| THE ADVISORS’ INNER CIRCLE FUND | SANDS CAPITAL GLOBAL |
| GROWTH FUND | |
| January 31, 2026 (Unaudited) |
| Schedule of Investments | ||||||||
| Common Stock†† — 98.6% | ||||||||
| SHARES | VALUE | |||||||
| Argentina — 3.5% | ||||||||
| Consumer Discretionary — 3.5% | ||||||||
| MercadoLibre * | 13,598 | $ | 29,205,648 | |||||
| Total Argentina | 29,205,648 | |||||||
| Australia — 0.7% | ||||||||
| Health Care — 0.7% | ||||||||
| Pro Medicus | 46,281 | 5,916,715 | ||||||
| Total Australia | 5,916,715 | |||||||
| Belgium — 1.7% | ||||||||
| Health Care — 1.7% | ||||||||
| argenx ADR * | 16,542 | 13,903,551 | ||||||
| Total Belgium | 13,903,551 | |||||||
| Canada — 4.8% | ||||||||
| Consumer Discretionary — 1.7% | ||||||||
| Dollarama | 104,261 | 14,050,522 | ||||||
| Information Technology — 3.1% | ||||||||
| Shopify, Cl A * | 194,088 | 25,470,168 | ||||||
| Total Canada | 39,520,690 | |||||||
| Germany — 0.9% | ||||||||
| Communication Services — 0.9% | ||||||||
| CTS Eventim & KGaA | 88,074 | 7,401,861 | ||||||
| Total Germany | 7,401,861 | |||||||
| India — 6.9% | ||||||||
| Consumer Discretionary — 2.7% | ||||||||
| Titan | 509,558 | 22,048,711 | ||||||
| Financials — 4.2% | ||||||||
| Bajaj Finance | 2,007,467 | 20,310,273 | ||||||
1
| THE ADVISORS’ INNER CIRCLE FUND | SANDS CAPITAL GLOBAL |
| GROWTH FUND | |
| January 31, 2026 (Unaudited) |
| Common Stock†† — continued | ||||||||
| SHARES | VALUE | |||||||
| Financials — (continued) | ||||||||
| HDFC Bank | 1,415,882 | $ | 14,316,373 | |||||
| 34,626,646 | ||||||||
| Total India | 56,675,357 | |||||||
| Japan — 2.1% | ||||||||
| Information Technology — 2.1% | ||||||||
| Keyence | 47,400 | 17,389,188 | ||||||
| Total Japan | 17,389,188 | |||||||
| Netherlands — 6.2% | ||||||||
| Financials — 1.9% | ||||||||
| Adyen * | 10,450 | 15,495,782 | ||||||
| Information Technology — 4.3% | ||||||||
| ASML Holding, Cl G | 25,105 | 35,724,415 | ||||||
| Total Netherlands | 51,220,197 | |||||||
| South Korea — 1.7% | ||||||||
| Information Technology — 1.7% | ||||||||
| SK hynix | 23,026 | 14,376,916 | ||||||
| Total South Korea | 14,376,916 | |||||||
| Sweden — 2.3% | ||||||||
| Communication Services — 2.3% | ||||||||
| Spotify Technology * | 37,561 | 18,793,646 | ||||||
| Total Sweden | 18,793,646 | |||||||
| Switzerland — 5.1% | ||||||||
| Consumer Discretionary — 1.7% | ||||||||
| On Holding, Cl A * | 308,102 | 13,941,616 | ||||||
| Health Care — 3.4% | ||||||||
| Galderma Group | 148,350 | 27,652,289 | ||||||
| Total Switzerland | 41,593,905 | |||||||
2
| THE ADVISORS’ INNER CIRCLE FUND | SANDS CAPITAL GLOBAL |
| GROWTH FUND | |
| January 31, 2026 (Unaudited) | |
| Common Stock†† — continued | ||||||||
| SHARES | VALUE | |||||||
| Taiwan — 5.3% | ||||||||
| Information Technology — 5.3% | ||||||||
| Taiwan Semiconductor Manufacturing ADR | 132,248 | $ | 43,715,899 | |||||
| Total Taiwan | 43,715,899 | |||||||
| United Kingdom — 1.4% | ||||||||
| Financials — 1.4% | ||||||||
| 3i Group PLC | 248,943 | 11,436,179 | ||||||
| Total United Kingdom | 11,436,179 | |||||||
| United States — 56.0% | ||||||||
| Communication Services — 9.0% | ||||||||
| Alphabet, Cl A | 145,182 | 49,071,516 | ||||||
| Netflix * | 296,799 | 24,779,748 | ||||||
| 73,851,264 | ||||||||
| Consumer Discretionary — 11.9% | ||||||||
| Amazon.com * | 167,496 | 40,081,793 | ||||||
| Carvana, Cl A * | 45,550 | 18,270,560 | ||||||
| DoorDash, Cl A * | 117,447 | 24,032,005 | ||||||
| Flutter Entertainment * | 97,524 | 16,106,089 | ||||||
| 98,490,447 | ||||||||
| Financials — 4.3% | ||||||||
| Intercontinental Exchange | 100,802 | 17,517,372 | ||||||
| Visa, Cl A | 56,305 | 18,120,638 | ||||||
| 35,638,010 | ||||||||
| Health Care — 4.5% | ||||||||
| Intuitive Surgical * | 48,174 | 24,290,294 | ||||||
| IRhythm Holdings * | 82,879 | 12,805,634 | ||||||
| 37,095,928 | ||||||||
| Industrials — 9.7% | ||||||||
| Axon Enterprise * | 52,899 | 25,580,898 | ||||||
| Bloom Energy, Cl A * | 65,169 | 9,864,632 | ||||||
| Builders FirstSource * | 134,515 | 15,388,516 | ||||||
| Carlisle | 47,195 | 16,088,304 | ||||||
3
| THE ADVISORS’ INNER CIRCLE FUND | SANDS CAPITAL GLOBAL |
| GROWTH FUND | |
| January 31, 2026 (Unaudited) | |
| Common Stock†† — continued | ||||||||
| SHARES | VALUE | |||||||
| Industrials — (continued) | ||||||||
| Tetra Tech | 341,482 | $ | 12,860,212 | |||||
| 79,782,562 | ||||||||
| Information Technology — 16.6% | ||||||||
| AppLovin, Cl A * | 28,455 | 13,462,345 | ||||||
| Cloudflare, Cl A * | 92,705 | 16,441,232 | ||||||
| NVIDIA | 413,928 | 79,114,059 | ||||||
| Samsara, Cl A * | 431,897 | 12,114,711 | ||||||
| ServiceNow * | 131,049 | 15,334,043 | ||||||
| 136,466,390 | ||||||||
| Total United States | 461,324,601 | |||||||
| Total Common Stock | ||||||||
| (Cost $492,589,313) | 812,474,353 | |||||||
| Total Investments— 98.6% | ||||||||
| (Cost $492,589,313) | $ | 812,474,353 | ||||||
Percentages are based on Net Assets of $824,246,663.
| †† | More narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting purposes. |
| * | Non-income producing security. |
ADR — American Depositary Receipt
Cl — Class
PLC — Public Limited Company
SAN-QH-001-3200
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