The Advisors' Inner Circle Fund II

Kopernik Global All-Cap Fund

Class A Shares - KGGAX

Semi-Annual Shareholder Report: April 30, 2026

This semi-annual shareholder report contains important information about Class A Shares of the Kopernik Global All-Cap Fund (the "Fund") for the period from November 1, 2025 to April 30, 2026. You can find additional information about the Fund at https://www.kopernikglobal.com/content/mutual-fund-kopernik-global-all-cap-fund. You can also request this information by contacting us at 1-855-887-4544.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Kopernik Global All-Cap Fund, Class A Shares	$68	1.24%

Key Fund Statistics as of April 30, 2026

Table Summary
	Total Net Assets	Number of Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$3,436,932,706	148	$14,286,045	27%

What did the Fund invest in?

Asset/Country Weightings^{Footnote Reference*}

Table Summary
Value	Value
Purchased Options	0.2%
Other Countries	14.3%
Russia	2.9%
Germany	3.2%
France	3.2%
Brazil	3.3%
Australia	3.6%
China	4.0%
Japan	4.1%
United Kingdom	4.7%
South Africa	5.8%
United States	10.5%
South Korea	12.5%
Canada	12.7%

Footnote	Description
Footnote^*	Percentages are calculated based on total net assets.

Top Ten Holdings

Table Summary
Holding Name			Percentage of Total Net Assets^{Footnote Reference(A)}
Valterra Platinum, Ltd.			3.4%
LG Uplus Corp. ^{Footnote Reference**}			2.9%
Range Resources Corp.			2.6%
K+S AG^{Footnote Reference**}			2.4%
Golden Agri-Resources, Ltd. ^{Footnote Reference**}			2.0%
LG Corp.			1.8%
Impala Platinum Holdings, Ltd.			1.8%
Seabridge Gold, Inc. (USD) ^{Footnote Reference**}			1.7%
CK Hutchison Holdings, Ltd.			1.6%
Centene			1.5%

Footnote	Description
Footnote^**	Affiliated Investment.
Footnote^(A)	Short-Term Investments are not shown in the top ten chart.

Changes in and Disagreements with Accountants

There were no changes in or disagreements with accountants during the reporting period.

Additional Information

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

1-855-887-4544
https://www.kopernikglobal.com/content/mutual-fund-kopernik-global-all-cap-fund

Householding

Rule 30e-1 of the Investment Company Act of 1940, as amended, permits funds to transmit only one copy of a proxy statement, annual report or semi-annual report to shareholders (who need not be related) with the same residential, commercial or electronic address, provided that the shareholders have consented in writing and the reports are addressed either to each shareholder individually or to the shareholders as a group. This process is known as “householding” and is designed to reduce the duplicate copies of materials that shareholders receive and to lower printing and mailing costs for funds. Once implemented, if you would like to discontinue householding for your accounts, please call toll-free at 1-855-887-4544 to request individual copies of these documents. Once the Fund receives notice to stop householding, we will begin sending individual copies 30 days after receiving your request.

KGGAX-SAR-2026

The Advisors' Inner Circle Fund II

Kopernik Global All-Cap Fund

Class I Shares - KGGIX

Semi-Annual Shareholder Report: April 30, 2026

This semi-annual shareholder report contains important information about Class I Shares of the Kopernik Global All-Cap Fund (the "Fund") for the period from November 1, 2025 to April 30, 2026. You can find additional information about the Fund at https://www.kopernikglobal.com/content/mutual-fund-kopernik-global-all-cap-fund. You can also request this information by contacting us at 1-855-887-4544.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Kopernik Global All-Cap Fund, Class I Shares	$54	0.99%

Key Fund Statistics as of April 30, 2026

Table Summary
	Total Net Assets	Number of Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$3,436,932,706	148	$14,286,045	27%

What did the Fund invest in?

Asset/Country Weightings^{Footnote Reference*}

Table Summary
Value	Value
Purchased Options	0.2%
Other Countries	14.3%
Russia	2.9%
Germany	3.2%
France	3.2%
Brazil	3.3%
Australia	3.6%
China	4.0%
Japan	4.1%
United Kingdom	4.7%
South Africa	5.8%
United States	10.5%
South Korea	12.5%
Canada	12.7%

Footnote	Description
Footnote^*	Percentages are calculated based on total net assets.

Top Ten Holdings

Table Summary
Holding Name			Percentage of Total Net Assets^{Footnote Reference(A)}
Valterra Platinum, Ltd.			3.4%
LG Uplus Corp. ^{Footnote Reference**}			2.9%
Range Resources Corp.			2.6%
K+S AG^{Footnote Reference**}			2.4%
Golden Agri-Resources, Ltd. ^{Footnote Reference**}			2.0%
LG Corp.			1.8%
Impala Platinum Holdings, Ltd.			1.8%
Seabridge Gold, Inc. (USD) ^{Footnote Reference**}			1.7%
CK Hutchison Holdings, Ltd.			1.6%
Centene			1.5%

Footnote	Description
Footnote^**	Affiliated Investment.
Footnote^(A)	Short-Term Investments are not shown in the top ten chart.

Changes in and Disagreements with Accountants

There were no changes in or disagreements with accountants during the reporting period.

Additional Information

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

1-855-887-4544
https://www.kopernikglobal.com/content/mutual-fund-kopernik-global-all-cap-fund

Householding

KGGIX-SAR-2026

The Advisors' Inner Circle Fund II

Kopernik International Fund

Class I Shares - KGIIX

Semi-Annual Shareholder Report: April 30, 2026

This semi-annual shareholder report contains important information about Class I Shares of the Kopernik International Fund (the "Fund") for the period from November 1, 2025 to April 30, 2026. You can find additional information about the Fund at https://www.kopernikglobal.com/content/mutual-fund-kopernik-international-fund. You can also request this information by contacting us at 1-855-887-4544.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Kopernik International Fund, Class I Shares	$54	0.99%

Key Fund Statistics as of April 30, 2026

Table Summary
	Total Net Assets	Number of Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$952,596,711	84	$3,464,012	28%

What did the Fund invest in?

Asset/Country Weightings^{Footnote Reference*}

Table Summary
Value	Value
Purchased Options	0.1%
Other Countries	10.1%
Singapore	1.9%
Hong Kong	2.2%
Germany	2.7%
Australia	2.8%
Brazil	2.9%
Japan	3.0%
China	3.6%
Russia	4.3%
United Kingdom	5.7%
South Africa	6.2%
Canada	8.7%
South Korea	9.5%

Footnote	Description
Footnote^*	Percentages are calculated based on total net assets.

Top Ten Holdings

Table Summary
Holding Name			Percentage of Total Net Assets^{Footnote Reference(A)}
Valterra Platinum, Ltd.			3.7%
Glencore PLC			2.8%
K+S AG^{Footnote Reference**}			2.7%
Seabridge Gold, Inc. ^{Footnote Reference**}			2.7%
LG Uplus Corp. ^{Footnote Reference**}			2.7%
Golden Agri-Resources, Ltd. ^{Footnote Reference**}			1.9%
Impala Platinum Holdings, Ltd.			1.9%
LG Corp.			1.7%
Nutrien, Ltd.			1.4%
Paladin Energy, Ltd.			1.4%

Footnote	Description
Footnote^**	Affiliated Investment.
Footnote^(A)	Short-Term Investments are not shown in the top ten chart.

Changes in and Disagreements with Accountants

There were no changes in or disagreements with accountants during the reporting period.

Additional Information

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

1-855-887-4544
https://www.kopernikglobal.com/content/mutual-fund-kopernik-international-fund

Householding

KGIIX-SAR-2026

The Advisors' Inner Circle Fund II

Kopernik International Fund

Investor Shares - KGIRX

Semi-Annual Shareholder Report: April 30, 2026

This semi-annual shareholder report contains important information about Investor Shares of the Kopernik International Fund (the "Fund") for the period from November 1, 2025 to April 30, 2026. You can find additional information about the Fund at https://www.kopernikglobal.com/content/mutual-fund-kopernik-international-fund. You can also request this information by contacting us at 1-855-887-4544.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Kopernik International Fund, Investor Shares	$67	1.24%

Key Fund Statistics as of April 30, 2026

Table Summary
	Total Net Assets	Number of Holdings	Total Advisory Fees Paid	Portfolio Turnover Rate
	$952,596,711	84	$3,464,012	28%

What did the Fund invest in?

Asset/Country Weightings^{Footnote Reference*}

Table Summary
Value	Value
Purchased Options	0.1%
Other Countries	10.1%
Singapore	1.9%
Hong Kong	2.2%
Germany	2.7%
Australia	2.8%
Brazil	2.9%
Japan	3.0%
China	3.6%
Russia	4.3%
United Kingdom	5.7%
South Africa	6.2%
Canada	8.7%
South Korea	9.5%

Footnote	Description
Footnote^*	Percentages are calculated based on total net assets.

Top Ten Holdings

Table Summary
Holding Name			Percentage of Total Net Assets^{Footnote Reference(A)}
Valterra Platinum, Ltd.			3.7%
Glencore PLC			2.8%
K+S AG^{Footnote Reference**}			2.7%
Seabridge Gold, Inc. ^{Footnote Reference**}			2.7%
LG Uplus Corp. ^{Footnote Reference**}			2.7%
Golden Agri-Resources, Ltd. ^{Footnote Reference**}			1.9%
Impala Platinum Holdings, Ltd.			1.9%
LG Corp.			1.7%
Nutrien, Ltd.			1.4%
Paladin Energy, Ltd.			1.4%

Footnote	Description
Footnote^**	Affiliated Investment.
Footnote^(A)	Short-Term Investments are not shown in the top ten chart.

Changes in and Disagreements with Accountants

There were no changes in or disagreements with accountants during the reporting period.

Additional Information

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

1-855-887-4544
https://www.kopernikglobal.com/content/mutual-fund-kopernik-international-fund

Householding

KGIRX-SAR-2026

A list of the exchange traded option contracts held by the Fund at April 30, 2026, is as follows:

The following is a summary of the level of inputs us as of April 30, 2026, in valuing the Fund’s investments carried at value:

The following is a reconciliation of the investments in which significant unobservable inputs (Level 3) were used in determining fair value:

For the period ended April 30, 2026, there were no transfers in or out of Level 3.

For more information on valuation inputs, see Note 2 – Significant Accounting Policies in the Notes to Financial Statements.

As of April 30, 2026, 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 April 30, 2026, were as follows:

The following issuers are affiliated with the Funds; that is, the Adviser had control of 5% or more of the outstanding voting securities during the period from October 31, 2025 through April 30, 2026. As defined in Section (2)(a)(3) of the Investment Company Act of 1940; such issuers are:

A list of the exchange traded option contracts held by the Fund at April 30, 2026, is as follows:

The following is a summary of the level of inputs us as of April 30, 2026, in valuing the Fund’s investments carried at market value:

The following is a reconciliation of the investments in which significant unobservable inputs (Level 3) were used in determining fair value:

For the period ended April 30, 2026, there were no transfers in or out of Level 3.

For more information on valuation inputs, see Note 2 – Significant Accounting Policies in the Notes to Financial Statements.

Amounts designated as “—” are either not applicable, $0 or have been rounded to $0.

Selected Per Share Data & Ratios
For a Share Outstanding Throughout Each Year/Period

The Advisors’ Inner Circle Fund II (the “Trust”) is organized as a Massachusetts business trust under an Amended and Restated Agreement and Declaration of Trust dated February 18, 1997. The Trust is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company with 24 funds. The financial statements herein are those of the Kopernik Global All-Cap Fund and Kopernik International Fund (each a “Fund” and, collectively, the “Funds”). The investment objective of the Funds is to provide long-term capital appreciation. The Kopernik Global All-Cap Fund is diversified and invests primarily (at least 40% of its net assets) in equity securities of companies located in at least three countries other than the U.S. The Kopernik International Fund is diversified and invests primarily in equity securities of companies located throughout the world. The financial statements of the remaining funds of the Trust are presented separately. Kopernik Global Investors, LLC serves as the Funds investment adviser (the “Adviser”). The assets of each fund are segregated, and a shareholder’s interest is limited to the fund in which shares are held.

Effective as of the close of business on July 31, 2025, Kopernik Global All-Cap Fund was closed to certain new investments because the Adviser believes that carefully managing the Fund’s capacity provides the opportunity to continue to invest in the most attractively priced companies it can find and maintain the ability to take advantage of investments across different markets, countries, industry/sectors, and across the market capitalization spectrum.

The accompanying financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) and are presented in U.S. dollars which is the functional currency of the Funds. The Funds are an investment companies and therefore applies the accounting and reporting guidance issued by the U.S. Financial Accounting Standards Board (“FASB”) in Accounting Standards Codification (“ASC”) Topic 946, Financial Services — Investment Companies. The following are significant accounting policies which are consistently followed in the preparation of the financial statements.

Use of Estimates — The preparation of financial statements requires management to make estimates and assumptions that affect the fair value of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates and such differences could be material.

Security Valuation — Securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (except for securities traded on NASDAQ), including securities traded over the counter, are valued at the last quoted sale price on an exchange or market (foreign or domestic) on which they are traded on valuation date (or at approximately 4:00 pm ET if a security’s primary exchange is normally open at that time), or, if there is no such reported sale on the valuation date, at the most recent quoted bid price. For securities traded on NASDAQ, the NASDAQ Official Closing Price will be used. If available, debt securities are priced based upon valuations provided by independent, third-party pricing agents. Such values generally reflect the last reported sales price if the security is actively traded. The third-party pricing agents may also value debt securities at an evaluated bid price by employing methodologies that utilize actual market transactions, broker-supplied valuations, or other methodologies designed to identify the market value for such securities. Such methodologies generally consider such factors as security prices, yields, maturities, call features, ratings and developments relating to specific securities in arriving at valuations. On the first day a new debt security purchase is recorded, if a price is not available on the automated pricing feeds from our primary and secondary pricing vendors nor is it available from an independent broker, the security may be valued at its purchase price. Each day thereafter, the debt security will be valued according to the Trusts’ fair value procedures until an independent source can be secured. Debt obligations with remaining maturities of sixty days or less may be valued at their amortized cost, which approximates market value provided that it is determined the amortized cost continues to approximate fair value. Should existing credit, liquidity or interest rate conditions in the relevant markets and issuer specific circumstances suggest that amortized cost does not approximate fair value, then the amortized cost method may not be used. The prices for foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates.

Options for which the primary market is a national securities exchange are valued at the last bid price on the exchange on which they are traded, or, in the absence of any sale, at the closing bid price for long positions and at the closing ask price for written options. Options not traded on a national securities exchange are valued at the last quoted bid price.

Securities for which market prices are not “readily available” are valued in accordance with fair value procedures (the "Fair Value Procedures") established by the Adviser and approved by the Trust's Board of Trustees (the “Board”). Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated the Adviser as the "valuation designee" to determine the fair value of securities and other instruments for which no readily available market quotations are available. The Fair Value Procedures are implemented through a Fair Value Committee (the “Committee”) of the Adviser.

Some of the more common reasons that may necessitate that a security be valued using fair value procedures include: the security’s trading has been halted or suspended; the security has been de-listed from a national exchange; the security’s primary trading market is temporarily closed at a time when under normal conditions it would be open; the security has not been traded for an extended period of time; the security’s primary pricing source is not able or willing to provide a price; or trading of the security is subject to local government-imposed restrictions. When a security is valued in accordance with the fair value procedures, the Committee will determine the value after taking into consideration relevant information reasonably available to the Committee. As of April 30, 2026, the total market value of securities in the Kopernik Global All-Cap Fund valued in accordance with fair value procedures was $173,378,739 or 5.0% of the Fund’s net assets. As of April 30, 2026, the Kopernik International Fund valued in accordance with fair value procedures was $41,200,212 or 4.3% of the Fund’s net assets.

For securities that principally trade on a foreign market or exchange, a significant gap in time can exist between the time of a particular security’s last trade and the time at which the Funds calculate their net asset values. The closing prices of such securities may no longer reflect their market value at the time the Funds calculate net asset values if an event that could materially affect the value of those securities (a “Significant Event”) has occurred between the time of the security’s last close and the time that the Fund calculates net asset value. A Significant Event may relate to a single issuer or to an entire market sector. If the Adviser of the Funds becomes aware of a Significant Event that has occurred with respect to a security or group of securities after the closing of the exchange or market on which the security or securities principally trade, but before the time at which the Fund calculates net asset value, it may request that a Committee meeting be called.

The Funds use Intercontinental Exchange Data Pricing & Reference Data, LLC. (“ICE”) as a third party fair valuation vendor. ICE provides a fair value for foreign securities in the Funds based on certain factors and methodologies (involving, generally, tracking valuation correlations between the U.S. market and each non-U.S. security) applied by ICE in the event that there is a movement in the U.S. market that exceeds a specific threshold established by the Committee. The Committee establishes a “confidence interval” which is used to determine the level of correlation between the value of a foreign security and movements in the U.S. market before a particular security is fair valued when the threshold is exceeded. In the event that the threshold established by the Committee is exceeded on a specific day, the Fund values its non-U.S. securities that exceed the applicable “confidence interval” based upon the fair values provided by ICE. In such event, it is not necessary to hold a Committee meeting. In the event that the Adviser believes that the fair values provided by ICE are not reliable, the Adviser contacts SEI Investments Global Fund Services (the “Administrator”) and may request that a meeting of the Committee be held.

If a local market in which the Funds own securities is closed for one or more days, the Funds shall value all securities held in that corresponding currency based on the fair value prices provided by ICE using the predetermined confidence interval discussed above.

In accordance with authoritative guidance on fair value measurement under U.S. GAAP, the Funds disclose fair value of its investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. The objective of a fair value measurement is to determine the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). Accordingly, the fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3).

Level 1 — Unadjusted quoted prices in active markets for identical, unrestricted assets or liabilities that the Fund has the ability to access at the measurement date;

Level 2 — Other significant observable inputs (includes quoted prices for similar securities, interest rates, prepayment speeds, credit risk, referenced indices, quoted prices in inactive markets, adjusted quoted prices in active markets, adjusted quoted prices on foreign equity securities that were adjusted in accordance with pricing procedures approved by the Board, etc.); and

Level 3 — Prices, inputs or proprietary modeling techniques which are both significant to the fair value measurement and unobservable (supported by little or no market activity).

Investments are classified within the level of the lowest significant input considered in determining fair value. Investments classified within Level 3 whose fair value measurement considers several inputs may include Level 1 or Level 2 inputs as components of the overall fair value measurement.

The following table summarizes the quantitative inputs and assumptions used for items categorized as recurring Level 3 assets as of April 30, 2026. The following disclosures also include qualitative information on the sensitivity of the fair value measurements to changes in the significant unobservable inputs.

The unobservable inputs used to determine fair value of recurring Level 3 assets may have similar or diverging impacts on valuation. Significant increases and decreases in these inputs in isolation and interrelationships between those inputs could result in significantly higher or lower fair value measurement.

Federal Income Taxes — It is the Funds’ intention to qualify as a regulated investment company for Federal income tax purposes by complying with the appropriate provisions of Subchapter M of the Internal Revenue Code of 1986, as amended. Accordingly, no provisions for Federal income taxes have been made in the financial statements.

The Funds evaluate tax positions taken or expected to be taken in the course of preparing the Funds’ tax returns to determine whether it is “more-likely-than-not” (i.e., greater than 50-percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. Tax positions not deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current period. The Funds did not record any tax provision in the current period. However, management’s conclusions regarding tax positions taken may be subject to review and adjustment at a later date based on factors including, but not limited to, examination by tax authorities (i.e., the last three tax year ends, as applicable), on-going analysis of and changes to tax laws, regulations and interpretations thereof.

As of and during the period ended April 30, 2026, the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. During the period ended April 30, 2026, the Funds did not incur any significant interest or penalties.

Withholding taxes on foreign dividends have been provided for in accordance with the Funds’ understanding of the applicable country’s tax rules and rates. The Funds or their agent files withholding tax reclaims in certain jurisdictions to recover certain amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. Professional fees paid to those that provide assistance in receiving the tax reclaims, which generally are contingent upon successful receipt of reclaimed amounts, are recorded in Professional Fees on the Statements of Operations, if applicable, once the amounts are due. The professional fees related to pursuing these tax reclaims are not subject to the Adviser’s expense limitation agreement.

Security Transactions and Investment Income — Security transactions are accounted for on trade date. Costs used in determining realized gains and losses on the sale of investment securities are based on specific identification. Dividend income is recorded on the ex-dividend date. Interest income is recognized on the accrual basis from settlement date. Certain dividends from foreign securities will be recorded as soon as the Fund is informed of the dividend if such information is obtained subsequent to the ex-dividend date. Discounts and premiums on securities purchased are accreted and amortized.

Foreign Currency Translation — The books and records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars on the date of valuation. The Funds do not isolate that portion of realized or unrealized gains and losses resulting from changes in the foreign exchange rate from fluctuations arising from changes in the market prices of the securities. These gains and losses are included in net realized and unrealized gains and losses on investments on the Statement of Operations. Net realized and unrealized gains and losses on foreign currency transactions represent net foreign exchange gains or losses from foreign currency exchange contracts, disposition of foreign currencies, currency gains or losses realized between trade and settlement dates on securities transactions and the difference between the amount of the investment income and foreign withholding taxes recorded on the Funds’ books and the U.S. dollar equivalent of the amounts actually received or paid.

Forward Foreign Currency Exchange Contracts — The Funds may enter into forward foreign currency exchange contracts to protect the value of securities held and related receivables and payables against changes in future foreign exchange rates. A forward currency contract is an agreement between two parties to buy and sell currency at a set price on a future date. The market value of the contract will fluctuate with changes in currency exchange rates. The contract is marked-to-market daily using the current forward rate and the change in market value is recorded by the Funds as unrealized gain or loss. The Funds recognize realized gains or losses when the contract is closed, equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Any realized or unrealized gains (loss) during the period are presented on the Statements of Operations. Risks may arise from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. Risks may also arise upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts and are generally limited to the amount of unrealized gain on the contracts at the date of default. There were no forward foreign currency contracts for the period ended April 30, 2026.

Options Written/Purchased — The Funds may purchase and write put and call options on indices and enter into related closing transactions. A put option on a security gives the purchaser of the option the right to sell, and the writer of the option the obligation to buy, the underlying security at any time during the option period. A call option on a security gives the purchaser of the option the right to buy, and the writer of the option the obligation to sell, the underlying security at any time during the option period. The premium paid to the writer is the consideration for undertaking the obligations under the option contract. The market value of an option generally reflects the market price of an underlying security. Other principal factors affecting market value include supply and demand, interest rates, the pricing volatility of the underlying security and the time remaining until the expiration date. Premiums received or paid from writing or purchasing options which expire unexercised are treated by the Funds on the expiration date as realized gains or losses. The difference between the premium and the amount paid or received on effecting a closing purchase or sale transaction, including brokerage commissions, is also treated as a realized gain or loss. If an option is exercised, the premium paid or received is added to the cost of the purchase or proceeds from the sale in determining whether a Fund has realized a gain or a loss. Any realized or unrealized gains (loss) during the period are presented on the Statements of Operations. Risks associated with options transactions include: (i) the success of a hedging strategy may depend on an ability to predict movements in the prices of individual securities, fluctuations in markets and movements in interest rates; (ii) there may be an imperfect correlation between the movement in prices of options and the securities underlying them; (iii) there may not be a liquid secondary market for options; and (iv) while a Fund will receive a premium when it writes covered call options, it may not participate fully in a rise in the market value of the underlying security. The Funds had open option contracts as of April 30, 2026 as disclosed in the Funds’ Schedule of Investments.

For the period ended April 30, 2026, the quarterly average balances of options held by the Funds were as follows:

Illiquid Securities — A security is considered illiquid if it cannot be sold or disposed of in the ordinary course of business within seven days or less for its approximate carrying value on the books of a Fund. Valuations of illiquid securities may differ significantly from the values that would have been used had an active market value for these securities existed.

Cash — Idle cash may be swept into various time deposit accounts and is classified as cash on the Statements of Assets and Liabilities. The Funds maintain cash in bank deposit accounts which, at times may exceed United States federally insured limits. Amounts invested are available on the same business day.

Expenses — Most expenses of the Trust can be directly attributed to a particular fund. Expenses which cannot be directly attributed to a particular fund are apportioned among the funds of the Trust based on the number of funds and/or relative net assets.

Classes — Class specific expenses are borne by that class of shares. Income, realized and unrealized gains (losses), and non-class specific expenses are allocated to the respective class on the basis of relative daily net assets.

Dividends and Distributions to Shareholders — The Funds distribute substantially all of their net investment income annually. Any net realized capital gains are distributed annually. All distributions are recorded on ex-dividend date.

Redemption Fees — The Funds retain a redemption fee of 2.00% on redemptions of capital shares held for less than ninety days. Such fees are retained by the Funds for the benefit of the remaining shareholders. For the period ended April 30, 2026, Kopernik Global All-Cap Fund Class A Shares had redemption fees of $134.

Segment Reporting — The Funds adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures (“ASU 2023-07”). Adoption of this standard impacted financial statement disclosures only and did not affect the Funds’ financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity’s chief operating decision maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The Funds’ Principal Executive Officer and Principal Financial Officer act as the Funds’ CODM. The Funds represent a single operating segment, as the CODM monitors the operating results of the Funds as a whole and the Funds’ long-term strategic asset allocation is predetermined in accordance with the Funds’ single investment objective which is executed by the Funds’ portfolio manager. The financial information in the form of the Funds’ schedule of investments, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment’s performance versus the Funds’ comparative benchmarks and to make resource allocation decisions for the Funds’ single segment, is consistent with that presented within the Funds’ financial statements. Segment assets are reflected on the accompanying Statement of Assets and Liabilities as “Total Assets” and significant segment expenses are listed on the accompanying Statement of Operations.

Certain officers of the Trust are also employees of the Administrator and/or SEI Investments Distribution Co. (the “Distributor”). Such officers are paid no fees by the Trust, other than the Chief Compliance Officer (“CCO”) as described below, for serving as officers of the Trust.

The services provided by the CCO and his staff, whom are employees of the Administrator, are paid for by the Trust as incurred. The services include regulatory oversight of the Trust’s Advisors and service providers as required by SEC regulations. The CCO’s services and fees have been approved by and are reviewed by the Board.

4. Administration, Distribution, Shareholder Servicing, Custodian and Transfer Agent Agreements:

The Funds and the Administrator are parties to an Administration Agreement under which the Administrator provides management and administrative services to the Funds. For these services, the Administrator is paid an asset-based fee, which will vary depending on the number of share classes and the average daily net assets of the Funds. For the period ended April 30, 2026, the Kopernik Global All-Cap Fund and Kopernik International Fund paid $1,084,353 and $265,822, respectively, for these services.

The Funds have adopted a distribution plan with respect to the Class A Shares and Investor Class Shares in accordance with the provisions of Rule 12b-1 under the 1940 Act, which regulates circumstances under which an investment company may directly or indirectly bear expenses relating to the distribution of its shares. Because these fees are paid out of the Funds’ assets continuously, over time, these fees will increase the cost of your investment. Under the distribution plan, the Funds may receive up to 0.25% of the average daily net assets of the Class A Shares and Investor Class Shares as compensation for distribution and shareholder services.

SS&C Global Investor & Distribution Solutions, Inc. serves as transfer agent and dividend disbursing agent for the Fund under the transfer agency agreement with the Trust.

During the period ended April 30, 2026, the Kopernik Global All-Cap Fund and Kopernik International Fund earned cash management credits of $ 26,018 and $ 5,274, respectively, which were used to offset transfer agent expenses. These amounts are labeled “Fees Paid Indirectly” on the Statements of Operations.

Brown Brothers Harriman & Co. acts as custodian (the “Custodian”) for the Funds. The Custodian plays no role in determining the investment policies of the Funds or which securities are to be purchased or sold by the Funds.

Under the terms of an investment advisory agreement, the Adviser provides investment advisory services to the Funds at a fee calculated at an annual rate of 0.90% of the Funds’ average daily net assets. The Adviser has contractually agreed (effective November 1, 2013 for the Kopernik Global All-Cap Fund and June 30, 2015 (revised February 8, 2017 and March 1, 2018) for the Kopernik International Fund) to reduce its fees and/or reimburse expenses in order to keep total annual fund operating expenses after fee reductions and/or expense reimbursements (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses and extraordinary expenses (collectively, “excluded expenses”)) from exceeding certain levels as set forth below until February 28, 2027 (the “Contractual Expense Limit”). Refer to waiver of investment advisory fees on the Statement of Operations for fees waived for the period ended April 30, 2026. This agreement may be terminated: (i) by the Board, for any reason at any time, or (ii) by the Adviser, upon ninety (90) days’ prior written notice to the Trust, effective as of the close of business on February 28, 2027.

If at any point it becomes unnecessary for the Adviser to reduce fees or make expense reimbursements, the Adviser may receive from the Funds the difference between the total annual fund operating expenses (not including excluded expenses) and the Contractual Expense Limit to recover all or a portion of its prior fee reductions or expense reimbursements made during the preceding three-year period during which this agreement (or any other agreement) was in place.

During the period ended April 30, 2026, the Funds did not incur any recoupments. Reimbursement of previously waived fees and reimbursed expenses would be recognized as Recovery of Investment Advisory fees previously waived in the Statements of Operations.

The following table shows the derivatives categorized by underlying risk exposure.

The effect of derivative instruments on the Statements of Operations for the period ended April 30, 2026.

Change in unrealized appreciation or (depreciation) on derivatives recognized in income:

For the period ended April 30, 2026, the purchases and sales of investment securities other than long-term U.S. Government and short-term securities were:

The amount and character of income and capital gain distributions to be paid, if any, are determined in accordance with Federal income tax regulations, which may differ from U.S. GAAP. As a result, net investment income (loss) and net realized gain or (loss) on investment transactions for a reporting period may differ significantly from distributions during the year. The book/tax differences may be temporary or permanent. The permanent differences are primarily related to investments in Passive Foreign Investment Companies (“PFICs”), equalization distributions and foreign currency. To the extent these differences are permanent in nature, they are charged or credited to distributable earnings (loss) or paid-in capital, as appropriate, in the period that the differences arise.

The tax character of dividends and distributions declared for the Funds during the years ended October 31, 2025 and October 31, 2024 were as follows:

As of October 31, 2025, the components of distributable earnings (accumulated losses) on a tax basis were as follows:

For Federal income tax purposes the difference between Federal tax cost and book cost primarily relates to investments in derivatives, passive foreign investment companies and losses from wash sales which cannot be used for Federal income tax purposes in the current year and have been deferred for use in future years. The federal tax cost and aggregate gross unrealized appreciation and depreciation on investments held by the Funds at April 30, 2026, were as follows:

The Funds invest in securities of foreign issuers in various countries. These investments may involve certain considerations and risks not typically associated with investments in the United States as a result of, among other factors, the possibility of future political and economic developments and the level of governmental supervision and regulation of securities markets in the respective countries.

The Funds may be subject to taxes imposed by countries in which they invest. Such taxes are generally based on either income or gains earned or repatriated. The Funds accrue and apply such taxes to net investment income, net realized gains and net unrealized gains as income and/or capital gains are earned. The principal risk factors affecting shareholders’ investments in the Funds are set forth below. The following risks pertain to the Funds, unless otherwise noted.

Equity Risk — Since the Funds purchase equity securities, the Funds are subject to the risk that stock prices will fall over short or extended periods of time. Historically, the equity markets have moved in cycles, and the value of the Funds’ equity securities may fluctuate drastically from day to day. Individual companies may report poor results or be negatively affected by industry and/or economic trends and developments. The prices of securities issued by such companies may suffer a decline in response. Actual or threatened war or armed conflicts, acts of terrorism, social or political unrest, the imposition of tariffs and other restrictions on trade, sanctions, government defaults, government shutdowns, and other factors could affect the securities market. In addition, the impact of any epidemic, pandemic or natural disaster, or widespread fear that such events may occur, could negatively affect the global economy, as well as the economies of individual countries, the financial performance of individual companies and sectors, and the markets in general in significant and unforeseen ways. Any such impact could adversely affect the prices and liquidity of the securities and other instruments in which the Funds invest, which in turn could negatively impact the Funds' performance and cause losses on your investment in the Funds. These factors contribute to price volatility, which is the principal risk of investing in the Funds.

Small and Medium Capitalization Companies Risk — The risk that small and medium capitalization companies in which the Funds invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, small and medium capitalization companies may have limited product lines, markets and financial resources, and may depend upon a relatively small management group. Therefore, small capitalization and medium capitalization stocks may be more volatile than those of larger companies. Small capitalization and medium capitalization stocks may be traded over-the-counter or listed on an exchange. The market for small and medium capitalization companies may be less liquid than the market for larger capitalization companies.

Foreign/Emerging and Frontier Market Security Risk — Non-U.S. securities may be subject to additional risks due to, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory and tax environments. Non-U.S. securities are also subject to risks associated with the potential imposition of economic and other sanctions against a particular foreign country, its nationals or industries or businesses within the country. In addition, periodic U.S. Government restrictions on investments in issuers from certain foreign countries may require the Funds to sell such investments at inopportune times, which could result in losses to the Funds. These additional risks may be heightened with respect to emerging and frontier market countries since political turmoil and rapid changes in economic conditions are more likely to occur in these countries.

Geographic Focus Risk — To the extent that a large portion of their portfolios is invested in a particular country or region, the Funds may be more susceptible to economic, political, regulatory or other events or conditions affecting issuers within that country or region. As a result, the Funds may be subject to greater price volatility and risk of loss than a fund holding more geographically diverse investments.

Sector Focus Risk — Because the Fund may, from time to time, be more heavily invested in particular sectors, the value of its shares may be especially sensitive to factors and economic risks that specifically affect those sectors. As a result, the Fund’s share price may fluctuate more widely than the value of shares of a mutual fund that invests in a broader range of sectors.

Liquidity Risk — Certain securities, including privately placed securities and securities of emerging or frontier market issuers, may be difficult or impossible to sell at the time and the price that the Funds would like. The Funds may have to accept a lower price to sell a security, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative effect on Fund management or performance.

Foreign Currency Risk — As a result of the Funds’ investments in securities denominated in, and/or receiving revenues in, foreign currencies, the Funds will be subject to foreign currency risk. Foreign currency risk is the risk that foreign currencies will decline in value relative to the U.S. dollar or, in the case of hedged positions, that the U.S. dollar, in which case, will decline in value relative to the currency hedged. In either event, the dollar value of an investment in the Funds would be adversely affected.

Sanctions Risk — Russia’s military invasion of Ukraine, which started in February 2022, significantly amplified already existing geopolitical tensions. Russia’s actions and the resulting responses by the United States and other countries have increased and may continue to increase volatility and uncertainty in the financial markets and adversely affect regional and global economies. The United States and other countries have imposed broad-ranging economic sanctions on Russia, certain Russian individuals, banking entities and corporations, and Belarus as a response to Russia’s invasion of Ukraine and may impose sanctions on other countries. The extent and duration of the war in Ukraine and the longevity and severity of sanctions remain unknown, but they could result in further and significant market disruptions and may adversely impact the European economy as well as the price and availability of certain commodities, including oil and natural gas, throughout the world. These sanctions, and the resulting disruption of the Russian economy, have caused and may continue to cause volatility in other regional and global markets and may negatively impact the performance of various sectors and industries, as well as companies in other countries, which could have a negative effect on the performance of the Fund. The sanctions and/or any retaliatory action by Russia could also require the Fund to freeze any existing investments in Russian companies or prohibit the Fund from selling or transacting in these investments and could potentially impact the Fund’s liquidity. In general terms, the overall negative impact to the Fund will depend on the extent to which the Fund is prohibited from selling or otherwise transacting in its investments at any given time and whether a fair market valuation can be readily obtained, particularly for any Russia currency-denominated investments and investments in U.S. dollar-denominated depositary receipts representing securities of Russian issuers.

Depositary Receipts Risk — Depositary receipts are certificates evidencing ownership of shares of a foreign issuer that are issued by depositary banks and generally trade on an established market. Depositary receipts are subject to many of the risks associated with investing directly in foreign securities, including, among other things, political, social and economic developments abroad, currency movements, and different legal, regulatory and tax environments.

Convertible and Preferred Securities Risk — Convertible and preferred securities have many of the same characteristics as stocks, including many of the same risks. In addition, convertible securities may be more sensitive to changes in interest rates than stocks. Convertible securities may also have credit ratings below investment grade, meaning that they carry a higher risk of failure by the issuer to pay principal and/or interest when due.

Private Placements Risk — Investment in privately placed securities may be less liquid than in publicly traded securities. Although these securities may be resold in privately negotiated transactions, the prices realized from these sales could be less than those originally paid by the Funds or less than what may be considered the fair value of such securities. Further, companies whose securities are not publicly traded may not be subject to the disclosure and other investor protection requirements that might be applicable if their securities were publicly traded.

Valuation Risk — Valuation risk is the risk that certain securities may be difficult to value and/or valued incorrectly. This risk may be especially pronounced for investments that may be illiquid or may become illiquid.

At April 30, 2026, the percentage of total shares outstanding held by shareholders for each Fund, which are comprised of omnibus accounts that were held on behalf of multiple underlying shareholders was as follows:

In the normal course of business, the Funds enter into contracts that provide general indemnifications. The Funds’ maximum exposure under these arrangements is dependent on future claims that may be made against the Funds and, therefore, cannot be established; however, based on experience, the risk of loss from such claim is considered remote.

The Funds adopted FASB Accounting Standards Update 2023-09 (“ASU 2023-09”), Income Taxes (Topic 740) Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. Adoption of ASU 2023-09 impacted financial statement disclosures only and did not affect any Funds’ financial position or the results of their operations.

The Funds have evaluated the need for additional disclosures and/or adjustments resulting from subsequent events through the date the financial statements were issued. Based on this evaluation, no additional disclosures and/or adjustments were required to the financial statements.

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

There were no matters submitted to a vote of shareholders during the period covered by this report.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

The remuneration paid by the company during the period covered by the report to the Trustees on the company’s Board of Trustees is disclosed within the Statement(s) of Operations of the financial statements (Item 7).

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

This information must be preceded or accompanied by a current prospectus for the Funds described.

There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees during the period covered by this report.

(a) The Registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the Registrant's disclosure controls and procedures, as defined in Rule 30a-3(c) under the Act (17 CFR § 270.30a-3(c)), as of a date within 90 days of the filing date of the report, are effective based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR § 270.30a-3(b)) and Rule 13a-15(b) or Rule 15d-15(b) under the Securities Exchange Act of 1934 (17 CFR § 240.13a-15(b) or § 240.15d-15(b)).

(b) There has been no change in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR § 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

THE ADVISORS’ INNER CIRCLE FUND II	KOPERNIK GLOBAL
	ALL-CAP FUND
	APRIL 30, 2026
	(Unaudited)

COMMON STOCK — 80.0%	Shares		Value
ARGENTINA — 0.6%
CONSUMER STAPLES — 0.6%
Cresud SACIF y A ADR (A)		1,929,006	$	21,701,314

REAL ESTATE — 0.0%
IRSA Inversiones y Representaciones SA ADR		38,775		541,685

Total Argentina				22,242,999

AUSTRALIA — 3.6%
CONSUMER STAPLES — 0.3%
Treasury Wine Estates, Ltd.		3,559,592		11,187,940

ENERGY — 1.6%
Paladin Energy, Ltd. (AUD) *		4,108,848		35,029,761
Paladin Energy, Ltd. (CAD) *		2,352,144		20,415,782
				55,445,543

MATERIALS — 1.7%
BHP Group		478,890		18,954,087
Champion Iron		6,072,112		20,976,719
Deterra Royalties		5,907,430		17,792,418
				57,723,224

Total Australia				124,356,707

BRAZIL — 2.8%
CONSUMER STAPLES — 0.7%
BrasilAgro - Brasileira de Propriedades Agricolas (A)		2,575,900		9,800,468
SLC Agricola SA		4,390,650		15,091,252
				24,891,720

MATERIALS — 1.3%
Vale SA		2,778,226		45,624,891

UTILITIES — 0.8%
Axia Energia		1,692,511		21,252,945

THE ADVISORS’ INNER CIRCLE FUND II	KOPERNIK GLOBAL
	ALL-CAP FUND
	APRIL 30, 2026
	(Unaudited)

COMMON STOCK — continued	Shares		Value
BRAZIL — continued
UTILITIES — continued
Axia Energia *		514,088	$	6,148,121
				27,401,066

Total Brazil				97,917,677

CANADA — 9.7%
ENERGY — 1.4%
Cenovus Energy, Inc.		1,578,426		46,178,562

MATERIALS — 8.3%
Aris Mining Corp. *		394,999		7,060,460
Gabriel Resources, Ltd. *		4,427,406		407,425
Gabriel Resources, Ltd. * †		496,058		45,649
Gabriel Resources, Ltd. * †		347,197		31,950
International Tower Hill Mines, Ltd. * (A)		7,297,616		17,149,397
Ivanhoe Mines, Ltd., Cl A *		4,957,903		40,149,397
Lumina Metals *		942,106		8,669,581
Northern Dynasty Minerals, Ltd. (CAD) * (A)		2,795,815		5,886,576
Northern Dynasty Minerals, Ltd. (USD) * (A)		5,684,516		11,937,484
Novagold Resources, Inc. *		1,811,816		14,603,237
Novagold Resources, Inc. * †(B)		1,687,905		13,604,514
Nutrien, Ltd.		652,838		49,615,688
Seabridge Gold, Inc. (CAD) * (A)		1,422,848		39,710,066
Seabridge Gold, Inc. (USD) * (A)		2,123,450		59,350,427
Western Copper & Gold Corp. * (A)		6,205,117		17,267,525
				285,489,376

Total Canada				331,667,938

CHILE — 1.1%
COMMUNICATION SERVICES — 0.8%
Empresa Nacional de Telecomunicaciones SA (A)		7,184,810		28,425,916

CONSUMER DISCRETIONARY — 0.0%
Empresas Copec		119,251		835,331

THE ADVISORS’ INNER CIRCLE FUND II	KOPERNIK GLOBAL
	ALL-CAP FUND
	APRIL 30, 2026
	(Unaudited)

Financial Statements (Form N-CSRS Item 7)
Schedules of Investments	1
Statements of Assets and Liabilities	34
Statements of Operations	36
Statements of Changes In Net Assets	37
Financial Highlights	39
Notes to Financial Statements	43
Other Information (Form N-CSRS Items 8-11)	59

CONVERTIBLE BOND — 1.2%	Face Amount		Value
CANADA — 1.2%
MATERIALS — 1.2%
Northern Dynasty Minerals, Ltd.
2.000%, 12/11/2032(B)	$	7,108,000	$	42,114,758

INDIA — 0.0%
CONSUMER STAPLES — 0.0%
REI Agro, Ltd.
5.500%, 11/13/2014(B)(C)(D)	$	723,000		—

TOTAL CONVERTIBLE BOND
(Cost $7,831,000)				42,114,758

PREFERRED STOCK — 1.2%	Shares		Value
BRAZIL — 0.5%
ENERGY — 0.5%
Petroleo Brasileiro SA (E)		1,747,100		17,418,782

GERMANY — 0.7%
HEALTH CARE — 0.7%
Draegerwerk & KGaA , 0.900%(A)		229,575		24,260,910

TOTAL PREFERRED STOCK
(Cost $18,248,209)				41,679,692
WARRANTS — 0.5%
CANADA — 0.5%
MATERIALS — 0.5%
Novagold Resources, Inc., Expires 04/22/30(B)		2,717,012		15,813,010

WARRANTS — continued	Shares	Value
MATERIALS — continued

TOTAL WARRANTS
(Cost $–)		$	15,813,010

RIGHTS — 0.0%	Number of Rights
CANADA — 0.0%
MATERIALS — 0.0%
Pan American Silver Corp., Expires 02/22/29(B)		2,385,283	1,633,919

TOTAL RIGHTS
(Cost $–)			1,633,919

SHORT TERM INVESTMENT — 0.6%	Shares
Dreyfus Treasury Securities Cash Management - Participant Shares, 3.120%(F)		22,022,244	22,022,244

TOTAL SHORT TERM INVESTMENT
(Cost $22,022,244)			22,022,244

PURCHASED OPTION — 0.2%	Value
UNITED STATES — 0.2% *

TOTAL PURCHASED OPTIONS
(Cost $17,941,549)		5,775,750

TOTAL INVESTMENTS— 85.0%
(Cost $2,283,831,697)		2,922,115,113

Other Assets and Liabilities, Net — 15.0%		514,817,593

NET ASSETS — 100.0%	$	3,436,932,706

Description	Number of Contracts	Notional Amount		Exercise Price		Expiration Date		Value
PURCHASED OPTION — 0.2%
Put Options
SPXW*	1,359	$	944,505,000	$	6,950.00		05/29/26	$	5,775,750
TOTAL PURCHASED OPTION
(Cost $17,941,549)		$	944,505,000					$	5,775,750

Investments in Securities	Level 1		Level 2		Level 3		Total
Common Stock
Argentina	$	22,242,999	$	—	$	—	$	22,242,999
Australia		20,415,782		103,940,925		—		124,356,707
Brazil		97,917,677		—		—		97,917,677
Canada		317,985,825		77,599		13,604,514		331,667,938
Chile		37,851,333		—		—		37,851,333
China		4,408,133		134,603,478		—		139,011,611
Finland		—		15,853,053		—		15,853,053
France		—		110,104,284		—		110,104,284
Germany		—		84,171,195		—		84,171,195
Hong Kong		1,098,902		87,075,745		—		88,174,647
Indonesia		17,134,205		11,585,646		—		28,719,851
Israel		8,282,902		—		—		8,282,902
Japan		—		139,339,086		—		139,339,086
Kazakhstan		9,009,559		27,338,693		—		36,348,252
Lebanon		—		—		1,927,731		1,927,731
Malaysia		27,001,197		—		—		27,001,197
Mexico		33,864,012		—		—		33,864,012
Philippines		7,241,011		7,488,594		—		14,729,605
Russia		—		—		98,284,807		98,284,807
Saudi Arabia		—		17,475,769		—		17,475,769
Singapore		—		73,752,227		—		73,752,227
South Africa		—		199,121,773		—		199,121,773
South Korea		29,385,759		400,759,525		—		430,145,284
Sri Lanka		4,231,954		—		—		4,231,954
Thailand		—		44,263,978		—		44,263,978
Ukraine		—		38,592,591		—		38,592,591
United Kingdom		15,957,684		145,363,206		—		161,320,890
United States		339,974,066		—		—		339,974,066
Total Common Stock		994,003,000		1,640,907,367		113,817,052		2,748,727,419
Unit Trust Fund
Canada		44,348,321		—		—		44,348,321

	Common Stock		Convertible Bond		Warrants			Rights		Total
Beginning balance as of November 1, 2025	$	88,153,026	$	40,928,504	$	18,294,785		$	906,408	$	148,282,723
Accrued discounts/ premiums		—		—		—			—		—
Realized gain/(loss)		—		—		—			—		—
Change in unrealized appreciation/(depreciation)		19,334,382		1,186,254		(787,933	)		727,511		20,460,214
Purchases		—		—		—			—		—
Sales		—		—		(1,693,842	)		—		(1,693,842	)
Transfers into Level 3		6,329,644		—		—			—		6,329,644
Transfers out of Level 3		—		—		—			—		—
Ending balance as of April 30, 2026	$	113,817,052	$	42,114,758	$	15,813,010		$	1,633,919	$	173,378,739
Change in unrealized gains (losses) included in earnings related to securities still held at reporting period date	$	19,334,382	$	1,186,254	$	(787,933	)	$	727,511	$	20,460,214

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	$	31,950
Gabriel Resources, Ltd.		496,058	6/17/2022		834,788		45,649
Novagold Resources, Inc.		1,687,905	5/8/2025		6,329,644		13,604,514
				$	7,868,569	$	13,682,113

Value as of 10/31/2025		Purchases at Cost		Proceeds from Sale			Realized Gain/(Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value as of 4/30/2026		Dividend/ Interest Income
Astarta Holding PLC
$	8,207,836	$	—	$	—		$	—		$	857,199		$	9,065,035	$	—
BrasilAgro - Brasileira de Propriedades Agricolas
	8,909,289		683,540		—			—			207,639			9,800,468		51,360
China Communications Services Corp., Ltd., Cl H
	27,256,787		7,136,222		—			—			(2,545,403	)		31,847,606		—
Chong Kun Dang Pharmaceutical Corp.
	14,682,249		4,859,973		—			—			88,177			19,630,399		101,987
Cresud SACIF y A ADR
	23,661,633		16,754,764		(17,189,875	)		18			(1,525,226	)		21,701,314		1,165,562
Draegerwerk & KGaA
	20,830,924		937,767		(3,184,243	)		1,340,650			4,335,812			24,260,910		—
Empresa Nacional de Telecomunicaciones SA
	28,379,345		5,248,182		—			—			(5,201,611	)		28,425,916		1,855,068
Eramet SA
	29,345,713		12,559,029		—			—			574,149			42,478,891		—
Etalon Group PLC GDR
	1,736,424		—		—			—			(307,937	)		1,428,487		—
Fukuda Corp.
	6,862,883		1,291,385		—			—			1,555,773			9,710,041		249,660
Golden Agri-Resources, Ltd.
	59,984,204		—		—			—			9,505,298			69,489,502		—
Guangshen Railway Co., Ltd., Cl H
	12,989,556		1,858,643		—			—			696,701			15,544,900		—
Hi Sun Technology China, Ltd.
	5,267,227		—		—			—			(1,405,390	)		3,861,837		—
International Tower Hill Mines, Ltd.
	11,721,248		1,641,212		—			—			3,786,937			17,149,397		—
K+S AG
	72,528,682		—		(19,421,052	)		3,504,687			27,558,878			84,171,195		—
Kyorin Pharmaceutical Co., Ltd.
	16,971,674		1,968,164		—			—			1,382,578			20,322,416		399,466
LG Uplus Corp.
	106,258,618		5,083,598		(13,086,453	)		2,791,557			(1,551,033	)		99,496,287		2,544,185
Luks Group Vietnam Holdings Co., Ltd.
	1,119,573		—		—			—			(20,671	)		1,098,902		—
Media Nusantara Citra Tbk PT
	5,263,714		702,627		—			—			(765,832	)		5,200,509		—
MHP SE (LSE Shares) GDR
	16,227,574		—		—			—			12,849,101			29,076,675		—
MHP SE (USD Shares) GDR
	251,635		—		893			(893	)		199,246			450,881		—
Northern Dynasty Minerals, Ltd. (CAD)
	5,661,199		—		—			—			225,377			5,886,576		—

THE ADVISORS’ INNER CIRCLE FUND II	KOPERNIK
	INTERNATIONAL FUND
	APRIL 30, 2026
	(Unaudited)

SCHEDULE OF INVESTMENTS
COMMON STOCK — 60.5%	Shares		Value
AUSTRALIA — 2.8%
CONSUMER STAPLES — 0.3%
Treasury Wine Estates, Ltd.		924,006	$	2,904,188

ENERGY — 1.4%
Paladin Energy, Ltd. *		1,566,316		13,353,542

MATERIALS — 1.1%
BHP Group		252,511		9,994,186

Total Australia				26,251,916

BRAZIL — 1.9%
MATERIALS — 1.2%
Vale SA		733,300		12,042,481

UTILITIES — 0.7%
Axia Energia		395,660		4,968,322
Axia Energia *		115,770		1,384,522
				6,352,844
Total Brazil				18,395,325

CANADA — 7.6%
ENERGY — 1.3%
Cenovus Energy, Inc.		416,227		12,177,172

MATERIALS — 6.3%
Ivanhoe Mines, Ltd., Cl A *		1,368,435		11,081,669
Novagold Resources, Inc. *		1,195,579		9,636,367
Nutrien, Ltd.		179,956		13,676,656
Seabridge Gold, Inc. * (A)		934,993		26,133,054
				60,527,746

Total Canada				72,704,918

CHILE — 0.3%
CONSUMER DISCRETIONARY — 0.0%
Empresas Copec		31,593		221,303

PREFERRED STOCK — 1.0%	Shares		Value
BRAZIL — 1.0%
ENERGY — 1.0%
Petroleo Brasileiro SA (D)		928,200	$	9,254,258

TOTAL PREFERRED STOCK
(Cost $4,043,182)				9,254,258

SHORT TERM INVESTMENT — 1.0%
Dreyfus Treasury Securities Cash Management - Participant Shares, 3.120%(E)		9,531,597		9,531,597

TOTAL SHORT TERM INVESTMENT
(Cost $9,531,597)				9,531,597

PURCHASED OPTION — 0.1%			Value
UNITED STATES — 0.1% *
TOTAL PURCHASED OPTIONS
(Cost $4,911,152)				1,581,000

TOTAL INVESTMENTS— 63.7%
(Cost $513,633,765)				606,831,384

Other Assets and Liabilities, Net — 36.3%				345,765,327

NET ASSETS — 100.0%			$	952,596,711

	Common Stock
Beginning balance as of November 1, 2025	$	35,911,794
Accrued discounts/premiums		—
Realized gain/(loss)		—
Change in unrealized appreciation/(depreciation)		5,288,418
Purchases		—
Sales		—
Transfers into Level 3		—
Transfers out of Level 3		—
Ending balance as of April 30, 2026	$	41,200,212
Change in unrealized gains (losses) included in earnings related to securities still held at reporting period date	$	5,288,418

THE ADVISORS’ INNER CIRCLE FUND II	KOPERNIK FUNDS
	APRIL 30, 2026
	(Unaudited)

	Kopernik Global All-Cap Fund		Kopernik International Fund
Assets:
Investments, at Value (Cost $1,753,753,525 and $427,331,898)	$	2,225,298,815	$	491,828,005
Affiliated Investments, at Value (Cost $530,078,172 and $86,301,867)		696,816,298		115,003,379
Cash		513,374,306		339,210,044
Foreign Currency, at Value (Cost $4,422,745 and $—)		4,439,328		—
Receivable for Investment Securities Sold		7,743,195		2,610,412
Dividend and Interest Receivable		6,732,536		2,072,110
Receivable for Capital Shares Sold		2,244,524		9,108,542
Reclaim Receivable		1,418,034		346,943
Unrealized Gain on Foreign Spot Currency Contracts		—		5,980
Prepaid Expenses		41,976		28,457
Total Assets		3,458,109,012		960,213,872

Liabilities:
Payable for Investment Securities Purchased		17,608,270		4,829,943
Payable for Investment Securities Purchased from Affiliated Investments		107,510		—
Payable for Capital Shares Redeemed		413,192		453,968
Unrealized Loss on Foreign Spot Currency Contracts		7,963		—
Payable due to Adviser		2,476,231		661,711
Payable due to Administrator		186,260		50,365
Distribution Fees Payable (Class A Shares)		25,324		4,462
Payable due to Trustees		8,759		2,137
Chief Compliance Officer Fees Payable		6,358		1,551
Payable due to Custodian		—		1,497,439
Other Accrued Expenses and Other Payables		336,439		115,585
Total Liabilities		21,176,306		7,617,161

Commitments and Contingencies†
Net Assets	$	3,436,932,706	$	952,596,711

Net Assets Consist of:
Paid-in Capital	$	2,538,166,553	$	795,403,652
Total Distributable Earnings		898,766,153		157,193,059
Net Assets	$	3,436,932,706	$	952,596,711

	Kopernik Global All-Cap Fund		Kopernik International Fund
Class A Shares:
Net Assets	$	132,444,795	$	N/A
Outstanding Shares of beneficial interest (unlimited authorization - no par value)		7,583,338		N/A
Net Asset Value Offering and Redemption Price, Per Share*	$	17.47	$	N/A
Maximum Offering Price Per Share ($17.47/94.25%)	$	18.54	$	N/A
Class I Shares:
Net Assets	$	3,304,487,911	$	929,539,578
Outstanding Shares of beneficial interest (unlimited authorization - no par value)		190,489,343		48,816,185
Net Asset Value Offering and Redemption Price, Per Share	$	17.35	$	19.04
Investor Shares:
Net Assets		N/A		23,057,233
Outstanding Shares of beneficial interest (unlimited authorization - no par value)		N/A		1,219,400
Net Asset Value Offering and Redemption Price, Per Share		N/A		18.91

THE ADVISORS’ INNER CIRCLE FUND II	KOPERNIK FUNDS
	FOR THE SIX MONTHS
	ENDED APRIL 30, 2026
	(Unaudited)

The Advisors' Inner Circle Fund II

Kopernik Global All-Cap Fund

Class A Shares - KGGAX

Semi-Annual Shareholder Report: April 30, 2026

What were the Fund costs for the last six months?

Key Fund Statistics as of April 30, 2026

What did the Fund invest in?

Asset/Country WeightingsFootnote Reference*

Top Ten Holdings

Changes in and Disagreements with Accountants

Additional Information

Householding

The Advisors' Inner Circle Fund II

Kopernik Global All-Cap Fund

Class I Shares - KGGIX

Semi-Annual Shareholder Report: April 30, 2026

What were the Fund costs for the last six months?

Key Fund Statistics as of April 30, 2026

What did the Fund invest in?

Asset/Country WeightingsFootnote Reference*

Top Ten Holdings

Changes in and Disagreements with Accountants

Additional Information

Householding

The Advisors' Inner Circle Fund II

Kopernik International Fund

Class I Shares - KGIIX

Semi-Annual Shareholder Report: April 30, 2026

What were the Fund costs for the last six months?

Key Fund Statistics as of April 30, 2026

What did the Fund invest in?

Asset/Country WeightingsFootnote Reference*

Top Ten Holdings

Changes in and Disagreements with Accountants

Additional Information

Householding

The Advisors' Inner Circle Fund II

Kopernik International Fund

Investor Shares - KGIRX

Semi-Annual Shareholder Report: April 30, 2026

What were the Fund costs for the last six months?

Key Fund Statistics as of April 30, 2026

What did the Fund invest in?

Asset/Country WeightingsFootnote Reference*

Top Ten Holdings

Changes in and Disagreements with Accountants

Additional Information

Householding

Asset/Country Weightings^{Footnote Reference*}

Asset/Country Weightings^{Footnote Reference*}

Asset/Country Weightings^{Footnote Reference*}

Asset/Country Weightings^{Footnote Reference*}

	Kopernik Global All-Cap Fund			Kopernik International Fund
Investment Income:
Dividends	$	30,112,105		$	6,646,477
Dividends from Affiliated Investments		6,522,211			647,012
Interest		7,751,600			4,020,154
Less: Foreign Taxes Withheld		(4,477,361	)		(794,756	)
Total Investment Income		39,908,555			10,518,887

Expenses:
Investment Advisory Fees		14,286,045			3,464,012
Administration Fees		1,084,353			265,822
Distribution Fees (Class A Shares)		154,196			26,200
Trustees' Fees		17,012			4,207
Chief Compliance Officer Fees		5,054			1,258
Custodian Fees		339,629			113,233
Transfer Agent Fees		72,096			39,169
Printing Fees		69,803			16,978
Registration and Filing Fees		58,303			32,575
Legal Fees		40,319			10,435
Audit Fees		21,145			16,956
Other Expenses		27,960			7,169
Total Expenses		16,175,915			3,998,014

Less:
Fees Paid Indirectly — Note 4		(26,018	)		(5,274	)
Net Expenses		16,149,897			3,992,740
Net Investment Income		23,758,658			6,526,147

Net Realized Gain (Loss) on:
Investments		432,474,025			87,868,136
Affiliated Investments		15,950,759			1,177,626
Purchased Options		(57,750,179	)		(13,193,578	)
Foreign Currency Transactions		(616,587	)		(123,410	)
Net Realized Gain		390,058,018			75,728,774

Net Change in Unrealized Appreciation (Depreciation) on:
Investments		117,037,676			34,126,516
Affiliated Investments		65,103,301			16,595,679
Purchased Options		(443,279	)		(630,804	)
Foreign Currency Transactions		41,462			1,220
Net Change in Unrealized Appreciation		181,739,160			50,092,611
Net Realized and Unrealized Gain		571,797,178			125,821,385
Net Increase in Net Assets Resulting from Operations	$	595,555,836		$	132,347,532

	Six Months Ended April 30, 2026 (Unaudited)			Year Ended October 31, 2025
Operations:
Net Investment Income	$	23,758,658		$	46,719,647
Net Realized Gain		390,058,018			371,183,338
Net Change in Unrealized Appreciation		181,739,160			452,778,498
Net Increase in Net Assets Resulting From Operations		595,555,836			870,681,483
Distributions:
Class A Shares		(17,291,487	)		(4,021,530	)
Class I Shares		(451,475,382	)		(103,389,650	)

Total Distributions		(468,766,869	)		(107,411,180	)

Capital Share Transactions:⁽¹⁾
Class A Shares
Issued		13,157,021			23,242,891
Reinvestment of Distributions		15,331,529			3,526,638
Redemption Fees - Note 2		134			11,910
Redeemed		(13,881,337	)		(26,291,475	)
Net Class A Share Transactions		14,607,347			489,964
Class I Shares
Issued		286,567,964			569,804,481
Reinvestment of Distributions		349,455,096			75,624,019
Redemption Fees - Note 2		–			171
Redeemed		(407,069,803	)		(511,005,576	)
Net Class I Share Transactions		228,953,257			134,423,095

Net Increase in Net Assets From Capital Share Transactions		243,560,604			134,913,059

Total Increase in Net Assets		370,349,571			898,183,362

Net Assets:
Beginning of Period		3,066,583,135			2,168,399,773
End of Period	$	3,436,932,706		$	3,066,583,135

	Class A Shares
	Six Months Ended April 30, 2026 (Unaudited)			Year Ended October 31, 2025			Year Ended October 31, 2024			Year Ended October 31, 2023			Year Ended October 31, 2022			Year Ended October 31, 2021
Net Asset Value, Beginning of Year	$	16.87		$	12.56		$	12.12		$	11.56		$	15.91		$	11.45
Income (Loss) from Investment Operations:
Net Investment Income*		0.10			0.24			0.21			0.27			0.12			0.12
Net Realized and Unrealized Gain (Loss)		3.02			4.68			1.20			1.77			(3.21	)		4.94
Total from Investment Operations		3.12			4.92			1.41			2.04			(3.09	)		5.06
Redemption Fees		—	⁽¹⁾		—	⁽¹⁾		—			—	⁽¹⁾		—			—
Dividends and Distributions:
Net Investment Income		(0.93	)		(0.50	)		(0.54	)		(0.05	)		(0.73	)		(0.35	)
Capital Gains		(1.59	)		(0.11	)		(0.43	)		(1.43	)		(0.53	)		(0.25	)
Total Dividends and Distributions		(2.52	)		(0.61	)		(0.97	)		(1.48	)		(1.26	)		(0.60	)
Net Asset Value, End of Year	$	17.47		$	16.87		$	12.56		$	12.12		$	11.56		$	15.91
Total Return^†		20.26	%		41.79	%		12.27	%		18.83	%		(20.79	)%		45.38	%
Ratios and Supplemental Data
Net Assets, End of Year (Thousands)	$	132,445		$	112,768		$	82,424		$	80,526		$	70,443		$	105,632
Ratio of Expenses to Average Net Assets⁽²⁾		1.24	%^††		1.25	%		1.26	%		1.28	%		1.26	%		1.28	%
Ratio of Expenses to Average Net Assets (Excluding Waivers, Recaptured Fees and Fees Paid Indirectly)		1.24	%^††		1.25	%		1.26	%		1.28	%		1.26	%		1.28	%
Ratio of Net Investment Income to Average Net Assets		1.24	%		1.74	%		1.77	%		2.26	%		0.87	%		0.81	%
Portfolio Turnover Rate		27%§			56	%		43	%		39	%		58	%		45	%

*	Per share data calculated using average shares method.
†	Total return is for the period indicated and has not been annualized. Returns shown do not reflect the deductions of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares and does not reflect the applicable sales charge, if applicable.
††	Annualized.
§	Portfolio turnover rate is for the period indicated and has not been annualized.
(1)	Amount represents less than $0.005 per share.
(2)	The ratio of expenses to average net assets excludes the effects of fees paid indirectly. If these expense offsets were included, the ratio would be equal to the ratio presented.
	Amounts designated as “—” are either not applicable, $0 or have been rounded to $0.

	Investor Shares
	Six Months Ended April 30, 2026 (Unaudited)			Year Ended October 31, 2025			Year Ended October 31, 2024			Year Ended October 31, 2023			Year Ended October 31, 2022			Year Ended October 31, 2021
Net Asset Value, Beginning of Year	$	18.09		$	14.31		$	14.65		$	12.44		$	17.36		$	13.18
Income (Loss) from Investment Operations:
Net Investment Income*		0.13			0.32			0.30			0.36			0.13			0.11
Net Realized and Unrealized Gain (Loss)		3.11			3.95			1.05			2.16			(4.14	)		4.48
Total from Investment Operations		3.24			4.27			1.35			2.52			(4.01	)		4.59
Dividends and Distributions:
Net Investment Income		(0.73	)		(0.43	)		(0.60	)		(0.13	)		(0.32	)		(0.24	)
Capital Gains		(1.69	)		(0.06	)		(1.09	)		(0.18	)		(0.59	)		(0.17	)
Total Dividends and Distributions		(2.42	)		(0.49	)		(1.69	)		(0.31	)		(0.91	)		(0.41	)
Net Asset Value, End of Year	$	18.91		$	18.09		$	14.31		$	14.65		$	12.44		$	17.36
Total Return^†		19.35	%		31.31	%		9.83	%		20.40	%		(24.26	)%		35.39	%
Ratios and Supplemental Data
Net Assets, End of Year (Thousands)	$	23,057		$	17,922		$	10,105		$	15,766		$	11,521		$	7,336
Ratio of Expenses to Average Net Assets⁽¹⁾		1.24	%^††		1.25	%		1.29	%		1.29	%		1.29	%		1.34	%⁽²⁾
Ratio of Expenses to Average Net Assets (Excluding Waivers, Recaptured Fees and Fees Paid Indirectly)		1.24	%^††		1.25	%		1.29	%		1.29	%		1.29	%		1.31	%
Ratio of Net Investment Income to Average Net Assets		1.36	%		2.07	%		2.18	%		2.56	%		0.87	%		0.68	%
Portfolio Turnover Rate		28	%§		53	%		42	%		53	%		62	%		56	%

Kopernik Global All-Cap Fund
Asset	Fair Value at April 30, 2026	Valuation Techniques	Unobservable Inputs	Inputs
Common Stock	$113,817,052	Exchange Price Adjusted	Discount Rate	70%
Convertible Bond	$42,114,758	Third Party Proprietary Model	Credit Spread, Volatility	13%, 60%
Warrants	$15,813,010	Black-Scholes	Volatility	55%
Rights	$1,633,919	Recent Trade	Alternate Exchange Price	$0.53

Kopernik Global All-Cap Fund

Average Quarterly Market Value Contracts Purchased	$	16,853,695

Average Quarterly Market Value Contracts Written	$	—

Kopernik Global International Fund

Average Quarterly Market Value Contracts Purchased	$	4,266,862

Average Quarterly Market Value Contracts Written	$	—

	Class A Shares	Class I Shares	Investor Class Shares
Kopernik Global All-Cap Fund	1.35%	1.10%	N/A
Kopernik International Fund	N/A	1.10%	1.35%

Derivatives Not Accounted for as Hedging Instruments	Purchased Options and Swaptions			Written Options and Swaptions		Futures		Forward Currency Contracts		Swaps		Total
Kopernik Global All-Cap Fund
Equity contracts		(57,750,179	)		—		—		—		—		(57,750,179	)
Total	$	(57,750,179	)	$	—	$	—	$	—	$	—	$	(57,750,179	)

Kopernik International Fund
Equity contracts		(13,193,578	)		—		—		—		—		(13,193,578	)
Total	$	(13,193,578	)	$	—	$	—	$	—	$	—	$	(13,193,578	)

Kopernik Global All-Cap Fund	Six-Month Period Ended April 30, 2026 (Unaudited)			Year Ended October 31, 2025
Shares Transactions:
Class A Shares
Issued		776,836			1,704,045
Reinvestment of Distributions		947,565			315,418
Redeemed		(827,278	)		(1,897,913	)
Increase in Class A Shares		897,123			121,550
Class I Shares
Issued		17,243,538			41,852,803
Reinvestment of Distributions		21,743,426			6,811,995
Redeemed		(24,513,836	)		(39,513,073	)
Increase in Class I Shares		14,473,128			9,151,725