Advisors' Inner Circle Fund II NPORT-P Cardinal Small Cap Value Fund (Jan 2022 report)

THE ADVISORS’ INNER CIRCLE FUND II CARDINAL SMALL CAP VALUE FUND JANUARY 31, 2022 (UNAUDITED)  

  SCHEDULE OF INVESTMENTS

  COMMON STOCK — 95.3%

	Shares		Value
COMMUNICATION SERVICES — 10.8%
John Wiley & Sons, Cl A		49,372	$	2,505,629
Nexstar Media Group, Cl A		28,641		4,736,649
WideOpenWest *		75,061		1,396,885
Ziff Davis *		36,880		3,874,613
				12,513,776
CONSUMER DISCRETIONARY — 6.4%
Everi Holdings *		59,924		1,184,697
Lithia Motors, Cl A		9,819		2,868,425
Oxford Industries		25,107		2,068,566
Ruth’s Hospitality Group		66,896		1,339,927
				7,461,615
CONSUMER STAPLES — 2.6%
Spectrum Brands Holdings		33,590		3,002,274
ENERGY — 6.8%
Archaea Energy *		84,115		1,454,348
Magnolia Oil & Gas, Cl A		111,541		2,412,632
Rattler Midstream		104,580		1,359,540
Viper Energy Partners		98,859		2,673,147
				7,899,667
FINANCIALS — 21.8%
BGC Partners, Cl A		420,689		1,775,308
Columbia Banking System		82,665		2,874,262
FB Financial		81,556		3,630,873
First Merchants		95,998		4,073,195
Pacific Premier Bancorp		102,574		3,923,455
PacWest Bancorp		117,083		5,436,164
Starwood Property Trust ‡		146,841		3,634,315
				25,347,572
HEALTH CARE — 2.5%
Ligand Pharmaceuticals *		5,575		694,812
ModivCare *		19,375		2,246,144
				2,940,956

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THE ADVISORS’ INNER CIRCLE FUND II CARDINAL SMALL CAP VALUE FUND JANUARY 31, 2022 (UNAUDITED)  

  COMMON STOCK — continued

	Shares		Value
INDUSTRIALS — 17.9%
Atkore *		3,736	$	402,666
BWX Technologies, Cl W		46,865		2,085,961
CBIZ *		113,300		4,376,779
CIRCOR International *		73,093		2,029,793
Colfax *		97,170		3,995,630
ESCO Technologies		13,227		1,055,250
Forward Air		28,672		3,047,834
Kaman		38,092		1,522,537
KAR Auction Services *		165,115		2,347,935
				20,864,385
INFORMATION TECHNOLOGY — 14.0%
ACI Worldwide *		106,850		3,672,434
Cognyte Software *		88,783		963,296
OSI Systems *		18,296		1,517,470
Silicon Motion Technology ADR		53,123		4,196,717
Verint Systems *		57,835		2,968,671
Verra Mobility, Cl A *		187,074		2,963,252
				16,281,840
MATERIALS — 5.4%
HB Fuller		32,697		2,346,664
Silgan Holdings		89,112		3,990,435
				6,337,099
REAL ESTATE — 7.1%
Community Healthcare Trust ‡		46,843		2,123,861
Howard Hughes *		21,699		2,089,831
Medical Properties Trust ‡		74,143		1,687,495
Newmark Group, Cl A		152,602		2,336,337
				8,237,524
TOTAL COMMON STOCK (Cost $89,391,581)				110,886,708

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THE ADVISORS’ INNER CIRCLE FUND II CARDINAL SMALL CAP VALUE FUND JANUARY 31, 2022 (UNAUDITED)  

  SHORT-TERM INVESTMENT — 4.5%

	Shares		Value
First American Treasury Obligations Fund, Cl X, 0.010% (A) (Cost $5,174,357)		5,174,357	$	5,174,357
TOTAL INVESTMENTS— 99.8% (Cost $94,565,938)			$	116,061,065

Percentages are based on Net Assets of $116,297,162.

* Non-income producing security.

‡ Real Estate Investment Trust

(A) The rate shown is the 7-day effective yield as of January 31, 2022.

ADR — American Depositary Receipt

Cl — Class

As of January 31, 2022 all of the Fund’s investments were considered Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles.

For the period ended January 31, 2022, there were no transfers in or out of Level 3.

For information regarding the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to the Fund’s most recent semi-annual and annual financial statements.

CAR-QH-001-1600

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