# EDGAR Filing Document

**Accession Number:** 0000878719
**File Stem:** 0001752724-23-074559
**Filing Date:** 2023-3
**Character Count:** 43541
**Document Hash:** 9828acbcd4d93dd955faac287133ff1e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-074559.hdr.sgml**: 20230331

**ACCESSION NUMBER**: 0001752724-23-074559

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20230131

**FILED AS OF DATE**: 20230331

**DATE AS OF CHANGE**: 20230331

**PERIOD START**: 20231031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ADVISORS' INNER CIRCLE FUND
- **CENTRAL INDEX KEY:** 0000878719
- **IRS NUMBER:** 000000000
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-06400
- **FILM NUMBER:** 23783342

**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 OPPORTUNITY FUND (Series ID: S000005783)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000015896 | INSTITUTIONAL CLASS SHARES | CAMWX           |
| C000015897 | INVESTOR CLASS SHARES      | CAMOX           |

## Nport-Ex

---

| | |
|:---|:---|
|  **THE ADVISORS' INNER CIRCLE FUND** | **CAMBIAR OPPORTUNITY FUND** |
|  | **JANUARY 31, 2023 (UNAUDITED)** |

| | | |
|:---|:---|:---|
|  **SCHEDULE OF INVESTMENTS** | | |
|  **COMMON STOCK — 92.0%** | | |
|  | <br>**Shares** | <br>**Value** |
|  **AEROSPACE/DEFENSE EQUIPMENT — 9.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Airbus ADR | 400000 | $12528000 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3Harris Technologies | 52000 | 11170640 |
| &nbsp;&nbsp;&nbsp;&nbsp; Raytheon Technologies | 95000 | 9485750 |
|  |  | 33184390 |
|  **AIR FREIGHT & LOGISTICS — 2.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; United Parcel Service, Cl B | 53000 | 9817190 |
|  **BANKS — 2.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase | 70000 | 9797200 |
|  **BEVERAGES — 3.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Constellation Brands, Cl A | 46000 | 10649920 |
|  **CAPITAL MARKETS — 7.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Charles Schwab | 80000 | 6193600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Group | 26000 | 9511060 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intercontinental Exchange | 100000 | 10755000 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26459660 |
|  **CHEMICALS — 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Corteva | 90000 | 5800500 |
|  **CONSUMER FINANCE — 3.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American Express | 70000 | 12245100 |
|  **ELECTRICAL EQUIPMENT — 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Rockwell Automation | 23000 | 6486690 |
|  **ELECTRONIC EQUIPMENT INSTRUMENTS & COMPONENTS — 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; TE Connectivity | 55000 | 6993250 |
|  **FOOD & STAPLES RETAILING — 3.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sysco | 129000 | 9992340 |
|  **HEALTH CARE EQUIPMENT & SERVICES — 3.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Medtronic | 130000 | 10879700 |
|  **HEALTH CARE PROVIDERS & SERVICES — 8.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Centene \* | 130000 | 9911200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Humana | 11700 | 5986890 |
| &nbsp;&nbsp;&nbsp;&nbsp; Laboratory Corp of America Holdings | 46000 | 11597520 |
|  |  | 27495610 |
|  **HOUSEHOLD PRODUCTS — 3.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Colgate-Palmolive | 138000 | 10285140 |
|  **INSURANCE — 3.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Chubb | 48000 | 10919520 |
|  **INTERACTIVE MEDIA & SERVICES — 3.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alphabet, Cl A \* | 102000 | 10081680 |
|  **INTERNET & DIRECT MARKETING RETAIL — 3.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Amazon.com \* | 96000 | 9900480 |
|  **IT SERVICES — 5.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fiserv \* | 66000 | 7040880 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mastercard, Cl A | 30000 | 11118000 |
|  |  | 18158880 |
|  **MULTI-UTILITIES — 3.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sempra Energy | 63000 | 10100790 |
|  **OIL, GAS & CONSUMABLE FUELS — 4.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ONEOK | 96000 | 6574080 |
| &nbsp;&nbsp;&nbsp;&nbsp; Williams | 215000 | 6931600 |
|  |  | 13505680 |
|  **PHARMACEUTICALS — 3.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Johnson & Johnson | 62000 | 10132040 |

---

**1** 

------

---

| | |
|:---|:---|
|  **THE ADVISORS' INNER CIRCLE FUND** | **CAMBIAR OPPORTUNITY FUND** |
|  | **JANUARY 31, 2023 (UNAUDITED)** |

---

------

---

| | | |
|:---|:---|:---|
|  **COMMON STOCK —** continued | | |
|  | <br> **Shares** | <br>**Value** |
|  **REAL ESTATE INVESTMENT TRUSTS — 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Welltower | 87000 | $6528480 |
|  **ROAD & RAIL — 4.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Uber Technologies \* | 220000 | 6804600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Union Pacific | 45000 | 9188550 |
|  |  | 15993150 |
|  **SEMI-CONDUCTORS & INSTRUMENTS — 4.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Applied Materials | 60000 | 6689400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marvell Technology | 167000 | 7206050 |
|  |  | 13895450 |
|  **SPECIALTY RETAIL — 2.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; TJX | 110000 | 9004600 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL COMMON STOCK<br>(Cost $241,112,747) |  | 308307440 |
|  **SHORT-TERM INVESTMENT — 7.1%**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; First American Treasury Obligation Fund 4.317% (A)<br>(Cost $23,909,386) | 23909386 | 23909386 |
|  TOTAL INVESTMENTS — 99.1%<br> (Cost $265,022,133) |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332216826 |

---

---

| | |
|:---|:---|
| | *Percentages are based on Net Assets of $335,098,269.*  |

---

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

*(A)* *The rate shown is the 7-day effective yield as of January 31, 2023.* 

*ADR — American Depository Receipt* 

*Cl — Class* 

CMB-QH-007-3100

**2** 

------

---

| | |
|:---|:---|
|  **THE ADVISORS' INNER CIRCLE FUND** | **CAMBIAR INTERNATIONAL EQUITY FUND** |
|  | **JANUARY 31, 2023 (UNAUDITED)** |

---

------

---

| | | |
|:---|:---|:---|
|  **SCHEDULE OF INVESTMENTS** | | |
|  **COMMON STOCK — 91.6%** | | |
|  | <br>**Shares** | <br>**Value** |
|  **AUSTRALIA — 2.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Santos | 1720000 | $8780400 |
|  **BELGIUM — 5.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; KBC Group | 130000 | 9628713 |
| &nbsp;&nbsp;&nbsp;&nbsp; UCB | 78000 | 6404131 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16032844 |
|  **CANADA — 4.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Agnico Eagle Mines | 115000 | 6495200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian National Railway | 62000 | 7383580 |
|  |  | 13878780 |
|  **FRANCE — 12.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Air Liquide | 48000 | 7642822 |
| &nbsp;&nbsp;&nbsp;&nbsp; Airbus | 65000 | 8148749 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capgemini | 38000 | 7211822 |
| &nbsp;&nbsp;&nbsp;&nbsp; LVMH Moet Hennessy Louis Vuitton | 8500 | 7420261 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pernod Ricard | 36000 | 7453052 |
|  |  | 37876706 |
|  **GERMANY — 11.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bayer | 103000 | 6411202 |
| &nbsp;&nbsp;&nbsp;&nbsp; Covestro | 132000 | 6077852 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Post | 155000 | 6673759 |
| &nbsp;&nbsp;&nbsp;&nbsp; Merck KGaA | 31000 | 6470552 |
| &nbsp;&nbsp;&nbsp;&nbsp; SAP | 80000 | 9483163 |
|  |  | 35116528 |
|  **HONG KONG — 2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AIA Group | 677000 | 7655278 |
|  **JAPAN — 8.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hitachi | 135000 | 7079734 |
| &nbsp;&nbsp;&nbsp;&nbsp; Murata Manufacturing | 73000 | 4171257 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sony Group | 78000 | 6969424 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tokyo Electron Ltd. | 22000 | 7689535 |
|  |  | 25909950 |
|  **NETHERLANDS — 5.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ING Groep | 664000 | 9614855 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shell | 232000 | 6810996 |
|  |  | 16425851 |
|  **SINGAPORE — 4.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; DBS Group Holdings | 232000 | 6351295 |
| &nbsp;&nbsp;&nbsp;&nbsp; Singapore Telecommunications | 3558000 | 6814152 |
|  |  | 13165447 |
|  **SPAIN — 2.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Iberdrola | 608000 | 7132888 |
|  **SWITZERLAND — 9.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Nestle | 59000 | 7198534 |
| &nbsp;&nbsp;&nbsp;&nbsp; Novartis | 80000 | 7232727 |
| &nbsp;&nbsp;&nbsp;&nbsp; Roche Holding | 21000 | 6555578 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zurich Insurance Group | 19000 | 9396050 |
|  |  | 30382889 |
|  **TAIWAN — 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing ADR | 66000 | 6120180 |
|  **UNITED KINGDOM — 19.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BAE Systems | 572000 | 6055213 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays | 3715000 | 8539998 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bunzl | 196000 | 7195389 |
| &nbsp;&nbsp;&nbsp;&nbsp; Compass Group | 232000 | 5542012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diageo | 155000 | 6777536 |
| &nbsp;&nbsp;&nbsp;&nbsp; Entain | 321000 | 5919457 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intertek Group | 124000 | 6664624 |

---

**1** 

------

---

| | |
|:---|:---|
|  **THE ADVISORS' INNER CIRCLE FUND** | **CAMBIAR INTERNATIONAL EQUITY FUND** |
|  | **JANUARY 31, 2023 (UNAUDITED)** |

---

------

---

| | | |
|:---|:---|:---|
|  **COMMON STOCK — continued** | | |
|  | <br> **Shares** | <br>**Value** |
|  **UNITED KINGDOM — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; London Stock Exchange Group | 76000 | $6957408 |
| &nbsp;&nbsp;&nbsp;&nbsp; SSE | 298000 | 6360704 |
|  |  | 60012341 |
|  **UNITED STATES — 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Liberty Media - Liberty Formula One, Cl C \* | 95000 | 6726000 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL COMMON STOCK<br>(Cost $246,086,082) |  | 285216082 |
|  **RIGHTS — 0.1%** |  |  |
|  **Spain — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Iberdrola\* (A) | 608000 | 124265 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL RIGHTS<br>(Cost $–) |  | 124265 |
|  **SHORT-TERM INVESTMENT — 5.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; First American Treasury Obligation Fund 4.317% (B)<br>(Cost $15,699,280) | 15699280 | 15699280 |
|  TOTAL INVESTMENTS — 96.7%<br>(Cost $261,785,362) |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301039627 |

---

---

| | |
|:---|:---|
| | *Percentages are based on Net Assets of $311,313,771.*  |

---

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

*(A)* *Expiration date is unavailable.* 

*(B)* *The rate reported is the 7-day effective yield as of January 31, 2023.* 

*ADR — American Depositary Receipt* 

*Cl — Class* 

CMB-QH-008-3100

**2** 

------

---

| | |
|:---|:---|
|  **THE ADVISORS' INNER CIRCLE FUND** | **CAMBIAR SMALL CAP FUND** |
|  | **JANUARY 31, 2023 (UNAUDITED)** |

---

------

---

| | | |
|:---|:---|:---|
|  **SCHEDULE OF INVESTMENTS** | | |
|  **COMMON STOCK — 97.7%** | | |
|  | <br>**Shares** | <br>**Value** |
|  **AEROSPACE & DEFENSE — 4.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BWX Technologies | 38000 | $2312680 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mercury Systems \* | 45000 | 2249325 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4562005 |
|  **AIR FREIGHT & LOGISTICS — 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Air | 21500 | 2318775 |
|  **AUTO COMPONENTS — 2.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gentex | 81000 | 2390310 |
|  **BANKS — 10.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cathay General Bancorp | 49000 | 2154040 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prosperity Bancshares | 29000 | 2199940 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Capital Bancshares \* | 39000 | 2576730 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Bankshares | 53000 | 2130600 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Community Banks | 52000 | 1692080 |
|  |  | 10753390 |
|  **BIOTECHNOLOGY — 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exelixis \* | 128000 | 2255360 |
|  **BUILDING PRODUCTS — 2.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; PGT Innovations \* | 109000 | 2365300 |
|  **COMMERCIAL SERVICES & SUPPLIES — 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Healthcare Services Group | 143000 | 1926210 |
|  **DIVERSIFIED CONSUMER SERVICES — 2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Frontdoor \* | 92000 | 2500560 |
|  **ELECTRIC UTILITIES — 2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; IDACORP | 23000 | 2433630 |
|  **ELECTRONICS EQUIPMENT INSTRUMENTS & COMPONENTS — 2.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Advanced Energy Industries | 26000 | 2411240 |
|  **FOOD PRODUCTS — 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hain Celestial Group \* | 73000 | 1497960 |
|  **HEALTH CARE EQUIPMENT & SERVICES — 3.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ICU Medical \* | 10500 | 2028915 |
| &nbsp;&nbsp;&nbsp;&nbsp; NuVasive \* | 42000 | 1915200 |
|  |  | 3944115 |
|  **HEALTH CARE PROVIDERS & SERVICES — 8.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Addus HomeCare \* | 22000 | 2365440 |
| &nbsp;&nbsp;&nbsp;&nbsp; HealthEquity \* | 31000 | 1886350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Innovage Holding \* | 275000 | 2059750 |
| &nbsp;&nbsp;&nbsp;&nbsp; US Physical Therapy | 23000 | 2280450 |
|  |  | 8591990 |
|  **HEALTH CARE TECHNOLOGY — 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; HealthStream \* | 92000 | 2224560 |
|  **HOTELS, RESTAURANTS & LEISURE — 2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Monarch Casino & Resort \* | 32000 | 2451840 |
|  **HOUSEHOLD DURABLES — 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; MDC Holdings | 59000 | 2227840 |
|  **INSURANCE — 11.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Axis Capital Holdings | 40000 | 2502800 |
| &nbsp;&nbsp;&nbsp;&nbsp; First American Financial | 39000 | 2412930 |
| &nbsp;&nbsp;&nbsp;&nbsp; James River Group Holdings | 85000 | 1926100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinsurance Group of America, Cl A | 14500 | 2200665 |
| &nbsp;&nbsp;&nbsp;&nbsp; RenaissanceRe Holdings | 13000 | 2543970 |
|  |  | 11586465 |

---

**1** 

------

---

| | |
|:---|:---|
|  **THE ADVISORS' INNER CIRCLE FUND** | **CAMBIAR SMALL CAP FUND** |
|  | **JANUARY 31, 2023 (UNAUDITED)** |

---

------

---

| | | |
|:---|:---|:---|
|  **COMMON STOCK** — continued | | |
|  | <br> **Shares** | <br>**Value** |
|  **IT SERVICES — 4.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Perficient \* | 29000 | $2150060 |
| &nbsp;&nbsp;&nbsp;&nbsp; WNS Holdings ADR \* | 25000 | 2118250 |
|  |  | 4268310 |
|  **LEISURE PRODUCTS — 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Johnson Outdoors, Cl A | 30000 | 2053800 |
|  **MACHINERY — 2.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alamo Group | 15500 | 2425285 |
|  **MULTI-UTILITIES — 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Avista | 47000 | 1875300 |
|  **OIL, GAS & CONSUMABLE FUELS — 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Magnolia Oil & Gas, Cl A | 73000 | 1723530 |
|  **PROFESSIONAL SERVICES — 6.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forrester Research \* | 58000 | 2149480 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insperity | 19500 | 2155725 |
| &nbsp;&nbsp;&nbsp;&nbsp; ManpowerGroup | 23000 | 2004680 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6309885 |
|  **REAL ESTATE INVESTMENT TRUSTS — 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; NETSTREIT | 105000 | 2113650 |
|  **REAL ESTATE MANAGEMENT & DEVELOPMENT — 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Marcus & Millichap | 56000 | 2029440 |
|  **SEMI-CONDUCTORS & INSTRUMENTS — 7.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Diodes \* | 27000 | 2408130 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rambus \* | 66000 | 2671020 |
| &nbsp;&nbsp;&nbsp;&nbsp; Universal Display | 21000 | 2783130 |
|  |  | 7862280 |
|  **SOFTWARE — 4.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cerence \* | 58000 | 1422160 |
| &nbsp;&nbsp;&nbsp;&nbsp; Envestnet \* | 42000 | 2730000 |
|  |  | 4152160 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL COMMON STOCK<br>(Cost $89,996,195) |  | 101255190 |
|  **SHORT-TERM INVESTMENT — 2.3%**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; First American Treasury Obligation Fund 4.317% (A)<br>(Cost $2,421,170) | 2421170 | 2421170 |
|  TOTAL INVESTMENTS— 100.0%<br> (Cost $92,417,365) |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103676360 |

---

---

| | |
|:---|:---|
| | *Percentages are based on Net Assets of $103,687,033.*  |

---

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

*(A)* *The rate shown is the 7-day effective yield as of January 31, 2023.* 

*ADR — American Depositary Receipt* 

*Cl — Class* 

CMB-QH-009-3100

**2** 

------

---

| | |
|:---|:---|
|  **THE ADVISORS' INNER CIRCLE FUND** | **CAMBIAR AGGRESSIVE VALUE FUND** |
|  | **JANUARY 31, 2023 (UNAUDITED)** |

---

------

---

| | | |
|:---|:---|:---|
|  **SCHEDULE OF INVESTMENTS** | | |
|  **COMMON STOCK — 90.9%** | | |
|  | <br>**Shares** | <br>**Value** |
|  **FRANCE — 5.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Airbus ADR | 85000 | $2662200 |
|  **GERMANY — 9.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bayer ADR | 140000 | 2181200 |
| &nbsp;&nbsp;&nbsp;&nbsp; SAP ADR | 20000 | 2370600 |
|  |  | 4551800 |
|  **NETHERLANDS — 8.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ING Groep ADR | 140000 | 2020200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shell ADR | 36000 | 2117160 |
|  |  | 4137360 |
|  **UNITED KINGDOM — 3.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BAE Systems ADR | 40000 | 1709200 |
|  **UNITED STATES — 63.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Air Lease | 53000 | 2383410 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alphabet \* | 16000 | 1581440 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Express | 10500 | 1836765 |
| &nbsp;&nbsp;&nbsp;&nbsp; Applied Materials | 9000 | 1003410 |
| &nbsp;&nbsp;&nbsp;&nbsp; Centene \* | 25000 | 1906000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Constellation Brands | 7000 | 1620640 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corteva | 16000 | 1031200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy Transfer | 180000 | 2390400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Group | 3000 | 1097430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intercontinental Exchange | 18000 | 1935900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Laboratory Corp of America Holdings | 6400 | 1613568 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liberty Media - Liberty Formula One Cl, C \* | 35000 | 2478000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marvell Technology | 22000 | 949300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Raytheon Technologies | 14000 | 1397900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rockwell Automation | 4000 | 1128120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sysco | 21000 | 1626660 |
| &nbsp;&nbsp;&nbsp;&nbsp; TE Connectivity | 9000 | 1144350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Uber Technologies \* | 47000 | 1453710 |
| &nbsp;&nbsp;&nbsp;&nbsp; Williams | 40000 | 1289600 |
|  |  | 29867803 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL COMMON STOCK<br>(Cost $35,179,425) |  | 42928363 |
|  **SHORT-TERM INVESTMENT — 7.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; First American Treasury Obligation Fund 4.317% (A)<br>(Cost $3,472,102) | 3472102 | 3472102 |
|  TOTAL INVESTMENTS — 98.2%<br>(Cost $38,651,527) |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46400465 |

---

---

| | |
|:---|:---|
| | *Percentages are based on Net Assets of $47,255,429.*  |

---

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

*(A)* *The rate reported is the 7-day effective yield as of January 31, 2023.* 

*Cl — Class* 

*ADR — American Depositary Receipt* 

CMB-QH-010-3100

**1** 

------

---

| | |
|:---|:---|
|  **THE ADVISORS' INNER CIRCLE FUND** | **CAMBIAR SMID FUND** |
|  | **JANUARY 31, 2023 (UNAUDITED)** |

---

------

---

| | | |
|:---|:---|:---|
|  **SCHEDULE OF INVESTMENTS** | | |
|  **COMMON STOCK — 93.5%**  | | |
|  | <br>**Shares** | <br>**Value** |
|  **AEROSPACE & DEFENSE — 2.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mercury Systems \* | 61330 | $3065580 |
|  **AIR FREIGHT & LOGISTICS — 2.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Expeditors International of Washington | 27940 | 3021711 |
|  **AUTO COMPONENTS — 2.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gentex | 109420 | 3228984 |
|  **BANKS — 4.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BOK Financial | 27870 | 2800935 |
| &nbsp;&nbsp;&nbsp;&nbsp; East West Bancorp | 44940 | 3528689 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6329624 |
|  **BIOTECHNOLOGY — 4.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exelixis \* | 172450 | 3038569 |
| &nbsp;&nbsp;&nbsp;&nbsp; Incyte \* | 37995 | 3234894 |
|  |  | 6273463 |
|  **BUILDING PRODUCTS — 2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Masco | 64480 | 3430336 |
|  **CAPITAL MARKETS — 2.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cboe Global Markets | 26380 | 3241574 |
|  **ELECTRICAL EQUIPMENT — 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hubbell, Cl B | 12530 | 2868242 |
|  **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 2.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; IPG Photonics \* | 31500 | 3531150 |
|  **FOOD PRODUCT — 2.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Lamb Weston Holdings | 30755 | 3072117 |
|  **GAS UTILITIES — 2.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Atmos Energy | 32240 | 3789490 |
|  **HEALTH CARE EQUIPMENT & SUPPLIES — 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dentsply Sirona | 73570 | 2709583 |
|  **HEALTH CARE PROVIDER & SERVICES — 4.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Amedisys \* | 31670 | 3061222 |
| &nbsp;&nbsp;&nbsp;&nbsp; Quest Diagnostics | 20520 | 3046810 |
|  |  | 6108032 |
|  **INSURANCE — 10.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American Financial Group | 24430 | 3483474 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arch Capital Group \* | 52760 | 3395106 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity National Financial | 77080 | 3393832 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinsurance Group of America, Cl A | 21460 | 3256984 |
|  |  | 13529396 |
|  **IT SERVICES — 10.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Amdocs | 34180 | 3142167 |
| &nbsp;&nbsp;&nbsp;&nbsp; Euronet Worldwide \* | 33480 | 3772526 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maximus | 48850 | 3656423 |
| &nbsp;&nbsp;&nbsp;&nbsp; WEX \* | 19050 | 3523679 |
|  |  | 14094795 |
|  **LIFE SCIENCES TOOLS & SERVICES — 4.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bruker | 45300 | 3176436 |
| &nbsp;&nbsp;&nbsp;&nbsp; Charles River Laboratories International \* | 12750 | 3101438 |
|  |  | 6277874 |
|  **MACHINERY — 5.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Lincoln Electric Holdings | 21500 | 3587705 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toro | 28330 | 3159362 |
|  |  | 6747067 |

---

**1** 

------

---

| | |
|:---|:---|
|  **THE ADVISORS' INNER CIRCLE FUND** | **CAMBIAR SMID FUND** |
|  | **JANUARY 31, 2023 (UNAUDITED)** |

---

------

---

| | | |
|:---|:---|:---|
|  **COMMON STOCK** — continued | | |
|  | <br> **Shares** | <br>**Value** |
|  **OIL, GAS & CONSUMABLE FUELS — 4.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Magnolia Oil & Gas, Cl A | 127110 | $3001067 |
| &nbsp;&nbsp;&nbsp;&nbsp; Targa Resources | 42990 | 3225110 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6226177 |
|  **PROFESSIONAL SERVICES — 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Booz Allen Hamilton Holding, Cl A | 29310 | 2773898 |
|  **REAL ESTATE INVESTMENT TRUSTS — 5.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Americold Realty Trust | 120170 | 3774540 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Retail Properties | 71320 | 3377002 |
|  |  | 7151542 |
|  **SOFTWARE — 2.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dolby Laboratories, Cl A | 44940 | 3575426 |
|  **SPECIALTY RETAIL — 2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Burlington Stores \* | 13990 | 3215322 |
|  **TEXTILES, APPAREL & LUXURY GOODS — 2.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; VF | 105650 | 3268811 |
|  **TRADING COMPANY & DISTRIBUTORS — 2.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Watsco | 10640 | 3057617 |
|  **WATER UTILITIES — 2.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Essential Utilities | 64480 | 3013150 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL COMMON STOCK<br>(Cost $104,675,300) |  | 123600961 |
|  **SHORT-TERM INVESTMENT — 3.3%**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; First American Treasury Obligation Fund 4.317% (A)<br>(Cost $4,398,461) | 4398461 | 4398461 |
|  TOTAL INVESTMENTS— 96.8%<br> (Cost $109,073,761) |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127999422 |

---

---

| | |
|:---|:---|
| | *Percentages are based on Net Assets of $132,199,352.*  |

---

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

*(A)* *The rate shown is the 7-day effective yield as of January 31, 2023.* 

*Cl — Class*

CMB-QH-011-2400

**2** 

------

---

| | |
|:---|:---|
|  **THE ADVISORS' INNER CIRCLE FUND** | **CAMBIAR INTERNATIONAL SMALL CAP FUND** |
|  | **JANUARY 31, 2023 (UNAUDITED)** |

---

------

---

| | | |
|:---|:---|:---|
|  **SCHEDULE OF INVESTMENTS** | | |
|  **COMMON STOCK — 92.8%** | | |
|  | <br>**Shares** | <br>**Value** |
|  **AUSTRALIA — 2.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Domino's Pizza Enterprises | 18000 | $970347 |
|  **CANADA — 4.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CCL Industries | 17000 | 795092 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pason Systems | 60000 | 711586 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1506678 |
|  **FAROE ISLANDS — 2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bakkafrost P | 14000 | 868721 |
|  **FRANCE — 7.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Eurazeo | 13569 | 951823 |
| &nbsp;&nbsp;&nbsp;&nbsp; Euroapi \* | 50000 | 803851 |
| &nbsp;&nbsp;&nbsp;&nbsp; Remy Cointreau | 3800 | 715496 |
|  |  | 2471170 |
|  **GERMANY — 11.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; flatexDEGIRO \* | 73000 | 621175 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hensoldt | 15000 | 434896 |
| &nbsp;&nbsp;&nbsp;&nbsp; Scout24 | 16614 | 967230 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stabilus | 13209 | 911091 |
| &nbsp;&nbsp;&nbsp;&nbsp; TeamViewer \* | 71000 | 1000167 |
|  |  | 3934559 |
|  **GREECE — 3.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Motor Oil Hellas Corinth Refineries | 44000 | 1075259 |
|  **INDIA — 3.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; WNS Holdings ADR \* | 12000 | 1016760 |
|  **ITALY — 2.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Buzzi Unicem | 41327 | 930605 |
|  **JAPAN — 13.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Daito Trust Construction | 6800 | 671967 |
| &nbsp;&nbsp;&nbsp;&nbsp; Disco | 3200 | 961384 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kakaku.com | 38500 | 641876 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ryohin Keikaku | 46700 | 517816 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sanyo Denki | 15982 | 774768 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taiyo Yuden | 21500 | 730259 |
|  |  | 4298070 |
|  **LUXEMBOURG — 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; L'Occitane International | 261600 | 727841 |
|  **MEXICO — 2.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola Femsa ADR | 12243 | 932672 |
|  **NETHERLANDS — 9.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aalberts | 17000 | 803800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Euronext | 11924 | 966221 |
| &nbsp;&nbsp;&nbsp;&nbsp; OCI | 15899 | 541207 |
| &nbsp;&nbsp;&nbsp;&nbsp; QIAGEN \* | 14250 | 698250 |
|  |  | 3009478 |
|  **NORWAY — 2.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Schibsted, Cl A | 35269 | 770235 |
|  **SWEDEN — 3.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cloetta | 333000 | 693561 |
| &nbsp;&nbsp;&nbsp;&nbsp; Granges | 70000 | 585506 |
|  |  | 1279067 |
|  **UNITED KINGDOM — 20.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; B&M European Value Retail | 152000 | 840607 |
| &nbsp;&nbsp;&nbsp;&nbsp; Britvic | 66225 | 635251 |
| &nbsp;&nbsp;&nbsp;&nbsp; Burford Capital | 69002 | 629988 |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrica | 589869 | 734860 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diploma | 25000 | 845685 |

---

**1** 

------

---

| | |
|:---|:---|
|  **THE ADVISORS' INNER CIRCLE FUND** | **CAMBIAR INTERNATIONAL SMALL CAP FUND** |
|  | **JANUARY 31, 2023 (UNAUDITED)** |

---

------

---

| | | |
|:---|:---|:---|
|  **COMMON STOCK — continued** | | |
|  | <br> **Shares** | <br>**Value** |
|  **UNITED KINGDOM — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Greggs | 25356 | $846686 |
| &nbsp;&nbsp;&nbsp;&nbsp; RS GROUP | 75591 | 878809 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tate & Lyle | 85752 | 798527 |
| &nbsp;&nbsp;&nbsp;&nbsp; Virgin Money UK | 283000 | 677135 |
|  |  | 6887548 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL COMMON STOCK<br>(Cost $27,233,884) |  | 30679010 |
|  **SHORT-TERM INVESTMENT — 6.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; First American Treasury Obligation Fund 4.317% (A) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $2,251,940) | 2251940 | 2251940 |
|  TOTAL INVESTMENTS — 99.6% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $29,485,824) |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32930950 |

---

---

| | |
|:---|:---|
| | *Percentages are based on Net Assets of $33,071,061.*  |

---

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

*(A)* *The rate shown is the 7-day effective yield as of January 31, 2023.* 

*ADR — American Depositary Receipt* 

CMB-QH-013-1700

**2**

## 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 Opportunity Fund

- **b. EDGAR series identifier (if any):** S000005783

- **c. LEI of Series:** 4S1NS1YP71BTUH04RJ76

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

- **a. Date of fiscal year-end:** 2023-10-31

- **b. Date as of which information is reported:** 2023-01-31

**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:** $336075948.03

**Total Liabilities:** $977679.11

**Net Assets:** $335098268.92

**Cash Not Reported:** $0.08

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000015896 | 5.03%                | -5.18%               | 6.58%                |
| Class ID C000015897 | 5.00%                | -5.15%               | 6.56%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $2691874.09              | $13068035.52                               |
| Month 2  | $7504799.25              | $-19173853.78                              |
| Month 3  | $5158904.84              | $14198503.51                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| JOHNSON & JOHNSON                                                      | JOHNSON & JOHNSON COMMON STOCK                   | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               |  | US        |     62000 | NS      | $10132040.00  | 3.02%             |  |  |  | No            |                  1 | On Loan: No      |
| HUMANA INC.                                                            | HUMANA INC COMMON STOCK                          | CUSIP: 444859102<br>LEI: 529900YLDW34GJAO4J06 | Long             | EC               |  | US        |     11700 | NS      | $5986890.00   | 1.79%             |  |  |  | No            |                  1 | On Loan: No      |
| FISERV, INC.                                                           | FISERV INC COMMON STOCK                          | CUSIP: 337738108<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | EC               |  | US        |     66000 | NS      | $7040880.00   | 2.10%             |  |  |  | No            |                  1 | On Loan: No      |
| MARVELL TECHNOLOGY, INC                                                | MARVELL TECHNOLOGY INC COMMON STOCK              | CUSIP: 573874104<br>LEI: N/A                  | Long             | EC               |  | US        |    167000 | NS      | $7206050.00   | 2.15%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN EXPRESS COMPANY                                               | AMERICAN EXPRESS CO COMMON STOCK                 | CUSIP: 025816109<br>LEI: R4PP93JZOLY261QX3811 | Long             | EC               |  | US        |     70000 | NS      | $12245100.00  | 3.65%             |  |  |  | No            |                  1 | On Loan: No      |
| CENTENE CORPORATION                                                    | CENTENE CORP COMMON STOCK                        | CUSIP: 15135B101<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | EC               |  | US        |    130000 | NS      | $9911200.00   | 2.96%             |  |  |  | No            |                  1 | On Loan: No      |
| LABORATORY CORPORATION OF AMERICA HOLDINGS                             | LABORATORY CRP OF AMER HLDGS COMMON STOCK        | CUSIP: 50540R409<br>LEI: OZ7UA8IXAIFILY2VZH07 | Long             | EC               |  | US        |     46000 | NS      | $11597520.00  | 3.46%             |  |  |  | No            |                  1 | On Loan: No      |
| UBER TECHNOLOGIES, INC.                                                | UBER TECHNOLOGIES INC COMMON STOCK               | CUSIP: 90353T100<br>LEI: 549300B2FTG34FILDR98 | Long             | EC               |  | US        |    220000 | NS      | $6804600.00   | 2.03%             |  |  |  | No            |                  1 | On Loan: No      |
| THE CHARLES SCHWAB CORPORATION                                         | SCHWAB (CHARLES) CORP COMMON STOCK               | CUSIP: 808513105<br>LEI: 549300VSGCJ7E698NM85 | Long             | EC               |  | US        |     80000 | NS      | $6193600.00   | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Chubb Limited                                                          | CHUBB LTD COMMON STOCK                           | CUSIP: H1467J104<br>LEI: E0JAN6VLUDI1HITHT809 | Long             | EC               |  | US        |     48000 | NS      | $10919520.00  | 3.26%             |  |  |  | No            |                  1 | On Loan: No      |
| APPLIED MATERIALS, INC.                                                | APPLIED MATERIALS INC COMMON STOCK               | CUSIP: 038222105<br>LEI: 41BNNE1AFPNAZELZ6K07 | Long             | EC               |  | US        |     60000 | NS      | $6689400.00   | 2.00%             |  |  |  | No            |                  1 | On Loan: No      |
| AMAZON.COM, INC.                                                       | AMAZON.COM INC COMMON STOCK                      | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               |  | US        |     96000 | NS      | $9900480.00   | 2.95%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Funds, Inc: Government Obligations Fund; Class X Shares | FIRST AMERICAN TREASURY OBLIGATIONS FUND CLASS X | CUSIP: 31846V336<br>LEI: N/A                  | Long             | STIV             |  | US        |  23909386 | PA      | $23909385.90  | 7.14%             |  |  |  | No            |                  2 | On Loan: No      |
| THE TJX COMPANIES, INC.                                                | TJX COMPANIES INC COMMON STOCK                   | CUSIP: 872540109<br>LEI: V167QI9I69W364E2DY52 | Long             | EC               |  | US        |    110000 | NS      | $9004600.00   | 2.69%             |  |  |  | No            |                  1 | On Loan: No      |
| INTERCONTINENTAL EXCHANGE, INC.                                        | INTERCONTINENTAL EXCHANGE IN COMMON STOCK        | CUSIP: 45866F104<br>LEI: 5493000F4ZO33MV32P92 | Long             | EC               |  | US        |    100000 | NS      | $10755000.00  | 3.21%             |  |  |  | No            |                  1 | On Loan: No      |
| MASTERCARD INCORPORATED.                                               | MASTERCARD INC - A COMMON STOCK                  | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               |  | US        |     30000 | NS      | $11118000.00  | 3.32%             |  |  |  | No            |                  1 | On Loan: No      |
| L3HARRIS TECHNOLOGIES, INC.                                            | L3HARRIS TECHNOLOGIES INC COMMON STOCK           | CUSIP: 502431109<br>LEI: 549300UTE50ZMDBG8A20 | Long             | EC               |  | US        |     52000 | NS      | $11170640.00  | 3.33%             |  |  |  | No            |                  1 | On Loan: No      |
| ALPHABET INC.                                                          | ALPHABET INC-CL A COMMON STOCK                   | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               |  | US        |    102000 | NS      | $10081680.00  | 3.01%             |  |  |  | No            |                  1 | On Loan: No      |
| UNION PACIFIC CORPORATION                                              | UNION PACIFIC CORP COMMON STOCK                  | CUSIP: 907818108<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | EC               |  | US        |     45000 | NS      | $9188550.00   | 2.74%             |  |  |  | No            |                  1 | On Loan: No      |
| WELLTOWER INC.                                                         | WELLTOWER INC REIT                               | CUSIP: 95040Q104<br>LEI: N/A                  | Long             | EC               |  | US        |     87000 | NS      | $6528480.00   | 1.95%             |  |  |  | No            |                  1 | On Loan: No      |
| CONSTELLATION BRANDS, INC.                                             | CONSTELLATION BRANDS INC-A COMMON STOCK          | CUSIP: 21036P108<br>LEI: 5493005GKEG8QCVY7037 | Long             | EC               |  | US        |     46000 | NS      | $10649920.00  | 3.18%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITED PARCEL SERVICE, INC.                                            | UNITED PARCEL SERVICE-CL B COMMON STOCK          | CUSIP: 911312106<br>LEI: D01LMJZU09ULLNCY6Z23 | Long             | EC               |  | US        |     53000 | NS      | $9817190.00   | 2.93%             |  |  |  | No            |                  1 | On Loan: No      |
| ONEOK, INC.                                                            | ONEOK INC COMMON STOCK                           | CUSIP: 682680103<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | EC               |  | US        |     96000 | NS      | $6574080.00   | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| SYSCO CORPORATION                                                      | SYSCO CORP COMMON STOCK                          | CUSIP: 871829107<br>LEI: 5RGWIFLMGH3YS7KWI652 | Long             | EC               |  | US        |    129000 | NS      | $9992340.00   | 2.98%             |  |  |  | No            |                  1 | On Loan: No      |
| CORTEVA, INC.                                                          | CORTEVA INC COMMON STOCK                         | CUSIP: 22052L104<br>LEI: 549300WZN9I2QKLS0O94 | Long             | EC               |  | US        |     90000 | NS      | $5800500.00   | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| COLGATE-PALMOLIVE COMPANY                                              | COLGATE-PALMOLIVE CO COMMON STOCK                | CUSIP: 194162103<br>LEI: YMEGZFW4SBUSS5BQXF88 | Long             | EC               |  | US        |    138000 | NS      | $10285140.00  | 3.07%             |  |  |  | No            |                  1 | On Loan: No      |
| ROCKWELL AUTOMATION, INC.                                              | ROCKWELL AUTOMATION INC COMMON STOCK             | CUSIP: 773903109<br>LEI: VH3R4HHBHH12O0EXZJ88 | Long             | EC               |  | US        |     23000 | NS      | $6486690.00   | 1.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Airbus SE                                                              | AIRBUS SE - UNSP ADR DEPOSITARY RECEIPT          | CUSIP: 009279100<br>LEI: MINO79WLOO247M1IL051 | Long             | EC               |  | US        |    400000 | NS      | $12528000.00  | 3.74%             |  |  |  | No            |                  1 | On Loan: No      |
| TE Connectivity Ltd.                                                   | TE CONNECTIVITY LTD COMMON STOCK                 | CUSIP: H84989104<br>LEI: 894500ZRIX9K13RHXR17 | Long             | EC               |  | US        |     55000 | NS      | $6993250.00   | 2.09%             |  |  |  | No            |                  1 | On Loan: No      |
| SEMPRA ENERGY                                                          | SEMPRA ENERGY COMMON STOCK                       | CUSIP: 816851109<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | EC               |  | US        |     63000 | NS      | $10100790.00  | 3.01%             |  |  |  | No            |                  1 | On Loan: No      |
| THE WILLIAMS COMPANIES, INC.                                           | WILLIAMS COS INC COMMON STOCK                    | CUSIP: 969457100<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | EC               |  | US        |    215000 | NS      | $6931600.00   | 2.07%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMORGAN CHASE & CO.                                                   | JPMORGAN CHASE & CO COMMON STOCK                 | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               |  | US        |     70000 | NS      | $9797200.00   | 2.92%             |  |  |  | No            |                  1 | On Loan: No      |
| THE GOLDMAN SACHS GROUP, INC.                                          | GOLDMAN SACHS GROUP INC COMMON STOCK             | CUSIP: 38141G104<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EC               |  | US        |     26000 | NS      | $9511060.00   | 2.84%             |  |  |  | No            |                  1 | On Loan: No      |
| MEDTRONIC PUBLIC LIMITED COMPANY                                       | MEDTRONIC PLC COMMON STOCK                       | CUSIP: G5960L103<br>LEI: 549300GX3ZBSQWUXY261 | Long             | EC               |  | US        |    130000 | NS      | $10879700.00  | 3.25%             |  |  |  | No            |                  1 | On Loan: No      |
| RAYTHEON TECHNOLOGIES CORPORATION                                      | RAYTHEON TECHNOLOGIES CORP COMMON STOCK          | CUSIP: 75513E101<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | EC               |  | US        |     95000 | NS      | $9485750.00   | 2.83%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-01-31

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

**Signature:** Andy Metzger

**Name of Signer:** Andy Metzger

**Title:** CFO