# EDGAR Filing Document

**Accession Number:** 0000878719
**File Stem:** 0001398344-26-004488
**Filing Date:** 2026-3
**Character Count:** 261720
**Document Hash:** 02965bb7594a92cfa14f144b11da0f0b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-26-004488.hdr.sgml**: 20260305

**ACCESSION NUMBER**: 0001398344-26-004488

**CONFORMED SUBMISSION TYPE**: 497

**PUBLIC DOCUMENT COUNT**: 33

**FILED AS OF DATE**: 20260305

**DATE AS OF CHANGE**: 20260305

**EFFECTIVENESS DATE**: 20260305

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ADVISORS' INNER CIRCLE FUND
- **CENTRAL INDEX KEY:** 0000878719

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** 497
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-42484
- **FILM NUMBER:** 26725285

**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 Name                 | Ticker Symbol | Class ID   |
| Institutional Class Shares | AWEIX         | C000130396 |
| Investor Class Shares      | AWEVX         | C000130397 |

---

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

---

|  |  |  |
|:---|:---|:---|
| Class Name          | Ticker Symbol | Class ID   |
| Institutional Class | AWMIX         | C000130893 |
| Investor Class      | AWMVX         | C000130894 |

---

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

---

|  |  |  |
|:---|:---|:---|
| Class Name          | Ticker Symbol | Class ID   |
| Institutional Class | AWIIX         | C000130895 |
| Investor Class      | AWIVX         | C000130896 |

---

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

---

|  |  |  |
|:---|:---|:---|
| Class Name                 | Ticker Symbol | Class ID   |
| Institutional Class Shares | AWYIX         | C000195839 |
| Investor Class Shares      | AWYVX         | C000195840 |

---

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

---

|  |  |  |
|:---|:---|:---|
| Class Name                 | Ticker Symbol | Class ID   |
| Institutional Class Shares | AWGIX         | C000195841 |
| Investor Class Shares      | AWGVX         | C000195842 |

---

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

---

|  |  |  |
|:---|:---|:---|
| Class Name                 | Ticker Symbol | Class ID   |
| Institutional Class Shares | AWWIX         | C000212351 |
| Investor Class Shares      | AWWVX         | C000212352 |

---

## Series and Classes Contracts Data

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

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000130396 | Institutional Class Shares | AWEIX           |
| C000130397 | Investor Class Shares      | AWEVX           |

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

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000130893 | Institutional Class | AWMIX           |
| C000130894 | Investor Class      | AWMVX           |

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

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000130895 | Institutional Class | AWIIX           |
| C000130896 | Investor Class      | AWIVX           |

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

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000195839 | Institutional Class Shares | AWYIX           |
| C000195840 | Investor Class Shares      | AWYVX           |

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

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000195841 | Institutional Class Shares | AWGIX           |
| C000195842 | Investor Class Shares      | AWGVX           |

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

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000212351 | Institutional Class Shares | AWWIX           |
| C000212352 | Investor Class Shares      | AWWVX           |

?xml version='1.0' encoding='ASCII'?

![](fp0097538-13_i.jpg)

**The Advisors' Inner Circle Fund** 

Prospectus

March 1, 2026

---

| | |
|:---|:---|
| CIBC ATLAS DISCIPLINED <br> EQUITY FUND <br>(Institutional Class Shares: AWEIX)<br> (Investor Class Shares: AWEVX) | CIBC ATLAS ALL CAP <br> GROWTH FUND <br>(Institutional Class Shares: AWGIX)<br> (Investor Class Shares: AWGVX) |
| CIBC ATLAS MID CAP <br> EQUITY FUND <br>(Institutional Class Shares: AWMIX)<br> (Investor Class Shares: AWMVX) | CIBC ATLAS EQUITY <br> INCOME FUND <br>(Institutional Class Shares: AWYIX)<br> (Investor Class Shares: AWYVX) |
| CIBC ATLAS INCOME <br> OPPORTUNITIES FUND <br>(Institutional Class Shares: AWIIX)<br> (Investor Class Shares: AWIVX) | CIBC ATLAS INTERNATIONAL <br> GROWTH FUND <br>(Institutional Class Shares: AWWIX)<br> (Investor Class Shares: AWWVX) |

---

INVESTMENT ADVISER:

CIBC PRIVATE WEALTH ADVISORS, INC.

The U.S. Securities and Exchange Commission has not approved or disapproved these securities or passed upon the adequacy or accuracy of this Prospectus. Any representation to the contrary is a criminal offense.

**About This Prospectus** 

*This Prospectus has been arranged into different sections so that you can easily review this important information. For detailed information about the Funds, please see:* 

---

| | |
|:---|:---|
|  | Page |
| [**CIBC ATLAS DISCIPLINED EQUITY FUND**](#x384359483614697) | [1](#x384359483614697) |
| &nbsp;&nbsp;&nbsp;[Investment Objective](#x012699407474932) | [1](#x012699407474932) |
| &nbsp;&nbsp;&nbsp;[Fund Fees and Expenses](#x108162463150999) | [1](#x108162463150999) |
| &nbsp;&nbsp;&nbsp;[Principal Investment Strategies](#x210216203373723) | [2](#x210216203373723) |
| &nbsp;&nbsp;&nbsp;[Principal Risks](#x039794447114496) | [3](#x039794447114496) |
| &nbsp;&nbsp;&nbsp;[Performance Information](#x851959428307976) | [5](#x851959428307976) |
| &nbsp;&nbsp;&nbsp;[Investment Adviser](#x835862324204293) | [6](#x835862324204293) |
| &nbsp;&nbsp;&nbsp;[Portfolio Managers](#x126446860750614) | [7](#x126446860750614) |
| [**CIBC ATLAS MID CAP EQUITY FUND**](#x005636006524851) | [8](#x005636006524851) |
| &nbsp;&nbsp;&nbsp;[Investment Objective](#x009431745876364) | [8](#x009431745876364) |
| &nbsp;&nbsp;&nbsp;[Fund Fees and Expenses](#x354920229738354) | [8](#x354920229738354) |
| &nbsp;&nbsp;&nbsp;[Principal Investment Strategies](#x107189376023285) | [9](#x107189376023285) |
| &nbsp;&nbsp;&nbsp;[Principal Risks](#x074573304157549) | [10](#x074573304157549) |
| &nbsp;&nbsp;&nbsp;[Performance Information](#x09196440564137) | [12](#x09196440564137) |
| &nbsp;&nbsp;&nbsp;[Investment Adviser](#x140775223256698) | [14](#x140775223256698) |
| &nbsp;&nbsp;&nbsp;[Portfolio Managers](#x15526754181382) | [14](#x15526754181382) |
| [**CIBC ATLAS INCOME OPPORTUNITIES FUND**](#x030449371669189) | [15](#x030449371669189) |
| &nbsp;&nbsp;&nbsp;[Investment Objective](#x047412229563415) | [15](#x047412229563415) |
| &nbsp;&nbsp;&nbsp;[Fund Fees and Expenses](#x380728424386382) | [15](#x380728424386382) |
| &nbsp;&nbsp;&nbsp;[Principal Investment Strategies](#x084093419599179) | [16](#x084093419599179) |
| &nbsp;&nbsp;&nbsp;[Principal Risks](#x118531225905937) | [17](#x118531225905937) |
| &nbsp;&nbsp;&nbsp;[Performance Information](#x045949543227055) | [21](#x045949543227055) |
| &nbsp;&nbsp;&nbsp;[Investment Adviser](#x081033259773014) | [23](#x081033259773014) |
| &nbsp;&nbsp;&nbsp;[Portfolio Managers](#x612316305108467) | [23](#x612316305108467) |
| [**CIBC ATLAS ALL CAP GROWTH FUND**](#x089909480705098) | [24](#x089909480705098) |
| &nbsp;&nbsp;&nbsp;[Investment Objective](#x475643922277451) | [24](#x475643922277451) |
| &nbsp;&nbsp;&nbsp;[Fund Fees and Expenses](#x86160409556314) | [24](#x86160409556314) |
| &nbsp;&nbsp;&nbsp;[Principal Investment Strategies](#x082202894313697) | [25](#x082202894313697) |
| &nbsp;&nbsp;&nbsp;[Principal Risks](#x479160447761194) | [26](#x479160447761194) |
| &nbsp;&nbsp;&nbsp;[Performance Information](#x380394736842105) | [29](#x380394736842105) |
| &nbsp;&nbsp;&nbsp;[Investment Adviser](#x120133729569094) | [31](#x120133729569094) |
| &nbsp;&nbsp;&nbsp;[Portfolio Managers](#x059159845167841) | [31](#x059159845167841) |

---

---

| | | |
|:---|:---|:---|
|  |  | Page |
| [**CIBC ATLAS EQUITY INCOME FUND**](#x023763527701502) | [**CIBC ATLAS EQUITY INCOME FUND**](#x023763527701502) | [33](#x023763527701502) |
| &nbsp;&nbsp;&nbsp;[Investment Objective](#x077177097203728) | &nbsp;&nbsp;&nbsp;[Investment Objective](#x077177097203728) | [33](#x077177097203728) |
| &nbsp;&nbsp;&nbsp;[Fund Fees and Expenses](#x006654090207512) | &nbsp;&nbsp;&nbsp;[Fund Fees and Expenses](#x006654090207512) | [33](#x006654090207512) |
| &nbsp;&nbsp;&nbsp;[Principal Investment Strategies](#x513928794503435) | &nbsp;&nbsp;&nbsp;[Principal Investment Strategies](#x513928794503435) | [34](#x513928794503435) |
| &nbsp;&nbsp;&nbsp;[Principal Risks](#x159416800428036) | &nbsp;&nbsp;&nbsp;[Principal Risks](#x159416800428036) | [35](#x159416800428036) |
| &nbsp;&nbsp;&nbsp;[Performance Information](#x01969419346686) | &nbsp;&nbsp;&nbsp;[Performance Information](#x01969419346686) | [39](#x01969419346686) |
| &nbsp;&nbsp;&nbsp;[Investment Adviser](#x091705961185288) | &nbsp;&nbsp;&nbsp;[Investment Adviser](#x091705961185288) | [41](#x091705961185288) |
| &nbsp;&nbsp;&nbsp;[Portfolio Managers](#x000169579963475) | &nbsp;&nbsp;&nbsp;[Portfolio Managers](#x000169579963475) | [41](#x000169579963475) |
| [**CIBC ATLAS INTERNATIONAL GROWTH FUND**](#x102187520165193) | [**CIBC ATLAS INTERNATIONAL GROWTH FUND**](#x102187520165193) | [42](#x102187520165193) |
| &nbsp;&nbsp;&nbsp;[Investment Objective](#x084447842810139) | &nbsp;&nbsp;&nbsp;[Investment Objective](#x084447842810139) | [42](#x084447842810139) |
| &nbsp;&nbsp;&nbsp;[Fund Fees and Expenses](#x050259815242494) | &nbsp;&nbsp;&nbsp;[Fund Fees and Expenses](#x050259815242494) | [42](#x050259815242494) |
| &nbsp;&nbsp;&nbsp;[Principal Investment Strategies](#x293502356988151) | &nbsp;&nbsp;&nbsp;[Principal Investment Strategies](#x293502356988151) | [43](#x293502356988151) |
| &nbsp;&nbsp;&nbsp;[Principal Risks](#x208351126927639) | &nbsp;&nbsp;&nbsp;[Principal Risks](#x208351126927639) | [44](#x208351126927639) |
| &nbsp;&nbsp;&nbsp;[Performance Information](#x13003350401416) | &nbsp;&nbsp;&nbsp;[Performance Information](#x13003350401416) | [47](#x13003350401416) |
| &nbsp;&nbsp;&nbsp;[Investment Adviser](#x468659611992945) | &nbsp;&nbsp;&nbsp;[Investment Adviser](#x468659611992945) | [49](#x468659611992945) |
| &nbsp;&nbsp;&nbsp;[Portfolio Managers](#x138804463967707) | &nbsp;&nbsp;&nbsp;[Portfolio Managers](#x138804463967707) | [49](#x138804463967707) |
| [Summary Information about the Purchase and Sale of Fund Shares, Taxes and Financial Intermediary Compensation](#x210466138962181) | [Summary Information about the Purchase and Sale of Fund Shares, Taxes and Financial Intermediary Compensation](#x210466138962181) | [50](#x210466138962181) |
| [More Information about Risk](#x023352278392661) | [More Information about Risk](#x023352278392661) | [51](#x023352278392661) |
| [More Information about Fund Investments](#x021207270474027) | [More Information about Fund Investments](#x021207270474027) | [58](#x021207270474027) |
| [Information about Portfolio Holdings](#x143924560898359) | [Information about Portfolio Holdings](#x143924560898359) | [60](#x143924560898359) |
| [Investment Adviser](#x105986078886311) | [Investment Adviser](#x105986078886311) | [60](#x105986078886311) |
| [Portfolio Managers](#x092491511035654) | [Portfolio Managers](#x092491511035654) | [62](#x092491511035654) |
| [Related Performance Data of the Adviser](#x107176116132566) | [Related Performance Data of the Adviser](#x107176116132566) | [65](#x107176116132566) |
| [Purchasing, Selling and Exchanging Fund Shares](#x028710903448516) | [Purchasing, Selling and Exchanging Fund Shares](#x028710903448516) | [70](#x028710903448516) |
| [Payments to Financial Intermediaries](#x590841121495327) | [Payments to Financial Intermediaries](#x590841121495327) | [80](#x590841121495327) |
| [Other Policies](#x083902828047359) | [Other Policies](#x083902828047359) | [82](#x083902828047359) |
| [Dividends and Distributions](#x683174386920981) | [Dividends and Distributions](#x683174386920981) | [87](#x683174386920981) |
| [Taxes](#x073097112860892) | [Taxes](#x073097112860892) | [88](#x073097112860892) |
| [Additional Information](#x005943561142096) | [Additional Information](#x005943561142096) | [93](#x005943561142096) |
| [Financial Highlights](#x1849467107681) | [Financial Highlights](#x1849467107681) | [93](#x1849467107681) |
| [How to Obtain More Information about the Funds](#x095653363989708) | [Back Cover](#x095653363989708) | [Back Cover](#x095653363989708) |

---

Investor Class Shares of the Funds are currently not available for purchase.

**CIBC ATLAS DISCIPLINED EQUITY FUND** 

**Investment Objective**

The investment objective of the CIBC Atlas Disciplined Equity Fund (the "Fund") is to seek long-term capital appreciation and, secondarily, current income.

**Fund Fees and Expenses**

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees, including to financial intermediaries, which are not reflected in the table and Example below.**

***Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)***

---

| | | |
|:---|:---|:---|
|  | **Institutional <br> Class Shares** | **Investor <br> Class Shares** |
| &nbsp;&nbsp;Management Fees | 0.65% | 0.65% |
| &nbsp;&nbsp;Distribution (12b-1) Fees |  | 0.25% |
| &nbsp;&nbsp;Other Expenses | 0.06% | 0.21% |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder Servicing Fees |  | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Operating Expenses | 0.06% | 0.06% |
| &nbsp;&nbsp;Total Annual Fund Operating Expenses<sup>1</sup> | 0.71% | 1.11% |

---

<sup>1</sup> CIBC Private Wealth Advisors, Inc. (the "Adviser") has contractually agreed to reduce fees and reimburse expenses to the extent necessary to keep Total Annual Fund Operating Expenses (excluding 12b-1 Fees, Shareholder Servicing Fees, interest, taxes, brokerage commissions, acquired fund fees and expenses, other expenditures which are capitalized in accordance with generally accepted accounting principles, and extraordinary expenses (collectively, "excluded expenses")) from exceeding 0.80% of the Fund's average daily net assets until February 28, 2027. In addition, the Adviser may receive from the Fund the difference between the Total Annual Fund Operating Expenses (not including excluded expenses) and the expense cap to recoup all or a portion of its prior fee reductions or expense reimbursements made during the rolling three-year period preceding the date of the recoupment if at any point Total Annual Fund Operating Expenses (not including excluded expenses) are below the expense cap (i) at the time of the fee reduction and/or expense reimbursement and (ii) at the time of the recoupment. This Agreement may be terminated: (i) by the Board of Trustees (the "Board") of The Advisors' Inner Circle Fund (the "Trust"), for any reason at any time, or (ii) by the Adviser, upon ninety (90) days' prior written notice to the Trust, effective as of the close of business on February 28, 2027. 

***Example***

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| &nbsp;&nbsp;Institutional Class Shares | $73 | $227 | $395 | $883 |
| &nbsp;&nbsp;Investor Class Shares | $113 | $353 | $612 | $1352 |

---

***Portfolio Turnover***

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in total annual Fund operating expenses or in the example, affect the Fund's performance. During its most recent fiscal year, the Fund's portfolio turnover rate was 19% of the average value of its portfolio.

**Principal Investment Strategies** 

Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities and other instruments that have economic characteristics similar to equity securities. The Fund invests primarily in equity securities of U.S. and foreign issuers, and it may invest up to 25% of its net assets in foreign securities. The principal type of equity securities in which the Fund invests is common stock.

The Fund may invest in the securities of issuers of all capitalization sizes; however, a substantial number of the issuers in which the Fund invests are large-capitalization issuers. The Fund considers an issuer to be a large-capitalization issuer if it has a market capitalization, at the time of purchase, within the range of the largest and smallest capitalized companies included in the Russell 1000<sup>®</sup> Index during the most recent 11-month period (based on month-end data) plus the most recent date during the current month. As of December 31, 2025, the market capitalization range for the Russell 1000<sup>®</sup> Index was approximately $1.3 billion to $4.5 trillion.

The Fund normally invests in securities that generate strong cash flow and are available at attractive valuations. The Fund's portfolio managers will be opportunistic with regard to the prices the Fund will pay for new investments and at which it will terminate positions.

In choosing securities, the Fund's portfolio managers emphasize a bottom-up, fundamental stock selection investment strategy that focuses on issuers that can consistently deliver strong cash flow growth and return on invested capital. The portfolio managers also look to invest in securities of issuers with a proven track record of solid business execution because they believe that such a history is an indication of the value of the underlying franchise or market position. These issuers typically have a proprietary product or business approach that allows them to be leaders within their respective industries. In addition, the portfolio managers emphasize diversification in terms of sector exposure.

The Fund's portfolio managers consider selling a stock when its fundamental business prospects deteriorate, its ability to generate cash deteriorates, or when they think the stock is too expensive based on cash flow valuation metrics. In response to market, economic, political or other conditions, the Fund's portfolio managers may temporarily use a different investment strategy for defensive purposes. If the Fund's portfolio managers do so, different factors could affect the Fund's performance and the Fund may not achieve its investment objective.

The Fund's investments in the types of securities described in this Prospectus vary from time to time, and, at any time, the Fund may not be invested in all of the types of securities described in this Prospectus. The Fund may also invest in securities and other investments not described in this Prospectus. Such investments will not constitute principal investment strategies of the Fund.

The Fund is classified as "non-diversified," which means that it may invest a larger percentage of its assets in a smaller number of issuers than a diversified fund.

**Principal Risks** 

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

**Market Risk** – The prices of and the income generated by the Fund's securities may decline in response to, among other things, investor sentiment, general economic and market conditions, regional or global instability, and currency and interest rate fluctuations. In addition, the 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.

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

**Large-Capitalization Company Risk** – 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.

**Management Risk** – The investment techniques and risk analysis used by the Fund's portfolio managers may not produce the desired results.

**Foreign Securities Risk** – The Fund's foreign investments may be affected by changes in a foreign country's exchange rates, political and social instability, changes in economic or taxation policies, difficulties when enforcing obligations, decreased liquidity, and increased volatility. Foreign companies may be subject to less regulation resulting in less publicly available information about the companies. In addition, periodic U.S. Government restrictions on investments in issuers from certain foreign countries may require the Fund to sell such investments at inopportune times, which could result in losses to the Fund.

**Non-Diversified Risk** – The Fund is non-diversified, which means that it may invest in the securities of relatively few issuers. As a result, the Fund may be more susceptible to a single adverse economic or political occurrence affecting one or more of these issuers and may experience increased volatility due to its investments in those securities. If the securities in which the Fund invests perform poorly, the Fund could incur greater losses than it would have had it invested in a greater number of securities. However, the Fund intends to satisfy the asset diversification requirements for qualification as a regulated investment company ("RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code").

**Performance Information** 

The bar chart and the performance table below illustrate the risks and volatility of an investment in the Fund by showing changes in the Fund's Institutional Class Shares' performance from year to year for the past 10 years and by showing how the Fund's Institutional Class Shares' average annual total returns for 1, 5 and 10 years and since inception compare with those of a broad measure of market performance. Of course, the Fund's past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.

The Fund acquired the assets and liabilities and assumed the historical performance of the Invesco Disciplined Equity Fund (the "Invesco Predecessor Fund"), a series of AIM Equity Funds ("Invesco Equity Funds"), on January 2, 2014 (the "Disciplined Equity Reorganization"). Accordingly, the performance shown for the periods prior to the Disciplined Equity Reorganization represents the performance of Class Y shares of the Invesco Predecessor Fund, which was the only class of shares of the Invesco Predecessor Fund outstanding at the time of the Disciplined Equity Reorganization. The Invesco Predecessor Fund's returns in the bar chart and table have not been adjusted to reflect the Fund's expenses. If the Invesco Predecessor Fund's performance information had been adjusted to reflect the Fund's expenses, the performance may have been higher or lower for a given period depending on the expenses incurred by Invesco Predecessor Fund for that period.

As of the date of this Prospectus, Investor Class Shares of the Fund have not commenced operations and therefore have no performance information to report. Investor Class Shares of the Fund would have substantially similar performance as Institutional Class Shares because the shares are invested in the same portfolio of securities and the returns would generally differ only to the extent that expenses of Investor Class Shares are higher than the expenses of Institutional Class Shares, in which case the returns for Investor Class Shares would be lower than those of Institutional Class Shares.

Updated performance information is available by calling 1-855-328-3863.

***Annual Total Returns***

![](fp0097538-13_6.jpg)

---

| | |
|:---|:---|
| **Best Quarter** | **Worst Quarter** |
| 19.93% | (17.79)% |
| (6/30/2020) | (3/31/2020) |

---

***Average Annual Total Returns for Periods Ended December 31, 2025***

This table compares the Fund's Institutional Class Shares' average annual total returns for the periods ended December 31, 2025 to those of an appropriate broad based index.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**CIBC Atlas Disciplined Equity Fund** | **1 Year** | **5 Years** | **10 Years** | **Since <br> Inception <br> (12/1/05)** |
| &nbsp;&nbsp;Return Before Taxes | 11.70% | 10.33% | 13.05% | 10.52% |
| &nbsp;&nbsp;Return After Taxes on Distributions | 8.25% | 8.53% | 11.67% | 9.38% |
| &nbsp;&nbsp;Return After Taxes on Distributions and Sale of Fund Shares | 9.30% | 7.99% | 10.63% | 8.73% |
| &nbsp;&nbsp;S&P 500<sup>®</sup> Index (reflects no deductions for fees, expenses or taxes) | 17.88% | 14.42% | 14.82% | 10.88% |

---

**Investment Adviser** 

CIBC Private Wealth Advisors, Inc.

**Portfolio Managers** 

Brant Houston, CFA, Managing Director, has managed the Fund since its inception in 2014 and managed the Invesco Predecessor Fund since 2013.

James L. Farrell, CFA, Managing Director, has managed the Fund since 2022.

*For important information about the purchase and sale of Fund shares, taxes and financial intermediary compensation, please turn to "Summary Information about the Purchase and Sale of Fund Shares, Taxes and Financial Intermediary Compensation" on page 50 of the Prospectus.* 

**CIBC ATLAS MID CAP EQUITY FUND** 

**Investment Objective** 

The CIBC Atlas Mid Cap Equity Fund (the "Fund") seeks long-term capital appreciation.

**Fund Fees and Expenses** 

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees, including to financial intermediaries, which are not reflected in the table and Example below.**

***Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)***

---

| | | |
|:---|:---|:---|
|  | **Institutional<br> Class Shares** | **Investor<br> Class Shares** |
| &nbsp;&nbsp;Management Fees | 0.75% | 0.75% |
| &nbsp;&nbsp;Distribution (12b-1) Fees |  | 0.25% |
| &nbsp;&nbsp;Other Expenses | 0.07% | 0.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder Servicing Fees |  | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Operating Expenses | 0.07% | 0.07% |
| &nbsp;&nbsp;Total Annual Fund Operating Expenses<sup>1</sup> | 0.82% | 1.22% |

---

<sup>1</sup> CIBC Private Wealth Advisors, Inc. (the "Adviser") has contractually agreed to reduce fees and reimburse expenses to the extent necessary to keep Total Annual Fund Operating Expenses (excluding 12b-1 Fees, Shareholder Servicing Fees, interest, taxes, brokerage commissions, acquired fund fees and expenses, other expenditures which are capitalized in accordance with generally accepted accounting principles, and extraordinary expenses (collectively, "excluded expenses")) from exceeding 1.00% of the Fund's average daily net assets until February 28, 2027. In addition, the Adviser may receive from the Fund the difference between the Total Annual Fund Operating Expenses (not including excluded expenses) and the expense cap to recoup all or a portion of its prior fee reductions or expense reimbursements made during the rolling three-year period preceding the date of the recoupment if at any point Total Annual Fund Operating Expenses (not including excluded expenses) are below the expense cap (i) at the time of the fee reduction and/or expense reimbursement and (ii) at the time of the recoupment. This Agreement may be terminated: (i) by the Board of Trustees (the "Board") of The Advisors' Inner Circle Fund (the "Trust"), for any reason at any time, or (ii) by the Adviser, upon ninety (90) days' prior written notice to the Trust, effective as of the close of business on February 28, 2027. 

***Example***

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| &nbsp;&nbsp;Institutional Class Shares | $84 | $262 | $455 | $1014 |
| &nbsp;&nbsp;Investor Class Shares | $124 | $387 | $670 | $1477 |

---

***Portfolio Turnover***

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in total annual Fund operating expenses or in the example, affect the Fund's performance. During its most recent fiscal year, the Fund's portfolio turnover rate was 24% of the average value of its portfolio.

**Principal Investment Strategies** 

Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of mid-capitalization companies. This investment policy may be changed by the Fund upon 60 days' prior written notice to shareholders. For purposes of this policy, a mid-capitalization company is a company with a market capitalization of between $4 billion and $65 billion at the time of initial purchase. While the Fund expects to invest primarily in common stock, it may also invest in other equity securities, including preferred stock, convertible securities and American Depositary Receipts ("ADRs"). The Fund may invest up to 25% of its net assets in foreign securities, including ADRs.

In selecting securities for the Fund, the Adviser utilizes a bottom-up, fundamental selection process that focuses on identifying companies across various sectors that can deliver consistently strong earnings growth, free cash flow growth and above average return on equity. The Adviser looks for a proven history of growth in the companies in which the Fund invests, because the Adviser believes that it is indicative of the value of the company's underlying franchise or market position, and companies with such a history typically have a proprietary product or business approach that allows them to be leaders within their respective industries.

The Fund intends to buy and hold securities of companies for the long-term, and seeks to limit portfolio turnover. The Fund may sell a security, however, when a company's fundamental business prospects or ability to generate cash deteriorates, its capitalization exceeds the upper range of capitalizations of companies in the Fund's benchmark index, its management becomes less stable or it becomes overvalued, or when more attractive alternatives exist.

**Principal Risks** 

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

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

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

**Investment Style Risk** – The Fund pursues a "growth style" of investing, meaning that the Fund invests in equity securities of companies that the Adviser believes will increase their earnings at a certain rate that is generally

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

**Management Risk** - The Fund is actively managed, and the investment techniques and risk analysis used by the Fund's portfolio managers may not produce the desired results.

**Foreign Currency Risk** – As a result of the Fund's investments in securities or other investments denominated in, and/or receiving revenues in, foreign currencies, the Fund will be subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar, in which case, the dollar value of an investment in the Fund would be adversely affected.

**Foreign Company Risk** – Investing in foreign companies, including direct investments and through ADRs, which are traded on U.S. exchanges and represent an ownership in a foreign security, poses additional risks since political and economic events unique to a country or region will affect those markets and their issuers. These risks will not necessarily affect the U.S. economy or similar issuers located in the United States. In addition, investments in foreign companies generally are denominated in a foreign currency. Changes in the value of a currency compared to the U.S. dollar may affect (positively or negatively) the value of the Fund's investments. These currency movements may occur separately from, and in response to, events that do not otherwise affect the value of the security in the issuer's home country. Securities of foreign companies may not be registered with the U.S. Securities and Exchange Commission (the "SEC") and foreign companies are generally not subject to the regulatory controls imposed on U.S. issuers and, as a consequence, there is generally less publicly available information about foreign securities than 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.

**Preferred Stock Risk** – 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.

**Performance Information** 

The bar chart and the performance table below illustrate the risks and volatility of an investment in the Fund by showing changes in the Fund's Institutional Class Shares' performance from year to year and by showing how the Fund's Institutional Class Shares' average annual total returns for 1, 5 and 10 years and since inception compare with those of a broad measure of market performance and a more narrowly based index with characteristics relevant to the Fund's investment strategies. Of course, the Fund's past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.

As of the date of this Prospectus, Investor Class Shares of the Fund have not commenced operations and therefore have no performance information to report. Investor Class Shares of the Fund would have substantially similar performance as Institutional Class Shares because the shares are invested in the same portfolio of securities and the returns would generally differ only to the extent that expenses of Investor Class Shares are higher than the expenses of Institutional Class Shares, in which case the returns for Investor Class Shares would be lower than those of Institutional Class Shares.

Updated performance information is available by calling 1-855-328-3863.

***Annual Total Returns***

![](fp0097538-13_13.jpg)

---

| | |
|:---|:---|
| **Best Quarter** | **Worst Quarter** |
| 21.59% | (22.71)% |
| (6/30/2020) | (3/31/2020) |

---

***Average Annual Total Returns for Periods Ended December 31, 2025***

This table compares the Fund's Institutional Class Shares' average annual total returns for the periods ended December 31, 2025 to those of an appropriate broad based index and a more narrowly based index with characteristics relevant to the Fund's investment strategies.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts ("IRAs").

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**CIBC Atlas Mid Cap Equity Fund** | **1 Year** | **5 Years** | **10 Years** | **Since <br> Inception <br> (6/27/14)** |
| &nbsp;&nbsp;Return Before Taxes | 2.25% | 4.34% | 8.75% | 8.66% |
| &nbsp;&nbsp;Return After Taxes on Distributions | (0.24)% | 2.77% | 7.83% | 7.85% |
| &nbsp;&nbsp;Return After Taxes on Distributions and Sale of Fund Shares | 3.07% | 3.31% | 7.12% | 7.11% |
| &nbsp;&nbsp;Russell 3000 Index (reflects no deductions for fees, expenses or taxes) | 17.15% | 13.15% | 14.29% | 12.84% |
| &nbsp;&nbsp;Russell Mid-Cap Growth Index (reflects no deductions for fees, expenses or taxes) | 8.66% | 6.65% | 12.49% | 11.24% |

---

**Investment Adviser** 

CIBC Private Wealth Advisors, Inc.

**Portfolio Managers**

Bryan G. Reilly, Portfolio Manager and Analyst, has managed the Fund since 2022.

Jonathan Piskorowski, CFA, Portfolio Manager, has managed the Fund since 2024.

*For important information about the purchase and sale of Fund shares, taxes and financial intermediary compensation, please turn to "Summary Information about the Purchase and Sale of Fund Shares, Taxes and Financial Intermediary Compensation" on page 50 of the Prospectus.* 

**CIBC ATLAS INCOME OPPORTUNITIES FUND** 

**Investment Objective** 

The CIBC Atlas Income Opportunities Fund (the "Fund") seeks current income and long-term capital appreciation.

**Fund Fees and Expenses** 

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees, including to financial intermediaries, which are not reflected in the table and Example below.**

***Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)***

---

| | | |
|:---|:---|:---|
|  | **Institutional <br> Class Shares** | **Investor <br> Class Shares** |
| &nbsp;&nbsp;Management Fees | 0.60% | 0.60% |
| &nbsp;&nbsp;Distribution (12b-1) Fees |  | 0.25% |
| &nbsp;&nbsp;Other Expenses | 0.08% | 0.23% |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder Servicing Fees |  | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Operating Expenses | 0.08% | 0.08% |
| &nbsp;&nbsp;Acquired Fund Fees and Expenses<sup>1</sup> | 0.01% | 0.01% |
| &nbsp;&nbsp;Total Annual Fund Operating Expenses<sup>2,3</sup> | 0.69% | 1.09% |

---

<sup>1</sup> AFFE are indirect fees and expenses that the Fund incurs from investing in shares of other funds, including money market funds and exchange-traded funds.

<sup>2</sup> CIBC Private Wealth Advisors, Inc. (the "Adviser") has contractually agreed to reduce fees and reimburse expenses to the extent necessary to keep Total Annual Fund Operating Expenses (excluding 12b-1 Fees, Shareholder Servicing Fees, interest, taxes, brokerage commissions, Acquired Fund Fees and Expenses, other expenditures which are capitalized in accordance with generally accepted accounting principles, and extraordinary expenses (collectively, "excluded expenses")) from exceeding 0.85% of the Fund's average daily net assets until February 28, 2027. In addition, the Adviser may receive from the Fund the difference between the Total Annual Fund Operating Expenses (not including excluded expenses) and the expense cap to recoup all or a portion of its prior fee reductions or expense reimbursements made during the rolling three-year period preceding the date of the recoupment if at any point Total Annual Fund Operating Expenses (not including excluded expenses) are below the expense cap (i) at the time of the fee reduction and/or expense reimbursement and (ii) at the time of the recoupment. This Agreement may be terminated: (i) by the Board of Trustees (the "Board") of The Advisors' Inner Circle Fund (the "Trust"), for any reason at any time, or (ii) by the Adviser, upon ninety (90) days' prior written notice to the Trust, effective as of the close of business on February 28, 2027. 

<sup>3</sup> The Total Annual Fund Operating Expenses in this fee table do not correlate to the expense ratios in the Fund's Financial Highlights because the Financial Highlights include only the direct operating expenses incurred by the Fund, and exclude Acquired Fund Fees and Expenses.

***Example***

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| &nbsp;&nbsp;Institutional Class Shares | $70 | $221 | $384 | $859 |
| &nbsp;&nbsp;Investor Class Shares | $111 | $347 | $601 | $1329 |

---

***Portfolio Turnover***

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in total annual Fund operating expenses or in the example, affect the Fund's performance. During its most recent fiscal year, the Fund's portfolio turnover rate was 24% of the average value of its portfolio.

**Principal Investment Strategies** 

Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in income producing securities. This investment policy may be changed by the Fund upon 60 days' prior written notice to shareholders. The Fund invests in a combination of common stock, preferred stock, convertible securities, fixed income securities (including corporate bonds, mortgage-backed and asset-backed securities, U.S. government securities, and money market instruments), and other investment companies (including exchange-traded funds ("ETFs") and closed-end investment companies ("closed-end funds")). The Fund may invest up to 25% of its net assets in foreign securities, including American Depositary Receipts ("ADRs"). The Fund focuses on companies with market capitalizations within the range of the Russell 1000<sup>®</sup> Index during the prior year, but may invest in companies not included in the Index. As of December 31, 2025, the market capitalization range for the Russell 1000<sup>®</sup> Index was approximately $1.3 billion to $4.5 trillion. The Fund may invest without limit in securities of any credit quality, including securities that are rated below investment grade ("high yield" or "junk" bonds) and

those in default. The Fund may also invest up to 25% of its assets in the sale (writing) of covered call or put options on common stocks to generate additional income and reduce volatility.

In selecting securities for the Fund, the Adviser utilizes a bottom-up, fundamental selection process that focuses on identifying companies across various sectors that are attractively valued and can deliver consistently strong free cash flow growth and above average return on equity. The Adviser looks for a proven history of solid business execution in the companies in which the Fund invests, because the Adviser believes that it is indicative of the value of the company's underlying franchise or market position, and companies with such a history typically have a proprietary product or business approach that allows them to be leaders within their respective industries. Based on an assessment of relative and absolute attractiveness, an investment may be made in a company's common stock, preferred stock, and/or debt.

The Fund intends to buy and hold securities of companies for the long-term, and seeks to limit portfolio turnover. The Fund may sell a security, however, when a company's fundamental business prospects or ability to generate cash deteriorates, its management becomes less stable or it becomes overvalued, or when more attractive alternatives exist.

**Principal Risks** 

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

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

**High Yield Bond Risk** – 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.

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

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

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

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

**Preferred Stock Risk** – 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.

**Leverage Risk** – 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.

**Credit Risk** – 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** – 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.

**Fixed Income Market Risk** – 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.

**Interest Rate Risk** – The risk that the value of fixed income securities will fall due to rising interest rates.

**Liquidity Risk** – 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.

**Asset-Backed Securities Risk** – 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.

**Mortgage-Backed Securities Risk** – 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.

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

**Foreign Company Risk** – Investing in foreign companies, including direct investments and through ADRs, which are traded on U.S. exchanges and represent an ownership in a foreign security, poses additional risks since political and economic events unique to a country or region will affect those markets and their issuers. These risks will not necessarily affect the U.S. economy or similar issuers located in the United States. In addition, investments in foreign companies generally are denominated in a foreign currency. Changes in the value of a currency compared to the U.S. dollar may affect (positively or negatively) the value of the Fund's investments. These currency movements may occur separately from, and in response to, events that do not otherwise affect the value of the security in the issuer's home country. Securities of foreign companies may not be registered with the U.S. Securities and Exchange Commission (the "SEC") and foreign companies are generally not subject to the regulatory controls imposed on U.S. issuers and, as a consequence, there is generally less publicly available information about foreign securities than 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.

**Foreign Currency Risk** – As a result of the Fund's investments in securities or other investments denominated in, and/or receiving revenues in, foreign currencies, the Fund will be subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar, in which case, the dollar value of an investment in the Fund would be adversely affected.

**Performance Information** 

The bar chart and the performance table below illustrate the risks and volatility of an investment in the Fund by showing changes in the Fund's Institutional Class Shares' performance from year to year and by showing how the Fund's Institutional Class Shares' average annual total returns for 1, 5 and 10 years and since inception compare with those of a broad measure of market performance and more narrowly based indices with characteristics relevant to the Fund's investment strategies. Of course, the Fund's past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.

As of the date of this Prospectus, Investor Class Shares of the Fund have not commenced operations and therefore have no performance information to report. Investor Class Shares of the Fund would have substantially similar performance as Institutional Class Shares because the shares are invested in the same portfolio of securities and the returns would generally differ only to the extent that expenses of Investor Class Shares are higher than the expenses of Institutional Class Shares, in which case the returns for Investor Class Shares would be lower than those of Institutional Class Shares.

Updated performance information is available by calling 1-855-328-3863.

***Annual Total Returns***

![](fp0097538-13_22.jpg)

---

| | |
|:---|:---|
| **Best Quarter** | **Worst Quarter** |
| 13.73% | (15.34)% |
| (6/30/2020) | (3/31/2020) |

---

***Average Annual Total Returns for Periods Ended December 31, 2025***

This table compares the Fund's Institutional Class Shares' average annual total returns for the periods ended December 31, 2025 to those of an appropriate broad based index and more narrowly based indices with characteristics relevant to the Fund's investment strategies.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts ("IRAs").

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**CIBC Atlas Income Opportunities Fund** | **1 Year** | **5 Years** | **10 Years** | **Since <br> Inception <br> (6/27/14)** |
| &nbsp;&nbsp;Return Before Taxes | 7.24% | 6.66% | 9.06% | 7.56% |
| &nbsp;&nbsp;Return After Taxes on Distributions | 4.08% | 5.18% | 7.91% | 6.45% |
| &nbsp;&nbsp;Return After Taxes on Distributions and Sale of Fund Shares | 6.06% | 4.94% | 7.11% | 5.85% |
| &nbsp;&nbsp;S&P 500 Index ("S&P Index") (reflects no deductions for fees, expenses or taxes) | 17.88% | 14.42% | 14.82% | 13.46% |
| &nbsp;&nbsp;Bloomberg U.S. Government/Credit Index ("Bloomberg Index") (reflects no deductions for fees, expenses or taxes) | 6.88% | (0.59)% | 2.16% | 2.07% |
| &nbsp;&nbsp;Blended 60/40 S&P Index/Bloomberg Index (reflects no deductions for fees, expenses or taxes) | 13.52% | 8.37% | 9.85% | 9.01% |

---

**Investment Adviser** 

CIBC Private Wealth Advisors, Inc.

**Portfolio Managers** 

Gary Pzegeo, CFA, Managing Director, has managed the Fund since its inception in 2014.

Brant Houston, CFA, Managing Director, has managed the Fund since its inception in 2014.

Sean D. Usechek, Portfolio Manager and Senior Investment Research Analyst, has managed the Fund since 2023.

*For important information about the purchase and sale of Fund shares, taxes and financial intermediary compensation, please turn to "Summary Information about the Purchase and Sale of Fund Shares, Taxes and Financial Intermediary Compensation" on page 50 of the Prospectus.* 

**CIBC ATLAS ALL CAP GROWTH FUND** 

**Investment Objective** 

The investment objective of the CIBC Atlas All Cap Growth Fund (the "Fund") is long-term capital appreciation.

**Fund Fees and Expenses** 

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees, including to financial intermediaries, which are not reflected in the table and Example below.**

***Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)***

---

| | | |
|:---|:---|:---|
|  | **Institutional <br> Class Shares** | **Investor <br> Class Shares** |
| &nbsp;&nbsp;Management Fees | 0.82% | 0.82% |
| &nbsp;&nbsp;Distribution (12b-1) Fees |  | 0.25% |
| &nbsp;&nbsp;Other Expenses | 0.09% | 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder Servicing Fees |  | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Operating Expenses | 0.09% | 0.09% |
| &nbsp;&nbsp;Total Annual Fund Operating Expenses<sup>1</sup> | 0.91% | 1.26% |

---

<sup>1</sup> CIBC Private Wealth Advisors, Inc. (the "Adviser") has contractually agreed to reduce fees and reimburse expenses to the extent necessary to keep Total Annual Fund Operating Expenses (excluding 12b-1 Fees, Shareholder Servicing Fees, interest, taxes, brokerage commissions, acquired fund fees and expenses, other expenditures which are capitalized in accordance with generally accepted accounting principles, and extraordinary expenses (collectively, "excluded expenses")) from exceeding 1.10% of the Fund's average daily net assets until February 28, 2027. In addition, the Adviser may receive from the Fund the difference between the Total Annual Fund Operating Expenses (not including excluded expenses) and the expense cap to recoup all or a portion of its prior fee reductions or expense reimbursements made during the rolling three-year period preceding the date of the recoupment if at any point Total Annual Fund Operating Expenses (not including excluded expenses) are below the expense cap (i) at the time of the fee waiver and/or expense reimbursement and (ii) at the time of the recoupment. This Agreement may be terminated: (i) by the Board of Trustees (the "Board") of The Advisors' Inner Circle Fund (the "Trust"), for any reason at any time, or (ii) by the Adviser, upon ninety (90) days' prior written notice to the Trust, effective as of the close of business on February 28, 2027. 

***Example***

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| &nbsp;&nbsp;Institutional Class Shares | $93 | $290 | $504 | $1120 |
| &nbsp;&nbsp;Investor Class Shares | $128 | $400 | $692 | $1523 |

---

***Portfolio Turnover***

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in total annual Fund operating expenses or in the example, affect the Fund's performance. During its most recent fiscal year, the Fund's portfolio turnover rate was 70% of the average value of its portfolio.

**Principal Investment Strategies** 

The Fund seeks to achieve its investment objective by investing primarily in common stocks of U.S. companies without regard to market capitalizations. Under normal conditions, the Fund may invest up to 100% of its net assets in common stocks, and may also invest in preferred stocks, of U.S. companies. Additionally, the Fund may invest up to 30% of its net assets in securities of "foreign issuers." "Foreign issuers" include non-U.S. companies: (a) whose securities are not traded on a U.S. exchange; (b) whose securities are traded on a U.S. exchange, and denominated in U.S. dollars, in the form of American Depositary Receipts ("ADRs"); or (c) who are organized and headquartered outside the United States but whose securities are publicly traded on a U.S. exchange. The Fund may invest up to 25% of its net assets in securities of "foreign issuers" located in emerging markets. "Emerging markets" are less developed countries as defined by the investment community and included in the Morgan Stanley Capital International Emerging Markets Index ("MSCI EM") or that are publicly announced to be added to the MSCI EM.

Under normal market conditions, the Adviser uses a bottom-up, fundamental investment approach that focuses on identifying quality growth companies. This approach begins with the Adviser identifying an initial universe of securities based on the Adviser's proprietary analysis.

In assessing whether a company is a quality growth company, the Adviser may consider, among other things, whether such company has sustainable competitive advantages and highly visible future growth potential, including internal revenue growth, large market opportunities and simple business models, and shows strong cash flow generation and high return on invested capital. The Adviser utilizes proprietary research and a rigorous qualitative and quantitative investment process.

The Fund's investment strategy focuses on identifying stocks within multiple industry groups. Using quantitative and qualitative measures established by the Adviser, the Fund seeks to purchase common stocks that have stronger performance relative to other common stocks. The Adviser may sell the Fund's investments for a variety of reasons, including to secure gains, limit losses or reinvest in more promising investment opportunities.

The Fund is classified as "non-diversified," which means that it may invest a larger percentage of its assets in a smaller number of issuers than a diversified fund.

**Principal Risks** 

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

**Market Risk** – The prices of and the income generated by the Fund's securities may decline in response to, among other things, investor sentiment, general economic and market conditions, regional or global instability, and currency and interest rate fluctuations. In addition, the 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.

**Equity Risk** – Since it purchases equity securities, the Fund is subject to the risk that stock prices will fall over short or extended periods of time. Historically, the equity markets have moved in cycles, and the value of the Fund's equity securities may fluctuate drastically from day to day. Individual companies may report poor results or be negatively affected by industry

and/or economic trends and developments. The prices of securities issued by such companies may suffer a decline in response. These factors contribute to price volatility, which is the principal risk of investing in the Fund.

**Investment Style Risk** – The Fund pursues a "growth style" of investing, meaning that the Fund invests in equity securities of companies that the Adviser believes will increase their earnings at a certain rate that is generally higher than the rate expected for non-growth companies. If a growth company does not meet these expectations, the price of its stock may decline significantly, even if it has increased earnings. Many growth companies do not pay dividends. Companies that do not pay dividends often have greater stock price declines during market downturns. Over time, a growth investing style may go in and out of favor, and when out of favor, may cause the Fund to underperform other equity funds that use differing investing styles.

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

**Management Risk** – The Fund is actively managed, and the investment techniques and risk analysis used by the Fund's portfolio managers may not produce the desired results.

**Large-Capitalization Company Risk** – 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.

**Depositary Receipts Risk** – 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.

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

**Preferred Stock Risk** – 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.

**Emerging Markets Securities Risk** – 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.

**Foreign Currency Risk** – As a result of the Fund's investments in securities denominated in, and/or receiving revenues in, foreign currencies, the Fund will be subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar, in which case, dollar value of an investment in the Fund would be adversely affected.

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

**Non-Diversified Risk** – The Fund is non-diversified, which means that it may invest in the securities of relatively few issuers. As a result, the Fund may be more susceptible to a single adverse economic or political occurrence affecting one or more of these issuers and may experience increased volatility due to its investments in those securities. If the securities in which the Fund invests perform poorly, the Fund could incur greater losses than it would have had it invested in a greater number of securities. However, the Fund intends to satisfy the asset diversification requirements for qualification as a regulated investment company ("RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code").

**Performance Information** 

The bar chart and the performance table below illustrate the risks and volatility of an investment in the Fund by showing changes in the Fund's Institutional Class Shares' performance from year to year and by showing how the Fund's Institutional Class Shares' average annual returns for 1, 5 and 10 years and since inception compare with those of a broad measure of market performance and a more narrowly based index with characteristics relevant to the Fund's investment strategies. Of course, the Fund's past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.

Before the Fund commenced operations, the Fund acquired the assets and liabilities of the Geneva Advisors All Cap Growth Fund (the "All Cap Growth Predecessor Fund") in a reorganization (the "All Cap Growth Reorganization"). After being approved by shareholders of the All Cap Growth Predecessor Fund, the All Cap Growth Reorganization occurred on February 12, 2018. As a result of the All Cap Growth Reorganization, shareholders of the All Cap Growth Predecessor Fund's Class I and Class R shares received Institutional Class Shares of the Fund, and the Fund assumed the performance and accounting history of the All Cap Growth Predecessor Fund's Class I shares prior to the date of the All Cap Growth Reorganization. Accordingly, the performance shown for periods prior to the All Cap Growth Reorganization represents the performance of Class I shares of the All Cap Growth Predecessor Fund. The All Cap Growth Predecessor Fund's returns in the bar chart and table have not been adjusted to reflect Fund expenses. If the All Cap Growth Predecessor Fund's performance information had been adjusted to reflect Fund expenses, the performance may have been higher or lower for a given period depending on the expenses incurred by the All Cap Growth Predecessor Fund for that period.

As of the date of this Prospectus, Investor Class Shares of the Fund have not commenced operations and therefore have no performance information to report. Investor Class Shares of the Fund would have substantially similar performance as Institutional Class Shares because the shares are invested in the same portfolio of securities and the annual returns would generally differ only to the extent that the expenses of Investor Class Shares are higher. Updated performance information is available by calling 1-855-328-3863.

***Annual Total Returns***

![](fp0097538-13_30.jpg)

---

| | |
|:---|:---|
| **Best Quarter** | **Worst Quarter** |
| 26.55% | (19.94)% |
| (6/30/2020) | (6/30/2022) |

---

***Average Annual Total Returns for Periods Ended December 31, 2025***

This table compares the Fund's Institutional Class Shares' average annual total returns for the periods ended December 31, 2025 to those of an appropriate broad based index and a more narrowly based index with characteristics relevant to the Fund's investment strategies.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**CIBC Atlas All Cap Growth Fund** | **1 Year** | **5 Years** | **10 Years** | **Since <br> Inception <br> (9/26/07)** |
| &nbsp;&nbsp;Return Before Taxes | 6.18% | 8.98% | 13.83% | 9.92% |
| &nbsp;&nbsp;Return After Taxes on Distributions | 4.79% | 7.22% | 11.53% | 8.43% |
| &nbsp;&nbsp;Return After Taxes on Distributions and Sale of Fund Shares | 4.59% | 6.78% | 10.80% | 7.95% |
| &nbsp;&nbsp;Russell 3000 Index (reflects no deductions for fees, expenses or taxes) | 17.15% | 13.15% | 14.29% | 10.45% |
| &nbsp;&nbsp;Russell 3000 Growth Total Return Index (reflects no deductions for fees, expenses or taxes) | 18.15% | 14.59% | 17.59% | 12.98% |

---

**Investment Adviser** 

CIBC Private Wealth Advisors, Inc.

**Portfolio Managers** 

Robert C. Bridges, Portfolio Manager, has managed the Fund since its inception in 2018 and managed the All Cap Growth Predecessor Fund since its inception in 2007.

John P. Huber, Portfolio Manager, has managed the Fund since its inception in 2018 and managed the All Cap Growth Predecessor Fund since its inception in 2007.

Kyle M. Nitiss, CFA, Portfolio Manager and Quantitative Research Analyst, has managed the Fund since 2025.

*For important information about the purchase and sale of Fund shares, taxes and financial intermediary compensation, please turn to "Summary Information about the Purchase and Sale of Fund Shares, Taxes and Financial Intermediary Compensation" on page 50 of the Prospectus.*

**CIBC ATLAS EQUITY INCOME FUND** 

**Investment Objective** 

The CIBC Atlas Equity Income Fund (the "Fund") seeks current income and long-term capital appreciation.

**Fund Fees and Expenses** 

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees, including to financial intermediaries, which are not reflected in the table and Example below.**

***Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)***

---

| | | |
|:---|:---|:---|
|  | **Institutional <br> Class Shares** | **Investor <br> Class Shares** |
| &nbsp;&nbsp;Management Fees | 0.80% | 0.80% |
| &nbsp;&nbsp;Distribution (12b-1) Fees |  | 0.25% |
| &nbsp;&nbsp;Other Expenses | 0.09% | 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder Servicing Fees |  | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Operating Expenses | 0.09% | 0.09% |
| &nbsp;&nbsp;Total Annual Fund Operating Expenses<sup>1</sup> | 0.89% | 1.24% |

---

<sup>1</sup> CIBC Private Wealth Advisors, Inc. (the "Adviser") has contractually agreed to reduce fees and reimburse expenses to the extent necessary to keep Total Annual Fund Operating Expenses (excluding 12b-1 Fees, Shareholder Servicing Fees, interest, taxes, brokerage commissions, acquired fund fees and expenses, other expenditures which are capitalized in accordance with generally accepted accounting principles, and extraordinary expenses (collectively, "excluded expenses")) from exceeding 1.10% of the Fund's average daily net assets until February 28, 2027. In addition, the Adviser may receive from the Fund the difference between the Total Annual Fund Operating Expenses (not including excluded expenses) and the expense cap to recoup all or a portion of its prior fee reductions or expense reimbursements made during the rolling three-year period preceding the date of the recoupment if at any point Total Annual Fund Operating Expenses (not including excluded expenses) are below the expense cap (i) at the time of the fee waiver and/or expense reimbursement and (ii) at the time of the recoupment. This Agreement may be terminated: (i) by the Board of Trustees (the "Board") of The Advisors' Inner Circle Fund (the "Trust"), for any reason at any time, or (ii) by the Adviser, upon ninety (90) days' prior written notice to the Trust, effective as of the close of business on February 28, 2027. 

***Example***

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| &nbsp;&nbsp;Institutional Class Shares | $91 | $284 | $493 | $1096 |
| &nbsp;&nbsp;Investor Class Shares | $126 | $393 | $681 | $1500 |

---

***Portfolio Turnover***

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in total annual Fund operating expenses or in the example, affect the Fund's performance. During its most recent fiscal year, the Fund's portfolio turnover rate was 29% of the average value of its portfolio.

**Principal Investment Strategies** 

The Fund seeks to achieve its investment objective by investing in publicly traded securities without regard to market capitalizations. Under normal circumstances, the Fund invests at least 80% of its net assets plus any borrowings for investment purposes, in equity securities. This investment policy may be changed by the Fund upon 60 days' prior written notice to shareholders. The equity securities in which the Fund may invest include common stocks, preferred stocks, real estate investment trusts ("REITs"), master limited partnerships ("MLPs") and convertible securities. The Fund may invest in securities of companies of any market capitalization, including micro-capitalization. A REIT is a security of a company that invests in real estate, either through real estate property, mortgages and similar real estate investments, or all of the foregoing. MLPs are businesses organized as limited partnerships that trade their proportionate shares of the partnership (units) on a public exchange.

The Fund may also invest up to 30% of its net assets in securities of "foreign issuers." "Foreign issuers" include non-U.S. companies: (a) whose securities are not traded on a U.S. exchange; (b) whose securities are traded on a U.S. exchange, and denominated in U.S. dollars, in the form of American Depositary Receipts ("ADRs"); or (c) who are organized and headquartered outside the United States but whose securities are publicly traded on a U.S.

exchange. The Fund may invest up to 25% of its net assets in securities of "foreign issuers" located in emerging markets. "Emerging markets" are less developed countries as defined by the investment community and included in the Morgan Stanley Capital International Emerging Markets Index ("MSCI EM") or that are publicly announced to be added to the MSCI EM. From time to time, the Fund may focus its investments in a particular sector, such as the information technology or financials sector.

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. The Fund's investment strategy focuses on identifying stocks within multiple industry groups. The Fund seeks to generate current income while also providing capital appreciation. The Fund has wide flexibility in the types of securities used to generate a current income yield. Using quantitative and qualitative measures established by the Adviser, the Fund seeks to purchase dividend-paying and non-dividend-paying common stocks that have stronger performance relative to other dividend-paying and non-dividend-paying common stocks. The Adviser may sell the Fund's investments for a variety of reasons, including to secure gains, limit losses or reinvest in more promising investment opportunities.

**Principal Risks** 

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

**Market Risk** – The prices of and the income generated by the Fund's securities may decline in response to, among other things, investor sentiment, general economic and market conditions, regional or global instability, and currency and interest rate fluctuations. In addition, the 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.

**Equity Risk** – Since it purchases equity securities, the Fund is subject to the risk that stock prices will fall over short or extended periods of time.

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

**Large-Capitalization Company Risk** – 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.

**REIT Risk** – 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.

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

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

**Investment Style Risk** – The Fund pursues a "growth style" of investing, meaning that the Fund invests in equity securities of companies that the Adviser believes will increase their earnings at a certain rate that is generally higher than the rate expected for non-growth companies. If a growth company does not meet these expectations, the price of its stock may decline significantly, even if it has increased earnings. Many growth companies do not pay dividends. Companies that do not pay dividends often have greater stock price declines during market downturns. Over time, a growth investing style may go in and out of favor, and when out of favor, may cause the Fund to underperform other equity funds that use differing investing styles.

**Management Risk** – The Fund is actively managed, and the investment techniques and risk analysis used by the Fund's portfolio managers may not produce the desired results.

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

**Foreign Currency Risk** – As a result of the Fund's investments in securities denominated in, and/or receiving revenues in, foreign currencies, the Fund will be subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar, in which case, the dollar value of an investment in the Fund would be adversely affected.

**Depositary Receipts Risk** – 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.

**Foreign Issuer Risk** – Investing in foreign issuers, including direct investments and investments through ADRs, poses additional risks since political and economic events unique to a country or region will affect those markets and their issuers. These risks will not necessarily affect the U.S. economy or similar issuers located in the U.S. Securities of foreign companies may not be registered with the U.S. Securities and Exchange Commission (the "SEC") and foreign issuers are generally not subject to the regulatory controls imposed on U.S. issuers and, as a consequence, there is generally less publicly available information about foreign securities than is available about domestic securities. Income from foreign securities owned

by the Fund may be reduced by a withholding tax at the source, which would reduce income received from the securities comprising the portfolio. Foreign securities may also be more difficult to value than securities of U.S. issuers.

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

**Emerging Markets Securities Risk** – 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.

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

**Preferred Stock Risk** – 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.

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

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

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

**Performance Information** 

The bar chart and the performance table below illustrate the risks and volatility of an investment in the Fund by showing changes in the Fund's Institutional Class Shares' performance from year to year and by showing how the Fund's Institutional Class Shares' average annual returns for 1, 5 and 10 years and since inception compare with those of a broad measure of market performance. Of course, the Fund's past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.

Before the Fund commenced operations, the Fund acquired the assets and liabilities of the Geneva Advisors Equity Income Fund (the "Equity Income Predecessor Fund") in a reorganization (the "Equity Income Reorganization"). After being approved by shareholders of the Equity Income Predecessor Fund, the Equity Income Reorganization occurred on February 12, 2018. As a result of the Equity Income Reorganization, shareholders of the Equity Income Predecessor Fund's Class I and Class R shares received Institutional Class Shares of the Fund, and the Fund assumed the performance and accounting history of the Equity Income Predecessor Fund's Class I shares prior to the date of the Equity Income Reorganization. Accordingly, the performance shown for periods prior to the Equity Income Reorganization represents the performance of Class I shares of the Equity Income Predecessor Fund. The Equity Income Predecessor Fund's returns in the bar chart and table have not been adjusted to reflect Fund expenses. If the Equity Income Predecessor Fund's performance information had been adjusted to reflect Fund expenses, the performance may have been higher or lower for a given period depending on the expenses incurred by the Equity Income Predecessor Fund for that period.

As of the date of this Prospectus, Investor Class Shares of the Fund have not commenced operations and therefore have no performance information to report. Investor Class Shares of the Fund would have substantially similar performance as Institutional Class Shares because the shares are invested in the same portfolio of securities and the annual returns would generally differ only to the extent that the expenses of Investor Class Shares are higher. Updated performance information is available by calling 1-855-328-3863.

***Annual Total Returns***

![](fp0097538-13_40.jpg)

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| | |
|:---|:---|
| **Best Quarter** | **Worst Quarter** |
| 18.08% | (19.67)% |
| (6/30/2020) | (3/31/2020) |

---

***Average Annual Total Returns for Periods Ended December 31, 2025***

This table compares the Fund's Institutional Class Shares' average annual total returns for the periods ended December 31, 2025 to those of an appropriate broad based index.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts ("IRAs").

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**CIBC Atlas Equity Income Fund** | **1 Year** | **5 Years** | **10 Years** | **Since <br> Inception <br> (4/30/10)** |
| &nbsp;&nbsp;Return Before Taxes | 7.67% | 10.28% | 12.23% | 11.56% |
| &nbsp;&nbsp;Return After Taxes on Distributions | 7.23% | 9.11% | 10.98% | 10.42% |
| &nbsp;&nbsp;Return After Taxes on Distributions and Sale of Fund Shares | 4.85% | 7.85% | 9.74% | 9.43% |
| &nbsp;&nbsp;Russell 1000 Index (reflects no deductions for fees, expenses or taxes) | 17.37% | 13.59% | 14.59% | 13.77% |

---

**Investment Adviser** 

CIBC Private Wealth Advisors, Inc.

**Portfolio Managers** 

Gordon C. Scott, CFA, Managing Director, Portfolio Manager, has managed the Fund since its inception in 2018 and managed the Equity Income Predecessor Fund since 2014.

Chris Lewis, CFA, Portfolio Manager, has managed the Fund since 2026.

*For important information about the purchase and sale of Fund shares, taxes and financial intermediary compensation, please turn to "Summary Information about the Purchase and Sale of Fund Shares, Taxes and Financial Intermediary Compensation" on page 50 of the Prospectus.*

**CIBC ATLAS INTERNATIONAL GROWTH FUND** 

**Investment Objective**

The CIBC Atlas International Growth Fund (the "Fund") seeks to provide long-term capital appreciation.

**Fund Fees and Expenses**

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees, including to financial intermediaries, which are not reflected in the table and Example below.**

***Shareholder Fees (fees paid directly from your investment)***

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| | |
|:---|:---|
| &nbsp;&nbsp;Redemption Fee (as a percentage of amount redeemed, if shares redeemed have been held for less than 30 days)  | 1.00% |

---

***Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)***

---

| | | |
|:---|:---|:---|
|  | **Institutional <br> Class Shares** | **Investor <br> Class Shares** |
| &nbsp;&nbsp;Management Fees | 0.82% | 0.82% |
| &nbsp;&nbsp;Distribution (12b-1) Fees |  | 0.25% |
| &nbsp;&nbsp;Other Expenses | 0.10% | 0.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder Servicing Fees |  | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Operating Expenses | 0.10% | 0.10% |
| &nbsp;&nbsp;Total Annual Fund Operating Expenses<sup>1</sup> | 0.92% | 1.27% |

---

<sup>1</sup> CIBC Private Wealth Advisors, Inc. (the "Adviser") has contractually agreed to reduce fees and reimburse expenses to the extent necessary to keep Total Annual Fund Operating Expenses (excluding 12b-1 Fees, Shareholder Servicing Fees, interest, taxes, brokerage commissions, acquired fund fees and expenses, other expenditures which are capitalized in accordance with generally accepted accounting principles, and extraordinary expenses (collectively, "excluded expenses")) from exceeding 1.21% of the Fund's average daily net assets until February 28, 2027. In addition, the Adviser may receive from the Fund the difference between the Total Annual Fund Operating Expenses (not including excluded expenses) and the expense cap to recoup all or a portion of its prior fee reductions or expense reimbursements made during the rolling three-year period preceding the date of the recoupment if at any point Total Annual Fund Operating Expenses (not including excluded expenses) are below the expense cap (i) at the time of the fee reduction and/or expense reimbursement and (ii) at the time of the recoupment. This Agreement may be terminated: (i) by the Board of Trustees (the "Board") of The Advisors' Inner Circle Fund (the "Trust"), for any reason at any time, or (ii) by the Adviser, upon ninety (90) days' prior written notice to the Trust, effective as of the close of business on February 28, 2027. 

***Example***

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| &nbsp;&nbsp;Institutional Class Shares | $94 | $293 | $509 | $1131 |
| &nbsp;&nbsp;Investor Class Shares | $129 | $403 | $697 | $1534 |

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***Portfolio Turnover***

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in total annual Fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 16% of the average value of its portfolio.

**Principal Investment Strategies** 

The Fund seeks to achieve its investment objective by investing primarily in common stocks of U.S. issuers and common stocks and American Depositary Receipts ("ADRs"), including unsponsored ADRs, of foreign issuers without regard to market capitalizations. "Foreign issuers" means non-U.S. companies: (a) whose securities are not traded on a U.S. exchange; (b) whose securities are traded on a U.S. exchange, and denominated in U.S. dollars, in the form of ADRs; or (c) who are organized and headquartered outside the United States but whose securities are publicly traded on a U.S. exchange. The Fund typically invests in securities of issuers domiciled in at least three non-U.S. countries, with at least 40% of the Fund's net assets invested in securities of foreign issuers. The Fund's investments in securities of foreign issuers may include securities of issuers located in emerging markets. Emerging markets are less developed countries as defined by the investment community and represented in the Morgan Stanley Capital International Emerging Markets Index. The Fund may also invest in real estate investment trusts ("REITs"), with a focus on office, industrial and residential REITs.

The Fund will generally hold between 40-70 stocks of companies that the Adviser identifies as having superior quality and growth characteristics. The Adviser's investment approach categorizes each stock into one of three groups, "Quality Compounders," "Emerging Growers" and "Risk Mitigators." Quality Compounders include companies that, based on the Adviser's evaluation, have long track records, low volatility in their revenue and earnings streams, an advantageous market position over competition, and high returns on capital. Emerging Growers include growth companies the Adviser considers to have unique business models with large unaddressed target markets or novel products or services that can rapidly take market share. Risk Mitigators include companies that the Adviser believes investors traditionally do not consider to be growth companies but that still demonstrate superior quality and growth characteristics relative to their peer group.

In selecting investments to buy for the Fund, the Adviser utilizes a quality growth style that incorporates elements of quantitative and fundamental investing. The Adviser's quantitative investment model is first used as a tool to identify potential investment opportunities for further analysis and review. The Adviser's fundamental analysis is then used to select from the pool of identified investment opportunities and construct a portfolio with the objective of generating alpha (*i.e.*, outperformance) and reducing the Fund's risk of loss. The Adviser's fundamental analysis, along with an evaluation of the positive return potential versus the negative return potential of each of the Fund's holdings, is also used to monitor the Fund's portfolio and find what the Adviser considers to be the most attractive equity holdings in each major country or region in international markets, as defined by the benchmark.

In evaluating the potential sale of a security, the Adviser's portfolio management team will review corporate progress relative to the team's fundamental investment case, in addition to monitoring the price movement and valuation of the security. Portfolio holdings are also reviewed for upside or downside relative to the Adviser's target prices for a given company. The portfolio management team may then sell a holding when it determines that such company's fundamental business prospects have deteriorated.

**Principal Risks** 

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

**Market Risk** – The prices of and the income generated by the Fund's securities may decline in response to, among other things, investor sentiment, general economic and market conditions, regional or global instability, and currency and interest rate fluctuations. In addition, the 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.

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

**Emerging Markets Securities Risk** - 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.

**Investment Style Risk** – The Fund pursues a "growth style" of investing, meaning that the Fund invests in equity securities of companies that the Adviser believes will increase their earnings at a certain rate that is generally higher than the rate expected for non-growth companies. If a growth company does not meet these expectations, the price of its stock may decline significantly, even if it has increased earnings. Many growth

companies do not pay dividends. Companies that do not pay dividends often have greater stock price declines during market downturns. Over time, a growth investing style may go in and out of favor, and when out of favor, may cause the Fund to underperform other equity funds that use differing investing styles.

**Foreign Issuer Risk** – 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 U.S. Securities and Exchange Commission (the "SEC") and foreign issuers are generally not subject to the regulatory controls imposed on U.S. issuers and, as a consequence, there is generally less publicly available information about foreign securities than is available about domestic securities. Income from foreign securities owned by the Fund may be reduced by a withholding tax at the source, which would reduce income received from the securities comprising the portfolio. Foreign securities may also be more difficult to value than securities of U.S. issuers.

**Foreign Currency Risk** – As a result of the Fund's investments in securities or other investments denominated in, and/or receiving revenues in, foreign currencies, the Fund will be subject to currency risk. Currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency hedged. In either event, the dollar value of an investment in the Fund would be adversely affected. Currency exchange rates may fluctuate in response to, among other things, changes in interest rates, intervention (or failure to intervene) by U.S. or foreign governments, central banks or supranational entities, or by the imposition of currency controls or other political developments in the United States or abroad.

**Management Risk** – The Fund is actively managed, and the investment techniques and risk analysis used by the Fund's portfolio managers may not produce the desired results.

**Large-Capitalization Company Risk** – 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.

**Small- and Mid-Capitalization Company Risk** – The small- and mid-capitalization companies in which the Fund may invest may be more vulnerable to adverse business or economic events than larger, more

established companies. In particular, investments in these small- and mid-sized companies may pose additional risks, including liquidity risk, because these companies tend to have limited product lines, markets and financial resources, and may depend upon a relatively small management group. Therefore, small- and mid-cap stocks may be more volatile than those of larger companies. These securities may be traded over-the-counter or listed on an exchange.

**American Depositary Receipts Risk** – 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.

**REIT Risk** – REITs may concentrate their investments in specific geographic areas or in specific property types, and are susceptible to the risks associated with direct ownership of real estate, such as the following: declines in property values; increases in property taxes, operating expenses, interest rates or competition; overbuilding; zoning changes and losses from casualty or condemnation; and other factors outside the control of the issuer of the security.

**Performance Information** 

The bar chart and the performance table below illustrate the risks and volatility of an investment in the Fund by showing the Fund's Institutional Shares' performance from year to year by showing how the Fund's Institutional Class Shares' average annual returns for 1 year, 5 years and since inception compare with those of a broad measure of market performance. Of course, the Fund's past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future.

As of the date of this Prospectus, Investor Class Shares of the Fund have not commenced operations and therefore have no performance information to report. Investor Class Shares of the Fund would have substantially similar performance as Institutional Class Shares because the shares are invested in the same portfolio of securities and the annual returns would generally differ only to the extent that the expenses of Investor Class Shares are higher. Updated performance information is available by calling 1-855-328-3863.

***Annual Total Returns***

![](fp0097538-13_48.jpg)

---

| | |
|:---|:---|
| **Best Quarter** | **Worst Quarter** |
| 19.75% | (22.09)% |
| (12/31/2020) | (3/31/2020) |

---

***Average Annual Total Returns for Periods Ended December 31, 2025***

This table compares the Fund's Institutional Class Shares' average annual total returns for the periods ended December 31, 2025 to those of an appropriate broad based index.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**CIBC Atlas International Growth Fund** | **1 Year** | **5 Years** | **Since <br> Inception <br> (5/31/19)** |
| &nbsp;&nbsp;Return Before Taxes | 26.10% | 6.06% | 8.67% |
| &nbsp;&nbsp;Return After Taxes on Distributions | 26.01% | 5.84% | 8.48% |
| &nbsp;&nbsp;Return After Taxes on Distributions and Sale of Fund Shares | 15.73% | 4.78% | 6.97% |
| &nbsp;&nbsp;MSCI ACWI ex-US Index (reflects no deductions for fees, expenses or taxes) | 33.11% | 8.46% | 10.18% |

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**Investment Adviser** 

CIBC Private Wealth Advisors, Inc.

**Portfolio Managers** 

Daniel Delany, CFA, Managing Director, has managed the Fund since its inception in 2019.

Matthew Scherer, CFA, Managing Director, has managed the Fund since its inception in 2019.

*For important information about the purchase and sale of Fund shares, taxes and financial intermediary compensation, please turn to "Summary Information about the Purchase and Sale of Fund Shares, Taxes and Financial Intermediary Compensation" on page 50 of the Prospectus.* 

**Summary Information about the Purchase and Sale of Fund Shares, Taxes and Financial Intermediary Compensation** 

***Purchase and Sale of Fund Shares***

To purchase Institutional Class Shares of a Fund for the first time, including an initial purchase through an IRA, you must invest at least $250,000. To purchase Investor Class Shares of a Fund for the first time, you must invest at least $3,000 ($2,000 for an IRA). There are no minimums for subsequent investments. A Fund may accept initial investments of smaller amounts in its sole discretion. Investor Class Shares of the Funds are currently not available for purchase.

If you own your shares directly, you may redeem your shares on any day that the New York Stock Exchange (the "NYSE") is open for business by contacting the Funds directly by mail at: CIBC Atlas Funds, P.O. Box 219009, Kansas City, MO 64121-9009 (Express Mail Address: CIBC Atlas Funds, c/o SS&C Global Investor & Distribution Solutions, Inc., 801 Pennsylvania Avenue, Suite 219009, Kansas City, MO 64105-13075) or by telephone at 1-855-328-3863.

If you own your shares through an account with a broker or other financial intermediary, contact that broker or intermediary to redeem your shares. Your broker or financial intermediary may charge a fee for its services in addition to the fees charged by a Fund.

***Tax Information***

Each Fund intends to make distributions that may be taxed as qualified dividend income, ordinary income or capital gains, unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or IRA, in which case your distributions will be taxed when withdrawn from the tax-deferred account.

***Payments to Broker-Dealers and Other Financial Intermediaries***

If you purchase shares of a Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

**More Information about Risk** 

Investing in the Funds involves risk and there is no guarantee that the Funds will achieve their investment objectives. The Adviser's judgments about the markets, the economy, or companies may not anticipate actual market movements, economic conditions or company performance, and these judgments may affect the return on your investment. In fact, no matter how good of a job the Adviser does, you could lose money on your investment in the Funds, just as you could with other investments.

The value of your investment in a Fund is based on the value of the securities and other investments the Fund holds. Generally, these prices change daily due to economic and other events that affect particular companies and other issuers. These price movements, sometimes called volatility, may be greater or lesser depending on the types of securities a Fund owns and the markets in which it trades. The effect on a Fund of a change in the value of a single security will depend on how widely the Fund diversifies its holdings.

**Convertible Securities Risk** – Convertible securities are securities that are convertible into or exercisable for common stock of the issuer (or cash or securities of equivalent value) at either a stated price or a stated rate. The market values of convertible securities may decline as interest rates increase and, conversely, increase as interest rates decline. A convertible security's market value, however, tends to reflect the market price of the common stock of the issuing company when that stock price approaches or is greater than the convertible security's "conversion price." The conversion price is defined as the predetermined price at which the convertible security could be exchanged for the associated stock. As the market price of the underlying common stock declines, the price of the convertible security tends to be influenced more by the yield of the convertible security. Thus, it may not decline in price to the same extent as the underlying common stock. In the event of a liquidation of the issuing company, holders of convertible securities may be paid before the company's common stockholders but after holders of any senior debt obligations of the company. Consequently, the issuer's convertible securities generally entail less risk than its common stock but more risk than its debt obligations.

**Equity Risk** – Because the Funds purchase equity securities, they are subject to the risk that stock prices will fall over short or extended periods of time. Historically, the equity markets have moved in cycles, and the value of a Fund's 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. In the case of foreign stocks, these fluctuations will reflect international economic and political

events, as well as changes in currency valuations relative to the U.S. dollar. These factors contribute to price volatility.

Equity securities in which certain Funds may invest include common stock, preferred stock, convertible debt and shares of American Depositary Receipts ("ADRs"), as well as shares of exchange-traded funds ("ETFs") that attempt to track the price movement of equity indices. Common stock represents an equity or ownership interest in an issuer. Preferred stock provides a fixed dividend that is paid before any dividends are paid to common stockholders, and which takes precedence over common stock in the event of a liquidation. Like common stock, preferred stocks represent partial ownership in a company, although preferred stock shareholders do not enjoy all of the voting rights of common stockholders. Also, unlike common stock, a preferred stock pays a fixed dividend that does not fluctuate, although the company does not have to pay this dividend if it lacks the financial ability to do so. The value of securities convertible into equity securities, such as convertible debt, is also affected by prevailing interest rates, the credit quality of the issuer and any call provision. Fluctuations in the value of equity securities in which a mutual fund invests will cause the fund's net asset value ("NAV") to fluctuate. An investment in a portfolio of equity securities may be more suitable for long-term investors who can bear the risk of these share price fluctuations.

**Fixed Income Risk** – The market values of fixed income investments change in response to interest rate changes and other factors. During periods of rising interest rates, the values of outstanding fixed income securities generally decrease. Moreover, while securities with longer maturities tend to produce higher yields, the prices of longer maturity securities are also subject to greater market value fluctuations as a result of changes in interest rates. During periods of falling interest rates, certain debt obligations with high interest rates may be prepaid (or "called") by the issuer prior to maturity, and during periods of rising interest rates, certain debt obligations with low interest rates may be extended beyond maturity. A rise in interest rates may also increase volatility and reduce liquidity in the fixed income markets, and result in a decline in the value of the fixed income investments held by the Funds. In addition, reductions in dealer market-making capacity as a result of structural or regulatory changes could further decrease liquidity and/or increase volatility in the fixed income markets. As a result of these market conditions, a Fund's value may fluctuate and/or a Fund may experience increased redemptions from shareholders, which may impact a Fund's liquidity or force a Fund to sell securities into a declining or illiquid market.

In addition to these risks, fixed income securities may be subject to credit risk, which is the possibility that an issuer will be unable or unwilling to make timely payments of either principal or interest.

**Emerging Markets Securities Risk** – Investments in emerging markets securities are considered speculative and subject to heightened risks in addition to the general risks of investing in non-U.S. 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.

**Foreign Securities Risk** – 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. Additionally, periodic U.S. Government restrictions on investments in issuers from certain foreign countries may result in a Fund having to sell such prohibited securities at inopportune times. Such prohibited securities may have less liquidity as a result of such U.S. Government designation and the market price of such prohibited securities may decline, which may cause the Fund to incur losses.

**Derivatives Risk** – The CIBC Atlas Income Opportunities Fund's use of options is subject to derivatives risk. Derivatives are often more volatile than other investments and may magnify the Fund's gains or losses. There

are various factors that affect the Fund's ability to achieve its objective with derivatives. Successful use of a derivative depends upon the degree to which prices of the underlying assets correlate with price movements in the derivatives the Fund buys or sells. The Fund could be negatively affected if the change in market value of its securities fails to correlate perfectly with the values of the derivatives it purchased or sold. The lack of a liquid secondary market for a derivative may prevent the Fund from closing its derivative positions and could adversely impact its ability to achieve its objective and to realize profits or limit losses. Since derivatives may be purchased for a fraction of their value, a relatively small price movement in a derivative may result in an immediate and substantial loss or gain to the Fund. Derivatives are often more volatile than other investments and the Fund may lose more in a derivative than it originally invested in it. There can be no assurance that the Adviser's use of derivatives will be successful in achieving its intended goals. Additionally, regulation relating to the Fund's use of derivatives and related instruments, including Rule 18f-4 under the Investment Company Act of 1940, as amended (the "1940 Act"), could potentially limit or impact the Fund's ability to invest in derivatives, limit the Fund's ability to employ certain strategies that use derivatives and/or adversely affect the value of derivatives and the Fund's performance.

The Fund may purchase or sell options, which involve the payment or receipt of a premium by the investor and the corresponding right or obligation, as the case may be, to either purchase or sell the underlying security for a specific price at a certain time or during a certain period. Purchasing options involves the risk that the underlying instrument will not change price in the manner expected, so that the investor loses its premium. Selling options involves potentially greater risk because the investor is exposed to the extent of the actual price movement in the underlying security rather than only the premium payment received (which could result in a potentially unlimited loss).

**Foreign Currency Risk** – 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.

**Management Risk** – The investment performance of a Fund depends largely on the skill of key personnel and investment professionals of the Adviser. A Fund's investment strategy permits investments to be made in a

range of issuers, securities, financial instruments and transactions. Within these parameters, the Adviser will make investment decisions for a Fund as it deems appropriate. No assurance can be given that a Fund will be successful in obtaining suitable investments, or that if such investments are made, the investment objective of the Fund will be achieved. If key personnel, including key investment or key technical staff, were to leave the Adviser or be unable to perform their duties, the Adviser might not be able to find equally desirable replacements in a timely fashion and the performance of a Fund could, as a result, be adversely affected.

**Market Risk –** The market price of securities and other investments owned by a Fund may go up or down, sometimes rapidly or unpredictably. Securities may decline in value due to factors affecting securities markets generally or particular industries represented in the securities markets. The value of a security may decline due to general market conditions which are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. In addition, 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 Funds invest, which in turn could negatively impact a Fund's performance and cause losses on your investment in a Fund. Recent examples include pandemic risks related to COVID-19 and aggressive measures taken worldwide in response by governments, including closing borders, restricting international and domestic travel, and the imposition of prolonged quarantines of large populations, and by businesses, including changes to operations and reducing staff. They may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. During a general downturn in the securities markets, multiple asset classes may decline in value simultaneously.

**Micro-, Small- and Medium-Capitalization Company Risk** – 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.

**MLPs Risk** – MLPs are limited partnerships in which the ownership units are publicly traded. MLPs often own several properties or businesses (or own interests) that are related to oil and gas industries or other natural resources, but they also may finance other projects. To the extent that an MLP's interests are all in a particular industry, such as the energy industry, the MLP will be negatively impacted by economic events adversely impacting that industry. Additional risks of investing in an MLP also include those involved in investing in a partnership as opposed to a corporation. For example, state law governing partnerships is often less restrictive than state law governing corporations. Accordingly, there may be fewer protections afforded to investors in a MLP than investors in a corporation. For example, investors in MLPs may have limited voting rights or be liable under certain circumstances for amounts greater than the amount of their investment. In addition, 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.

**Non-Diversification Risk** – The Disciplined Equity Fund and All Cap Growth Fund are non-diversified, which means that each Fund may invest in the securities of relatively few issuers. As a result, the Disciplined Equity Fund and the All Cap Growth Fund may be more susceptible to a single adverse economic or political occurrence affecting one or more of these issuers and may experience increased volatility due to its investments in those securities. However, the Disciplined Equity Fund and the All Cap Growth Fund intend to satisfy the asset diversification requirements for qualification as a RIC under Subchapter M of the Code.

**Energy Industries Risk** - The profitability of companies in the energy industries is related to worldwide energy prices and costs related to energy production. The energy industries are cyclical and highly dependent on commodity prices. Energy-related companies can be significantly affected by the supply of, and demand for, particular energy products (such as oil and natural gas). Companies in the energy industries may be adversely affected by natural disasters or other catastrophes. The companies may be at risk for environmental damage claims and other types of litigation. Companies in the energy industries also may be adversely affected

by changes in exchange rates, interest rates, economic conditions, tax treatment, government regulation and intervention, negative perception, efforts at energy conservation and world events in the regions in which the companies operate (*e.g.*, expropriation, nationalization, confiscation of assets and property or the imposition of restrictions on foreign investments and repatriation of capital, military coups, social unrest, violence or labor unrest). Companies in the energy industries may have significant capital investments in, or engage in transactions involving, emerging market countries, which may heighten these risks.

**REIT Risk** – REITs are pooled investment vehicles that own, and usually operate, income-producing real estate. 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. REITs typically incur fees that are separate from those of the Fund. Accordingly, the Fund's investments in REITs will result in the layering of expenses such that shareholders will indirectly bear a proportionate share of the REITs' operating expenses, in addition to paying Fund expenses. REIT operating expenses are not reflected in the fee tables and examples in this Prospectus.

**Sector Focus Risk** - To the extent that a Fund is, from time to time, more heavily invested in particular sectors, the value of its shares may be especially sensitive to factors and economic risks that specifically affect those sectors. As a result, the Fund's share price may fluctuate more widely than the value of shares of a mutual fund that invests in a broader range of sectors.

**Information Technology Sector Risk** - Information technology companies face intense competition, both domestically and internationally, which may have an adverse effect on profit margins. Like other technology companies, information technology companies may have limited product lines, markets, financial resources or personnel. The products of information technology companies may face product obsolescence due to rapid technological developments and frequent new product introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. Technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Companies in the information technology sector are heavily dependent on patent and intellectual property rights. The loss or impairment of these rights may adversely affect the profitability of these companies. Finally, while all companies may be susceptible to network security breaches, certain companies in the information technology sector may be particular targets of hacking and potential theft of proprietary or consumer information or disruptions in

service, which could have a material adverse effect on their businesses. These risks are heightened for information technology companies in foreign markets.

**Financials Sector Risk** - Companies in the financials sector of an economy are subject to extensive governmental regulation and intervention, which may adversely affect the scope of their activities, the prices they can charge, the amount of capital they must maintain and, potentially, their size. Governmental regulation may change frequently and may have significant adverse consequences for companies in the financials sector, including effects not intended by such regulation. The impact of more stringent capital requirements, or recent or future regulation in various countries of any individual financial company or of the financials sector as a whole cannot be predicted. Certain risks may impact the value of investments in the financials sector more severely than those of investments outside this sector, including the risks associated with companies that operate with substantial financial leverage. Companies in the financials sector may also be adversely affected by increases in interest rates and loan losses, decreases in the availability of money or asset valuations, credit rating downgrades and adverse conditions in other related markets. Insurance companies, in particular, may be subject to severe price competition and/or rate regulation, which may have an adverse impact on their profitability. The financials sector is particularly sensitive to fluctuations in interest rates. The financials sector is also a target for cyber attacks, and may experience technology malfunctions and disruptions. In recent years, cyber attacks and technology failures have become increasingly frequent in this sector and have reportedly caused losses to companies in this sector, which may negatively impact a Fund.

**Large-Capitalization Company Risk** - The risk that larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Large companies also may not be able to attain the high growth rates of successful smaller companies.

**More Information about Fund Investments** 

The investment objective of the CIBC Atlas Disciplined Equity Fund is long-term capital appreciation and, secondarily, current income. The investment objective of the CIBC Atlas Mid Cap Equity Fund is long-term capital appreciation. The investment objective of the CIBC Atlas Income Opportunities Fund is current income and long-term capital appreciation. The investment objective of the CIBC Atlas All Cap Growth Fund is long-term capital appreciation. The investment objective of the CIBC Atlas Equity Income Fund is current income and long-term capital appreciation.

The investment objective of the CIBC Atlas International Growth Fund is long-term capital appreciation. The investment objective of each Fund may be changed by the Board without shareholder approval.

The investments and strategies described in this Prospectus are those that the Funds use under normal conditions. During unusual economic or market conditions, or for temporary defensive or liquidity purposes, each Fund may invest up to 100% of its assets in cash, money market instruments or other cash equivalents that would not ordinarily be consistent with its investment objective. If a Fund invests in this manner, it may not achieve its investment objective. A Fund will do so only if the Adviser believes that the risk of loss outweighs the opportunity to pursue its investment objective.

Each Fund except for the Disciplined Equity Fund and the All Cap Growth Fund is classified as a "diversified" investment company under the 1940 Act. This means that with respect to 75% of its total assets, a Fund may not purchase securities of any issuer (other than obligations of, or guaranteed by, the U.S. government or its agencies or instrumentalities, or securities of other investment companies) if, as a result, more than 5% of the Fund's total assets would be invested in the securities of such issuer, or more than 10% of the issuer's voting securities would be held by the Fund. Under applicable federal securities laws, the diversification of a mutual fund's holdings is measured at the time a fund purchases a security. If a Fund holds securities that perform well on a relative basis, the value of those securities could appreciate such that the value of the Fund's securities that constitute more than 5% of the Fund's total assets, in the aggregate, might exceed 25% of the Fund's total assets. In these circumstances, the Adviser might determine that it is in the best interests of a Fund's shareholders not to reduce one or more of the Fund's holdings in securities that constitute more than 5% of the Fund's total assets. If the Adviser makes such a determination, a Fund's holdings in such securities would continue to exceed 25% of the Fund's total assets, and the Fund would not purchase any additional shares of securities that constituted more than 5% of the Fund's total assets. The Fund would continue to qualify as a diversified fund under applicable federal securities laws. If more than 25% of a Fund's assets were invested, in the aggregate, in securities of issuers that individually represented more than 5% of the Fund's total assets, the Fund would be subject to the risk that its performance could be disproportionately affected by the performance of such securities.

This Prospectus describes each Fund's principal investment strategies and risks, and each Fund will normally invest in the types of securities and other investments described in this Prospectus. In addition to the securities and other investments and strategies described in this Prospectus, each Fund also may invest in other securities, use other strategies and engage

in other investment practices. These investments and strategies, as well as those described in this Prospectus, are described in the Funds' Statement of Additional Information (the "SAI"). For information on how to obtain a copy of the SAI see the back cover of this Prospectus. Of course, there is no guarantee that a Fund will achieve its investment goal.

**Information about Portfolio Holdings** 

A description of the Funds' policies and procedures with respect to the circumstances under which the Funds disclose their portfolio holdings is available in the SAI.

**Investment Adviser** 

CIBC Private Wealth Advisors, Inc., a Delaware corporation, has been providing investment advisory services since 1932, and serves as the investment adviser to the Funds. The Adviser is an investment management firm with a principal place of business located at 181 West Madison Street, 36th Floor, Chicago, Illinois 60602. The Adviser is a wholly owned subsidiary of the Canadian Imperial Bank of Commerce ("CIBC"), a Canadian multinational banking and financial services corporation. As of December 31, 2025, the Adviser had approximately $63.6 billion in assets under management.

The Adviser makes investment decisions for the Funds and continuously reviews, supervises and administers each Fund's investment program. The Board oversees the Adviser and establishes policies that the Adviser must follow in its management activities.

For its services to the CIBC Atlas Disciplined Equity Fund, the Adviser is entitled to a fee, which is calculated daily and paid monthly, at the following rates based on the average daily net assets of the Fund:

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| | |
|:---|:---|
| **Fund Assets** | **Fee** |
| First $250 million | 0.695% |
| Next $250 million | 0.670% |
| Next $500 million | 0.645% |
| Next $1.5 billion | 0.620% |
| Next $2.5 billion | 0.595% |
| Next $2.5 billion | 0.570% |
| Next $2.5 billion | 0.545% |
| Over $10 billion | 0.520% |

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For its services to the 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, the Adviser is entitled to a fee, which is calculated daily and paid monthly, at the following rates based on the average daily net assets of each Fund:

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| | |
|:---|:---|
| **Fund** | **Fee** |
| CIBC Atlas Mid Cap Equity Fund | 0.75% |
| CIBC Atlas Income Opportunities Fund | 0.60% |
| CIBC Atlas All Cap Growth Fund | 0.82% |
| CIBC Atlas Equity Income Fund | 0.80% |
| CIBC Atlas International Growth Fund | 0.82% |

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The Adviser has contractually agreed to reduce fees and/or reimburse expenses to the extent necessary to keep total annual Fund operating expenses (excluding 12b-1 fees, shareholder servicing fees, interest, taxes, brokerage commissions, acquired fund fees and expenses, other expenditures which are capitalized in accordance with generally accepted accounting principles, and extraordinary expenses (collectively, "excluded expenses")) from exceeding the amounts listed in the table below, as a percentage of the average daily net assets of each Fund, until February 28, 2027:

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| | |
|:---|:---|
| **Fund** | **Fee** |
| CIBC Atlas Disciplined Equity Fund | 0.80% |
| CIBC Atlas Mid Cap Equity Fund | 1.00% |
| CIBC Atlas Income Opportunities Fund | 0.85% |
| CIBC Atlas All Cap Growth Fund | 1.10% |
| CIBC Atlas Equity Income Fund | 1.10% |
| CIBC Atlas International Growth Fund | 1.21% |

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In addition, the Adviser may receive from a Fund the difference between the total annual Fund operating expenses (not including excluded expenses) and the expense cap to recoup all or a portion of its prior fee reductions or expense reimbursements made during the rolling three-year period preceding the date of the recoupment if at any point total annual Fund operating expenses (not including excluded expenses) are below the expense cap (i) at the time of the fee waiver and/or expense reimbursement and (ii) at the time of the recoupment. This Agreement may be terminated: (i) by the Adviser, upon ninety (90) days' prior written notice to the Trust, effective as of the close of business on February 28, 2027; or (ii) by the Board, for any reason at any time. The Board has no current intention to terminate the Agreement prior to February 28, 2027.

For the fiscal year ended October 31, 2025, the Adviser received advisory fees as a percentage of the average daily net assets of each Fund as follows:

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| | |
|:---|:---|
| **Fund** | **Advisory Fees Paid** |
| CIBC Atlas Disciplined Equity Fund | 0.65% |
| CIBC Atlas Mid Cap Equity Fund | 0.75% |
| CIBC Atlas Income Opportunities Fund | 0.60% |
| CIBC Atlas All Cap Growth Fund | 0.82% |
| CIBC Atlas Equity Income Fund | 0.80% |
| CIBC Atlas International Growth Fund | 0.82% |

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If a separately managed account client of the Adviser invests in the CIBC Atlas All Cap Growth Fund or CIBC Atlas Equity Income Fund, the Adviser may be compensated for both managing the Funds and for managing the client's assets (which include the client's investments in the Funds). Specifically, because the Adviser bills its separately managed account clients quarterly in advance, the funds that are deployed from a client account during the quarter to be invested in the Funds may be assessed the Adviser's separately managed account fee, which is separate from the management fees of the Funds. The separately managed account client will also incur its proportionate share of fees of the Funds as a shareholder of the Funds. The separately managed account client will be reimbursed for the separately managed account fees it pays to the Adviser with respect to the portion of the client's assets that are invested in the Funds for the period of time during the quarter when those assets were invested in the Funds.

A discussion regarding the basis for the Board's approval of the investment advisory agreement for the Funds is available in the Funds' reports filed on Form N-CSR for the fiscal year ended October 31, 2025.

**Portfolio Managers** 

The Adviser employs a team approach with specific individual members of the team having final authority and ultimate accountability for specific phases of the process. Portfolio managers and analysts are responsible for research in the sectors they cover. All members of the team conduct fundamental research to identify investment candidates and participate in the portfolio construction process. The following individuals are jointly and primarily responsible for making the day-to-day investment decisions for the Funds:

Brant Houston, CFA, Managing Director, is a co-manager of the CIBC Atlas Disciplined Equity Fund and CIBC Atlas Income Opportunities Fund. Mr. Houston has been associated with the Adviser and/or its affiliates

since 2007. Prior to 2007, he worked in various investment and analytic roles at Geronimo Financial, Nicholas Applegate Capital Management and Wilshire Associates. Mr. Houston has been in the financial services industry for 27 years.

James L. Farrell, CFA, Managing Director, is a co-manager of the CIBC Atlas Disciplined Equity Fund. Mr. Farrell has been associated with the Adviser and/or its affiliates since 2012. Prior to joining the advisor, Jim was an analyst at Grosvenor Capital Management. Previous to that, Jim had been an analyst at Citadel Investment Group and an analyst at Geneva Advisors. Mr. Farrell has been in the financial services industry for more than 19 years.

Bryan G. Reilly, Managing Director, is a co-manager of the CIBC Atlas Mid Cap Equity Fund. Mr. Reilly has been associated with the Adviser and/or its affiliates since 2003 and during such time has held positions of Portfolio Manager, Senior Investment Analyst and serves on the Firm's Asset Allocation Committee. Prior to joining the firm, Bryan was a principal and research analyst at State Street Global Advisors. Mr. Reilly has been in the financial services industry for more than 27 years.

Gary Pzegeo, CFA, Managing Director, is a co-manager of the CIBC Atlas Income Opportunities Fund. Mr. Pzegeo has been associated with the Adviser and/or its affiliates since 2007. Prior to 2007, he served as senior portfolio specialist and senior portfolio manager of high yield bonds at Evergreen Investments. Previously, he was a vice president, portfolio manager and head of taxable bonds at Gannet, Welsh & Kotler. Mr. Pzegeo has been in the financial services industry for more than 34 years.

Sean D. Usechek, Portfolio Manager and Senior Investment Research Analyst, is a co-manager of the CIBC Atlas Income Opportunities Fund. Mr. Usechek has been associated with the Adviser and/or its affiliates since 2007. Prior to 2007, Mr. Usechek was a financial analyst with Lockheed Martin. Mr. Usechek has been in the financial services industry for more than 17 years.

Robert C. Bridges is a co-manager of the CIBC Atlas All Cap Growth Fund. Mr. Bridges has been associated with the Adviser and/or its affiliates since 2017 and joined the Predecessor Adviser in 2003. Prior to 2003, he was a Principal at William Blair & Company for more than 10 years. Mr. Bridges has over 31 years of experience in managing investment portfolios.

John P. Huber is a co-manager of the CIBC Atlas All Cap Growth Fund. Mr. Huber has been associated with the Adviser and/or its affiliates since 2017 and joined the Predecessor Adviser in 2003. Prior to 2003, Mr. Huber was a Principal at William Blair & Company, having been admitted to that

firm's partnership in 1998. Mr. Huber has been in the financial services industry for more than 30 years.

Gordon C. Scott, CFA, Managing Director, is a co-manager of the CIBC Atlas Equity Income Fund. Mr. Scott has been associated with the Adviser and/or its affiliates since 2017 and joined the Predecessor Adviser in 2014. Prior to 2014, Mr. Scott worked for nine years at Rail-Splitter Capital Management, most recently as a Principal overseeing the firm's investments in services, industrials and financials. Mr. Scott has been in the financial services industry for more than 24 years.

Chris Lewis, CFA, is a co-manager of the CIBC Atlas Equity Income Fund. Mr. Lewis has been associated with the Adviser and/or its affiliates since 2017. Prior to joining the Predecessor Adviser, Mr. Lewis analyzed investments, most recently for Guren Capital Partners and Willis Stein & Partners. Mr. Lewis has been in the financial services industry for more than 20 years.

Daniel Delany, CFA, Managing Director, is a co-manager of the CIBC Atlas International Growth Fund. Mr. Delany has been associated with the Adviser and/or its affiliates since 2012 and during such time has held positions of Managing Director and Portfolio Manager. Prior to 2012, he was a portfolio manager and investment analyst at Oak Ridge Investments. Mr. Delany began his investment career at Kemper Funds in 1993 and later worked for UBS AG in Europe and William Blair & Company in Chicago. Mr. Delany has been in the financial services industry for more than 32 years.

Matthew Scherer, CFA, Managing Director, is a co-manager of the CIBC Atlas International Growth Fund. Mr. Scherer has been associated with the Adviser and/or its affiliates since 2010 and during such time has held positions of Managing Director and Portfolio Manager. Prior to 2010, he was a research analyst at Aragon Global, LLC, where he worked as a Global Consumer and Business Services Analyst. Prior to that, Mr. Scherer was a research analyst for Carlson Capital UK covering European equities. Mr. Scherer began his career as an associate analyst at RBC Capital Markets. Mr. Scherer has been in the financial services industry for more than 27 years.

Jonathan Piskorowski, CFA, Portfolio Manager, is a co-manager of the CIBC Atlas Mid Cap Equity Fund. Prior to joining the Adviser, Mr. Piskorowski worked for Newton Investments, a subsidiary of BNY Mellon. During his tenure there, he was a co-manager of the BNY Mellon Technology Growth Fund, as well as a research analyst covering technology and financial services for the firm's small- and mid-cap investment strategies. Previously he served as a member of the venture capital team

at Commonfund Capital and started his career as an investment banking analyst for the healthcare group at UBS. Mr. Piskorowski has been in the financial services industry for more than 21 years.

Kyle M. Nitiss, CFA, Portfolio Manager and Quantitative Research Analyst, is a co-manager of the CIBC Atlas All Cap Growth Fund. Mr. Nitiss has been associated with the Adviser and/or its affiliates since 2017 and joined the Predecessor Adviser in 2016. Prior to 2016, Mr. Nitiss served in various quantitative research and analyst roles at Attadale Partners, Research Pros, and Dickinson & Associates. Mr. Nitiss has been in the financial services industry for more than 9 years.

The SAI provides additional information about the portfolio managers' compensation, other accounts managed, and ownership of Fund shares.

**Related Performance Data of the Adviser** 

The following tables give the related performance of actual separate accounts (each, an "Account"), referred to as "Composites," managed by the Adviser that have investment objectives, policies and strategies substantially similar to those of the CIBC Atlas Mid Cap Equity and CIBC Atlas Income Opportunities Funds. **The data does not represent the performance of the Funds.** Performance is historical and does not represent the future performance of the Funds or of the Adviser.

The manner in which the performance was calculated for the Composites differs from that of registered mutual funds such as the Funds. If the performance was calculated in accordance with U.S. Securities and Exchange Commission (the "SEC") standardized performance methodology, the performance results may have been different. The Adviser has prepared and presented the following in compliance with the Global Investment Performance Standards ("GIPS<sup>®</sup>"). The Adviser's policies on valuation, calculating performance and preparing GIPS<sup>®</sup> compliant performance presentations are available upon request.

All returns presented were calculated on a total return basis and include all dividends and interest, accrued income, and realized and unrealized gains and losses. Investment transactions are accounted for on a trade date basis. All returns reflect the payment of brokerage commissions, execution costs, sales loads and account fees, if any, paid by the Accounts included in the Composites, without taking into account federal or state income taxes. "Net of fees" returns also reflect the payment of actual investment management fees or the Adviser's highest fees for the respective strategy. All fees and expenses, except custodial fees, if any, were included in the calculations. Because of variation in fee levels, the "net of fees" Composite returns may not be reflective of performance in any one particular Account. Therefore,

the performance information shown below is not necessarily representative of the performance information that typically would be shown for a registered mutual fund.

In order to improve accuracy and maintain compliance with evolving GIPS standards, the Adviser has at times modified its performance calculation methodology. None of these changes, however, have had a material impact on the performance presentation. Beginning December 1, 2009, all Account returns are calculated daily using the current day ending market value excluding cash flows but including income, and prior day ending market value including cash flows, and geometrically linked to create monthly returns. Prior to December 1, 2009, Account returns were calculated monthly using the Modified Dietz method to account for cash flows. Monthly Composite returns were calculated by weighting individual Account returns by their beginning of month market value as a percentage of a Composite's beginning of month market value. Prior to January 1, 2006, Composite returns were calculated quarterly using the monthly return methodology. At all times, annual Composite returns were calculated by geometrically linking the monthly or quarterly Account returns. Geometrical linking is a method of compounding separately calculated periodic returns. Accounts are included in a Composite beginning with the first full month of performance to the last full month prior to the termination of the Account. Composite performance results are presented in U.S. dollars.

The Accounts that are included in the Composites are not subject to the same type of expenses to which the Funds are subject and are not subject to the diversification requirements, specific tax restrictions, and investment limitations imposed by the federal securities and tax laws. Consequently, the performance results for the Composites could have been adversely affected if the Accounts in the Composites were subject to the same fees and expenses or federal securities and tax laws as the Funds.

The investment results for the Composites presented below are not intended to predict or suggest the future returns of the Funds. **The performance data shown below should not be considered a substitute for the Funds' own performance information.** Investors should be aware that the use of a methodology different than that used below to calculate performance could result in different performance data.

**THE FOLLOWING DATA DOES NOT REPRESENT THE PERFORMANCE OF THE FUNDS** 

**Performance Information for the Adviser's Mid Cap Equity Strategy Composite<sup>1</sup>**

(January 1, 2003 through December 31, 2025)

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Year** | **Total <br> Pre-Tax <br> Return <br> (Net of <br> Fees)** | **Total <br> Pre-Tax <br> Return <br> (Gross of <br> Fees)** | **Russell <br> Mid Cap <br> Growth <br> Index<sup>2</sup>** | **Number of <br> Accounts** | **Dispersion<sup>3</sup>** | **Total <br> Assets at <br> End of <br> Period ($ millions)** |
| 2025 | 2.06% | 2.89% | 8.65% | 920 | 0.20% | 2406.0 |
| 2024 | 10.59% | 11.49% | 22.10% | 883 | 0.20% | 499.6 |
| 2023 | 19.45% | 20.43% | 21.22% | 808 | 0.03% | 2262.0 |
| 2022 | -22.95% | -23.59% | -26.72% | 664 | 0.19% | 1735.4 |
| 2021 | 19.61% | 20.59% | 12.73% | 765 | 0.25% | 2676.0 |
| 2020 | 18.13% | 19.11% | 35.59% | 730 | 0.80% | 2456.2 |
| 2019 | 34.50% | 35.62% | 35.47% | 726 | 0.20% | 2263.1 |
| 2018 | -6.75% | -5.97% | -4.75% | 643 | 0.12% | 1667.9 |
| 2017 | 20.91% | 21.92% | 25.27% | 600 | 0.15% | 1661.8 |
| 2016 | 4.07% | 5.08% | 7.33% | 433 | 0.15% | 1242.8 |
| 2015 | 3.39% | 4.42% | -0.20% | 367 | 0.14% | 1024.8 |
| 2014 | 14.68% | 15.77% | 11.90% | 288 | 0.20% | 737.1 |
| 2013 | 33.98% | 35.15% | 35.74% | 371 | 0.31% | 583.0 |
| 2012 | 14.02% | 14.95% | 15.81% | 253 | 0.27% | 393.3 |
| 2011 | 5.42% | 6.26% | -1.65% | 178 | 0.14% | 330.1 |
| 2010 | 26.72% | 27.75% | 26.39% | 146 | 0.25% | 254.4 |
| 2009 | 33.93% | 35.03% | 46.30% | 148 | 0.55% | 224.8 |
| 2008 | -43.30% | -42.79% | -44.33% | 33 | 0.77% | 97.2 |
| 2007 | 15.93% | 16.93% | 11.43% | 91 | 0.23% | 730.3 |
| 2006 | 7.33% | 8.39% | 10.67% | 64 | 0.62% | 760.2 |
| 2005 | 6.85% | 7.86% | 12.08% | 27 | 0.15% | 907.8 |
| 2004 | 15.83% | 16.90% | 15.48% | 17 | 0.24% | 850.9 |
| 2003 | 26.93% | 28.10% | 42.71% | 17 | 0.65% | 788.7 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Average Annual Total Pre-Tax Returns (as of 12/31/25)** | &nbsp;&nbsp;**Average Annual Total Pre-Tax Returns (as of 12/31/25)** | &nbsp;&nbsp;**Average Annual Total Pre-Tax Returns (as of 12/31/25)** | &nbsp;&nbsp;**Average Annual Total Pre-Tax Returns (as of 12/31/25)** |
|  | **Adviser's Composite Returns** | **Adviser's Composite Returns** |  |
| **Time Period** | **Net of Fees** | **Gross of Fees** | **Russell Mid Cap <br> Growth Index<sup>2</sup>** |
| 1 Year | 2.07% | 2.90% | 8.66% |
| 3 Years | 10.47% | 11.38% | 18.64% |
| 5 Years | 4.27% | 5.12% | 6.65% |
| 10 Years | 8.67% | 9.59% | 12.49% |
| Since Inception<sup>4</sup> | 11.38% | 12.37% | 10.52% |

---

<sup>1</sup> &nbsp;&nbsp;&nbsp;&nbsp;The Composite includes only discretionary Accounts with a market value in excess of $250,000. Prior to September 1, 2017, the minimum Account size was $500,000, prior to July 1, 2014, the minimum Account size was $250,000, prior to January 1, 2009, the minimum Account size was $1 million and prior to January 1, 2006, the minimum Account size was $3 million. The minimum market values represent the level of assets required to fully implement the Composite's strategy. 

<sup>2</sup> &nbsp;&nbsp;&nbsp;&nbsp;The Russell Mid Cap Growth Index is an unmanaged capitalization-weighted index of medium and medium/small companies in the Russell 1000 Index chosen for their growth orientation. The Russell 1000 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. 

<sup>3</sup> &nbsp;&nbsp;&nbsp;&nbsp;Dispersion is measured using the asset-weighted standard deviation of Accounts managed for the entire year beginning in January 2005 and the equal-weighted standard deviation of Accounts managed for the entire year prior to January 2005. If the individual Account returns are normally distributed around the mean return, then approximately 68%, 95% and 99.7% of the Accounts will have returns falling between the mean plus or minus one, two, and three standard deviations, respectively. Greater standard deviation means greater risk to the investor. 

<sup>4</sup> &nbsp;&nbsp;&nbsp;&nbsp;Inception date of the Composite is July 31, 1992.

**Performance Information for the Adviser's Income Opportunities Strategy Composite<sup>1</sup>**

(January 1, 2013 through December 31, 2025)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Year** | **Total <br> Pre-Tax <br> Return <br> (Net of <br> Fees)** | **Total <br> Pre-Tax <br> Return <br> (Gross of <br> Fees)** | **60% S&P 500 <br> Index/40% <br> Barclays U.S. <br> Government/<br> Credit Bond <br> Index<sup>2</sup>** | **Number of <br> Accounts** | **Dispersion<sup>3</sup>** | **Total <br> Assets at <br> End of <br> Period ($ millions)** |
| 2025 | 7.21% | 7.91% | 13.52% | 51 | 0.06% | 703.3 |
| 2024 | 10.55% | 11.27% | 15.01% | 55 | 0.34% | 815.3 |
| 2023 | 14.88% | 15.64% | 17.76% | 791 | 0.26% | 791 |
| 2022 | -13.94% | -14.51% | -16.00% | 74 | 0.12% | 744.8 |
| 2021 | 18.59% | 19.37% | 15.76% | 77 | 0.11% | 824.7 |
| 2020 | 11.70% | 12.43% | 15.30% | 53 | 0.68% | 648.4 |
| 2019 | 23.38% | 24.19% | 22.64% | 43 | 0.10% | 586.0 |
| 2018 | -2.89% | -3.53% | -2.52% | 20 | 0.15% | 373.7 |
| 2017 | 13.82% | 14.56% | 14.41% | 12 | 0.13% | 379.2 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Year** | **Total <br> Pre-Tax <br> Return <br> (Net of <br> Fees)** | **Total <br> Pre-Tax <br> Return <br> (Gross of <br> Fees)** | **60% S&P 500 <br> Index/40% <br> Barclays U.S. <br> Government/<br> Credit Bond <br> Index<sup>2</sup>** | **Number of <br> Accounts** | **Dispersion<sup>3</sup>** | **Total <br> Assets at <br> End of <br> Period ($ millions)** |
| 2016 | 13.92% | 14.69% | 8.48% | 10 | N/A | 297.6 |
| 2015 | -4.94% | -4.31% | 1.13% | 3 | N/A | 217.2 |
| 2014 | 10.26% | 11.41% | 10.63% | 2 | N/A | 142.4 |
| 2013 | 11.16% | 12.49% | 17.40% | 84 | 0.16% | 73.8 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Average Annual Total Pre-Tax Returns (as of 12/31/25)** | &nbsp;&nbsp;**Average Annual Total Pre-Tax Returns (as of 12/31/25)** | &nbsp;&nbsp;**Average Annual Total Pre-Tax Returns (as of 12/31/25)** | &nbsp;&nbsp;**Average Annual Total Pre-Tax Returns (as of 12/31/25)** |
|  | **Adviser's Composite Returns** | **Adviser's Composite Returns** |  |
| **Time Period** | **Net of Fees** | **Gross of Fees** | **60% S&P 500 <br> Index/40% <br> Barclays U.S. <br> Government/<br> Credit Bond Index<sup>2</sup>** |
| 1 Year | 7.21% | 7.91% | 13.52% |
| 3 Years | 11.56% | 11.56% | 15.41% |
| 5 Years | 6.65% | 7.36% | 8.37% |
| 10 Years | 9.05% | 9.77% | 9.84% |
| Since Inception<sup>4</sup> | 8.26% | 9.08% | 9.58% |

---

<sup>1</sup> &nbsp;&nbsp;&nbsp;&nbsp;The Composite includes only discretionary Accounts with a market value in excess of $250,000. Prior to May 1, 2018, the minimum Account size was $2,000,000, prior to July 1, 2016, the minimum Account size was $10,000,000 and prior to July 1, 2014, the minimum Account size was $100,000. The minimum market value represents the level of assets required to fully implement the Composite's strategy. 

<sup>2</sup> &nbsp;&nbsp;&nbsp;&nbsp;The blended index is composed with the following weightings: 60% S&P 500 Index and 40% Barclays U.S. Government/Credit Bond Index. The S&P 500 Index is an unmanaged, capitalization-weighted index designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. The Barclays U.S. Government/Credit Bond Index is an unmanaged index that includes government and investment-grade corporate bonds with at least one year until maturity. 

<sup>3</sup> &nbsp;&nbsp;&nbsp;&nbsp;Dispersion is measured using the asset-weighted standard deviation of Accounts managed for the entire year. If the individual Account returns are normally distributed around the mean return, then approximately 68%, 95% and 99.7% of the Accounts will have returns falling between the mean plus or minus one, two, and three standard deviations, respectively. Greater standard deviation means greater risk to the investor. 

<sup>4</sup> &nbsp;&nbsp;&nbsp;&nbsp;Inception date of the Composite is March 1, 2012.

**Purchasing, Selling and Exchanging Fund Shares** 

This section tells you how to purchase, sell (sometimes called "redeem") and exchange Institutional Class Shares and Investor Class Shares of the Funds.

For information regarding the federal income tax consequences of transactions in shares of the Funds, including information about cost basis reporting, see "Taxes."

**How to Choose a Share Class** 

Each Fund offers two classes of shares to investors, Institutional Class Shares and Investor Class Shares. Each share class has its own investment minimums, cost structure and other features. The following summarizes the primary features of Institutional Class Shares and Investor Class Shares. Contact your financial intermediary or the Funds for more information about the Funds' share classes and how to choose between them. Investor Class Shares of the Funds are currently not available for purchase.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Class Name** | &nbsp;&nbsp;**Investment Minimums** | &nbsp;&nbsp;**Fees** |
| &nbsp;&nbsp;Institutional Class Shares | &nbsp;&nbsp;Initial – $250,000 <br> Subsequent – None | &nbsp;&nbsp;12b-1 Fee – None <br> Shareholder Servicing Fee – None |
| &nbsp;&nbsp;Investor Class Shares | &nbsp;&nbsp;Initial – $3,000 ($2,000 for IRAs) <br> Subsequent – None | &nbsp;&nbsp;12b-1 Fee – 0.25% <br> Shareholder Servicing Fee – 0.15% (CIBC Atlas Disciplined Equity Fund, CIBC Atlas Mid Cap Equity Fund and CIBC Atlas Income Opportunities Fund) <br>Shareholder Servicing Fee – 0.10% (CIBC Atlas All Cap Growth Fund, CIBC Atlas Equity Income Fund and CIBC Atlas International Growth Fund) |

---

Institutional Class Shares and Investor Class Shares are offered to investors who purchase shares directly from a Fund or through certain financial intermediaries such as financial planners, investment advisors, broker-dealers or other financial institutions. An investor may be eligible to purchase more than one share class. However, if you purchase shares through a financial intermediary, you may only purchase that class of shares which your financial intermediary sells or services. Your financial intermediary can tell you which class of shares is available through the intermediary.

Subject to any conditions or limitations imposed on the servicing of Institutional Class Shares of the Funds by your financial intermediary, if you received Institutional Class Shares of a Fund as a result of its reorganization, you will be permitted to make additional Institutional Class Share purchases of the Fund.

The Funds reserve the right to change the criteria for eligible investors and accept initial investments of smaller amounts in their sole discretion.

**How to Purchase Fund Shares** 

To purchase shares directly from the Funds through their transfer agent, complete and send in the application. If you need an application or have questions, please call 1-855-328-3863.

All investments must be made by check, wire or Automated Clearing House ("ACH"). All checks must be made payable in U.S. dollars and drawn on U.S. financial institutions. The Funds do not accept purchases made by third-party checks, credit cards, credit card checks, cash, traveler's checks, money orders or cashier's checks.

The Funds reserve the right to suspend all sales of new shares or to reject any specific purchase order, including exchange purchases, for any reason. The Funds are not intended for excessive trading by shareholders in response to short-term market fluctuations. For more information about the Funds' policy on excessive trading, see "Excessive Trading Policies and Procedures."

The Funds do not generally accept investments by non-U.S. persons. Non-U.S. persons may be permitted to invest in the Funds subject to the satisfaction of enhanced due diligence. Please contact the Funds for more information.

***By Mail***

You can open an account with the Funds by sending a check and your account application to the address below. You can add to an existing account by sending the Funds a check and, if possible, the "Invest by Mail" stub that accompanies your confirmation statement. Be sure your check identifies clearly your name, your account number, the Fund name and the share class.

**Regular Mail Address** 

CIBC Atlas Funds

P.O. Box 219009

Kansas City, MO 64121-9009

**Express Mail Address** 

CIBC Atlas Funds

c/o SS&C Global Investor & Distribution Solutions, Inc.

801 Pennsylvania Avenue

Suite 219009

Kansas City, MO 64105-1307

The Funds do not consider the U.S. Postal Service or other independent delivery services to be their agents. Therefore, deposit in the mail or with such services of purchase orders does not constitute receipt by the Funds' transfer agent. The share price used to fill the purchase order is the next price calculated by a Fund after the Funds' transfer agent receives and accepts the order in good order at the P.O. Box provided for regular mail delivery or the office address provided for express mail delivery.

***By Wire***

To open an account by wire, call 1-855-328-3863 for details. To add to an existing account by wire, wire your money using the wiring instructions set forth below (be sure to include the Fund name, the share class and your account number). The share price used to fill the purchase order is the next price calculated by the Funds after the Funds' Transfer Agent receives and accepts the wire in good order.

**Wiring Instructions** 

UMB Bank, N.A.

Routing Number: 101000695

DDA: 9870523965

REF: CIBC Atlas Funds - Fund #/share class/Acct #

***By Systematic Purchase Plan (via ACH) (Investor Class Shares Only)***

You may not open an account via ACH. However, once you have established an account, you can set up an automatic investment plan via ACH by mailing a completed application to the Funds. These purchases can be made monthly, quarterly, semi-annually or annually in amounts of at least $50 per month for IRAs, and at least $100 per month for all other types of accounts. To cancel or change a plan, contact the Funds by mail at: CIBC Atlas Funds, P.O. Box 219009, Kansas City, MO 64121-9009 or by telephone at 1-855-328-3863. Please allow up to 15 days to create the plan and 3 days to cancel or change it.

***Purchases In-Kind***

Subject to the approval of the Funds, an investor may purchase shares of a Fund with liquid securities and other assets that are eligible for purchase by the Fund (consistent with the Fund's investment policies and restrictions) and that have a value that is readily ascertainable in accordance with the valuation procedures used by the Fund. These transactions will be effected only if the Adviser deems the security to be an appropriate investment for the Fund. Assets purchased by a Fund in such a transaction will be valued in accordance with the valuation procedures used by the Fund. The Funds reserve the right to amend or terminate this practice at any time.

***General Information***

You may purchase shares on any day that the NYSE is open for business (a "Business Day"). Shares cannot be purchased by Federal Reserve wire on days that either the NYSE or the Federal Reserve is closed. Each Fund's price per share will be the next determined NAV after the Fund or an authorized institution (as defined below) receives and accepts your purchase order in good order. "Good order" means that the Funds were provided a complete and signed account application, including the investor's social security number or tax identification number, and other identification required by law or regulation, as well as sufficient purchase proceeds. Purchase orders that are not in good order cannot be accepted and processed even if money to purchase shares has been submitted by wire, check or ACH.

Each Fund calculates its NAV once each Business Day as of the close of normal trading on the NYSE (normally, 4:00 p.m., Eastern Time). To receive the current Business Day's NAV, a Fund or an authorized institution must receive and accept your purchase order in good order before the close of normal trading on the NYSE. If your purchase order is not received and accepted in good order before the close of normal trading on the NYSE, you will receive the NAV calculated on the subsequent Business Day on which your order is received and accepted in good order. If the NYSE closes early, as in the case of scheduled half-day trading or unscheduled suspensions of trading, the Funds reserve the right to calculate NAV as of the earlier closing time. The Funds will not accept orders that request a particular day or price for the transaction or any other special conditions. Shares will only be priced on Business Days. Since securities that are traded on foreign exchanges may trade on days that are not Business Days, the value of a Fund's assets may change on days when you are unable to purchase or redeem shares.

***Buying or Selling Shares through a Financial Intermediary***

In addition to being able to buy and sell Fund shares directly from a Fund through its transfer agent, you may also buy or sell shares of the Fund through accounts with financial intermediaries such as brokers and other institutions that are authorized to place trades in Fund shares for their customers. When you purchase or sell Fund shares through a financial intermediary (rather than directly from a Fund), you may have to transmit your purchase and sale requests to the financial intermediary at an earlier time for your transaction to become effective that day. This allows the financial intermediary time to process your requests and transmit them to the Funds prior to the time each Fund calculates its NAV that day. Your financial intermediary is responsible for transmitting all purchase and redemption requests, investment information, documentation and money to the Funds on time. If your financial intermediary fails to do so, it may be responsible for any resulting fees or losses. Unless your financial intermediary is an authorized institution, orders transmitted by the financial intermediary and received by the Funds after the time NAV is calculated for a particular day will receive the following day's NAV.

Certain financial intermediaries, including certain broker-dealers and shareholder organizations, are authorized to act as agent on behalf of the Funds with respect to the receipt of purchase and redemption orders for Fund shares ("authorized institutions"). Authorized institutions are also authorized to designate other intermediaries to receive purchase and redemption orders on a Fund's behalf. A Fund will be deemed to have received a purchase or redemption order when an authorized institution or, if applicable, an authorized institution's designee, receives the order. Orders will be priced at a Fund's next computed NAV after they are received by an authorized institution or an authorized institution's designee. To determine whether your financial intermediary is an authorized institution or an authorized institution's designee such that it may act as agent on behalf of a Fund with respect to purchase and redemption orders for Fund shares, you should contact your financial intermediary directly.

If you deal directly with a financial intermediary, you will have to follow its procedures for transacting with the Funds. Your financial intermediary may charge a fee for your purchase and/or redemption transactions. For more information about how to purchase or sell Fund shares through a financial intermediary, you should contact your financial intermediary directly.

***How the Funds Calculate NAV***

The NAV of a class of a Fund's shares is determined by dividing the total value of the Fund's portfolio investments and other assets attributable to

the class, less any liabilities attributable to the class, by the total number of shares outstanding of the class.

In calculating NAV, each Fund generally values its investment portfolio at market price. If market prices are not readily available or they are unreliable, such as in the case of a security value that has been materially affected by events occurring after the relevant market closes, securities are valued at fair value. The Board has designated the Adviser as the Funds' valuation designee to make all fair value determinations with respect to the Funds' portfolio investments, subject to the Board's oversight. The Adviser has adopted and implemented policies and procedures to be followed when making fair value determinations, and it has established a Valuation Committee through which the Adviser makes fair value determinations. The Adviser's determination of a security's fair value price often involves the consideration of a number of subjective factors, and is therefore subject to the unavoidable risk that the value that is assigned to a security may be higher or lower than the security's value would be if a reliable market quotation for the security was readily available.

With respect to non-U.S. securities held by the Funds, the Adviser may take factors influencing specific markets or issuers into consideration in determining the fair value of a non-U.S. security. International securities markets may be open on days when the U.S. markets are closed. In such cases, the value of any international securities owned by the Funds may be significantly affected on days when investors cannot buy or sell shares. In addition, due to the difference in times between the close of the international markets and the time as of which the Funds price their shares, the value the Adviser assigns to securities may not be the same as the quoted or published prices of those securities on their primary markets or exchanges. In determining fair value prices, the Adviser may consider the performance of securities on their primary exchanges, foreign currency appreciation/depreciation, securities market movements in the United States, or other relevant information related to the securities.

There may be limited circumstances in which the Adviser would price securities at fair value for stocks of U.S. companies that are traded on U.S. exchanges – for example, if the exchange on which a portfolio security is principally traded closed early or if trading in a particular security was halted during the day and did not resume prior to the time the Fund calculated its NAV.

When valuing fixed income securities with remaining maturities of more than 60 days, each Fund uses the value of the security provided by pricing services. The values provided by a pricing service may be based upon market quotations for the same security if a quotation is readily available, or may

be based upon the values of securities expected to trade in a similar manner or a pricing matrix. When valuing fixed income securities with remaining maturities of 60 days or less, each Fund may use the security's amortized cost. Amortized cost and the use of a pricing matrix in valuing fixed income securities are forms of fair value pricing.

Other assets for which market quotations are not readily available will be valued at their fair value as determined in good faith by or under the direction of the Board.

***Minimum Purchases***

To purchase Institutional Class Shares of a Fund for the first time, including an initial purchase through an IRA, you must invest at least $250,000. To purchase Investor Class Shares of a Fund for the first time, you must invest at least $3,000 ($2,000 for an IRA). There are no minimums for subsequent investments. A Fund may accept initial investments of smaller amounts in its sole discretion.

***Fund Codes***

The reference information listed below will be helpful to you when you contact the Funds to purchase or exchange Institutional Class Shares or Investor Class Shares of the Funds, check daily NAV or obtain additional information.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Fund Name** | **Ticker Symbol** | **CUSIP** | **Fund Code** |
| &nbsp;&nbsp;**CIBC Atlas Disciplined Equity Fund** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class Shares | AWEIX | 00769G493 | 4342 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor Class Shares | AWEVX | 00769G485 | 4343 |
| &nbsp;&nbsp;**CIBC Atlas Mid Cap Equity Fund** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class Shares | AWMIX | 00769G477 | 4344 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor Class Shares | AWMVX | 00769G469 | 4345 |
| &nbsp;&nbsp;**CIBC Atlas Income Opportunities Fund** | &nbsp;&nbsp;**CIBC Atlas Income Opportunities Fund** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class Shares | AWIIX | 00769G451 | 4346 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor Class Shares | AWIVX | 00769G444 | 4347 |
| &nbsp;&nbsp;**CIBC Atlas All Cap Growth Fund** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class Shares | AWGIX | 00769G170 | 4348 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor Class Shares | AWGVX | 00769G162 | 4349 |
| &nbsp;&nbsp;**CIBC Atlas Equity Income Fund** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class Shares | AWYIX | 00769G154 | 4350 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor Class Shares | AWYVX | 00769G147 | 4351 |
| &nbsp;&nbsp;**CIBC Atlas International Growth Fund** | &nbsp;&nbsp;**CIBC Atlas International Growth Fund** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class Shares | AWWIX | 00769G139 | 4352 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor Class Shares | AWWVX | 00769G121 | 4353 |

---

**How to Sell Your Fund Shares** 

If you own your shares directly, you may sell your shares on any Business Day by contacting the Funds directly by mail or telephone at 1-855-328-3863.

If you own your shares through an account with a financial intermediary, contact that financial intermediary to sell your shares. Your financial intermediary may charge a fee for its services, in addition to the fees charged by the Funds.

If you would like to have your redemption proceeds, including proceeds generated as a result of closing your account, sent to a third party or an address other than your own, please notify the Funds in writing.

Certain redemption requests will require a signature guarantee by an eligible guarantor institution. Eligible guarantors include commercial banks, savings and loans, savings banks, trust companies, credit unions, member firms of a national stock exchange, or any other member or participant of an approved signature guarantor program. For example, signature guarantees may be required if your address of record has changed in the last 30 days, if you want the proceeds sent to a bank other than the bank of record on your account, or if you ask that the proceeds be sent to a different person or address. Please note that a notary public is not an acceptable provider of a signature guarantee and that the Funds must be provided with the original guarantee. Signature guarantees are for the protection of Fund shareholders. Before they grant a redemption request, the Funds may require a shareholder to furnish additional legal documents to ensure proper authorization.

Accounts held by a corporation, trust, fiduciary or partnership, may require additional documentation along with a signature guaranteed letter of instruction. The Funds participate in the Paperless Legal Program (the "Program"), which eliminates the need for accompanying paper documentation on legal securities transfers. Requests received with a Medallion Signature Guarantee will be reviewed for the proper criteria to meet the guidelines of the Program and may not require additional documentation. Please contact Shareholder Services at 1-855-328-3863 for more information.

The sale price will be the NAV next determined after the Funds receive your request in good order.

***By Mail***

To redeem shares by mail, please send a letter to the Funds signed by all registered parties on the account specifying:

● The Fund name;

● The share class;

● The account number;

● The dollar amount or number of shares you wish to redeem;

● The account name(s); and

● The address to which redemption (sale) proceeds should be sent.

All registered shareholders must sign the letter in the exact name(s) in which their account is registered and must designate any special capacity in which they are registered.

**Regular Mail Address** 

CIBC Atlas Funds

P.O. Box 219009

Kansas City, MO 64121-9009

**Express Mail Address** 

CIBC Atlas Funds

c/o SS&C Global Investor & Distribution Solutions, Inc.

801 Pennsylvania Avenue

Suite 219009

Kansas City, MO 64105-1307

The Funds do not consider the U.S. Postal Service or other independent delivery services to be their agents. Therefore, deposit in the mail or with such services of sell orders does not constitute receipt by the Funds' transfer agent. The share price used to fill the sell order is the next price calculated by a Fund after the Funds' transfer agent receives and accepts the order in good order at the P.O. Box provided for regular mail delivery or the office address provided for express mail delivery.

***By Telephone***

To redeem shares by telephone, you must first establish the telephone redemption privilege (and, if desired, the wire or ACH redemption privileges) by completing the appropriate sections of the account application. Call 1-855-328-3863 to redeem your shares. Based on your instructions, the Funds will mail your proceeds to you or send them to your bank via wire or ACH.

***By Systematic Withdrawal Plan (via ACH) (Investor Class Shares Only)***

If your account balance is at least $5,000, you may transfer as little as $50 per month from your account to another financial institution through a Systematic Withdrawal Plan (via ACH). To participate in this service, you must complete the appropriate sections of the account application and mail it to the Funds.

***Receiving Your Money***

Normally, the Funds will send your sale proceeds within one Business Day after they receive your redemption request. The Funds, however, may take up to seven days to pay redemption proceeds. Your proceeds can be wired to your bank account (may be subject to a $10 fee), sent to you by check or sent via ACH to your bank account if you have established banking instructions with the Funds. **If you are selling shares that were recently purchased by check or through ACH, redemption proceeds may not be available until your check has cleared or the ACH transaction has been completed (which may take up to 15 days from your date of purchase).** 

The Funds typically expect to sell portfolio assets and/or hold cash or cash equivalents to meet redemption requests. On a less regular basis, the Funds may also meet redemption requests by drawing on a line of credit, using short-term borrowings from its custodian and/or redeeming shares in-kind (as described below). These methods may be used during both normal and stressed market conditions.

***Redemptions In-Kind***

The Funds generally pay sale (redemption) proceeds in cash. However, under unusual conditions that make the payment of cash unwise and for the protection of the Funds' remaining shareholders, the Funds might pay all or part of your redemption proceeds in securities with a market value equal to the redemption price (redemption in-kind). It is highly unlikely that your shares would ever be redeemed in-kind, but if they were you would have to pay transaction costs to sell the securities distributed to you, as well as taxes on any capital gains from the sale as with any redemption. In addition, you would continue to be subject to the risks of any market fluctuation in the value of the securities you receive in-kind until they are sold.

***Involuntary Redemptions of Your Shares***

If your account balance drops below $50,000 with respect to Institutional Class Shares and $3,000 with respect to Investor Class Shares ($2,000 for IRAs) because of redemptions, you may be required to sell your shares. The Funds generally will provide you at least 60 days' written notice to give you

time to add to your account and avoid the involuntary redemption of your shares. The Funds reserve the right to waive the minimum account value requirement in their sole discretion. If you received Institutional Class Shares of a Fund as a result of its reorganization, you will not be subject to the $50,000 minimum account balance with respect to Institutional Class Shares.

***Suspension of Your Right to Sell Your Shares***

The Funds may suspend your right to sell your shares or delay payment of redemption proceeds for more than seven days during times when the NYSE is closed, other than during customary weekends or holidays, or as otherwise permitted by the SEC. More information about this is in the SAI.

**How to Exchange Fund Shares** 

At no charge, you may exchange Institutional Class Shares and Investor Class Shares of one CIBC Atlas Fund for Institutional Class Shares and Investor Class Shares, respectively, of another CIBC Atlas Fund, where offered, by writing to or calling the Funds. You may only exchange shares between accounts with identical registrations (*i.e.*, the same names and addresses).

The exchange privilege is not intended as a vehicle for short-term or excessive trading. A Fund may suspend or terminate your exchange privilege if you engage in a pattern of exchanges that is excessive, as determined in the sole discretion of the Funds. For more information about the Funds' policy on excessive trading, see "Excessive Trading Policies and Procedures."

**Telephone Transactions** 

Purchasing, selling and exchanging Fund shares over the telephone is extremely convenient, but not without risk. Although the Funds have certain safeguards and procedures to confirm the identity of callers and the authenticity of instructions, the Funds are not responsible for any losses or costs incurred by following telephone instructions they reasonably believe to be genuine. If you or your financial institution transact with the Funds over the telephone, you will generally bear the risk of any loss.

**Payments to Financial Intermediaries** 

The Funds and/or the Adviser may compensate financial intermediaries for providing a variety of services to the Funds and/or their shareholders. Financial intermediaries include affiliated or unaffiliated brokers, dealers, banks (including bank trust departments), trust companies, registered

investment advisers, financial planners, retirement plan administrators, insurance companies, and any other institution having a service, administration, or any similar arrangement with the Funds, their service providers or their respective affiliates. This section briefly describes how financial intermediaries may be paid for providing these services. For more information please see "Payments to Financial Intermediaries" in the SAI.

***Distribution Plan***

The Funds have adopted a distribution plan under Rule 12b-1 of the Investment Company Act of 1940, as amended, for Investor Class Shares that allows the Funds to pay distribution and/or service fees for the sale and distribution of Fund shares, and for services provided to shareholders. Because these fees are paid out of a Fund's assets on an on-going basis, over time these fees will increase the cost of your investment and may cost you more than paying other types of sales charges. The maximum annual Rule 12b-1 fee for Investor Class Shares of a Fund is 0.25%.

***Shareholder Servicing Plan***

The Funds have adopted a shareholder servicing plan that provides that the Funds may pay financial intermediaries for shareholder services in an annual amount not to exceed 0.15% based on the average daily net assets of Investor Class Shares of the CIBC Atlas Disciplined Equity Fund, CIBC Atlas Mid Cap Equity Fund and CIBC Atlas Income Opportunities Fund or 0.10% based on the average daily net assets of Investor Class Shares of the CIBC Atlas All Cap Growth Fund, CIBC Atlas Equity Income Fund and CIBC Atlas International Growth Fund. The services for which financial intermediaries are compensated may include record-keeping, transaction processing for shareholders' accounts and other shareholder services.

***Payments by the Adviser***

From time to time, the Adviser and/or its affiliates, in their discretion, may make payments to certain affiliated or unaffiliated financial intermediaries to compensate them for the costs associated with distribution, marketing, administration and shareholder servicing support for the Funds. These payments are sometimes characterized as "revenue sharing" payments and are made out of the Adviser's and/or its affiliates' own legitimate profits or other resources, and may be in addition to any payments made to financial intermediaries by the Funds. A financial intermediary may provide these services with respect to Fund shares sold or held through programs such as retirement plans, qualified tuition programs, fund supermarkets, fee-based advisory or wrap fee programs, bank trust programs, and insurance (*e.g.*, individual or group annuity) programs. In addition, financial intermediaries

may receive payments for making shares of the Funds available to their customers or registered representatives, including providing the Funds with "shelf space," placing them on a preferred or recommended fund list, or promoting the Funds in certain sales programs that are sponsored by financial intermediaries. To the extent permitted by SEC and Financial Industry Regulatory Authority ("FINRA") rules and other applicable laws and regulations, the Adviser and/or its affiliates may pay or allow other promotional incentives or payments to financial intermediaries.

The level of payments made by the Adviser and/or its affiliates to individual financial intermediaries varies in any given year and may be negotiated on the basis of sales of Fund shares, the amount of Fund assets serviced by the financial intermediary or the quality of the financial intermediary's relationship with the Adviser and/or its affiliates. These payments may be more or less than the payments received by the financial intermediaries from other mutual funds and may influence a financial intermediary to favor the sales of certain funds or share classes over others. In certain instances, the payments could be significant and may cause a conflict of interest for your financial intermediary. Any such payments will not change the NAV or price of a Fund's shares. Please contact your financial intermediary for information about any payments it may receive in connection with the sale of Fund shares or the provision of services to Fund shareholders.

In addition to these payments, your financial intermediary may charge you account fees, commissions or transaction fees for buying or redeeming shares of the Funds, or other fees for servicing your account. Your financial intermediary should provide a schedule of its fees and services to you upon request.

**Other Policies** 

***Excessive Trading Policies and Procedures***

The Funds are intended for long-term investment purposes only and discourage shareholders from engaging in "market timing" or other types of excessive short-term trading. This frequent trading into and out of a Fund may present risks to the Fund's long-term shareholders and could adversely affect shareholder returns. The risks posed by frequent trading include interfering with the efficient implementation of a Fund's investment strategies, triggering the recognition of taxable gains and losses on the sale of Fund investments, requiring the Fund to maintain higher cash balances to meet redemption requests and experiencing increased transaction costs.

Because the Funds may invest in foreign securities traded primarily on markets that close prior to the time a Fund determines its NAV, the risks posed by frequent trading may have a greater potential to dilute the

value of Fund shares held by long-term shareholders than funds investing exclusively in U.S. securities. In instances where a significant event that affects the value of one or more foreign securities held by a Fund takes place after the close of the primary foreign market, but before the time that the Fund determines its NAV, certain investors may seek to take advantage of the fact that there will be a delay in the adjustment of the market price for a security caused by this event until the foreign market reopens (sometimes referred to as "price" or "time zone" arbitrage). Shareholders who attempt this type of arbitrage may dilute the value of a Fund's shares if the prices of the Fund's foreign securities do not reflect their fair values. Although the Adviser has procedures designed to determine the fair value of foreign securities for purposes of calculating each Fund's NAV when such an event has occurred, fair value pricing, because it involves judgments which are inherently subjective, may not always eliminate the risk of price arbitrage.

In addition, because the CIBC Atlas Mid Cap Equity Fund invests in mid-cap securities, the CIBC Atlas All Cap Growth Fund and CIBC Atlas Equity Income Fund invest in micro-, small- and mid-cap securities and the CIBC Atlas International Growth Fund invests in small- and mid-cap securities, which often trade in lower volumes and may be less liquid, the Funds may be more susceptible to the risks posed by frequent trading because frequent transactions in the Funds' shares may have a greater impact on the market prices of these types of securities.

The Funds' service providers will take steps reasonably designed to detect and deter frequent trading by shareholders pursuant to the Funds' policies and procedures described in this Prospectus and approved by the Board. For purposes of applying these policies, the Funds' service providers may consider the trading history of accounts under common ownership or control. The Funds' policies and procedures include:

● Shareholders are restricted from making more than four (4) "round trips," including exchanges, into or out of a Fund within any one-year period. If a shareholder exceeds this amount, the Funds and/or their service providers may, at their discretion, reject any additional purchase or exchange orders. The Funds define a "round trip" as a purchase or exchange into a Fund by a shareholder, followed by a subsequent redemption out of the Fund, of an amount the Adviser reasonably believes would be harmful or disruptive to the Fund.

● A redemption fee of 1.00% of the value of shares sold will be imposed on shares redeemed of the CIBC Atlas International Growth Fund within 30 days or less after their date of purchase (subject to certain exceptions as discussed below in "Redemption Fee").

● Each Fund reserves the right to reject any purchase or exchange request by any investor or group of investors for any reason without prior notice, including, in particular, if the Fund or the Adviser reasonably believes that the trading activity would be harmful or disruptive to the Fund.

The Funds and/or their service providers seek to apply these policies to the best of their abilities uniformly and in a manner they believe is consistent with the interests of the Funds' long-term shareholders. The Funds do not knowingly accommodate frequent purchases and redemptions by Fund shareholders. Although these policies are designed to deter frequent trading, none of these measures alone nor all of them taken together eliminate the possibility that frequent trading in the Funds will occur. Systematic purchases and redemptions are exempt from these policies.

Financial intermediaries (such as investment advisers and broker-dealers) often establish omnibus accounts in the Funds for their customers through which transactions are placed. The Funds have entered into "information sharing agreements" with these financial intermediaries, which permit the Funds to obtain, upon request, information about the trading activity of the intermediary's customers that invest in the Funds. If the Funds or their service providers identify omnibus account level trading patterns that have the potential to be detrimental to the Funds, the Funds or their service providers may, in their sole discretion, request from the financial intermediary information concerning the trading activity of its customers. Based upon a review of that information, if the Funds or their service providers determine that the trading activity of any customer may be detrimental to the Funds, they may, in their sole discretion, request the financial intermediary to restrict or limit further trading in the Funds by that customer. If the Funds are not satisfied that the intermediary has taken appropriate action, the Funds may terminate the intermediary's ability to transact in Fund shares. When information regarding transactions in the Funds' shares is requested by the Funds and such information is in the possession of a person that is itself a financial intermediary to a financial intermediary (an "indirect intermediary"), any financial intermediary with whom the Funds have an information sharing agreement is obligated to obtain transaction information from the indirect intermediary or, if directed by the Funds, to restrict or prohibit the indirect intermediary from purchasing shares of the Funds on behalf of other persons.

The Funds and their service providers will use reasonable efforts to work with financial intermediaries to identify excessive short-term trading in omnibus accounts that may be detrimental to the Funds. However, there can be no assurance that the monitoring of omnibus account level trading will enable the Funds to identify or prevent all such trading by a financial

intermediary's customers. Please contact your financial intermediary for more information.

***Redemption Fee (CIBC Atlas International Growth Fund)***

In an effort to discourage short-term trading and defray costs incurred by shareholders as a result of short-term trading, the CIBC Atlas International Growth Fund charges a 1.00% redemption fee on redemptions (including exchanges) of shares that have been held for less than 30 days. The redemption fee is deducted from the Fund's sale proceeds and cannot be paid separately, and any proceeds of the fee are credited to the assets of the Fund from which the redemption was made. The fee does not apply to shares purchased with reinvested dividends or distributions. In determining how long shares of the Fund have been held, the Fund assumes that shares held by the investor the longest period of time will be sold first.

The redemption fee is applicable to Fund shares purchased either directly from the Fund or through a financial intermediary, such as a broker-dealer. Transactions through financial intermediaries typically are placed with the Fund on an omnibus basis and include both purchase and sale transactions placed on behalf of multiple investors. The Fund requests that financial intermediaries assess the redemption fee on customer accounts and collect and remit the proceeds to the Fund. However, the Fund recognizes that due to operational and systems limitations, intermediaries' methods for tracking and calculating the fee may be inadequate or differ in some respects from the Fund's. Therefore, to the extent that financial intermediaries are unable to collect the redemption fee, the Fund may not be able to defray the expenses associated with those short-term trades made by that financial intermediary's customers.

The Fund reserves the right to waive its redemption fee at its discretion when it believes such waiver is in the best interests of the Fund, including with respect to certain categories of redemptions that the Fund reasonably believes may not raise frequent trading or market timing concerns. These categories currently include, but are not limited to, the following: (i) participants in certain group retirement plans whose processing systems are incapable of properly applying the redemption fee to underlying shareholders; (ii) redemptions resulting from certain transfers upon the death of a shareholder; (iii) redemptions by certain pension plans as required by law or by regulatory authorities; (iv) systematic withdrawals; and (v) retirement loans and withdrawals.

***Customer Identification and Verification***

To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain,

verify, and record information that identifies each person who opens an account.

What this means to you: When you open an account, the Funds will ask your name, address, date of birth, and other information that will allow the Funds to identify you. This information is subject to verification to ensure the identity of all persons opening a mutual fund account.

The Funds are required by law to reject your new account application if the required identifying information is not provided.

In certain instances, the Funds are required to collect documents to fulfill their legal obligation. Documents provided in connection with your application will be used solely to establish and verify your identity.

Attempts to collect the missing information required on the application will be performed by either contacting you or, if applicable, your broker or financial intermediary. If this information cannot be obtained within a reasonable timeframe established in the sole discretion of the Funds, your application will be rejected.

Subject to the Funds' right to reject purchase as described in this Prospectus, upon receipt of your application in good order (or upon receipt of all identifying information required on the application), your investment will be accepted and your order will be processed at the next-determined NAV.

The Funds reserve the right to close or liquidate your account at the next-determined NAV and remit proceeds to you via check if they are unable to verify your identity. Attempts to verify your identity will be performed within a reasonable timeframe established in the sole discretion of the Funds. Further, the Funds reserve the right to hold your proceeds until your original check clears the bank, which may take up to 15 days from the date of purchase. In such an instance, you may be subject to a gain or loss on Fund shares and will be subject to corresponding tax implications.

***Anti-Money Laundering Program***

Customer identification and verification is part of the Funds' overall obligation to deter money laundering under federal law. The Funds have adopted an anti-money laundering compliance program designed to prevent the Funds from being used for money laundering or the financing of illegal activities. In this regard, the Funds reserve the right to: (i) refuse, cancel or rescind any purchase or exchange order; (ii) freeze any account and/or suspend account services; or (iii) involuntarily close your account in cases of threatening conduct or suspected fraudulent or illegal activity. These actions will be taken when, in the sole discretion of Fund management, they are deemed to be in the best interest of the Funds or in cases when the Funds

are requested or compelled to do so by governmental or law enforcement authority. If your account is closed at the request of governmental or law enforcement authority, you may not receive proceeds of the redemption if the Funds are required to withhold such proceeds.

***Unclaimed Property***

Each state has unclaimed property rules that generally provide for escheatment (or transfer) to the state of unclaimed property under various circumstances. Such circumstances include inactivity (*e.g.*, no owner-initiated contact for a certain period), returned mail (*e.g.*, when mail sent to a shareholder is returned by the post office, or "RPO," as undeliverable), or a combination of both inactivity and returned mail. Once it flags property as unclaimed, the applicable Fund will attempt to contact the shareholder, but if that attempt is unsuccessful, the account may be considered abandoned and escheated to the state.

Shareholders that reside in the state of Texas may designate a representative to receive escheatment notifications by completing and submitting a designation form that can be found on the website of the Texas Comptroller. While the designated representative does not have any rights to claim or access the shareholder's account or assets, the escheatment period will cease if the representative communicates knowledge of the shareholder's location and confirms that the shareholder has not abandoned his or her property. A completed designation form may be mailed to the Funds (if shares are held directly with the Funds) or to the shareholder's financial intermediary (if shares are not held directly with the Funds).

More information on unclaimed property and how to maintain an active account is available through your state or by calling 1-855-328-3863.

**Dividends and Distributions** 

Normally, each Fund distributes its net investment income and makes distributions of its net realized capital gains, if any, at least annually. If you own Fund shares on a Fund's record date, you will be entitled to receive the distribution.

A Fund will automatically reinvest dividends and distributions in additional Fund shares unless you elect on your account application to receive them in cash. To elect cash payment, you must notify the Funds in writing prior to the date of the distribution. Your election will be effective for dividends and distributions paid after the Funds receive your written notice. To cancel your election, simply send the Funds written notice.

**Taxes** 

**You should always consult your tax advisor for specific guidance regarding the federal, state and local tax effects of your investment in the Funds.** The following is a summary of certain important U.S. federal income tax consequences of investing in the Funds. This summary does not apply to shares held in an IRA or other tax-qualified plans, which are generally not subject to current tax. Transactions relating to shares held in such accounts may, however, be taxable at some time in the future. This summary is based on current tax law, which may change.

Each Fund has elected and intends to qualify each year for treatment as a RIC within the meaning of Subchapter M of the Code. If it meets certain minimum distribution requirements, a RIC is not subject to tax at the fund level on income and gains from investments that are timely distributed to shareholders. However, a Fund's failure to qualify as a RIC or to meet minimum distribution requirements would result (if certain relief provisions were not available) in fund-level taxation and, consequently, a reduction in income available for distribution to shareholders.

Each Fund intends to distribute substantially all of its net investment income and net realized capital gains, if any. The dividends and distributions you receive may be subject to federal, state, and local taxation, depending upon your tax situation. Distributions you receive from each Fund may be taxable whether you receive them in cash or you reinvest them in additional shares of the applicable Fund. Income distributions, including distributions of net short-term capital gains but excluding distributions of qualified dividend income, are generally taxable at ordinary income tax rates. Distributions reported by the Funds as long-term capital gains and as qualified dividend income are generally taxable at the rates applicable to long-term capital gains and currently set at a maximum tax rate for individuals at 20% (lower rates apply to individuals in lower tax brackets). Certain of the Funds' investment strategies may limit their ability to distribute dividends eligible to be treated as qualified dividend income. Once a year the Funds (or their administrative agent) will send you a statement showing the types and total amount of distributions you received during the previous year.

A RIC that receives business interest income may pass through its net business interest income for purposes of the tax rules applicable to the interest expense limitations under Section 163(j) of the Code. A RIC's total "Section 163(j) Interest Dividend" for a tax year is limited to the excess of the RIC's business interest income over the sum of its business interest expense and its other deductions properly allocable to its business interest income. A RIC may, in its discretion, designate all or a portion of ordinary dividends as Section 163(j) Interest Dividends, which would allow

the recipient shareholder to treat the designated portion of such dividends as interest income for purposes of determining such shareholder's interest expense deduction limitation under Section 163(j). This can potentially increase the amount of a shareholder's interest expense deductible under Section 163(j). In general, to be eligible to treat a Section 163(j) Interest Dividend as interest income, you must have held your shares in a Fund for more than 180 days during the 361-day period beginning on the date that is 180 days before the date on which the share becomes ex-dividend with respect to such dividend. Section 163(j) Interest Dividends, if so designated by a Fund, will be reported to your financial intermediary or otherwise in accordance with the requirements specified by the Internal Revenue Service ("IRS").

You should note that if you purchase shares just before a distribution, the purchase price would reflect the amount of the upcoming distribution. In this case, you would be taxed on the entire amount of the distribution received, even though, as an economic matter, the distribution simply constitutes a return of your investment. This is known as "buying a dividend" and generally should be avoided by taxable investors.

Each sale of Fund shares may be a taxable event. For tax purposes, an exchange of your Fund shares for shares of a different fund is the same as a sale. Assuming a shareholder holds Funds shares as a capital asset, any gain or loss on the sale of Fund shares generally will be treated as short-term capital gain or loss if you held the shares 12 months or less or as long-term capital gain or loss if you held the shares for longer. Any loss realized upon a taxable disposition of Fund shares held for six months or less will be treated as long-term, rather than short-term, to the extent of any long-term capital gain distributions received (or deemed received) by you with respect to Fund shares. All or a portion of any loss realized upon a taxable disposition of Fund shares will be disallowed if you purchase other substantially identical shares within 30 days before or after the disposition. In such a case, the basis of the newly purchased shares will be adjusted to reflect the disallowed loss.

U.S. individuals with income exceeding $200,000 ($250,000 if married and filing jointly) are subject to a 3.8% tax on their "net investment income," including interest, dividends, and capital gains (including capital gains realized on the sale or exchange of shares of a Fund).

The Funds (or their administrative agent) must report to the IRS and furnish to Fund shareholders cost basis information for Fund shares. In addition to reporting the gross proceeds from the sale of Fund shares, the Fund (or their administrative agent) are also required to report the cost basis information for such shares and indicate whether these shares had

a short-term or long-term holding period. For each sale of Fund shares, the Funds will permit shareholders to elect from among several IRS-accepted cost basis methods, including the average cost basis method. In the absence of an election, the Funds will use the average cost basis method as the default cost basis method. The cost basis method elected by a Fund shareholders (or the cost basis method applied by default) for each sale of Fund shares may not be changed after the settlement date of each such sale of Fund shares. Fund shareholders should consult their tax advisors to determine the best IRS-accepted cost basis method for their tax situation and to obtain more information about cost basis reporting. Shareholders also should carefully review any cost basis information provided to them and make any additional basis, holding period or other adjustments that are required when reporting these amounts on their federal income tax returns.

To the extent a Fund invests in foreign securities, it may be subject to foreign withholding taxes with respect to dividends or interest the Fund receives from sources in foreign countries. If more than 50% of the total assets of a Fund consists of foreign securities, such Fund will be eligible to elect to treat some of those taxes as a distribution to shareholders, which would allow shareholders to offset some of their U.S. federal income tax. The Fund (or their administrative agent) will notify you if it makes such an election and provide you with the information necessary to reflect foreign taxes paid on your income tax return.

The CIBC Atlas Equity Income Fund may invest in MLPs, which may be treated as qualified publicly traded partnerships ("QPTPs"). In order to qualify as a RIC, the Fund must, among other requirements described in the SAI, meet certain requirements with respect to the diversification of its assets. The Fund's investment in one or more of such QPTPs is limited under such diversification requirement to no more than 25% of the value of the Fund's assets. The CIBC Atlas Equity Income Fund will monitor its investments in such qualified publicly traded partnerships in order to ensure compliance with the qualifying income and asset diversification tests for qualification as a RIC (as described in detail in the "Taxes" section of the SAI). Due to a variety of factors, including significant non-cash deductions such as depreciation and depletion, MLPs have historically made cash distributions to limited partners that exceed the amount of taxable income allocable to such limited partners or members. These excess cash distributions would not be treated as income to the Fund but rather would be treated as a return of capital to the extent of the Fund's basis in the MLP. As a consequence, the Fund may make distributions that exceed its earnings and profits, which would be characterized as a return of capital to shareholders. A return of capital distribution will generally not be taxable, but will reduce each shareholder's cost basis in Fund shares and

result in a higher capital gain or lower capital loss when the Fund shares are sold. After a shareholder's basis in Fund shares has been reduced to zero, distributions in excess of earnings and profits in respect of those Fund shares will be treated as gain from the sale of the Fund shares.

MLPs and other partnerships that the CIBC Atlas Equity Income Fund may invest in will deliver Schedules K-1 to the Fund to report its share of income, gains, losses, deductions and credits of the MLP or other partnership. These Schedules K-1 may be delayed and may not be received until after the time that the Fund issues its tax reporting statements. As a result, the Fund may at times find it necessary to reclassify the amount and character of its distributions to you after it issues you your Form 1099 tax reporting statement and, accordingly, send you a corrected Form 1099.

"Qualified publicly traded partnership income" within the meaning of Section 199A(e)(5) of the Code is eligible for a 20% deduction by non-corporate taxpayers. Qualified publicly traded partnership income is generally income of a "publicly traded partnership" that is not treated as a corporation for U.S. federal income tax purposes that is effectively connected with such entity's trade or business, but does not include certain investment income. This deduction, if allowed in full, equates to a maximum effective tax rate of 29.6% (37% top rate applied to income after 20% deduction). The Code does not contain a provision permitting a RIC, such as the CIBC Atlas Equity Income Fund, to pass the special character of this income through to its shareholders. Direct investors in entities that generate "qualified publicly traded partnership income" will enjoy the lower rate, but investors in a RIC that invests in such entities will not.

A Fund may invest in U.S. REITs. "Qualified REIT dividends" (i.e., ordinary REIT dividends other than capital gain dividends and portions of REIT dividends designated as qualified dividend income eligible for capital gain tax rates) are eligible for a 20% deduction by non-corporate taxpayers. This deduction, if allowed in full, equates to a maximum effective tax rate of 29.6% (37% top rate applied to income after 20% deduction). Distributions by a Fund to its shareholders that are attributable to qualified REIT dividends received by the Fund and which the Fund properly reports as "Section 199A dividends," are treated as "qualified REIT dividends" in the hands of non-corporate shareholders. A Section 199A dividend is treated as a qualified REIT dividend only if the shareholder receiving such dividend holds the dividend-paying RIC shares for at least 46 days of the 91-day period beginning 45 days before the shares become ex-dividend, and is not under an obligation to make related payments with respect to a position in substantially similar or related property. A Fund is permitted to report such part of its dividends as Section 199A dividends as are eligible, but is not required to do so.

U.S. REITs in which a Fund invests often do not provide complete and final tax information to the Fund until after the time that a Fund issues a tax reporting statement. As a result, the Fund may at times find it necessary to reclassify the amount and character of its distributions to you after it issues your tax reporting statement. When such reclassification is necessary, the Fund (or its administrative agent) will send you a corrected, final Form 1099-DIV to reflect the reclassified information. If you receive a corrected Form 1099-DIV, use the information on this corrected form, and not the information on the previously issued tax reporting statement, in completing your tax returns.

Because each shareholder's tax situation is different, you should consult your tax advisor about the tax implications of an investment in the Funds.

**More information about taxes is included in the SAI.** 

**Additional Information** 

The Trust enters into contractual arrangements with various parties, including, among others, the Funds' investment adviser, custodian, transfer agent, accountants, administrator and distributor, who provide services to the Funds. Shareholders are not parties to, or intended (or "third-party") beneficiaries of, any of those contractual arrangements, and those contractual arrangements are not intended to create in any individual shareholder or group of shareholders any right to enforce the terms of the contractual arrangements against the service providers or to seek any remedy under the contractual arrangements against the service providers, either directly or on behalf of the Trust.

This Prospectus and the SAI provide information concerning the Trust and the Funds that you should consider in determining whether to purchase shares of the Funds. The Funds may make changes to this information from time to time. Neither this Prospectus, the SAI or any document filed as an exhibit to the Trust's registration statement, is intended to, nor does it, give rise to an agreement or contract between the Trust or the Funds and any shareholder, or give rise to any contract or other rights in any individual shareholder, group of shareholders or other person other than any rights conferred explicitly by federal or state securities laws that may not be waived.

**Financial Highlights** 

The tables that follow present performance information about the Funds. This information is intended to help you understand each Fund's financial performance for the past five fiscal years or, if shorter, the period of the Fund's operations. Certain information reflects financial results for a single Fund share. The total returns in the tables represent the rate that an investor would have earned (or lost) on an investment in a Fund (assuming reinvestment of all dividends and distributions). The information provided below has been audited by Ernst & Young LLP, independent registered public accounting firm of the Funds. The financial statements and the unqualified opinion of Ernst & Young LLP are included in the Funds' N-CSR filing for the fiscal year ending October 31, 2025, and are available upon request by calling the Funds at 1-855-328-3863.

Because Investor Class Shares of the Funds had not commenced operations as of the date of this Prospectus, financial highlights are not available.

**CIBC Atlas Disciplined Equity Fund – Institutional Class Shares** 

***Selected Per Share Data & Ratios For a Share Outstanding Throughout Each Year***

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net Asset Value, Beginning of Year  | $32.44 | $25.56 | $25.18 | $32.36 | $23.69 |
| Income (Loss) from Investment Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income\*  | 0.16 | 0.21 | 0.24 | 0.20 | 0.15 |
| &nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gain (Loss) | 3.94 | 7.99 | 1.13 | (5.18) | 9.19 |
| &nbsp;&nbsp;&nbsp;Total from Investment Operations  | 4.10 | 8.20 | 1.37 | (4.98) | 9.34 |
| Dividends and Distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income  | (0.19) | (0.25) | (0.22) | (0.15) | (0.16) |
| &nbsp;&nbsp;&nbsp;Net Realized Gains  | (1.79) | (1.07) | (0.77) | (2.05) | (0.51) |
| &nbsp;&nbsp;&nbsp;Total Dividends and Distributions  | (1.98) | (1.32) | (0.99) | (2.20) | (0.67) |
| **Net Asset Value, End of Year**  | $34.56 | $32.44 | $25.56 | $25.18 | $32.36 |
| **Total Return <sup>†</sup>**  | 13.26% | 32.94% | 5.73% | (16.61)% | 40.11% |
| **Ratios and Supplemental Data**  |  |  |  |  |  |
| Net Assets, End of Year (Thousands)  | 1773768 | $1764884 | $1415319 | $1449826 | $1811974 |
| Ratio of Expenses to Average Net Assets (Including Waivers, Reimbursements and Fees Paid Indirectly)  | 0.71% | 0.72% | 0.72% | 0.72% | 0.72% |
| Ratio of Expenses to Average Net Assets (Excluding Waivers, Reimbursements and Fees Paid Indirectly)  | 0.71% | 0.72% | 0.72% | 0.72% | 0.72% |
| Ratio of Net Investment Income to Average Net Assets  | 0.49% | 0.69% | 0.91% | 0.72% | 0.54% |
| Portfolio Turnover Rate  | 19% | 14% | 10% | 13% | 19% |

---

\* Per share data calculated using average shares method.

---

| | |
|:---|:---|
| <sup>†</sup> | &nbsp;&nbsp;&nbsp;&nbsp;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.  |

---

**CIBC Atlas Mid Cap Equity Fund – Institutional Class Shares** 

***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,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net Asset Value, Beginning of Year  | $20.47 | $16.33 | $16.78 | $23.66 | $17.34 |
| Income (Loss) from Investment Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Loss\*  | (0.05) | (0.02) |  | (0.05) | (0.09) |
| &nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gain (Loss)  | 1.49 | 4.97 | (0.19) | (4.55) | 6.91 |
| &nbsp;&nbsp;&nbsp;Total from Investment Operations  | 1.44 | 4.95 | (0.19) | (4.60) | 6.82 |
| Dividends and Distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Realized Gains  | (1.24) | (0.81) | (0.26) | (2.28) | (0.50) |
| &nbsp;&nbsp;&nbsp;Total Dividends and Distributions  | (1.24) | (0.81) | (0.26) | (2.28) | (0.50) |
| **Net Asset Value, End of Year**  | $20.67 | $20.47 | $16.33 | $16.78 | $23.66 |
| **Total Return <sup>†</sup>**  | 7.29% | 30.85% | (1.15)% | (21.53)% | 39.86% |
| **Ratios and Supplemental Data**  |  |  |  |  |  |
| Net Assets, End of Year (Thousands)  | 855166 | $881481 | $674460 | $681656 | $950136 |
| Ratio of Expenses to Average Net Assets (Including Waivers, Reimbursements and Fees Paid Indirectly)  | 0.82% | 0.83% | 0.83% | 0.83% | 0.83% |
| Ratio of Expenses to Average Net Assets (Excluding Waivers, Reimbursements and Fees Paid Indirectly)  | 0.82% | 0.83% | 0.83% | 0.83% | 0.83% |
| Ratio of Net Investment Loss to Average Net Assets  | (0.27)% | (0.12)% | (0.03)% | (0.27)% | (0.41)% |
| Portfolio Turnover Rate  | 24% | 20% | 32% | 20% | 26% |

---

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

\* Per share data calculated using average shares method.

---

| | |
|:---|:---|
| <sup>†</sup> | &nbsp;&nbsp;&nbsp;&nbsp;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.  |

---

**CIBC Atlas Income Opportunities Fund – Institutional Class Shares** 

***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,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net Asset Value, Beginning of Year  | $16.18 | $13.61 | $13.31 | $15.81 | $12.72 |
| Income (Loss) from Investment Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income\*  | 0.38 | 0.37 | 0.34 | 0.29 | 0.26 |
| &nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gain (Loss)  | 0.91 | 2.57 | 0.29 | (2.15) | 3.09 |
| &nbsp;&nbsp;&nbsp;Total from Investment Operations  | 1.29 | 2.94 | 0.63 | (1.86) | 3.35 |
| Dividends and Distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income  | (0.35) | (0.37) | (0.33) | (0.30) | (0.26) |
| &nbsp;&nbsp;&nbsp;Net Realized Gains  | (0.53) |  |  | (0.34) |  |
| &nbsp;&nbsp;&nbsp;Total Dividends and Distributions | (0.88) | (0.37) | (0.33) | (0.64) | (0.26) |
| **Net Asset Value, End of Year**  | $16.59 | $16.18 | $13.61 | $13.31 | $15.81 |
| **Total Return <sup>†</sup>**  | 8.30% | 21.70% | 4.69% | (12.21)% | 26.51% |
| **Ratios and Supplemental Data**  |  |  |  |  |  |
| Net Assets, End of Year (Thousands)  | 642860 | $699818 | $603776 | $609294 | $672173 |
| Ratio of Expenses to Average Net Assets (Including Waivers, Reimbursements and Fees Paid Indirectly)  | 0.68% | 0.68% | 0.69% | 0.69% | 0.68% |
| Ratio of Expenses to Average Net Assets (Excluding Waivers, Reimbursements and Fees Paid Indirectly)  | 0.68% | 0.68% | 0.69% | 0.69% | 0.68% |
| Ratio of Net Investment Income to Average Net Assets  | 2.39% | 2.42% | 2.41% | 1.98% | 1.78% |
| Portfolio Turnover Rate  | 24% | 19% | 28% | 20% | 19% |

---

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

\* Per share data calculated using average shares method.

---

| | |
|:---|:---|
| <sup>†</sup> | &nbsp;&nbsp;&nbsp;&nbsp;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.  |

---

**CIBC Atlas All Cap Growth Fund – Institutional Class Shares** 

***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,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net Asset Value, Beginning of Year  | $42.37 | $28.87 | $28.63 | $43.08 | $33.85 |
| Income (Loss) from Investment Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Loss\*  | (0.15) | (0.05) | (0.03) | (0.02) | (0.14) |
| &nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gain (Loss)  | 4.32 | 13.95 | 2.05 | (10.02) | 12.12 |
| &nbsp;&nbsp;&nbsp;Total from Investment Operations  | 4.17 | 13.90 | 2.02 | (10.04) | 11.98 |
| Dividends and Distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income  | (1.00) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Realized Gains  | (2.79) | (0.40) | (1.78) | (4.41) | (2.75 |
| &nbsp;&nbsp;&nbsp;Total Dividends and Distributions  | (3.79) | (0.40) | (1.78) | (4.41) | (2.75 |
| **Net Asset Value, End of Year**  | $42.75 | $42.37 | $28.87 | $28.63 | $43.08 |
| **Total Return <sup>†</sup>** | 10.77% | 48.49% | 7.78% | (26.01)% | 37.35 |
| **Ratios and Supplemental Data** |  |  |  |  |  |
| Net Assets, End of Year (Thousands)  | 354186 | $311548 | $186606 | $203007 | $312119 |
| Ratio of Expenses to Average Net Assets (Including Waivers, Reimbursements and Fees Paid Indirectly)  | 0.90% | 0.92% | 0.92% | 0.92% | 0.96 |
| Ratio of Expenses to Average Net Assets (Excluding Waivers, Reimbursements and Fees Paid Indirectly)  | 0.91% | 0.92% | 0.92% | 0.92% | 0.92 |
| Ratio of Net Investment Loss to Average Net Assets  | (0.36)% | (0.14)% | (0.12)% | (0.07)% | (0.37) |
| Portfolio Turnover Rate  | 70% | 46% | 44% | 57% | 66 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | &nbsp;&nbsp;&nbsp;&nbsp;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.  |

---

<sup>‡</sup> &nbsp;&nbsp;&nbsp;&nbsp;Ratio includes previously waived advisory fees recaptured. The net expense ratio would have been lower absent the impact of the recaptured fees.

\* Per share data calculated using average shares method.

**CIBC Atlas Equity Income Fund – Institutional Class Shares** 

***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,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net Asset Value, Beginning of Year  | $62.71 | $46.15 | $48.27 | $58.99 | $43.35 |
| Income (Loss) from Investment Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income\* | 0.89 | 0.87 | 1.03 | 0.78 | 0.42 |
| &nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gain (Loss)  | 1.87 | 16.46 | (1.51) | (7.52) | 18.46 |
| &nbsp;&nbsp;&nbsp;Total from Investment Operations  | 2.76 | 17.33 | (0.48) | (6.74) | 18.88 |
| Dividends and Distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income  | (2.85) | (0.77) | (0.83) | (0.89) | (0.71) |
| &nbsp;&nbsp;&nbsp;Net Realized Gains  | (0.48) |  | (0.68) | (3.09) | (2.53 |
| &nbsp;&nbsp;&nbsp;Return of Capital  |  |  | (0.13) |  |  |
| &nbsp;&nbsp;&nbsp;Total Dividends and Distributions  | (3.33) | (0.77) | (1.64) | (3.98) | (3.24 |
| **Net Asset Value, End of Year**  | $62.14 | $62.71 | $46.15 | $48.27 | $58.99 |
| **Total Return<sup>†</sup>** | 4.68% | 37.70% | (1.03)% | (12.16)% | 45.57 |
| **Ratios and Supplemental Data** |  |  |  |  |  |
| Net Assets, End of Year (Thousands)  | 356776 | $355571 | $278996 | $309495 | $220298 |
| Ratio of Expenses to Average Net Assets (Including Waivers, Reimbursements and Fees Paid Indirectly)  | 0.88% | 0.89% | 0.90% | 0.90% | 0.95 |
| Ratio of Expenses to Average Net Assets (Excluding Waivers, Reimbursements and Fees Paid Indirectly)  | 0.89% | 0.89% | 0.90% | 0.90% | 0.91 |
| Ratio of Net Investment Income to Average Net Assets  | 1.47% | 1.54% | 2.13% | 1.51% | 0.81 |
| Portfolio Turnover Rate  | 29% | 17% | 27% | 23% | 30 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | &nbsp;&nbsp;&nbsp;&nbsp;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.  |

---

<sup>‡</sup> &nbsp;&nbsp;&nbsp;&nbsp;Ratio includes previously waived advisory fees recaptured. The net expense ratio would have been lower absent the impact of the recaptured fees.

\* Per share data calculated using average shares method.

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

**CIBC Atlas International Growth Fund – Institutional Class Shares** 

***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,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Net Asset Value, Beginning of Year  | $13.14 | $11.18 | $9.85 | $13.34 | $10.66 |
| Income (Loss) from Investment Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income\*  | 0.19 | 0.16 | 0.16 | 0.17 | 0.07 |
| &nbsp;&nbsp;&nbsp;Net Realized and Unrealized Gain (Loss)  | 2.92 | 1.94 | 1.34 | (3.41) | 2.64 |
| &nbsp;&nbsp;&nbsp;Total from Investment Operations  | 3.11 | 2.10 | 1.50 | (3.24) | 2.71 |
| Dividends and Distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income  | (0.15) | (0.14) | (0.17) | (0.04) | (0.03) |
| &nbsp;&nbsp;&nbsp;Net Realized Gains  |  |  |  | (0.21) |  |
| &nbsp;&nbsp;&nbsp;Total Dividends and Distributions  | (0.15) | (0.14) | (0.17) | (0.25) | (0.03) |
| Redemption Fees  | —<sup>(1)</sup> |  |  |  |  |
| **Net Asset Value, End of Year** | $16.10 | $13.14 | $11.18 | $9.85 | $13.34 |
| **Total Return<sup>†</sup>** | 23.93% | 18.89% | 15.22% | (24.69)% | 25.46% |
| **Ratios and Supplemental Data** |  |  |  |  |  |
| Net Assets, End of Year (Thousands)  | 836934 | $614147 | $492839 | $333970 | $415395 |
| Ratio of Expenses to Average Net Assets (Including Waivers, Reimbursements and Fees Paid Indirectly)  | 0.92% | 0.92% | 0.94% | 0.94% | 0.94% |
| Ratio of Expenses to Average Net Assets (Excluding Waivers, Reimbursements and Fees Paid Indirectly)  | 0.92% | 0.92% | 0.94% | 0.94% | 0.94% |
| Ratio of Net Investment Income to Average Net Assets  | 1.30% | 1.23% | 1.38% | 1.44% | 0.53% |
| Portfolio Turnover Rate  | 16% | 12% | 13% | 14% | 13% |

---

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

---

| | |
|:---|:---|
| <sup>†</sup> | &nbsp;&nbsp;&nbsp;&nbsp;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.  |

---

<sup>‡</sup> &nbsp;&nbsp;&nbsp;&nbsp;Ratio includes previously waived advisory fees recaptured. The net expense ratio would have been lower absent the impact of the recaptured fees.

\* Per share data calculated using average shares method.

<sup>(1)</sup> Less than $0.005 per share.

THE ADVISORS' INNER CIRCLE FUND

**CIBC ATLAS FUNDS** 

**Investment Adviser** 

CIBC Private Wealth Advisors, Inc.

181 West Madison Street

36th Floor

Chicago, Illinois 60602

**Distributor** 

SEI Investments Distribution Co.

One Freedom Valley Drive

Oaks, Pennsylvania 19456

**Legal Counsel** 

Morgan, Lewis & Bockius LLP

2222 Market Street

Philadelphia, Pennsylvania 19103

**More information about the Funds is available, without charge, through the following:** 

**Statement of Additional Information ("SAI"):** The SAI, dated March 1, 2026, as it may be amended from time to time, includes detailed information about The Advisors' Inner Circle Fund and the CIBC Atlas Funds. The SAI is on file with the U.S. Securities and Exchange Commission (the "SEC") and is incorporated by reference into this Prospectus. This means that the SAI, for legal purposes, is a part of this Prospectus.

**Annual and Semi-Annual Reports:** Additional information about the Funds' investments is available in the Funds' annual and semi-annual reports to shareholders and in Form N-CSR filed with the SEC. In the Funds' annual report, you will find a discussion of the market conditions and investment strategies that significantly affected each Fund's performance during its last fiscal year. In Form N-CSR, you will find the Funds' annual and semi-annual financial statements.

**To Obtain an SAI, Annual or Semi-Annual Report, Fund Financial Statements, or More Information:**

---

| | |
|:---|:---|
| ***By Telephone:*** | 1-855-328-3863 |
| ***By Mail:*** | CIBC Atlas Funds<br> P.O. Box 219009<br> Kansas City, Missouri 64121-9009 |
| ***By Internet:*** | https://private-wealth.us.cibc.com/cibc-atlas-funds |

---

***From the SEC:*** You can also obtain the SAI or the Annual and Semi-Annual Reports for the Funds, as well as other information about The Advisors' Inner Circle Fund, from the EDGAR Database on the SEC's website at: http://www.sec.gov. You may also obtain this information, upon payment of a duplicating fee, by e-mailing the SEC at the following address: publicinfo@sec.gov.

The Trust's Investment Company Act registration number is 811-06400.

ATF-PS-001-1400