NPORT-EX 2 fp0092715-1_nportex.htm SCHEDULE F

THE ADVISORS’ INNER CIRCLE FUND

CIBC ATLAS

 

DISCIPLINED EQUITY FUND

 

JANUARY 31, 2025 (Unaudited)

 

 

SCHEDULE OF INVESTMENTS

COMMON STOCK** — 99.4%

  

Shares

    

Value

  

COMMUNICATION SERVICES — 10.5%

Alphabet, Cl A

    347,369     $ 70,870,223  

Alphabet, Cl C

    261,896       53,845,818  

Meta Platforms, Cl A

    32,163       22,166,097  

T-Mobile US

    57,261       13,340,095  

Walt Disney

    226,519       25,610,238  
              185,832,471  

CONSUMER DISCRETIONARY — 11.2%

Amazon.com *

     541,057       128,598,428  

Home Depot

    43,038       17,730,795  

McDonald's

    74,945       21,636,621  

O'Reilly Automotive *

     7,578       9,809,115  

TJX

    165,540       20,657,737  
              198,432,696  

CONSUMER STAPLES — 2.6%

Mondelez International, Cl A

    207,332       12,023,183  

Monster Beverage *

     341,055       16,612,789  

PepsiCo

    122,413       18,446,415  
              47,082,387  

ENERGY — 3.6%

Cheniere Energy

    28,698       6,418,308  

Chevron

    93,777       13,990,591  

ConocoPhillips

    156,338       15,450,884  

Exxon Mobil

    258,816       27,649,313  
              63,509,096  

FINANCIALS — 16.7%

BlackRock Funding

    17,617       18,947,083  

Blackstone, Cl A

    180,987       32,054,608  

CME Group, Cl A

    75,604       17,881,858  

Fidelity National Information Services

    232,693       18,957,499  

Fiserv *

     144,767       31,275,463  

Intercontinental Exchange

    172,068       27,501,628  

JPMorgan Chase

    119,506       31,943,954  

PNC Financial Services Group

    89,858       18,056,965  

S&P Global

    36,657       19,113,326  

US Bancorp

    358,243       17,116,851  

Visa, Cl A

    186,200       63,643,160  
              296,492,395  

 

1

 

THE ADVISORS’ INNER CIRCLE FUND

CIBC ATLAS

 

DISCIPLINED EQUITY FUND

 

JANUARY 31, 2025 (Unaudited)

 

 

COMMON STOCK** (continued)

  

Shares

    

Value

  

HEALTH CARE — 11.9%

Abbott Laboratories

    192,306     $ 24,601,707  

AstraZeneca PLC ADR

    433,879       30,701,278  

Danaher

    88,366       19,682,643  

Elevance Health

    41,922       16,588,535  

IQVIA Holdings *

     103,394       20,819,416  

Stryker

    41,844       16,373,139  

Thermo Fisher Scientific

    38,734       23,153,248  

UnitedHealth Group

    92,892       50,392,981  

Zoetis, Cl A

    56,675       9,685,757  
              211,998,704  
                 

INDUSTRIALS — 5.6%

Automatic Data Processing

    42,952       13,014,886  

Honeywell International

    37,543       8,399,120  

Otis Worldwide

    216,439       20,652,609  

RTX

    254,492       32,816,743  

Union Pacific

    102,844       25,483,715  
              100,367,073  
                 

INFORMATION TECHNOLOGY — 30.9%

Adobe *

     59,511       26,033,087  

Analog Devices

    70,001       14,832,512  

Apple

    397,039       93,701,204  

Broadcom

    66,984       14,821,550  

Cisco Systems

    484,304       29,348,822  

Microsoft

    322,667       133,926,165  

NVIDIA

    785,339       94,295,654  

QUALCOMM

    173,461       29,996,611  

Roper Technologies

    37,350       21,500,527  

Salesforce

    133,315       45,553,735  

TE Connectivity PLC

    175,332       25,943,876  

Workday, Cl A *

     71,935       18,851,286  
              548,805,029  
                 

MATERIALS — 2.3%

Linde PLC

    52,042       23,216,977  

Martin Marietta Materials

    32,945       17,926,033  
              41,143,010  
                 

REAL ESTATE — 2.7%

American Tower, Cl A ‡

     83,613       15,464,224  

CoStar Group *

     44,433       3,403,568  

Prologis ‡

     159,786       19,054,481  

 

2

 

THE ADVISORS’ INNER CIRCLE FUND

CIBC ATLAS

 

DISCIPLINED EQUITY FUND

 

JANUARY 31, 2025 (Unaudited)

 

 

COMMON STOCK** (continued)

  

Shares

    

Value

  

REAL ESTATE (continued)

VICI Properties, Cl A ‡

     330,195     $ 9,829,905  
              47,752,178  
                 

UTILITIES — 1.4%

NextEra Energy

    257,239       18,408,023  

WEC Energy Group

    69,396       6,888,247  
              25,296,270  
                 

TOTAL COMMON STOCK

               

(Cost $751,551,849)

            1,766,711,309  
                 

CASH EQUIVALENT — 0.5%

                

First American Government Obligations Fund, Cl X, 4.320% (A)

     8,459,234       8,459,234  
                 

TOTAL CASH EQUIVALENT

                

(Cost $8,459,234)

            8,459,234  
                 

TOTAL INVESTMENTS — 99.9%

                

(Cost $760,011,083)

           $ 1,775,170,543  

 

Percentages are based on Net Assets of $1,776,241,919.

*

Non-income producing security.

**

More narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting periods.

‡

Real Estate Investment Trust

(A)

The rate reported is the 7-day effective yield as of January 31, 2025.

 

ADR — American Depositary Receipt

Cl — Class

PLC — Public Limited Company

 

ATF-QH-001-2300

 

3

 

THE ADVISORS’ INNER CIRCLE FUND

CIBC ATLAS

 

MID CAP EQUITY FUND

 

JANUARY 31, 2025 (Unaudited)

 

 

SCHEDULE OF INVESTMENTS

COMMON STOCK — 97.5%

  

Shares

    

Value

  

COMMUNICATION SERVICES — 4.3%

Live Nation Entertainment *

     43,828     $ 6,341,035  

Pinterest, Cl A *

     329,633       10,864,703  

Trade Desk, Cl A *

     186,179       22,095,724  
              39,301,462  
                 

CONSUMER DISCRETIONARY — 13.5%

Academy Sports & Outdoors

    72,921       3,814,498  

AutoZone *

     5,843       19,575,277  

Chipotle Mexican Grill, Cl A *

     207,222       12,091,404  

Domino's Pizza

    16,749       7,522,311  

DraftKings, Cl A *

     301,069       12,629,845  

Floor & Decor Holdings, Cl A *

     58,765       5,882,376  

Marriott International, Cl A

    53,790       15,630,836  

Ross Stores

    119,806       18,037,991  

Tractor Supply

    294,835       16,027,231  

Ulta Beauty *

     17,662       7,279,393  

Valvoline *

     153,855       5,709,559  
              124,200,721  
                 

CONSUMER STAPLES — 5.1%

Monster Beverage *

     181,364       8,834,241  

Sprouts Farmers Market *

     148,204       23,466,621  

US Foods Holding *

     203,509       14,434,893  
              46,735,755  
                 

ENERGY — 3.2%

Cheniere Energy

    89,987       20,125,593  

Diamondback Energy

    56,140       9,227,170  
              29,352,763  
                 

FINANCIALS — 12.2%

Ameriprise Financial

    55,141       29,961,414  

Ares Management, Cl A

    127,859       25,344,211  

Arthur J Gallagher

    31,464       9,496,464  

Corpay *

     52,633       20,026,330  

MSCI, Cl A

    16,337       9,749,432  

Tradeweb Markets, Cl A

    143,406       18,198,221  
              112,776,072  
                 

HEALTH CARE — 12.6%

Align Technology *

     46,422       10,171,525  

Alnylam Pharmaceuticals *

     61,541       16,696,689  

 

4

 

THE ADVISORS’ INNER CIRCLE FUND

CIBC ATLAS

 

MID CAP EQUITY FUND

 

JANUARY 31, 2025 (Unaudited)

 

 

COMMON STOCK (continued)

  

Shares

    

Value

  

HEALTH CARE (continued)

Avantor *

     195,625     $ 4,358,525  

Bio-Rad Laboratories, Cl A *

     12,223       4,411,036  

Cencora

    86,450       21,976,455  

Dexcom *

     122,577       10,643,361  

GE HealthCare Technologies

    48,458       4,278,841  

Globus Medical, Cl A *

     41,300       3,829,336  

ICON PLC *

     14,146       2,816,186  

IDEXX Laboratories *

     16,907       7,135,599  

Revvity

    87,533       11,040,537  

Veeva Systems, Cl A *

     80,623       18,806,121  
              116,164,211  
                 

INDUSTRIALS — 20.4%

AMETEK

    70,227       12,961,095  

Cintas

    60,915       12,217,722  

Copart *

     232,337       13,459,282  

Curtiss-Wright

    13,630       4,728,792  

Howmet Aerospace

    202,312       25,608,653  

Hubbell, Cl B

    32,148       13,598,926  

IDEX

    44,424       9,964,747  

Ingersoll Rand

    103,116       9,672,281  

Masco

    110,816       8,785,493  

Oshkosh

    50,795       5,912,538  

Pentair PLC

    54,977       5,700,015  

Regal Rexnord

    49,391       7,839,833  

Saia *

     20,268       9,730,869  

TransUnion

    112,666       11,182,101  

Vertiv Holdings, Cl A

    81,224       9,504,832  

Waste Connections

    79,984       14,698,660  

WESCO International

    33,951       6,280,935  

Zurn Elkay Water Solutions

    153,836       6,067,292  
              187,914,066  
                 

INFORMATION TECHNOLOGY — 24.3%

Amphenol, Cl A

    262,449       18,576,140  

Cadence Design Systems *

     67,913       20,212,267  

Crowdstrike Holdings, Cl A *

     22,588       8,991,605  

CyberArk Software *

     38,729       14,367,684  

Datadog, Cl A *

     166,375       23,743,376  

Entegris

    110,856       11,256,318  

HubSpot *

     36,733       28,634,476  

Keysight Technologies *

     60,899       10,861,337  

Marvell Technology

    138,130       15,589,352  

 

5

 

THE ADVISORS’ INNER CIRCLE FUND

CIBC ATLAS

 

MID CAP EQUITY FUND

 

JANUARY 31, 2025 (Unaudited)

 

 

COMMON STOCK (continued)

  

Shares

    

Value

  

INFORMATION TECHNOLOGY (continued)

Microchip Technology

    113,328     $ 6,153,710  

Monday.com *

     56,906       14,537,207  

MongoDB, Cl A *

     30,071       8,219,006  

Monolithic Power Systems

    18,785       11,972,995  

Procore Technologies *

     82,751       6,583,670  

Roper Technologies

    21,962       12,642,425  

Zscaler *

     58,735       11,899,124  
              224,240,692  
                 

MATERIALS — 1.3%

Berry Global Group

    113,708       7,723,047  

FMC

    74,548       4,158,288  
              11,881,335  
                 

REAL ESTATE — 0.6%

CoStar Group *

     78,470       6,010,802  
                 

TOTAL COMMON STOCK

               

(Cost $525,831,485)

            898,577,879  
                 

CASH EQUIVALENT — 2.3%

                

First American Government Obligations Fund, Cl X, 4.320% (A)

     20,842,246       20,842,246  
                 

TOTAL CASH EQUIVALENT

                

(Cost $20,842,246)

            20,842,246  
                 

TOTAL INVESTMENTS — 99.8%

                

(Cost $546,673,731)

           $ 919,420,125  

 

Percentages are based on Net Assets of $921,556,897.

*

Non-income producing security.

(A)

The rate reported is the 7-day effective yield as of January 31, 2025.

 

Cl — Class

PLC — Public Limited Company

 

ATF-QH-002-2200

 

6

 

THE ADVISORS’ INNER CIRCLE FUND

CIBC ATLAS

 

INCOME OPPORTUNITIES FUND

 

JANUARY 31, 2025 (Unaudited)

 

 

SCHEDULE OF INVESTMENTS

COMMON STOCK — 60.8%

  

Shares

    

Value

  

COMMUNICATION SERVICES — 1.2%

Alphabet, Cl A

    42,800     $ 8,732,056  
                 
                 

CONSUMER DISCRETIONARY — 3.5%

Home Depot

    17,300       7,127,254  

McDonald's

    12,200       3,522,140  

Service Corp International

    76,053       5,941,260  

Vail Resorts

    46,924       7,982,711  
              24,573,365  
                 

CONSUMER STAPLES — 2.7%

PepsiCo

    58,000       8,740,020  

Procter & Gamble

    63,000       10,457,370  
              19,197,390  
                 

ENERGY — 2.3%

Cheniere Energy

    28,829       6,447,606  

Chevron

    53,479       7,978,532  

EQT

    37,500       1,917,000  
              16,343,138  
                 

FINANCIALS — 13.8%

Ares Capital

    318,623       7,541,806  

Ares Management, Cl A

    66,000       13,082,520  

Blue Owl Capital, Cl A

    580,000       15,085,800  

CME Group, Cl A

    14,972       3,541,178  

Fidelity National Information Services

    64,500       5,254,815  

HA Sustainable Infrastructure Capital

    128,594       3,601,918  

JPMorgan Chase

    59,000       15,770,700  

S&P Global

    15,575       8,120,961  

US Bancorp

    185,000       8,839,300  

Visa, Cl A

    50,000       17,090,000  
              97,928,998  
                 

HEALTH CARE — 6.6%

Abbott Laboratories

    89,000       11,385,770  

Elevance Health

    17,500       6,924,750  

Johnson & Johnson

    63,000       9,585,450  

Novartis ADR

    37,912       3,970,144  

UnitedHealth Group

    27,000       14,647,230  
              46,513,344  
                 

 

7

 

THE ADVISORS’ INNER CIRCLE FUND

CIBC ATLAS

 

INCOME OPPORTUNITIES FUND

 

JANUARY 31, 2025 (Unaudited)

 

 

COMMON STOCK (continued)

  

Shares

    

Value

  

INDUSTRIALS — 7.0%

Automatic Data Processing

    18,084     $ 5,479,633  

IDEX

    25,331       5,681,997  

Lockheed Martin

    19,374       8,969,193  

Republic Services, Cl A

    49,000       10,626,630  

Rollins

    73,250       3,625,875  

Union Pacific

    42,000       10,407,180  

United Parcel Service, Cl B

    43,459       4,964,321  
              49,754,829  
                 

INFORMATION TECHNOLOGY — 16.9%

Apple

    135,000       31,860,000  

ASML Holding

    4,800       3,548,688  

Broadcom

    86,000       19,029,220  

Cisco Systems

    61,759       3,742,595  

Microchip Technology

    104,856       5,693,681  

Microsoft

    92,000       38,185,520  

NVIDIA

    25,500       3,061,785  

QUALCOMM

    64,000       11,067,520  

Workday, Cl A *

     14,700       3,852,282  
              120,041,291  
                 

MATERIALS — 1.8%

Linde PLC

    21,000       9,368,520  

Sherwin-Williams

    10,631       3,807,599  
              13,176,119  
                 

REAL ESTATE — 2.3%

Invitation Homes ‡

     120,836       3,764,041  

Prologis ‡

     53,383       6,365,923  

VICI Properties, Cl A ‡

     215,759       6,423,146  
              16,553,110  
                 

UTILITIES — 2.7%

Brookfield Infrastructure

    200,581       8,368,239  

NextEra Energy

    152,671       10,925,137  
              19,293,376  
                 

TOTAL COMMON STOCK

               

(Cost $226,553,259)

            432,107,016  
                 

 

8

 

THE ADVISORS’ INNER CIRCLE FUND

CIBC ATLAS

 

INCOME OPPORTUNITIES FUND

 

JANUARY 31, 2025 (Unaudited)

 

 

CORPORATE OBLIGATIONS — 17.0%

  

Face Amount

    

Value

  

COMMUNICATION SERVICES — 1.4%

Comcast

                

2.937%, 11/01/56

   $ 6,111,000     $ 3,543,949  

T-Mobile USA

                

3.500%, 04/15/31

     5,000,000       4,550,015  

Verizon Communications

                

2.355%, 03/15/32

     2,441,000       2,030,626  
              10,124,590  
                 

CONSUMER DISCRETIONARY — 2.3%

Ford Motor Credit

                

7.350%, 11/04/27

     4,000,000       4,185,417  

6.950%, 03/06/26

     2,000,000       2,036,108  

General Motors

                

6.800%, 10/01/27

     3,500,000       3,653,176  

Meritage Homes

                

3.875%, 04/15/29(A)

     7,000,000       6,579,737  
              16,454,438  
                 

ENERGY — 1.6%

Cheniere Energy Partners

                

4.500%, 10/01/29

     5,000,000       4,847,673  

DCP Midstream Operating

                

6.750%, 09/15/37(A)

     1,500,000       1,602,777  

Energy Transfer

                

5.550%, 05/15/34

     2,952,000       2,923,983  

Kinder Morgan MTN

                

7.800%, 08/01/31

     1,400,000       1,581,442  

Sabine Pass Liquefaction

                

5.625%, 03/01/25

     296,000       296,119  
              11,251,994  
                 

FINANCIALS — 6.9%

Ally Financial

                

2.200%, 11/02/28

     6,000,000       5,401,178  

Ares Capital

                

5.875%, 03/01/29

     6,000,000       6,074,710  

Bank of America

                

6.300%, TSFR3M + 4.815%(B)(C)

     5,000,000       5,060,205  

3.950%, 04/21/25

     5,750,000       5,741,711  

Citigroup

                

6.250%, TSFR3M + 4.779%(B)(C)

     3,000,000       3,030,193  

3.875%, H15T5Y + 3.417%(B)(C)

     6,500,000       6,364,761  

 

9

 

THE ADVISORS’ INNER CIRCLE FUND

CIBC ATLAS

 

INCOME OPPORTUNITIES FUND

 

JANUARY 31, 2025 (Unaudited)

 

 

CORPORATE OBLIGATIONS (continued)

  

Face Amount

    

Value

  

FINANCIALS (continued)

Goldman Sachs Group MTN

                

6.312%, TSFR3M + 2.012%, 10/28/27(B)

   $ 3,000,000     $ 3,079,918  

Morgan Stanley MTN

                

5.250%, SOFRRATE + 1.870%, 04/21/34(B)

     4,000,000       3,951,380  

OneMain Finance

                

3.500%, 01/15/27

     3,000,000       2,886,318  

Wells Fargo

                

5.875%(B)(C)

     7,500,000       7,478,479  
              49,068,853  
                 

HEALTH CARE — 0.8%

AbbVie

                

4.250%, 11/21/49

     3,500,000       2,862,785  

HCA

                

5.375%, 02/01/25

     3,050,000       3,050,000  
              5,912,785  
                 

INDUSTRIALS — 1.1%

AerCap Ireland Capital DAC

                

3.000%, 10/29/28

     2,000,000       1,863,199  

Northrop Grumman

                

4.030%, 10/15/47

     3,000,000       2,366,359  

Quanta Services

                

2.900%, 10/01/30

     3,750,000       3,338,899  
              7,568,457  
                 

INFORMATION TECHNOLOGY — 1.5%

Apple

                

3.850%, 08/04/46

     3,000,000       2,420,737  

Broadcom

                

3.469%, 04/15/34(A)

     2,500,000       2,160,290  

Kyndryl Holdings

                

2.050%, 10/15/26

     1,000,000       953,837  

Oracle

                

6.150%, 11/09/29

     3,000,000       3,144,979  

5.550%, 02/06/53

     2,000,000       1,876,070  
              10,555,913  
                 

MATERIALS — 0.3%

NOVA Chemicals

                

5.000%, 05/01/25(A)

     2,000,000       1,988,245  
                 
                 

 

10

 

THE ADVISORS’ INNER CIRCLE FUND

CIBC ATLAS

 

INCOME OPPORTUNITIES FUND

 

JANUARY 31, 2025 (Unaudited)

 

 

CORPORATE OBLIGATIONS (continued)

  

Face Amount

    

Value

  

REAL ESTATE — 0.7%

Boston Properties

                

2.750%, 10/01/26

   $ 1,000,000     $ 965,329  

VICI Properties

                

5.125%, 05/15/32

     4,000,000       3,888,842  
              4,854,171  
                 

UTILITIES — 0.4%

Duke Energy

                

6.450%, H15T5Y + 2.588%, 09/01/54(B)

     3,000,000       3,009,213  
                 
                 

TOTAL CORPORATE OBLIGATIONS

               

(Cost $127,830,529)

            120,788,659  
                 
                 

U.S. TREASURY OBLIGATIONS — 10.5%

                

U.S. Treasury Bonds

                

4.375%, 05/15/41

     15,000,000       14,329,688  

4.125%, 08/15/53

     21,500,000       19,148,438  

3.875%, 05/15/43

     18,500,000       16,337,090  
              49,815,216  
                 

U.S. Treasury Inflation Indexed Notes

                

0.500%, 01/15/28

     12,790,300       12,369,981  
                 
                 

U.S. Treasury Notes

                

2.000%, 08/15/25

     13,000,000       12,842,197  
                 
                 

TOTAL U.S. TREASURY OBLIGATIONS

                

(Cost $75,787,413)

            75,027,394  
                 

MORTGAGE-BACKED SECURITIES — 6.2%

                

AGENCY MORTGAGE-BACKED OBLIGATIONS — 6.2%

FHLMC

                

6.000%, 09/01/53

     10,472,613       10,573,096  

5.000%, 03/01/38

     7,064,577       7,058,612  

1.500%, 06/01/31

     5,016,443       4,635,281  

FNMA

                

6.000%, 01/01/53

     4,100,238       4,143,325  

6.000%, 07/01/53

     6,580,589       6,725,159  

 

11

 

THE ADVISORS’ INNER CIRCLE FUND

CIBC ATLAS

 

INCOME OPPORTUNITIES FUND

 

JANUARY 31, 2025 (Unaudited)

 

 

MORTGAGE-BACKED SECURITIES (continued)

  

Face Amount

    

Value

  

AGENCY MORTGAGE-BACKED OBLIGATIONS (continued)

4.500%, 07/01/52

   $ 11,412,610     $ 10,755,436  

TOTAL MORTGAGE-BACKED SECURITIES

               

(Cost $44,363,971)

            43,890,909  
                 

EXCHANGE-TRADED FUND — 1.9%

  


Shares

          

Invesco Senior Loan ETF

    657,000       13,829,850  

TOTAL EXCHANGE-TRADED FUND

                

(Cost $13,803,663)

            13,829,850  

PREFERRED STOCK — 0.3%

                

FINANCIALS — 0.3%

Wells Fargo, 7.500%

    1,700       2,021,130  

TOTAL PREFERRED STOCK

                

(Cost $2,066,538)

            2,021,130  

CASH EQUIVALENT — 2.9%

                

First American Government Obligations Fund, Cl X, 4.320% (D)

     20,730,155       20,730,155  

TOTAL CASH EQUIVALENT

                

(Cost $20,730,155)

            20,730,155  

TOTAL INVESTMENTS — 99.6%

                

(Cost $511,135,528)

           $ 708,395,113  
                 

WRITTEN OPTIONS — (0.0%)

          

Value

  

TOTAL WRITTEN OPTIONS — 0.0%

                

(Premiums Received $347,111)

          $ (240,333 )

 

12

 

THE ADVISORS’ INNER CIRCLE FUND

CIBC ATLAS

 

INCOME OPPORTUNITIES FUND

 

JANUARY 31, 2025 (Unaudited)

 

 

A list of the exchange traded option contracts held by the Fund at January 31, 2025, is as follows:

 

Description

  

Contracts

    

Notional Amount

    

Exercise Price

    

Expiration Date

    

Value

  

WRITTEN OPTIONS — (0.0%)

                

Call Options

                                

Cheniere Energy*

     (72 )   $ (1,610,280 )   $ 270       03/21/25     $ (4,320 )

EQT*

     (375 )     (1,917,000 )     55       03/21/25       (44,625 )

Google*

     (428 )     (8,732,056 )     225       02/21/25       (59,064 )

NVIDIA*

     (255 )     (3,061,785 )     165       03/21/25       (43,095 )

QUALCOMM*

     (320 )     (5,533,760 )     200       03/21/25       –  

Workday*

     (147 )     (3,852,282 )     290       03/21/25       (89,229 )

Total Written Options

           $ (24,707,163 )                   $ (240,333 )
                                         
                         

 

Percentages are based on Net Assets of $711,084,383.

*

Non-income producing security.

‡

Real Estate Investment Trust

(A)

Securities sold within terms of a private placement memorandum, exempt from registration under Section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other "accredited investors." The total value of such securities as of January 31, 2025 was $12,331,049 which represents 1.7% of Net Assets.

(B)

Variable or floating rate security. The rate shown is the effective interest rate as of period end. The rates for certain securities are not based on published reference rates and spreads and are either determined by the issuer or agent based on current market conditions; by using a formula based on the rates of underlying loans; or by adjusting periodically based on prevailing interest rates.

(C)

Perpetual security with no stated maturity date.

(D)

The rate reported is the 7-day effective yield as of January 31, 2025.

 

ADR — American Depositary Receipt

Cl — Class

DAC — Designated Activity Company

ETF — Exchange Traded Fund

FHLMC — Federal Home Loan Mortgage Corporation

FNMA — Federal National Mortgage Association

H15T5Y — U.S. Treasury Yield Curve Rate Treasury Note Constant Maturity 5 Year

MTN — Medium Term Note

PLC — Public Limited Company

SOFRRATE— Secured Overnight Financing Rate

TSFR3M — Term Secured Overnight Financing Rate 3 Month

 

 

ATF-QH-003-2200

 

13

 

THE ADVISORS’ INNER CIRCLE FUND

CIBC ATLAS

 

ALL CAP GROWTH FUND

 

JANUARY 31, 2025 (Unaudited)

 

 

SCHEDULE OF INVESTMENTS

COMMON STOCK** — 98.4%

  

Shares

    

Value

  

COMMUNICATION SERVICES — 11.1%

Alphabet, Cl A

    36,148     $ 7,374,915  

Meta Platforms, Cl A

    25,777       17,764,993  

Netflix *

     11,444       11,178,041  
              36,317,949  
                 

CONSUMER DISCRETIONARY — 10.6%

Amazon.com *

     83,258       19,788,761  

Chipotle Mexican Grill, Cl A *

     149,922       8,747,949  

MercadoLibre *

     3,248       6,243,273  
              34,779,983  
                 

FINANCIALS — 22.7%

Ares Management, Cl A

    51,215       10,151,837  

Blackstone, Cl A

    24,147       4,276,675  

Brown & Brown

    81,999       8,582,015  

Fiserv *

     23,006       4,970,216  

Kinsale Capital Group

    12,406       5,482,708  

Mastercard, Cl A

    18,790       10,436,530  

Ryan Specialty Holdings, Cl A

    56,041       3,731,210  

S&P Global

    21,033       10,966,817  

Shift4 Payments, Cl A *

     78,102       9,360,525  

StepStone Group, Cl A

    95,739       6,134,955  
              74,093,488  
                 

HEALTH CARE — 8.3%

Boston Scientific *

     24,800       2,538,528  

Eli Lilly

    12,450       10,097,946  

Intuitive Surgical *

     25,068       14,335,888  
              26,972,362  
                 

INDUSTRIALS — 15.8%

Axon Enterprise *

     5,998       3,911,776  

Cintas

    37,045       7,430,116  

FTAI Aviation

    58,936       5,924,836  

Howmet Aerospace

    103,282       13,073,435  

Quanta Services

    21,187       6,517,333  

TransDigm Group

    8,147       11,025,661  

Vertiv Holdings, Cl A

    31,410       3,675,598  
              51,558,755  
                 

INFORMATION TECHNOLOGY — 28.2%

Amphenol, Cl A

    116,427       8,240,703  

 

14

 

THE ADVISORS’ INNER CIRCLE FUND

CIBC ATLAS

 

ALL CAP GROWTH FUND

 

JANUARY 31, 2025 (Unaudited)

 

 

COMMON STOCK** (continued)

  

Shares

    

Value

  

INFORMATION TECHNOLOGY (continued)

AppLovin, Cl A *

     9,706     $ 3,587,241  

Fair Isaac *

     4,058       7,602,907  

Gartner *

     10,614       5,761,598  

Gitlab, Cl A *

     51,436       3,742,483  

Intuit

    5,545       3,335,373  

Marvell Technology

    64,985       7,334,207  

Microsoft

    23,510       9,758,061  

Monday.com *

     14,744       3,766,502  

Monolithic Power Systems

    6,503       4,144,817  

NVIDIA

    115,164       13,827,741  

Palo Alto Networks *

     47,077       8,681,940  

ServiceNow *

     6,690       6,812,962  

Shopify, Cl A *

     44,812       5,234,042  
              91,830,577  

MATERIALS — 1.7%

Sherwin-Williams

    15,240       5,458,358  

TOTAL COMMON STOCK

               

(Cost $184,504,881)

            321,011,472  

CASH EQUIVALENT — 1.6%

                

First American Government Obligations Fund, Cl X, 4.320% (A)

     5,107,410       5,107,410  

TOTAL CASH EQUIVALENT

                

(Cost $5,107,410)

            5,107,410  

TOTAL INVESTMENTS — 100.0%

                

(Cost $189,612,291)

           $ 326,118,882  

 

Percentages are based on Net Assets of $326,008,325.

*

Non-income producing security.

**

More narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting periods.

(A)

The rate reported is the 7-day effective yield as of January 31, 2025.

 

Cl — Class

 

ATF-QH-005-1300

 

15

 

THE ADVISORS’ INNER CIRCLE FUND

CIBC ATLAS

 

EQUITY INCOME FUND

 

JANUARY 31, 2025 (Unaudited)

 

 

SCHEDULE OF INVESTMENTS

COMMON STOCK** — 97.5%

  

Shares

    

Value

  

COMMUNICATION SERVICES — 0.9%

Comcast, Cl A

    98,180     $ 3,304,739  
                 
                 

CONSUMER DISCRETIONARY — 3.6%

Dick's Sporting Goods

    31,033       7,449,471  

TJX

    44,201       5,515,843  
              12,965,314  
                 

ENERGY — 10.1%

Enterprise Products Partners

    543,549       17,746,875  

ONEOK

    133,729       12,994,447  

Targa Resources

    30,225       5,948,280  
              36,689,602  
                 

FINANCIALS — 25.3%

Ameriprise Financial

    10,051       5,461,311  

Ares Management, Cl A

    45,562       9,031,300  

BlackRock Funding

    4,495       4,834,372  

Blackstone, Cl A

    101,023       17,892,184  

Blue Owl Capital, Cl A

    206,407       5,368,646  

Brookfield

    157,953       9,666,724  

Brookfield Asset Management, Cl A

    41,092       2,458,534  

Charles Schwab

    117,520       9,721,254  

CME Group, Cl A

    41,834       9,894,578  

Goldman Sachs Group

    6,984       4,472,554  

JPMorgan Chase

    47,349       12,656,388  
              91,457,845  
                 

HEALTH CARE — 16.6%

Abbott Laboratories

    115,192       14,736,513  

AbbVie

    24,648       4,532,767  

AstraZeneca PLC ADR

    134,733       9,533,707  

Cardinal Health

    35,793       4,426,163  

Elevance Health

    24,399       9,654,684  

Eli Lilly

    16,441       13,334,966  

Merck

    41,949       4,145,400  
              60,364,200  
                 

INDUSTRIALS — 12.6%

Broadridge Financial Solutions

    34,068       8,115,679  

FTAI Aviation

    64,876       6,521,984  

L3Harris Technologies

    47,406       10,050,546  

 

16

 

THE ADVISORS’ INNER CIRCLE FUND

CIBC ATLAS

 

EQUITY INCOME FUND

 

JANUARY 31, 2025 (Unaudited)

 

 

COMMON STOCK** (continued)

  

Shares

    

Value

  

INDUSTRIALS (continued)

Parker-Hannifin

    17,423     $ 12,318,932  

TransDigm Group

    6,425       8,695,210  
              45,702,351  

INFORMATION TECHNOLOGY — 14.0%

Accenture PLC, Cl A

    6,062       2,333,567  

Apple

    45,675       10,779,300  

Broadcom

    11,308       2,502,121  

Dell Technologies, Cl C

    51,139       5,298,000  

International Business Machines

    30,345       7,759,216  

Microchip Technology

    48,365       2,626,220  

Microsoft

    40,463       16,794,573  

Texas Instruments

    14,242       2,629,216  
              50,722,213  

REAL ESTATE — 9.9%

American Tower, Cl A ‡

     37,625       6,958,744  

Equinix ‡

     11,470       10,479,680  

Iron Mountain ‡

     83,755       8,506,995  

Prologis ‡

     43,577       5,196,557  

VICI Properties, Cl A ‡

     152,249       4,532,453  
              35,674,429  

UTILITIES — 4.5%

Brookfield Infrastructure Partners

    109,577       3,595,221  

Brookfield Renewable Partners

    224,048       4,904,411  

NextEra Energy

    108,589       7,770,629  
              16,270,261  

TOTAL COMMON STOCK

               

(Cost $206,788,015)

            353,150,954  

CASH EQUIVALENT — 2.4%

                

First American Government Obligations Fund, Cl X, 4.320% (A)

     8,836,270       8,836,270  

TOTAL CASH EQUIVALENT

                

(Cost $8,836,270)

            8,836,270  

TOTAL INVESTMENTS — 99.9%

                

(Cost $215,624,285)

           $ 361,987,224  

 

Percentages are based on Net Assets of $362,398,613.

 

17

 

THE ADVISORS’ INNER CIRCLE FUND

CIBC ATLAS

 

EQUITY INCOME FUND

 

JANUARY 31, 2025 (Unaudited)

 

 

**

More narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting periods.

‡

Real Estate Investment Trust

(A)

The rate reported is the 7-day effective yield as of January 31, 2025.

 

ADR — American Depositary Receipt

Cl — Class

PLC — Public Limited Company

 

ATF-QH-006-1300

 

18

 

THE ADVISORS’ INNER CIRCLE FUND

CIBC ATLAS

 

INTERNATIONAL GROWTH FUND

 

JANUARY 31, 2025 (Unaudited)

 

 

SCHEDULE OF INVESTMENTS

COMMON STOCK — 98.6%

  

Shares

    

Value

  

AUSTRALIA — 2.0%

BHP Group

    512,673     $ 12,591,111  
                 
                 

BRAZIL — 1.8%

MercadoLibre *

     5,679       10,916,117  
                 
                 

CANADA — 3.6%

Brookfield

    238,429       14,591,855  

Canadian National Railway

    72,642       7,591,815  
              22,183,670  
                 

CHINA — 7.4%

Alibaba Group Holding

    698,000       8,562,006  

Alibaba Group Holding ADR

    64,946       6,419,262  

Tencent Holdings

    317,000       16,679,024  

Trip.com Group *

     198,369       13,932,277  
              45,592,569  
                 

DENMARK — 1.4%

Novo Nordisk, Cl B

    102,241       8,631,663  
                 
                 

FRANCE — 5.2%

Air Liquide

    62,003       10,830,776  

Airbus

    67,027       11,593,742  

LVMH Moet Hennessy Louis Vuitton

    13,853       10,132,130  
              32,556,648  
                 

GERMANY — 7.2%

Heidelberg Materials

    134,196       18,883,501  

Siemens

    76,159       16,326,634  

Symrise, Cl A

    93,833       9,607,926  
              44,818,061  
                 

HONG KONG — 1.5%

AIA Group

    1,324,763       9,313,278  
                 
                 

INDIA — 2.8%

HDFC Bank ADR

    291,540       17,678,986  
                 
                 

IRELAND — 3.1%

ICON PLC *

     47,887       9,533,344  

 

19

 

THE ADVISORS’ INNER CIRCLE FUND

CIBC ATLAS

 

INTERNATIONAL GROWTH FUND

 

JANUARY 31, 2025 (Unaudited)

 

 

COMMON STOCK (continued)

  

Shares

    

Value

  

IRELAND (continued)

Kerry Group PLC, Cl A

    95,660     $ 9,823,464  
              19,356,808  

ISRAEL — 2.7%

Check Point Software Technologies *

     77,664       16,932,305  

ITALY — 2.0%

Ferrari

    28,589       12,265,648  

JAPAN — 12.9%

Daikin Industries

    52,493       6,165,893  

FANUC

    473,000       14,091,535  

Kawasaki Heavy Industries

    395,000       17,841,160  

Sony Group

    568,595       12,548,518  

Suzuki Motor

    826,000       9,884,081  

Tokio Marine Holdings

    327,000       10,785,562  

Toyota Motor

    442,000       8,384,528  
              79,701,277  

MEXICO — 1.3%

Fomento Economico Mexicano ADR

    94,723       8,081,766  

NETHERLANDS — 1.9%

ASML Holding

    16,294       12,053,675  

NORWAY — 1.1%

Equinor

    287,643       6,927,529  

SINGAPORE — 3.0%

DBS Group Holdings

    567,000       18,559,002  

SPAIN — 4.9%

Amadeus IT Group

    160,840       11,769,859  

Banco Santander

    3,620,726       18,554,400  
              30,324,259  

SWEDEN — 1.9%

Assa Abloy, Cl B

    391,502       11,994,181  

SWITZERLAND — 7.5%

Alcon

    146,945       13,409,303  

 

20

 

THE ADVISORS’ INNER CIRCLE FUND

CIBC ATLAS

 

INTERNATIONAL GROWTH FUND

 

JANUARY 31, 2025 (Unaudited)

 

 

COMMON STOCK (continued)

  

Shares

    

Value

  

SWITZERLAND (continued)

Chubb

    44,223     $ 12,023,349  

Julius Baer Group

    105,433       7,408,184  

Novartis

    128,803       13,482,690  
              46,323,526  

TAIWAN — 3.3%

Taiwan Semiconductor Manufacturing ADR

    96,640       20,228,685  

UNITED KINGDOM — 20.1%

AstraZeneca PLC

    98,950       13,890,112  

BAE Systems PLC

    912,593       13,794,916  

Compass Group PLC

    419,436       14,451,353  

Diageo PLC

    414,487       12,347,701  

InterContinental Hotels Group PLC

    118,020       15,736,886  

Lloyds Banking Group PLC

    18,602,513       14,302,775  

London Stock Exchange Group PLC

    147,047       21,881,685  

Shell PLC

    546,135       17,932,133  
              124,337,561  

TOTAL COMMON STOCK

               

(Cost $476,728,791)

            611,368,325  

PREFERRED STOCK — 1.2%

                

GERMANY — 1.2%

Henkel & Co (A)

     88,000       7,689,739  

TOTAL PREFERRED STOCK

                

(Cost $7,818,581)

            7,689,739  

TOTAL INVESTMENTS — 99.8%

                

(Cost $484,547,372)

           $ 619,058,064  

 

Percentages are based on Net Assets of $620,000,708.

*

Non-income producing security.

(A)

No interest rate available.

 

ADR — American Depositary Receipt

Cl — Class

PLC — Public Limited Company

 

ATF-QH-007-1200

 

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