# EDGAR Filing Document

**Accession Number:** 0000890540
**File Stem:** 0001752724-25-158134
**Filing Date:** 2025-6
**Character Count:** 31357
**Document Hash:** 6d2b163e38d3a5716c999621612f704a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-158134.hdr.sgml**: 20250626

**ACCESSION NUMBER**: 0001752724-25-158134

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250626

**DATE AS OF CHANGE**: 20250626

**PERIOD START**: 20251031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Advisors' Inner Circle Fund II
- **CENTRAL INDEX KEY:** 0000890540

**ORGANIZATION NAME:**
- **EIN:** 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:** 251077238

**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 INTERNATIONAL FUND (Series ID: S000049911)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000157593 | CLASS I SHARES | KGIIX           |

## 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 International Fund

- **b. EDGAR series identifier (if any):** S000049911

- **c. LEI of Series:** 549300ZHQ6X47R4OQ671

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

- **a. Date of fiscal year-end:** 2025-10-31

- **b. Date as of which information is reported:** 2025-04-30

**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:** $551348436.91

**Total Liabilities:** $1499010.04

**Net Assets:** $549849426.87

**Cash Not Reported:** $1716802.58

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000157593 | 2.56%                | 7.69%                | 1.28%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $24304631.28             | $-12510730.41                              |
| Month 2  | $5008526.90              | $21841343.04                               |
| Month 3  | $5112976.46              | $-1026055.75                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| GAZPROM NEFT' PAO                                          | GAZPROM NEFT PJSC COMMON STOCK                  | CUSIP: N/A<br>LEI: 253400KXA9P2AN72P004       | Long             | EC               |  | RU        |    2817940 | NS      | $5783650.02   | 1.05%             |  |  |  | No            |                  3 | On Loan: No      |
| BROWN BROTHERS HARRIMAN & CO.                              | FX Forward Contract: USD/ZAR SETTLE 2025-05-02  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |          1 | NC      | $861.18       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| The Siam Cement Public Company Limited                     | SIAM CEMENT PUB CO-FOR REG COMMON STOCK         | CUSIP: N/A<br>LEI: 254900RMCZY0X6F2KB70       | Long             | EC               |  | TH        |     271179 | NS      | $1295779.88   | 0.24%             |  |  |  | No            |                  2 | On Loan: No      |
| KOREAN AIR LINES CO.,LTD                                   | KOREAN AIR LINES CO LTD COMMON STOCK            | CUSIP: N/A<br>LEI: 988400C2UFBF4B660C58       | Long             | EC               |  | KR        |     138295 | NS      | $2038862.89   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| CARREFOUR SA                                               | CARREFOUR SA COMMON STOCK                       | CUSIP: N/A<br>LEI: 549300B8P6MUJ1YWTS08       | Long             | EC               |  | FR        |     509697 | NS      | $7861411.48   | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| KT CORPORATION                                             | KT CORP-SP ADR DEPOSITARY RECEIPT               | CUSIP: 48268K101<br>LEI: 9884005ACF8449EANY26 | Long             | EC               |  | US        |     214813 | NS      | $4180260.98   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| LOTTE CHEMICAL CORPORATION                                 | LOTTE CHEMICAL CORP COMMON STOCK                | CUSIP: N/A<br>LEI: 988400TPNFJZDPI94Y56       | Long             | EC               |  | KR        |      83968 | NS      | $3561895.14   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                        | SPXW US 04/30/25 P6100 LONG                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        220 | NC      | $11464200.00  | 2.08%             |  |  |  | No            |                  1 | On Loan: No      |
| NEWMONT CORPORATION                                        | NEWMONT CORP-CDI DEPOSITARY RECEIPT             | CUSIP: N/A<br>LEI: 549300VSP3RIX7FGDZ51       | Long             | EC               |  | AU        |     309079 | NS      | $16303284.90  | 2.97%             |  |  |  | No            |                  1 | On Loan: No      |
| FRANK RUSSELL SEC/BROADCORT CAP CLEARING                   | FX Forward Contract: ZAR/USD SETTLE 2025-05-02  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | ZA        |          1 | NC      | $1027.32      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| PALADIN ENERGY LTD                                         | PALADIN ENERGY LTD COMMON STOCK                 | CUSIP: N/A<br>LEI: 549300M44UTJAP8J6B37       | Long             | EC               |  | AU        |    1183784 | NS      | $4441805.28   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Wheaton Precious Metals Corp.                              | WHEATON PRECIOUS METALS CORP COMMON STOCK       | CUSIP: 962879102<br>LEI: 549300XSFG5ZCGVYD886 | Long             | EC               |  | US        |      32954 | NS      | $2752318.08   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| NEXGEN ENERGY LTD.                                         | NEXGEN ENERGY LTD COMMON STOCK                  | CUSIP: 65340P106<br>LEI: 529900N0IXNXB3IP7F06 | Long             | EC               |  | US        |    1248830 | NS      | $6531380.90   | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                        | POLYUS PJSC-REG S-GDR DEPOSITARY RECEIPT        | CUSIP: 73181M117<br>LEI: N/A                  | Long             | EC               |  | GB        |    2492580 | NS      | $8003425.12   | 1.46%             |  |  |  | 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        |      86677 | NS      | $787893.93    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| K. WAH INTERNATIONAL HOLDINGS LIMITED                      | K WAH INTL HOLDINGS COMMON STOCK                | CUSIP: N/A<br>LEI: 529900ZOP51K5LHLPK04       | Long             | EC               |  | HK        |    2019000 | NS      | $452358.20    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| MHP SE                                                     | MHP SE DEPOSITARY RECEIPT                       | CUSIP: 55302T204<br>LEI: 213800D7DXFXGA292757 | Long             | EC               |  | GB        |     787575 | NS      | $3971676.93   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                        | BROWN BROTHERS HARRIMAN SWEEP INTEREST          | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |  111108262 | PA      | $111108262.01 | 20.21%            |  |  |  | No            |                  1 | On Loan: No      |
| FEDERAL'NAYA SETEVAYA KOMPANIYA ROSSETI PAO                | FEDERAL GRID CO-ROSSETI PJSC COMMON STOCK       | CUSIP: N/A<br>LEI: 253400FZQ7Z49QZNSG30       | Long             | EC               |  | RU        | 3021385233 | NS      | $770084.77    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| GS Holdings Corp.                                          | GS HOLDINGS COMMON STOCK                        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | KR        |     206861 | NS      | $5624795.42   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| FRANK RUSSELL SEC/BROADCORT CAP CLEARING                   | FX Forward Contract: ZAR/USD SETTLE 2025-05-02  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | ZA        |          1 | NC      | $1923.45      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CK HUTCHISON HOLDINGS LIMITED                              | CK HUTCHISON HOLDINGS LTD COMMON STOCK          | CUSIP: N/A<br>LEI: 254900Z8HM1VEPOQ2G79       | Long             | EC               |  | HK        |    2511500 | NS      | $14162548.17  | 2.58%             |  |  |  | No            |                  1 | On Loan: No      |
| ROYAL GOLD, INC.                                           | ROYAL GOLD INC COMMON STOCK                     | CUSIP: 780287108<br>LEI: 5493001NGRU6SFL04184 | Long             | EC               |  | US        |      18459 | NS      | $3372643.89   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| MEG Energy Corp.                                           | MEG ENERGY CORP COMMON STOCK                    | CUSIP: 552704108<br>LEI: 5493002WXPTG5ZC1T326 | Long             | EC               |  | CA        |     479078 | NS      | $6720853.42   | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| MK LENTA PAO                                               | LENTA PLC DEPOSITARY RECEIPT                    | CUSIP: 52634T200<br>LEI: 213800OMCE8QATH73N15 | Long             | EC               |  | GB        |    1271467 | NS      | $1375091.56   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                        | DREYFUS TREASURY SEC CASH-PT DPRXX US EQUITY    | CUSIP: 261941405<br>LEI: N/A                  | Long             | STIV             |  | US        |   16108977 | PA      | $16108976.56  | 2.93%             |  |  |  | No            |                  2 | On Loan: No      |
| KASIKORNBANK PUBLIC COMPANY LIMITED                        | KASIKORNBANK PCL-FOREIGN COMMON STOCK           | CUSIP: N/A<br>LEI: 5493004COSQ54937AW41       | Long             | EC               |  | TH        |     590300 | NS      | $2818970.71   | 0.51%             |  |  |  | No            |                  2 | On Loan: No      |
| GRUPPA LSR PAO                                             | LSR GROUP PJSC COMMON STOCK                     | CUSIP: N/A<br>LEI: 25340067LEEMJ79K8X43       | Long             | EC               |  | RU        |     510671 | NS      | $1452796.72   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| LG Corp.                                                   | LG CORP COMMON STOCK                            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | KR        |     215830 | NS      | $10107091.31  | 1.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Equinox Gold Corp.                                         | EQUINOX GOLD CORP COMMON STOCK                  | CUSIP: 29446Y502<br>LEI: 5493005IN4V1SNP9PN75 | Long             | EC               |  | CA        |     779620 | NS      | $5242330.92   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| PAX GLOBAL TECHNOLOGY LIMITED                              | PAX GLOBAL TECHNOLOGY LTD COMMON STOCK          | CUSIP: N/A<br>LEI: 5299008CRGPD1WZXCD36       | Long             | EC               |  | HK        |    3664000 | NS      | $2206436.08   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Electric Power Development Co., Ltd.                       | ELECTRIC POWER DEVELOPMENT C COMMON STOCK       | CUSIP: N/A<br>LEI: 549300KMHPUAQI8VEH90       | Long             | EC               |  | JP        |     156500 | NS      | $2747429.06   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Petroleo Brasileiro S.A. (Petrobras)                       | PETROLEO BRASILEIRO SA PREFERRED STOCK          | CUSIP: N/A<br>LEI: 5493000J801JZRCMFE49       | Long             | EP               |  | BR        |    1254600 | NS      | $6640914.16   | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Yellow Cake PLC                                            | YELLOW CAKE PLC COMMON STOCK                    | CUSIP: N/A<br>LEI: 213800CVMYUGOA9EZY95       | Long             | EC               |  | GB        |    1683632 | NS      | $9692950.97   | 1.76%             |  |  |  | Yes           |                  1 | On Loan: No      |
| Sociedad Quimica y Minera de Chile S.A.                    | QUIMICA Y MINERA CHIL-SP ADR DEPOSITARY RECEIPT | CUSIP: 833635105<br>LEI: TJ88LXZZW5PWIN93ZC81 | Long             | EC               |  | US        |     162017 | NS      | $5540981.40   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| SOCIETE AURIFERE BARRICK                                   | BARRICK GOLD CORP COMMON STOCK                  | CUSIP: 067901108<br>LEI: 0O4KBQCJZX82UKGCBV73 | Long             | EC               |  | US        |     827157 | NS      | $15749069.28  | 2.86%             |  |  |  | No            |                  1 | On Loan: No      |
| BROWN BROTHERS HARRIMAN & CO.                              | FX Forward Contract: USD/ZAR SETTLE 2025-05-02  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |          1 | NC      | $117.67       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CHINA REINSURANCE (GROUP) CORPORATION                      | CHINA REINSURANCE GROUP CO-H COMMON STOCK       | CUSIP: N/A<br>LEI: 300300F3000111000079       | Long             | EC               |  | HK        |    1913000 | NS      | $221845.20    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| PALADIN ENERGY LTD                                         | PALADIN ENERGY LTD COMMON STOCK                 | CUSIP: N/A<br>LEI: 549300M44UTJAP8J6B37       | Long             | EC               |  | CA        |      48196 | NS      | $176198.93    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| PT United Tractors Tbk                                     | UNITED TRACTORS TBK PT COMMON STOCK             | CUSIP: N/A<br>LEI: 529900N9ELYOWQV4FW14       | Long             | EC               |  | ID        |     932400 | NS      | $1274235.98   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| GLENCORE PLC                                               | GLENCORE PLC COMMON STOCK                       | CUSIP: G39420107<br>LEI: 2138002658CPO9NBH955 | Long             | EC               |  | GB        |     824071 | NS      | $2701898.80   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| HANKOOK TIRE & TECHNOLOGY CO., LTD.                        | HANKOOK TIRE & TECHNOLOGY CO COMMON STOCK       | CUSIP: N/A<br>LEI: 9884001BIEVM09M7AH02       | Long             | EC               |  | KR        |      50804 | NS      | $1475644.61   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| SBERBANK ROSSII PAO                                        | SBERBANK OF RUSSIA PJSC COMMON STOCK            | CUSIP: N/A<br>LEI: 549300WE6TAF5EEWQS81       | Long             | EC               |  | RU        |    8292394 | NS      | $9354730.57   | 1.70%             |  |  |  | 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        |   21062000 | NS      | $6704310.30   | 1.22%             |  |  |  | Yes           |                  1 | On Loan: No      |
| LG Uplus Corp                                              | LG UPLUS CORP COMMON STOCK                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | KR        |    2647922 | NS      | $22357950.93  | 4.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Sprott Physical Uranium Trust                              | SPROTT PHYSICAL URANIUM TR MUTUAL FUND          | CUSIP: 85210A104<br>LEI: N/A                  | Long             | EC               |  | CA        |     495095 | NS      | $7390871.25   | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| VALE S.A.                                                  | VALE SA COMMON STOCK                            | CUSIP: N/A<br>LEI: 254900SMTWBX7RU2SR20       | Long             | EC               |  | BR        |     619100 | NS      | $5769750.40   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| BAIDU, INC.                                                | BAIDU INC-CLASS A COMMON STOCK                  | CUSIP: G07034104<br>LEI: 254900AL64IANZYI1E02 | Long             | EC               |  | HK        |     929450 | NS      | $10249063.58  | 1.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Guangshen Railway Company Limited                          | GUANGSHEN RAILWAY CO LTD-H COMMON STOCK         | CUSIP: N/A<br>LEI: 529900YIR2NSEPF1UU41       | Long             | EC               |  | HK        |   10554000 | NS      | $2312531.15   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsung Electronics Co., Ltd.                              | Samsung Electronics Co Ltd PREFERRED STOCK      | CUSIP: N/A<br>LEI: 9884007ER46L6N7EI764       | Long             | EP               |  | KR        |      42971 | NS      | $1418500.86   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| GOLDEN AGRI-RESOURCES LTD                                  | GOLDEN AGRI-RESOURCES LTD COMMON STOCK          | CUSIP: N/A<br>LEI: 529900GAK9LTNC3IFY40       | Long             | EC               |  | SG        |   76439700 | NS      | $14051303.55  | 2.56%             |  |  |  | No            |                  1 | On Loan: No      |
| CHINA GAS HOLDINGS LIMITED                                 | CHINA GAS HOLDINGS LTD COMMON STOCK             | CUSIP: N/A<br>LEI: 254900KTSZLZ21VV8T33       | Long             | EC               |  | HK        |    1651200 | NS      | $1492905.28   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| The Bank of East Asia, Limited                             | BANK OF EAST ASIA LTD COMMON STOCK              | CUSIP: N/A<br>LEI: CO6GC26LCGGRTUESIP55       | Long             | EC               |  | HK        |     533400 | NS      | $733393.50    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| SCHRODERS PLC                                              | SCHRODERS PLC COMMON STOCK                      | CUSIP: G78602144<br>LEI: 2138001YYBULX5SZ2H24 | Long             | EC               |  | GB        |    1298259 | NS      | $5720334.77   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRST PACIFIC COMPANY LIMITED                              | FIRST PACIFIC CO COMMON STOCK                   | CUSIP: N/A<br>LEI: 254900VS1MDQSDM9DE09       | Long             | EC               |  | HK        |    2392000 | NS      | $1609500.24   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| SJM Holdings Limited                                       | SJM HOLDINGS LTD COMMON STOCK                   | CUSIP: N/A<br>LEI: 529900XEAB40COT5ZL30       | Long             | EC               |  | HK        |    8571000 | NS      | $2391087.53   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Halyk Bank of Kazakhstan Joint Stock Company               | HALYK SAVINGS BANK-GDR REG S DEPOSITARY RECEIPT | CUSIP: 46627J302<br>LEI: 213800NYDTVQM4SDUD67 | Long             | EC               |  | GB        |     172738 | NS      | $4196370.36   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK VTB PAO                                               | VTB BANK PJSC COMMON STOCK                      | CUSIP: N/A<br>LEI: 253400V1H6ART1UQ0N98       | Long             | EC               |  | RU        |    2329481 | NS      | $836397.42    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| IVANHOE MINES LTD                                          | IVANHOE MINES LTD-CL A COMMON STOCK             | CUSIP: 46579R104<br>LEI: 5299006XZISURYIA4G32 | Long             | EC               |  | CA        |     487065 | NS      | $4324441.90   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| CENTRAIS ELETRICAS BRASILEIRAS SA ELETROBRAS               | CENTRAIS ELETRICAS BRASILIER COMMON STOCK       | CUSIP: N/A<br>LEI: 254900I8KYDELP4B4Z08       | Long             | EC               |  | BR        |     982660 | NS      | $7603076.68   | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| SIBANYE STILLWATER LIMITED                                 | SIBANYE STILLWATER LTD COMMON STOCK             | CUSIP: N/A<br>LEI: 378900F238434B74D281       | Long             | EC               |  | ZA        |    1324310 | NS      | $1513027.16   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| INPEX CORPORATION                                          | INPEX CORP COMMON STOCK                         | CUSIP: N/A<br>LEI: 353800VHYYADPR6MXQ47       | Long             | EC               |  | JP        |     419000 | NS      | $5241480.26   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| KT CORPORATION                                             | KT CORP COMMON STOCK                            | CUSIP: N/A<br>LEI: 9884005ACF8449EANY26       | Long             | EC               |  | KR        |     212507 | NS      | $7765595.21   | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| SUZUKEN CO.,LTD.                                           | SUZUKEN CO LTD COMMON STOCK                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | JP        |      40300 | NS      | $1455943.61   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Kamigumi Co.,Ltd.                                          | KAMIGUMI CO LTD COMMON STOCK                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               |  | JP        |     118300 | NS      | $2895930.88   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Anglo American Platinum Limited                            | ANGLO AMERICAN PLATINUM LTD COMMON STOCK        | CUSIP: N/A<br>LEI: 529900RORCZ0E5S5FX81       | Long             | EC               |  | ZA        |     567971 | NS      | $19449601.18  | 3.54%             |  |  |  | No            |                  1 | On Loan: No      |
| IMPALA PLATINUM HOLDINGS LIMITED                           | IMPALA PLATINUM HOLDINGS LTD COMMON STOCK       | CUSIP: N/A<br>LEI: 254900BZFIFB4PD2Z778       | Long             | EC               |  | ZA        |    3209516 | NS      | $19087400.28  | 3.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Nutrien Ltd.                                               | NUTRIEN LTD COMMON STOCK                        | CUSIP: 67077M108<br>LEI: 5493002QQ7GD21OWF963 | Long             | EC               |  | US        |      50354 | NS      | $2872695.70   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| VODAFONE GROUP PUBLIC LIMITED COMPANY                      | VODAFONE GROUP PLC COMMON STOCK                 | CUSIP: N/A<br>LEI: 213800TB53ELEUKM7Q61       | Long             | EC               |  | GB        |    6816609 | NS      | $6698647.40   | 1.22%             |  |  |  | No            |                  1 | 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        |     158362 | NS      | $5286995.18   | 0.96%             |  |  |  | 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        |     335296 | NS      | $11194025.95  | 2.04%             |  |  |  | Yes           |                  1 | On Loan: No      |
| West Japan Railway Company                                 | WEST JAPAN RAILWAY CO COMMON STOCK              | CUSIP: N/A<br>LEI: 353800QGUXHZ7EBCR121       | Long             | EC               |  | JP        |     193800 | NS      | $4076775.94   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| MOSKOVSKAYA BIRZHA MMVB-RTS PAO                            | MOSCOW EXCHANGE MICEX-RTS PJ COMMON STOCK       | CUSIP: N/A<br>LEI: 253400M5M1222KPNWE87       | Long             | EC               |  | RU        |    5746159 | NS      | $4192103.29   | 0.76%             |  |  |  | No            |                  3 | On Loan: No      |
| K+S Aktiengesellschaft                                     | K+S AG-REG COMMON STOCK                         | CUSIP: N/A<br>LEI: 529900YURAYD4IJX2J91       | Long             | EC               |  | DE        |     862774 | NS      | $15048393.02  | 2.74%             |  |  |  | No            |                  1 | On Loan: No      |
| GAZPROM PAO                                                | GAZPROM PJSC COMMON STOCK                       | CUSIP: N/A<br>LEI: 213800FD9J2IHTA7YX78       | Long             | EC               |  | RU        |    8122810 | NS      | $4472795.61   | 0.81%             |  |  |  | No            |                  3 | On Loan: No      |
| FEDERAL'NAYA GIDROGENERIRUYUSHCHAYA KOMPANIYA RUSGIDRO PAO | RUSHYDRO PJSC COMMON STOCK                      | CUSIP: N/A<br>LEI: 2534005TJN9DX4YWVT97       | Long             | EC               |  | RU        |  991278397 | NS      | $1719021.81   | 0.31%             |  |  |  | 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        |    7212000 | NS      | $3756011.94   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| AIR LEASE CORPORATION                                      | AIR LEASE CORP COMMON STOCK                     | CUSIP: 00912X302<br>LEI: 5493004NW4M4P8TMMK63 | Long             | EC               |  | US        |      43449 | NS      | $2031675.24   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| NOVAGOLD RESOURCES INC.                                    | NOVAGOLD RESOURCES INC COMMON STOCK             | CUSIP: 66987E206<br>LEI: 529900587LVZTJ2BHS60 | Long             | EC               |  | US        |    1707790 | NS      | $7223951.70   | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| DL E&C CO., LTD.                                           | DL E&C CO LTD COMMON STOCK                      | CUSIP: N/A<br>LEI: 988400UU0MCCBS1YP242       | Long             | EC               |  | KR        |     180968 | NS      | $5531217.42   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Lundin Mining Corporation                                  | LUNDIN MINING CORP COMMON STOCK                 | CUSIP: 550372106<br>LEI: 549300FQDIM6C8HTN269 | Long             | EC               |  | CA        |     269699 | NS      | $2206734.89   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-04-30

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

**Signature:** Andrew Metzger

**Name of Signer:** Andrew Metzger

**Title:** Treasurer, Controller and Chief Financial Officer