Edgewood Growth Fund

1 The Advisors Inner Circle FundEdgewood Growth FundAnnual ReportOctober 31, 2017 TABLE OF CONTENTSTHE ADVISORS INNER CIRCLE FUNDEDGEWOOD Growth FUNDOCTOBER 31, 2017 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 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.

2 And (ii) on the SEC s website at Letter .. 1 Schedule of Investments .. 5 Statement of Assets and Liabilities .. 8 Statement of Operations .. 9 Statements of Changes in Net Assets .. 10 Financial Highlights .. 11 Notes to Financial Statements .. 13 Report of Independent Registered Public Accounting Firm .. 24 Disclosure of fund Expenses .. 25 Trustees and Officers of The Advisors' Inner Circle fund .. 28 Notice to Shareholders .. 341 THE ADVISORS INNER CIRCLE FUNDEDGEWOOD Growth FUNDOCTOBER 31, 2017 (unaudited) Dear Shareholders:We are pleased to report that the fund s performance for the trailing twelve months ended October 31, 2017 was + (Institutional Shares) and + (Retail Shares).

3 The performance of the S&P 500 Growth Index (Total Return including dividends) was + and the S&P 500 Index (Total Return including dividends) was + in the same period of time. For the six month period ending October 31, 2017, the fund s performance was + (Institutional Shares) and + (Retail Shares). In the same six month period, the S&P 500 Growth Index (TR) was and the S&P 500 Index (TR) was the last twelve months, the top portfolio contributors were Nvidia Corp., PayPal Holdings Inc., Illumina Inc., Inc., and Intuitive Surgical Inc. Nvidia is the beneficiary of the rapid Growth in online gaming and data centers.

4 The increasing penetration of artificial intelligence in many different business applications has expanded the company s available market and has driven business performance beyond expectations. PayPal is right in the middle of the growing worldwide electronic/mobile payments revolution. This has driven sustained volume Growth and customer engagement. Illumina s new NovaSeq machine expands the company s already dominant competitive position in the rapidly growing and evolving gene sequencing market. Amazon continues to benefit from consumer preferences shifting towards e-commerce, while Amazon Web Services is executing strongly as computing continues to shift to the cloud.

5 Both core businesses are performing extremely well and we are excited about the potential for Whole Foods to expand market share. Finally, Intuitive Surgical has accelerated procedure Growth and the number of different surgeries done robotically. With a strong market share and well accepted new products, we think the company has a long way to top five portfolio detractors in the twelve months ended October 31, 2017 were Allergan PLC, Celgene Corp., Ecolab Inc., Nike Inc., and Alliance Data Systems Corp. Allergan has been under pressure as a result of several drugs losing their patents faster than we had expected.

6 In addition, healthcare stocks have been quite out of favor. On the positive side, the company has a strong core business and pipeline that we expect will generate healthy profit Growth as we get past these issues. Celgene had a major pipeline drug fail in Phase III and subsequently somewhat lowered its earnings guidance. As a result there is a great deal of concern about the future that was not there a short time ago. We think Celgene will be able to navigate the current uncertainty and continue to provide effective treatments to patients. Ecolab has somewhat underperformed our expectations primarily due to weakness in its energy-related business.

7 We think the company is poised to accelerate sales and earnings Growth next year. Nike has been confronting several challenges at the same time. The shift towards direct to consumer has accelerated, Adidas has had good product 2 THE ADVISORS INNER CIRCLE fund Edgewood Growth fund momentum and Nike had a few subpar product launches essentially all at the same time. The company is rapidly addressing these issues and we hope to see trends improve going forward. Finally, we have been expecting an acceleration at Alliance Data Systems and that has been pushed out to 2018 to the disappointment of investors.

8 One of the business lines, Epsilon, has disappointed so far but we continue to think momentum will begin to the US election a year ago, economic Growth and corporate earnings have been a touch better than we thought. Foreign currency is beginning to abate as a headwind and international Growth also appears just a bit better. We see these factors affecting our companies as well as corporate profits in general. We do not want to make too much of a slightly improved economic environment, but just to take note. In the meantime, as always, we are looking to have a portfolio full of companies delivering strong double digit Growth , which most are currently doing.

9 This has been, and we think should continue to be, the driver of long term performance. There will be bumps along the way, but we remain optimistic long , Edgewood Management LLCThis 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 of Comparative IndicesThe 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 S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and indus-try group representation.

10 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. OCTOBER 31, 2017 (unaudited) 3 THE ADVISORS INNER CIRCLE FUNDEDGEWOOD Growth FUNDOCTOBER 31, 2017 (unaudited) Performance Through October 31, 2017 FundTickerThree MonthsOne YearFive Years*Ten Years*Since Inception* Edgewood Growth fund , Institutional Growth fund , Retail * AnnualizedThe performance data quoted represents past performance. Past performance does not guarantee future results.