Advisors' Inner Circle Fund II NPORT-P Kopernik Global All-Cap Fund (Jul 2024 report)

THE ADVISORS’ INNER CIRCLE FUND II	KOPERNIK GLOBAL
	ALL-CAP FUND
	JULY 31, 2024
	(Unaudited)

SCHEDULE OF INVESTMENTS
COMMON STOCK — 82.4%	Shares		Value
ARGENTINA — 0.2%
Cresud SACIF y A ADR		523,306	$	4,018,992
IRSA Inversiones y Representaciones SA ADR		14,790		142,276
				4,161,268
BRAZIL — 1.1%
BrasilAgro - Brasileira de Propriedades Agricolas		385,100		1,789,279
Centrais Eletricas Brasileiras SA		3,164,511		22,077,138
				23,866,417
CANADA — 13.5%
Aris Mining Corp. * † (A)		4,652,864		20,759,528
Artemis Gold, Inc. *		2,879,229		24,587,049
Barrick Gold Corp.		1,829,435		33,862,842
Bear Creek Mining Corp. *		12,752,179		3,186,544
Dundee Corp., Cl A * (A)(B)		2,295,273		2,277,568
Equinox Gold Corp. *		8,382,247		47,052,051
Fission Uranium Corp. *		6,369,047		5,351,171
Gabriel Resources, Ltd. * † (A)		59,839,056		650,118
International Tower Hill Mines, Ltd. * (A)(B)		6,548,183		2,927,693
Northern Dynasty Minerals, Ltd. (CAD) * (A)		2,873,848		1,124,020
Northern Dynasty Minerals, Ltd. (USD) *		15,400,762		5,929,293
Novagold Resources, Inc. * (A)		6,363,839		30,419,150
Pan American Silver Corp.		179,645		4,129,890
Perpetua Resources Corp. * (A)		2,292,444		15,565,695
Sandstorm Gold, Ltd.		923,629		5,310,867
Seabridge Gold, Inc. (CAD) *		1,422,848		23,610,218
Seabridge Gold, Inc. (USD) * (A)		1,371,204		22,761,986
Sprott, Inc.		117,821		5,250,807
Western Copper & Gold Corp. *		3,158,640		3,523,200
Wheaton Precious Metals Corp.		591,395		35,341,765
				293,621,455
CHILE — 0.6%
Sociedad Quimica y Minera de Chile SA ADR		354,440		13,489,986
CHINA — 4.6%
Alibaba Group Holding, Ltd. ADR		135,320		10,669,982

1

THE ADVISORS’ INNER CIRCLE FUND II	KOPERNIK GLOBAL
	ALL-CAP FUND
	JULY 31, 2024
	(Unaudited)

COMMON STOCK — continued	Shares		Value
CHINA — continued
Baidu, Inc., Cl A *		1,954,050	$	21,665,742
CGN Power Co., Ltd., Cl H (C)		23,573,000		9,626,486
China Communications Services Corp., Ltd., Cl H		40,632,000		20,874,801
Guangshen Railway Co., Ltd., Cl H (A)		45,508,679		13,859,596
Hi Sun Technology China, Ltd. * (A)(B)		82,332,000		3,796,829
PAX Global Technology, Ltd.		7,230,000		4,056,700
Shanghai Electric Group Co., Ltd., Cl H *		53,730,000		10,451,198
Sinopec Engineering Group Co., Ltd., Cl H		917,500		584,723
Sinopharm Group Co., Ltd., Cl H		2,076,400		4,870,285
				100,456,342
FRANCE — 2.1%
Carrefour SA		2,089,134		31,164,150
Euroapi SA * (A)		3,367,352		13,588,380
				44,752,530
GERMANY — 2.3%
K+S AG (A)		3,863,558		49,772,942
HONG KONG — 4.0%
CK Hutchison Holdings, Ltd.		10,684,500		55,817,010
First Pacific Co., Ltd.		32,514,000		14,471,355
K Wah International Holdings, Ltd.		290,000		64,898
Luks Group Vietnam Holdings Co., Ltd. (A)(B)		9,255,000		923,978
SJM Holdings, Ltd. *		31,294,000		10,086,971
WH Group, Ltd.		7,133,000		4,636,766
				86,000,978
INDONESIA — 0.3%
Indofood Sukses Makmur Tbk PT		14,345,700		5,404,512
United Tractors TbK PT		844,100		1,340,009
				6,744,521
JAPAN — 5.1%
Electric Power Development Co., Ltd.		321,200		5,309,701
Fukuda Corp.		171,000		7,060,043
Inpex Corp.		411,900		6,360,352
Japan Petroleum Exploration Co., Ltd.		260,800		10,753,489

2

THE ADVISORS’ INNER CIRCLE FUND II	KOPERNIK GLOBAL
	ALL-CAP FUND
	JULY 31, 2024
	(Unaudited)

COMMON STOCK — continued	Shares		Value
JAPAN — continued
Kamigumi Co., Ltd.		613,550	$	13,992,521
Kato Sangyo Co., Ltd.		233,400		6,645,147
Kyorin Pharmaceutical Co., Ltd. (A)		1,961,900		22,422,366
Medipal Holdings Corp.		261,200		4,714,732
Suzuken Co., Ltd.		327,600		11,939,000
West Japan Railway Co.		1,133,000		22,305,417
				111,502,768
KAZAKHSTAN — 3.0%
Halyk Savings Bank of Kazakhstan JSC GDR		939,452		16,594,142
NAC Kazatomprom JSC (C)		1,110,803		42,240,298
NAC Kazatomprom JSC GDR		182,913		6,955,598
				65,790,038
LEBANON — 0.1%
Solidere ADR *(B)(D)		174,732		2,147,893
MALAYSIA — 0.7%
Genting Plantations BHD		5,260,700		6,531,051
Oriental Holdings BHD		5,799,900		8,710,264
				15,241,315
RUSSIA — 4.0%
Etalon Group PLC GDR * (A)(B)(D)		12,219,734		3,323,768
Federal Grid - Rosseti PJSC *(B)(D)		17,511,927,373		6,180,589
Gazprom PJSC *(B)(D)		25,899,221		12,227,022
Lenta International PJSC GDR *(B)(D)		6,287,850		5,119,567
LSR Group PJSC, Cl A (B)(D)		1,673,664		4,328,622
Moscow Exchange MICEX-RTS PJSC (B)(D)		14,084,614		11,537,615
Polyus PJSC GDR *(B)(D)		613,103		14,052,689
RusHydro PJSC (B)(D)		6,529,118,388		13,711,149
Sberbank of Russia PJSC (B)(D)		12,648,865		12,914,152
VTB Bank PJSC (B)(D)		9,484,622		3,295,579
				86,690,752
SINGAPORE — 3.8%
First Resources, Ltd.		20,501,500		22,741,435
Golden Agri-Resources, Ltd. (A)		265,609,400		54,643,963

3

THE ADVISORS’ INNER CIRCLE FUND II	KOPERNIK GLOBAL
	ALL-CAP FUND
	JULY 31, 2024
	(Unaudited)

COMMON STOCK — continued	Shares		Value
SINGAPORE — continued
Yoma Strategic Holdings, Ltd. * (A)		66,818,200	$	6,117,262
				83,502,660
SOUTH AFRICA — 6.3%
Anglo American Platinum, Ltd.		1,363,295		52,916,855
Harmony Gold Mining Co., Ltd. ADR		1,158,731		11,262,866
Impala Platinum Holdings, Ltd.		13,904,214		71,428,890
				135,608,611
SOUTH KOREA — 17.4%
Chong Kun Dang Pharmaceutical Corp.		54,325		4,424,674
DL E&C Co., Ltd. (A)		895,091		23,022,903
GS Holdings Corp.		456,731		16,350,623
Hana Financial Group, Inc.		144,297		6,836,512
Hankook & Co., Ltd.		1,220,597		14,002,932
Hyundai Department Store Co., Ltd. (A)		760,756		26,137,321
Korea Electric Power Corp. *		2,533,312		36,559,684
Korea Electric Power Corp. ADR *		198,178		1,456,608
Korean Reinsurance Co.		1,770,465		10,678,254
KT Corp.		2,006,835		58,441,860
KT Corp. ADR		2,385,104		34,750,965
LG Corp.		539,668		34,415,822
LG Uplus Corp. (A)		11,027,402		80,655,204
Lotte Chemical Corp.		264,017		19,565,475
LX Holdings Corp.		577,714		2,997,006
LX INTERNATIONAL CORP.		121,052		2,715,073
PHA Co., Ltd.		420,687		3,633,606
				376,644,522
SRI LANKA — 0.2%
Hemas Holdings PLC (A)(B)		16,019,905		4,195,395
THAILAND — 0.5%
Kasikornbank PCL		2,959,100		10,930,558
UKRAINE — 0.8%
Astarta Holding PLC (A)(B)		659,000		5,154,023
MHP SE (LSE Shares) GDR *(B)		3,339,875		12,184,338

4

THE ADVISORS’ INNER CIRCLE FUND II	KOPERNIK GLOBAL
	ALL-CAP FUND
	JULY 31, 2024
	(Unaudited)

COMMON STOCK — continued	Shares		Value
UKRAINE — continued
MHP SE (USD Shares) GDR * (A)(B)(C)		44,627	$	162,806
				17,501,167
UNITED KINGDOM — 1.5%
Vodafone Group PLC		12,011,775		11,239,984
Yellow Cake PLC *(C)		2,885,418		20,649,556
				31,889,540
UNITED STATES — 10.3%
Arcadium Lithium PLC *		3,430,885		10,910,214
Newmont Corp.		37,760		1,852,883
Newmont Corp. CDI		1,717,435		82,903,359
Range Resources Corp.		1,196,342		37,361,761
Royal Gold, Inc.		266,029		36,743,926
Southwestern Energy Co. *		8,227,966		53,070,381
				222,842,524
TOTAL COMMON STOCK
(Cost $1,842,281,407)				1,787,354,182
U.S TREASURY OBLIGATIONS — 11.0%	Face Amount
U.S. Treasury Bills
5.315%, 08/29/24(E)	$	109,174,700		108,726,695
5.253%, 10/10/24(E)		131,218,400		129,898,376
TOTAL U.S TREASURY OBLIGATIONS (Cost $238,624,153)				238,625,071
UNIT TRUST FUND — 1.5%	Shares
CANADA — 1.5%
Sprott Physical Uranium Trust *		1,664,513		31,285,346
TOTAL UNIT TRUST FUND
(Cost $13,532,973)				31,285,346
PREFERRED STOCK — 1.3%
BRAZIL — 0.5%
Petroleo Brasileiro SA (F)		1,423,500		9,377,335
CANADA — 0.0%
Gabriel Resources, Ltd.* (A)(B)(F)		4,960,582		53,894

5

THE ADVISORS’ INNER CIRCLE FUND II	KOPERNIK GLOBAL
	ALL-CAP FUND
	JULY 31, 2024
	(Unaudited)

PREFERRED STOCK — continued	Shares		Value
CANADA — continued
Gabriel Resources, Ltd. * (A)(B)(F)		3,471,971	$	37,721
				91,615
GERMANY — 0.7%
Draegerwerk & KGaA , 0.900%(A)		289,709		15,235,623
SOUTH KOREA — 0.1%
Hyundai Motor Co., 4.170%		12,974		1,570,394
Hyundai Motor Co., Series 2 , 4.170%		8,932		1,085,578
				2,655,972
TOTAL PREFERRED STOCK
(Cost $23,945,492)				27,360,545
CONVERTIBLE BOND — 0.4%	Face Amount
INDIA — 0.0%
REI Agro, Ltd.
5.500%, 13/11/14(D)	$	723,000		—
UNITED STATES — 0.4%
Northern Dynasty Minerals, Ltd.
2.000%, 11/12/32		7,108,000		8,824,653
TOTAL CONVERTIBLE BOND
(Cost $7,831,000)				8,824,653
RIGHTS — 0.1%		Number of Rights
CANADA — 0.1%
Pan American Silver Corp., Expires 02/22/29# *(B)(D)		2,399,627		1,103,828
TOTAL RIGHTS
(Cost $–)				1,103,828

6

THE ADVISORS’ INNER CIRCLE FUND II	KOPERNIK GLOBAL
	ALL-CAP FUND
	JULY 31, 2024
	(Unaudited)

WARRANT — 0.0%		Number of Warrants	Value
CANADA — 0.0%
Bear Creek Mining Corp., Expires 10/05/28*(B)		9,126,364	$	727,121
TOTAL WARRANT
(Cost $534,546)				727,121
SHORT TERM INVESTMENT — 0.0%	Shares
Dreyfus Treasury Obligations Cash Management Fund, 5.190%(G)		578,963		578,963
TOTAL SHORT TERM INVESTMENT
(Cost $578,963)				578,963
PURCHASED OPTIONS — 0.6%
UNITED STATES — 0.6% *
TOTAL PURCHASED OPTIONS (Cost $41,682,878)				12,686,440
TOTAL INVESTMENTS— 97.3%
(Cost $2,169,011,412)				2,108,546,149
Other Assets and Liabilities, Net — 2.7%				59,586,521
NET ASSETS — 100.0%			$	2,168,132,670

A list of the exchange traded option contracts held by the Fund at July 31, 2024, is as follows:

Description	Number of Contracts		Notional Amount		Exercise Price		Expiration Date		Value
PURCHASED OPTIONS — 0.6%
Put Options
August 24 Puts on SPXW*		813	$	442,815,084	$	5,130.00		08/30/24	$	934,950
July 24 Puts on SPXW*		943		513,621,924		5,100.00		07/31/24		9,430
October 24 Puts on SPXW*		864		470,593,152		5,440.00		10/31/24		8,415,360
September 24 Puts on SPXW*		853		464,601,804		5,235.00		09/30/24		3,326,700
TOTAL PURCHASED OPTIONS
(Cost $41,682,878)			$	1,891,631,964					$	12,686,440

*	Non-income producing security.
†	Restricted Equity.

#	Expiration date unavailable.
(A)	Affiliated investment.
(B)	Securities considered illiquid. The total value of such securities as of July 31, 2024 was $131,208,492 and represented 6.0% of Net Assets.

7

THE ADVISORS’ INNER CIRCLE FUND II	KOPERNIK GLOBAL
	ALL-CAP FUND
	JULY 31, 2024
	(Unaudited)

(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, 2024 was $77,315,912 and represents 3.6% of Net Assets.
(D)	Level 3 security in accordance with fair value hierarchy.
(E)	The rate reported on the Schedule of Investments is the effective yield at time of purchase.
(F)	Rate unavailable.
(G)	The rate reported is the 7-day effective yield as of July 31, 2024.

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

SPXW — Standard & Poor's 500 Index Options Weekly

USD — United States Dollar

As of July 31, 2024, 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, 2024, were as follows:

Description	Number of Shares		Acquisition Date/Right to Acquire Date	Cost		Market Value
Common Stock
Aris Mining Corp.		4,652,864	11/9/2020	$	11,583,072	$	20,759,528
Gabriel Resources, Ltd.		59,839,056	5/31/2021		16,615,300		650,118
				$	28,198,372	$	21,409,646

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, 2023 through July 31, 2024. As defined in Section (2)(a)(3) of the Investment Company Act of 1940; such issuers are:

Value as of 10/31/2023		Purchases at Cost		Proceeds from Sale		Realized Gain/(Loss)		Change in Unrealized Appreciation/​(Depreciation)		Value as of 7/31/2024		Dividend/Interest Income
Aris Mining Corp.
$	10,811,110	$	1,226,962	$	—	$	—	$	8,721,456	$	20,759,528	$	—
Astarta Holding PLC
4,675,382			—		—		—		478,641		5,154,023		354,423

8

THE ADVISORS’ INNER CIRCLE FUND II	KOPERNIK GLOBAL
	ALL-CAP FUND
	JULY 31, 2024
	(Unaudited)

Value as of 10/31/2023	Purchases at Cost		Proceeds from Sale			Realized Gain/(Loss)			Change in Unrealized Appreciation/​(Depreciation)			Value as of 7/31/2024		Dividend/Interest Income
DL E&C Co., Ltd.
$22,757,828	$	6,028,160	$	(6,990,072	)	$	(2,835,040	)	$	4,062,027		$	23,022,903	$	310,142
Draegerwerk & KGaA
13,280,225		1,310,688		—			—			644,710			15,235,623		562,257
Dundee Corp., Cl A
1,831,905		—		(125,772	)		(1,900,276	)		2,471,711			2,277,568		—
Etalon Group PLC GDR
3,329,166		—		(198,032	)		(707,025	)		899,659			3,323,768		—
Euroapi SA
—		12,332,180		—			—			1,256,200			13,588,380		—
Gabriel Resources, Ltd.
2,614,745		—		—			—			(2,523,130	)		91,615		—
Gabriel Resources, Ltd.
18,815,211		—		(515,923	)		(212,942	)		(17,436,228	)		650,118		—
Golden Agri-Resources, Ltd.
56,939,897		—		(4,523,588	)		(875,310	)		3,102,964			54,643,963		1,202,234
Guangshen Railway Co., Ltd., Cl H
8,376,930		—		(415,786	)		(346,413	)		6,244,865			13,859,596		461,062
Hemas Holdings PLC
3,471,957		—		—			—			723,438			4,195,395		177,368
Hi Sun Technology China, Ltd.
4,471,072		756,387		—			—			(1,430,630	)		3,796,829		—
Hyundai Department Store Co., Ltd.
22,903,940		6,843,566		—			—			(3,610,185	)		26,137,321		634,490
International Tower Hill Mines, Ltd.
2,534,802		—		—			—			392,891			2,927,693		—
K+S AG
20,873,002		37,651,482		—			—			(8,751,542	)		49,772,942		1,639,106
Kyorin Pharmaceutical Co., Ltd.
20,141,902		2,724,242		—			—			(443,778	)		22,422,366		360,967
LG Uplus Corp.
46,415,319		37,143,029		—			—			(2,903,144	)		80,655,204		2,661,013
Luks Group Vietnam Holdings Co., Ltd.
1,170,883		—		—			—			(246,905	)		923,978		23,691
MHP SE (USD Shares) GDR
137,779		—		—			—			25,027			162,806		—
Northern Dynasty Minerals, Ltd. (CAD)
922,201		—		—			—			201,819			1,124,020		—
Novagold Resources, Inc.
11,556,818		9,864,061		(1,795,354	)		(322,877	)		11,116,502			30,419,150		—
Perpetua Resources Corp.
8,409,993		—		(256,985	)		137,481			7,275,206			15,565,695		—
Seabridge Gold, Inc. (USD)
13,509,285		1,517,266		—			—			7,735,435			22,761,986		—
Yoma Strategic Holdings, Ltd.
3,706,613		—		—			—			2,410,649			6,117,262		—
Totals:
$303,657,965	$	117,398,023	$	(14,821,512	)	$	(7,062,402	)	$	20,417,658		$	419,589,732	$	8,386,753

Amounts designated as “—” are either $0 or have been rounded to $0.

KGI-QH-001-2200

9

THE ADVISORS’ INNER CIRCLE FUND II	KOPERNIK
	INTERNATIONAL FUND
	JULY 31, 2024
	(Unaudited)

SCHEDULE OF INVESTMENTS
COMMON STOCK — 70.3%	Shares		Value
BRAZIL — 1.0%
Centrais Eletricas Brasileiras SA		839,860	$	5,859,264
CANADA — 8.5%
Barrick Gold Corp.		973,666		18,022,558
Equinox Gold Corp. *		1,005,662		5,645,081
Novagold Resources, Inc. * (A)		2,007,595		9,596,304
Pan American Silver Corp.		51,304		1,179,436
Wheaton Precious Metals Corp.		248,651		14,859,384
				49,302,763
CHILE — 0.6%
Sociedad Quimica y Minera de Chile SA ADR		93,959		3,576,080
CHINA — 5.1%
Alibaba Group Holding, Ltd. ADR		34,325		2,706,526
Baidu, Inc., Cl A *		520,750		5,773,872
CGN Power Co., Ltd., Cl H (B)		6,253,000		2,553,533
China Communications Services Corp., Ltd., Cl H		10,908,000		5,604,015
Guangshen Railway Co., Ltd., Cl H (A)		10,554,000		3,214,204
PAX Global Technology, Ltd.		3,664,000		2,055,843
Shanghai Electric Group Co., Ltd., Cl H *		13,730,000		2,670,667
Shanghai Mechanical and Electrical Industry Co., Ltd., Cl B		4,311,615		3,772,663
Sinopharm Group Co., Ltd., Cl H		541,200		1,269,408
				29,620,731
FRANCE — 1.4%
Carrefour SA		538,041		8,026,096
GERMANY — 2.8%
K+S AG (A)		1,237,882		15,947,225
HONG KONG — 3.3%
CK Hutchison Holdings, Ltd.		2,714,500		14,180,848
K Wah International Holdings, Ltd.		3,699,000		827,784
SJM Holdings, Ltd. *		8,248,000		2,658,572
WH Group, Ltd.		1,796,500		1,167,805
				18,835,009

10

THE ADVISORS’ INNER CIRCLE FUND II	KOPERNIK
	INTERNATIONAL FUND
	JULY 31, 2024
	(Unaudited)

COMMON STOCK — continued	Shares		Value
INDONESIA — 0.7%
Indofood Sukses Makmur Tbk PT		9,156,100	$	3,449,414
United Tractors TbK PT		214,200		340,042
				3,789,456
JAPAN — 3.4%
Electric Power Development Co., Ltd.		81,700		1,350,568
Inpex Corp.		316,600		4,888,777
Kamigumi Co., Ltd.		156,800		3,575,955
Medipal Holdings Corp.		67,500		1,218,394
Suzuken Co., Ltd.		86,500		3,152,392
West Japan Railway Co.		289,600		5,701,367
				19,887,453
KAZAKHSTAN — 3.7%
Halyk Savings Bank of Kazakhstan JSC GDR		316,548		5,591,390
NAC Kazatomprom JSC (B)		335,296		12,750,238
NAC Kazatomprom JSC GDR		80,082		3,045,263
				21,386,891
RUSSIA — 6.2%
Federal Grid - Rosseti PJSC *(C)(D)		3,021,385,233		1,066,356
Gazprom Neft PJSC (C)(D)		2,817,940		6,803,236
Gazprom PJSC *(C)(D)		8,122,810		3,823,494
Lenta International PJSC GDR *(C)(D)		1,271,467		1,035,228
LSR Group PJSC, Cl A (C)(D)		510,671		1,320,756
Moscow Exchange MICEX-RTS PJSC (C)(D)		5,746,159		4,707,049
Polyus PJSC GDR *(C)(D)		249,258		5,713,143
RusHydro PJSC (C)		991,278,397		2,122,471
Sberbank of Russia PJSC (C)(D)		8,292,394		8,466,312
VTB Bank PJSC (C)(D)		2,329,481		809,414
				35,867,459
SINGAPORE — 2.7%
Golden Agri-Resources, Ltd. (A)		76,439,700		15,725,980
SOUTH AFRICA — 7.2%
Anglo American Platinum, Ltd.		487,706		18,930,509
Harmony Gold Mining Co., Ltd. ADR		291,522		2,833,594

11

THE ADVISORS’ INNER CIRCLE FUND II	KOPERNIK
	INTERNATIONAL FUND
	JULY 31, 2024
	(Unaudited)

COMMON STOCK — continued	Shares		Value
SOUTH AFRICA — continued
Impala Platinum Holdings, Ltd.		3,916,549	$	20,120,141
				41,884,244
SOUTH KOREA — 13.4%
DL E&C Co., Ltd. (A)		170,722		4,391,192
GS Holdings Corp.		116,395		4,166,852
Hana Financial Group, Inc.		38,134		1,806,715
Korea Electric Power Corp. *		532,945		7,691,236
Korea Electric Power Corp. ADR *		272,687		2,004,249
KT Corp.		548,556		15,974,723
KT Corp. ADR		533,487		7,772,906
LG Corp.		135,825		8,661,861
LG Uplus Corp. (A)		2,775,421		20,299,627
Lotte Chemical Corp.		67,467		4,999,768
				77,769,129
THAILAND — 0.5%
Kasikornbank PCL		773,000		2,855,368
UKRAINE — 0.5%
MHP SA GDR * (A)(D)		792,536		2,891,284
UNITED KINGDOM — 2.0%
Vodafone Group PLC		3,054,721		2,858,447
Yellow Cake PLC *(B)		1,228,900		8,794,649
				11,653,096
UNITED STATES — 7.3%
Arcadium Lithium PLC *		894,105		2,843,254
Newmont Corp.		36,694		1,800,575
Newmont Corp. CDI		525,000		25,342,622
Royal Gold, Inc.		86,340		11,925,281
				41,911,732
TOTAL COMMON STOCK
(Cost $445,591,660)				406,789,260
U.S TREASURY OBLIGATIONS — 16.9%	Face Amount
U.S. Treasury Bills
5.315%, 08/29/24(E)	$	49,395,600		49,192,902

12

THE ADVISORS’ INNER CIRCLE FUND II	KOPERNIK
	INTERNATIONAL FUND
	JULY 31, 2024
	(Unaudited)

U.S TREASURY OBLIGATIONS — continued	Face Amount		Value
5.253%, 10/10/24(E)	$	49,374,200	$	48,877,508
TOTAL U.S TREASURY OBLIGATIONS (Cost $98,070,265)				98,070,410
UNIT TRUST FUND — 1.1%	Shares
CANADA — 1.1%
Sprott Physical Uranium Trust *		354,470		6,662,439
TOTAL UNIT TRUST FUND
(Cost $4,755,148)				6,662,439
PREFERRED STOCK — 1.0%
BRAZIL — 0.9%
Petroleo Brasileiro SA (F)		754,300		4,968,966
SOUTH KOREA — 0.1%
Hyundai Motor Co., Series 2 , 4.170%		4,543		552,148
TOTAL PREFERRED STOCK
(Cost $3,302,816)				5,521,114
SHORT TERM INVESTMENT — 0.9%
Dreyfus Treasury Obligations Cash Management Fund, 5.190%(G)		5,127,207		5,127,207
TOTAL SHORT TERM INVESTMENT
(Cost $5,127,207)				5,127,207
PURCHASED OPTIONS — 0.5%
UNITED STATES — 0.5% *
TOTAL PURCHASED OPTIONS (Cost $9,954,258)				2,862,150
TOTAL INVESTMENTS— 90.7%
(Cost $566,801,354)				525,032,580
Other Assets and Liabilities, Net — 9.3%				53,708,257
NET ASSETS — 100.0%			$	578,740,837

13

THE ADVISORS’ INNER CIRCLE FUND II	KOPERNIK
	INTERNATIONAL FUND
	JULY 31, 2024
	(Unaudited)

A list of the exchange traded option contracts held by the Fund at July 31, 2024, is as follows:

Description	Number of Contracts		Notional Amount		Exercise Price		Expiration Date		Value
PURCHASED OPTIONS — 0.5%
Put Options
August 24 Puts on SPXW*		206	$	112,201,608	$	5,130.00		08/30/24	$	236,900
July 24 Puts on SPXW*		237		129,086,316		5,100.00		07/31/24		2,370
October 24 Puts on SPXW*		182		99,129,576		5,440.00		10/31/24		1,772,680
September 24 Puts on SPXW*		218		118,737,624		5,235.00		09/30/24		850,200
TOTAL PURCHASED OPTIONS
(Cost $9,954,258)			$	459,155,124					$	2,862,150

*	Non-income producing security.
(A)	Affiliated investment.

(B)	Securities sold within terms of a private placement memorandum, exempt from registration under Section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other "accredited investors." The total value of such securities as of July 31, 2024 was $25,266,224 and represents 4.4% of Net Assets.
(C)	Level 3 security in accordance with fair value hierarchy.
(D)	Securities considered illiquid. The total value of such securities as of July 31, 2024 was $36,636,272 and represented 6.3% of Net Assets.
(E)	The rate reported on the Schedule of Investments is the effective yield at time of purchase.
(F)	Rate unavailable.
(G)	The rate reported is the 7-day effective yield as of July 31, 2024.

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

SPXW — Standard & Poor's 500 Index Options Weekly

14

THE ADVISORS’ INNER CIRCLE FUND II	KOPERNIK
	INTERNATIONAL FUND
	JULY 31, 2024
	(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, 2023 through July 31, 2024. As defined in Section (2)(a)(3) of the Investment Company Act of 1940; such issuers are:

Value as of 10/31/2023		Purchases at Cost		Proceeds from Sale			Realized Gain/(Loss)			Change in Unrealized Appreciation/​(Depreciation)			Value as of 7/31/2024		Dividend/Interest Income
DL E&C Co., Ltd.
$	4,790,889	$	1,066,772	$	(1,742,533	)	$	(1,809,787	)	$	2,085,851		$	4,391,192	$	60,266
Golden Agri-Resources, Ltd.
	16,382,341		—		(1,297,468	)		(35,545	)		676,652			15,725,980		345,991
Guangshen Railway Co., Ltd., Cl H
	1,887,545		—		—			—			1,326,659			3,214,204		103,890
K+S AG
	8,293,879		10,604,334		—			—			(2,950,988	)		15,947,225		567,538
LG Uplus Corp.
	8,830,353		12,286,315		—			—			(817,041	)		20,299,627		697,912
MHP SA GDR
	2,446,827		—		—			—			444,457			2,891,284		—
Novagold Resources, Inc.
	5,022,283		3,353,100		(2,172,561	)		(457,477	)		3,850,959			9,596,304		—
Totals:
$	47,654,117	$	27,310,521	$	(5,212,562	)	$	(2,302,809	)	$	4,616,549		$	72,065,816	$	1,775,597

Amounts designated as “—” are either $0 or rounded to $0.

KGI-QH-002-1900

15