THE ADVISORS INNER CIRCLE FUND

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1 THE ADVISORS INNER CIRCLE FUND GROWTH FUND EDGEWOOD GROWTH FUND INSTITUTIONAL SHARES TICKER SYMBOL: EGFIX RETAIL SHARES TICKER SYMBOL: EGFFX SERVICE SHARES TICKER SYMBOL: EGFSX PROSPECTUS MARCH 1, 2018 Investment Adviser: Edgewood Management LLC The U.S. Securities and Exchange Commission has not approved or disapproved these securities or passed upon the adequacy or accuracy of this prospectus. Any representation to the contrary is a criminal offense.

2 ABOUT THIS PROSPECTUS This prospectus has been arranged into different sections so that you can easily review this important information. For detailed information about the Fund, please see: EDGEWOOD GROWTH FUND INSTITUTIONAL SHARES... 1 INVESTMENT OBJECTIVE... 1 FEES AND EXPENSES OF THE FUND... 1 PRINCIPAL INVESTMENT STRATEGIES... 2 PRINCIPAL RISKS OF INVESTING IN THE FUND... 3 PERFORMANCE INFORMATION... 5 INVESTMENT ADVISER... 6 PORTFOLIO MANAGERS... 6 EDGEWOOD GROWTH FUND RETAIL SHARES... 7 INVESTMENT OBJECTIVE... 7 FEES AND EXPENSES OF THE FUND... 7 PRINCIPAL INVESTMENT STRATEGIES... 8 PRINCIPAL RISKS OF INVESTING IN THE FUND... 9 PERFORMANCE INFORMATION INVESTMENT ADVISER PORTFOLIO MANAGERS EDGEWOOD GROWTH FUND SERVICE SHARES INVESTMENT OBJECTIVE FEES AND EXPENSES OF THE FUND PRINCIPAL INVESTMENT STRATEGIES PRINCIPAL RISKS OF INVESTING IN THE FUND PERFORMANCE INFORMATION INVESTMENT ADVISER PORTFOLIO MANAGERS SUMMARY INFORMATION ABOUT THE PURCHASE AND SALE OF FUND SHARES, TAXES AND FINANCIAL INTERMEDIARY COMPENSATION MORE INFORMATION ABOUT RISK MORE INFORMATION ABOUT FUND INVESTMENTS INFORMATION ABOUT PORTFOLIO HOLDINGS MORE INFORMATION ABOUT THE INVESTMENT ADVISER INVESTMENT TEAM PURCHASING, SELLING AND EXCHANGING FUND SHARES PAYMENTS TO FINANCIAL INTERMEDIARIES OTHER POLICIES DIVIDENDS AND DISTRIBUTIONS TAXES ADDITIONAL INFORMATION FINANCIAL HIGHLIGHTS HOW TO OBTAIN MORE INFORMATION ABOUT THE FUND... BACK COVER As of the date of this prospectus, Service Shares are not available for purchase.

3 EDGEWOOD GROWTH FUND INSTITUTIONAL SHARES INVESTMENT OBJECTIVE The investment objective of the Edgewood Growth Fund (the Fund ) is to provide long-term growth of capital. FEES AND EXPENSES OF THE FUND This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Institutional Shares Management Fees 1.00% Other Expenses 0.07% Total Annual Fund Operating Expenses 1.07% Less Fee Waivers and/or Expense Reimbursements 1 (0.07)% Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements 1.00% 1 Edgewood Management LLC (the Adviser ) has contractually agreed to waive fees and reimburse expenses to the extent necessary to keep Total Annual Fund Operating Expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses and non-routine expenses (collectively, excluded expenses )) from exceeding 1.00% of the average daily net assets of the Fund s Institutional Shares until February 28, 2019 (the contractual expense limit ). In addition, the Adviser may receive from the Fund the difference between the Total Annual Fund Operating Expenses (not including excluded expenses) and the contractual expense limit to recoup all or a portion of its prior fee waivers or expense reimbursements made during the three-year period preceding the recoupment if at any point Total Annual Fund Operating Expenses (not including excluded expenses) are below the contractual expense limit (i) at the time of the fee waiver and/or expense reimbursement and (ii) at the time of the recoupment. This agreement may be terminated by the Board of Trustees (the Board ) of The Advisors Inner Circle Fund (the Trust ) or by the Adviser, upon ninety (90) days prior written notice, effective as of the close of business on February 28, 2019, provided that, in the case of termination by the Adviser, such action shall be authorized by resolution of a majority of the Trustees who are not interested persons of the Trust or by a vote of a majority of the outstanding voting securities of the Trust. 1

4 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund s operating expenses (including one year of capped expenses in each period) remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 1 Year 3 Years 5 Years 10 Years Institutional Shares $102 $333 $583 $1,299 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or turns over its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in total annual Fund operating expenses or in the example, affect the Fund s performance. During its most recent fiscal year, the Fund s portfolio turnover rate was 13% of the average value of its portfolio. PRINCIPAL INVESTMENT STRATEGIES The Fund is non-diversified and primarily invests in a core group of equity securities, including both common stocks and sponsored American Depositary Receipts ( ADRs ), which are certificates typically issued by a bank or trust company that represent ownership interests in securities of non-u.s. companies. The Fund is flexibly managed, with the ability to invest in equity securities of a smaller number of issuers and/or sectors than diversified mutual funds. The Fund focuses on U.S. companies that the Adviser believes are quality companies with stock that offer the potential for future price appreciation. In selecting investments for the Fund, the Adviser seeks to identify companies possessing fundamentally strong market positions in growing industries, exceptional earnings power, and consistency of earnings performance, with a particular focus on growing companies experiencing superior rates of return over varying economic cycles. Investment decisions are based upon a fundamental analysis that 2

5 emphasizes company-specific research. The goal of the process is to invest in growth companies in both established and growing industries that display the following characteristics: a record of consistent earnings power; an earnings growth rate in excess of the S&P 500 Growth Index; a dominant market position or proven strength; attractive fundamental financial valuation; superior management; management/insider ownership; and an industry growth rate in excess of the growth of gross domestic product ( GDP ). The Fund s investments are expected to have a bias toward larger capitalization issuers (those with market capitalizations in excess of $10 billion), but the Fund may also invest in small-capitalization (between $100 million and $4 billion) and medium-capitalization (between $4 billion and $10 billion) companies. The Fund intends to buy and hold securities for the long-term and seeks to keep moderate portfolio turnover. However, the Adviser may sell a security in response to deterioration in a company s business prospects, performance or financial strength, when the security s price is no longer justifiable or if the security demonstrates earnings disappointments. PRINCIPAL RISKS OF INVESTING IN THE FUND As with all mutual funds, there is no guarantee that the Fund will achieve its investment objective. You could lose money by investing in the Fund. A Fund share is not a bank deposit and it is not insured or guaranteed by the FDIC or any other government agency. The principal risk factors affecting shareholders investments in the Fund are set forth below. Equity Risk Since it purchases equity securities, the Fund is subject to the risk that stock prices will fall over short or extended periods of time. Historically, the equity markets have moved in cycles, and the value of the Fund s equity securities may fluctuate drastically from dayto-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. Non-Diversification Risk The Fund is non-diversified and its investment strategy often results in a core group of stocks of companies that it believes hold the most growth potential. As a result, poor performance or adverse economic events affecting one or more of these 3

6 companies could have a greater impact on the Fund than it would on another mutual fund with a broader range of investments. Small- and Medium-Capitalization Company Risk To the extent that the Fund invests in small- and medium-capitalization companies, the Fund may be subject to additional risk. The small- and midcapitalization companies in which the Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, investments in these small- and mid-sized companies may pose additional risks, including liquidity risk, because these companies tend to have limited product lines, markets and financial resources, and may depend upon a relatively small management group. Therefore, small- and mid-cap stocks may be more volatile than those of larger companies. These securities may be traded over-the-counter or listed on an exchange. Foreign Company Risk When the Fund invests in foreign securities, it will be subject to risks not typically associated with domestic securities. Although ADRs are an alternative to directly purchasing the underlying foreign securities in their national markets and currencies, they are also subject to many of the risks associated with investing directly in foreign securities. Foreign investments can be riskier and more volatile than investments in the United States. Adverse political and economic developments or changes in the value of foreign currency can make it difficult for the Fund to sell its securities and could reduce the value of your shares. 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 publically 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 tax 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. Investment Style Risk The Fund pursues a growth style of investing, meaning that the Fund invests in equity securities of companies that the Adviser believes will have above-average rates of earnings growth and which, therefore, may experience above-average increases in stock prices. Over time, a growth investing style may go in and out of favor, causing the Fund to sometimes underperform other equity funds that use differing investing styles. 4

7 PERFORMANCE INFORMATION The bar chart and the performance table below illustrate the risks and volatility of an investment in the Fund by showing changes in the Fund s Institutional Shares performance from year to year and by showing how the Fund s Institutional Shares average annual returns for 1, 5 and 10 years and since the Fund s inception compare with those of a broad measure of market performance. Of course, the Fund s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance information is available on the Fund s website at or by calling % 12.15% 3.73% 18.72% 37.19% 34.82% 13.50% 11.59% 3.57% 0.0% (39.14)% BEST QUARTER WORST QUARTER 18.65% (26.44)% (09/30/2010) (12/31/2008) Average Annual Total Returns for Periods Ended December 31, 2017 This table compares the Fund s Institutional Shares average annual total returns for periods ended December 31, 2017 to those of appropriate broad based indices. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns will depend on an investor s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through taxdeferred arrangements, such as 401(k) plans or individual retirement accounts ( IRAs ). 5

8 1 Year 5 Years 10 Years Since Inception (2/28/2006) Fund Return Before Taxes 34.82% 19.39% 10.30% 10.94% Fund Return After Taxes on Distributions 34.23% 18.64% 9.95% 10.61% Fund Return After Taxes on Distributions and Sale of Fund Shares 19.87% 15.62% 8.43% 9.11% S&P 500 Growth Index Return (reflects no deduction for fees, expenses, or taxes) 27.44% 17.00% 9.99% 9.98% S&P 500 Index Return (reflects no deduction for fees, expenses, or taxes) 21.83% 15.79% 8.50% 8.69% INVESTMENT ADVISER Edgewood Management LLC PORTFOLIO MANAGERS Mr. Alan W. Breed, President and Member of the Board of Managers, has managed the Fund since its inception in Mr. Lawrence G. Creel, Partner and Member of the Board of Managers, has managed the Fund since its inception in Mr. Scott Edwardson, Partner, has managed the Fund since its inception in Mr. Alexander Farman-Farmaian, Vice Chairman and Member of the Board of Managers, has managed the Fund since its inception in Mr. Peter Jennison, Partner and Member of the Board of Managers, has managed the Fund since its inception in Mr. Kevin R. Seth, Partner and Member of the Board of Managers, has managed the Fund since its inception in Mr. Nicholas A. Stephens, CFA, Partner and Member of the Board of Managers, has managed the Fund since its inception in For important information about the purchase and sale of Fund shares, taxes and financial intermediary compensation, please turn to Summary Information about the Purchase and Sale of Fund Shares, Taxes and Financial Intermediary Compensation on page 20 of the prospectus. 6

9 EDGEWOOD GROWTH FUND RETAIL SHARES INVESTMENT OBJECTIVE The investment objective of the Edgewood Growth Fund (the Fund ) is to provide long-term growth of capital. FEES AND EXPENSES OF THE FUND This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Retail Shares Management Fees 1.00% Distribution and/or Service (12b-1) Fees 0.25% Other Expenses 0.22% Shareholder Servicing Fees 0.15% Other Operating Expenses 0.07% Total Annual Fund Operating Expenses 1.47% Less Fee Waivers and/or Expense Reimbursements 1 (0.07)% Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements 1.40% 1 Edgewood Management LLC (the Adviser ) has contractually agreed to waive fees and reimburse expenses to the extent necessary to keep Total Annual Fund Operating Expenses (excluding interest, taxes, brokerage commissions, Distribution and/or Service (12b-1) Fees, Shareholder Servicing Fees, acquired fund fees and expenses and non-routine expenses (collectively, excluded expenses )) from exceeding 1.00% of the average daily net assets of the Fund s Retail Shares until February 28, 2019 (the contractual expense limit ). In addition, the Adviser may receive from the Fund the difference between the Total Annual Fund Operating Expenses (not including excluded expenses) and the contractual expense limit to recoup all or a portion of its prior fee waivers or expense reimbursements made during the three-year period preceding the recoupment if at any point Total Annual Fund Operating Expenses (not including excluded expenses) are below the contractual expense limit (i) at the time of the fee waiver and/or expense reimbursement and (ii) at the time of the recoupment. This agreement may be terminated by the Board of Trustees (the Board ) of The Advisors Inner Circle Fund (the Trust ) or by the Adviser, upon ninety (90) days prior written notice, effective as of the close of business on February 28, 2019, provided that, in the case of termination by the Adviser, such action shall be authorized by resolution of a majority of the Trustees who are not interested persons of the Trust or by a vote of a majority of the outstanding voting securities of the Trust. 7

10 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund s operating expenses (including one year of capped expenses in each period) remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 1 Year 3 Years 5 Years 10 Years Retail Shares $143 $458 $796 $1,751 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or turns over its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in total annual Fund operating expenses or in the example, affect the Fund s performance. During its most recent fiscal year, the Fund s portfolio turnover rate was 13% of the average value of its portfolio. PRINCIPAL INVESTMENT STRATEGIES The Fund is non-diversified and primarily invests in a core group of equity securities, including both common stocks and sponsored American Depositary Receipts ( ADRs ), which are certificates typically issued by a bank or trust company that represent ownership interests in securities of non-u.s. companies. The Fund is flexibly managed, with the ability to invest in equity securities of a smaller number of issuers and/or sectors than diversified mutual funds. The Fund focuses on U.S. companies that the Adviser believes are quality companies with stock that offer the potential for future price appreciation. In selecting investments for the Fund, the Adviser seeks to identify companies possessing fundamentally strong market positions in growing industries, exceptional earnings power, and consistency of earnings performance, with a particular focus on growing companies experiencing superior rates of return over varying economic cycles. Investment decisions are based upon a fundamental analysis that 8

11 emphasizes company-specific research. The goal of the process is to invest in growth companies in both established and growing industries that display the following characteristics: a record of consistent earnings power; an earnings growth rate in excess of the S&P 500 Growth Index; a dominant market position or proven strength; attractive fundamental financial valuation; superior management; management/insider ownership; and an industry growth rate in excess of the growth of gross domestic product ( GDP ). The Fund s investments are expected to have a bias toward larger capitalization issuers (those with market capitalizations in excess of $10 billion), but the Fund may also invest in small-capitalization (between $100 million and $4 billion) and medium-capitalization (between $4 billion and $10 billion) companies. The Fund intends to buy and hold securities for the long-term and seeks to keep moderate portfolio turnover. However, the Adviser may sell a security in response to deterioration in a company s business prospects, performance or financial strength, when the security s price is no longer justifiable or if the security demonstrates earnings disappointments. PRINCIPAL RISKS OF INVESTING IN THE FUND As with all mutual funds, there is no guarantee that the Fund will achieve its investment objective. You could lose money by investing in the Fund. A Fund share is not a bank deposit and it is not insured or guaranteed by the FDIC or any other government agency. The principal risk factors affecting shareholders investments in the Fund are set forth below. Equity Risk Since it purchases equity securities, the Fund is subject to the risk that stock prices will fall over short or extended periods of time. Historically, the equity markets have moved in cycles, and the value of the Fund s equity securities may fluctuate drastically from dayto-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. Non-Diversification Risk The Fund is non-diversified and its investment strategy often results in a core group of stocks of companies that it believes hold the most growth potential. As a result, poor performance or adverse economic events affecting one or more of these 9

12 companies could have a greater impact on the Fund than it would on another mutual fund with a broader range of investments. Small- and Medium-Capitalization Company Risk To the extent that the Fund invests in small- and medium-capitalization companies, the Fund may be subject to additional risk. The small- and midcapitalization companies in which the Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, investments in these small- and mid-sized companies may pose additional risks, including liquidity risk, because these companies tend to have limited product lines, markets and financial resources, and may depend upon a relatively small management group. Therefore, small- and mid-cap stocks may be more volatile than those of larger companies. These securities may be traded over-the-counter or listed on an exchange. Foreign Company Risk When the Fund invests in foreign securities, it will be subject to risks not typically associated with domestic securities. Although ADRs are an alternative to directly purchasing the underlying foreign securities in their national markets and currencies, they are also subject to many of the risks associated with investing directly in foreign securities. Foreign investments can be riskier and more volatile than investments in the United States. Adverse political and economic developments or changes in the value of foreign currency can make it difficult for the Fund to sell its securities and could reduce the value of your shares. 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 publically 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 tax 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. Investment Style Risk The Fund pursues a growth style of investing, meaning that the Fund invests in equity securities of companies that the Adviser believes will have above-average rates of earnings growth and which, therefore, may experience above-average increases in stock prices. Over time, a growth investing style may go in and out of favor, causing the Fund to sometimes underperform other equity funds that use differing investing styles. 10

13 PERFORMANCE INFORMATION The bar chart and the performance table below illustrate the risks and volatility of an investment in the Fund by showing changes in the Fund s Retail Shares performance from year to year and by showing how the Fund s Retail Shares average annual returns for 1, 5 and 10 years and since the Fund s inception compare with those of a broad measure of market performance. Of course, the Fund s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance information is available on the Fund s website at or by calling % 37.59% 34.28% 18.64% 11.97% 3.53% 13.04% 11.18% 3.15% 0.0% (39.90)% BEST QUARTER WORST QUARTER 18.97% (26.89)% (09/30/2010) (12/31/2008) Average Annual Total Returns for Periods Ended December 31, 2017 This table compares the Fund s Retail Shares average annual total returns for periods ended December 31, 2017 to those of appropriate broad based indices. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns will depend on an investor s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through taxdeferred arrangements, such as 401(k) plans or individual retirement accounts ( IRAs ). 11

14 1 Year 5 Years 10 Years Since Inception (2/28/2006) Fund Return Before Taxes 34.28% 19.09% 9.99% 10.62% Fund Return After Taxes on Distributions 33.67% 18.31% 9.63% 10.27% Fund Return After Taxes on Distributions and Sale of Fund Shares 19.57% 15.36% 8.16% 8.82% S&P 500 Growth Index Return (reflects no deduction for fees, expenses, or taxes) 27.44% 17.00% 9.99% 9.98% S&P 500 Index Return (reflects no deduction for fees, expenses, or taxes) 21.83% 15.79% 8.50% 8.69% INVESTMENT ADVISER Edgewood Management LLC PORTFOLIO MANAGERS Mr. Alan W. Breed, President and Member of the Board of Managers, has managed the Fund since its inception in Mr. Lawrence G. Creel, Partner and Member of the Board of Managers, has managed the Fund since its inception in Mr. Scott Edwardson, Partner, has managed the Fund since its inception in Mr. Alexander Farman-Farmaian, Vice Chairman and Member of the Board of Managers, has managed the Fund since its inception in Mr. Peter Jennison, Partner and Member of the Board of Managers, has managed the Fund since its inception in Mr. Kevin R. Seth, Partner and Member of the Board of Managers, has managed the Fund since its inception in Mr. Nicholas A. Stephens, CFA, Partner and Member of the Board of Managers, has managed the Fund since its inception in For important information about the purchase and sale of Fund shares, taxes and financial intermediary compensation, please turn to Summary Information about the Purchase and Sale of Fund Shares, Taxes and Financial Intermediary Compensation on page 20 of the prospectus. 12

15 EDGEWOOD GROWTH FUND SERVICE SHARES INVESTMENT OBJECTIVE The investment objective of the Edgewood Growth Fund (the Fund ) is to provide long-term growth of capital. FEES AND EXPENSES OF THE FUND This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Service Shares Management Fees 1.00% Other Expenses 0.32% Shareholder Servicing Fees 0.25% Other Operating Expenses 0.07% Total Annual Fund Operating Expenses 1.32% Less Fee Waivers and/or Expense Reimbursements 1 (0.07)% Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements 1.25% 1 Edgewood Management LLC (the Adviser ) has contractually agreed to waive fees and reimburse expenses to the extent necessary to keep Total Annual Fund Operating Expenses (excluding interest, taxes, brokerage commissions, Shareholder Servicing Fees, acquired fund fees and expenses and nonroutine expenses (collectively, excluded expenses )) from exceeding 1.00% of the average daily net assets of the Fund s Service Shares until February 28, 2019 (the contractual expense limit ). In addition, the Adviser may receive from the Fund the difference between the Total Annual Fund Operating Expenses (not including excluded expenses) and the contractual expense limit to recoup all or a portion of its prior fee waivers or expense reimbursements made during the three-year period preceding the recoupment if at any point Total Annual Fund Operating Expenses (not including excluded expenses) are below the contractual expense limit (i) at the time of the fee waiver and/or expense reimbursement and (ii) at the time of the recoupment. This agreement may be terminated by the Board of Trustees (the Board ) of The Advisors Inner Circle Fund (the Trust ) or by the Adviser, upon ninety (90) days prior written notice, effective as of the close of business on February 28, 2019, provided that, in the case of termination by the Adviser, such action shall be authorized by resolution of a majority of the Trustees who are not interested persons of the Trust or by a vote of a majority of the outstanding voting securities of the Trust. 13

16 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund s operating expenses (including one year of capped expenses in each period) remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 1 Year 3 Years 5 Years 10 Years Service Shares $127 $411 $717 $1,584 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or turns over its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in total annual Fund operating expenses or in the example, affect the Fund s performance. During its most recent fiscal year, the Fund s portfolio turnover rate was 13% of the average value of its portfolio. PRINCIPAL INVESTMENT STRATEGIES The Fund is non-diversified and primarily invests in a core group of equity securities, including both common stocks and sponsored American Depositary Receipts ( ADRs ), which are certificates typically issued by a bank or trust company that represent ownership interests in securities of non-u.s. companies. The Fund is flexibly managed, with the ability to invest in equity securities of a smaller number of issuers and/or sectors than diversified mutual funds. The Fund focuses on U.S. companies that the Adviser believes are quality companies with stock that offer the potential for future price appreciation. In selecting investments for the Fund, the Adviser seeks to identify companies possessing fundamentally strong market positions in growing industries, exceptional earnings power, and consistency of earnings performance, with a particular focus on growing companies experiencing superior rates of return over varying economic cycles. Investment decisions are based upon a fundamental analysis that 14

17 emphasizes company-specific research. The goal of the process is to invest in growth companies in both established and growing industries that display the following characteristics: a record of consistent earnings power; an earnings growth rate in excess of the S&P 500 Growth Index; a dominant market position or proven strength; attractive fundamental financial valuation; superior management; management/insider ownership; and an industry growth rate in excess of the growth of gross domestic product ( GDP ). The Fund s investments are expected to have a bias toward larger capitalization issuers (those with market capitalizations in excess of $10 billion), but the Fund may also invest in small-capitalization (between $100 million and $4 billion) and medium-capitalization (between $4 billion and $10 billion) companies. The Fund intends to buy and hold securities for the long-term and seeks to keep moderate portfolio turnover. However, the Adviser may sell a security in response to deterioration in a company s business prospects, performance or financial strength, when the security s price is no longer justifiable or if the security demonstrates earnings disappointments. PRINCIPAL RISKS OF INVESTING IN THE FUND As with all mutual funds, there is no guarantee that the Fund will achieve its investment objective. You could lose money by investing in the Fund. A Fund share is not a bank deposit and it is not insured or guaranteed by the FDIC or any other government agency. The principal risk factors affecting shareholders investments in the Fund are set forth below. Equity Risk Since it purchases equity securities, the Fund is subject to the risk that stock prices will fall over short or extended periods of time. Historically, the equity markets have moved in cycles, and the value of the Fund s equity securities may fluctuate drastically from dayto-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. Non-Diversification Risk The Fund is non-diversified and its investment strategy often results in a core group of stocks of companies that it believes hold the most growth potential. As a result, poor performance or adverse economic events affecting one or more of these 15

18 companies could have a greater impact on the Fund than it would on another mutual fund with a broader range of investments. Small- and Medium-Capitalization Company Risk To the extent that the Fund invests in small- and medium-capitalization companies, the Fund may be subject to additional risk. The small- and midcapitalization companies in which the Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, investments in these small- and mid-sized companies may pose additional risks, including liquidity risk, because these companies tend to have limited product lines, markets and financial resources, and may depend upon a relatively small management group. Therefore, small- and mid-cap stocks may be more volatile than those of larger companies. These securities may be traded over-the-counter or listed on an exchange. Foreign Company Risk When the Fund invests in foreign securities, it will be subject to risks not typically associated with domestic securities. Although ADRs are an alternative to directly purchasing the underlying foreign securities in their national markets and currencies, they are also subject to many of the risks associated with investing directly in foreign securities. Foreign investments can be riskier and more volatile than investments in the United States. Adverse political and economic developments or changes in the value of foreign currency can make it difficult for the Fund to sell its securities and could reduce the value of your shares. 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 publically 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 tax 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. Investment Style Risk The Fund pursues a growth style of investing, meaning that the Fund invests in equity securities of companies that the Adviser believes will have above-average rates of earnings growth and which, therefore, may experience above-average increases in stock prices. Over time, a growth investing style may go in and out of favor, causing the Fund to sometimes underperform other equity funds that use differing investing styles. 16

19 PERFORMANCE INFORMATION The bar chart and the performance table below illustrate the risks and volatility of an investment in the Fund by showing changes in the Fund s performance from year to year and by showing how the Fund s average annual returns for 1, 5 and 10 years and since the Fund s inception compare with those of a broad measure of market performance. The Fund s Service Shares had not commenced operations as of the date of this prospectus, and, therefore, the Fund s Service Shares performance information is not presented. The performance information provided shows the returns of the Fund s Retail Shares, which are also offered in this prospectus. The Service Shares would have substantially similar performance as the Retail Shares because the shares are invested in the same portfolio of securities and the annual returns would differ only to the extent that the expenses of the Service Shares are lower than the expenses of the Retail Shares. Of course, the Fund s past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance information is available on the Fund s website at or by calling % 37.59% 34.28% 18.64% 11.97% 3.53% 13.04% 11.18% 3.15% 0.0% (39.90)% BEST QUARTER WORST QUARTER 18.97% (26.89)% (09/30/2010) (12/31/2008) Average Annual Total Returns for Periods Ended December 31, 2017 This table compares the Fund s average annual total returns for periods ended December 31, 2017 to those of appropriate broad based indices. 17

20 After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns will depend on an investor s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Fund shares through taxdeferred arrangements, such as 401(k) plans or individual retirement accounts ( IRAs ). 1 Year 5 Years 10 Years Since Inception (2/28/2006) Fund Return Before Taxes 34.28% 19.09% 9.99% 10.62% Fund Return After Taxes on Distributions 33.67% 18.31% 9.63% 10.27% Fund Return After Taxes on Distributions and Sale of Fund Shares 19.57% 15.36% 8.16% 8.82% S&P 500 Growth Index Return (reflects no deduction for fees, expenses, or taxes) 27.44% 17.00% 9.99% 9.98% S&P 500 Index Return (reflects no deduction for fees, expenses, or taxes) 21.83% 15.79% 8.50% 8.69% INVESTMENT ADVISER Edgewood Management LLC PORTFOLIO MANAGERS Mr. Alan W. Breed, President and Member of the Board of Managers, has managed the Fund since its inception in Mr. Lawrence G. Creel, Partner and Member of the Board of Managers, has managed the Fund since its inception in Mr. Scott Edwardson, Partner, has managed the Fund since its inception in Mr. Alexander Farman-Farmaian, Vice Chairman and Member of the Board of Managers, has managed the Fund since its inception in Mr. Peter Jennison, Partner and Member of the Board of Managers, has managed the Fund since its inception in Mr. Kevin R. Seth, Partner and Member of the Board of Managers, has managed the Fund since its inception in

21 Mr. Nicholas A. Stephens, CFA, Partner and Member of the Board of Managers, has managed the Fund since its inception in For important information about the purchase and sale of Fund shares, taxes and financial intermediary compensation, please turn to Summary Information about the Purchase and Sale of Fund Shares, Taxes and Financial Intermediary Compensation on page 20 of the prospectus. 19

22 SUMMARY INFORMATION ABOUT THE PURCHASE AND SALE OF FUND SHARES, TAXES AND FINANCIAL INTERMEDIARY COMPENSATION Purchase and Sale of Fund Shares To purchase shares of the Fund for the first time, you must invest at least $100,000 for Institutional Shares (including for IRAs) and at least $3,000 for Retail Shares and Service Shares ($2,000 for IRAs). The Fund may accept investments of smaller amounts in its sole discretion. There are no minimums for subsequent investments. As of the date of this prospectus, Service Shares are not available for purchase. If you own your shares directly, you may redeem your shares on any day that the New York Stock Exchange (the NYSE ) is open for business by contacting the Fund directly by mail or telephone at If you own your shares through an account with a broker or other institution, contact that broker or institution to redeem your shares. Your broker or institution may charge a fee for its services in addition to the fees charged by the Fund. Tax Information The Fund intends to make distributions that may be taxed as ordinary income or capital gains, unless you are investing through a taxdeferred arrangement, such as a 401(k) plan or IRA, in which case your distributions will be taxed when withdrawn from the tax-deferred account. Payments to Broker-Dealers and Other Financial Intermediaries If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary s web site for more information. 20

23 MORE INFORMATION ABOUT RISK Investing in the Fund involves risk and there is no guarantee that the Fund will achieve its goal. The Adviser s judgments about the markets, the economy or companies may not anticipate actual market movements, economic conditions or company performance, and these judgments may affect the return on your investment. In fact, no matter how good of a job the Adviser does, you could lose money on your investment in the Fund, just as you could with similar investments. The value of your investment in the Fund is based on the value of the securities the Fund holds. These prices change daily due to economic and other events that affect particular companies and other issuers. These price movements, sometimes called volatility, may be greater or lesser depending on the types of securities the Fund owns and the markets in which they trade. The effect on the Fund of a change in the value of a single security will depend on how widely the Fund diversifies its holdings. The Fund is non-diversified, meaning that it may invest a large percentage of its assets in a single issuer or a relatively small number of issuers. Equity Risk Equity securities include publicly and privately issued equity securities, common and preferred stocks, warrants, rights to subscribe to common stock and convertible securities, as well as instruments that attempt to track the price movement of equity indices. Investments in equity securities and equity derivatives in general are subject to market risks that may cause their prices to fluctuate over time. The value of such securities convertible into equity securities, such as warrants or convertible debt, is also affected by prevailing interest rates, the credit quality of the issuer and any call provision. Fluctuations in the value of equity securities in which a mutual fund invests will cause the fund s net asset value ( NAV ) to fluctuate. An investment in a portfolio of equity securities may be more suitable for long-term investors who can bear the risk of these share price fluctuations. Non-Diversification Risk The Fund is classified as nondiversified, which means it may invest a larger percentage of its assets in a smaller number of issuers than a diversified fund. To the extent that the Fund invests its assets in a smaller number of issuers, the Fund will be more susceptible to negative events affecting those issuers than a diversified fund. Small- and Medium-Capitalization Company Risk To the extent that the Fund invests in small- and medium-capitalization companies, 21

24 the Fund may be subject to additional risk. The small- and midcapitalization companies in which the Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, investments in these small- and mid-sized companies may pose additional risks, including liquidity risk, because these companies tend to have limited product lines, markets and financial resources, and may depend upon a relatively small management group. Therefore, small- and mid-cap stocks may be more volatile than those of larger companies. These securities may be traded over-the-counter or listed on an exchange. Foreign Security Risk Investments in securities of foreign companies or governments (including direct investments as well as through ADRs) can be more volatile than investments in U.S. companies or governments. Diplomatic, political, or economic developments, including nationalization or appropriation, could affect investments in foreign companies. Foreign securities markets generally have less trading volume and less liquidity than U.S. markets. In addition, the value of securities denominated in foreign currencies, and of dividends from such securities, can change significantly when foreign currencies strengthen or weaken relative to the U.S. dollar. Financial statements of foreign issuers are governed by different accounting, auditing, and financial reporting standards than the financial statements of U.S. issuers and may be less transparent and uniform than in the United States. Thus, there may be less information publicly available about foreign issuers than about most U.S. issuers. Transaction costs are generally higher than those in the United States and expenses for custodial arrangements of foreign securities may be somewhat greater than typical expenses for custodial arrangements of similar U.S. securities. Some foreign governments levy withholding taxes against dividend and interest income. Although in some countries a portion of these taxes is recoverable, the non-recovered portion will reduce the income received from the securities comprising the portfolio. Investment Style Risk The Fund pursues a growth style of investing, meaning that the Fund invests in equity securities of companies that the Adviser believes will have above-average rates of earnings growth and which, therefore, may experience above-average increases in stock prices. Over time, a growth investing style may go in and out of favor, causing the Fund to sometimes underperform other equity funds that use differing investing styles. 22

25 MORE INFORMATION ABOUT FUND INVESTMENTS The investment objective of the Fund is to provide long-term growth of capital. This investment objective may be changed without shareholder approval. The investments and strategies described in this prospectus are those that the Fund uses under normal conditions. In the event that the Adviser determines that securities meeting the Fund s investment objective are not readily available for purchase, the Fund may hold uninvested assets in cash or money market instruments in order to maintain liquidity. In addition, during unusual economic or market conditions, or for temporary defensive purposes, the Fund may invest up to 100% of its assets in money market instruments and other cash equivalents that would not ordinarily be consistent with its investment objective. If the Fund invests in this manner, it may not achieve its investment objective. The Fund will only make temporary defensive investments if the Adviser believes that the risk of loss outweighs the opportunity for growth of total return. This prospectus describes the Fund s principal investment strategies, and the Fund will normally invest in the types of securities described in this prospectus. In addition to the investments and strategies described in this prospectus, the Fund also may invest to a lesser extent in other securities, use other strategies and engage in other investment practices that are not part of its principal investment strategy. These investments and strategies, as well as those described in this prospectus, are described in detail in the Fund s Statement of Additional Information ( SAI ) (for information on how to obtain a copy of the SAI see the back cover of this prospectus). Of course, there is no guarantee that the Fund will achieve its investment goal. INFORMATION ABOUT PORTFOLIO HOLDINGS The Fund generally publishes a complete alphabetical list of its portfolio holdings on a quarterly basis, forty-five (45) days after the end of the fiscal quarter. The portfolio information described above can be found on the internet at The information will generally remain available until replaced by new portfolio holdings information as described above. The Adviser may exclude any portion of the Fund s portfolio holdings from such publication when deemed to be in the best interest of the Fund. Please consult the Fund s SAI for a full description of the policies and procedures that govern disclosure of the Fund s portfolio holdings. 23

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