THE ADVISORS’ INNER CIRCLE FUND	CAMBIAR OPPORTUNITY FUND
	JULY 31, 2023 (UNAUDITED)

SCHEDULE OF INVESTMENTS
COMMON STOCK — 96.9%
	Shares		Value
AEROSPACE/DEFENSE EQUIPMENT — 6.8%
Airbus ADR		242,000	$	8,908,020
L3Harris Technologies		52,000		9,853,480
RTX		67,000		5,891,310
				24,652,810
AIR FREIGHT & LOGISTICS — 2.7%
United Parcel Service, Cl B		53,000		9,917,890
BANKS — 3.2%
JPMorgan Chase		73,000		11,531,080
BEVERAGES — 3.5%
Constellation Brands, Cl A		46,000		12,548,800
CAPITAL MARKETS — 7.2%
CME Group, Cl A		39,000		7,759,440
Goldman Sachs Group		31,500		11,209,905
Intercontinental Exchange		62,000		7,117,600
				26,086,945
CHEMICALS — 1.8%
Corteva		118,000		6,658,740
CONSUMER FINANCE — 3.0%
American Express		65,000		10,977,200
ELECTRICAL EQUIPMENT — 1.9%
Rockwell Automation		21,000		7,062,090
ELECTRONIC EQUIPMENT INSTRUMENTS & COMPONENTS — 3.2%
TE Connectivity		80,000		11,479,200
FINANCIAL SERVICES — 3.2%
Mastercard, Cl A		30,000		11,828,400
FOOD & STAPLES RETAILING — 2.7%
Sysco		129,000		9,843,990
GROUND TRANSPORTATION — 6.0%
Uber Technologies *		230,000		11,375,800
Union Pacific		45,000		10,440,900
				21,816,700
HEALTH CARE EQUIPMENT & SERVICES — 3.1%
Medtronic		130,000		11,408,800
HEALTH CARE PROVIDERS & SERVICES — 5.9%
Centene *		155,000		10,553,950
Laboratory Corp of America Holdings		51,000		10,910,430
				21,464,380
HOUSEHOLD PRODUCTS — 2.6%
Colgate-Palmolive		125,000		9,532,500
INSURANCE — 2.7%
Chubb		48,000		9,811,680
INTERACTIVE MEDIA & SERVICES — 3.0%
Alphabet, Cl A *		82,000		10,883,040
INTERNET & DIRECT MARKETING RETAIL — 3.2%
Amazon.com *		87,000		11,630,160
LIFE SCIENCES TOOLS & SERVICES — 2.1%
Waters *		27,000		7,457,670
MULTI-UTILITIES — 2.8%
Sempra		68,500		10,207,870

1

THE ADVISORS’ INNER CIRCLE FUND	CAMBIAR OPPORTUNITY FUND
	JULY 31, 2023 (UNAUDITED)

COMMON STOCK — continued
	Shares		Value
OIL, GAS & CONSUMABLE FUELS — 12.1%
Cenovus Energy		640,000	$	12,172,800
Chevron		69,000		11,292,540
ConocoPhillips		72,000		8,475,840
Williams		345,000		11,885,250
				43,826,430
PHARMACEUTICALS — 5.6%
Bristol-Myers Squibb		162,000		10,074,780
Johnson & Johnson		62,000		10,386,860
				20,461,640
SEMI-CONDUCTORS & INSTRUMENTS — 6.0%
Applied Materials		60,000		9,095,400
Marvell Technology		114,000		7,424,820
Texas Instruments		30,000		5,400,000
				21,920,220
SPECIALTY RETAIL — 2.6%
TJX		110,000		9,518,300
TOTAL COMMON STOCK (Cost $271,127,235)				352,526,535
SHORT-TERM INVESTMENT — 2.9%
First American Treasury Obligation Fund 5.285% (A) (Cost $10,610,528)		10,610,528		10,610,528
TOTAL INVESTMENTS — 99.8% (Cost $281,737,763)			$	363,137,063

  Percentages are based on Net Assets of $363,690,040.

* Non-income producing security.

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

ADR — American Depository Receipt

Cl — Class

CMB-QH-007-3200

2

THE ADVISORS’ INNER CIRCLE FUND	CAMBIAR INTERNATIONAL EQUITY FUND
	JULY 31, 2023 (UNAUDITED)

SCHEDULE OF INVESTMENTS
COMMON STOCK — 96.4%
	Shares		Value
AUSTRALIA — 2.1%
Santos		1,033,000	$	5,523,174
BELGIUM — 5.0%
KBC Group		105,000		7,896,646
UCB		61,000		5,400,462
				13,297,108
CANADA — 5.9%
Agnico Eagle Mines		92,000		4,821,720
Canadian National Railway		41,000		4,970,430
Suncor Energy		193,000		6,038,970
				15,831,120
FRANCE — 10.1%
Air Liquide		28,500		5,119,032
Airbus		35,000		5,155,910
Capgemini		30,500		5,528,230
LVMH Moet Hennessy Louis Vuitton		5,200		4,848,950
Pernod Ricard		29,000		6,396,262
				27,048,384
GERMANY — 12.8%
Bayer		85,000		4,966,355
DHL Group		126,000		6,472,479
Merck KGaA		25,000		4,392,524
Puma		83,000		5,606,949
RWE		110,000		4,732,600
SAP		58,000		7,933,150
				34,104,057
HONG KONG — 2.0%
AIA Group		547,000		5,428,689
JAPAN — 13.6%
Chugai Pharmaceutical		90,000		2,676,617
Hitachi		109,000		7,123,902
Murata Manufacturing		61,000		3,569,571
NIDEC CORP		115,000		6,832,988
Sony Group		55,000		5,147,612
Terumo		171,000		5,590,419
Tokyo Electron Ltd.		36,000		5,376,024
				36,317,133
NETHERLANDS — 2.9%
ING Groep		538,000		7,855,569
SINGAPORE — 4.0%
DBS Group Holdings		188,000		4,843,677
Singapore Telecommunications		2,879,000		5,759,083
				10,602,760
SPAIN — 1.8%
Iberdrola		380,000		4,744,255
SWITZERLAND — 9.7%
Nestle		47,000		5,760,404
Novartis		71,000		7,414,678
Roche Holding		23,000		7,136,976
Zurich Insurance Group		11,900		5,742,239
				26,054,297
TAIWAN — 2.0%
Taiwan Semiconductor Manufacturing ADR		53,000		5,254,950
UNITED KINGDOM — 22.6%
BAE Systems		288,000		3,442,502
Barclays		3,008,000		5,981,952
Bunzl		159,000		5,893,046
Compass Group		188,000		4,890,543

1

THE ADVISORS’ INNER CIRCLE FUND	CAMBIAR INTERNATIONAL EQUITY FUND
	JULY 31, 2023 (UNAUDITED)

COMMON STOCK — continued
	Shares		Value
UNITED KINGDOM — continued
Diageo		126,000	$	5,493,833
Entain		267,000		4,749,195
GSK		289,000		5,135,322
Intertek Group		102,000		5,709,937
London Stock Exchange Group		60,000		6,515,830
Shell		258,000		7,833,934
SSE		213,000		4,607,378
				60,253,472
UNITED STATES — 1.9%
Liberty Media -Liberty Formula One, Cl C *		71,000		5,154,600
TOTAL COMMON STOCK (Cost $218,573,369)				257,469,568
RIGHTS — 0.1%
Spain — 0.1%
Iberdrola* (A)		398,000		134,038
TOTAL RIGHTS (Cost $–)				134,038
SHORT-TERM INVESTMENT — 1.0%
First American Treasury Obligation Fund 5.285% (B) (Cost $2,664,748)		2,664,748		2,664,748
TOTAL INVESTMENTS — 97.5% (Cost $221,238,117)			$	260,268,354

  Percentages are based on Net Assets of $266,978,405.

* Non-income producing security.

(A) Expiration date is unavailable.

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

ADR — American Depositary Receipt

Cl — Class

CMB-QH-008-3200

2

THE ADVISORS’ INNER CIRCLE FUND	CAMBIAR SMALL CAP FUND
	JULY 31, 2023 (UNAUDITED)

SCHEDULE OF INVESTMENTS
COMMON STOCK — 96.5%
	Shares		Value
AEROSPACE & DEFENSE — 3.8%
BWX Technologies		30,000	$	2,070,000
Mercury Systems *		42,200		1,602,756
				3,672,756
AIR FREIGHT & LOGISTICS — 2.5%
Forward Air		20,600		2,448,104
AUTO COMPONENTS — 2.6%
Gentex		77,200		2,592,376
BANKS — 8.5%
Prosperity Bancshares		29,300		1,855,276
Texas Capital Bancshares *		37,100		2,368,835
United Bankshares		55,700		1,862,608
United Community Banks		75,100		2,183,157
				8,269,876
BIOTECHNOLOGY — 2.5%
Exelixis *		122,500		2,414,475
BUILDING PRODUCTS — 2.3%
PGT Innovations *		77,000		2,202,970
COMMERCIAL SERVICES & SUPPLIES — 1.7%
Healthcare Services Group *		136,000		1,714,960
DIVERSIFIED CONSUMER SERVICES — 2.3%
Frontdoor *		64,000		2,234,880
ELECTRIC UTILITIES — 2.3%
IDACORP		22,100		2,272,322
ELECTRONICS EQUIPMENT INSTRUMENTS & COMPONENTS — 2.5%
Advanced Energy Industries		19,550		2,447,269
HEALTH CARE EQUIPMENT & SERVICES — 1.7%
NuVasive *		39,600		1,631,916
HEALTH CARE PROVIDER & SERVICES — 2.1%
AMN Healthcare Services *		19,000		2,035,850
HEALTH CARE PROVIDERS & SERVICES — 8.7%
Addus HomeCare *		25,900		2,371,663
HealthEquity *		32,400		2,201,256
Innovage Holding *		261,000		1,879,200
US Physical Therapy		18,100		2,104,487
				8,556,606
HEALTH CARE TECHNOLOGY — 2.0%
HealthStream		88,000		1,978,240
HOTELS, RESTAURANTS & LEISURE — 2.2%
Monarch Casino & Resort		30,600		2,121,192
HOUSEHOLD DURABLES — 2.5%
MDC Holdings		47,000		2,410,160
INDUSTRIAL REITS — 2.2%
Innovative Industrial Properties, Cl A		27,000		2,139,210
INSURANCE — 10.4%
Axis Capital Holdings		38,100		2,100,072
First American Financial		37,200		2,357,736
James River Group Holdings		80,000		1,479,200
Reinsurance Group of America, Cl A		13,800		1,936,830
RenaissanceRe Holdings		12,480		2,330,765
				10,204,603
IT SERVICES — 1.0%
Perficient *		14,579		929,994

1

THE ADVISORS’ INNER CIRCLE FUND	CAMBIAR SMALL CAP FUND
	JULY 31, 2023 (UNAUDITED)

COMMON STOCK — continued
	Shares		Value
LEISURE PRODUCTS — 1.7%
Johnson Outdoors, Cl A		28,300	$	1,673,096
MACHINERY — 2.3%
Alamo Group		11,500		2,228,240
MULTI-UTILITIES — 2.1%
Avista		51,500		1,989,960
OIL, GAS & CONSUMABLE FUELS — 2.1%
Magnolia Oil & Gas, Cl A		93,000		2,059,950
PROFESSIONAL SERVICES — 10.3%
Forrester Research *		65,000		2,071,550
Insperity		18,700		2,200,055
ManpowerGroup		21,700		1,711,696
NV5 Global *		20,100		2,201,955
WNS Holdings ADR *		27,000		1,865,970
				10,051,226
REAL ESTATE INVESTMENT TRUSTS — 1.8%
NETSTREIT		99,500		1,780,055
REAL ESTATE MANAGEMENT & DEVELOPMENT — 2.3%
Marcus & Millichap		62,000		2,274,160
SEMI-CONDUCTORS & INSTRUMENTS — 6.7%
Diodes *		23,900		2,258,311
Rambus *		32,300		2,022,303
Universal Display		15,300		2,231,964
				6,512,578
SOFTWARE — 3.4%
Cerence *		55,000		1,529,550
Envestnet *		29,100		1,803,618
				3,333,168
TOTAL COMMON STOCK (Cost $81,701,365)				94,180,192
SHORT-TERM INVESTMENT — 2.9%
First American Treasury Obligation Fund 5.285% (A) (Cost $2,832,686)		2,832,686		2,832,686
TOTAL INVESTMENTS — 99.4%  (Cost $84,534,051)			$	97,012,878

  Percentages are based on Net Assets of $97,555,365.

* Non-income producing security.

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

ADR — American Depositary Receipt

Cl — Class

CMB-QH-009-3200

2

THE ADVISORS’ INNER CIRCLE FUND	CAMBIAR SMID FUND
	JULY 31, 2023 (UNAUDITED)

SCHEDULE OF INVESTMENTS
COMMON STOCK — 97.4%
	Shares		Value
AEROSPACE & DEFENSE — 1.9%
Mercury Systems *		91,210	$	3,464,156
AIR FREIGHT & LOGISTICS — 2.6%
Expeditors International of Washington		37,690		4,797,937
AUTO COMPONENTS — 2.9%
Gentex		158,140		5,310,341
BANKS — 2.6%
BOK Financial		53,290		4,747,073
BIOTECHNOLOGY — 2.0%
Incyte *		57,720		3,677,918
BUILDING PRODUCTS — 2.8%
Masco		86,140		5,226,975
CAPITAL MARKETS — 2.6%
Cboe Global Markets		34,690		4,845,499
CHEMICALS — 2.5%
FMC		49,000		4,715,270
CONTAINERS & PACKAGING — 2.8%
Packaging Corp of America		33,160		5,085,086
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 2.8%
IPG Photonics *		39,890		5,243,541
FINANCIAL SERVICES — 4.9%
Euronet Worldwide *		49,600		4,358,352
WEX *		25,330		4,796,236
				9,154,588
FOOD PRODUCT — 2.3%
Lamb Weston Holdings		40,990		4,247,794
GAS UTILITIES — 2.7%
Atmos Energy		41,740		5,080,175
HEALTH CARE EQUIPMENT & SUPPLIES — 2.6%
Dentsply Sirona		114,740		4,764,005
HEALTH CARE PROVIDERS & SERVICES — 8.0%
HealthEquity *		83,840		5,696,090
Molina Healthcare *		15,740		4,792,673
Quest Diagnostics		31,850		4,306,438
				14,795,201
INSURANCE — 9.0%
American Financial Group		33,250		4,043,532
Arch Capital Group *		56,720		4,406,577
Fidelity National Financial		105,360		4,126,951
Reinsurance Group of America, Cl A		28,770		4,037,870
				16,614,930
IT SERVICES — 4.9%
Amdocs		45,810		4,289,648
EPAM Systems *		19,950		4,724,360
				9,014,008
LIFE SCIENCES TOOLS & SERVICES — 7.1%
Bruker		60,180		4,135,570
Charles River Laboratories International *		21,110		4,423,389
Waters *		17,000		4,695,570
				13,254,529
MACHINERY — 4.9%
Lincoln Electric Holdings		25,580		5,134,162
Toro		38,150		3,877,947
				9,012,109

1

THE ADVISORS’ INNER CIRCLE FUND	CAMBIAR SMID FUND
	JULY 31, 2023 (UNAUDITED)

COMMON STOCK — continued
	Shares		Value
OIL, GAS & CONSUMABLE FUELS — 5.2%
Magnolia Oil & Gas, Cl A		219,690	$	4,866,134
Targa Resources		57,660		4,727,543
				9,593,677
PROFESSIONAL SERVICES — 5.8%
Booz Allen Hamilton Holding, Cl A		46,270		5,602,372
Maximus		61,140		5,121,086
				10,723,458
REAL ESTATE INVESTMENT TRUSTS — 5.0%
Americold Realty Trust		158,580		5,141,163
NNN REIT		95,810		4,089,171
				9,230,334
ROAD & RAIL — 2.8%
JB Hunt Transport Services		25,800		5,261,652
SOFTWARE — 2.8%
Dolby Laboratories, Cl A		58,120		5,150,013
SPECIALTY RETAIL — 1.9%
Burlington Stores *		19,430		3,451,157
WATER UTILITIES — 2.0%
Essential Utilities		86,410		3,654,279
TOTAL COMMON STOCK (Cost $156,422,214)				180,115,705
SHORT-TERM INVESTMENT — 2.5%
First American Treasury Obligation Fund 5.285% (A) (Cost $4,629,151)		4,629,151		4,629,151
TOTAL INVESTMENTS — 99.9%  (Cost $161,051,365)			$	184,744,856

  Percentages are based on Net Assets of $184,903,965.

* Non-income producing security.

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

Cl — Class

CMB-QH-011-2500

2

THE ADVISORS’ INNER CIRCLE FUND	CAMBIAR INTERNATIONAL SMALL CAP FUND
	JULY 31, 2023 (UNAUDITED)

SCHEDULE OF INVESTMENTS
COMMON STOCK — 95.5%
	Shares		Value
AUSTRALIA — 2.0%
Domino’s Pizza Enterprises		2,200	$	72,557
AUSTRIA — 2.2%
BAWAG Group		1,700		82,804
CANADA — 7.6%
CCL Industries		2,100		100,680
Pason Systems		9,100		90,817
Vermilion Energy		6,400		89,207
				280,704
FAROE ISLANDS — 1.9%
Bakkafrost P		1,200		70,034
FRANCE — 5.8%
Eurazeo		1,200		73,227
Euroapi *		6,200		72,328
Remy Cointreau		400		68,675
				214,230
GERMANY — 12.6%
Hensoldt		2,200		74,793
Puma		1,300		87,820
Scout24		1,800		119,103
Stabilus		1,500		85,514
TeamViewer *		5,800		98,558
				465,788
GREECE — 2.1%
Motor Oil Hellas Corinth Refineries		3,100		78,395
JAPAN — 20.2%
Daito Trust Construction		1,000		107,475
Disco		565		105,800
Jeol		1,500		51,327
Kakaku.com		4,800		71,630
Ryohin Keikaku		6,100		79,088
Sanyo Denki		2,100		106,280
Sundrug		2,550		75,210
Taiyo Yuden		2,700		80,356
UT Group *		3,469		69,909
				747,075
LUXEMBOURG — 2.0%
B&M European Value Retail		10,300		73,125
MEXICO — 2.1%
Coca-Cola Femsa ADR		900		75,888
NETHERLANDS — 9.3%
Aalberts		2,100		94,737
Euronext		800		60,912
OCI		3,300		93,902
QIAGEN *		2,000		93,640
				343,191
SWEDEN — 4.6%
Cloetta		42,300		75,708
Granges		9,100		92,933
				168,641
SWITZERLAND — 1.9%
Bossard Holding		300		70,008
UNITED KINGDOM — 21.2%
Britvic		8,600		95,358
Centrica		75,300		133,407
Coats Group		87,300		78,426

1

THE ADVISORS’ INNER CIRCLE FUND	CAMBIAR INTERNATIONAL SMALL CAP FUND
	JULY 31, 2023 (UNAUDITED)

COMMON STOCK — continued
	Shares		Value
UNITED KINGDOM — continued
Diploma		2,500	$	103,887
Greggs		2,500		88,615
RS GROUP		9,800		98,678
Tate & Lyle		10,600		101,550
Virgin Money UK		36,100		81,724
				781,645
TOTAL COMMON STOCK (Cost $2,920,391)				3,524,085
SHORT-TERM INVESTMENT — 1.6%
First American Treasury Obligation Fund 5.285% (A) (Cost $58,086)		58,086		58,086
TOTAL INVESTMENTS — 97.1% (Cost $2,978,477)			$	3,582,171

  Percentages are based on Net Assets of $3,688,071.

* Non-income producing security.

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

ADR — American Depositary Receipt

CMB-QH-013-1800

2