Marriott International, Cl A		55,355		13,070,976
Ross Stores		123,573		16,008,882
Tractor Supply		60,892		16,628,387
Ulta Beauty *		25,525		10,333,541
Valvoline *		159,611		6,786,660
				126,821,607

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, 2024 (Unaudited)

COMMON STOCK (continued)	Shares		Value
CONSUMER STAPLES — 4.5%
Lamb Weston Holdings		44,002	$	3,667,127
Monster Beverage *		187,499		10,021,821
Sprouts Farmers Market *		194,619		12,850,693
US Foods Holding *		209,026		10,503,556
				37,043,197
ENERGY — 3.2%
Cheniere Energy		92,845		14,652,798
Diamondback Energy		58,260		11,717,834
				26,370,632
FINANCIALS — 9.1%
Ameriprise Financial		57,153		23,535,034
Ares Management, Cl A		131,873		17,550,977
Corpay *		45,790		13,834,991
MSCI, Cl A		16,987		7,912,375
Tradeweb Markets, Cl A		123,143		12,524,874
				75,358,251
HEALTH CARE — 16.6%
Agilent Technologies		56,275		7,711,926
Align Technology *		48,102		13,583,043
Alnylam Pharmaceuticals *		51,452		7,406,515
Avantor *		298,674		7,236,871
Bio-Rad Laboratories, Cl A *		12,690		3,423,127
Cencora, Cl A		80,612		19,270,299
Charles River Laboratories International *		42,402		9,710,058
Dexcom*		138,966		17,702,879
Edwards Lifesciences *		65,463		5,542,752
GE HealthCare Technologies		50,353		3,838,913
Humana		20,202		6,102,822
ICON PLC *		42,215		12,575,004
Revvity		91,202		9,345,469
Veeva Systems, Cl A *		72,782		14,451,594
				137,901,272

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, 2024 (Unaudited)

COMMON STOCK (continued)	Shares		Value
INDUSTRIALS — 18.9%
AMETEK		72,497	$	12,662,326
Cintas		28,657		18,866,049
Copart *		309,369		16,801,830
Howmet Aerospace		209,653		13,994,338
Hubbell, Cl B		33,083		12,257,913
IDEX		46,036		10,149,097
Ingersoll Rand		140,113		13,075,345
Masco		114,251		7,820,481
Oshkosh		52,746		5,921,793
Pentair PLC		56,660		4,481,239
Regal Rexnord		51,161		8,255,851
Saia *		11,803		4,683,785
TransUnion		95,147		6,945,731
Waste Connections		68,097		11,037,843
WESCO International		34,569		5,280,415
Zurn Elkay Water Solutions		156,373		4,891,347
				157,125,383
INFORMATION TECHNOLOGY — 23.2%
Amphenol, Cl A		186,601		22,535,803
ANSYS *		17,992		5,845,241
Cadence Design Systems *		76,911		21,198,979
Crowdstrike Holdings, Cl A *		91,121		26,656,537
Datadog, Cl A *		148,583		18,647,166
Entegris		94,690		12,586,195
HubSpot *		24,979		15,109,048
Keysight Technologies *		62,869		9,300,840
KLA		6,230		4,294,277
Marvell Technology		143,159		9,435,609
Microchip Technology		151,612		13,945,272
Monday.com *		37,843		7,164,815
Monolithic Power Systems		9,335		6,248,195
Roper Technologies		22,732		11,626,509
Zscaler *		48,035		8,307,173
				192,901,659

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, 2024 (Unaudited)

COMMON STOCK (continued)	Shares		Value
MATERIALS — 1.6%
Arcadium Lithium PLC *		503,812	$	2,216,771
Berry Global Group		117,792		6,671,739
FMC		75,764		4,470,834
				13,359,344
REAL ESTATE — 1.4%
CoStar Group *		81,075		7,420,795
SBA Communications, Cl A ‡		23,915		4,451,060
				11,871,855
TOTAL COMMON STOCK
(Cost $498,252,210)				805,724,797
CASH EQUIVALENT — 3.0%
First American Government Obligations Fund, Cl X, 5.230% (A)		24,797,367		24,797,367
TOTAL CASH EQUIVALENT
(Cost $24,797,367)				24,797,367
TOTAL INVESTMENTS — 100.0%
(Cost $523,049,577)			$	830,522,164

  Percentages are based on Net Assets of $830,702,195.

* Non-income producing security.

‡ Real Estate Investment Trust

(A) The rate reported is the 7-day effective yield as of April 30, 2024.

Cl — Class

PLC — Public Limited Company

As of April 30, 2024, 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. GAAP.

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, 2024 (Unaudited)

SECTOR WEIGHTINGS†

 † Percentages are based on total investments.

SCHEDULE OF INVESTMENTS COMMON STOCK — 62.2%	Shares		Value
COMMUNICATION SERVICES — 1.2%
Alphabet, Cl A *		48,100	$	7,829,718
CONSUMER DISCRETIONARY — 6.1%
Amazon.com *		64,300		11,252,500
Etsy *		24,500		1,682,415
Home Depot		37,907		12,669,277
McDonald’s		12,250		3,344,740
Service International		98,546		7,066,734
Vail Resorts		23,414		4,433,909
				40,449,575
CONSUMER STAPLES — 3.2%
PepsiCo		59,126		10,400,855
Procter & Gamble		64,069		10,456,061
				20,856,916
ENERGY — 2.6%
Cheniere Energy		28,450		4,489,979
Chevron		53,809		8,677,778
EQT		100,000		4,009,000
				17,176,757
FINANCIALS — 12.9%
Ares Capital		324,545		6,688,872
Ares Management, Cl A		67,951		9,043,599
Blue Owl Capital, Cl A		419,872		7,931,382

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

9

THE ADVISORS’ INNER CIRCLE FUND	CIBC ATLAS
	INCOME OPPORTUNITIES FUND
	APRIL 30, 2024 (Unaudited)

COMMON STOCK (continued)	Shares		Value
FINANCIALS (continued)
CME Group, Cl A		28,709	$	6,018,555
Fidelity National Information Services		91,200		6,194,304
Golub Capital BDC		215,919		3,750,513
Hannon Armstrong Sustainable Infrastructure Capital		129,008		3,226,490
JPMorgan Chase		60,438		11,588,382
S&P Global		21,397		8,897,514
US Bancorp		187,000		7,597,810
Visa, Cl A		50,932		13,680,845
				84,618,266
HEALTH CARE — 6.1%
Abbott Laboratories		90,000		9,537,300
Johnson & Johnson		64,386		9,309,572
Novartis ADR		69,438		6,744,513
UnitedHealth Group		30,430		14,718,991
				40,310,376
INDUSTRIALS — 7.1%
Automatic Data Processing		18,003		4,354,746
IDEX		25,004		5,512,382
Lockheed Martin		15,435		7,176,194
Republic Services, Cl A		51,088		9,793,570
Rollins		73,050		3,255,108
Union Pacific		42,978		10,192,662
United Parcel Service, Cl B		42,892		6,325,712
				46,610,374
INFORMATION TECHNOLOGY — 15.7%
Apple		157,768		26,872,623
Broadcom		10,809		14,054,619
Cisco Systems		135,081		6,346,105
Microchip Technology		104,536		9,615,221
Microsoft		92,758		36,113,472
QUALCOMM		61,215		10,152,508
				103,154,548
MATERIALS — 1.9%
Linde PLC		21,314		9,398,622
Sherwin-Williams		11,000		3,295,710
				12,694,332
REAL ESTATE — 2.6%
Invitation Homes ‡		120,395		4,117,509
Prologis ‡		66,626		6,799,183

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

10

THE ADVISORS’ INNER CIRCLE FUND	CIBC ATLAS
	INCOME OPPORTUNITIES FUND
	APRIL 30, 2024 (Unaudited)

COMMON STOCK (continued)	Shares		Value
REAL ESTATE (continued)
VICI Properties, Cl A ‡		215,041	$	6,139,421
				17,056,113
UTILITIES — 2.8%
Brookfield Infrastructure, Cl A		204,125		6,219,678
NextEra Energy		186,679		12,501,892
				18,721,570
TOTAL COMMON STOCK (Cost $235,038,151)				409,478,545
CORPORATE OBLIGATIONS — 17.7%	Face Amount
COMMUNICATION SERVICES — 1.5%
Comcast
2.937%, 11/01/56	$	6,111,000		3,566,149
T-Mobile USA
3.500%, 04/15/31		5,000,000		4,397,321
Verizon Communications
2.355%, 03/15/32		2,441,000		1,947,583
				9,911,053
CONSUMER DISCRETIONARY — 2.9%
Amazon.com
3.150%, 08/22/27		3,300,000		3,107,287
Ford Motor Credit
7.350%, 11/04/27		4,000,000		4,137,410
6.950%, 03/06/26		2,000,000		2,027,062
General Motors
6.800%, 10/01/27		3,500,000		3,614,391
Meritage Homes
3.875%, 04/15/29(A)		7,000,000		6,346,230
				19,232,380
ENERGY — 1.8%
Cheniere Energy Partners
4.500%, 10/01/29		5,000,000		4,678,209
DCP Midstream Operating
6.750%, 09/15/37(A)		1,500,000		1,571,204
Energy Transfer
5.550%, 05/15/34		1,952,000		1,899,657
Kinder Morgan MTN
7.800%, 08/01/31		1,400,000		1,554,326

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

11

THE ADVISORS’ INNER CIRCLE FUND	CIBC ATLAS
	INCOME OPPORTUNITIES FUND
	APRIL 30, 2024 (Unaudited)

CORPORATE OBLIGATIONS (continued)	Face Amount		Value
ENERGY (continued)
Sabine Pass Liquefaction
5.750%, 05/15/24	$	74,000	$	73,993
5.625%, 03/01/25		2,000,000		1,993,910
				11,771,299
FINANCIALS — 6.2%
Ally Financial
2.200%, 11/02/28		6,000,000		5,075,368
Ares Capital
3.875%, 01/15/26		5,000,000		4,814,296
Bank of America
8.738%, TSFR3M + 3.397%(B)(C)		2,000,000		2,007,226
3.950%, 04/21/25		5,750,000		5,649,682
Citigroup
3.875%, H15T5Y + 3.417%(B)(C)		2,000,000		1,877,368
Goldman Sachs Group MTN
7.337%, TSFR3M + 2.012%, 10/28/27(B)		3,000,000		3,095,143
JPMorgan Chase
8.888%, TSFR3M + 3.562%(B)(C)		1,500,000		1,500,000
8.178%, TSFR3M + 2.842%(B)(C)		1,000,000		1,005,421
5.000%, TSFR3M + 3.380%(B)(C)		2,000,000		1,990,060
Morgan Stanley MTN
5.250%, SOFRRATE + 1.870%, 04/21/34(B)		4,000,000		3,838,196
OneMain Finance
3.500%, 01/15/27		3,000,000		2,760,023
Wells Fargo MTN
4.100%, 06/03/26		3,000,000		2,907,023
Western Union
2.850%, 01/10/25		4,500,000		4,403,941
				40,923,747
HEALTH CARE — 0.9%
AbbVie
4.250%, 11/21/49		3,500,000		2,859,913
HCA
5.375%, 02/01/25		3,050,000		3,036,326
				5,896,239
INDUSTRIALS — 1.2%
AerCap Ireland Capital DAC
3.000%, 10/29/28		2,000,000		1,783,763
Northrop Grumman
4.030%, 10/15/47		3,000,000		2,324,210

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

12

THE ADVISORS’ INNER CIRCLE FUND	CIBC ATLAS
	INCOME OPPORTUNITIES FUND
	APRIL 30, 2024 (Unaudited)

CORPORATE OBLIGATIONS (continued)	Face Amount		Value
INDUSTRIALS (continued)
Quanta Services
2.900%, 10/01/30	$	3,750,000	$	3,207,038
				7,315,011
INFORMATION TECHNOLOGY — 2.2%
Apple
3.850%, 08/04/46		3,000,000		2,386,075
Broadcom
3.469%, 04/15/34(A)		2,500,000		2,071,329
CommScope Technologies
6.000%, 06/15/25(A)		1,734,000		1,369,860
Kyndryl Holdings
2.050%, 10/15/26		1,000,000		914,215
Oracle
6.150%, 11/09/29		3,000,000		3,093,871
5.550%, 02/06/53		2,000,000		1,838,097
Salesforce
3.700%, 04/11/28		3,000,000		2,855,724
				14,529,171
MATERIALS — 0.3%
NOVA Chemicals
5.000%, 05/01/25(A)		2,000,000		1,962,631
REAL ESTATE — 0.7%
Boston Properties
2.750%, 10/01/26‡		1,000,000		925,627
VICI Properties
5.125%, 05/15/32‡		4,000,000		3,716,434
				4,642,061
TOTAL CORPORATE OBLIGATIONS (Cost $126,720,043)				116,183,592
U.S. TREASURY OBLIGATIONS — 10.1%
U.S. Treasury Bonds
4.375%, 05/15/41		10,000,000		9,460,547
4.125%, 08/15/53		18,000,000		16,118,437
3.875%, 05/15/43		10,000,000		8,720,703
				34,299,687
U.S. Treasury Inflation Indexed Notes
0.500%, 01/15/28		12,580,800		11,751,050

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

13

THE ADVISORS’ INNER CIRCLE FUND	CIBC ATLAS
	INCOME OPPORTUNITIES FUND
	APRIL 30, 2024 (Unaudited)

U.S. TREASURY OBLIGATIONS (continued)	Face Amount			Value
U.S. Treasury Notes
2.000%, 08/15/25	$	13,000,000		$	12,489,140
1.625%, 05/15/31		10,000,000			8,183,594
					20,672,734
TOTAL U.S. TREASURY OBLIGATIONS (Cost $69,238,963)					66,723,471
MORTGAGE-BACKED SECURITIES — 6.9%
AGENCY MORTGAGE-BACKED OBLIGATIONS — 6.9%
FHLMC
6.000%, 09/01/53		9,689,357			9,614,313
5.000%, 03/01/38		7,984,397			7,848,427
1.500%, 06/01/31		5,930,365			5,335,471
FNMA
6.000%, 01/01/53		4,479,411			4,448,582
6.000%, 07/01/53		7,085,167			7,152,647
4.500%, 07/01/52		12,181,749			11,235,249
TOTAL MORTGAGE-BACKED SECURITIES (Cost $46,952,546)					45,634,689
PREFERRED STOCK — 0.3%	Shares
FINANCIALS — 0.3%
Wells Fargo, 7.500% (C)		1,700			1,947,248
TOTAL PREFERRED STOCK (Cost $2,066,538)					1,947,248
CASH EQUIVALENT — 2.8%
First American Government Obligations Fund, Cl X, 5.230% (D)		18,171,790			18,171,790
TOTAL CASH EQUIVALENT (Cost $18,171,790)					18,171,790
TOTAL INVESTMENTS — 100.0% (Cost $498,188,031)				$	658,139,335
WRITTEN OPTIONS — (0.1%)	Contracts			Value
TOTAL WRITTEN OPTIONS — (0.1%)
(Premiums Received $454,172)		(2,369	)	$	(528,301	)

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

14

THE ADVISORS’ INNER CIRCLE FUND	CIBC ATLAS
	INCOME OPPORTUNITIES FUND
	APRIL 30, 2024 (Unaudited)

A list of the exchange traded option contracts held by the Fund at April 30, 2024, is as follows:

Description	Contracts		Notional Amount		Exercise Price		Expiration Date		Value
WRITTEN OPTIONS — (0.1%)
Call Options
Amazon*		(643)	$	(11,252,500)	$	193		05/18/24	$	(181,326)
EQT Corp*		(1,000)		(4,009,000)		42		05/18/24		(54,000)
Etsy*		(245)		(1,682,415)		65		05/18/24		(172,725)
Google*		(481)		(7,829,718)		168		05/18/24		(120,250)
Total Written Options			$	(24,773,633)					$	(528,301)

  Percentages are based on Net Assets of $657,844,290.

* 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, 2024 was $13,321,254 which represents 2.0% of Net Assets.

(B) 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.

(C) Perpetual security with no stated maturity date.

(D) The rate reported is the 7-day effective yield as of April 30, 2024.

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

H15T5Y — U.S. Treasury Yield Curve Rate Treasury Note Constant Maturity 5 Year

MTN — Medium Term Note

PLC — Public Limited Company

SOFRRATE— Secured Overnight Financing Rate

TSFR3M — Term Secured Overnight Financing Rate 3 Month

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

15

THE ADVISORS’ INNER CIRCLE FUND	CIBC ATLAS
	INCOME OPPORTUNITIES FUND
	APRIL 30, 2024 (Unaudited)

The following is a summary of the level of inputs used as of April 30, 2024, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1			Level 2		Level 3		Total
Common Stock	$	409,478,545		$	—	$	—	$	409,478,545
Corporate Obligations		—			116,183,592		—		116,183,592
U.S. Treasury Obligations		—			66,723,471		—		66,723,471
Mortgage-Backed Securities		—			45,634,689		—		45,634,689
Preferred Stock		1,947,248			—		—		1,947,248
Cash Equivalent		18,171,790			—		—		18,171,790
Total Investments in Securities	$	429,597,583		$	228,541,752	$	—	$	658,139,335
Other Financial Instruments	Level 1			Level 2		Level 3		Total
Written Options	$	(528,301	)	$	—	$	—	$	(528,301	)
Total Other Financial Instruments	$	(528,301	)	$	—	$	—	$	(528,301	)

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, 2024 (Unaudited)

SECTOR WEIGHTINGS†

 † Percentages are based on total investments.

SCHEDULE OF INVESTMENTS COMMON STOCK** — 94.4%	Shares		Value
COMMUNICATION SERVICES — 4.1%
Live Nation Entertainment *		21,484	$	1,910,143
Meta Platforms, Cl A		16,219		6,976,927
Netflix *		3,225		1,775,814
				10,662,884
CONSUMER DISCRETIONARY — 10.3%
Amazon.com *		70,844		12,397,700
Chipotle Mexican Grill, Cl A *		2,780		8,783,688
MercadoLibre *		3,665		5,346,136
				26,527,524
CONSUMER STAPLES — 1.6%
elf Beauty *		25,983		4,223,017
FINANCIALS — 14.3%
Ares Management, Cl A		39,218		5,219,523
Blackstone, Cl A		33,639		3,922,644
Brown & Brown		76,108		6,205,846
Kinsale Capital Group		8,714		3,165,360
Mastercard, Cl A		23,239		10,485,437

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, 2024 (Unaudited)

COMMON STOCK** (continued)	Shares		Value
FINANCIALS (continued)
S&P Global		19,361	$	8,050,885
				37,049,695
HEALTH CARE — 12.2%
Danaher		11,496		2,835,143
Eli Lilly		16,692		13,038,121
ICON PLC *		5,315		1,583,232
IDEXX Laboratories *		7,767		3,827,267
Intuitive Surgical *		19,030		7,052,899
Zoetis, Cl A		21,444		3,414,743
				31,751,405
INDUSTRIALS — 11.8%
Cintas		8,498		5,594,573
FTAI Aviation		77,869		5,467,182
Howmet Aerospace		78,292		5,225,991
TransDigm Group		7,446		9,292,831
Uber Technologies *		27,251		1,805,924
United Rentals		4,940		3,299,871
				30,686,372
INFORMATION TECHNOLOGY — 32.7%
Adobe *		3,519		1,628,699
Advanced Micro Devices *		37,930		6,007,353
Amphenol, Cl A		41,487		5,010,385
ASML Holding, Cl G		3,210		2,800,629
Entegris		48,473		6,443,031
Gartner *		12,706		5,242,369
Globant *		18,123		3,236,587
Intuit		7,672		4,799,757
Microsoft		13,868		5,399,228
Monolithic Power Systems		9,204		6,160,513
NVIDIA		15,076		13,025,966
Palo Alto Networks *		33,833		9,841,681
Roper Technologies		10,816		5,531,951
ServiceNow *		3,455		2,395,455

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, 2024 (Unaudited)

COMMON STOCK** (continued)	Shares		Value
INFORMATION TECHNOLOGY (continued)
Workday, Cl A *		30,311	$	7,418,011
				84,941,615
MATERIALS — 5.9%
Martin Marietta Materials		15,654		9,189,994
Sherwin-Williams		20,346		6,095,865
				15,285,859
REAL ESTATE — 1.5%
CoStar Group *		41,043		3,756,666
TOTAL COMMON STOCK (Cost $130,035,682)				244,885,037
CASH EQUIVALENT — 6.3%
First American Government Obligations Fund, Cl X, 5.230% (A)		16,431,510		16,431,510
TOTAL CASH EQUIVALENT (Cost $16,431,510)				16,431,510
TOTAL INVESTMENTS — 100.7%
(Cost $146,467,192)			$	261,316,547

  Percentages are based on Net Assets of $259,462,534.

* Non-income producing security.

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

(A) The rate reported is the 7-day effective yield as of April 30, 2024.

Cl — Class

PLC — Public Limited Company

As of April 30, 2024, 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. GAAP.

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.

19

THE ADVISORS’ INNER CIRCLE FUND	CIBC ATLAS
	EQUITY INCOME FUND
	APRIL 30, 2024 (Unaudited)

SECTOR WEIGHTINGS†

 † Percentages are based on total investments.

SCHEDULE OF INVESTMENTS COMMON STOCK — 97.6%	Shares		Value
COMMUNICATION SERVICES — 1.2%
Comcast, Cl A		98,180	$	3,741,640
CONSUMER DISCRETIONARY — 3.9%
Dick’s Sporting Goods		31,033		6,235,771
Home Depot		9,767		3,264,327
TJX		26,874		2,528,574
				12,028,672
CONSUMER STAPLES — 0.6%
Sysco		27,052		2,010,505
ENERGY — 7.4%
Enterprise Products Partners		543,549		15,262,856
ONEOK		93,255		7,378,336
				22,641,192
FINANCIALS — 17.7%
Ameriprise Financial		10,051		4,138,901
Ares Management, Cl A		45,789		6,094,058
Blackstone, Cl A		103,855		12,110,532
Brookfield		157,953		6,337,074
Brookfield Asset Management, Cl A		41,092		1,569,303

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

20

THE ADVISORS’ INNER CIRCLE FUND	CIBC ATLAS
	EQUITY INCOME FUND
	APRIL 30, 2024 (Unaudited)

COMMON STOCK (continued)	Shares		Value
FINANCIALS (continued)
Charles Schwab		92,103	$	6,811,017
CME Group, Cl A		41,834		8,770,080
Goldman Sachs Group		6,984		2,980,143
JPMorgan Chase		29,890		5,731,108
				54,542,216
HEALTH CARE — 21.8%
Abbott Laboratories		97,283		10,309,079
AbbVie		24,507		3,985,818
AstraZeneca PLC ADR		175,402		13,309,504
Cardinal Health		35,793		3,688,111
Elevance Health		24,115		12,746,707
Eli Lilly		22,351		17,458,366
Merck		41,949		5,420,650
				66,918,235
INDUSTRIALS — 12.8%
Broadridge Financial Solutions		34,068		6,589,092
FTAI Aviation		125,907		8,839,930
L3Harris Technologies		46,243		9,898,314
Parker-Hannifin		12,864		7,009,722
Robert Half		35,354		2,444,376
TransDigm Group		3,525		4,399,306
				39,180,740
INFORMATION TECHNOLOGY — 17.3%
Accenture PLC, Cl A		13,552		4,077,932
Apple		45,690		7,782,378
Broadcom		3,681		4,786,294
Dell Technologies, Cl C		51,533		6,423,073
International Business Machines		30,345		5,043,339
Microchip Technology		73,619		6,771,476
Microsoft		40,047		15,591,498
Texas Instruments		14,242		2,512,574
				52,988,564

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

21

THE ADVISORS’ INNER CIRCLE FUND	CIBC ATLAS
	EQUITY INCOME FUND
	APRIL 30, 2024 (Unaudited)

COMMON STOCK (continued)	Shares		Value
REAL ESTATE — 10.4%
American Tower, Cl A ‡		28,811	$	4,942,815
Equinix ‡		11,399		8,105,943
Iron Mountain ‡		83,755		6,492,688
Prologis‡		43,577		4,447,033
VICI Properties, Cl A ‡		278,506		7,951,346
				31,939,825
UTILITIES — 4.5%
Brookfield Infrastructure Partners		109,577		2,944,334
Brookfield Renewable Partners		224,048		4,707,248
NextEra Energy		93,007		6,228,679
				13,880,261
TOTAL COMMON STOCK (Cost $190,530,447)				299,871,850
CASH EQUIVALENT — 2.2%
First American Government Obligations Fund, Cl X, 5.230% (A)		6,637,477		6,637,477
TOTAL CASH EQUIVALENT (Cost $6,637,477)				6,637,477
TOTAL INVESTMENTS — 99.8% (Cost $197,167,924)			$	306,509,327

  Percentages are based on Net Assets of $307,006,262.

‡ Real Estate Investment Trust

(A) The rate reported is the 7-day effective yield as of April 30, 2024.

ADR — American Depositary Receipt

Cl — Class

PLC — Public Limited Company

As of April 30, 2024, 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. GAAP.

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.

22

THE ADVISORS’ INNER CIRCLE FUND	CIBC ATLAS
	INTERNATIONAL GROWTH FUND
	APRIL 30, 2024 (Unaudited)

SECTOR WEIGHTINGS†

 † Percentages are based on total investments.

SCHEDULE OF INVESTMENTS COMMON STOCK — 96.6%	Shares		Value
AUSTRALIA — 1.9%
BHP Group		400,213	$	10,976,262
BRAZIL — 1.8%
MercadoLibre*		7,361		10,737,491
CANADA — 3.2%
Brookfield		244,076		9,792,329
Canadian National Railway		75,103		9,120,509
				18,912,838
CHINA — 5.6%
Alibaba Group Holding ADR		74,691		5,590,621
Alibaba Group Holding		515,000		4,821,978
Tencent Holdings		315,741		13,855,726
Yum China Holdings		229,733		8,387,552
				32,655,877
DENMARK — 1.2%
Vestas Wind Systems *		271,815		7,284,270
FRANCE — 7.7%
Air Liquide		60,167		11,767,397

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

23

THE ADVISORS’ INNER CIRCLE FUND	CIBC ATLAS
	INTERNATIONAL GROWTH FUND
	APRIL 30, 2024 (Unaudited)

COMMON STOCK (continued)	Shares		Value
FRANCE (continued)
Airbus		64,756	$	10,656,119
Edenred		245,198		11,635,122
LVMH Moet Hennessy Louis Vuitton		13,358		10,972,764
				45,031,402
GERMANY — 6.2%
Heidelberg Materials		132,141		13,298,112
Siemens		72,100		13,506,772
Symrise, Cl A		89,810		9,626,893
				36,431,777
HONG KONG — 1.6%
AIA Group		1,290,000		9,448,422
INDIA — 2.4%
HDFC Bank ADR		238,569		13,741,574
IRELAND — 2.6%
ICON PLC *		50,541		15,055,153
ISRAEL — 2.0%
Check Point Software Technologies *		78,309		11,700,931
ITALY — 1.9%
Ferrari		27,454		11,291,153
JAPAN — 13.4%
Daikin Industries		51,000		6,961,058
FANUC		474,000		14,039,547
Kawasaki Heavy Industries		410,000		12,692,807
Shiseido		259,000		6,932,979
Sony Group		109,000		9,008,999
Tokio Marine Holdings		368,000		11,631,154
Toyota Motor		752,000		17,152,064
				78,418,608

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

24

THE ADVISORS’ INNER CIRCLE FUND	CIBC ATLAS
	INTERNATIONAL GROWTH FUND
	APRIL 30, 2024 (Unaudited)

COMMON STOCK (continued)	Shares		Value
MEXICO — 1.4%
Fomento Economico Mexicano ADR		69,687	$	8,199,372
NETHERLANDS — 2.4%
ASML Holding		15,892		13,842,152
NORWAY — 1.3%
Equinor		275,932		7,342,103
SINGAPORE — 3.6%
DBS Group Holdings		617,100		15,709,767
STMicroelectronics, Cl Y		127,143		5,029,777
				20,739,544
SPAIN — 4.9%
Amadeus IT Group		152,929		9,707,023
Banco Santander		3,911,999		19,034,376
				28,741,399
SWEDEN — 1.7%
Assa Abloy, Cl B		379,384		10,023,863
SWITZERLAND — 6.8%
Alcon		141,628		10,859,588
Chubb		45,200		11,238,528
Julius Baer Group		100,463		5,390,680
Novartis		123,871		12,022,616
				39,511,412
TAIWAN — 2.3%
Taiwan Semiconductor Manufacturing ADR		98,945		13,589,106
UNITED KINGDOM — 20.7%
AstraZeneca PLC		98,285		14,865,468
BAE Systems PLC		1,071,541		17,822,059
Compass Group PLC		404,822		11,259,582
Diageo PLC		305,631		10,562,484
InterContinental Hotels Group PLC		115,298		11,245,450
Lloyds Banking Group PLC		18,038,536		11,641,752

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

25

THE ADVISORS’ INNER CIRCLE FUND	CIBC ATLAS
	INTERNATIONAL GROWTH FUND
	APRIL 30, 2024 (Unaudited)

COMMON STOCK (continued)	Shares		Value
UNITED KINGDOM (continued)
London Stock Exchange Group PLC		144,580	$	15,938,477
Reckitt Benckiser Group PLC		108,500		6,065,896
Shell PLC		598,665		21,281,663
				120,682,831
TOTAL COMMON STOCK (Cost $494,037,864)				564,357,540
CASH EQUIVALENT — 2.9%
First American Government Obligations Fund, Cl X, 5.230% (A)		17,013,407		17,013,407
TOTAL CASH EQUIVALENT (Cost $17,013,407)				17,013,407
TOTAL INVESTMENTS — 99.5% (Cost $511,051,271)			$	581,370,947

  Percentages are based on Net Assets of $584,444,480.

* Non-income producing security.

(A) The rate reported is the 7-day effective yield as of April 30, 2024.

ADR — American Depositary Receipt

Cl — Class

PLC — Public Limited Company

The following is a summary of the level of inputs used as of April 30, 2024, in valuing the Fund’s investments carried at value:

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock
Australia	$	—	$	10,976,262	$	—	$	10,976,262
Brazil		10,737,491		—		—		10,737,491
Canada		18,912,838		—		—		18,912,838
China		13,978,173		18,677,704		—		32,655,877
Denmark		—		7,284,270		—		7,284,270
France		—		45,031,402		—		45,031,402
Germany		—		36,431,777		—		36,431,777
Hong Kong		—		9,448,422		—		9,448,422
India		13,741,574		—		—		13,741,574
Ireland		15,055,153		—		—		15,055,153
Israel		11,700,931		—		—		11,700,931
Italy		—		11,291,153		—		11,291,153
Japan		—		78,418,608		—		78,418,608

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

26

THE ADVISORS’ INNER CIRCLE FUND	CIBC ATLAS
	INTERNATIONAL GROWTH FUND
	APRIL 30, 2024 (Unaudited)

Investments in Securities	Level 1		Level 2		Level 3		Total
Mexico	$	8,199,372	$	—	$	—	$	8,199,372
Netherlands		—		13,842,152		—		13,842,152
Norway		—		7,342,103		—		7,342,103
Singapore		5,029,777		15,709,767		—		20,739,544
Spain		—		28,741,399		—		28,741,399
Sweden		—		10,023,863		—		10,023,863
Switzerland		11,238,528		28,272,884		—		39,511,412
Taiwan		13,589,106		—		—		13,589,106
United Kingdom		—		120,682,831		—		120,682,831
Total Common Stock		122,182,943		442,174,597		—		564,357,540
Cash Equivalent		17,013,407		—		—		17,013,407
Total Investments in Securities	$	139,196,350	$	442,174,597	$	—	$	581,370,947

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.

27

THE ADVISORS’ INNER CIRCLE FUND	CIBC ATLAS FUNDS
	APRIL 30, 2024 (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 $762,953,706, $523,049,577 and $498,188,031, respectively)	$	1,620,784,647	$	830,522,164	$	658,139,335
Dividends and Interest Receivable		557,029		146,041		2,370,349
Receivable for Capital Shares Sold		290,431		715,015		445,940
Reclaim Receivable		58,023		3,806		161,280
Prepaid Expenses		19,355		10,328		9,946
Total Assets		1,621,709,485		831,397,354		661,126,850
Liabilities:
Written Options, at value (Premiums Received $—, $— and $454,172, respectively)		–		–		528,301
Payable for Investment Securities Purchased		–		–		1,880,000
Payable for Capital Shares Redeemed		168,244		105,000		489,221
Audit Fees Payable		10,827		11,640		12,971
Payable Due to Adviser		872,828		522,297		326,309
Payable Due to Administrator		60,812		31,371		24,499
Chief Compliance Officer Fees Payable		4,237		1,748		1,301
Payable Due to Trustees		1,021		587		321
Other Accrued Expenses		41,389		22,516		19,637
Total Liabilities		1,159,358		695,159		3,282,560
Net Assets	$	1,620,550,127	$	830,702,195	$	657,844,290
Net Assets Consist of:
Paid-in Capital	$	710,608,892	$	504,771,774	$	489,311,700
Total Distributable Earnings		909,941,235		325,930,421		168,532,590
Net Assets	$	1,620,550,127	$	830,702,195	$	657,844,290
Institutional Class Shares:
Outstanding Shares of Beneficial Interest
(unlimited authorization — no par value)		55,775,981		43,104,644		43,922,778
Net Asset Value, Offering and Redemption Price
Per Share	$	29.05	$	19.27	$	14.98

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

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

28

THE ADVISORS’ INNER CIRCLE FUND	CIBC ATLAS FUNDS
	APRIL 30, 2024 (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 $146,467,192, $197,167,924 and $511,051,271, respectively)	$	261,316,547	$	306,509,327	$	581,370,947
Receivable for Capital Shares Sold		240,543		117,191		971,305
Dividends and Interest Receivable		115,209		613,920		2,093,397
Reclaim Receivable		–		11,109		1,021,018
Prepaid Expenses		12,000		21,775		10,463
Total Assets		261,684,299		307,273,322		585,467,130
Liabilities:
Payable for Investment Securities Purchased		1,998,903		–		–
Payable for Capital Shares Redeemed		17,060		29,706		526,136
Audit Fees Payable		12,210		12,107		13,087
Payable Due to Adviser		177,474		202,951		393,910
Payable Due to Administrator		9,750		11,428		21,640
Payable Due to Trustees		283		118		359
Chief Compliance Officer Fees Payable		–		203		978
Other Accrued Expenses		6,085		10,547		66,540
Total Liabilities		2,221,765		267,060		1,022,650
Net Assets	$	259,462,534	$	307,006,262	$	584,444,480
Net Assets Consist of:
Paid-in Capital	$	141,341,497	$	204,938,482	$	538,968,155
Total Distributable Earnings		118,121,037		102,067,780		45,476,325
Net Assets	$	259,462,534	$	307,006,262	$	584,444,480
Institutional Class Shares:
Outstanding Shares of Beneficial Interest
(unlimited authorization — no par value)		6,990,155		5,586,936		46,322,379
Net Asset Value, Offering and Redemption Price
Per Share	$	37.12	$	54.95	$	12.62

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
	FOR THE PERIOD ENDED
	APRIL 30, 2024 (Unaudited)

STATEMENTS OF OPERATIONS

	CIBC Atlas Disciplined Equity Fund			CIBC Atlas Mid Cap Equity Fund			CIBC Atlas Income Opportunities Fund
Investment Income:
Dividends	$	12,591,804		$	3,085,067		$	5,869,203
Interest		—			—			4,905,963
Less: Foreign Taxes Withheld		—			(5,737	)		(63,062	)
Total Investment Income		12,591,804			3,079,330			10,712,104
Expenses:
Investment Advisory Fees		5,144,546			3,004,311			1,971,321
Administration Fees		362,078			182,443			149,715
Trustees’ Fees		28,431			14,148			11,837
Chief Compliance Officer Fees		4,922			2,619			2,211
Transfer Agent Fees		39,500			26,589			24,549
Custodian Fees		27,678			13,645			12,348
Legal Fees		23,367			11,728			9,681
Printing Fees		18,927			9,265			11,972
Registration and Filing Fees		17,411			14,846			13,936
Audit Fees		13,105			12,761			13,931
Other Expenses		25,256			13,639			15,146
Total Expenses		5,705,221			3,305,994			2,236,647
Less:
Fees Paid Indirectly (Note 4)		(21,117	)		(8,237	)		(6,880	)
Net Expenses		5,684,104			3,297,757			2,229,767
Net Investment Income (Loss)		6,907,700			(218,427	)		8,482,337
Net Realized Gain on:
Investments		50,586,601			19,640,922			8,265,535
Written Options		—			—			632,322
Net Realized Gain		50,586,601			19,640,922			8,897,857
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		210,040,291			136,075,757			51,683,647
Written Options		—			—			(94,155	)
Net Change in Unrealized Appreciation (Depreciation)		210,040,291			136,075,757			51,589,492
Net Realized and Unrealized Gain (Loss)		260,626,892			155,716,679			60,487,349
Net Increase in Net Assets Resulting from Operations	$	267,534,592		$	155,498,252		$	68,969,686

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, 2024 (Unaudited)

STATEMENTS OF OPERATIONS

	CIBC Atlas All Cap Growth Fund			CIBC Atlas Equity Income Fund			CIBC Atlas International Growth Fund
Investment Income:
Dividends	$	889,685		$	4,404,841		$	7,103,685
Less: Foreign Taxes Withheld		(2,825	)		(36,878	)		(561,792	)
Total Investment Income		886,860			4,367,963			6,541,893
Expenses:
Investment Advisory Fees		981,238			1,229,511			2,271,473
Administration Fees		54,472			70,026			126,193
Trustees’ Fees		4,080			5,562			9,860
Chief Compliance Officer Fees		997			1,198			1,898
Transfer Agent Fees		19,159			20,528			22,642
Registration and Filing Fees		13,883			14,640			13,107
Audit Fees		12,519			12,562			13,881
Custodian Fees		3,735			5,591			62,619
Legal Fees		3,443			4,523			8,092
Printing Fees		2,753			3,575			8,559
Other Expenses		5,109			6,321			10,140
Total Expenses		1,101,388			1,374,037			2,548,464
Less:
Fees Paid Indirectly (Note 4)		(14,950	)		(12,510	)		(5,286	)
Net Expenses		1,086,438			1,361,527			2,543,178
Net Investment Income (Loss)		(199,578	)		3,006,436			3,998,715
Net Realized Gain (Loss) on:
Investments		3,870,629			(3,457,705	)		(2,649,112	)
Foreign Currency Transactions		—			—			(134,225	)
Net Realized Gain (Loss)		3,870,629			(3,457,705	)		(2,783,337	)
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		52,085,467			55,373,567			68,743,902
Foreign Currency Translation		—			—			30,944
Net Change in Unrealized Appreciation (Depreciation)		52,085,467			55,373,567			68,774,846
Net Realized and Unrealized Gain (Loss)		55,956,096			51,915,862			65,991,509
Net Increase in Net Assets Resulting from Operations	$	55,756,518		$	54,922,298		$	69,990,224

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

STATEMENTS OF CHANGES IN NET ASSETS

	CIBC Atlas Disciplined Equity Fund
	Six Months Ended April 30, 2024 (Unaudited)			Year Ended October 31, 2023
Operations:
Net Investment Income	$	6,907,700		$	13,386,667
Net Realized Gain		50,586,601			59,048,007
Net Change in Unrealized Appreciation (Depreciation)		210,040,291			8,910,705
Net Increase in Net Assets Resulting from Operations		267,534,592			81,345,379
Distributions:
Institutional Class Shares		(72,698,157	)		(56,757,459	)
Total Distributions		(72,698,157	)		(56,757,459	)
Capital Share Transactions:
Institutional Class Shares
Issued		56,458,132			80,737,460
Reinvestment of Dividends and Distributions		64,763,273			55,814,926
Redeemed		(110,826,844	)		(195,647,228	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		10,394,561			(59,094,842	)
Total Increase (Decrease) in Net Assets		205,230,996			(34,506,922	)
Net Assets:
Beginning of Period		1,415,319,131			1,449,826,053
End of Period	$	1,620,550,127		$	1,415,319,131

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 Mid Cap Equity Fund
	Six Months Ended April 30, 2024 (Unaudited)			Year Ended October 31, 2023
Operations:
Net Investment Loss	$	(218,427	)	$	(182,642	)
Net Realized Gain		19,640,922			33,574,810
Net Change in Unrealized Appreciation (Depreciation)		136,075,757			(42,558,666	)
Net Increase (Decrease) in Net Assets Resulting from Operations		155,498,252			(9,166,498	)
Distributions:
Institutional Class Shares		(33,487,714	)		(10,361,737	)
Total Distributions		(33,487,714	)		(10,361,737	)
Capital Share Transactions:
Institutional Class Shares
Issued		49,596,785			83,590,182
Reinvestment of Dividends and Distributions		31,226,156			10,311,765
Redeemed		(46,591,438	)		(81,569,940	)
Net Increase in Net Assets from Capital Share Transactions		34,231,503			12,332,007
Total Increase (Decrease) in Net Assets		156,242,041			(7,196,228	)
Net Assets:
Beginning of Period		674,460,154			681,656,382
End of Period	$	830,702,195		$	674,460,154

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 Income Opportunities Fund
	Six Months Ended April 30, 2024 (Unaudited)			Year Ended October 31, 2023
Operations:
Net Investment Income	$	8,482,337		$	14,990,675
Net Realized Gain		8,897,857			3,595,895
Net Change in Unrealized Appreciation (Depreciation)		51,589,492			9,608,695
Net Increase in Net Assets Resulting from Operations		68,969,686			28,195,265
Distributions:
Institutional Class Shares		(8,334,485	)		(14,500,190	)
Total Distributions		(8,334,485	)		(14,500,190	)
Capital Share Transactions:
Institutional Class Shares
Issued		35,613,947			48,949,815
Reinvestment of Dividends and Distributions		4,659,124			12,742,418
Redeemed		(46,839,593	)		(80,905,456	)
Net Decrease in Net Assets from Capital Share Transactions		(6,566,522	)		(19,213,223	)
Total Increase (Decrease) in Net Assets		54,068,679			(5,518,148	)
Net Assets:
Beginning of Period		603,775,611			609,293,759
End of Period	$	657,844,290		$	603,775,611

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 All Cap Growth Fund
	Six Months Ended April 30, 2024 (Unaudited)			Year Ended October 31, 2023
Operations:
Net Investment Loss	$	(199,578	)	$	(227,059	)
Net Realized Gain		3,870,629			2,592,318
Net Change in Unrealized Appreciation (Depreciation)		52,085,467			10,980,351
Net Increase in Net Assets Resulting from Operations		55,756,518			13,345,610
Distributions:
Institutional Class Shares		(2,617,322	)		(11,625,315	)
Total Distributions		(2,617,322	)		(11,625,315	)
Capital Share Transactions:
Institutional Class Shares
Issued		31,147,170			20,294,268
Reinvestment of Dividends and Distributions		2,589,389			11,474,279
Redeemed		(14,019,145	)		(49,890,220	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions		19,717,414			(18,121,673	)
Total Increase (Decrease) in Net Assets		72,856,610			(16,401,378	)
Net Assets:
Beginning of Period		186,605,924			203,007,302
End of Period	$	259,462,534		$	186,605,924

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 Equity Income Fund
	Six Months Ended April 30, 2024 (Unaudited)			Year Ended October 31, 2023
Operations:
Net Investment Income	$	3,006,436		$	6,507,685
Net Realized Loss		(3,457,705	)		(4,799,454	)
Net Change in Unrealized Appreciation (Depreciation)		55,373,567			(3,746,721	)
Net Increase (Decrease) in Net Assets Resulting from Operations		54,922,298			(2,038,490	)
Distributions
Institutional Shares		(2,510,219	)		(9,432,193	)
Return of Capital		–			(805,582	)
Total Distributions		(2,510,219	)		(10,237,775	)
Capital Share Transactions:
Institutional Shares
Issued		15,952,362			53,366,984
Reinvestment of Dividends and Distributions		2,184,196			9,279,902
Redeemed		(42,538,684	)		(80,869,650	)
Net Decrease in Net Assets from Capital Share Transactions		(24,402,126	)		(18,222,764	)
Total Increase (Decrease) in Net Assets		28,009,953			(30,499,029	)
Net Assets:
Beginning of Period		278,996,309			309,495,338
End of Period	$	307,006,262		$	278,996,309

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 International Growth Fund
	Six Months Ended April 30, 2024 (Unaudited)			Year Ended October 31, 2023
Operations:
Net Investment Income	$	3,998,715		$	6,264,749
Net Realized Loss		(2,783,337	)		(10,419,152	)
Net Change in Unrealized Appreciation (Depreciation)		68,774,846			45,581,881
Net Increase in Net Assets Resulting from Operations		69,990,224			41,427,478
Distributions:
Institutional Class Shares		(6,353,603	)		(5,493,762	)
Total Distributions		(6,353,603	)		(5,493,762	)
Capital Share Transactions:
Institutional Class Shares
Issued		60,752,894			194,444,336
Reinvestment of Dividends and Distributions		4,878,254			5,380,714
Redeemed		(37,662,176	)		(76,889,640	)
Net Increase in Net Assets from Capital Share Transactions		27,968,972			122,935,410
Total Increase in Net Assets		91,605,593			158,869,126
Net Assets:
Beginning of Period		492,838,887			333,969,761
End of Period	$	584,444,480		$	492,838,887

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

37

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 Ended April 30, 2024 (Unaudited)			Year Ended October 31,
Institutional Class Shares				2023			2022			2021			2020			2019
Net Asset Value, Beginning of Period/ Year	$	25.56		$	25.18		$	32.36		$	23.69		$	21.81		$	20.76
Income (Loss) from Investment Operations:
Net Investment Income*		0.12			0.24			0.20			0.15			0.17			0.34
Net Realized and Unrealized Gain (Loss)		4.69			1.13			(5.18	)		9.19			2.18			2.29
Total from Investment Operations		4.81			1.37			(4.98	)		9.34			2.35			2.63
Dividends and Distributions:
Net Investment Income		(0.25	)		(0.22	)		(0.15	)		(0.16	)		(0.18	)		(0.32	)
Net Realized Gains		(1.07	)		(0.77	)		(2.05	)		(0.51	)		(0.29	)		(1.26	)
Total Dividends and Distributions		(1.32	)		(0.99	)		(2.20	)		(0.67	)		(0.47	)		(1.58	)
Net Asset Value, End of Period/Year	$	29.05		$	25.56		$	25.18		$	32.36		$	23.69		$	21.81
Total Return †		19.04%			5.73%			(16.61	)%		40.11%			10.89%			14.55%
Ratios and Supplemental Data Net Assets, End of Period/Year (Thousands)	$	1,620,550		$	1,415,319		$	1,449,826		$	1,811,974		$	1,319,591		$	1,190,278
Ratio of Expenses to Average Net Assets (Including Waivers, Reimbursements and Fees Paid Indirectly)		0.72%**			0.72%			0.72%			0.72%			0.74%			0.75%
Ratio of Expenses to Average Net Assets (Excluding Waivers, Reimbursements and Fees Paid Indirectly)		0.72%**			0.72%			0.72%			0.72%			0.74%			0.75%
Ratio of Net Investment Income to Average Net Assets		0.87%**			0.91%			0.72%			0.54%			0.74%			1.68%
Portfolio Turnover Rate		8%***			10%			13%			19%			19%			13%

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

* 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.

38

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 Ended April 30, 2024 (Unaudited)		Year Ended October 31,
Institutional Class Shares			2023		2022		2021		2020		2019
Net Asset Value, Beginning of Period/ Year	$	16.33	$	16.78	$	23.66	$	17.34	$	16.27	$	13.85
Income (Loss) from Investment Operations:
Net Investment Loss*		(0.01)		—		(0.05)		(0.09)		(0.02)		(0.01)
Net Realized and Unrealized Gain (Loss)		3.76		(0.19)		(4.55)		6.91		1.09		2.43
Total from Investment Operations		3.75		(0.19)		(4.60)		6.82		1.07		2.42
Dividends and Distributions:
Net Realized Gains		(0.81)		(0.26)		(2.28)		(0.50)		—		—
Total Dividends and Distributions		(0.81)		(0.26)		(2.28)		(0.50)		—		—
Net Asset Value, End of Period/Year	$	19.27	$	16.33	$	16.78	$	23.66	$	17.34	$	16.27
Total Return †		23.17%		(1.15)%		(21.53)%		39.86%		6.58%		17.47%
Ratios and Supplemental Data Net Assets, End of Period/Year (Thousands)	$	830,702	$	674,460	$	681,656	$	950,136	$	714,895	$	727,278
Ratio of Expenses to Average Net Assets (Including Waivers, Reimbursements and Fees Paid Indirectly)		0.82%**		0.83%		0.83%		0.83%		0.84%		0.84%
Ratio of Expenses to Average Net Assets (Excluding Waivers, Reimbursements and Fees Paid Indirectly)		0.83%**		0.83%		0.83%		0.83%		0.84%		0.84%
Ratio of Net Investment Loss to Average Net Assets		(0.05)%**		(0.03)%		(0.27)%		(0.41)%		(0.14)%		(0.09)%
Portfolio Turnover Rate		6%***		32%		20%		26%		25%		18%

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

* 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
	INCOME OPPORTUNITIES FUND

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

	Six Months Ended April 30, 2024 (Unaudited)		Year Ended October 31,
Institutional Class Shares			2023		2022		2021		2020		2019
Net Asset Value, Beginning of Period/ Year	$	13.61	$	13.31	$	15.81	$	12.72	$	12.38	$	11.26
Income (Loss) from Investment Operations:
Net Investment Income*		0.19		0.34		0.29		0.26		0.26		0.29
Net Realized and Unrealized Gain (Loss)		1.37		0.29		(2.15)		3.09		0.35		1.16
Total from Investment Operations		1.56		0.63		(1.86)		3.35		0.61		1.45
Dividends and Distributions:
Net Investment Income		(0.19)		(0.33)		(0.30)		(0.26)		(0.27)		(0.28)
Net Realized Gains		—		—		(0.34)		—		—		(0.05)
Total Dividends and Distributions		(0.19)		(0.33)		(0.64)		(0.26)		(0.27)		(0.33)
Net Asset Value, End of Period/Year	$	14.98	$	13.61	$	13.31	$	15.81	$	12.72	$	12.38
Total Return †		11.44%		4.69%		(12.21)%		26.51%		5.07%		13.14%
Ratios and Supplemental Data Net Assets, End of Period/Year (Thousands)	$	657,844	$	603,776	$	609,294	$	672,173	$	508,104	$	471,877
Ratio of Expenses to Average Net Assets (Including Waivers, Reimbursements and Fees Paid Indirectly)		0.68%**		0.69%		0.69%		0.68%		0.69%		0.70%
Ratio of Expenses to Average Net Assets (Excluding Waivers, Reimbursements and Fees Paid Indirectly)		0.68%**		0.69%		0.69%		0.68%		0.69%		0.70%
Ratio of Net Investment Income to Average Net Assets		2.58%**		2.41%		1.98%		1.78%		2.06%		2.45%
Portfolio Turnover Rate		7%***		28%		20%		19%		21%		15%

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

* 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
	ALL CAP GROWTH FUND

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

	Six Months Ended April 30, 2024		Year Ended October 31,
Institutional Class Shares	(Unaudited)		2023		2022		2021		2020			2019
Net Asset Value, Beginning of Period/ Year	$	28.87	$	28.63	$	43.08	$	33.85	$	30.40		$	30.98
Income (Loss) from Investment Operations:
Net Investment Loss*		(0.03)		(0.03)		(0.02)		(0.14)		(0.20)			(0.21)
Net Realized and Unrealized Gain (Loss)		8.68		2.05		(10.02)		12.12		6.59			4.40
Total from Investment Operations		8.65		2.02		(10.04)		11.98		6.39			4.19
Dividends and Distributions:
Net Realized Gains		(0.40)		(1.78)		(4.41)		(2.75)		(2.94)			(4.77)
Total Dividends and Distributions		(0.40)		(1.78)		(4.41)		(2.75)		(2.94)			(4.77)
Net Asset Value, End of Period/Year	$	37.12	$	28.87	$	28.63	$	43.08	$	33.85		$	30.40
Total Return †		30.09%		7.78%		(26.01)%		37.35%		22.71%			18.51%
Ratios and Supplemental Data Net Assets, End of Period/Year (Thousands)	$	259,463	$	186,606	$	203,007	$	312,119	$	210,258		$	186,008
Ratio of Expenses to Average Net Assets (Including Waivers, Reimbursements and Fees Paid Indirectly)		0.91%**		0.92%		0.92%		0.96%‡		1.10%	‡		1.10%‡
Ratio of Expenses to Average Net Assets (Excluding Waivers, Reimbursements and Fees Paid Indirectly)		0.92%**		0.92%		0.92%		0.92%		0.94%			0.95%
Ratio of Net Investment Loss to Average Net Assets		(0.17)%**		(0.12)%		(0.07)%		(0.37)%		(0.66)%			(0.72)%
Portfolio Turnover Rate		15%***		44%		57%		66%		49%			56%

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

^*  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.

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

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

41

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, 2024		Year Ended October 31,
Institutional Class Shares	(Unaudited)		2023		2022		2021		2020		2019
Net Asset Value, Beginning of Period/ Year	$	46.15	$	48.27	$	58.99	$	43.35	$	43.60	$	38.44
Income (Loss) from Investment Operations:
Net Investment Income*		0.52		1.03		0.78		0.42		0.32		0.22
Net Realized and Unrealized Gain (Loss)		8.72		(1.51)		(7.52)		18.46		1.19		7.19
Total from Investment Operations		9.24		(0.48)		(6.74)		18.88		1.51		7.41
Dividends and Distributions:
Net Investment Income		(0.44)		(0.83)		(0.89)		(0.71)		(0.48)		(0.37)
Net Realized Gains		—		(0.68)		(3.09)		(2.53)		(1.28)		(1.88)
Return of Capital		—		(0.13)		—		—		—		—
Total Dividends and Distributions		(0.44)		(1.64)		(3.98)		(3.24)		(1.76)		(2.25)
Net Asset Value, End of Period/Year	$	54.95	$	46.15	$	48.27	$	58.99	$	43.35	$	43.60
Total Return †		20.02%		(1.03)%		(12.16)%		45.57%		3.45%		20.94%
Ratios and Supplemental Data Net Assets, End of Period/Year (Thousands)	$	307,006	$	278,996	$	309,495	$	220,298	$	133,560	$	136,194
Ratio of Expenses to Average Net Assets (Including Waivers, Reimbursements and Fees Paid Indirectly)		0.89%**		0.90%		0.90%		0.95%‡		1.10%‡		1.10%‡
Ratio of Expenses to Average Net Assets (Excluding Waivers, Reimbursements and Fees Paid Indirectly)		0.89%**		0.90%		0.90%		0.91%		0.94%		0.95%
Ratio of Net Investment Income to Average Net Assets		1.96%**		2.13%		1.51%		0.81%		0.74%		0.55%
Portfolio Turnover Rate		10%***		27%		23%		30%		30%		23%

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

^*  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.

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

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

42

THE ADVISORS’ INNER CIRCLE FUND	CIBC ATLAS
	INTERNATIONAL GROWTH FUND

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

	Six Months Ended April 30, 2024		Year Ended October 31,								Period Ended October 31, 2019(1)
Institutional Class Shares	(Unaudited)		2023		2022		2021		2020
Net Asset Value, Beginning of Period/ Year	$	11.18	$	9.85	$	13.34	$	10.66	$	10.38	$	10.00
Income (Loss) from Investment Operations:
Net Investment Income*		0.09		0.16		0.17		0.07		0.06		0.03
Net Realized and Unrealized Gain (Loss)		1.49		1.34		(3.41)		2.64		0.24		0.35
Total from Investment Operations		1.58		1.50		(3.24)		2.71		0.30		0.38
Dividends and Distributions:
Net Investment Income		(0.14)		(0.17)		(0.04)		(0.03)		(0.01)		—
Net Realized Gains		—		—		(0.21)		—		(0.01)		—
Total Dividends and Distributions		(0.14)		(0.17)		(0.25)		(0.03)		(0.02)		—
Net Asset Value, End of Period/Year	$	12.62	$	11.18	$	9.85	$	13.34	$	10.66	$	10.38
Total Return †		14.18%		15.22%		(24.69)%		25.46%		2.81%		3.80%
Ratios and Supplemental Data Net Assets, End of Period/Year (Thousands)	$	584,444	$	492,839	$	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%		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%		0.94%		1.07%		1.74%**
Ratio of Net Investment Income to Average Net Assets		1.44%**		1.38%		1.44%		0.53%		0.60%		0.65%**
Portfolio Turnover Rate		6%***		13%		14%		13%		10%		6%***

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

^*  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.

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

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

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

43

THE ADVISORS’ INNER CIRCLE FUND	CIBC ATLAS FUNDS
	APRIL 30, 2024
	(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 26 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.

2. Significant Accounting Policies:

The accompanying financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) and are presented in U.S. dollars which is the functional currency of the Funds. The

44

THE ADVISORS’ INNER CIRCLE FUND	CIBC ATLAS FUNDS
	APRIL 30, 2024
	(Unaudited)

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

Use of Estimates — The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates and such differences could be material.

Security Valuation — Securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (except for securities traded on NASDAQ), including securities traded over the counter, are valued at the last quoted sale price on an exchange or market (foreign or domestic) on which they are traded on the valuation date (or at approximately 4:00 pm ET if a security’s primary exchange is normally open at that time), or, if there is no such reported sale on the valuation date, at the most recent quoted bid price. For securities traded on NASDAQ, the NASDAQ Official Closing Price will be used. 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

45

THE ADVISORS’ INNER CIRCLE FUND	CIBC ATLAS FUNDS
	APRIL 30, 2024
	(Unaudited)

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 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 valued in accordance with fair value procedures (the “Fair Value Procedures”) established by the Adviser and approved by the Trust’s Board of Trustees (the “Board”). Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated the Adviser as the “valuation designee” to determine the fair value of securities and other instruments for which no readily available market quotations are available. The Fair Value Procedures are implemented through a Fair Value Committee (the “Committee”) of the Adviser.

Some of the more common reasons that may necessitate that a security be valued using Fair Value Procedures include: the security’s trading has been halted or suspended; the security has been de-listed from a national exchange; the security’s primary trading market is temporarily closed at a time when under normal conditions it would be open; the security has not been traded for an extended period of time; the security’s primary pricing source is not able or willing to provide a price; or trading of the security is subject to local government imposed restrictions. When a security is valued in accordance with the Fair Value Procedures, the Committee will determine the value after taking into consideration relevant information reasonably available to the Committee. As of April 30, 2024, 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

46

THE ADVISORS’ INNER CIRCLE FUND	CIBC ATLAS FUNDS
	APRIL 30, 2024
	(Unaudited)

measurement is to determine the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). Accordingly, the fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below:

• Level 1 — Unadjusted quoted prices in active markets for identical, unrestricted assets or liabilities that the 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

47

THE ADVISORS’ INNER CIRCLE FUND	CIBC ATLAS FUNDS
	APRIL 30, 2024
	(Unaudited)

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.

As of and during the year ended April 30, 2024, 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 year ended April 30, 2024, the Funds did not incur any interest or penalties.

Withholding taxes on foreign dividends have been provided for in accordance with the Funds’ understanding of the applicable country’s tax rules and rates. The Funds or their agent files withholding tax reclaims in certain jurisdictions to recover certain amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. Professional fees paid to those that provide assistance in receiving the tax reclaims, which generally are contingent upon successful receipt of reclaimed amounts, are recorded in Professional Fees on the Statement of Operations once the amounts are due. The professional fees related to pursuing these tax reclaims are not subject to the Adviser’s expense limitation agreement.

Security Transactions and Investment Income — Security transactions are accounted for on trade date for financial reporting purposes. Costs used in determining realized gains 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.

48

THE ADVISORS’ INNER CIRCLE FUND	CIBC ATLAS FUNDS
	APRIL 30, 2024
	(Unaudited)

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.

Written/Purchased Options — 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 written or purchased option. 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.

49

THE ADVISORS’ INNER CIRCLE FUND	CIBC ATLAS FUNDS
	APRIL 30, 2024
	(Unaudited)

For the period ended April 30, 2024, the average quarterly balances for written options were as follows:

Average Market Value Balance Short for Written Options:   $332,305

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 options are reported on the Statement of Operations as net realized gain or loss on written options and net change in unrealized depreciation or appreciation on written options. Written options transactions entered into during the period ended April 30, 2024, 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

50

THE ADVISORS’ INNER CIRCLE FUND	CIBC ATLAS FUNDS
	APRIL 30, 2024
	(Unaudited)

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 — The International Growth Fund imposes a 1.00% redemption fee on the current value of shares redeemed less than 30 days from the date of purchase (subject to certain exceptions as disclosed in the Fund’s prospectus). For the period ended April 30, 2024, the Fund did not collect any redemption fees.

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

51

THE ADVISORS’ INNER CIRCLE FUND	CIBC ATLAS FUNDS
	APRIL 30, 2024
	(Unaudited)

number of share classes and the average daily net assets of the Funds. For the period ended April 30, 2024, the Disciplined Equity Fund, Mid Cap Equity Fund, Income Opportunities Fund, All Cap Growth Fund, Equity Income Fund and International Growth Fund incurred $362,078, $182,443, $149,715, $54,472, $70,026 and $126,193 respectively, for these services.

SS&C Global Investor & Distribution Solutions, 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, 2024, the Disciplined Equity Fund, Mid Cap Equity Fund, Income Opportunities, All Cap Growth Fund, Equity Income Fund and International Growth Fund earned credits of $21,117, $8,237, $6,880, $14,950, $12,510 and $5,286, respectively, which were used to offset transfer agent expenses. These amounts are labeled as “Fees Paid Indirectly” on the Statements of Operations.

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.

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THE ADVISORS’ INNER CIRCLE FUND	CIBC ATLAS FUNDS
	APRIL 30, 2024
	(Unaudited)

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, 2025. Refer to waiver of investment advisory fees on the Statements of Operations for fees waived for the period ended April 30, 2024. 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-year period during which this agreement was in place. This agreement may be terminated at any time. As of April 30, 2024, 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,  2024 (Unaudited)						Year Ended October 31, 2023
	Shares			Dollars ($)			Shares			Dollars ($)
Institutional Class Shares
Issued		1,990,232			56,458,132			3,159,769			80,737,460
Reinvestment of Dividends and Distributions		2,327,103			64,763,273			2,315,195			55,814,926
Redeemed		(3,905,020	)		(110,826,844	)		(7,697,024	)		(195,647,228	)
Net Increase/(Decrease) in Shares Outstanding from Share Transactions		412,315			10,394,561			(2,222,060	)		(59,094,842	)

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THE ADVISORS’ INNER CIRCLE FUND	CIBC ATLAS FUNDS
	APRIL 30, 2024
	(Unaudited)

	Mid Cap Equity Fund
	Six Months Ended April 30, 2024 (Unaudited)						Year Ended October 31, 2023
	Shares			Dollars ($)			Shares			Dollars ($)
Institutional Class Shares
Issued		2,584,504			49,596,785			4,766,527			83,590,182
Reinvestment of Dividends and Distributions		1,681,538			31,226,156			631,848			10,311,765
Redeemed		(2,459,756	)		(46,591,438	)		(4,716,464	)		(81,569,940	)
Net Increase in Shares Outstanding from Share Transactions		1,806,286			34,231,503			681,911			12,332,007
	Income Opportunities Fund
	Six Months Ended April 30, 2024 (Unaudited)						Year Ended October 31, 2023
	Shares			Dollars ($)			Shares			Dollars ($)
Institutional Class Shares
Issued		2,371,495			35,613,947			3,514,786			48,949,815
Reinvestment of Dividends and Distributions		306,036			4,659,124			922,572			12,742,418
Redeemed		(3,118,009	)		(46,839,593	)		(5,836,657	)		(80,905,456	)
Net Decrease in Shares Outstanding from Share Transactions		(440,478	)		(6,566,522	)		(1,399,299	)		(19,213,223	)
	All Cap Growth Fund
	Six Months Ended April 30, 2024 (Unaudited)						Year Ended October 31, 2023
	Shares			Dollars ($)			Shares			Dollars ($)
Institutional Class Shares
Issued		846,735			31,147,170			696,971			20,294,268
Reinvestment of Dividends and Distributions		75,295			2,589,389			444,395			11,474,279
Redeemed		(396,315	)		(14,019,145	)		(1,767,809	)		(49,890,220	)
Net Increase/(Decrease) in Shares Outstanding from Share Transactions		525,715			19,717,414			(626,443	)		(18,121,673	)

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THE ADVISORS’ INNER CIRCLE FUND	CIBC ATLAS FUNDS
	APRIL 30, 2024
	(Unaudited)

	Equity Income Fund
	Six Months Ended April 30, 2024 (Unaudited)						Year Ended October 31, 2023
	Shares			Dollars ($)			Shares			Dollars ($)
Institutional Class Shares
Issued		295,430			15,952,362			1,110,552			53,366,984
Reinvestment of Dividends and Distributions		39,594			2,184,196			197,126			9,279,902
Redeemed		(793,861	)		(42,538,684	)		(1,674,166	)		(80,869,650	)
Net Decrease in Shares Outstanding from Share Transactions		(458,837	)		(24,402,126	)		(366,488	)		(18,222,764	)
	International Growth Fund
	Six Months Ended April 30, 2024 (Unaudited)						Year Ended October 31, 2023
	Shares			Dollars ($)			Shares			Dollars ($)
Institutional Class Shares
Issued		4,917,794			60,752,894			16,507,723			194,444,336
Reinvestment of Dividends and Distributions		394,362			4,878,254			491,389			5,380,714
Redeemed		(3,066,932	)		(37,662,176	)		(6,820,538	)		(76,889,640	)
Net Increase in Shares Outstanding from Share Transactions		2,245,224			27,968,972			10,178,574			122,935,410

7. Investment Transactions:

The cost of purchases and proceeds from security sales, other than short-term securities, for the period ended April 30, 2024, are as follows:

	Purchases		Sales		U.S. Government Purchases		U.S. Government Sales
Disciplined Equity Fund	$	124,690,349	$	178,883,180	$	–	$	–
Mid Cap Equity Fund		48,081,936		51,841,608		–		–
Income Opportunities Fund		35,933,633		39,330,177		12,520,483		2,036,503
All Cap Growth Fund		43,267,336		35,470,248		–		–
Equity Income Fund		30,700,222		49,283,601		–		–
International Growth Fund		51,224,816		31,230,428		–		–

8. Derivative Transactions:

The following tables show the derivatives categorized by underlying risk exposure.

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THE ADVISORS’ INNER CIRCLE FUND	CIBC ATLAS FUNDS
	APRIL 30, 2024
	(Unaudited)

The fair value of derivative instruments as of April 30, 2024 was as follows:

	Asset Derivatives				Liability Derivatives
	Statements of Assets and Liability Location	Fair Value			Statements of Assets and Liability Location	Fair Value
Derivatives not accounted for as hedging instruments:
Income Opportunities Fund
Equity contracts	–	$	–	Equity contracts	Written Options, at value	$	528,301
Total Derivatives not accounted for as hedging instruments		$	–			$	528,301

The effect of derivative instruments on the Statements of Operations for the period ended April 30, 2024:

Amount of realized gain or (loss) on derivatives recognized in income:

	Written  Options
Income Opportunities Fund
Equity contracts	$	632,322

Change in unrealized appreciation or (depreciation) on derivatives recognized in income:

	Written  Options
Income Opportunities Fund
Equity contracts	$	(94,155	)

9. 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), reclassification of distributions and partnership investments.

The tax character of dividends and distributions paid during the years ended

56

THE ADVISORS’ INNER CIRCLE FUND	CIBC ATLAS FUNDS
	APRIL 30, 2024
	(Unaudited)

October 31, 2023 and October 31, 2022 were as follows:

	Ordinary Income		Long-Term Capital Gain		Return of Capital		Total
Disciplined Equity Fund
2023	$	12,874,032	$	43,883,427	$	–	$	56,757,459
2022		9,284,442		113,761,841		–		123,046,283
Mid Cap Equity Fund
2023		–		10,361,737		–		10,361,737
2022		–		91,134,908		–		91,134,908
Income Opportunities Fund
2023		14,500,190		–		–		14,500,190
2022		13,341,217		14,597,768		–		27,938,985
All Cap Growth Fund
2023		–		11,625,315		–		11,625,315
2022		–		32,006,452		–		32,006,452
Equity Income Fund
2023		5,202,910		4,229,283		805,582		10,237,775
2022		4,027,127		12,078,939		–		16,106,066
International Growth Fund
2023		5,493,762		–		–		5,493,762
2022		1,287,622		6,678,653		–		7,966,275

As of October 31, 2023, the components of distributable earnings (accumulated losses) on a tax basis were as follows:

	Undistributed Ordinary Income			Undistributed Long-Term Capital Gain			Late-Year Loss Deferral			Capital Loss Carryforwards			Unrealized Appreciation			Other Temporary Differences			Total Distributable Earnings (Accumulated Losses)
Disciplined Equity Fund	$	10,097,879		$	58,827,840		$	—		$	—		$	646,179,081		$	—		$	715,104,800
Mid Cap Equity Fund		—			33,484,244			(509,973	)		—			170,945,390			222			203,919,883
Income Opportunities Fund		742,761			—			—			(690,093	)		107,661,518			183,203			107,897,389
All Cap Growth Fund		—			2,616,432			(227,057	)		—			62,592,473			(7	)		64,981,841
Equity Income Fund		—			—			—			(1,505,911	)		55,687,249			(4,525,637	)		49,655,701
International Growth Fund		6,028,199			—			—			(24,962,219	)		773,722			2			(18,160,296	)

Late-year loss deferrals represent ordinary losses realized on investment transactions from January 1, 2023 through October 31, 2023. 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
	APRIL 30, 2024
	(Unaudited)

The Funds have capital loss carryforwards as follows:

	Short-Term Loss			Long-Term Loss				Total
Income Opportunities Fund	$	690,093			—			$	690,093
Equity Income Fund		1,505,911			—				1,505,911
International Growth Fund		9,791,363			15,170,856				24,962,219

During the year ended October 31, 2023, the Income Opportunities Fund utilized $3,539,736 of short-term 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, PFIC and perpetual bonds.

The Federal tax cost and aggregate gross unrealized appreciation and depreciation for the investments held by the Funds at April 30, 2024, were as follows:

	Federal   Tax Cost		Aggregate Gross Unrealized  Appreciation		Aggregate Gross Unrealized  Depreciation			Net Unrealized Appreciation/   (Depreciation)
Disciplined Equity Fund	$	762,953,706	$	862,737,989	$	(4,907,048	)	$	857,830,941
Mid Cap Equity Fund		523,049,577		312,502,267		(5,029,680	)		307,472,587
Income Opportunities Fund		498,188,031		178,102,980		(18,151,676	)		159,951,304
All Cap Growth Fund		146,467,192		115,211,253		(361,898	)		114,849,355
Equity Income Fund		197,167,924		113,470,051		(4,128,648	)		109,341,403
International Growth Fund		511,051,271		105,949,058		(35,629,382	)		70,319,676

10. 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.

58

THE ADVISORS’ INNER CIRCLE FUND	CIBC ATLAS FUNDS
	APRIL 30, 2024
	(Unaudited)

Equity Risk (Disciplined Equity Fund, Mid Cap Equity Fund, Income Opportunities Fund, All Cap Growth Fund, Equity Income Fund, International Growth Fund) — Since it purchases equity securities, the Fund is subject to the risk that stock prices will fall over short or extended periods of time. Historically, the equity markets have moved in cycles, and the value of the Fund’s equity securities may fluctuate drastically from day to day. Individual companies may report poor results or be negatively affected by industry and/ or economic trends and developments. The prices of securities issued by such companies may suffer a decline in response. These factors contribute to price volatility, which is the principal risk of investing in the Fund.

Foreign Securities Risk (Disciplined Equity Fund) — The Fund’s foreign investments may be affected by changes in a foreign country’s exchange rates, political and social instability, changes in economic or taxation policies, difficulties when enforcing obligations, decreased liquidity, and increased volatility. Foreign companies may be subject to less regulation resulting in less publicly available information about the companies. 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.

Foreign Currency Risk (Mid Cap Equity Fund, Income Opportunities Fund, All Cap Growth Fund, Equity Income Fund, International Growth Fund) —As a result of the Fund’s investments in securities or other investments denominated in, and/or receiving revenues in, foreign currencies, the Fund will be subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar, in which case, the dollar value of an investment in the Fund would be adversely affected.

Small- and Mid-Capitalization Company Risk (Mid Cap Equity Fund, All Cap Growth Fund, Equity Income Fund, International Growth Fund) — The small-and mid-capitalization companies in which the Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, investments in these small- and midsized companies may pose additional risks, including liquidity risk, because these companies tend to have limited product lines, markets and financial resources, and may depend upon a relatively small management group. Therefore, small-and mid-cap stocks may be more volatile than those of larger companies. These securities may be traded over-the-counter or listed on an exchange.

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THE ADVISORS’ INNER CIRCLE FUND	CIBC ATLAS FUNDS
	APRIL 30, 2024
	(Unaudited)

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.

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 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. In addition, the

60

THE ADVISORS’ INNER CIRCLE FUND	CIBC ATLAS FUNDS
	APRIL 30, 2024
	(Unaudited)

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 the 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 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

61

THE ADVISORS’ INNER CIRCLE FUND	CIBC ATLAS FUNDS
	APRIL 30, 2024
	(Unaudited)

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 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.

62

THE ADVISORS’ INNER CIRCLE FUND	CIBC ATLAS FUNDS
	APRIL 30, 2024
	(Unaudited)

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 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.

63

THE ADVISORS’ INNER CIRCLE FUND	CIBC ATLAS FUNDS
	APRIL 30, 2024
	(Unaudited)

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.

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, such as the energy 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 Energy companies are affected by worldwide energy prices and costs related to energy production. These companies may have significant operations in areas at risk for natural disasters, social unrest and environmental damage. These companies may also be at risk for increased government regulation and intervention, energy conservation efforts, litigation and negative publicity and perception.

REIT Risk (Equity Income Fund, International Growth Fund) — REITs are susceptible to the risks associated with direct ownership of real estate, such

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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. REITs may concentrate their investments in specific geographic areas or in specific property types, and 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; and other factors outside the control of the issuer of the security.

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 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 U.S. Securities and Exchange Commission (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 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

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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.

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

Micro-Capitalization Company Risk (All Cap Growth Fund and Equity Income Fund) — Micro-capitalization companies may be newly formed or in the early stages of development with limited product lines, markets or financial resources. Therefore, micro-capitalization companies may be less financially secure than large-, mid- and small-capitalization companies and may be more vulnerable to key personnel losses due to reliance on a smaller number of management personnel. In addition, there may be less public information available about these companies. Micro-cap stock prices may be more volatile than large-, mid and small-capitalization companies and such stocks may be more thinly traded and thus difficult for the Fund to buy and sell in the market.

Sector Focus Risk (Equity Income Fund) — Because the Fund may, from time to time, be more heavily invested in particular sectors, the value of its shares may be especially sensitive to factors and economic risks that specifically affect those sectors. As a result, the Fund’s share price may fluctuate more widely than the value of shares of a mutual fund that invests in a broader range of sectors.

Information Technology Sector Risk (Equity Income Fund) — Information

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technology companies face intense competition, both domestically and internationally, which may have an adverse effect on profit margins. Like other technology companies, information technology companies may have limited product lines, markets, financial resources or personnel. The products of information technology companies may face obsolescence due to rapid technological developments, frequent new product introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. Companies in the information technology sector are heavily dependent on patent and intellectual property rights. The loss or impairment of these rights may adversely affect the profitability of these companies.

Financials Sector Risk (Equity Income Fund) — Performance of companies in the financials sector may be adversely impacted by many factors, including, among others, government regulations, economic conditions, credit rating downgrades, changes in interest rates, and decreased liquidity in credit markets. The impact of more stringent capital requirements, recent or future regulation of any individual financial company, or recent or future regulation of the financials sector as a whole cannot be predicted. In recent years, cyber attacks and technology malfunctions have become increasingly frequent in this sector and have caused significant losses to companies in this sector, which may negatively impact the Fund.

American Depositary Receipts Risk (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.

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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.

11. Line of Credit:

The Funds entered into an agreement on August 1, 2023, which enables them to participate in a $30 million uncommitted revolving line of credit with the Custodian. The agreement expires on July 29, 2024. 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. During and as of the six months ended April 30, 2024, there were no borrowings in the Funds.

12. Other:

At April 30, 2024, the percentage of total shares outstanding held by shareholders owning 10% or greater 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	4	89%
Mid Cap Equity Fund	4	92%
Income Opportunities Fund	4	88%
All Cap Growth Fund	2	91%
Equity Income Fund	2	84%
International Growth Fund	5	100%

13. 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.

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14. 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, 2024.

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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, 2023 to April 30, 2024.

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
	11/01/23		4/30/24		Ratios			Period*
CIBC Atlas Disciplined Equity Fund
Actual Fund Return
Institutional Class Shares		$1,000.00		$1,190.40		0.72	%		$3.92
Hypothetical 5% Return
Institutional Class Shares		$1,000.00		$1,021.28		0.72	%		$3.62
CIBC Atlas Mid Cap Equity Fund
Actual Fund Return
Institutional Class Shares		$1,000.00		$1,231.70		0.82	%		$4.55
Hypothetical 5% Return
Institutional Class Shares		$1,000.00		$1,020.79		0.82	%		$4.12
CIBC Atlas Income Opportunities Fund
Actual Fund Return
Institutional Class Shares		$1,000.00		$1,114.40		0.68	%		$3.57
Hypothetical 5% Return
Institutional Class Shares		$1,000.00		$1,021.48		0.68	%		$3.42
CIBC Atlas All Cap Growth Fund
Actual Fund Return
Institutional Class Shares		$1,000.00		$1,300.90		0.91	%		$5.21
Hypothetical 5% Return
Institutional Class Shares		$1,000.00		$1,020.34		0.91	%		$4.57
CIBC Atlas Equity Income Fund
Actual Fund Return
Institutional Class Shares		$1,000.00		$1,200.20		0.89	%		$4.87
Hypothetical 5% Return
Institutional Class Shares		$1,000.00		$1,020.44		0.89	%		$4.47
CIBC Atlas International Growth Fund
Actual Fund Return
Institutional Class Shares		$1,000.00		$1,141.80		0.92	%		$4.90
Hypothetical 5% Return
Institutional Class Shares		$1,000.00		$1,020.29		0.92	%		$4.62

* Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period shown).

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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

2222 Market Street

Philadelphia, PA 19103

Independent Registered Public Accounting Firm:

Ernst & Young LLP

One Commerce Square

2005 Market Street, Suite 700

Philadelphia, PA 19103

This information must be preceded or accompanied by a current prospectus for the Funds.

ATF-SA-001-1100

(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, as amended (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 18. Recovery of Erroneously Awarded Compensation.

(a) Not applicable.

(b) Not applicable.

Item 19. Exhibits.

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

(a)(2) Not applicable.

(a)(3) 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)), arefiled herewith.

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

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)	The Advisors’ Inner Circle Fund
By (Signature and Title)	/s/ Michael Beattie
	Michael Beattie
	Principal Executive Officer
Date: July 8, 2024

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By (Signature and Title)	/s/ Michael Beattie
	Michael Beattie
	Principal Executive Officer
Date: July 8, 2024
By (Signature and Title)	/s/ Andrew Metzger
	Andrew Metzger
	Principal Financial Officer
Date: July 8, 2024