# EDGAR Filing Document

**Accession Number:** 0000890540
**File Stem:** 0001752724-23-074247
**Filing Date:** 2023-3
**Character Count:** 92191
**Document Hash:** 6b4712cdbcb94eecbe18f0d5df970bcb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-074247.hdr.sgml**: 20230330

**ACCESSION NUMBER**: 0001752724-23-074247

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20230131

**FILED AS OF DATE**: 20230330

**DATE AS OF CHANGE**: 20230330

**PERIOD START**: 20231031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Advisors' Inner Circle Fund II
- **CENTRAL INDEX KEY:** 0000890540
- **IRS NUMBER:** 233040006
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0131

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07102
- **FILM NUMBER:** 23779786

**BUSINESS ADDRESS:**
- **STREET 1:** ONE FREEDOM VALLEY DRIVE
- **CITY:** OAKS
- **STATE:** PA
- **ZIP:** 19456
- **BUSINESS PHONE:** 6106761000

**MAIL ADDRESS:**
- **STREET 1:** ONE FREEDOM VALLEY DRIVE
- **CITY:** OAKS
- **STATE:** PA
- **ZIP:** 19456

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Advisors Inner Circle Fund II
- **DATE OF NAME CHANGE:** 20041029

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ARBOR FUND
- **DATE OF NAME CHANGE:** 19920929

## Series and Classes Contracts Data

### KOPERNIK GLOBAL ALL-CAP FUND (Series ID: S000042718)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000132088 | CLASS A SHARES | KGGAX           |
| C000132089 | CLASS I SHARES | KGGIX           |

## Nport-Ex

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **KOPERNIK GLOBAL**<br> **ALL-CAP FUND**<br> **JANUARY 31, 2023**<br> *(Unaudited)* |

| | | |
|:---|:---|:---|
|  **SCHEDULE OF INVESTMENTS** | | |
| **COMMON STOCK — 78.9%** | <br> **Shares** | <br> **Value** |
|  **AUSTRALIA — 4.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Newcrest Mining, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5159405 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81978464 |
|  **BRAZIL — 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrais Eletricas Brasileiras SA | 4335411 | 34725649 |
|  **CANADA — 17.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aris Mining (A) | 3001858 | 10355513 |
| &nbsp;&nbsp;&nbsp;&nbsp; Artemis Gold, Inc. \* † (A) | 5529365 | 19698012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bear Creek Mining Corp. \* (A) | 3625815 | 2098288 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cameco Corp. | 1081642 | 30296793 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dundee Corp., Cl A \* (A)(B) | 2419423 | 2545708 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equinox Gold \* (A) | 7694652 | 35218842 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fission Uranium Corp. \* (A) | 23309500 | 15241265 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gabriel Resources, Ltd. \* † (A)(B) | 60679056 | 9576943 |
| &nbsp;&nbsp;&nbsp;&nbsp; IAMGOLD \* | 7695388 | 21624040 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Tower Hill Mines, Ltd. \* (A)(B) | 6548183 | 3803185 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ivanhoe Mines, Ltd., Cl A \* | 2081033 | 19550496 |
| &nbsp;&nbsp;&nbsp;&nbsp; MEG Energy Corp. \* | 341821 | 5649276 |
| &nbsp;&nbsp;&nbsp;&nbsp; NexGen Energy, Ltd. \* | 4111791 | 19839689 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northern Dynasty Minerals, Ltd. (CAD) \* (A) | 2873848 | 615570 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northern Dynasty Minerals, Ltd. (USD) \* | 15400762 | 3388168 |
| &nbsp;&nbsp;&nbsp;&nbsp; Novagold Resources, Inc. \* | 2955724 | 18650619 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pan American Silver Corp. | 1395552 | 25434697 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sabina Gold & Silver \* | 11941754 | 12116319 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sandstorm Gold | 119617 | 692583 |
| &nbsp;&nbsp;&nbsp;&nbsp; Seabridge Gold, Inc. (CAD) \* | 1422848 | 18713945 |
| &nbsp;&nbsp;&nbsp;&nbsp; Seabridge Gold, Inc. (USD) \* | 1187564 | 15628342 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sprott, Inc. | 275177 | 10884646 |
| &nbsp;&nbsp;&nbsp;&nbsp; Western Copper & Gold Corp. \* | 2339413 | 4272499 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wheaton Precious Metals Corp. | 803226 | 36739557 |
|  |  | 342634995 |
|  **CHINA — 4.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CGN Power (C) | 164777000 | 38501666 |
| &nbsp;&nbsp;&nbsp;&nbsp; China Communications Services (A) | 41952000 | 15964402 |
| &nbsp;&nbsp;&nbsp;&nbsp; Guangshen Railway Co., Ltd. (A) | 46838679 | 8187604 |

---

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **KOPERNIK GLOBAL**<br> **ALL-CAP FUND**<br> **JANUARY 31, 2023**<br> *(Unaudited)* |

---

------

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **Shares** | **Value** |
|  **CHINA — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hi Sun Technology China, Ltd. \*(B) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50415000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5661912 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shanghai Electric Group Co., Ltd. | 44488000 | 10517758 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sinopec Engineering Group, Cl H | 11534000 | 5813914 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sinopharm Group | 1132000 | 2774523 |
|  |  | 87421779 |
|  **FRANCE — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Carrefour SA | 255418 | 4858278 |
|  **HONG KONG — 3.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CK Hutchison Holdings, Ltd. | 5164000 | 32863447 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Pacific | 32514000 | 11338735 |
| &nbsp;&nbsp;&nbsp;&nbsp; Luks Group Vietnam Holdings Co., Ltd. (A)(B) | 9255000 | 1439980 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Laboratories International Holdings, Ltd. | 1510000 | 999686 |
| &nbsp;&nbsp;&nbsp;&nbsp; WH Group, Ltd. | 23077500 | 14212616 |
|  |  | 60854464 |
|  **JAPAN — 8.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fukuda Corp. (A) | 206800 | 7243051 |
| &nbsp;&nbsp;&nbsp;&nbsp; Icom, Inc. | 286300 | 5613464 |
| &nbsp;&nbsp;&nbsp;&nbsp; Inpex Corp. | 917000 | 10076590 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Petroleum Exploration Co., Ltd. | 387200 | 12551717 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kamigumi Co., Ltd. | 665950 | 13623014 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kato Sangyo Co., Ltd. | 382300 | 10624031 |
| &nbsp;&nbsp;&nbsp;&nbsp; KYORIN Holdings, Inc. | 1355800 | 17970752 |
| &nbsp;&nbsp;&nbsp;&nbsp; Medipal Holdings | 441300 | 5891789 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Corp. | 546100 | 18286680 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsui & Co., Ltd. | 631400 | 18628032 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ryosan | 175000 | 3965859 |
| &nbsp;&nbsp;&nbsp;&nbsp; Suzuken Co., Ltd. | 885400 | 23319765 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tachi-S Co., Ltd., Cl S | 372700 | 3438968 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toho Holdings Co., Ltd. | 757600 | 12373356 |
| &nbsp;&nbsp;&nbsp;&nbsp; West Japan Railway Co. | 280100 | 11730170 |
|  |  | 175337238 |
|  **KAZAKHSTAN — 3.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Halyk Savings Bank of Kazakhstan JSC GDR (B) | 1812357 | 18905413 |
| &nbsp;&nbsp;&nbsp;&nbsp; NAC Kazatomprom JSC GDR | 632466 | 18583153 |

---

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **KOPERNIK GLOBAL**<br> **ALL-CAP FUND**<br> **JANUARY 31, 2023**<br> *(Unaudited)* |

---

------

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **Shares** | **Value** |
|  **KAZAKHSTAN — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; NAC Kazatomprom JSC GDR (C) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1110803 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32637678 |
|  |  | 70126244 |
|  **LEBANON — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Solidere ADR \*(B)(D) | 174732 | 1672185 |
|  **MALAYSIA — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Genting Plantations | 13500 | 19210 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oriental Holdings (B) | 3509400 | 5699734 |
|  |  | 5718944 |
|  **NORWAY — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Stolt-Nielsen, Ltd. | 189081 | 4971477 |
|  **RUSSIA — 4.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Etalon Group GDR \* (A)(B)(D) | 12510957 | 2882525 |
| &nbsp;&nbsp;&nbsp;&nbsp; Federal Grid Unified Energy System PJSC (B)(D) | 17511927373 | 6534743 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gazprom PJSC (B)(D) | 25899221 | 17463845 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lenta International PJSC GDR \*(B)(D) | 6287850 | 3853194 |
| &nbsp;&nbsp;&nbsp;&nbsp; LSR Group PJSC, Cl A (B)(D) | 1673664 | 3270988 |
| &nbsp;&nbsp;&nbsp;&nbsp; Moscow Exchange MICEX-RTS PJSC (B)(D) | 14084614 | 6506771 |
| &nbsp;&nbsp;&nbsp;&nbsp; Polyus PJSC GDR \*(B)(D) | 613103 | 12371989 |
| &nbsp;&nbsp;&nbsp;&nbsp; RusHydro PJSC (B)(D) | 6529118388 | 21546091 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sberbank of Russia PJSC (B)(D) | 12648865 | 8485272 |
| &nbsp;&nbsp;&nbsp;&nbsp; VTB Bank PJSC \*(B)(D) | 47423109862 | 3444717 |
|  |  | 86360135 |
|  **SINGAPORE — 3.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; First Resources, Ltd. | 17874500 | 20948702 |
| &nbsp;&nbsp;&nbsp;&nbsp; Golden Agri-Resources, Ltd. (A) | 232884900 | 44364591 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yoma Strategic Holdings, Ltd. \* (A) | 66818200 | 6335625 |
|  |  | 71648918 |
|  **SOUTH AFRICA — 3.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gold Fields, Ltd. | 1624797 | 18519267 |
| &nbsp;&nbsp;&nbsp;&nbsp; Harmony Gold Mining | 64096 | 228270 |
| &nbsp;&nbsp;&nbsp;&nbsp; Harmony Gold Mining ADR | 6726959 | 23611626 |
| &nbsp;&nbsp;&nbsp;&nbsp; Impala Platinum Holdings, Ltd. | 1635916 | 18969813 |
|  |  | 61328976 |

---

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **KOPERNIK GLOBAL**<br> **ALL-CAP FUND**<br> **JANUARY 31, 2023**<br> *(Unaudited)* |

---

------

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **Shares** | **Value** |
|  **SOUTH KOREA — 12.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; DL E&C Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243899 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7578038 |
| &nbsp;&nbsp;&nbsp;&nbsp; GS Holdings | 129241 | 4643995 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hana Financial Group | 357008 | 14182941 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hankook Tire Worldwide Co., Ltd. \* | 1356342 | 14857551 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hyundai Department Store \* | 414318 | 20786810 |
| &nbsp;&nbsp;&nbsp;&nbsp; Korea Electric Power Corp. | 966319 | 15601447 |
| &nbsp;&nbsp;&nbsp;&nbsp; Korea Electric Power Corp. ADR | 232125 | 1861643 |
| &nbsp;&nbsp;&nbsp;&nbsp; Korean Reinsurance \* | 1419238 | 8700121 |
| &nbsp;&nbsp;&nbsp;&nbsp; KT Corp. | 1884267 | 53693429 |
| &nbsp;&nbsp;&nbsp;&nbsp; KT Corp. ADR | 1248935 | 17872260 |
| &nbsp;&nbsp;&nbsp;&nbsp; LG Corp. | 425753 | 28671999 |
| &nbsp;&nbsp;&nbsp;&nbsp; LG Uplus | 4147528 | 37507093 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lotte Chemical \* | 93045 | 13433573 |
| &nbsp;&nbsp;&nbsp;&nbsp; LX Holdings \* | 52572 | 377492 |
| &nbsp;&nbsp;&nbsp;&nbsp; PHA Co., Ltd. \* | 420687 | 2475964 |
|  |  | 242244356 |
|  **SRI LANKA — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hemas Holdings PLC (A)(B) | 16019905 | 2575571 |
|  **SWITZERLAND — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Suisse Group ADR | 4064391 | 14266012 |
|  **THAILAND — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Kasikornbank PLC | 1145400 | 5051720 |
|  **UKRAINE — 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Astarta Holding NV \* (A) | 659000 | 3502507 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kernel Holding SA (A) | 2265668 | 9676266 |
| &nbsp;&nbsp;&nbsp;&nbsp; MHP SE (LSE Shares) GDR \* (A)(B) | 3341866 | 11362344 |
| &nbsp;&nbsp;&nbsp;&nbsp; MHP SE (USD Shares) GDR \*(B)(C) | 44627 | 151732 |
|  |  | 24692849 |
|  **UNITED KINGDOM — 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Yellow Cake PLC \* (A)(C) | 4546254 | 23423227 |
|  **UNITED STATES — 7.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Air Lease, Cl A | 113738 | 5114798 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hyster-Yale Materials Handling | 35420 | 1148671 |

---

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **KOPERNIK GLOBAL**<br> **ALL-CAP FUND**<br> **JANUARY 31, 2023**<br> *(Unaudited)* |

---

------

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **Shares** | **Value** |
|  **UNITED STATES — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ivanhoe Electric \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;576988 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7645091 |
| &nbsp;&nbsp;&nbsp;&nbsp; Perpetua Resources \* (A) | 2329638 | 8293511 |
| &nbsp;&nbsp;&nbsp;&nbsp; Range Resources Corp. | 1362597 | 34092177 |
| &nbsp;&nbsp;&nbsp;&nbsp; Royal Gold, Inc. | 206908 | 26283523 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sabre \* | 675591 | 4600775 |
| &nbsp;&nbsp;&nbsp;&nbsp; SkyWest, Inc. \* | 1051444 | 21827977 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southwestern Energy Co. \* | 8103354 | 44730514 |
|  |  | 153737037 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL COMMON STOCK<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $1,645,987,645) |  | 1555628518 |
| **PREFERRED STOCK — 3.7%** |  |  |
|  **BRAZIL —0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Petroleo Brasileiro 0.000%(E) | 2466300 | 12719448 |
|  **CANADA —0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gabriel Resources, Ltd. 0.000%\* (A)(B)(E) | 4960582 | 782926 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gabriel Resources, Ltd. 0.000%\* (A)(B)(E) | 3471971 | 547979 |
|  |  | 1330905 |
|  **GERMANY —0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Draegerwerk & KGaA 0.900%(A) | 248435 | 11121986 |
|  **SOUTH KOREA —2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hyundai Motor Co.4.170% | 141440 | 9898860 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hyundai Motor Co., Series 2 4.170% | 462137 | 32362919 |
|  |  | 42261779 |
|  **UNITED STATES —0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sabre 6.500%\* | 54600 | 5024838 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL PREFERRED STOCK |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $73,538,787) |  | 72458956 |
| **UNIT TRUST FUND — 2.3%** |  |  |
|  **CANADA — 2.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sprott Physical Uranium Trust | 3648303 | 46777685 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL UNIT TRUST FUND |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $28,224,587) |  | 46777685 |

---

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **KOPERNIK GLOBAL**<br> **ALL-CAP FUND**<br> **JANUARY 31, 2023**<br> *(Unaudited)* |

---

------

---

| | | |
|:---|:---|:---|
| **RIGHTS — 0.1%** | **Number of <br>Rights** | **Value** |
|  **CANADA — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Pan American Silver Corp., Expires 02/22/29#(B)(D) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2532384 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1595402 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL RIGHTS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $–) |  | 1595402 |
| **CONVERTIBLE BOND — 0.0%** | **Face Amount** |  |
|  **INDIA —0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; REI Agro, Ltd.<br> 5.500%, 13/11/14(D) | $723000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL CONVERTIBLE BOND |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $723,000) |  |  |
| **U.S. TREASURY OBLIGATIONS — 7.6%** | **Face Amount** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; United States Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.370%, 02/14/23(F) | $151036000 | 150802770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.025%, 02/21/23(F) | 400000 | 399022 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL U.S. TREASURY OBLIGATIONS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $151,197,586) |  | 151201792 |
| **SHORT TERM INVESTMENT — 0.0%** | **Shares** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dreyfus Treasury Securities Cash Management Fund, 3.830%(G) | 5260 | 5260 |
|  TOTAL SHORT TERM INVESTMENT |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $5,260) |  | 5260 |
| **PURCHASED OPTION — 0.3%** |  | **Value** |
|  **UNITED STATES — 0.3% \*** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL PURCHASED OPTIONS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $10,114,604) |  | 5408000 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS — 92.9% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $1,909,791,469) |  | 1833075613 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other Assets and Liabilities, Net — 7.1% |  | 139214490 |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET ASSETS** — 100.0%  |  | $**1972290103** |

---

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **KOPERNIK GLOBAL**<br> **ALL-CAP FUND**<br> **JANUARY 31, 2023**<br> *(Unaudited)* |

---

------

A list of the exchange traded option contracts held by the Fund at January 31, 2023, is as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of**<br>**Contracts** | **Notional<br> Amount** | **Exercise**<br>**Price** | **Expiration**<br>**Date** | **Value** |
|  **PURCHASED OPTIONS — 0.3%** | **PURCHASED OPTIONS — 0.3%** | **PURCHASED OPTIONS — 0.3%** |  |  |  |
|  **Put Options** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; March 2023 Puts on SPX\* | 832 | $54080 | $3990 | 03/17/23 | $5408000 |
|  TOTAL PURCHASED OPTIONS |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $10,114,605) |  | $54080 |  |  | $5408000 |

---

# Expiration date unavailable.

† Restricted Equity.

\* Non-income producing security.

(A) Affiliated investment.

(B) Securities considered illiquid. The total value of such securities as of January 31, 2023 was
$152,681,149 and represented 7.8% 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 January 31, 2023 was $94,714,303 and represents 4.8% 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 January 31, 2023.

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 ADVISORS' INNER CIRCLE FUND II** | **KOPERNIK GLOBAL**<br> **ALL-CAP FUND**<br> **JANUARY 31, 2023**<br> *(Unaudited)* |

---

------

As of January 31, 2023, 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 January 31, 2023, were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Number of**<br> **Shares** | **Acquisition**<br> **Date** | **Right to**<br> **Acquire**<br> **Date** | **Cost** | **Market Value** |
|  Artemis Gold, Inc. | 5529365 | 11/9/2020 | 11/9/2020 | $19012000 | $19698012 |
|  Gabriel Resources, Ltd. | 60679056 | 5/31/2021 | 5/31/2021 | 17344165 | 9576943 |
|  |  |  |  | $36356165 | $29274955 |

---

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, 2022 through January 31, 2023. As defined in Section (2)(a)(3) of the Investment Company Act of 1940; such issuers are:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Value as of**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10/31/2022** | &nbsp;&nbsp;&nbsp;&nbsp;**Purchases at**<br> &nbsp;&nbsp;&nbsp;&nbsp;**Cost** | &nbsp;&nbsp;&nbsp;&nbsp;**Proceeds from**<br> &nbsp;&nbsp;&nbsp;&nbsp;**Sale** | &nbsp;&nbsp;&nbsp;&nbsp;**Realized**<br> &nbsp;&nbsp;&nbsp;&nbsp;**Gain/(Loss)** | &nbsp;&nbsp;&nbsp;&nbsp;**Change in**<br> &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized**<br> &nbsp;&nbsp;&nbsp;&nbsp;**Appreciation/**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Value as of** <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1/31/2023**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Dividend/**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Interest**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Income** |
| **Aris Mining** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | $6901601 | $— | $— | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10355513 | $— |
| **Artemis Gold, Inc.** |  |  |  |  |  |  |
| 15179525 |  |  |  | 4518488 | 19698012 |  |
| **Astarta Holding NV** |  |  |  |  |  |  |
| 2683429 |  |  |  | 819078 | 3502507 |  |
| **Bear Creek Mining Corp.** |  |  |  |  |  |  |
| 1011348 |  |  |  | 1086941 | 2098288 |  |
| **China Communications Services** |  |  |  |  |  |  |
| 10622392 | 1137312 |  |  | 4204698 | 15964402 |  |
| **Draegerwerk & KGaA** |  |  |  |  |  |  |
| 8911447 | 1137705 |  |  | 1072834 | 11121986 |  |
| **Dundee Corp., Cl A** |  |  |  |  |  |  |
| 2184380 |  |  |  | 361328 | 2545708 |  |
| **Equinox Gold** |  |  |  |  |  |  |
| 27125664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4289155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7824481) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4512159) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16140663 | 35218842 |  |
| **Etalon Group GDR** |  |  |  |  |  |  |
| 3265360 |  |  |  | (382835) | 2882525 |  |
| **Fission Uranium Corp.** |  |  |  |  |  |  |
| 12147939 |  |  |  | 3093326 | 15241265 |  |
| **Fukuda Corp.** |  |  |  |  |  |  |
| 6745217 |  |  |  | 497834 | 7243051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186593 |
| **Gabriel Resources, Ltd.** |  |  |  |  |  |  |
| 1176045 |  |  |  | 154860 | 1330905 |  |
| **Gabriel Resources, Ltd.** |  |  |  |  |  |  |
| 8462598 |  |  |  | 1114345 | 9576943 |  |

---

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **KOPERNIK GLOBAL**<br> **ALL-CAP FUND**<br> **JANUARY 31, 2023**<br> *(Unaudited)* |

---

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Value as of**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10/31/2022** | &nbsp;&nbsp;&nbsp;&nbsp;**Purchases at**<br> &nbsp;&nbsp;&nbsp;&nbsp;**Cost** | &nbsp;&nbsp;&nbsp;&nbsp;**Proceeds from**<br> &nbsp;&nbsp;&nbsp;&nbsp;**Sale** | &nbsp;&nbsp;&nbsp;&nbsp;**Realized**<br> &nbsp;&nbsp;&nbsp;&nbsp;**Gain/(Loss)** | &nbsp;&nbsp;&nbsp;&nbsp;**Change in**<br> &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized**<br> &nbsp;&nbsp;&nbsp;&nbsp;**Appreciation/**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Value as of** <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1/31/2023**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Dividend/**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Interest**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Income** |
| **Golden Agri-Resources, Ltd.** | **Golden Agri-Resources, Ltd.** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;$51685678 | $1371945 | $(5512597) | $(1419282) | $(1761153) | $44364591 | $1317404 |
| **Guangshen Railway Co., Ltd.** |  |  |  |  |  |  |
| 6086316 |  |  |  | 2101288 | 8187604 |  |
| **Hemas Holdings PLC** | **Hemas Holdings PLC** |  |  |  |  |  |
| 2415039 |  |  |  | 160532 | 2575571 | 17444 |
| **International Tower Hill Mines, Ltd.** |  |  |  |  |  |  |
| 2828815 |  |  |  | 974370 | 3803185 |  |
| **Kernel Holding SA** |  |  |  |  |  |  |
| 8308480 |  | (562277) | (1263862) | 3193924 | 9676266 |  |
| **Luks Group Vietnam Holdings Co., Ltd.** | **Luks Group Vietnam Holdings Co., Ltd.** |  |  |  |  |  |
| 1167243 |  |  |  | 272737 | 1439980 |  |
| **MHP SE (LSE Shares) GDR** |  |  |  |  |  |  |
| 9858505 |  |  |  | 1503839 | 11362344 |  |
| **Northern Dynasty Minerals, Ltd. (CAD)** |  |  |  |  |  |  |
| 696128 |  |  |  | (80558) | 615570 |  |
| **Perpetua Resources** |  |  |  |  |  |  |
| 5474649 |  |  |  | 2818862 | 8293511 |  |
| **Yellow Cake PLC** |  |  |  |  |  |  |
| 22345720 |  |  |  | 1077507 | 23423227 |  |
| **Yoma Strategic Holdings, Ltd.** |  |  |  |  |  |  |
| 3917710 |  |  |  | 2417915 | 6335625 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Totals: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;$214299627 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14837718 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13899355) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7195303) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45360823 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256857421 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1521441 |

---

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

KGI-QH-001-1900

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **KOPERNIK**<br> **INTERNATIONAL FUND**<br> **JANUARY 31, 2023**<br> *(Unaudited)* |

---

------

---

| | | |
|:---|:---|:---|
|  **SCHEDULE OF INVESTMENTS** | | |
| **COMMON STOCK — 72.9%** | <br> **Shares** | <br> **Value** |
|  **AUSTRALIA — 5.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Newcrest Mining, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2187355 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34755171 |
|  **BRAZIL — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrais Eletricas Brasileiras SA | 332360 | 2662127 |
|  **CANADA — 11.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cameco Corp. | 473477 | 13262091 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equinox Gold \* (A) | 1310978 | 6000418 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ivanhoe Mines, Ltd., Cl A \* | 856800 | 8049303 |
| &nbsp;&nbsp;&nbsp;&nbsp; MEG Energy Corp. \* | 434346 | 7178436 |
| &nbsp;&nbsp;&nbsp;&nbsp; Novagold Resources, Inc. \* | 2006096 | 12658466 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pan American Silver Corp. | 301776 | 5500032 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wheaton Precious Metals Corp. | 446346 | 20415866 |
|  |  | 73064612 |
|  **CHINA — 7.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alibaba Group Holding, Ltd. \* | 320000 | 4399574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alibaba Group Holding, Ltd. ADR \* | 13312 | 1466983 |
| &nbsp;&nbsp;&nbsp;&nbsp; CGN Power (B) | 55096000 | 12873689 |
| &nbsp;&nbsp;&nbsp;&nbsp; China Communications Services (A) | 22094000 | 8407645 |
| &nbsp;&nbsp;&nbsp;&nbsp; China Shenhua Energy Co., Ltd. | 990000 | 3081493 |
| &nbsp;&nbsp;&nbsp;&nbsp; Guangshen Railway Co., Ltd. (A) | 10844000 | 1895578 |
| &nbsp;&nbsp;&nbsp;&nbsp; PAX Global Technology, Ltd. | 3664000 | 3463034 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shanghai Electric Group Co., Ltd. | 12578000 | 2973664 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shanghai Mechanical and Electrical Industry, Cl B | 4311615 | 4574921 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sinopharm Group | 537600 | 1317653 |
|  |  | 44454234 |
|  **FRANCE — 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Carrefour SA | 84514 | 1607532 |
|  **GERMANY — 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BASF | 111853 | 6413116 |
|  **HONG KONG — 3.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CK Hutchison Holdings, Ltd. | 1665000 | 10595980 |
| &nbsp;&nbsp;&nbsp;&nbsp; K Wah International Holdings, Ltd. | 7399000 | 2753950 |
| &nbsp;&nbsp;&nbsp;&nbsp; SJM Holdings, Ltd. \* | 7665443 | 4347102 |

---

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **KOPERNIK**<br> **INTERNATIONAL FUND**<br> **JANUARY 31, 2023**<br> *(Unaudited)* |

---

------

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **Shares** | **Value** |
|  **HONG KONG — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; WH Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11138000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6859500 |
|  |  | 24556532 |
|  **INDONESIA — 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Indofood Sukses Makmur | 14752800 | 6629905 |
|  **JAPAN — 6.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Inpex Corp. | 628100 | 6901970 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kamigumi Co., Ltd. | 211100 | 4318370 |
| &nbsp;&nbsp;&nbsp;&nbsp; Medipal Holdings | 255200 | 3407171 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Corp. | 135400 | 4533998 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsui & Co., Ltd. | 168500 | 4971212 |
| &nbsp;&nbsp;&nbsp;&nbsp; Suzuken Co., Ltd. | 296600 | 7811884 |
| &nbsp;&nbsp;&nbsp;&nbsp; TS Tech | 390200 | 4860607 |
| &nbsp;&nbsp;&nbsp;&nbsp; West Japan Railway Co. | 115400 | 4832780 |
|  |  | 41637992 |
|  **KAZAKHSTAN — 4.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Halyk Savings Bank of Kazakhstan JSC GDR (C) | 748907 | 7812145 |
| &nbsp;&nbsp;&nbsp;&nbsp; NAC Kazatomprom JSC GDR | 443714 | 13037230 |
| &nbsp;&nbsp;&nbsp;&nbsp; NAC Kazatomprom JSC GDR (B) | 335296 | 9851687 |
|  |  | 30701062 |
|  **NETHERLANDS — 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AerCap Holdings \* | 52267 | 3303797 |
|  **RUSSIA — 6.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Federal Grid Unified Energy System PJSC (C)(D) | 3021385233 | 1127459 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gazprom Neft PJSC (C)(D) | 2817940 | 5309882 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gazprom PJSC (C)(D) | 8122810 | 5503537 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lenta International PJSC GDR \*(C)(D) | 1271467 | 779155 |
| &nbsp;&nbsp;&nbsp;&nbsp; LSR Group PJSC, Cl A (C)(D) | 510671 | 998049 |
| &nbsp;&nbsp;&nbsp;&nbsp; Moscow Exchange MICEX-RTS PJSC (C)(D) | 5746159 | 2654595 |
| &nbsp;&nbsp;&nbsp;&nbsp; Polyus PJSC GDR \*(C)(D) | 249258 | 5029852 |
| &nbsp;&nbsp;&nbsp;&nbsp; RusHydro PJSC (C)(D) | 991278397 | 3315026 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sberbank of Russia PJSC (C)(D) | 8292394 | 5562809 |
| &nbsp;&nbsp;&nbsp;&nbsp; VEON ADR \*† | 16018241 | 8077999 |

---

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **KOPERNIK**<br> **INTERNATIONAL FUND**<br> **JANUARY 31, 2023**<br> *(Unaudited)* |

---

------

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **Shares** | **Value** |
|  **RUSSIA — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; VTB Bank PJSC \*(C)(D) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11647406497 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;846043 |
|  |  | 39204406 |
|  **SINGAPORE — 2.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Golden Agri-Resources, Ltd. (A) | 76621500 | 14596402 |
|  **SOUTH AFRICA — 2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gold Fields, Ltd. | 785990 | 8958632 |
| &nbsp;&nbsp;&nbsp;&nbsp; Harmony Gold Mining ADR | 941495 | 3304648 |
| &nbsp;&nbsp;&nbsp;&nbsp; Impala Platinum Holdings, Ltd. | 380184 | 4408551 |
|  |  | 16671831 |
|  **SOUTH KOREA — 12.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; DL E&C Co., Ltd. | 157690 | 4899490 |
| &nbsp;&nbsp;&nbsp;&nbsp; GS Holdings | 94295 | 3388287 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hana Financial Group | 45885 | 1822884 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hyundai Mobis, Co., Ltd. | 20016 | 3346819 |
| &nbsp;&nbsp;&nbsp;&nbsp; Korea Electric Power Corp. | 328926 | 5310587 |
| &nbsp;&nbsp;&nbsp;&nbsp; Korea Electric Power Corp. ADR | 319396 | 2561556 |
| &nbsp;&nbsp;&nbsp;&nbsp; KT Corp. | 595078 | 16957139 |
| &nbsp;&nbsp;&nbsp;&nbsp; KT Corp. ADR | 594397 | 8505821 |
| &nbsp;&nbsp;&nbsp;&nbsp; LG Corp. | 159319 | 10729212 |
| &nbsp;&nbsp;&nbsp;&nbsp; LG Uplus | 1397741 | 12640108 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lotte Chemical \* | 54834 | 7916778 |
|  |  | 78078681 |
|  **UKRAINE — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; MHP SA GDR \* (A)(C) | 792536 | 2694622 |
|  **UNITED KINGDOM — 2.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fresnillo PLC | 894457 | 9085761 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yellow Cake PLC \* (A)(B) | 1253569 | 6458643 |
|  |  | 15544404 |
|  **UNITED STATES — 3.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Royal Gold, Inc. | 108833 | 13825056 |

---

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **KOPERNIK**<br> **INTERNATIONAL FUND**<br> **JANUARY 31, 2023**<br> *(Unaudited)* |

---

------

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — continued** | **Shares** | **Value** |
|  **UNITED STATES — continued** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sabre \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1392875 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9485479 |
|  |  | 23310535 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL COMMON STOCK |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $499,453,180) |  | 459886961 |
|  **PREFERRED STOCK — 1.6%** |  |  |
|  **BRAZIL — 0.7%**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Petroleo Brasileiro 0.000%(E) | 881600 | 4546675 |
|  **SOUTH KOREA — 0.9%**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hyundai Motor Co., Series 2 4.170% | 77405 | 5420583 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL PREFERRED STOCK |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $8,302,171) |  | 9967258 |
|  **UNIT TRUST FUND — 0.0%** |  |  |
|  **CANADA — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sprott Physical Uranium Trust | 9565 | 122640 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL UNIT TRUST FUND |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $104,739) |  | 122640 |
| **U.S. TREASURY OBLIGATIONS — 14.6%** | **Face Amount** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; United States Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.655%, 06/08/23 | $27000000 | 26565160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.217%, 03/09/23(F) | 26000000 | 25883936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.036%, 02/16/23(F) | 40023200 | 39952055 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL U.S. TREASURY OBLIGATIONS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $92,431,400) |  | 92401151 |
| **SHORT TERM INVESTMENT — 1.0%** | **Shares** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dreyfus Treasury Securities Cash Management Fund, 3.830%(G) | 6069959 | 6069959 |
|  TOTAL SHORT TERM INVESTMENT |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $6,069,959) |  | 6069959 |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS — 90.1% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $606,361,449) |  | 568447969 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other Assets and Liabilities, Net — 9.9% |  | 62522179 |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET ASSETS** — 100.0% |  | $**630970148** |

---

------

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | **KOPERNIK**<br> **INTERNATIONAL FUND**<br> **JANUARY 31, 2023**<br> *(Unaudited)* |

---

------

\* Non-income producing security.

† Security is currently trading and incorporated in Bermuda. Headquarters are located in Netherlands.

(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 January 31, 2023 was $29,184,019 and represents 4.6% of Net Assets.

(C) Securities considered illiquid. The total value of such securities as of January 31, 2023 was
$41,633,174 and represented 6.5% 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 January 31, 2023.

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 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, 2022 through January 31, 2023. As defined in Section (2)(a)(3) of the Investment Company Act of 1940; such issuers are:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Value as of**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10/31/2022** | **Purchases at**<br> **Cost** | **Proceeds from<br>Sale** | **Realized<br>Gain/(Loss)** | **Change in**<br> **Unrealized**<br> **Appreciation/**<br> **(Depreciation)** | **Value as of<br>1/31/2023** | **Dividend/<br>Interest**<br> **Income** |
| **China Communications Services** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2983555 | $3973554 | $(606205) | $(115579) | $2172320 | $8407645 | $— |
| **Equinox Gold** |  |  |  |  |  |  |
| 1476188 | 3110880 |  |  | 1413350 | 6000418 |  |
| **Golden Agri-Resources, Ltd.** |  |  |  |  |  |  |
| 12651076 | 2856335 |  |  | (911009) | 14596402 | 360572 |
| **Guangshen Railway Co., Ltd.** |  |  |  |  |  |  |
| 1409092 |  |  |  | 486486 | 1895578 |  |
| **MHP SA GDR** |  |  |  |  |  |  |
| 2337981 |  |  |  | 356641 | 2694622 |  |
| **Yellow Cake PLC** |  |  |  |  |  |  |
| 6161535 |  |  |  | 297108 | 6458643 |  |
| Totals: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$27019427 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9940769 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(606205) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(115579) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3814896 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40053308 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360572 |

---

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

KGI-QH-002-1600

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** ADVISORS' INNER CIRCLE FUND II

- **b. Investment Company Act file number:** 811-07102

- **c. CIK number of Registrant:** 0000890540

- **d. LEI of Registrant:** 549300OEHDTB2ALCAX69

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** ONE FREEDOM VALLEY DRIVE

  - **City:** OAKS

  - **State:** PA

  - **Foreign country:** US

  - **Zip / Postal Code:** 19456

  - **Telephone number:** 8774463863

**Item A.2. Information about the Series.**

- **a. Name of Series:** Kopernik Global All-Cap Fund

- **b. EDGAR series identifier (if any):** S000042718

- **c. LEI of Series:** 549300WVQV7BIZZ6VA82

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2023-10-31

- **b. Date as of which information is reported:** 2023-01-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $1977300974.18

**Total Liabilities:** $5006227.34

**Net Assets:** $1972294746.84

**Cash Not Reported:** $23199592.97

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000132088 | 0.08%                | -7.44%               | 5.62%                |
| Class ID C000132089 | 6.27%                | -1.77%               | 12.15%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $7993886.58              | $108545522.85                              |
| Month 2  | $54572376.86             | $-97561632.50                              |
| Month 3  | $17615931.51             | $196039802.46                              |

### Schedule of Portfolio Investments

| Name                                                                             | Title                                                                              | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |     Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ASTARTA HOLDING PLC                                                              | ASTARTA HOLDING PLC COMMON STOCK                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | PL        |      659000 | NS      | $3502507.18   | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| LX Holdings Corp.                                                                | LX HOLDINGS CORP COMMON STOCK                                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | KR        |       50943 | NS      | $365795.02    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| FIRST PACIFIC COMPANY LIMITED                                                    | FIRST PACIFIC CO COMMON STOCK                                                      | CUSIP: N/A<br>LEI: 254900VS1MDQSDM9DE09       | Long             | EC               |  | HK        |    32514000 | NS      | $11338734.77  | 0.57%             |  |  |  | No            |                  2 | On Loan: No      |
| MK LENTA PAO                                                                     | LENTA PLC DEPOSITARY RECEIPT                                                       | CUSIP: 52634T200<br>LEI: N/A                  | Long             | EC               |  | GB        |     6287850 | NS      | $3853194.48   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| GRUPPA LSR PAO                                                                   | LSR GROUP PJSC COMMON STOCK                                                        | CUSIP: N/A<br>LEI: 25340067LEEMJ79K8X43       | Long             | EC               |  | RU        |     1673664 | NS      | $3270988.25   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Fission Uranium Corp                                                             | FISSION URANIUM CORP COMMON STOCK                                                  | CUSIP: 33812R109<br>LEI: 529900CBYH3A7AK6P676 | Long             | EC               |  | CA        |    23309500 | NS      | $15241264.89  | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                                              | GABRIEL RESOURCES LTD RESTRICTED GABRIEL RESOURCES LTD RESTRICTED 4 MO (9/28/2021) | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               |  | CA        |     3471971 | NS      | $547979.34    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| MHP SE                                                                           | MHP SE DEPOSITARY RECEIPT                                                          | CUSIP: 55302T204<br>LEI: 213800D7DXFXGA292757 | Long             | EC               |  | GB        |     3341866 | NS      | $11362344.40  | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| China Communications Services Corporation Limited                                | CHINA COMMUNICATIONS SERVI-H COMMON STOCK                                          | CUSIP: N/A<br>LEI: 529900JCDRVQE6YZKT86       | Long             | EC               |  | HK        |    41952000 | NS      | $15964402.20  | 0.81%             |  |  |  | No            |                  2 | On Loan: No      |
| JOINT STOCK COMPANY HALYK SAVINGS BANK OF KAZAKHSTAN                             | HALYK SAVINGS BANK-GDR REG S DEPOSITARY RECEIPT                                    | CUSIP: 46627J302<br>LEI: 213800NYDTVQM4SDUD67 | Long             | EC               |  | GB        |     1812357 | NS      | $18905413.56  | 0.96%             |  |  |  | No            |                  2 | On Loan: No      |
| WH GROUP LIMITED                                                                 | WH GROUP LTD COMMON STOCK                                                          | CUSIP: N/A<br>LEI: 254900A4AYEDRWYSE928       | Long             | EC               |  | HK        |    23077500 | NS      | $14212616.16  | 0.72%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Pan American Silver Corp.                                                        | PAN AMER SILVER-CVR CONTINGENT VALUE RIGHTS                                        | CUSIP: 697900132<br>LEI: 549300MKTF5851TYIB83 | Long             | EC               |  | CA        |     2532384 | NS      | $1595401.92   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| LOTTE CHEMICAL CORPORATION                                                       | LOTTE CHEMICAL CORP COMMON STOCK                                                   | CUSIP: N/A<br>LEI: 988400TPNFJZDPI94Y56       | Long             | EC               |  | KR        |       93045 | NS      | $13433573.32  | 0.68%             |  |  |  | No            |                  2 | On Loan: No      |
| SINOPEC ENGINEERING (GROUP) CO., LTD.                                            | SINOPEC ENGINEERING GROUP-H COMMON STOCK                                           | CUSIP: N/A<br>LEI: 529900MZVFFC7D57VV51       | Long             | EC               |  | HK        |    11534000 | NS      | $5813913.25   | 0.29%             |  |  |  | No            |                  2 | On Loan: No      |
| KERNEL HOLDING S.A.                                                              | KERNEL HOLDING SA COMMON STOCK                                                     | CUSIP: N/A<br>LEI: 5493003GR6L4DZOS2U12       | Long             | EC               |  | PL        |     2266756 | NS      | $9680912.62   | 0.49%             |  |  |  | No            |                  2 | On Loan: No      |
| SANDSTORM GOLD LTD.                                                              | SANDSTORM GOLD LTD COMMON STOCK                                                    | CUSIP: 80013R206<br>LEI: 549300QWJPV45VQF1B33 | Long             | EC               |  | US        |      119617 | NS      | $692582.43    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| SINOPHARM GROUP CO. LTD.                                                         | SINOPHARM GROUP CO-H COMMON STOCK                                                  | CUSIP: N/A<br>LEI: 529900N54X78YH9JYK92       | Long             | EC               |  | HK        |     1132000 | NS      | $2774523.10   | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| ROYAL GOLD, INC.                                                                 | ROYAL GOLD INC COMMON STOCK                                                        | CUSIP: 780287108<br>LEI: 5493001NGRU6SFL04184 | Long             | EC               |  | US        |      206908 | NS      | $26283523.24  | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| KOREA ELECTRIC POWER CORPORATION                                                 | KOREA ELEC POWER CORP-SP ADR DEPOSITARY RECEIPT                                    | CUSIP: 500631106<br>LEI: 988400QG33WS7JEIV602 | Long             | EC               |  | US        |      232125 | NS      | $1861642.50   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| KATO SANGYO CO., LTD.                                                            | KATO SANGYO CO LTD COMMON STOCK                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | JP        |      384500 | NS      | $10685169.01  | 0.54%             |  |  |  | No            |                  2 | On Loan: No      |
| THE UNITED LABORATORIES INTERNATIONAL HOLDINGS LIMITED                           | THE UNITED LABORATORIES INTE COMMON STOCK                                          | CUSIP: N/A<br>LEI: 2549007JL3XIH77JXN70       | Long             | EC               |  | HK        |     1510000 | NS      | $999686.00    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| IVANHOE MINES LTD                                                                | IVANHOE MINES LTD-CL A COMMON STOCK                                                | CUSIP: 46579R104<br>LEI: 5299006XZISURYIA4G32 | Long             | EC               |  | CA        |     2081033 | NS      | $19550496.04  | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| IMPALA PLATINUM HOLDINGS LIMITED                                                 | IMPALA PLATINUM HOLDINGS LTD COMMON STOCK                                          | CUSIP: N/A<br>LEI: 254900BZFIFB4PD2Z778       | Long             | EC               |  | ZA        |     1635916 | NS      | $18969812.95  | 0.96%             |  |  |  | No            |                  2 | On Loan: No      |
| Northern Dynasty Minerals Ltd.                                                   | NORTHERN DYNASTY MINERALS COMMON STOCK                                             | CUSIP: 66510M204<br>LEI: 529900HEIYP56LE0EJ17 | Long             | EC               |  | CA        |     2873848 | NS      | $615570.01    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| HARMONY GOLD MINING COMPANY LIMITED                                              | HARMONY GOLD MNG-SPON ADR DEPOSITARY RECEIPT                                       | CUSIP: 413216300<br>LEI: 378900986D05F0C29811 | Long             | EC               |  | US        |     6726959 | NS      | $23611626.09  | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| United States of America                                                         | TREASURY BILL 0.000000% 02/21/2023                                                 | CUSIP: 912796Y60<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |      400000 | PA      | $399021.67    | 0.02%             | 2023-02-21      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Gold Fields Limited                                                              | GOLD FIELDS LTD COMMON STOCK                                                       | CUSIP: N/A<br>LEI: 5299003KXIBJQYCBBD72       | Long             | EC               |  | ZA        |     1624797 | NS      | $18519266.63  | 0.94%             |  |  |  | No            |                  2 | On Loan: No      |
| Gabriel Resources Ltd.                                                           | GABRIEL RESOURCES LTD COMMON STOCK                                                 | CUSIP: 361970106<br>LEI: 529900SJTRA2V9AI4361 | Long             | EC               |  | CA        |    60679056 | NS      | $9576943.19   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Centrais Eletricas Brasileiras S.A.                                              | CENTRAIS ELETRICAS BRASILIER COMMON STOCK                                          | CUSIP: N/A<br>LEI: 254900I8KYDELP4B4Z08       | Long             | EC               |  | BR        |     4335411 | NS      | $34725648.85  | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| CARREFOUR SA                                                                     | CARREFOUR SA COMMON STOCK                                                          | CUSIP: N/A<br>LEI: 549300B8P6MUJ1YWTS08       | Long             | EC               |  | FR        |      255418 | NS      | $4858278.11   | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| HYUNDAI MOTOR COMPANY                                                            | Hyundai Motor Co PREFERRED STOCK                                                   | CUSIP: N/A<br>LEI: 9884004RQX8PRBXQ8S60       | Long             | EP               |  | KR        |      462137 | NS      | $32362918.86  | 1.64%             |  |  |  | No            |                  2 | On Loan: No      |
| West Japan Railway Company                                                       | WEST JAPAN RAILWAY CO COMMON STOCK                                                 | CUSIP: N/A<br>LEI: 353800QGUXHZ7EBCR121       | Long             | EC               |  | JP        |      280100 | NS      | $11730169.81  | 0.59%             |  |  |  | No            |                  2 | On Loan: No      |
| Shanghai Electric Group Company Limited                                          | SHANGHAI ELECTRIC GRP CO L-H COMMON STOCK                                          | CUSIP: N/A<br>LEI: 529900WHVV4GODE91T37       | Long             | EC               |  | HK        |    44488000 | NS      | $10517758.31  | 0.53%             |  |  |  | No            |                  2 | On Loan: No      |
| Hyundai Department Store Co.,Ltd.                                                | HYUNDAI DEPT STORE CO COMMON STOCK                                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | KR        |      414318 | NS      | $20786810.39  | 1.05%             |  |  |  | No            |                  2 | On Loan: No      |
| KYORIN Holdings, Inc.                                                            | KYORIN HOLDINGS INC COMMON STOCK                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | JP        |     1355800 | NS      | $17970751.87  | 0.91%             |  |  |  | No            |                  2 | On Loan: No      |
| FIRST RESOURCES LIMITED                                                          | FIRST RESOURCES LTD COMMON STOCK                                                   | CUSIP: N/A<br>LEI: 5493007RRD817HUP4O49       | Long             | EC               |  | SG        |    17874500 | NS      | $20948701.76  | 1.06%             |  |  |  | No            |                  2 | On Loan: No      |
| MITSUI & CO., LTD.                                                               | MITSUI & CO LTD COMMON STOCK                                                       | CUSIP: N/A<br>LEI: 2NRSB4GOU9DD6CNW5R48       | Long             | EC               |  | JP        |      631400 | NS      | $18628032.24  | 0.94%             |  |  |  | No            |                  2 | On Loan: No      |
| HEMAS HOLDINGS PLC                                                               | HEMAS HOLDINGS PLC COMMON STOCK                                                    | CUSIP: N/A<br>LEI: 254900TV1ZINS66XKY23       | Long             | EC               |  | LK        |    16019905 | NS      | $2575571.20   | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Pan American Silver Corp.                                                        | PAN AMERICAN SILVER CORP COMMON STOCK                                              | CUSIP: 697900108<br>LEI: 549300MKTF5851TYIB83 | Long             | EC               |  | CA        |     1395552 | NS      | $25434696.93  | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| KT CORPORATION                                                                   | KT CORP COMMON STOCK                                                               | CUSIP: N/A<br>LEI: 9884005ACF8449EANY26       | Long             | EC               |  | KR        |     1884267 | NS      | $53693429.02  | 2.72%             |  |  |  | No            |                  2 | On Loan: No      |
| Sabina Gold & Silver Corp.                                                       | SABINA GOLD & SILVER CORP COMMON STOCK                                             | CUSIP: 785246109<br>LEI: 529900MU3GT5P0ZH7V65 | Long             | EC               |  | CA        |    11941754 | NS      | $12116318.74  | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| YOMA STRATEGIC HOLDINGS LTD.                                                     | YOMA STRATEGIC HLDGS LTD COMMON STOCK                                              | CUSIP: N/A<br>LEI: 529900WRBT4SP5D5ZN49       | Long             | EC               |  | SG        |    66818200 | NS      | $6335624.62   | 0.32%             |  |  |  | No            |                  2 | On Loan: No      |
| Perpetua Resources Corp                                                          | PERPETUA RESOURCES CORP COMMON STOCK                                               | CUSIP: 714266103<br>LEI: 529900BQBMS383SEPY05 | Long             | EC               |  | US        |     2329638 | NS      | $8293511.28   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| GAZPROM PAO                                                                      | GAZPROM PJSC COMMON STOCK                                                          | CUSIP: N/A<br>LEI: 213800FD9J2IHTA7YX78       | Long             | EC               |  | RU        |    25899221 | NS      | $17463844.72  | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| IAMGOLD CORPORATION                                                              | IAMGOLD CORP COMMON STOCK                                                          | CUSIP: 450913108<br>LEI: 254900E7II30XAB9LA72 | Long             | EC               |  | US        |     7695388 | NS      | $21624040.28  | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Hana Financial Group Inc.                                                        | HANA FINANCIAL GROUP COMMON STOCK                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | KR        |      357008 | NS      | $14182941.42  | 0.72%             |  |  |  | No            |                  2 | On Loan: No      |
| GOLDEN AGRI-RESOURCES LTD                                                        | GOLDEN AGRI-RESOURCES LTD COMMON STOCK                                             | CUSIP: N/A<br>LEI: 529900GAK9LTNC3IFY40       | Long             | EC               |  | SG        |   230986900 | NS      | $44003022.04  | 2.23%             |  |  |  | No            |                  2 | On Loan: No      |
| REI AGRO LTD                                                                     | REI AGRO LTD 5.50%  11/13/2014                                                     | CUSIP: 74948PAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | IN        |      723000 | PA      | $0.00         | 0.00%             | 2014-11-13      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SUZUKEN CO.,LTD.                                                                 | SUZUKEN CO LTD COMMON STOCK                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | JP        |      885400 | NS      | $23319764.72  | 1.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Aris Mining Corporation                                                          | ARIS MINING CORP COMMON STOCK                                                      | CUSIP: 04040Y109<br>LEI: 5493001GJ5TILX6L1F82 | Long             | EC               |  | CA        |     3001858 | NS      | $10355513.30  | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| INPEX CORPORATION                                                                | INPEX CORP COMMON STOCK                                                            | CUSIP: N/A<br>LEI: 353800VHYYADPR6MXQ47       | Long             | EC               |  | JP        |      917000 | NS      | $10076589.86  | 0.51%             |  |  |  | No            |                  2 | On Loan: No      |
| MHP SE                                                                           | MHP SE - GDR 144A DEPOSITARY RECEIPT                                               | CUSIP: 55302T105<br>LEI: 213800D7DXFXGA292757 | Long             | EC               |  | US        |       44627 | NS      | $151731.80    | 0.01%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Wheaton Precious Metals Corp.                                                    | WHEATON PRECIOUS METALS CORP COMMON STOCK                                          | CUSIP: 962879102<br>LEI: 549300XSFG5ZCGVYD886 | Long             | EC               |  | US        |      803226 | NS      | $36739557.24  | 1.86%             |  |  |  | No            |                  1 | On Loan: No      |
| FSK-ROSSETI PAO                                                                  | FEDERAL GRID CO UNIFIED ENER COMMON STOCK                                          | CUSIP: N/A<br>LEI: 253400FZQ7Z49QZNSG30       | Long             | EC               |  | RU        | 17511927373 | NS      | $6534743.32   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Yellow Cake PLC                                                                  | YELLOW CAKE PLC COMMON STOCK                                                       | CUSIP: N/A<br>LEI: 213800CVMYUGOA9EZY95       | Long             | EC               |  | GB        |     4546254 | NS      | $23423226.76  | 1.19%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Joint stock company National atomic company Kazatomprom                          | NAC KAZATOMPROM JSC-GDR REGS DEPOSITARY RECEIPT                                    | CUSIP: 63253R201<br>LEI: 5493008JG5TXJP2JSY44 | Long             | EC               |  | GB        |      632466 | NS      | $18583152.70  | 0.94%             |  |  |  | No            |                  2 | On Loan: No      |
| TOHO HOLDINGS CO.,LTD.                                                           | TOHO HOLDINGS CO LTD COMMON STOCK                                                  | CUSIP: N/A<br>LEI: 353800Z8BQ3ZHELA4J90       | Long             | EC               |  | JP        |      757600 | NS      | $12373356.14  | 0.63%             |  |  |  | No            |                  2 | On Loan: No      |
| INTERNATIONAL TOWER HILL MINES LTD.                                              | INTL TOWER HILL MINES LTD COMMON STOCK                                             | CUSIP: 46050R102<br>LEI: 529900QWPB33AJTGMU33 | Long             | EC               |  | US        |     6548183 | NS      | $3803184.69   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| ORIENTAL HOLDINGS BHD                                                            | ORIENTAL HOLDINGS BERHAD COMMON STOCK                                              | CUSIP: N/A<br>LEI: 549300WBMDZXMUQT2I82       | Long             | EC               |  | MY        |     3509400 | NS      | $5699734.53   | 0.29%             |  |  |  | No            |                  2 | On Loan: No      |
| Japan Petroleum Exploration Co., Ltd.                                            | JAPAN PETROLEUM EXPLORATION COMMON STOCK                                           | CUSIP: N/A<br>LEI: 549300WXUNBZ356DMN17       | Long             | EC               |  | JP        |      387200 | NS      | $12551716.56  | 0.64%             |  |  |  | No            |                  2 | On Loan: No      |
| SEABRIDGE GOLD INC.                                                              | SEABRIDGE GOLD INC COMMON STOCK                                                    | CUSIP: 811916105<br>LEI: 9845003FEO1A66376A92 | Long             | EC               |  | US        |     1187564 | NS      | $15628342.24  | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| GS Holdings Corp.                                                                | GS HOLDINGS COMMON STOCK                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | KR        |      129241 | NS      | $4643995.47   | 0.24%             |  |  |  | No            |                  2 | On Loan: No      |
| SKYWEST, INC.                                                                    | SKYWEST INC COMMON STOCK                                                           | CUSIP: 830879102<br>LEI: 529900UYS2KGS6Z42P09 | Long             | EC               |  | US        |     1051444 | NS      | $21827977.44  | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Joint stock company National atomic company Kazatomprom                          | NAC KAZATOMPROM JSC-144A DEPOSITARY RECEIPT                                        | CUSIP: 63253R102<br>LEI: 5493008JG5TXJP2JSY44 | Long             | EC               |  | GB        |     1110803 | NS      | $32637678.17  | 1.65%             |  |  |  | Yes           |                  2 | On Loan: No      |
| STOLT-NIELSEN LIMITED                                                            | STOLT-NIELSEN LTD COMMON STOCK                                                     | CUSIP: N/A<br>LEI: 213800VZX4LWJSGRLR94       | Long             | EC               |  | NO        |      189081 | NS      | $4971477.07   | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| DL E&C CO., LTD.                                                                 | DL E&C CO LTD COMMON STOCK                                                         | CUSIP: N/A<br>LEI: 988400UU0MCCBS1YP242       | Long             | EC               |  | KR        |      243899 | NS      | $7578037.64   | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| ETALON GROUP PLC                                                                 | ETALON GROUP-GDR REG S DEPOSITARY RECEIPT                                          | CUSIP: 29760G103<br>LEI: 213800U2O9SKHOYSDY32 | Long             | EC               |  | GB        |    12510957 | NS      | $2882524.49   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Lebanese Company for Development and Reconstruction of Beirut Central District S | SOLIDERE-UNSPON ADR DEPOSITARY RECEIPT                                             | CUSIP: 522386507<br>LEI: N/A                  | Long             | EC               |  | US        |      174732 | NS      | $1672185.24   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Petroleo Brasileiro S.A. (Petrobras)                                             | PETROLEO BRASILEIRO SA PREFERRED STOCK                                             | CUSIP: N/A<br>LEI: 5493000J801JZRCMFE49       | Long             | EP               |  | BR        |     2466300 | NS      | $12719448.02  | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| PHA Co., Ltd.                                                                    | PHA Co Ltd COMMON STOCK                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | KR        |      420687 | NS      | $2475963.90   | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| KOREA ELECTRIC POWER CORPORATION                                                 | KOREA ELECTRIC POWER CORP COMMON STOCK                                             | CUSIP: N/A<br>LEI: 988400QG33WS7JEIV602       | Long             | EC               |  | KR        |      966319 | NS      | $15601446.44  | 0.79%             |  |  |  | No            |                  2 | On Loan: No      |
| SABRE CORPORATION                                                                | Sabre Corp PREFERRED STOCK                                                         | CUSIP: 78573M203<br>LEI: 529900VKCYZW8GZ4WW58 | Long             | EP               |  | US        |       54600 | NS      | $5024838.00   | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| Guangshen Railway Company Limited                                                | GUANGSHEN RAILWAY CO LTD-H COMMON STOCK                                            | CUSIP: N/A<br>LEI: 529900YIR2NSEPF1UU41       | Long             | EC               |  | HK        |    46838679 | NS      | $8187604.07   | 0.42%             |  |  |  | No            |                  2 | On Loan: No      |
| FGK RUSGIDRO PAO                                                                 | RUSHYDRO PJSC COMMON STOCK                                                         | CUSIP: N/A<br>LEI: 2534005TJN9DX4YWVT97       | Long             | EC               |  | RU        |  6529118388 | NS      | $21546090.68  | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Dynasty Minerals Ltd.                                                   | NORTHERN DYNASTY MINERALS COMMON STOCK                                             | CUSIP: 66510M204<br>LEI: 529900HEIYP56LE0EJ17 | Long             | EC               |  | US        |    15400762 | NS      | $3388167.64   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Sprott Physical Uranium Trust                                                    | SPROTT PHYSICAL URANIUM TRUS MUTUAL FUND                                           | CUSIP: 85210A104<br>LEI: N/A                  | Long             | EC               |  | CA        |     3648303 | NS      | $46777685.30  | 2.37%             |  |  |  | No            |                  1 | On Loan: No      |
| TACHI-S CO.,LTD.                                                                 | TACHI-S CO LTD COMMON STOCK                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | JP        |      372700 | NS      | $3438967.98   | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | MAGIC LEAP INC CVT GABRIEL RESOURCES LTD RESTRICTED 4 MO (10/17/22)                | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               |  | CA        |     4960582 | NS      | $782926.02    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| HYUNDAI MOTOR COMPANY                                                            | Hyundai Motor Co PREFERRED STOCK                                                   | CUSIP: N/A<br>LEI: 9884004RQX8PRBXQ8S60       | Long             | EP               |  | KR        |      141440 | NS      | $9898859.77   | 0.50%             |  |  |  | No            |                  2 | On Loan: No      |
| Draegerwerk AG & Co. KGaA                                                        | Draegerwerk AG & Co KGaA PREFERRED STOCK                                           | CUSIP: N/A<br>LEI: 5493005UFVHY0PPNKD75       | Long             | EP               |  | DE        |      246090 | NS      | $11017004.45  | 0.56%             |  |  |  | No            |                  2 | On Loan: No      |
| Credit Suisse Group AG                                                           | CREDIT SUISSE GROUP-SPON ADR DEPOSITARY RECEIPT                                    | CUSIP: 225401108<br>LEI: 549300506SI9CRFV9Z86 | Long             | EC               |  | US        |     4064391 | NS      | $14266012.41  | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| CGN Power Co., Ltd.                                                              | CGN POWER CO LTD-H COMMON STOCK                                                    | CUSIP: N/A<br>LEI: 529900D2UINCGWQYBK45       | Long             | EC               |  | HK        |   164777000 | NS      | $38501665.44  | 1.95%             |  |  |  | Yes           |                  2 | On Loan: No      |
| MOSKOVSKAYA BIRZHA MMVB-RTS PAO                                                  | MOSCOW EXCHANGE MICEX-RTS PJ COMMON STOCK                                          | CUSIP: N/A<br>LEI: 253400M5M1222KPNWE87       | Long             | EC               |  | RU        |    14084614 | NS      | $6506771.20   | 0.33%             |  |  |  | No            |                  3 | On Loan: No      |
| AIR LEASE CORPORATION                                                            | AIR LEASE CORP COMMON STOCK                                                        | CUSIP: 00912X302<br>LEI: 5493004NW4M4P8TMMK63 | Long             | EC               |  | US        |      113738 | NS      | $5114797.86   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| GENTING PLANTATIONS BERHAD                                                       | GENTING PLANTATIONS BHD COMMON STOCK                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | MY        |       13500 | NS      | $19209.99     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| KASIKORNBANK PUBLIC COMPANY LIMITED                                              | KASIKORNBANK PCL-FOREIGN COMMON STOCK                                              | CUSIP: N/A<br>LEI: 5493004COSQ54937AW41       | Long             | EC               |  | TH        |     1145400 | NS      | $5051719.59   | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| HYSTER-YALE MATERIALS HANDLING, INC.                                             | HYSTER-YALE MATERIALS COMMON STOCK                                                 | CUSIP: 449172105<br>LEI: N/A                  | Long             | EC               |  | US        |       59278 | NS      | $1922385.54   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| FUKUDA CORPORATION                                                               | FUKUDA CORP COMMON STOCK                                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | JP        |      206800 | NS      | $7243051.47   | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| Ivanhoe Electric Inc                                                             | IVANHOE ELECTRIC INC / US COMMON STOCK                                             | CUSIP: 46578C108<br>LEI: N/A                  | Long             | EC               |  | US        |      576988 | NS      | $7645091.00   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Dreyfus Treasury Securities Cash Management; Participant Shares                  | DREYFUS TREASURY SEC CASH-PT DPRXX US EQUITY                                       | CUSIP: 261941405<br>LEI: N/A                  | Long             | STIV             |  | US        |        5260 | PA      | $5260.16      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| POLYUS PJSC                                                                      | POLYUS PJSC-REG S-GDR DEPOSITARY RECEIPT                                           | CUSIP: 73181M117<br>LEI: 549300FUXVT7TF6ZKV71 | Long             | EC               |  | GB        |      613103 | NS      | $12371989.37  | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK VTB PAO                                                                     | VTB BANK PJSC COMMON STOCK                                                         | CUSIP: N/A<br>LEI: 253400V1H6ART1UQ0N98       | Long             | EC               |  | RU        | 47423109862 | NS      | $3444716.63   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Kamigumi Co.,Ltd.                                                                | KAMIGUMI CO LTD COMMON STOCK                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | JP        |      665950 | NS      | $13623013.58  | 0.69%             |  |  |  | No            |                  2 | On Loan: No      |
| Mitsubishi Corporation                                                           | MITSUBISHI CORP COMMON STOCK                                                       | CUSIP: N/A<br>LEI: KVIPTY4PULAPGC1VVD26       | Long             | EC               |  | JP        |      546100 | NS      | $18286680.28  | 0.93%             |  |  |  | No            |                  2 | On Loan: No      |
| NEXGEN ENERGY LTD.                                                               | NEXGEN ENERGY LTD COMMON STOCK                                                     | CUSIP: 65340P106<br>LEI: 529900N0IXNXB3IP7F06 | Long             | EC               |  | CA        |     4111791 | NS      | $19839689.02  | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| CORPORATION CAMECO                                                               | CAMECO CORP COMMON STOCK                                                           | CUSIP: 13321L108<br>LEI: N4BHALMXL3GMZKCUON55 | Long             | EC               |  | US        |     1081642 | NS      | $30296792.42  | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| SEABRIDGE GOLD INC.                                                              | SEABRIDGE GOLD INC COMMON STOCK                                                    | CUSIP: 811916105<br>LEI: 9845003FEO1A66376A92 | Long             | EC               |  | CA        |     1422848 | NS      | $18713945.36  | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| HARMONY GOLD MINING COMPANY LIMITED                                              | HARMONY GOLD MINING CO LTD COMMON STOCK                                            | CUSIP: N/A<br>LEI: 378900986D05F0C29811       | Long             | EC               |  | ZA        |       64096 | NS      | $228270.02    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Artemis Gold Inc                                                                 | ARTEMIS GOLD INC COMMON STOCK                                                      | CUSIP: 04302L100<br>LEI: N/A                  | Long             | EC               |  | CA        |     5529365 | NS      | $19698012.18  | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| LUKS GROUP (VIETNAM HOLDINGS) COMPANY LIMITED                                    | LUKS GROUP VIETNAM HOLDINGS COMMON STOCK                                           | CUSIP: N/A<br>LEI: 5299004B24AHX4THUB34       | Long             | EC               |  | HK        |     9255000 | NS      | $1439980.10   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| NEWCREST MINING LIMITED                                                          | NEWCREST MINING LTD COMMON STOCK                                                   | CUSIP: N/A<br>LEI: 5299006MN50OZJUJI655       | Long             | EC               |  | AU        |     5159405 | NS      | $81978463.53  | 4.16%             |  |  |  | No            |                  2 | On Loan: No      |
| ICOM INCORPORATED                                                                | ICOM INC COMMON STOCK                                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | JP        |      286900 | NS      | $5625228.05   | 0.29%             |  |  |  | No            |                  2 | On Loan: No      |
| Bear Creek Mining Corp                                                           | BEAR CREEK MINING CORP COMMON STOCK                                                | CUSIP: 07380N104<br>LEI: 549300C9IY653M7KMK88 | Long             | EC               |  | CA        |     3625815 | NS      | $2098288.34   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| CK HUTCHISON HOLDINGS LIMITED                                                    | CK HUTCHISON HOLDINGS LTD COMMON STOCK                                             | CUSIP: N/A<br>LEI: 254900Z8HM1VEPOQ2G79       | Long             | EC               |  | HK        |     5164000 | NS      | $32863447.32  | 1.67%             |  |  |  | No            |                  2 | On Loan: No      |
| HI SUN TECHNOLOGY (CHINA) LIMITED                                                | HI SUN TECHNOLOGY CHINA LTD COMMON STOCK                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | HK        |    50415000 | NS      | $5661912.19   | 0.29%             |  |  |  | No            |                  2 | On Loan: No      |
| WTAX FEE 10%                                                                     | WTAX FEE 10%                                                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | NUSS              | US        |           1 | PA      | $0.00         | 0.00%             | N/A             | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| DUNDEE CORPORATION                                                               | DUNDEE CORP -CL A COMMON STOCK                                                     | CUSIP: 264901109<br>LEI: 549300LX18ZNW1LEMU13 | Long             | EC               |  | CA        |     2419423 | NS      | $2545708.32   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                                              | BROWN BROTHERS HARRIMAN SWEEP INTEREST                                             | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |    84358764 | PA      | $84358764.45  | 4.28%             |  |  |  | No            |                  2 | On Loan: No      |
| RANGE RESOURCES CORPORATION                                                      | RANGE RESOURCES CORP COMMON STOCK                                                  | CUSIP: 75281A109<br>LEI: H3Y3WLYCX0BTO1TRW162 | Long             | EC               |  | US        |     1362597 | NS      | $34092176.94  | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| SBERBANK ROSSII PAO                                                              | SBERBANK OF RUSSIA PJSC COMMON STOCK                                               | CUSIP: N/A<br>LEI: 549300WE6TAF5EEWQS81       | Long             | EC               |  | RU        |    12648865 | NS      | $8485271.83   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Korean Reinsurance Company                                                       | KOREAN REINSURANCE CO COMMON STOCK                                                 | CUSIP: N/A<br>LEI: 988400GFST66YNV5UF89       | Long             | EC               |  | KR        |     1419238 | NS      | $8700120.65   | 0.44%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                                              | SPX US 03/17/23 P3990 LONG                                                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         832 | NC      | $5408000.00   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| NOVAGOLD RESOURCES INC.                                                          | NOVAGOLD RESOURCES INC COMMON STOCK                                                | CUSIP: 66987E206<br>LEI: 529900587LVZTJ2BHS60 | Long             | EC               |  | US        |     2955724 | NS      | $18650618.44  | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Western Copper and Gold Corp                                                     | WESTERN COPPER AND GOLD CORP COMMON STOCK                                          | CUSIP: 95805V108<br>LEI: 529900DF4NXAM6X99014 | Long             | EC               |  | CA        |     2339413 | NS      | $4272499.03   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| SOUTHWESTERN ENERGY COMPANY                                                      | SOUTHWESTERN ENERGY CO COMMON STOCK                                                | CUSIP: 845467109<br>LEI: EFWMP121W54QV9MGOP87 | Long             | EC               |  | US        |     8103354 | NS      | $44730514.08  | 2.27%             |  |  |  | No            |                  1 | On Loan: No      |
| LG Uplus Corp                                                                    | LG UPLUS CORP COMMON STOCK                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | KR        |     4147528 | NS      | $37507093.43  | 1.90%             |  |  |  | No            |                  2 | On Loan: No      |
| Equinox Gold Corp.                                                               | EQUINOX GOLD CORP COMMON STOCK                                                     | CUSIP: 29446Y502<br>LEI: 5493005IN4V1SNP9PN75 | Long             | EC               |  | CA        |     7694652 | NS      | $35218842.34  | 1.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Ryosan Company, Limited                                                          | RYOSAN CO LTD COMMON STOCK                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | JP        |      175000 | NS      | $3965858.57   | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| HANKOOK & COMPANY CO., LTD.                                                      | HANKOOK & CO COMMON STOCK                                                          | CUSIP: N/A<br>LEI: 549300ET8LEWSPTMRK47       | Long             | EC               |  | KR        |     1356342 | NS      | $14857551.40  | 0.75%             |  |  |  | No            |                  2 | On Loan: No      |
| MEG Energy Corp.                                                                 | MEG ENERGY CORP COMMON STOCK                                                       | CUSIP: 552704108<br>LEI: 5493002WXPTG5ZC1T326 | Long             | EC               |  | CA        |      341821 | NS      | $5649275.71   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| United States of America                                                         | TREASURY BILL 0.000000% 02/14/2023                                                 | CUSIP: 912796ZU6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   151036000 | PA      | $150802770.21 | 7.65%             | 2023-02-14      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| KT CORPORATION                                                                   | KT CORP-SP ADR DEPOSITARY RECEIPT                                                  | CUSIP: 48268K101<br>LEI: 9884005ACF8449EANY26 | Long             | EC               |  | US        |     1248935 | NS      | $17872259.85  | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| SABRE CORPORATION                                                                | SABRE CORP COMMON STOCK                                                            | CUSIP: 78573M104<br>LEI: 529900VKCYZW8GZ4WW58 | Long             | EC               |  | US        |      675591 | NS      | $4600774.71   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| LG Corp.                                                                         | LG CORP COMMON STOCK                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | KR        |      425753 | NS      | $28671998.75  | 1.45%             |  |  |  | No            |                  2 | On Loan: No      |
| MEDIPAL HOLDINGS CORPORATION                                                     | MEDIPAL HOLDINGS CORP COMMON STOCK                                                 | CUSIP: N/A<br>LEI: 353800PJDODZEA4NP730       | Long             | EC               |  | JP        |      441300 | NS      | $5891789.38   | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| SPROTT INC.                                                                      | SPROTT INC COMMON STOCK                                                            | CUSIP: 852066208<br>LEI: 254900QHJAD5TP2JNM15 | Long             | EC               |  | CA        |      275177 | NS      | $10884645.83  | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-01-31

**Name of Applicant:** THE ADVISORS' INNER CIRCLE FUND II

**Signature:** Andy Metzger

**Name of Signer:** Andy Metzger

**Title:** CFO