# EDGAR Filing Document

**Accession Number:** 0000878719
**File Stem:** 0001752724-23-075371
**Filing Date:** 2023-3
**Character Count:** 42452
**Document Hash:** d57875ade88599425f420d2d68f54f42
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-075371.hdr.sgml**: 20230331

**ACCESSION NUMBER**: 0001752724-23-075371

**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:** 23784554

**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

### RICE HALL JAMES MICRO CAP PORTFOLIO (Series ID: S000005702)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000015666 | INSTITUTIONAL CLASS SHARES | RHJSX           |

## Nport-Ex

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **RHJ SMALL CAP PORTFOLIO** <br> **JANUARY 31, 2023 (Unaudited)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;**SCHEDULE OF INVESTMENTS**<br>&nbsp;&nbsp;&nbsp;&nbsp;**COMMON STOCK** **— 97.9%**<br>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMUNICATION SERVICES — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; PubMatic, Cl A\* | 9700 | $148701 |
|  **CONSUMER DISCRETIONARY — 13.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bowlero\* | 23300 | 320375 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chuy's Holdings\* | 8800 | 301224 |
| &nbsp;&nbsp;&nbsp;&nbsp; Five Below\* | 1600 | 315408 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fox Factory Holding\* | 1600 | 188944 |
| &nbsp;&nbsp;&nbsp;&nbsp; Monro | 5200 | 264680 |
| &nbsp;&nbsp;&nbsp;&nbsp; Papa John's International | 3100 | 278039 |
| &nbsp;&nbsp;&nbsp;&nbsp; Skyline Champion\* | 3000 | 176850 |
| &nbsp;&nbsp;&nbsp;&nbsp; Topgolf Callaway Brands\* | 9700 | 237553 |
|  |  | 2083073 |
|  **CONSUMER STAPLES — 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Primo Water | 15100 | 236315 |
|  **ENERGY — 4.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Clean Energy Fuels\* | 42900 | 242814 |
| &nbsp;&nbsp;&nbsp;&nbsp; Denbury\* | 5000 | 433900 |
|  |  | 676714 |
|  **FINANCIALS — 5.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Live Oak Bancshares | 8100 | 277263 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nicolet Bankshares\* | 3900 | 284271 |
| &nbsp;&nbsp;&nbsp;&nbsp; Umpqua Holdings | 16500 | 300300 |
|  |  | 861834 |
|  **HEALTH CARE — 20.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Azenta\* | 3200 | 178880 |
| &nbsp;&nbsp;&nbsp;&nbsp; DocGo\* | 12100 | 121000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Encompass Health | 3700 | 231065 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ensign Group | 3200 | 298400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Haemonetics\* | 3500 | 296100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Harmony Biosciences Holdings\* | 5500 | 264935 |

---

**1** 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **RHJ SMALL CAP PORTFOLIO** <br> **JANUARY 31, 2023 (Unaudited)**<br>|

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | | |
|  |<br> **Shares** |<br>**Value** |
|  **HEALTH CARE — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Heska\* | 2100 | $187824 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lantheus Holdings\* | 2100 | 120750 |
| &nbsp;&nbsp;&nbsp;&nbsp; ModivCare\* | 2000 | 214520 |
| &nbsp;&nbsp;&nbsp;&nbsp; Neogen\* | 8900 | 190549 |
| &nbsp;&nbsp;&nbsp;&nbsp; NextGen Healthcare\* | 17600 | 334752 |
| &nbsp;&nbsp;&nbsp;&nbsp; Omnicell\* | 3300 | 183051 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pacira BioSciences\* | 4000 | 157080 |
| &nbsp;&nbsp;&nbsp;&nbsp; Progyny\* | 3200 | 110048 |
| &nbsp;&nbsp;&nbsp;&nbsp; STAAR Surgical\* | 4200 | 296310 |
|  |  | 3185264 |
|  **INDUSTRIALS — 22.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Albany International, Cl A | 3700 | 414955 |
| &nbsp;&nbsp;&nbsp;&nbsp; API Group\* | 11700 | 260208 |
| &nbsp;&nbsp;&nbsp;&nbsp; Construction Partners, Cl A\* | 10200 | 288558 |
| &nbsp;&nbsp;&nbsp;&nbsp; Evoqua Water Technologies\* | 5600 | 271656 |
| &nbsp;&nbsp;&nbsp;&nbsp; GATX | 3200 | 366240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Griffon | 9500 | 388360 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hub Group, Cl A\* | 3100 | 264337 |
| &nbsp;&nbsp;&nbsp;&nbsp; ICF International | 3300 | 337227 |
| &nbsp;&nbsp;&nbsp;&nbsp; Matson | 2100 | 138852 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tetra Tech | 2200 | 342144 |
| &nbsp;&nbsp;&nbsp;&nbsp; V2X\* | 3600 | 158976 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vicor\* | 3498 | 242866 |
|  |  | 3474379 |
|  **INFORMATION TECHNOLOGY — 22.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; A10 Networks | 17000 | 263160 |
| &nbsp;&nbsp;&nbsp;&nbsp; Axcelis Technologies\* | 2400 | 263880 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fabrinet\* | 3000 | 394980 |
| &nbsp;&nbsp;&nbsp;&nbsp; Model N\* | 7913 | 313829 |
| &nbsp;&nbsp;&nbsp;&nbsp; Power Integrations | 3400 | 292706 |
| &nbsp;&nbsp;&nbsp;&nbsp; PowerSchool Holdings, Cl A\* | 15000 | 337800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Progress Software | 8700 | 461448 |

---

**2** 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **RHJ SMALL CAP PORTFOLIO** <br> **JANUARY 31, 2023 (Unaudited)**<br>|

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | | |
|  |<br> **Shares** |<br>**Value** |
|  **INFORMATION TECHNOLOGY — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Rambus\* | 8800 | $356136 |
| &nbsp;&nbsp;&nbsp;&nbsp; Viavi Solutions\* | 19200 | 216960 |
| &nbsp;&nbsp;&nbsp;&nbsp; WNS Holdings ADR\* | 4308 | 365017 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zuora, Cl A\* | 16500 | 130680 |
|  |  | 3396596 |
|  **MATERIALS — 6.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Materion | 3700 | 333925 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mativ Holdings | 9400 | 259064 |
| &nbsp;&nbsp;&nbsp;&nbsp; Osisko Gold Royalties | 25900 | 346542 |
|  |  | 939531 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL COMMON STOCK<br>(Cost $12,352,737) |  | 15002407 |
| **SHORT-TERM INVESTMENT(A) — 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; First American Government Obligations Fund, Cl X , 4.210%<br>(Cost $271,567) | 271567 | 271567 |
|  TOTAL INVESTMENTS— 99.7%<br> (Cost $12,624,304) |  | $15273974 |

---

Percentages are based on Net Assets of $15,320,634. <br>

\* Non-income producing security.

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

ADR American Depositary Receipt <br> Cl Class

RHJ-QH-002-3900

**3** 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **RHJ MICRO CAP PORTFOLIO** <br> **JANUARY 31, 2023 (Unaudited)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;**SCHEDULE OF INVESTMENTS**<br>&nbsp;&nbsp;&nbsp;&nbsp;**COMMON STOCK**<sup>††</sup> **— 94.9%**<br>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMUNICATION SERVICES — 2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; QuinStreet\* | 30854 | $472992 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thryv Holdings\* | 16400 | 366868 |
|  |  | 839860 |
|  **CONSUMER DISCRETIONARY — 10.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Chuy's Holdings\* | 17600 | 602448 |
| &nbsp;&nbsp;&nbsp;&nbsp; Funko, Cl A\* | 25500 | 308550 |
| &nbsp;&nbsp;&nbsp;&nbsp; Green Brick Partners\* | 17000 | 530400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Johnson Outdoors, Cl A | 4624 | 316559 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lindblad Expeditions Holdings\* | 35300 | 420070 |
| &nbsp;&nbsp;&nbsp;&nbsp; XPEL\* | 6668 | 507235 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xponential Fitness, Cl A\* | 23800 | 654024 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zumiez\* | 18054 | 466335 |
|  |  | 3805621 |
|  **CONSUMER STAPLES — 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; elf Beauty\* | 7792 | 448429 |
|  **ENERGY — 3.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Clean Energy Fuels\* | 71700 | 405822 |
| &nbsp;&nbsp;&nbsp;&nbsp; DMC Global\* | 18400 | 418416 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Energy Services Reunited\* | 45282 | 342332 |
|  |  | 1166570 |
|  **FINANCIALS — 5.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Federal Agricultural Mortgage, Cl C | 4300 | 571771 |
| &nbsp;&nbsp;&nbsp;&nbsp; Guaranty Bancshares | 10693 | 352655 |
| &nbsp;&nbsp;&nbsp;&nbsp; Live Oak Bancshares | 17500 | 599025 |
| &nbsp;&nbsp;&nbsp;&nbsp; TriCo Bancshares | 8800 | 444840 |
|  |  | 1968291 |
|  **HEALTH CARE — 20.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accuray\* | 91211 | 229852 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cerus\* | 75397 | 236747 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cutera\* | 10800 | 376164 |
| &nbsp;&nbsp;&nbsp;&nbsp; DocGo\* | 61200 | 612000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Heska\* | 4900 | 438256 |
| &nbsp;&nbsp;&nbsp;&nbsp; iRadimed | 9838 | 367941 |

---

**4** 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **RHJ MICRO CAP PORTFOLIO** <br> **JANUARY 31, 2023 (Unaudited)**<br>|

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK<sup>††</sup> — continued** | | |
|  |<br> **Shares** |<br>**Value** |
|  **HEALTH CARE — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; LeMaitre Vascular | 11404 | $538041 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mesa Laboratories | 2004 | 389858 |
| &nbsp;&nbsp;&nbsp;&nbsp; ModivCare\* | 4500 | 482670 |
| &nbsp;&nbsp;&nbsp;&nbsp; NextGen Healthcare\* | 30400 | 578208 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pennant Group\* | 28100 | 363614 |
| &nbsp;&nbsp;&nbsp;&nbsp; Semler Scientific\* | 4100 | 160761 |
| &nbsp;&nbsp;&nbsp;&nbsp; Simulations Plus | 10800 | 444312 |
| &nbsp;&nbsp;&nbsp;&nbsp; Surmodics\* | 11200 | 314832 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tactile Systems Technology\* | 15000 | 194550 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Physical Therapy | 4628 | 458866 |
| &nbsp;&nbsp;&nbsp;&nbsp; UFP Technologies\* | 5839 | 664069 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utah Medical Products | 5060 | 466178 |
|  |  | 7316919 |
|  **INDUSTRIALS — 28.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AerSale\* | 19500 | 362895 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alamo Group | 3400 | 531998 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allied Motion Technologies | 15427 | 626953 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBIZ\* | 9751 | 464050 |
| &nbsp;&nbsp;&nbsp;&nbsp; Construction Partners, Cl A\* | 18421 | 521130 |
| &nbsp;&nbsp;&nbsp;&nbsp; CRA International | 4496 | 534305 |
| &nbsp;&nbsp;&nbsp;&nbsp; Douglas Dynamics | 13300 | 537453 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ducommun\* | 9000 | 520020 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy Recovery\* | 31671 | 700879 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exponent | 5006 | 513315 |
| &nbsp;&nbsp;&nbsp;&nbsp; Huron Consulting Group\* | 9572 | 651279 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liquidity Services\* | 28500 | 427215 |
| &nbsp;&nbsp;&nbsp;&nbsp; Montrose Environmental Group\* | 12047 | 652465 |
| &nbsp;&nbsp;&nbsp;&nbsp; MYR Group\* | 4366 | 432496 |
| &nbsp;&nbsp;&nbsp;&nbsp; Quest Resource Holding\* | 34500 | 238050 |
| &nbsp;&nbsp;&nbsp;&nbsp; Radiant Logistics\* | 59575 | 334216 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shyft Group | 12977 | 432005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sterling Infrastructure\* | 19091 | 694721 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thermon Group Holdings\* | 24000 | 554880 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vicor\* | 3660 | 254114 |
|  |  | 9984439 |

---

**5** 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **RHJ MICRO CAP PORTFOLIO** <br> **JANUARY 31, 2023 (Unaudited)**<br>|

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCK<sup>††</sup> — continued** | | |
|  |<br> **Shares** |<br>**Value** |
|  **INFORMATION TECHNOLOGY — 18.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; A10 Networks | 39400 | $609912 |
| &nbsp;&nbsp;&nbsp;&nbsp; Absolute Software | 53500 | 621135 |
| &nbsp;&nbsp;&nbsp;&nbsp; ADTRAN Holdings | 25179 | 475128 |
| &nbsp;&nbsp;&nbsp;&nbsp; Axcelis Technologies\* | 3941 | 433313 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cambium Networks\* | 23400 | 501462 |
| &nbsp;&nbsp;&nbsp;&nbsp; Harmonic\* | 41677 | 548886 |
| &nbsp;&nbsp;&nbsp;&nbsp; Luna Innovations\* | 68300 | 603772 |
| &nbsp;&nbsp;&nbsp;&nbsp; MagnaChip Semiconductor\* | 32327 | 342666 |
| &nbsp;&nbsp;&nbsp;&nbsp; Model N\* | 11633 | 461365 |
| &nbsp;&nbsp;&nbsp;&nbsp; nLight\* | 37700 | 467480 |
| &nbsp;&nbsp;&nbsp;&nbsp; Perficient\* | 6249 | 463301 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vishay Precision Group\* | 14300 | 617474 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zuora, Cl A\* | 40600 | 321552 |
|  |  | 6467446 |
|  **MATERIALS — 4.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American Vanguard | 22500 | 508275 |
| &nbsp;&nbsp;&nbsp;&nbsp; Haynes International | 8113 | 451813 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mativ | 20200 | 556712 |
|  |  | 1516800 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL COMMON STOCK<br>(Cost $26,056,792) |  | 33514375 |
| **SHORT-TERM INVESTMENT(A) — 3.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; First American Government Obligations Fund, Cl X , 4.210%<br>(Cost $1,193,387) | 1193387 | 1193387 |
|  TOTAL INVESTMENTS — 98.3%<br> (Cost $27,250,179) |  | $34707762 |

---

---

| | |
|:---|:---|
|  | Percentages are based on Net Assets of $35,320,065. |
| \* | Non-income producing security. |
| <sup>††</sup> | Narrow Industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting. |
| (A) | The rate reported is the 7-day effective yield as of January 31, 2023. |
| Cl | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class |

---

**6** 

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND** | **RHJ MICRO CAP PORTFOLIO** <br> **JANUARY 31, 2023 (Unaudited)**<br>|

---

RHJ-QH-004-2500

**7**

## 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:** Rice Hall James Micro Cap Portfolio

- **b. EDGAR series identifier (if any):** S000005702

- **c. LEI of Series:** 549300PEPH81TTS1L590

**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:** $35466108.38

**Total Liabilities:** $144901.15

**Net Assets:** $35321207.23

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000015666 | 9.71%                | -4.77%               | 1.45%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $831405.12               | $2426106.89                                |
| Month 2  | $1757960.31              | $-3857274.34                               |
| Month 3  | $116838.74               | $582547.71                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| MONTROSE ENVIRONMENTAL GROUP, INC.                                     | MONTROSE ENVIRONMENTAL GROUP COMMON STOCK                  | CUSIP: 615111101<br>LEI: 254900ASI8K3LUB8Q958 | Long             | EC               |  | US        |     12047 | NS      | $652465.52    | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN VANGUARD CORPORATION                                          | AMERICAN VANGUARD CORP COMMON STOCK                        | CUSIP: 030371108<br>LEI: 529900GWI78WZA5M9783 | Long             | EC               |  | US        |     22500 | NS      | $508275.00    | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| HURON CONSULTING GROUP INC.                                            | HURON CONSULTING GROUP INC COMMON STOCK                    | CUSIP: 447462102<br>LEI: 549300NGVB9H6TKTLE36 | Long             | EC               |  | US        |      9572 | NS      | $651278.88    | 1.84%             |  |  |  | No            |                  1 | On Loan: No      |
| MODEL N, INC.                                                          | MODEL N INC COMMON STOCK                                   | CUSIP: 607525102<br>LEI: 549300WCIL3W0EYSBN94 | Long             | EC               |  | US        |     11633 | NS      | $461364.78    | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Sterling Infrastructure, Inc.                                          | STERLING INFRASTRUCTURE INC COMMON STOCK                   | CUSIP: 859241101<br>LEI: 549300RZIK6K1215XU51 | Long             | EC               |  | US        |     19091 | NS      | $694721.49    | 1.97%             |  |  |  | No            |                  1 | On Loan: No      |
| HESKA CORPORATION                                                      | HESKA CORP COMMON STOCK                                    | CUSIP: 42805E306<br>LEI: 529900O1OR2EB7L0HY27 | Long             | EC               |  | US        |      4900 | NS      | $438256.00    | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| DOUGLAS DYNAMICS, INC.                                                 | DOUGLAS DYNAMICS INC COMMON STOCK                          | CUSIP: 25960R105<br>LEI: 529900CDFLKNQ0QT6580 | Long             | EC               |  | US        |     13300 | NS      | $537453.00    | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| FEDERAL AGRICULTURAL MORTGAGE CORPORATION                              | FEDERAL AGRIC MTG CORP-CL C COMMON STOCK                   | CUSIP: 313148306<br>LEI: 549300MS654K78GYF580 | Long             | EC               |  | US        |      4300 | NS      | $571771.00    | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| AXCELIS TECHNOLOGIES, INC.                                             | AXCELIS TECHNOLOGIES INC COMMON STOCK                      | CUSIP: 054540208<br>LEI: 529900HF9B6NL1QG9F05 | Long             | EC               |  | US        |      3941 | NS      | $433312.95    | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Quinstreet Inc                                                         | QUINSTREET INC COMMON STOCK                                | CUSIP: 74874Q100<br>LEI: 549300TP8MFBFPOS4Y78 | Long             | EC               |  | US        |     30854 | NS      | $472991.82    | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| CBIZ, INC.                                                             | CBIZ INC COMMON STOCK                                      | CUSIP: 124805102<br>LEI: 529900D5X8CFM8O1N813 | Long             | EC               |  | US        |      9751 | NS      | $464050.09    | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| UFP TECHNOLOGIES, INC.                                                 | UFP TECHNOLOGIES INC COMMON STOCK                          | CUSIP: 902673102<br>LEI: 549300RJ8LY41HS70C91 | Long             | EC               |  | US        |      5839 | NS      | $664069.47    | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |
| HARMONIC INC.                                                          | HARMONIC INC COMMON STOCK                                  | CUSIP: 413160102<br>LEI: 549300LRGRD8XC9BTL66 | Long             | EC               |  | US        |     41677 | NS      | $548886.09    | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| ALLIED MOTION TECHNOLOGIES INC.                                        | ALLIED MOTION TECHNOLOGIES COMMON STOCK                    | CUSIP: 019330109<br>LEI: 549300I2LHAWYGNBPM97 | Long             | EC               |  | US        |     15427 | NS      | $626953.28    | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Zuora Inc                                                              | ZUORA INC - CLASS A COMMON STOCK                           | CUSIP: 98983V106<br>LEI: 549300ISVGC1YZWQJ420 | Long             | EC               |  | US        |     40600 | NS      | $321552.00    | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| GUARANTY BANCSHARES, INC.                                              | GUARANTY BANCSHARES INC COMMON STOCK                       | CUSIP: 400764106<br>LEI: N/A                  | Long             | EC               |  | US        |     10693 | NS      | $352655.14    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| DMC GLOBAL INC.                                                        | DMC GLOBAL INC COMMON STOCK                                | CUSIP: 23291C103<br>LEI: 549300CBDXD1Z5MRNG02 | Long             | EC               |  | US        |     18400 | NS      | $418416.00    | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Live Oak Bancshares, Inc.                                              | LIVE OAK BANCSHARES INC COMMON STOCK                       | CUSIP: 53803X105<br>LEI: N/A                  | Long             | EC               |  | US        |     17500 | NS      | $599025.00    | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| CUTERA, INC.                                                           | CUTERA INC COMMON STOCK                                    | CUSIP: 232109108<br>LEI: 529900NPKPEWJWR21Z42 | Long             | EC               |  | US        |     10800 | NS      | $376164.00    | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| LIQUIDITY SERVICES, INC.                                               | LIQUIDITY SERVICES INC COMMON STOCK                        | CUSIP: 53635B107<br>LEI: 5299002AZ4ULSAXN0G81 | Long             | EC               |  | US        |     28500 | NS      | $427215.00    | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Xpel Inc                                                               | XPEL INC COMMON STOCK                                      | CUSIP: 98379L100<br>LEI: 549300KWSE3IGXLJNW66 | Long             | EC               |  | US        |      6668 | NS      | $507234.76    | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| LEMAITRE VASCULAR, INC.                                                | LEMAITRE VASCULAR INC COMMON STOCK                         | CUSIP: 525558201<br>LEI: 549300FZUBUB7MHY8R17 | Long             | EC               |  | US        |     11404 | NS      | $538040.72    | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Mativ Holdings, Inc.                                                   | MATIV HOLDINGS INC COMMON STOCK                            | CUSIP: 808541106<br>LEI: 549300Z1FU4IDULG1R21 | Long             | EC               |  | US        |     20200 | NS      | $556712.00    | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| ABSOLUTE SOFTWARE CORPORATION                                          | ABSOLUTE SOFTWARE CORPORATIO COMMON STOCK                  | CUSIP: 00386B109<br>LEI: 549300I8AXWGBEESC731 | Long             | EC               |  | US        |     53500 | NS      | $621135.00    | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| VISHAY PRECISION GROUP, INC.                                           | VISHAY PRECISION GROUP COMMON STOCK                        | CUSIP: 92835K103<br>LEI: N/A                  | Long             | EC               |  | US        |     14300 | NS      | $617474.00    | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Funds, Inc: Government Obligations Fund; Class X Shares | FIRST AMERICAN GOVERNMENT OBLIGATIONS FUND CLASS X CLASS X | CUSIP: 31846V336<br>LEI: N/A                  | Long             | STIV             |  | US        |   1193387 | PA      | $1193386.79   | 3.38%             |  |  |  | No            |                  2 | On Loan: No      |
| A10 NETWORKS, INC.                                                     | A10 NETWORKS INC COMMON STOCK                              | CUSIP: 002121101<br>LEI: 549300UQD4IWUML81Q35 | Long             | EC               |  | US        |     46007 | NS      | $712188.36    | 2.02%             |  |  |  | No            |                  1 | On Loan: No      |
| EXPONENT, INC.                                                         | EXPONENT INC COMMON STOCK                                  | CUSIP: 30214U102<br>LEI: 529900NY3F5Q2NWPUZ42 | Long             | EC               |  | US        |      5006 | NS      | $513315.24    | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| RADIANT LOGISTICS, INC.                                                | RADIANT LOGISTICS INC COMMON STOCK                         | CUSIP: 75025X100<br>LEI: 549300HWCW2HBOG4GN20 | Long             | EC               |  | US        |     59575 | NS      | $334215.75    | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| VICOR CORPORATION                                                      | VICOR CORP COMMON STOCK                                    | CUSIP: 925815102<br>LEI: 5299005KMQOTR6B51F09 | Long             | EC               |  | US        |      3660 | NS      | $254113.80    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| GREEN BRICK PARTNERS, INC.                                             | GREEN BRICK PARTNERS INC COMMON STOCK                      | CUSIP: 392709101<br>LEI: 549300R7SCIV7FQI6T56 | Long             | EC               |  | US        |     17000 | NS      | $530400.00    | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Tactile Systems Technology Inc                                         | TACTILE SYSTEMS TECHNOLOGY I COMMON STOCK                  | CUSIP: 87357P100<br>LEI: 54930069VDTITHOTKJ98 | Long             | EC               |  | US        |     15000 | NS      | $194550.00    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| MESA LABORATORIES, INC.                                                | MESA LABORATORIES INC COMMON STOCK                         | CUSIP: 59064R109<br>LEI: 549300ZCG738WLX8ZW79 | Long             | EC               |  | US        |      2004 | NS      | $389858.16    | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| ADTRAN HOLDINGS, INC.                                                  | ADTRAN HOLDINGS INC COMMON STOCK                           | CUSIP: 00486H105<br>LEI: 549300VV36J86CRRWF77 | Long             | EC               |  | US        |     25179 | NS      | $475127.73    | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| MAGNACHIP SEMICONDUCTOR CORPORATION                                    | MAGNACHIP SEMICONDUCTOR CORP COMMON STOCK                  | CUSIP: 55933J203<br>LEI: 529900P54J1ATLRBUV29 | Long             | EC               |  | US        |     32327 | NS      | $342666.20    | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| ENERGY RECOVERY, INC.                                                  | ENERGY RECOVERY INC COMMON STOCK                           | CUSIP: 29270J100<br>LEI: 549300ZEQL52Z525WJ22 | Long             | EC               |  | US        |     31671 | NS      | $700879.23    | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Semler Scientific Inc                                                  | SEMLER SCIENTIFIC INC COMMON STOCK                         | CUSIP: 81684M104<br>LEI: 549300ZHL16S29QTW485 | Long             | EC               |  | US        |      4100 | NS      | $160761.00    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| THRYV HOLDINGS, INC.                                                   | THRYV HOLDINGS INC COMMON STOCK                            | CUSIP: 886029206<br>LEI: N/A                  | Long             | EC               |  | US        |     16400 | NS      | $366868.00    | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| SIMULATIONS PLUS, INC.                                                 | SIMULATIONS PLUS INC COMMON STOCK                          | CUSIP: 829214105<br>LEI: N/A                  | Long             | EC               |  | US        |     10800 | NS      | $444312.00    | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Xponential Fitness Inc                                                 | XPONENTIAL FITNESS INC-A COMMON STOCK                      | CUSIP: 98422X101<br>LEI: N/A                  | Long             | EC               |  | US        |     23800 | NS      | $654024.00    | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| CLEAN ENERGY FUELS CORP.                                               | CLEAN ENERGY FUELS CORP COMMON STOCK                       | CUSIP: 184499101<br>LEI: 549300MTQB4VUAOPMF71 | Long             | EC               |  | US        |     71700 | NS      | $405822.00    | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| LUNA INNOVATIONS INCORPORATED                                          | LUNA INNOVATIONS INC COMMON STOCK                          | CUSIP: 550351100<br>LEI: N/A                  | Long             | EC               |  | US        |     68300 | NS      | $603772.00    | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| DUCOMMUN INCORPORATED                                                  | DUCOMMUN INC COMMON STOCK                                  | CUSIP: 264147109<br>LEI: 549300Z71HMWF90S2214 | Long             | EC               |  | US        |      9000 | NS      | $520020.00    | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| LINDBLAD EXPEDITIONS HOLDINGS, INC.                                    | LINDBLAD EXPEDITIONS HOLDING COMMON STOCK                  | CUSIP: 535219109<br>LEI: 549300GSPW24GZE6R597 | Long             | EC               |  | US        |     35300 | NS      | $420070.00    | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| CRA INTERNATIONAL, INC.                                                | CRA INTERNATIONAL INC COMMON STOCK                         | CUSIP: 12618T105<br>LEI: N/A                  | Long             | EC               |  | US        |      4496 | NS      | $534304.64    | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| THE PENNANT GROUP, INC.                                                | PENNANT GROUP INC/THE COMMON STOCK                         | CUSIP: 70805E109<br>LEI: 5493007H2OYR6BYLDA64 | Long             | EC               |  | US        |     28100 | NS      | $363614.00    | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| SURMODICS, INC.                                                        | SURMODICS INC COMMON STOCK                                 | CUSIP: 868873100<br>LEI: 549300H76KXCAAGUS878 | Long             | EC               |  | US        |     11200 | NS      | $314832.00    | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| CHUY'S HOLDINGS, INC.                                                  | CHUY'S HOLDINGS INC COMMON STOCK                           | CUSIP: 171604101<br>LEI: N/A                  | Long             | EC               |  | US        |     17600 | NS      | $602448.00    | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| IRadimed Corp                                                          | IRADIMED CORP COMMON STOCK                                 | CUSIP: 46266A109<br>LEI: 549300YVHWP0YJ1YW816 | Long             | EC               |  | US        |      9838 | NS      | $367941.20    | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| QUEST RESOURCE HOLDING CORPORATION                                     | QUEST RESOURCE HOLDING CORP COMMON STOCK                   | CUSIP: 74836W203<br>LEI: 54930088J62L2GTB0F58 | Long             | EC               |  | US        |     34500 | NS      | $238050.00    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| FUNKO, INC.                                                            | FUNKO INC-CLASS A COMMON STOCK                             | CUSIP: 361008105<br>LEI: 529900NG9F0KL5P6NK67 | Long             | EC               |  | US        |     25500 | NS      | $308550.00    | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| MYR GROUP INC.                                                         | MYR GROUP INC/DELAWARE COMMON STOCK                        | CUSIP: 55405W104<br>LEI: 529900G1IMMZHOQ17I54 | Long             | EC               |  | US        |      4366 | NS      | $432495.96    | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| National Energy Services Reunited Corp.                                | NATIONAL ENERGY SERVICES REU COMMON STOCK                  | CUSIP: G6375R107<br>LEI: N/A                  | Long             | EC               |  | US        |     45282 | NS      | $342331.92    | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| CONSTRUCTION PARTNERS, INC.                                            | CONSTRUCTION PARTNERS INC-A COMMON STOCK                   | CUSIP: 21044C107<br>LEI: 549300MHLFL4E8JLZU44 | Long             | EC               |  | US        |     18421 | NS      | $521130.09    | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| PERFICIENT, INC.                                                       | PERFICIENT INC COMMON STOCK                                | CUSIP: 71375U101<br>LEI: 549300HTBXKL2755T650 | Long             | EC               |  | US        |      6249 | NS      | $463300.86    | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| TRICO BANCSHARES                                                       | TRICO BANCSHARES COMMON STOCK                              | CUSIP: 896095106<br>LEI: N/A                  | Long             | EC               |  | US        |      8800 | NS      | $444840.00    | 1.26%             |  |  |  | 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        |      4628 | NS      | $458866.20    | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| MODIVCARE INC.                                                         | MODIVCARE INC COMMON STOCK                                 | CUSIP: 60783X104<br>LEI: 549300EFZIFW7F7I0Q28 | Long             | EC               |  | US        |      4500 | NS      | $482670.00    | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| NEXTGEN HEALTHCARE, INC.                                               | NEXTGEN HEALTHCARE INC COMMON STOCK                        | CUSIP: 65343C102<br>LEI: 549300N5HIPS1URF0F20 | Long             | EC               |  | US        |     30400 | NS      | $578208.00    | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| CERUS CORPORATION                                                      | CERUS CORP COMMON STOCK                                    | CUSIP: 157085101<br>LEI: 254900BIEY9XIDA04Q21 | Long             | EC               |  | US        |     75397 | NS      | $236746.58    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| E.L.F. BEAUTY, INC.                                                    | ELF BEAUTY INC COMMON STOCK                                | CUSIP: 26856L103<br>LEI: 549300U2K9TCON25C029 | Long             | EC               |  | US        |      7792 | NS      | $448429.60    | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| JOHNSON OUTDOORS INC.                                                  | JOHNSON OUTDOORS INC-A COMMON STOCK                        | CUSIP: 479167108<br>LEI: N/A                  | Long             | EC               |  | US        |      4624 | NS      | $316559.04    | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| ACCURAY INCORPORATED                                                   | ACCURAY INC COMMON STOCK                                   | CUSIP: 004397105<br>LEI: 549300G28LY4TZKZJG51 | Long             | EC               |  | US        |     91211 | NS      | $229851.72    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Cambium Networks Corp                                                  | CAMBIUM NETWORKS CORP COMMON STOCK                         | CUSIP: G17766109<br>LEI: 549300OYSIGK6OT5WL04 | Long             | EC               |  | US        |     23400 | NS      | $501462.00    | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| THE SHYFT GROUP, INC.                                                  | SHYFT GROUP INC/THE COMMON STOCK                           | CUSIP: 825698103<br>LEI: 549300YY0TB51BGRV994 | Long             | EC               |  | US        |     12977 | NS      | $432004.33    | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| UTAH MEDICAL PRODUCTS, INC.                                            | UTAH MEDICAL PRODUCTS INC COMMON STOCK                     | CUSIP: 917488108<br>LEI: 5493002R27BBGV8DID60 | Long             | EC               |  | US        |      5060 | NS      | $466177.80    | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| AerSale Corp                                                           | AERSALE CORP COMMON STOCK                                  | CUSIP: 00810F106<br>LEI: N/A                  | Long             | EC               |  | US        |     13726 | NS      | $255440.86    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| ALAMO GROUP INC.                                                       | ALAMO GROUP INC COMMON STOCK                               | CUSIP: 011311107<br>LEI: 54930080C93RVZRSDV26 | Long             | EC               |  | US        |      3400 | NS      | $531998.00    | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| THERMON GROUP HOLDINGS, INC.                                           | THERMON GROUP HOLDINGS INC COMMON STOCK                    | CUSIP: 88362T103<br>LEI: 529900ZNZBBLDE77MZ38 | Long             | EC               |  | US        |     24000 | NS      | $554880.00    | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| ZUMIEZ INC.                                                            | ZUMIEZ INC COMMON STOCK                                    | CUSIP: 989817101<br>LEI: 549300J0PDF58P6HZD25 | Long             | EC               |  | US        |     18054 | NS      | $466334.82    | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| DocGo Inc.                                                             | DOCGO INC COMMON STOCK                                     | CUSIP: 256086109<br>LEI: N/A                  | Long             | EC               |  | US        |     61200 | NS      | $612000.00    | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| nLIGHT Inc                                                             | NLIGHT INC COMMON STOCK                                    | CUSIP: 65487K100<br>LEI: N/A                  | Long             | EC               |  | US        |     37700 | NS      | $467480.00    | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| HAYNES INTERNATIONAL, INC.                                             | HAYNES INTERNATIONAL INC COMMON STOCK                      | CUSIP: 420877201<br>LEI: 549300I9MS5UZLRFDO40 | Long             | EC               |  | US        |      8113 | NS      | $451812.97    | 1.28%             |  |  |  | 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