THE ADVISORS’ INNER CIRCLE FUND RHJ MICRO CAP PORTFOLIO JANUARY 31, 2025 (Unaudited)

SCHEDULE OF INVESTMENTS
COMMON STOCK†† — 97.9%
	Shares		Value
CONSUMER DISCRETIONARY — 12.9%
Figs, Cl A*		30,700	$	174,683
Genius Sports*		34,600		305,518
Green Brick Partners*		5,450		329,562
Johnson Outdoors, Cl A		6,816		220,838
Lincoln Educational Services*		22,006		359,138
Lindblad Expeditions Holdings*		23,874		303,677
Petco Health & Wellness, Cl A*		53,500		182,970
Portillo's, Cl A*		18,745		260,743
Standard Motor Products		9,029		280,080
				2,417,209
CONSUMER STAPLES — 5.6%
elf Beauty*		1,680		167,849
Hain Celestial Group*		39,200		198,352
Mama's Creations*		31,245		240,586
Vital Farms*		9,884		433,661
				1,040,448
ENERGY — 3.3%
Clean Energy Fuels*		53,457		176,943
Core Laboratories		10,200		173,094
Newpark Resources*		38,600		267,112
				617,149
FINANCIALS — 3.3%
Federal Agricultural Mortgage, Cl C		2,069		409,207
Live Oak Bancshares		5,865		208,149
				617,356
HEALTH CARE — 27.2%
ADMA Biologics*		20,293		327,732
ANI Pharmaceuticals*		5,318		311,847
Avanos Medical*		5,600		96,432
Axogen*		17,216		313,503
iRadimed		6,266		371,010
LeMaitre Vascular		5,374		520,902
MaxCyte*		24,700		111,397
Mesa Laboratories		2,556		351,936

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THE ADVISORS’ INNER CIRCLE FUND RHJ MICRO CAP PORTFOLIO JANUARY 31, 2025 (Unaudited)

COMMON STOCK†† — continued
	Shares		Value
HEALTH CARE — continued
Mirum Pharmaceuticals*		7,742	$	378,429
Omnicell*		6,500		292,435
Pennant Group*		13,740		363,698
Simulations Plus		8,346		286,435
Tactile Systems Technology*		13,556		237,365
U.S. Physical Therapy		3,150		279,436
UFP Technologies*		1,762		483,951
Viemed Healthcare*		23,400		191,646
Zynex*		22,250		174,440
				5,092,594
INDUSTRIALS — 25.1%
Alamo Group		1,691		313,782
American Superconductor*		7,595		199,521
Blue Bird*		2,600		92,612
CBIZ*		3,781		324,447
Construction Partners, Cl A*		4,519		363,328
CRA International		1,726		316,859
Douglas Dynamics		7,999		206,774
Ducommun*		5,521		377,526
Energy Recovery*		21,754		311,952
Healthcare Services Group*		29,100		322,719
Huron Consulting Group*		2,651		336,094
Liquidity Services*		10,014		346,985
Montrose Environmental Group*		6,099		126,981
Proto Labs*		7,100		296,283
Quest Resource Holding*		7,545		44,139
Sterling Infrastructure*		1,398		199,103
Thermon Group Holdings*		9,881		273,506
Transcat*		3,071		236,528
				4,689,139
INFORMATION TECHNOLOGY — 20.5%
A10 Networks		18,998		372,551
Aehr Test Systems*		22,200		251,526
Applied Optoelectronics*		8,200		228,944
Axcelis Technologies*		1,280		87,040
BigCommerce Holdings*		33,300		202,797

2

THE ADVISORS’ INNER CIRCLE FUND RHJ MICRO CAP PORTFOLIO JANUARY 31, 2025 (Unaudited)

COMMON STOCK†† — continued
	Shares		Value
INFORMATION TECHNOLOGY — continued
Clearfield*		4,185	$	152,711
Docebo*		6,300		264,285
Grid Dynamics Holdings*		17,000		384,030
Harmonic*		24,041		271,182
Napco Security Technologies		8,822		323,767
nLight*		23,809		265,947
Olo, Cl A*		47,014		346,963
Powerfleet NJ*		37,100		219,261
PROS Holdings*		12,921		305,194
Vishay Precision Group*		6,947		161,865
				3,838,063
TOTAL COMMON STOCK
(Cost $14,297,385)				18,311,958
SHORT-TERM INVESTMENT(A) — 2.3%
First American Government Obligations Fund, Cl X , 4.320%
(Cost $421,826)		421,826		421,826
TOTAL INVESTMENTS— 100.2%
(Cost $14,719,211)			$	18,733,784

	Percentages are based on Net Assets of $18,695,622.
*	Non-income producing security.
††	More narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting.
(A)	The rate reported is the 7-day effective yield as of January 31, 2025.

Cl Class

RHJ-QH-004-2900

3