THE ADVISORS’ INNER CIRCLE FUND II | KOPERNIK GLOBAL ALL-CAP FUND JULY 31, 2022 (Unaudited) |
SCHEDULE OF INVESTMENTS | ||||||||
COMMON STOCK — 82.0% | Shares | Value | ||||||
AUSTRALIA — 4.2% | ||||||||
Newcrest Mining, Ltd. | 6,292,399 | $ | 84,797,941 | |||||
|
|
| ||||||
BRAZIL — 2.4% | ||||||||
Banco do Brasil SA | 412,900 | 2,884,818 | ||||||
Centrais Eletricas Brasileiras SA | 5,017,611 | 44,599,047 | ||||||
|
|
| ||||||
47,483,865 | ||||||||
|
|
| ||||||
CANADA — 19.3% | ||||||||
Artemis Gold, Inc. * † (A) | 4,308,859 | 17,093,439 | ||||||
Bear Creek Mining Corp. * (A) | 3,625,815 | 2,519,992 | ||||||
Cameco Corp. | 1,382,284 | 35,621,459 | ||||||
Centerra Gold, Inc. | 2,302,411 | 14,329,949 | ||||||
Dundee Corp., Cl A * (A)(B) | 2,419,423 | 2,588,427 | ||||||
Equinox Gold * (A) | 8,230,434 | 36,763,955 | ||||||
Fission Uranium Corp. * (A) | 23,309,500 | 13,652,044 | ||||||
Gabriel Resources, Ltd. * (A)(B) | 60,679,056 | 9,713,956 | ||||||
Gabriel Resources, Ltd. * † (A)(B)(C) | 3,471,971 | 555,819 | ||||||
IAMGOLD * (A) | 13,262,737 | 22,016,143 | ||||||
International Tower Hill Mines, Ltd. * (A)(B) | 6,548,183 | 4,092,614 | ||||||
Ivanhoe Mines, Ltd., Cl A * | 2,672,000 | 16,609,363 | ||||||
MEG Energy Corp. * | 388,362 | 5,346,782 | ||||||
NexGen Energy, Ltd. * | 5,137,190 | 22,385,319 | ||||||
Northern Dynasty Minerals, Ltd. (CAD) * | 2,873,848 | 897,692 | ||||||
Northern Dynasty Minerals, Ltd. (USD) * (A) | 15,400,762 | 4,908,223 | ||||||
Novagold Resources, Inc. * | 2,945,985 | 14,376,407 | ||||||
Pan American Silver Corp. (B) | 1,117,060 | 22,732,875 | ||||||
Perpetua Resources * (A) | 2,329,638 | 6,429,801 | ||||||
Sabina Gold & Silver * | 11,941,754 | 11,097,331 | ||||||
Seabridge Gold, Inc. (CAD) * | 1,422,848 | 19,522,424 | ||||||
Seabridge Gold, Inc. (USD) * | 1,233,038 | 16,917,281 | ||||||
Sprott, Inc. | 275,177 | 10,413,555 | ||||||
Turquoise Hill Resources, Ltd. * | 1,939,944 | 50,710,136 | ||||||
Western Copper & Gold Corp. * | 2,339,413 | 3,324,924 | ||||||
Wheaton Precious Metals Corp. | 680,081 | 23,326,778 | ||||||
|
|
| ||||||
387,946,688 | ||||||||
|
|
|
1
THE ADVISORS’ INNER CIRCLE FUND II | KOPERNIK GLOBAL ALL-CAP FUND JULY 31, 2022 (Unaudited) |
COMMON STOCK — continued | Shares | Value | ||||||
CHINA — 3.3% | ||||||||
CGN Power, Cl H (C) | 86,146,000 | $ | 19,863,875 | |||||
China Communications Services, Cl H | 34,404,000 | 13,987,508 | ||||||
Guangshen Railway Co., Ltd., Cl H * (A) | 46,838,679 | 7,932,210 | ||||||
Hi Sun Technology China, Ltd. * | 47,121,000 | 5,565,127 | ||||||
Shanghai Electric Group Co., Ltd., Cl H * | 44,488,000 | 11,133,890 | ||||||
Sinopharm Group, Cl H | 3,524,800 | 8,075,977 | ||||||
|
|
| ||||||
66,558,587 | ||||||||
|
|
| ||||||
FRANCE — 1.4% | ||||||||
Carrefour SA | 282,823 | 4,819,866 | ||||||
Electricite de France SA | 1,989,168 | 24,156,853 | ||||||
|
|
| ||||||
28,976,719 | ||||||||
|
|
| ||||||
GREECE — 0.2% | ||||||||
Tsakos Energy Navigation, Ltd. | 380,012 | 4,693,148 | ||||||
|
|
| ||||||
HONG KONG — 2.6% | ||||||||
CK Hutchison Holdings, Ltd. | 3,988,000 | 26,453,519 | ||||||
First Pacific | 31,132,000 | 12,422,929 | ||||||
Luks Group Vietnam Holdings Co., Ltd. (B) | 9,255,000 | 1,391,215 | ||||||
WH Group, Ltd. | 17,032,500 | 12,899,349 | ||||||
|
|
| ||||||
53,167,012 | ||||||||
|
|
| ||||||
INDONESIA — 0.1% | ||||||||
Indofood Sukses Makmur | 3,138,900 | 1,439,658 | ||||||
|
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| ||||||
JAPAN — 10.8% | ||||||||
Fukuda Corp. | 206,800 | 7,745,013 | ||||||
Icom, Inc. | 308,600 | 6,045,305 | ||||||
Inpex Corp. | 917,000 | 10,510,455 | ||||||
Japan Petroleum Exploration Co., Ltd. | 578,100 | 15,253,938 | ||||||
Kamigumi Co., Ltd. | 954,250 | 19,404,114 | ||||||
Kato Sangyo Co., Ltd. | 442,900 | 10,973,927 | ||||||
KYORIN Holdings, Inc. | 1,010,900 | 13,732,663 | ||||||
Medipal Holdings | 157,800 | 2,380,792 | ||||||
Mitsubishi Corp. | 1,032,000 | 30,670,297 | ||||||
Mitsui & Co., Ltd. | 1,393,300 | 30,739,372 | ||||||
Organo Corp. | 106,600 | 7,458,290 |
2
THE ADVISORS’ INNER CIRCLE FUND II | KOPERNIK GLOBAL ALL-CAP FUND JULY 31, 2022 (Unaudited) |
COMMON STOCK — continued | Shares | Value | ||||||
JAPAN — continued | ||||||||
Ryosan | 175,000 | $ | 2,947,748 | |||||
Suzuken Co., Ltd. | 1,064,400 | 29,418,899 | ||||||
Tachi-S Co., Ltd., Cl S | 372,700 | 3,318,635 | ||||||
Toho Holdings Co., Ltd. | 757,600 | 11,601,738 | ||||||
West Japan Railway Co. | 406,500 | 14,931,042 | ||||||
|
|
| ||||||
217,132,228 | ||||||||
|
|
| ||||||
KAZAKHSTAN — 4.0% | ||||||||
Halyk Savings Bank of Kazakhstan JSC GDR *(B) | 1,812,357 | 17,009,079 | ||||||
NAC Kazatomprom JSC GDR | 1,024,195 | 30,709,411 | ||||||
NAC Kazatomprom JSC GDR (C) | 1,110,803 | 33,306,260 | ||||||
|
|
| ||||||
81,024,750 | ||||||||
|
|
| ||||||
LEBANON — 0.1% | ||||||||
Solidere ADR *(B)(D) | 174,732 | 1,566,036 | ||||||
|
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| ||||||
MALAYSIA — 0.3% | ||||||||
Oriental Holdings (B) | 3,509,400 | 5,240,738 | ||||||
Sime Darby Plantation | 7,000 | 6,860 | ||||||
|
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| ||||||
5,247,598 | ||||||||
|
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| ||||||
NORWAY — 0.6% | ||||||||
Stolt-Nielsen, Ltd. | 576,611 | 12,286,525 | ||||||
|
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| ||||||
RUSSIA — 5.0% | ||||||||
Etalon Group GDR (A)(B)(D) | 12,510,957 | 3,676,970 | ||||||
Federal Grid Unified Energy System PJSC *(B)(D) | 17,511,927,373 | 8,001,442 | ||||||
Gazprom PJSC *(B)(D) | 23,317,157 | 21,897,754 | ||||||
Gazprom PJSC ADR (B)(D) | 1,291,032 | 2,454,381 | ||||||
Lenta International PJSC GDR *(B)(D) | 6,411,473 | 4,900,289 | ||||||
LSR Group PJSC, Cl A *(B)(D) | 1,673,664 | 4,618,910 | ||||||
Moscow Exchange MICEX-RTS PJSC *(B)(D) | 14,576,874 | 6,043,414 | ||||||
Polyus PJSC GDR (B)(D) | 613,103 | 12,899,810 | ||||||
RusHydro PJSC (B)(D) | 6,483,174,688 | 24,009,833 | ||||||
RusHydro PJSC ADR *(B)(D) | 459,437 | 172,197 | ||||||
Sberbank of Russia PJSC *(B)(D) | 12,648,865 | 8,024,298 |
3
THE ADVISORS’ INNER CIRCLE FUND II | KOPERNIK GLOBAL ALL-CAP FUND JULY 31, 2022 (Unaudited) |
COMMON STOCK — continued | Shares | Value | ||||||
RUSSIA — continued | ||||||||
VTB Bank PJSC *(B)(D) | 48,243,439,862 | $ | 4,331,275 | |||||
|
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| ||||||
101,030,573 | ||||||||
|
|
| ||||||
SINGAPORE — 3.5% | ||||||||
First Resources, Ltd. | 17,489,200 | 17,509,963 | ||||||
Golden Agri-Resources, Ltd. | 252,297,400 | 47,505,113 | ||||||
Yoma Strategic Holdings, Ltd. * (A) | 66,818,200 | 6,493,419 | ||||||
|
|
| ||||||
71,508,495 | ||||||||
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| ||||||
SOUTH AFRICA — 2.9% | ||||||||
Gold Fields, Ltd. | 1,564,774 | 14,472,444 | ||||||
Harmony Gold Mining ADR | 7,801,799 | 25,511,883 | ||||||
Impala Platinum Holdings, Ltd. | 1,577,168 | 17,486,874 | ||||||
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| ||||||
57,471,201 | ||||||||
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SOUTH KOREA — 12.5% | ||||||||
DL E&C Co., Ltd. | 116,594 | 3,649,461 | ||||||
GS Holdings | 129,241 | 4,142,751 | ||||||
Hana Financial Group | 516,148 | 14,790,993 | ||||||
Hankook Tire Worldwide Co., Ltd. | 1,356,342 | 12,868,968 | ||||||
Hyundai Department Store | 178,832 | 9,185,656 | ||||||
Korea Electric Power Corp. * | 2,076,395 | 35,761,576 | ||||||
Korea Electric Power Corp. ADR * | 232,125 | 2,000,917 | ||||||
Korean Reinsurance | 718,002 | 4,873,974 | ||||||
KT Corp. | 2,132,413 | 61,979,763 | ||||||
KT Corp. ADR | 1,373,982 | 19,785,341 | ||||||
LG Corp. | 580,686 | 36,243,944 | ||||||
LG Uplus | 4,507,998 | 43,439,507 | ||||||
LX Holdings * | 36,588 | 246,343 | ||||||
PHA Co., Ltd. | 420,687 | 2,553,842 | ||||||
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| ||||||
251,523,036 | ||||||||
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| ||||||
SRI LANKA — 0.1% | ||||||||
Hemas Holdings PLC (A)(B) | 16,019,905 | 2,023,716 | ||||||
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THAILAND — 0.2% | ||||||||
Kasikornbank PLC | 1,145,400 | 4,591,473 | ||||||
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|
4
THE ADVISORS’ INNER CIRCLE FUND II | KOPERNIK GLOBAL ALL-CAP FUND JULY 31, 2022 (Unaudited) |
COMMON STOCK — continued | Shares | Value | ||||||
UKRAINE — 1.6% | ||||||||
Astarta Holding NV * (A) | 659,000 | $ | 3,439,404 | |||||
Kernel Holding SA (A) | 2,478,524 | 13,904,826 | ||||||
MHP SE (LSE Shares) GDR (B) | 3,342,148 | 14,204,129 | ||||||
MHP SE (USD Shares) GDR (A)(B)(C) | 44,627 | 189,665 | ||||||
|
|
| ||||||
31,738,024 | ||||||||
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| ||||||
UNITED KINGDOM — 1.0% | ||||||||
Yellow Cake PLC * (A)(C) | 4,546,254 | 20,837,572 | ||||||
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| ||||||
UNITED STATES — 5.9% | ||||||||
Air Lease, Cl A | 122,848 | 4,558,889 | ||||||
Hyster-Yale Materials Handling | 76,002 | 2,628,909 | ||||||
Ivanhoe Electric *(B) | 565,685 | 5,204,302 | ||||||
Range Resources Corp. * | 1,335,324 | 44,159,165 | ||||||
Royal Gold, Inc. | 206,258 | 21,609,651 | ||||||
Southwestern Energy Co. * | 5,781,051 | 40,814,220 | ||||||
|
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| ||||||
118,975,136 | ||||||||
|
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| ||||||
TOTAL COMMON STOCK | ||||||||
(Cost $1,809,078,423) | 1,652,019,981 | |||||||
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| ||||||
PREFERRED STOCK — 2.6% | ||||||||
CANADA — 0.0% | ||||||||
Gabriel Resources, Ltd. * (A)(B)(E) | 4,960,582 | 794,127 | ||||||
|
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| ||||||
GERMANY — 0.4% | ||||||||
Draegerwerk & KGaA 0.900% | 132,668 | 6,961,025 | ||||||
|
|
| ||||||
SOUTH KOREA — 2.2% | ||||||||
Hyundai Motor Co.4.170% | 141,440 | 10,272,347 | ||||||
Hyundai Motor Co., Series 2 4.170% | 462,137 | 33,614,652 | ||||||
|
|
| ||||||
43,886,999 | ||||||||
|
|
| ||||||
TOTAL PREFERRED STOCK | ||||||||
(Cost $53,211,087) | 51,642,151 | |||||||
|
|
|
5
THE ADVISORS’ INNER CIRCLE FUND II | KOPERNIK GLOBAL ALL-CAP FUND JULY 31, 2022 (Unaudited) |
UNIT TRUST FUND — 2.2% | Shares | Value | ||||||
CANADA — 2.2% | ||||||||
Sprott Physical Uranium Trust * | 3,776,279 | $ | 44,234,263 | |||||
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|
| ||||||
TOTAL UNIT TRUST FUND | ||||||||
(Cost $30,517,310) | 44,234,263 | |||||||
|
|
| ||||||
RIGHTS — 0.1% | Number of Rights | |||||||
CANADA — 0.1% | ||||||||
Pan American Silver Corp., Expires 02/22/29(B)(D) | 2,532,384 | 1,646,050 | ||||||
|
|
| ||||||
TOTAL RIGHTS | ||||||||
(Cost $–) | 1,646,050 | |||||||
|
|
| ||||||
CONVERTIBLE BOND — 0.0% | Face Amount | |||||||
INDIA — 0.0% | ||||||||
REI Agro, Ltd. | ||||||||
5.500%, 13/11/14(D) | $ | 723,000 | — | |||||
|
|
| ||||||
TOTAL CONVERTIBLE BOND | ||||||||
(Cost $723,000) | — | |||||||
|
|
| ||||||
U.S. TREASURY OBLIGATIONS — 9.9% | Face Amount | Value | ||||||
United States Treasury Bills | ||||||||
3.132%, 07/13/23(F) | $ | 59,062,500 | 57,456,316 | |||||
1.697%, 03/23/23(F) | 71,810,200 | 70,538,729 | ||||||
1.177%, 10/13/22(F) | 71,065,000 | 70,733,200 | ||||||
|
|
| ||||||
TOTAL U.S. TREASURY OBLIGATIONS | ||||||||
(Cost $199,265,343) | 198,728,245 | |||||||
|
|
| ||||||
SHORT TERM INVESTMENT — 0.8% | Shares | |||||||
Dreyfus Treasury Securities Cash Management Fund, Cl Participant Shares, 1.050%(G) | 16,476,841 | 16,476,841 | ||||||
TOTAL SHORT TERM INVESTMENT | ||||||||
(Cost $16,476,841) | 16,476,841 | |||||||
|
|
| ||||||
TOTAL INVESTMENTS — 97.6% | ||||||||
(Cost $2,109,272,004) | 1,964,747,531 | |||||||
|
|
| ||||||
Other Assets and Liabilities, Net — 2.4% | 48,435,152 | |||||||
|
|
| ||||||
NET ASSETS — 100.0% | $ | 2,013,182,683 | ||||||
|
|
|
† | Restricted Equity. |
6
THE ADVISORS’ INNER CIRCLE FUND II | KOPERNIK GLOBAL ALL-CAP FUND JULY 31, 2022 (Unaudited) |
* | Non-income producing security. |
(A) | Affiliated investment. |
(B) | Securities considered illiquid. The total value of such securities as of July 31, 2022 was $189,983,321 and represented 9.3% of Net Assets. |
(C) | 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, 2022 was $74,753,191 and represents 3.7% of Net Assets. |
(D) | Level 3 security in accordance with fair value hierarchy. |
(E) | Rate unavailable |
(F) | Zero coupon security. The rate reported on the Schedule of Investments is the effective yield at time of purchase. |
(G) | The rate reported is the 7-day effective yield as of July 31, 2022. |
ADR — American Depositary Receipt
CAD — Canadian Dollar
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
USD — United States Dollar
The following is a summary of the level of inputs used as of July 31, 2022, in valuing the Fund’s investments carried at market value:
Investments in Securities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stock | ||||||||||||||||
Australia | $ | — | $ | 84,797,941 | $ | — | $ | 84,797,941 | ||||||||
Brazil | 47,483,865 | — | — | 47,483,865 | ||||||||||||
Canada | 387,946,688 | — | — | 387,946,688 | ||||||||||||
China | — | 66,558,587 | — | 66,558,587 | ||||||||||||
France | — | 28,976,719 | — | 28,976,719 | ||||||||||||
Greece | 4,693,148 | — | — | 4,693,148 | ||||||||||||
Hong Kong | 1,391,215 | 51,775,797 | — | 53,167,012 | ||||||||||||
Indonesia | — | 1,439,658 | — | 1,439,658 | ||||||||||||
Japan | — | 217,132,228 | — | 217,132,228 | ||||||||||||
Kazakhstan | — | 81,024,750 | — | 81,024,750 | ||||||||||||
Lebanon | — | — | 1,566,036 | 1,566,036 | ||||||||||||
Malaysia | — | 5,247,598 | — | 5,247,598 | ||||||||||||
Norway | — | 12,286,525 | — | 12,286,525 |
7
THE ADVISORS’ INNER CIRCLE FUND II | KOPERNIK GLOBAL ALL-CAP FUND JULY 31, 2022 (Unaudited) |
Investments in Securities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Russia | $ | — | $ | — | $ | 101,030,573 | $ | 101,030,573 | ||||||||
Singapore | — | 71,508,495 | — | 71,508,495 | ||||||||||||
South Africa | 25,511,883 | 31,959,318 | — | 57,471,201 | ||||||||||||
South Korea | 21,786,258 | 229,736,778 | — | 251,523,036 | ||||||||||||
Sri Lanka | — | 2,023,716 | — | 2,023,716 | ||||||||||||
Thailand | — | 4,591,473 | — | 4,591,473 | ||||||||||||
Ukraine | 14,393,794 | 17,344,230 | — | 31,738,024 | ||||||||||||
United Kingdom | — | 20,837,572 | — | 20,837,572 | ||||||||||||
United States | 118,975,136 | — | — | 118,975,136 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Common Stock | 622,181,987 | 927,241,385 | 102,596,609 | 1,652,019,981 | ||||||||||||
Preferred Stock | ||||||||||||||||
Canada | 794,127 | — | — | 794,127 | ||||||||||||
Germany | — | 6,961,025 | — | 6,961,025 | ||||||||||||
South Korea | — | 43,886,999 | — | 43,886,999 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Preferred Stock | 794,127 | 50,848,024 | — | 51,642,151 | ||||||||||||
Unit Trust Fund | ||||||||||||||||
Canada | 44,234,263 | — | — | 44,234,263 | ||||||||||||
Rights | ||||||||||||||||
Canada | — | — | 1,646,050 | 1,646,050 | ||||||||||||
Convertible Bond | ||||||||||||||||
India | — | — | — | — | ||||||||||||
U.S. Treasury Obligations | ||||||||||||||||
United States | — | 198,728,245 | — | 198,728,245 | ||||||||||||
Short Term Investment | ||||||||||||||||
United States | — | 16,476,841 | — | 16,476,841 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments in Securities | $ | 667,210,377 | $ | 1,193,294,495 | $ | 104,242,659 | $ | 1,964,747,531 | ||||||||
|
|
|
|
|
|
|
|
For information on the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to the Fund’s most recent annual and semi-annual financial statements.
8
THE ADVISORS’ INNER CIRCLE FUND II | KOPERNIK GLOBAL ALL-CAP FUND JULY 31, 2022 (Unaudited) |
As of July 31, 2022, 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, 2022, were as follows:
| ||||||||||||||||||||
Number of Shares | Acquisition Date | Right to Acquire Date | Cost | Market Value | ||||||||||||||||
| ||||||||||||||||||||
Artemis Gold, Inc. | 4,098,604 | 11/9/2020 | 11/9/2020 | $15,118,486 | $17,093,439 | |||||||||||||||
Gabriel Resources, Ltd. | 3,471,971 | 5/31/2021 | 5/31/2021 | 704,137 | 555,819 | |||||||||||||||
|
|
|
| |||||||||||||||||
$15,822,623 | $17,649,258 | |||||||||||||||||||
|
|
|
|
The following is a reconciliation of the investments in which significant unobservable inputs (Level 3) were used in determining fair value:
Common Stock | Convertible Bond | Rights | Total | |||||
Beginning balance as of November 1, 2021 | $773,451 | $— | $1,873,458 | $2,646,909 | ||||
Accrued discounts/premiums | — | — | — | — | ||||
Realized gain/(loss) | — | — | — | — | ||||
Change in unrealized appreciation/(depreciation) | 792,584 | — | (227,408) | 565,176 | ||||
Purchases | — | — | — | — | ||||
Sales | — | — | — | — | ||||
Transfers into Level 3 | 101,030,574 | — | — | 101,030,574 | ||||
Transfers out of Level 3 | — | — | — | — | ||||
|
|
|
| |||||
Ending balance as of July 31, 2022 | $102,596,609 | $— | $1,646,050 | $104,242,659 | ||||
|
|
|
| |||||
Change in unrealized gains (losses) included in earnings related to securities still held at reporting period date | $792,584 | $— | $(227,408) | $565,176 | ||||
|
|
|
|
9
THE ADVISORS’ INNER CIRCLE FUND II | KOPERNIK GLOBAL ALL-CAP FUND JULY 31, 2022 (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, 2021 through July 31, 2022. As defined in Section (2)(a)(3) of the Investment Company Act of 1940; such issuers are:
Value as of 10/31/2021 | Purchases at Cost | Proceeds from Sale | Realized Gain/(Loss) | Change in (Depreciation) | Value as of 7/31/2022 | Dividend/ Income | ||||||||||||||||||
| ||||||||||||||||||||||||
Artemis Gold, Inc. |
| |||||||||||||||||||||||
$ 13,996,358 | $ | 7,786,368 | $ | — | $ | — | $ | (4,689,287 | ) | $ | 17,093,439 | $ | — | |||||||||||
Astarta Holding NV |
| |||||||||||||||||||||||
8,936,097 | — | — | — | (5,496,693 | ) | 3,439,404 | — | |||||||||||||||||
Bear Creek Mining Corp. |
| |||||||||||||||||||||||
5,097,704 | — | — | — | (2,577,712 | ) | 2,519,992 | — | |||||||||||||||||
Dundee Corp., Cl A |
| |||||||||||||||||||||||
2,893,298 | — | — | — | (304,871 | ) | 2,588,427 | — | |||||||||||||||||
Equinox Gold |
| |||||||||||||||||||||||
22,293,959 | 34,255,341 | (4,376,551 | ) | (1,282,554 | ) | (14,126,240 | ) | 36,763,955 | — | |||||||||||||||
Etalon Group GDR |
| |||||||||||||||||||||||
16,219,802 | 3,030,227 | 309,538 | (309,538 | ) | (15,573,059 | ) | 3,676,970 | 1,596,035 | ||||||||||||||||
Fission Uranium Corp. |
| |||||||||||||||||||||||
13,115,966 | 5,022,269 | — | — | (4,486,191 | ) | 13,652,044 | — | |||||||||||||||||
Gabriel Resources, Ltd. |
| |||||||||||||||||||||||
— | 834,788 | — | — | (40,661 | ) | 794,127 | — | |||||||||||||||||
Gabriel Resources, Ltd. |
| |||||||||||||||||||||||
11,521,960 | — | — | — | (1,808,004 | ) | 9,713,956 | — | |||||||||||||||||
Gabriel Resources, Ltd. |
| |||||||||||||||||||||||
659,271 | — | — | — | (103,452 | ) | 555,819 | — | |||||||||||||||||
Guangshen Railway Co., Ltd., Cl H |
| |||||||||||||||||||||||
7,474,415 | 772,195 | — | — | (314,400 | ) | 7,932,210 | — | |||||||||||||||||
Hemas Holdings PLC |
| |||||||||||||||||||||||
5,789,372 | — | — | — | (3,765,656 | ) | 2,023,716 | 86,857 | |||||||||||||||||
IAMGOLD |
| |||||||||||||||||||||||
5,826,925 | 25,727,141 | — | — | (9,537,923 | ) | 22,016,143 | — | |||||||||||||||||
International Tower Hill Mines, Ltd. |
| |||||||||||||||||||||||
4,245,588 | 808,852 | — | — | (961,826 | ) | 4,092,614 | — | |||||||||||||||||
Kernel Holding SA |
| |||||||||||||||||||||||
24,091,785 | 9,307,744 | — | — | (19,494,703 | ) | 13,904,826 | 913,558 | |||||||||||||||||
MHP SE (USD Shares) GDR |
| |||||||||||||||||||||||
339,165 | — | — | — | (149,500 | ) | 189,665 | 869,961 | |||||||||||||||||
Northern Dynasty Minerals, Ltd. (USD) |
| |||||||||||||||||||||||
4,844,175 | 1,641,950 | — | — | (1,577,902 | ) | 4,908,223 | — | |||||||||||||||||
Perpetua Resources |
| |||||||||||||||||||||||
— | 7,485,127 | — | — | (1,055,326 | ) | 6,429,801 | — | |||||||||||||||||
Yellow Cake PLC |
| |||||||||||||||||||||||
18,551,677 | 2,666,923 | — | — | (381,028 | ) | 20,837,572 | — | |||||||||||||||||
Yoma Strategic Holdings, Ltd. |
| |||||||||||||||||||||||
6,185,000 | 623,840 | — | — | (315,421 | ) | 6,493,419 | — | |||||||||||||||||
| ||||||||||||||||||||||||
Totals: |
| |||||||||||||||||||||||
$ 172,082,517 | $ | 99,962,765 | $ | (4,067,013 | ) | $ | (1,592,092 | ) | $ | (86,759,855 | ) | $ | 179,626,322 | $ | 3,466,411 | |||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts designated as “—” are either $0 or have been rounded to $0.
KGI-QH-001-1800
10
THE ADVISORS’ INNER CIRCLE FUND II | KOPERNIK INTERNATIONAL FUND JULY 31, 2022 (Unaudited) |
SCHEDULE OF INVESTMENTS | ||||||||
COMMON STOCK — 73.3% | Shares | Value | ||||||
AUSTRALIA — 4.7% | ||||||||
Newcrest Mining, Ltd. | 1,995,404 | $ | 26,890,563 | |||||
|
|
| ||||||
BRAZIL — 0.7% | ||||||||
Banco do Brasil SA | 111,200 | 776,923 | ||||||
Centrais Eletricas Brasileiras SA | 332,360 | 2,954,183 | ||||||
|
|
| ||||||
3,731,106 | ||||||||
|
|
| ||||||
CANADA — 16.3% | ||||||||
Cameco Corp. | 618,204 | 15,931,117 | ||||||
Centerra Gold, Inc. | 546,572 | 3,401,803 | ||||||
Equinox Gold * (A) | 1,310,978 | 5,855,917 | ||||||
Ivanhoe Mines, Ltd., Cl A * | 1,316,703 | 8,184,730 | ||||||
MEG Energy Corp. * | 448,718 | 6,177,735 | ||||||
Novagold Resources, Inc. * | 2,161,725 | 10,549,218 | ||||||
Pan American Silver Corp. (B) | 301,776 | 6,141,332 | ||||||
Turquoise Hill Resources, Ltd. * | 674,523 | 17,632,031 | ||||||
Wheaton Precious Metals Corp. | 560,415 | 19,222,234 | ||||||
|
|
| ||||||
93,096,117 | ||||||||
|
|
| ||||||
CHINA — 5.5% | ||||||||
Alibaba Group Holding, Ltd. * | 320,000 | 3,597,910 | ||||||
CGN Power, Cl H (C) | 23,801,000 | 5,488,126 | ||||||
China Communications Services, Cl H | 9,256,000 | 3,763,178 | ||||||
China Shenhua Energy Co., Ltd., Cl H | 990,000 | 2,798,078 | ||||||
Guangshen Railway Co., Ltd., Cl H * (A) | 10,844,000 | 1,836,450 | ||||||
PAX Global Technology, Ltd. | 3,092,000 | 2,892,922 | ||||||
Shanghai Electric Group Co., Ltd., Cl H * | 12,578,000 | 3,147,862 | ||||||
Shanghai Mechanical and Electrical Industry, Cl B | 4,311,615 | 5,079,738 | ||||||
Sinopharm Group, Cl H | 1,111,200 | 2,545,967 | ||||||
|
|
| ||||||
31,150,231 | ||||||||
|
|
| ||||||
FRANCE — 0.7% | ||||||||
Carrefour SA | 82,078 | 1,398,772 | ||||||
Electricite de France SA | 227,085 | 2,757,766 | ||||||
|
|
| ||||||
4,156,538 | ||||||||
|
|
|
11
THE ADVISORS’ INNER CIRCLE FUND II | KOPERNIK INTERNATIONAL FUND JULY 31, 2022 (Unaudited) |
COMMON STOCK — continued | Shares | Value | ||||||
HONG KONG — 3.5% | ||||||||
CK Hutchison Holdings, Ltd. | 930,000 | $ | 6,168,950 | |||||
K Wah International Holdings, Ltd. | 7,668,000 | 2,851,017 | ||||||
SJM Holdings, Ltd. * | 15,616,000 | 6,371,145 | ||||||
WH Group, Ltd. | 6,001,000 | 4,544,782 | ||||||
|
|
| ||||||
19,935,894 | ||||||||
|
|
| ||||||
INDONESIA — 1.2% | ||||||||
Indofood Sukses Makmur | 14,892,800 | 6,830,591 | ||||||
|
|
| ||||||
JAPAN — 6.4% | ||||||||
Inpex Corp. | 507,500 | 5,816,855 | ||||||
Kamigumi Co., Ltd. | 244,200 | 4,965,664 | ||||||
Mitsubishi Corp. | 135,400 | 4,023,990 | ||||||
Mitsui & Co., Ltd. | 193,800 | 4,275,669 | ||||||
Suzuken Co., Ltd. | 296,600 | 8,197,713 | ||||||
TS Tech | 451,800 | 5,151,835 | ||||||
West Japan Railway Co. | 115,400 | 4,238,726 | ||||||
|
|
| ||||||
36,670,452 | ||||||||
|
|
| ||||||
KAZAKHSTAN — 5.4% | ||||||||
Halyk Savings Bank of Kazakhstan JSC GDR *(B) | 748,907 | 7,028,537 | ||||||
NAC Kazatomprom JSC GDR | 466,280 | 13,980,916 | ||||||
NAC Kazatomprom JSC GDR (C) | 335,296 | 10,053,498 | ||||||
|
|
| ||||||
31,062,951 | ||||||||
|
|
| ||||||
MALAYSIA — 0.0% | ||||||||
Sime Darby Plantation | 2,100 | 2,058 | ||||||
|
|
| ||||||
NETHERLANDS — 0.8% | ||||||||
AerCap Holdings * | 104,106 | 4,670,195 | ||||||
|
|
| ||||||
RUSSIA — 7.3% | ||||||||
Federal Grid Unified Energy System PJSC *(B)(D) | 3,021,385,233 | 1,380,513 | ||||||
Gazprom Neft PJSC (B)(D) | 2,817,940 | 5,176,652 | ||||||
Gazprom PJSC *(B)(D) | 8,122,810 | 7,628,344 | ||||||
Lenta International PJSC GDR *(B)(D) | 1,271,467 | 971,782 | ||||||
LSR Group PJSC, Cl A *(B)(D) | 510,671 | 1,409,329 | ||||||
Moscow Exchange MICEX-RTS PJSC *(B)(D) | 5,746,159 | 2,382,295 | ||||||
Polyus PJSC GDR (B)(D) | 249,258 | 5,244,438 |
12
THE ADVISORS’ INNER CIRCLE FUND II | KOPERNIK INTERNATIONAL FUND JULY 31, 2022 (Unaudited) |
COMMON STOCK — continued | Shares | Value | ||||||
RUSSIA — continued | ||||||||
RusHydro PJSC (B)(D) | 991,278,397 | $ | 3,671,107 | |||||
Sberbank of Russia PJSC *(B)(D) | 8,292,394 | 5,260,602 | ||||||
VEON ADR *(D) | 16,018,241 | 7,752,829 | ||||||
VTB Bank PJSC *(B)(D) | 11,647,406,497 | 1,045,699 | ||||||
|
|
| ||||||
41,923,590 | ||||||||
|
|
| ||||||
SINGAPORE — 2.0% | ||||||||
Golden Agri-Resources, Ltd. | 61,754,700 | 11,627,801 | ||||||
|
|
| ||||||
SOUTH AFRICA — 2.8% | ||||||||
Gold Fields, Ltd. | 637,702 | 5,898,044 | ||||||
Harmony Gold Mining ADR | 1,764,393 | 5,769,565 | ||||||
Impala Platinum Holdings, Ltd. | 388,775 | 4,310,549 | ||||||
|
|
| ||||||
15,978,158 | ||||||||
|
|
| ||||||
SOUTH KOREA — 9.9% | ||||||||
DL E&C Co., Ltd. | 125,369 | 3,924,123 | ||||||
GS Holdings | 94,295 | 3,022,576 | ||||||
Hana Financial Group | 45,885 | 1,314,903 | ||||||
Hyundai Mobis, Co., Ltd. | 17,092 | 3,008,314 | ||||||
Korea Electric Power Corp. * | 253,767 | 4,370,608 | ||||||
Korea Electric Power Corp. ADR * | 280,070 | 2,414,203 | ||||||
KT Corp. | 350,527 | 10,188,261 | ||||||
KT Corp. ADR | 594,397 | 8,559,317 | ||||||
LG Corp. | 141,069 | 8,804,926 | ||||||
LG Uplus | 1,109,179 | 10,688,157 | ||||||
|
|
| ||||||
56,295,388 | ||||||||
|
|
| ||||||
UKRAINE — 0.6% | ||||||||
MHP SA GDR (A)(B) | 792,536 | 3,368,278 | ||||||
|
|
| ||||||
UNITED KINGDOM — 2.5% | ||||||||
Fresnillo PLC | 894,457 | 8,040,461 | ||||||
Yellow Cake PLC * (A)(C) | 1,350,705 | 6,190,902 | ||||||
|
|
| ||||||
14,231,363 | ||||||||
|
|
| ||||||
UNITED STATES — 3.0% | ||||||||
Royal Gold, Inc. | 105,212 | 11,023,061 |
13
THE ADVISORS’ INNER CIRCLE FUND II | KOPERNIK INTERNATIONAL FUND JULY 31, 2022 (Unaudited) |
COMMON STOCK — continued | Shares | Value | ||||||
UNITED STATES — continued | ||||||||
Sabre * | 971,703 | $ | 5,975,974 | |||||
|
|
| ||||||
16,999,035 | ||||||||
|
|
| ||||||
TOTAL COMMON STOCK | ||||||||
(Cost $501,818,986) | 418,620,309 | |||||||
|
|
| ||||||
PREFERRED STOCK — 0.7% | ||||||||
SOUTH KOREA —0.7% | ||||||||
Hyundai Motor Co., Series 2 4.170% | 57,314 | 4,168,872 | ||||||
|
|
| ||||||
TOTAL PREFERRED STOCK | ||||||||
(Cost $4,382,043) | 4,168,872 | |||||||
|
|
| ||||||
UNIT TRUST FUND — 0.0% | ||||||||
CANADA — 0.0% | ||||||||
Sprott Physical Uranium Trust * | 9,565 | 112,042 | ||||||
|
|
| ||||||
TOTAL UNIT TRUST FUND | ||||||||
(Cost $104,739) | 112,042 | |||||||
|
|
| ||||||
U.S. TREASURY OBLIGATIONS — 13.7% | Face Amount | |||||||
United States Treasury Bills | ||||||||
1.697%, 03/23/23(E) | $ | 39,771,200 | 39,067,011 | |||||
1.177%, 10/13/22(E) | 39,357,900 | 39,174,140 | ||||||
|
|
| ||||||
TOTAL U.S. TREASURY OBLIGATIONS | ||||||||
(Cost $78,604,007) | 78,241,151 | |||||||
|
|
| ||||||
SHORT TERM INVESTMENT — 1.1% | Shares | |||||||
Dreyfus Treasury Securities Cash Management Fund, Cl Participant Shares, 1.050%(F) | 6,003,274 | 6,003,274 | ||||||
TOTAL SHORT TERM INVESTMENT | ||||||||
(Cost $6,003,274) | 6,003,274 | |||||||
|
|
| ||||||
TOTAL INVESTMENTS — 88.8% | ||||||||
(Cost $590,913,049) | 507,145,648 | |||||||
|
|
| ||||||
Other Assets and Liabilities, Net — 11.2% | 63,874,647 | |||||||
|
|
| ||||||
NET ASSETS — 100.0% | $ | 571,020,295 | ||||||
|
|
|
* | Non-income producing security. |
(A) | Affiliated investment. |
14
THE ADVISORS’ INNER CIRCLE FUND II | KOPERNIK INTERNATIONAL FUND JULY 31, 2022 (Unaudited) |
(B) | Securities considered illiquid. The total value of such securities as of July 31, 2022 was $50,708,908 and represented 8.9% of Net Assets. |
(C) | 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, 2022 was $21,732,526 and represents 3.9% of Net Assets. |
(D) | Level 3 security in accordance with fair value hierarchy. |
(E) | Zero coupon security. The rate reported on the Schedule of Investments is the effective yield at time of purchase. |
(F) | The rate reported is the 7-day effective yield as of July 31, 2022. |
ADR — American Depositary Receipt
Cl — Class
GDR — Global Depositary Receipt
JSC — Joint Stock Company
Ltd. — Limited
PJSC — Public Joint Stock Company
PLC — Public Limited Company
The following is a summary of the level of inputs used as of July 31, 2022, in valuing the Fund’s investments carried at market value:
Investments in Securities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stock | ||||||||||||||||
Australia | $ | — | $ | 26,890,563 | $ | — | $ | 26,890,563 | ||||||||
Brazil | 3,731,106 | — | — | 3,731,106 | ||||||||||||
Canada | 93,096,117 | — | — | 93,096,117 | ||||||||||||
China | — | 31,150,231 | — | 31,150,231 | ||||||||||||
France | — | 4,156,538 | — | 4,156,538 | ||||||||||||
Hong Kong | — | 19,935,894 | — | 19,935,894 | ||||||||||||
Indonesia | — | 6,830,591 | — | 6,830,591 | ||||||||||||
Japan | — | 36,670,452 | — | 36,670,452 | ||||||||||||
Kazakhstan | — | 31,062,951 | — | 31,062,951 | ||||||||||||
Malaysia | — | 2,058 | — | 2,058 | ||||||||||||
Netherlands | 4,670,195 | — | — | 4,670,195 | ||||||||||||
Russia | — | — | 41,923,590 | 41,923,590 | ||||||||||||
Singapore | — | 11,627,801 | — | 11,627,801 | ||||||||||||
South Africa | 5,769,565 | 10,208,593 | — | 15,978,158 | ||||||||||||
South Korea | 10,973,520 | 45,321,868 | — | 56,295,388 | ||||||||||||
Ukraine | 3,368,278 | — | — | 3,368,278 | ||||||||||||
United Kingdom | — | 14,231,363 | — | 14,231,363 | ||||||||||||
United States | 16,999,035 | — | — | 16,999,035 |
15
THE ADVISORS’ INNER CIRCLE FUND II | KOPERNIK INTERNATIONAL FUND JULY 31, 2022 (Unaudited) |
Investments in Securities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Total Common Stock | $ | 138,607,816 | $ | 238,088,903 | $ | 41,923,590 | $ | 418,620,309 | ||||||||
Preferred Stock | ||||||||||||||||
South Korea | — | 4,168,872 | — | 4,168,872 | ||||||||||||
Unit Trust Fund | ||||||||||||||||
Canada | 112,042 | — | — | 112,042 | ||||||||||||
U.S. Treasury Obligations | ||||||||||||||||
United States | — | 78,241,151 | — | 78,241,151 | ||||||||||||
Short Term Investment | ||||||||||||||||
United States | 6,003,274 | — | — | 6,003,274 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Total Investments in Securities | $ | 144,723,132 | $ | 320,498,926 | $ | 41,923,590 | $ | 507,145,648 | ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
For information on the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to the Fund’s most recent annual and semi-annual financial statements.
The following is a reconciliation of the investments in which significant unobservable inputs (Level 3) were used in determining fair value:
Common Stock | Total | |||||||
Beginning balance as of November 1, 2021 | $— | $— | ||||||
Accrued discounts/premiums | — | — | ||||||
Realized gain/(loss) | — | — | ||||||
Change in unrealized appreciation/(depreciation) | — | — | ||||||
Purchases | — | — | ||||||
Sales | — | — | ||||||
Transfers into Level 3 | 41,923,590 | 41,923,590 | ||||||
Transfers out of Level 3 | — | — | ||||||
|
|
|
| |||||
Ending balance as of July 31, 2022 | $41,923,590 | $41,923,590 | ||||||
|
|
|
| |||||
Change in unrealized gains (losses) included in earnings related to securities still held at reporting period date | $— | $— | ||||||
|
|
|
|
16
THE ADVISORS’ INNER CIRCLE FUND II | KOPERNIK INTERNATIONAL FUND JULY 31, 2022 (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, 2021 through July 31, 2022. As defined in Section (2)(a)(3) of the Investment Company Act of 1940; such issuers are:
Value as of 10/31/2021 | Purchases at Cost | Proceeds from Sale | Realized Gain/(Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value as of 7/31/2022 | Dividend/ Interest Income | ||||||||||||||||||
| ||||||||||||||||||||||||
Equinox Gold |
| |||||||||||||||||||||||
$ 4,021,502 | $ | 4,128,696 | $ | — | $ | — | $ | (2,294,281 | ) | $ | 5,855,917 | $ | — | |||||||||||
Guangshen Railway Co., Ltd., Cl H |
| |||||||||||||||||||||||
1,909,425 | — | — | — | (72,975 | ) | 1,836,450 | — | |||||||||||||||||
MHP SA GDR |
| |||||||||||||||||||||||
4,347,618 | 1,172,167 | — | — | (2,151,507 | ) | 3,368,278 | 148,906 | |||||||||||||||||
Yellow Cake PLC |
| |||||||||||||||||||||||
5,580,239 | 2,378,890 | (1,908,742 | ) | 318,451 | (177,936 | ) | 6,190,902 | — | ||||||||||||||||
| ||||||||||||||||||||||||
Totals: |
| |||||||||||||||||||||||
$ 15,858,784 | $ | 7,679,753 | $ | (1,908,742 | ) | $ | 318,451 | $ | (4,696,699 | ) | $ | 17,251,547 | $ | 148,906 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts designated as “—” are either $0 or rounded to $0.
KGI-QH-002-1500
17