Edgewood Growth Fund

1 The Advisors' Inner Circle fund Edgewood Growth fund Semi-Annual Report April 30, 2018. THE ADVISORS' INNER CIRCLE fund Edgewood Growth fund . April 30, 2018 (Unaudited). TABLE OF CONTENTS. Shareholder Letter 1. Schedule of Investments 4. Statement of Assets and Liabilities 7. Statement of Operations 8. Statements of Changes in Net Assets 9. Financial Highlights 10. Notes to Financial Statements 12. Disclosure of fund Expenses 22. Board Considerations in Re-Approving the Advisory Agreement 25. The fund files its complete schedule of fund holdings with the Securities and Exchange Commission ( SEC ) for the first and third quarters of each fiscal year on Form N-Q within 60 days after the end of the period. The fund 's Forms N-Q. are available on the SEC's website at , and may be reviewed and copied at the SEC's Public Reference Room in Washington, Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC- 0330.

2 A description of the policies and procedures that the fund uses to determine how to vote proxies relating to portfolio securities, as well as information relating to how the fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, is available (i) without charge, upon request, by calling 1-800- 791-4226; and (ii) on the SEC's website at THE ADVISORS' INNER CIRCLE fund Edgewood Growth fund . April 30, 2018 (Unaudited). Dear Shareholders: Your fund 's performance was + (Institutional Shares) and + (Retail Shares) for the six months ended April 30, 2018. The performance of the S&P 500. Growth Index was + and the S&P 500 Index was + in the same period of time. Looking at the trailing twelve months, the fund appreciated by + (Institutional Shares) and + (Retail Shares). In the same trailing twelve month period, the S&P 500 Growth Index appreciated by + and the S&P 500 Index by + Over the last six months, the top portfolio contributors were Inc.

3 , Netflix Inc., Visa Inc., Charles Schwab Corp. and Nike Inc. Amazon continued to execute their long term business plan in both retail and Amazon Web Services extremely well. While the company is getting bigger, Edgewood continues to believe that their runway remains very long. In the case of Netflix, they brought in new subscribers and introduced more content at a faster clip than pretty much anyone imagined. Further, the more Edgewood considers their future market share possibilities, the stronger we feel. Visa just continued to penetrate global electronic commerce, and is by far the industry leader. While this has been a most rewarding stock for shareholders, we think they have a great deal of market Growth and share in front of them. Schwab is at the fairly early stage of a potential earnings breakout as they continue to gather new assets, widen their product offerings and benefit from gradually rising interest rates.

4 Finally, Nike is at the early stages of a transformation from a more brick and mortar based sales experience to much more individualized direct to consumer experience. This should have a favorable impact on revenue and earnings Growth going forwards. The top portfolio detractors were Celgene Corp., Allergan Plc., Equinix Inc., Facebook Inc. and American Tower Corp. Celgene had a highly anticipated Crohn's disease treatment fail clinical trials, which took everyone by surprise. They also had another product pushed into next year. This caused investors to question the company's long term Growth outlook. Edgewood remains cautiously optimistic that they can meet expectations. Allergan had a large product lose patent exclusivity much sooner than expected. This has created some short term questions around Growth , which has weighed on the stock. We believe the management is capable and will manage through this.

5 Equinix is generally executing their business plan as we expect. There has been some management turnover that weighed on the stock, and REITS tend to underperform in a rising interest rate environment. Facebook had well publicized data privacy concerns voiced; and we are all aware this resulted in Congressional hearings. While Edgewood never wants to see one of our portfolio companies in front of Congress, we remain confident in management's ability to execute their business strategy. In addition, the business remains extremely robust and the valuation is low. 1. THE ADVISORS' INNER CIRCLE fund Edgewood Growth fund . April 30, 2018 (Unaudited). Finally, American Tower executed well, but they suffer from the same rising interest rate effect as Equinix. Aside from company specific commentary, Edgewood thinks the worldwide economy is in pretty good shape, and a bit better than a year ago.

6 We do see some economic positives arising from US tax reform, but would again caution that our economy is not a speedboat that turns and accelerates on a dime. As you have seen us write over the years, Edgewood tries to keep focused on investing in great Growth businesses at reasonable prices relative to Growth . If we can do that, the portfolio should do well over time. No change in our philosophy, we will continue down the same path. Sincerely, Edgewood Management LLC. This material represents the manager's assessment of the portfolio and market environ- ment at a specific point in time and should not be relied upon by the reader as research or investment advice. Holdings are subject to change. Current and future holdings are subject to risk. Mutual fund investing involves risk, including loss of principal. The Edgewood Growth fund is a non-diversified fund . There can be no assurance that the fund will achieve its stated objectives.

7 Definition of Comparative Indices The S&P 500 Growth Index is a market capitalization weighted index consisting of those stocks within the S&P 500 Index that exhibit strong Growth characteristics. The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and indus- try group representation. It is a market-value weighted index (stock price times number of shares outstanding), with each stock's weight in the Index proportionate to its market value. The S&P 500 is one of the most widely used benchmarks of equity perfor- mance. 2. THE ADVISORS' INNER CIRCLE fund Edgewood Growth fund . April 30, 2018 (Unaudited). Performance Through April 30, 2018. Three One Five Ten Since fund Ticker Months Year Years* Years* Inception*. Edgewood Growth fund , Institutional Shares EGFIX ( )% Edgewood Growth fund , Retail Shares EGFFX ( )% * Annualized The performance data quoted represents past performance.

8 Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost and current performance may be higher or lower than the performance quoted. For performance current to the most recent month end, please call 800-791- 4226. Expense ratios are: Institutional class (net); (gross); Retail class (net); (gross) as of the prospectus dated March 1, 2018. The Adviser has contractually agreed to reduce fees and reimburse expenses to the extent necessary to keep the Institutional Shares' total annual operating expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, and extraordinary expens- es) from exceeding an amount equal to the management fees payable to the Adviser through February 28, 2019. The Adviser has contractually agreed to reduce fees and reimburse expenses to the extent necessary to keep the Retail Shares' total annual operating expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses) to an amount equal to the sum of the management fees, and, to the extent incurred, distribution (12b-1) fees and shareholder servicing fees, until February 28, 2019.

9 The Inception date of the fund is February 28, 2006. 3. THE ADVISORS' INNER CIRCLE fund Edgewood Growth fund . April 30, 2018 (Unaudited). SECTOR WEIGHTINGS : Information Technology Consumer Discretionary Business Services Health Care Financials Real Estate Materials Short-Term Investment Percentages are based on total investments. SCHEDULE OF INVESTMENTS. COMMON STOCK Shares Value BUSINESS SERVICES Cognizant Technology Solutions, Cl 9,274,469 $ 758,837,054. IHS Markit Ltd.*.. 8,947,959 439,613,226. Visa Inc., Cl A .. 7,426,336 942,253,512. 2,140,703,792. CONSUMER DISCRETIONARY *.. 572,290 896,280,538. Booking Holdings*.. 335,190 730,043,820. Netflix Inc.*.. 1,228,518 383,862,734. Nike Inc., Cl B .. 7,645,759 522,893,458. 2,533,080,550. FINANCIALS Charles Schwab 10,976,641 611,179,371. CME Group, Cl 3,740,002 589,723,515. S&P Global Inc.. 3,143,242 592,815,441. 1,793,718,327.

10 HEALTH CARE Allergan 2,839,943 436,357,242. Celgene Corp.*.. 6,016,382 524,026,872. Illumina Inc.*.. 2,544,362 613,013,137. Intuitive Surgical Inc. *.. 1,196,900 527,569,582. 2,100,966,833. The accompanying notes are an integral part of the financial statements. 4. THE ADVISORS' INNER CIRCLE fund Edgewood Growth fund . April 30, 2018 (Unaudited). COMMON STOCK continued Shares Value INFORMATION TECHNOLOGY Adobe Systems*.. 575,764 $ 127,589,302. Alphabet, Cl A*.. 593,975 605,011,056. Facebook Inc., Cl A*.. 4,194,412 721,438,864. NVIDIA 2,485,422 558,971,408. PayPal Holdings *.. 8,260,505 616,316,278. 2,629,326,908. MATERIALS Ecolab Inc.. 2,796,244 404,812,244. REAL ESTATE American Tower Corp. REIT, Cl A .. 3,290,134 448,642,672. Equinix Inc. REIT .. 1,105,468 465,169,880. 913,812,552. TOTAL COMMON STOCK. (Cost $7,485,400,786) .. 12,516,421,206. SHORT-TERM INVESTMENT Fidelity Institutional Money Market Funds - Government Portfolio, Cl I, (A).