Advisors' Inner Circle Fund NPORT-P Rice Hall James Small Cap Portfolio (Jul 2023 report)

THE ADVISORS’ INNER CIRCLE FUND RHJ SMALL CAP PORTFOLIO                 JULY 31, 2023 (Unaudited)  

  SCHEDULE OF INVESTMENTS

  COMMON STOCK^†† — 95.5%

	Shares		Value
CONSUMER DISCRETIONARY — 11.2%
Bowlero*		20,600	$	249,878
Chuy’s Holdings*		6,800		282,812
Five Below*		1,500		312,510
Fox Factory Holding*		1,500		167,850
Papa John’s International		2,800		231,560
Skyline Champion*		2,700		188,082
Topgolf Callaway Brands*		9,100		181,727
				1,614,419
CONSUMER STAPLES — 1.4%
Primo Water		13,900		196,963
ENERGY — 5.3%
Clean Energy Fuels*		39,300		193,749
Denbury*		2,900		254,939
Helix Energy Solutions Group*		34,000		326,400
				775,088
FINANCIALS — 2.9%
Columbia Banking System		8,930		199,586
Live Oak Bancshares		6,000		227,220
				426,806
HEALTH CARE — 22.7%
Abcam ADR*		8,055		188,809
Avid Bioservices*		10,100		127,866
Azenta*		3,800		178,524
DocGo*		16,500		138,435
Encompass Health		3,400		224,502
Ensign Group		2,900		280,923
Haemonetics*		3,200		295,168
Harmony Biosciences Holdings*		6,300		222,831
Lantheus Holdings*		2,900		250,821
Neogen*		8,100		187,839

1

THE ADVISORS’ INNER CIRCLE FUND RHJ SMALL CAP PORTFOLIO                 JULY 31, 2023 (Unaudited)  

  COMMON STOCK^†† — continued

	Shares		Value
HEALTH CARE — continued
NextGen Healthcare*		15,700	$	261,091
Omnicell*		4,200		265,230
Pacira BioSciences*		3,700		134,495
Progyny*		5,300		221,328
STAAR Surgical*		3,800		208,126
Tandem Diabetes Care*		3,000		104,760
				3,290,748
INDUSTRIALS — 22.1%
Albany International, Cl A		3,800		365,864
API Group*		10,700		307,732
Construction Partners, Cl A*		9,400		276,360
GATX		1,900		238,184
Griffon		8,800		367,136
Hub Group, Cl A*		2,200		198,286
ICF International		3,000		352,770
Tetra Tech		2,000		338,420
V2X*		3,800		195,548
Vicor*		3,098		285,852
WNS Holdings ADR*		3,944		272,570
				3,198,722
INFORMATION TECHNOLOGY — 25.2%
A10 Networks		15,600		242,112
Axcelis Technologies*		1,700		340,816
Fabrinet*		2,100		259,644
IPG Photonics*		2,000		262,900
Model N*		7,313		243,669
Napco Security Technologies		6,400		239,872
Power Integrations		3,100		301,134
PowerSchool Holdings, Cl A*		13,800		333,546
Progress Software		5,400		324,324
PROS Holdings*		8,900		338,200
Rambus*		5,000		313,050

2

THE ADVISORS’ INNER CIRCLE FUND RHJ SMALL CAP PORTFOLIO                 JULY 31, 2023 (Unaudited)  

  COMMON STOCK^†† — continued

	Shares		Value
INFORMATION TECHNOLOGY — continued
Viavi Solutions*		17,600	$	191,312
Zuora, Cl A*		21,300		249,849
				3,640,428
MATERIALS — 4.7%
Materion		2,300		274,022
Mativ Holdings		8,700		136,938
Osisko Gold Royalties		17,800		263,796
				674,756
TOTAL COMMON STOCK (Cost $11,086,823)				13,817,930
SHORT-TERM INVESTMENT(A) — 4.5%
First American Government Obligations     Fund, Cl X , 5.252%     (Cost $658,848)		658,848		658,848
TOTAL INVESTMENTS— 100.0%         (Cost $11,745,671)			$	14,476,778

Percentages are based on Net Assets of $14,469,928.

* Non-income producing security.

^††  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 July 31, 2023.

ADR	American Depositary Receipt
Cl	Class

RHJ-QH-002-4000

3

THE ADVISORS’ INNER CIRCLE FUND RHJ MICRO CAP PORTFOLIO                 JULY 31, 2023 (Unaudited)  

  SCHEDULE OF INVESTMENTS

  COMMON STOCK^†† — 95.5%

	Shares		Value
COMMUNICATION SERVICES — 1.6%
Entravision Communications, Cl A		33,900	$	162,042
Thryv Holdings*		14,093		334,004
				496,046
CONSUMER DISCRETIONARY — 9.9%
Chuy’s Holdings*		12,438		517,297
Green Brick Partners*		11,246		635,624
Johnson Outdoors, Cl A		3,891		230,036
Lindblad Expeditions Holdings*		30,544		361,030
ONE Group Hospitality*		35,220		259,571
XPEL*		5,601		454,970
Xponential Fitness, Cl A*		13,736		290,104
Zumiez*		15,127		285,295
				3,033,927
CONSUMER STAPLES — 2.0%
elf Beauty*		5,249		612,663
ENERGY — 1.9%
Clean Energy Fuels*		56,918		280,606
DMC Global*		15,638		294,932
				575,538
FINANCIALS — 4.0%
Federal Agricultural Mortgage, Cl C		3,627		583,040
Live Oak Bancshares		9,906		375,141
Trico Bancshares		7,516		280,948
				1,239,129
HEALTH CARE — 24.2%
Accuray*		78,578		334,742
AngioDynamics*		22,059		191,693
ANI Pharmaceuticals*		9,200		483,460
Avid Bioservices*		17,100		216,486
Cerus*		64,910		199,274
Computer Programs & Systems*		14,840		389,105
DocGo*		51,496		432,052
iRadimed		8,549		375,558

4

THE ADVISORS’ INNER CIRCLE FUND RHJ MICRO CAP PORTFOLIO                 JULY 31, 2023 (Unaudited)  

  COMMON STOCK^†† — continued

	Shares		Value
HEALTH CARE — continued
LeMaitre Vascular		9,411	$	595,057
Mesa Laboratories		2,261		290,900
NextGen Healthcare*		25,504		424,132
Pennant Group*		33,703		386,910
Simulations Plus		11,343		564,881
Surmodics*		9,607		308,096
Tactile Systems Technology*		18,455		422,804
U.S. Physical Therapy		3,784		439,966
UFP Technologies*		4,911		956,000
Utah Medical Products		4,330		425,769
				7,436,885
INDUSTRIALS — 28.9%
AerSale*		20,438		306,775
Alamo Group		2,778		538,265
Allied Motion Technologies		10,080		392,112
CBIZ*		8,146		430,842
Construction Partners, Cl A*		15,498		455,641
CRA International		3,014		301,671
Douglas Dynamics		13,114		407,190
Ducommun*		7,651		383,621
Energy Recovery*		19,447		592,745
Exponent		4,156		372,294
Healthcare Services Group		21,726		273,965
Huron Consulting Group*		4,759		450,059
Karat Packaging		11,431		232,392
Liquidity Services*		27,428		460,242
Montrose Environmental Group*		9,873		399,560
MYR Group*		2,604		371,226
Quest Resource Holding*		45,543		301,495
Radiant Logistics*		50,164		386,263
Shyft Group		11,250		162,337
Sterling Infrastructure*		9,767		585,923
Thermon Group Holdings*		19,912		549,770
Transcat*		2,500		209,700
Vicor*		3,104		286,406
				8,850,494

5

THE ADVISORS’ INNER CIRCLE FUND RHJ MICRO CAP PORTFOLIO                 JULY 31, 2023 (Unaudited)  

  COMMON STOCK^†† — continued

	Shares		Value
INFORMATION TECHNOLOGY — 19.5%
A10 Networks		33,394	$	518,275
Axcelis Technologies*		2,273		455,691
Cambium Networks*		19,278		312,303
Clearfield*		4,466		208,741
Harmonic*		34,905		520,783
Luna Innovations*		58,160		525,766
MagnaChip Semiconductor*		27,702		256,244
Model N*		9,924		330,668
Napco Security Technologies		10,158		380,722
nLight*		32,192		463,565
Perficient*		5,023		320,417
PROS Holdings*		18,495		702,810
Vishay Precision Group*		11,896		445,029
Zuora, Cl A*		45,172		529,867
				5,970,881
MATERIALS — 3.5%
American Vanguard		18,968		342,562
Haynes International		9,126		457,760
Mativ		17,340		272,932
				1,073,254
TOTAL COMMON STOCK     (Cost $22,472,201)				29,288,817
SHORT-TERM INVESTMENT(A) — 4.8%
First American Government Obligations     Fund, Cl X , 5.252%     (Cost $1,457,368)		1,457,368		1,457,368
TOTAL INVESTMENTS— 100.3%         (Cost $23,929,569)			$	30,746,185

6

THE ADVISORS’ INNER CIRCLE FUND RHJ MICRO CAP PORTFOLIO                 JULY 31, 2023 (Unaudited)  

Percentages are based on Net Assets of $30,659,308.

* Non-income producing security.

^††  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 July 31, 2023.

Cl             Class

RHJ-QH-004-2600

7