# EDGAR Filing Document

**Accession Number:** 0000878719
**File Stem:** 0002048251-25-000424
**Filing Date:** 2025-9
**Character Count:** 35749
**Document Hash:** 5d140195672dc80cd30a6649990c4209
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002048251-25-000424.hdr.sgml**: 20250929

**ACCESSION NUMBER**: 0002048251-25-000424

**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:** 251352536

**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 SMID FUND (Series ID: S000032898)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000101540 | INVESTOR CLASS SHARES      | CAMMX           |
| C000148331 | INSTITUTIONAL CLASS SHARES | CAMUX           |

## 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 SMID Fund

- **b. EDGAR series identifier (if any):** S000032898

- **c. LEI of Series:** 54930067WFB1JOFLQQ48

**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:** $72756230.26

**Total Liabilities:** $106645.58

**Net Assets:** $72649584.68

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000101540 | -0.41%               | 2.27%                | 3.36%                |
| Class ID C000148331 | -0.41%               | 2.27%                | 3.36%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $483385.33               | $-658485.01                                |
| Month 2  | $513825.23               | $1313891.07                                |
| Month 3  | $-489963.56              | $3212234.53                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| IPG PHOTONICS CORPORATION                  | IPG PHOTONICS CORP COMMON STOCK                  | CUSIP: 44980X109<br>LEI: 5493002KZ51CADQ94G15 | Long             | EC               |  | US        |     25665 | NS      | $1922051.85   | 2.65%             |  |  |  | No            |                  1 | On Loan: No      |
| MOLINA HEALTHCARE, INC.                    | MOLINA HEALTHCARE INC COMMON STOCK               | CUSIP: 60855R100<br>LEI: 549300NQQCEQ46YHZ591 | Long             | EC               |  | US        |      6245 | NS      | $985898.15    | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| WEX INC.                                   | WEX INC COMMON STOCK                             | CUSIP: 96208T104<br>LEI: T9M5IGROL1TL1G5OV478 | Long             | EC               |  | US        |     10675 | NS      | $1811334.00   | 2.49%             |  |  |  | No            |                  1 | On Loan: No      |
| ATMOS ENERGY CORPORATION                   | ATMOS ENERGY CORP COMMON STOCK                   | CUSIP: 049560105<br>LEI: QVLWEGTD2S8GJMO8D383 | Long             | EC               |  | US        |     12620 | NS      | $1967710.40   | 2.71%             |  |  |  | No            |                  1 | On Loan: No      |
| WATERS CORPORATION                         | WATERS CORP COMMON STOCK                         | CUSIP: 941848103<br>LEI: 5T547R1474YC9HOD8Q74 | Long             | EC               |  | US        |      5485 | NS      | $1583848.60   | 2.18%             |  |  |  | No            |                  1 | On Loan: No      |
| MASCO CORPORATION                          | MASCO CORP COMMON STOCK                          | CUSIP: 574599106<br>LEI: 5GCSNMQXHEYA1JO8QN11 | Long             | EC               |  | US        |     30630 | NS      | $2086821.90   | 2.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Lazard, Inc.                               | LAZARD INC COMMON STOCK                          | CUSIP: 52110M109<br>LEI: 254900RIBCDJSUFG1A11 | Long             | EC               |  | US        |     36910 | NS      | $1918581.80   | 2.64%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICOLD REALTY TRUST, INC.               | AMERICOLD REALTY TRUST INC REIT                  | CUSIP: 03064D108<br>LEI: 894500O3S3W62PQPO460 | Long             | EC               |  | US        |    120000 | NS      | $1929600.00   | 2.66%             |  |  |  | No            |                  1 | On Loan: No      |
| EURONET WORLDWIDE, INC.                    | EURONET WORLDWIDE INC COMMON STOCK               | CUSIP: 298736109<br>LEI: YG3575C4DSHJPA5KET68 | Long             | EC               |  | US        |     18415 | NS      | $1789569.70   | 2.46%             |  |  |  | No            |                  1 | On Loan: No      |
| WILLSCOT HOLDINGS CORPORATION              | WILLSCOT HOLDINGS CORP COMMON STOCK              | CUSIP: 971378104<br>LEI: 549300HJ4VIXF476Q166 | Long             | EC               |  | US        |     62860 | NS      | $1844941.00   | 2.54%             |  |  |  | No            |                  1 | On Loan: No      |
| BORGWARNER INC.                            | BORGWARNER INC COMMON STOCK                      | CUSIP: 099724106<br>LEI: 549300DSFX2IE88NSX47 | Long             | EC               |  | US        |     56500 | NS      | $2079200.00   | 2.86%             |  |  |  | No            |                  1 | On Loan: No      |
| QUEST DIAGNOSTICS INCORPORATED             | QUEST DIAGNOSTICS INC COMMON STOCK               | CUSIP: 74834L100<br>LEI: 8MCWUBXQ0WE04KMXBX50 | Long             | EC               |  | US        |     11335 | NS      | $1897592.35   | 2.61%             |  |  |  | No            |                  1 | On Loan: No      |
| NNN REIT, INC.                             | NNN REIT INC REIT                                | CUSIP: 637417106<br>LEI: 5493008JKH5SOTI0JS97 | Long             | EC               |  | US        |     49491 | NS      | $2041998.66   | 2.81%             |  |  |  | No            |                  1 | On Loan: No      |
| FIDELITY NATIONAL FINANCIAL, INC           | FIDELITY NATIONAL FINANCIAL COMMON STOCK         | CUSIP: 31620R303<br>LEI: N/A                  | Long             | EC               |  | US        |     35035 | NS      | $1977025.05   | 2.72%             |  |  |  | No            |                  1 | On Loan: No      |
| BOK FINANCIAL CORPORATION                  | BOK FINANCIAL CORPORATION COMMON STOCK           | CUSIP: 05561Q201<br>LEI: GRI2NT5QHYW751NMR949 | Long             | EC               |  | US        |     18005 | NS      | $1828047.65   | 2.52%             |  |  |  | No            |                  1 | On Loan: No      |
| THE TORO COMPANY                           | TORO CO COMMON STOCK                             | CUSIP: 891092108<br>LEI: YJKE4YIT6BWQHVEW0D14 | Long             | EC               |  | US        |     26110 | NS      | $1938667.50   | 2.67%             |  |  |  | No            |                  1 | On Loan: No      |
| PACKAGING CORPORATION OF AMERICA           | PACKAGING CORP OF AMERICA COMMON STOCK           | CUSIP: 695156109<br>LEI: 549300XZP8MFZFY8TJ84 | Long             | EC               |  | US        |      9510 | NS      | $1842562.50   | 2.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Amdocs Limited                             | AMDOCS LTD COMMON STOCK                          | CUSIP: G02602103<br>LEI: 549300HQV672RJ7RQV66 | Long             | EC               |  | US        |     22020 | NS      | $1879627.20   | 2.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Sportradar Group AG                        | SPORTRADAR GROUP AG-A COMMON STOCK               | CUSIP: H8088L103<br>LEI: 549300H1P33YOAT7Z533 | Long             | EC               |  | US        |     58110 | NS      | $1718312.70   | 2.37%             |  |  |  | No            |                  1 | On Loan: No      |
| CBOE GLOBAL MARKETS, INC.                  | CBOE GLOBAL MARKETS INC COMMON STOCK             | CUSIP: 12503M108<br>LEI: 529900RLNSGA90UPEH54 | Long             | EC               |  | US        |      8195 | NS      | $1975322.80   | 2.72%             |  |  |  | No            |                  1 | On Loan: No      |
| ALIGN TECHNOLOGY, INC.                     | ALIGN TECHNOLOGY INC COMMON STOCK                | CUSIP: 016255101<br>LEI: 549300N5YSE0U3LCP840 | Long             | EC               |  | US        |      9500 | NS      | $1225595.00   | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| PROSPERITY BANCSHARES, INC.                | PROSPERITY BANCSHARES INC COMMON STOCK           | CUSIP: 743606105<br>LEI: N/A                  | Long             | EC               |  | US        |     29000 | NS      | $1931980.00   | 2.66%             |  |  |  | No            |                  1 | On Loan: No      |
| LITTELFUSE, INC.                           | LITTELFUSE INC COMMON STOCK                      | CUSIP: 537008104<br>LEI: 549300MY7HLQFYTPCX75 | Long             | EC               |  | US        |      7310 | NS      | $1881082.30   | 2.59%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                        | FIRST AMERICAN TREASURY OBLIGATIONS FUND CLASS X | CUSIP: 31846V328<br>LEI: N/A                  | Long             | STIV             |  | US        |   2014172 | PA      | $2014172.50   | 2.77%             |  |  |  | No            |                  2 | On Loan: No      |
| GLOBUS MEDICAL, INC.                       | GLOBUS MEDICAL INC - A COMMON STOCK              | CUSIP: 379577208<br>LEI: 5299003M2P4CIK0RF205 | Long             | EC               |  | US        |     33735 | NS      | $1775473.05   | 2.44%             |  |  |  | No            |                  1 | On Loan: No      |
| PINNACLE WEST CAPITAL CORPORATION          | PINNACLE WEST CAPITAL COMMON STOCK               | CUSIP: 723484101<br>LEI: TWSEY0NEDUDCKS27AH81 | Long             | EC               |  | US        |     20630 | NS      | $1869490.60   | 2.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Phreesia Inc                               | PHREESIA INC COMMON STOCK                        | CUSIP: 71944F106<br>LEI: 5493000HHF8NU4QOCG53 | Long             | EC               |  | US        |     72000 | NS      | $1941120.00   | 2.67%             |  |  |  | No            |                  1 | On Loan: No      |
| EPAM SYSTEMS, INC.                         | EPAM SYSTEMS INC COMMON STOCK                    | CUSIP: 29414B104<br>LEI: 549300XCR4R530HJP604 | Long             | EC               |  | US        |     11905 | NS      | $1877537.55   | 2.58%             |  |  |  | No            |                  1 | On Loan: No      |
| GENTEX CORPORATION                         | GENTEX CORP COMMON STOCK                         | CUSIP: 371901109<br>LEI: 549300S3UD8XV1MN0287 | Long             | EC               |  | US        |     72655 | NS      | $1919545.10   | 2.64%             |  |  |  | No            |                  1 | On Loan: No      |
| LINCOLN ELECTRIC HOLDINGS, INC.            | LINCOLN ELECTRIC HOLDINGS COMMON STOCK           | CUSIP: 533900106<br>LEI: BIMGBY40SIN95O01BN93 | Long             | EC               |  | US        |      8470 | NS      | $2062445.00   | 2.84%             |  |  |  | No            |                  1 | On Loan: No      |
| J. B. HUNT TRANSPORT SERVICES, INC.        | HUNT (JB) TRANSPRT SVCS INC COMMON STOCK         | CUSIP: 445658107<br>LEI: 549300XCD1MPI1C5GK90 | Long             | EC               |  | US        |     13240 | NS      | $1907222.00   | 2.63%             |  |  |  | No            |                  1 | On Loan: No      |
| SKECHERS U.S.A., INC.                      | SKECHERS USA INC-CL A COMMON STOCK               | CUSIP: 830566105<br>LEI: 529900D2R54KZPA4XR56 | Long             | EC               |  | US        |     27295 | NS      | $1726408.75   | 2.38%             |  |  |  | No            |                  1 | On Loan: No      |
| LAMB WESTON HOLDINGS, INC.                 | LAMB WESTON HOLDINGS INC COMMON STOCK            | CUSIP: 513272104<br>LEI: 5493005SMYID1D2OY946 | Long             | EC               |  | US        |     33585 | NS      | $1916695.95   | 2.64%             |  |  |  | No            |                  1 | On Loan: No      |
| REINSURANCE GROUP OF AMERICA, INCORPORATED | REINSURANCE GROUP OF AMERICA COMMON STOCK        | CUSIP: 759351604<br>LEI: LORM1GNEU1DKEW527V90 | Long             | EC               |  | US        |     10210 | NS      | $1964914.50   | 2.70%             |  |  |  | No            |                  1 | On Loan: No      |
| DOLBY LABORATORIES, INC.                   | DOLBY LABORATORIES INC-CL A COMMON STOCK         | CUSIP: 25659T107<br>LEI: 549300X04FB2QPCJ5J24 | Long             | EC               |  | US        |     27715 | NS      | $2088048.10   | 2.87%             |  |  |  | No            |                  1 | On Loan: No      |
| ACV AUCTIONS INC.                          | ACV AUCTIONS INC-A COMMON STOCK                  | CUSIP: 00091G104<br>LEI: N/A                  | Long             | EC               |  | US        |    123000 | NS      | $1747830.00   | 2.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Essential Utilities, Inc.                  | ESSENTIAL UTILITIES INC COMMON STOCK             | CUSIP: 29670G102<br>LEI: 549300ILTEOF3E3QY357 | Long             | EC               |  | US        |     54390 | NS      | $2001552.00   | 2.76%             |  |  |  | No            |                  1 | On Loan: No      |
| WEBSTER FINANCIAL CORPORATION              | WEBSTER FINANCIAL CORP COMMON STOCK              | CUSIP: 947890109<br>LEI: KMRURHT0VWKYS6Z5KU67 | Long             | EC               |  | US        |     33930 | NS      | $1956064.50   | 2.69%             |  |  |  | No            |                  1 | On Loan: No      |
| HF SINCLAIR CORPORATION                    | HF SINCLAIR CORP COMMON STOCK                    | CUSIP: 403949100<br>LEI: 2549009G116AM01XHN24 | Long             | EC               |  | US        |     42345 | NS      | $1860639.30   | 2.56%             |  |  |  | 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