| THE ADVISORS’ INNER CIRCLE FUND | CAMBIAR OPPORTUNITY FUND |
| JANUARY 31, 2026 (UNAUDITED) |
SCHEDULE OF INVESTMENTS
COMMON STOCK — 97.0%
| Shares | Value | |||||||
| AEROSPACE/DEFENSE EQUIPMENT — 1.7% | ||||||||
| Airbus ADR | 97,000 | $ | 5,533,850 | |||||
| AIR FREIGHT & LOGISTICS — 2.5% | ||||||||
| FedEx | 25,000 | 8,056,250 | ||||||
| AIRLINES — 2.7% | ||||||||
| Delta Air Lines | 130,000 | 8,565,700 | ||||||
| AUTO COMPONENTS — 1.9% | ||||||||
| Aptiv * | 83,000 | 6,287,250 | ||||||
| BANKS — 7.6% | ||||||||
| JPMorgan Chase | 27,000 | 8,259,030 | ||||||
| PNC Financial Services Group | 42,000 | 9,378,600 | ||||||
| US Bancorp | 125,000 | 7,013,750 | ||||||
| 24,651,380 | ||||||||
| BEVERAGES — 6.4% | ||||||||
| Constellation Brands, Cl A | 42,000 | 6,581,400 | ||||||
| Diageo ADR | 66,000 | 6,124,800 | ||||||
| PepsiCo | 53,000 | 8,142,390 | ||||||
| 20,848,590 | ||||||||
| BIOTECHNOLOGY — 2.5% | ||||||||
| Regeneron Pharmaceuticals | 11,000 | 8,155,950 | ||||||
| BROADLINE RETAIL — 3.3% | ||||||||
| Amazon.com * | 45,000 | 10,768,500 | ||||||
| BUILDING PRODUCTS — 1.9% | ||||||||
| Masco | 94,000 | 6,212,460 | ||||||
| CAPITAL MARKETS — 3.1% | ||||||||
| CME Group, Cl A | 35,000 | 10,117,100 | ||||||
| CONSTRUCTION MATERIALS — 3.0% | ||||||||
| Amrize Ltd * | 184,000 | 9,682,080 | ||||||
| CONSUMER FINANCE — 1.8% | ||||||||
| American Express | 16,000 | 5,634,720 | ||||||
| CONSUMER STAPLES DISTRIBUTION & RETAIL — 2.4% | ||||||||
| Sysco | 91,000 | 7,630,350 | ||||||
| ELECTRONIC EQUIPMENT INSTRUMENTS & COMPONENTS — 1.7% | ||||||||
| TE Connectivity | 25,000 | 5,569,500 | ||||||
| ENERGY EQUIPMENT & SERVICES — 1.9% | ||||||||
| Schlumberger | 129,000 | 6,241,020 | ||||||
| FINANCIAL SERVICES — 1.8% | ||||||||
| Mastercard, Cl A | 11,000 | 5,926,690 | ||||||
| GROUND TRANSPORTATION — 5.9% | ||||||||
| Uber Technologies * | 118,000 | 9,445,900 | ||||||
| Union Pacific | 41,000 | 9,639,100 | ||||||
| 19,085,000 | ||||||||
| HEALTH CARE EQUIPMENT & SERVICES — 3.0% | ||||||||
| Medtronic | 93,000 | 9,575,280 | ||||||
| HEALTH CARE PROVIDERS & SERVICES — 8.0% | ||||||||
| Centene * | 165,000 | 7,147,800 | ||||||
| Elevance Health | 30,000 | 10,372,200 | ||||||
| Labcorp Holdings | 31,500 | 8,552,880 | ||||||
| 26,072,880 | ||||||||
| HOTELS, RESTAURANTS & LEISURE — 2.6% | ||||||||
| Airbnb, Cl A * | 64,000 | 8,279,680 | ||||||
1
| THE ADVISORS’ INNER CIRCLE FUND | CAMBIAR OPPORTUNITY FUND |
| JANUARY 31, 2026 (UNAUDITED) | |
COMMON STOCK — continued
| Shares | Value | |||||||
| INDUSTRIAL CONGLOMERATE — 3.2% | ||||||||
| Honeywell International | 46,000 | $ | 10,465,920 | |||||
| INSURANCE — 2.7% | ||||||||
| Chubb | 28,000 | 8,667,680 | ||||||
| INTERACTIVE MEDIA & SERVICES — 3.1% | ||||||||
| Alphabet, Cl A | 30,400 | 10,275,200 | ||||||
| MEDIA — 2.1% | ||||||||
| Comcast, Cl A | 213,000 | 6,336,750 | ||||||
| Versant Media Group * | 8,880 | 289,310 | ||||||
| 6,626,060 | ||||||||
| MULTI-UTILITIES — 2.1% | ||||||||
| Sempra | 78,000 | 6,786,780 | ||||||
| OIL, GAS & CONSUMABLE FUELS — 2.6% | ||||||||
| Chevron | 47,000 | 8,314,300 | ||||||
| PERSONAL CARE PRODUCTS — 2.6% | ||||||||
| Estee Lauder, Cl A | 74,000 | 8,530,720 | ||||||
| PHARMACEUTICALS — 2.6% | ||||||||
| Bristol-Myers Squibb | 150,000 | 8,257,500 | ||||||
| SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 7.1% | ||||||||
| Applied Materials | 35,000 | 11,281,200 | ||||||
| Texas Instruments | 54,000 | 11,639,700 | ||||||
| 22,920,900 | ||||||||
| SPECIALIZED REITS — 1.7% | ||||||||
| Weyerhaeuser | 216,000 | 5,568,480 | ||||||
| SPECIALTY RETAIL — 1.5% | ||||||||
| TJX | 33,000 | 4,943,730 | ||||||
| TOTAL COMMON STOCK | ||||||||
| (Cost $220,452,700) | 314,251,500 | |||||||
| SHORT-TERM INVESTMENT — 2.9% | ||||||||
| First American Treasury Obligation Fund 3.670% (A) (B) | ||||||||
| (Cost $9,552,127) | 9,552,127 | 9,552,127 | ||||||
| TOTAL INVESTMENTS— 99.9% | ||||||||
| (Cost $230,004,827) | $ | 323,803,627 | ||||||
Percentages are based on Net Assets of $323,967,149.
| * | Non-income producing security. |
| (A) | The rate shown is the 7-day effective yield as of January 31, 2026. |
| (B) | Rate shown represents the bond equivalent yield to maturity at date of purchase. |
ADR — American Depository Receipt
CI — Class
REIT — Real Estate Investment Trust
CMB-QH-007-3700
2
| THE ADVISORS’ INNER CIRCLE FUND | CAMBIAR SMID FUND |
| JANUARY 31, 2026 (UNAUDITED) |
SCHEDULE OF INVESTMENTS
COMMON STOCK — 95.8%
| Shares | Value | |||||||
| AUTO COMPONENTS — 5.0% | ||||||||
| BorgWarner | 25,500 | $ | 1,208,955 | |||||
| Gentex | 50,655 | 1,165,572 | ||||||
| 2,374,527 | ||||||||
| BANKS — 7.4% | ||||||||
| BOK Financial | 8,905 | 1,157,116 | ||||||
| Prosperity Bancshares | 17,000 | 1,173,170 | ||||||
| Webster Financial | 17,930 | 1,179,256 | ||||||
| 3,509,542 | ||||||||
| BUILDING PRODUCTS — 2.4% | ||||||||
| Masco | 17,130 | 1,132,122 | ||||||
| CAPITAL MARKETS — 5.1% | ||||||||
| Cboe Global Markets | 4,345 | 1,151,686 | ||||||
| Lazard, Cl A | 23,910 | 1,284,445 | ||||||
| 2,436,131 | ||||||||
| CHEMICALS — 2.9% | ||||||||
| CF Industries Holdings | 15,000 | 1,398,450 | ||||||
| COMMERCIAL SERVICES & SUPPLIES — 1.4% | ||||||||
| ACV Auctions, Cl A * | 88,104 | 688,092 | ||||||
| CONSTRUCTION & ENGINEERING — 2.4% | ||||||||
| WillScot Holdings | 55,860 | 1,118,876 | ||||||
| CONTAINERS & PACKAGING — 2.6% | ||||||||
| Packaging Corp of America | 5,510 | 1,226,250 | ||||||
| ELECTRIC UTILITIES — 2.7% | ||||||||
| Pinnacle West Capital | 13,630 | 1,275,223 | ||||||
| ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 3.0% | ||||||||
| Littelfuse | 4,410 | 1,427,781 | ||||||
| FINANCIAL SERVICES — 4.5% | ||||||||
| Euronet Worldwide * | 13,415 | 972,051 | ||||||
| WEX * | 7,675 | 1,181,182 | ||||||
| 2,153,233 | ||||||||
| FOOD PRODUCT — 1.9% | ||||||||
| Lamb Weston Holdings | 19,585 | 899,539 | ||||||
| GAS UTILITIES — 2.6% | ||||||||
| Atmos Energy | 7,420 | 1,234,243 | ||||||
| GROUND TRANSPORTATION — 2.0% | ||||||||
| JB Hunt Transport Services | 4,740 | 960,893 | ||||||
| HEALTH CARE EQUIPMENT & SERVICES — 10.0% | ||||||||
| Align Technology * | 7,100 | 1,157,513 | ||||||
| Cooper * | 16,000 | 1,302,080 | ||||||
| Globus Medical, Cl A * | 12,935 | 1,172,946 | ||||||
| Solventum * | 15,000 | 1,154,550 | ||||||
| 4,787,089 | ||||||||
| HEALTH CARE PROVIDERS & SERVICES — 2.5% | ||||||||
| Quest Diagnostics | 6,335 | 1,184,835 | ||||||
| HEALTH CARE TECHNOLOGY — 2.1% | ||||||||
| Phreesia * | 74,900 | 1,005,907 | ||||||
| HOTELS, RESTAURANTS & LEISURE — 2.5% | ||||||||
| Sportradar Group, Cl A * | 65,110 | 1,179,142 | ||||||
| HOUSEHOLD & PERSONAL PRODUCTS — 2.1% | ||||||||
| Clorox | 9,000 | 1,015,110 | ||||||
| INDUSTRIAL REITS — 2.4% | ||||||||
| Americold Realty Trust | 93,006 | 1,154,205 | ||||||
3
| THE ADVISORS’ INNER CIRCLE FUND | CAMBIAR SMID FUND |
| JANUARY 31, 2026 (UNAUDITED) |
COMMON STOCK — continued
| Shares | Value | |||||||
| INSURANCE — 4.9% | ||||||||
| Fidelity National Financial | 21,035 | $ | 1,144,094 | |||||
| Reinsurance Group of America, Cl A | 5,910 | 1,198,252 | ||||||
| 2,342,346 | ||||||||
| IT SERVICES — 2.6% | ||||||||
| Amdocs | 15,020 | 1,230,739 | ||||||
| MACHINERY — 5.0% | ||||||||
| Lincoln Electric Holdings | 4,870 | 1,292,254 | ||||||
| Toro | 12,110 | 1,108,065 | ||||||
| 2,400,319 | ||||||||
| OIL, GAS & CONSUMABLE FUELS — 2.7% | ||||||||
| HF Sinclair | 24,845 | 1,291,691 | ||||||
| RETAIL REITS — 2.6% | ||||||||
| NNN REIT | 29,136 | 1,214,097 | ||||||
| SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 5.5% | ||||||||
| Lattice Semiconductor * | 16,000 | 1,288,320 | ||||||
| Tower Semiconductor * | 9,800 | 1,320,354 | ||||||
| 2,608,674 | ||||||||
| SOFTWARE — 2.5% | ||||||||
| Dolby Laboratories, Cl A | 18,915 | 1,214,154 | ||||||
| WATER UTILITIES — 2.5% | ||||||||
| Essential Utilities | 30,390 | 1,178,828 | ||||||
| TOTAL COMMON STOCK | ||||||||
| (Cost $37,351,759) | 45,642,038 | |||||||
| SHORT-TERM INVESTMENT — 3.0% | ||||||||
| First American Treasury Obligation Fund 3.670% (A) (B) | ||||||||
| (Cost $1,452,154) | 1,452,154 | 1,452,154 | ||||||
| TOTAL INVESTMENTS— 98.8% | ||||||||
| (Cost $38,803,913) | $ | 47,094,192 | ||||||
Percentages are based on Net Assets of $47,689,347.
| * | Non-income producing security. |
| (A) | The rate shown is the 7-day effective yield as of January 31, 2026. |
| (B) | Rate shown represents the bond equivalent yield to maturity at date of purchase. |
Cl — Class
REIT — Real Estate Investment Trust
CMB-QH-011-3000
4
| THE ADVISORS’ INNER CIRCLE FUND | CAMBIAR SMALL CAP FUND |
| JANUARY 31, 2026 (UNAUDITED) |
SCHEDULE OF INVESTMENTS
COMMON STOCK — 97.5%
| Shares | Value | |||||||
| AIR FREIGHT & LOGISTICS — 2.3% | ||||||||
| Hub Group, Cl A | 32,280 | $ | 1,535,882 | |||||
| AUTO COMPONENTS — 4.2% | ||||||||
| BorgWarner | 29,000 | 1,374,890 | ||||||
| Gentex | 61,000 | 1,403,610 | ||||||
| 2,778,500 | ||||||||
| BANKS — 14.8% | ||||||||
| Banner | 20,500 | 1,267,720 | ||||||
| BOK Financial | 13,000 | 1,689,220 | ||||||
| Prosperity Bancshares | 24,495 | 1,690,400 | ||||||
| Texas Capital Bancshares * | 16,145 | 1,633,390 | ||||||
| United Bankshares | 42,395 | 1,794,580 | ||||||
| United Community Banks | 49,075 | 1,689,652 | ||||||
| 9,764,962 | ||||||||
| BIOTECHNOLOGY — 2.0% | ||||||||
| Halozyme Therapeutics * | 19,000 | 1,362,490 | ||||||
| CAPITAL MARKETS — 2.7% | ||||||||
| Lazard, Cl A | 33,290 | 1,788,339 | ||||||
| COMMERCIAL SERVICES & SUPPLIES — 3.9% | ||||||||
| ACV Auctions, Cl A * | 161,000 | 1,257,410 | ||||||
| Healthcare Services Group * | 68,785 | 1,294,534 | ||||||
| 2,551,944 | ||||||||
| CONSTRUCTION MATERIALS — 1.9% | ||||||||
| Eagle Materials | 6,000 | 1,222,860 | ||||||
| ELECTRIC UTILITIES — 4.7% | ||||||||
| IDACORP | 11,690 | 1,552,315 | ||||||
| TXNM Energy, Inc. | 26,465 | 1,559,318 | ||||||
| 3,111,633 | ||||||||
| ENERGY & EQUIPMENT SERVICES — 2.4% | ||||||||
| NOV | 85,000 | 1,559,750 | ||||||
| FINANCIAL SERVICES — 2.0% | ||||||||
| WEX * | 8,750 | 1,346,625 | ||||||
| FOOD PRODUCTS — 2.1% | ||||||||
| Ingredion | 12,000 | 1,417,200 | ||||||
| HEALTH CARE EQUIPMENT & SERVICES — 5.0% | ||||||||
| Align Technology * | 10,050 | 1,638,452 | ||||||
| Globus Medical, Cl A * | 18,190 | 1,649,469 | ||||||
| 3,287,921 | ||||||||
| HEALTH CARE PROVIDERS & SERVICES — 4.3% | ||||||||
| Addus HomeCare * | 13,370 | 1,383,527 | ||||||
| US Physical Therapy | 17,395 | 1,458,919 | ||||||
| 2,842,446 | ||||||||
| HEALTH CARE TECHNOLOGY — 4.2% | ||||||||
| HealthStream | 63,900 | 1,424,331 | ||||||
| Phreesia * | 102,210 | 1,372,680 | ||||||
| 2,797,011 | ||||||||
| HOTELS, RESTAURANTS & LEISURE — 4.2% | ||||||||
| Monarch Casino & Resort | 15,830 | 1,448,920 | ||||||
| Sportradar Group, Cl A * | 74,515 | 1,349,467 | ||||||
| 2,798,387 | ||||||||
| INDUSTRIAL REITS — 4.0% | ||||||||
| Americold Realty Trust | 107,799 | 1,337,785 | ||||||
| Terreno Realty | 22,000 | 1,353,880 | ||||||
| 2,691,665 | ||||||||
5
| THE ADVISORS’ INNER CIRCLE FUND | CAMBIAR SMALL CAP FUND |
| JANUARY 31, 2026 (UNAUDITED) |
COMMON STOCK — continued
| Shares | Value | |||||||
| INSURANCE — 7.2% | ||||||||
| First American Financial | 24,580 | $ | 1,552,964 | |||||
| Reinsurance Group of America, Cl A | 8,905 | 1,805,489 | ||||||
| RenaissanceRe Holdings | 4,955 | 1,395,824 | ||||||
| 4,754,277 | ||||||||
| MACHINERY — 4.8% | ||||||||
| Alamo Group | 8,220 | 1,605,448 | ||||||
| Atmus Filtration Technologies | 26,930 | 1,561,132 | ||||||
| 3,166,580 | ||||||||
| METALS & MINING — 2.0% | ||||||||
| Metallus * | 67,000 | 1,336,650 | ||||||
| RETAIL REITS — 2.8% | ||||||||
| NETSTREIT | 97,370 | 1,834,451 | ||||||
| SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 16.0% | ||||||||
| Diodes * | 25,910 | 1,533,613 | ||||||
| Ichor Holdings * | 68,000 | 2,063,120 | ||||||
| Lattice Semiconductor * | 22,000 | 1,771,440 | ||||||
| Rambus * | 17,390 | 1,979,504 | ||||||
| Tower Semiconductor * | 13,660 | 1,840,412 | ||||||
| Universal Display | 12,565 | 1,442,713 | ||||||
| 10,630,802 | ||||||||
| TOTAL COMMON STOCK | ||||||||
| (Cost $50,776,975) | 64,580,375 | |||||||
| SHORT-TERM INVESTMENT — 2.6% | ||||||||
| First American Treasury Obligation Fund 3.670% (A) (B) | ||||||||
| (Cost $1,700,910) | 1,700,910 | 1,700,910 | ||||||
| TOTAL INVESTMENTS— 100.1% | ||||||||
| (Cost $52,477,885) | $ | 66,281,285 | ||||||
Percentages are based on Net Assets of $66,230,196.
| * | Non-income producing security. |
| (A) | The rate shown is the 7-day effective yield as of January 31, 2026. |
| (B) | Rate shown represents the bond equivalent yield to maturity at date of purchase. |
Cl — Class
REIT — Real Estate Investment Trust
CMB-QH-009-3700
6
| THE ADVISORS’ INNER CIRCLE FUND | CAMBIAR INTERNATIONAL EQUITY FUND |
| JANUARY 31, 2026 (UNAUDITED) |
SCHEDULE OF INVESTMENTS
COMMON STOCK — 95.0%
| Shares | Value | |||||||
| BELGIUM — 3.9% | ||||||||
| BANKS — 2.7% | ||||||||
| KBC Group | 25,500 | $ | 3,593,933 | |||||
| PHARMACEUTICALS — 1.2% | ||||||||
| UCB | 5,500 | 1,665,067 | ||||||
| TOTAL BELGIUM | 5,259,000 | |||||||
| DENMARK — 1.7% | ||||||||
| HEALTH CARE SUPPLIES — 1.7% | ||||||||
| Coloplast, Cl B | 27,000 | 2,297,015 | ||||||
| TOTAL DENMARK | 2,297,015 | |||||||
| FRANCE — 7.5% | ||||||||
| ADVERTISING — 1.9% | ||||||||
| Publicis Groupe | 26,000 | 2,594,977 | ||||||
| AEROSPACE & DEFENSE — 3.8% | ||||||||
| Airbus | 11,100 | 2,544,646 | ||||||
| Thales | 9,000 | 2,731,055 | ||||||
| 5,275,701 | ||||||||
| CHEMICALS — 1.8% | ||||||||
| Air Liquide | 13,000 | 2,433,792 | ||||||
| TOTAL FRANCE | 10,304,470 | |||||||
| GERMANY — 7.4% | ||||||||
| CONSTRUCTION & FARM MACHINERY & HEAVY TRUCKS — 1.9% | ||||||||
| Knorr-Bremse | 22,400 | 2,614,037 | ||||||
| MULTI-UTILITIES — 2.1% | ||||||||
| E.ON | 131,000 | 2,774,101 | ||||||
| PHARMACEUTICALS — 2.0% | ||||||||
| Merck KGaA | 18,500 | 2,753,192 | ||||||
| SOFTWARE — 1.4% | ||||||||
| SAP | 9,500 | 1,920,652 | ||||||
| TOTAL GERMANY | 10,061,982 | |||||||
| HONG KONG — 2.2% | ||||||||
| INSURANCE — 2.2% | ||||||||
| AIA Group | 263,000 | 3,041,698 | ||||||
| TOTAL HONG KONG | 3,041,698 | |||||||
| IRELAND — 8.7% | ||||||||
| AIRLINES — 2.5% | ||||||||
| Ryanair Holdings | 101,000 | 3,425,210 | ||||||
| DIVERSIFIED BANKS — 3.0% | ||||||||
| Bank of Ireland Group | 202,000 | 4,105,224 | ||||||
| LIFE SCIENCES TOOLS & SERVICES — 1.4% | ||||||||
| ICON * | 11,000 | 1,982,750 | ||||||
| PACKAGED FOODS & MEATS — 1.8% | ||||||||
| Kerry Group, Cl A | 27,000 | 2,393,941 | ||||||
| TOTAL IRELAND | 11,907,125 | |||||||
| JAPAN — 17.0% | ||||||||
| BUILDING PRODUCTS — 1.8% | ||||||||
| Daikin Industries | 20,000 | 2,401,783 | ||||||
| ENTERTAINMENT — 2.4% | ||||||||
| Nintendo | 50,000 | 3,248,579 | ||||||
7
| THE ADVISORS’ INNER CIRCLE FUND | CAMBIAR INTERNATIONAL EQUITY FUND |
| JANUARY 31, 2026 (UNAUDITED) |
COMMON STOCK — continued
| Shares | Value | |||||||
| HEALTH CARE EQUIPMENT & SUPPLIES — 1.4% | ||||||||
| Terumo | 152,000 | $ | 1,981,520 | |||||
| HOUSEHOLD DURABLES — 1.9% | ||||||||
| Sony Group | 114,000 | 2,544,301 | ||||||
| INDUSTRIAL MACHINERY — 2.0% | ||||||||
| Daifuku Ltd. | 78,000 | 2,791,186 | ||||||
| INDUSTRIALS — 1.9% | ||||||||
| Recruit Holdings | 50,000 | 2,616,955 | ||||||
| LEISURE PRODUCTS — 1.9% | ||||||||
| Shimano | 22,500 | 2,563,162 | ||||||
| PROPERTY & CASUALTY INSURANCE — 1.8% | ||||||||
| Tokio Marine Holdings | 68,000 | 2,516,387 | ||||||
| TRADING COMPANIES & DISTRIBUTORS — 1.9% | ||||||||
| MonotaRO | 194,000 | 2,621,808 | ||||||
| TOTAL JAPAN | 23,285,681 | |||||||
| NETHERLANDS — 6.1% | ||||||||
| BANKS — 3.1% | ||||||||
| ING Groep | 142,000 | 4,177,708 | ||||||
| SEMICONDUCTOR EQUIPMENT — 3.0% | ||||||||
| ASML Holding, Cl G | 2,900 | 4,126,700 | ||||||
| TOTAL NETHERLANDS | 8,304,408 | |||||||
| PORTUGAL — 2.0% | ||||||||
| INTEGRATED OIL & GAS — 2.0% | ||||||||
| Galp Energia SGPS | 137,000 | 2,716,843 | ||||||
| TOTAL PORTUGAL | 2,716,843 | |||||||
| SINGAPORE — 6.9% | ||||||||
| BANKS — 2.8% | ||||||||
| DBS Group Holdings | 83,100 | 3,867,243 | ||||||
| DIVERSIFIED TELECOMMUNICATION SERVICES — 2.0% | ||||||||
| Singapore Telecommunications | 763,000 | 2,753,062 | ||||||
| SOFTWARE — 2.1% | ||||||||
| Grab Holdings, Cl A * | 663,000 | 2,850,900 | ||||||
| TOTAL SINGAPORE | 9,471,205 | |||||||
| SWEDEN — 2.3% | ||||||||
| CONSTRUCTION & FARM MACHINERY & HEAVY TRUCKS — 2.3% | ||||||||
| Epiroc, Cl A | 110,000 | 3,083,581 | ||||||
| TOTAL SWEDEN | 3,083,581 | |||||||
| SWITZERLAND — 6.1% | ||||||||
| FOOD PRODUCTS — 1.8% | ||||||||
| Nestle | 26,000 | 2,469,672 | ||||||
| PACKAGED FOODS & MEATS — 1.9% | ||||||||
| Barry Callebaut | 1,500 | 2,623,375 | ||||||
| PHARMACEUTICALS — 2.4% | ||||||||
| Roche Holding | 7,200 | 3,266,335 | ||||||
| TOTAL SWITZERLAND | 8,359,382 | |||||||
| UNITED KINGDOM — 17.1% | ||||||||
| BEVERAGES — 1.9% | ||||||||
| Diageo | 115,000 | 2,636,561 | ||||||
8
| THE ADVISORS’ INNER CIRCLE FUND | CAMBIAR INTERNATIONAL EQUITY FUND |
| JANUARY 31, 2026 (UNAUDITED) |
COMMON STOCK — continued
| Shares | Value | |||||||
| CAPITAL MARKETS — 2.2% | ||||||||
| London Stock Exchange Group | 28,000 | $ | 3,111,835 | |||||
| DIVERSIFIED BANKS — 3.0% | ||||||||
| Barclays | 613,000 | 4,078,223 | ||||||
| ELECTRIC UTILITIES — 3.1% | ||||||||
| SSE | 127,000 | 4,208,946 | ||||||
| PHARMACEUTICALS — 3.0% | ||||||||
| AstraZeneca ADR | 44,100 | 4,091,157 | ||||||
| PROFESSIONAL SERVICES — 1.8% | ||||||||
| Intertek Group | 40,000 | 2,443,316 | ||||||
| TRADING COMPANIES & DISTRIBUTORS — 2.1% | ||||||||
| Ashtead Group | 44,500 | 2,853,977 | ||||||
| TOTAL UNITED KINGDOM | 23,424,015 | |||||||
| UNITED STATES — 6.1% | ||||||||
| ENERGY EQUIPMENT & SERVICES — 2.0% | ||||||||
| Schlumberger Ltd. | 58,000 | 2,806,040 | ||||||
| HEALTH CARE SUPPLIES — 2.0% | ||||||||
| Alcon | 33,000 | 2,672,340 | ||||||
| PAPER PACKAGING — 2.1% | ||||||||
| Smurfit Westrock | 69,000 | 2,872,470 | ||||||
| TOTAL UNITED STATES | 8,350,850 | |||||||
| TOTAL COMMON STOCK | ||||||||
| (Cost $98,621,317) | 129,867,255 | |||||||
| SHORT-TERM INVESTMENT — 1.6% | ||||||||
| First American Treasury Obligation Fund 3.670% (A) (B) | ||||||||
| (Cost $2,167,081) | 2,167,081 | 2,167,081 | ||||||
| TOTAL INVESTMENTS — 96.6% | ||||||||
| (Cost $100,788,398) | $ | 132,034,336 | ||||||
Percentages are based on Net Assets of $136,651,337.
| * | Non-income producing security. |
| (A) | The rate reported is the 7-day effective yield as of January 31, 2026. |
| (B) | Rate shown represents the bond equivalent yield to maturity at date of purchase. |
ADR — American Depository Receipt
Cl — Class
Ltd. — Limited
CMB-QH-008-3700
9