| THE ADVISORS’ INNER CIRCLE FUND | CAMBIAR OPPORTUNITY FUND |
| JULY 31, 2025 (UNAUDITED) |
| SCHEDULE OF INVESTMENTS | ||||||||
| COMMON STOCK — 96.5% | ||||||||
| Shares | Value | |||||||
| AEROSPACE/DEFENSE EQUIPMENT — 5.1% | ||||||||
| Airbus ADR | 178,000 | $ | 8,942,720 | |||||
| RTX | 43,000 | 6,775,510 | ||||||
| 15,718,230 | ||||||||
| AIRLINES — 2.8% | ||||||||
| Delta Air Lines | 167,000 | 8,886,070 | ||||||
| BANKS — 8.4% | ||||||||
| JPMorgan Chase | 33,000 | 9,775,920 | ||||||
| PNC Financial Services Group | 44,000 | 8,371,880 | ||||||
| US Bancorp | 176,000 | 7,912,960 | ||||||
| 26,060,760 | ||||||||
| BEVERAGES — 4.7% | ||||||||
| Constellation Brands, Cl A | 48,000 | 8,017,920 | ||||||
| Diageo ADR | 67,000 | 6,562,650 | ||||||
| 14,580,570 | ||||||||
| BIOTECHNOLOGY — 2.1% | ||||||||
| Regeneron Pharmaceuticals | 12,200 | 6,654,612 | ||||||
| BROADLINE RETAIL — 3.8% | ||||||||
| Amazon.com * | 50,000 | 11,705,500 | ||||||
| CAPITAL MARKETS — 2.5% | ||||||||
| CME Group, Cl A | 28,000 | 7,791,840 | ||||||
| CHEMICALS — 2.4% | ||||||||
| PPG Industries | 70,000 | 7,385,000 | ||||||
| CONSUMER FINANCE — 1.7% | ||||||||
| American Express | 18,000 | 5,387,580 | ||||||
| CONSUMER STAPLES DISTRIBUTION & RETAIL — 4.8% | ||||||||
| Sysco | 85,000 | 6,766,000 | ||||||
| Target | 80,000 | 8,040,000 | ||||||
| 14,806,000 | ||||||||
| ELECTRONIC EQUIPMENT INSTRUMENTS & COMPONENTS — 2.3% | ||||||||
| TE Connectivity | 35,000 | 7,201,250 | ||||||
| ENERGY EQUIPMENT & SERVICES — 2.0% | ||||||||
| Schlumberger | 181,000 | 6,117,800 | ||||||
| FINANCIAL SERVICES — 2.6% | ||||||||
| Mastercard, Cl A | 14,000 | 7,930,580 | ||||||
| GROUND TRANSPORTATION — 6.9% | ||||||||
| Uber Technologies * | 133,000 | 11,670,750 | ||||||
| Union Pacific | 44,000 | 9,766,680 | ||||||
| 21,437,430 | ||||||||
| HEALTH CARE EQUIPMENT & SERVICES — 3.1% | ||||||||
| Medtronic | 108,000 | 9,745,920 | ||||||
| HEALTH CARE PROVIDERS & SERVICES — 7.2% | ||||||||
| Centene * | 133,000 | 3,467,310 | ||||||
| Elevance Health | 33,500 | 9,483,180 | ||||||
| Labcorp Holdings | 35,500 | 9,232,840 | ||||||
| 22,183,330 | ||||||||
| HOTELS, RESTAURANTS & LEISURE — 6.3% | ||||||||
| Airbnb, Cl A * | 72,000 | 9,533,520 | ||||||
| Flutter Entertainment * | 33,000 | 9,974,580 | ||||||
| 19,508,100 | ||||||||
| INSURANCE — 2.9% | ||||||||
| Chubb | 34,000 | 9,045,360 | ||||||
| INTERACTIVE MEDIA & SERVICES — 3.4% | ||||||||
| Alphabet, Cl A | 55,000 | 10,554,500 | ||||||
1
| THE ADVISORS’ INNER CIRCLE FUND | CAMBIAR OPPORTUNITY FUND |
| JULY 31, 2025 (UNAUDITED) |
| COMMON STOCK — continued | ||||||||
| Shares | Value | |||||||
| MEDIA — 2.9% | ||||||||
| Comcast, Cl A | 272,000 | $ | 9,038,560 | |||||
| MULTI-UTILITIES — 3.0% | ||||||||
| Sempra | 115,000 | 9,393,200 | ||||||
| OIL, GAS & CONSUMABLE FUELS — 3.0% | ||||||||
| Chevron | 61,500 | 9,325,860 | ||||||
| PERSONAL CARE PRODUCTS — 3.0% | ||||||||
| Estee Lauder, Cl A | 100,000 | 9,334,000 | ||||||
| PHARMACEUTICALS — 2.4% | ||||||||
| Bristol-Myers Squibb | 171,000 | 7,406,010 | ||||||
| SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 3.8% | ||||||||
| Applied Materials | 21,000 | 3,781,260 | ||||||
| Texas Instruments | 44,000 | 7,966,640 | ||||||
| 11,747,900 | ||||||||
| SPECIALIZED REITS — 1.9% | ||||||||
| Weyerhaeuser | 237,000 | 5,936,850 | ||||||
| SPECIALTY RETAIL — 1.5% | ||||||||
| TJX | 37,000 | 4,607,610 | ||||||
| TOTAL COMMON STOCK | ||||||||
| (Cost $229,612,135) | 299,490,422 | |||||||
| SHORT-TERM INVESTMENT — 3.4% | ||||||||
| First American Treasury Obligation Fund 4.290% (A) | ||||||||
| (Cost $10,463,734) | 10,463,734 | 10,463,734 | ||||||
| TOTAL INVESTMENTS— 99.9% | ||||||||
| (Cost $240,075,869) | $ | 309,954,156 | ||||||
| Percentages are based on Net Assets of $310,116,520. | |
| * | Non-income producing security. |
| (A) | The rate shown is the 7-day effective yield as of July 31, 2025. |
ADR — American Depository Receipt
CI — Class
REIT — Real Estate Investment Trust
CMB-QH-007-3600
2
| THE ADVISORS’ INNER CIRCLE FUND | CAMBIAR SMID FUND |
| JULY 31, 2025 (UNAUDITED) |
| SCHEDULE OF INVESTMENTS | ||||||||
| COMMON STOCK — 97.1% | ||||||||
| Shares | Value | |||||||
| AUTO COMPONENTS — 5.5% | ||||||||
| BorgWarner | 56,500 | $ | 2,079,200 | |||||
| Gentex | 72,655 | 1,919,545 | ||||||
| 3,998,745 | ||||||||
| BANKS — 7.9% | ||||||||
| BOK Financial | 18,005 | 1,828,048 | ||||||
| Prosperity Bancshares | 29,000 | 1,931,980 | ||||||
| Webster Financial | 33,930 | 1,956,064 | ||||||
| 5,716,092 | ||||||||
| BUILDING PRODUCTS — 2.9% | ||||||||
| Masco | 30,630 | 2,086,822 | ||||||
| CAPITAL MARKETS — 5.4% | ||||||||
| Cboe Global Markets | 8,195 | 1,975,323 | ||||||
| Lazard, Cl A | 36,910 | 1,918,582 | ||||||
| 3,893,905 | ||||||||
| COMMERCIAL SERVICES & SUPPLIES — 2.4% | ||||||||
| ACV Auctions, Cl A * | 123,000 | 1,747,830 | ||||||
| CONSTRUCTION & ENGINEERING — 2.6% | ||||||||
| WillScot Holdings | 62,860 | 1,844,941 | ||||||
| CONTAINERS & PACKAGING — 2.5% | ||||||||
| Packaging Corp of America | 9,510 | 1,842,562 | ||||||
| ELECTRIC UTILITIES — 2.6% | ||||||||
| Pinnacle West Capital | 20,630 | 1,869,491 | ||||||
| ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 5.0% | ||||||||
| IPG Photonics * | 23,665 | 1,772,272 | ||||||
| Littelfuse | 7,310 | 1,881,082 | ||||||
| 3,653,354 | ||||||||
| FINANCIAL SERVICES — 4.9% | ||||||||
| Euronet Worldwide * | 18,415 | 1,789,570 | ||||||
| WEX * | 10,675 | 1,811,334 | ||||||
| 3,600,904 | ||||||||
| FOOD PRODUCT — 2.6% | ||||||||
| Lamb Weston Holdings | 33,585 | 1,916,696 | ||||||
| GAS UTILITIES — 2.7% | ||||||||
| Atmos Energy | 12,620 | 1,967,710 | ||||||
| GROUND TRANSPORTATION — 2.6% | ||||||||
| JB Hunt Transport Services | 13,240 | 1,907,222 | ||||||
| HEALTH CARE EQUIPMENT & SERVICES — 2.4% | ||||||||
| Globus Medical, Cl A * | 33,735 | 1,775,473 | ||||||
| HEALTH CARE PROVIDER & SERVICES — 2.2% | ||||||||
| Align Technology * | 12,500 | 1,612,625 | ||||||
| HEALTH CARE PROVIDERS & SERVICES — 4.0% | ||||||||
| Molina Healthcare * | 6,245 | 985,898 | ||||||
| Quest Diagnostics | 11,335 | 1,897,592 | ||||||
| 2,883,490 | ||||||||
| HEALTH CARE TECHNOLOGY — 2.7% | ||||||||
| Phreesia * | 72,000 | 1,941,120 | ||||||
| HOTELS, RESTAURANTS & LEISURE — 2.3% | ||||||||
| Sportradar Group, Cl A * | 58,110 | 1,718,313 | ||||||
| INDUSTRIAL REITS — 2.7% | ||||||||
| Americold Realty Trust | 120,000 | 1,929,600 | ||||||
3
| THE ADVISORS’ INNER CIRCLE FUND | CAMBIAR SMID FUND |
| JULY 31, 2025 (UNAUDITED) |
| COMMON STOCK — continued | ||||||||
| Shares | Value | |||||||
| INSURANCE — 4.9% | ||||||||
| Fidelity National Financial | 32,035 | $ | 1,807,735 | |||||
| Reinsurance Group of America, Cl A | 9,210 | 1,772,464 | ||||||
| 3,580,199 | ||||||||
| IT SERVICES — 5.2% | ||||||||
| Amdocs | 22,020 | 1,879,627 | ||||||
| EPAM Systems * | 11,905 | 1,877,538 | ||||||
| 3,757,165 | ||||||||
| LIFE SCIENCES TOOLS & SERVICES — 2.2% | ||||||||
| Waters * | 5,485 | 1,583,849 | ||||||
| MACHINERY — 5.5% | ||||||||
| Lincoln Electric Holdings | 8,470 | 2,062,445 | ||||||
| Toro | 26,110 | 1,938,667 | ||||||
| 4,001,112 | ||||||||
| OIL, GAS & CONSUMABLE FUELS — 2.6% | ||||||||
| HF Sinclair | 42,345 | 1,860,639 | ||||||
| RETAIL REITS — 2.8% | ||||||||
| NNN REIT | 49,491 | 2,041,999 | ||||||
| SOFTWARE — 2.9% | ||||||||
| Dolby Laboratories, Cl A | 27,715 | 2,088,048 | ||||||
| TEXTILES, APPAREL & LUXURY GOODS — 2.4% | ||||||||
| Skechers USA, Cl A * | 27,295 | 1,726,409 | ||||||
| WATER UTILITIES — 2.7% | ||||||||
| Essential Utilities | 54,390 | 2,001,552 | ||||||
| TOTAL COMMON STOCK | ||||||||
| (Cost $62,927,980) | 70,547,867 | |||||||
| SHORT-TERM INVESTMENT — 2.8% | ||||||||
| First American Treasury Obligation Fund 4.290% (A) | ||||||||
| (Cost $2,014,173) | 2,014,173 | 2,014,173 | ||||||
| TOTAL INVESTMENTS— 99.9% | ||||||||
| (Cost $64,942,153) | $ | 72,562,040 | ||||||
| Percentages are based on Net Assets of $72,615,264. | |
| * | Non-income producing security. |
| (A) | The rate shown is the 7-day effective yield as of July 31, 2025. |
| Cl — Class |
REIT — Real Estate Investment Trust
CMB-QH-011-2900
4
| THE ADVISORS’ INNER CIRCLE FUND | CAMBIAR SMALL CAP FUND JULY 31, 2025 (UNAUDITED) |
SCHEDULE OF INVESTMENTS
COMMON STOCK — 87.7%
| Shares | Value | |||||||
| AIR FREIGHT & LOGISTICS — 2.2% | ||||||||
| Hub Group, Cl A | 42,280 | $ | 1,480,645 | |||||
| AUTO COMPONENTS — 5.7% | ||||||||
| BorgWarner | 49,000 | 1,803,200 | ||||||
| Gentex | 75,000 | 1,981,500 | ||||||
| 3,784,700 | ||||||||
| BANKS — 10.3% | ||||||||
| Prosperity Bancshares | 24,495 | 1,631,857 | ||||||
| Texas Capital Bancshares * | 19,145 | 1,607,606 | ||||||
| United Bankshares | 47,395 | 1,683,470 | ||||||
| United Community Banks | 62,075 | 1,893,288 | ||||||
| 6,816,221 | ||||||||
| CAPITAL MARKETS — 1.7% | ||||||||
| Lazard, Cl A | 21,290 | 1,106,654 | ||||||
| CHEMICALS — 1.7% | ||||||||
| Cabot | 15,975 | 1,153,075 | ||||||
| COMMERCIAL SERVICES & SUPPLIES — 3.6% | ||||||||
| ACV Auctions, Cl A * | 103,000 | 1,463,630 | ||||||
| Healthcare Services Group * | 68,785 | 894,893 | ||||||
| 2,358,523 | ||||||||
| DIVERSIFIED CONSUMER SERVICES — 2.3% | ||||||||
| Frontdoor * | 26,120 | 1,528,020 | ||||||
| ELECTRIC UTILITIES — 4.5% | ||||||||
| IDACORP | 11,690 | 1,465,108 | ||||||
| TXNM Energy, Inc. | 26,465 | 1,502,947 | ||||||
| 2,968,055 | ||||||||
| ELECTRONICS EQUIPMENT INSTRUMENTS & COMPONENTS — 2.3% | ||||||||
| Advanced Energy Industries | 11,140 | 1,547,569 | ||||||
| HEALTH CARE EQUIPMENT & SERVICES — 2.5% | ||||||||
| Globus Medical, Cl A * | 31,190 | 1,641,530 | ||||||
| HEALTH CARE PROVIDER & SERVICES — 2.2% | ||||||||
| Align Technology * | 11,450 | 1,477,164 | ||||||
| HEALTH CARE PROVIDERS & SERVICES — 4.4% | ||||||||
| Addus HomeCare * | 13,370 | 1,427,649 | ||||||
| US Physical Therapy | 20,395 | 1,491,894 | ||||||
| 2,919,543 | ||||||||
| HEALTH CARE TECHNOLOGY — 5.0% | ||||||||
| HealthStream | 63,900 | 1,671,624 | ||||||
| Phreesia * | 59,210 | 1,596,302 | ||||||
| 3,267,926 | ||||||||
| HOTELS, RESTAURANTS & LEISURE — 5.6% | ||||||||
| Monarch Casino & Resort | 17,630 | 1,815,185 | ||||||
| Sportradar Group, Cl A * | 62,515 | 1,848,568 | ||||||
| 3,663,753 | ||||||||
| INSURANCE — 8.2% | ||||||||
| First American Financial | 30,580 | 1,836,329 | ||||||
| Reinsurance Group of America, Cl A | 8,905 | 1,713,767 | ||||||
| RenaissanceRe Holdings | 7,455 | 1,817,082 | ||||||
| 5,367,178 | ||||||||
| MACHINERY — 5.6% | ||||||||
| Alamo Group | 8,220 | 1,829,608 | ||||||
| Atmus Filtration Technologies | 47,930 | 1,864,956 | ||||||
| 3,694,564 | ||||||||
| PROFESSIONAL SERVICES — 5.7% | ||||||||
| NV5 Global * | 86,220 | 1,935,639 | ||||||
| WNS Holdings * | 24,405 | 1,825,250 | ||||||
| 3,760,889 | ||||||||
5
| THE ADVISORS’ INNER CIRCLE FUND | CAMBIAR SMALL CAP FUND JULY 31, 2025 (UNAUDITED) |
COMMON STOCK — continued
| Shares | Value | |||||||
| REAL ESTATE MANAGEMENT & DEVELOPMENT — 1.9% | ||||||||
| Marcus & Millichap | 39,560 | $ | 1,232,690 | |||||
| RETAIL REITS — 2.7% | ||||||||
| NETSTREIT | 97,370 | 1,775,055 | ||||||
| SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 9.6% | ||||||||
| Diodes * | 26,910 | 1,328,546 | ||||||
| Rambus * | 27,390 | 2,024,943 | ||||||
| Tower Semiconductor * | 33,160 | 1,517,070 | ||||||
| Universal Display | 10,065 | 1,453,386 | ||||||
| 6,323,945 | ||||||||
| TOTAL COMMON STOCK | ||||||||
| (Cost $45,021,568) | 57,867,699 | |||||||
| SHORT-TERM INVESTMENT — 13.0% | ||||||||
| First American Treasury Obligation Fund 4.290% (A) | ||||||||
| (Cost $8,546,458) | 8,546,458 | 8,546,458 | ||||||
| TOTAL INVESTMENTS— 100.7% | ||||||||
| (Cost $53,568,026) | $ | 66,414,157 | ||||||
| Percentages are based on Net Assets of $65,950,575. |
| * | Non-income producing security. |
| (A) | The rate shown is the 7-day effective yield as of July 31, 2025. |
Cl — Class
REIT — Real Estate Investment Trust
CMB-QH-009-3600
6
| THE ADVISORS’ INNER CIRCLE FUND | CAMBIAR INTERNATIONAL EQUITY FUND JULY 31, 2025 (UNAUDITED) |
SCHEDULE OF INVESTMENTS
COMMON STOCK — 92.3%
| Shares | Value | |||||||
| BELGIUM — 5.3% | ||||||||
| KBC Group | 38,000 | $ | 3,963,555 | |||||
| UCB | 12,700 | 2,728,662 | ||||||
| 6,692,217 | ||||||||
| FRANCE — 5.1% | ||||||||
| Air Liquide | 8,300 | 1,632,915 | ||||||
| Airbus | 11,800 | 2,372,452 | ||||||
| Thales | 9,200 | 2,474,746 | ||||||
| 6,480,113 | ||||||||
| GERMANY — 7.2% | ||||||||
| E.ON | 137,000 | 2,499,327 | ||||||
| Knorr-Bremse | 31,200 | 3,113,935 | ||||||
| Merck KGaA | 12,500 | 1,562,307 | ||||||
| SAP | 7,000 | 2,001,692 | ||||||
| 9,177,261 | ||||||||
| HONG KONG — 2.0% | ||||||||
| AIA Group | 275,000 | 2,564,148 | ||||||
| IRELAND — 7.8% | ||||||||
| Bank of Ireland Group | 212,000 | 2,842,918 | ||||||
| ICON * | 11,000 | 1,861,090 | ||||||
| Kerry Group | 22,000 | 2,032,143 | ||||||
| Ryanair Holdings | 106,000 | 3,116,688 | ||||||
| 9,852,839 | ||||||||
| JAPAN — 18.3% | ||||||||
| Ajinomoto | 98,000 | 2,592,731 | ||||||
| Daifuku Ltd. | 98,000 | 2,480,989 | ||||||
| Mitsubishi Estate | 165,000 | 3,089,200 | ||||||
| MonotaRO | 128,000 | 2,279,286 | ||||||
| Nintendo | 40,000 | 3,343,158 | ||||||
| Shimano | 16,000 | 1,750,335 | ||||||
| Sony Group | 119,000 | 2,862,345 | ||||||
| Terumo | 123,000 | 2,085,744 | ||||||
| Tokio Marine Holdings | 71,000 | 2,850,858 | ||||||
| 23,334,646 | ||||||||
| NETHERLANDS — 5.1% | ||||||||
| ASML Holding | 3,300 | 2,292,543 | ||||||
| ING Groep | 180,000 | 4,194,983 | ||||||
| 6,487,526 | ||||||||
| PORTUGAL — 1.9% | ||||||||
| Galp Energia SGPS | 128,000 | 2,444,194 | ||||||
| SINGAPORE — 6.8% | ||||||||
| DBS Group Holdings | 87,100 | 3,196,961 | ||||||
| Grab Holdings * | 535,000 | 2,616,150 | ||||||
| Singapore Telecommunications | 956,000 | 2,849,021 | ||||||
| 8,662,132 | ||||||||
| SWEDEN — 1.8% | ||||||||
| Epiroc, Cl A | 115,000 | 2,340,615 | ||||||
| SWITZERLAND — 7.0% | ||||||||
| Barry Callebaut | 1,550 | 1,887,588 | ||||||
| Julius Baer Group | 36,000 | 2,435,916 | ||||||
| Nestle | 17,000 | 1,485,410 | ||||||
| Roche Holding | 10,000 | 3,120,730 | ||||||
| 8,929,644 | ||||||||
| TAIWAN — 1.8% | ||||||||
| Taiwan Semiconductor Manufacturing ADR | 9,500 | 2,295,390 | ||||||
| UNITED KINGDOM — 17.3% | ||||||||
| AstraZeneca ADR | 44,500 | 3,252,505 | ||||||
| Barclays | 645,000 | 3,152,785 | ||||||
7
| THE ADVISORS’ INNER CIRCLE FUND | CAMBIAR INTERNATIONAL EQUITY FUND JULY 31, 2025 (UNAUDITED) |
COMMON STOCK — continued
| Shares | Value | |||||||
| UNITED KINGDOM — continued | ||||||||
| Bunzl | 75,000 | $ | 2,225,819 | |||||
| CNH Industrial | 174,000 | 2,255,040 | ||||||
| Diageo | 83,000 | 2,011,725 | ||||||
| Haleon | 476,000 | 2,232,769 | ||||||
| Intertek Group | 38,000 | 2,470,770 | ||||||
| London Stock Exchange Group | 16,100 | 1,962,518 | ||||||
| SSE | 100,000 | 2,451,234 | ||||||
| 22,015,165 | ||||||||
| UNITED STATES — 4.9% | ||||||||
| Flutter Entertainment * | 12,600 | 3,808,476 | ||||||
| Schlumberger Ltd. | 71,000 | 2,399,800 | ||||||
| 6,208,276 | ||||||||
| TOTAL COMMON STOCK | ||||||||
| (Cost $91,896,111) | 117,484,166 | |||||||
| SHORT-TERM INVESTMENT — 4.2% | ||||||||
| First American Treasury Obligation Fund 4.290% (A) | ||||||||
| (Cost $5,379,071) | 5,379,071 | 5,379,071 | ||||||
| TOTAL INVESTMENTS — 96.5% | ||||||||
| (Cost $97,275,182) | $ | 122,863,237 | ||||||
| Percentages are based on Net Assets of $127,311,810. |
| * | Non-income producing security. |
| (A) | The rate reported is the 7-day effective yield as of July 31, 2025. |
ADR — American Depository Receipt
Cl — Class
Ltd. — Limited
CMB-QH-008-3600
8