# EDGAR Filing Document

**Accession Number:** 0000890540
**File Stem:** 0001752724-23-074563
**Filing Date:** 2023-3
**Character Count:** 39636
**Document Hash:** 9cd77cbe4dbb74756b69a84395303231
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-074563.hdr.sgml**: 20230331

**ACCESSION NUMBER**: 0001752724-23-074563

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20230131

**FILED AS OF DATE**: 20230331

**DATE AS OF CHANGE**: 20230331

**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:** 23783359

**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

### RQSI GAA SYSTEMATIC GLOBAL MACRO FUND (Series ID: S000060897)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000197724 | INSTITUTIONAL SHARES | RQSGX           |
| C000198418 | Retail Shares        | RQSRX           |

## Nport-Ex

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **RQSI GAA SYSTEMATIC** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **GLOBAL MACRO FUND** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **JANUARY 31, 2023** *(Unaudited)* |

| |
|:---|
| &nbsp;&nbsp; **CONSOLIDATED SCHEDULE OF INVESTMENTS** |
| &nbsp;&nbsp;&nbsp;&nbsp;**U.S. TREASURY OBLIGATION — 16.8%** |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Face Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bills<br>4.250%, 02/21/23 (A) ^ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4000000 | $3990217 |
|  TOTAL U.S. TREASURY OBLIGATIONS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $3,990,600) |  | 3990217 |
|  **TOTAL INVESTMENTS — 16.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $3,990,600) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3990217 |

---

A list of the open futures contracts held by the Fund at January 31, 2023, is as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Type of Contract** | **Number of<br>Contracts** | **Expiration**<br> **Date** | **Notional**<br> **Amount‡** | **Value** | **Unrealized <br>Appreciation/ <br>(Depreciation)** |
|  **<u>Long Contracts</u>**  |  |  |  |  |  |
|  Amsterdam Index | 5 | Feb-2023 | $811110 | $809739 | $(3275) |
|  Australian 10-Year Bond | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mar-2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2104003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2125062 | 835 |
|  Brent Crude^ | 20 | Feb-2023 | 1731270 | 1709200 | (22070) |
|  British Pound | 50 | Mar-2023 | 3800788 | 3854063 | 53275 |
|  Coffee C^ | 3 | Mar-2023 | 187369 | 204469 | 17100 |
|  Corn^ | 9 | Mar-2023 | 301613 | 305888 | 4275 |
|  Cotton No. 2^ | 24 | Mar-2023 | 1023680 | 1034640 | 10960 |
|  DAX Index | 2 | Mar-2023 | 825310 | 824817 | (868) |
|  Euro FX | 14 | Mar-2023 | 1903781 | 1906188 | 2407 |
|  Euro-OAT | 11 | Mar-2023 | 1580808 | 1572795 | (7606) |
|  Gasoline^ | 12 | Feb-2023 | 1351749 | 1293667 | (58082) |
|  Gold^ | 17 | Apr-2023 | 3318110 | 3307010 | (11100) |
|  Japanese 10-Year Bond | 11 | Mar-2023 | 12142253 | 12385511 | 27050 |
|  Lean Hogs^ | 37 | Apr-2023 | 1284240 | 1279090 | (5150) |
|  LME Copper^ | 11 | Feb-2023 | 2302006 | 2532970 | 230964 |
|  LME Copper^ | 15 | Mar-2023 | 3277231 | 3456675 | 179444 |
|  LME Lead^ | 34 | Feb-2023 | 1913831 | 1809225 | (104606) |
|  LME Lead^ | 46 | Mar-2023 | 2554256 | 2452663 | (101594) |
|  LME Nickel^ | 3 | Feb-2023 | 519672 | 543330 | 23658 |
|  LME Nickel^ | 5 | Mar-2023 | 831647 | 907380 | 75733 |
|  LME Primary Aluminum^ | 33 | Feb-2023 | 1953107 | 2160056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206949 |
|  LME Primary Aluminum^ | 31 | Mar-2023 | 1952388 | 2037088 | 84700 |
|  LME Zinc^ | 17 | Feb-2023 | 1291900 | 1448086 | 156186 |
|  LME Zinc^ | 27 | Mar-2023 | 2237656 | 2294163 | 56507 |
|  Long Gilt 10-Year Bond | 7 | Mar-2023 | 906316 | 901915 | (4401) |
|  NYMEX Cocoa^ | 23 | Mar-2023 | 598410 | 593630 | (4780) |
|  S&P TSX 60 Index | 4 | Mar-2023 | 727677 | 753914 | 22383 |
|  Soybean^ | 11 | Mar-2023 | 829475 | 845900 | 16425 |
|  Soybean Meal^ | 2 | Mar-2023 | 96830 | 96840 | 10 |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **RQSI GAA SYSTEMATIC** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **GLOBAL MACRO FUND** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **JANUARY 31, 2023** *(Unaudited)* |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Type of Contract** | **Number of<br>Contracts** | **Expiration**<br> **Date** | **Notional**<br> **Amount‡** | **Value** | **Unrealized <br>Appreciation/ <br>(Depreciation)** |
|  Soybean Oil^ | 1 | Mar-2023 | $36876 | $37398 | $522 |
|  U.S. 10-Year Treasury Notes | 15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mar-2023 | 1716797 | 1717734 | 937 |
|  WTI Crude Oil^ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 | Feb-2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1859700 | 1814010 | (45690) |
|  |  |  | $57971859 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59015116 | $801098 |
|  **<u>Short Contracts</u>**  |  |  |  |  |  |
|  AUD/USD Currency | (10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mar-2023 | $(705125) | $(706450) | $(1325) |
|  CAC40 10 Euro Index | (14) | Feb-2023 | (1076342) | (1079177) | 11 |
|  CAD Currency | (30) | Mar-2023 | (2239295) | (2255250) | (15955) |
|  Canadian 10-Year Bond | (18) | Mar-2023 | (1668867) | (1708076) | (21786) |
|  Copper^ | (4) | Mar-2023 | (416738) | (422600) | (5862) |
|  Euro-BTP | (20) | Mar-2023 | (2501130) | (2481301) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19778 |
|  Euro-Bund | (3) | Mar-2023 | (448977) | (446230) | 3659 |
|  FTSE 100 Index | (4) | Mar-2023 | (383410) | (382158) | 2852 |
|  FTSE MIB Index | (7) | Mar-2023 | (918609) | (1014682) | (80044) |
|  IBEX | (9) | Feb-2023 | (867507) | (884629) | (11981) |
|  Japanese Yen | (2) | Mar-2023 | (193075) | (193088) | (13) |
|  Live Cattle^ | (46) | Apr-2023 | (2967420) | (2999660) | (32240) |
|  LME Copper^ | (11) | Feb-2023 | (2294650) | (2532970) | (238320) |
|  LME Copper^ | (14) | Mar-2023 | (3143784) | (3226230) | (82446) |
|  LME Lead^ | (34) | Feb-2023 | (1885438) | (1809225) | 76213 |
|  LME Lead^ | (30) | Mar-2023 | (1603781) | (1599563) | 4218 |
|  LME Nickel^ | (3) | Feb-2023 | (516883) | (543330) | (26447) |
|  LME Nickel^ | (5) | Mar-2023 | (866695) | (907380) | (40685) |
|  LME Primary Aluminum^ | (33) | Feb-2023 | (1984193) | (2160056) | (175863) |
|  LME Primary Aluminum^ | (37) | Mar-2023 | (2336016) | (2431363) | (95347) |
|  LME Zinc^ | (17) | Feb-2023 | (1294556) | (1448086) | (153530) |
|  LME Zinc^ | (23) | Mar-2023 | (1905907) | (1954287) | (48380) |
|  NY Harbor ULSD^ | (4) | Feb-2023 | (525718) | (528326) | (2608) |
|  Platinum^ | (2) | Apr-2023 | (105260) | (102110) | 3150 |
|  S&P 500 Index E-MINI | (8) | Mar-2023 | (1620263) | (1636000) | (15737) |
|  Silver^ | (4) | Mar-2023 | (473775) | (476720) | (2945) |
|  SPI 200 Index | (7) | Mar-2023 | (914583) | (917165) | (1359) |
|  Sugar No. 11^ | (1) | Feb-2023 | (23363) | (24371) | (1008) |
|  U.S. Long Treasury Bond | (5) | Mar-2023 | (644469) | (649375) | (4906) |
|  Wheat^ | (1) | Mar-2023 | (37638) | (38063) | (425) |
|  |  |  | $(36563467) | $(37557921) | $(949331) |
|  |  |  | $21408392 | $21457195 | $(148233) |

---

---

| | |
|:---|:---|
| **THE ADVISORS' INNER CIRCLE FUND II** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **RQSI GAA SYSTEMATIC** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **GLOBAL MACRO FUND** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **JANUARY 31, 2023** *(Unaudited)* |

---

------

‡ The foreign exchange rate for the contract notional amounts are based on prevailing exchange rates on the date the respective contracts were opened.

For the period ended January 31, 2023, the quarterly average notional value of long contracts held was $57,971,859 and the quarterly average notional value of short contracts held was $(36,563,467).

Percentages are based on Net Assets of $23,694,518. <br>

(A) The rate shown is the security's effective yield at time of purchase.

^ Security, or a portion thereof, is held by the RQSI GAA Systematic Global Macro Fund, Ltd., a wholly owned subsidiary of the Fund, as of January 31, 2023.

---

| |
|:---|
| AUD — Australian Dollar |
| BTP — Buoni del Tesoro Poliennali |
| CAD — Canadian Dollar |
| DAX — Deutscher Aktien 30 Index |
| FTSE — Financial Times Stock Exchange |
| IBEX — International Business Exchange |
| LME — London Metal Exchange |
| MIB — Milano Indice di Borsa |
| NYMEX — New York Mercantile Exchange |
| OAT — Obligations Assimilables du Trésor |
| S&P — Standard & Poors |
| SPI — Share Price Index |
| TSX — Toronto Stock Exchange |
| ULSD — Ultra-Low Sulfur Diesel |
| USD — United States Dollar |
| WTI — West Texas Intermediate |

---

RQS-QH-002-1000

## 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:** RQSI GAA SYSTEMATIC GLOBAL MACRO FUND

- **b. EDGAR series identifier (if any):** S000060897

- **c. LEI of Series:** 54930070CYZIEKFY3Y73

**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:** $23780343.88

**Total Liabilities:** $85826.36

**Net Assets:** $23694517.52

**Amount of Assets Invested in Other Investment Companies:** $4782808.18

**Cash Not Reported:** $2719806.21

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000197724 | -1.68%               | -0.10%               | -6.99%               |
| Class ID C000198418 | -2.27%               | -0.24%               | -6.88%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-4344.86                | $-383.32                                   |
| Month 2  | $-12910.25               | $661.20                                    |
| Month 3  | $-6155.61                | $-661.20                                   |

**Designated Index Information**

- **Index Name:** Absolute Benchmark

- **Index Identifier:** N/A

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| N/A                                                  | LME PRI ALUM MAR 23 (LAH23)                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              |  | GB        |       -37 | NC      | $-2431362.50  | -10.26%           |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                  | SOYBEAN OIL FUTR  MAR23 PHYSICAL COMMODITY FUTURE.  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              |  | US        |         1 | NC      | $37398.00     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                  | GOLD 100 OZ FUTR  APR23 PHYSICAL COMMODITY FUTURE.  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              |  | US        |        17 | NC      | $3307010.00   | 13.96%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                  | COPPER FUTURE     MAR23 PHYSICAL COMMODITY FUTURE.  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              |  | US        |        -4 | NC      | $-422600.00   | -1.78%            |  |  |  | No            |                  1 | On Loan: No      |
| Japan                                                | JPN 10Y BOND(OSE) MAR23 FINANCIAL COMMODITY FUTURE. | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | JP        |        11 | NC      | $12385510.70  | 52.27%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                  | DAX INDEX FUTURE  MAR23 PHYSICAL INDEX FUTURE.      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | DE        |         2 | NC      | $824817.36    | 3.48%             |  |  |  | No            |                  1 | On Loan: No      |
| LME ZINC FUTURE MAR23                                | LME ZINC FUTURE MAR23                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              |  | GB        |       -23 | NC      | $-1954287.00  | -8.25%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                  | LME COPPER FUTURE FEB 23 (LPG23)                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              |  | GB        |        11 | NC      | $2532970.00   | 10.69%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                  | LIVE CATTLE FUTR  APR23 PHYSICAL COMMODITY FUTURE.  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              |  | US        |       -46 | NC      | $-2999660.00  | -12.66%           |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                  | LME COPPER FUTURE FEB 23 (LPG23)                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              |  | GB        |       -11 | NC      | $-2532970.00  | -10.69%           |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                  | LME LEAD FUTURE  MAR23                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              |  | GB        |        46 | NC      | $2452662.50   | 10.35%            |  |  |  | No            |                  1 | On Loan: No      |
| Bundesrepublik Deutschland                           | EURO-BUND FUTURE  MAR23 FINANCIAL COMMODITY FUTURE. | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | DE        |        -3 | NC      | $-446229.78   | -1.88%            |  |  |  | No            |                  1 | On Loan: No      |
| Canada                                               | CAN 10YR BOND FUT MAR23 FINANCIAL COMMODITY FUTURE. | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | CA        |       -18 | NC      | $-1708075.62  | -7.21%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                  | LME COPPER FUTURE MAR 23 (LPH23)                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              |  | GB        |        15 | NC      | $3456675.00   | 14.59%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                  | AUDUSD CRNCY FUT  MAR23 CURRENCY FUTURE.            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |       -10 | NC      | $-706450.00   | -2.98%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                  | LEAN HOGS FUTURE  APR23 PHYSICAL COMMODITY FUTURE.  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              |  | US        |        37 | NC      | $1279090.00   | 5.40%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                  | BRENT CRUDE FUTR  APR23 PHYSICAL COMMODITY FUTURE.  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              |  | GB        |        20 | NC      | $1709200.00   | 7.21%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                  | LME PRI ALUM FEB 23 (LAG23)                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              |  | GB        |        33 | NC      | $2160056.25   | 9.12%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                  | CORN FUTURE       MAR23 PHYSICAL COMMODITY FUTURE.  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              |  | US        |         9 | NC      | $305887.50    | 1.29%             |  |  |  | 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        |   2000000 | PA      | $1995108.34   | 8.42%             | 2023-02-21      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                  | SUGAR #11 (WORLD) MAR23 PHYSICAL COMMODITY FUTURE.  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              |  | US        |        -1 | NC      | $-24371.20    | -0.10%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                  | LME PRI ALUM FEB 23 (LAG23)                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              |  | GB        |       -33 | NC      | $-2160056.25  | -9.12%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                  | AMSTERDAM IDX FUT FEB23 PHYSICAL INDEX FUTURE.      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | NL        |         5 | NC      | $809738.65    | 3.42%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                  | WHEAT FUTURE(CBT) MAR23 PHYSICAL COMMODITY FUTURE.  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              |  | US        |        -1 | NC      | $-38062.50    | -0.16%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                  | C$ CURRENCY FUT   MAR23 CURRENCY FUTURE.            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |       -30 | NC      | $-2255250.00  | -9.52%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                  | LME PRI ALUM MAR 23 (LAH23)                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              |  | GB        |        31 | NC      | $2037087.50   | 8.60%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                  | LME NICKEL FEB 23 (LNG3)                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              |  | GB        |         3 | NC      | $543330.00    | 2.29%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                  | S&P/TSX 60 IX FUT MAR23 PHYSICAL INDEX FUTURE.      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | CA        |         4 | NC      | $753913.80    | 3.18%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                  | LME NICKEL FUTURE MAR23                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              |  | GB        |        -5 | NC      | $-907380.00   | -3.83%            |  |  |  | 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        |   2000000 | PA      | $1995108.34   | 8.42%             | 2023-02-21      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                  | BP CURRENCY FUT   MAR23 CURRENCY FUTURE.            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |        50 | NC      | $3854062.50   | 16.27%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                  | SOYBEAN FUTURE    MAR23 PHYSICAL COMMODITY FUTURE.  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              |  | US        |        11 | NC      | $845900.00    | 3.57%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                  | IBEX 35 INDX FUTR FEB23 PHYSICAL INDEX FUTURE.      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | ES        |        -9 | NC      | $-884628.84   | -3.73%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                  | PLATINUM FUTURE   APR23 PHYSICAL COMMODITY FUTURE.  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              |  | US        |        -2 | NC      | $-102110.00   | -0.43%            |  |  |  | No            |                  1 | On Loan: No      |
| Republique Francaise                                 | EURO-OAT FUTURE   MAR23 FINANCIAL COMMODITY FUTURE. | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | DE        |        11 | NC      | $1572795.29   | 6.64%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                  | LME NICKEL FEB 23 (LNG3)                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              |  | GB        |        -3 | NC      | $-543330.00   | -2.29%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                  | LME LEAD FUTURE  FEB23                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              |  | GB        |       -34 | NC      | $-1809225.00  | -7.64%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                  | LME LEAD FUTURE  MAR23                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              |  | GB        |       -30 | NC      | $-1599562.50  | -6.75%            |  |  |  | No            |                  1 | On Loan: No      |
| LME ZINC FUTURE MAR23                                | LME ZINC FUTURE MAR23                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              |  | GB        |        27 | NC      | $2294163.00   | 9.68%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                  | SOYBEAN MEAL FUTR MAR23 PHYSICAL COMMODITY FUTURE.  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              |  | US        |         2 | NC      | $96840.00     | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| United States of America                             | US LONG BOND(CBT) MAR23 FINANCIAL COMMODITY FUTURE. | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |        -5 | NC      | $-649375.00   | -2.74%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                  | GASOLINE RBOB FUT MAR23 PHYSICAL COMMODITY FUTURE.  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              |  | US        |        12 | NC      | $1293667.20   | 5.46%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                  | EURO FX CURR FUT  MAR23 CURRENCY FUTURE.            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |        14 | NC      | $1906187.50   | 8.04%             |  |  |  | No            |                  1 | On Loan: No      |
| United States of America                             | US 10YR NOTE (CBT)MAR23 FINANCIAL COMMODITY FUTURE. | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |        15 | NC      | $1717734.38   | 7.25%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                  | SOCIETE GENERALE FUTURES COLLATERAL                 | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |    138483 | PA      | $138482.69    | 0.58%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                  | LME LEAD FUTURE  FEB23                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              |  | GB        |        34 | NC      | $1809225.00   | 7.64%             |  |  |  | No            |                  1 | On Loan: No      |
| LME ZINC FEB 23 (LXG3)                               | LME ZINC FEB 23 (LXG3)                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              |  | GB        |        17 | NC      | $1448085.50   | 6.11%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                  | BROWN BROTHERS HARRIMAN SWEEP INTEREST              | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |  14069061 | PA      | $14069061.20  | 59.38%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                  | COFFEE 'C' FUTURE MAR23 PHYSICAL COMMODITY FUTURE.  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              |  | US        |         3 | NC      | $204468.75    | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                  | SPI 200 FUTURES   MAR23 PHYSICAL INDEX FUTURE.      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | AU        |        -7 | NC      | $-917164.86   | -3.87%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                  | FTSE/MIB IDX FUT  MAR23 PHYSICAL INDEX FUTURE.      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | IT        |        -7 | NC      | $-1014681.92  | -4.28%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                  | S&P500 EMINI FUT  MAR23 PHYSICAL INDEX FUTURE.      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        -8 | NC      | $-1636000.00  | -6.90%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                  | COCOA FUTURE      MAR23 PHYSICAL COMMODITY FUTURE.  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              |  | US        |        23 | NC      | $593630.00    | 2.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Repubblica Italiana                                  | EURO-BTP FUTURE   MAR23 FINANCIAL COMMODITY FUTURE. | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | DE        |       -20 | NC      | $-2481301.07  | -10.47%           |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                  | LME NICKEL FUTURE MAR23                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              |  | GB        |         5 | NC      | $907380.00    | 3.83%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                  | COTTON NO.2 FUTR  MAR23 PHYSICAL COMMODITY FUTURE.  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              |  | US        |        24 | NC      | $1034640.00   | 4.37%             |  |  |  | No            |                  1 | On Loan: No      |
| LME ZINC FEB 23 (LXG3)                               | LME ZINC FEB 23 (LXG3)                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              |  | GB        |       -17 | NC      | $-1448085.50  | -6.11%            |  |  |  | No            |                  1 | On Loan: No      |
| United Kingdom of Great Britain and Northern Ireland | LONG GILT FUTURE  MAR23 FINANCIAL COMMODITY FUTURE. | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        |         7 | NC      | $901914.61    | 3.81%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                  | NY HARB ULSD FUT  MAR23 PHYSICAL COMMODITY FUTURE.  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              |  | US        |        -4 | NC      | $-528326.40   | -2.23%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                  | WTI CRUDE FUTURE  MAR23 PHYSICAL COMMODITY FUTURE.  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              |  | US        |        23 | NC      | $1814010.00   | 7.66%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                  | FTSE 100 IDX FUT  MAR23 PHYSICAL INDEX FUTURE.      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | GB        |        -4 | NC      | $-382158.24   | -1.61%            |  |  |  | No            |                  1 | On Loan: No      |
| AUST 10Y BOND FUT MAR23                              | AUST 10Y BOND FUT MAR23 FINANCIAL COMMODITY FUTURE. | CUSIP: N/A<br>LEI: N/A                        | Long             |  |  | AU        |        25 | NC      | $2125062.09   | 8.97%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                  | SOCIETE GENERALE FUTURES COLLATERAL                 | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |   3089590 | PA      | $3089590.12   | 13.04%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                  | LME COPPER FUTURE MAR 23 (LPH23)                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              |  | GB        |       -14 | NC      | $-3226230.00  | -13.62%           |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                  | SILVER FUTURE     MAR23 PHYSICAL COMMODITY FUTURE.  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              |  | US        |        -4 | NC      | $-476720.00   | -2.01%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                  | CAC40 10 EURO FUT FEB23 PHYSICAL INDEX FUTURE.      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | FR        |       -14 | NC      | $-1079176.83  | -4.55%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                  | BROWN BROTHERS HARRIMAN SWEEP INTEREST              | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |     98662 | PA      | $98661.55     | 0.42%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                                  | JPN YEN CURR FUT  MAR23 CURRENCY FUTURE.            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |        -2 | NC      | $-193087.50   | -0.81%            |  |  |  | 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