| THE ADVISORS’ INNER CIRCLE FUND | CIBC ATLAS |
| DISCIPLINED EQUITY FUND | |
| JULY 31, 2025 (Unaudited) |
| SCHEDULE OF INVESTMENTS | ||||||||
| COMMON STOCK** — 99.2% | Shares | Value | ||||||
| COMMUNICATION SERVICES — 8.9% | ||||||||
| Alphabet, Cl A | 300,212 | $ | 57,610,683 | |||||
| Alphabet, Cl C | 197,004 | 37,994,191 | ||||||
| Meta Platforms, Cl A | 43,980 | 34,015,891 | ||||||
| T-Mobile US | 30,620 | 7,300,114 | ||||||
| Walt Disney | 147,886 | 17,614,702 | ||||||
| 154,535,581 | ||||||||
| CONSUMER DISCRETIONARY — 11.4% | ||||||||
| Amazon.com * | 521,539 | 122,097,495 | ||||||
| Flutter Entertainment PLC * | 31,810 | 9,614,891 | ||||||
| Home Depot | 41,656 | 15,308,997 | ||||||
| McDonald's | 72,314 | 21,699,262 | ||||||
| O'Reilly Automotive * | 113,670 | 11,176,034 | ||||||
| TJX | 159,730 | 19,891,177 | ||||||
| 199,787,856 | ||||||||
| CONSUMER STAPLES — 2.8% | ||||||||
| Mondelez International, Cl A | 199,751 | 12,921,892 | ||||||
| Monster Beverage * | 328,045 | 19,272,644 | ||||||
| PepsiCo | 116,300 | 16,040,096 | ||||||
| 48,234,632 | ||||||||
| ENERGY — 3.8% | ||||||||
| Cheniere Energy | 70,402 | 16,606,424 | ||||||
| Chesapeake Energy | 78,740 | 8,250,377 | ||||||
| Chevron | 88,568 | 13,430,452 | ||||||
| Exxon Mobil | 249,733 | 27,880,192 | ||||||
| 66,167,445 | ||||||||
| FINANCIALS — 16.0% | ||||||||
| BlackRock Funding | 16,737 | 18,511,289 | ||||||
| Blackstone, Cl A | 202,916 | 35,096,351 | ||||||
| CME Group, Cl A | 72,951 | 20,300,804 | ||||||
| Fidelity National Information Services | 224,526 | 17,829,610 | ||||||
| Fiserv * | 139,687 | 19,408,112 | ||||||
| Intercontinental Exchange | 166,029 | 30,687,140 | ||||||
| JPMorgan Chase | 115,312 | 34,160,027 | ||||||
| PNC Financial Services Group | 86,704 | 16,497,170 | ||||||
| Progressive | 54,698 | 13,239,104 | ||||||
| S&P Global | 34,826 | 19,192,609 | ||||||
1
| THE ADVISORS’ INNER CIRCLE FUND | CIBC ATLAS |
| DISCIPLINED EQUITY FUND | |
| JULY 31, 2025 (Unaudited) |
| COMMON STOCK** (continued) | Shares | Value | ||||||
| FINANCIALS (continued) | ||||||||
| Visa, Cl A | 155,952 | $ | 53,876,737 | |||||
| 278,798,953 | ||||||||
| HEALTH CARE — 9.5% | ||||||||
| Abbott Laboratories | 122,186 | 15,418,651 | ||||||
| AstraZeneca PLC ADR | 418,651 | 30,599,202 | ||||||
| Danaher | 122,816 | 24,214,403 | ||||||
| IDEXX Laboratories * | 19,472 | 10,404,084 | ||||||
| IQVIA Holdings * | 99,537 | 18,499,947 | ||||||
| Stryker | 40,030 | 15,720,982 | ||||||
| Thermo Fisher Scientific | 55,418 | 25,917,890 | ||||||
| UnitedHealth Group | 62,991 | 15,720,034 | ||||||
| Zoetis, Cl A | 54,460 | 7,939,723 | ||||||
| 164,434,916 | ||||||||
| INDUSTRIALS — 6.4% | ||||||||
| Automatic Data Processing | 64,874 | 20,078,503 | ||||||
| Eaton PLC | 44,507 | 17,122,733 | ||||||
| Otis Worldwide | 119,542 | 10,243,554 | ||||||
| RTX | 246,748 | 38,880,082 | ||||||
| Union Pacific | 117,996 | 26,191,572 | ||||||
| 112,516,444 | ||||||||
| INFORMATION TECHNOLOGY — 33.4% | ||||||||
| Adobe * | 38,622 | 13,814,703 | ||||||
| Analog Devices | 67,880 | 15,247,885 | ||||||
| Apple | 382,716 | 79,440,360 | ||||||
| ASML Holding, Cl G | 16,385 | 11,382,823 | ||||||
| Broadcom | 63,444 | 18,633,503 | ||||||
| Cisco Systems | 142,312 | 9,688,601 | ||||||
| Microsoft | 311,027 | 165,932,905 | ||||||
| NVIDIA | 757,008 | 134,649,013 | ||||||
| QUALCOMM | 167,373 | 24,563,661 | ||||||
| Roper Technologies | 35,485 | 19,530,944 | ||||||
| Salesforce | 128,636 | 33,230,538 | ||||||
| TE Connectivity PLC | 169,179 | 34,808,579 | ||||||
| Workday, Cl A * | 98,681 | 22,635,448 | ||||||
| 583,558,963 | ||||||||
| MATERIALS — 2.9% | ||||||||
| Linde PLC | 49,444 | 22,757,096 | ||||||
2
| THE ADVISORS’ INNER CIRCLE FUND | CIBC ATLAS |
| DISCIPLINED EQUITY FUND | |
| JULY 31, 2025 (Unaudited) |
| COMMON STOCK** (continued) | Shares | Value | ||||||
| MATERIALS (continued) | ||||||||
| Martin Marietta Materials | 47,489 | $ | 27,300,476 | |||||
| 50,057,572 | ||||||||
| REAL ESTATE — 2.7% | ||||||||
| American Tower, Cl A ‡ | 49,309 | 10,275,503 | ||||||
| CoStar Group * | 109,813 | 10,453,100 | ||||||
| Prologis ‡ | 151,807 | 16,209,951 | ||||||
| VICI Properties, Cl A ‡ | 315,777 | 10,294,330 | ||||||
| 47,232,884 | ||||||||
| UTILITIES — 1.4% | ||||||||
| NextEra Energy | 349,802 | 24,856,930 | ||||||
| TOTAL COMMON STOCK | ||||||||
| (Cost $741,364,254) | 1,730,182,176 | |||||||
| CASH EQUIVALENT — 0.8% | ||||||||
| First American Government Obligations Fund, Cl X, 4.230% (A) | 14,704,353 | 14,704,353 | ||||||
| TOTAL CASH EQUIVALENT | ||||||||
| (Cost $14,704,353) | 14,704,353 | |||||||
| TOTAL INVESTMENTS — 100.0% | ||||||||
| (Cost $756,068,607) | $ | 1,744,886,529 | ||||||
Percentages are based on Net Assets of $1,744,240,653.
| * | 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 July 31, 2025. |
ADR — American Depositary Receipt
Cl — Class
PLC — Public Limited Company
ATF-QH-001-2400
3
| THE ADVISORS’ INNER CIRCLE FUND | CIBC ATLAS |
| MID CAP EQUITY FUND | |
| JULY 31, 2025 (Unaudited) |
| SCHEDULE OF INVESTMENTS | ||||||||
| COMMON STOCK — 98.7% | Shares | Value | ||||||
| COMMUNICATION SERVICES — 3.1% | ||||||||
| Live Nation Entertainment * | 60,930 | $ | 8,999,361 | |||||
| Pinterest, Cl A * | 213,134 | 8,226,972 | ||||||
| Trade Desk, Cl A * | 124,229 | 10,802,954 | ||||||
| 28,029,287 | ||||||||
| CONSUMER DISCRETIONARY — 19.2% | ||||||||
| AutoZone * | 5,672 | 21,374,251 | ||||||
| Chipotle Mexican Grill, Cl A * | 201,125 | 8,624,240 | ||||||
| Domino's Pizza | 16,255 | 7,529,479 | ||||||
| DraftKings, Cl A * | 513,493 | 23,127,725 | ||||||
| Floor & Decor Holdings, Cl A * | 57,028 | 4,370,626 | ||||||
| Marriott International, Cl A | 69,132 | 18,239,096 | ||||||
| Planet Fitness, Cl A * | 60,937 | 6,653,711 | ||||||
| Ross Stores | 140,134 | 19,133,896 | ||||||
| Royal Caribbean Cruises | 77,451 | 24,619,349 | ||||||
| Tractor Supply | 281,926 | 16,055,686 | ||||||
| Ulta Beauty * | 17,140 | 8,827,271 | ||||||
| Valvoline * | 221,034 | 7,791,448 | ||||||
| Wingstop | 13,176 | 4,971,832 | ||||||
| 171,318,610 | ||||||||
| CONSUMER STAPLES — 4.1% | ||||||||
| Monster Beverage * | 220,449 | 12,951,379 | ||||||
| Sprouts Farmers Market * | 67,732 | 10,264,107 | ||||||
| US Foods Holding * | 157,883 | 13,156,391 | ||||||
| 36,371,877 | ||||||||
| ENERGY — 3.2% | ||||||||
| Cheniere Energy | 87,343 | 20,602,467 | ||||||
| Diamondback Energy | 54,485 | 8,099,740 | ||||||
| 28,702,207 | ||||||||
| FINANCIALS — 10.0% | ||||||||
| Ameriprise Financial | 53,523 | 27,735,083 | ||||||
| Ares Management, Cl A | 73,105 | 13,563,171 | ||||||
| Arthur J Gallagher | 39,129 | 11,239,805 | ||||||
| Corpay * | 43,177 | 13,948,330 | ||||||
| MSCI, Cl A | 12,074 | 6,777,861 | ||||||
| Tradeweb Markets, Cl A | 114,068 | 15,804,121 | ||||||
| 89,068,371 | ||||||||
4
| THE ADVISORS’ INNER CIRCLE FUND | CIBC ATLAS |
| MID CAP EQUITY FUND | |
| JULY 31, 2025 (Unaudited) |
| COMMON STOCK (continued) | Shares | Value | ||||||
| HEALTH CARE — 14.0% | ||||||||
| Align Technology * | 45,056 | $ | 5,812,675 | |||||
| Alnylam Pharmaceuticals * | 64,506 | 25,301,833 | ||||||
| Cencora | 83,911 | 24,005,259 | ||||||
| Dexcom * | 182,299 | 14,724,290 | ||||||
| GE HealthCare Technologies | 47,775 | 3,407,313 | ||||||
| HealthEquity * | 43,963 | 4,264,411 | ||||||
| IDEXX Laboratories * | 22,943 | 12,258,674 | ||||||
| Natera * | 35,624 | 4,761,504 | ||||||
| Revvity | 84,954 | 7,467,457 | ||||||
| Veeva Systems, Cl A * | 78,254 | 22,239,787 | ||||||
| 124,243,203 | ||||||||
| INDUSTRIALS — 22.1% | ||||||||
| AMETEK | 68,161 | 12,599,561 | ||||||
| Axon Enterprise * | 11,027 | 8,330,788 | ||||||
| Cintas | 45,006 | 10,016,085 | ||||||
| Copart * | 225,504 | 10,222,096 | ||||||
| Curtiss-Wright | 21,730 | 10,652,480 | ||||||
| EMCOR Group | 10,377 | 6,511,464 | ||||||
| Howmet Aerospace | 196,371 | 35,301,615 | ||||||
| Hubbell, Cl B | 31,202 | 13,650,251 | ||||||
| IDEX | 43,115 | 7,049,734 | ||||||
| Ingersoll Rand | 76,347 | 6,461,247 | ||||||
| Oshkosh | 49,289 | 6,236,537 | ||||||
| Pentair PLC | 53,350 | 5,452,370 | ||||||
| Regal Rexnord | 47,933 | 7,327,997 | ||||||
| Saia * | 19,670 | 5,945,061 | ||||||
| TransUnion | 109,347 | 10,408,741 | ||||||
| Vertiv Holdings, Cl A | 86,180 | 12,547,808 | ||||||
| Waste Connections | 77,631 | 14,491,379 | ||||||
| WESCO International | 32,947 | 6,818,711 | ||||||
| Zurn Elkay Water Solutions | 149,285 | 6,605,861 | ||||||
| 196,629,786 | ||||||||
| INFORMATION TECHNOLOGY — 21.3% | ||||||||
| Amphenol, Cl A | 169,111 | 18,012,013 | ||||||
| Cadence Design Systems * | 31,694 | 11,554,681 | ||||||
| Cloudflare, Cl A * | 94,949 | 19,719,008 | ||||||
| CyberArk Software * | 37,768 | 15,540,399 | ||||||
| Datadog, Cl A * | 161,491 | 22,605,510 | ||||||
| Entegris | 107,593 | 8,441,747 | ||||||
| HubSpot * | 35,654 | 18,527,601 | ||||||
| Keysight Technologies * | 46,760 | 7,664,432 | ||||||
5
| THE ADVISORS’ INNER CIRCLE FUND | CIBC ATLAS |
| MID CAP EQUITY FUND | |
| JULY 31, 2025 (Unaudited) |
| COMMON STOCK (continued) | Shares | Value | ||||||
| INFORMATION TECHNOLOGY (continued) | ||||||||
| Marvell Technology | 134,068 | $ | 10,775,045 | |||||
| Monday.com * | 47,597 | 12,484,217 | ||||||
| Monolithic Power Systems | 18,231 | 12,966,616 | ||||||
| Procore Technologies * | 81,351 | 5,827,172 | ||||||
| Roper Technologies | 16,779 | 9,235,162 | ||||||
| Zscaler * | 57,005 | 16,278,348 | ||||||
| 189,631,951 | ||||||||
| REAL ESTATE — 0.8% | ||||||||
| CoStar Group * | 76,148 | 7,248,528 | ||||||
| UTILITIES — 0.9% | ||||||||
| NRG Energy | 45,467 | 7,602,083 | ||||||
| TOTAL COMMON STOCK | ||||||||
| (Cost $558,352,821) | 878,845,903 | |||||||
| CASH EQUIVALENT — 1.4% | ||||||||
| First American Government Obligations Fund, Cl X, 4.230% (A) | 12,084,959 | 12,084,959 | ||||||
| TOTAL CASH EQUIVALENT | ||||||||
| (Cost $12,084,959) | 12,084,959 | |||||||
| TOTAL INVESTMENTS — 100.1% | ||||||||
| (Cost $570,437,780) | $ | 890,930,862 | ||||||
Percentages are based on Net Assets of $890,460,419.
| * | Non-income producing security. |
| (A) | The rate reported is the 7-day effective yield as of July 31, 2025. |
Cl — Class
PLC — Public Limited Company
ATF-QH-002-2300
6
| THE ADVISORS’ INNER CIRCLE FUND | CIBC ATLAS |
| INCOME OPPORTUNITIES FUND | |
| JULY 31, 2025 (Unaudited) |
| SCHEDULE OF INVESTMENTS | ||||||||
| COMMON STOCK — 57.5% | Shares | Value | ||||||
| COMMUNICATION SERVICES — 0.6% | ||||||||
| Alphabet, Cl A | 10,300 | $ | 1,976,570 | |||||
| Meta Platforms, Cl A | 2,600 | 2,010,944 | ||||||
| 3,987,514 | ||||||||
| CONSUMER DISCRETIONARY — 3.6% | ||||||||
| Amazon.com * | 25,600 | 5,993,216 | ||||||
| Home Depot | 17,300 | 6,357,923 | ||||||
| McDonald's | 12,200 | 3,660,854 | ||||||
| Service Corp International | 97,953 | 7,474,793 | ||||||
| 23,486,786 | ||||||||
| CONSUMER STAPLES — 2.6% | ||||||||
| PepsiCo | 58,000 | 7,999,360 | ||||||
| Procter & Gamble | 63,000 | 9,479,610 | ||||||
| 17,478,970 | ||||||||
| ENERGY — 2.7% | ||||||||
| Cheniere Energy | 28,829 | 6,800,185 | ||||||
| Chevron | 39,233 | 5,949,292 | ||||||
| EQT | 92,000 | 4,945,000 | ||||||
| 17,694,477 | ||||||||
| FINANCIALS — 12.8% | ||||||||
| Ares Capital | 318,623 | 7,210,438 | ||||||
| Ares Management, Cl A | 66,000 | 12,244,980 | ||||||
| Blue Owl Capital, Cl A | 580,000 | 11,223,000 | ||||||
| CME Group, Cl A | 14,972 | 4,166,408 | ||||||
| Fidelity National Information Services | 64,500 | 5,121,945 | ||||||
| HA Sustainable Infrastructure Capital | 256,594 | 6,663,746 | ||||||
| JPMorgan Chase | 46,200 | 13,686,288 | ||||||
| S&P Global | 15,575 | 8,583,383 | ||||||
| Visa, Cl A | 45,100 | 15,580,697 | ||||||
| 84,480,885 | ||||||||
| HEALTH CARE — 5.2% | ||||||||
| Abbott Laboratories | 63,720 | 8,040,827 | ||||||
| Danaher | 50,910 | 10,037,416 | ||||||
| Johnson & Johnson | 41,780 | 6,882,837 | ||||||
| Novartis ADR | 37,912 | 4,312,111 | ||||||
| UnitedHealth Group | 20,120 | 5,021,147 | ||||||
| 34,294,338 | ||||||||
7
| THE ADVISORS’ INNER CIRCLE FUND | CIBC ATLAS |
| INCOME OPPORTUNITIES FUND | |
| JULY 31, 2025 (Unaudited) |
| COMMON STOCK (continued) | Shares | Value | ||||||
| INDUSTRIALS — 5.7% | ||||||||
| Automatic Data Processing | 18,084 | $ | 5,596,998 | |||||
| IDEX | 25,331 | 4,141,872 | ||||||
| Lockheed Martin | 15,374 | 6,472,147 | ||||||
| Republic Services, Cl A | 35,500 | 8,188,075 | ||||||
| Rollins | 73,250 | 4,195,027 | ||||||
| Union Pacific | 42,000 | 9,322,740 | ||||||
| 37,916,859 | ||||||||
| INFORMATION TECHNOLOGY — 16.9% | ||||||||
| Apple | 135,000 | 28,021,950 | ||||||
| ASML Holding, Cl G | 6,600 | 4,585,086 | ||||||
| Broadcom | 65,500 | 19,237,350 | ||||||
| Cisco Systems | 61,759 | 4,204,553 | ||||||
| Microsoft | 71,200 | 37,985,200 | ||||||
| QUALCOMM | 64,000 | 9,392,640 | ||||||
| Taiwan Semiconductor Manufacturing ADR | 20,300 | 4,904,886 | ||||||
| Workday, Cl A * | 14,700 | 3,371,886 | ||||||
| 111,703,551 | ||||||||
| MATERIALS — 2.6% | ||||||||
| Linde PLC | 21,000 | 9,665,460 | ||||||
| Martin Marietta Materials | 7,100 | 4,081,648 | ||||||
| Sherwin-Williams | 10,631 | 3,517,585 | ||||||
| 17,264,693 | ||||||||
| REAL ESTATE — 2.0% | ||||||||
| Invitation Homes ‡ | 120,836 | 3,703,624 | ||||||
| Prologis ‡ | 53,383 | 5,700,237 | ||||||
| VICI Properties, Cl A ‡ | 107,859 | 3,516,203 | ||||||
| 12,920,064 | ||||||||
| UTILITIES — 2.8% | ||||||||
| Brookfield Infrastructure | 200,581 | 7,830,682 | ||||||
| NextEra Energy | 152,671 | 10,848,801 | ||||||
| 18,679,483 | ||||||||
| TOTAL COMMON STOCK | ||||||||
| (Cost $201,000,939) | 379,907,620 | |||||||
| CORPORATE OBLIGATIONS — 17.2% | Face Amount | |||||||
| COMMUNICATION SERVICES — 1.6% | ||||||||
| Comcast | ||||||||
| 2.937%, 11/01/56 | $ | 6,111,000 | 3,530,423 | |||||
8
| THE ADVISORS’ INNER CIRCLE FUND | CIBC ATLAS |
| INCOME OPPORTUNITIES FUND | |
| JULY 31, 2025 (Unaudited) |
| CORPORATE OBLIGATIONS (continued) | Face Amount | Value | ||||||
| COMMUNICATION SERVICES (continued) | ||||||||
| T-Mobile USA | ||||||||
| 3.500%, 04/15/31 | $ | 5,000,000 | $ | 4,687,227 | ||||
| Verizon Communications | ||||||||
| 2.355%, 03/15/32 | 2,441,000 | 2,098,555 | ||||||
| 10,316,205 | ||||||||
| CONSUMER DISCRETIONARY — 2.5% | ||||||||
| Ford Motor Credit | ||||||||
| 7.350%, 11/04/27 | 4,000,000 | 4,143,639 | ||||||
| 6.950%, 03/06/26 | 2,000,000 | 2,015,715 | ||||||
| General Motors | ||||||||
| 6.800%, 10/01/27 | 3,500,000 | 3,640,636 | ||||||
| Meritage Homes | ||||||||
| 3.875%, 04/15/29(A) | 7,000,000 | 6,756,649 | ||||||
| 16,556,639 | ||||||||
| CONSUMER STAPLES — 0.7% | ||||||||
| JBS USA Holding Lux SARL | ||||||||
| 5.500%, 01/15/36(A) | 5,000,000 | 4,979,650 | ||||||
| ENERGY — 2.5% | ||||||||
| Cheniere Energy Partners | ||||||||
| 4.500%, 10/01/29 | 5,000,000 | 4,945,745 | ||||||
| DCP Midstream Operating | ||||||||
| 6.750%, 09/15/37(A) | 1,500,000 | 1,580,107 | ||||||
| Energy Transfer | ||||||||
| 5.550%, 05/15/34 | 2,952,000 | 2,977,587 | ||||||
| Kinder Morgan MTN | ||||||||
| 7.800%, 08/01/31 | 1,400,000 | 1,608,082 | ||||||
| ONEOK | ||||||||
| 6.625%, 09/01/53 | 5,000,000 | 5,171,145 | ||||||
| 16,282,666 | ||||||||
| FINANCIALS — 5.5% | ||||||||
| Ally Financial | ||||||||
| 2.200%, 11/02/28 | 6,000,000 | 5,538,049 | ||||||
| Ares Capital | ||||||||
| 5.875%, 03/01/29 | 6,000,000 | 6,127,532 | ||||||
| Bank of America | ||||||||
| 6.300%, TSFR3M + 4.815%(B)(C) | 5,000,000 | 5,019,580 | ||||||
| Citigroup | ||||||||
| 6.250%, TSFR3M + 4.779%(B)(C) | 3,000,000 | 3,016,866 | ||||||
| 3.875%, H15T5Y + 3.417%(B)(C) | 6,500,000 | 6,423,584 | ||||||
9
| THE ADVISORS’ INNER CIRCLE FUND | CIBC ATLAS |
| INCOME OPPORTUNITIES FUND | |
| JULY 31, 2025 (Unaudited) |
| CORPORATE OBLIGATIONS (continued) | Face Amount | Value | ||||||
| FINANCIALS (continued) | ||||||||
| Goldman Sachs Group MTN | ||||||||
| 6.325%, TSFR3M + 2.012%, 10/28/27(B) | $ | 3,000,000 | $ | 3,054,022 | ||||
| Morgan Stanley MTN | ||||||||
| 5.250%, SOFRRATE + 1.870%, 04/21/34(B) | 4,000,000 | 4,064,657 | ||||||
| OneMain Finance | ||||||||
| 3.500%, 01/15/27 | 3,000,000 | 2,927,257 | ||||||
| 36,171,547 | ||||||||
| HEALTH CARE — 0.4% | ||||||||
| AbbVie | ||||||||
| 4.250%, 11/21/49 | 3,500,000 | 2,854,860 | ||||||
| INDUSTRIALS — 1.2% | ||||||||
| AerCap Ireland Capital DAC | ||||||||
| 3.000%, 10/29/28 | 2,000,000 | 1,903,366 | ||||||
| Northrop Grumman | ||||||||
| 4.030%, 10/15/47 | 3,000,000 | 2,384,019 | ||||||
| Quanta Services | ||||||||
| 2.900%, 10/01/30 | 3,750,000 | 3,447,105 | ||||||
| 7,734,490 | ||||||||
| INFORMATION TECHNOLOGY — 1.6% | ||||||||
| Apple | ||||||||
| 3.850%, 08/04/46 | 3,000,000 | 2,416,894 | ||||||
| Broadcom | ||||||||
| 3.469%, 04/15/34(A) | 2,500,000 | 2,221,953 | ||||||
| Kyndryl Holdings | ||||||||
| 2.050%, 10/15/26 | 1,000,000 | 969,102 | ||||||
| Oracle | ||||||||
| 6.150%, 11/09/29 | 3,000,000 | 3,181,381 | ||||||
| 5.550%, 02/06/53 | 2,000,000 | 1,847,752 | ||||||
| 10,637,082 | ||||||||
| REAL ESTATE — 0.7% | ||||||||
| Boston Properties | ||||||||
| 2.750%, 10/01/26 | 1,000,000 | 978,230 | ||||||
| VICI Properties | ||||||||
| 5.125%, 05/15/32 | 4,000,000 | 3,990,429 | ||||||
| 4,968,659 | ||||||||
10
| THE ADVISORS’ INNER CIRCLE FUND | CIBC ATLAS |
| INCOME OPPORTUNITIES FUND | |
| JULY 31, 2025 (Unaudited) |
| CORPORATE OBLIGATIONS (continued) | Face Amount | Value | ||||||
| UTILITIES — 0.5% | ||||||||
| Duke Energy | ||||||||
| 6.450%, H15T5Y + 2.588%, 09/01/54(B) | $ | 3,000,000 | $ | 3,088,858 | ||||
| TOTAL CORPORATE OBLIGATIONS | ||||||||
| (Cost $119,545,291) | 113,590,656 | |||||||
| U.S. TREASURY OBLIGATIONS — 11.9% | ||||||||
| U.S. Treasury Bonds | ||||||||
| 4.375%, 05/15/41 | 15,000,000 | 14,392,969 | ||||||
| 4.125%, 08/15/53 | 21,500,000 | 18,924,199 | ||||||
| 3.875%, 05/15/43 | 18,500,000 | 16,338,535 | ||||||
| 49,655,703 | ||||||||
| U.S. Treasury Inflation Indexed Notes | ||||||||
| 0.500%, 01/15/28 | 13,032,400 | 12,785,698 | ||||||
| U.S. Treasury Notes | ||||||||
| 4.000%, 07/31/29 | 16,000,000 | 16,046,250 | ||||||
| TOTAL U.S. TREASURY OBLIGATIONS | ||||||||
| (Cost $79,320,721) | 78,487,651 | |||||||
| MORTGAGE-BACKED SECURITIES — 6.3% | ||||||||
| AGENCY MORTGAGE-BACKED OBLIGATIONS — 6.3% | ||||||||
| FHLMC | ||||||||
| 6.000%, 09/01/53 | 10,102,298 | 10,252,562 | ||||||
| 5.000%, 03/01/38 | 6,409,459 | 6,434,945 | ||||||
| 1.500%, 06/01/31 | 4,453,242 | 4,165,402 | ||||||
| FNMA | ||||||||
| 6.000%, 01/01/53 | 3,938,119 | 4,004,348 | ||||||
| 6.000%, 07/01/53 | 6,243,525 | 6,425,256 | ||||||
| 4.500%, 07/01/52 | 10,634,716 | 10,100,799 | ||||||
| TOTAL MORTGAGE-BACKED SECURITIES | ||||||||
| (Cost $41,566,227) | 41,383,312 | |||||||
11
| THE ADVISORS’ INNER CIRCLE FUND | CIBC ATLAS |
| INCOME OPPORTUNITIES FUND | |
| JULY 31, 2025 (Unaudited) |
| EXCHANGE-TRADED FUND — 2.1% | Shares | Value | ||||||
| DOMESTIC FIXED INCOME — 2.1% | ||||||||
| Invesco Senior Loan ETF | 657,000 | $ | 13,751,010 | |||||
| TOTAL EXCHANGE-TRADED FUND | ||||||||
| (Cost $13,803,663) | 13,751,010 | |||||||
| PREFERRED STOCK — 0.3% | ||||||||
| FINANCIALS — 0.3% | ||||||||
| Wells Fargo, 7.500% | 1,700 | 2,013,718 | ||||||
| TOTAL PREFERRED STOCK | ||||||||
| (Cost $2,066,538) | 2,013,718 | |||||||
| CASH EQUIVALENT — 3.8% | ||||||||
| First American Government Obligations Fund, Cl X, 4.230% (D) | 25,411,488 | 25,411,488 | ||||||
| TOTAL CASH EQUIVALENT | ||||||||
| (Cost $25,411,488) | 25,411,488 | |||||||
| TOTAL INVESTMENTS — 99.1% | ||||||||
| (Cost $482,714,867) | $ | 654,545,455 | ||||||
| WRITTEN OPTIONS — (0.0%) | Value | |||||||
| TOTAL WRITTEN OPTIONS — 0.0% | ||||||||
| (Premiums Received $277,345) | $ | (184,838 | ) | |||||
A list of the exchange-traded option contracts held by the Fund at July 31, 2025, is as follows:
| Exercise | Expiration | |||||||||||||||||||
| Description | Contracts | Notional Amount | Price | Date | Value | |||||||||||||||
| WRITTEN OPTIONS — (0.0%) | ||||||||||||||||||||
| Call Options | ||||||||||||||||||||
| Amazon.com* | (256 | ) | $ | (5,993,216 | ) | $ | 250 | 08/15/25 | $ | (79,360 | ) | |||||||||
| EQT* | (920 | ) | (4,945,000 | ) | 60 | 08/15/25 | (11,960 | ) | ||||||||||||
| Google* | (103 | ) | (1,976,570 | ) | 200 | 08/15/25 | (18,643 | ) | ||||||||||||
| Meta Platforms* | (26 | ) | (2,010,944 | ) | 800 | 08/15/25 | (19,032 | ) | ||||||||||||
| QUALCOMM* | (320 | ) | (4,696,320 | ) | 175 | 08/15/25 | (1,600 | ) | ||||||||||||
| Workday* | (147 | ) | (3,371,886 | ) | 260 | 09/19/25 | (54,243 | ) | ||||||||||||
| Total Written Options | $ | (22,993,936 | ) | $ | (184,838 | ) | ||||||||||||||
Percentages are based on Net Assets of $660,473,030.
| * | Non-income producing security. |
| ‡ | Real Estate Investment Trust |
12
| THE ADVISORS’ INNER CIRCLE FUND | CIBC ATLAS |
| INCOME OPPORTUNITIES FUND | |
| JULY 31, 2025 (Unaudited) |
| (A) | 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 July 31, 2025 was $15,538,359 which represents 2.4% of Net Assets. |
| (B) | 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. |
| (C) | Perpetual security with no stated maturity date. |
| (D) | The rate reported is the 7-day effective yield as of July 31, 2025. |
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
SOFRRATE— Secured Overnight Financing Rate
TSFR3M — Term Secured Overnight Financing Rate 3 Month
ATF-QH-003-2300
13
| THE ADVISORS’ INNER CIRCLE FUND | CIBC ATLAS |
| ALL CAP GROWTH FUND | |
| JULY 31, 2025 (Unaudited) |
| SCHEDULE OF INVESTMENTS | ||||||||
| COMMON STOCK** — 95.8% | Shares | Value | ||||||
| COMMUNICATION SERVICES — 14.2% | ||||||||
| Live Nation Entertainment * | 22,021 | $ | 3,252,502 | |||||
| Meta Platforms, Cl A | 27,941 | 21,610,687 | ||||||
| Netflix * | 12,902 | 14,958,579 | ||||||
| Sea ADR * | 22,347 | 3,500,657 | ||||||
| Spotify Technology * | 9,042 | 5,665,175 | ||||||
| 48,987,600 | ||||||||
| CONSUMER DISCRETIONARY — 7.4% | ||||||||
| Amazon.com * | 82,917 | 19,411,699 | ||||||
| MercadoLibre * | 2,573 | 6,108,019 | ||||||
| 25,519,718 | ||||||||
| FINANCIALS — 13.3% | ||||||||
| Ares Management, Cl A | 17,246 | 3,199,650 | ||||||
| Brown & Brown | 37,345 | 3,412,213 | ||||||
| Goosehead Insurance, Cl A | 31,193 | 2,835,756 | ||||||
| Kinsale Capital Group | 6,890 | 3,036,354 | ||||||
| Mastercard, Cl A | 18,642 | 10,560,134 | ||||||
| S&P Global | 20,942 | 11,541,136 | ||||||
| Shift4 Payments, Cl A * | 70,120 | 7,222,360 | ||||||
| StepStone Group, Cl A | 65,771 | 3,904,166 | ||||||
| 45,711,769 | ||||||||
| HEALTH CARE — 10.1% | ||||||||
| Boston Scientific * | 86,452 | 9,070,544 | ||||||
| Eli Lilly | 10,122 | 7,490,988 | ||||||
| HealthEquity * | 62,257 | 6,038,929 | ||||||
| Intuitive Surgical * | 24,963 | 12,009,450 | ||||||
| 34,609,911 | ||||||||
| INDUSTRIALS — 26.6% | ||||||||
| Axon Enterprise * | 7,514 | 5,676,752 | ||||||
| Canadian Pacific Kansas City | 28,468 | 2,093,821 | ||||||
| Cintas | 36,872 | 8,205,864 | ||||||
| GE Vernova | 22,717 | 14,999,808 | ||||||
| General Electric | 58,456 | 15,846,252 | ||||||
| Howmet Aerospace | 102,932 | 18,504,086 | ||||||
| Quanta Services | 32,610 | 13,243,899 | ||||||
| TransDigm Group | 8,114 | 13,051,044 | ||||||
| 91,621,526 | ||||||||
14
| THE ADVISORS’ INNER CIRCLE FUND | CIBC ATLAS |
| ALL CAP GROWTH FUND | |
| JULY 31, 2025 (Unaudited) |
| COMMON STOCK** (continued) | Shares | Value | ||||||
| INFORMATION TECHNOLOGY — 24.2% | ||||||||
| Amphenol, Cl A | 143,507 | $ | 15,284,931 | |||||
| Broadcom | 28,272 | 8,303,486 | ||||||
| Cloudflare, Cl A * | 19,007 | 3,947,374 | ||||||
| CyberArk Software * | 8,660 | 3,563,330 | ||||||
| Guidewire Software * | 13,967 | 3,159,615 | ||||||
| Microsoft | 26,942 | 14,373,557 | ||||||
| Monday.com * | 14,559 | 3,818,680 | ||||||
| NVIDIA | 29,239 | 5,200,741 | ||||||
| Palo Alto Networks * | 46,777 | 8,120,487 | ||||||
| ServiceNow * | 6,961 | 6,565,058 | ||||||
| Shopify, Cl A * | 45,598 | 5,572,532 | ||||||
| Snowflake, Cl A * | 23,972 | 5,357,742 | ||||||
| 83,267,533 | ||||||||
| TOTAL COMMON STOCK | ||||||||
| (Cost $194,419,751) | 329,718,057 | |||||||
| CASH EQUIVALENT — 3.5% | ||||||||
| First American Government Obligations Fund, Cl X, 4.230% (A) | 12,065,777 | 12,065,777 | ||||||
| TOTAL CASH EQUIVALENT | ||||||||
| (Cost $12,065,777) | 12,065,777 | |||||||
| TOTAL INVESTMENTS — 99.3% | ||||||||
| (Cost $206,485,528) | $ | 341,783,834 | ||||||
Percentages are based on Net Assets of $344,365,844.
| * | 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 July 31, 2025. |
ADR — American Depositary Receipt
Cl — Class
ATF-QH-005-1400
15
| THE ADVISORS’ INNER CIRCLE FUND | CIBC ATLAS |
| EQUITY INCOME FUND | |
| JULY 31, 2025 (Unaudited) |
| SCHEDULE OF INVESTMENTS | ||||||||
| COMMON STOCK — 98.8% | Shares | Value | ||||||
| COMMUNICATION SERVICES — 0.9% | ||||||||
| Comcast, Cl A | 98,180 | $ | 3,262,521 | |||||
| CONSUMER DISCRETIONARY — 3.3% | ||||||||
| Dick's Sporting Goods | 31,033 | 6,563,790 | ||||||
| TJX | 44,201 | 5,504,350 | ||||||
| 12,068,140 | ||||||||
| ENERGY — 7.7% | ||||||||
| Enterprise Products Partners | 543,549 | 16,844,584 | ||||||
| ONEOK | 76,567 | 6,286,916 | ||||||
| Targa Resources | 30,225 | 5,029,742 | ||||||
| 28,161,242 | ||||||||
| FINANCIALS — 23.9% | ||||||||
| Ameriprise Financial | 5,209 | 2,699,252 | ||||||
| Ares Management, Cl A | 21,023 | 3,900,397 | ||||||
| Arthur J Gallagher | 11,427 | 3,282,406 | ||||||
| Blackstone, Cl A | 65,878 | 11,394,259 | ||||||
| Blue Owl Capital, Cl A | 545,500 | 10,555,425 | ||||||
| Brookfield | 157,953 | 10,590,749 | ||||||
| Brookfield Asset Management, Cl A | 41,092 | 2,534,144 | ||||||
| Charles Schwab | 117,520 | 11,485,229 | ||||||
| CME Group, Cl A | 41,834 | 11,641,565 | ||||||
| Goldman Sachs Group | 6,984 | 5,053,553 | ||||||
| JPMorgan Chase | 48,197 | 14,277,879 | ||||||
| 87,414,858 | ||||||||
| HEALTH CARE — 17.7% | ||||||||
| Abbott Laboratories | 121,860 | 15,377,513 | ||||||
| AbbVie | 50,701 | 9,583,503 | ||||||
| AstraZeneca PLC ADR | 134,733 | 9,847,635 | ||||||
| Cardinal Health | 35,793 | 5,555,789 | ||||||
| Elevance Health | 21,213 | 6,004,976 | ||||||
| Eli Lilly | 18,107 | 13,400,448 | ||||||
| Stryker | 12,305 | 4,832,543 | ||||||
| 64,602,407 | ||||||||
| INDUSTRIALS — 15.8% | ||||||||
| Broadridge Financial Solutions | 34,068 | 8,432,171 | ||||||
| L3Harris Technologies | 38,761 | 10,652,298 | ||||||
| Parker-Hannifin | 15,135 | 11,077,306 | ||||||
16
| THE ADVISORS’ INNER CIRCLE FUND | CIBC ATLAS |
| EQUITY INCOME FUND | |
| JULY 31, 2025 (Unaudited) |
| COMMON STOCK (continued) | Shares | Value | ||||||
| INDUSTRIALS (continued) | ||||||||
| Rollins | 71,761 | $ | 4,109,752 | |||||
| RTX | 34,259 | 5,398,191 | ||||||
| TransDigm Group | 6,425 | 10,334,355 | ||||||
| United Parcel Service, Cl B | 35,979 | 3,099,951 | ||||||
| Waste Management | 19,760 | 4,528,202 | ||||||
| 57,632,226 | ||||||||
| INFORMATION TECHNOLOGY — 16.5% | ||||||||
| Accenture PLC, Cl A | 11,976 | 3,198,790 | ||||||
| Apple | 45,675 | 9,480,760 | ||||||
| Broadcom | 18,897 | 5,550,049 | ||||||
| International Business Machines | 31,107 | 7,874,737 | ||||||
| Microchip Technology | 108,928 | 7,362,443 | ||||||
| Microsoft | 45,031 | 24,024,038 | ||||||
| Texas Instruments | 14,242 | 2,578,657 | ||||||
| 60,069,474 | ||||||||
| REAL ESTATE — 8.3% | ||||||||
| American Tower, Cl A ‡ | 49,133 | 10,238,826 | ||||||
| Equinix ‡ | 6,264 | 4,918,305 | ||||||
| Iron Mountain ‡ | 56,823 | 5,532,287 | ||||||
| Prologis ‡ | 43,577 | 4,653,152 | ||||||
| VICI Properties, Cl A ‡ | 152,249 | 4,963,318 | ||||||
| 30,305,888 | ||||||||
| UTILITIES — 4.7% | ||||||||
| Brookfield Infrastructure Partners | 109,577 | 3,418,803 | ||||||
| Brookfield Renewable Partners | 224,048 | 6,172,522 | ||||||
| NextEra Energy | 108,589 | 7,716,334 | ||||||
| 17,307,659 | ||||||||
| TOTAL COMMON STOCK | ||||||||
| (Cost $224,670,804) | 360,824,415 | |||||||
| CASH EQUIVALENT — 1.1% | ||||||||
| First American Government Obligations Fund, Cl X, 4.230% (A) | 4,174,532 | 4,174,532 | ||||||
| TOTAL CASH EQUIVALENT | ||||||||
| (Cost $4,174,532) | 4,174,532 | |||||||
| TOTAL INVESTMENTS — 99.9% | ||||||||
| (Cost $228,845,336) | $ | 364,998,947 | ||||||
17
| THE ADVISORS’ INNER CIRCLE FUND | CIBC ATLAS |
| EQUITY INCOME FUND | |
| JULY 31, 2025 (Unaudited) |
Percentages are based on Net Assets of $365,350,681.
| ‡ | Real Estate Investment Trust |
| (A) | The rate reported is the 7-day effective yield as of July 31, 2025. |
ADR — American Depositary Receipt
Cl — Class
PLC — Public Limited Company
ATF-QH-006-1400
18
| THE ADVISORS’ INNER CIRCLE FUND | CIBC ATLAS |
| INTERNATIONAL GROWTH FUND | |
| JULY 31, 2025 (Unaudited) |
| SCHEDULE OF INVESTMENTS | ||||||||
| COMMON STOCK — 96.8% | Shares | Value | ||||||
| Australia — 1.8% | ||||||||
| MATERIALS — 1.8% | ||||||||
| BHP Group | 537,870 | $ | 13,584,008 | |||||
| Brazil — 2.0% | ||||||||
| CONSUMER DISCRETIONARY — 2.0% | ||||||||
| MercadoLibre * | 6,201 | 14,720,492 | ||||||
| Canada — 3.3% | ||||||||
| FINANCIALS — 2.3% | ||||||||
| Brookfield | 258,151 | 17,309,025 | ||||||
| INDUSTRIALS — 1.0% | ||||||||
| Canadian National Railway | 76,381 | 7,137,804 | ||||||
| 24,446,829 | ||||||||
| China — 7.6% | ||||||||
| COMMUNICATION SERVICES — 3.1% | ||||||||
| Tencent Holdings | 332,000 | 23,244,064 | ||||||
| CONSUMER DISCRETIONARY — 4.5% | ||||||||
| Alibaba Group Holding | 698,000 | 10,494,275 | ||||||
| Alibaba Group Holding ADR | 49,946 | 6,024,986 | ||||||
| Trip.com Group | 270,000 | 16,762,264 | ||||||
| 33,281,525 | ||||||||
| 56,525,589 | ||||||||
| Denmark — 0.7% | ||||||||
| HEALTH CARE — 0.7% | ||||||||
| Novo Nordisk, Cl B | 107,372 | 4,993,657 | ||||||
| France — 4.8% | ||||||||
| CONSUMER DISCRETIONARY — 1.2% | ||||||||
| Hermes International SCA | 3,753 | 9,177,930 | ||||||
| INDUSTRIALS — 1.9% | ||||||||
| Airbus | 70,393 | 14,152,885 | ||||||
19
| THE ADVISORS’ INNER CIRCLE FUND | CIBC ATLAS |
| INTERNATIONAL GROWTH FUND | |
| JULY 31, 2025 (Unaudited) |
| COMMON STOCK (continued) | Shares | Value | ||||||
| France (continued) | ||||||||
| MATERIALS — 1.7% | ||||||||
| Air Liquide | 64,295 | $ | 12,649,187 | |||||
| 35,980,002 | ||||||||
| Germany — 7.9% | ||||||||
| INDUSTRIALS — 2.6% | ||||||||
| Siemens | 77,632 | 19,773,145 | ||||||
| INFORMATION TECHNOLOGY — 1.4% | ||||||||
| SAP | 36,279 | 10,374,198 | ||||||
| MATERIALS — 3.9% | ||||||||
| Heidelberg Materials | 87,122 | 20,098,602 | ||||||
| Symrise, Cl A | 98,545 | 8,932,845 | ||||||
| 29,031,447 | ||||||||
| 59,178,790 | ||||||||
| Hong Kong — 2.3% | ||||||||
| FINANCIALS — 2.3% | ||||||||
| AIA Group | 1,875,000 | 17,482,823 | ||||||
| India — 3.2% | ||||||||
| FINANCIALS — 3.2% | ||||||||
| HDFC Bank ADR | 315,690 | 24,235,521 | ||||||
| Ireland — 2.4% | ||||||||
| CONSUMER STAPLES — 1.2% | ||||||||
| Kerry Group PLC, Cl A | 98,362 | 9,085,712 | ||||||
| HEALTH CARE — 1.2% | ||||||||
| ICON PLC * | 50,556 | 8,553,570 | ||||||
| 17,639,282 | ||||||||
| Israel — 2.1% | ||||||||
| INFORMATION TECHNOLOGY — 2.1% | ||||||||
| Check Point Software Technologies * | 82,579 | 15,376,210 | ||||||
20
| THE ADVISORS’ INNER CIRCLE FUND | CIBC ATLAS |
| INTERNATIONAL GROWTH FUND | |
| JULY 31, 2025 (Unaudited) |
| COMMON STOCK (continued) | Shares | Value | ||||||
| Italy — 1.8% | ||||||||
| CONSUMER DISCRETIONARY — 1.8% | ||||||||
| Ferrari | 30,025 | $ | 13,166,203 | |||||
| Japan — 13.3% | ||||||||
| CONSUMER DISCRETIONARY — 3.8% | ||||||||
| Sony Group | 607,000 | 14,600,363 | ||||||
| Suzuki Motor | 1,209,000 | 13,283,977 | ||||||
| 27,884,340 | ||||||||
| FINANCIALS — 4.0% | ||||||||
| Mizuho Financial Group | 548,000 | 16,073,751 | ||||||
| Tokio Marine Holdings | 343,000 | 13,772,453 | ||||||
| 29,846,204 | ||||||||
| INDUSTRIALS — 5.5% | ||||||||
| FANUC | 435,000 | 12,109,078 | ||||||
| Kawasaki Heavy Industries | 400,000 | 29,213,222 | ||||||
| 41,322,300 | ||||||||
| 99,052,844 | ||||||||
| Mexico — 1.3% | ||||||||
| CONSUMER STAPLES — 1.3% | ||||||||
| Fomento Economico Mexicano ADR | 104,529 | 9,455,693 | ||||||
| Netherlands — 1.8% | ||||||||
| INFORMATION TECHNOLOGY — 1.8% | ||||||||
| ASML Holding | 19,316 | 13,387,420 | ||||||
| Norway — 1.0% | ||||||||
| ENERGY — 1.0% | ||||||||
| Equinor | 302,087 | 7,759,884 | ||||||
| Singapore — 2.9% | ||||||||
| FINANCIALS — 2.9% | ||||||||
| DBS Group Holdings | 588,240 | 21,591,048 | ||||||
21
| THE ADVISORS’ INNER CIRCLE FUND | CIBC ATLAS |
| INTERNATIONAL GROWTH FUND | |
| JULY 31, 2025 (Unaudited) |
| COMMON STOCK (continued) | Shares | Value | ||||||
| Spain — 5.3% | ||||||||
| CONSUMER DISCRETIONARY — 1.8% | ||||||||
| Amadeus IT Group | 168,916 | $ | 13,562,924 | |||||
| FINANCIALS — 3.5% | ||||||||
| Banco Santander | 2,996,416 | 25,741,603 | ||||||
| 39,304,527 | ||||||||
| Sweden — 2.9% | ||||||||
| INDUSTRIALS — 2.9% | ||||||||
| Assa Abloy, Cl B | 411,162 | 13,605,454 | ||||||
| Atlas Copco, Cl A | 524,967 | 7,994,401 | ||||||
| 21,599,855 | ||||||||
| Switzerland — 5.6% | ||||||||
| FINANCIALS — 1.7% | ||||||||
| Chubb | 48,119 | 12,801,579 | ||||||
| HEALTH CARE — 3.9% | ||||||||
| Alcon | 154,324 | 13,529,273 | ||||||
| Novartis | 135,271 | 15,405,619 | ||||||
| 28,934,892 | ||||||||
| 41,736,471 | ||||||||
| Taiwan — 3.4% | ||||||||
| INFORMATION TECHNOLOGY — 3.4% | ||||||||
| Taiwan Semiconductor Manufacturing ADR | 104,857 | 25,335,548 | ||||||
| United Kingdom — 19.4% | ||||||||
| CONSUMER DISCRETIONARY — 4.0% | ||||||||
| Compass Group PLC | 440,498 | 15,478,927 | ||||||
| InterContinental Hotels Group PLC | 122,160 | 14,053,364 | ||||||
| 29,532,291 | ||||||||
| CONSUMER STAPLES — 1.4% | ||||||||
| Diageo PLC | 434,858 | 10,539,937 | ||||||
| ENERGY — 2.7% | ||||||||
| Shell PLC | 569,617 | 20,468,198 | ||||||
22
| THE ADVISORS’ INNER CIRCLE FUND | CIBC ATLAS |
| INTERNATIONAL GROWTH FUND | |
| JULY 31, 2025 (Unaudited) |
| COMMON STOCK (continued) | Shares | Value | ||||||
| United Kingdom (continued) | ||||||||
| FINANCIALS — 5.1% | ||||||||
| Lloyds Banking Group PLC | 18,962,327 | $ | 19,444,950 | |||||
| London Stock Exchange Group PLC | 154,802 | 18,869,677 | ||||||
| 38,314,627 | ||||||||
| HEALTH CARE — 2.1% | ||||||||
| AstraZeneca PLC | 105,185 | 15,345,674 | ||||||
| INDUSTRIALS — 4.1% | ||||||||
| BAE Systems PLC | 836,213 | 19,952,655 | ||||||
| Experian PLC | 205,176 | 10,810,919 | ||||||
| 30,763,574 | ||||||||
| 144,964,301 | ||||||||
| TOTAL COMMON STOCK | ||||||||
| (Cost $532,111,344) | 721,516,997 | |||||||
| CASH EQUIVALENT — 3.0% | ||||||||
| First American Government Obligations Fund, Cl X, 4.230% (A) | 22,676,852 | 22,676,852 | ||||||
| TOTAL CASH EQUIVALENT | ||||||||
| (Cost $22,676,852) | 22,676,852 | |||||||
| TOTAL INVESTMENTS — 99.8% | ||||||||
| (Cost $554,788,196) | $ | 744,193,849 | ||||||
Percentages are based on Net Assets of $745,612,688.
| * | Non-income producing security. |
| (A) | The rate reported is the 7-day effective yield as of July 31, 2025. |
ADR — American Depositary Receipt
Cl — Class
PLC — Public Limited Company
ATF-QH-007-1300
23