UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

________

 

FORM N-CSRS

________

 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

 

Investment Company Act File Number 811-06400

 

The Advisors’ Inner Circle Fund

(Exact name of registrant as specified in charter)

________

 

SEI Investments

One Freedom Valley Drive

Oaks, PA 19456

(Address of principal executive offices) (Zip code)

 

SEI Investments

One Freedom Valley Drive

Oaks, PA 19456

(Name and address of agent for service)

 

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

 

Date of fiscal year end: October 31, 2026

 

Date of reporting period: April 30, 2026

  

 

 

Item 1. Reports to Stockholders.

 

(a) A copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Investment Company Act of 1940, as amended (the “Act”) (17 CFR § 270.30e-1), is attached hereto.

 

 

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The Advisors' Inner Circle Fund

Image

CIBC Atlas Disciplined Equity Fund

Institutional Class Shares - AWEIX

Semi-Annual Shareholder Report: April 30, 2026

This semi-annual shareholder report contains important information about Institutional Class Shares of the CIBC Atlas Disciplined Equity Fund (the "Fund") for the period from November 1, 2025 to April 30, 2026. You can find additional information about the Fund at https://private-wealth.us.cibc.com/cibc-atlas-funds. You can also request this information by contacting us at 1-855-328-3863. 

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment) 

Table Summary
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
CIBC Atlas Disciplined Equity Fund, Institutional Class Shares
$36
0.72%

Key Fund Statistics as of April 30, 2026

Table Summary
Total Net Assets
Number of Holdings
Total Advisory Fees Paid
Portfolio Turnover Rate
$1,477,522,234
67
$5,154,478
9%

What did the Fund invest in?

Asset/Sector WeightingsFootnote Reference*

Holdings Chart
Table Summary
Value
Value
Short-Term Investment
1.2%
Utilities
1.7%
Real Estate
2.1%
Consumer Staples
2.2%
Materials
2.7%
Energy
3.3%
Industrials
8.6%
Health Care
10.1%
Consumer Discretionary
11.0%
Financials
12.5%
Communication Services
12.7%
Information Technology
32.0%
FootnoteDescription
Footnote*
Percentages are calculated based on total net assets.

Top Ten Holdings

Table Summary
Holding Name
Percentage of Total Net AssetsFootnote Reference(A)
NVIDIA
8.1%
Alphabet, Cl A
6.9%
Microsoft
6.2%
Amazon.com
6.0%
Apple
6.0%
Broadcom
2.8%
Visa, Cl A
2.8%
Meta Platforms, Cl A
2.7%
JPMorgan Chase
1.9%
Exxon Mobil
1.7%
FootnoteDescription
Footnote(A)
Short-Term Investments are not shown in the top ten chart.

Changes in and Disagreements with Accountants 

There were no changes in or disagreements with accountants during the reporting period.

Additional Information

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

  • 1-855-328-3863 

  • https://private-wealth.us.cibc.com/cibc-atlas-funds 

Householding

Rule 30e-1 of the Investment Company Act of 1940, as amended, permits funds to transmit only one copy of a proxy statement, annual report or semi-annual report to shareholders (who need not be related) with the same residential, commercial or electronic address, provided that the shareholders have consented in writing and the reports are addressed either to each shareholder individually or to the shareholders as a group. This process is known as “householding” and is designed to reduce the duplicate copies of materials that shareholders receive and to lower printing and mailing costs for funds. Once implemented, if you would like to discontinue householding for your accounts, please call toll-free at 1-855-328-3863 to request individual copies of these documents. Once the Fund receives notice to stop householding, we will begin sending individual copies 30 days after receiving your request.

AWEIX-SAR-2026

The Advisors' Inner Circle Fund

Image

CIBC Atlas Mid Cap Equity Fund

Institutional Class Shares - AWMIX

Semi-Annual Shareholder Report: April 30, 2026

This semi-annual shareholder report contains important information about Institutional Class Shares of the CIBC Atlas Mid Cap Equity Fund (the "Fund") for the period from November 1, 2025 to April 30, 2026. You can find additional information about the Fund at https://private-wealth.us.cibc.com/cibc-atlas-funds. You can also request this information by contacting us at 1-855-328-3863. 

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment) 

Table Summary
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
CIBC Atlas Mid Cap Equity Fund, Institutional Class Shares
$41
0.83%

Key Fund Statistics as of April 30, 2026

Table Summary
Total Net Assets
Number of Holdings
Total Advisory Fees Paid
Portfolio Turnover Rate
$669,318,861
73
$2,699,698
6%

What did the Fund invest in?

Asset/Sector WeightingsFootnote Reference*

Holdings Chart
Table Summary
Value
Value
Real Estate
0.3%
Communication Services
1.6%
Short-Term Investment
1.7%
Utilities
1.9%
Consumer Staples
3.5%
Energy
3.9%
Financials
8.1%
Health Care
11.9%
Consumer Discretionary
19.1%
Information Technology
20.2%
Industrials
27.9%
FootnoteDescription
Footnote*
Percentages are calculated based on total net assets.

Top Ten Holdings

Table Summary
Holding Name
Percentage of Total Net AssetsFootnote Reference(A)
Howmet Aerospace
4.9%
Vertiv Holdings, Cl A
4.0%
Ross Stores
3.5%
Monolithic Power Systems
3.2%
Ameriprise Financial
2.8%
Marriott International, Cl A
2.8%
Cheniere Energy
2.6%
Royal Caribbean Cruises
2.5%
Cencora
2.5%
Datadog, Cl A
2.4%
FootnoteDescription
Footnote(A)
Short-Term Investments are not shown in the top ten chart.

Changes in and Disagreements with Accountants 

There were no changes in or disagreements with accountants during the reporting period.

Additional Information

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

  • 1-855-328-3863 

  • https://private-wealth.us.cibc.com/cibc-atlas-funds 

Householding

Rule 30e-1 of the Investment Company Act of 1940, as amended, permits funds to transmit only one copy of a proxy statement, annual report or semi-annual report to shareholders (who need not be related) with the same residential, commercial or electronic address, provided that the shareholders have consented in writing and the reports are addressed either to each shareholder individually or to the shareholders as a group. This process is known as “householding” and is designed to reduce the duplicate copies of materials that shareholders receive and to lower printing and mailing costs for funds. Once implemented, if you would like to discontinue householding for your accounts, please call toll-free at 1-855-328-3863 to request individual copies of these documents. Once the Fund receives notice to stop householding, we will begin sending individual copies 30 days after receiving your request.

AWMIX-SAR-2026

The Advisors' Inner Circle Fund

Image

CIBC Atlas Income Opportunities Fund

Institutional Class Shares - AWIIX

Semi-Annual Shareholder Report: April 30, 2026

This semi-annual shareholder report contains important information about Institutional Class Shares of the CIBC Atlas Income Opportunities Fund (the "Fund") for the period from November 1, 2025 to April 30, 2026. You can find additional information about the Fund at https://private-wealth.us.cibc.com/cibc-atlas-funds. You can also request this information by contacting us at 1-855-328-3863. 

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment) 

Table Summary
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
CIBC Atlas Income Opportunities Fund, Institutional Class Shares
$34
0.68%

Key Fund Statistics as of April 30, 2026

Table Summary
Total Net Assets
Number of Holdings
Total Advisory Fees Paid
Portfolio Turnover Rate
$525,894,271
95
$1,721,882
11%

What did the Fund invest in?

Asset/Sector WeightingsFootnote Reference*

Holdings Chart
Table Summary
Value
Value
Written Options
-0.1%
Preferred Stock
0.4%
Short-Term Investment
2.2%
Exchange-Traded Fund
2.2%
Consumer Staples
2.2%
Real Estate
2.3%
Materials
2.9%
Utilities
3.0%
Communication Services
3.7%
Energy
5.6%
Health Care
6.3%
Mortgage-Backed Securities
6.9%
Consumer Discretionary
7.5%
Industrials
8.7%
U.S. Treasury Obligations
13.3%
Financials
14.2%
Information Technology
18.3%
FootnoteDescription
Footnote*
Percentages are calculated based on total net assets.

Top Ten Holdings

Table Summary
Holding Name
Percentage of Total Net AssetsFootnote Reference(A)
Microsoft
4.4%
Apple
4.2%
Broadcom
3.9%
U.S. Treasury Bonds, 4.13%, 8/15/2053
3.5%
U.S. Treasury Bonds, 3.88%, 5/15/2043
3.1%
U.S. Treasury Notes, 4.00%, 7/31/2029
3.0%
U.S. Treasury Bonds, 4.38%, 5/15/2041
2.7%
Visa, Cl A
2.5%
NVIDIA
2.2%
Invesco Senior Loan ETF
2.2%
FootnoteDescription
Footnote(A)
Short-Term Investments are not shown in the top ten chart.

Changes in and Disagreements with Accountants 

There were no changes in or disagreements with accountants during the reporting period.

Additional Information

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

  • 1-855-328-3863 

  • https://private-wealth.us.cibc.com/cibc-atlas-funds 

Householding

Rule 30e-1 of the Investment Company Act of 1940, as amended, permits funds to transmit only one copy of a proxy statement, annual report or semi-annual report to shareholders (who need not be related) with the same residential, commercial or electronic address, provided that the shareholders have consented in writing and the reports are addressed either to each shareholder individually or to the shareholders as a group. This process is known as “householding” and is designed to reduce the duplicate copies of materials that shareholders receive and to lower printing and mailing costs for funds. Once implemented, if you would like to discontinue householding for your accounts, please call toll-free at 1-855-328-3863 to request individual copies of these documents. Once the Fund receives notice to stop householding, we will begin sending individual copies 30 days after receiving your request.

AWIIX-SAR-2026

The Advisors' Inner Circle Fund

Image

CIBC Atlas All Cap Growth Fund

Institutional Class Shares - AWGIX

Semi-Annual Shareholder Report: April 30, 2026

This semi-annual shareholder report contains important information about Institutional Class Shares of the CIBC Atlas All Cap Growth Fund (the "Fund") for the period from November 1, 2025 to April 30, 2026. You can find additional information about the Fund at https://private-wealth.us.cibc.com/cibc-atlas-funds. You can also request this information by contacting us at 1-855-328-3863.This semi-annual shareholder report describes changes to the Fund that occurred during the reporting period. 

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment) 

Table Summary
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
CIBC Atlas All Cap Growth Fund, Institutional Class Shares
$45
0.92%

Key Fund Statistics as of April 30, 2026

Table Summary
Total Net Assets
Number of Holdings
Total Advisory Fees Paid
Portfolio Turnover Rate
$291,179,959
31
$1,246,134
26%

What did the Fund invest in?

Asset/Sector WeightingsFootnote Reference*

Holdings Chart
Table Summary
Value
Value
Short-Term Investment
1.8%
Health Care
6.1%
Financials
6.9%
Communication Services
9.3%
Consumer Discretionary
9.3%
Industrials
29.8%
Information Technology
36.5%
FootnoteDescription
Footnote*
Percentages are calculated based on total net assets.

Top Ten Holdings

Table Summary
Holding Name
Percentage of Total Net AssetsFootnote Reference(A)
NVIDIA
8.1%
GE Vernova
7.2%
Quanta Services
7.0%
Amazon.com
6.5%
Howmet Aerospace
5.5%
Broadcom
5.4%
General Electric
5.0%
Alphabet, Cl A
4.5%
Microchip Technology
4.4%
Amphenol, Cl A
3.8%
FootnoteDescription
Footnote(A)
Short-Term Investments are not shown in the top ten chart.

Material Fund Changes

On December 23, 2025, the Board approved the change in the Fund’s classification under 1940 Act, as amended, from “diversified” to “non-diversified” and to eliminate the Fund’s related fundamental investment policy, subject to shareholder approval. At a Special Meeting of Shareholders on February 26, 2026, Fund shareholders approved the change in diversification.

 

Changes in and Disagreements with Accountants 

There were no changes in or disagreements with accountants during the reporting period.

Additional Information

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

  • 1-855-328-3863 

  • https://private-wealth.us.cibc.com/cibc-atlas-funds 

Householding

Rule 30e-1 of the Investment Company Act of 1940, as amended, permits funds to transmit only one copy of a proxy statement, annual report or semi-annual report to shareholders (who need not be related) with the same residential, commercial or electronic address, provided that the shareholders have consented in writing and the reports are addressed either to each shareholder individually or to the shareholders as a group. This process is known as “householding” and is designed to reduce the duplicate copies of materials that shareholders receive and to lower printing and mailing costs for funds. Once implemented, if you would like to discontinue householding for your accounts, please call toll-free at 1-855-328-3863 to request individual copies of these documents. Once the Fund receives notice to stop householding, we will begin sending individual copies 30 days after receiving your request.

AWGIX-SAR-2026

The Advisors' Inner Circle Fund

Image

CIBC Atlas Equity Income Fund

Institutional Class Shares - AWYIX

Semi-Annual Shareholder Report: April 30, 2026

This semi-annual shareholder report contains important information about Institutional Class Shares of the CIBC Atlas Equity Income Fund (the "Fund") for the period from November 1, 2025 to April 30, 2026. You can find additional information about the Fund at https://private-wealth.us.cibc.com/cibc-atlas-funds. You can also request this information by contacting us at 1-855-328-3863. 

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment) 

Table Summary
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
CIBC Atlas Equity Income Fund, Institutional Class Shares
$45
0.89%

Key Fund Statistics as of April 30, 2026

Table Summary
Total Net Assets
Number of Holdings
Total Advisory Fees Paid
Portfolio Turnover Rate
$349,612,479
44
$1,406,833
8%

What did the Fund invest in?

Asset/Sector WeightingsFootnote Reference*

Holdings Chart
Table Summary
Value
Value
Short-Term Investment
0.8%
Consumer Discretionary
4.8%
Utilities
6.3%
Energy
7.7%
Real Estate
8.2%
Financials
17.5%
Health Care
17.6%
Information Technology
18.2%
Industrials
18.9%
FootnoteDescription
Footnote*
Percentages are calculated based on total net assets.

Top Ten Holdings

Table Summary
Holding Name
Percentage of Total Net AssetsFootnote Reference(A)
Microsoft
5.1%
Enterprise Products Partners
4.7%
Eli Lilly
4.4%
L3Harris Technologies
4.1%
Apple
3.8%
Parker-Hannifin
3.6%
JPMorgan Chase
3.4%
NextEra Energy
3.3%
AstraZeneca PLC
3.2%
CME Group, Cl A
3.1%
FootnoteDescription
Footnote(A)
Short-Term Investments are not shown in the top ten chart.

Changes in and Disagreements with Accountants 

There were no changes in or disagreements with accountants during the reporting period.

Additional Information

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

  • 1-855-328-3863 

  • https://private-wealth.us.cibc.com/cibc-atlas-funds 

Householding

Rule 30e-1 of the Investment Company Act of 1940, as amended, permits funds to transmit only one copy of a proxy statement, annual report or semi-annual report to shareholders (who need not be related) with the same residential, commercial or electronic address, provided that the shareholders have consented in writing and the reports are addressed either to each shareholder individually or to the shareholders as a group. This process is known as “householding” and is designed to reduce the duplicate copies of materials that shareholders receive and to lower printing and mailing costs for funds. Once implemented, if you would like to discontinue householding for your accounts, please call toll-free at 1-855-328-3863 to request individual copies of these documents. Once the Fund receives notice to stop householding, we will begin sending individual copies 30 days after receiving your request.

AWYIX-SAR-2026

The Advisors' Inner Circle Fund

Image

CIBC Atlas International Growth Fund

Institutional Class Shares - AWWIX

Semi-Annual Shareholder Report: April 30, 2026

This semi-annual shareholder report contains important information about Institutional Class Shares of the CIBC Atlas International Growth Fund (the "Fund") for the period from November 1, 2025 to April 30, 2026. You can find additional information about the Fund at https://private-wealth.us.cibc.com/cibc-atlas-funds. You can also request this information by contacting us at 1-855-328-3863. 

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment) 

Table Summary
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
CIBC Atlas International Growth Fund, Institutional Class Shares
$46
0.91%

Key Fund Statistics as of April 30, 2026

Table Summary
Total Net Assets
Number of Holdings
Total Advisory Fees Paid
Portfolio Turnover Rate
$890,241,917
47
$3,534,225
14%

What did the Fund invest in?

Asset/Country WeightingsFootnote Reference*

Holdings Chart
Table Summary
Value
Value
Other Countries
13.9%
Short-Term Investment
1.4%
Singapore
3.3%
Sweden
3.4%
Spain
3.5%
Netherlands
3.8%
France
4.3%
China
4.6%
Australia
4.7%
Taiwan
5.4%
Switzerland
5.7%
Germany
6.5%
Japan
15.3%
United Kingdom
22.9%
FootnoteDescription
Footnote*
Percentages are calculated based on total net assets.

Top Ten Holdings

Table Summary
Holding Name
Percentage of Total Net AssetsFootnote Reference(A)
Taiwan Semiconductor Manufacturing ADR
5.4%
Shell PLC
4.3%
ASML Holding
3.8%
Banco Santander
3.5%
DBS Group Holdings
3.3%
BHP Group
3.2%
Lloyds Banking Group PLC
3.2%
Mizuho Financial Group
2.9%
Siemens
2.8%
BAE Systems PLC
2.8%
FootnoteDescription
Footnote(A)
Short-Term Investments are not shown in the top ten chart.

Changes in and Disagreements with Accountants 

There were no changes in or disagreements with accountants during the reporting period.

Additional Information

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

  • 1-855-328-3863 

  • https://private-wealth.us.cibc.com/cibc-atlas-funds 

Householding

Rule 30e-1 of the Investment Company Act of 1940, as amended, permits funds to transmit only one copy of a proxy statement, annual report or semi-annual report to shareholders (who need not be related) with the same residential, commercial or electronic address, provided that the shareholders have consented in writing and the reports are addressed either to each shareholder individually or to the shareholders as a group. This process is known as “householding” and is designed to reduce the duplicate copies of materials that shareholders receive and to lower printing and mailing costs for funds. Once implemented, if you would like to discontinue householding for your accounts, please call toll-free at 1-855-328-3863 to request individual copies of these documents. Once the Fund receives notice to stop householding, we will begin sending individual copies 30 days after receiving your request.

AWWIX-SAR-2026

 

 

 

(b) Not applicable.

 

Item 2. Code of Ethics.

 

Not applicable for semi-annual report.

 

Item 3. Audit Committee Financial Expert.

 

Not applicable for semi-annual report.

 

Item 4. Principal Accountant Fees and Services.

 

Not applicable for semi-annual report.

 

Item 5. Audit Committee of Listed Registrants.

 

Not applicable to open-end management investment companies.

 

Item 6. Schedule of Investments.

 

(a) The Schedules of Investments are included as part of the Financial Statements and Other Information filed under Item 7 of this form.

 

(b) Not applicable.

 

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

 

Financial statements and financial highlights are filed herein.

 

 

CIBC Atlas Funds

 

Semi-Annual Financials and Other Information

 

APRIL 30, 2026

 

CIBC Private Wealth Advisors, Inc.

 

CIBC Atlas Disciplined Equity Fund

AWEIX

 

CIBC Atlas Mid Cap Equity Fund

AWMIX

 

CIBC Atlas Income Opportunities Fund

AWIIX

 

CIBC Atlas All Cap Growth Fund

AWGIX

 

CIBC Atlas Equity Income Fund

AWYIX

 

CIBC Atlas International Growth Fund

AWWIX

 

THE ADVISORS’ INNER CIRCLE FUND CIBC ATLAS FUNDS
APRIL 30, 2026
   

 

TABLE OF CONTENTS

 

Financial Statements (Form N-CSRS Item 7)
Schedules of Investments
CIBC Atlas Disciplined Equity Fund 1
CIBC Atlas Mid Cap Equity Fund 4
CIBC Atlas Income Opportunities Fund 7
CIBC Atlas All Cap Growth Fund 14
CIBC Atlas Equity Income Fund 16
CIBC Atlas International Growth Fund 19
Statements of Assets and Liabilities 24
Statements of Operations 26
Statements of Changes in Net Assets 28
Financial Highlights 34
Notes to Financial Statements 40
Other Information (Form N-CSRS Items 8-11) (Unaudited) 68

 

THE ADVISORS’ INNER CIRCLE FUND CIBC ATLAS
DISCIPLINED EQUITY FUND
 APRIL 30, 2026 (Unaudited)
   

 

SCHEDULE OF INVESTMENTS

 

COMMON STOCK** — 98.9%   Shares     Value  
COMMUNICATION SERVICES — 12.7%                
Alphabet, Cl A     263,989     $ 101,582,967  
Alphabet, Cl C     63,272       24,166,108  
Meta Platforms, Cl A     65,616       40,151,086  
T-Mobile US     47,128       9,213,524  
Walt Disney     116,624       12,099,740  
              187,213,425  
CONSUMER DISCRETIONARY — 11.0%                
Amazon.com *     335,542       88,938,762  
Home Depot     44,776       14,722,349  
McDonald's     57,028       16,742,851  
O'Reilly Automotive *     92,862       9,230,483  
Tesla *     32,783       12,510,976  
TJX     125,964       19,744,857  
              161,890,278  
CONSUMER STAPLES — 2.2%                
Mondelez International, Cl A     274,166       16,844,759  
Monster Beverage *     197,271       15,203,676  
              32,048,435  
ENERGY — 3.3%                
Cheniere Energy     25,485       7,007,101  
Expand Energy     158,237       16,163,909  
Exxon Mobil     165,553       25,549,795  
              48,720,805  
FINANCIALS — 12.5%                
Arthur J Gallagher     31,810       6,565,584  
Blackrock     13,199       14,064,854  
Blackstone, Cl A     161,735       20,310,681  
CME Group, Cl A     57,529       16,557,997  
Fidelity National Information Services     177,063       8,238,741  
Intercontinental Exchange     85,435       13,506,419  
JPMorgan Chase     90,935       28,483,570  
PNC Financial Services Group     68,375       15,247,625  
Progressive     43,616       8,779,029  
S&P Global     27,464       11,843,301  
Visa, Cl A     123,458       40,721,387  
              184,319,188  
HEALTH CARE — 10.1%                
Abbott Laboratories     96,357       8,748,252  

 

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

1

 

THE ADVISORS’ INNER CIRCLE FUND CIBC ATLAS
DISCIPLINED EQUITY FUND
 APRIL 30, 2026 (Unaudited)
   

 

COMMON STOCK** (continued)   Shares     Value  
HEALTH CARE (continued)                
AstraZeneca PLC     125,910     $ 23,591,757  
Danaher     96,853       17,331,844  
Dexcom *     216,373       12,885,012  
Eli Lilly     13,380       12,504,948  
IDEXX Laboratories *     15,586       8,740,629  
IQVIA Holdings *     78,676       12,459,918  
Stryker     31,568       9,948,024  
Thermo Fisher Scientific     30,302       14,513,446  
UnitedHealth Group     49,812       18,454,350  
Zoetis, Cl A     91,730       10,546,198  
              149,724,378  
INDUSTRIALS — 8.6%                
Automatic Data Processing     83,690       17,737,258  
Boeing *     33,872       7,757,704  
Caterpillar     15,342       13,656,068  
Eaton PLC     50,205       21,739,267  
Lennox International     13,867       7,417,320  
Otis Worldwide     159,818       12,446,626  
RTX     122,623       21,590,232  
Union Pacific     93,053       25,075,922  
              127,420,397  
INFORMATION TECHNOLOGY — 32.0%                
Advanced Micro Devices *     50,001       17,724,854  
Analog Devices     53,531       21,533,380  
Apple     324,794       88,132,852  
Arista Networks *     52,119       9,001,472  
ASML Holding, Cl G     17,047       24,530,463  
Broadcom     98,584       41,151,919  
Lam Research     44,727       11,533,304  
Micron Technology     18,521       9,578,320  
Microsoft     225,436       91,928,292  
NVIDIA     598,005       119,343,858  
Roper Technologies     27,984       9,929,003  
Salesforce     57,022       10,066,094  
TE Connectivity PLC     90,477       19,150,362  
              473,604,173  
MATERIALS — 2.7%                
Linde PLC     47,607       23,857,772  
Martin Marietta Materials     24,968       15,456,940  
              39,314,712  

 

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

2

 

THE ADVISORS’ INNER CIRCLE FUND CIBC ATLAS
DISCIPLINED EQUITY FUND
 APRIL 30, 2026 (Unaudited)
   

 

COMMON STOCK** (continued)   Shares     Value  
REAL ESTATE — 2.1%                
American Tower, Cl A ‡     39,357     $ 7,190,918  
Prologis ‡     119,716       17,002,066  
VICI Properties, Cl A ‡     252,742       7,380,066  
              31,573,050  
UTILITIES — 1.7%                
American Water Works     49,817       6,397,499  
NextEra Energy     195,403       19,126,046  
              25,523,545  
TOTAL COMMON STOCK                
(Cost $660,036,788)             1,461,352,386  
                 
SHORT-TERM INVESTMENT — 1.2%                
First American Government Obligations Fund, Cl X, 3.580% (A)     18,280,197       18,280,197  
TOTAL SHORT-TERM INVESTMENT                
(Cost $18,280,197)             18,280,197  
TOTAL INVESTMENTS — 100.1%            
(Cost $678,316,985)           $ 1,479,632,583  

 

  Percentages are based on Net Assets of $1,477,522,234.

* Non-income producing security.
** More narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting periods.
‡ Real Estate Investment Trust

(A) The rate reported is the 7-day effective yield as of April 30, 2026.

 

Cl — Class

PLC — Public Limited Company

 

As of April 30, 2026, all of the Fund's investments were considered Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

 

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

 

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

3

 

THE ADVISORS’ INNER CIRCLE FUND CIBC ATLAS
MID CAP EQUITY FUND
 APRIL 30, 2026 (Unaudited)
   

 

SCHEDULE OF INVESTMENTS            
             
COMMON STOCK** — 98.4%   Shares     Value  
COMMUNICATION SERVICES — 1.6%                
Live Nation Entertainment *     55,108     $ 8,703,758  
ROBLOX, Cl A *     32,659       1,804,736  
              10,508,494  
CONSUMER DISCRETIONARY — 19.1%                
AutoZone *     4,213       15,605,078  
Chipotle Mexican Grill, Cl A *     151,244       5,140,784  
Deckers Outdoor *     55,743       5,696,935  
Domino's Pizza     17,488       5,935,777  
DraftKings, Cl A *     380,345       8,869,645  
Dutch Bros, Cl A *     47,005       2,703,258  
Marriott International, Cl A     51,217       18,524,677  
Planet Fitness, Cl A *     77,606       5,173,992  
Ross Stores     103,427       23,559,636  
Royal Caribbean Cruises     64,520       17,017,795  
Tractor Supply     206,912       7,262,611  
Ulta Beauty *     12,567       6,754,511  
Valvoline *     102,801       3,416,077  
Wingstop     15,793       2,591,000  
              128,251,776  
CONSUMER STAPLES — 3.5%                
Dollar General     22,462       2,602,897  
Monster Beverage *     162,303       12,508,692  
US Foods Holding *     87,548       8,184,862  
              23,296,451  
ENERGY — 3.9%                
Cheniere Energy     64,387       17,703,206  
Diamondback Energy     40,710       8,371,197  
              26,074,403  
FINANCIALS — 8.1%                
Ameriprise Financial     39,470       18,739,961  
Ares Management, Cl A     41,164       4,832,653  
Arthur J Gallagher     29,247       6,036,581  
Corpay *     31,744       9,728,584  
MSCI, Cl A     8,993       5,318,550  
Tradeweb Markets, Cl A     84,591       9,579,931  
              54,236,260  
HEALTH CARE — 11.9%                
Alnylam Pharmaceuticals *     41,015       12,693,732  

 

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

4

 

THE ADVISORS’ INNER CIRCLE FUND CIBC ATLAS
MID CAP EQUITY FUND
 APRIL 30, 2026 (Unaudited)
   

 

COMMON STOCK** (continued)   Shares     Value  
HEALTH CARE (continued)                
Cencora     54,818     $ 16,884,492  
Dexcom *     192,781       11,480,109  
GE HealthCare Technologies     55,122       3,353,623  
HealthEquity *     67,907       5,570,411  
IDEXX Laboratories *     17,006       9,536,965  
Natera *     39,547       8,153,010  
Revvity     63,515       5,501,669  
Veeva Systems, Cl A *     41,589       6,486,636  
              79,660,647  
INDUSTRIALS — 27.9%                
AMETEK     50,559       11,906,644  
Axon Enterprise *     14,863       5,971,359  
Cintas     33,646       5,878,293  
Copart *     168,595       5,582,180  
Crane     13,421       2,385,314  
Curtiss-Wright     16,121       11,610,344  
EMCOR Group     15,987       14,255,128  
Howmet Aerospace     134,941       32,796,061  
Hubbell, Cl B     23,151       11,764,644  
IDEX     32,227       7,020,652  
Oshkosh     36,043       5,633,521  
Pentair PLC     40,031       3,230,902  
Regal Rexnord     35,825       7,703,450  
Saia *     14,707       6,600,796  
TransUnion     80,016       5,681,136  
Vertiv Holdings, Cl A     81,303       26,707,222  
Waste Connections     46,592       7,674,634  
WESCO International     24,623       8,596,382  
Zurn Elkay Water Solutions     111,635       5,800,555  
              186,799,217  
INFORMATION TECHNOLOGY — 20.2%                
Amphenol, Cl A     101,570       14,958,214  
Cadence Design Systems *     23,414       7,717,020  
Cloudflare, Cl A *     60,240       12,347,393  
Datadog, Cl A *     119,005       15,731,271  
Entegris     79,187       11,195,458  
HubSpot *     12,497       2,771,335  
Keysight Technologies *     34,589       12,103,037  
Lattice Semiconductor *     48,160       5,889,005  
MACOM Technology Solutions Holdings *     17,465       4,918,319  
Marvell Technology     65,766       10,861,255  

 

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

5

 

THE ADVISORS’ INNER CIRCLE FUND CIBC ATLAS
MID CAP EQUITY FUND
 APRIL 30, 2026 (Unaudited)
   

 

COMMON STOCK** (continued)   Shares     Value  
INFORMATION TECHNOLOGY (continued)                
Monolithic Power Systems     13,452     $ 21,717,043  
Okta, Cl A *     35,827       2,638,658  
Procore Technologies *     60,903       3,445,892  
Roper Technologies     12,310       4,367,711  
Zscaler *     35,423       4,629,077  
              135,290,688  
REAL ESTATE — 0.3%                
CoStar Group *     54,565       1,888,495  
UTILITIES — 1.9%                
NRG Energy     83,733       13,027,180  
TOTAL COMMON STOCK                
(Cost $400,750,793)             659,033,611  
                 
SHORT-TERM INVESTMENT — 1.7%                
First American Government Obligations Fund, Cl X, 3.580% (A)     11,269,844       11,269,844  
TOTAL SHORT-TERM INVESTMENT                
(Cost $11,269,844)             11,269,844  
TOTAL INVESTMENTS — 100.1%                
(Cost $412,020,637)           $ 670,303,455  

 

Percentages are based on Net Assets of $669,318,861.

* Non-income producing security.
** More narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting periods.
(A) The rate reported is the 7-day effective yield as of April 30, 2026.

 

Cl — Class

PLC — Public Limited Company

 

As of April 30, 2026, all of the Fund's investments were considered Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

 

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

 

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

6

 

THE ADVISORS’ INNER CIRCLE FUND CIBC ATLAS
INCOME OPPORTUNITIES FUND
 APRIL 30, 2026 (Unaudited)
   

 

SCHEDULE OF INVESTMENTS            
             
COMMON STOCK — 58.6%   Shares     Value  
COMMUNICATION SERVICES — 2.4%                
Alphabet, Cl A (A)     4,400     $ 1,693,120  
Meta Platforms, Cl A (A)     13,000       7,954,830  
Netflix * (A)     32,600       3,051,686  
              12,699,636  
CONSUMER DISCRETIONARY — 4.3%                
Amazon.com * (A)     20,500       5,433,730  
Home Depot     17,300       5,688,240  
McDonald's     8,700       2,554,233  
Service Corp International     67,953       5,506,232  
Tesla * (A)     9,300       3,549,159  
              22,731,594  
CONSUMER STAPLES — 1.2%                
Procter & Gamble     44,800       6,589,632  
ENERGY — 2.5%                
Cheniere Energy     11,179       3,073,666  
Chevron     29,483       5,699,359  
EQT (A)     71,200       4,277,696  
              13,050,721  
FINANCIALS — 10.3%                
Ares Capital     318,623       6,104,817  
Ares Management, Cl A     36,400       4,273,360  
Blue Owl Capital, Cl A     526,400       5,132,400  
CME Group, Cl A     8,872       2,553,539  
Fidelity National Information Services     64,500       3,001,185  
HA Sustainable Infrastructure Capital     72,400       3,037,180  
JPMorgan Chase     33,600       10,524,528  
S&P Global     15,575       6,716,407  
Visa, Cl A     39,200       12,929,728  
              54,273,144  
HEALTH CARE — 5.6%                
Abbott Laboratories     63,720       5,785,139  
Danaher     39,500       7,068,525  
Johnson & Johnson     22,330       5,132,551  
Novartis ADR     34,412       5,087,814  
UnitedHealth Group     17,120       6,342,617  
              29,416,646  

 

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

7

 

THE ADVISORS’ INNER CIRCLE FUND CIBC ATLAS
INCOME OPPORTUNITIES FUND
 APRIL 30, 2026 (Unaudited)
   

 

COMMON STOCK (continued)   Shares     Value  
INDUSTRIALS — 7.2%                
Automatic Data Processing     30,384     $ 6,439,585  
IDEX     21,331       4,646,958  
Lockheed Martin     9,874       5,114,436  
Republic Services, Cl A     42,800       8,954,616  
Rollins     73,250       4,082,223  
Union Pacific     32,200       8,677,256  
              37,915,074  
INFORMATION TECHNOLOGY — 17.9%                
Advanced Micro Devices * (A)     4,600       1,630,654  
Apple     81,800       22,196,430  
ASML Holding, Cl G     4,000       5,755,960  
Broadcom     49,200       20,537,556  
Cisco Systems     32,959       3,015,749  
Microsoft     57,000       23,243,460  
NVIDIA (A)     58,900       11,754,673  
Taiwan Semiconductor Manufacturing ADR     15,100       5,980,506  
              94,114,988  
MATERIALS — 2.9%                
Linde PLC     16,400       8,218,696  
Martin Marietta Materials     5,450       3,373,931  
Sherwin-Williams     10,631       3,419,036  
              15,011,663  
REAL ESTATE — 1.9%                
Prologis ‡     22,283       3,164,631  
VICI Properties, Cl A ‡     226,859       6,624,283  
              9,788,914  
UTILITIES — 2.4%                
Brookfield Infrastructure, Cl A     115,481       4,272,797  
NextEra Energy (A)     86,171       8,434,417  
              12,707,214  
TOTAL COMMON STOCK                
(Cost $164,180,546)             308,299,226  
                 
CORPORATE OBLIGATIONS — 16.1%   Face Amount          
COMMUNICATION SERVICES — 1.3%                
T-Mobile USA                
3.500%, 04/15/31   $ 5,000,000       4,730,414  

 

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

8

 

THE ADVISORS’ INNER CIRCLE FUND CIBC ATLAS
INCOME OPPORTUNITIES FUND
 APRIL 30, 2026 (Unaudited)
   

 

CORPORATE OBLIGATIONS (continued)   Face Amount     Value  
COMMUNICATION SERVICES (continued)                
Verizon Communications                
2.355%, 03/15/32   $ 2,441,000     $ 2,134,252  
              6,864,666  
CONSUMER DISCRETIONARY — 3.2%                
Ford Motor Credit                
7.350%, 11/04/27     4,000,000       4,122,276  
5.875%, 11/07/29     2,000,000       2,030,982  
General Motors                
6.800%, 10/01/27     3,500,000       3,596,092  
Meritage Homes                
3.875%, 04/15/29(B)     7,000,000       6,815,878  
              16,565,228  
CONSUMER STAPLES — 1.0%                
JBS                
5.500%, 01/15/36     5,000,000       4,984,092  
ENERGY — 3.1%                
Cheniere Energy Partners                
4.500%, 10/01/29     5,000,000       4,974,371  
DCP Midstream Operating                
6.750%, 09/15/37(B)     1,500,000       1,623,045  
Energy Transfer                
5.550%, 05/15/34     2,952,000       3,011,589  
Kinder Morgan MTN                
7.800%, 08/01/31     1,400,000       1,598,401  
ONEOK                
6.625%, 09/01/53     5,000,000       5,149,313  
              16,356,719  
FINANCIALS — 3.9%                
Ally Financial                
2.200%, 11/02/28     6,000,000       5,663,710  
Ares Capital                
5.875%, 03/01/29     2,000,000       2,019,128  
Citigroup                
6.250%, TSFR3M + 4.779%(C)(D)     3,000,000       3,000,693  
Goldman Sachs Group MTN                
5.682%, TSFR3M + 2.012%, 10/28/27(C)     3,000,000       3,020,698  
Morgan Stanley MTN                
5.250%, SOFR + 1.870%, 04/21/34(C)     4,000,000       4,040,052  

 

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

9

 

THE ADVISORS’ INNER CIRCLE FUND CIBC ATLAS
INCOME OPPORTUNITIES FUND
 APRIL 30, 2026 (Unaudited)
   

 

CORPORATE OBLIGATIONS (continued)   Face Amount     Value  
FINANCIALS (continued)                
OneMain Finance                
3.500%, 01/15/27   $ 3,000,000     $ 2,961,359  
              20,705,640  
HEALTH CARE — 0.7%                
AbbVie                
4.250%, 11/21/49     3,500,000       2,824,707  
Teva Pharmaceutical Finance Netherlands III BV                
5.125%, 05/09/29     1,000,000       1,003,709  
              3,828,416  
INDUSTRIALS — 1.5%                
AerCap Ireland Capital DAC                
3.000%, 10/29/28     2,000,000       1,927,162  
Northrop Grumman                
4.030%, 10/15/47     3,000,000       2,360,425  
Quanta Services                
2.900%, 10/01/30     3,750,000       3,492,551  
              7,780,138  
INFORMATION TECHNOLOGY — 0.4%                
Broadcom                
3.469%, 04/15/34     2,500,000       2,256,221  
REAL ESTATE — 0.4%                
VICI Properties                
5.125%, 05/15/32‡     2,000,000       1,982,803  
UTILITIES — 0.6%                
Duke Energy                
6.450%, H15T5Y + 2.588%, 09/01/54(C)     3,000,000       3,134,253  
                 
TOTAL CORPORATE OBLIGATIONS                
(Cost $87,442,725)             84,458,176  
                 
U.S. TREASURY OBLIGATIONS — 13.3%                
U.S. Treasury Bonds                
4.375%, 05/15/41     15,000,000       14,328,516  
4.125%, 08/15/53     21,500,000       18,620,176  
3.875%, 05/15/43     18,500,000       16,261,211  
              49,209,903  

 

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

10

 

THE ADVISORS’ INNER CIRCLE FUND CIBC ATLAS
INCOME OPPORTUNITIES FUND
 APRIL 30, 2026 (Unaudited)
   

 

U.S. TREASURY OBLIGATIONS (continued)   Face Amount     Value  
U.S. Treasury Inflation Indexed Notes                
0.500%, 01/15/28   $ 5,034,278     $ 5,008,882  
U.S. Treasury Notes                
4.000%, 07/31/29     16,000,000       16,031,250  
                 
TOTAL U.S. TREASURY OBLIGATIONS                
(Cost $71,480,694)             70,250,035  
                 
MORTGAGE-BACKED SECURITIES — 6.9%                
AGENCY MORTGAGE-BACKED OBLIGATIONS — 6.9%                
FHLMC                
6.000%, 09/01/53     8,519,983       8,740,535  
5.000%, 03/01/38     5,331,997       5,379,454  
1.500%, 06/01/31     3,667,071       3,465,184  
FNMA                
6.000%, 01/01/53     3,240,586       3,330,110  
6.000%, 07/01/53     5,518,083       5,705,155  
4.500%, 07/01/52     9,830,968       9,526,523  
TOTAL MORTGAGE-BACKED SECURITIES                
(Cost $35,960,087)             36,146,961  
                 
EXCHANGE-TRADED FUND — 2.2%   Shares          
DOMESTIC FIXED INCOME — 2.2%                
Invesco Senior Loan ETF     562,000       11,565,960  
TOTAL EXCHANGE-TRADED FUND                
(Cost $11,807,620)             11,565,960  
                 
PREFERRED STOCK — 0.4%                
FINANCIALS — 0.4%                
Wells Fargo, 7.500% (D)     1,700       2,024,377  
TOTAL PREFERRED STOCK                
(Cost $2,066,538)             2,024,377  

 

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

11

 

THE ADVISORS’ INNER CIRCLE FUND CIBC ATLAS
INCOME OPPORTUNITIES FUND
 APRIL 30, 2026 (Unaudited)
   

 

SHORT-TERM INVESTMENT — 2.2%   Shares     Value  
First American Government Obligations Fund, Cl X, 3.580% (E)     11,454,588     $ 11,454,588  
TOTAL SHORT-TERM INVESTMENT                
(Cost $11,454,588)             11,454,588  
                 
TOTAL INVESTMENTS — 99.7%            
(Cost $384,392,798)           $ 524,199,323  
                 
WRITTEN OPTIONS — (0.1%)             Value  
TOTAL WRITTEN OPTIONS — (0.1%)                
(Premiums Received $295,712)           $ (400,034 )

 

A list of the exchange-traded option contracts held by the Fund at April 30, 2026, is as follows:

 

Description   Contracts     Notional Amount     Exercise
Price		     Expiration
Date		   Value  
WRITTEN OPTIONS — (0.1%)                                    
Call Options                                    
Advanced Micro                                    
Devices*     (46 )   $ (1,630,654 )   $ 310     05/16/26   $ (232,300 )
Amazon.com*     (205 )     (5,433,730 )     280     05/16/26     (36,695 )
EQT*     (712 )     (4,277,696 )     65     05/16/26     (19,936 )
Google*     (44 )     (1,693,120 )     380     05/16/26     (57,200 )
Meta Platforms*     (130 )     (7,954,830 )     760     05/16/26     (4,420 )
Netflix*     (326 )     (3,051,686 )     105     05/16/26     (4,564 )
NVIDIA*     (589 )     (11,754,673 )     225     05/16/26     (33,573 )
Tesla*     (93 )     (3,549,159 )     440     05/16/26     (11,346 )
Total Written Options           $ (39,345,548 )               $ (400,034 )

 

Percentages are based on Net Assets of $525,894,271.
* Non-income producing security.

‡ Real Estate Investment Trust

(A) Security, or portion thereof, has been pledged as collateral on written equity options.
(B) Securities sold within terms of a private placement memorandum, exempt from registration under Section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other "accredited investors." The total value of such securities as of April 30, 2026 was $8,438,923 which represents 1.6% of Net Assets.

 

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

12

 

THE ADVISORS’ INNER CIRCLE FUND CIBC ATLAS
INCOME OPPORTUNITIES FUND
 APRIL 30, 2026 (Unaudited)
   

 

(C) Variable or floating rate security. The rate shown is the effective interest rate as of period end. The rates for certain securities are not based on published reference rates and spreads and are either determined by the issuer or agent based on current market conditions; by using a formula based on the rates of underlying loans; or by adjusting periodically based on prevailing interest rates.
(D) Perpetual security with no stated maturity date.
(E) The rate reported is the 7-day effective yield as of April 30, 2026.

 

ADR — American Depositary Receipt

Cl — Class 

DAC — Designated Activity Company

ETF — Exchange-Traded Fund

FHLMC — Federal Home Loan Mortgage Corporation

FNMA — Federal National Mortgage Association

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

MTN — Medium Term Note

PLC — Public Limited Company

SOFR— Secured Overnight Financing Rate

TSFR3M — Term Secured Overnight Financing Rate 3 Month

 

The following is a summary of the level of inputs used as of April 30, 2026, in valuing the Fund's investments and other financial instruments carried at value:

Investments in Securities   Level 1     Level 2     Level 3     Total  
Common Stock   $ 308,299,226     $ —     $ —     $ 308,299,226  
Corporate Obligations     —       84,458,176       —       84,458,176  
U.S. Treasury Obligations     —       70,250,035       —       70,250,035  
Mortgage-Backed Securities     —       36,146,961       —       36,146,961  
Exchange-Traded Fund     11,565,960       —       —       11,565,960  
Preferred Stock     2,024,377       —       —       2,024,377  
Short-Term Investment     11,454,588       —       —       11,454,588  
Total Investments in Securities   $ 333,344,151     $ 190,855,172     $ —     $ 524,199,323  

 

Other Financial Instruments   Level 1     Level 2     Level 3     Total  
Written Options   $ (400,034 )   $ —     $ —     $ (400,034 )
Total Other Financial                                
Instruments   $ (400,034 )   $ —     $ —     $ (400,034 )

 

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

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

 

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

13

 

THE ADVISORS’ INNER CIRCLE FUND CIBC ATLAS
ALL CAP GROWTH FUND
APRIL 30, 2026 (Unaudited)
   

 

SCHEDULE OF INVESTMENTS            
             
COMMON STOCK** — 97.9%   Shares     Value  
COMMUNICATION SERVICES — 9.3%                
Alphabet, Cl A     34,382     $ 13,230,193  
Live Nation Entertainment *     18,540       2,928,208  
Meta Platforms, Cl A     17,712       10,838,150  
              26,996,551  
CONSUMER DISCRETIONARY — 9.3%                
Amazon.com *     71,903       19,058,609  
MercadoLibre *     1,764       3,162,199  
Valvoline *     147,319       4,895,411  
              27,116,219  
FINANCIALS — 6.9%                
Mastercard, Cl A     15,843       7,967,762  
Robinhood Markets, Cl A *     60,227       4,389,946  
S&P Global     17,765       7,660,801  
              20,018,509  
HEALTH CARE — 6.1%                
Eli Lilly     8,487       7,931,950  
Intuitive Surgical *     21,369       9,778,668  
              17,710,618  
INDUSTRIALS — 29.8%                
Axon Enterprise *     5,129       2,060,627  
Boeing *     24,438       5,597,035  
GE Vernova     19,390       21,008,289  
General Electric     50,043       14,508,967  
Howmet Aerospace     66,307       16,115,253  
Quanta Services     27,963       20,350,633  
TransDigm Group     6,203       7,195,356  
              86,836,160  
INFORMATION TECHNOLOGY — 36.5%                
Amphenol, Cl A     75,490       11,117,412  
ASML Holding, Cl G     2,893       4,162,998  
Broadcom     37,945       15,839,381  
Cadence Design Systems *     13,379       4,409,585  

 

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

14

 

THE ADVISORS’ INNER CIRCLE FUND CIBC ATLAS
ALL CAP GROWTH FUND
APRIL 30, 2026 (Unaudited)
   

 

COMMON STOCK** (continued)   Shares     Value  
INFORMATION TECHNOLOGY (continued)                
Cloudflare, Cl A *     15,999     $ 3,279,315  
CyberArk Software     7,958       358,110  
Microchip Technology     138,204       12,840,534  
Microsoft     25,546       10,417,148  
NVIDIA     118,310       23,611,127  
Palo Alto Networks *     56,341       10,103,068  
Shopify, Cl A *     47,707       5,778,749  
Taiwan Semiconductor Manufacturing ADR     10,969       4,344,382  
              106,261,809  
TOTAL COMMON STOCK                
(Cost $157,156,758)             284,939,866  
                 
SHORT-TERM INVESTMENT — 1.8%                
First American Government Obligations Fund, Cl X, 3.580% (A)     5,245,908       5,245,908  
TOTAL SHORT-TERM INVESTMENT                
(Cost $5,245,908)             5,245,908  
TOTAL INVESTMENTS — 99.7%                
(Cost $162,402,666)           $ 290,185,774  

 

  Percentages are based on Net Assets of $291,179,959.

* Non-income producing security.

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

(A) The rate reported is the 7-day effective yield as of April 30, 2026.

 

ADR — American Depositary Receipt

Cl — Class

 

The following is a summary of the level of inputs used as of April 30, 2026, in valuing the Fund's investments carried at value:

Investments in Securities   Level 1     Level 2     Level 3     Total  
Common Stock   $ 284,581,756     $ 358,110     $ —     $ 284,939,866  
Short-Term Investment     5,245,908       —       —       5,245,908  
Total Investments in Securities   $ 289,827,664     $ 358,110     $ —     $ 290,185,774  

 

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

 

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

15

 

THE ADVISORS’ INNER CIRCLE FUND CIBC ATLAS
EQUITY INCOME FUND
APRIL 30, 2026 (Unaudited)
   

 

SCHEDULE OF INVESTMENTS            
             
COMMON STOCK — 99.2%   Shares     Value  
CONSUMER DISCRETIONARY — 4.8%                
Dick's Sporting Goods     28,317     $ 6,425,694  
Pool     18,192       3,880,717  
TJX     40,852       6,403,551  
              16,709,962  
ENERGY — 7.7%                
Enterprise Products Partners     426,148       16,491,928  
ONEOK     68,671       6,349,321  
Targa Resources     15,306       3,980,784  
              26,822,033  
FINANCIALS — 17.5%                
Blackstone, Cl A     59,768       7,505,666  
Brookfield     215,764       9,735,272  
Charles Schwab     106,475       9,757,369  
CME Group, Cl A     38,254       11,010,266  
Goldman Sachs Group     6,225       5,750,468  
JPMorgan Chase     37,970       11,893,343  
Visa, Cl A     16,411       5,413,004  
              61,065,388  
HEALTH CARE — 17.6%                
Abbott Laboratories     113,454       10,300,489  
AbbVie     46,167       9,756,010  
AstraZeneca PLC     59,678       11,181,867  
Cardinal Health     32,916       6,348,838  
Elevance Health     23,017       8,664,059  
Eli Lilly     16,588       15,503,145  
              61,754,408  
INDUSTRIALS — 18.9%                
Broadridge Financial Solutions     31,296       4,818,958  
Carrier Global     60,864       4,088,235  
L3Harris Technologies     44,920       14,399,106  
Parker-Hannifin     13,728       12,484,518  
Rollins     130,526       7,274,214  
RTX     31,753       5,590,750  
TransDigm Group     6,908       8,013,142  
United Parcel Service, Cl B     49,145       5,346,976  
Watsco     9,376       4,105,188  
              66,121,087  

 

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

16

 

THE ADVISORS’ INNER CIRCLE FUND CIBC ATLAS
EQUITY INCOME FUND
APRIL 30, 2026 (Unaudited)
   

 

COMMON STOCK (continued)   Shares     Value  
INFORMATION TECHNOLOGY — 18.2%
Apple     49,437     $ 13,414,730  
Broadcom     24,296       10,141,879  
International Business Machines     28,170       6,506,707  
Intuit     7,403       2,876,066  
Microchip Technology     99,966       9,287,841  
Microsoft     43,699       17,819,578  
Texas Instruments     12,525       3,520,527  
              63,567,328  
REAL ESTATE — 8.2%
American Tower, Cl A ‡     34,043       6,219,996  
Equinix ‡     5,638       6,104,995  
Iron Mountain ‡     51,139       6,443,003  
Prologis ‡     40,445       5,743,999  
VICI Properties, Cl A ‡     140,204       4,093,957  
              28,605,950  
UTILITIES — 6.3%
Brookfield Infrastructure Partners     99,872       3,580,411  
Brookfield Renewable Partners     207,533       6,871,418  
NextEra Energy     118,165       11,565,990  
              22,017,819  
TOTAL COMMON STOCK              
(Cost $196,450,210)             346,663,975  
                 
SHORT-TERM INVESTMENT — 0.8%                
First American Government Obligations Fund, Cl X, 3.580% (A)     2,816,243       2,816,243  
TOTAL SHORT-TERM INVESTMENT                
(Cost $2,816,243)             2,816,243  
TOTAL INVESTMENTS — 100.0%                
(Cost $199,266,453)           $ 349,480,218  

 

Percentages are based on Net Assets of $349,612,479. 

‡ Real Estate Investment Trust
(A) The rate reported is the 7-day effective yield as of April 30, 2026.

 

Cl — Class

PLC — Public Limited Company

 

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

17

 

THE ADVISORS’ INNER CIRCLE FUND CIBC ATLAS
EQUITY INCOME FUND
APRIL 30, 2026 (Unaudited)
   

 

As of April 30, 2026, all of the Fund's investments were considered Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

 

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

 

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

18

 

THE ADVISORS’ INNER CIRCLE FUND CIBC ATLAS
INTERNATIONAL GROWTH FUND
APRIL 30, 2026 (Unaudited)
   

 

SCHEDULE OF INVESTMENTS            
             
COMMON STOCK — 97.3%   Shares     Value  
Australia — 4.7%                
MATERIALS — 4.7%                
BHP Group     723,420     $ 28,632,391  
James Hardie Industries PLC *     636,253       13,574,423  
              42,206,814  
Brazil — 1.2%                
CONSUMER DISCRETIONARY — 1.2%                
MercadoLibre *     6,161       11,044,393  
Canada — 3.0%                
FINANCIALS — 2.0%                
Brookfield     390,367       17,613,359  
INDUSTRIALS — 1.0%                
Canadian National Railway     77,665       8,708,577  
              26,321,936  
China — 4.6%                
COMMUNICATION SERVICES — 2.8%                
Tencent Holdings     407,000       24,718,032  
CONSUMER DISCRETIONARY — 1.8%                
Alibaba Group Holding     793,000       13,069,444  
Alibaba Group Holding ADR     25,532       3,367,160  
              16,436,604  
              41,154,636  
France — 4.3%                
CONSUMER DISCRETIONARY — 0.9%                
Hermes International SCA     4,176       7,989,139  
INDUSTRIALS — 1.7%                
Airbus     75,197       15,502,625  
MATERIALS — 1.7%                
Air Liquide     68,683       14,776,537  
              38,268,301  

 

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

19

 

THE ADVISORS’ INNER CIRCLE FUND CIBC ATLAS
INTERNATIONAL GROWTH FUND
APRIL 30, 2026 (Unaudited)
   

 

COMMON STOCK (continued)   Shares     Value  
Germany — 6.5%                
INDUSTRIALS — 2.9%                
Siemens     85,197     $ 25,317,323  
INFORMATION TECHNOLOGY — 2.1%                
SAP     112,736       18,927,668  
MATERIALS — 1.5%                
Heidelberg Materials     60,751       13,404,343  
              57,649,334  
Hong Kong — 2.5%                
FINANCIALS — 2.5%                
AIA Group     2,023,000       22,210,051  
India — 1.9%                
FINANCIALS — 1.9%                
HDFC Bank ADR     652,665       16,584,218  
Ireland — 1.7%                
CONSUMER STAPLES — 1.1%                
Kerry Group PLC, Cl A     109,451       9,275,817  
HEALTH CARE — 0.6%                
ICON PLC *     47,712       5,645,761  
              14,921,578  
Italy — 1.3%                
CONSUMER DISCRETIONARY — 1.3%                
Ferrari     32,902       11,385,810  
Japan — 15.3%                
CONSUMER DISCRETIONARY — 3.1%                
Sony Group     647,000       12,962,860  
Suzuki Motor     1,305,000       14,594,386  
              27,557,246  
FINANCIALS — 4.8%                
Mizuho Financial Group     605,000       26,016,642  
Tokio Marine Holdings     366,000       16,761,618  
              42,778,260  

 

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

20

 

THE ADVISORS’ INNER CIRCLE FUND CIBC ATLAS
INTERNATIONAL GROWTH FUND
APRIL 30, 2026 (Unaudited)
   

 

COMMON STOCK (continued)   Shares     Value  
Japan (continued)                
INDUSTRIALS — 7.4%                
FANUC     552,000     $ 24,383,554  
Hitachi     583,000       18,538,438  
Kawasaki Heavy Industries     1,115,000       22,922,630  
              65,844,622  
              136,180,128  
Mexico — 2.3%                
CONSUMER STAPLES — 2.3%                
Fomento Economico Mexicano ADR     173,530       20,518,187  
Netherlands — 3.8%                
INFORMATION TECHNOLOGY — 3.8%                
ASML Holding     23,677       34,226,311  
Singapore — 3.3%                
FINANCIALS — 3.3%                
DBS Group Holdings     637,000       29,372,495  
Spain — 3.5%                
FINANCIALS — 3.5%                
Banco Santander     2,573,684       31,405,043  
Sweden — 3.4%                
INDUSTRIALS — 3.4%                
Assa Abloy, Cl B     444,366       17,102,634  
Atlas Copco, Cl A     683,260       13,130,647  
              30,233,281  
Switzerland — 5.7%                
FINANCIALS — 1.2%                
Chubb     34,237       11,195,499  
HEALTH CARE — 4.5%                
Alcon     245,382       18,318,342  
Novartis     146,195       21,606,111  
              39,924,453  
              51,119,952  

 

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

21

 

THE ADVISORS’ INNER CIRCLE FUND CIBC ATLAS
INTERNATIONAL GROWTH FUND
APRIL 30, 2026 (Unaudited)
   

 

COMMON STOCK (continued)   Shares     Value  
Taiwan — 5.4%                
INFORMATION TECHNOLOGY — 5.4%                
Taiwan Semiconductor Manufacturing ADR     122,061     $ 48,343,480  
United Kingdom — 22.9%                
CONSUMER DISCRETIONARY — 3.6%                
Compass Group PLC     470,560       13,296,622  
InterContinental Hotels Group PLC     132,026       18,877,232  
              32,173,854  
CONSUMER STAPLES — 1.1%                
Diageo PLC     476,528       9,635,090  
ENERGY — 4.3%                
Shell PLC     844,289       38,387,064  
FINANCIALS — 5.6%                
Lloyds Banking Group PLC     20,810,065       28,287,150  
London Stock Exchange Group PLC     167,304       21,708,798  
              49,995,948  
HEALTH CARE — 4.0%                
AstraZeneca PLC     113,680       21,567,605  
Haleon PLC     2,948,492       13,615,735  
              35,183,340  
INDUSTRIALS — 4.3%                
BAE Systems PLC     907,071       25,228,835  
Experian PLC     362,354       13,258,169  
              38,487,004  
              203,862,300  
TOTAL COMMON STOCK                
(Cost $619,532,210)             867,008,248  
                 
SHORT-TERM INVESTMENT — 1.4%                
First American Government Obligations Fund, Cl X, 3.580%  (A)     12,044,800       12,044,800  
TOTAL SHORT-TERM INVESTMENT                
(Cost $12,044,800)             12,044,800  
TOTAL INVESTMENTS — 98.7%            
(Cost $631,577,010)           $ 879,053,048  

 

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

22

 

THE ADVISORS’ INNER CIRCLE FUND CIBC ATLAS
INTERNATIONAL GROWTH FUND
APRIL 30, 2026 (Unaudited)
   

 

Percentages are based on Net Assets of $890,241,917.
* Non-income producing security.

(A) The rate reported is the 7-day effective yield as of April 30, 2026.

 

ADR — American Depositary Receipt 

Cl — Class

PLC — Public Limited Company

 

The following is a summary of the level of inputs used as of April 30, 2026, in valuing the Fund's investments carried at value: 

Investments in Securities   Level 1     Level 2     Level 3     Total  
Common Stock                                
Australia   $ —     $ 42,206,814     $ —     $ 42,206,814  
Brazil     11,044,393       —       —       11,044,393  
Canada     26,321,936       —       —       26,321,936  
China     3,367,160       37,787,476       —       41,154,636  
France     —       38,268,301       —       38,268,301  
Germany     —       57,649,334       —       57,649,334  
Hong Kong     —       22,210,051       —       22,210,051  
India     16,584,218       —       —       16,584,218  
Ireland     5,645,761       9,275,817       —       14,921,578  
Italy     —       11,385,810       —       11,385,810  
Japan     —       136,180,128       —       136,180,128  
Mexico     20,518,187       —       —       20,518,187  
Netherlands     —       34,226,311       —       34,226,311  
Singapore     —       29,372,495       —       29,372,495  
Spain     —       31,405,043       —       31,405,043  
Sweden     —       30,233,281       —       30,233,281  
Switzerland     11,195,499       39,924,453       —       51,119,952  
Taiwan     48,343,480       —       —       48,343,480  
United Kingdom     —       203,862,300       —       203,862,300  
Total Common Stock     143,020,634       723,987,614       —       867,008,248  
Short-Term Investment                                
United States     12,044,800       —       —       12,044,800  
Total Short-Term Investment     12,044,800       —       —       12,044,800  
Total Investments in Securities   $ 155,065,434     $ 723,987,614     $ —     $ 879,053,048  

 

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

 

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

 

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

23

 

THE ADVISORS’ INNER CIRCLE FUND CIBC ATLAS FUNDS

APRIL 30, 2026 (Unaudited)

 

 

 

STATEMENTS OF ASSETS AND LIABILITIES

 

    CIBC Atlas
Disciplined
Equity Fund		     CIBC Atlas
Mid Cap
Equity Fund		     CIBC Atlas
Income
Opportunities
Fund		  
Assets:      
Investments at Value (Cost $678,316,985, $412,020,637 and $384,392,798, respectively)   $ 1,479,632,583     $ 670,303,455     $ 524,199,323  
Dividends and Interest Receivable     340,402       48,935       2,123,204  
Receivable for Capital Shares Sold     43,996       38,985       139,985  
Cash Collateral Held at Prime Broker for Written Options     –       –       295,848  
Reclaim Receivable     –       3,361       216,381  
Prepaid Expenses     21,295       10,607       8,665  
Total Assets     1,480,038,276       670,405,343       526,983,406  
Liabilities:                        
Written Options, at value (Premiums Received $—, $— and $295,712, respectively)     –       –       400,034  
Payable for Capital Shares Redeemed     1,596,987       604,128       357,045  
Payable Due to Adviser     774,345       407,149       259,783  
Payable Due to Administrator     54,405       24,799       19,778  
Chief Compliance Officer Fees Payable     6,146       2,712       2,106  
Payable Due to Trustees     716       18       158  
Other Accrued Expenses     83,443       47,676       50,231  
Total Liabilities     2,516,042       1,086,482       1,089,135  
Commitments and Contingencies †                        
                         
Net Assets   $ 1,477,522,234     $ 669,318,861     $ 525,894,271  
                         
Net Assets Consist of:                        
Paid-in Capital   $ 480,093,197     $ 360,373,276     $ 351,512,852  
Total Distributable Earnings     997,429,037       308,945,585       174,381,419  
Net Assets   $ 1,477,522,234     $ 669,318,861     $ 525,894,271  
Institutional Class Shares:                        
Outstanding Shares of Beneficial Interest                        
(unlimited authorization — no par value)     48,391,082       35,809,076       35,272,178  
Net Asset Value, Offering and Redemption Price Per Share   $ 30.53     $ 18.69     $ 14.91  

 

† See Note 5 in the Notes to Financial Statements.

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

 

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

24 

 

THE ADVISORS’ INNER CIRCLE FUND CIBC ATLAS FUNDS

APRIL 30, 2026 (Unaudited)

 

 

 

STATEMENTS OF ASSETS AND LIABILITIES

 

    CIBC Atlas All
Cap Growth
Fund		     CIBC Atlas
Equity
Income Fund		     CIBC Atlas
International
Growth Fund		  
Assets:      
Investments at Value (Cost $162,402,666, $199,266,453 and $631,577,010, respectively)   $ 290,185,774     $ 349,480,218     $ 879,053,048  
Foreign Currency at Value (Cost $–, $– and $528,186, respectively)     –       –       530,200  
Receivable for Investment Securities Sold     4,783,491       –       10,576,870  
Receivable for Capital Shares Sold     165,505       69,860       1,390,190  
Dividends and Interest Receivable     44,301       418,368       3,850,197  
Reclaim Receivable     468       –       804,721  
Prepaid Expenses     16,200       23,228       11,904  
Total Assets     295,195,739       349,991,674       896,217,130  
Liabilities:                        
Payable for Investment Securities Purchased     3,459,420       –       5,143,648  
Payable for Capital Shares Redeemed     327,441       104,038       104,536  
Payable Due to Adviser     188,736       228,103       594,275  
Payable Due to Administrator     10,514       13,025       33,107  
Chief Compliance Officer Fees Payable     1,051       1,209       3,213  
Payable Due to Trustees     79       262       1,032  
Other Accrued Expenses     28,539       32,558       95,402  
Total Liabilities     4,015,780       379,195       5,975,213  
Commitments and Contingencies †                        
                         
Net Assets   $ 291,179,959     $ 349,612,479     $ 890,241,917  
                         
Net Assets Consist of:                        
Paid-in Capital   $ 157,264,229     $ 201,891,489     $ 662,002,126  
Total Distributable Earnings     133,915,730       147,720,990       228,239,791  
Net Assets   $ 291,179,959     $ 349,612,479     $ 890,241,917  
Institutional Class Shares:                        
Outstanding Shares of Beneficial Interest                        
(unlimited authorization — no par value)     7,334,677       5,528,532       54,216,480  
Net Asset Value, Offering and Redemption Price Per Share   $ 39.70     $ 63.24     $ 16.42  

 

† See Note 5 in the Notes to Financial Statements.

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

 

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

25 

 

THE ADVISORS’ INNER CIRCLE FUND CIBC ATLAS FUNDS

FOR THE SIX MONTHS ENDED
APRIL 30, 2026 (Unaudited)

 

 

 

STATEMENTS OF OPERATIONS

    CIBC Atlas
Disciplined
Equity Fund		     CIBC Atlas Mid
Cap Equity
Fund		     CIBC Atlas
Income
Opportunities
Fund		  
Investment Income:                        
Dividends   $ 10,286,226     $ 2,077,550     $ 3,918,249  
Interest     —       —       4,987,393  
Less: Foreign Taxes Withheld     (50,120 )     (6,538 )     (57,570 )
Total Investment Income     10,236,106       2,071,012       8,848,072  
Expenses:                        
Investment Advisory Fees     5,154,478       2,699,698       1,721,882  
Administration Fees     355,356       160,605       128,063  
Trustees' Fees     20,419       9,546       7,405  
Chief Compliance Officer Fees     4,989       2,319       1,865  
Transfer Agent Fees     35,444       24,825       22,573  
Custodian Fees     34,504       16,832       13,532  
Printing Fees     23,449       10,506       8,361  
Legal Fees     22,482       10,177       8,061  
Audit Fees     13,877       13,805       15,134  
Registration and Filing Fees     13,352       15,391       12,531  
Other Expenses     26,402       12,820       12,960  
Total Expenses     5,704,752       2,976,524       1,952,367  
Less:                        
Fees Paid Indirectly (Note 4)     (10,732 )     (5,290 )     (4,051 )
Net Expenses     5,694,020       2,971,234       1,948,316  
Net Investment Income (Loss)     4,542,086       (900,222 )     6,899,756  
Net Realized Gain on:                        
Investments     194,627,138       54,390,378       33,486,201  
Written Options     —       —       1,026,897  
Net Realized Gain     194,627,138       54,390,378       34,513,098  
Net Change in Unrealized Appreciation (Depreciation) on:                        
Investments     (186,188,550 )     (53,102,193 )     (39,921,169 )
Written Options     —       —       (130,437 )
Net Change in Unrealized Appreciation (Depreciation)     (186,188,550 )     (53,102,193 )     (40,051,606 )
Net Realized and Unrealized Gain (Loss)     8,438,588       1,288,185       (5,538,508 )
Net Increase in Net Assets Resulting from Operations   $ 12,980,674     $ 387,963     $ 1,361,248  

 

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

 

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

26 

 

THE ADVISORS’ INNER CIRCLE FUND CIBC ATLAS FUNDS

FOR THE SIX MONTHS ENDED
APRIL 30, 2026 (Unaudited)

 

 

 

STATEMENTS OF OPERATIONS

 

    CIBC Atlas All
Cap Growth
Fund		     CIBC Atlas
Equity Income
Fund		     CIBC Atlas
International
Growth Fund		  
Investment Income:                        
Dividends   $ 677,436     $ 4,324,627     $ 9,433,519  
Less: Foreign Taxes Withheld     (3,631 )     (37,769 )     (660,000 )
Total Investment Income     673,805       4,286,858       8,773,519  
Expenses:                        
Investment Advisory Fees     1,246,134       1,406,833       3,534,225  
Administration Fees     67,801       78,546       192,604  
Trustees' Fees     3,934       4,317       10,258  
Chief Compliance Officer Fees     1,035       1,186       2,760  
Transfer Agent Fees     19,511       19,399       24,308  
Registration and Filing Fees     15,951       15,073       16,641  
Audit Fees     13,757       13,760       15,065  
Legal Fees     12,089       4,897       12,086  
Printing Fees     7,226       5,112       12,641  
Custodian Fees     6,757       7,160       101,064  
Other Expenses     8,161       6,288       16,961  
Total Expenses     1,402,356       1,562,571       3,938,613  
Less:                        
Fees Paid Indirectly (Note 4)     (8,179 )     (6,104 )     (4,081 )
Net Expenses     1,394,177       1,556,467       3,934,532  
Net Investment Income (Loss)     (720,372 )     2,730,391       4,838,987  
Net Realized Gain (Loss) on:                        
Investments     8,173,534       (563,407 )     9,279,208  
Foreign Currency Transactions     —       —       2,324,818  
Net Realized Gain (Loss)     8,173,534       (563,407 )     11,604,026  
Net Change in Unrealized Appreciation (Depreciation) on:                        
Investments     (16,176,249 )     11,795,162       7,741,432  
Foreign Currency Translation     —       —       (2,501,226 )
Net Change in Unrealized Appreciation (Depreciation)     (16,176,249 )     11,795,162       5,240,206  
Net Realized and Unrealized Gain (Loss)     (8,002,715 )     11,231,755       16,844,232  
Net Increase (Decrease) in Net Assets Resulting from Operations   $ (8,723,087 )   $ 13,962,146     $ 21,683,219  

 

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

 

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

27 

 

THE ADVISORS’ INNER CIRCLE FUND CIBC ATLAS FUNDS

 

 

 

STATEMENTS OF CHANGES IN NET ASSETS

 

    CIBC Atlas Disciplined Equity Fund  
    Six Months Ended
April 30, 2026
(Unaudited)		     Year Ended
October 31, 2025		  
Operations:      
Net Investment Income   $ 4,542,086     $ 8,375,407  
Net Realized Gain     194,627,138       216,234,555  
Net Change in Unrealized Appreciation (Depreciation)     (186,188,550 )     (7,946,929 )
Net Increase in Net Assets Resulting from Operations     12,980,674       216,663,033  
Distributions:                
Institutional Class Shares     (223,072,930 )     (107,002,588 )
Total Distributions     (223,072,930 )     (107,002,588 )
Capital Share Transactions:(1)                
Institutional Class Shares                
Issued     26,103,962       65,086,968  
Reinvestment of Dividends and Distributions     198,328,595       96,618,428  
Redeemed     (310,585,655 )     (262,481,924 )
Net Decrease in Net Assets from Capital Share Transactions     (86,153,098 )     (100,776,528 )
Total Increase (Decrease) in Net Assets     (296,245,354 )     8,883,917  
                 
Net Assets:                
Beginning of Period     1,773,767,588       1,764,883,671  
End of Period   $ 1,477,522,234     $ 1,773,767,588  

 

(1) See Note 6 in the Notes to Financial Statements.

 

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

28 

 

THE ADVISORS’ INNER CIRCLE FUND CIBC ATLAS FUNDS

 

 

 

STATEMENTS OF CHANGES IN NET ASSETS

 

    CIBC Atlas Mid Cap Equity Fund  
    Six Months Ended
April 30, 2026
(Unaudited)		     Year Ended
October 31, 2025		  
Operations:      
Net Investment Loss   $ (900,222 )   $ (2,341,683 )
Net Realized Gain     54,390,378       78,388,200  
Net Change in Unrealized Appreciation (Depreciation)     (53,102,193 )     (15,348,081 )
Net Increase in Net Assets Resulting from Operations     387,963       60,698,436  
Distributions:                
Institutional Class Shares     (78,541,638 )     (52,927,441 )
Total Distributions     (78,541,638 )     (52,927,441 )
Capital Share Transactions:(1)                
Institutional Class Shares                
Issued     20,593,067       72,850,165  
Reinvestment of Dividends and Distributions     70,658,085       49,458,700  
Redeemed     (198,944,453 )     (156,395,511 )
Net Decrease in Net Assets from Capital Share Transactions     (107,693,301 )     (34,086,646 )
Total Decrease in Net Assets     (185,846,976 )     (26,315,651 )
                 
Net Assets:                
Beginning of Period     855,165,837       881,481,488  
End of Period   $ 669,318,861     $ 855,165,837  

 

(1) See Note 6 in the Notes to Financial Statements.

 

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

29 

 

THE ADVISORS’ INNER CIRCLE FUND CIBC ATLAS FUNDS

 

 

 

STATEMENTS OF CHANGES IN NET ASSETS

 

    CIBC Atlas Income Opportunities Fund  
    Six Months Ended
April 30, 2026
(Unaudited)		     Year Ended
October 31, 2025		  
Operations:      
Net Investment Income   $ 6,899,756     $ 16,266,101  
Net Realized Gain     34,513,098       55,420,477  
Net Change in Unrealized Appreciation (Depreciation)     (40,051,606 )     (18,161,412 )
Net Increase in Net Assets Resulting from Operations     1,361,248       53,525,166  
Distributions:                
Institutional Class Shares     (64,417,846 )     (37,575,615 )
Total Distributions     (64,417,846 )     (37,575,615 )
Capital Share Transactions:(1)                
Institutional Class Shares                
Issued     12,227,078       40,114,875  
Reinvestment of Dividends and Distributions     53,823,083       28,575,644  
Redeemed     (119,958,900 )     (141,598,294 )
Net Decrease in Net Assets from Capital Share Transactions     (53,908,739 )     (72,907,775 )
Total Decrease in Net Assets     (116,965,337 )     (56,958,224 )
                 
Net Assets:                
Beginning of Period     642,859,608       699,817,832  
End of Period   $ 525,894,271     $ 642,859,608  

 

(1) See Note 6 in the Notes to Financial Statements.

 

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

30 

 

THE ADVISORS’ INNER CIRCLE FUND CIBC ATLAS FUNDS

 

 

 

STATEMENTS OF CHANGES IN NET ASSETS

 

    CIBC Atlas All Cap Growth Fund  
    Six Months Ended
April 30, 2026
(Unaudited)		     Year Ended
October 31, 2025		  
Operations:
Net Investment Loss   $ (720,372 )   $ (1,189,932 )
Net Realized Gain     8,173,534       25,953,709  
Net Change in Unrealized Appreciation (Depreciation)     (16,176,249 )     8,499,238  
Net Increase (Decrease) in Net Assets Resulting from Operations     (8,723,087 )     33,263,015  
Distributions:                
Institutional Class Shares     (17,506,799 )     (28,805,043 )
Total Distributions     (17,506,799 )     (28,805,043 )
Capital Share Transactions:(1)                
Institutional Class Shares                
Issued     12,150,810       60,174,168  
Reinvestment of Dividends and Distributions     17,222,082       28,198,948  
Redeemed     (66,148,993 )     (50,193,558 )
Net Increase (Decrease) in Net Assets from Capital Share Transactions     (36,776,101 )     38,179,558  
Total Increase (Decrease) in Net Assets     (63,005,987 )     42,637,530  
                 
Net Assets:                
Beginning of Period     354,185,946       311,548,416  
End of Period   $ 291,179,959     $ 354,185,946  

 

(1) See Note 6 in the Notes to Financial Statements.

 

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

31 

 

THE ADVISORS’ INNER CIRCLE FUND CIBC ATLAS FUNDS

 

 

 

STATEMENTS OF CHANGES IN NET ASSETS

 

    CIBC Atlas Equity Income Fund  
    Six Months Ended
April 30, 2026
(Unaudited)		     Year Ended
October 31, 2025		  
Operations:      
Net Investment Income   $ 2,730,391     $ 5,299,020  
Net Realized Gain (Loss)     (563,407 )     17,813,616  
Net Change in Unrealized Appreciation (Depreciation)     11,795,162       (6,974,485 )
Net Increase in Net Assets Resulting from Operations     13,962,146       16,138,151  
Distributions:                
Institutional Shares     (7,660,345 )     (19,155,700 )
Total Distributions     (7,660,345 )     (19,155,700 )
Capital Share Transactions:(1)                
Institutional Shares                
Issued     24,535,195       49,205,346  
Reinvestment of Dividends and Distributions     7,108,733       16,781,667  
Redeemed     (45,109,517 )     (61,764,593 )
Net Increase (Decrease) in Net Assets from Capital Share Transactions     (13,465,589 )     4,222,420  
Total Increase (Decrease) in Net Assets     (7,163,788 )     1,204,871  
                 
Net Assets:                
Beginning of Period     356,776,267       355,571,396  
End of Period   $ 349,612,479     $ 356,776,267  

 

(1) See Note 6 in the Notes to Financial Statements.

 

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

32 

 

THE ADVISORS’ INNER CIRCLE FUND CIBC ATLAS FUNDS

 

 

 

STATEMENTS OF CHANGES IN NET ASSETS

 

    CIBC Atlas International Growth Fund  
    Six Months Ended
April 30, 2026
(Unaudited)		     Year Ended
October 31, 2025		  
Operations:      
Net Investment Income   $ 4,838,987     $ 9,091,238  
Net Realized Gain (Loss)     11,604,026       (4,055,457 )
Net Change in Unrealized Appreciation (Depreciation)     5,240,206       144,611,226  
Net Increase in Net Assets Resulting from Operations     21,683,219       149,647,007  
Distributions:                
Institutional Class Shares     (6,143,397 )     (6,792,480 )
Total Distributions     (6,143,397 )     (6,792,480 )
Capital Share Transactions:(1)                
Institutional Class Shares                
Issued     97,299,367       172,385,057  
Reinvestment of Dividends and Distributions     4,706,202       5,224,866  
Redemption Fees (See Note 2)     1,566       13,204  
Redeemed     (64,239,187 )     (97,690,232 )
Net Increase in Net Assets from Capital Share Transactions     37,767,948       79,932,895  
Total Increase in Net Assets     53,307,770       222,787,422  
                 
Net Assets:                
Beginning of Period     836,934,147       614,146,725  
End of Period   $ 890,241,917     $ 836,934,147  

 

(1) See Note 6 in the Notes to Financial Statements.

Amount designated as “—” is $0 or has been rounded to $0.

 

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

33 

 

THE ADVISORS’ INNER CIRCLE FUND CIBC ATLAS

DISCIPLINED EQUITY FUND

 

 

 

FINANCIAL HIGHLIGHTS

Selected Per Share Data & Ratios

For a Share Outstanding Throughout Each Period/Year

 

    Six Months     Year Ended October 31,  
Institutional Class Shares   Ended April
30, 2026
(Unaudited)		     2025     2024     2023     2022     2021  
Net Asset Value, Beginning of Period/Year   $ 34.56     $ 32.44     $ 25.56     $ 25.18     $ 32.36     $ 23.69  
Income (Loss) from Investment Operations:                                                
Net Investment Income*     0.09       0.16       0.21       0.24       0.20       0.15  
Net Realized and Unrealized Gain (Loss)     0.28       3.94       7.99       1.13       (5.18 )     9.19  
                                                 
Total from Investment Operations     0.37       4.10       8.20       1.37       (4.98 )     9.34  
                                                 
Dividends and Distributions:                                                
Net Investment Income     (0.14 )     (0.19 )     (0.25 )     (0.22 )     (0.15 )     (0.16 )
Net Realized Gains     (4.26 )     (1.79 )     (1.07 )     (0.77 )     (2.05 )     (0.51 )
                                                 
Total Dividends and Distributions     (4.40 )     (1.98 )     (1.32 )     (0.99 )     (2.20 )     (0.67 )
Net Asset Value, End of Period/Year   $ 30.53     $ 34.56     $ 32.44     $ 25.56     $ 25.18     $ 32.36  
Total Return †     1.45 %     13.26 %     32.94 %     5.73 %     (16.61 )%     40.11 %
                                                 
Ratios and Supplemental Data                                                
Net Assets, End of Period/Year (Thousands)   $ 1,477,522     $ 1,773,768     $ 1,764,884     $ 1,415,319     $ 1,449,826     $ 1,811,974  
Ratio of Expenses to Average Net Assets (Including Waivers, Reimbursements and Fees Paid Indirectly)     0.72 %**     0.71 %     0.72 %     0.72 %     0.72 %     0.72 %
Ratio of Expenses to Average Net Assets (Excluding Waivers, Reimbursements and Fees Paid Indirectly)     0.72 %**     0.71 %     0.72 %     0.72 %     0.72 %     0.72 %
Ratio of Net Investment Income to Average Net Assets     0.57 %**     0.49 %     0.69 %     0.91 %     0.72 %     0.54 %
Portfolio Turnover Rate     9 %***     19 %     14 %     10 %     13 %     19 %

 

* Per share data calculated using average shares method.
** Annualized.
*** Not Annualized.
† Total return is for the period indicated and has not been annualized. Return shown does not reflect the deductions of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total return would have been lower had the Adviser not waived its fee and/or reimbursed other expenses.
  Amounts designated as “—” are either not applicable, $0 or have been rounded to $0.

 

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

34 

 

THE ADVISORS’ INNER CIRCLE FUND CIBC ATLAS

MID CAP EQUITY FUND

 

 

 

FINANCIAL HIGHLIGHTS

Selected Per Share Data & Ratios

For a Share Outstanding Throughout Each Period/Year

 

    Six Months     Year Ended October 31,  
Institutional Class Shares   Ended April
30, 2026
(Unaudited)		     2025     2024     2023     2022     2021  
Net Asset Value, Beginning of Period/Year   $ 20.67     $ 20.47     $ 16.33     $ 16.78     $ 23.66     $ 17.34  
Income (Loss) from Investment Operations:                                                
Net Investment Loss*     (0.02 )     (0.05 )     (0.02 )     —       (0.05 )     (0.09 )
Net Realized and Unrealized Gain (Loss)     0.06       1.49       4.97       (0.19 )     (4.55 )     6.91  
                                                 
Total from Investment Operations     0.04       1.44       4.95       (0.19 )     (4.60 )     6.82  
                                                 
Dividends and Distributions:                                                
Net Realized Gains     (2.02 )     (1.24 )     (0.81 )     (0.26 )     (2.28 )     (0.50 )
                                                 
Total Dividends and Distributions     (2.02 )     (1.24 )     (0.81 )     (0.26 )     (2.28 )     (0.50 )
Net Asset Value, End of Period/Year   $ 18.69     $ 20.67     $ 20.47     $ 16.33     $ 16.78     $ 23.66  
Total Return †     0.70 %     7.29 %     30.85 %     (1.15 )%     (21.53 )%     39.86 %
                                                 
Ratios and Supplemental Data                                                
Net Assets, End of Period/Year (Thousands)   $ 669,319     $ 855,166     $ 881,481     $ 674,460     $ 681,656     $ 950,136  
Ratio of Expenses to Average Net Assets (Including Waivers, Reimbursements and Fees Paid Indirectly)     0.83 %**     0.82 %     0.83 %     0.83 %     0.83 %     0.83 %
Ratio of Expenses to Average Net Assets (Excluding Waivers, Reimbursements and Fees Paid Indirectly)     0.83 %**     0.82 %     0.83 %     0.83 %     0.83 %     0.83 %
Ratio of Net Investment Loss to Average Net Assets     (0.25 )%**     (0.27 )%     (0.12 )%     (0.03 )%     (0.27 )%     (0.41 )%
Portfolio Turnover Rate     6 %***     24 %     20 %     32 %     20 %     26 %

 

* Per share data calculated using average shares method.
** Annualized.
*** Not Annualized.
† Total return is for the period indicated and has not been annualized. Return shown does not reflect the deductions of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total return would have been lower had the Adviser not waived its fee and/or reimbursed other expenses.
  Amounts designated as “—” are either not applicable, $0 or have been rounded to $0.

 

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

35 

 

THE ADVISORS’ INNER CIRCLE FUND CIBC ATLAS

INCOME OPPORTUNITIES FUND

 

 

 

FINANCIAL HIGHLIGHTS

Selected Per Share Data & Ratios

For a Share Outstanding Throughout Each Period/Year

 

    Six Months     Year Ended October 31,  
Institutional Class Shares   Ended April
30, 2026
(Unaudited)		     2025     2024     2023     2022     2021  
Net Asset Value, Beginning of Period/Year   $ 16.59     $ 16.18     $ 13.61     $ 13.31     $ 15.81     $ 12.72  
Income (Loss) from Investment Operations:                                                
Net Investment Income*     0.18       0.38       0.37       0.34       0.29       0.26  
Net Realized and Unrealized Gain (Loss)     (0.14 )     0.91       2.57       0.29       (2.15 )     3.09  
                                                 
Total from Investment Operations     0.04       1.29       2.94       0.63       (1.86 )     3.35  
                                                 
Dividends and Distributions:                                                
Net Investment Income     (0.24 )     (0.35 )     (0.37 )     (0.33 )     (0.30 )     (0.26 )
Net Realized Gains     (1.48 )     (0.53 )     —       —       (0.34 )     —  
                                                 
Total Dividends and Distributions     (1.72 )     (0.88 )     (0.37 )     (0.33 )     (0.64 )     (0.26 )
Net Asset Value, End of Period/Year   $ 14.91     $ 16.59     $ 16.18     $ 13.61     $ 13.31     $ 15.81  
Total Return †     0.35 %     8.30 %     21.70 %     4.69 %     (12.21 )%     26.51 %
                                                 
Ratios and Supplemental Data                                                
Net Assets, End of Period/Year (Thousands)   $ 525,894     $ 642,860     $ 699,818     $ 603,776     $ 609,294     $ 672,173  
Ratio of Expenses to Average Net Assets (Including Waivers, Reimbursements and Fees Paid Indirectly)(1)     0.68 %**     0.68 %     0.68 %     0.69 %     0.69 %     0.68 %
Ratio of Expenses to Average Net Assets (Excluding Waivers, Reimbursements and Fees Paid Indirectly)(1)     0.68 %**     0.68 %     0.68 %     0.69 %     0.69 %     0.68 %
Ratio of Net Investment Income to Average Net Assets(2)     2.40 %**     2.39 %     2.42 %     2.41 %     1.98 %     1.78 %
Portfolio Turnover Rate     11 %***     24 %     19 %     28 %     20 %     19 %

 

* Per share data calculated using average shares method.
† 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.
(1) The Fund will also indirectly bear their prorated share of expenses of any underlying funds in which it invests. Such expenses are not included in the calculation of this ratio.
(2) Net investment income ratios do not reflect the proportionate share of income and expenses of the underlying funds in which the fund invests.
  Amounts designated as “—” are either not applicable, $0 or have been rounded to $0.
** Annualized.
*** Not Annualized.

 

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

36 

 

THE ADVISORS’ INNER CIRCLE FUND CIBC ATLAS

ALL CAP GROWTH FUND

 

 

 

FINANCIAL HIGHLIGHTS

Selected Per Share Data & Ratios

For a Share Outstanding Throughout Each Period/Year

 

    Six Months     Year Ended October 31,  
Institutional Class Shares   Ended April
30, 2026
(Unaudited)		     2025     2024     2023     2022     2021  
Net Asset Value, Beginning of Period/Year   $ 42.75     $ 42.37     $ 28.87     $ 28.63     $ 43.08     $ 33.85  
Income (Loss) from Investment Operations:                                                
Net Investment Loss*     (0.09 )     (0.15 )     (0.05 )     (0.03 )     (0.02 )     (0.14 )
Net Realized and Unrealized Gain (Loss)     (0.79 )     4.32       13.95       2.05       (10.02 )     12.12  
                                                 
Total from Investment Operations     (0.88 )     4.17       13.90       2.02       (10.04 )     11.98  
                                                 
Dividends and Distributions:                                                
Net Investment Income     (0.02 )     (1.00 )     —       —       —       —  
Net Realized Gains     (2.15 )     (2.79 )     (0.40 )     (1.78 )     (4.41 )     (2.75 )
                                                 
Total Dividends and Distributions     (2.17 )     (3.79 )     (0.40 )     (1.78 )     (4.41 )     (2.75 )
Net Asset Value, End of Period/Year   $ 39.70     $ 42.75     $ 42.37     $ 28.87     $ 28.63     $ 43.08  
Total Return †     (1.73 )%     10.77 %     48.49 %     7.78 %     (26.01 )%     37.35 %
                                                 
Ratios and Supplemental Data                                                
Net Assets, End of Period/Year (Thousands)   $ 291,180     $ 354,186     $ 311,548     $ 186,606     $ 203,007     $ 312,119  
Ratio of Expenses to Average Net Assets (Including Waivers, Reimbursements and Fees Paid Indirectly)     0.92 %**     0.90 %     0.92 %     0.92 %     0.92 %     0.96 %‡
Ratio of Expenses to Average Net Assets (Excluding Waivers, Reimbursements and Fees Paid Indirectly)     0.92 %**     0.91 %     0.92 %     0.92 %     0.92 %     0.92 %
Ratio of Net Investment Loss to Average Net Assets     (0.47 )%**     (0.36 )%     (0.14 )%     (0.12 )%     (0.07 )%     (0.37 )%
Portfolio Turnover Rate     26 %***     70 %     46 %     44 %     57 %     66 %

 

* Per share data calculated using average shares method.
** Annualized
*** Not Annualized
† Total return is for the period indicated and has not been annualized. Return shown does not reflect the deductions of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total return would have been lower had the Adviser not waived its fee and/or reimbursed other expenses.
‡ Ratio includes previously waived advisory fees recaptured. The net expense ratio would have been lower absent the impact of the recaptured fees.
  Amounts designated as “—” are either not applicable, $0 or have been rounded to $0.

 

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

37 

 

THE ADVISORS’ INNER CIRCLE FUND CIBC ATLAS

EQUITY INCOME FUND

 

 

 

FINANCIAL HIGHLIGHTS

Selected Per Share Data & Ratios

For a Share Outstanding Throughout Each Period/Year

 

    Six Months     Year Ended October 31,  
Institutional Class Shares   Ended April
30, 2026
(Unaudited)		     2025     2024     2023     2022     2021  
Net Asset Value, Beginning of Period/Year   $ 62.14     $ 62.71     $ 46.15     $ 48.27     $ 58.99     $ 43.35  
Income (Loss) from Investment Operations:                                                
Net Investment Income*     0.48       0.89       0.87       1.03       0.78       0.42  
Net Realized and Unrealized Gain (Loss)     1.99       1.87       16.46       (1.51 )     (7.52 )     18.46  
                                                 
Total from Investment Operations     2.47       2.76       17.33       (0.48 )     (6.74 )     18.88  
                                                 
Dividends and Distributions:                                                
Net Investment Income     (0.42 )     (2.85 )     (0.77 )     (0.83 )     (0.89 )     (0.71 )
Net Realized Gains     (0.95 )     (0.48 )     —       (0.68 )     (3.09 )     (2.53 )
Return of Capital     —       —       —       (0.13 )     —       —  
                                                 
Total Dividends and Distributions     (1.37 )     (3.33 )     (0.77 )     (1.64 )     (3.98 )     (3.24 )
Net Asset Value, End of Period/Year   $ 63.24     $ 62.14     $ 62.71     $ 46.15     $ 48.27     $ 58.99  
Total Return †     4.04 %     4.68 %     37.70 %     (1.03 )%     (12.16 )%     45.57 %
                                                 
Ratios and Supplemental Data                                                
Net Assets, End of Period/Year (Thousands)   $ 349,612     $ 356,776     $ 355,571     $ 278,996     $ 309,495     $ 220,298  
Ratio of Expenses to Average Net Assets (Including Waivers, Reimbursements and Fees Paid Indirectly)     0.89 %**     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 %     0.89 %     0.90 %     0.90 %     0.91 %
Ratio of Net Investment Income to Average Net Assets     1.55 %**     1.47 %     1.54 %     2.13 %     1.51 %     0.81 %
Portfolio Turnover Rate     8 %***     29 %     17 %     27 %     23 %     30 %

 

* Per share data calculated using average shares method.
** Annualized
*** Not Annualized
† Total return is for the period indicated and has not been annualized. Return shown does not reflect the deductions of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total return would have been lower had the Adviser not waived its fee and/or reimbursed other expenses.
‡ Ratio includes previously waived advisory fees recaptured. The net expense ratio would have been lower absent the impact of the recaptured fees.
  Amounts designated as “—” are either not applicable, $0 or have been rounded to $0.

 

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

38 

 

THE ADVISORS’ INNER CIRCLE FUND CIBC ATLAS

INTERNATIONAL GROWTH FUND

 

 

 

FINANCIAL HIGHLIGHTS

Selected Per Share Data & Ratios

For a Share Outstanding Throughout Each Period/Year

 

    Six Months     Year Ended October 31,  
Institutional Class Shares   Ended April
30, 2026
(Unaudited)		     2025     2024     2023     2022     2021  
Net Asset Value, Beginning of Period/Year   $ 16.10     $ 13.14     $ 11.18     $ 9.85     $ 13.34     $ 10.66  
Income (Loss) from Investment Operations:                                                
Net Investment Income*     0.09       0.19       0.16       0.16       0.17       0.07  
Net Realized and Unrealized Gain (Loss)     0.35       2.92       1.94       1.34       (3.41 )     2.64  
                                                 
Total from Investment Operations     0.44       3.11       2.10       1.50       (3.24 )     2.71  
                                                 
Dividends and Distributions:                                                
Net Investment Income     (0.12 )     (0.15 )     (0.14 )     (0.17 )     (0.04 )     (0.03 )
Net Realized Gains     —       —       —       —       (0.21 )     —  
                                                 
Total Dividends and Distributions     (0.12 )     (0.15 )     (0.14 )     (0.17 )     (0.25 )     (0.03 )
                                                 
Redemption Fees     — (1)     — (1)     —       —       —       —  
Net Asset Value, End of Period/Year   $ 16.42     $ 16.10     $ 13.14     $ 11.18     $ 9.85     $ 13.34  
Total Return †     2.72 %     23.93 %     18.89 %     15.22 %     (24.69 )%     25.46 %
                                                 
Ratios and Supplemental Data                                                
Net Assets, End of Period/Year (Thousands)   $ 890,242     $ 836,934     $ 614,147     $ 492,839     $ 333,970     $ 415,395  
Ratio of Expenses to Average Net Assets (Including Waivers, Reimbursements and Fees Paid Indirectly)     0.91 %**     0.92 %     0.92 %     0.94 %     0.94 %     0.94 %
Ratio of Expenses to Average Net Assets (Excluding Waivers, Reimbursements and Fees Paid Indirectly)     0.91 %**     0.92 %     0.92 %     0.94 %     0.94 %     0.94 %
Ratio of Net Investment Income to Average Net Assets     1.12 %**     1.30 %     1.23 %     1.38 %     1.44 %     0.53 %
Portfolio Turnover Rate     14 %***     16 %     12 %     13 %     14 %     13 %

 

* Per share data calculated using average shares method.
** Annualized.
*** Not Annualized.
† Total return is for the period indicated and has not been annualized. Return shown does not reflect the deductions of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total return would have been lower had the Adviser not waived its fee and/or reimbursed other expenses.
(1) Less than $0.005 per share.
  Amounts designated as “—” are either not applicable, $0 or have been rounded to $0.

 

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

39 

 

THE ADVISORS’ INNER CIRCLE FUND CIBC ATLAS FUNDS
APRIL 30, 2026
(Unaudited)
   

 

NOTES TO FINANCIAL STATEMENTS

 

1. Organization:

 

The Advisors’ Inner Circle Fund (the “Trust”) is organized as a Massachusetts business trust under an Amended and Restated Agreement and Declaration of Trust dated February 18, 1997. The Trust is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company with 26 funds. The financial statements herein are those of the CIBC Atlas Disciplined Equity Fund (the “Disciplined Equity Fund”), CIBC Atlas Mid Cap Equity Fund (the “Mid Cap Equity Fund”), CIBC Atlas Income Opportunities Fund (the “Income Opportunities Fund”), CIBC Atlas All Cap Growth Fund (the “All Cap Growth Fund”), CIBC Atlas Equity Income Fund (the “Equity Income Fund”), and the CIBC Atlas International Growth Fund (the “International Growth Fund”), (each a “Fund” and collectively the “Funds”). Each Fund except for the CIBC Atlas Disciplined Equity Fund and CIBC Atlas All Cap Growth Fund, is classified as a “diversified” investment company under the 1940 Act. The CIBC Atlas Disciplined Equity Fund and CIBC Atlas All Cap Growth Fund are classified as a “non-diversified” fund. The investment objective of the Disciplined Equity Fund is to seek long-term capital appreciation and, secondarily, current income by investing primarily in equity securities of U.S. and foreign issuers. The investment objective of the Mid Cap Equity Fund is to seek long-term capital appreciation by investing primarily (at least 80% of its net assets) in equity securities of mid-capitalization companies. The investment objective of the Income Opportunities Fund is to seek current income and long-term capital appreciation by investing primarily (at least 80% of its net assets) in income producing securities. The investment objective of the All Cap Growth Fund is to seek long-term capital appreciation by investing primarily in equity securities of U.S. companies. The investment objective of the Equity Income Fund is to seek current income, and secondarily, modest capital appreciation by investing primarily (at least 80% of its net assets) in equity securities. The investment objective of the International Growth Fund is to seek long-term capital appreciation by investing primarily in common stocks of U.S. issuers and common stocks and American Depositary Receipts (“ADRs”) of foreign issuers. The financial statements of the remaining funds of the Trust are presented separately. The assets of each fund are segregated, and a shareholder’s interest is limited to the fund in which shares are held.

40

 

THE ADVISORS’ INNER CIRCLE FUND CIBC ATLAS FUNDS
APRIL 30, 2026
(Unaudited)
   

 

2. Significant Accounting Policies:

 

The accompanying financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) and are presented in U.S. dollars which is the functional currency of the Funds. The Funds are investment companies and therefore apply the accounting and reporting guidance issued by the U.S. Financial Accounting Standards Board (“FASB”) in Accounting Standards Codification (“ASC”) Topic 946, Financial Services — Investment Companies. The following are significant accounting policies which are consistently followed in the preparation of the financial statements.

 

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

 

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

41

 

THE ADVISORS’ INNER CIRCLE FUND CIBC ATLAS FUNDS
APRIL 30, 2026
(Unaudited)
   

 

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

 

Options for which the primary market is a national securities exchange are valued at the last quoted sale price on the primary exchange or market (foreign or domestic) on which they are traded, or, if there is no such reported sale, at the most recent quoted bid price for long options and at the most recent ask price for written options. Options not traded on a national securities exchange are valued in accordance with Fair Value Procedures established by the Trust’s Board of Trustees (the “Board”).

 

Securities for which market prices are not “readily available” are valued in accordance with fair value procedures (the "Fair Value Procedures") established by the Adviser and approved by the Trust's Board of Trustees (the “Board”). Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated the Adviser as the "valuation designee" to determine the fair value of securities and other instruments for which no readily available market quotations are available. The Fair Value Procedures are implemented through a Fair Value Committee (the “Committee”) of the Adviser.

 

Some of the more common reasons that may necessitate that a security be valued using Fair Value Procedures include: the security’s trading has been halted or suspended; the security has been de-listed from a national exchange; the security’s primary trading market is temporarily closed at a time when under normal conditions it would be open; the security has not been traded for an extended period of time; the security’s primary pricing source is not able or willing to provide a price; or trading of the security is subject to local government imposed restrictions. When a security is valued in accordance with the Fair Value Procedures, the Committee will determine the value after taking into consideration relevant information reasonably available to the Committee. As of April 30, 2026, there were no securities which were fair valued by the Committee.

42

 

THE ADVISORS’ INNER CIRCLE FUND CIBC ATLAS FUNDS
APRIL 30, 2026
(Unaudited)
   

 

For securities that principally trade on a foreign market or exchange, a significant gap in time can exist between the time of a particular security’s last trade and the time at which the Fund calculates its net asset value. The closing prices of such securities may no longer reflect their market value at the time the Fund calculates net asset value if an event that could materially affect the value of those securities (a “Significant Event”) has occurred between the time of the security’s last close and the time that the Fund calculates net asset value. A Significant Event may relate to a single issuer or to an entire market sector. If the Adviser of the Fund becomes aware of a Significant Event that has occurred with respect to a security or group of securities after the closing of the exchange or market on which the security or securities principally trade, but before the time at which the Fund calculates net asset value, it may request that a Committee meeting be called. In addition, SEI Investments Global Funds Services (the “Administrator”) monitors price movements among certain selected indices, securities and/or baskets of securities that may be an indicator that the closing prices received earlier from foreign exchanges or markets may not reflect market value at the time the Fund calculates net asset value. If price movements in a monitored index or security exceed levels established by the Administrator, the Administrator notifies the Adviser that such limits have been exceeded. In such event, the Adviser makes the determination whether a Committee meeting should be called based on the information provided.

 

The Funds use Intercontinental Exchange Data Pricing & Reference Data, LLC (“ICE”) as a third party fair valuation vendor. ICE provides a fair value for foreign securities in the Funds based on certain factors and methodologies (involving generally, tracking valuation correlations between the U.S. market and each non-U.S. security) applied by ICE in the event that there is a movement in the U.S. market that exceeds a specific threshold established by the Committee. The Committee establishes “confidence interval” which is used to determine the level of correlation between the value of a foreign security and movements in the U.S. market before a particular security is fair valued when the threshold is exceeded. In the event that the threshold established by the Committee is exceeded on a specific day, the Funds value their non-U.S. securities that exceed the applicable “confident interval” based upon the fair values provided by ICE. In such event, it is not necessary to hold a Committee meeting. In the event that the Adviser believes that the fair values provided by ICE are not reliable, the Adviser contacts the Administrator and can request that a meeting of the Committee be held. Such securities are classified as Level 2 in the fair value hierarchy.

43

 

THE ADVISORS’ INNER CIRCLE FUND CIBC ATLAS FUNDS
APRIL 30, 2026
(Unaudited)
   

 

If a local market in which the Funds own securities is closed for one or more days, the Funds shall value all securities held in that corresponding currency based on the fair value prices provided by ICE using the predetermined confidence interval discussed above.

 

In accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP, the Funds disclose the fair value of their investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. The objective of a fair value measurement is to determine the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). Accordingly, the fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below:

 

● Level 1 — Unadjusted quoted prices in active markets for identical, unrestricted assets or liabilities that the Funds have the ability to access at the measurement date;

 

● Level 2 — Other significant observable inputs (includes quoted prices for similar securities, interest rates, prepayment speeds, credit risk, referenced indices, quoted prices in inactive markets, adjusted quoted prices in active markets, adjusted quoted prices on foreign equity securities that were adjusted in accordance with the Adviser’s pricing procedures, etc.); and

 

● Level 3 — Prices, inputs or proprietary modeling techniques which are both significant to the fair value measurement and unobservable (supported by little or no market activity).

 

Investments are classified within the level of the lowest significant input considered in determining fair value. Investments classified within Level 3 whose fair value measurement considers several inputs may include Level 1 or Level 2 inputs as components of the overall fair value measurement.

 

Federal Income Taxes — It is each Fund’s intention to continue to qualify as a regulated investment company for Federal income tax purposes by complying with the appropriate provisions of Subchapter M of the Internal Revenue Code of 1986, as amended. Accordingly, no provision for Federal income taxes has been made in the financial statements.

44

 

THE ADVISORS’ INNER CIRCLE FUND CIBC ATLAS FUNDS
APRIL 30, 2026
(Unaudited)
   

 

The Funds evaluate tax positions taken or expected to be taken in the course of preparing the Funds’ tax returns to determine whether it is “more-likely-than-not” (i.e., greater than 50-percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. Tax positions not deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current year. The Funds did not record any tax provision in the current period or year. However, management’s conclusions regarding tax positions taken may be subject to review and adjustment at a later date based on factors including, but not limited to, examination by tax authorities (i.e., the last three tax year ends), on-going analysis of and changes to tax laws, regulations and interpretations thereof.

 

As of and during the six months ended April 30, 2026, the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. During the six months ended April 30, 2026, the Funds did not incur any interest or penalties.

 

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

 

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

45

 

THE ADVISORS’ INNER CIRCLE FUND CIBC ATLAS FUNDS
APRIL 30, 2026
(Unaudited)
   

 

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

 

Foreign Currency Translation — The books and records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars on the date of valuation. The Funds do not isolate that portion of realized or unrealized gains and losses resulting from changes in the foreign exchange rate from fluctuations arising from changes in the market prices of the securities. These gains and losses are included in net realized and gains and losses on investments and net change in unrealized appreciation (depreciation) on investments on the Statement of Operations. Net realized and unrealized gains and losses on foreign currency transactions represent net foreign exchange gains or losses from foreign currency exchange contracts, disposition of foreign currencies, currency gains or losses realized between trade and settlement dates on securities transactions and the difference between the amount of the investment income and foreign withholding taxes recorded on the Funds’ books and the U.S. dollar equivalent amounts actually received or paid.

 

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

46

 

THE ADVISORS’ INNER CIRCLE FUND CIBC ATLAS FUNDS
APRIL 30, 2026
(Unaudited)
   

 

For the six months ended April 30, 2026, the average quarterly balances for written options were as follows:

 

Average Market Value Balance Short for Written Options:   $(544,419)

 

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

 

Finally, for written options, the risk exists that losses could exceed amounts disclosed on the Statement of Assets and Liabilities. Net realized and unrealized gains or losses associated with written options are reported on the Statement of Operations as net realized gain or loss on written options and net change in unrealized depreciation or appreciation on written options. Written options transactions entered into during the six months ended April 30, 2026, are subject to equity risk. See Note 8.

 

Master Limited Partnerships (“MLPs”) — The Funds may invest in MLPs. MLPs are limited partnerships or limited liability companies, whose partnership units or limited liability interests are listed and traded on a U.S. securities exchange, and are treated as publicly traded partnerships for federal income tax purposes. To qualify to be treated as a partnership for tax purposes, an MLP must receive at least 90% of its income from qualifying sources as set forth in Section 7704(d) of the Internal Revenue Code of 1986, as amended (the “Code”). These qualifying sources include activities such as the exploration, development, mining, production, processing, refining, transportation, storage and marketing of mineral or natural resources. To the extent that an MLP’s interests are concentrated in a particular industry or sector, such as the energy sector, the MLP will be negatively impacted by economic events adversely impacting that industry or sector. MLPs generally have two classes of owners, the general partner and limited partners.

47

 

THE ADVISORS’ INNER CIRCLE FUND CIBC ATLAS FUNDS
APRIL 30, 2026
(Unaudited)
   

 

MLPs that are formed as limited liability companies generally have two analogous classes of owners, the managing member and the members. For purposes of this section, references to general partners also apply to managing members and references to limited partners also apply to members.

 

The general partner is typically owned by a major energy company, an investment fund, the direct management of the MLP or is an entity owned by one or more of such parties. The general partner may be structured as a private or publicly traded corporation or other entity. The general partner typically controls the operations and management of the MLP through an equity interest of as much as 2% in the MLP plus, in many cases, ownership of common units and subordinated units. A holder of general partner interests can be liable under certain circumstances for amounts greater than the amount of the holder’s investment in the general partner interest. General partner interests are not publicly traded and generally cannot be converted into common units. The general partner interest can be redeemed by the MLP if the MLP unitholders choose to remove the general partner, typically with a supermajority vote by limited partner unitholders.

 

Limited partners own the remainder of the MLP through ownership of common units and have a limited role in the MLP’s operations and management. Common units are listed and traded on U.S. securities exchanges, with their value fluctuating predominantly based on prevailing market conditions and the success of the MLP. Unlike owners of common stock of a corporation, owners of common units have limited voting rights and have no ability annually to elect directors. In the event of liquidation, common units have preference over subordinated units, but not over debt or preferred units, to the remaining assets of the MLP.

 

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

48

 

THE ADVISORS’ INNER CIRCLE FUND CIBC ATLAS FUNDS
APRIL 30, 2026
(Unaudited)
   

 

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

 

Redemption Fees — The International Growth Fund imposes a 1.00% redemption fee on the current value of shares redeemed less than 30 days from the date of purchase (subject to certain exceptions as disclosed in the Fund’s prospectus). For the six months ended April 30, 2026, the Fund collected $1,566 in redemption fees.

 

Segment Reporting — The Funds adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures (“ASU 2023-07”). Adoption of this standard impacted financial statements disclosures only and did not affect the Funds’ financial position or the results of their operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity’s chief operating decision maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The Funds’ Principal Executive Officer and Principal Financial Officer act as the Funds’ CODM. The Funds represent a single operating segment, as the CODM monitors the operating results of the Funds as a whole and the Funds’ long-term strategic asset allocation is predetermined in accordance with the Funds’ single investment objective which is executed by the Funds’ portfolio manager. The financial information in the form of the Funds’ schedule of investments, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment’s performance versus the Funds’ comparative benchmarks and to make resource allocation decisions for the Funds’ single segment, is consistent with that presented within the Funds’ financial statements. Segment assets are reflected on the accompanying Statements of Assets and Liabilities as “Total Assets” and significant segment expenses are listed on the accompanying Statements of Operations.

 

3. Transactions with Affiliates:

 

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

49

 

THE ADVISORS’ INNER CIRCLE FUND CIBC ATLAS FUNDS
APRIL 30, 2026
(Unaudited)
   

 

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

 

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

 

The Funds and the Administrator are parties to an Administration Agreement under which the Administrator provides management and administrative services to the Funds. For these services, the Administrator is paid an asset-based fee, subject to certain minimums, which will vary depending on the number of share classes and the average daily net assets of the Funds. For the six months ended April 30, 2026, the Disciplined Equity Fund, Mid Cap Equity Fund, Income Opportunities Fund, All Cap Growth Fund, Equity Income Fund and International Growth Fund incurred $ 355,356, $160,605, $128,063, $67,801, $78,546 and $192,604 respectively, for these services.

 

SS&C Global Investor & Distribution Solutions, Inc. serves as the transfer agent and dividend disbursing agent for the Funds under a transfer agency agreement with the Trust. The Funds may earn cash management credits which can be used to offset transfer agent expenses. For the six months ended April 30, 2026, the Disciplined Equity Fund, Mid Cap Equity Fund, Income Opportunities, All Cap Growth Fund, Equity Income Fund and International Growth Fund earned credits of $10,732, $5,290, $4,051, $ 8,179, $6,104 and $4,081, respectively, which were used to offset transfer agent expenses. These amounts are labeled as “Fees Paid Indirectly” on the Statements of Operations.

 

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

 

5. Investment Advisory Agreement:

 

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

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THE ADVISORS’ INNER CIRCLE FUND CIBC ATLAS FUNDS
APRIL 30, 2026
(Unaudited)
   

 

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

 

The Adviser contractually agreed to reduce fees and reimburse expenses to the extent necessary to keep the total annual Fund operating expenses (excluding 12b-1 fees, shareholder servicing fees, interest, taxes, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses, collectively “excluded expenses”) from exceeding 0.80%, 1.00%, 0.85%, 1.10%, 1.10%, and 1.21% of the average daily net assets of the Disciplined Equity Fund, Mid Cap Equity Fund, Income Opportunities Fund, All Cap Growth Fund, Equity Income Fund, and International Growth Fund, respectively, until February 28, 2027. Refer to waiver of investment advisory fees on the Statements of Operations for fees waived for the six months ended April 30, 2026. In addition, if at any point total annual Fund operating expenses (not including excluded expenses) are below a Fund’s expense cap, the Adviser may receive from the Fund the difference between total annual operating expenses (not including excluded expenses) and the expense cap to recover all or a portion of its (or, with respect to the All Cap Growth Fund and Equity Income Fund) prior fee reductions or expense reimbursements made during the preceding three-year period during which this agreement was in place. This agreement may be terminated at any time. As of April 30, 2026, there are no previously waived fees that are eligible to be recaptured from the Funds.

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THE ADVISORS’ INNER CIRCLE FUND CIBC ATLAS FUNDS

APRIL 30, 2026

(Unaudited)

 

 

 

6. Capital Share Transactions:

 

Capital Share Transactions were as follows:

 

    Disciplined Equity Fund  
    Six Months Ended April 30, 2026
(Unaudited)		     Year Ended October 31, 2025  
    Shares     Dollars ($)     Shares     Dollars ($)  
Institutional Class Shares      
Issued     852,288       26,103,962       2,038,235       65,086,968  
Reinvestment of Dividends and Distributions     6,659,971       198,328,595       3,051,057       96,618,428  
Redeemed     (10,442,471 )     (310,585,655 )     (8,165,281 )     (262,481,924 )
Net Decrease in Shares Outstanding from Share Transactions     (2,930,212 )     (86,153,098 )     (3,075,989 )     (100,776,528 )

 

    Mid Cap Equity Fund  
    Six Months Ended April 30, 2026
(Unaudited)		     Year Ended October 31, 2025  
    Shares     Dollars ($)     Shares     Dollars ($)  
Institutional Class Shares      
Issued     1,110,436       20,593,067       3,655,387       72,850,165  
Reinvestment of Dividends and Distributions     3,978,496       70,658,085       2,499,176       49,458,700  
Redeemed     (10,647,136 )     (198,944,453 )     (7,845,069 )     (156,395,511 )
Net Decrease in Shares Outstanding from Share Transactions     (5,558,204 )     (107,693,301 )     (1,690,506 )     (34,086,646 )

 

    Income Opportunities Fund  
    Six Months Ended April 30, 2026
(Unaudited)		     Year Ended October 31, 2025  
    Shares     Dollars ($)     Shares     Dollars ($)  
Institutional Class Shares      
Issued     809,220       12,227,078       2,512,168       40,114,875  
Reinvestment of Dividends and Distributions     3,587,861       53,823,083       1,794,346       28,575,644  
Redeemed     (7,866,591 )     (119,958,900 )     (8,810,763 )     (141,598,294 )
Net Decrease in Shares Outstanding from Share Transactions     (3,469,510 )     (53,908,739 )     (4,504,249 )     (72,907,775 )

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THE ADVISORS’ INNER CIRCLE FUND CIBC ATLAS FUNDS

APRIL 30, 2026

(Unaudited)

 

 

 

    All Cap Growth Fund  
   

Six Months Ended April 30, 2026

(Unaudited)

     Year Ended October 31, 2025  
    Shares     Dollars ($)     Shares     Dollars ($)  
Institutional Class Shares      
Issued     314,327       12,150,810       1,483,149       60,174,168  
Reinvestment of Dividends and Distributions     461,129       17,222,082       715,091       28,198,948  
Redeemed     (1,726,154 )     (66,148,993 )     (1,266,424 )     (50,193,558 )
Net Increase/(Decrease) in Shares Outstanding from Share Transactions     (950,698 )     (36,776,101 )     931,816       38,179,558  

 

    Equity Income Fund  
    Six Months Ended April 30, 2026
(Unaudited)		     Year Ended October 31, 2025  
    Shares     Dollars ($)     Shares     Dollars ($)  
Institutional Class Shares      
Issued     388,295       24,535,195       813,456       49,205,346  
Reinvestment of Dividends and Distributions     115,222       7,108,733       282,544       16,781,667  
Redeemed     (716,594 )     (45,109,517 )     (1,024,507 )     (61,764,593 )
Net Increase/(Decrease) in Shares Outstanding from Share Transactions     (213,077 )     (13,465,589 )     71,493       4,222,420  

 

    International Growth Fund  
    Six Months Ended April 30, 2026
(Unaudited)		     Year Ended October 31, 2025  
    Shares     Dollars ($)     Shares     Dollars ($)  
Institutional Class Shares      
Issued     5,916,559       97,299,367       11,781,392       172,385,057  
Reinvestment of Dividends and Distributions     290,327       4,706,202       405,343       5,224,866  
Redemption Fees     –       1,566       –       13,204  
Redeemed     (3,964,328 )     (64,239,187 )     (6,934,336 )     (97,690,232 )
Net Increase in Shares Outstanding from Share Transactions     2,242,558       37,767,948       5,252,399       79,932,895  

53 

 

THE ADVISORS’ INNER CIRCLE FUND CIBC ATLAS FUNDS

APRIL 30, 2026

(Unaudited)

 

 

 

7. Investment Transactions:

 

The cost of purchases and proceeds from security sales, other than short-term securities, for the six months ended April 30, 2026, are as follows:

 

    Purchases     Sales     U.S.
Government
Purchases		     U.S.
Government
Sales		  
Disciplined Equity Fund   $ 141,731,052     $ 443,107,995     $         –     $ –  
Mid Cap Equity Fund     46,545,292       237,828,467       –       –  
Income Opportunities Fund     60,844,566       155,955,029       –       10,884,632  
All Cap Growth Fund     78,906,665       137,104,940       –       –  
Equity Income Fund     27,352,349       45,308,305       –       –  
International Growth Fund     147,899,377       120,347,033       –       –  

 

8. Derivative Transactions:

 

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

 

The fair value of derivative instruments as of April 30, 2026 was as follows:

 

Asset Derivatives   Liability Derivatives  
      Statements of
Assets and Liability
Location		   Fair Value         Statements of
Assets and Liability
Location		   Fair Value  
Derivatives not accounted for as hedging instruments:
 
Income Opportunities Fund
Equity contracts     Investments, at value     $ –     Equity contracts   Written Options, at value   $ 400,034  
Total Derivatives not accounted for as hedging instruments     $ –             $ 400,034  

 

The effect of derivative instruments on the Statements of Operations for the six months ended April 30, 2026:

 

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

 

    Written
Options		  
Income Opportunities Fund
Equity contracts   $ 1,026,897  

54 

 

THE ADVISORS’ INNER CIRCLE FUND CIBC ATLAS FUNDS

APRIL 30, 2026

(Unaudited)

 

 

 

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

 

    Written
Options		  
Income Opportunities Fund
Equity contracts   $ (130,437 )

 

9. Federal Tax Information:

 

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

 

The tax character of dividends and distributions paid during the years ended October 31, 2025 and October 31, 2024 were as follows:

 

      Ordinary Income     Long-Term
Capital Gain		     Return of
Capital		     Total  
Disciplined Equity Fund  
2025     $ 10,463,696     $ 96,538,892     $ –     $ 107,002,588  
2024       13,864,925       58,833,232       –       72,698,157  
Mid Cap Equity Fund
2025       –       52,927,441       –       52,927,441  
2024       –       33,487,714       –       33,487,714  
Income Opportunities Fund
2025       17,491,196       20,084,419       –       37,575,615  
2024       16,056,676       –       –       16,056,676  
All Cap Growth Fund
2025       7,463,036       21,342,007       –       28,805,043  
2024       653       2,616,669       –       2,617,322  
Equity Income Fund
2025       16,241,403       2,914,297       –       19,155,700  
2024       4,323,383       –       –       4,323,383  
International Growth Fund
2025       6,792,480       –       –       6,792,480  
2024       6,353,603       –       –       6,353,603  

55 

 

THE ADVISORS’ INNER CIRCLE FUND CIBC ATLAS FUNDS

APRIL 30, 2026

(Unaudited)

 

 

 

As of October 31, 2025, the components of distributable earnings (accumulated losses) on a tax basis were as follows:

 

    Undistributed Ordinary Income     Undistributed Long-Term Capital Gain     Late-Year Loss Deferral     Capital Loss Carryforwards     Unrealized Appreciation     Other Temporary Differences     Total Distributable Earnings  
Disciplined Equity Fund   $ 5,870,000     $ 215,430,628     $ —     $ —     $ 986,220,662     $ 3     $ 1,207,521,293  
Mid Cap Equity Fund     —       78,539,886       (2,281,646 )     —       310,840,799       221       387,099,260  
Income Opportunities Fund     3,057,587       55,080,915       —       —       179,299,517       (2 )     237,438,017  
All Cap Growth Fund     —       17,026,937       (710,756 )     —       143,829,440       (5 )     160,145,616  
Equity Income Fund     316,839       5,323,132       —       —       135,779,288       (70 )     141,419,189  
International Growth Fund     6,142,973       —       —       (34,734,035 )     241,291,028       3       212,699,969  

 

Late-year loss deferrals represent ordinary losses realized on investment transactions from January 1, 2025 through October 31, 2025. The funds can elect to treat them as arising in the first date of the following fiscal year.

 

The Funds have capital loss carryforwards as follows:

 

      Short-Term Loss     Long-Term Loss     Total  
International Growth Fund     $ 24,733,824     $ 10,000,211     $ 34,734,035  

 

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

 

The Federal tax cost and aggregate gross unrealized appreciation and depreciation for the investments held by the Funds at April 30, 2026, were as follows:

 

    Federal
Tax Cost		     Aggregate
Gross
Unrealized
Appreciation		     Aggregate
Gross
Unrealized
Depreciation		     Net
Unrealized
Appreciation/
(Depreciation)		  
Disciplined Equity Fund   $ 678,316,985     $ 817,068,710     $ (15,753,112 )   $ 801,315,598  
Mid Cap Equity Fund     412,020,637       297,068,443       (38,785,625 )     258,282,818  
Income Opportunities Fund     384,392,798       149,062,872       (9,256,347 )     139,806,525  
All Cap Growth Fund     162,402,666       127,965,472       (182,364 )     127,783,108  
Equity Income Fund     199,266,453       152,203,600       (1,989,835 )     150,213,765  
International Growth Fund     631,577,010       282,413,990       (34,937,952 )     247,476,038  

56 

 

THE ADVISORS’ INNER CIRCLE FUND CIBC ATLAS FUNDS
APRIL 30, 2026
(Unaudited)
   

 

10. Concentration of Risks:

 

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

 

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

 

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

 

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

 

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

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APRIL 30, 2026
(Unaudited)
   

  

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

 

Interest Rate Risk (Income Opportunities Fund) — The risk that the value of fixed income securities will fall due to rising interest rates.

 

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

 

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

 

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

 

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

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THE ADVISORS’ INNER CIRCLE FUND CIBC ATLAS FUNDS
APRIL 30, 2026
(Unaudited)
   

 

Market Risk (Disciplined Equity Fund, All Cap Growth Fund, Equity Income Fund, International Growth Fund) — The prices of and the income generated by the Fund’s securities may decline in response to, among other things, investor sentiment, general economic and market conditions, regional or global instability, and currency and interest rate fluctuations. In addition, the impact of any epidemic, pandemic or natural disaster, or widespread fear that such events may occur, could negatively affect the global economy, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the markets in general in significant and unforeseen ways. Any such impact could adversely affect the prices and liquidity of the securities and other instruments in which the Fund invests, which in turn could negatively impact the Fund’s performance and cause losses on your investment in the Fund.

 

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

 

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

 

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

59

 

THE ADVISORS’ INNER CIRCLE FUND CIBC ATLAS FUNDS
APRIL 30, 2026
(Unaudited)
   

 

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

 

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

 

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

 

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

 

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

 

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

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THE ADVISORS’ INNER CIRCLE FUND CIBC ATLAS FUNDS
APRIL 30, 2026
(Unaudited)
   

 

Risks of Investing in Other Investment Companies (Income Opportunities Fund) — To the extent the Fund invests in other investment companies, such as ETFs and closed end funds, the Fund will be subject to substantially the same risks as those associated with the direct ownership of the securities held by such other investment companies. As a shareholder of another investment company, the Fund relies on that investment company to achieve its investment objective. If the investment company fails to achieve its objective, the value of the Fund’s investment could decline, which could adversely affect the Fund’s performance. By investing in another investment company, Fund shareholders indirectly bear the Fund’s proportionate share of the fees and expenses of the other investment company, in addition to the fees and expenses that Fund shareholders directly bear in connection with the Fund’s own operations. Because closed-end funds and ETFs are listed on national stock exchanges and are traded like stocks listed on an exchange, their shares potentially may trade at a discount or premium to their net asset value. Investments in closed-end funds and ETFs are also subject to brokerage and other trading costs, which could result in greater expenses to the Fund. In addition, because the value of closed-end funds and ETF shares depends on the demand in the market, the Adviser may not be able to liquidate the Fund’s holdings at the most optimal time, which could adversely affect Fund performance.

 

Depositary Receipts Risk (All Cap Growth Fund, Equity Income Fund, International Growth Fund) — Depositary receipts, including ADRs, are certificates evidencing ownership of shares of a foreign issuer that are issued by depositary banks and generally trade on an established market. ADRs are subject to many of the risks associated with investing directly in foreign securities, including, among other things, political, social and economic developments abroad, currency movements, and different legal, regulatory and tax environments. The Fund may invest in unsponsored ADRs, which are issued by one or more depositaries without a formal agreement with the company that issues the underlying securities. Holders of unsponsored ADRs generally bear all the costs thereof, and the depositaries of unsponsored ADRs frequently are under no obligation to distribute shareholder communications received from the issuers of the underlying securities or to pass through voting rights with respect to the underlying securities. In addition, the issuers of the securities underlying unsponsored ADRs are not obligated to disclose material information in the United States and, therefore, there may be less information available regarding such issuers and there may not be a correlation between such information and the market value of the ADRs.

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THE ADVISORS’ INNER CIRCLE FUND CIBC ATLAS FUNDS
APRIL 30, 2026
(Unaudited)
   

 

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

 

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

 

MLPs Risk (Equity Income Fund) — To the extent that an MLP’s interests are all in a particular industry, such as the energy industry, the MLP will be negatively impacted by economic events adversely impacting that industry. Additional risks of investing in a MLP also include those involved in investing in a partnership as opposed to a corporation, such as limited control of management, limited voting rights and tax risks. MLPs may be subject to state taxation in certain jurisdictions, which will have the effect of reducing the amount of income paid by the MLP to its investors Energy companies are affected by worldwide energy prices and costs related to energy production. These companies may have significant operations in areas at risk for natural disasters, social unrest and environmental damage. These companies may also be at risk for increased government regulation and intervention, energy conservation efforts, litigation and negative publicity and perception.

62

 

THE ADVISORS’ INNER CIRCLE FUND CIBC ATLAS FUNDS
APRIL 30, 2026
(Unaudited)
   

 

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

 

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

 

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

63

 

THE ADVISORS’ INNER CIRCLE FUND CIBC ATLAS FUNDS
APRIL 30, 2026
(Unaudited)
   

 

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

 

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

 

Sector Focus Risk (Equity Income Fund) — 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.

64

 

THE ADVISORS’ INNER CIRCLE FUND CIBC ATLAS FUNDS
APRIL 30, 2026
(Unaudited)
   

 

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

 

American Depositary Receipts Risk (International Growth Fund) — Depositary receipts, including ADRs, are certificates evidencing ownership of shares of a foreign issuer that are issued by depositary banks and generally trade on an established market. ADRs are subject to many of the risks associated with investing directly in foreign securities, including, among other things, political, social and economic developments abroad, currency movements, and different legal, regulatory and tax environments. The Fund may invest in unsponsored ADRs, which are issued by one or more depositaries without a formal agreement with the company that issues the underlying securities. Holders of unsponsored ADRs generally bear all the costs thereof, and the depositaries of unsponsored ADRs frequently are under no obligation to distribute shareholder communications received from the issuers of the underlying securities or to pass through voting rights with respect to the underlying securities. In addition, the issuers of the securities underlying unsponsored ADRs are not obligated to disclose material information in the United States and, therefore, there may be less information available regarding such issuers and there may not be a correlation between such information and the market value of the ADRs.

65

 

THE ADVISORS’ INNER CIRCLE FUND CIBC ATLAS FUNDS
APRIL 30, 2026
(Unaudited)
   

  

Non-Diversified Risk (Disciplined Equity Fund and All Cap Growth Fund) – 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 under Subchapter M of the Internal Revenue Code of 1986, as amended.

 

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

 

11. Line of Credit:

 

The Funds entered into an agreement on July 28, 2025, which enables them to participate in a $30 million uncommitted revolving line of credit with the Custodian. The agreement expires on July 27, 2026. The proceeds from the borrowings shall be used to finance the Funds’ short-term general working capital requirements, including the funding of shareholder redemptions. During and as of the six months ended April 30, 2026, there were no borrowings in the Funds.

 

12. Concentration of Shareholders:

 

At April 30, 2026, the percentage of total shares outstanding held by shareholders owning 10% or greater for each Fund, which were comprised of omnibus accounts that were held on behalf of various individual shareholders, was as follows:

66

 

THE ADVISORS’ INNER CIRCLE FUND CIBC ATLAS FUNDS
APRIL 30, 2026
(Unaudited)
   

 

    No. of
Shareholders		   %
Ownership
Disciplined Equity Fund   4   86%
Mid Cap Equity Fund   5   97%
Income Opportunities Fund   5   97%
All Cap Growth Fund   2   90%
Equity Income Fund   2   86%
International Growth Fund   4   89%

 

13. Indemnifications:

 

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

 

14. Recent Accounting Pronouncement:

 

The Funds adopted FASB Accounting Standards Update 2023-09 (“ASU 2023-09”), Income Taxes (Topic 740) Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. Adoption of ASU 2023-09 impacted financial statement disclosures only and did not affect any Funds’ financial position or the results of their operations.

 

15. Subsequent Events:

 

The Funds have evaluated the need for additional disclosures and/or adjustments resulting from subsequent events through the date the financial statements were issued. Based on this evaluation, no additional disclosures and/or adjustments were required to the financial statements.

67

 

THE ADVISORS’ INNER CIRCLE FUND CIBC ATLAS FUNDS
APRIL 30, 2026
   

  

Other Information (Form N-CSRS Items 8-11) (Unaudited)

 

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

 

Not applicable.

 

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

 

On December 23, 2025, the Board approved the change in the All Cap Growth Fund’s classification under 1940 Act, as amended, from “diversified” to “non-diversified” and to eliminate the All Cap Growth Fund’s related fundamental investment policy, subject to shareholder approval. At a Special Meeting of Shareholders on February 26, 2026, All Cap Growth Fund shareholders approved the change in diversification. The results of votes taken among shareholders on the proposal before them are reported below.

 

    Shares
Voted		   % of Shares
Voted		   % of Shares
Outstanding
For   6,591,154   99.75%   78.39%
Against   14,033   0.21%   0.17%
Abstain   2,201   0.03%   0.03%

 

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

 

The remuneration paid by the company during the period covered by the report to the Trustees on the company’s Board of Trustees is disclosed within the Statement(s) of Operations of the financial statements (Item 7).

 

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

 

Not applicable.

68

 

CIBC Atlas Funds

PO Box 219009

Kansas City, MO 64121-9009

1-855-328-3863

 

Adviser:

CIBC Private Wealth Advisors, Inc.

181 West Madison Street, 36th Floor

Chicago, IL 60602

 

Distributor:

SEI Investments Distribution Co.

One Freedom Valley Drive

Oaks, PA 19456

 

Administrator:

SEI Investments Global Funds Services

One Freedom Valley Drive

Oaks, PA 19456

 

Legal Counsel:

Morgan, Lewis & Bockius LLP

2222 Market Street

Philadelphia, PA 19103

 

Independent Registered Public Accounting Firm:

Ernst & Young LLP

One Commerce Square

2005 Market Street, Suite 700

Philadelphia, PA 19103

 

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

 

ATF-SA-001-1300

 

 

 

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

 

Included under Item 7.

 

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

 

Included under Item 7.

 

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

 

Included under Item 7.

 

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

 

Included under Item 7.

 

 

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

 

Not applicable to open-end management investment companies.

 

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

 

Not applicable to open-end management investment companies.

 

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

 

Not applicable to open-end management investment companies.

 

Item 15. Submission of Matters to a Vote of Security Holders.

 

There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees during the period covered by this report.

 

Item 16. Controls and Procedures.

 

(a) The Registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the Registrant's disclosure controls and procedures, as defined in Rule 30a-3(c) under the Act (17 CFR § 270.30a-3(c)), as of a date within 90 days of the filing date of the report, are effective based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR § 270.30a-3(b)) and Rule 13a-15(b) or Rule 15d-15(b) under the Securities Exchange Act of 1934 (17 CFR § 240.13a-15(b) or § 240.15d-15(b)).

 

(b) There has been no change in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR § 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.

 

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

 

Not applicable to open-end management investment companies.

 

Item 18. Recovery of Erroneously Awarded Compensation.

 

(a) Not applicable.

 

(b) Not applicable.

 

 

 

Item 19. Exhibits.

 

(a)(1) Not applicable.

 

(a)(2) Not applicable.

 

(a)(3) A separate certification for the principal executive officer and the principal financial officer of the Registrant, as required by Rule 30a-2(a) under the Act (17 CFR § 270.30a-2(a)), are filed herewith.

 

(a)(4) Not applicable.

 

(a)(5) Not applicable.

 

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

  

 

 

 

SIGNATURES

 

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

 

(Registrant) The Advisors’ Inner Circle Fund  
     
By (Signature and Title) /s/ Michael Beattie  
  Michael Beattie  
  Principal Executive Officer  
     
Date: July 6, 2026    

 

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

 

By (Signature and Title) /s/ Michael Beattie  
  Michael Beattie  
  Principal Executive Officer  
     
Date: July 6, 2026    
     
By (Signature and Title) /s/ Andrew Metzger  
  Andrew Metzger  
  Principal Financial Officer  
     
Date: July 6, 2026    

 

 

ATTACHMENTS / EXHIBITS

ATTACHMENTS / EXHIBITS

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