# EDGAR Filing Document

**Accession Number:** 0000878719
**File Stem:** 0001752724-23-074560
**Filing Date:** 2023-3
**Character Count:** 47707
**Document Hash:** d90c8aaf5dc32fe1513bd066b182b224
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-074560.hdr.sgml**: 20230331

**ACCESSION NUMBER**: 0001752724-23-074560

**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:** 23783343

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

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

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

## Series and Classes Contracts Data

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

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

## Nport-Ex

---

| | |
|:---|:---|
|  **THE ADVISORS' INNER CIRCLE FUND** | **CAMBIAR OPPORTUNITY FUND** |
|  | **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 Small Cap Fund

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

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

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

- **a. Date of fiscal year-end:** 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:** $103803202.41

**Total Liabilities:** $116169.47

**Net Assets:** $103687032.94

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000015899 | 8.16%                | -4.78%               | 4.42%                |
| Class ID C000070602 | 8.23%                | -4.78%               | 4.43%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $11454.91                | $7891240.00                                |
| Month 2  | $-1326724.42             | $-3909776.76                               |
| Month 3  | $2486787.09              | $1196555.38                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| PGT INNOVATIONS, INC.                                                  | PGT INNOVATIONS INC COMMON STOCK                 | CUSIP: 69336V101<br>LEI: 549300LRW9WM59C1S579 | Long             | EC               |  | US        |    109000 | NS      | $2365300.00   | 2.28%             |  |  |  | No            |                  1 | On Loan: No      |
| INSPERITY, INC.                                                        | INSPERITY INC COMMON STOCK                       | CUSIP: 45778Q107<br>LEI: 5299000Q0KW7HY5DB751 | Long             | EC               |  | US        |     19500 | NS      | $2155725.00   | 2.08%             |  |  |  | No            |                  1 | On Loan: No      |
| FORWARD AIR CORPORATION                                                | FORWARD AIR CORP COMMON STOCK                    | CUSIP: 349853101<br>LEI: N/A                  | Long             | EC               |  | US        |     21500 | NS      | $2318775.00   | 2.24%             |  |  |  | No            |                  1 | On Loan: No      |
| IDACORP, INC.                                                          | IDACORP INC COMMON STOCK                         | CUSIP: 451107106<br>LEI: N134NUJDWN8UEFA8B673 | Long             | EC               |  | US        |     23000 | NS      | $2433630.00   | 2.35%             |  |  |  | No            |                  1 | On Loan: No      |
| BWX TECHNOLOGIES, INC.                                                 | BWX TECHNOLOGIES INC COMMON STOCK                | CUSIP: 05605H100<br>LEI: 549300NP85N265KWMS58 | Long             | EC               |  | US        |     38000 | NS      | $2312680.00   | 2.23%             |  |  |  | No            |                  1 | On Loan: No      |
| TEXAS CAPITAL BANCSHARES, INC.                                         | TEXAS CAPITAL BANCSHARES INC COMMON STOCK        | CUSIP: 88224Q107<br>LEI: 549300466Q2SXRX0YM48 | Long             | EC               |  | US        |     39000 | NS      | $2576730.00   | 2.49%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRST AMERICAN FINANCIAL CORPORATION                                   | FIRST AMERICAN FINANCIAL COMMON STOCK            | CUSIP: 31847R102<br>LEI: 549300B6VEZK3N0A1P55 | Long             | EC               |  | US        |     39000 | NS      | $2412930.00   | 2.33%             |  |  |  | No            |                  1 | On Loan: No      |
| PERFICIENT, INC.                                                       | PERFICIENT INC COMMON STOCK                      | CUSIP: 71375U101<br>LEI: 549300HTBXKL2755T650 | Long             | EC               |  | US        |     29000 | NS      | $2150060.00   | 2.07%             |  |  |  | No            |                  1 | On Loan: No      |
| NUVASIVE, INC.                                                         | NUVASIVE INC COMMON STOCK                        | CUSIP: 670704105<br>LEI: 549300C5ZB4NZ6TWM881 | Long             | EC               |  | US        |     42000 | NS      | $1915200.00   | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| RAMBUS INC.                                                            | RAMBUS INC COMMON STOCK                          | CUSIP: 750917106<br>LEI: 2549000211GDCQSLV833 | Long             | EC               |  | US        |     66000 | NS      | $2671020.00   | 2.58%             |  |  |  | No            |                  1 | On Loan: No      |
| HEALTHCARE SERVICES GROUP, INC.                                        | HEALTHCARE SERVICES GROUP COMMON STOCK           | CUSIP: 421906108<br>LEI: 529900GVZ1D2FBYMS719 | Long             | EC               |  | US        |    143000 | NS      | $1926210.00   | 1.86%             |  |  |  | No            |                  1 | On Loan: No      |
| HEALTHEQUITY, INC.                                                     | HEALTHEQUITY INC COMMON STOCK                    | CUSIP: 42226A107<br>LEI: 529900LRJU1RAFQHM467 | Long             | EC               |  | US        |     31000 | NS      | $1886350.00   | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| ENVESTNET, INC.                                                        | ENVESTNET INC COMMON STOCK                       | CUSIP: 29404K106<br>LEI: 549300HLWZ5OKIDM8737 | Long             | EC               |  | US        |     42000 | NS      | $2730000.00   | 2.63%             |  |  |  | No            |                  1 | On Loan: No      |
| PROSPERITY BANCSHARES, INC.                                            | PROSPERITY BANCSHARES INC COMMON STOCK           | CUSIP: 743606105<br>LEI: N/A                  | Long             | EC               |  | US        |     29000 | NS      | $2199940.00   | 2.12%             |  |  |  | No            |                  1 | On Loan: No      |
| RENAISSANCERE HOLDINGS LTD.                                            | RENAISSANCERE HOLDINGS LTD COMMON STOCK          | CUSIP: G7496G103<br>LEI: EK6GB9U3U58PDI411C94 | Long             | EC               |  | US        |     13000 | NS      | $2543970.00   | 2.45%             |  |  |  | No            |                  1 | On Loan: No      |
| ADVANCED ENERGY INDUSTRIES, INC.                                       | ADVANCED ENERGY INDUSTRIES COMMON STOCK          | CUSIP: 007973100<br>LEI: 549300756XI3QLFT2U27 | Long             | EC               |  | US        |     26000 | NS      | $2411240.00   | 2.33%             |  |  |  | No            |                  1 | On Loan: No      |
| HEALTHSTREAM, INC.                                                     | HEALTHSTREAM INC COMMON STOCK                    | CUSIP: 42222N103<br>LEI: 529900OJ88H8635JNH64 | Long             | EC               |  | US        |     92000 | NS      | $2224560.00   | 2.15%             |  |  |  | No            |                  1 | On Loan: No      |
| DIODES INCORPORATED                                                    | DIODES INC COMMON STOCK                          | CUSIP: 254543101<br>LEI: 549300XP2X1ARVH3BX23 | Long             | EC               |  | US        |     27000 | NS      | $2408130.00   | 2.32%             |  |  |  | No            |                  1 | On Loan: No      |
| WNS (HOLDINGS) LIMITED                                                 | WNS HOLDINGS LTD-ADR DEPOSITARY RECEIPT          | CUSIP: 92932M101<br>LEI: 529900RM7QHUD3W9DM42 | Long             | EC               |  | US        |     25000 | NS      | $2118250.00   | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| ICU MEDICAL, INC.                                                      | ICU MEDICAL INC COMMON STOCK                     | CUSIP: 44930G107<br>LEI: 5493003NRW7LS2QZRH60 | Long             | EC               |  | US        |     10500 | NS      | $2028915.00   | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| AVISTA CORPORATION                                                     | AVISTA CORP COMMON STOCK                         | CUSIP: 05379B107<br>LEI: Q0IK63NITJD6RJ47SW96 | Long             | EC               |  | US        |     47000 | NS      | $1875300.00   | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| NETSTREIT CORP.                                                        | NETSTREIT CORP REIT                              | CUSIP: 64119V303<br>LEI: 254900CJL0EDMEQ25Q84 | Long             | EC               |  | US        |    105000 | NS      | $2113650.00   | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| UNIVERSAL DISPLAY CORPORATION                                          | UNIVERSAL DISPLAY CORP COMMON STOCK              | CUSIP: 91347P105<br>LEI: N/A                  | Long             | EC               |  | US        |     21000 | NS      | $2783130.00   | 2.68%             |  |  |  | No            |                  1 | On Loan: No      |
| M.D.C. HOLDINGS, INC.                                                  | MDC HOLDINGS INC COMMON STOCK                    | CUSIP: 552676108<br>LEI: 5299005FV4VNV75R8R35 | Long             | EC               |  | US        |     59000 | NS      | $2227840.00   | 2.15%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITED BANKSHARES, INC.                                                | UNITED BANKSHARES INC COMMON STOCK               | CUSIP: 909907107<br>LEI: 5299005O3BAMJ9Z92V62 | Long             | EC               |  | US        |     53000 | NS      | $2130600.00   | 2.05%             |  |  |  | No            |                  1 | On Loan: No      |
| AXIS CAPITAL HOLDINGS LIMITED                                          | AXIS CAPITAL HOLDINGS LTD COMMON STOCK           | CUSIP: G0692U109<br>LEI: N/A                  | Long             | EC               |  | US        |     40000 | NS      | $2502800.00   | 2.41%             |  |  |  | No            |                  1 | On Loan: No      |
| EXELIXIS, INC.                                                         | EXELIXIS INC COMMON STOCK                        | CUSIP: 30161Q104<br>LEI: 254900PJQB59O2O95R37 | Long             | EC               |  | US        |    128000 | NS      | $2255360.00   | 2.18%             |  |  |  | No            |                  1 | On Loan: No      |
| MERCURY SYSTEMS, INC.                                                  | MERCURY SYSTEMS INC COMMON STOCK                 | CUSIP: 589378108<br>LEI: 549300P3B84SGK7HH679 | Long             | EC               |  | US        |     45000 | NS      | $2249325.00   | 2.17%             |  |  |  | No            |                  1 | On Loan: No      |
| U. S. PHYSICAL THERAPY, INC.                                           | U.S. PHYSICAL THERAPY INC COMMON STOCK           | CUSIP: 90337L108<br>LEI: 529900KL1UXQYFIOMY96 | Long             | EC               |  | US        |     23000 | NS      | $2280450.00   | 2.20%             |  |  |  | No            |                  1 | On Loan: No      |
| REINSURANCE GROUP OF AMERICA, INCORPORATED                             | REINSURANCE GROUP OF AMERICA COMMON STOCK        | CUSIP: 759351604<br>LEI: LORM1GNEU1DKEW527V90 | Long             | EC               |  | US        |     14500 | NS      | $2200665.00   | 2.12%             |  |  |  | No            |                  1 | On Loan: No      |
| FORRESTER RESEARCH, INC.                                               | FORRESTER RESEARCH INC COMMON STOCK              | CUSIP: 346563109<br>LEI: 549300UUSFXYLJ80Z897 | Long             | EC               |  | US        |     58000 | NS      | $2149480.00   | 2.07%             |  |  |  | No            |                  1 | On Loan: No      |
| CATHAY GENERAL BANCORP                                                 | CATHAY GENERAL BANCORP COMMON STOCK              | CUSIP: 149150104<br>LEI: 549300K1SLJ8C97H5L68 | Long             | EC               |  | US        |     49000 | NS      | $2154040.00   | 2.08%             |  |  |  | No            |                  1 | On Loan: No      |
| ADDUS HOMECARE CORPORATION                                             | ADDUS HOMECARE CORP COMMON STOCK                 | CUSIP: 006739106<br>LEI: 52990090ZT33AKPDBX62 | Long             | EC               |  | US        |     22000 | NS      | $2365440.00   | 2.28%             |  |  |  | No            |                  1 | On Loan: No      |
| MAGNOLIA OIL & GAS CORPORATION                                         | MAGNOLIA OIL & GAS CORP - A COMMON STOCK         | CUSIP: 559663109<br>LEI: N/A                  | Long             | EC               |  | US        |     73000 | NS      | $1723530.00   | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| JOHNSON OUTDOORS INC.                                                  | JOHNSON OUTDOORS INC-A COMMON STOCK              | CUSIP: 479167108<br>LEI: N/A                  | Long             | EC               |  | US        |     30000 | NS      | $2053800.00   | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| INNOVAGE HOLDING CORP.                                                 | INNOVAGE HOLDING CORP COMMON STOCK               | CUSIP: 45784A104<br>LEI: N/A                  | Long             | EC               |  | US        |    275000 | NS      | $2059750.00   | 1.99%             |  |  |  | No            |                  1 | On Loan: No      |
| THE HAIN CELESTIAL GROUP, INC.                                         | HAIN CELESTIAL GROUP INC COMMON STOCK            | CUSIP: 405217100<br>LEI: 5493000S8QXWHLIXDP75 | Long             | EC               |  | US        |     73000 | NS      | $1497960.00   | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| GENTEX CORPORATION                                                     | GENTEX CORP COMMON STOCK                         | CUSIP: 371901109<br>LEI: 549300S3UD8XV1MN0287 | Long             | EC               |  | US        |     81000 | NS      | $2390310.00   | 2.31%             |  |  |  | No            |                  1 | On Loan: No      |
| CERENCE INC.                                                           | CERENCE INC COMMON STOCK                         | CUSIP: 156727109<br>LEI: 5493002WL2W5WMS89568 | Long             | EC               |  | US        |     58000 | NS      | $1422160.00   | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| ALAMO GROUP INC.                                                       | ALAMO GROUP INC COMMON STOCK                     | CUSIP: 011311107<br>LEI: 54930080C93RVZRSDV26 | Long             | EC               |  | US        |     15500 | NS      | $2425285.00   | 2.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Marcus & Millichap Inc                                                 | MARCUS & MILLICHAP INC COMMON STOCK              | CUSIP: 566324109<br>LEI: 549300B2HE8ULXNB1N48 | Long             | EC               |  | US        |     56000 | NS      | $2029440.00   | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| MANPOWERGROUP INC.                                                     | MANPOWERGROUP INC COMMON STOCK                   | CUSIP: 56418H100<br>LEI: ERO1WSFOSR0JJ6CRQ987 | Long             | EC               |  | US        |     23000 | NS      | $2004680.00   | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITED COMMUNITY BANKS, INC.                                           | UNITED COMMUNITY BANKS/GA COMMON STOCK           | CUSIP: 90984P303<br>LEI: 549300GVW0FV66X3U703 | Long             | EC               |  | US        |     52000 | NS      | $1692080.00   | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| MONARCH CASINO & RESORT, INC.                                          | MONARCH CASINO & RESORT INC COMMON STOCK         | CUSIP: 609027107<br>LEI: 549300AK5FF7KY11V997 | Long             | EC               |  | US        |     32000 | NS      | $2451840.00   | 2.36%             |  |  |  | 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        |   2421170 | PA      | $2421170.08   | 2.34%             |  |  |  | No            |                  2 | On Loan: No      |
| FRONTDOOR, INC.                                                        | FRONTDOOR INC COMMON STOCK                       | CUSIP: 35905A109<br>LEI: 5493008RB0JZJI3QGZ06 | Long             | EC               |  | US        |     92000 | NS      | $2500560.00   | 2.41%             |  |  |  | No            |                  1 | On Loan: No      |
| JAMES RIVER GROUP HOLDINGS, LTD.                                       | JAMES RIVER GROUP HOLDINGS L COMMON STOCK        | CUSIP: G5005R107<br>LEI: N/A                  | Long             | EC               |  | US        |     85000 | NS      | $1926100.00   | 1.86%             |  |  |  | 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