| THE ADVISORS’ INNER CIRCLE FUND II | KOPERNIK GLOBAL |
| ALL-CAP FUND | |
| JULY 31, 2025 | |
| (Unaudited) |
SCHEDULE OF INVESTMENTS
| COMMON STOCK — 80.3% | Shares | Value | ||||||
| ARGENTINA — 0.5% | ||||||||
| CONSUMER STAPLES — 0.5% | ||||||||
| Cresud SACIF y A ADR | 1,191,168 | $ | 13,269,612 | |||||
| AUSTRALIA — 1.7% | ||||||||
| ENERGY — 1.4% | ||||||||
| Paladin Energy, Ltd. (AUD) * | 6,799,926 | 26,630,874 | ||||||
| Paladin Energy, Ltd. (CAD) * | 2,862,103 | 11,154,270 | ||||||
| 37,785,144 | ||||||||
| MATERIALS — 0.3% | ||||||||
| Deterra Royalties | 2,749,466 | 7,280,491 | ||||||
| Total Australia | 45,065,635 | |||||||
| BRAZIL — 2.3% | ||||||||
| CONSUMER STAPLES — 0.3% | ||||||||
| BrasilAgro - Brasileira de Propriedades Agricolas (A) | 1,955,900 | 7,185,017 | ||||||
| MATERIALS — 0.8% | ||||||||
| Vale SA | 2,372,623 | 22,579,864 | ||||||
| UTILITIES — 1.2% | ||||||||
| Centrais Eletricas Brasileiras SA | 4,968,511 | 33,407,049 | ||||||
| Total Brazil | 63,171,930 | |||||||
| CANADA — 10.8% | ||||||||
| ENERGY — 1.0% | ||||||||
| MEG Energy Corp., Cl Common Subs. Receipt | 1,307,487 | 25,770,403 | ||||||
| MATERIALS — 9.8% | ||||||||
| Aris Mining Corp. * | 3,461,289 | 24,106,119 | ||||||
| Barrick Gold | 1,725,134 | 36,434,830 | ||||||
| Bear Creek Mining Corp. * (A) | 12,752,179 | 1,656,605 | ||||||
| Equinox Gold Corp. * | 4,812,295 | 29,312,767 | ||||||
| Gabriel Resources, Ltd. * † (A) | 347,197 | 40,092 | ||||||
| Gabriel Resources, Ltd. * (A) | 5,983,906 | 690,982 | ||||||
| Gabriel Resources, Ltd. * † (A) | 496,058 | 57,282 | ||||||
| International Tower Hill Mines, Ltd. * (A) | 6,548,183 | 7,464,929 | ||||||
| Ivanhoe Mines, Ltd., Cl A * | 3,394,504 | 26,482,815 | ||||||
1
| THE ADVISORS’ INNER CIRCLE FUND II | KOPERNIK GLOBAL |
| ALL-CAP FUND | |
| JULY 31, 2025 | |
| (Unaudited) |
| COMMON STOCK — continued | Shares | Value | ||||||
| CANADA — continued | ||||||||
| MATERIALS — continued | ||||||||
| Lundin Mining Corp., Cl Common Subs. Receipt | 835,953 | $ | 8,536,904 | |||||
| Northern Dynasty Minerals, Ltd. (CAD) * (A) | 2,795,815 | 2,179,186 | ||||||
| Northern Dynasty Minerals, Ltd. (USD) * (A) | 5,684,516 | 4,485,652 | ||||||
| Novagold Resources, Inc. * (A) | 6,870,354 | 35,657,137 | ||||||
| Nutrien, Ltd. | 190,194 | 11,282,308 | ||||||
| Sandstorm Gold, Ltd. | 646,990 | 6,055,826 | ||||||
| Seabridge Gold, Inc. (CAD) * (A) | 1,422,848 | 21,769,903 | ||||||
| Seabridge Gold, Inc. (USD) * (A) | 2,761,100 | 42,300,052 | ||||||
| Western Copper & Gold Corp. * (A) | 5,570,563 | 6,794,350 | ||||||
| 265,307,739 | ||||||||
| Total Canada | 291,078,142 | |||||||
| CHILE — 1.8% | ||||||||
| COMMUNICATION SERVICES — 0.9% | ||||||||
| Empresa Nacional de Telecomunicaciones SA (A) | 7,488,470 | 24,605,600 | ||||||
| MATERIALS — 0.9% | ||||||||
| Sociedad Quimica y Minera de Chile SA ADR * | 685,174 | 25,180,144 | ||||||
| Total Chile | 49,785,744 | |||||||
| CHINA — 4.4% | ||||||||
| COMMUNICATION SERVICES — 1.6% | ||||||||
| Baidu, Inc., Cl A * | 4,027,050 | 44,061,313 | ||||||
| FINANCIALS — 0.3% | ||||||||
| China Reinsurance Group Corp., Cl H | 8,148,000 | 1,414,356 | ||||||
| Hi Sun Technology China, Ltd. * (A) | 78,741,000 | 5,316,271 | ||||||
| 6,730,627 | ||||||||
| INDUSTRIALS — 1.0% | ||||||||
| China Communications Services Corp., Ltd., Cl H | 30,040,000 | 17,496,475 | ||||||
| Guangshen Railway Co., Ltd., Cl H (A) | 44,260,679 | 11,036,037 | ||||||
| 28,532,512 | ||||||||
| INFORMATION TECHNOLOGY — 0.2% | ||||||||
| PAX Global Technology, Ltd. | 7,230,000 | 6,272,140 | ||||||
2
| THE ADVISORS’ INNER CIRCLE FUND II | KOPERNIK GLOBAL |
| ALL-CAP FUND | |
| JULY 31, 2025 | |
| (Unaudited) |
| COMMON STOCK — continued | Shares | Value | ||||||
| CHINA — continued | ||||||||
| UTILITIES — 1.3% | ||||||||
| CGN Power Co., Ltd., Cl H (B) | 73,577,000 | $ | 27,640,845 | |||||
| China Gas Holdings, Ltd. | 6,248,400 | 6,563,313 | ||||||
| 34,204,158 | ||||||||
| Total China | 119,800,750 | |||||||
| FRANCE — 2.6% | ||||||||
| CONSUMER STAPLES — 1.4% | ||||||||
| Carrefour SA | 2,579,159 | 36,962,006 | ||||||
| FINANCIALS — 0.3% | ||||||||
| Amundi (B) | 122,554 | 9,056,810 | ||||||
| HEALTH CARE — 0.4% | ||||||||
| Euroapi SA * (A) | 3,158,652 | 10,362,871 | ||||||
| MATERIALS — 0.5% | ||||||||
| Eramet SA | 252,823 | 13,980,615 | ||||||
| Total France | 70,362,302 | |||||||
| GERMANY — 1.8% | ||||||||
| MATERIALS — 1.8% | ||||||||
| BASF | 125,683 | 6,159,654 | ||||||
| K+S AG | 2,777,210 | 42,013,032 | ||||||
| Total Germany | 48,172,686 | |||||||
| HONG KONG — 2.9% | ||||||||
| CONSUMER DISCRETIONARY — 0.5% | ||||||||
| SJM Holdings, Ltd. * | 32,676,000 | 12,925,069 | ||||||
| CONSUMER STAPLES — 0.3% | ||||||||
| First Pacific Co., Ltd. | 9,266,000 | 7,290,726 | ||||||
| FINANCIALS — 0.1% | ||||||||
| Bank of East Asia, Ltd. | 2,110,400 | 3,262,019 | ||||||
| INDUSTRIALS — 2.0% | ||||||||
| CK Hutchison Holdings, Ltd. | 8,293,500 | 53,982,424 | ||||||
3
| THE ADVISORS’ INNER CIRCLE FUND II | KOPERNIK GLOBAL |
| ALL-CAP FUND | |
| JULY 31, 2025 | |
| (Unaudited) |
| COMMON STOCK — continued | Shares | Value | ||||||
| HONG KONG — continued | ||||||||
| MATERIALS — 0.0% | ||||||||
| Luks Group Vietnam Holdings Co., Ltd. (A) | 9,255,000 | $ | 1,117,288 | |||||
| Total Hong Kong | 78,577,526 | |||||||
| INDONESIA — 0.6% | ||||||||
| COMMUNICATION SERVICES — 0.1% | ||||||||
| Media Nusantara Citra Tbk PT * | 281,091,000 | 4,299,279 | ||||||
| ENERGY — 0.3% | ||||||||
| United Tractors TbK PT | 4,327,200 | 6,340,728 | ||||||
| MATERIALS — 0.2% | ||||||||
| Indah Kiat Pulp & Paper | 11,294,200 | 4,652,433 | ||||||
| Total Indonesia | 15,292,440 | |||||||
| JAPAN — 4.1% | ||||||||
| CONSUMER STAPLES — 0.3% | ||||||||
| Kato Sangyo Co., Ltd. | 240,500 | 9,128,725 | ||||||
| ENERGY — 0.9% | ||||||||
| Inpex Corp. | 798,700 | 11,372,497 | ||||||
| Japan Petroleum Exploration Co., Ltd. | 1,683,700 | 12,228,163 | ||||||
| 23,600,660 | ||||||||
| HEALTH CARE — 1.0% | ||||||||
| Kyorin Pharmaceutical Co., Ltd. (A) | 2,080,100 | 20,902,419 | ||||||
| Suzuken Co., Ltd. | 152,300 | 5,756,514 | ||||||
| 26,658,933 | ||||||||
| INDUSTRIALS — 1.5% | ||||||||
| Fukuda Corp. | 153,800 | 5,424,272 | ||||||
| Kamigumi Co., Ltd. | 441,050 | 12,395,038 | ||||||
| West Japan Railway Co. | 943,900 | 20,665,974 | ||||||
| 38,485,284 | ||||||||
| UTILITIES — 0.4% | ||||||||
| Electric Power Development Co., Ltd. | 678,200 | 11,736,676 | ||||||
| Total Japan | 109,610,278 | |||||||
4
| THE ADVISORS’ INNER CIRCLE FUND II | KOPERNIK GLOBAL |
| ALL-CAP FUND | |
| JULY 31, 2025 | |
| (Unaudited) |
| COMMON STOCK — continued | Shares | Value | ||||||
| KAZAKHSTAN — 2.7% | ||||||||
| ENERGY — 2.3% | ||||||||
| NAC Kazatomprom JSC GDR | 360,834 | $ | 14,849,770 | |||||
| NAC Kazatomprom JSC GDR (B) | 1,110,803 | 45,714,010 | ||||||
| 60,563,780 | ||||||||
| FINANCIALS — 0.4% | ||||||||
| Halyk Savings Bank of Kazakhstan JSC GDR | 456,543 | 11,338,485 | ||||||
| Total Kazakhstan | 71,902,265 | |||||||
| LEBANON — 0.1% | ||||||||
| REAL ESTATE — 0.1% | ||||||||
| Solidere ADR *(C) | 174,732 | 2,208,176 | ||||||
| MALAYSIA — 0.8% | ||||||||
| CONSUMER DISCRETIONARY — 0.4% | ||||||||
| Oriental Holdings BHD | 6,146,000 | 9,765,661 | ||||||
| CONSUMER STAPLES — 0.4% | ||||||||
| Genting Plantations BHD | 8,579,100 | 9,857,668 | ||||||
| FINANCIALS — 0.0% | ||||||||
| Hong Leong Financial Group | 184,600 | 697,537 | ||||||
| Total Malaysia | 20,320,866 | |||||||
| MEXICO — 0.5% | ||||||||
| CONSUMER DISCRETIONARY — 0.2% | ||||||||
| Nemak SAB de CV (B) | 30,437,230 | 5,453,371 | ||||||
| ENERGY — 0.1% | ||||||||
| Borr Drilling | 1,339,502 | 2,719,189 | ||||||
| MATERIALS — 0.2% | ||||||||
| Orbia Advance | 9,773,822 | 6,647,131 | ||||||
| Total Mexico | 14,819,691 | |||||||
| PHILIPPINES — 0.3% | ||||||||
| CONSUMER STAPLES — 0.3% | ||||||||
| Puregold Price Club, Inc. | 10,703,000 | 7,339,305 | ||||||
5
| THE ADVISORS’ INNER CIRCLE FUND II | KOPERNIK GLOBAL |
| ALL-CAP FUND | |
| JULY 31, 2025 | |
| (Unaudited) |
| COMMON STOCK — continued | Shares | Value | ||||||
| RUSSIA — 3.3% | ||||||||
| CONSUMER STAPLES — 0.3% | ||||||||
| Lenta International PJSC GDR *(C) | 6,287,850 | $ | 7,307,111 | |||||
| ENERGY — 0.4% | ||||||||
| Gazprom PJSC *(C) | 25,899,221 | 11,898,102 | ||||||
| FINANCIALS — 0.9% | ||||||||
| Moscow Exchange MICEX-RTS PJSC (C) | 14,084,614 | 9,081,190 | ||||||
| Sberbank of Russia PJSC (C) | 12,648,865 | 14,269,978 | ||||||
| VTB Bank PJSC *(C) | 9,484,622 | 2,729,957 | ||||||
| 26,081,125 | ||||||||
| MATERIALS — 0.8% | ||||||||
| Polyus PJSC GDR *(C) | 613,103 | 22,648,822 | ||||||
| REAL ESTATE — 0.3% | ||||||||
| Etalon Group PLC GDR * (A)(C) | 12,219,734 | 2,657,792 | ||||||
| LSR Group PJSC, Cl A *(C) | 1,673,664 | 4,770,871 | ||||||
| 7,428,663 | ||||||||
| UTILITIES — 0.6% | ||||||||
| Federal Grid - Rosseti PJSC *(C) | 17,511,927,373 | 4,275,415 | ||||||
| RusHydro PJSC *(C) | 6,529,118,388 | 10,446,589 | ||||||
| 14,722,004 | ||||||||
| Total Russia | 90,085,827 | |||||||
| SINGAPORE — 2.9% | ||||||||
| CONSUMER STAPLES — 2.7% | ||||||||
| First Resources, Ltd. | 15,115,900 | 17,635,892 | ||||||
| Golden Agri-Resources, Ltd. (A) | 278,829,900 | 54,582,285 | ||||||
| 72,218,177 | ||||||||
| REAL ESTATE — 0.2% | ||||||||
| Yoma Strategic Holdings, Ltd. * (A) | 66,818,200 | 4,860,890 | ||||||
| Total Singapore | 77,079,067 | |||||||
| SOUTH AFRICA — 6.7% | ||||||||
| MATERIALS — 6.7% | ||||||||
| Anglo American Platinum, Ltd. | 2,027,709 | 91,064,238 | ||||||
6
| THE ADVISORS’ INNER CIRCLE FUND II | KOPERNIK GLOBAL |
| ALL-CAP FUND | |
| JULY 31, 2025 | |
| (Unaudited) |
| COMMON STOCK — continued | Shares | Value | ||||||
| SOUTH AFRICA — continued | ||||||||
| MATERIALS — continued | ||||||||
| Impala Platinum Holdings, Ltd. * | 8,077,544 | $ | 76,344,269 | |||||
| Sibanye Stillwater, Ltd. * | 5,500,091 | 11,568,252 | ||||||
| Total South Africa | 178,976,759 | |||||||
| SOUTH KOREA — 15.2% | ||||||||
| COMMUNICATION SERVICES — 5.7% | ||||||||
| KT Corp. | 714,316 | 28,343,993 | ||||||
| KT Corp. ADR | 1,088,214 | 21,971,041 | ||||||
| LG Uplus Corp. (A) | 9,612,345 | 101,185,315 | ||||||
| 151,500,349 | ||||||||
| CONSUMER DISCRETIONARY — 2.0% | ||||||||
| Hankook & Co., Ltd. | 1,035,925 | 17,966,659 | ||||||
| Hankook Tire & Technology, Ltd. | 191,371 | 6,104,202 | ||||||
| Hyundai Department Store Co., Ltd. (A) | 484,096 | 24,568,066 | ||||||
| PHA Co., Ltd. (A) | 478,665 | 3,843,697 | ||||||
| 52,482,624 | ||||||||
| FINANCIALS — 0.5% | ||||||||
| Korean Reinsurance Co. | 1,540,534 | 11,825,168 | ||||||
| HEALTH CARE — 0.4% | ||||||||
| Chong Kun Dang Pharmaceutical Corp. | 192,010 | 11,666,828 | ||||||
| INDUSTRIALS — 4.3% | ||||||||
| DL E&C Co., Ltd. (A) | 980,743 | 33,116,778 | ||||||
| GS Holdings Corp. | 396,124 | 14,016,273 | ||||||
| Korean Air Lines Co., Ltd. | 369,494 | 6,255,673 | ||||||
| LG Corp. | 756,489 | 42,949,478 | ||||||
| LX Holdings Corp. | 1,072,939 | 6,427,915 | ||||||
| LX INTERNATIONAL CORP. | 150,778 | 3,475,120 | ||||||
| Pan Ocean Co., Ltd. | 4,235,316 | 12,799,343 | ||||||
| 119,040,580 | ||||||||
| MATERIALS — 0.5% | ||||||||
| Lotte Chemical Corp. | 313,995 | 14,949,888 | ||||||
7
| THE ADVISORS’ INNER CIRCLE FUND II | KOPERNIK GLOBAL |
| ALL-CAP FUND | |
| JULY 31, 2025 | |
| (Unaudited) |
| COMMON STOCK — continued | Shares | Value | ||||||
| SOUTH KOREA — continued | ||||||||
| UTILITIES — 1.8% | ||||||||
| Korea Electric Power Corp. | 1,716,720 | $ | 47,418,988 | |||||
| Total South Korea | 408,884,425 | |||||||
| SRI LANKA — 0.2% | ||||||||
| INDUSTRIALS — 0.2% | ||||||||
| Hemas Holdings PLC | 65,748,685 | 6,698,007 | ||||||
| THAILAND — 0.6% | ||||||||
| FINANCIALS — 0.4% | ||||||||
| Kasikornbank PCL | 2,200,500 | 10,881,116 | ||||||
| MATERIALS — 0.2% | ||||||||
| Siam Cement PCL | 1,032,200 | 6,339,004 | ||||||
| Total Thailand | 17,220,120 | |||||||
| UKRAINE — 1.0% | ||||||||
| CONSUMER STAPLES — 1.0% | ||||||||
| Astarta Holding PLC (A) | 659,000 | 8,395,790 | ||||||
| MHP SE (LSE Shares) GDR * (A) | 3,328,568 | 17,276,726 | ||||||
| MHP SE (USD Shares) GDR * (A)(B) | 44,627 | 231,634 | ||||||
| Total Ukraine | 25,904,150 | |||||||
| UNITED KINGDOM — 4.1% | ||||||||
| COMMUNICATION SERVICES — 1.0% | ||||||||
| Vodafone Group PLC | 24,638,751 | 26,713,391 | ||||||
| ENERGY — 1.0% | ||||||||
| Yellow Cake PLC * (A)(B) | 4,134,574 | 26,659,976 | ||||||
| FINANCIALS — 1.6% | ||||||||
| Close Brothers Group PLC * | 1,711,036 | 9,093,442 | ||||||
| Man Group PLC | 2,923,390 | 6,348,876 | ||||||
| Schroders PLC | 5,031,442 | 25,862,476 | ||||||
| 41,304,794 | ||||||||
8
| THE ADVISORS’ INNER CIRCLE FUND II | KOPERNIK GLOBAL |
| ALL-CAP FUND | |
| JULY 31, 2025 | |
| (Unaudited) |
| COMMON STOCK — continued | Shares | Value | ||||||
| UNITED KINGDOM — continued | ||||||||
| MATERIALS — 0.5% | ||||||||
| Glencore PLC | 3,603,367 | $ | 14,461,541 | |||||
| Total United Kingdom | 109,139,702 | |||||||
| UNITED STATES — 8.4% | ||||||||
| ENERGY — 3.9% | ||||||||
| Expand Energy Corp. | 271,271 | 28,423,775 | ||||||
| Range Resources Corp. | 1,548,897 | 56,875,498 | ||||||
| Schlumberger | 566,082 | 19,133,572 | ||||||
| 104,432,845 | ||||||||
| FINANCIALS — 1.0% | ||||||||
| Franklin Resources, Inc. | 1,155,379 | 27,729,096 | ||||||
| HEALTH CARE — 0.8% | ||||||||
| Centene * | 779,656 | 20,325,632 | ||||||
| INDUSTRIALS — 0.2% | ||||||||
| Air Lease Corp., Cl A | 107,200 | 5,938,880 | ||||||
| MATERIALS — 2.5% | ||||||||
| Ivanhoe Electric, Inc. * | 484,607 | 4,632,843 | ||||||
| Newmont Corp. | 29,675 | 1,842,817 | ||||||
| Newmont Corp. CDI | 875,555 | 54,005,059 | ||||||
| Royal Gold, Inc. | 40,663 | 6,157,191 | ||||||
| 66,637,910 | ||||||||
| Total United States | 225,064,363 | |||||||
| TOTAL COMMON STOCK | ||||||||
| (Cost $1,974,566,663) | 2,159,829,768 | |||||||
| PREFERRED STOCK — 1.5% | ||||||||
| BRAZIL — 0.8% | ||||||||
| ENERGY — 0.8% | ||||||||
| Petroleo Brasileiro SA (D) | 3,465,000 | 20,141,931 | ||||||
9
| THE ADVISORS’ INNER CIRCLE FUND II | KOPERNIK GLOBAL |
| ALL-CAP FUND | |
| JULY 31, 2025 | |
| (Unaudited) |
| PREFERRED STOCK — continued | Shares | Value | ||||||
| GERMANY — 0.7% | ||||||||
| HEALTH CARE — 0.7% | ||||||||
| Draegerwerk & KGaA , 0.900%(A) | 246,742 | $ | 19,687,063 | |||||
| TOTAL PREFERRED STOCK | ||||||||
| (Cost $29,250,334) | 39,828,994 | |||||||
| UNIT TRUST FUND — 1.2% | ||||||||
| CANADA — 1.2% | ||||||||
| UNIT TRUST FUND — 1.2% | ||||||||
| Sprott Physical Uranium Trust * | 2,052,201 | 33,043,161 | ||||||
| TOTAL UNIT TRUST FUND | ||||||||
| (Cost $18,062,246) | 33,043,161 | |||||||
| CONVERTIBLE BOND — 1.1% | Face Amount | |||||||
| CANADA — 0.6% | ||||||||
| MATERIALS — 0.6% | ||||||||
| Northern Dynasty Minerals, Ltd. | ||||||||
| 2.000%, 11/12/32(C) | $ | 7,108,000 | 16,719,082 | |||||
| INDIA — 0.0% | ||||||||
| CONSUMER STAPLES — –% | ||||||||
| REI Agro, Ltd. | ||||||||
| 5.500%, 13/11/14(B)(C)(E) | 723,000 | — | ||||||
| MEXICO — 0.5% | ||||||||
| ENERGY — 0.5% | ||||||||
| Borr Drilling | ||||||||
| 5.000%, 08/02/28(B) | 15,200,000 | 11,493,046 | ||||||
| TOTAL CONVERTIBLE BOND | ||||||||
| (Cost $19,288,698) | 28,212,128 | |||||||
10
| THE ADVISORS’ INNER CIRCLE FUND II | KOPERNIK GLOBAL |
| ALL-CAP FUND | |
| JULY 31, 2025 | |
| (Unaudited) |
| WARRANT — 0.7% | Number of Warrants | Value | ||||||
| CANADA — 0.7% | ||||||||
| MATERIALS — 0.7% | ||||||||
| Bear Creek Mining Corp., Expires 10/05/28* | 9,126,364 | $ | 625,725 | |||||
| Ivanhoe Electric, Inc., Expires 02/14/26*(C) | 215,776 | 668,905 | ||||||
| Novagold Resources, Inc., Expires 04/22/30*(C) | 2,717,012 | 9,020,480 | ||||||
| Novagold Resources, Inc., Expires 09/10/30*(C) | 1,687,905 | 8,760,227 | ||||||
| 19,075,337 | ||||||||
| TOTAL WARRANTS | ||||||||
| (Cost $6,866,347) | 19,075,337 | |||||||
| RIGHTS — 0.0% | Number of Rights | |||||||
| CANADA — 0.0% | ||||||||
| MATERIALS — 0.0% | ||||||||
| Pan American Silver Corp., Expires 02/22/29# *(C) | 2,385,283 | 548,854 | ||||||
| TOTAL RIGHTS | ||||||||
| (Cost $–) | 548,854 | |||||||
| SHORT TERM INVESTMENT — 2.0% | Shares | |||||||
| Dreyfus Treasury Securities Cash Management - | ||||||||
| Participant Shares, 3.730%(F) | 55,032,450 | 55,032,450 | ||||||
| TOTAL SHORT TERM INVESTMENT | ||||||||
| (Cost $55,032,450) | 55,032,450 | |||||||
| PURCHASED OPTION — 0.9% | Value | |||
| UNITED STATES — 0.9% * | ||||
| TOTAL PURCHASED OPTIONS | ||||
| (Cost $26,224,020) | 22,440,410 | |||
| TOTAL INVESTMENTS— 87.7% | ||||
| (Cost $2,129,290,758) | 2,358,011,102 | |||
| Other Assets and Liabilities, Net — 12.3% | 331,458,079 | |||
| NET ASSETS — 100.0% | $ | 2,689,469,181 | ||
11
| THE ADVISORS’ INNER CIRCLE FUND II | KOPERNIK GLOBAL |
| ALL-CAP FUND | |
| JULY 31, 2025 | |
| (Unaudited) |
A list of the exchange traded option contracts held by the Fund at July 31, 2025, is as follows:
| Description | Number of Contracts | Notional Amount | Exercise Price | Expiration Date | Value | |||||||||||||
| PURCHASED OPTIONS — 0.8% | ||||||||||||||||||
| Put Options | ||||||||||||||||||
| August 25 Puts on SPXW* | 1,019 | $ | 645,983,841 | $ | 6,290.00 | 08/29/25 | $ | 7,510,030 | ||||||||||
| September 25 Puts on SPXW* | 1,093 | 692,895,327 | 6,370.00 | 09/30/25 | 14,930,380 | |||||||||||||
| TOTAL PURCHASED OPTIONS | ||||||||||||||||||
| (Cost $26,224,020) | $ | 1,338,879,168 | $ | 22,440,410 | ||||||||||||||
| # | Expiration date unavailable. |
| † | Restricted Equity. |
| * | Non-income producing security. |
| (A) | Affiliated investment. |
| (B) | Securities sold within terms of a private placement memorandum, exempt from registration under Section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other "accredited investors." The total value of such securities as of July 31, 2025 was $126,249,692 and represents 4.7% of Net Assets. |
| (C) | Level 3 security in accordance with fair value hierarchy. |
| (D) | Rate unavailable. |
| (E) | Security in default on interest payments. |
| (F) | The rate reported is the 7-day effective yield as of July 31, 2025. |
ADR — American Depositary Receipt
CAD — Canadian Dollar
CDI — Chess Depositary Receipt
Cl — Class
GDR — Global Depositary Receipt
JSC — Joint Stock Company
LSE — London Stock Exchange
Ltd. — Limited
PJSC — Public Joint Stock Company
PLC — Public Limited Company
SPXW — Standard & Poor's 500 Index Options Weekly
USD — United States Dollar
12
| THE ADVISORS’ INNER CIRCLE FUND II | KOPERNIK GLOBAL |
| ALL-CAP FUND | |
| JULY 31, 2025 | |
| (Unaudited) |
As of July 31, 2025, the Global All-Cap Fund owned private placement investments that were purchased through private offerings or acquired through initial public offerings or acquired through restructuring and cannot be sold without prior registration under the Securities Act of 1933 or pursuant to an exemption therefrom. In addition, the Funds have generally agreed to further restrictions on the disposition of certain holdings as set forth in various agreements entered into in connection with the purchase of these investments. The acquisition dates of these investments, the enforceable right to acquire these securities, along with their cost and values at July 31, 2025, were as follows:
| Description | Number of Shares | Acquisition Date/Right to Acquire Date | Cost | Market Value | ||||||||||
| Common Stock | ||||||||||||||
| Gabriel Resources, Ltd. | 347,197 | 6/1/2021 | $ | 704,137 | $ | 40,092 | ||||||||
| Gabriel Resources, Ltd. | 496,058 | 6/17/2022 | 834,788 | 57,282 | ||||||||||
| $ | 1,538,925 | $ | 97,374 | |||||||||||
The following issuers are affiliated with the Fund; that is, the Adviser had control of 5% or more of the outstanding voting securities during the period from October 31, 2024 through July 31, 2025. As defined in Section (2)(a)(3) of the Investment Company Act of 1940; such issuers are:
| Value as of 10/31/2024 | Purchases at Cost | Proceeds from Sale | Realized Gain/(Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value as of 7/31/2025 | Dividend/ Interest Income | ||||||||||||||||||||
| Astarta Holding PLC | ||||||||||||||||||||||||||
| $ | 4,975,134 | $ | — | $ | — | $ | — | $ | 3,420,656 | $ | 8,395,790 | $ | 387,908 | |||||||||||||
| Bear Creek Mining Corp. | ||||||||||||||||||||||||||
| 4,854,135 | — | — | — | (3,197,530 | ) | 1,656,605 | — | |||||||||||||||||||
| BrasilAgro - Brasileira de Propriedades Agricolas | ||||||||||||||||||||||||||
| 2,488,008 | 5,099,199 | — | — | (402,190 | ) | 7,185,017 | 15,299 | |||||||||||||||||||
| DL E&C Co., Ltd. | ||||||||||||||||||||||||||
| 21,875,340 | 3,321,269 | (4,309,958 | ) | 170,369 | 12,059,758 | 33,116,778 | 375,018 | |||||||||||||||||||
| Draegerwerk & KGaA | ||||||||||||||||||||||||||
| 12,704,883 | 1,327,131 | (2,720,135 | ) | (20,588 | ) | 8,395,772 | 19,687,063 | 555,608 | ||||||||||||||||||
| Empresa Nacional de Telecomunicaciones SA | ||||||||||||||||||||||||||
| — | 22,658,908 | — | — | 1,946,692 | 24,605,600 | 1,073,896 | ||||||||||||||||||||
| Etalon Group PLC GDR | ||||||||||||||||||||||||||
| 2,237,433 | — | — | — | 420,359 | 2,657,792 | — | ||||||||||||||||||||
| Euroapi SA | ||||||||||||||||||||||||||
| 13,161,378 | — | (785,784 | ) | (406,795 | ) | (1,605,928 | ) | 10,362,871 | — | |||||||||||||||||
| Gabriel Resources, Ltd. | ||||||||||||||||||||||||||
| 537,213 | — | — | — | 153,769 | 690,982 | — | ||||||||||||||||||||
| Gabriel Resources, Ltd. | ||||||||||||||||||||||||||
| 75,704 | — | — | — | 21,670 | 97,374 | — | ||||||||||||||||||||
| Golden Agri-Resources, Ltd. | ||||||||||||||||||||||||||
| 58,331,485 | 2,572,873 | — | — | (6,322,073 | ) | 54,582,285 | 1,641,366 | |||||||||||||||||||
| Guangshen Railway Co., Ltd., Cl H | ||||||||||||||||||||||||||
| 7,812,365 | 4,418,383 | — | — | (1,194,711 | ) | 11,036,037 | 431,558 | |||||||||||||||||||
13
| THE ADVISORS’ INNER CIRCLE FUND II | KOPERNIK GLOBAL |
| ALL-CAP FUND | |
| JULY 31, 2025 | |
| (Unaudited) |
| Value as of 10/31/2024 | Purchases at Cost | Proceeds from Sale | Realized Gain/(Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value as of 7/31/2025 | Dividend/ Interest Income | ||||||||||||||||||||
| Hi Sun Technology China, Ltd. | ||||||||||||||||||||||||||
| $ | 4,536,374 | $ | — | $ | (362,888 | ) | $ | (396,744 | ) | $ | 1,539,529 | $ | 5,316,271 | $ | — | |||||||||||
| Hyundai Department Store Co., Ltd. | ||||||||||||||||||||||||||
| 18,062,628 | 7,084,378 | (12,869,709 | ) | 2,409,625 | 9,881,144 | 24,568,066 | 683,775 | |||||||||||||||||||
| International Tower Hill Mines, Ltd. | ||||||||||||||||||||||||||
| 4,020,584 | — | — | — | 3,444,345 | 7,464,929 | — | ||||||||||||||||||||
| Kyorin Pharmaceutical Co., Ltd. | ||||||||||||||||||||||||||
| 18,249,709 | 3,119,302 | (929,885 | ) | (549,656 | ) | 1,012,949 | 20,902,419 | 516,050 | ||||||||||||||||||
| LG Uplus Corp. | ||||||||||||||||||||||||||
| 57,914,588 | 24,254,130 | (11,576,894 | ) | (267,338 | ) | 30,860,829 | 101,185,315 | 2,797,655 | ||||||||||||||||||
| Luks Group Vietnam Holdings Co., Ltd. | ||||||||||||||||||||||||||
| 1,030,649 | — | — | — | 86,639 | 1,117,288 | 23,596 | ||||||||||||||||||||
| MHP SE (LSE Shares) GDR | ||||||||||||||||||||||||||
| 13,444,898 | — | — | — | 3,831,828 | 17,276,726 | — | ||||||||||||||||||||
| MHP SE (USD Shares) GDR | ||||||||||||||||||||||||||
| 180,260 | — | — | — | 51,374 | 231,634 | — | ||||||||||||||||||||
| Northern Dynasty Minerals, Ltd. (CAD) | ||||||||||||||||||||||||||
| 1,155,855 | — | (173,872 | ) | 144,895 | 1,052,308 | 2,179,186 | — | |||||||||||||||||||
| Northern Dynasty Minerals, Ltd. (USD) | ||||||||||||||||||||||||||
| 6,260,410 | — | (7,033,989 | ) | (178,432 | ) | 5,437,663 | 4,485,652 | — | ||||||||||||||||||
| Novagold Resources, Inc. | ||||||||||||||||||||||||||
| 19,014,738 | 4,544,812 | — | — | 12,097,587 | 35,657,137 | — | ||||||||||||||||||||
| PHA Co., Ltd. | ||||||||||||||||||||||||||
| 3,402,285 | 9,493 | — | — | 431,919 | 3,843,697 | 114,896 | ||||||||||||||||||||
| Seabridge Gold, Inc. (CAD) | ||||||||||||||||||||||||||
| 24,791,390 | — | — | — | (3,021,487 | ) | 21,769,903 | — | |||||||||||||||||||
| Seabridge Gold, Inc. (USD) | ||||||||||||||||||||||||||
| 22,323,943 | 18,092,732 | — | — | 1,883,377 | 42,300,052 | — | ||||||||||||||||||||
| Western Copper & Gold Corp. | ||||||||||||||||||||||||||
| 4,302,843 | 1,614,098 | — | — | 877,409 | 6,794,350 | — | ||||||||||||||||||||
| Yellow Cake PLC | ||||||||||||||||||||||||||
| 24,025,924 | 4,057,299 | — | — | (1,423,247 | ) | 26,659,976 | — | |||||||||||||||||||
| Yoma Strategic Holdings, Ltd. | ||||||||||||||||||||||||||
| 4,074,266 | — | — | — | 786,624 | 4,860,890 | — | ||||||||||||||||||||
| Totals: | ||||||||||||||||||||||||||
| $ | 355,844,422 | $ | 102,174,007 | $ | (40,763,114 | ) | $ | 905,336 | $ | 82,527,034 | $ | 500,687,685 | $ | 8,616,625 | ||||||||||||
Amounts designated as “—” are either $0 or have been rounded to $0.
KGI-QH-001-2400
14
| THE ADVISORS’ INNER CIRCLE FUND II | KOPERNIK |
| INTERNATIONAL FUND | |
| JULY 31, 2025 | |
| (Unaudited) |
| SCHEDULE OF INVESTMENTS | ||||||||
| COMMON STOCK — 71.5% | Shares | Value | ||||||
| AUSTRALIA — 0.8% | ||||||||
| ENERGY — 0.8% | ||||||||
| Paladin Energy, Ltd. (AUD) * | 1,222,679 | $ | 4,788,436 | |||||
| Paladin Energy, Ltd. (CAD) * | 48,196 | 187,831 | ||||||
| Total Australia | 4,976,267 | |||||||
| BRAZIL — 2.2% | ||||||||
| MATERIALS — 1.0% | ||||||||
| Vale SA | 619,100 | 5,891,873 | ||||||
| UTILITIES — 1.2% | ||||||||
| Centrais Eletricas Brasileiras SA | 1,141,960 | 7,678,259 | ||||||
| Total Brazil | 13,570,132 | |||||||
| CANADA — 8.2% | ||||||||
| ENERGY — 1.0% | ||||||||
| MEG Energy Corp., Cl Common Subs. Receipt | 314,626 | 6,201,239 | ||||||
| MATERIALS — 7.2% | ||||||||
| Barrick Gold | 867,574 | 18,323,163 | ||||||
| Equinox Gold Corp. * | 779,620 | 4,748,840 | ||||||
| Ivanhoe Mines, Ltd., Cl A * | 817,729 | 6,379,655 | ||||||
| Lundin Mining Corp., Cl Common Subs. Receipt | 269,699 | 2,754,216 | ||||||
| Novagold Resources, Inc. * (A) | 1,707,790 | 8,863,430 | ||||||
| Nutrien, Ltd. | 50,354 | 2,986,999 | ||||||
| 44,056,303 | ||||||||
| Total Canada | 50,257,542 | |||||||
| CHILE — 1.0% | ||||||||
| MATERIALS — 1.0% | ||||||||
| Sociedad Quimica y Minera de Chile SA ADR * | 164,839 | 6,057,833 | ||||||
| CHINA — 4.7% | ||||||||
| COMMUNICATION SERVICES — 1.7% | ||||||||
| Baidu, Inc., Cl A * | 962,550 | 10,531,584 | ||||||
| INDUSTRIALS — 1.1% | ||||||||
| China Communications Services Corp., Ltd., Cl H | 7,481,000 | 4,357,228 | ||||||
15
| THE ADVISORS’ INNER CIRCLE FUND II | KOPERNIK |
| INTERNATIONAL FUND | |
| JULY 31, 2025 | |
| (Unaudited) |
| COMMON STOCK — continued | Shares | Value | ||||||
| CHINA — continued | ||||||||
| INDUSTRIALS — continued | ||||||||
| Guangshen Railway Co., Ltd., Cl H (A) | 10,554,000 | $ | 2,631,553 | |||||
| 6,988,781 | ||||||||
| INFORMATION TECHNOLOGY — 0.5% | ||||||||
| PAX Global Technology, Ltd. | 3,664,000 | 3,178,578 | ||||||
| UTILITIES — 1.4% | ||||||||
| CGN Power Co., Ltd., Cl H (B) | 17,407,000 | 6,539,329 | ||||||
| China Gas Holdings, Ltd. | 1,651,200 | 1,734,419 | ||||||
| 8,273,748 | ||||||||
| Total China | 28,972,691 | |||||||
| FRANCE — 1.8% | ||||||||
| CONSUMER STAPLES — 1.4% | ||||||||
| Carrefour SA | 606,583 | 8,692,959 | ||||||
| FINANCIALS — 0.4% | ||||||||
| Amundi (B) | 27,975 | 2,067,369 | ||||||
| Total France | 10,760,328 | |||||||
| GERMANY — 2.6% | ||||||||
| MATERIALS — 2.6% | ||||||||
| BASF | 60,396 | 2,959,975 | ||||||
| K+S AG | 877,099 | 13,268,564 | ||||||
| Total Germany | 16,228,539 | |||||||
| HONG KONG — 3.1% | ||||||||
| CONSUMER DISCRETIONARY — 0.6% | ||||||||
| SJM Holdings, Ltd. * | 8,571,000 | 3,390,279 | ||||||
| CONSUMER STAPLES — 0.3% | ||||||||
| First Pacific Co., Ltd. | 2,392,000 | 1,882,087 | ||||||
| FINANCIALS — 0.1% | ||||||||
| Bank of East Asia, Ltd. | 543,400 | 839,926 | ||||||
16
| THE ADVISORS’ INNER CIRCLE FUND II | KOPERNIK |
| INTERNATIONAL FUND | |
| JULY 31, 2025 | |
| (Unaudited) |
| COMMON STOCK — continued | Shares | Value | ||||||
| HONG KONG — continued | ||||||||
| INDUSTRIALS — 2.1% | ||||||||
| CK Hutchison Holdings, Ltd. | 1,968,000 | $ | 12,809,720 | |||||
| Total Hong Kong | 18,922,012 | |||||||
| INDONESIA — 0.3% | ||||||||
| ENERGY — 0.3% | ||||||||
| United Tractors TbK PT | 1,061,100 | 1,554,850 | ||||||
| JAPAN — 3.0% | ||||||||
| ENERGY — 1.0% | ||||||||
| Inpex Corp. | 419,000 | 5,966,040 | ||||||
| HEALTH CARE — 0.2% | ||||||||
| Suzuken Co., Ltd. | 40,300 | 1,523,227 | ||||||
| INDUSTRIALS — 1.3% | ||||||||
| Kamigumi Co., Ltd. | 118,300 | 3,324,641 | ||||||
| West Japan Railway Co. | 216,900 | 4,748,861 | ||||||
| 8,073,502 | ||||||||
| UTILITIES — 0.5% | ||||||||
| Electric Power Development Co., Ltd. | 167,000 | 2,890,040 | ||||||
| Total Japan | 18,452,809 | |||||||
| KAZAKHSTAN — 3.5% | ||||||||
| ENERGY — 2.8% | ||||||||
| NAC Kazatomprom JSC GDR | 89,635 | 3,688,841 | ||||||
| NAC Kazatomprom JSC GDR (B) | 335,296 | 13,798,778 | ||||||
| 17,487,619 | ||||||||
| FINANCIALS — 0.7% | ||||||||
| Halyk Savings Bank of Kazakhstan JSC GDR | 172,738 | 4,290,039 | ||||||
| Total Kazakhstan | 21,777,658 | |||||||
| MALAYSIA — 0.0% | ||||||||
| FINANCIALS — 0.0% | ||||||||
| Hong Leong Financial Group | 42,500 | 160,592 | ||||||
17
| THE ADVISORS’ INNER CIRCLE FUND II | KOPERNIK |
| INTERNATIONAL FUND | |
| JULY 31, 2025 | |
| (Unaudited) |
| COMMON STOCK — continued | Shares | Value | ||||||
| RUSSIA — 6.0% | ||||||||
| CONSUMER STAPLES — 0.2% | ||||||||
| Lenta International PJSC GDR *(C) | 1,271,467 | $ | 1,477,572 | |||||
| ENERGY — 1.5% | ||||||||
| Gazprom Neft PJSC (C) | 2,817,940 | 5,266,699 | ||||||
| Gazprom PJSC *(C) | 8,122,810 | 3,681,105 | ||||||
| 8,947,804 | ||||||||
| FINANCIALS — 2.2% | ||||||||
| Moscow Exchange MICEX-RTS PJSC (C) | 5,746,159 | 3,704,891 | ||||||
| Sberbank of Russia PJSC (C) | 8,292,394 | 9,355,170 | ||||||
| VTB Bank PJSC *(C) | 2,329,481 | 670,494 | ||||||
| 13,730,555 | ||||||||
| MATERIALS — 1.5% | ||||||||
| Polyus PJSC GDR *(C) | 249,258 | 9,207,914 | ||||||
| REAL ESTATE — 0.2% | ||||||||
| LSR Group PJSC, Cl A *(C) | 510,671 | 1,455,696 | ||||||
| UTILITIES — 0.4% | ||||||||
| Federal Grid - Rosseti PJSC *(C) | 3,021,385,233 | 737,650 | ||||||
| RusHydro PJSC *(C) | 991,278,397 | 1,599,980 | ||||||
| 2,337,630 | ||||||||
| Total Russia | 37,157,171 | |||||||
| SINGAPORE — 2.4% | ||||||||
| CONSUMER STAPLES — 2.4% | ||||||||
| Golden Agri-Resources, Ltd. (A) | 76,439,700 | 14,963,436 | ||||||
| SOUTH AFRICA — 7.4% | ||||||||
| MATERIALS — 7.4% | ||||||||
| Anglo American Platinum, Ltd. | 524,297 | 23,546,134 | ||||||
| Impala Platinum Holdings, Ltd. * | 2,024,621 | 19,135,546 | ||||||
| Sibanye Stillwater, Ltd. * | 1,324,310 | 2,785,399 | ||||||
| Total South Africa | 45,467,079 | |||||||
18
| THE ADVISORS’ INNER CIRCLE FUND II | KOPERNIK |
| INTERNATIONAL FUND | |
| JULY 31, 2025 | |
| (Unaudited) |
| COMMON STOCK — continued | Shares | Value | ||||||
| SOUTH KOREA — 11.7% | ||||||||
| COMMUNICATION SERVICES — 5.8% | ||||||||
| KT Corp. | 212,507 | $ | 8,432,258 | |||||
| KT Corp. ADR | 211,964 | 4,279,553 | ||||||
| LG Uplus Corp. (A) | 2,195,382 | 23,109,909 | ||||||
| 35,821,720 | ||||||||
| CONSUMER DISCRETIONARY — 0.3% | ||||||||
| Hankook Tire & Technology, Ltd. | 50,804 | 1,620,506 | ||||||
| INDUSTRIALS — 3.1% | ||||||||
| DL E&C Co., Ltd. (A) | 139,646 | 4,715,431 | ||||||
| GS Holdings Corp. | 91,151 | 3,225,246 | ||||||
| Korean Air Lines Co., Ltd. | 86,861 | 1,470,590 | ||||||
| LG Corp. | 179,375 | 10,183,972 | ||||||
| 19,595,239 | ||||||||
| MATERIALS — 0.7% | ||||||||
| Lotte Chemical Corp. | 89,237 | 4,248,740 | ||||||
| UTILITIES — 1.8% | ||||||||
| Korea Electric Power Corp. | 395,881 | 10,934,967 | ||||||
| Total South Korea | 72,221,172 | |||||||
| THAILAND — 0.8% | ||||||||
| FINANCIALS — 0.5% | ||||||||
| Kasikornbank PCL | 590,300 | 2,918,938 | ||||||
| MATERIALS — 0.3% | ||||||||
| Siam Cement PCL | 271,179 | 1,665,379 | ||||||
| Total Thailand | 4,584,317 | |||||||
| UKRAINE — 0.7% | ||||||||
| CONSUMER STAPLES — 0.7% | ||||||||
| MHP SE GDR * (A) | 787,575 | 4,087,859 | ||||||
| UNITED KINGDOM — 6.1% | ||||||||
| COMMUNICATION SERVICES — 1.0% | ||||||||
| Vodafone Group PLC | 5,724,317 | 6,206,318 | ||||||
19
| THE ADVISORS’ INNER CIRCLE FUND II | KOPERNIK |
| INTERNATIONAL FUND | |
| JULY 31, 2025 | |
| (Unaudited) |
| COMMON STOCK — continued | Shares | Value | ||||||
| UNITED KINGDOM — continued | ||||||||
| ENERGY — 1.8% | ||||||||
| Yellow Cake PLC * (A)(B) | 1,683,632 | $ | 10,856,158 | |||||
| FINANCIALS — 1.3% | ||||||||
| Man Group PLC | 663,343 | 1,440,616 | ||||||
| Schroders PLC | 1,298,259 | 6,673,274 | ||||||
| 8,113,890 | ||||||||
| MATERIALS — 2.0% | ||||||||
| Glencore PLC | 3,083,469 | 12,375,013 | ||||||
| Total United Kingdom | 37,551,379 | |||||||
| UNITED STATES — 5.2% | ||||||||
| ENERGY — 1.4% | ||||||||
| Schlumberger | 258,556 | 8,739,193 | ||||||
| INDUSTRIALS — 0.2% | ||||||||
| Air Lease Corp., Cl A | 25,878 | 1,433,641 | ||||||
| MATERIALS — 3.6% | ||||||||
| Newmont Corp. CDI | 309,079 | 19,064,284 | ||||||
| Royal Gold, Inc. | 18,459 | 2,795,062 | ||||||
| 21,859,346 | ||||||||
| Total United States | 32,032,180 | |||||||
| TOTAL COMMON STOCK | ||||||||
| (Cost $429,860,401) | 439,755,846 | |||||||
| PREFERRED STOCK — 1.3% | ||||||||
| BRAZIL — 1.3% | ||||||||
| ENERGY — 1.3% | ||||||||
| Petroleo Brasileiro SA (D) | 1,378,400 | 8,012,594 | ||||||
| TOTAL PREFERRED STOCK | ||||||||
| (Cost $6,770,342) | 8,012,594 | |||||||
20
| THE ADVISORS’ INNER CIRCLE FUND II | KOPERNIK |
| INTERNATIONAL FUND | |
| JULY 31, 2025 | |
| (Unaudited) |
| UNIT TRUST FUND — 1.3% | Shares | Value | ||||||
| CANADA — 1.3% | ||||||||
| UNIT TRUST FUND — 1.3% | ||||||||
| Sprott Physical Uranium Trust * | 495,095 | $ | 7,971,687 | |||||
| TOTAL UNIT TRUST FUND | ||||||||
| (Cost $6,727,908) | 7,971,687 | |||||||
| SHORT TERM INVESTMENT — 3.2% | ||||||||
| Dreyfus Treasury Securities Cash Management - Participant Shares, 3.730%(E) | 19,427,216 | 19,427,216 | ||||||
| TOTAL SHORT TERM INVESTMENT | ||||||||
| (Cost $19,427,216) | 19,427,216 | |||||||
| PURCHASED OPTION — 0.8% | Value | |||||||
| UNITED STATES — 0.8% * | ||||||||
| TOTAL PURCHASED OPTIONS | ||||||||
| (Cost $5,996,968) | 5,138,500 | |||||||
| TOTAL INVESTMENTS— 78.1% | ||||||||
| (Cost $468,782,835) | 480,305,843 | |||||||
| Other Assets and Liabilities, Net — 21.9% | 134,588,542 | |||||||
| NET ASSETS — 100.0% | $ | 614,894,385 | ||||||
| A list of the exchange traded option contracts held by the Fund at July 31, 2025, is as follows: | ||||||||||||||||||
| Description | Number of Contracts | Notional Amount | Exercise Price | Expiration Date | Value | |||||||||||||
| PURCHASED OPTIONS — 0.8% | ||||||||||||||||||
| Put Options | ||||||||||||||||||
| August 25 Puts on SPXW* | 232 | $ | 147,073,848 | $ | 6,290.00 | 08/29/25 | $ | 1,709,840 | ||||||||||
| September 25 Puts on SPXW* | 251 | 159,118,689 | 6,370.00 | 09/30/25 | 3,428,660 | |||||||||||||
| TOTAL PURCHASED OPTIONS | ||||||||||||||||||
| (Cost $5,996,968) | $ | 306,192,537 | $ | 5,138,500 | ||||||||||||||
21
| THE ADVISORS’ INNER CIRCLE FUND II | KOPERNIK |
| INTERNATIONAL FUND | |
| JULY 31, 2025 | |
| (Unaudited) |
| * | Non-income producing security. | |
| (A) | Affiliated investment. | |
| (B) | Securities sold within terms of a private placement memorandum, exempt from registration under Section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other "accredited investors." The total value of such securities as of July 31, 2025 was $33,261,634 and represents 5.4% of Net Assets. | |
| (C) | Level 3 security in accordance with fair value hierarchy. | |
| (D) | Rate unavailable. | |
| (E) | The rate reported is the 7-day effective yield as of July 31, 2025. |
ADR — American Depositary Receipt
CDI — Chess Depositary Receipt
Cl — Class
GDR — Global Depositary Receipt
JSC — Joint Stock Company
Ltd. — Limited
PJSC — Public Joint Stock Company
PLC — Public Limited Company
SPXW — Standard & Poor's 500 Index Options Weekly
22
| THE ADVISORS’ INNER CIRCLE FUND II | KOPERNIK |
| INTERNATIONAL FUND | |
| JULY 31, 2025 | |
| (Unaudited) |
The following issuers are affiliated with the Fund; that is, the Adviser had control of 5% or more of the outstanding voting securities during the period from October 31, 2024 through July 31, 2025. As defined in Section (2)(a)(3) of the Investment Company Act of 1940; such issuers are:
| Value as of 10/31/2024 | Purchases at Cost | Proceeds from Sale | Realized Gain/(Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value as of 7/31/2025 | Dividend/ Interest Income | ||||||||||||||||||||
| DL E&C Co., Ltd. | ||||||||||||||||||||||||||
| $ | 3,972,707 | $ | 71,892 | $ | (1,336,041 | ) | $ | (869,881 | ) | $ | 2,876,754 | $ | 4,715,431 | $ | 66,653 | |||||||||||
| Golden Agri-Resources, Ltd. | ||||||||||||||||||||||||||
| 16,787,212 | — | — | — | (1,823,776 | ) | 14,963,436 | 472,369 | |||||||||||||||||||
| Guangshen Railway Co., Ltd., Cl H | ||||||||||||||||||||||||||
| 2,931,024 | — | — | — | (299,471 | ) | 2,631,553 | 102,906 | |||||||||||||||||||
| LG Uplus Corp. | ||||||||||||||||||||||||||
| 14,590,576 | 6,088,509 | (5,368,681 | ) | 656,078 | 7,143,427 | 23,109,909 | 752,502 | |||||||||||||||||||
| MHP SE GDR | ||||||||||||||||||||||||||
| 3,181,207 | — | — | — | 906,652 | 4,087,859 | — | ||||||||||||||||||||
| Novagold Resources, Inc. | ||||||||||||||||||||||||||
| 5,824,993 | 71,698 | — | — | 2,966,739 | 8,863,430 | — | ||||||||||||||||||||
| Yellow Cake PLC | ||||||||||||||||||||||||||
| 10,719,681 | 804,769 | — | — | (668,292 | ) | 10,856,158 | — | |||||||||||||||||||
| Totals: | ||||||||||||||||||||||||||
| $ | 58,007,400 | $ | 7,036,868 | $ | (6,704,722 | ) | $ | (213,803 | ) | $ | 11,102,033 | $ | 69,227,776 | $ | 1,394,430 | |||||||||||
Amounts designated as “—” are either $0 or rounded to $0.
KGI-QH-002-2100
23