# EDGAR Filing Document

**Accession Number:** 0000878719
**File Stem:** 0002048251-25-000427
**Filing Date:** 2025-9
**Character Count:** 35114
**Document Hash:** 51b1a373eadc9b360118a21ab7a6a7b3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002048251-25-000427.hdr.sgml**: 20250929

**ACCESSION NUMBER**: 0002048251-25-000427

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250929

**DATE AS OF CHANGE**: 20250929

**PERIOD START**: 20251031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ADVISORS' INNER CIRCLE FUND
- **CENTRAL INDEX KEY:** 0000878719

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-06400
- **FILM NUMBER:** 251352539

**BUSINESS ADDRESS:**
- **STREET 1:** 1 FREEDOM VALLEY DRIVE
- **CITY:** OAKS
- **STATE:** PA
- **ZIP:** 19087
- **BUSINESS PHONE:** 8009327781

**MAIL ADDRESS:**
- **STREET 1:** 1 FREEDOM VALLEY DRIVE
- **CITY:** OAKS
- **STATE:** PA
- **ZIP:** 19087

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ADVISORS INNER CIRCLE FUND
- **DATE OF NAME CHANGE:** 19920929

## Series and Classes Contracts Data

### CAMBIAR SMALL CAP FUND (Series ID: S000005785)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000015899 | INVESTOR CLASS SHARES      | CAMSX           |
| C000070602 | INSTITUTIONAL CLASS SHARES | CAMZX           |

## Nport-Ex

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **CAMBIAR OPPORTUNITY FUND** |
|  | **JULY 31, 2025 (UNAUDITED)** |

---

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF INVESTMENTS** | | |
| **COMMON STOCK — 96.5%** | | |
|  |<br>**Shares** |<br>**Value** |
| **AEROSPACE/DEFENSE EQUIPMENT — 5.1%** | **AEROSPACE/DEFENSE EQUIPMENT — 5.1%** | **AEROSPACE/DEFENSE EQUIPMENT — 5.1%** |
| &nbsp;&nbsp;&nbsp;Airbus ADR | 178000 | $8942720 |
| &nbsp;&nbsp;&nbsp;RTX | 43000 | 6775510 |
|  |  | 15718230 |
| **AIRLINES — 2.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Delta Air Lines | 167000 | 8886070 |
| **BANKS — 8.4%** |  |  |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase | 33000 | 9775920 |
| &nbsp;&nbsp;&nbsp;PNC Financial Services Group | 44000 | 8371880 |
| &nbsp;&nbsp;&nbsp;US Bancorp | 176000 | 7912960 |
|  |  | 26060760 |
| **BEVERAGES — 4.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Constellation Brands, Cl A | 48000 | 8017920 |
| &nbsp;&nbsp;&nbsp;Diageo ADR | 67000 | 6562650 |
|  |  | 14580570 |
| **BIOTECHNOLOGY — 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Regeneron Pharmaceuticals | 12200 | 6654612 |
| **BROADLINE RETAIL — 3.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Amazon.com \* | 50000 | 11705500 |
| **CAPITAL MARKETS — 2.5%** |  |  |
| &nbsp;&nbsp;&nbsp;CME Group, Cl A | 28000 | 7791840 |
| **CHEMICALS — 2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;PPG Industries | 70000 | 7385000 |
| **CONSUMER FINANCE — 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;American Express | 18000 | 5387580 |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL — 4.8%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL — 4.8%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL — 4.8%** |
| &nbsp;&nbsp;&nbsp;Sysco | 85000 | 6766000 |
| &nbsp;&nbsp;&nbsp;Target | 80000 | 8040000 |
|  |  | 14806000 |
| **ELECTRONIC EQUIPMENT INSTRUMENTS & COMPONENTS — 2.3%** | **ELECTRONIC EQUIPMENT INSTRUMENTS & COMPONENTS — 2.3%** | **ELECTRONIC EQUIPMENT INSTRUMENTS & COMPONENTS — 2.3%** |
| &nbsp;&nbsp;&nbsp;TE Connectivity | 35000 | 7201250 |
| **ENERGY EQUIPMENT & SERVICES — 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Schlumberger | 181000 | 6117800 |
| **FINANCIAL SERVICES — 2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Mastercard, Cl A | 14000 | 7930580 |
| **GROUND TRANSPORTATION — 6.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Uber Technologies \* | 133000 | 11670750 |
| &nbsp;&nbsp;&nbsp;Union Pacific | 44000 | 9766680 |
|  |  | 21437430 |
| **HEALTH CARE EQUIPMENT & SERVICES — 3.1%** | **HEALTH CARE EQUIPMENT & SERVICES — 3.1%** |  |
| &nbsp;&nbsp;&nbsp;Medtronic | 108000 | 9745920 |
| **HEALTH CARE PROVIDERS & SERVICES — 7.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Centene \* | 133000 | 3467310 |
| &nbsp;&nbsp;&nbsp;Elevance Health | 33500 | 9483180 |
| &nbsp;&nbsp;&nbsp;Labcorp Holdings | 35500 | 9232840 |
|  |  | 22183330 |
| **HOTELS, RESTAURANTS & LEISURE — 6.3%** | **HOTELS, RESTAURANTS & LEISURE — 6.3%** |  |
| &nbsp;&nbsp;&nbsp;Airbnb, Cl A \* | 72000 | 9533520 |
| &nbsp;&nbsp;&nbsp;Flutter Entertainment \* | 33000 | 9974580 |
|  |  | 19508100 |
| **INSURANCE — 2.9%** | **INSURANCE — 2.9%** | **INSURANCE — 2.9%** |
| &nbsp;&nbsp;&nbsp;Chubb | 34000 | 9045360 |
| **INTERACTIVE MEDIA & SERVICES — 3.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Alphabet, Cl A | 55000 | 10554500 |

---

 **1**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **CAMBIAR OPPORTUNITY FUND** |
|  | **JULY 31, 2025 (UNAUDITED)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK —** continued | | |
|  | <br>**Shares** | <br>**Value** |
| **MEDIA — 2.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Comcast, Cl A | 272000 | $9038560 |
| **MULTI-UTILITIES — 3.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Sempra | 115000 | 9393200 |
| **OIL, GAS & CONSUMABLE FUELS — 3.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Chevron | 61500 | 9325860 |
| **PERSONAL CARE PRODUCTS — 3.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Estee Lauder, Cl A | 100000 | 9334000 |
| **PHARMACEUTICALS — 2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb | 171000 | 7406010 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 3.8%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 3.8%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 3.8%** |
| &nbsp;&nbsp;&nbsp;Applied Materials | 21000 | 3781260 |
| &nbsp;&nbsp;&nbsp;Texas Instruments | 44000 | 7966640 |
|  |  | 11747900 |
| **SPECIALIZED REITS — 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Weyerhaeuser | 237000 | 5936850 |
| **SPECIALTY RETAIL — 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;TJX | 37000 | 4607610 |
| &nbsp;&nbsp;&nbsp;TOTAL COMMON STOCK |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $229,612,135) |  | 299490422 |
| **SHORT-TERM INVESTMENT — 3.4%** |  |  |
| &nbsp;&nbsp;&nbsp;First American Treasury Obligation Fund 4.290% (A) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $10,463,734) | 10463734 | 10463734 |
| TOTAL INVESTMENTS— 99.9% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $240,075,869) |  | $309954156 |

---

---

| | |
|:---|:---|
|  | *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%** | | | |
|  |<br>**Shares** | **Value** | **Value** |
| **AUTO COMPONENTS — 5.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;BorgWarner | 56500 | $| 2079200 |
| &nbsp;&nbsp;&nbsp;Gentex | 72655 |  | 1919545 |
|  |  |  | 3998745 |
| **BANKS — 7.9%** |  |  |  |
| &nbsp;&nbsp;&nbsp;BOK Financial | 18005 |  | 1828048 |
| &nbsp;&nbsp;&nbsp;Prosperity Bancshares | 29000 |  | 1931980 |
| &nbsp;&nbsp;&nbsp;Webster Financial | 33930 |  | 1956064 |
|  |  |  | 5716092 |
| **BUILDING PRODUCTS — 2.9%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Masco | 30630 |  | 2086822 |
| **CAPITAL MARKETS — 5.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Cboe Global Markets | 8195 |  | 1975323 |
| &nbsp;&nbsp;&nbsp;Lazard, Cl A | 36910 |  | 1918582 |
|  |  |  | 3893905 |
| **COMMERCIAL SERVICES & SUPPLIES — 2.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;ACV Auctions, Cl A \* | 123000 |  | 1747830 |
| **CONSTRUCTION & ENGINEERING — 2.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;WillScot Holdings | 62860 |  | 1844941 |
| **CONTAINERS & PACKAGING — 2.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Packaging Corp of America | 9510 |  | 1842562 |
| **ELECTRIC UTILITIES — 2.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Pinnacle West Capital | 20630 |  | 1869491 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 5.0%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 5.0%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 5.0%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 5.0%** |
| &nbsp;&nbsp;&nbsp;IPG Photonics \* | 23665 |  | 1772272 |
| &nbsp;&nbsp;&nbsp;Littelfuse | 7310 |  | 1881082 |
|  |  |  | 3653354 |
| **FINANCIAL SERVICES — 4.9%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Euronet Worldwide \* | 18415 |  | 1789570 |
| &nbsp;&nbsp;&nbsp;WEX \* | 10675 |  | 1811334 |
|  |  |  | 3600904 |
| **FOOD PRODUCT — 2.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Lamb Weston Holdings | 33585 |  | 1916696 |
| **GAS UTILITIES — 2.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Atmos Energy | 12620 |  | 1967710 |
| **GROUND TRANSPORTATION — 2.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;JB Hunt Transport Services | 13240 |  | 1907222 |
| **HEALTH CARE EQUIPMENT & SERVICES — 2.4%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Globus Medical, Cl A \* | 33735 |  | 1775473 |
| **HEALTH CARE PROVIDER & SERVICES — 2.2%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Align Technology \* | 12500 |  | 1612625 |
| **HEALTH CARE PROVIDERS & SERVICES — 4.0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Molina Healthcare \* | 6245 |  | 985898 |
| &nbsp;&nbsp;&nbsp;Quest Diagnostics | 11335 |  | 1897592 |
|  |  |  | 2883490 |
| **HEALTH CARE TECHNOLOGY — 2.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Phreesia \* | 72000 |  | 1941120 |
| **HOTELS, RESTAURANTS & LEISURE — 2.3%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Sportradar Group, Cl A \* | 58110 |  | 1718313 |
| **INDUSTRIAL REITS — 2.7%** |  |  |  |
| &nbsp;&nbsp;&nbsp;Americold Realty Trust | 120000 |  | 1929600 |

---

 **3**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **CAMBIAR SMID FUND** |
|  | **JULY 31, 2025 (UNAUDITED)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK —** continued | | |
|  |<br>**Shares** |<br>**Value** |
| **INSURANCE — 4.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Fidelity National Financial | 32035 | $1807735 |
| &nbsp;&nbsp;&nbsp;Reinsurance Group of America, Cl A | 9210 | 1772464 |
|  |  | 3580199 |
| **IT SERVICES — 5.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Amdocs | 22020 | 1879627 |
| &nbsp;&nbsp;&nbsp;EPAM Systems \* | 11905 | 1877538 |
|  |  | 3757165 |
| **LIFE SCIENCES TOOLS & SERVICES — 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Waters \* | 5485 | 1583849 |
| **MACHINERY — 5.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Lincoln Electric Holdings | 8470 | 2062445 |
| &nbsp;&nbsp;&nbsp;Toro | 26110 | 1938667 |
|  |  | 4001112 |
| **OIL, GAS & CONSUMABLE FUELS — 2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;HF Sinclair | 42345 | 1860639 |
| **RETAIL REITS — 2.8%** |  |  |
| &nbsp;&nbsp;&nbsp;NNN REIT | 49491 | 2041999 |
| **SOFTWARE — 2.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Dolby Laboratories, Cl A | 27715 | 2088048 |
| **TEXTILES, APPAREL & LUXURY GOODS — 2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Skechers USA, Cl A \* | 27295 | 1726409 |
| **WATER UTILITIES — 2.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Essential Utilities | 54390 | 2001552 |
| &nbsp;&nbsp;&nbsp;TOTAL COMMON STOCK |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $62,927,980) |  | 70547867 |
| **SHORT-TERM INVESTMENT — 2.8%** |  |  |
| &nbsp;&nbsp;&nbsp;First American Treasury Obligation Fund 4.290% (A) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $2,014,173) | 2014173 | 2014173 |
| TOTAL INVESTMENTS— 99.9% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $64,942,153) |  | $72562040 |

---

 

---

| | |
|:---|:---|
|  | *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**<br> **JULY 31, 2025 (UNAUDITED)** |

---

**SCHEDULE OF INVESTMENTS**

**COMMON STOCK** — **87.7%**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **AIR FREIGHT & LOGISTICS — 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Hub Group, Cl A | 42280 | $1480645 |
| **AUTO COMPONENTS — 5.7%** |  |  |
| &nbsp;&nbsp;&nbsp;BorgWarner | 49000 | 1803200 |
| &nbsp;&nbsp;&nbsp;Gentex | 75000 | 1981500 |
|  |  | 3784700 |
| **BANKS — 10.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Prosperity Bancshares | 24495 | 1631857 |
| &nbsp;&nbsp;&nbsp;Texas Capital Bancshares \* | 19145 | 1607606 |
| &nbsp;&nbsp;&nbsp;United Bankshares | 47395 | 1683470 |
| &nbsp;&nbsp;&nbsp;United Community Banks | 62075 | 1893288 |
|  |  | 6816221 |
| **CAPITAL MARKETS — 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Lazard, Cl A | 21290 | 1106654 |
| **CHEMICALS — 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Cabot | 15975 | 1153075 |
| **COMMERCIAL SERVICES & SUPPLIES — 3.6%** |  |  |
| &nbsp;&nbsp;&nbsp;ACV Auctions, Cl A \* | 103000 | 1463630 |
| &nbsp;&nbsp;&nbsp;Healthcare Services Group \* | 68785 | 894893 |
|  |  | 2358523 |
| **DIVERSIFIED CONSUMER SERVICES — 2.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Frontdoor \* | 26120 | 1528020 |
| **ELECTRIC UTILITIES — 4.5%** |  |  |
| &nbsp;&nbsp;&nbsp;IDACORP | 11690 | 1465108 |
| &nbsp;&nbsp;&nbsp;TXNM Energy, Inc. | 26465 | 1502947 |
|  |  | 2968055 |
| **ELECTRONICS EQUIPMENT INSTRUMENTS & COMPONENTS — 2.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Advanced Energy Industries | 11140 | 1547569 |
| **HEALTH CARE EQUIPMENT & SERVICES — 2.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Globus Medical, Cl A \* | 31190 | 1641530 |
| **HEALTH CARE PROVIDER & SERVICES — 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Align Technology \* | 11450 | 1477164 |
| **HEALTH CARE PROVIDERS & SERVICES — 4.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Addus HomeCare \* | 13370 | 1427649 |
| &nbsp;&nbsp;&nbsp;US Physical Therapy | 20395 | 1491894 |
|  |  | 2919543 |
| **HEALTH CARE TECHNOLOGY — 5.0%** |  |  |
| &nbsp;&nbsp;&nbsp;HealthStream | 63900 | 1671624 |
| &nbsp;&nbsp;&nbsp;Phreesia \* | 59210 | 1596302 |
|  |  | 3267926 |
| **HOTELS, RESTAURANTS & LEISURE — 5.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Monarch Casino & Resort | 17630 | 1815185 |
| &nbsp;&nbsp;&nbsp;Sportradar Group, Cl A \* | 62515 | 1848568 |
|  |  | 3663753 |
| **INSURANCE — 8.2%** |  |  |
| &nbsp;&nbsp;&nbsp;First American Financial | 30580 | 1836329 |
| &nbsp;&nbsp;&nbsp;Reinsurance Group of America, Cl A | 8905 | 1713767 |
| &nbsp;&nbsp;&nbsp;RenaissanceRe Holdings | 7455 | 1817082 |
|  |  | 5367178 |
| **MACHINERY — 5.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Alamo Group | 8220 | 1829608 |
| &nbsp;&nbsp;&nbsp;Atmus Filtration Technologies | 47930 | 1864956 |
|  |  | 3694564 |
| **PROFESSIONAL SERVICES — 5.7%** |  |  |
| &nbsp;&nbsp;&nbsp;NV5 Global \* | 86220 | 1935639 |
| &nbsp;&nbsp;&nbsp;WNS Holdings \* | 24405 | 1825250 |
|  |  | 3760889 |

---

**5**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **CAMBIAR SMALL CAP FUND**<br> **JULY 31, 2025 (UNAUDITED)** |

---

**COMMON STOCK** — continued

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **REAL ESTATE MANAGEMENT & DEVELOPMENT — 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Marcus & Millichap | 39560 | $1232690 |
| **RETAIL REITS — 2.7%** |  |  |
| &nbsp;&nbsp;&nbsp;NETSTREIT | 97370 | 1775055 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 9.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Diodes \* | 26910 | 1328546 |
| &nbsp;&nbsp;&nbsp;Rambus \* | 27390 | 2024943 |
| &nbsp;&nbsp;&nbsp;Tower Semiconductor \* | 33160 | 1517070 |
| &nbsp;&nbsp;&nbsp;Universal Display | 10065 | 1453386 |
|  |  | 6323945 |
| &nbsp;&nbsp;&nbsp;TOTAL COMMON STOCK |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $45,021,568) |  | 57867699 |
| **SHORT-TERM INVESTMENT — 13.0%** |  |  |
| &nbsp;&nbsp;&nbsp;First American Treasury Obligation Fund 4.290% (A) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $8,546,458) | 8546458 | 8546458 |
| TOTAL INVESTMENTS— 100.7% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $53,568,026) |  | $66414157 |

---

*Percentages are based on Net Assets of $65,950,575.*

*\** *Non-income producing security.*

&nbsp;&nbsp;&nbsp;&nbsp;*(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**<br> **JULY 31, 2025 (UNAUDITED)** |

---

**SCHEDULE OF INVESTMENTS**

**COMMON STOCK — 92.3%**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **BELGIUM — 5.3%** | | |
| &nbsp;&nbsp;&nbsp;KBC Group | 38000 | $3963555 |
| &nbsp;&nbsp;&nbsp;UCB | 12700 | 2728662 |
|  |  | 6692217 |
| **FRANCE — 5.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Air Liquide | 8300 | 1632915 |
| &nbsp;&nbsp;&nbsp;Airbus | 11800 | 2372452 |
| &nbsp;&nbsp;&nbsp;Thales | 9200 | 2474746 |
|  |  | 6480113 |
| **GERMANY — 7.2%** |  |  |
| &nbsp;&nbsp;&nbsp;E.ON | 137000 | 2499327 |
| &nbsp;&nbsp;&nbsp;Knorr-Bremse | 31200 | 3113935 |
| &nbsp;&nbsp;&nbsp;Merck KGaA | 12500 | 1562307 |
| &nbsp;&nbsp;&nbsp;SAP | 7000 | 2001692 |
|  |  | 9177261 |
| **HONG KONG — 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;AIA Group | 275000 | 2564148 |
| **IRELAND — 7.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Bank of Ireland Group | 212000 | 2842918 |
| &nbsp;&nbsp;&nbsp;ICON \* | 11000 | 1861090 |
| &nbsp;&nbsp;&nbsp;Kerry Group | 22000 | 2032143 |
| &nbsp;&nbsp;&nbsp;Ryanair Holdings | 106000 | 3116688 |
|  |  | 9852839 |
| **JAPAN — 18.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Ajinomoto | 98000 | 2592731 |
| &nbsp;&nbsp;&nbsp;Daifuku Ltd. | 98000 | 2480989 |
| &nbsp;&nbsp;&nbsp;Mitsubishi Estate | 165000 | 3089200 |
| &nbsp;&nbsp;&nbsp;MonotaRO | 128000 | 2279286 |
| &nbsp;&nbsp;&nbsp;Nintendo | 40000 | 3343158 |
| &nbsp;&nbsp;&nbsp;Shimano | 16000 | 1750335 |
| &nbsp;&nbsp;&nbsp;Sony Group | 119000 | 2862345 |
| &nbsp;&nbsp;&nbsp;Terumo | 123000 | 2085744 |
| &nbsp;&nbsp;&nbsp;Tokio Marine Holdings | 71000 | 2850858 |
|  |  | 23334646 |
| **NETHERLANDS — 5.1%** |  |  |
| &nbsp;&nbsp;&nbsp;ASML Holding | 3300 | 2292543 |
| &nbsp;&nbsp;&nbsp;ING Groep | 180000 | 4194983 |
|  |  | 6487526 |
| **PORTUGAL — 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Galp Energia SGPS | 128000 | 2444194 |
| **SINGAPORE — 6.8%** |  |  |
| &nbsp;&nbsp;&nbsp;DBS Group Holdings | 87100 | 3196961 |
| &nbsp;&nbsp;&nbsp;Grab Holdings \* | 535000 | 2616150 |
| &nbsp;&nbsp;&nbsp;Singapore Telecommunications | 956000 | 2849021 |
|  |  | 8662132 |
| **SWEDEN — 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Epiroc, Cl A | 115000 | 2340615 |
| **SWITZERLAND — 7.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Barry Callebaut | 1550 | 1887588 |
| &nbsp;&nbsp;&nbsp;Julius Baer Group | 36000 | 2435916 |
| &nbsp;&nbsp;&nbsp;Nestle | 17000 | 1485410 |
| &nbsp;&nbsp;&nbsp;Roche Holding | 10000 | 3120730 |
|  |  | 8929644 |
| **TAIWAN — 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing ADR | 9500 | 2295390 |
| **UNITED KINGDOM — 17.3%** |  |  |
| &nbsp;&nbsp;&nbsp;AstraZeneca ADR | 44500 | 3252505 |
| &nbsp;&nbsp;&nbsp;Barclays | 645000 | 3152785 |

---

**7**

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **CAMBIAR INTERNATIONAL EQUITY FUND**<br> **JULY 31, 2025 (UNAUDITED)** |

---

**COMMON STOCK — continued**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **UNITED KINGDOM — continued** |  |  |
| &nbsp;&nbsp;&nbsp;Bunzl | 75000 | $2225819 |
| &nbsp;&nbsp;&nbsp;CNH Industrial | 174000 | 2255040 |
| &nbsp;&nbsp;&nbsp;Diageo | 83000 | 2011725 |
| &nbsp;&nbsp;&nbsp;Haleon | 476000 | 2232769 |
| &nbsp;&nbsp;&nbsp;Intertek Group | 38000 | 2470770 |
| &nbsp;&nbsp;&nbsp;London Stock Exchange Group | 16100 | 1962518 |
| &nbsp;&nbsp;&nbsp;SSE | 100000 | 2451234 |
|  |  | 22015165 |
| **UNITED STATES — 4.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Flutter Entertainment \* | 12600 | 3808476 |
| &nbsp;&nbsp;&nbsp;Schlumberger Ltd. | 71000 | 2399800 |
|  |  | 6208276 |
| &nbsp;&nbsp;&nbsp;TOTAL COMMON STOCK |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $91,896,111) |  | 117484166 |
| **SHORT-TERM INVESTMENT — 4.2%** | **SHORT-TERM INVESTMENT — 4.2%** | **SHORT-TERM INVESTMENT — 4.2%** |
| &nbsp;&nbsp;&nbsp;First American Treasury Obligation Fund 4.290% (A) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $5,379,071) | 5379071 | 5379071 |
| TOTAL INVESTMENTS — 96.5% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $97,275,182) |  | $122863237 |

---

*Percentages are based on Net Assets of $127,311,810.*

*\** *Non-income producing security.*

&nbsp;&nbsp;&nbsp;&nbsp;*(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**

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** ADVISORS' INNER CIRCLE FUND

- **b. Investment Company Act file number:** 811-06400

- **c. CIK number of Registrant:** 0000878719

- **d. LEI of Registrant:** 549300LRWL70Z8CGWD77

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** ONE FREEDOM VALLEY DRIVE

  - **City:** OAKS

  - **State:** PA

  - **Foreign country:** US

  - **Zip / Postal Code:** 19456

  - **Telephone number:** 8774463863

**Item A.2. Information about the Series.**

- **a. Name of Series:** Cambiar Small Cap Fund

- **b. EDGAR series identifier (if any):** S000005785

- **c. LEI of Series:** 549300LT4C3HQ4YGG284

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-10-31

- **b. Date as of which information is reported:** 2025-07-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $66078909.44

**Total Liabilities:** $90278.45

**Net Assets:** $65988630.99

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000015899 | 0.61%                | 4.91%                | 4.88%                |
| Class ID C000070602 | 0.64%                | 4.88%                | 4.92%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-1474941.32             | $1908887.87                                |
| Month 2  | $999461.71               | $2029420.74                                |
| Month 3  | $-99622.77               | $3145331.28                                |

### Schedule of Portfolio Investments

| Name                                       | Title                                            | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| IDACORP, INC.                              | IDACORP INC COMMON STOCK                         | CUSIP: 451107106<br>LEI: N134NUJDWN8UEFA8B673 | Long             | EC               |  | US        |     11690 | NS      | $1465107.70   | 2.22%             |  |  |  | No            |                  1 | On Loan: No      |
| TEXAS CAPITAL BANCSHARES, INC.             | TEXAS CAPITAL BANCSHARES INC COMMON STOCK        | CUSIP: 88224Q107<br>LEI: 549300466Q2SXRX0YM48 | Long             | EC               |  | US        |     19145 | NS      | $1607605.65   | 2.44%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRST AMERICAN FINANCIAL CORPORATION       | FIRST AMERICAN FINANCIAL COMMON STOCK            | CUSIP: 31847R102<br>LEI: 549300B6VEZK3N0A1P55 | Long             | EC               |  | US        |     30580 | NS      | $1836329.00   | 2.78%             |  |  |  | No            |                  1 | On Loan: No      |
| BORGWARNER INC.                            | BORGWARNER INC COMMON STOCK                      | CUSIP: 099724106<br>LEI: 549300DSFX2IE88NSX47 | Long             | EC               |  | US        |     49000 | NS      | $1803200.00   | 2.73%             |  |  |  | No            |                  1 | On Loan: No      |
| ACV AUCTIONS INC.                          | ACV AUCTIONS INC-A COMMON STOCK                  | CUSIP: 00091G104<br>LEI: N/A                  | Long             | EC               |  | US        |    103000 | NS      | $1463630.00   | 2.22%             |  |  |  | No            |                  1 | On Loan: No      |
| RAMBUS INC.                                | RAMBUS INC COMMON STOCK                          | CUSIP: 750917106<br>LEI: 2549000211GDCQSLV833 | Long             | EC               |  | US        |     27390 | NS      | $2024942.70   | 3.07%             |  |  |  | No            |                  1 | On Loan: No      |
| HEALTHCARE SERVICES GROUP, INC.            | HEALTHCARE SERVICES GROUP COMMON STOCK           | CUSIP: 421906108<br>LEI: 529900GVZ1D2FBYMS719 | Long             | EC               |  | US        |     68785 | NS      | $894892.85    | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Atmus Filtration Technologies Inc          | ATMUS FILTRATION TECHNOLOGIE COMMON STOCK        | CUSIP: 04956D107<br>LEI: N/A                  | Long             | EC               |  | US        |     47930 | NS      | $1864956.30   | 2.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Sportradar Group AG                        | SPORTRADAR GROUP AG-A COMMON STOCK               | CUSIP: H8088L103<br>LEI: 549300H1P33YOAT7Z533 | Long             | EC               |  | US        |     62515 | NS      | $1848568.55   | 2.80%             |  |  |  | No            |                  1 | On Loan: No      |
| PROSPERITY BANCSHARES, INC.                | PROSPERITY BANCSHARES INC COMMON STOCK           | CUSIP: 743606105<br>LEI: N/A                  | Long             | EC               |  | US        |     24495 | NS      | $1631856.90   | 2.47%             |  |  |  | No            |                  1 | On Loan: No      |
| RENAISSANCERE HOLDINGS LTD.                | RENAISSANCERE HOLDINGS LTD COMMON STOCK          | CUSIP: G7496G103<br>LEI: EK6GB9U3U58PDI411C94 | Long             | EC               |  | US        |      7455 | NS      | $1817081.70   | 2.75%             |  |  |  | No            |                  1 | On Loan: No      |
| ADVANCED ENERGY INDUSTRIES, INC.           | ADVANCED ENERGY INDUSTRIES COMMON STOCK          | CUSIP: 007973100<br>LEI: 549300756XI3QLFT2U27 | Long             | EC               |  | US        |     11140 | NS      | $1547568.80   | 2.35%             |  |  |  | No            |                  1 | On Loan: No      |
| HEALTHSTREAM, INC.                         | HEALTHSTREAM INC COMMON STOCK                    | CUSIP: 42222N103<br>LEI: 529900OJ88H8635JNH64 | Long             | EC               |  | US        |     63900 | NS      | $1671624.00   | 2.53%             |  |  |  | No            |                  1 | On Loan: No      |
| DIODES INCORPORATED                        | DIODES INC COMMON STOCK                          | CUSIP: 254543101<br>LEI: 549300XP2X1ARVH3BX23 | Long             | EC               |  | US        |     26910 | NS      | $1328546.70   | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| GLOBUS MEDICAL, INC.                       | GLOBUS MEDICAL INC - A COMMON STOCK              | CUSIP: 379577208<br>LEI: 5299003M2P4CIK0RF205 | Long             | EC               |  | US        |     31190 | NS      | $1641529.70   | 2.49%             |  |  |  | No            |                  1 | On Loan: No      |
| NETSTREIT CORP.                            | NETSTREIT CORP REIT                              | CUSIP: 64119V303<br>LEI: 254900CJL0EDMEQ25Q84 | Long             | EC               |  | US        |     97370 | NS      | $1775055.10   | 2.69%             |  |  |  | No            |                  1 | On Loan: No      |
| UNIVERSAL DISPLAY CORPORATION              | UNIVERSAL DISPLAY CORP COMMON STOCK              | CUSIP: 91347P105<br>LEI: N/A                  | Long             | EC               |  | US        |     10065 | NS      | $1453386.00   | 2.20%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITED BANKSHARES, INC.                    | UNITED BANKSHARES INC COMMON STOCK               | CUSIP: 909907107<br>LEI: 5299005O3BAMJ9Z92V62 | Long             | EC               |  | US        |     47395 | NS      | $1683470.40   | 2.55%             |  |  |  | No            |                  1 | On Loan: No      |
| CABOT CORPORATION                          | CABOT CORP COMMON STOCK                          | CUSIP: 127055101<br>LEI: K05C0SER542GQ6VLRO68 | Long             | EC               |  | US        |     15975 | NS      | $1153075.50   | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| U. S. PHYSICAL THERAPY, INC.               | U.S. PHYSICAL THERAPY INC COMMON STOCK           | CUSIP: 90337L108<br>LEI: 529900KL1UXQYFIOMY96 | Long             | EC               |  | US        |     20395 | NS      | $1491894.25   | 2.26%             |  |  |  | No            |                  1 | On Loan: No      |
| REINSURANCE GROUP OF AMERICA, INCORPORATED | REINSURANCE GROUP OF AMERICA COMMON STOCK        | CUSIP: 759351604<br>LEI: LORM1GNEU1DKEW527V90 | Long             | EC               |  | US        |      8905 | NS      | $1713767.25   | 2.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Lazard, Inc.                               | LAZARD INC COMMON STOCK                          | CUSIP: 52110M109<br>LEI: 254900RIBCDJSUFG1A11 | Long             | EC               |  | US        |     21290 | NS      | $1106654.20   | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| TXNM Energy, Inc.                          | TXNM ENERGY INC COMMON STOCK                     | CUSIP: 69349H107<br>LEI: 5493003JOBJGLZSDDQ28 | Long             | EC               |  | US        |     26465 | NS      | $1502947.35   | 2.28%             |  |  |  | No            |                  1 | On Loan: No      |
| ADDUS HOMECARE CORPORATION                 | ADDUS HOMECARE CORP COMMON STOCK                 | CUSIP: 006739106<br>LEI: 52990090ZT33AKPDBX62 | Long             | EC               |  | US        |     13370 | NS      | $1427648.60   | 2.16%             |  |  |  | No            |                  1 | On Loan: No      |
| HUB GROUP, INC.                            | HUB GROUP INC-CL A COMMON STOCK                  | CUSIP: 443320106<br>LEI: N/A                  | Long             | EC               |  | US        |     42280 | NS      | $1480645.60   | 2.24%             |  |  |  | No            |                  1 | On Loan: No      |
| GENTEX CORPORATION                         | GENTEX CORP COMMON STOCK                         | CUSIP: 371901109<br>LEI: 549300S3UD8XV1MN0287 | Long             | EC               |  | US        |     75000 | NS      | $1981500.00   | 3.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ALIGN TECHNOLOGY, INC.                     | ALIGN TECHNOLOGY INC COMMON STOCK                | CUSIP: 016255101<br>LEI: 549300N5YSE0U3LCP840 | Long             | EC               |  | US        |      8450 | NS      | $1090134.50   | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Phreesia Inc                               | PHREESIA INC COMMON STOCK                        | CUSIP: 71944F106<br>LEI: 5493000HHF8NU4QOCG53 | Long             | EC               |  | US        |     59210 | NS      | $1596301.60   | 2.42%             |  |  |  | No            |                  1 | On Loan: No      |
| ALAMO GROUP INC.                           | ALAMO GROUP INC COMMON STOCK                     | CUSIP: 011311107<br>LEI: 54930080C93RVZRSDV26 | Long             | EC               |  | US        |      8220 | NS      | $1829607.60   | 2.77%             |  |  |  | No            |                  1 | On Loan: No      |
| TOWER SEMICONDUCTOR LTD                    | TOWER SEMICONDUCTOR LTD COMMON STOCK             | CUSIP: M87915274<br>LEI: 54930086ZSNXZOUX0C54 | Long             | EC               |  | US        |     33160 | NS      | $1517070.00   | 2.30%             |  |  |  | No            |                  1 | On Loan: No      |
| WNS (HOLDINGS) LIMITED                     | WNS HOLDINGS LTD COMMON STOCK                    | CUSIP: G98196101<br>LEI: 529900RM7QHUD3W9DM42 | Long             | EC               |  | US        |     24405 | NS      | $1825249.95   | 2.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Marcus & Millichap Inc                     | MARCUS & MILLICHAP INC COMMON STOCK              | CUSIP: 566324109<br>LEI: 549300B2HE8ULXNB1N48 | Long             | EC               |  | US        |     39560 | NS      | $1232689.60   | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| NV5 GLOBAL INC                             | NV5 GLOBAL INC COMMON STOCK                      | CUSIP: 62945V109<br>LEI: N/A                  | Long             | EC               |  | US        |     86220 | NS      | $1935639.00   | 2.93%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITED COMMUNITY BANKS, INC.               | UNITED COMMUNITY BANKS/GA COMMON STOCK           | CUSIP: 90984P303<br>LEI: 549300GVW0FV66X3U703 | Long             | EC               |  | US        |     62075 | NS      | $1893287.50   | 2.87%             |  |  |  | No            |                  1 | On Loan: No      |
| MONARCH CASINO & RESORT, INC.              | MONARCH CASINO & RESORT INC COMMON STOCK         | CUSIP: 609027107<br>LEI: 549300AK5FF7KY11V997 | Long             | EC               |  | US        |     17630 | NS      | $1815184.80   | 2.75%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                        | FIRST AMERICAN TREASURY OBLIGATIONS FUND CLASS X | CUSIP: 31846V328<br>LEI: N/A                  | Long             | STIV             |  | US        |   8546458 | PA      | $8546457.84   | 12.95%            |  |  |  | No            |                  2 | On Loan: No      |
| FRONTDOOR, INC.                            | FRONTDOOR INC COMMON STOCK                       | CUSIP: 35905A109<br>LEI: 5493008RB0JZJI3QGZ06 | Long             | EC               |  | US        |     26120 | NS      | $1528020.00   | 2.32%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-07-31

**Name of Applicant:** THE ADVISORS' INNER CIRCLE FUND

**Signature:** Andrew Metzger

**Name of Signer:** Andrew Metzger

**Title:** Treasurer, Controller and Chief Financial Officer