# EDGAR Filing Document

**Accession Number:** 0000878719
**File Stem:** 0001193125-23-004628
**Filing Date:** 2023-1
**Character Count:** 360610
**Document Hash:** ca80970c71301b3434eb86419e4f038a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-004628.hdr.sgml**: 20230109

**ACCESSION NUMBER**: 0001193125-23-004628

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 18

**CONFORMED PERIOD OF REPORT**: 20221031

**FILED AS OF DATE**: 20230109

**DATE AS OF CHANGE**: 20230109

**EFFECTIVENESS DATE**: 20230109

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ADVISORS' INNER CIRCLE FUND
- **CENTRAL INDEX KEY:** 0000878719
- **IRS NUMBER:** 000000000
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-06400
- **FILM NUMBER:** 23517708

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

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

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

## Series and Classes Contracts Data

### CIBC Atlas Disciplined Equity Fund (Series ID: S000041987)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000130396 | Institutional Class Shares | AWEIX           |

### CIBC Atlas Mid Cap Equity Fund (Series ID: S000042153)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000130893 | Institutional Class | AWMIX           |

### CIBC Atlas Income Opportunities Fund (Series ID: S000042154)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000130895 | Institutional Class | AWIIX           |

### CIBC ATLAS EQUITY INCOME FUND (Series ID: S000059859)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000195839 | Institutional Class Shares | AWYIX           |

### CIBC ATLAS ALL CAP GROWTH FUND (Series ID: S000059860)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000195841 | Institutional Class Shares | AWGIX           |

### CIBC ATLAS INTERNATIONAL GROWTH FUND (Series ID: S000065635)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000212351 | Institutional Class Shares | AWWIX           |

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**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

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**FORM N-CSR** 

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**CERTIFIED SHAREHOLDER REPORT OF REGISTERED** 

**MANAGEMENT INVESTMENT COMPANIES** 

**Investment Company Act file number 811-06400** 

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## The Advisors' Inner Circle Fund
**(Exact name of registrant as specified in charter)** 

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**SEI Investments** 

**One Freedom Valley Drive** 

**Oaks, PA 19456** 

**(Address of principal executive offices) (Zip code)** 

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**SEI Investments** 

**One Freedom Valley Drive** 

**Oaks, PA 19456** 

**(Name and address of agent for service)** 

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

**Date of fiscal year end: October 31, 2022** 

**Date of reporting period: October 31, 2022** 

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**Item 1.** **Reports to Stockholders.** <br>

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.

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![LOGO](g400940sp01.jpg)

## CIBC Atlas Funds
Annual Report

OCTOBER 31, 2022

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

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---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**CIBC ATLAS FUNDS** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**OCTOBER 31, 2022** |

---

------

---

| | |
|:---|:---|
| **TABLE OF CONTENTS** |  |
|  [Letter to Shareholders](#toc400940_1) | 1 |
|  Schedules of Investments |  |
| &nbsp;&nbsp;&nbsp;&nbsp; [CIBC Atlas Disciplined Equity Fund](#toc400940_2) | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp; [CIBC Atlas Mid Cap Equity Fund](#toc400940_3) | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp; [CIBC Atlas Income Opportunities Fund](#toc400940_4) | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp; [CIBC Atlas All Cap Growth Fund](#toc400940_5) | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp; [CIBC Atlas Equity Income Fund](#toc400940_6) | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp; [CIBC Atlas International Growth Fund](#toc400940_7) | 38 |
|  [Statements of Assets and Liabilities](#toc400940_8) | 42 |
|  [Statements of Operations](#toc400940_9) | 44 |
|  [Statements of Changes in Net Assets](#toc400940_10) | 46 |
|  [Financial Highlights](#toc400940_11) | 52 |
|  [Notes to Financial Statements](#toc400940_12) | 60 |
|  [Report of Independent Registered Public Accounting Firm](#toc400940_13) | 84 |
|  [Disclosure of Fund Expenses](#toc400940_14) | 87 |
|  [Renewal of Investment Advisory Agreement](#toc400940_15) | 89 |
|  [Trustees and Officers of The Advisors' Inner Circle Fund](#toc400940_16) | 94 |
|  [Notice to Shareholders](#toc400940_17) | 102 |
|  [Review of Liquidity Risk Management Program](#toc400940_18) | 104 |

---

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

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

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---

| |
|:---|
| **THE ADVISORS' INNER CIRCLE FUND** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Unaudited)* |

---

SHAREHOLDERS' LETTER

Dear CIBC Atlas Funds Investors,

The Funds' fiscal year was that in which the global economy successfully navigated its way through the final phases of the pandemic. Social policy measures in response to pandemic have been relaxed or removed and underpinned continued global economic strength. The economic expansion has not been a perfect "stair-step" function however. Unsettling the expansion was geopolitical strife from the Ukrainian – Russian war, resulting in severe sanctions and stressed relationships with Western Europe. China and United States political relations have also been volatile, resulting in a reevaluation of global supply chains, trade, energy and economic policies, and also hints of a new "cold war" with China and Russia. Lastly, rising global inflation was a major concern for global central banks, where resulting policy responses has had clear implications for consumer, corporations and an interconnected global economy.

At the time of this letter last year, we wrote that the Federal Reserve had signaled for policy rate increases, and that policy rates would increase on a quicker cadence should inflation prove less transitory. Unfortunately, the latter part of the previous statement has come to fruition. In an effort to reduce inflation, the U.S. Federal Reserve has increased its benchmark overnight policy rate at cadence and amplitude not seen in decades. The resulting pace and size of the reductions has caused both stock and bond market volatility, resulting in steep drawdowns for both markets.

From a fundamental point of view, consumers and corporations are faced with a new reality that the epoch of quantitative easing and zero interest rate policy is at an end. A more normalized interest rate environment has fundamental implications, with liquidity and discount rates at the forefront of those inputs. A higher interest rate environment generally means a more cautious and calculated deployment of capital, which could translate to a deterioration in corporate profitability and also lower return profiles for the intermediate-term. Still, we maintain our confidence in high quality corporations that have meaningfully deployed capital in varying environments will ultimately return that value to investors.

Despite the forward looking challenges, the CIBC Atlas Funds remain fully committed to the philosophy of fundamental, active investing while maintaining an opportunistic, high-quality bias for our investors in order to return value to our Funds' shareholders. We would like to take this opportunity to thank you for your investment and support in the CIBC Atlas Funds.

**1** 

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| |
|:---|
| **THE ADVISORS' INNER CIRCLE FUND** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Unaudited)* |

---

Following is a discussion of each fund's performance and strategy for the fiscal year.

**<u>CIBC Atlas Disciplined Equity Fund</u>**

The equity market declined in the one year period ending October 31, 2022 with the S&P 500 Index declining 14.61%. After several years of strong market gains, equity valuations contracted as the cost of capital increased with the rapid tightening of monetary policy by the Federal Reserve. High levels of inflation, the Russian invasion of Ukraine and concerns about an economic slowdown also dampened investor sentiment.

The best performing sector in the period was Energy, which far outpaced the market. More defensive sectors such as Consumer Staples, Utilities and Healthcare also delivered positive returns. The worst performing sectors were Communication Services, Consumer Discretionary and Real Estate.

The CIBC Atlas Disciplined Equity Fund declined 16.61%, underperforming the benchmark S&P 500 Index by 200 basis points. On the positive side, relative performance was strong in Communication Services, Consumer Discretionary and Information Technology. Good stock selection in Media & Entertainment and Telecommunication Services were additive to relative performance in the Communication Services sector. Stock selection in the Retailing industry and stock selection and an underweight position in Semiconductors were additive in the Consumer Discretionary and Information Technology sectors.

Financials, Health Care and Consumer Staples were relative underperformers. In Financials, an overweight exposure to capital market sensitive Asset Managers and Exchanges & Data industries were the largest headwinds. In Health Care, underperformance in Pharmaceuticals and an overweight position in Life Sciences Tools & Services hurt relative performance. Despite positive stock selection in the Consumer Staples sector, an underweight position detracted from performance as the sector outperformed the broad market.

We remain committed to our strategy of investing in quality companies with strong free cash flow generation and attractive valuations in quality companies with strong free cash flow generation and attractive valuation.

**2** 

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---

| |
|:---|
| **THE ADVISORS' INNER CIRCLE FUND** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Unaudited)* |

---

**<u>CIBC Atlas Mid Cap Equity Fund</u>**

The Russell Mid-Cap Growth Index declined 28.94% for the one year period ending October 31, 2022. Only the Energy and Consumer Staples sectors had positive returns in this time period. Conversely, the Information Technology sector was significantly negative followed by Consumer Discretionary sector.

The CIBC Atlas Mid Cap Equity Fund returned -21.53% for the same period. Our stock selection in the Consumer Discretionary and Information Technology sectors were the largest drivers of the outperformance as we identified companies with stronger financials that were better able to withstand a market decline. The notable performance drags were from our health care stock selection and underweight to the Energy sector.

The two biggest contributors to performance were from AutoZone and Enphase Energy. AutoZone is a leading retailer of aftermarket auto parts. The products are less sensitive to both weaker economic conditions and pricing. If a car needs a new part to run, the buyer, whether an individual or repair garage, will pay the price. AutoZone has successfully grown its more profitable private label business as a way to provide some price savings. Enphase Energy is a manufacturer of inverters used in solar energy generation. The company is a leading beneficiary of the increasing usage of solar panels as a way of providing clean alternative energy.

The two largest detractors were EPAM Systems and Avantor. EPAM systems is an outsourced provider of software development that had heavy employment exposure to Ukraine. We trimmed our holding early in the year when the likelihood of hostilities became evident, but we still see the company as a long-term winner. Avantor is involved in the infrastructure of biotechnology product development and was hurt by a pullback in industry demand. We continue to believe in their long-term competitive positioning and are holding on.

We continue our ongoing focus in investing in high quality companies with above average growth prospects while maintaining disciplines on the price we are paying for those businesses.

**<u>CIBC Atlas Income Opportunities Fund</u>**

Elevated geopolitical risks, heightened volatility, and rapidly tightening monetary policy pressured market returns in the one year period ending October 31, 2022. The S&P 500 declined 14.61%. Investors remain intensely focused on economic data points that might give some indication as to the direction of the US and global economy. Those data readings remain mixed,

**3** 

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---

| |
|:---|
| **THE ADVISORS' INNER CIRCLE FUND** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Unaudited)* |

---

with a robust labor market and strong consumer spending offset by high inflation causing a significant rise in interest rates. The 10-year US treasury yield expanded nearly 250 basis points starting the one year period at 1.55% and ending at 4.05%.

In equities, the best performing equity sectors during the period were Energy, Consumer Staples and Utilities. The worst performing sectors were Communication Services, Consumer Discretionary, Real Estate and Information Technology.

The CIBC Atlas Income Opportunities Fund declined 12.21% in the twelve months ending October 31, 2022; outperforming the blended benchmark (60% S&P 500 Index/40% Bloomberg US Government Credit/Index) return of -14.87% by 266 basis points. The Fund's equity and fixed income holdings outperformed the respective asset class benchmarks.

By sector, Communication Services, Industrials and Information Technology were the largest contributors to relative performance. The Fund's underweight in Communication Services, and stock selection in Information Technology and Industrials added to the Fund's performance.

The Healthcare, Energy and Materials sectors were detractors to overall relative performance. The Fund's relative weight to the Healthcare sector and the holdings in Scotts Miracle-Gro within the Materials sector were the largest detractors to the Fund's performance.

Bonds were not immune to market volatility with the Bloomberg US Government/Credit Index declining 16.04% for the one year period ending October 31, 2022. The Fund's exposure to long duration Government bonds underperformed holdings in higher yielding, shorter duration corporate debt. Within the corporate exposure in Energy and Automotive holdings were additive while Media and Real Estate sectors detracted from performance.

We continue to manage the Fund to take advantage of opportunities arising from both macro developments and changes in company fundamentals. We focus on investing in both the debt and equity of high quality companies with attractive free cash flow characteristics that generate an above average level of current income.

**<u>CIBC Atlas All Cap Growth Fund</u>**

The Russell 3000<sup>®</sup> Growth Total Return Index declined 24.67% over the one year period ending October 31, 2022. Energy and Consumer Staples were the best performing sectors in the index during the period. They were also the

**4** 

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---

| |
|:---|
| **THE ADVISORS' INNER CIRCLE FUND** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Unaudited)* |

---

only subsector posting positive absolute returns. Communication Services, Consumer Discretionary, Information Technology, Health Care, Real Estate, and Financials were the worst performing sectors in the index, all posting negative returns during the period.

The CIBC Atlas All Cap Growth Fund declined 26.01% during the same period, underperforming the Russell 3000<sup>®</sup> Growth benchmark. The sectors which detracted most from the fund's performance during the period were Healthcare, Industrials and Consumer Staples. In each of these sectors, fund underperformance was primarily the result of poor stock selection. Meanwhile, the fund's Communication Services and Consumer Discretionary holdings outperformed the broader index, the S&P 500, and the Russell 3000<sup>®</sup> Index holdings. In both of these sectors, the fund benefitted from its lower allocation to this sector compared to its weightings in the index, and good stock picking.

Eli Lily, Elevance Health, Devon Energy, and EOG Resources were the biggest contributors to the fund's returns during the past 12 months. The largest detractors were Amazon, Edwards Life Sciences, Nvidia and Blackstone.

We remain committed to our strategy of investing in high quality open ended growth companies at reasonable valuations.

**<u>CIBC Atlas Equity Income Fund</u>**

The Russell 1000<sup>®</sup> Index declined 16.38% for the one year period ending October 31, 2022. The weakness was broad-based, with only two sectors – Energy and Utilities – posting positive returns for the year. The Information Technology sector was the biggest drag on the index, accounting for roughly a third of the losses.

The CIBC Atlas Equity Income Fund declined 12.16% for the same period, outperforming the benchmark Russell 1000<sup>®</sup> by 4.22%. The year was characterized by a dramatic shift from growth to value as inflation ran ahead of expectations, interest rates rose significantly and investors moved incrementally toward investments generating dividends rather than preferring companies that might not pay a dividend for many years. The generally safer, lower-volatility nature of dividend-paying stocks helped buoy fund performance in these unsteady conditions. The top contributors to fund performance during the year included managed care provider Elevance Health – formerly Anthem Health – (ELV +27%), oil and natural gas pipeline operator Enterprise Products Partners (EPD +20%), pharma giant Eli Lilly (LLY +49%), defense contractor L3Harris Technologies (LHX +13%), and

**5** 

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| |
|:---|
| **THE ADVISORS' INNER CIRCLE FUND** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Unaudited)* |

---

pipeline operator Magellan Midstream Partners (MMP +20%). On the whole, the fund's outperformance was helped by sector allocation decisions. In particular, the fund's underweighting in the underperforming communication services and information technology sectors relative to the benchmark, and the overweighting in the energy and health care sectors drove much of the outperformance.

The reversal in sentiment can be seen in the fund's bottom-contributing positions, as many of last year's top contributors fell out of favor this year: tech giant Microsoft (MSFT -29%), alternative investment manager Blackstone Group (BX -31%), staffing firm Robert Half International (RHI -31%), money center bank JPMorgan Chase (JPM -24%) and cell tower real estate investment trust American Tower (AMT -25%). Each of these were among the top performing holdings in the fund in 2021. All of the abovementioned positions remained in the fund at the end of the period.

We remain committed to the approach of investing in high quality dividend growth stocks which offer a combination of current income and capital appreciation, and we believe this investment style can continue to do well in an inflationary environment with rising interest rates.

**<u>CIBC Atlas International Growth Fund</u>**

International markets suffered significant losses during the one year period ended October 31, 2022. The benchmark MSCI All Country World Index ("ACWI") ex-US Index was down 24.35% over the period. The year was characterized by significant macro risk and geopolitical turmoil. From the first days of the year, investors were combating a new foe, inflation. Multiple years of global financial easing, supply chain shocks, and the recent rise in commodity prices all contributed to a global inflation problem. This problem is being addressed by central bankers through higher interest rates and tighter financial conditions which have negatively impacted risk assets including equities. The environment was further clouded by the war in Ukraine, leadership changes in the multiple countries including the UK (twice), continued COVID restrictions in China, a strong US dollar, and finally political uncertainty in China during the Party Congress. The war in Ukraine had an especially harsh impact on Europe and the UK. Energy prices soared throughout the year and a winter heating crisis looms. Combined with slower than expected growth, investors rapidly increased their expectations for recession in Europe and the UK as the year moved on. Many of these global uncertainties still remain today, however, global equity valuations outside the USA now better reflect slower growth and increased risk.

**6** 

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| |
|:---|
| **THE ADVISORS' INNER CIRCLE FUND** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Unaudited)* |

---

The CIBC Atlas International Growth Fund roughly matched the benchmark with a return of -24.69% vs. the benchmark return of -24.35%. On a sector basis, Consumer Discretionary, Materials, and Energy were the best performing areas on a relative basis, while Technology and Healthcare were the biggest detractors. On a country and regional basis, Japan and non-represented resource intensive countries (Canada and Brazil) were the worst performing geographies, while the United Kingdom and our represented resource intensive countries (Norway and Australia) were best. Thematically, energy and the UK were positive themes. The portfolio typically carries high quality energy exposure and our multi year exposure to LNG and gas exporters to Europe benefited the portfolio as the war in Ukraine emerged. In addition, the overweight to the UK was a positive from a selection and allocation perspective as attractive valuations trumped a deteriorating macro environment. The Fund is unhedged from a currency perspective and the rapid accent of the US dollar was a material drag to absolute performance this year.

Looking forward to the next fiscal year, the picture remains highly uncertain. While geopolitical factors will continue to play a large role in news flow, the outlook for stock selection is improving. Global equities outside the USA are valued on a larger discount to the USA than has been experienced in many years. Markets have priced in a draconian macro outlook which could prove to be too pessimistic. In Europe it appears gas storage will see the region through the winter, in China COVID restrictions could ease, and in the UK political stability could be emerging. In total, the International Growth portfolio owns extremely high quality, well capitalized companies with excellent management teams. This winning formula should drive above average earnings growth and stock returns over the long run.

**7** 

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| |
|:---|
| **THE ADVISORS' INNER CIRCLE FUND** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Unaudited)* |

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*The information contained herein represents the views of the manager at a specific point in time and is based on information believed to be reliable. It should not be regarded as investment advice or recommendation of specific securities. Holdings are subject to change. Securities mentioned do not make up the entire portfolio and, in the aggregate, may represent a small percentage of the portfolio. Past performance is not indicative of future results.* 

*Mutual fund investing involves risk, including possible loss of principal. There is no assurance that the Funds will achieve their stated objectives. Bonds and bond funds are subject to interest rate risk and will decline in value as interest rates rise. Mortgage-backed securities (MBS) are subject to prepayment and extension risk and therefore react differently to changes in interest rates than other bonds. Small movements in interest rates may quickly and significantly reduce the value of certain MBS. High yield bonds involve greater risks of default or downgrade and are more volatile than investment grade securities. Investments in securities of MLPs involve risk that differ from investments in common stock including risks related to limited control and limited rights to vote on matters affecting the MLP. MLP common units and other equity securities can be affected by economic and other factors affecting the stock market in general, expectations of interest rates, investor sentiment towards MLPs or the energy sector, changes in a particular issuer's financial condition, or unfavorable or unanticipated poor performance of a particular issuer. REIT investments are subject to changes in economic conditions, credit risk and interest rate fluctuations. The Income Opportunities Fund may invest in derivatives, which are often more volatile than other investments and may magnify the Fund's gains or losses.* 

**8** 

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| |
|:---|
| **THE ADVISORS' INNER CIRCLE FUND** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Unaudited)* |

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**<u>Definition of the Comparative Indices</u>**

The **Bloomberg US Government/Credit Index** is an unmanaged index that includes government and investment-grade corporate bonds with at least one year until maturity.

The **MSCI ACWI ex-US Index** captures large and mid cap representation across 22 of 23 Developed Markets (DM) countries (excluding the US) and 26 Emerging Markets (EM) countries.

The **Russell 1000**<sup>®</sup> **Index** measures the performance of the large-cap segment of the US equity universe. It includes over 90% of the total market capitalization of all listed US stocks, and is considered a bellwether index for large cap investing.

The **Russell 3000**<sup>®</sup> **Growth Total Return Index** consists of the growth segment of the 3,000 companies in the Russell 3000<sup>®</sup> Index. The Russell 3000<sup>®</sup> Index is an unmanaged index which measures the performance of the 3,000 largest US companies, based on total market capitalization, which represents approximately 98% in the investable US equity market.

The **Russell Mid-Cap Growth Index** is an unmanaged capitalization-weighted index of medium and medium/small companies in the Russell 1000<sup>®</sup> Index chosen for their growth orientation. The Russell 1000<sup>®</sup> Index is an unmanaged price-only index of the 1,000 largest capitalized companies that are domiciled in the US and whose common stocks are traded.

The **S&P 500 Index** is an unmanaged index containing common stocks of 500 industrial, transportation, utility and financial companies, regarded as generally representative of the US stock market. The return per the total return index reflects the reinvestment of income dividends and capital gain distributions, if any, but does not reflect fees, brokerage commissions, or other expenses of investing.

**9** 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CIBC ATLAS DISCIPLINED EQUITY**<br> **FUND**  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **OCTOBER 31, 2022** *(Unaudited)* |

---

Growth of a $250,000 Investment

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | <br> AVERAGE ANNUAL TOTAL RETURN<br> FOR YEAR ENDED OCTOBER 31, 2022<sup>(1)</sup>  | <br> AVERAGE ANNUAL TOTAL RETURN<br> FOR YEAR ENDED OCTOBER 31, 2022<sup>(1)</sup>  | <br> AVERAGE ANNUAL TOTAL RETURN<br> FOR YEAR ENDED OCTOBER 31, 2022<sup>(1)</sup>  | <br> AVERAGE ANNUAL TOTAL RETURN<br> FOR YEAR ENDED OCTOBER 31, 2022<sup>(1)</sup>  | <br> AVERAGE ANNUAL TOTAL RETURN<br> FOR YEAR ENDED OCTOBER 31, 2022<sup>(1)</sup>  |
| | &nbsp;&nbsp;&nbsp;&nbsp;1 Year | &nbsp;&nbsp;&nbsp;&nbsp;3 Years | &nbsp;&nbsp;&nbsp;&nbsp;5 Years | &nbsp;&nbsp;&nbsp;&nbsp;10 Years | &nbsp;&nbsp;&nbsp;&nbsp;Inception to <br> Date |
| CIBC Atlas Disciplined Equity Fund,<br>Institutional Shares | -16.61% | 9.02% | 11.01% | 12.73% | 9.52% |
| S&P 500 Index | -14.61% | 10.22% | 10.44% | 12.79% | 9.00% |

---

![LOGO](g400940gra12.jpg)

*(1)* *On January 2, 2014, the Invesco Disciplined Equity Fund (the "Invesco Predecessor Fund") was reorganized into The Advisors' Inner Circle Fund AT Disciplined Equity Fund ("AT Disciplined Equity Fund"). Prior to September 21, 2009, the Fund operated as Atlantic Whitehall Equity Income Fund (the "Atlantic Whitehall Predecessor Fund", collectively the "Predecessor Funds") and the AT Disciplined Equity Fund assumed the historical performance of the Predecessor Funds. Information presented from September 21, 2009 through January 2, 2014 is that of the Invesco Predecessor Fund. Inception date of the Atlantic Whitehall Predecessor Fund was December 1, 2005. Information presented prior to September 21, 2009 is that of the Atlantic Whitehall Predecessor Fund. On June 25, 2018, the name of the AT Disciplined Equity Fund changed to CIBC Atlas Disciplined Equity Fund. See Note 1 in Notes to Financial Statements.* 

*The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, it may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund's performance assumes the reinvestment of dividends and capital gains. Index returns assume reinvestment of dividends and, unlike a fund's returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.* 

*There are no assurances that the Fund will meet its stated objectives. The Fund's holdings and allocations are subject to change because it is actively managed and should not be considered recommendations to buy individual securities.* 

*Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. If the Adviser had not limited certain expenses, the Fund's total return would have been lower.* 

*See definition of the comparative indices on page 9.* 

**10** 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CIBC ATLAS MID CAP EQUITY FUND** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **OCTOBER 31, 2022** *(Unaudited)* |

---

Growth of a $250,000 Investment

---

| | | | | |
|:---|:---|:---|:---|:---|
| | AVERAGE ANNUAL TOTAL RETURN | AVERAGE ANNUAL TOTAL RETURN | AVERAGE ANNUAL TOTAL RETURN | AVERAGE ANNUAL TOTAL RETURN |
| | FOR YEAR ENDED OCTOBER 31, 2022<sup>(1)(2)</sup> | FOR YEAR ENDED OCTOBER 31, 2022<sup>(1)(2)</sup> | FOR YEAR ENDED OCTOBER 31, 2022<sup>(1)(2)</sup> | FOR YEAR ENDED OCTOBER 31, 2022<sup>(1)(2)</sup> |
| | 1 Year | 3 Years | 5 Years | Inception to<br> Date |
| CIBC Atlas Mid Cap Equity<br>Fund, Institutional Shares | -21.53% | 5.36% | 7.46% | 8.26% |
| Russell Mid-Cap Growth<br>Index | -28.94% | 6.27% | 8.66% | 9.05% |

---

![LOGO](g400940gra13.jpg)

*(1)* *Fund commenced operations on June 27, 2014.* 

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

*The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, it may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund's performance assumes the reinvestment of dividends and capital gains. Index returns assume reinvestment of dividends and, unlike a fund's returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.* 

*There are no assurances that the Fund will meet its stated objectives. The Fund's holdings and allocations are subject to change because it is actively managed and should not be considered recommendations to buy individual securities.* 

*Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. If the Adviser had not limited certain expenses, the Fund's total return would have been lower.* 

*See definition of the comparative indices on page 9.* 

**11** 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CIBC ATLAS INCOME** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **OPPORTUNITIES FUND** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **OCTOBER 31, 2022** *(Unaudited)* |

---

Growth of a $250,000 Investment

---

| | | | | |
|:---|:---|:---|:---|:---|
| | AVERAGE ANNUAL TOTAL RETURN FOR YEAR<br> ENDED OCTOBER 31, 2022<sup>(1)(2)</sup>  | AVERAGE ANNUAL TOTAL RETURN FOR YEAR<br> ENDED OCTOBER 31, 2022<sup>(1)(2)</sup>  | AVERAGE ANNUAL TOTAL RETURN FOR YEAR<br> ENDED OCTOBER 31, 2022<sup>(1)(2)</sup>  | AVERAGE ANNUAL TOTAL RETURN FOR YEAR<br> ENDED OCTOBER 31, 2022<sup>(1)(2)</sup>  |
| | 1 Year | 3 Years | 5 Years | Inception to<br> Date |
| CIBC Atlas Income Opportunities Fund, Institutional Shares | -12.21% | 5.28% | 6.67% | 6.40% |
| 60/40 Hybrid of the S&P 500 Index and Bloomberg<br> U.S. Government/Credit Index | -14.87% | 4.89% | 6.39% | 6.88% |
| S&P 500 Index | -14.61% | 10.22% | 10.44% | 10.56% |
| Bloomberg U.S. Government/Credit Index | -16.04% | -3.64% | -0.32% | 0.86% |

---

![LOGO](g400940gra14.jpg)

*(1)* *Fund commenced operations on June 27, 2014.* 

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

*The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, it may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund's performance assumes the reinvestment of dividends and capital gains. Index returns assume reinvestment of dividends and, unlike a fund's returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.* 

*There are no assurances that the Fund will meet its stated objectives. The Fund's holdings and allocations are subject to change because it is actively managed and should not be considered recommendations to buy individual securities.* 

*Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. If the Adviser had not limited certain expenses, the Fund's total return would have been lower.* 

*See definition of the comparative indices on page 9.* 

**12** 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CIBC ATLAS ALL CAP GROWTH FUND** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **OCTOBER 31, 2022** *(Unaudited)* |

---

Growth of a $250,000 Investment

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | AVERAGE ANNUAL TOTAL RETURN<br> FOR YEAR ENDED OCTOBER 31, 2022<sup>(1)(2)</sup>  | AVERAGE ANNUAL TOTAL RETURN<br> FOR YEAR ENDED OCTOBER 31, 2022<sup>(1)(2)</sup>  | AVERAGE ANNUAL TOTAL RETURN<br> FOR YEAR ENDED OCTOBER 31, 2022<sup>(1)(2)</sup>  | AVERAGE ANNUAL TOTAL RETURN<br> FOR YEAR ENDED OCTOBER 31, 2022<sup>(1)(2)</sup>  | AVERAGE ANNUAL TOTAL RETURN<br> FOR YEAR ENDED OCTOBER 31, 2022<sup>(1)(2)</sup>  |
| | 1 Year | 3 Years | 5 Years | 10 Years | Inception to<br> Date |
| CIBC Atlas All Cap Growth Fund,<br>Institutional Shares | -26.01% | 7.64% | 11.12% | 11.74% | 8.31% |
| Russell 3000<sup>®</sup> Growth Total<br>Return Index | -24.67% | 11.31% | 12.07% | 14.37% | 10.24% |

---

![LOGO](g400940gra15.jpg)

*(1)* *On February 12, 2018, the Geneva Advisors All Cap Growth Fund (the "All Cap Growth Predecessor Fund") was reorganized into The Advisors' Inner Circle Fund AT All Cap Growth Fund (the "AT All Cap Growth Fund"). Class R and Class I shares of the All Cap Growth Predecessor Fund were exchanged on a tax-free basis for Institutional Class shares of the AT All Cap Growth Fund. Information presented prior to February 12, 2018 is that of the All Cap Growth Predecessor Fund. Inception date of the All Cap Growth Predecessor Fund was September 28, 2007. On June 25, 2018, the name of the AT All Cap Growth Fund changed to CIBC Atlas All Cap Growth Fund.* 

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

*The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, it may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund's performance assumes the reinvestment of dividends and capital gains. Index returns assume reinvestment of dividends and, unlike a fund's returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.* 

*There are no assurances that the Fund will meet its stated objectives. The Fund's holdings and allocations are subject to change because it is actively managed and should not be considered recommendations to buy individual securities.* 

*Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. If the Adviser had not limited certain expenses, the Fund's total return would have been lower.* 

*See definition of the comparative indices on page 9.* 

**13** 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CIBC ATLAS EQUITY INCOME FUND** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **OCTOBER 31, 2022** *(Unaudited)*  |

---

Growth of a $250,000 Investment

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | AVERAGE ANNUAL TOTAL RETURN<br> FOR YEAR ENDED OCTOBER 31, 2022<sup>(1)(2)</sup>  | AVERAGE ANNUAL TOTAL RETURN<br> FOR YEAR ENDED OCTOBER 31, 2022<sup>(1)(2)</sup>  | AVERAGE ANNUAL TOTAL RETURN<br> FOR YEAR ENDED OCTOBER 31, 2022<sup>(1)(2)</sup>  | AVERAGE ANNUAL TOTAL RETURN<br> FOR YEAR ENDED OCTOBER 31, 2022<sup>(1)(2)</sup>  | AVERAGE ANNUAL TOTAL RETURN<br> FOR YEAR ENDED OCTOBER 31, 2022<sup>(1)(2)</sup>  |
| | 1 Year | 3 Years | 5 Years | 10 Years | Inception to<br> Date |
| CIBC Atlas Equity Income Fund,<br>Institutional Shares | -12.16% | 9.77% | 11.40% | 10.92% | 11.24% |
| Russell 1000<sup>®</sup> Index | -16.38% | 9.99% | 10.19% | 12.66% | 11.98% |

---

![LOGO](g400940gra16.jpg)

*(1)* *On February 12, 2018, the Geneva Advisors Equity Income Fund (the "Equity Income Predecessor Fund") was reorganized into The Advisors' Inner Circle Fund AT Equity Income Fund (the "AT Equity Income Fund"). Class R and Class I shares of the Equity Income Predecessor Fund were exchanged on a tax-free basis for Institutional Class shares of the AT Equity Income Fund. Information presented prior to February 12, 2018 is that of the Equity Income Predecessor Fund. Inception date of the Equity Income Predecessor Fund was April 30, 2010. On June 25, 2018, the name of the AT Equity Income Fund changed to CIBC Atlas Equity Income Fund.* 

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

*The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, it may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund's performance assumes the reinvestment of dividends and capital gains. Index returns assume reinvestment of dividends and, unlike a fund's returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.* 

*There are no assurances that the Fund will meet its stated objectives. The Fund's holdings and allocations are subject to change because it is actively managed and should not be considered recommendations to buy individual securities.* 

*Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. If the Adviser had not limited certain expenses, the Fund's total return would have been lower.* 

*See definition of the comparative indices on page 9.* 

**14** 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CIBC ATLAS INTERNATIONAL GROWTH FUND** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **OCTOBER 31, 2022** *(Unaudited)* |

---

Growth of a $250,000 Investment

---

| | | | |
|:---|:---|:---|:---|
| | AVERAGE ANNUAL TOTAL RETURN<br> FOR YEAR ENDED OCTOBER 31, 2022<sup>(1)</sup>  | AVERAGE ANNUAL TOTAL RETURN<br> FOR YEAR ENDED OCTOBER 31, 2022<sup>(1)</sup>  | AVERAGE ANNUAL TOTAL RETURN<br> FOR YEAR ENDED OCTOBER 31, 2022<sup>(1)</sup>  |
| | 1 year | 3 year | Inception to Date |
| CIBC Atlas International Growth Fund,<br>Institutional Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-24.69% | &nbsp;&nbsp;&nbsp;&nbsp;-0.96% | 0.24% |
| MSCI ACWI ex-US Index | -24.35% | -1.23% | 1.15% |

---

![LOGO](g400940gra17.jpg)

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

*The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, it may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. The Fund's performance assumes the reinvestment of dividends and capital gains. Index returns assume reinvestment of dividends and, unlike a fund's returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.* 

*There are no assurances that the Fund will meet its stated objectives. The Fund's holdings and allocations are subject to change because it is actively managed and should not be considered recommendations to buy individual securities.* 

*Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. If the Adviser had not limited certain expenses, the Fund's total return would have been lower.* 

*See definition of the comparative indices on page 9.* 

**15** 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**CIBC ATLAS DISCIPLINED EQUITY** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**FUND** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**OCTOBER 31, 2022** |

---

 &nbsp;&nbsp;&nbsp;&nbsp;**SECTOR WEIGHTINGS (UNAUDITED)†**<br>

![LOGO](g400940sp16.jpg)

*†* *Percentages are based on total investments.* 

---

| | | |
|:---|:---|:---|
|  SCHEDULE OF INVESTMENTS |  |  |
| COMMON STOCK\*\* — 96.0% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value  |
|  COMMUNICATION SERVICES — 7.7% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alphabet, Cl A \* | 386979 | $36573385 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alphabet, Cl C \* | 471756 | 44656423 |
| &nbsp;&nbsp;&nbsp;&nbsp; T-Mobile US \* | 197431 | 29922643 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;111152451 |
|  CONSUMER DISCRETIONARY — 9.6% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Amazon.com \* | 658111 | 67416891 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dollar General | 82720 | 21097736 |
| &nbsp;&nbsp;&nbsp;&nbsp; Home Depot | 104725 | 31012214 |
| &nbsp;&nbsp;&nbsp;&nbsp; TJX | 269283 | 19415304 |
|  |  | 138942145 |
|  CONSUMER STAPLES — 4.0% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Costco Wholesale | 34514 | 17308771 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mondelez International, Cl A | 328595 | 20202021 |
| &nbsp;&nbsp;&nbsp;&nbsp; PepsiCo | 110318 | 20031542 |
|  |  | 57542334 |
|  ENERGY — 4.9% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Chevron | 111215 | 20118793 |
| &nbsp;&nbsp;&nbsp;&nbsp; ConocoPhillips | 133617 | 16847768 |

---

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

**16** 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**CIBC ATLAS DISCIPLINED EQUITY** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**FUND** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**OCTOBER 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| COMMON STOCK\*\* (continued) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value  |
|  ENERGY (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Pioneer Natural Resources | 135749 | $34807401 |
|  |  | 71773962 |
|  FINANCIALS — 13.2% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock, Cl A | 21050 | 13596405 |
| &nbsp;&nbsp;&nbsp;&nbsp; Blackstone, Cl A | 277215 | 25265375 |
| &nbsp;&nbsp;&nbsp;&nbsp; Charles Schwab | 444613 | 35422318 |
| &nbsp;&nbsp;&nbsp;&nbsp; CME Group, Cl A | 54893 | 9512957 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intercontinental Exchange | 138543 | 13240554 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase | 143868 | 18110104 |
| &nbsp;&nbsp;&nbsp;&nbsp; PNC Financial Services Group | 139717 | 22610402 |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P Global | 79092 | 25408305 |
| &nbsp;&nbsp;&nbsp;&nbsp; SVB Financial Group \* | 43681 | 10088564 |
| &nbsp;&nbsp;&nbsp;&nbsp; US Bancorp | 435864 | 18502427 |
|  |  | 191757411 |
|  HEALTH CARE — 14.2% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Abbott Laboratories | 183442 | 18149751 |
| &nbsp;&nbsp;&nbsp;&nbsp; AstraZeneca PLC ADR | 437566 | 25733256 |
| &nbsp;&nbsp;&nbsp;&nbsp; Danaher | 119760 | 30139999 |
| &nbsp;&nbsp;&nbsp;&nbsp; IQVIA Holdings \* | 72559 | 15213445 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stryker | 92390 | 21179484 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thermo Fisher Scientific | 46304 | 23798867 |
| &nbsp;&nbsp;&nbsp;&nbsp; UnitedHealth Group | 101647 | 56429332 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zoetis, Cl A | 101806 | 15350309 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;205994443 |
|  INDUSTRIALS — 7.6% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Honeywell International | 180613 | 36848664 |
| &nbsp;&nbsp;&nbsp;&nbsp; Otis Worldwide | 263075 | 18583618 |
| &nbsp;&nbsp;&nbsp;&nbsp; Raytheon Technologies | 356364 | 33790435 |
| &nbsp;&nbsp;&nbsp;&nbsp; Union Pacific | 103741 | 20451501 |
|  |  | 109674218 |
|  INFORMATION TECHNOLOGY — 27.0% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Adobe \* | 91702 | 29207087 |
| &nbsp;&nbsp;&nbsp;&nbsp; Analog Devices | 131190 | 18710318 |

---

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

**17** 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**CIBC ATLAS DISCIPLINED EQUITY** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**FUND** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**OCTOBER 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| COMMON STOCK\*\* (continued) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value  |
|  INFORMATION TECHNOLOGY (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Apple | 350566 | $53755790 |
| &nbsp;&nbsp;&nbsp;&nbsp; Automatic Data Processing | 52610 | 12715837 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cisco Systems | 591219 | 26859079 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity National Information Services | 187388 | 15551330 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fiserv \* | 175457 | 18026452 |
| &nbsp;&nbsp;&nbsp;&nbsp; Microsoft | 394030 | 91466184 |
| &nbsp;&nbsp;&nbsp;&nbsp; QUALCOMM | 147888 | 17400502 |
| &nbsp;&nbsp;&nbsp;&nbsp; Roper Technologies | 57577 | 23867970 |
| &nbsp;&nbsp;&nbsp;&nbsp; Salesforce \* | 74966 | 12188722 |
| &nbsp;&nbsp;&nbsp;&nbsp; TE Connectivity | 168156 | 20553708 |
| &nbsp;&nbsp;&nbsp;&nbsp; Visa, Cl A | 250045 | 51799322 |
|  |  | 392102301 |
|  MATERIALS — 3.2% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Linde PLC | 89727 | 26680323 |
| &nbsp;&nbsp;&nbsp;&nbsp; Martin Marietta Materials | 58917 | 19794934 |
|  |  | 46475257 |
|  REAL ESTATE — 1.6% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American Tower, Cl A ‡ | 75676 | 15679311 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prologis ‡ | 68015 | 7532661 |
|  |  | 23211972 |
|  UTILITIES — 3.0% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American Water Works | 56367 | 8192380 |
| &nbsp;&nbsp;&nbsp;&nbsp; NextEra Energy | 448572 | 34764330 |
|  |  | 42956710 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL COMMON STOCK<br>(Cost $752,703,259) |  | 1391583204 |
|  CASH EQUIVALENT — 3.5% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; First American Government Obligations Fund, Cl X, 2.920% (A) | 51284371 | 51284371 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL CASH EQUIVALENT<br>(Cost $51,284,371) |  | 51284371 |
|  TOTAL INVESTMENTS — 99.5% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $803,987,630) |  | $&nbsp;&nbsp;&nbsp;&nbsp;1442867575 |

---

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

**18** 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**CIBC ATLAS DISCIPLINED EQUITY** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**FUND** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**OCTOBER 31, 2022** |

---

---

| | |
|:---|:---|
| | *Percentages are based on Net Assets of $1,449,826,053.*  |

---

*\** *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 October 31, 2022.* 

ADR — American Depositary Receipt

Cl — Class

PLC — Public Limited Company

*As of October 31, 2022, all of the Fund's investments were considered Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles.* 

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

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

**19** 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**CIBC ATLAS MID CAP EQUITY FUND** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**OCTOBER 31, 2022** |

---

 &nbsp;&nbsp;&nbsp;&nbsp;**SECTOR WEIGHTINGS (UNAUDITED)†**<br>

![LOGO](g400940sp20.jpg)

*†* *Percentages are based on total investments.* 

---

| | | |
|:---|:---|:---|
|  SCHEDULE OF INVESTMENTS |  |  |
| COMMON STOCK\*\* — 96.9% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value  |
|  COMMUNICATION SERVICES — 1.5% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Live Nation Entertainment \* | 46232 | $3680529 |
| &nbsp;&nbsp;&nbsp;&nbsp; ZoomInfo Technologies, Cl A \* | 147371 | 6562431 |
|  |  | 10242960 |
|  CONSUMER DISCRETIONARY — 16.5% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aptiv PLC \* | 69200 | 6302044 |
| &nbsp;&nbsp;&nbsp;&nbsp; AutoZone \* | 10769 | 27276585 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chipotle Mexican Grill, Cl A \* | 8802 | 13188301 |
| &nbsp;&nbsp;&nbsp;&nbsp; Domino's Pizza | 17698 | 5879984 |
| &nbsp;&nbsp;&nbsp;&nbsp; Five Below \* | 50565 | 7400188 |
| &nbsp;&nbsp;&nbsp;&nbsp; Floor & Decor Holdings, Cl A \* | 80249 | 5887869 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marriott International, Cl A | 55622 | 8905638 |
| &nbsp;&nbsp;&nbsp;&nbsp; Planet Fitness, Cl A \* | 103285 | 6763102 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ross Stores | 64892 | 6209515 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tractor Supply | 61990 | 13623542 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ulta Beauty \* | 26017 | 10910749 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112347517 |
|  CONSUMER STAPLES — 3.6% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Church & Dwight | 53281 | 3949721 |
| &nbsp;&nbsp;&nbsp;&nbsp; Monster Beverage \* | 94202 | 8828611 |

---

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

**20** 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**CIBC ATLAS MID CAP EQUITY FUND** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**OCTOBER 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| COMMON STOCK\*\* (continued) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  CONSUMER STAPLES (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sprouts Farmers Market \* | 192242 | $5671139 |
| &nbsp;&nbsp;&nbsp;&nbsp; US Foods Holding \* | 209377 | 6231060 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24680531 |
|  ENERGY — 3.5% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cheniere Energy | 49481 | 8728943 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diamondback Energy | 95138 | 14947131 |
|  |  | 23676074 |
|  FINANCIALS — 5.5% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ameriprise Financial | 57027 | 17628186 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ares Management, Cl A | 108792 | 8249697 |
| &nbsp;&nbsp;&nbsp;&nbsp; MSCI, Cl A | 25095 | 11766042 |
|  |  | 37643925 |
|  HEALTH CARE — 13.5% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Align Technology \* | 39454 | 7665912 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alnylam Pharmaceuticals \* | 52906 | 10965298 |
| &nbsp;&nbsp;&nbsp;&nbsp; Avantor \* | 506002 | 10206060 |
| &nbsp;&nbsp;&nbsp;&nbsp; Catalent \* | 101131 | 6647341 |
| &nbsp;&nbsp;&nbsp;&nbsp; Charles River Laboratories International \* | 42606 | 9043124 |
| &nbsp;&nbsp;&nbsp;&nbsp; Edwards Lifesciences \* | 66859 | 4842597 |
| &nbsp;&nbsp;&nbsp;&nbsp; Humana | 20601 | 11497006 |
| &nbsp;&nbsp;&nbsp;&nbsp; ICON PLC \* | 42419 | 8392175 |
| &nbsp;&nbsp;&nbsp;&nbsp; ResMed | 58674 | 13124787 |
| &nbsp;&nbsp;&nbsp;&nbsp; Veeva Systems, Cl A \* | 60536 | 10166416 |
|  |  | 92550716 |
|  INDUSTRIALS — 14.4% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AMETEK | 73601 | 9543106 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cintas | 17042 | 7286307 |
| &nbsp;&nbsp;&nbsp;&nbsp; CoStar Group \* | 81467 | 6738950 |
| &nbsp;&nbsp;&nbsp;&nbsp; Howmet Aerospace | 207599 | 7380145 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hubbell, Cl B | 33242 | 7894310 |
| &nbsp;&nbsp;&nbsp;&nbsp; IAA \* | 114053 | 4326030 |
| &nbsp;&nbsp;&nbsp;&nbsp; IDEX | 46258 | 10283616 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ingersoll Rand | 142134 | 7177767 |

---

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

**21** 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**CIBC ATLAS MID CAP EQUITY FUND** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**OCTOBER 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| COMMON STOCK\*\* (continued) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  INDUSTRIALS (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Masco | 114802 | $5311889 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oshkosh | 53000 | 4664000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pentair PLC | 56933 | 2445272 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regal Rexnord | 51408 | 6505168 |
| &nbsp;&nbsp;&nbsp;&nbsp; TransUnion | 95606 | 5666568 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waste Connections | 67433 | 8895087 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zurn Elkay Water Solutions | 157127 | 3690913 |
|  |  | 97809128 |
|  INFORMATION TECHNOLOGY — 31.1% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Amphenol, Cl A | 185969 | 14102029 |
| &nbsp;&nbsp;&nbsp;&nbsp; ANSYS \* | 39235 | 8677213 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bill.com Holdings \* | 15741 | 2099220 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cadence Design Systems \* | 103191 | 15622086 |
| &nbsp;&nbsp;&nbsp;&nbsp; CDW | 63488 | 10971361 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crowdstrike Holdings, Cl A \* | 66009 | 10640651 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dynatrace \* | 143831 | 5068604 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enphase Energy \* | 67889 | 20841923 |
| &nbsp;&nbsp;&nbsp;&nbsp; Entegris | 95700 | 7592838 |
| &nbsp;&nbsp;&nbsp;&nbsp; EPAM Systems \* | 37830 | 13240500 |
| &nbsp;&nbsp;&nbsp;&nbsp; FleetCor Technologies \* | 37081 | 6901516 |
| &nbsp;&nbsp;&nbsp;&nbsp; Genpact | 105015 | 5093227 |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Payments | 86898 | 9928966 |
| &nbsp;&nbsp;&nbsp;&nbsp; Keysight Technologies \* | 87179 | 15182223 |
| &nbsp;&nbsp;&nbsp;&nbsp; KLA | 15547 | 4919848 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marvell Technology | 112872 | 4478761 |
| &nbsp;&nbsp;&nbsp;&nbsp; Microchip Technology | 223237 | 13782652 |
| &nbsp;&nbsp;&nbsp;&nbsp; Palo Alto Networks \* | 103377 | 17738459 |
| &nbsp;&nbsp;&nbsp;&nbsp; Roper Technologies | 28654 | 11878229 |
| &nbsp;&nbsp;&nbsp;&nbsp; Synopsys \* | 44104 | 12902625 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211662931 |
|  MATERIALS — 5.1% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ashland | 61661 | 6469472 |
| &nbsp;&nbsp;&nbsp;&nbsp; Berry Global Group \* | 118361 | 5600843 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crown Holdings | 100756 | 6910854 |

---

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

**22** 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**CIBC ATLAS MID CAP EQUITY FUND** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**OCTOBER 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| COMMON STOCK\*\* (continued) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  MATERIALS (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; FMC | 76129 | $9051738 |
| &nbsp;&nbsp;&nbsp;&nbsp; Livent \* | 210409 | 6642612 |
|  |  | 34675519 |
|  REAL ESTATE — 2.2% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; SBA Communications, Cl A ‡ | 56655 | 15291185 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL COMMON STOCK<br>(Cost $446,624,990) |  | 660580486 |
|  CASH EQUIVALENT — 2.9% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; First American Government Obligations Fund, Cl X, 2.920% (A) | 20000112 | 20000112 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL CASH EQUIVALENT<br>(Cost $20,000,112) |  | 20000112 |
|  TOTAL INVESTMENTS — 99.8%<br>(Cost $466,625,102) |  | $&nbsp;&nbsp;&nbsp;&nbsp;680580598 |

---

*Percentages are based on Net Assets of $681,656,382.* 

*\** *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 October 31, 2022.* 

Cl — Class

PLC — Public Limited Company

*As of October 31, 2022, all of the Fund's investments were considered Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles.* 

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

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

**23** 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**CIBC ATLAS INCOME** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **OPPORTUNITIES FUND** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**OCTOBER 31, 2022** |

---

 **SECTOR WEIGHTINGS (UNAUDITED)†**<br>

![LOGO](g400940sp24.jpg)

*†* *Percentages are based on total investments.* 

---

| | | |
|:---|:---|:---|
| SCHEDULE OF INVESTMENTS |  |  |
| COMMON STOCK — 67.5% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  COMMUNICATION SERVICES — 2.2% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alphabet, Cl A \* | 142450 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13462949 |
|  CONSUMER DISCRETIONARY — 5.4% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Amazon.com \* | 114360 | 11715039 |
| &nbsp;&nbsp;&nbsp;&nbsp; Home Depot | 36795 | 10896103 |
| &nbsp;&nbsp;&nbsp;&nbsp; Service International | 76578 | 4641393 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vail Resorts | 25295 | 5542893 |
|  |  | 32795428 |
|  CONSUMER STAPLES — 4.2% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Costco Wholesale | 9660 | 4844490 |
| &nbsp;&nbsp;&nbsp;&nbsp; PepsiCo | 62231 | 11299905 |
| &nbsp;&nbsp;&nbsp;&nbsp; Procter & Gamble | 68075 | 9167660 |
|  |  | 25312055 |
|  ENERGY — 4.1% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Chevron | 78148 | 14136973 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pioneer Natural Resources | 42250 | 10833323 |
|  |  | 24970296 |
|  FINANCIALS — 9.7% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ares Capital | 326422 | 6342379 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ares Management, Cl A | 92130 | 6986218 |
| &nbsp;&nbsp;&nbsp;&nbsp; Blue Owl Capital, Cl A | 471350 | 4722927 |
| &nbsp;&nbsp;&nbsp;&nbsp; CME Group, Cl A | 29234 | 5066252 |
| &nbsp;&nbsp;&nbsp;&nbsp; Golub Capital BDC | 402350 | 5218480 |

---

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

**24** 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**CIBC ATLAS INCOME** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **OPPORTUNITIES FUND** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**OCTOBER 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| COMMON STOCK (continued) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  FINANCIALS (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hannon Armstrong Sustainable Infrastructure Capital ‡ | 95590 | $2598136 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase | 100196 | 12612673 |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P Global | 23905 | 7679481 |
| &nbsp;&nbsp;&nbsp;&nbsp; US Bancorp | 187982 | 7979836 |
|  |  | 59206382 |
|  HEALTH CARE — 6.0% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Johnson & Johnson | 50985 | 8869861 |
| &nbsp;&nbsp;&nbsp;&nbsp; Medtronic PLC | 47500 | 4148650 |
| &nbsp;&nbsp;&nbsp;&nbsp; Novartis ADR | 69438 | 5633505 |
| &nbsp;&nbsp;&nbsp;&nbsp; UnitedHealth Group | 31728 | 17613799 |
|  |  | 36265815 |
|  INDUSTRIALS — 8.9% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; IDEX | 36625 | 8142104 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lockheed Martin | 24964 | 12149479 |
| &nbsp;&nbsp;&nbsp;&nbsp; Republic Services, Cl A | 72900 | 9667998 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rollins | 149250 | 6280440 |
| &nbsp;&nbsp;&nbsp;&nbsp; Triton International | 55003 | 3338132 |
| &nbsp;&nbsp;&nbsp;&nbsp; Union Pacific | 37522 | 7397087 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Parcel Service, Cl B | 42892 | 7195991 |
|  |  | 54171231 |
|  INFORMATION TECHNOLOGY — 19.0% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Apple | 175690 | 26940305 |
| &nbsp;&nbsp;&nbsp;&nbsp; Automatic Data Processing | 28847 | 6972320 |
| &nbsp;&nbsp;&nbsp;&nbsp; Broadcom | 24064 | 11312968 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cisco Systems | 142199 | 6460100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity National Information Services | 99500 | 8257505 |
| &nbsp;&nbsp;&nbsp;&nbsp; Microchip Technology | 140036 | 8645822 |
| &nbsp;&nbsp;&nbsp;&nbsp; Microsoft | 120583 | 27990932 |
| &nbsp;&nbsp;&nbsp;&nbsp; QUALCOMM | 72015 | 8473285 |
| &nbsp;&nbsp;&nbsp;&nbsp; Visa, Cl A | 52562 | 10888744 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115941981 |
|  MATERIALS — 2.0% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Linde PLC | 41436 | 12320994 |
|  REAL ESTATE — 3.7% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Crown Castle ‡ | 32978 | 4394648 |
| &nbsp;&nbsp;&nbsp;&nbsp; Invitation Homes ‡ | 134357 | 4257773 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prologis ‡ | 58500 | 6478875 |
| &nbsp;&nbsp;&nbsp;&nbsp; VICI Properties ‡ | 144626 | 4630925 |

---

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

**25** 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**CIBC ATLAS INCOME** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **OPPORTUNITIES FUND** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**OCTOBER 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| COMMON STOCK (continued) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  REAL ESTATE (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Weyerhaeuser ‡ | 85884 | $2656392 |
|  |  | 22418613 |
|  UTILITIES — 2.3% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American Water Works | 18376 | 2670768 |
| &nbsp;&nbsp;&nbsp;&nbsp; NextEra Energy | 149010 | 11548275 |
|  |  | 14219043 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL COMMON STOCK<br>(Cost $283,649,379) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;411084787 |
| CORPORATE OBLIGATIONS — 18.6% | &nbsp;&nbsp;&nbsp;&nbsp;Face Amount |  |
|  COMMUNICATION SERVICES — 2.4% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Comcast | $6111000 | 3533856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.937%, 11/01/56 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Diamond Sports Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 08/15/26(A) | 4500000 | 900000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Discovery Communications |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 03/13/24 | 3150000 | 3059924 |
| &nbsp;&nbsp;&nbsp;&nbsp; T-Mobile USA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 04/15/31 | 5000000 | 4204034 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verizon Communications |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.355%, 03/15/32 | 2441000 | 1849121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Warnermedia Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.428%, 03/15/24(A) | 1000000 | 964529 |
|  |  | 14511464 |
|  CONSUMER DISCRETIONARY — 3.0% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Amazon.com |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.150%, 08/22/27 | 3300000 | 3053174 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ford Motor Credit |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.350%, 11/01/22 | 5000000 | 5000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Motors |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.800%, 10/01/27 | 2500000 | 2532974 |
| &nbsp;&nbsp;&nbsp;&nbsp; Meritage Homes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 04/15/29(A) | 3000000 | 2411100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Newell Brands |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.450%, 04/01/26 | 5000000 | 4652750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tenneco |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 12/15/24 | 630000 | 628148 |
|  |  | 18278146 |

---

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

**26** 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**CIBC ATLAS INCOME** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **OPPORTUNITIES FUND** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**OCTOBER 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| CORPORATE OBLIGATIONS (continued) | Face Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  ENERGY — 1.7% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cheniere Energy Partners |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 10/01/29 | $5000000 | $4414750 |
| &nbsp;&nbsp;&nbsp;&nbsp; DCP Midstream Operating |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 09/15/37(A) | 1500000 | 1448217 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kinder Morgan MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.800%, 08/01/31 | 1400000 | 1514756 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sabine Pass Liquefaction |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 05/15/24 | 1250000 | 1248575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 03/01/25 | 2000000 | 1991662 |
|  |  | 10617960 |
|  FINANCIALS — 5.7% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ally Financial |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.200%, 11/02/28 | 5000000 | 3812818 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ares Capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 01/15/26 | 5000000 | 4482707 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of America |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.200%, ICE LIBOR USD 3 Month + 3.135%(B)(C) | 2000000 | 1945000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 04/21/25 | 5750000 | 5502484 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.124%, ICE LIBOR USD 3 Month + 1.750%, 10/28/27(B) | 3000000 | 2969168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.217%, 12/06/23 | 4000000 | 3827064 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.020%, ICE LIBOR USD 3 Month + 2.580%(B)(C) | 1000000 | 962100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000%, ICE LIBOR USD 3 Month + 3.300%(B)(C) | 1500000 | 1477500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, U.S. SOFR + 3.380%(B)(C) | 2000000 | 1842600 |
| &nbsp;&nbsp;&nbsp;&nbsp; OneMain Finance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 01/15/27 | 3000000 | 2458841 |
| &nbsp;&nbsp;&nbsp;&nbsp; PNC Financial Services Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.118%, ICE LIBOR USD 3 Month + 3.678%(B)(C) | 2500000 | 2493697 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.100%, 06/03/26 | 3000000 | 2837482 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34611461 |
|  HEALTH CARE — 1.4% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AbbVie |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 11/21/49 | 3500000 | 2715330 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fresenius US Finance II |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 01/15/23(A) | 2000000 | 1995788 |
| &nbsp;&nbsp;&nbsp;&nbsp; HCA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 02/01/25 | 3050000 | 3011494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 03/15/24 | 1250000 | 1239167 |
|  |  | 8961779 |

---

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

**27** 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**CIBC ATLAS INCOME** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **OPPORTUNITIES FUND** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**OCTOBER 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| CORPORATE OBLIGATIONS (continued) | &nbsp;&nbsp;&nbsp;&nbsp;Face Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  INDUSTRIALS — 0.8% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Northrop Grumman |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.030%, 10/15/47 | $2000000 | $1573512 |
| &nbsp;&nbsp;&nbsp;&nbsp; Quanta Services |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.900%, 10/01/30 | 3750000 | 2959978 |
|  |  | 4533490 |
|  INFORMATION TECHNOLOGY — 2.3% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Apple |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.850%, 08/04/46 | 3000000 | 2390026 |
| &nbsp;&nbsp;&nbsp;&nbsp; Broadcom |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.469%, 04/15/34(A) | 2500000 | 1871267 |
| &nbsp;&nbsp;&nbsp;&nbsp; CommScope Technologies |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 06/15/25(A) | 1734000 | 1616955 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kyndryl Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.050%, 10/15/26 | 1000000 | 782020 |
| &nbsp;&nbsp;&nbsp;&nbsp; Salesforce |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 04/11/28 | 3000000 | 2826840 |
| &nbsp;&nbsp;&nbsp;&nbsp; Western Union |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.850%, 01/10/25 | 4500000 | 4223930 |
|  |  | 13711038 |
|  MATERIALS — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; NOVA Chemicals |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 05/01/25(A) | 2000000 | 1904780 |
|  REAL ESTATE — 1.0% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Boston Properties |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 10/01/26 | 1000000 | 885738 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equinix |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 07/15/50 | 3000000 | 1738224 |
| &nbsp;&nbsp;&nbsp;&nbsp; VICI Properties |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 05/15/32 | 4000000 | 3543960 |
|  |  | 6167922 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL CORPORATE OBLIGATIONS<br>(Cost $133,016,011) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113298040 |
|  U.S. TREASURY OBLIGATIONS — 7.2% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 02/15/48 | 10000000 | 7896484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 02/15/45 | 10000000 | 7196485 |
|  |  | 15092969 |

---

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

**28** 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**CIBC ATLAS INCOME** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **OPPORTUNITIES FUND** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**OCTOBER 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| U.S. TREASURY OBLIGATIONS (continued) | &nbsp;&nbsp;&nbsp;&nbsp;Face Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Inflation Indexed Note |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.500%, 01/15/28 | $12007000 | $11295374 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 08/15/25 | 10000000 | 9358203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 05/15/31 | 10000000 | 8264063 |
|  |  | 17622266 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL U.S. TREASURY OBLIGATIONS<br>(Cost $51,662,782) |  | 44010609 |
| EXCHANGE TRADED FUNDS — 1.6% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares |  |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares National Muni Bond ETF | 53290 | 5409468 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nuveen AMT-Free Quality Municipal Income Fund, Cl Institutional | 409191 | 4222851 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL EXCHANGE TRADED FUNDS<br>(Cost $10,933,458) |  | 9632319 |
|  PREFERRED STOCK — 0.3% |  |  |
|  FINANCIALS — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo, 7.500% | 1700 | 1981401 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL PREFERRED STOCK<br>(Cost $2,066,538) |  | 1981401 |
|  CASH EQUIVALENT — 4.4% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; First American Government Obligations Fund, Cl X, 2.920% (D) | 26714471 | 26714471 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL CASH EQUIVALENT<br>(Cost $26,714,471) |  | 26714471 |
|  TOTAL INVESTMENTS — 99.6%<br>(Cost $508,042,639) |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;606721627 |

---

---

| | |
|:---|:---|
| | *Percentages are based on Net Assets of $609,293,759.*  |

---

*\** *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 October 31, 2022 was $13,112,636 which represents 2.2% of Net Assets.* 

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

**29** 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**CIBC ATLAS INCOME** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **OPPORTUNITIES FUND** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**OCTOBER 31, 2022** |

---

*(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 October 31, 2022.* 

ADR — American Depositary Receipt

BDC — Business Development Company

Cl — Class

ETF — Exchange Traded Fund

ICE — Intercontinental Exchange

LIBOR— London Interbank Offered Rate

MTN — Medium Term Note

PLC — Public Limited Company

SOFR— Secured Overnight Financing Rate

USD — U.S. Dollar

*The following is a summary of the level of inputs used as of October 31, 2022, in valuing the Fund's investments carried at value:* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stock | $411084787 | $— | $— | $411084787 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Obligations |  | 113298040 |  | 113298040 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations |  | 44010609 |  | 44010609 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange Traded Funds | 9632319 |  |  | 9632319 |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred Stock | 1981401 |  |  | 1981401 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash Equivalent | 26714471 |  |  | 26714471 |
|  **Total Investments in Securities** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;449412978 | $&nbsp;&nbsp;&nbsp;&nbsp;157308649 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;606721627 |

---

*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.* 

**30** 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CIBC ATLAS ALL CAP GROWTH FUND** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **OCTOBER 31, 2022** |

---

 &nbsp;&nbsp;&nbsp;&nbsp;**SECTOR WEIGHTINGS (UNAUDITED)†**<br>

![LOGO](g400940sp31.jpg)

*†* *Percentages are based on total investments.* 

---

| | | |
|:---|:---|:---|
|  SCHEDULE OF INVESTMENTS |  |  |
| COMMON STOCK\*\* — 96.1% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value  |
|  COMMUNICATION SERVICES — 1.8% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Live Nation Entertainment \* | 28856 | $2297226 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nexstar Media Group, Cl A | 8314 | 1424188 |
|  |  | 3721414 |
|  CONSUMER DISCRETIONARY — 8.8% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Amazon.com \* | 81926 | 8392499 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chipotle Mexican Grill, Cl A \* | 3248 | 4866576 |
| &nbsp;&nbsp;&nbsp;&nbsp; TJX | 21168 | 1526213 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ulta Beauty \* | 7300 | 3061401 |
|  |  | 17846689 |
|  CONSUMER STAPLES — 1.4% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Costco Wholesale | 5781 | 2899172 |
|  ENERGY — 4.3% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Devon Energy | 40060 | 3098641 |
| &nbsp;&nbsp;&nbsp;&nbsp; EOG Resources | 41665 | 5688106 |
|  |  | 8786747 |
|  FINANCIALS — 17.2% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Blackstone, Cl A | 66557 | 6066005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brown & Brown | 139763 | 8216667 |

---

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

**31** 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CIBC ATLAS ALL CAP GROWTH FUND** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **OCTOBER 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| COMMON STOCK\*\* (continued) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  FINANCIALS (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Charles Schwab | 60737 | $4838917 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Group | 11912 | 4103803 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kinsale Capital Group | 14599 | 4601167 |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P Global | 22143 | 7113438 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;34939997 |
|  HEALTH CARE — 21.0% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AstraZeneca PLC ADR | 112344 | 6606950 |
| &nbsp;&nbsp;&nbsp;&nbsp; Danaher | 13549 | 3409877 |
| &nbsp;&nbsp;&nbsp;&nbsp; Edwards Lifesciences \* | 38534 | 2791017 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elevance Health | 11205 | 6126558 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eli Lilly | 21652 | 7839973 |
| &nbsp;&nbsp;&nbsp;&nbsp; ICON PLC \* | 7914 | 1565706 |
| &nbsp;&nbsp;&nbsp;&nbsp; IDEXX Laboratories \* | 9516 | 3422715 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intuitive Surgical \* | 20455 | 5041544 |
| &nbsp;&nbsp;&nbsp;&nbsp; Johnson & Johnson | 8959 | 1558597 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zoetis, Cl A | 26622 | 4014065 |
|  |  | 42377002 |
|  INDUSTRIALS — 9.0% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cintas | 9534 | 4076262 |
| &nbsp;&nbsp;&nbsp;&nbsp; CoStar Group \* | 62135 | 5139807 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3Harris Technologies | 19029 | 4690078 |
| &nbsp;&nbsp;&nbsp;&nbsp; Robert Half International | 13204 | 1009578 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waste Management | 20706 | 3279209 |
|  |  | 18194934 |
|  INFORMATION TECHNOLOGY — 25.5% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Adobe \* | 4289 | 1366046 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amphenol, Cl A | 50546 | 3832903 |
| &nbsp;&nbsp;&nbsp;&nbsp; Apple | 14106 | 2163014 |
| &nbsp;&nbsp;&nbsp;&nbsp; CDW | 9362 | 1617847 |
| &nbsp;&nbsp;&nbsp;&nbsp; Entegris | 47185 | 3743658 |
| &nbsp;&nbsp;&nbsp;&nbsp; EPAM Systems \* | 7232 | 2531200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gartner \* | 5813 | 1755061 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intuit | 9170 | 3920175 |

---

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

**32** 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CIBC ATLAS ALL CAP GROWTH FUND** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **OCTOBER 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| COMMON STOCK\*\* (continued) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value  |
|  INFORMATION TECHNOLOGY (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mastercard, Cl A | 23546 | $7727326 |
| &nbsp;&nbsp;&nbsp;&nbsp; Microsoft | 19002 | 4410934 |
| &nbsp;&nbsp;&nbsp;&nbsp; Monolithic Power Systems | 5406 | 1835067 |
| &nbsp;&nbsp;&nbsp;&nbsp; Palo Alto Networks \* | 59230 | 10163276 |
| &nbsp;&nbsp;&nbsp;&nbsp; Roper Technologies | 12877 | 5338032 |
| &nbsp;&nbsp;&nbsp;&nbsp; Snowflake, Cl A \* | 9032 | 1447830 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;51852369 |
|  MATERIALS — 5.8% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Martin Marietta Materials | 21977 | 7383832 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sherwin-Williams | 19098 | 4297623 |
|  |  | 11681455 |
|  REAL ESTATE — 1.3% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; SBA Communications, Cl A ‡ | 9956 | 2687124 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL COMMON STOCK<br>(Cost $143,203,366) |  | 194986903 |
|  CASH EQUIVALENT — 2.8% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; First American Government Obligations Fund, Cl X, 2.920% (A) | 5776870 | 5776870 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL CASH EQUIVALENT<br>(Cost $5,776,870) |  | 5776870 |
|  TOTAL INVESTMENTS — 98.9%<br>(Cost $148,980,236) |  | $200763773 |

---

---

| | |
|:---|:---|
| | *Percentages are based on Net Assets of $203,007,302.*  |

---

*\** *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 October 31, 2022.* 

ADR — American Depositary Receipt

Cl — Class

PLC — Public Limited Company

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

**33** 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CIBC ATLAS ALL CAP GROWTH FUND** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **OCTOBER 31, 2022** |

---

*As of October 31, 2022, all of the Fund's investments were considered Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles.* 

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

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

**34** 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CIBC ATLAS EQUITY INCOME FUND** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **OCTOBER 31, 2022** |

---

 &nbsp;&nbsp;&nbsp;&nbsp;**SECTOR WEIGHTINGS (UNAUDITED)†**<br>

![LOGO](g400940sp35.jpg)

*†* *Percentages are based on total investments.* 

---

| | | |
|:---|:---|:---|
|  SCHEDULE OF INVESTMENTS |  |  |
| COMMON STOCK — 93.9% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value  |
|  COMMUNICATION SERVICES — 1.1% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Comcast, Cl A | 105222 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3339746 |
|  CONSUMER DISCRETIONARY — 2.4% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dick's Sporting Goods | 37022 | 4211623 |
| &nbsp;&nbsp;&nbsp;&nbsp; Home Depot | 10967 | 3247657 |
|  |  | 7459280 |
|  ENERGY — 8.6% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Enterprise Products Partners | 543549 | 13724612 |
| &nbsp;&nbsp;&nbsp;&nbsp; EOG Resources | 31963 | 4363589 |
| &nbsp;&nbsp;&nbsp;&nbsp; Magellan Midstream Partners | 156675 | 8452616 |
|  |  | 26540817 |
|  FINANCIALS — 15.1% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Blackstone, Cl A | 132899 | 12112415 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brookfield Asset Management, Cl A | 124243 | 4921265 |
| &nbsp;&nbsp;&nbsp;&nbsp; Charles Schwab | 104112 | 8294603 |
| &nbsp;&nbsp;&nbsp;&nbsp; CME Group, Cl A | 48028 | 8323252 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Group | 14563 | 5017099 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase | 33539 | 4221890 |

---

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

**35** 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CIBC ATLAS EQUITY INCOME FUND** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **OCTOBER 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| COMMON STOCK (continued) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value  |
|  FINANCIALS (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 47689 | $3918605 |
|  |  | 46809129 |
|  HEALTH CARE — 21.6% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Abbott Laboratories | 118064 | 11681252 |
| &nbsp;&nbsp;&nbsp;&nbsp; AbbVie | 27250 | 3989400 |
| &nbsp;&nbsp;&nbsp;&nbsp; AstraZeneca PLC ADR | 181737 | 10687953 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elevance Health | 30794 | 16837235 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eli Lilly | 24884 | 9010248 |
| &nbsp;&nbsp;&nbsp;&nbsp; Johnson & Johnson | 44375 | 7719919 |
| &nbsp;&nbsp;&nbsp;&nbsp; Medtronic PLC | 43946 | 3838244 |
| &nbsp;&nbsp;&nbsp;&nbsp; Merck | 31504 | 3188205 |
|  |  | 66952456 |
|  INDUSTRIALS — 8.0% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; L3Harris Technologies | 56853 | 14012559 |
| &nbsp;&nbsp;&nbsp;&nbsp; Robert Half International | 44274 | 3385190 |
| &nbsp;&nbsp;&nbsp;&nbsp; Union Pacific | 12619 | 2487710 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waste Management | 30200 | 4782774 |
|  |  | 24668233 |
|  INFORMATION TECHNOLOGY — 16.4% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accenture PLC, Cl A | 15867 | 4504641 |
| &nbsp;&nbsp;&nbsp;&nbsp; Apple | 70219 | 10767381 |
| &nbsp;&nbsp;&nbsp;&nbsp; Broadridge Financial Solutions | 37343 | 5603691 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity National Information Services | 55899 | 4639058 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Business Machines | 30513 | 4219643 |
| &nbsp;&nbsp;&nbsp;&nbsp; Microchip Technology | 49620 | 3063539 |
| &nbsp;&nbsp;&nbsp;&nbsp; Microsoft | 49158 | 11411047 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Instruments | 40037 | 6431143 |
|  |  | 50640143 |
|  REAL ESTATE — 11.1% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American Tower, Cl A ‡ | 47152 | 9769423 |
| &nbsp;&nbsp;&nbsp;&nbsp; Camden Property Trust ‡ | 16431 | 1898602 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equinix ‡ | 7112 | 4028521 |
| &nbsp;&nbsp;&nbsp;&nbsp; Iron Mountain ‡ | 97331 | 4873363 |

---

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

**36** 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CIBC ATLAS EQUITY INCOME FUND** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **OCTOBER 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| COMMON STOCK (continued) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value  |
|  REAL ESTATE (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Prologis ‡ | 18324 | $2029383 |
| &nbsp;&nbsp;&nbsp;&nbsp; VICI Properties ‡ | 369952 | 11845863 |
|  |  | 34445155 |
|  UTILITIES — 9.6% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Brookfield Infrastructure Partners | 244921 | 8910226 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brookfield Renewable Partners | 318840 | 9303751 |
| &nbsp;&nbsp;&nbsp;&nbsp; NextEra Energy | 63070 | 4887925 |
| &nbsp;&nbsp;&nbsp;&nbsp; NextEra Energy Partners | 61199 | 4533010 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xcel Energy | 33294 | 2167773 |
|  |  | 29802685 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL COMMON STOCK<br>(Cost $232,943,087) |  | 290657644 |
|  CASH EQUIVALENT — 5.5% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; First American Government Obligations Fund, Cl X, 2.920% (A) | 17008621 | 17008621 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL CASH EQUIVALENT<br>(Cost $17,008,621) |  | 17008621 |
|  TOTAL INVESTMENTS — 99.4%<br>(Cost $249,951,708) |  | $307666265 |

---

---

| | |
|:---|:---|
| | *Percentages are based on Net Assets of $309,495,338.*  |

---

*‡* *Real Estate Investment Trust* 

*(A)* *The rate reported is the 7-day effective yield as of October 31, 2022.* 

ADR — American Depositary Receipt

Cl — Class

PLC — Public Limited Company

*As of October 31, 2022, all of the Fund's investments were considered Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles.* 

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

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

**37** 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**CIBC ATLAS INTERNATIONAL** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **GROWTH FUND** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**OCTOBER 31, 2022** |

---

 &nbsp;&nbsp;&nbsp;&nbsp;**SECTOR WEIGHTINGS (UNADUITED)†**<br>

![LOGO](g400940sp38.jpg)

*†* *Percentages are based on total investments.* 

---

| | | |
|:---|:---|:---|
|  SCHEDULE OF INVESTMENTS |  |  |
| COMMON STOCK — 98.8% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value  |
|  AUSTRALIA — 3.4% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BHP Group | 317850 | $7595789 |
| &nbsp;&nbsp;&nbsp;&nbsp; Woodside Energy Group | 166100 | 3822738 |
|  |  | 11418527 |
|  BRAZIL — 1.7% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; MercadoLibre \* | 6314 | 5692829 |
|  CANADA — 5.8% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Brookfield Asset Management, Cl A | 120018 | 4753913 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian National Railway | 56250 | 6662250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ritchie Bros Auctioneers | 122928 | 8030886 |
|  |  | 19447049 |
|  CHINA — 6.1% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alibaba Group Holding ADR \* | 76835 | 4885169 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alibaba Group Holding \* | 235000 | 1839668 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tencent Holdings | 244000 | 6390909 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yum China Holdings | 178430 | 7378081 |
|  |  | 20493827 |
|  DENMARK — 1.2% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Vestas Wind Systems | 202343 | 3985467 |

---

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

**38** 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**CIBC ATLAS INTERNATIONAL** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **GROWTH FUND** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**OCTOBER 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| COMMON STOCK (continued) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  FRANCE — 6.0% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Air Liquide | 60865 | $7957821 |
| &nbsp;&nbsp;&nbsp;&nbsp; Airbus | 49365 | 5345854 |
| &nbsp;&nbsp;&nbsp;&nbsp; LVMH Moet Hennessy Louis Vuitton | 10607 | 6698231 |
|  |  | 20001906 |
|  GERMANY — 5.3% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; HeidelbergCement | 98108 | 4522960 |
| &nbsp;&nbsp;&nbsp;&nbsp; Siemens | 55187 | 6034144 |
| &nbsp;&nbsp;&nbsp;&nbsp; Symrise, Cl A | 68879 | 7034998 |
|  |  | 17592102 |
|  HONG KONG — 2.2% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AIA Group | 978500 | 7410754 |
|  INDIA — 3.4% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; HDFC Bank ADR | 179063 | 11157415 |
|  IRELAND — 2.2% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ICON PLC \* | 37376 | 7394468 |
|  ITALY — 1.3% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ferrari | 21857 | 4309235 |
|  JAPAN — 12.1% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Daikin Industries | 39000 | 5871179 |
| &nbsp;&nbsp;&nbsp;&nbsp; FANUC | 50000 | 6600760 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nidec | 84000 | 4653768 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sony Group | 84000 | 5642369 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sysmex | 89000 | 4805084 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tokio Marine Holdings | 282000 | 5103480 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toyota Motor | 568000 | 7867084 |
|  |  | 40543724 |
|  MEXICO — 1.3% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fomento Economico Mexicano ADR | 59298 | 4246923 |

---

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

**39** 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**CIBC ATLAS INTERNATIONAL** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **GROWTH FUND** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**OCTOBER 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| COMMON STOCK (continued) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value  |
|  NETHERLANDS — 1.7% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ASML Holding | 12023 | $5679465 |
|  NORWAY — 2.3% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Equinor | 213079 | 7795636 |
|  SINGAPORE — 3.1% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; DBS Group Holdings | 431725 | 10430203 |
|  SPAIN — 4.9% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Amadeus IT Group \* | 166388 | 8672191 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco Santander | 2997931 | 7768211 |
|  |  | 16440402 |
|  SWEDEN — 3.0% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assa Abloy, Cl B | 287671 | 5810114 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hexagon, Cl B | 431978 | 4272362 |
|  |  | 10082476 |
|  SWITZERLAND — 8.8% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alcon | 108182 | 6583723 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chubb | 38614 | 8297763 |
| &nbsp;&nbsp;&nbsp;&nbsp; Julius Baer Group | 141538 | 6780424 |
| &nbsp;&nbsp;&nbsp;&nbsp; Novartis | 94939 | 7670210 |
|  |  | 29332120 |
|  TAIWAN — 1.4% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing ADR | 73964 | 4552484 |
|  UNITED KINGDOM — 20.0% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AstraZeneca PLC | 73533 | 8646973 |
| &nbsp;&nbsp;&nbsp;&nbsp; BAE Systems PLC | 1055456 | 9857491 |
| &nbsp;&nbsp;&nbsp;&nbsp; Compass Group PLC | 398381 | 8390310 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diageo PLC | 172076 | 7100190 |
| &nbsp;&nbsp;&nbsp;&nbsp; InterContinental Hotels Group PLC | 131579 | 7086033 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lloyds Banking Group PLC | 18147313 | 8744941 |
| &nbsp;&nbsp;&nbsp;&nbsp; London Stock Exchange Group PLC | 83126 | 7212598 |

---

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

**40** 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**CIBC ATLAS INTERNATIONAL** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **GROWTH FUND** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**OCTOBER 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| COMMON STOCK (continued) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value  |
|  UNITED KINGDOM (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shell PLC | 352917 | $9729612 |
|  |  | 66768148 |
|  UNITED STATES — 1.6% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Euronet Worldwide \* | 61935 | 5203159 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL COMMON STOCK<br>(Cost $373,998,043) |  | 329978319 |
|  CASH EQUIVALENT — 1.0% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; First American Government Obligations Fund, Cl X, 2.920% (A) | 3284896 | 3284896 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL CASH EQUIVALENT<br>(Cost $3,284,896) |  | 3284896 |
|  TOTAL INVESTMENTS — 99.8%<br>(Cost $377,282,939) |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333263215 |

---

---

| | |
|:---|:---|
| | *Percentages are based on Net Assets of $333,969,761.*  |

---

*\** *Non-income producing security.* 

*(A)* *The rate reported is the 7-day effective yield as of October 31, 2022.* 

ADR — American Depositary Receipt

Cl — Class

PLC — Public Limited Company

*As of October 31, 2022, all of the Fund's investments were considered Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles.* 

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

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

**41** 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**CIBC ATLAS FUNDS** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**OCTOBER 31, 2022** |

---

---

| | | | |
|:---|:---|:---|:---|
|  &nbsp;&nbsp;&nbsp;&nbsp;**STATEMENTS OF ASSETS AND LIABILITIES** |  |  |  |
|  | CIBC Atlas<br> Disciplined<br> &nbsp;&nbsp;&nbsp;&nbsp;Equity Fund  | CIBC Atlas<br> Mid Cap<br> &nbsp;&nbsp;&nbsp;&nbsp;Equity Fund  | CIBC Atlas<br> Income<br> Opportunities<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund  |
|  Assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments at Value (Cost $803,987,630, $466,625,102 and $508,042,639, respectively) | $1442867575 | $680580598 | $606721627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivable for Investment Securities Sold | 16723103 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivable for Capital Shares Sold | 1081519 | 1972864 | 1285500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and Interest Receivable | 740463 | 58904 | 1677899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reclaim Receivable | 58023 | 3590 | 44683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid Expenses | 1324 | 10506 | 7017 |
|  Total Assets | 1461472007 | 682626462 | 609736726 |
|  Liabilities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for Investment Securities Purchased | 10209377 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for Capital Shares Redeemed | 517786 | 471723 | 59000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit Fees Payable | 24030 | 24030 | 26380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable Due to Adviser | 774990 | 416085 | 302303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable Due to Administrator | 58002 | 27040 | 24556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Compliance Officer Fees Payable | 4079 | 1922 | 1718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable Due to Trustees | 134 | 63 | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Accrued Expenses | 57556 | 29217 | 28954 |
|  Total Liabilities | 11645954 | 970080 | 442967 |
|  Net Assets | $1449826053 | $681656382 | $609293759 |
|  Net Assets Consist of: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in Capital | $759309173 | $459528493 | $515091445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Distributable Earnings | 690516880 | 222127889 | 94202314 |
|  Net Assets | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1449826053 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;681656382 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;609293759 |
|  Institutional Class Shares: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Outstanding Shares of Beneficial Interest |  |  |  |
|  (unlimited authorization — no par value) | 57585726 | 40616447 | 45762555 |
|  Net Asset Value, Offering and Redemption Price Per Share | $25.18 | $16.78 | $13.31 |

---

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

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

**42** 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**CIBC ATLAS FUNDS**  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **OCTOBER 31, 2022**  |

---

---

| | | | |
|:---|:---|:---|:---|
|  &nbsp;&nbsp;&nbsp;&nbsp;**STATEMENTS OF ASSETS AND LIABILITIES** |  |  |  |
|  | CIBC Atlas All<br> Cap Growth<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund  | CIBC Atlas<br> Equity Income<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund  | CIBC Atlas<br> International<br> &nbsp;&nbsp;&nbsp;&nbsp;Growth Fund  |
|  Assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments at Value (Cost $148,980,236, $249,951,708 and $377,282,939, respectively) | $200763773 | $307666265 | $333263215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivable for Investment Securities Sold | 3412096 |  | 3501624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and Interest Receivable | 108039 | 617220 | 559384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivable for Capital Shares Sold | 35971 | 1455881 | 1312759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reclaim Receivable | 4428 | 18154 | 535155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid Expenses | 9261 |  | 11878 |
|  Total Assets | 204333568 | 309757520 | 339184015 |
|  Liabilities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for Investment Securities Purchased | 472142 |  | 3868676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for Capital Shares Redeemed | 671147 | 11515 | 1038150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit Fees Payable | 24030 | 24030 | 26380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable Due to Adviser | 138214 | 199285 | 229374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable Due to Administrator | 8215 | 12141 | 13634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Compliance Officer Fees Payable | 582 | 845 | 969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable Due to Trustees | 19 | 28 | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Accrued Expenses | 11917 | 14338 | 37039 |
|  Total Liabilities | 1326266 | 262182 | 5214254 |
|  Net Assets | $203007302 | $309495338 | $333969761 |
|  Net Assets Consist of: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in Capital | $139745756 | $248377120 | $388063773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Distributable Earnings (Loss) | 63261546 | 61118218 | (54094012) |
|  Net Assets | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203007302 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309495338 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333969761 |
|  Institutional Class Shares: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Outstanding Shares of Beneficial Interest |  |  |  |
|  (unlimited authorization — no par value) | 7090883 | 6412261 | 33898581 |
|  Net Asset Value, Offering and Redemption Price Per Share | $28.63 | $48.27 | $9.85 |

---

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

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

**43** 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**CIBC ATLAS FUNDS**  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **FOR THE YEAR ENDED**  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**OCTOBER 31, 2022** |

---

---

| | | | |
|:---|:---|:---|:---|
|  &nbsp;&nbsp;&nbsp;&nbsp;**STATEMENTS OF OPERATIONS** |  |  |  |
|  | CIBC Atlas<br>Disciplined<br>Equity Fund | CIBC Atlas Mid<br>Cap Equity<br>Fund | CIBC Atlas<br>Income<br>Opportunities<br>Fund |
|  Investment Income: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | $23155347 | $4284925 | $10693554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest |  |  | 6786051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Foreign Taxes Withheld |  | (1799) | (77550) |
|  Total Investment Income | 23155347 | 4283126 | 17402055 |
|  Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Advisory Fees | 10411836 | 5772937 | 3916711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration Fees | 748701 | 357853 | 304146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees' Fees | 46994 | 23044 | 18715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Compliance Officer Fees | 8427 | 5155 | 4915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer Agent Fees | 97865 | 60835 | 56138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian Fees | 65437 | 30960 | 25894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration and Filing Fees | 44296 | 36821 | 42212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal Fees | 40421 | 19516 | 16170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing Fees | 33707 | 16136 | 18940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit Fees | 22640 | 22641 | 30643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Expenses | 76537 | 39952 | 39162 |
|  Total Expenses | 11596861 | 6385850 | 4473646 |
|  Less: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fees Paid Indirectly (Note 4) | (330) | (108) | (95) |
|  Net Expenses | 11596531 | 6385742 | 4473551 |
|  Net Investment Income (Loss) | 11558816 | (2102616) | 12928504 |
|  Net Realized Gain/(Loss) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | 43727991 | 10427907 | (5462752) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written Equity Options |  |  | 1638845 |
|  Net Change in Unrealized Appreciation/(Depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (347510675) | (204787765) | (94469504) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written Equity Options |  |  | (39203) |
|  Net Change in Unrealized Depreciation | (347510675) | (204787765) | (94508707) |
|  Net Realized and Unrealized Loss | (303782684) | (194359858) | (98332614) |
|  Net Decrease in Net Assets Resulting from Operations | $&nbsp;&nbsp;&nbsp;&nbsp;(292223868) | $(196462474) | $&nbsp;&nbsp;&nbsp;&nbsp;(85404110) |

---

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

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

**44** 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**CIBC ATLAS FUNDS**  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **FOR THE YEAR ENDED** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**OCTOBER 31, 2022** |

---

---

| | | | |
|:---|:---|:---|:---|
|  &nbsp;&nbsp;&nbsp;&nbsp;**STATEMENTS OF OPERATIONS** |  |  |  |
|  | CIBC Atlas All<br>Cap Growth<br>Fund | CIBC Atlas<br>Equity Income<br>Fund | CIBC Atlas<br>International<br>Growth Fund |
|  Investment Income: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | $2150887 | $6247657 | $9746393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Foreign Taxes Withheld | (2521) | (41785) | (560315) |
|  Total Investment Income | 2148366 | 6205872 | 9186078 |
|  Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Advisory Fees | 2073246 | 2056564 | 3167193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration Fees | 117457 | 120206 | 169638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees' Fees | 7642 | 6846 | 11177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Compliance Officer Fees | 3221 | 3539 | 3796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer Agent Fees | 38852 | 38973 | 44750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration and Filing Fees | 34605 | 38055 | 31767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit Fees | 22640 | 22641 | 30650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian Fees | 10557 | 10495 | 103953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing Fees | 7475 | 7837 | 19784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal Fees | 6457 | 6190 | 9734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Expenses | 14758 | 12084 | 20474 |
|  Total Expenses | 2336910 | 2323430 | 3612916 |
|  Less: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fees Paid Indirectly (Note 4) | (329) | (223) | (75) |
|  Net Expenses | 2336581 | 2323207 | 3612841 |
|  Net Investment Income (Loss) | (188215) | 3882665 | 5573237 |
|  Net Realized Gain/(Loss) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | 11595478 | 5828383 | (14984600) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Transactions |  |  | (136822) |
|  Net Change in Unrealized Appreciation/(Depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (91098256) | (42840247) | (99673644) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Translation |  |  | (48669) |
|  Net Change in Unrealized Depreciation | (91098256) | (42840247) | (99722313) |
|  Net Realized and Unrealized Loss | (79502778) | (37011864) | (114843735) |
|  Net Decrease in Net Assets Resulting from Operations | $&nbsp;&nbsp;&nbsp;&nbsp;(79690993) | $&nbsp;&nbsp;&nbsp;&nbsp;(33129199) | $&nbsp;&nbsp;&nbsp;&nbsp;(109270498) |

---

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

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

**45** 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**CIBC ATLAS FUNDS**  |

---

 &nbsp;&nbsp;&nbsp;&nbsp;**STATEMENTS OF CHANGES IN NET ASSETS**<br>

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CIBC Atlas Disciplined Equity Fund  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CIBC Atlas Disciplined Equity Fund  |
|  | Year Ended<br> &nbsp;&nbsp;&nbsp;&nbsp;October 31, 2022  | Year Ended<br> &nbsp;&nbsp;&nbsp;&nbsp;October 31, 2021  |
|  Operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | $11558816 | $8658036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gain | 43727991 | 114823721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Change in Unrealized Appreciation (Depreciation) | (347510675) | 401043394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) in Net Assets Resulting from Operations | (292223868) | 524525151 |
|  Distributions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class Shares | (123046283) | (37172161) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Distributions | (123046283) | (37172161) |
|  Capital Share Transactions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issued | 120263532 | 123171600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of Dividends and Distributions | 122653036 | 37070096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (189794002) | (155211931) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Increase in Net Assets from Capital Share Transactions | 53122566 | 5029765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Increase (Decrease) in Net Assets | (362147585) | 492382755 |
|  Net Assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of Year | 1811973638 | 1319590883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of Year | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1449826053 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1811973638 |

---

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

**46** 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**CIBC ATLAS FUNDS**  |

---

 &nbsp;&nbsp;&nbsp;&nbsp;**STATEMENTS OF CHANGES IN NET ASSETS**<br>

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CIBC Atlas Mid Cap Equity Fund  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CIBC Atlas Mid Cap Equity Fund  |
|  | Year Ended<br> &nbsp;&nbsp;&nbsp;&nbsp;October 31, 2022  | Year Ended<br> &nbsp;&nbsp;&nbsp;&nbsp;October 31, 2021  |
|  Operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Investment Loss | $(2102616) | $(3544481) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gain | 10427907 | 91701199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Change in Unrealized Appreciation (Depreciation) | (204787765) | 190599959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) in Net Assets Resulting from Operations | (196462474) | 278756677 |
|  Distributions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class Shares | (91134908) | (20474222) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Distributions | (91134908) | (20474222) |
|  Capital Share Transactions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issued | 84336573 | 67006913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of Dividends and Distributions | 90705196 | 20411779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (155924314) | (110460076) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) in Net Assets from Capital Share Transactions | 19117455 | (23041384) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Increase (Decrease) in Net Assets | (268479927) | 235241071 |
|  Net Assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of Year | 950136309 | 714895238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of Year | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;681656382 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;950136309 |

---

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

**47** 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**CIBC ATLAS FUNDS**  |

---

 &nbsp;&nbsp;&nbsp;&nbsp;**STATEMENTS OF CHANGES IN NET ASSETS**<br>

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CIBC Atlas Income Opportunities Fund  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CIBC Atlas Income Opportunities Fund  |
|  | Year Ended<br> October 31, 2022  | Year Ended<br> October 31, 2021  |
|  Operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | $12928504 | $10720353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gain (Loss) | (3823907) | 23540661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Change in Unrealized Appreciation (Depreciation) | (94508707) | 102654755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) in Net Assets Resulting from Operations | (85404110) | 136915769 |
|  Distributions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class Shares | (27938985) | (10716781) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Distributions | (27938985) | (10716781) |
|  Capital Share Transactions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issued | 91409407 | 83020172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of Dividends and Distributions | 27757013 | 10677794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (68702598) | (55827996) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Increase in Net Assets from Capital Share Transactions | 50463822 | 37869970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Increase (Decrease) in Net Assets | (62879273) | 164068958 |
|  Net Assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of Year | 672173032 | 508104074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of Year | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;609293759 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;672173032 |

---

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

**48** 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**CIBC ATLAS FUNDS** |

---

 **STATEMENTS OF CHANGES IN NET ASSETS**<br>

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CIBC Atlas All Cap Growth Fund  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CIBC Atlas All Cap Growth Fund  |
|  | Year Ended<br> &nbsp;&nbsp;&nbsp;&nbsp;October 31, 2022  | Year Ended<br> &nbsp;&nbsp;&nbsp;&nbsp;October 31, 2021  |
|  Operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Investment Loss | $(188215) | $(972201) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gain | 11595478 | 32027604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Change in Unrealized Appreciation (Depreciation) | (91098256) | 50384508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) in Net Assets Resulting from Operations | (79690993) | 81439911 |
|  Distributions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class Shares | (32006452) | (17178258) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Distributions | (32006452) | (17178258) |
|  Capital Share Transactions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issued | 26549915 | 47039684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of Dividends and Distributions | 31719169 | 17100739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (55683174) | (26541298) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Increase in Net Assets from Capital Share Transactions | 2585910 | 37599125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Increase (Decrease) in Net Assets | (109111535) | 101860778 |
|  Net Assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of Year | 312118837 | 210258059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of Year | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203007302 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312118837 |

---

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

**49** 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**CIBC ATLAS FUNDS**  |

---

 &nbsp;&nbsp;&nbsp;&nbsp;**STATEMENTS OF CHANGES IN NET ASSETS**<br>

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CIBC Atlas Equity Income Fund  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CIBC Atlas Equity Income Fund  |
|  | Year Ended<br> &nbsp;&nbsp;&nbsp;&nbsp;October 31, 2022  | Year Ended<br> &nbsp;&nbsp;&nbsp;&nbsp;October 31, 2021  |
|  Operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | $3882665 | $1442488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gain | 5828383 | 12381955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Change in Unrealized Appreciation (Depreciation) | (42840247) | 49658907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) in Net Assets Resulting from Operations | (33129199) | 63483350 |
|  Distributions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | (16106066) | (10141070) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Distributions | (16106066) | (10141070) |
|  Capital Share Transactions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issued | 155532036 | 36163192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of Dividends and Distributions | 15769034 | 10050215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (32868125) | (12817680) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Increase in Net Assets from Capital Share Transactions | 138432945 | 33395727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Increase in Net Assets | 89197680 | 86738007 |
|  Net Assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of Year | 220297658 | 133559651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of Year | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309495338 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220297658 |

---

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

**50** 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**CIBC ATLAS FUNDS**  |

---

 &nbsp;&nbsp;&nbsp;&nbsp;**STATEMENTS OF CHANGES IN NET ASSETS**<br>

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CIBC Atlas International Growth Fund  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CIBC Atlas International Growth Fund  |
|  | Year Ended<br> &nbsp;&nbsp;&nbsp;&nbsp;October 31, 2022  | Year Ended<br> &nbsp;&nbsp;&nbsp;&nbsp;October 31, 2021  |
|  Operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | $5573237 | $1718549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gain (Loss) | (15121422) | 7454190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Change in Unrealized Appreciation (Depreciation) | (99722313) | 43511349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) in Net Assets Resulting from Operations | (109270498) | 52684088 |
|  Distributions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class Shares | (7966275) | (672201) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Distributions | (7966275) | (672201) |
|  Capital Share Transactions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class Shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issued | 110842357 | 182198114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of Dividends and Distributions | 7942446 | 502824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (82973294) | (16841559) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Increase in Net Assets from Capital Share Transactions | 35811509 | 165859379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Increase (Decrease) in Net Assets | (81425264) | 217871266 |
|  Net Assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of Year | 415395025 | 197523759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of Year | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333969761 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415395025 |

---

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

**51** 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CIBC ATLAS DISCIPLINED** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **EQUITY FUND** |

---

 &nbsp;&nbsp;&nbsp;&nbsp;**FINANCIAL HIGHLIGHTS**<br>

**Selected Per Share Data & Ratios** 

**For a Share Outstanding Throughout Each Year** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
| **Institutional Class Shares** | **2022** | **2021** | **2020** | **2019** | **2018<sup>(1)</sup>** |
|  Net Asset Value, Beginning of Year | $32.36 | $23.69 | $21.81 | $20.76 | $18.76 |
|  Income from Investment Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income\* | 0.20 | 0.15 | 0.17 | 0.34 | 0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gain (Loss) | (5.18) | 9.19 | 2.18 | 2.29 | 2.36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from Investment Operations | (4.98) | 9.34 | 2.35 | 2.63 | 2.52 |
|  Dividends and Distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | (0.15) | (0.16) | (0.18) | (0.32) | (0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gains | (2.05) | (0.51) | (0.29) | (1.26) | (0.36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Dividends and Distributions | (2.20) | (0.67) | (0.47) | (1.58) | (0.52) |
|  Net Asset Value, End of Year | $25.18 | $32.36 | $23.69 | $21.81 | $20.76 |
|  Total Return † | (16.61)% | 40.11% | 10.89% | 14.55% | 13.61% |
|  Ratios and Supplemental Data |  |  |  |  |  |
|  Net Assets, End of Year (Thousands) | $1449826 | $&nbsp;&nbsp;&nbsp;&nbsp;1811974 | $&nbsp;&nbsp;&nbsp;&nbsp;1319591 | $&nbsp;&nbsp;&nbsp;&nbsp;1190278 | $&nbsp;&nbsp;&nbsp;&nbsp;1007224 |
|  Ratio of Expenses to Average Net Assets (Including Waivers, Reimbursements and Fees Paid Indirectly) | 0.72% | 0.72% | 0.74% | 0.75% | 0.76% |
|  Ratio of Expenses to Average Net Assets (Excluding Waivers, Reimbursements and Fees Paid Indirectly) | 0.72% | 0.72% | 0.74% | 0.75% | 0.76% |
|  Ratio of Net Investment Income to Average Net Assets | 0.72% | 0.54% | 0.74% | 1.68% | 0.78% |
|  Portfolio Turnover Rate | 13% | 19% | 19% | 13% | 19% |

---

Amounts designated as "—" are either not applicable, $0 or have been rounded to $0. <br>

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

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

† 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.* 

**52** 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CIBC ATLAS MID CAP EQUITY**  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **FUND**  |

---

 &nbsp;&nbsp;&nbsp;&nbsp;**FINANCIAL HIGHLIGHTS**<br>

**Selected Per Share Data & Ratios** 

**For a Share Outstanding Throughout Each Year** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
| **Institutional Class Shares** | **2022** | **2021** | **2020** | **2019** | **2018<sup>(1)</sup>** |
|  Net Asset Value, Beginning of Year | $23.66 | $17.34 | $16.27 | $13.85 | $13.28 |
|  Income from Investment Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Investment Loss\* | (0.05) | (0.09) | (0.02) | (0.01) | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gain (Loss) | (4.55) | 6.91 | 1.09 | 2.43 | 0.59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from Investment Operations | (4.60) | 6.82 | 1.07 | 2.42 | 0.57 |
|  Dividends and Distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gains | (2.28) | (0.50) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Dividends and Distributions | (2.28) | (0.50) |  |  |  |
|  Net Asset Value, End of Year | $16.78 | $23.66 | $17.34 | $16.27 | $13.85 |
|  Total Return † | (21.53)% | 39.86% | 6.58% | 17.47% | 4.29% |
|  Ratios and Supplemental Data |  |  |  |  |  |
|  Net Assets, End of Year (Thousands) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;681656 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;950136 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;714895 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;727278 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;607572 |
|  Ratio of Expenses to Average Net Assets (Including Waivers, Reimbursements and Fees Paid Indirectly) | 0.83% | 0.83% | 0.84% | 0.84% | 0.85% |
|  Ratio of Expenses to Average Net Assets (Excluding Waivers, Reimbursements and Fees Paid Indirectly) | 0.83% | 0.83% | 0.84% | 0.84% | 0.85% |
|  Ratio of Net Investment Income to Average Net Assets | (0.27)% | (0.41)% | (0.14)% | (0.09)% | (0.16)% |
|  Portfolio Turnover Rate | 20% | 26% | 25% | 18% | 9% |

---

Amounts designated as "—" are either not applicable, $0 or have been rounded to $0. <br>

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

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

† 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.* 

**53** 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CIBC ATLAS INCOME**  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **OPPORTUNITIES FUND**  |

---

 &nbsp;&nbsp;&nbsp;&nbsp;**FINANCIAL HIGHLIGHTS**<br>

**Selected Per Share Data & Ratios** 

**For a Share Outstanding Throughout Each Year** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
| **Institutional Class Shares** | **2022** | **2021** | **2020** | **2019** | **2018<sup>(1)</sup>** |
|  Net Asset Value, Beginning of Year | $15.81 | $12.72 | $12.38 | $11.26 | $11.04 |
|  Income from Investment Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income\* | 0.29 | 0.26 | 0.26 | 0.29 | 0.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gain (Loss) | (2.15) | 3.09 | 0.35 | 1.16 | 0.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from Investment Operations | (1.86) | 3.35 | 0.61 | 1.45 | 0.51 |
|  Dividends and Distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | (0.30) | (0.26) | (0.27) | (0.28) | (0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gains | (0.34) |  |  | (0.05) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Dividends and Distributions | (0.64) | (0.26) | (0.27) | (0.33) | (0.29) |
|  Net Asset Value, End of Year | $13.31 | $15.81 | $12.72 | $12.38 | $11.26 |
|  Total Return † | (12.21)% | 26.51% | 5.07% | 13.14% | 4.60% |
|  Ratios and Supplemental Data |  |  |  |  |  |
|  Net Assets, End of Year (Thousands) | $&nbsp;&nbsp;&nbsp;&nbsp;609294 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;672173 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;508104 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471877 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329434 |
|  Ratio of Expenses to Average Net Assets (Including Waivers, Reimbursements and Fees Paid Indirectly) | 0.69% | 0.68% | 0.69% | 0.70% | 0.71% |
|  Ratio of Expenses to Average Net Assets (Excluding Waivers, Reimbursements and Fees Paid Indirectly) | 0.69% | 0.68% | 0.69% | 0.70% | 0.71% |
|  Ratio of Net Investment Income to Average Net Assets | 1.98% | 1.78% | 2.06% | 2.45% | 2.49% |
|  Portfolio Turnover Rate | 20% | 19% | 21% | 15% | 25% |

---

Amounts designated as "—" are either not applicable, $0 or have been rounded to $0. <br>

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

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

† 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.* 

**54** 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CIBC ATLAS**  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **ALL CAP GROWTH FUND** |

---

 &nbsp;&nbsp;&nbsp;&nbsp;**FINANCIAL HIGHLIGHTS**<br>

**Selected Per Share Data & Ratios** 

**For a Share Outstanding Throughout Each Period or Year** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Period** | **Year Ended<br>August 31,<br>2018 <sup>(2)</sup>** |
|  | | | | | **Ended**<br>**October 31,<br>2018<sup>(1)</sup>** | **Year Ended<br>August 31,<br>2018 <sup>(2)</sup>** |
| **Institutional Class Shares** | **2022** | **2021** | **2020** | **2019** | **Ended**<br>**October 31,<br>2018<sup>(1)</sup>** | **Year Ended<br>August 31,<br>2018 <sup>(2)</sup>** |
|  Net Asset Value, Beginning of Year/Period | $43.08 | $33.85 | $30.40 | $30.98 | $34.57 | $28.28 |
|  Income (Loss) from Investment Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Investment Loss\* | (0.02) | (0.14) | (0.20) | (0.21) | (0.05) | (0.22) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gain (Loss) | (10.02) | 12.12 | 6.59 | 4.40 | (3.54) | 9.56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from Investment Operations | (10.04) | 11.98 | 6.39 | 4.19 | (3.59) | 9.34 |
|  Dividends and Distributions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gains | (4.41) | (2.75) | (2.94) | (4.77) |  | (3.05) |
|  Total Dividends and Distributions | (4.41) | (2.75) | (2.94) | (4.77) |  | (3.05) |
|  Redemption Fees (Note 2) |  |  |  |  |  | 0.00<sup>(3)</sup> |
|  Net Asset Value, End of Year/Period | $28.63 | $43.08 | $33.85 | $30.40 | $30.98 | $34.57 |
|  Total Return † | (26.01)% | 37.35% | 22.71% | 18.51% | (10.38)% | 35.54% |
|  Ratios and Supplemental Data |  |  |  |  |  |  |
|  Net Assets, End of Year/Period (Thousands) | $&nbsp;&nbsp;&nbsp;&nbsp;203007 | $&nbsp;&nbsp;&nbsp;&nbsp;312119 | $&nbsp;&nbsp;&nbsp;&nbsp;210258 | $&nbsp;&nbsp;&nbsp;&nbsp;186008 | $&nbsp;&nbsp;&nbsp;&nbsp;166180 | $&nbsp;&nbsp;&nbsp;&nbsp;187736 |
|  Ratio of Expenses to Average Net Assets (Including Waivers, Reimbursements and Fees Paid Indirectly) | 0.92% | 0.96%‡ | 1.10%‡ | 1.10%‡ | 1.10%\*\*‡<sup>(4)</sup> | 1.10% |
|  Ratio of Expenses to Average Net Assets (Excluding Waivers, Reimbursements and Fees Paid Indirectly) | 0.92% | 0.92% | 0.94% | 0.95% | 0.92%\*\*<sup>(4)</sup> | 1.15% |
|  Ratio of Net Investment Income to Average Net Assets (Including Waivers) | (0.07)% | (0.37)% | (0.66)% | (0.72)% | (0.88)%\*\* | (0.72)% |
|  Portfolio Turnover Rate | 57% | 66% | 49% | 56% | 4%\*\*\* | 50% |

---

Amounts designated as "—" are either not applicable, $0 or have been rounded to $0. <br>

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

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

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

\*\* Annualized

\*\*\* Not Annualized

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

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

**55** 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CIBC ATLAS** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **ALL CAP GROWTH FUND** |

---

 &nbsp;&nbsp;&nbsp;&nbsp;**FINANCIAL HIGHLIGHTS**<br>

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

<sup>(3)</sup> Less than $0.005 per share. 

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

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

**56** 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CIBC ATLAS** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **EQUITY INCOME FUND** |

---

 &nbsp;&nbsp;&nbsp;&nbsp;**FINANCIAL HIGHLIGHTS**<br>

**Selected Per Share Data & Ratios** 

**For a Share Outstanding Throughout Each Period or Year** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Period** | |
|  | | | | | **Ended** | **Year Ended** |
|  | | | | | **October 31,** | **August 31,** |
| **Institutional Class Shares** | **2022** | **2021** | **2020** | **2019** | **2018 <sup>(1)</sup>** | **2018 <sup>(2)</sup>** |
|  Net Asset Value, Beginning of Year/Period | $58.99 | $43.35 | $43.60 | $38.44 | $40.60 | $36.55 |
|  Income (Loss) from Investment Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income\* | 0.78 | 0.42 | 0.32 | 0.22 |  | 0.30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gain (Loss) | (7.52) | 18.46 | 1.19 | 7.19 | (2.10) | 5.35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from Investment Operations | (6.74) | 18.88 | 1.51 | 7.41 | (2.10) | 5.65 |
|  Dividends and Distributions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | (0.89) | (0.71) | (0.48) | (0.37) | (0.06) | (0.81) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gains | (3.09) | (2.53) | (1.28) | (1.88) |  | (0.79) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Dividends and Distributions | (3.98) | (3.24) | (1.76) | (2.25) | (0.06) | (1.60) |
|  Redemption Fees (Note 2) |  |  |  |  |  |  |
|  Net Asset Value, End of Year/Period | $48.27 | $58.99 | $43.35 | $43.60 | $38.44 | $40.60 |
|  Total Return † | (12.16)% | 45.57% | 3.45% | 20.94% | (5.19)% | 15.88% |
|  Ratios and Supplemental Data |  |  |  |  |  |  |
|  Net Assets, End of Year/Period (Thousands) | $&nbsp;&nbsp;&nbsp;&nbsp;309495 | $&nbsp;&nbsp;&nbsp;&nbsp;220298 | $&nbsp;&nbsp;&nbsp;&nbsp;133560 | $&nbsp;&nbsp;&nbsp;&nbsp;136194 | $&nbsp;&nbsp;&nbsp;&nbsp;111468 | $&nbsp;&nbsp;&nbsp;&nbsp;115914 |
|  Ratio of Expenses to Average Net Assets (Including Waivers, Reimbursements and Fees Paid Indirectly) | 0.90% | 0.95%‡ | 1.10%‡ | 1.10%‡ | 1.10%\*\*‡<sup>(3)</sup> | 1.10% |
|  Ratio of Expenses to Average Net Assets (Excluding Waivers, Reimbursements and Fees Paid Indirectly) | 0.90% | 0.91% | 0.94% | 0.95% | 0.90%\*\*<sup>(3)</sup> | 1.18% |
|  Ratio of Net Investment Income to Average Net Assets (Including Waivers) | 1.51% | 0.81% | 0.74% | 0.55% | (0.02)%\*\* | 0.79% |
|  Portfolio Turnover Rate | 23% | 30% | 30% | 23% | 3%\*\*\* | 30% |

---

Amounts designated as "—" are either not applicable, $0 or have been rounded to $0. <br>

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

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

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

\*\* Annualized

\*\*\* Not Annualized

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

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

**57** 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CIBC ATLAS** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **EQUITY INCOME FUND** |

---

 &nbsp;&nbsp;&nbsp;&nbsp;**FINANCIAL HIGHLIGHTS**<br>

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

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

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

**58** 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CIBC ATLAS INTERNATIONAL** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **GROWTH FUND** |

---

 &nbsp;&nbsp;&nbsp;&nbsp;**FINANCIAL HIGHLIGHTS**<br>

**Selected Per Share Data & Ratios** 

**For a Share Outstanding Throughout the Period or Year** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Period Ended** |
|  | | | | **October 31,** |
| **Institutional Class Shares** | **2022** | **2021** | **2020** | **2019<sup>(1)</sup>** |
|  Net Asset Value, Beginning of Period/Year | $13.34 | $10.66 | $10.38 | $10.00 |
|  Income (Loss) from Investment Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income\* | 0.17 | 0.07 | 0.06 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gain (Loss) | (3.41) | 2.64 | 0.24 | 0.35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from Investment Operations | (3.24) | 2.71 | 0.30 | 0.38 |
|  Dividends and Distributions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | (0.04) | (0.03) | (0.01) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gains | (0.21) |  | (0.01) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Dividends and Distributions | (0.25) | (0.03) | (0.02) |  |
|  Net Asset Value, End of Period/Year | $9.85 | $13.34 | $10.66 | $10.38 |
|  Total Return † | (24.69)% | 25.46% | 2.81% | 3.80% |
|  Ratios and Supplemental Data |  |  |  |  |
|  Net Assets, End of Period/Year (Thousands) | $333970 | $415395 | $197524 | $53911 |
|  Ratio of Expenses to Average Net Assets (Including Waivers, Reimbursements and Fees Paid Indirectly) | 0.94% | 0.94% | 1.12%‡ | 1.21%\*\* |
|  Ratio of Expenses to Average Net Assets (Excluding Waivers, Reimbursements and Fees Paid Indirectly) | 0.94% | 0.94% | 1.07% | 1.74%\*\* |
|  Ratio of Net Investment Income to Average Net Assets | 1.44% | 0.53% | 0.60% | 0.65%\*\* |
|  Portfolio Turnover Rate | 14% | 13% | 10% | 6%\*\*\* |

---

Amounts designated as "—" are either not applicable, $0 or have been rounded to $0. <br>

<sup>(1)</sup> The Fund commenced operations on May 31, 2019.

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

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

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

\*\* Annualized

\*\*\* Not Annualized

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

**59** 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CIBC ATLAS FUNDS**  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **OCTOBER 31, 2022**  |

---

 &nbsp;&nbsp;&nbsp;&nbsp;**NOTES TO FINANCIAL STATEMENTS**<br>

**1. Organization:** 

**The Advisors' Inner Circle Fund** (the "Trust") is organized as a Massachusetts business trust under an Amended and Restated Agreement and Declaration of Trust dated February 18, 1997. The Trust is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company with 28 funds. The financial statements herein are those of the CIBC Atlas Disciplined Equity Fund (the "Disciplined Equity Fund"), CIBC Atlas Mid Cap Equity Fund (the "Mid Cap Equity Fund"), CIBC Atlas Income Opportunities Fund (the "Income Opportunities Fund"), CIBC Atlas All Cap Growth Fund (the "All Cap Growth Fund"), CIBC Atlas Equity Income Fund (the "Equity Income Fund"), and the CIBC Atlas International Growth Fund (the "International Growth Fund"), (each a "Fund" and collectively the "Funds"). Each Fund is classified as a "diversified" investment company under the 1940 Act. The investment objective of the Disciplined Equity Fund is to seek long-term capital appreciation and, secondarily, current income by investing primarily in equity securities of U.S. and foreign issuers. The investment objective of the Mid Cap Equity Fund is to seek long-term capital appreciation by investing primarily (at least 80% of its net assets) in equity securities of mid-capitalization companies. The investment objective of the Income Opportunities Fund is to seek current income and long-term capital appreciation by investing primarily (at least 80% of its net assets) in income producing securities. The investment objective of the All Cap Growth Fund is to seek long-term capital appreciation by investing primarily in equity securities of U.S. companies. The investment objective of the Equity Income Fund is to seek current income, and secondarily, modest capital appreciation by investing primarily (at least 80% of its net assets) in equity securities. The investment objective of the International Growth Fund is to seek long-term capital appreciation by investing primarily in common stocks of U.S. issuers and common stocks and American Depositary Receipts ("ADRs") of foreign issuers. The financial statements of the remaining funds of the Trust are presented separately. The assets of each fund are segregated, and a shareholder's interest is limited to the fund in which shares are held.

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

**60** 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CIBC ATLAS FUNDS**  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **OCTOBER 31, 2022**  |

---

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

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

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

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

**2. Significant Accounting Policies:** 

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

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

**61** 

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| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CIBC ATLAS FUNDS**  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **OCTOBER 31, 2022**  |

---

the reporting period. Actual results could differ from those estimates and such differences could be material.

*Security Valuation —* Securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (except for securities traded on NASDAQ), including securities traded over the counter, are valued at the last quoted sale price on an exchange or market (foreign or domestic) on which they are traded on the valuation date (or at approximately 4:00 pm ET if a security's primary exchange is normally open at that time), or, if there is no such reported sale on the valuation date, at the most recent quoted bid price. For securities traded on NASDAQ, the NASDAQ Official Closing Price will be used. If available, debt securities are priced based upon valuations provided by independent, third-party pricing agents. Such values generally reflect the last reported sales price if the security is actively traded. The third-party pricing agents may also value debt securities at an evaluated bid price by employing methodologies that utilize actual market transactions, broker-supplied valuations, or other methodologies designed to identify the market value for such securities. Such methodologies generally consider such factors as security prices, yields, maturities, call features, ratings and developments relating to specific securities in arriving at valuations. On the first day a new debt security purchase is recorded, if a price is not available on the automated pricing feeds from our primary and secondary pricing vendors nor is it available from an independent broker, the security may be valued at its purchase price. Each day thereafter, the debt security will be valued according to the Trust's Fair Value Procedures until an independent source can be secured. Debt obligations with remaining maturities of sixty days or less may be valued at their amortized cost, provided that it is determined the amortized cost continues to approximate fair value. Should existing credit, liquidity or interest rate conditions in the relevant markets and issuer specific circumstances suggest that amortized cost does not approximate fair value, then the amortized cost method may not be used. The prices for foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates.

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

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

**62** 

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| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CIBC ATLAS FUNDS**  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **OCTOBER 31, 2022**  |

---

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

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

In December 2020, the SEC adopted Rule 2a-5 under the 1940 Act, establishing requirements to determine fair value in good faith for purposes of the 1940 Act. The rule permits fund boards to designate a fund's investment adviser to perform fair-value determinations, subject to board oversight and certain other conditions. The rule also defines when market quotations are "readily available" for purposes of the 1940 Act and requires a fund to fair value a portfolio investment when a market quotation is not readily available. The SEC also adopted new Rule 31a-4 under the 1940 Act, which sets forth record keeping requirements associated with fair-value determinations. The compliance date for Rule 2a-5 and Rule 31a-4 was September 8, 2022.

Effective September 8, 2022, and pursuant to the requirements of Rule 2a-5, the Board designated the Adviser as the Board's valuation designee to perform fair-value determinations for the Fund through a Fair Value Committee (the "Committee") established by the Adviser and approved new Adviser Fair Value Procedures for the Fund. Prior to September 8, 2022, fair-value determinations were performed in accordance with the Trust's Fair Value Procedures established by the Board and were implemented through a Fair Value Committee designated by the Board.

Some of the more common reasons that may necessitate that a security be valued using Fair Value Procedures include: the security's trading has been halted or suspended; the security has been de-listed from a national exchange; the security's primary trading market is temporarily closed at a time when under normal conditions it would be open; the security has not been traded for an extended period of time; the security's primary pricing source is not able or willing to provide a price; or trading of the security is subject to local government imposed restrictions. When a security is valued in accordance with the Fair Value Procedures, the Committee will determine the value after taking into consideration relevant information reasonably available to the Committee. As of October 31, 2022, 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

**63** 

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| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CIBC ATLAS FUNDS**  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **OCTOBER 31, 2022**  |

---

their investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. The objective of a fair value measurement is to determine the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). Accordingly, the fair value hierarchy gives the highest priority to quoted prices (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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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

**64** 

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| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CIBC ATLAS FUNDS**  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **OCTOBER 31, 2022**  |

---

current period or year. However, management's conclusions regarding tax positions taken may be subject to review and adjustment at a later date based on factors including, but not limited to, examination by tax authorities (i.e., the last three tax year ends), on-going analysis of and changes to tax laws, regulations and interpretations thereof.

As of and during the year ended October 31, 2022, 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 October 31, 2022, the Funds did not incur any interest or penalties.

*Security Transactions and Investment Income —* Security transactions are accounted for on trade date for financial reporting purposes. Costs used in determining realized gains and losses on the sale of investment securities are based on the specific identification method. Dividend income is recorded on the ex-dividend date. Interest income is recognized on the accrual basis. Interest income is recognized on the accrual basis from settlement date. Purchase discounts and premiums on debt securities are accreted and amortized to maturity and included in interest income.

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

*Foreign Currency Translation —* The books and records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars on the date of valuation. The Funds do not isolate that portion of realized or unrealized gains and losses resulting from changes in the foreign exchange rate from fluctuations arising from changes in the market prices of the securities. These gains and losses are included in net realized and gains and losses on investments and net change in unrealized appreciation (depreciation) on investments on the Statement of Operations. Net realized and unrealized gains and losses on foreign currency transactions represent net foreign exchange gains or losses from foreign currency exchange contracts, disposition of foreign currencies,

**65** 

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| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CIBC ATLAS FUNDS**  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **OCTOBER 31, 2022**  |

---

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. 

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

For the year ended October 31, 2022, the average quarterly balances for written options were as follows:

---

| | |
|:---|:---|
|  Average Market Value Balance Short for Written Options: | $100474.0 |

---

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.

**66** 

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| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CIBC ATLAS FUNDS**  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **OCTOBER 31, 2022**  |

---

Finally, for written options, the risk exists that losses could exceed amounts disclosed on the Statement of Assets and Liabilities. Net realized and unrealized gains or losses associated with written equity options are reported on the Statement of Operations as net realized gain or loss on written equity options and net change in unrealized depreciation or appreciation on written equity options. Written options transactions entered into during the year ended October 31, 2022, are subject to equity risk.

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

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

*Dividends and Distributions to Shareholders —* The Funds distribute substantially all of their net investment income, if any, at least annually.

**67** 

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| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CIBC ATLAS FUNDS**  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **OCTOBER 31, 2022**  |

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For each Fund, any net realized capital gains, if any, are distributed annually. All distributions are recorded on ex-dividend date.

*Redemption Fees —* Prior to February 12, 2018, the All Cap Growth Fund and Equity Income Fund imposed a 2.00% redemption fee on the current value of shares redeemed less than 60 days from the date of purchase. After February 12, 2018, no redemption fee was charged. The redemption fee was recorded as an increase to paid-in capital. The redemption fees retained by the Funds are reported on the Statements of Changes in Net Assets.

**3. Transactions with Affiliates:** 

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

A portion of the services provided by the CCO and his staff, whom are employees of the Administrator, are paid for by the Trust as incurred. The services include regulatory oversight of the Trust's advisors and service providers, as required by SEC regulations. The CCO's services and fees have been approved by and are reviewed by the Board.

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

The Funds and the Administrator are parties to an Administration Agreement under which the Administrator provides management and administrative services to the Funds. For these services, the Administrator is paid an asset-based fee, subject to certain minimums, which will vary depending on the number of share classes and the average daily net assets of the Funds. For the year ended October 31, 2022, the Disciplined Equity Fund, Mid Cap Equity Fund, Income Opportunities Fund, All Cap Growth Fund, Equity Income Fund and International Growth Fund incurred $748,701, $357,853, $304,146, $117,457, $120,206 and $169,638 respectively, for these services.

DST Systems, Inc. serves as the transfer agent and dividend disbursing agent for the Funds under a transfer agency agreement with the Trust. The Funds may earn cash management credits which can be used to offset transfer agent expenses. For the year ended October 31, 2022, the Disciplined Equity Fund,

**68** 

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| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CIBC ATLAS FUNDS**  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **OCTOBER 31, 2022**  |

---

Mid Cap Equity Fund, Income Opportunities, All Cap Growth Fund, Equity Income Fund and International Growth Fund earned credits of $330, $108, $95, $329, $223 and $75, 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.

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, 2023. Refer to waiver of investment advisory fees on the Statements of Operations for fees waived for the year ended October 31, 2022. In addition, if at any point total annual Fund operating expenses (not including excluded

**69** 

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| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CIBC ATLAS FUNDS**  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **OCTOBER 31, 2022**  |

---

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 October 31, 2022, there are no previously waived fees that are eligible to be recaptured from the Funds.

**6. Capital Share Transactions:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Disciplined Equity Fund | Disciplined Equity Fund | Disciplined Equity Fund | Disciplined Equity Fund |
|  | Year Ended October 31, 2022 | Year Ended October 31, 2022 | Year Ended October 31, 2021 | Year Ended October 31, 2021 |
|  | Shares | Dollars ($) | Shares | Dollars ($) |
|  Institutional Class Shares |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued | 4378552 | 120263532 | 4376393 | 123171600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of Dividends and Distributions | 3985227 | 122653036 | 1421987 | 3707009 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (6778531) | (189794002) | (5507577) | (155211931) |
|  Net Increase in Shares Outstanding from Share Transactions | 1585248 | 53122566 | 290803 | 5029765 |
|  | Mid Cap Equity Fund | Mid Cap Equity Fund | Mid Cap Equity Fund | Mid Cap Equity Fund |
|  | Year Ended October 31, 2022 | Year Ended October 31, 2022 | Year Ended October 31, 2021 | Year Ended October 31, 2021 |
|  | Shares | Dollars ($) | Shares | Dollars ($) |
|  Institutional Class Shares |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued | 4654197 | 84336573 | 3153464 | 67006913 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of Dividends and Distributions | 4234603 | 90705196 | 1022634 | 20411779 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (8428987) | (155924314) | (5252204) | (110460076) |
|  Net Increase/(Decrease) in Shares Outstanding from Share Transactions | 459813 | 19117455 | (1076106) | (23041384) |

---

**70** 

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---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CIBC ATLAS FUNDS**  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **OCTOBER 31, 2022**  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Income Opportunities Fund | Income Opportunities Fund | Income Opportunities Fund | Income Opportunities Fund |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Year Ended October 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;Year Ended October 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;Year Ended October 31, 2021 | &nbsp;&nbsp;&nbsp;&nbsp;Year Ended October 31, 2021 |
|  | Shares | Dollars ($) | Shares | Dollars ($) |
|  Institutional Class Shares |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued | 6241419 | 91409407 | 5660743 | 83020172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of Dividends and Distributions | 1839033 | 27757013 | 728375 | 10677794 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (4822455) | (68702598) | (3840564) | (55827996) |
|  Net Increase in Shares Outstanding from Share Transactions | 3257997 | 50463822 | 2548554 | 37869970 |
|  | <br> All Cap Growth Fund | <br> All Cap Growth Fund | <br> All Cap Growth Fund | <br> All Cap Growth Fund |
|  | Year Ended October 31, 2022 | Year Ended October 31, 2022 | Year Ended October 31, 2021 | Year Ended October 31, 2021 |
|  | Shares | Dollars ($) | Shares | Dollars ($) |
|  Institutional Class Shares |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued | 770352 | 26549915 | 1258874 | 47039684 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of Dividends and Distributions | 815193 | 31719169 | 492108 | 17100739 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (1739675) | (55683174) | (716675) | (26541298) |
|  Net Increase/(Decrease) in Shares Outstanding from Share Transactions | (154130) | 2585910 | 1034307 | 37599125 |
|  | <br> Equity Income Fund | <br> Equity Income Fund | <br> Equity Income Fund | <br> Equity Income Fund |
|  | Year Ended October 31, 2022 | Year Ended October 31, 2022 | Year Ended October 31, 2021 | Year Ended October 31, 2021 |
|  | Shares | Dollars ($) | Shares | Dollars ($) |
|  Institutional Class Shares |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued | 3038856 | 155532036 | 693311 | 36163192 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of Dividends and Distributions | 289009 | 15769034 | 213150 | 10050215 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (650076) | (32868125) | (252702) | (12817680) |
|  Net Increase in Shares Outstanding from Share Transactions | 2677789 | 138432945 | 653759 | 33395727 |
|  | <br> International Growth Fund | <br> International Growth Fund | <br> International Growth Fund | <br> International Growth Fund |
|  | Year Ended October 31, 2022 | Year Ended October 31, 2022 | Year Ended October 31, 2021 | Year Ended October 31, 2021 |
|  | Shares | Dollars ($) | Shares | Dollars ($) |
|  Institutional Class Shares |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued | 9595418 | 110842357 | 13862590 | 182198114 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of Dividends and Distributions | 623799 | 7942446 | 39009 | 502824 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (7468492) | (82973294) | (1275150) | (16841559) |
|  Net Increase in Shares Outstanding from Share Transactions | 2750725 | 35811509 | 12626449 | 165859379 |

---

**71** 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CIBC ATLAS FUNDS**  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **OCTOBER 31, 2022**  |

---

**7. Investment Transactions:** 

The cost of purchases and proceeds from security sales, other than short-term securities, for the year ended October 31, 2022, are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales | U.S.<br> Government <br>Purchases | U.S.<br> Government <br>Sales |
|  Disciplined Equity Fund | $208670115 | $300938772 | $– | $– |
|  Mid Cap Equity Fund | 149398141 | 213275196 |  |  |
|  Income Opportunities Fund | 129357508 | 120532240 | 21407695 | 6144072 |
|  All Cap Growth Fund | 141230022 | 175784592 |  |  |
|  Equity Income Fund | 169075447 | 56720608 |  |  |
|  International Growth Fund | 88274365 | 51568732 |  |  |

---

**8. Federal Tax Information:** 

The amount and character of income and capital gain distributions to be paid, if any, are determined in accordance with Federal income tax regulations, which may differ from U.S. GAAP. As a result, net investment income (loss) and net realized gain (loss) on investment transactions for a reporting period may differ significantly from distributions during such period. These book/tax differences may be temporary or permanent. The permanent differences are primarily related to foreign currency gain/(loss), REITs capital gain, paydown gain/(loss), and partnership investments.

The permanent differences that are credit or charged to Paid-in Capital and Distribution Earnings/(Accumulated Loss) as of October 31, 2022 are primarily attributable to partnership reclassifications, and net operating losses have been reclassified to/(from) the following accounts for the year ended October 31, 2022.

---

| | | |
|:---|:---|:---|
|  | Distributable<br>Earnings/<br> (Accumulated Loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paid-in Capital |
|  Mid Cap Equity Fund | $3742973 | $(3742973) |
|  All Cap Growth Fund | 972965 | (972965) |
|  Equity Income Fund | 5935 | (5935) |

---

These reclassifications had no impact on the net assets or net values of the Fund.

**72** 

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| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CIBC ATLAS FUNDS**  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **OCTOBER 31, 2022**  |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;Ordinary Income | &nbsp;&nbsp;&nbsp;&nbsp;Long-Term Capital <br>Gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total |
|  Disciplined Equity Fund |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | $9284442 | $113761841 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123046283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 8774493 | 28397668 | 37172161 |
|  Mid Cap Equity Fund |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 |  | 91134908 | 91134908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 |  | 20474222 | 20474222 |
|  Income Opportunities Fund |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 13341217 | 14597768 | 27938985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 10716781 |  | 10716781 |
|  All Cap Growth Fund |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 |  | 32006452 | 32006452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 |  | 17178258 | 17178258 |
|  Equity Income Fund |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 4027127 | 12078939 | 16106066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 2375619 | 7765451 | 10141070 |
|  International Growth Fund |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 | 1287622 | 6678653 | 7966275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021 | 672201 |  | 672201 |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Undistributed<br>Ordinary<br>Income | Undistributed<br>Long-Term<br>Capital Gain | Late-Year<br>Loss Deferral | Capital<br>Loss<br>Carryforwards | Unrealized<br>Appreciation/<br>(Depreciation) | Other<br>Temporary<br>Differences | Total<br>Distributable<br>Earnings (Loss) |
|  Disciplined Equity Fund | $9511327 | $43879925 | $— | $— | $637125629 | $(1) | $690516880 |
|  Mid Cap Equity Fund |  | 10359141 | (1647561) |  | 213416086 | 223 | 222127889 |
|  Income Opportunities Fund | 307837 |  |  | (4229829) | 98124305 | 1 | 94202314 |
|  All Cap Growth Fund |  | 11624870 |  |  | 51636680 | (4) | 63261546 |
|  Equity Income Fund |  | 4224565 |  |  | 62237808 | (5344155) | 61118218 |
|  International Growth Fund | 5431768 |  |  | (15028685) | (44497097) | 2 | (54094012) |

---

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

**73** 

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| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CIBC ATLAS FUNDS**  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **OCTOBER 31, 2022**  |

---

The Funds have capital loss carryforwards as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-Term <br>Loss | &nbsp;&nbsp;&nbsp;&nbsp;Long-Term Loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total |
|  Income Opportunities Fund | $4229829 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4229829 |
|  International Growth Fund | 8562110 | 6466575 | 15028685 |

---

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

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

The Federal tax cost and aggregate gross unrealized appreciation and depreciation for the investments held by the Funds at October 31, 2022, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Federal<br> Tax Cost | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aggregate <br>Gross<br>Unrealized<br>Appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aggregate <br>Gross<br>Unrealized<br>Depreciation | Net<br>Unrealized<br> Appreciation/ <br>(Depreciation) |
|  Disciplined Equity Fund | $805741946 | $646269918 | $(9144289) | $637125629 |
|  Mid Cap Equity Fund | 467164512 | 233909899 | (20493813) | 213416086 |
|  Income Opportunities Fund | 508597322 | 137670717 | (39546412) | 98124305 |
|  All Cap Growth Fund | 149127093 | 56551049 | (4914369) | 51636680 |
|  Equity Income Fund | 245428457 | 68807814 | (6570006) | 62237808 |
|  International Growth Fund | 377706030 | 18640565 | (63137662) | (44497097) |

---

**9. Concentration of Risk:** 

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

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

**74** 

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| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CIBC ATLAS FUNDS**  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **OCTOBER 31, 2022**  |

---

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

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

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

*Micro-, Small- and Medium-Capitalization Company Risk* (Mid Cap Equity

**75** 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CIBC ATLAS FUNDS**  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **OCTOBER 31, 2022**  |

---

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

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

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

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

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

*U.S. Government Securities Risk* (Income Opportunities Fund) — The Fund's investment in U.S. government obligations may include securities issued or guaranteed as to principal and interest by the U.S. government, or its agencies

**76** 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CIBC ATLAS FUNDS**  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **OCTOBER 31, 2022**  |

---

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

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

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

Similarly, the impact of any epidemic, pandemic or natural disaster, or widespread fear that such events may occur, could negatively affect the global economy, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the markets in general in significant and unforeseen ways. Any such impact could adversely affect the prices and liquidity of the securities and other instruments in which the Fund invests, which in turn could negatively impact the Fund's performance and cause losses on your investment in the Fund.

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

*Investment Style Risk* (Mid Cap Equity Fund, All Cap Growth Fund, Equity Income Fund, International Growth Fund) — The Fund pursues a "growth style" of investing, meaning that the Fund invests in equity securities of companies that the Adviser believes will increase their earnings at a certain rate that is generally higher than the rate expected for non-growth companies. If a growth

**77** 

------

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| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CIBC ATLAS FUNDS**  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **OCTOBER 31, 2022**  |

---

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

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

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

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

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

*Derivatives Risk* (Income Opportunities Fund) — The Fund's use of put and call options is subject to market risk, leverage risk, correlation risk, liquidity

**78** 

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| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CIBC ATLAS FUNDS**  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **OCTOBER 31, 2022**  |

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

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

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

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

Because closed-end funds and ETFs are listed on national stock exchanges and are traded like stocks listed on an exchange, their shares potentially may trade at a discount or premium to their net asset value. Investments in closed-end funds and ETFs are also subject to brokerage and other trading costs, which could result in greater expenses to the Fund. In addition, because the value of closed-end funds and ETF shares depends on the demand in the market, the Adviser may not be able to liquidate the Fund's holdings at the

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| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CIBC ATLAS FUNDS**  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **OCTOBER 31, 2022**  |

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most optimal time, which could adversely affect Fund performance.

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

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

*Emerging Markets Securities Risk* (All Cap Growth Fund, Equity Income Fund, International Growth Fund) — The Fund's investments in emerging markets securities are considered speculative and subject to heightened risks in addition to the general risks of investing in foreign securities. Unlike more established markets, emerging markets may have governments that are less stable, markets that are less liquid and economies that are less developed. In addition, the securities markets of emerging market countries may consist of companies with smaller market capitalizations and may suffer periods of relative illiquidity; significant price volatility; restrictions on foreign investment; and possible restrictions on repatriation of investment income and capital. Furthermore, foreign investors may be required to register the proceeds of sales, and future economic or political crises could lead to price controls, forced mergers, expropriation or confiscatory taxation, seizure, nationalization or creation of government monopolies. In addition, periodic U.S. Government restrictions on investments in issuers from certain foreign countries may require the Fund to sell such investments at inopportune times, which could result in losses to the Fund.

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| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CIBC ATLAS FUNDS**  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **OCTOBER 31, 2022**  |

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

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

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

*Foreign Issuer Risk* (All Cap Growth Fund, Equity Income Fund, International Growth Fund) — Investing in foreign issuers, including direct investments and investments through ADRs, poses additional risks since political, social, regulatory, currency and economic events unique to a country or region will affect those markets and their issuers. These risks will not necessarily affect the U.S. economy or similar issuers located in the U.S. Securities of foreign companies may not be registered with the SEC and foreign issuers are generally not subject to the regulatory controls imposed on U.S. issuers and, as a consequence, there is generally less publicly available information about foreign securities than is available about domestic securities. Income from foreign securities owned by the Fund may be reduced by a withholding tax at the source, which would reduce income received from the securities comprising the portfolio. Foreign securities may also be more difficult to value than securities of U.S. issuers.

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

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| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CIBC ATLAS FUNDS**  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **OCTOBER 31, 2022**  |

---

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

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

**10. Line of Credit:** 

The Funds entered into an agreement on August 1, 2022, which enables them to participate in a $30 million uncommitted revolving line of credit with the Custodian. The agreement expires on July 31, 2023. The proceeds from the borrowings shall be used to finance the Funds' short-term general working capital requirements, including the funding of shareholder redemptions. Interest is charged to the Funds based on borrowings during the period at the Custodian's current reference rate. During the year ended October 31, 2022, there were no borrowings in the Funds.

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| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CIBC ATLAS FUNDS**  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **OCTOBER 31, 2022**  |

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**11. Other:** 

At October 31, 2022, the percentage of total shares outstanding held by a limited number of shareholders for each Fund, which were comprised of omnibus accounts that were held on behalf of various individual shareholders, was as follows:

---

| | | |
|:---|:---|:---|
|  | No. of<br> Shareholders | %<br> Ownership |
|  Disciplined Equity Fund | 2 | 94% |
|  Mid Cap Equity Fund | 2 | 98% |
|  Income Opportunities Fund | 2 | 96% |
|  All Cap Growth Fund | 2 | 85% |
|  Equity Income Fund | 2 | 80% |
|  International Growth Fund | 2 | 97% |

---

**12. Indemnifications:** 

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

**13. Subsequent Events:** 

The Fund has evaluated the need for additional disclosures and/or adjustments resulting from subsequent events through the date the financial statements were issued. Based on this evaluation, no additional disclosures and/or adjustments were required to the financial statements as of October 31, 2022.

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| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CIBC ATLAS FUNDS**  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **OCTOBER 31, 2022**  |

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 **REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**<br>

To the Board of Trustees of The Advisors' Inner Circle Fund and the Shareholders of CIBC Atlas Disciplined Equity Fund, CIBC Atlas Mid Cap Equity Fund, CIBC Atlas Income Opportunities Fund, CIBC Atlas All Cap Growth Fund, CIBC Atlas Equity Income Fund and CIBC Atlas International Growth Fund

**Opinion on the Financial Statements** 

We have audited the accompanying statements of assets and liabilities of CIBC Atlas Disciplined Equity Fund, CIBC Atlas Mid Cap Equity Fund, CIBC Atlas Income Opportunities Fund, CIBC Atlas All Cap Growth Fund, CIBC Atlas Equity Income Fund and CIBC Atlas International Growth Fund (collectively referred to as the "Funds") (six of the series constituting The Advisors' Inner Circle Fund (the "Trust")), including the schedules of investments, as of October 31, 2022, and the related statements of operations, changes in net assets, and the financial highlights for each of the periods indicated in the table below and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds (six of the series constituting The Advisors' Inner Circle Fund) at October 31, 2022, and the results of their operations, changes in net assets and financial highlights for each of the periods indicated in the table below, in conformity with U.S. generally accepted accounting principles.

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Individual series**<br> **constituting The**<br> **Advisors' Inner Circle**<br> **Fund** | **Statements of**<br> **operations** | **Statements of changes**<br> **in net assets** | **Financial**<br> **highlights** |
| &nbsp;&nbsp;&nbsp; CIBC Atlas Disciplined Equity Fund | For the year ended<br> October 31, 2022 | For each of the two years in the period ended October 31, 2022 | For each of the five years in the period ended October 31, 2022 |
| &nbsp;&nbsp;&nbsp; CIBC Atlas Mid Cap Equity Fund | For the year ended<br> October 31, 2022 | For each of the two years in the period ended October 31, 2022 | For each of the five years in the period ended October 31, 2022 |
| &nbsp;&nbsp;&nbsp; CIBC Atlas Income Opportunities Fund | For the year ended<br> October 31, 2022 | For each of the two years in the period ended October 31, 2022 | For each of the five years in the period ended October 31, 2022 |
| &nbsp;&nbsp;&nbsp; CIBC Atlas All Cap Growth Fund | For the year ended<br> October 31, 2022 | For each of the two years in the period ended October 31, 2022 | For each of the four years in the period ended October 31, 2022, the period September 1, 2018 through October 31, 2018, and the year ended August 31, 2018 |

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| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CIBC ATLAS FUNDS**  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **OCTOBER 31, 2022**  |

---

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Individual series<br>constituting The<br>Advisors' Inner Circle<br>Fund** | **Statements of**<br> **operations** | **Statements of changes**<br> **in net assets** | **Financial**<br> **highlights** |
| &nbsp;&nbsp;&nbsp; CIBC Atlas Equity Income Fund | For the year ended October 31, 2022 | For each of the two years in the period ended October 31, 2022 | For each of the four years in the period ended October 31, 2022, the period September 1, 2018 through October 31, 2018, and the year ended August 31, 2018 |
| &nbsp;&nbsp;&nbsp; CIBC Atlas International Growth Fund | For the year ended October 31, 2022 | For each of the two years in the period ended October 31, 2022 | For each of the three years in the period ended October 31, 2022 and the period May 31, 2019 (commencement of operations) through October 31, 2019 |

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**Basis for Opinion** 

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2022, by correspondence with the custodian and brokers; when replies were not received from

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| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CIBC ATLAS FUNDS**  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **OCTOBER 31, 2022**  |

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brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![LOGO](g400940sp86.jpg)

We have served as the auditor of one or more CIBC Private Wealth Advisors, Inc. investment companies since 2013.

Philadelphia, Pennsylvania

December 23, 2022

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| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CIBC ATLAS FUNDS**  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **OCTOBER 31, 2022**  |

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 **DISCLOSURE OF FUND EXPENSES** *(Unaudited)*<br>

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 May 1, 2022 to October 31, 2022.

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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| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CIBC ATLAS FUNDS**  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **OCTOBER 31, 2022**  |

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 **DISCLOSURE OF FUND EXPENSES** *(Unaudited)*<br>

**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.

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| | | | | |
|:---|:---|:---|:---|:---|
| | Beginning<br>Account<br> Value<br> 5/01/22 | Ending<br>Account Value<br>10/31/22 | Annualized<br>Expense<br>Ratios | Expenses<br>Paid During<br>Period\* |
|  CIBC Atlas Disciplined Equity Fund |  |  |  |  |
|  Actual Fund Return<br> Institutional Class Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$949.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3.54 |
|  Hypothetical 5% Return<br> Institutional Class Shares | $1000.00 | $1021.58 | 0.72% | $3.67 |
|  CIBC Atlas Mid Cap Equity Fund |  |  |  |  |
|  Actual Fund Return<br> Institutional Class Shares | $1000.00 | $964.90 | 0.83% | $4.11 |
|  Hypothetical 5% Return<br> Institutional Class Shares | $1000.00 | $1021.02 | 0.83% | $4.23 |
|  CIBC Atlas Income Opportunities Fund |  |  |  |  |
|  Actual Fund Return<br> Institutional Class Shares | $1000.00 | $940.10 | 0.69% | $3.37 |
|  Hypothetical 5% Return<br> Institutional Class Shares | $1000.00 | $1021.73 | 0.69% | $3.52 |
|  CIBC Atlas All Cap Growth Fund |  |  |  |  |
|  Actual Fund Return<br> Institutional Class Shares | $1000.00 | $918.80 | 0.92% | $4.45 |
|  Hypothetical 5% Return<br> Institutional Class Shares | $1000.00 | $1020.57 | 0.92% | $4.69 |
|  CIBC Atlas Equity Income Fund |  |  |  |  |
|  Actual Fund Return<br> Institutional Class Shares | $1000.00 | $948.60 | 0.90% | $4.42 |
|  Hypothetical 5% Return<br> Institutional Class Shares | $1000.00 | $1020.67 | 0.90% | $4.58 |
|  CIBC Atlas International Growth Fund |  |  |  |  |
|  Actual Fund Return<br> Institutional Class Shares | $1000.00 | $877.90 | 0.94% | $4.45 |
|  Hypothetical 5% Return<br> Institutional Class Shares | $1000.00 | $1020.47 | 0.94% | $4.79 |

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\* Expenses are equal to the Fund's annualized expense ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown).

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| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CIBC ATLAS FUNDS**  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **OCTOBER 31, 2022**  |

---

 **RENEWAL OF INVESTMENT ADVISORY AGREEMENT *(Unaudited)***<br>

**Board Considerations in Renewing the Advisory Agreement for the CIBC Atlas Disciplined Equity Fund, CIBC Atlas Mid Cap Equity Fund, CIBC Atlas Income Opportunities Fund, CIBC Atlas All Cap Growth Fund, CIBC Atlas Equity Income Fund and CIBC Atlas International Growth Fund** 

Pursuant to Section 15 of the Investment Company Act of 1940 (the "1940 Act"), the Funds' advisory agreement (the "Agreement") must be renewed at least annually after its initial two-year term: (i) by the vote of the Board of Trustees (the "Board" or the "Trustees") of The Advisors' Inner Circle Fund (the "Trust") or by a vote of a majority of the shareholders of the Funds; and (ii) by the vote of a majority of the Trustees who are not parties to the Agreement or "interested persons" of any party thereto, as defined in the 1940 Act (the "Independent Trustees"), cast in person at a meeting called for the purpose of voting on such renewal.

A Board meeting was held on August 16, 2022 to decide whether to renew the Agreement for an additional one-year term. In preparation for the meeting, the Trustees requested that the Adviser furnish information necessary to evaluate the terms of the Agreement. Prior to the meeting, the Independent Trustees of the Funds met to review and discuss the information provided and submitted a request for additional information to the Adviser, and information was provided in response to this request. The Trustees used this information, as well as other information that the Adviser and other service providers of the Funds presented or submitted to the Board at the meeting and other meetings held during the prior year, to help them decide whether to renew the Agreement for an additional year.

Specifically, the Board requested and received written materials from the Adviser and other service providers of the Funds regarding: (i) the nature, extent and quality of the Adviser's services; (ii) the Adviser's investment management personnel; (iii) the Adviser's operations and financial condition; (iv) the Adviser's brokerage practices (including any soft dollar arrangements) and investment strategies; (v) the Funds' advisory fees paid to the Adviser and overall fees and operating expenses compared with peer groups of mutual funds; (vi) the level of the Adviser's profitability from its relationship with the Funds, including both direct and indirect benefits accruing to the Adviser and its affiliates; (vii) the Adviser's potential economies of scale; (viii) the Adviser's compliance program, including a description of material compliance matters and material compliance violations; (ix) the Adviser's policies on and compliance procedures for personal securities transactions;

**89** 

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| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CIBC ATLAS FUNDS**  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **OCTOBER 31, 2022**  |

---

and (x) the Funds' performance compared with peer groups of mutual funds and the Funds' benchmark indices.

Representatives from the Adviser, along with other Fund service providers, presented additional information and participated in question and answer sessions at the Board meeting to help the Trustees evaluate the Adviser's services, fees and other aspects of the Agreement. The Independent Trustees received advice from independent counsel and met in executive sessions outside the presence of Fund management and the Adviser.

At the Board meeting, the Trustees, including all of the Independent Trustees, based on their evaluation of the information provided by the Adviser and other service providers of the Funds, renewed the Agreement. In considering the renewal of the Agreement, the Board considered various factors that they determined were relevant, including: (i) the nature, extent and quality of the services provided by the Adviser; (ii) the investment performance of the Funds and the Adviser; (iii) the costs of the services provided and profits realized by the Adviser from its relationship with the Funds, including both direct and indirect benefits accruing to the Adviser and its affiliates; (iv) the extent to which economies of scale are being realized by the Adviser; and (v) whether fee levels reflect such economies of scale for the benefit of Fund investors, as discussed in further detail below.

**Nature, Extent and Quality of Services Provided by the Adviser** 

In considering the nature, extent and quality of the services provided by the Adviser, the Board reviewed the portfolio management services provided by the Adviser to the Funds, including the quality and continuity of the Adviser's portfolio management personnel, the resources of the Adviser, and the Adviser's compliance history and compliance program. The Trustees reviewed the terms of the Agreement. The Trustees also reviewed the Adviser's investment and risk management approaches for the Funds. The most recent investment adviser registration form ("Form ADV") for the Adviser was available to the Board in the written materials or through public disclosure, as was the response of the Adviser to a detailed series of questions which included, among other things, information about the investment advisory services provided by the Adviser to the Funds.

The Trustees also considered other services provided to the Funds by the Adviser such as selecting broker-dealers for executing portfolio transactions, monitoring adherence to the Funds' investment restrictions, and monitoring compliance with various Fund policies and procedures and with applicable securities laws and regulations. Based on the factors above, as well as

**90** 

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---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CIBC ATLAS FUNDS** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **OCTOBER 31, 2022** |

---

those discussed below, the Board concluded, within the context of its full deliberations, that the nature, extent and quality of the services provided to the Funds by the Adviser were sufficient to support renewal of the Agreement.

**Investment Performance of the Funds and the Adviser** 

The Board was provided with regular reports regarding the Funds' performance over various time periods. The Trustees also reviewed reports prepared by the Funds' administrator comparing the Funds' performance to their benchmark indices and peer groups of mutual funds as classified by Lipper, an independent provider of investment company data, over various periods of time. Representatives from the Adviser provided information regarding and led discussions of factors impacting the performance of the Funds, outlining current market conditions and explaining their expectations and strategies for the future. The Trustees determined that the Funds' performance was satisfactory, or, where the Funds' performance was materially below their benchmarks and/or peer groups, the Trustees were satisfied by the reasons for the underperformance and/or the steps taken by the Adviser in an effort to improve the performance of the Funds. Based on this information, the Board concluded, within the context of its full deliberations, that the investment results that the Adviser had been able to achieve for the Funds were sufficient to support renewal of the Agreement.

**Costs of Advisory Services, Profitability and Economies of Scale** 

among other things, a report of the advisory fees paid to the Adviser. The Trustees also reviewed reports prepared by the Funds' administrator comparing the Funds' net and gross expense ratios and advisory fees to those paid by peer groups of mutual funds as classified by Lipper. The Trustees reviewed the management fees charged by the Adviser to other clients with comparable mandates. The Trustees considered any differences in management fees and took into account the respective demands, resources and complexity associated with the Funds and other client accounts as well as the extensive regulatory, compliance and tax regimes to which the Funds are subject. The Board concluded, within the context of its full deliberations, that the advisory fees were reasonable in light of the nature and quality of the services rendered by the Adviser.

The Trustees reviewed the costs of services provided by and the profits realized by the Adviser from its relationship with the Funds, including both direct benefits and indirect benefits, such as research and brokerage services received under soft dollar arrangements, accruing to the Adviser and its affiliates. The Trustees considered how the Adviser's profitability was affected

**91** 

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| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CIBC ATLAS FUNDS** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **OCTOBER 31, 2022** |

---

by factors such as its organizational structure and method for allocating expenses. The Trustees concluded that the profit margins of the Adviser with respect to the management of the Funds were not unreasonable. The Board also considered the Adviser's commitment to managing the Funds and its willingness to continue its expense limitation and fee waiver arrangements with the Funds.

The Trustees considered the Adviser's views relating to economies of scale in connection with the Funds as Fund assets grow and the extent to which the benefits of any such economies of scale are shared with the Funds and Fund shareholders. The Board considered the existence of any economies of scale and whether those were passed along to the Funds' shareholders through a graduated advisory fee schedule or other means, including fee waivers. The Trustees recognized that economies of scale are difficult to identify and quantify and are rarely identifiable on a fund-by-fund basis. Based on this evaluation, the Board concluded that the advisory fee was reasonable in light of the information that was provided to the Trustees by the Adviser with respect to economies of scale.

**Renewal of the Agreement** 

Based on the Board's deliberations and its evaluation of the information described above and other factors and information it believed relevant in the exercise of its reasonable business judgment, the Board, including all of the Independent Trustees, with the assistance of Fund counsel and Independent Trustees' counsel, unanimously concluded that the terms of the Agreement, including the fees payable thereunder, were fair and reasonable and agreed to renew the Agreement for another year. In its deliberations, the Board did not identify any absence of information as material to its decision, or any particular factor (or conclusion with respect there to) or single piece of information that was all-important, controlling or determinative of its decision, but considered all of the factors together, and each Trustee may have attributed different weights to the various factors (and conclusions with respect thereto) and information.

**92** 

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| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CIBC ATLAS FUNDS**  |

---

 &nbsp;&nbsp;&nbsp;&nbsp;**TRUSTEES AND OFFICERS OF THE ADVISORS' INNER CIRCLE FUND** *(Unaudited)*<br>

Set forth below are the names, years of birth, positions with the Trust, length of term of office, and the principal occupations for the last five years of each of the persons currently serving as Trustees and Officers of the Trust. Unless otherwise noted, the business address of each Trustee is SEI Investments Company, 1 Freedom Valley Drive, Oaks, Pennsylvania 19456. Trustees who are deemed not to be "interested persons" of the Trust are referred to as "Independent

---

| | | |
|:---|:---|:---|
| **Name and Year of**<br> **Birth** | **Position with Trust and**<br> **Length of Time Served<sup>1</sup>**  | **Principal**<br> **Occupations**<br> **in the Past Five Years** |
|  **INTERESTED TRUSTEES <sup>3</sup>,<sup>4</sup>** | **INTERESTED TRUSTEES <sup>3</sup>,<sup>4</sup>** | **INTERESTED TRUSTEES <sup>3</sup>,<sup>4</sup>** |
| Robert Nesher<br> (Born: 1946) | Chairman of the Board<br> of Trustees<br> (since 1991) | SEI employee 1974 to present; currently performs various services on behalf of SEI Investments for which Mr. Nesher is compensated. President, Chief Executive Officer and Trustee of SEI Daily Income Trust, SEI Tax Exempt Trust, SEI Institutional Managed Trust, SEI Institutional International Trust, SEI Institutional Investments Trust, SEI Asset Allocation Trust, Adviser Managed Trust, New Covenant Funds, SEI Insurance Products Trust and SEI Catholic Values Trust. President and Director of SEI Structured Credit Fund, LP. Vice Chairman of Winton Series Trust to 2017. Vice Chairman of Winton Diversified Opportunities Fund (closed-end investment company), The Advisors' Inner Circle Fund III, Gallery Trust, Schroder Series Trust and Schroder Global Series Trust to 2018. |
| N. Jeffrey Klauder<br> (Born: 1952) | Trustee<br> (since 2018) | Senior Advisor of SEI Investments since 2018. Executive Vice President and General Counsel of SEI Investments, 2004 to 2018. |

---

------

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

2 Directorships of Companies required to report to the Securities and Exchange Commission under the Securities Exchange Act of 1934 (i.e., "public companies") or other investment companies under the 1940 Act.

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

4 Trustees oversee 28 funds in The Advisors' Inner Circle Fund.

**94** 

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| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CIBC ATLAS FUNDS**  |

---

Trustees." Messrs. Nesher and Klauder are Trustees who may be deemed to be "interested" persons of the Trust as that term is defined in the 1940 Act by virtue of their affiliation with the Trust's Distributor. The Trust's Statement of Additional Information ("SAI") includes additional information about the Trustees and Officers. The SAI may be obtained without charge by calling 1-855-328-3863. The following chart lists Trustees and Officers as of October 31, 2022.

**Other Directorships** 

**Held in the Past Five Years2** 

------

Current Directorships: Trustee of The Advisors' Inner Circle Fund II, Bishop Street Funds, Frost Family of Funds, Catholic Responsible Investments Funds, SEI Daily Income Trust, SEI Institutional International Trust, SEI Institutional Investments Trust, SEI Institutional Managed Trust, SEI Asset Allocation Trust, SEI Tax Exempt Trust, Adviser Managed Trust, New Covenant Funds, SEI Insurance Products Trust and SEI Catholic Values Trust. Director of SEI Structured Credit Fund, LP, SEI Global Master Fund plc, SEI Global Assets Fund plc, SEI Global Investments Fund plc, SEI Investments—Global Funds Services, Limited, SEI Investments Global, Limited, SEI Investments (Europe) Ltd., SEI Investments—Unit Trust Management (UK) Limited, SEI Multi-Strategy Funds PLC and SEI Global Nominee Ltd.

Former Directorships: Trustee of The KP Funds to 2022.

------

Current Directorships: Trustee of The Advisors' Inner Circle Fund II, Bishop Street Funds and Catholic Responsible Investments Funds. Director of SEI Private Trust Company, SEI Global Fund Services Ltd., SEI Investments Global Limited, SEI Global Master Fund, SEI Global Investments Fund, SEI Global Assets Fund and SEI Investments - Guernsey Limited.

Former Directorships: Trustee of SEI Investments Management Corporation, SEI Trust Company, SEI Investments (South Africa), Limited and SEI Investments (Canada) Company to 2018. Trustee of The KP Funds to 2022.

------

**95** 

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| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CIBC ATLAS FUNDS**  |

---

 &nbsp;&nbsp;&nbsp;&nbsp;**TRUSTEES AND OFFICERS OF THE ADVISORS' INNER CIRCLE FUND** *(Unaudited)*<br>

---

| | | |
|:---|:---|:---|
| **Name and**<br> **Year of Birth** | **Position with Trust**<br> **and Length of**<br> **Time Served<sup>1</sup>**  | **Principal**<br> **Occupations**<br> **in the Past Five Years** |
|  **INDEPENDENT TRUSTEES<sup>3</sup>**  | **INDEPENDENT TRUSTEES<sup>3</sup>**  | **INDEPENDENT TRUSTEES<sup>3</sup>**  |
| Kathleen Gaffney<br> (Born: 1961) | Trustee<br> (since 2022) | Retired since 2019. Vice President and Portfolio Manager, Eaton Vance Management from 2012 to 2019. |
| Joseph T. Grause, Jr.<br> (Born: 1952) | Trustee<br> (since 2011)<br> Lead Independent Trustee<br> (since 2018) | Self-Employed Consultant since 2012. Director of Endowments and Foundations, Morningstar Investment Management, Morningstar, Inc., 2010 to 2011. Director of International Consulting and Chief Executive Officer of Morningstar Associates Europe Limited, Morningstar, Inc., 2007 to 2010. Country Manager – Morningstar UK Limited, Morningstar, Inc., 2005 to 2007. |
| Mitchell A. Johnson<br> (Born: 1942) | Trustee<br> (since 2005) | Retired. Private Investor since 1994. |
| Betty L. Krikorian<br> (Born: 1943) | Trustee<br> (since 2005) | Vice President, Compliance, AARP Financial Inc., from 2008 to 2010. Self-Employed Legal and Financial Services Consultant since 2003. Counsel (in-house) for State Street Bank from 1995 to 2003. |
| Robert Mulhall<br> (Born: 1958) | Trustee<br> (since 2019) | Partner, Ernst & Young LLP, from 1998 to 2018. |
| Bruce Speca<br> (Born: 1956) | Trustee<br> (since 2011) | Global Head of Asset Allocation, Manulife Asset Management (subsidiary of Manulife Financial), 2010 to 2011. Executive Vice President – Investment Management Services, John Hancock Financial Services (subsidiary of Manulife Financial), 2003 to 2010. |
| Monica Walker<br> (Born: 1958) | Trustee<br> (since 2022) | Retired since 2017. Co-Founder, Chairman, Chief Executive Officer and Chief Investment Officer, Holland Capital Management, LLC from 1991 to 2017. |
| **OFFICERS** | **OFFICERS** | **OFFICERS** |
| Michael Beattie<br> (Born: 1965) | President<br> (since 2011) | Director of Client Service, SEI Investments, since 2004. |

---

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

2 Directorships of Companies required to report to the Securities and Exchange Commission under the Securities Exchange Act of 1934 (i.e., "public companies") or other investment companies under the 1940 Act.

3 Trustees oversee 28 funds in The Advisors' Inner Circle Fund.

**96** 

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| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CIBC ATLAS FUNDS**  |

---

**Other Directorships** 

**Held in the Past Five Years2** 

------

Current Directorships: Trustee of The Advisors' Inner Circle Fund II, Bishop Street Funds and Catholic Responsible Investments Funds. Director of RQSI GAA Systematic Global Macro Fund Ltd.

------

Current Directorships: Trustee of The Advisors' Inner Circle Fund II, Bishop Street Funds, Frost Family of Funds, and Catholic Responsible Investments Funds. Director of RQSI GAA Systematic Global Macro Fund Ltd.

Former Directorships: Director of The Korea Fund, Inc. to 2019. Trustee of The KP Funds to 2022.

------

Current Directorships: Trustee of The Advisors' Inner Circle Fund II, Bishop Street Funds, Catholic Responsible Investments Funds, SEI Asset Allocation Trust, SEI Daily Income Trust, SEI Institutional International Trust, SEI Institutional Managed Trust, SEI Institutional Investments Trust, SEI Tax Exempt Trust, Adviser Managed Trust, New Covenant Funds, SEI Insurance Products Trust and SEI Catholic Values Trust. Director of Federal Agricultural Mortgage Corporation (Farmer Mac) since 1997 and RQSI GAA Systematic Global Macro Fund Ltd.

Former Directorships: Trustee of The KP Funds to 2022.

------

Current Directorships: Trustee of The Advisors' Inner Circle Fund II, Bishop Street Funds, and Catholic Responsible Investments Funds. Director of RQSI GAA Systematic Global Macro Fund Ltd.

Former Directorships: Trustee of The KP Funds to 2022.

------

Current Directorships: Trustee of The Advisors' Inner Circle Fund II, Bishop Street Funds, Frost Family of Funds and Catholic Responsible Investments Funds. Director of RQSI GAA Systematic Global Macro Fund Ltd.

Former Directorships: Trustee of Villanova University Alumni Board of Directors to 2018. Trustee of The KP Funds to 2022.

------

Current Directorships: Trustee of The Advisors' Inner Circle Fund II, Bishop Street Funds, Frost Family of Funds and Catholic Responsible Investments Funds. Director of Stone Harbor Investments Funds (8 Portfolios), Stone Harbor Emerging Markets Income Fund (closed-end fund) and Stone Harbor Emerging Markets Total Income Fund (closed-end fund). Director of RQSI GAA Systematic Global Macro Fund Ltd.

Former Directorships: Trustee of The KP Funds to 2022.

------

Current Directorships: Trustee of The Advisors' Inner Circle Fund II, Bishop Street Funds and Catholic Responsible Investments Funds. Director of RQSI GAA Systematic Global Macro Fund Ltd.

------

None.

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**97** 

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| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CIBC ATLAS FUNDS**  |

---

 &nbsp;&nbsp;&nbsp;&nbsp;**TRUSTEES AND OFFICERS OF THE ADVISORS' INNER CIRCLE FUND** *(Unaudited)*<br>

---

| | | |
|:---|:---|:---|
| **Name and Year of**<br> **Birth** | **Position**<br> **with Trust**<br> **and Length of**<br> **Time Served** | **Principal**<br> **Occupations**<br> **in the Past Five Years** |
| **OFFICERS (continued)** | **OFFICERS (continued)** | **OFFICERS (continued)** |
| James Bernstein<br> (Born: 1962) | Vice President and<br> Assistant Secretary<br> (since 2017) | Attorney, SEI Investments, since 2017.<br>Prior Positions: Self-employed consultant, 2017. Associate General Counsel & Vice President, Nationwide Funds Group and Nationwide Mutual Insurance Company, from 2002 to 2016. Assistant General Counsel & Vice President, Market Street Funds and Provident Mutual Insurance Company, from 1999 to 2002. |
| John Bourgeois<br> (Born: 1973) | Assistant Treasurer<br> (since 2017) | Fund Accounting Manager, SEI Investments, since 2000. |
| Eric C. Griffith<br> (Born: 1969) | Vice President and<br> Assistant Secretary<br> (since 2019) | Counsel at SEI Investments since 2019. Vice President and Assistant General Counsel, JPMorgan Chase & Co., from 2012 to 2018. |
| Matthew M. Maher<br> (Born: 1975) | Vice President<br> (since 2018) | Counsel at SEI Investments since 2018. Attorney, Blank Rome LLP, from 2015 to 2018. Assistant Counsel & Vice President, Bank of New York Mellon, from 2013 to 2014. |
|  | <br> Secretary<br> (since 2020) | Attorney, Dilworth Paxson LLP, from 2006 to 2013. |
| Andrew Metzger<br> (Born: 1980) | Treasurer, Controller and<br> Chief Financial Officer<br> (since 2021) | Director of Fund Accounting, SEI Investments, since 2020. Senior Director, Embark, from 2019 to 2020. Senior Manager, PricewaterhouseCoopers LLP, from 2002 to 2019. |

---

**98** 

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| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CIBC ATLAS FUNDS**  |

---

**Other Directorships** 

**Held in the Past Five Years** 

------

None.

------

None.

------

None.

------

None.

------

None.

------

**99** 

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| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CIBC ATLAS FUNDS**  |

---

 &nbsp;&nbsp;&nbsp;&nbsp;**TRUSTEES AND OFFICERS OF THE ADVISORS' INNER CIRCLE FUND** *(Unaudited)*<br>

---

| | | |
|:---|:---|:---|
| **Name and Year of**<br> **Birth** | **Position**<br> **with Trust**<br> **and Length of**<br> **Time Served** | **Principal**<br> **Occupation**<br> **in the Past Five Years** |
| **OFFICERS (continued)** | **OFFICERS (continued)** | **OFFICERS (continued)** |
| Robert Morrow<br> (Born: 1968) | Vice President<br> (since 2017) | Account Manager, SEI Investments, since 2007. |
| Stephen F. Panner<br> (Born: 1970) | Chief Compliance Officer<br> (since 2022) | Chief Compliance Officer of SEI Asset Allocation Trust, SEI Daily Income Trust, SEI Institutional Investments Trust, SEI Institutional International Trust, SEI Institutional Managed Trust, SEI Tax Exempt Trust, Adviser Managed Trust, New Covenant Funds, SEI Catholic Values Trust, SEI Exchange Traded Funds, SEI Structured Credit Fund LP, The Advisors' Inner Circle Fund, The Advisors' Inner Circle Fund II, The Advisors' Inner Circle Fund III, Bishop Street Funds, Frost Family of Funds, Gallery Trust, Delaware Wilshire Private Markets Fund, Delaware Wilshire Private Markets Master Fund, Delaware Wilshire Private Markets Tender Fund and Catholic Responsible Investments Funds since September 2022. Fund Compliance Officer of SEI Investments Company from February 2011 to September 2022. Fund Accounting Director and CFO and Controller for the SEI Funds from July 2005 to February 2011. |
| Alexander F. Smith<br> (Born: 1977) | Vice President and<br> Assistant Secretary<br> (since 2020) | Counsel at SEI Investments since 2020. Associate Counsel & Manager, Vanguard, 2012 to 2020. Attorney, Stradley Ronon Stevens & Young, LLP, 2008 to 2012. |
| Bridget E. Sudall<br> (Born: 1980) | Privacy Officer<br> (from 2015 – May 2022<br> and since November 2022)<br>Anti-Money Laundering<br> Officer (from 2015 – May 2022 and since November 2022) | Senior Associate and AML Officer, Morgan Stanley Alternative Investment Partners, from 2011 to 2015. Investor Services Team Lead, Morgan Stanley Alternative Investment Partners, from 2007 to 2011. |

---

**100** 

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| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **CIBC ATLAS FUNDS**  |

---

**Other Directorships** 

**Held in the Past Five Years** 

------

None.

------

None.

------

None.

------

None.

------

**101** 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**CIBC ATLAS FUNDS** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**OCTOBER 31, 2022** |

---

 &nbsp;&nbsp;&nbsp;&nbsp;**NOTICE TO SHAREHOLDERS** *(Unaudited)*<br>

For shareholders that do not have an October 31, 2022 tax year end, this notice is for informational purposes only. For shareholders with an October 31, 2022 tax year end, please consult your tax advisor as to the pertinence of this notice. For the fiscal year ended October 31, 2022, the Funds are designating the following items with regard to distributions paid during the year.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Long-Term<br>Capital Gain<br>Distributions** | **Ordinary<br>Income<br>Distributions** | **Total<br>Distributions** | **Qualifying<br>for<br>Corporate<br>Dividends<br>Received<br>Deduction<sup>(1)</sup>** | **Qualifying<br>Dividend<br>Income<sup>(2)</sup>** | **U.S.<br>Government<br>Interest<sup>(3)</sup>** | **Interest<br>Related<br>Dividends<sup>(4)</sup>** | **Short-Term<br>Capital Gain<br>Dividends<sup>(5)</sup>** | **Qualifying<br>Business<br>Income<sup>(6)</sup>** |
|  Disciplined Equity Fund | 92.45% | 7.55% | 100.00% | 100.00% | 100.00% | 0.00% | 0.00% | 100.00% | 0.00% |
|  Mid Cap Equity Fund | 100.00% | 0.00% | 100.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
|  Income Opportunities Fund | 52.25% | 47.75% | 100.00% | 67.90% | 71.83% | 0.00% | 33.46% | 0.00% | 0.00% |
|  All Cap Growth Fund | 100.00% | 0.00% | 100.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
|  Equity Income Fund | 75.00% | 25.00% | 100.00% | 93.39% | 95.27% | 0.00% | 0.00% | 100.00% | 0.00% |
|  International Growth Fund(7) | 79.37% | 20.63% | 100.00% | 2.94% | 100.00% | 0.00% | 0.00% | 0.00% | 0.00% |

---

*(1)* *Qualifying dividends represent dividends which qualify for the corporate dividends received deduction and are reflected as a percentage of "Ordinary Income Distributions" (the total of short-term capital gain and net investment income distributions).* 

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

*(4)* *The percentage in this column represents the amount of "Interest Related Dividends" and is reflected as a percentage of ordinary income distribution that is exempt from U.S. withholding tax when paid to foreign investors.* 

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

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

*(7)* *The International Growth Fund accrued foreign taxes during the fiscal year ended October 31, 2022, amounted to $448,451 and are expected to be passed through to shareholders as foreign tax credits on Form 1099 for the year ending December 31, 2022. In addition, for the fiscal year ended October 31, 2022, the gross income derived from sources within foreign* 

**102** 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**CIBC ATLAS FUNDS** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**OCTOBER 31, 2022** |

---

 *countries amounted to $5,848,762.* <br>

The information reported herein may differ from the information and distributions taxable to the shareholders for the calendar year ending December 31, 2022. Complete information will be computed and reported in conjunction with your 2022 Form 1099-DIV.

**103** 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**CIBC ATLAS FUNDS** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**OCTOBER 31, 2022** |

---

 &nbsp;&nbsp;&nbsp;&nbsp;**REVIEW OF LIQUIDITY RISK MANAGEMENT PROGRAM *(Unaudited)***<br>

Pursuant to Rule 22e-4 under the 1940 Act, the Funds' investment adviser has adopted, and the Board has approved, a liquidity risk management program (the "Program") to govern the Funds' approach to managing liquidity risk. The Program is overseen by the Funds' Liquidity Risk Management Program Administrator (the "Program Administrator"), and the Program's principal objectives include assessing, managing and periodically reviewing each Fund's liquidity risk, based on factors specific to the circumstances of the Funds.

At a meeting of the Board held on May 24, 2022, the Trustees received a report from the Program Administrator addressing the operations of the Program and assessing its adequacy and effectiveness of implementation for the period from January 1, 2021 through December 31, 2021. The Program Administrator's report included an assessment of how market conditions caused by the COVID-19 pandemic impacted the Funds' liquidity risk during the period covered by the report. The Program Administrator's report noted that the Program Administrator had determined that the Program is reasonably designed to assess and manage each Fund's liquidity risk and has operated adequately and effectively to manage each Fund's liquidity risk during the period covered by the report. The Program Administrator's report noted that during the period covered by the report, there were no liquidity events that impacted the Funds or their ability to timely meet redemptions without dilution to existing shareholders. The Program Administrator's report further noted that no material changes have been made to the Program during the period covered by the report.

There can be no assurance that the Program will achieve its objectives in the future. Please refer to the prospectus for more information regarding a Fund's exposure to liquidity risk and other principal risks to which an investment in the Funds may be subject.

**104** 

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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** 

1701 Market Street

Philadelphia, PA 19103

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

ATF-AR-001-0900

------

**Item 2. Code of Ethics.** 

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

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

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

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

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

Fees billed by PricewaterhouseCoopers LLP ("PwC") relate to The Advisors' Inner Circle Fund (the "Trust").

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **2022** | **2022** | **2022** | **2021** | **2021** | **2021** |
|  |  | **All fees<br>and<br>services to<br>the Trust<br>that were<br>pre-<br>approved** | **All fees and<br>services to<br>service<br>affiliates that<br>were pre-<br>approved** | **All other<br>fees and<br>services to<br>service<br>affiliates that<br>did not<br>require pre-<br>approval** | **All fees and<br>services to<br>the Trust<br>that were<br>pre-<br>approved** | **All fees<br>and<br>services<br>to service<br>affiliates<br>that were<br>pre-<br>approved** | **All other<br>fees and<br>services to<br>service<br>affiliates that<br>did not<br>require pre-<br>approval** |
| (a) | Audit Fees<sup>(1)</sup> | $72710 |  |  | $104400 |  |  |
| (b) | Audit-Related Fees |  |  |  |  |  |  |
| (c) | Tax Fees | $10000<sup>(2)</sup> |  | $256295<sup>(4)</sup> | $10000<sup>(2)</sup> |  | $150670<sup>(4)</sup> |
| (d) | All Other Fees |  |  | $86500<sup>(5)</sup> |  |  | $385179<sup>(5)</sup> |

---

------

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

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **2022** | **2022** | **2022** | **2021** | **2021** | **2021** |
|  |  | **All fees<br>and<br>services<br>to the<br>Trust that<br>were pre-<br>approved** | **All fees and<br>services to<br>service<br>affiliates<br>that were<br>pre-<br>approved** | **All other<br>fees and<br>services to<br>service<br>affiliates that<br>did not<br>require pre-<br>approval** | **All fees and<br>services to<br>the Trust<br>that were<br>pre-<br>approved** | **All fees and<br>services to<br>service<br>affiliates<br>that were<br>pre-<br>approved** | **All other<br>fees and<br>services to<br>service<br>affiliates that<br>did not<br>require pre-<br>approval** |
| (a) | Audit Fees<sup>(1)</sup> | $529590 |  |  | $719590 |  |  |
| (b) | Audit-Related Fees | $10000<sup>(6)</sup> |  |  |  |  |  |
| (c) | Tax Fees | $2000<sup>(3)</sup> |  |  |  |  |  |
| (d) | All Other Fees |  |  |  |  |  |  |

---

Fees billed by BBD, LLP ("BBD") related to the Trust

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **2022** | **2022** | **2022** | **2021** | **2021** | **2021** |
|  |  | **All fees<br>and<br>services<br>to the<br>Trust that<br>were pre-<br>approved** | **All fees and<br>services to<br>service<br>affiliates<br>that were<br>pre-<br>approved** | **All other<br>fees and<br>services to<br>service<br>affiliates<br>that did not<br>require pre-<br>approval** | **All fees and<br>services to<br>the Trust<br>that were<br>pre-<br>approved** | **All fees<br>and<br>services<br>to service<br>affiliates<br>that were<br>pre-<br>approved** | **All other<br>fees and<br>services to<br>service<br>affiliates<br>that did not<br>require pre-<br>approval** |
| (a) | Audit Fees<sup>(1)</sup> | $61000 |  |  | $77300 |  |  |
| (b) | Audit-Related Fees |  |  |  |  |  |  |
| (c) | Tax Fees |  |  |  |  |  |  |
| (d) | All Other Fees |  |  |  |  |  |  |

---

------

Notes:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Final tax compliance services provided to McKee International Equity Portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Common Reporting Standard ("CRS") tax services for the Sands Capital Global Growth Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Tax compliance services provided to service affiliates of the funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Non-audit assurance engagements for service affiliates of the funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Fees related to consents for Cambiar N-14 filings.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. require specific pre-approval;

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

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

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

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

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

------

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2022** | **2022** | **2021** | **2021** |
|  Audit-Related Fees |  | None |  | None |
|  Tax Fees |  | None |  | None |
|  All Other Fees |  | None |  | None |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2022** | **2022** | **2021** | **2021** |
|  Audit-Related Fees |  | None |  | None |
|  Tax Fees |  | None |  | None |
|  All Other Fees |  | None |  | None |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2022** | **2022** | **2021** | **2021** |
|  Audit-Related Fees |  | None |  | None |
|  Tax Fees |  | None |  | None |
|  All Other Fees |  | None |  | None |

---

(f) Not applicable.

(g) The aggregate non-audit fees and services billed by PwC for services rendered to the Registrant, and rendered to the Registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant for the last two fiscal-years-ended October 31<sup>st</sup> were $342,795 and $535,849 for 2022 and 2021, respectively.

(g) The aggregate non-audit fees and services billed by E&Y for services rendered to the Registrant, and rendered to the Registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant for the last two fiscal-years-ended October 31<sup>st</sup> were $2,000 and $0 for 2022 and 2021, respectively.

------

(g) The aggregate non-audit fees and services billed by BBD for services rendered to the Registrant, and rendered to the Registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant for the last two fiscal-years-ended October 31<sup>st</sup> were $0 and $0 for 2022 and 2021, respectively.

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

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

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

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

Not applicable to open-end management investment companies.

**Item 6. Schedule of Investments.** 

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 Exchange Act, 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 § 270.3a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.

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

Not applicable to open-end management investment companies.

**Item 13. Exhibits.** 

[(a)(1) A copy of the Registrant's Code of Ethics, as required by Item 2 of this Form, accompanies this filing as an exhibit.](d400940dex99codeeth.htm)

[(a)(2) A separate certification for the principal executive officer and the principal financial officer of the Registrant, as required by Rule 30a-2(a) under the Act (17 CFR § 270.30a-2(a)), is filed herewith.](d400940dex99cert.htm)

[(b) Officer certifications, as required by Rule 30a-2(b) under the Act (17 CFR § 270.30a-2(b)), also accompany this filing as an exhibit.](d400940dex99906ce.htm)

------

**SIGNATURES** 

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

---

| | |
|:---|:---|
| (Registrant) | The Advisors' Inner Circle Fund |
| By (Signature and Title) |  |
|  | /s/ Michael Beattie |
|  | Michael Beattie, President |
| Date: January 6, 2023 |  |

---

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

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ Michael Beattie |
|  | Michael Beattie, President |
| Date: January 6, 2023 |  |
| By (Signature and Title) | /s/ Andrew Metzger |
|  | Andrew Metzger, |
|  | Treasurer, Controller, and CFO |
| Date: January 6, 2023 |  |

---

## Ex-99.Code

**<u>Policy Statement</u>:** Sarbanes-Oxley effected sweeping corporate disclosure and financial reporting reform on public companies, including mutual funds, to address corporate malfeasance and assure investors that the companies in which the investors invest are accurately and completely disclosing financial information. Under Sarbanes-Oxley, all public companies (including the Funds) must either have a code of ethics for their senior financial officers, or disclose why the company does not have a code of ethics. Sarbanes-Oxley was intended to foster corporate environments which encourage employees to question and report unethical and potentially illegal business practices.

Each Fund has chosen to adopt a code of ethics ("Code of Ethics for Financial Officers") to encourage the Fund's Principal Executive Officer, Principal Financial, and Accounting Officer and Controller (the "Financial Officers") for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between
personal and professional relationships.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Full, fair, accurate, timely, and understandable disclosure in reports and documents that a registrant files
with, or submits to, the SEC and in other public communications made by the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Compliance with applicable laws and governmental rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Prompt internal reporting of violations of the Code of Ethics for Financial Officers to an appropriate person or
persons identified in the Code of Ethics of Financial Officers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Accountability for adherence to the Code of Ethics for Financial Officers.

**<u>Procedures</u>:** The Funds have adopted the following procedures regarding this matter:

A compliance officer is responsible for monitoring compliance with these procedures.

**FINANCIAL OFFICER CODE OF ETHICS** 

**I. Introduction** 

The reputation and integrity of Series Trusts, (each a "Trust" and, collectively, the "Trusts") are valuable assets that are vital to the each Trust's success. The Trusts' senior financial officers ("SFOs") are responsible for conducting the Trusts' business in a manner that demonstrates a commitment to the highest standards of integrity. The Trusts' SFOs include the principal executive officer, the principal financial officer, comptroller or principal accounting officer, and any person who performs a similar function.

The Sarbanes-Oxley Act of 2002 (the "Act") effected sweeping corporate disclosure and financial reporting reform on public companies, including mutual funds, to address corporate malfeasance and assure investors that the companies in which the investors invest are accurately and completely disclosing financial information. Under the Act, all public companies (including

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the Trusts) must either have a code of ethics for their SFOs, or disclose why the company does not have a code of ethics. The Act was intended to foster corporate environments which encourage employees to question and report unethical and potentially illegal business practices. Each Trust has chosen to adopt this Financial Officer Code of Ethics (the "Code") to encourage the Trust's SFOs to act in a manner consistent with the highest principles of ethical conduct.

**II. Purposes of the Code** 

The purposes of this Code are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. To promote honest and ethical conduct by each Trust's SFOs, including the ethical handling of actual or
apparent conflicts of interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. To assist each Trust's SFOs in recognizing and avoiding conflicts of interest, including disclosing to an
appropriate person any material transaction or relationship that reasonably could be expected to give rise to such a conflict;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. To promote full, fair, accurate, timely, and understandable disclosure in reports and documents that the Trusts
file with, or submit to, the SEC and in other public communications made by the Trusts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. To promote compliance with applicable laws, rules, and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. To encourage the prompt internal reporting to an appropriate person of violations of this Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. To establish accountability for adherence to this Code.

**III. Questions about this Code** 

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

**IV. Conduct Guidelines** 

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **SFOs must disclose material transactions or relationships.** Each Trust's SFOs must disclose to the
Compliance Officer any actual or apparent conflicts of interest the SFO may have with the Trust that reasonably could be expected to give rise to any violations of this Code. Such conflicts of interest may arise as a result of material transactions
or business or personal relationships to which the SFO may be a party. If it is not possible to disclose the matter to the Compliance Officer, the matter should be disclosed to the

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Trust's Chief Financial Officer, Chief Executive Officer, or another appropriate person. In addition to disclosing any actual or apparent conflicts of interest in which an SFO is personally involved, the Trusts' SFOs have an obligation to report any other actual or apparent conflicts which the SFOs discover or of which the SFOs otherwise become aware. If you are unsure whether a particular fact pattern gives rise to a conflict of interest, or whether a particular transaction or relationship is "material," you should bring the matter to the attention of the Compliance Officer.

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

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

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

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

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

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

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

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

**V. Waivers of this Code** 

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

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**VI. Affirmation of the Code** 

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

**VII. Reporting Violations** 

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

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

**VIII. Violations of the Code** 

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

## Ex-99.Cert

**CERTIFICATION** 

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

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

I, Michael Beattie, certify that:

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the Registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

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

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

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

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| |
|:---|
| Date: January 6, 2023 |
| /s/ Michael Beattie |
| Michael Beattie |
| President |

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**CERTIFICATION** 

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

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

I, Andrew Metzger, certify that:

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the Registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

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

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

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

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| |
|:---|
| Date: January 6, 2023 |
| /s/ Andrew Metzger |
| Andrew Metzger |
| Treasurer, Controller, and CFO |

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## Exhibit 99.906

**CERTIFICATION** 

**Pursuant to 18 U.S.C. Section 1350,** 

**As Adopted Pursuant to Section 906** 

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

The undersigned, Michael Beattie, the President of The Advisors' Inner Circle Fund (the "Fund"), with respect to the Fund's Form N-CSR for the period ended October 31, 2022, as filed with the Securities and Exchange Commission, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

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

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

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| | |
|:---|:---|
| Dated: January 6, 2023 |  |
|  | /s/ Michael Beattie |
|  | Michael Beattie |
|  | President |

---

------

**CERTIFICATION** 

**Pursuant to 18 U.S.C. Section 1350,** 

**As Adopted Pursuant to Section 906** 

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

The undersigned, Andrew Metzger, the Treasurer, Controller, and CFO of The Advisors' Inner Circle Fund (the "Fund"), with respect to the Fund's Form N-CSR for the period ended October 31, 2022, as filed with the Securities and Exchange Commission, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

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

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

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| | |
|:---|:---|
| Dated: January 6, 2023 |  |
|  | /s/ Andrew Metzger |
|  | Andrew Metzger |
|  | Treasurer, Controller, and CFO |

---